Thursday, October 4, 2007

"Philanthropist Landlords"

Hope you all caught Bubble Markets Inventory Tracking's hilarious "Philanthropist Landlords" post yesterday, featuring two of Santa Monica Distress Monitor's recent SM buyers renting at big losses.

10 comments:

Mikey said...

How about Philantropic Congress? Check out H.R. 3609.

http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.3609:

WarChestSM said...

To be fair and present the other side of the story, my current landlord purchased the 4-plex I am living in right now for VERY cheap over 20 years ago. She collects pretty good rent on all the units and it is basically all profit to her at this point.

So yes, if your landlord bought in the last year or two and is renting it to you then they are being quite the philanthropist...but if they bought on the cheap and held on, they are laughing all the way to the bank!

Thanks for the mention and I would recommend everyone check out OC Renter's blog because he does a hell of a job and is extremely dedicated.

unti pussy whining said...

"I would recommend everyone check out OC Renter's blog because he does a hell of a job and is extremely dedicated."

Hey, "Guys", stop flattering each other, or may be better just move in together, the rent will really be cheap than!

WarChestSM said...

What is wrong with acknowledging the time and effort that another puts in?

I appreciate it when people spend a good chunk of time and effort putting together blogs so that the rest of us can learn/watch/observe, etc what is going on in various areas.

So again, thanks Westside Bubble and thanks OC Renter. You guys do a great job and are providing a great FREE service for all of us who are interested.

...and I already have multiple roommates so my rent is VERY cheap!

Anonymous said...

No need to move in together! Just wait a little longer for prices to come down!

Posted date: 10/4/2007

L.A. Home Prices Poised to Drop Further

The outlook for house prices is getting even gloomier as traders on the Chicago Mercantile Exchange bet on steep price declines and the number of homes for sale grows, the Wall Street Journal reports.

Traders on the CME expect home prices in 10 major cities to drop an average of about 10% from mid-2007 to November 2011, according to an analysis by Tradition Financial Services Inc., New York, of prices for housing futures traded on the exchange.

The contracts have been trading since May 2006 but last month were adapted so that traders could bet on prices as long as 60 months into the future. The trading is based on expected movements in the S&P/Case-Shiller house price indexes.

Trading is very light so far -- about 20 contracts a day, a CME spokeswoman says. That means the contract values provide only a rough idea of the expectations of speculators and people hedging against house-price risks, says Anthony B. Sanders, a professor of finance at Arizona State University. But Dr. Sanders says the contracts are a useful signal, and he expects house prices generally to fall in the next couple of years.

"There are too many houses coming onto the market [in many areas], and the demand is just not there at current price levels," he says.

Read the full Wall Street Journal story.(subscription required)

ocrenter said...

thanks for the compliments, westside and warchest.

great to see how the two westside blogs have really took off in such a short amount of time.

as for the landlord laughing all the way to the bank. that's actually a better position for the renter at these troubling times.

Anonymous said...

"Read the full Wall Street Journal story."

Oh yah, they've always been correct, honest and right on time! You can probably find an article in the same publication writing the contrary.

What a bunch of morons!

Anonymous said...

Westside you've got some angry realtors on this blog. Why don't they start their own blog? It would be interesting to read the posts about how it's a good time to buy a home!

Anonymous said...

"Westside you've got some angry realtors on this blog. Why don't they start their own blog? "

No anger just stating the abvious.

Anonymous said...

Does a bubble blog consider a 10% drop between now and 2011 substantial?

I don't.