Saturday, June 13, 2009

The Snowball Is Growing

This is just a quick post:

Two things for you to check out.

Median Home Price in Detroit: $6,000

Six Flags Files For Bankruptcy

What you need to consider is with home prices falling to these kinds of levels, of course the number of sales are going to increase. That's why the meat puppets on the television news keep chortling about how we've reached the bottom in the real estate market.

Except that they conveniently overlook things like this: US Foreclosure Filings Top 300,000. Bank Seizures Loom

Nope, not by a long shot. People are buying because they believe there is a bottom, and that we'll bounce right back just like every time since the 70s. They only reason our economy "recovered" in the past has been because the government has created "bubbles" to inflate the economy.

I can't see anything that they can inflate, except the currency.

Six Flags? They're admitting their debt is unmanageable. So before they even get to the point of collapse, they're attempting to mitigate the damage.

Maybe we should put these people in office.

At least they're honest about the situation they're facing.


Ken said...

...if those lying bastards told me the sun would come up in the morning,i wouldn't believe them...

...and thanx fer the linx,i always leave yer house smarter than the average bear...

Mayberry said...

Buy what ya can while it still doesn't require a UHaul truck full of Federal Reserve toilet paper to get it......

Bitmap said...

Six Flags is a luxury item, especially at the prices they charge.

I guess that the recent change in policy to allow beer sales in the park in DFW was to try and drum up more revenue. There's nothing like having some drunk puke on you and your kids while on a ride.

Bitmap said...

$6000 for a house in Detroit? I wouldn't live in Detroit if the house was free.

HermitJim said...

Thanks for the links, Catman. I have to side with Bitmap on the fact that it would take a LOT for me to live in Detroit!

I gave up long ago going to places like Six Falgs. Even AstroWorld wassold and torn down years ago...

We can never go home again!

Catman said...

Hey folks,

I wouldn't live in Detroit either, but as industry continues to evaporate, other areas may see the same kind of slide.

I was down in Sunnyvale (heart of Silicon Valley) on Friday, and passed block after block of empty office space. When people stop being able to live in an area because there isn't any money there, I think the same kinds of slides in real estate may be possible.

I found Six Flags significant, because there are more of them scattered around the country. More people are staying home, foregoing the big vacations, and if they're eschewing the local amusement parks, that's a bad sign.

Ken, we're all smarter than the average bear. That's why we'll make it through this.