Matrix Blog

Canada

How Real Estate is Presented on TV (Thank Goodness for Canada)

May 29, 2014 | 5:21 pm |

hometvchart
[Source: Time, click to expand]

This is an amazing graphic on the progression of real estate TV shows.

I retrace my housing on TV experiences back to “This Old House” with Bob Vila. He was interviewing Donald Trump during a years ago inspection of a Trump Tower apartment and commented, “this kitchen is pretty small” to which Trump replied, “If you can afford to live in one of my buildings, you make ‘reservations’ for dinner.” Perfect.

Smash cut to “Trading Spaces” on TLC which was more closely aligned to the modern day real estate TV format. Then “Flip This House” which became the catch phrase of the new TV genre.

When the US housing bubble burst in 2006 and flipping no longer worked here, many of the shows were produced (like many movies), in Canada, where the market continued to rise (until now) and the production elements removed city names and locations so it felt generic.

Smash cut now to reality programs like “Selling New York” and “Million Dollar Listing” with all their spin-offs which get more into the nuts and bolts of a transaction and puffed up melodrama to keep our attention.

To date I’ve been approached, or my name has been thrown in a hat to host 4 reality tv shows – as someone who has the potential to bring bad news to nice people and possibly ruining their lives as a result. I’d never agree to do one of these but the fact they are approaching an appraiser means they are any topic in the real estate spectrum is fair game.

We can’t get enough of it.

My white noise maker TV show continues to be House Hunters International which lets me test my valuation skills while I am usually doing something else.

Some in the real estate industry embrace the phenomenon and some harshly criticize it, but as this interesting Time Magazine piece which included the above graphic “The House Shows Boom: How the Real Estate Market Is Reflected on TV” provided a quote from one of show stars:

“No matter who we are, no matter how much money we have or don’t have, no matter where we are in the world, everybody wants to live better,” he said. “When we watch shows that inspire us to make changes in our own homes, when we see how other people live, I think that’s a really powerful message.”

Of course this doesn’t explain why I watched “Ice Road Truckers” or still watch “Cops.”

Tags: , , , , ,


Canadian Housing Prices Now Pushed Up Same Way as US

May 4, 2014 | 1:28 pm |

gandmUSvCanadaprices

I was reading Tara Perkin’s piece in The Globe and Mail about the record price spread between the US and Canadian housing markets and saw one of the most startling housing charts of late (above). To be clear, this chart doesn’t adjust for the exchange rate but the article says the Canadian/US existing home price spread would be large – closer to 50% than 66% – still huge.

The article cites Bank of Montreal’s chief economist Doug Porter as saying:

“The main takeaway is that, contrary to all expectations, the Canadian housing market has just kept on rolling in 2014 even as the U.S. housing market has paused for breath (after a steep climb out of the dungeon),” he writes in a research note. “Put it this way, how many pundits a year ago were calling for Canadian home prices to rise faster than their U.S. counterparts in any single measure?”

Yes, true, but this is probably another good reason not to rely on anything published by a lender’s “chief economist” title due to their inherent bias toward the interests of their employer. What I find fascinating about the Canadian housing market is the proliferation of the false rationale that prices are being used as a measure of housing health. For the US counterpart, think Miami and Las Vegas circa 2005 when prices were skyrocketing and sales were falling.

The Canadian government tightened credit conditions a year ago and sales fell sharply:

This time last year it was far from clear when and if the Canadian housing market would emerge from the sales slump that ensued after former Finance Minister Jim Flaherty tightened the country’s mortgage insurance rules.

Focus on March 2014 v. March 2012 in the following chart:
canadahomesales3-2014

With Canadian home buyer’s access to credit now reigned in, sales fell sharply yet housing prices continued to rise. But Canadian housing prices are rising now much like they are in the US, based on restricted access to credit that keeps inventory off the market. And we’re not talking about household debt.

New housing inventory entering the market in Canada is now falling which is continuing to goose (sorry, Canadian geese pun) prices higher.

canadahomelistings3-2014

The Greater Fool Theory Applies to the Canadian Housing Market

A theory that states it is possible to make money by buying securities, whether overvalued or not, and later selling them at a profit because there will always be someone (a bigger or greater fool) who is willing to pay the higher price.

Of course from our past experience in the US, it’s not surprising to see every outpouring of Canadian housing market bubble concern met with an equal outpouring of Canadian housing bubble denial.

Please stop using housing prices as a measure of housing health. It was obviously flawed logic when applied in the US during 2003-2006 and now it has become apparent it was flawed during the 2012 to 2013 US run up.

Housing price growth doesn’t reflect good housing market health in Canada either.

Tags: , ,


Group Claims Glass Curtain Walls “A Major Step Backward Environmentally”

February 4, 2014 | 4:42 pm | wsjlogo | Radio |

wsjglasshouse2-3-14

The Wall Street Journal released an intriguing article about the use of glass curtain walls on new buildings: Study: Glass Condos Could Pose Health Threat Through Overheating: Hot Summer Could Raise Temperatures Into Triple Digits.

The piece was inspired by content provided by the Urban Green Council, who are trying to push for more rigorous building standards in the aftermath of Superstorm Sandy. They’ve had a PR bonanza for this one since the story was even picked up by Gawker.

But the findings were disputed by some developers and architects, who said that glass buildings in recent years have made big advances in overall energy efficiency. That includes improved glass with special coatings to reflect heat and more insulated surfaces in building walls, to comply with increasingly rigorous city and state energy codes.

The idea of glass curtain walls became a bigger issue in the recent boom and the current boom than in years past: the technology has improved, and with shift in the mix towards luxury development, the need for expansive views and light to raise values made it more popular. The irony of this is, and this is certainly not a definitive statement, that glass curtain walls can be less expensive for luxury development than using more traditional mortar/window installs if it is not load bearing.

And Toronto seems to hate them (when not writing about Mayor Rob Ford) in this CBC piece: Throw-away buildings: The slow-motion failure of Toronto’s glass condos.

UPDATE

Ilya Marritz at WNYC just posted on this topic with the understated title: People Who Live in Glass Houses are Really Hot. Here’s the radio version:

Tags: , , , , , , , ,


Housing Bubble – Canada Is Following US Lead

December 5, 2012 | 7:00 am | wsjlogo | TV, Videos |

A friend of mine shared this video with me, a speech by Pierre Poilievre, MP for Nepean-Carleton, on April 4, 2012, spoke on behalf of the Government on Budget 2012. He is incredibly eloquent, insisting that Canada is not going down the path that the US took. Yet here’s a sobering headline.

Of course, he’s wrong. Even back well before April of this year you could see the froth in cities like Toronto. In Vancouver, sales have now fallen sharply.

Earlier this year I was quoted in the Toronto Star as some sort of bubble veteran that broached the subject of a bubble and I was not surprised to hear the same rationale we heard in the US. Toronto new development was focused on small units to be purchased by investors to rent or flip although defenders rationalized that was how workers would move to the city to expand the economy. Deja vu.

Many believe that Canada is different because prices will only fall for the next few years unlike the US where it was a 6 year fall (2006-2012).

Well, that is still a correction or bubble for nearly the same reasons as the US: government policy, speculation and cheap credit.

My eureka moment

I have long thought that all the housing shows on HGTV ie “Property Brothers”, “Holmes on Homes” etc. were filmed in Canada instead of the US because production costs were cheaper – no! My theory: After the US market tanked in 2006, production was much easier in a housing market where prices were rising, marketing times were fast and credit was readily available. That’s why these shows have continued where “flip this house” in California left off….for now.

Tags: ,


Luxury Real Estate as the New Global Currency

November 18, 2012 | 5:46 pm | delogo | Articles |


[click to read article]

Over the summer Camilla Papale, Douglas Elliman’s CMO asked me if I would present something about the state of luxury real estate for their Elliman Magazine (and iPad app!). The finished result contained 3 parts:

  • I wrote a brief piece about the influx of international demand as high end consumers were seeking a safe haven from the world’s economic problems. I called the piece: “LUXURY REAL ESTATE AS THE WORLD’S NEW CURRENCY” This post’s title was my working title which I also liked.
  • Plus I did a little research on housing prices across the globe using Knight Frank’s resources and
  • I moderated a discussion on the subject with Dottie Herman, President & CEO of Douglas Elliman, Patrick Dring, Head of International Residential at Knight Frank, and Liam Bailey, Head of Residential Research at Knight Frank. They all provided great insights to the subject.

Here’s the full piece in Elliman Magazine . I’ve inserted a portion of the presentation below in 2 parts:

LUXURY REAL ESTATE AS THE WORLD’S NEW CURRENCY

Since the beginning of the global credit crunch in 2008, luxury real estate has morphed into a new world currency that provides investors with both a tangible asset and a cachet that cannot be found within the financial markets. It’s as if these emboldened investors zoomed out of their local Google Earth view to discover the wider global perspective on luxury real estate.

HOW DID WE GET HERE? The US dollar has weakened in the years following the collapse of Lehman Brothers in the onset of the global credit crisis. The S&P downgrade of US debt in August 2011 from its benchmark AAA rating brought a flood of investors into US financial securities. That meant that our currency allowed us to buy less abroad, and the strength of other currencies provided international buyers with large discounts when purchasing property in US dollars. But it went further than that.

THE RISE OF LUXURY REAL ESTATE AS A “SAFE HAVEN.” The volatility of global financial markets and the resulting political fallout shook investor confidence, which in turn spurred a rise in foreign buyers seeking a safe haven to protect their assets. A wave of international buyers from Europe, South America, and Asia entered the US housing market, helping set record prices and revive luxury markets including New York, The Hamptons, and Miami.

SUPPLY-DRIVEN DEMAND. The luxury real estate market has become defined by the supply of available properties. While demand has remained constant and elevated, inventory has become a critical variable, particularly at the very top of the market, where surging international demand for one-of-a-kind properties has surpassed the limited supply. The resultant record-breaking sales of “trophy” properties have enticed more owners of luxury homes to make them available for sale.

THE RISE OF THE “TROPHY PROPERTY.” The trophy property has become a new market category that does not follow the rules and dynamics of the overall marketplace. One stratospheric price record is being set after another, and it is not only the list prices that are defining these record sales; the rarity of location, expanse of the views, quality of amenities, and the sheer size of these unique homes have all played an important part in attracting the interest of foreign buyers.

WHERE DO WE GO FROM HERE? Driven by the global credit crunch and political instability, the two factors that are expected to remain unchanged for the next several years, the US luxury housing market is expected to remain a “safe haven” for foreign investors for quite some time.

A CONVERSATION ABOUT THE COMMERCE OF GLOBAL LUXURY REAL ESTATE

I sat down with Dottie Herman and our friends across the pond, Patrick Dring, Head of International Residential, and Liam Bailey, Head of Residential Research at Knight Frank, to chat about the state of real estate in the prime markets across the globe and the rise of a foreign investment phenomenon.

JONATHAN MILLER: Douglas Elliman has a broad coverage area that includes some of the most affluent housing markets in the US. Are you seeing any short-term issues that may influence luxury investor decisions over the coming year?

DOTTIE HERMAN: At the end of this year, we may see a repeat of the consumer behavior we saw at the end of 2010 when US capital gains tax rates were expected to rise. Ultimately, the rates did not increase, but many consumers in the luxury market took preventative action before the potential tax increase and raced to close their sales by the end of 2010. Despite the ups and downs in the quarters that followed, the luxury housing market was not adversely impacted in the long-term.

JM: Paddy, according to Knight Frank’s Global Briefing blog, housing prices in central London are up sharply, but the pace of growth appears to be slowing, perhaps because of the new stamp duty (a tax on properties priced at £2M–the equivalent of $3.15M–or more). What does this mean for the luxury market?

PADDY DRING: In short, the £5M ($7.85M) market is up year-on-year. The new stamp duty on property sales above £2M seems to be having an impact only on the band just above the new £2M threshold. Foreign demand remains high and, notably, we have sold to over 62 different nationalities within the last 12 months. They are less affected by the changes in stamp duty, since the rates in London are still in line with many other European countries.

JM: Dottie, your firm has sold a large number of luxury properties this year, despite a lukewarm economy and tight credit conditions. Record sales and listing prices are becoming nearly commonplace and a significant portion of this demand for luxury real estate is coming from abroad. Do you see this developing into a long-term trend?

DH: It’s certainly been a year of records and I do think we are embarking on a period where luxury real estate has the potential to outperform the rest of the housing market. Several of the markets that we cover, Manhattan and Miami in particular, have been firmly established as highly sought-after international destinations. As much as we fret about how slowly our economy is recovering, the US has proven itself as a “safe haven” for many international investors who are concerned about the turmoil of the world economy and political stability. Luxury investors from much of Europe, Russia, Asia and South America have been buying here at the highest pace we have seen since the credit crunch began.

JM: Liam, the US is seeing a higher-than-normal influx of real estate demand from foreign investors who seem to be focusing on the upper end of the housing market. These investors are well represented from Europe, Asia and South America. Are you seeing the same phenomenon when it comes to luxury properties in the UK? What are the primary regions where this demand is coming from?

LIAM BAILEY: The focus of demand continues on London and its easily accessible suburbs. London is facing even higher global demand than New York, with the top end strongly led by Russia, Europe, Canada, and the Middle East, and demand in the new development investment market very much led by Asia.

JM: In the US, access to financing is a key challenge to domestic purchasers, including luxury investors. What are some of the key challenges facing your clients who are looking to purchase real estate outside of their own countries?

PD & LB: Financing remains a consideration for many, although mortgages are more available in many of the markets than people are led to believe. Of course, the property needs to be quality and in a core location and have a more conservative loan-to-value ratio, however, many of our clients purchase in cash, so they are more affected by market sentiment and, of course, liquidity if they need to sell unexpectedly in the future. Factors affecting market sentiment include the usual considerations, such as exchange rate, a stable political base, as well as a sound legal system that guarantees clarity of title and tax considerations. The latter of course is affecting not only the cost of acquisition (stamp duty), but also, in some countries, the cost of holding (wealth tax) and ultimately selling (capital gains tax). Access, infrastructure, and climate (if lifestyle-driven) all remain key, as do low crime rates as people become more aware of their privacy and personal safety.

JM: Since the beginning of the credit crunch, you’ve constantly stressed to your clients that the terms of a sale are just as important as the price of a sale, given the challenges of obtaining financing. How do international buyers fi t into this new world defined by tough lending standards?

DH: Despite mortgage lending in the US remaining tight, luxury markets in the areas we cover have improved quickly. I can only imagine how much stronger the US housing market would be if we saw credit ease to historically normal levels. International buyers tend to pay cash or obtain financing from their native countries, which has given them an advantage over many domestic purchasers. Combine the ability to pay in cash with both the weakness of the US dollar against many of their native currencies and a volatile global economy, and you can begin to understand why we are seeing a strong presence of international buyers in our markets. Like our friends at Knight Frank, these luxury investors are interested in our proven core markets that already have a large concentration of luxury properties. Overall, we continue to be excited about our market’s expanding presence in the global luxury housing market—there are many opportunities out there for this new international investor to explore.



Luxury Real Estate as the World’s New Currency [Miller Samuel (pdf)]
Luxury Real Estate as the World’s New Currency [Douglas Elliman]
Elliman iPad App [iTunes]

Tags: , , , , , , , ,


[Knight Frank] Q1 2012 Global House Price Index: Europe Is A Problem

June 5, 2012 | 12:37 pm | kflogo |

Here’s a great research piece from Knight Frank on the state of housing in many of the world’s cities.

South America is dominating other regions in market performance right now. Canada shows strength (all the HGTV shows seem to be filmed there) and why isn’t Greece falling harder?

Knight Frank published their The Global House Price Index recorded its weakest annual performance since the depths of the recession in 2009, recording only 0.9% growth in the year to March 2012. Doubts over the Eurozone’s future, along with the Asian governments’ staunch efforts to cool their markets and deter speculative investment, have taken their toll.

Here’s in the index table:



Tags: , , , ,


[Vortex] Did We Get There? The Promise of Licensing Appraisers

May 22, 2012 | 11:32 am |

Every so often, a Matrix reader submits something they feel very strongly about it and bravely enter the Vortex where I post it.

Guest Columnist: Cecil Simon

Cecil has been a New York general state certified appraiser since 1992. He takes a look at the intersection of professional education and licensing. He’s weighed in here before. Like me, Cecil was an appraiser before the licensing law in 1989 and in fact wrote Congress about this matter as early as 1986.

Admittedly this is super appraiser wonkiness, but it’s worth the read.

-Jonathan Miller



May 12, 2012

Did we get there? the promise of Licensing Appraisers.

How technically prepared are Certified General Appraisers? A recent editorial by Henry H. Harrison in his Real Estate Valuation Magazine, suggested the answer is not very well. In fact, Mr. Harrison even challenged readers to provide evidence that Certified General Appraisers did not make at least 80% of their living writing residential work.

I believe he is correct on the preparation issue, and incorrect on what Certified General Appraisers do in the industry. Most Certified General Appraisers have now become the workhorses for fee shops run by designated appraisers, working as independent contractors at low rates and without benefits. This was by design, and the education and experience requirements set by the Appraisal Qualifications Board in the early 1990s, later amended in 2008, bears me out.

It is now generally accepted that the requirements for General Certification set in 1991 were deplorable, although Harrison and other in his group did not think so when I first wrote to him in 1993. The 2008 fix with the addition of a course in Highest and Best Use and Market Analysis, and one in Report Writing was a plus, but the remaining content was just a split of two former lower level courses into some 120-140 hours. The final product was three hundred classroom hours, more than were required for the MAI in 1990, yet these were junior courses.

FIRREA had a specific mandate. That mandate required that the education and experience required for General Certification be such, that a person with those qualifications would be able to appraise any property without regard to value in a Federal related transaction. That is a high standard, which was well known to the Chairman and members of the Board from 1991 to 2004, yet they did otherwise. The reasons often given in support of the lower standards were the use of the term minimal education required, that States could add to the basic core, and that Certification requirements were intended as a beginning. But the mandate certainly does not imply that.

Basic appraisal education requires only six courses, seven if you add the new Quantitative Analysis course, which is a plus. The seven courses are Appraisal Principles and Procedures, Highest and Best Use and Market Analysis, Land Valuation and the Cost Approach, Direct Sales Comparison Approach, Income Approach, Quantitative Analysis, and Case Study and Report Writing. These names can be applied to Residential and General [Vortex] Did we get there? the promise of Licensing Appraisers.

Certification courses with different content, and all that is currently listed by the Appraisal Institute as Level 1 and 2 and required for their MAI designation can be covered in those seven courses. Hours can be assigned based on the content to be covered.

The seven basic courses plus four years of experience, and the State Exam, is more than adequate to lay the groundwork for Certification as well as any designation. It should be noted that the six courses used prior to 1990 for the MAI, and the four used for the SREA (101, 102, 201, 202), were all taught in less than three hundred hours. These courses produced some of the best educators and practitioners currently working in the industry, including Mr. Harrison. Even Universities that grant Undergraduate and Graduate Degrees in Real Estate offer only one or two courses in Valuation.

I took the trouble to review the education requirements for all of the original members of the Foundation that deal specifically with Real Property interest. The Appraisal Institute of Canada arguably has the best program, and the Appraisal Institute is the only one with Advanced Courses. Some startling facts also come to mind. The education requirements for the MAI designation have increased from 267 hours in 1990 to 482 in 2008, an increase of 215 hours, all without any change in the theory and methodology of valuing real property. The only industry change during that period was the use of software that makes database searches and data analysis easier. In fact, one group, The American Society of Appraisers could not even remember when they last hosted a basic course.

I believe that The Appraisal Institute is the best professional association representing appraisers and the leader in the industry, but its continued creation of advanced courses in order to create the illusion that its members and candidates are better prepared than Certified Appraisers is a farce. The same seven courses could easily serve as the core education requirements for candidates as well as General Certification. Additional requirements for designations can be added. The MAI designation is a highly recognized brand, and could be granted based on work experience and peer review. Downgrading the education requirements for Certification is a dumb idea, and it is clear that The Appraisal Subcommittee fell down on its mandate to monitor and review the practices and activities of the Foundation.

There are a few good textbooks out there on Appraising Real Property, and I place The Appraisal of Real Estate, published by the Appraisal Institute at the top of that heap. Now I would hope that any State that puts its imprimatur on the qualifications of any individual to call that person a Certified General Appraiser, expects that they have covered the content of that text from cover to cover. That was the intent of FIRREA. But it appears that by separating the content into General and Advanced sections, both the Appraisal Institute and the Appraisal Qualifications Board that it has controlled since 1989 seems not to think so. This difference in education is the centerpiece of Harrison’s thesis.

The Qualifications Board should simply set the education requirement as successful completion of a course in the seven areas and forget hours, and if a rigorous State exam is made part of the process, then The Appraisal Institute will be sure to include much of what it now calls advanced content in those seven courses.

On the issue of college education, professional associations may find this a plus, and hopefully the appraiser has written enough college papers to be able to write properly, but degrees in most disciplines will not make you a better market analyst.

The answer to my original question is yes and no. We now have a mechanism to punish bad apples, although better enforcement is needed, but the standards for education, experience and testing did not.

C M. Simon.

Tags: , , , , ,


[The Housing Helix Podcast] Hugh F. Kelly, Real Estate Economics, NYU Associate Professor, Brooklyn Catholic Charities

December 15, 2009 | 11:38 am | Podcasts |

Hugh Kelly joined me today for the podcast. I’ve known Hugh for quite a while and greatly admire his insights.

Hugh is an Associate Clinical Professor of Real Estate in New York University’s Masters Degree Program in Real Estate Investment and Development. He heads his own consulting practice, Hugh F. Kelly Real Estate Economics, which serves national and international real estate investment and services firms, governmental organizations, law firms, and not-for-profit agencies. Prior to establishing this consultancy, he was chief economist for Landauer Associates, where he worked for 22 years until early 2001.

Hugh also serves as the President of the Board of Brooklyn Catholic Charities’ affordable housing development corporation, which has built and manages 3,000 units of low-income family, seniors, and special needs housing. He is a member of the Counselors of Real Estate, the National Association of Business Economists, and the American Philosophical Association. He has spoken to virtually every major real estate organization in the United States, as well as to audiences in Canada, the U.K., France, the Netherland, and Germany.

We served together on the New York City Council Finance Committee Economic Advisory Board and our firms have worked together on several consulting projects.

Hugh provides perspective on affordable housing, his recent Ground Zero consulting, MBA programs and their relationship to the credit crunch among others. He’ll join me again in the near future to expand the discussion on affordable housing.

Check out the podcast

The Housing Helix Podcast Interview List

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.


Tags:


[Interview] Hugh F. Kelly, Real Estate Economics, NYU Associate Professor, Brooklyn Catholic Charities

December 15, 2009 | 9:53 am | Podcasts |

P1040810

Read More

Play

Tags:


Lobster Prices And Subprime Lending

July 5, 2009 | 11:51 pm | Favorites |

lobster header

This weekend I ripped through a terrific book The Secret Life of Lobsters by Trevor Corson written back in 2004. Even if you’re not a fan, I marveled at how he could take a mundane subject and weave an interesting (true) story on how the Lobstermen of Maine have kept the production elevated for the past several decades, despite consistent claims of overfishing. (Incidentally my lobster pots were stolen this weekend, plus we had 30 family members over to our house for the 4th for a lobster/clam bake.)

No one on either side really knew whether cyclical declines in the number of pounds caught were natural or induced by man.

In other words, this is all about subprime lending.

While trying to find my interview on NPR about last week’s market reports (I was unsuccessful) I stumbled upon an interview with the Trevor Corson last week (the day our report was released) without using keywords such as “lobster,” “fishing” or Maine.

He correlated the sharp drop in Lobster prices this year with the bankruptcy of Iceland via subprime lending. It’s worth a listen.

And here’s his related piece in The Atlantic magazine. Fascinating.

Basically, lobster prices have maintained a high price level for the past decade until the past year because a large portion of the catch was diverted to processing plants in Canada keeping supply of fresh lobsters restrained. These plants were mainly financed by Icelandic banks, who were ultimately driven under because of the subprime mortgage meltdown and now abundant production of lobsters are driving down the price for us.

Sound familiar?

Oversupply of housing driving down prices correlates to the “V-notch” technique to increase the lobster population. I won’t even bring up the V-shaped recovery“, since I’m still full from our lobster bake.

Somehow it all comes back to lobsters.

Tags: , , , , ,


[Bear Stearns] Currency Of The Day: For $2 More

March 18, 2008 | 2:00 pm | bloomberg_news_logo | Milestones |

I can’t imagine what it would be like to lose everything you spent your career building up in one day. That’s what many of the employees at Bear Stearns are dealing with, and I am sure many of them had nothing to do with the downfall of the firm. A good friend of mine left the firm last year and is feeling like he made the right decision.

Can you imagine the litigation onslaught on its way? Employees could chuckle about something today.

According to Reuters this photo was found on the front door of Bear Stearns today:

Here’s some more gallows humor from WallStreetJackass referring to the page one WSJ article last fall on the bridge playing, pot smoking Bear Sterns CEO with a mocked up Bloomberg Terminal screen. Consistent with the reasoning why the economy is failing.


Tags: ,


Housing Fantasy Is The New Reality Television

March 12, 2008 | 11:56 pm | nytlogo |

Housing has long been viewed as an emotional investment. Along with the housing boom of the past 5 years, there has a been a boom in reality television shows. My first obsession was This Old House when Bob Vila was host.

Housing has morphed into a national obsession. No surprise there.

Take a look at this week’s television schedule for HGTV.

If we aren’t watching people decorate, we are watching them, sell, buy and flip houses.

This AP story I came across in the Washington Post called Real Estate Cold, Real Estate TV Hot seems to defy reality. Ratings are very high.

Given the downturn in many real estate markets across the country, I am struck by the dated nature of the reality show title “Flip This House”.

  • Are people still flipping?
  • Will buys consider a flip with so much excess inventory?
  • What banks are providing investors financing these days…reality shows???

The irony here is that housing reality shows have become housing fantasy shows.

index.html. index1.html. index2.html. index3.html. index4.html. index5.html. index6.html. index7.html. index8.html. index9.html. index10.html. index11.html. index12.html. index13.html. index14.html. index15.html. index16.html. index17.html. index18.html. index19.html. silagra generic viagra cialis cumwithuscom viagra by mail order kansas city ultrasound jobs viagra buy cheap generic online viagra viagra and optic neuropathy viagra do don’ts splitting viagra pills lisinopril viagra viagra online from us pharmacys herbal lotion natural viagra viagra ch viagra definiiton cialis viagra levitra effects generic viagra forumes viagra for horses ace inhibiters and viagra viagra taken ranitidine singapore cailis viagra drugstore viagra delaware caverta generic viagra veega 2 00 viagra compare levitra viagra cialis cheapest prescription viagra women take viagra viagra cialic levitra compare cialis levitra viagra generic viagra sildenafil scary movie viagra mexico and viagra viagra before and after diferencia cialis viagra order forms for buying viagra generic propecia viagra viagra rx buy viagra online order viagra tv commercial girl does viagra enlarge the penis viagra norvasc viagra erection after ejaculation faster viagra working fill online prescription viagra annals of internal medicine viagra drug interactions with cocaine and viagra viagra cystic fibrosis herbal natural viagra viagra online student loan consolidation buying viagra internet heart attack generic viagra pay online check viagra order online pharmacy prescription drug viagra bob dole viagra tv ad ecstasy and viagra online viagra canada best price for viagra buying online risk viagra phentermine viagra pharmacy online viagra is viagra prescribed buy viagra phentermine weight loss prescription buy online viagra securely buy phentermine second best to viagra female viagra free emailing woman use viagra viagra patent expires viagra and unstable angina over the counter viagra london generic viagra cheapest substitute viagra simple amino acid asia generic viagra viagra with penicillin kazinaki online viagra generic lowest price viagra sex on viagra pharmsupport viagra viagra or cialis free viagra consultations failed anti-depressant used as female viagra free viagra online male infertility viagra viagra and levitra viagra model generic overnight shipping viagra impotence uk viagra master mine cheap viagra best pill viagra superlar viagra viagra mexico online viagra no generic buy viagra softtabs cialis versus viagra best viagra zenetra viagra cheaper viagra levitra apcalis get viagra drug online viagra cialis levitra online viagra dick viagra vasolidadtor in muscle contest viagra pushups generic viagrageneric viagra natural viagra natural male enhancement viagra substitue buy viagra in toronto viagra cialis levitra reviews side effect viagra cialis generic viagra for sale on line alternative qoclick se viagra generic viagra mg blue pill vasoderm better than viagra lowest dosage of viagra straight boy drugged and given viagra comparison viagra cialis levitra female use of viagra az tempe viagra buy online pharmacy viagra buy cheapest viagra online cheapest viagra in the uk free online viagra pill sample buy online viagra where internet viagra source get approved online compare viagra prices viagra bullshit viagra ejaculate viagra causing blindness 2007 viagra hmo college viagra generic viagra cialis pills viagra compairsons comparison of levitra and viagra viagra depression women viagra line 25mg viagra and online medical consultation viagra diovan mark martin viagra jacket effects viagra women active drug in viagra sophia viagra tom cruise altace viagra viagra what to expect generic for viagra fda approved medications viagra online shop viagra san luis rio colorado viagra kamagra aangeboden 50mg viagra retail price viagra small prices index women does viagra work alternative to viagra cialis levitra strong viagra ron jeremy quote viagra buy in uk viagra pharmaceuticals viagra nascar viagra car viagra stores to buy viagra online australian viagra alternative can act like viagra and keep compare or viagra news release viagra for woman canada and generic viagra buy cheap cialis generic levitra viagra which is better viagra lowest viagra prices viagra john m bouchie vigorelle viagra cream for women prescription required for viagra manila philippines viagra philippines generic viagra sold on line viagra comics free cialis free levitra free viagra alternate uses for viagra viagra pour femme herbal viagra for woman cheap no prescription viagra get viagra prescription 5 viagra tablets cheapest generic substitute viagra alternative baikalguide viagra viagra alternative research women who take viagra viagra versus cialis viagra effects how long cheap cialis viagra viagra commercial girl mix beer and viagra comment written prescription for viagra impurity related substance viagra cheap online prescription ultram viagra zoloft giant viagra pill viagra los algodones pharmacy compare generic viagra wholesale prices aeroflot open view topic order viagra viagra online cheap discreet cialis viagra online pharmacy ramipril and viagra sildenafil citrate viagra viagra women online cheap viagra four bitchin viagra mp3 crohn’s viagra viagra pay pal viagra vancouver viagra tips viagra cialis canadian pharmacy viagra commercial clips comparison cialis levitra viagra viagra recreational use viagra hgh discount drug viagra discount viagra brand drug after availability effects viagra real viagra man on viagra bangs his wife generic viagra fast shipping safety of buying viagra on line drug viagra zenegra tlf can you copyright viagra xenical viagra zyban proscar generic viagra side effects buy citrate generic sildenafil viagra generic viagra softabs viagra and lipitor fr d ric von anhalt viagra viagra crohn viagra buy in uk online generic viagra viagra uk purchase viagra generique bon marche mixing cocaine and viagra viagra compared to others buying generic viagra viagra uk viagra like pills zenegr viagra generic sample viagra a href viagra a viagra dangers ed treatment for use with viagra viagra doses discounted viagra compare cialis viagra levitra viagra use in women no perscription generic viagra chemical compound of viagra nbc viagra viagra doesnt work viagra and champagne combination order cialis and viagra viagra plant photo 100 mg viagra prices viagra lawyers natures viagra premium generic viagra sildenafil generic viagra berman sister female viagra study buy cheapest online viagra viagra cialis and levitra buy viagra porno at maygreat org buy viagra generic viagra fertility research alternative herbal review viagra best buy for viagra geniric viagra viagra sample canada viagra experience maryland cialis tadalafil viagra compare generic price viagra tadalafil versus generic viagra viagra generic brand viagra cialis levitra free viagra pour feme liquid viagra shot recipe viagra alternatives cialis info viagra for the brain viagra vs cialis joke viagra generic viagra bz cheap viagra phone prescription viagra viagra effect on semen production generic viagra soft tab fast $2.00 calias viagra deine nachricht site viagra british heather tea viagra effects effects long side term viagra viagra on dogs bob viagra commercials cheap viagra overnight viagra onlin viagra alternative viagra side effects alcohol homemade viagra viagra levitra online 12generic sildenafil viagra viagra racing generico impotencia viagra viagra herbal alternatives viagra soft tablet buy cialis online viagra viagra and diabetes discovery health peru s natural viagra viagra canadian prescriptions viagra compare prices no questions viagra generic 20 cents from india sex injury with viagra generic viagra uk buy viagra now online buy viagra powered by phpbb generic brands viagra online canada free sample viagra comparing cialis and viagra product information viagra spanish levitra verses viagra cheap meltabs online viagra viagra sale online viagra doctor effectiveness of viagra directions for using viagra lady viagra cost viagra supplements viagra viagra ad ecstacy and viagra addiction to viagra viagra chemical compound penrex as viagra substitute viagra store coupons female libido viagra discount generic viagra volume information for viagra internet viagra pharmacy pulmonary hypertension infant viagra picture of viagra viagra doesn’t work viagra success stories impotence aids for use with viagra fda approved generic viagra sildenafil citrate safe for females to use viagra respiratory ailment pulmonary fibrosis viagra free sample herbal viagra depression libido viagra viagra divorce viagra shorts viagra on the market there’s viagra in the water does viagra works after casteration drg generic viagra viagra sample size buy viagra cialis levitra viagra erection duration generic viagra master card purchase generic viagra sent overnight viagra home remedy british tea heather viagra primary sources for viagra insurance viagra oysters viagra abuse herb viagra does viagra increase number of ejaculations generic viagra new au book buy online order viagra viagra boys clips viagra half life viagra nclex question viagra women study viagra cialis online cost low viagra viagra cialis on line continuing medical education california viagra buy viagra in mexico buy viagra assist cheap cialis generic viagra in canada recreational viagra use cialis viagra levitra comparisons viagra result take viagra woman viagra doctor free endometrium viagra free viagra for woman viagra calgary viagra travel where do i buy viagra in paroxetine viagra 2737 amerimedrx viagra wetrack it zyban discount generic viagra pokemon gold buy viagra cohort studies on diabetes viagra natural viagras viagra next day delivery lawsuits involving blindness caused by viagra generic risk using viagra wikipedia viagra wine bottle opener tablet viagra tramadol viagra valentines viagra viagra moa going through customs with viagra pulmonary hypertension trials viagra human viagra woman viagra for sell pfizer drugs viagra viagra goes public viagra for womenn joke important bulletin viagra mexican bean generic softtabs viagra viagra best ad viagra what goes up is viagra safe cheap sale viagra viagra cost at walmart viagra financials viagra for sale in uk cheap deal viagra prescription viagra soft tab viagra generic viagra in british columbia viagra 24 hours delivary viagra class action buy cheapest viagra generic viagra rip-offs achat viagra generique viagra no prescription viagra and vascular disease cheapest viagra prices estate sale viagra best generic viagra generic names for viagra buy viagra for women cheap viagra overnight delivery referrers viagra can viagra cause blindness the effects of viagra cialis und viagra forum viagra prescribed females search results cheap generic viagra discount viagra mastercard best discount free viagra via viagra causes blindness who use viagra viagra prescribing info sildenafil citrate viagra generic 6 free sample viagra viagra comercial actress viagra and woman buy viagra on line uk a q name buy viagra soft tabs viagra recreational use of viagra viagra cialis desire generic viagra zenegra cialis levitra holistic viagra court lawsuits on viagra legal viagra purchase site viagra leveren kamagra viagra gel tab viagra viagra alternative colloplast is there generic viagra zenwgra viagra real take viagra phillip frost viagra buy real viagra pharmacy online natural viagra woman best herbal viagra viagra engineer search results for generic viagra medicare coverage of viagra viagra heck reaction expired viagra viagra 9 viagra fda alternative for viagra australia viagra to order viagra yybbs is generic viagra real sialis or viagra generic meltabs viagra php healthy loss viagra weight 20 ace inhibiters taken with viagra order viagra canada order viagra now viagra money order 12 cod generic pal pay viagra viagra mix up smoking viagra dosages feds close viagra loophole cbs news making of viagra australia viagra cialis supply cialis generic levitra propecia viagra generic mexico pharmacy viagra don’t mix beer and viagra comment citalopram viagra viagra prescription online cialis levitra viagra index comment moderation pending say viagra viagra facts find viagra online viagra available from online doctor understanding viagra price generic viagra buy buying sale viagra vendo viagra plant heather viagra buy generic viagra pharmacy online online prescription for viagra mindful musings cheap viagra trick viagra mixing vicodin with viagra anxiety relief online prescription medicine viagra use of viagra viewing pornography viagra versus levitra viagra damage webresults buy viagra cheapest prices on generic viagra canadian pharmacy for viagra viagra lozenges viagra seuss information viagra woman generic viagra soft tabs online adipex meridia phentermine prescription viagra cheapest viagra world viagra winstonsalem airport security viagra generic cialis pills generic viagra levitra viagra or kamagra or cialis viagra sale cheap source viagra viagra propecia buy online black market viagra alert joke online us pharmacies generic viagra softtabs natural viagra alternative impotence viagra generic viagra cheap contact lenses prozac viagra joke viagra for transsexual 2006 followup march post viagra generic viagra discount viagra norco methadone and viagra drug interactions with viagra viagra lakeland fl viagra nitroglycerin viagra generic soft tabs 100mg book burning by powered site viagra buy cialis ejaculation premature viagracom buy female viagra bean jumping mexican viagra generic viagra new zealand buy pfizer viagra vipps pharmacy viagra online consultation and overnight viagra websites cialis info viagra mdma and viagra propecia cialis viagra uk viagra supplier viagra london clinic regents singapore shop cailis viagra compare cialis viagra cheap viagra pythonmexico org do you last longer on viagra women use viagra taking viagra negative reinforcement guaranteed cheapest viagra viagra zyban female viagra alternative all pills generic viagra calamus root viagra female injury with viagra viagra alternativ sverige viagra in the uk paxil with viagra viagra on internet prescription online vega generic viagra mark martin viagra car buy viagra online in the uk viagra steroids viagra online without rx buy viagra online get prescription viagra tabs how long will viagra last buy real viagra online generic viagra with money order levitracialis compare levitra viagra viagra indication natural viagra uk buy cheap viagra online uk combination viagra zanaflex viagra ukraine viagra and attacks heart viagra song lyrics need some viagra why women shouldnt take viagra mixing viagra and cialis viagra soft tabs generic 100mg renova viagra purchasing viagra australia viagra ruduces iop 78 zenegra viagra dose viagra healthy weight loss viagra memphis tn viagra knock offs viagra safety information best viagra online levitra and cialis and viagra viagra on line canada herbal viagra fda eznegra viagra machaca natural viagra effects viagra natural viagra for women sildenafil viagra 2007 crohn what happen from viagra herb that works like viagra viagra blocker about viagra cheapest viagra fake generic viagra order viagra onlineovernight inventor of viagra line prescription viagra viagra discount viagra and drug testing viagra recvomendaations for use buy online p viagra natural viagra alternative review viagra dosage and cost viagra warnings buying cheap viagra 100 mg viagra price viagra investigator boards buy googlepray viagra free female viagra gneric viagra viagra high blood pressure drug like viagra female impulse viagra when will generic viagra be available viagra online pharmacy review generic viagra generic meltabs viagra canadian viagra online viagra to buy uk acheter viagra viagra for lung disease viagra discussion minister viagra negative effects of viagra substitute viagra are generic viagra doesent work neil miller and viagra and research viagra h jt blodtryk viagra substitute internet businesses viagra levitra comparison 5viagra levitra cialis apcalis regalis zenegra order viagra cheap viagra online ordering viagra sale prices viagra and heartburn 2006 cialis followup january post viagra silagra generic viagra silagra cumwithuscom buy pharmacy pill viagra prescription viagra without pill price viagra viagra online uk delivery viagra use girl on viagra commercial viagra bon marche viagra para que buy viagra no prescription best viagra subsititue buy viagra internet viagra in mexico non-prescription viagra over the counter drug to viagra medil journals pulmonary hypertension viagra viagra dreampharm how viagra affects glaucoma what is better viagra or levitra viagra bicycle shirt viagra cialis vs xanax viagra diazepam annals internal medicine viagra womens viagra uk viagra sample 50mg sides effect of viagra viagra how young is too young viagra pulmonary hypertension everest does viagra help premature ejaculation herbal alternative viagra levitra herb compare viagra cialis levitra story viagra mark martin viagra buying viagra viagra free without prescription viagra uk buy cheap drug retin tramadol viagra buy drug satellite tv viagra viagra package insert viagra price uk buy cheap viagra prescription online generic review viagra viagra overnight delivery 1 800 canada generic in sold viagra bush fetches george porn viagra w buy in spain viagra viagra 6 free samples buy viagra order viagra hotwheels viagra viagra heart generic viagra accepting american express generic viagra versus generic cialis pills boy tied drugged viagra viagra brunette commercial babe viagra dealers that acceplt paypal ordering generic viagra in canada generic sildenafil viagra viagra and zoloft and premature ejaculation kamagra cheap viagra viagra is it necessary uk free viagra delivery viagra hamsters viagra methyl 12 viagra zeenegra viagra viagra cialis levitra buy viagra counterfeit viagra halogram connecticut generic meltabs viagra 5 sildenafil citrate viagra 12citrate generic sildenafil viagra viagra coupon code flomax 2b viagra cialis viagra joint corporate renewal cialis and levitra viagra medications internet how to purchase viagra viagra and liver disease buy cheap viagra online here kamagra viagra uk uk viagra prices norvasc viagra and viagra doctor tempe generic viagra online order get a free viagra pen drug insert viagra 25mg viagra buy viagra cheapest x cite herbal viagra for woman viagra immediately started sucking and licking 2cialis generic levitra viagra viagra for heart attack viagra ed viagra clones can viagra be taken with norvasc viagra and purchase liquid viagra shot viagra prescribing information the effectof viagra on the eyes cheap free viagra jack nicholson quote viagra songs about viagra levitra viagra vs is viagra cheaper in mexico viagra equivalent cheap pharmaceutical viagra viagra mail order pfizer stock and viagra infertility primary sources for viagra price for generic viagra viagra may help reduce add yahoo free levitra free cialis free viagra provesrta women viagra viagra and flying generic viagra x mg alcohol and viagra buy viagra the best quality pills viagra rezeptfrei ways to get viagra viagra cialias viagra secondary pulmonary hypertension baby compare price best viagra generic generic zenegra viagra online is viagra addictive cheap online softtabs viagra alternative to viagra online viagra england erectyle dysfunction viagra generic list new site viagra low price for viagra viagra canada price buy viagra online bingo game european viagra mistress viagra dysfunction erectile viagra herbal online viagra what is the price of viagra viagra levitra sexual health 1998 medical breakthrough viagra viagra ejaculation equivalentes de viagra viagra for pulmonary hypertension viagra bournemouth ads kamagra kwiktabs meltabs generic viagra about generic viagra levitra regalis viagra trivia viagra pfizer lower price using viagra and upset stomach steroids and viagra cheapest uk supplier viagra online viagra prescription canada cialis and levitra viagra order pharmacy kamagra viagra oral jelly viagra no prescreption uk viagra sales free viagra videos viagra use longterm cialis or viagra viagra cialis heart problems viagra 100mg usage google groups cheap order viagra after ejaculation viagra free generic sample viagra viagra drug testing can i buy viagra flomax vs viagra best prices on viagra cialis imperial levitra libidus viagra yohimbe viagra nz viagra and speed viagra safety information medical viagra sildenafil citrate generic viagra like pill viagra women’s natural viagra generic viagra reviews viagra best prices compare viagra and levitra generic viagra and generic soma is viagra a schedualed drug viagra compared to levitra cheap free price viagra fake online viagra viagra for sale viagra ireland viagra life abc video premature baby viagra chemical formula of viagra zeengra viagra woman using viagra cheapest generic viagra 99 cents each viagra nyquil which is better lavitra or viagra is viagra illegal viagra viris high blood pressure collegehumor picture viagra for women gifts ambien viagra eebm diabetes viagra viagra alternative review viagra vs cialis licensed pharmacies online non perscription viagra generic viagra without visa is viagra safe for dogs viagra purchase viagra etc cialis comparison viagra cat 16 viagra viagra generic best one counter drug over viagra buy cheap site viagra overnight delivery generic viagra using viagra recreationally local viagra egyptian viagra online prescription viagra phentermine meridia adipex viagra cancun viagra lead investigator viagra cialis compared ru viagra yybbs viagra online no doctor prescription viagra sample free viagra genaric cheapest viagra tablets can viagra cause peyronie’s disease cheap viagra without prescription 2737 aid prevacid viagra zyrtec toprol-xl and viagra virtual viagra female viagra drink viagra paypal france sale online viagra legitimate viagra viagra and blood pressure pills viagra coverage california viagra 24 hours delivery buy viagra in reliable online drugstore viagra pills online horn herbal viagra $2.00 viagra viagra instructions dosage comparison levitra cialis viagra attack heart viagra illegal viagra viagra pfizer viagra sideaffects cheapest viagra in uk che how long does viagra last viagra cure for jetlag tabs viagra tadalafil viagra vs viagra generic buy supplements of viagra viagra casino poker blackjack discount phentermine and viagra texas viagra caverta generic viagra fr women cheap online purchase viagra viagra after prostate surgery viagra best way to use cialis levitra viagra compare nascar viagra expiration date viagra daily viagra for erectile dysfunction viagra warning viagra refills herbal viagra wholesale what to expect from viagra generic name for viagra viagra uk viagra prescription alternative viagra cheap pharmacy viagra free sample viagra online viagra online shop online approval buy viagra other drug online viagra over the internet mail order for viagra tablets viagra for geritol song using viagra suppository viagra for less that 2 dollars using viagra and cialis viagra affiliate program results and risks of viagra new viagra does it viagra work 5citrate generic sildenafil viagra 100 viagra online overnight delivery viagra non-formulary question health net viagra music pc100 viagra motherboard murder mystery character holly long viagra viagra as vasolidadtor in muscle contest viagra alternative herbal supplement buy viagra without a prescription viagra what goes up time viagra cheap prescription district of columbia viagra flomax interaction free viagra samples befor viagra blue haze 1viagra cialis levitra how to take viagra interresults order viagra charlotte wells viagra be a man use viagra viagra and cialas tonytigeraz viagra 2007 mexican buy viagra from safeway oysters spiked viagra maryland kamagra about viagra being stressed while using viagra viagra reminder ads buy online viagra securely viagra valium kamagra discreet uk europe nascar driver s viagra viagra for women pfizer mexican viagra viagra discussion forum viagra theme viagra sydney levitra dosing compared to viagra viagra and heart problems phentermine tramadol viagra adipex effects of viagra on women palmeiro viagra ddmac viagra free trial sample of viagra viagra for under $2 viagra and prostate viagra plant leaf online viagra buy viagra online tadalis free try viagra viagra t shirt buy kuroeb online viagra viagra best quality lowest prices cheapest viagra cialis compare levitra viagra best alternative for viagra viagra andbeer keywords viagra when was viagra released in australia kakao site viagra viagra safe for dogs buy viagra prescription america carisoprodol generic viagra softtabs php viagra interaction with doxizosin viagra and bodybuilding viagra generics in india online pharmacy uk viagra mexico viagra

Tags: , , , , , , , ,