On Wednesday the stock market unloaded its bowels at the fact that in May, new home sales dropped 33% from April.To be fair, April had a huge uptick due to expiration of the home buyer tax credit. So if we throw out that outlier, this decline is probably more like 31%.
And I lose so much weight when I eat 1200 calories per day versus 1203! Waaaah!
My dietary frustrations aside, if the home buyer tax credit was really holding up the housing market to the meager activity that it did have, we have bigger problems. Oh right, it's called a high unemployment rate that is probably only going to get higher.
The fact that we may ultimately have more jobs to shed, or at the very least, not return to the United States is only half the battle. Here are eight additional reasons why I feel the housing market (specifically the Los Angeles housing market) hasn't bottomed out like a hung sailor:
1. Rich people with net worths over $1,000,000 haven't bought all available housing under $300,000 and become slum lords yet. They're just working on buying all the properties worth over $500,000 so as to keep prices high. That's all.
2. I still see assholes driving around in Mercedes with their "RE KING" type license plate. A la Peter Gallagher in "American Beauty". Yeah, you're fuckin' the king baby.
3. We "poors" still can't afford a fucking foreclosure property. But we can get a Toyota with 0% APR! Wewt!
4. The real estate agency down the street from my apartment just redesigned their logo and shit their new fliers all over our neighborhood. Somehow, it didn't make me have more money so that I could buy a home from them. I wonder if they know...
5. The home buyer tax credit was apparently keeping the housing market afloat! I didn't know that it was afloat. I thought it was a deflated raft with the entire cast of The Biggest Loser doing push ups on it.
6. I went to go look at some newly constructed condos in West LA last weekend and the sales person didn't offer me a bar of gold and a happy ending. What gives?
7. The president's golfing hasn't been blamed on interest rates somehow not being 2%. It's coming, everything is his fault. Even the fact that Google logo isn't pink and I am bad at billards.
And finally...
8. HGTV hasn't yet made a series called "BUY NOW YOU STUPID MOTHERFUCKER! IF YOU DON'T, YOUR FIRST BORN WILL EAT YOU ALIVE, THEN DIE!" They're sticking with "Property Virgins".
Ta da!
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Amy A
big fat trauma queen
Sheldon The Wonderhorse
BikeLizard
WriteNOWMom
Del Stone
Salon.com
Comments
Well, sort of, my medicine cabinet is my booze hutch.
Randy Newman
It is a wonder that "I
Us Po' peeps are just gonna get poorer and rich folks is gonna get richer of the backs of us po'. Ah you gotta love capitalism!
as always a great commentary, thank you...
Ok I swear a responded properly but my response appears to have been rejected by our dear OS. How sad. Anyway...yeah...it's not a shocker we have so many bums. Bums, in essence, pray for nothing more than the trickle down theory to be real.
I wish I was the photographer.
Thank you, as always, for your comment. I don't envy you folk in SF and NYC. I know that you have it ever bit as bad, and worse, than we do. Even though I have a "good job" it doesn't really make me feel any less like an unpaid prostitute.