Revolution Watch---Home Sales

Living in a small town it is easy to keep track of certain activities like fish biting, basketball games, free pork dinners at the Ambrosia and what houses are for sale and how much they go for.

So starting in about '08 when the Long Emergency started, some call it the Great Disruption, or the Reset, but I like The Sustainable Revolution, my eye has been pealed on houses for sale, in part because we do own a rental as part of our retirement income, and another house might be a good idea when investments in CDs bring in a whopping .5% or may be .025%, or maybe it would be better to invest in hog belly futures. Personally, I like whiskey because there will always be a market.

The first house I noticed was the across the street which sold about 3 years ago in foreclosure. Ya, ya it had a bad kitchen that looked more like a small bowling alley with a sink, still it was an OK place and brought $43K. It had been purchased for $79 a couple of years earlier.

Then Harvey told me one in town had sold for $20K. I don't know where it was but I don't believe it was a chicken coop or a Unibomber shack. Another sold for $53K that I believe was purchased for $89K not long ago. Yikes, but it was a foreclosure.



As a result of all these deals, we decided to start looking around even though most of the houses in town were not selling because folks still think they have real value. Turns out the big problem is the banks won't pony up the drachmas, shekels or greenbacks. What happens is they get them appraised and they come in low and the bank say they will only hand out the funds to 80% of value.

Well, this house shown in the text is up for sale, and has been for some time. It is in the hands of our friends Fanny Mae as it was handed over to them when some poor sot found he was underwater--like he owed $75K or something, and the place was only worth $45K, oooops.

Fanny put it up for auction trying to recover some of their money, starting bid $21K. We looked and decided it was a dump, and it included a fancy hot tub that was nothing but a liability or maybe a nice vat for a meth lab. Today the bidding ended. NO BIDS! Not even the $21K

Now just what is the message? The message to Fanny? The message to Obama?