Thursday, June 12, 2014

Snarkolepsy's view of the world today.

I'm pretty anxious today because I finally got the bank to allow me to have my rental appraised so I can get PMI off. I have an appointment on Monday. You have to use their appraisers because if you use your own - obviously you are going to get a more favorable report. Of course the bank will use anything to stall you out. They put me into a 30 day document search for a report that didn't exist. They kept sending refusal letters over and over. It's taken a couple of months to get to this point.  All the while I'm watching the market top. The internet told me I'd probably have to refi my loan, because the bank almost refuses to allow you access to their appraisers. I'm pretty surprised I got through without having to do so. Although admittedly I did have the threaten to report them to my Attorney General for fraud. I meet their requirements - they are just trying to see if I will go away.You can't threaten to sue them. Everyone does that!

This morning I felt like - holy shit, this is just in the nick of time. The wires are filled with stories of shock that the housing market looks weak. I'm not even sure why people are surprised. The tip off was when the news headlines were filled with "weather weakness" excuses, the West (California) was weaker than almost anywhere. I think Arizona might have been next, or first, but I don't want to look it up. This is despite having the most generous weather conditions in a generation. Rain is the only thing that shuts down construction around here, and there was none of it the whole winter. Seriously - none. People could look at houses to their hearts desire.

After talking with people throughout the day though -  I'm the only one seems to be freaked at all. I guess the economy prints a negative 1% GDP (revised down to -1.7%) ( oh wait - revised down even further to possibly - 2%!) and the stock market just shrugs it off. Seriously? This is especially troubling because the first quarter is when people get all their tax refunds and buy shit. You can't seriously tell me that Q2 is going to somehow look better. There are virtually no spending holidays through the summer.

All I know is that when JP Morgan starts warning their whole staff they might cut their pay or lay them off because trading volume is so low, you can't believe the market keeps going up. Do you? You don't know what the day will be, but things that can not go on forever - will not.

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