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alstry (35.36)

Grinding to a HALT!!!!!!

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January 13, 2009 – Comments (1)

Alstrynomics warned you many months ago that businesses would come to a grinding halt.  Now corporations declaring bankruptcy and shutting down.  Major private construction projects on the Vegas strip standing dormant like prehistoric skeletons at a history museum.  Now Calculated Risk reports public projects abruptly cancelled.....

The university stopped building the 64,000 square foot Arts Building on Monday night. The $42 million building is 36 percent completed. And the campus only has enough money to keep constructing the new Telemedicine/Medical Education Building through the end of January. The $40.5 million, 67,000 square foot building is 40 percent complete.
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Cal State Long Beach ... recently had to suspend construction of its new $105 million Hall of Science due to the budget crisis.

Usually public construction projects are very secure - this shows the severity of the budget crisis in California.

I guess we are going to find out whether gold is money or is money really money and there is not much of it to go around. 

1 Comments – Post Your Own

#1) On January 13, 2009 at 9:19 PM, alstry (35.36) wrote:

From the HousingBubbleBlog:

“In December 3,639 homes were for sale in the Victor Valley, with 513 closing escrow. Eighty-seven percent of homes sold in December were foreclosure properties. Because there are so many foreclosures, the rising pace of sales hasn’t slowed declining prices.

EIGHTY-SEVEN PERCENT OF HOMES SOLD WERE FORCLSURE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

“Foreclosures continue to dominate the existing home market, accounting for 84 percent of all December sales. That has meant steady declines in median sales prices as foreclosure asset managers continue to cut prices to try to get properties off their books. In Stockton, that has meant a 47 percent drop in prices in 12 months alone, from $250,000 in December 2007 to $133,000 last month, according to figures from the Grupe Real Estate-TrendGraphix monthly sales report, based on MLS data.”

84% OF SALES FORECLOSURES!!!!!!!!  47% PRICE DROP IN 12 MONTHS!!!!!!!!!!!!!!!!!!!!!  THAT IS SOME SERIOUS INFLATION

“Paquin admitted he hasn’t been able to accurately call the bottom of the housing market, as housing sales appeared to bottom out at various points during the past two years. ‘I was joking with some people this morning that it was probably the lowest since there’s been a capital in Sacramento,’ he said of the fourth-quarter figures. ‘That’s probably not true, but the reality is no one’s buying.’”

Obviously Mr. Paquin NEVER took a course in Alstrynomics...

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