Money Money Everywhere....Not a Drop to Spare
Sure the banks have lots of money being thrown at them......but everyone else.....get ready for the Hot and Juicy Holiday Injection. Did you send your holdiday card to Bendover Benny.
I found this interesting from The Sacremento RE Blog with some excerpts from Craigslist:
The Fed lowers rates to zero, but people still can't find any money. Here's a few examples from craigslist:
LADIES PLATINUM ANNIVERSARY BAND - $1900: "Every girl loves to sparkle and this ring does! BEAUTIFUL ring that goes well with any engagement ring or alone... Asking $1900 but willing to negotiate so we have Christmas money."
1999 Dodge Ram 1500 Extended Cab Pick Up - $4000: "Need to sell quick for Christmas money."
3/4 kt. diamond ring in white gold. Unique band: "My soon to be ex-husband and I purchased this ring 5 years ago from Aquamarine Jewlers in Sacramento. I need to sell asap for Christmas money & to help being laid off."
Thomas Kincade - $200: "wanted to list before the weekend in hopes to sell for Christmas money."
Full sized Oxygen Acetelyn set with cart - $280: "Must sell for Christmas money. Tanks are about half full."
vita mix 5000 blender - $275: "just lost my job so i need extra christmas money asking 275. will accept any reasonable offer."
Buik Regal 83 coupe lowered price - $1200: "we got a n 83 buik regal that we have just dropped the price on it runs great looks great has crome spokes all the way around it... i am trying to collect some more christmas money for my kids."
"LIZ CLAIBORN" PURSE - $35: "GOT IT IN NY AT BLOOMINGDALES! COST OVER $200 BUCKS ON SALE! SELLING FOR ONLY $35... DONT NEED IT! NEED XTRA XMAS MONEY!"
2004 Ford F-250 - $7300: "Need money for Xmas and looking to downsize is reason for selling."
Air Jordan Spizike "OG Cement" - $150: "shoes do not smell... brand new these go for $250... i need money for xmas so please help a guy out..."
I know printing printing printing printing............just none for you unless you are a bank. And if you are a bank.....we will pay you to take it.
Now get ready for a new hit song...."These Deeds are made for Walking" by Alstry and the Nomics.
Hoping to avoid drawn-out foreclosure proceedings, BayWalk owner Fred Bullard said Friday he is negotiating a deal to simply surrender the deed to the downtown entertainment complex and walk away.
Under the proposal, a bank would take control of the retail and restaurant portion of BayWalk and appoint a trustee to run the complex until a suitable buyer is found.
From CalculatedRisk.... http://www.tampabay.com/news/business/retail/article944025.ece
Let me tell you....there are a bunch of these in the pipline. I can't tell you how many commercial deals are failing and have still not hit the radar screen.....just yet. I am helping negotiate a modest size deal right now and it is clear that I am not the only one at the party.
My guess is that over 100,000 small business located in shopping centers and commercial buildings will fail in 2009.
And some people are suggesting go buy gold????? It may be a good suggestion..........but I am not sure people are going to have any money to buy it.