Bubble Towns
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Same Street. Different $10 Million.
Over six years ago, I wrote about a house a few doors down from me that was for sale. The house – – more of a cottage, really – – was small, measuring about 900 square feet, but the lot size, by Palo Alto standards, was enormous: a full half-acre! Thus, this tiny edifice, and the turn on which it sat, sold for $10 million.
Millions Lost!
During the course of just one day, I got a one-two punch with respect to our primary residence. First, I got our annual interest rate update from the bank, and our rate is, unsurprisingly, vaulting from 2.5% to 4.5%. On the heels of that, like a bond getting zapped by changing rates, our home value has plunged by nearly $3,000,000.
Just like I wasn’t feeling it on the way up, I’m not feeling it on the way down. I honestly don’t care. Regarding the the interest rate, we owe so little on the property, it hardly matters. As for the principal loss, I think not of myself but instead the poor son-of-a-bitch who actually bought at the peak and not only is underwater but also has the joy of property taxes being anchored to his purchase price. There’s got to be more than a few of those fellows out there at this very moment.
Mistake Goes Mega
I’ve spilled many barrels of digital ink whining about the fact I fled my huge IYR put position in mid-August at just about the most terrible time to do so. I obsessively watch the Could Have Been figure, and now my puts, which I dumped at $3.10, are 19.25 x 19.45, and they’ve still got 22 days left on them. I’ll remember this one on my deathbed, people. What a genius chart, and what a colossal fumble.
One Month, One-Fifth Destroyed
