Archive for September, 2007


   Posted by: RobPatton   in Precious Metals


These undated handout artist renderings provided by the U.S. Mint shows four of the designs under consideration to replace the ‘tails’ side of the Abraham Lincoln penny. during the 2009 observance of the 200th anniversary of Lincoln’s birth and 100th anniversary of the introduction of the Lincoln penny. To commemorate the event, the U.S. Mint, at the direction of Congress, will introduce four rotating designs on the one-cent coin for that year depicting different aspects of Lincoln’s life. The designs will replace the engraving of the Lincoln Memorial on the ‘tails’ side of the coin. The famous profile of Lincoln will remain on the ‘heads’ side of the coin. (AP Photo/US Mint)

I’ll still more interested in pre 1981s.


   Posted by: RobPatton   in Life Stuff, Money


According to the most recent foreclosure numbers released by the Mortgage Bankers Association (MBA), the U.S. is embroiled in the worst foreclosure crisis in recorded history. More than 14 percent of subprime borrowers are defaulting, and prime borrowers are beginning to follow suit.


MBA Report Summary

  • The foreclosure rate recorded in the last quarter has increased beyond the highest point seen in the history of the MBA survey, which dates back to 1953.
  • 14.82 percent of subprime borrowers are currently behind on their home loans.
  • The highest percentage of foreclosures are on homes with 2/28 adjustable rate mortgages.
  • In states with severe foreclosure issues, like Michigan, one in every 100 homes is in some stage of foreclosure.

See The Spike in Foreclosures Over the Last Year

Metro Area % Homes in Foreclosure % Chg from 2006
Stockton, CA 3.7% +256%
Detroit, MI 3.4% +99%
Las Vegas, NV 3.2% +142%
Riverside, CA 3.0% +198%
Sacramento, CA 2.7% +241%
Denver, CO 2.3% +11%
Miami, FL 2.2% +74%
Bakersfield, CA 2.1% +222%
Memphis, TN 2.0% +17%
Cleveland, OH 2.0% +106%

Source: RealtyTrac

In the January to June period of 2007, foreclosure rates increased considerably in the nation’s largest 100 MSAs. In the ten metro areas shown in the chart above, there was at least one filing for every 50 households.

Is the Worse Yet to Come?

According to the most recent Mortgage Bankers Association survey, the foreclosure crisis is deepening. States like California, Nevada, Florida, Arizona, Michigan, Ohio, and Indiana saw foreclosure rates skyrocket in the last quarter, and the problem is expected to get worse before it gets better, according to Doug Duncan, MBA’s chief economist.

‘We will see delinquencies and foreclosures rise for another quarter or so. Home prices are falling as rates are resetting higher, making it difficult for people to refinance,’ said Duncan in a conference call with

The problem lies mainly with subprime borrowers, who are defaulting in increasing numbers. In the last quarter, 14.82 percent of subprime borrowers were behind on their loans. In comparison, 2.6 percent of prime loans were more than 30 days past due.

According to the MBA, the infamous 2/28 adjustable rate mortgage and depressed economic conditions are key factors in the foreclosure crisis. With more ARM resets expected for this year and next, it is likely that the foreclosure rate will only continue to increase in coming quarters.

Sean O’Toole, founder and CEO of, says the crisis will also be compounded by the number of speculators who are folding after buying during the boom.

‘Many blame subprime lending for our current real estate crisis, but rampant speculation, even by those with great credit, played a leading role,’ said O’Toole in a press release. ‘The subprime market took the first hit as those borrowers had the least to lose when they walked away. Now that nearly half of foreclosures represent non-owner occupied properties, it is clear that speculators are walking away too.’

It is true that non-owner occupied properties have been hitting the auction block in record numbers. Of the 9,477 properties auctioned in California last month, 44.3 percent of them were speculator owned properties.

Another shocker: 90.3 percent of the homes were bought or refinanced in 2005 and 2006.


   Posted by: RobPatton   in Just plain weird, Tech

One day, while searching google images for a dts audio cd logo, I stumbled upon a neat Simpsons item. Over at , with no real mention of where you would get them, I see:



   Posted by: RobPatton   in Life Stuff, Money



Florida #3 In The Country For Home Foreclosures


New information released about home foreclosures shows Florida is near the top of the list. More than 30,000 homeowners faced foreclosure in August. Yet another kick to the nads of the Home Building industry, but a boom to the bankruptcy attorneys in Fl. The whole issue leaves me torn. On the plus side, the Fed dropped the rate to 4.75% today. That will slow down the spiral, I hope. Some people, mainly those with an ARM, are just screwed.


   Posted by: RobPatton   in Life Stuff


This weekend we said goodbye to our neighbors to the East. Many of you may remember Jim and Sandy from various dinners at the house. Jim was a supervisor/tech at the Harley shop, and Sandy a manager at the 7-11. They and their son Dillon sold the house, loaded up the truck, and moved to Missouri (Misery) Watching Jim pack has reminded me of my plans to thin out things in my life.

Goodbye folks, y’all will be missed. Jim will be back (at least once) I have his car 🙂



   Posted by: RobPatton   in Treehugger Stuff

lightning.jpglightning-front.jpgThe Lightning GT Electric from the Lightning Car Company is about to take the automotive industry by storm (pun intended). Aside from looking like something that came out of the mind of a 1960’s designer, the Lightning offers what every power vehicle purchaser with a green heart wants, lots of power, zero emissions. The stats? 130 miles per hour, zero-to-sixty in 4 seconds, and a battery that recharges in only ten minutes.
According to the company, the electric version of the Lightning will go for up to 250 miles on a single charge. But what I’m sure that you are interested in knowing is how fast it’ll go, it is after all a sports car. The specs mention that the vehicle do up to 130 miles an hour, and will make the 0-60mph run in about 4 seconds.

Like most electric vehicles, the Lightning will have four electric motors, one on each wheel powered by the power stored in its batteries. The lithium-titanate battery technology comes from Altair Nanotechnologies, which claims to have developed a more stable and less toxic high powered battery. It is meant to have a life expectancy of up to 12 years, instead of the usual 3-5 years of most common batteries. But by far, the most impressive claim lies in the recharge time. According to Altair and the Lightning Car Company, the battery will take a whopping 10 minutes to recharge. Bold claims indeed.

While we promise to bring you other methods of transportation that are more sustainable than personal automobiles soon, we have to admit that well, these electric vehicles all look really fantastic. Sometimes, we just can’t help ourselves.

+The Lightning Car Company


   Posted by: RobPatton   in Food!, Life Stuff

Well, unlike the rest of the world, which seemed to be glued to the tvset, or the pool, or something else, I was hard at work all day at my 2nd job, the house. During some home construction, we rented a storage building to house things while the construction was going on. Many of you know how I hate even the thought of renting a storage space, and I’ve always said, when the time comes that I have so much junk I cant keep it all in the house, I’ll just have to get rid of some of it. This was an exception to my rule. Thats my story and I’m sticking to it. For one month I rented a 10×20 storage space. During that time, I was able to do what needed done, and get (most) of it back to the house. I have a few items that I just don’t have space for and until I can sell them, I moved them into a much smaller storage space. The good news, its all moved.

Good thing no one I knew had a camera to catch me today, it would have been funny to see me walking a beer cooler on skates a full city block.

Next project today was to clean the grill. Now I’m not the one that takes a task like this the simple way. I go all out. I got out my zillion psi pressure washer and blew the crap outta the grill. What a mess. but the grill sure is clean. My reward for my own episode of “Dirty Jobs”?  Kabobs!