Not All Houses Are Sold Immediately Regardless Of Price
It’s Friday desk clearing time for this blogger. “Mortgage giant Freddie Mac today announced a new program that will allow lenders to give mortgages to buyers without credit scores. While the program may remind some observers of housing bubble loans, Freddie Mac says the program is a ‘responsible’ way to enable unconventional buyers to purchase homes. ‘We’re committed to supporting responsible lending and improving access to credit for all borrowers, including first-time home buyers, low- and moderate-income buyers and underserved populations,’ said David Lowman, executive vice president of Freddie Mac’s Single-Family Business.”
“With the combined inventory of single-family homes and condos in Manatee and Sarasota reaching its highest point in nearly five years, it’s no surprise the two-county area bucked the national trend and saw a significant increase in sales last month. There were more than 8,500 properties on the market in February, the most in the two-county area since April 2012. ‘With more active listings on the market, buyers are able to take time to view and compare more properties, and are not under pressure to jump on the first property they see,’ RASM president Xena Vallone said. ‘We are seeing this translate into longer time on the market.’”
“The unprecedented growth in Long Island City is evident to anyone in western Queens with views of the rapidly changing skyline. A new real-estate market report released by the Long Island City Partnership shows the residential sector is exploding with nearly 9,000 new units slated to come on line in 2017, which would be the most in a single year in the neighborhood’s history and almost double the area’s existing inventory.”
“This will bring the total number of residential units built in Long Island City since 2006 to more than 20,000. The study shows 1,573 units are planned to come on line in 2018 with another 11,532 units planned for 2019 and beyond.”
“When Brandywine Realty Trust won a high-stakes bidding war in 2011 for one of the last substantial pieces of untouched land in Center City, it seemed as if the Philadelphia housing market could only work in its favor. Yet the Center City rental market is far more competitive than it was back when Brandywine set its plan in motion. When the project was announced in 2012, just 844 apartment units had been delivered in the five years prior, according to the Center City District. By the time 1919 Market opened for business, that number had nearly tripled in 2014 and 2015 alone.”
“With so much new supply and more to come in the near future, regional observers have begun to ask a big question: Can all these Philadelphia apartments actually be filled? ‘We’ve been offering concessions since we opened,’ said Lauren DeMezza, property manager at 1919 Market. ‘Of course, there will be some cooling off,’ said Paul Levy, CEO of the Center City District. ‘A lot of supply has come onto the market. … And if you are a lender of a builder coming late to the market, you may have some concerns.’”
“The Bay Area may be losing a bit of its luster. After years of being overrun by new residents drawn by a red-hot economy, the number of people moving out has begun to catch up with the number moving in, new census data show. In fact, in some parts of the Bay Area — including Santa Clara, San Mateo and Marin counties — already more people are leaving than arriving, according to the estimates. For Redwood City resident Lolly Mitchell, 29, the scales have tipped on the side of cost. ‘I moved up here because there was more work for my husband,’ said Mitchell, who came from Southern California. ‘We’ve been working hard to be financially secure here. But we don’t want to live paycheck to paycheck. We just don’t want to be at risk for the amount of money we’d have to pay’ for a new home.”
“The rapid growth of housing prices in the Norwegian capital may be about to end, Real Estate Norway Chief Executive Christian Dreyer told Reuters. ‘We have seen signs of a change in character in the housing market in Oslo, with fewer people showing up to see houses for sale, and also less people bidding,’ he said. ‘Houses are still being sold, but we are about to return to a more normal situation in which not all houses are sold immediately regardless of price.’”
“Lenders and developers are offering property investors lucrative incentives ranging from annual commission payments of $100,000, loan discounts of more than 100 basis points and cash incentives, a review of top deals reveals. Developers are also offering generous discounts and special offers.Independent research by valuation group Herron Todd White (Melbourne) has uncovered evidence of market manipulation by developers attending to maintain the market price. It typically arises where off the plan purchases cannot complete a deal and threaten to sell the apartment at a lower price, which would lower the average price for the block. In these cases, developers are known to buy back the property, which artificially inflates the price, its research involves.”
“Rcihard Houston, Fintrack’s chief executive, said demand for high rise central business district apartments had fallen by about 50 per cent in the past three months.”
“Recent government regulations have created ‘unprecedented levels of uncertainty’ for the high-end home market heading into the key spring buying season, Sotheby’s International Realty Canada said in a report. Sales of homes for over $1 million in Vancouver fell to 531 units in January and February of this year, down 45 per cent from a year ago, Sotheby’s said. The luxury segment of the Vancouver market — defined as homes worth over $4 million — was even more dramatically affected, plunging 68 per cent from a year ago to 43 units, according to the report.”
“Bounced cheques are increasing across Oman as residents facing pay freezes struggle to make ends meet. The economic downturn in Oman has led to lay-offs, delays in salary payments and a freeze on housing, flights allowances and expenses. ‘It is totally a tenants’ market now, with most buildings half empty and looking for tenants. Payments are coming late and cheques have started bouncing as people are finding it hard to sustain,’ Country Operations Manager of Eqarat, Salman Jalil said. ‘In every building there are one or two cases. Earlier there were no cases. Initially, we try to give them more time but if it happens regularly, we hand over it to our legal department,’ he said. Eqarat manages more than 1,000 units in Oman.”
“Economist Gan Li and his researchers at Chengdu’s Southwestern University of Finance and Economics are gearing up for their national survey of Chinese households. The now much anticipated project almost suffered a premature death in 2012 after it exposed how Chinese society had become one of the most unequal in the world. Gan has been on a mission to depoliticize statistics. ‘The problem is not just the gray areas,’ he says. ‘In China, lots of things are completely dark.’”
“Gan’s research on China’s housing sector has also made waves. He figures that 70 percent of total household wealth is made up of the value of apartments. About 50 million already-sold units sit empty, much more than some investment banks had estimated. (The government doesn’t release national data on empty apartments.) China has a vacancy rate of 18 percent, compared with 13 percent in the U.S., Gan says.”
“Although his data were at first contested by property developers, now they are more widely accepted. That’s one reason officials are reducing housing inventory. ‘With policymakers mainly in Beijing, a city with rising housing prices, they assumed that China needed more apartments,’ Gan says. ‘Now the policy has almost 180 degrees turned.’”
Chinese company buys Blackstone’s equity interest in SeaWorld Entertainment
Got Sushi?
http://i.imgur.com/zh2Ce1N.jpg
^
Blackfish sushi…
Buyers w/o
credit scores
Wallets
Jobs
Smellier
every day
Maybe not…
The program, which will start in June, allows lenders to bypass credit score requirements if borrowers can show regular proof of income and expenses, including a track record of housing payments
So if you make $60K at a regular job, you paid $2000/month for the a luxe apt with a dog-grooming parlor, and you’ve kept up with the payments on your Cruze, and you want a $150K loan, should FICO hold you back?
But TBH, I don’t see how many people will need this. Anyone who meets the bank’s threshold for income and payments probably already has a decent FICO.
I think the apartment people use credit checks to validate worthiness, not sure if the luxe apartment would rent to someone without a fico.
“While the program may remind some observers of housing bubble loans, Freddie Mac says the program is a ‘responsible’ way to enable unconventional buyers to purchase homes.”
The lying and deception is especially reminiscent of the first wave of subprime lending and collapse.
They’re trying to dredge every bit of profit they can.
This is like trying to get oil from shale because the the big reservoirs are drained.
This is like scraping bits of meat from the bone and calling it “lean, finely textured beef” (the official name for pink slime).
I suppose their trawling of databases identified this possible source of extra revenue. But if not, who cares, the tax payer is stuck with the bill. And of course, ‘no one could have seen it coming.’
But why? They don’t have a profit mission really. Not in a market sense. Their big competitors are Fannie and HUD, also not market oriented. This easing of standards has been going on for years. I’m not buying the “it’s for the children” line. It’s more likely they need the money like oxygen, to stay alive.
Don’t forget these colossal companies went down before house prices even declined. They had over 1,000 off-shore special purpose entities like Enron set up to hide losses. Remember when Fannie hired 1,500 accountants to sort out their books and we never heard about it again?
“Remember when Fannie hired 1,500 accountants to sort out their books and we never heard about it again?”
formerArther Andersen accountants jobs program?
Regards,
Roidy
Ben Jones: But why? They don’t have a profit mission really.
Their executives are probably paid with a similar incentive structure to other companies. Unfortunately though, the Wall Street business model (essentially “bankruptcy for profit”) paired with a public-private partnership, and the most powerful lobby (FIRE lobby) guiding the show, it remains a ticking time bomb.
But… what if it blows up though? So what? The central bank can and will bail them out. It continuously buys agency MBS to this day, to the tune of 100s of billions of dollars a year. They printed 4 trillion in cash to funnel into the FIRE sector (out of a 17 trillion dollar GDP - heh, and they complain of a savings glut for low interest rates), but they claim they’re not printing more now for this purpose.
FYI, Akerlof’s 1993 paper, “Looting: The Economic Underworld of Bankruptcy For Profit” is a good read to understand this business model.
CA saves money…
SACRAMENTO, CALIF.
Corrections officials adopted new criminal sentencing rules on Friday that aim to trim California’s prison population by 9,500 inmates after four years.
They include steps like reducing inmates’ sentences up to six months for earning a college degree and by up to a month each year for participating in self-help programs such as alcohol and substance abuse support groups and counseling, anger management, life skills, victim awareness, restorative justice, and parenting classes.
Prison industry insiders hate this weird trick!
As a fiscal conservative, I approve of the $600+ mill savings.
And at the same time, CA lawmakers are working to destroy any possibility of affordable housing in CA:
http://www.vvdailypress.com/opinion/20170323/our-view-ab-199-shows-unions-power-among-dems
This law has already made it out of committee, and all efforts from builders to clarify the law so that it is specific to Chu’s concerns (and not be ambiguous) have been completely ignored.
If it passes as-is, the expectation is that lots of builders will stop committing capital to new projects until there is clarity on the law.
CA is a pay to play state. KY is not.
builders will stop committing capital to new projects until there is clarity on the law ??
Its already happening….Planning directors and city councils are already acting as if this is passed legislation…
You mean that I could run a few drugs, get in the slammer, and get a college degree debt free? I’m surprised more youngsters haven’t tried this already.
What makes you think they aren’t trying, especially against a backdrop of spiraling tuitions at CA state universities?
Will Corporate America hire grads with felony records?
felony with a legit 4 year degree and high GPA and no debt vs a grad who needs 50% more salary to pay off that 100k debt………interesting choice
Sure, they would.
There are felons running around all over corporate America. Some are making a lot of money; others, not so much.
Aside, has it occurred to you that there is likely at least a handful of felons that post on this board on a regular basis?
Will Corporate America hire grads with felony records ??
No…
Sure, they would.
I had to pass a background check to get my current job.
I had to pass a background check to get my current job ??
Yep and it goes all the way down the ladder…I have a friend that owns a electrical contractor company…He runs about 30 people…He has told me in the past that he “will not” hire a electrician with a felony on his record…Liability exposure…
Gentlemen, you are being naïve.
Extremely.
While the program may remind some observers of housing bubble loans it’s definitely nothing at all like that thing that happened long ago and for sure will never happen again. It’s different this time.
“Freddie Mac says the program is a ‘responsible’ way to enable unconventional buyers to purchase homes. ‘We’re committed to supporting responsible lending and improving access to credit for all borrowers, including first-time home buyers, low- and moderate-income buyers and underserved populations,’ said David Lowman, executive vice president of Freddie Mac’s Single-Family Business.”
____________________________/
So the lending is “responsible” because Freddie Mac says it is? The ongoing failure of public policy at the federal level almost defies belief. And guess who’s on the hook if this agency needs to be bailed out?
I have written many times that the next crash will take down democracy, because our hideous political leadership stupidly wagered the credibility of our institutions on the same set of policies not creating the same result.
The current political leadership is part of an elder generation that had enormous political and financial reserves bestowed upon them from their elders following World War II.
They are simply spending it all.
They have done this entire lives, from the moment they started tearing down institutions in the late 1960s.
Institutions have been hollowed out. Spent. Their value has been drained, their mission rendered meaningless.
‘I have written many times….’
And fans write new scripts for Gilligan’s Island.
Your
‘take down of democracy’
makes even less sense than writing scripts for long dead sitcoms.
“And fans write new scripts for Gilligan’s Island.”
Why?
The old ones were so good.
https://www.youtube.com/watch?v=64mAgL8G4-E
Harry Potter fans have written hundreds of thousands of HP stories (hard to believe) in a media known as “fan fiction”. I haven’t ready any, but from what I have heard many are better than anything Rowling wrote.
I’ll put my predictions
for the future
up against yours any time.
http://www.newsday.com/long-island/crime/copiague-man-sentenced-to-more-than-12-years-in-mortgage-scheme-1.13312022
Is this the first banker to go to jail over mortgage fraud?
He looks kind of shady, IMHO.
Our CRE landlords of the hackerspace in Norfolk got 13 years for fraud related to historic tax credits. $49 mil portfolio went boom. They got out in 2 years.
No, not all houses are being “snapped up” the minute they hit the market. I was told by a realtor in N. Florida that houses were being renovated and sold for much higher than before. The renovators were making a handsome profit. Well, now. I looked through realtor.com at “days on realtor.com”. It is clear that there are houses that have been on r.c for a lot longer than a few days or weeks. You see them over and over because a house is on the website too long gets yanked and reposted. Many houses don’t even get that treatment. They just sit.
House prices will not reliably rise without more people moving in that miving out, or people’s income is rising. Niether event is occurring in many of these markets. So, stagnant.
Regards,
Roidy
Where in north Florida? There are a lot of places up there where $30,000 plus benefits is a great salary.
I read in the paper that this state has several of the top ten metro areas for population gain. It’s not because of the jobs.
Dear Snake,
Tallahassee. I know that place pretty well. You are entirely correct that in the greater Tallahassee area, $30k is a great individual salary. I googled the numbers and:
1)$23,942 is the Tallahassee per capita income. Median, I think.
2)$39,407 is the Tallahassee household income. Median, I think.
3)$55,775 is the 2015 US median household income for comparison.
4)$29,979 is the 2015 per capita US income for comparison.
Let’s say that these numbers are more or less acuarate. They can be wrong, but they are at least in the same ballpark.
URL: http://www.deptofnumbers.com/income/us/#percap
Tallahassee vs. US median per capita income percentage difference: 20%. Yikes!
Tallahassee vs. US median household income percentage difference: 29%. Double Yikes!
Method: percentage difference = 100% x (USmedian - Tallymedian)/(USmedian).
So, Tallahassee real estate will stagnate. I like statistical data, but I also like anecdotal evidence. I learn a lot from both.
Anecdotal: There is a house in the Tallahassee Indianhead Acres neighborhood that is on the market for $175k asking. This house is 50 years old with a pretty fair remodel. Still, say it sells for %10 off asking price, then the price to family income multiplier is 4. This same house will have a multiplier of 6.5 when using Tallahassee median per capita. Yes, I wish this was a better anecdote.
Method: (1+/- decimal price discount)*asking price/median income.
So, why would Florida still be growing? The growth is much more in S. Fla and Central Fla. There is a reason it is called “God’s waiting room.” Retirement Headquarters.
Regards,
Roidy
houses were being renovated and sold for much higher than before.
Happening in Texas too. Here’s a nice little cottage in Tomball (was going to post in yesterday’s Houston thread but couldn’t find room). This is a cutie patootie 1990 2/1 cottage on 2/3 acre.
https://www.zillow.com/homedetails/12648-Zion-Rd-Tomball-TX-77375/27795244_zpid/
Sold last August for $75K, fix and flip, and two months later, put back on the market for … $169K.
Nope. Cutie-patootie or no, whatever they did didn’t cost $75K+. It’s an obvious money grab, and it looks like everyone knows it. It’s still for sale 5 months later. That 2/3 acre would make a nice homestead tho. Would have been a good Oil City house for $75K.
“About 50 million already-sold units sit empty”
Makes you wonder how many unsold empty houses there are in China.
“The nation’s high savings rate is produced by the wealthy few.”
A billion people living in extreme poverty while 40 Trillion dollars sloshes around. A Socialist miracle.
A Socialist miracle.
Hahah. Nothing socialist about what’s going on there that I can see except maybe at the very top and the very bottom. Just a semi-benevelent dictatorship trying to manage capitalism for everyone but themselves.
Must have learned from the best in western countries.
What a fukushima!
‘in some parts of the Bay Area — including Santa Clara, San Mateo and Marin counties — already more people are leaving than arriving’
Just as all that housing inventory arrives. Funny how it almost always works that way.
“The population that we’re starting to lose in San Francisco is the middle-income,” he said. “These are the people getting squeezed.”
Still plenty of 4 generations-living-together-under-one-roof-immigrants coming in though. Of course they use far fewer units than those that are leaving. The next and final housing crash in the SF Bay Area is going to be something to behold.
I can’t wait to see it crash up there!
I can’t wait to see it crash up there ??
Why ?? Did you enjoy the crash in September 2008 or were you scared ?? I was scared chitless…Its one thing to read about the great recession…Its quite another to live through it…
great recession = great depression…
The irony of intoxication. The longer sobriety is postponed, the more horrific the prospect.
Well the crash of September 2008 maybe had zero effect on you and if so you were in the minority…
I had already sobered up and was living within my means several years before 2008. Some things got adjusted, but only minor inconveniences.
What lies ahead is guaranteed to be a harder landing for those still living in the mania.
was living within my means several years before 2008 ??
Yes but it did not crash did it which is what this thread started with…We dodged the complete meltdown (Bush..This sucker could go down)…A meltdown that would have engulfed all, including you…
I may not have been “engulfed” as you fear. I had enough cash to live without income for a couple of years, and other harder assets for beyond that. I was renting a farm. I have all the necessary friends, tools and skills to live quite contently in the country. I was free of debt.
A decade later and I am set for longer than I will likely be around. Nothing fancy, but nothing to fear.
In 2008 1/3 of the employees where I work lost their job. However, none that I know of starved to death as a result. I expected a lot of financial things to go south, but I never expected chaos if wall street crumbled. Now the financial system is bigger and even more fragile. So be ready and do not let fear rule you.
Being able to survive and exist does not make it pleasant…
In 1933 there were 120-mil people in the united states…Unemployment hit 25% +….There are roughly 350-mil people in the united states now…What would be the fall-out of 25% unemployment or higher…anarchy maybe ??
I’m pretty sure we came pretty darn close to the 25%, as it was measured at the time of the GD, after 2008. We discussed this here extensively. It was not anarchy and there was no die off. We could easily feed all these people for less than we spend on the military.
Don’t let fear of normal run your life.
Don’t let fear of normal run your life ??
You mean like your fear of debt ??
Good one dave. Debtors are the true fearless adventurers!
A wise man once said, “An empty skull results in empty pockets”.”
So it is with Debt Donkeys.
‘I was scared chitless’
Yet the irony of the title to this post was missed entirely.
Not sure what you are trying to suggest here Ben…
Yet the irony of the title to this post was missed entirely.
I spotted it first thing, Ben—even without sufficient coffee…
LOL
I work in downtown Redwood City (County seat for San Mateo County). The amount of new construction is astonishing, as is the asking rent. Two years ago a new apartment building opened - settled between active commuter train tracks and the county jail. Another building of condos for sale is next door neighbor to the county probation outpatient drug program, and across the street from a county mental health services building. The new construction still has many cranes in town. Developers are hurrying to make the cash before they GTFO of the way of the crash. Meanwhile, the infrastructure isn’t being improved or expanded to handle all the extra people.
I am done with the Bay Area, and am moving out this year. Another real treat is gonna be all the traffic from the massive Facebook campus expansion… right along a major commute corridor - again, no expansion of roads to handle the increased traffic. Google has alos purchased blocks of land, to be developed. Pack ‘em and stack ‘em!
I am done with the Bay Area, and am moving out this year ??
And going where ??
“And going where ??”
Vegas
Oakland makes last-ditch effort to keep Raiders from Vegas
By: Nikki Bowers
Posted: Mar 24, 2017 04:56 PM PDT
http://www.lasvegasnow.com/news/oakland-makes-last-ditch-effort-to-keep-raiders-from-vegas/680343994
Vegas ??
We will find out Monday…
Denver?
‘There were more than 8,500 properties on the market in February, the most in the two-county area since April 2012′
They are selling a bit under a thousand a month, so 8.5 months inventory. A buyers market comes to mighty Sarasota. A far cry from when hedge funds payed over asking for shacks no one was competing for.
20 houses in the middle of nowhere PA for $1.5 million.
They houses are worth, maybe, $30K each.
That’s $600k total…
Cash flow?
Taxes? Or do you set the taxes????
—
Town of Reduction, population 60, up for sale in Pennsylvania
Yahoo | March 23, 2017 | David DeKok
Got $1.5 million to spare? If so, tiny Reduction, a one-time company town built to house workers at a long-vanished garbage-processing plant in western Pennsylvania, could be yours for the asking.
The aptly named town is home to 60 residents, down from 400 in its heyday. They live in 19 tidy brick houses, paying the Stawovy family, proprietors of the unincorporated village for the past 70 years. The asking price includes a one-room schoolhouse that was long ago converted into a duplex residence.
The plant, built by American Reduction Co on a wide bend of the Youghiogheny River, shut down in 1936 after processing waste from the city of Pittsburgh since the early 20th century.
Workers would render animal carcasses, and separate metal from household waste for resale.
“This was the original recycling plant,” said David Stawovy, 67, who owns Reduction with his three siblings.
In 1948, David’s father, John, owned an adjoining farm and was thinking about buying one of the larger homes in Reduction for his growing family. At one time, he would have had 28 from which to choose.
“My mother and dad wanted their own place,” David Stawovy said, “and the man said: ‘Why don’t you buy them all?’”
The senior Stawovy ended up doing just that, paying $10,000 for the place, lock, stock and barrel. It was a decision he never regretted, or at least never admitted regretting, his son said.
“He never complained. He made a living on it,” said the younger Stawovy.
All that is left of the processing plant is the foundation, Stawovy said. Once the town dump contained a treasure trove of collectible bottles, but it was wiped clean years ago.
Stawovy said his advancing age and the nursing home care his parents needed before their recent deaths led the family to put Reduction up for sale. He needs to sell so his siblings can cash out their shares of the inheritance.
Here’s one I have spent many days at. Yellow Dog, Nowhere, PA. My friend ran a tiny general store there which is the single story white building to the right in the video. Beautiful stream down below where smallmouth bass are easy to catch. Looks like Yuppies will give it another life.
https://www.youtube.com/watch?v=gWO8Bq9AvwM
Oil City?
Maybe, but the houses would probably cost more to fix up than they are worth. Unless you start a commune of rich people who are willing to spend $50K on a $30K house, and just want to be left alone.
Actually I’m surprised they aren’t marketing this to the Chinese. We got your safe-house colony homestead right here. Water, good soil, very close to I-70, and Carnegie-Mellon is a hour away.
Hey Donk.
Oregon Housing Demand Craters 29% YoY
http://files.zillowstatic.com/research/public/State/State_Turnover_AllHomes.csv
The entire state again, Race Bannon?
Data my good friend…. Stick with the data.
Louisville, CO Housing Prices Plummet 17% YoY On Ballooning Housing Inventory
https://www.zillow.com/louisville-co/home-values/
“Gan’s research on China’s housing sector has also made waves. He figures that 70 percent of total household wealth is made up of the value of apartments. About 50 million already-sold units sit empty, much more than some investment banks had estimated. (The government doesn’t release national data on empty apartments.) China has a vacancy rate of 18 percent, compared with 13 percent in the U.S., Gan says.”
This will end badly for whatever dictator is at the helm when it all collapses.
“And I ain’t even got a garage, you can call home and ask my wife!”
https://www.youtube.com/watch?v=952h-AJ3Bcg
How many times did the GOP vote to repeal the ACA while Obama was in office? And now that there was no longer a veto waiting in the Oval Office, they choked.
Did anyone else get the impression that Trump has been half-hearted about the whole thing, just going through the motions? I think he just wanted to sign a bill that touts his beloved free-market. But health insurance is about the worst fit for free-market, and even the republicans are starting to realize that.
If these guy really want free market, give everyone Medicare insurance (sliding scale etc), but let loose the dogs of capitalism on the CARE. Require standardized paperwork so nurses and aides can provide care instead of deciphering forms.* Get rid of the price-dealing with each insurance company to standardize prices. And PUBLISH those prices publicly so patients can meaningfully comparison shop. Publish a “consumer reports” manual for drugs, to compare drugs against each other, not against a placebo. Put urgent-care stores next to each other to start a price war (we see this already). Draw and quarter AHIP.
We have ingredient lists for food, specs for every machine, and near standard prices for every other good and service. Why is health care allowed to be a black box of monopolies, deal-making, and job lock?
It wouldn’t surprise me if Trump made a deal with Dems and came up with something shocking.
—————-
* a nurse friend told me that forms were purposely confusing to trick a nurse or patient into making a little mistake and has to correct it in the next 30-day billing cycle. Oh, the insurance company knew what the nurse meant, and they’ll reimburse. But if they can delay payment for 30 days, they can make interest off your 30-day float. Wow.
My favorite part: “Hey, Paulie, I got your back, baby! Just like you’ve got mine. Just like.”
Now THAT was a pantsing.
Maybe, but I think the situation is more insidious than that. I don’t know what was in the new bill, but I suspect that big conflicts of interest are at play as usual. The “consumer” is still the one with their pants down.
Own a piece of history real old school history
http://ny.curbed.com/2017/3/22/15028418/greta-garbo-nyc-apartment-for-sale-campanile
I’m gonna go out on a limb and guess that few young pups have ever heard of her.
The Austrian economist Ludwig von Mises said it best: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
Englewood, FL Housing Prices Crater 6% YoY
https://www.zillow.com/englewood-fl/home-values/
I am still waiting for San Diego inventory to increase and prices to drop.
It’s going to take a black swan. Given how the Deep State is doing everything it can to sabotage the current administration, a black swan might be on its way.
Hillcrest San Diego, CA Housing Prices Crater 9% YoY
https://www.zillow.com/hillcrest-san-diego-ca/home-values/
This number is incredible
San Diego real estate is very hot with bidding war going on