Suddenly All The Money Was Taken Away
A report from the Arizona Republic. “The Valley’s luxury housing market has picked up after too many high-priced listings hit the market and overshot demand from deep-pocketed buyers. Seven-figure home sales in the Phoenix area were up more than 30 percent in March from the previous year. Almost 330 Valley homes sold for more than $1 million during the first three months of this year, according to the Arizona Regional Multiple Listing Service. In March, there were about 2,000 houses with prices at $1 million or more for sale in metro Phoenix. About 360 of those had price tags above $3 million. But sellers of Valley mansions still aren’t smiling that much about prices.”
“The price-per-foot of luxury homes in metro Phoenix inched up only about 0.08 percent during the first three months of this year, less than the annual rate of inflation, said Phoenix housing expert Mike Orr. ‘That confirms that despite the healthy increase in volume, there is little pricing power among sellers of luxury homes, thanks to the abundant inventory of active listings,’ he said.”
“Unfortunately, summer isn’t the most popular time for million-dollar home sales in metro Phoenix. So Valley mansion owners trying to sell will have to keep paying their multi-thousand dollar A/C bills to cool their houses for showings until fall.”
From Reuters on New York. “Among the sprawling colonial homes and well-tended lawns on the north shore of New York’s Long Island, there are signs that Chinese policies crafted 11,000 kilometers away are taking a toll. In the past year, there has been a slowdown in the stream of affluent Chinese looking for luxury homes in the area, property brokers said. Over the past eight months, the Chinese authorities have introduced a series of measures to make it more difficult for Chinese to move capital out of the country as they seek to keep the Chinese currency, the yuan, from falling.”
“On and close to Long Island’s so-called ‘Gold Coast’ the drop off in interest is apparent to some in the industry. ‘The money suddenly dried up last year,’ said Lois Kirschenbaum, a broker specializing in luxury homes on Long Island’s north shore, an area favored by Chinese partly because of its reputation for having good schools. ‘We used to get vans of Chinese buyers each month one or two years ago during the buying season in Spring. We haven’t seen any vans this year.’”
“Kirschenbaum, who estimates half of her buyers are Chinese, said prices of homes in the neighborhood costing more than $2 million have fallen about 10 percent in the past year. Jason Friedman, a real estate broker who also specializes in luxury housing on the north shore, said a building boom that began a couple of years ago in the area in response to the surge in Chinese buying interest is starting to weigh on the market now. ‘There were no restraints at the beginning, and then…they turned off the faucet. There was a very short period when you had all the money and then suddenly it was taken away,’ Friedman said.”
The Houston Chronicle in Texas. “Texas’ economy is growing at a moderate rate, post-oil bust, but home prices continue to zoom ever higher in markets like Austin and Dallas. So, is that a bubble? Not yet, says Anil Kumar, an economist with the Federal Reserve Bank of Dallas who tracks the state’s housing market. But prices are getting bubbly. ‘In the near term we don’t see a correction,’ he says. ‘All we can say is, given strong house price appreciation the last few years, that house prices are overvalued.’”
“A bubble itself is kind of a fuzzy concept. The most important element is speculation, meaning investors buying and selling houses in order to profit from a rising market. If you’ll remember, the housing bubble that precipitated the last recession was fueled by a perception that housing prices always rise. Perceptions are usually the kind of thing that economists have to detect through surveys, rather than hard data. Currently, no such survey exists in Texas, which could make it difficult to detect speculative activity.”
“‘That’s exactly the reason why I’m saying there’s a lot of uncertainty,’ Kumar says.”
From Multi-Housing News. “Speaking at a recent NYU Stern School of Business conference, Boston Fed President Eric Rosengren pointed to some currently favorable trends for multifamily, but stressed the importance of evaluating how a potential recession could affect the financial system. Rosengren further noted that the GSEs have significant holdings or guarantees of multifamily loans outstanding. If future reform proposals required the GSEs to reduce their holdings of multifamily loans, ‘a potential and significant shock to this sector of the commercial real estate market could occur.’”
“Rosengren concluded by explaining that leveraged institutions and GSEs have significant exposures to CRE. In the event of a bad scenario such as a recession, these exposures could ‘pose significant risks to these institutions.’”
From Bloomberg. “U.S. securities regulators are investigating whether bonds backed by single-family rental homes and sold by Wall Street’s biggest residential landlords used overvalued property assessments. Radian Group Inc.’s Green River Capital unit is among companies that received a request for information from the Securities and Exchange Commission in March about broker price opinions, or BPOs, Radian said in a regulatory filing late Friday. Green River provides BPOs that are used to value real estate in bonds backed by properties.”
“The agency has been looking at whether BPOs were wrongly inflated, and similar letters were sent to other companies, potentially serving as a starting point for an industrywide probe, said a person with knowledge of the matter. The SEC is scrutinizing how BPO providers compete for business and whether their customers shop for providers willing to put the highest value on their properties, said the person, who asked not to be identified discussing private matters.”
“The biggest private-equity landlords, led by Blackstone Group LP’s Invitation Homes, have sold more than $15 billion in bonds since 2013 backed by some 120,000 rental homes, according to data from Morningstar Credit Ratings, and many of those deals were valued using BPOs. One recent bond deal tied to Invitation Homes was backed by guarantees from U.S. taxpayers. In one April securities offering of about $944.5 million, Green River submitted BPOs that relied on ‘drive-by’ evaluations, according to a deal prospectus issued by Fannie Mae.”
“When private equity landlords first began using BPOs instead of appraisals in their securitizations, some investors expressed skepticism and bond graders applied discounts to the BPOs. Moody’s Investors Service, for example, applied a 15 percent haircut to BPO valuations when grading a transaction last August, citing inherent risks of using BPOs on residential properties instead of an appraisal.”
‘In the event of a bad scenario such as a recession’
The business cycle hasn’t been repealed Fed dude. The GSE’s are toast.
Gse’s will bee dunes until they have your last tax $
Whoops. Be funded..
Looks like mortgage rates tiny move down combined w the spring boost has buyers excited
It will be interesting to see if the bidding wars return this year.
nope, by july/aug things will poop out. There almost always a 3% price swing up from winter to spring.
I recall people making that same prediction last year. Not saying it won’t happen, but I think we might not be there quite yet.
“bidding wars”
lol
Markets can stay irrational longer than a given investor can stay liquid.
Yes, that is why I do not underestimate the PTB. I will buy stocks in gold and oil but I play the movements that I expect the PTB will cause. Mainly knocking them down at any opportunity. Thus, my strategy of writing calls on stocks that I own for the long term when I expect market forces to overwhelm their manipulations. If the system implodes in the future and I expect it will, I will leave some money on the table but I gave up on the imminent collapse of the system in 2010. Now I trade knowing that the PTB support housing, tech stocks, green energy stocks and the dollar. The PTB suppress gold and oil stocks. You make money by knowing the system is rigged and playing it accordingly.
‘The SEC is scrutinizing how BPO providers compete for business and whether their customers shop for providers willing to put the highest value on their properties’
So just why are the GSE’s involved with these people? Why are they backing refinancing? Luxury apartments even. And they don’t have any money, they have to give it all to the government.
I’ve been to both GSE buildings- Taj Mahals. Employees used to get HC covered post 55 retirement after working there 5 years !
I keep forgetting the GSEs have MFH exposure. Bad news.
The total government back portion is over $1 trillion IIRC. Over 90% of what’s been built in recent years is luxury.
Sisters, OR Housing Prices Crater 14% YoY
https://www.zillow.com/sisters-or/home-values/
‘A bubble itself is kind of a fuzzy concept. The most important element is speculation, meaning investors buying and selling houses in order to profit from a rising market. If you’ll remember, the housing bubble that precipitated the last recession was fueled by a perception that housing prices always rise. Perceptions are usually the kind of thing that economists have to detect through surveys, rather than hard data.’
Or you can just observe. Rapidly rising house prices, followed by more rapid increases.
‘There were no restraints at the beginning, and then…they turned off the faucet. There was a very short period when you had all the money and then suddenly it was taken away’
There’s also speculative building:
‘Friedman…said a building boom that began a couple of years ago in the area in response to the surge in Chinese buying interest is starting to weigh on the market now’
Do you really think it’s the schools? These Chinese are money laundering, gambling fools. Have you not looked at the empty towers in Manhattan, Miami Beach and all over the freaking planet?
There’s new paradigm thinking, another mania sign:
‘Many Portlanders missed the home ownership boat
KOIN.com-May 9, 2017
PORTLAND, Ore. (PORTLAND TRIBUNE)’
See, a once in a lifetime, better hurry or you’ll “miss the boat”. Jeebus, this is like shooting fish in a barrel. What else would one expect? Constant rationalizations on why ridiculous prices are the new norm. Constant lowering of lending standards. Do these guys not listen to the radio or watch TV? Rocket mortgage baby!
Here’s another mania sign: clueless central banker types realizing there’s a problem way too late:
‘In the near term we don’t see a correction,’ he says. ‘All we can say is, given strong house price appreciation the last few years, that house prices are overvalued.’
Take a survey? Look in the mirror dummy.
“Do you really think it’s the schools? These Chinese are money laundering, gambling fools. Have you not looked at the empty towers in Manhattan, Miami Beach and all over the freaking planet?”
Also, go to any casino in LV and see who is gambling. And here I thought old retirees were compulsive gamblers. They’ve got nothing on the Chinese when it comes to gaming.
Was in Lost Wages for the NAB show and found it funny that most of the casino floor seems to be taken up by video slots. The table games keep on shrinking in floor space.
The video slots have little pictograms of USA and China flags so you can set the language used on-screen…
It’s not the happy place it was 20 years ago. But then, I’m not the kid I was back then either.
I’ve always found the place to be seedy and low class.
I’ve never understood why so many are drawn to it like a moth to a flame.
I spent some time in Vegas abut 15 years ago. The Strip casinos are tacky and sanitized (Excalibur good lord). Once you get off the strip it’s seedy as heck. Smoke drink gamble drugs hookers… And I’m sure the sins have gotten harder and harder, as more and more states allow slots keeping the slot crowd home.
“Smoke drink gamble drugs hookers”
You sure were busy. LOL
Once you get off the strip it’s seedy as heck.
Well, yes. But ten minutes travel in almost any direction and it’s just like anyplace else. Last rental was 10 min away, where I am now is 15. I didn’t go to the strip much before, but now that they’re charging $10 for parking everywhere but the Tropicana and Venetian (and the mall there) I don’t go there at all.
“Smoke drink gamble drugs hookers…”
And the rest of your money was wasted?
Where have all the ants gone??
It’s a globe full of grasshoppers.
Chinese real estate article but it really does belong here:
http://www.chinadaily.com.cn/business/2017-04/07/content_28825824.htm
Do you really think it’s the schools?
When I read that the other day I burst out laughing. Like they really want their kids to attend K-12 in the USA.
Actually that depends. The international schools in China are really good…but they are about $40k/yr/student and technically are only open to foreign passport holders. For those without the money or connections to get into them, the Chinese equivalents aren’t seen as being so good. So for them the best USA schools, (public for the money limited and private for the connections limited) look pretty good. Especially for the ones who are more into connections and wanting the kid to think creatively and independently.
So they’re gonna buy a 3 million dollar house in Palo Alto to get their kids into a public school?
I could see them sending their kids to a boarding school, and if you’re gonna do that, I think the UK would be a higher choice.
If they’re looking at $3M houses I assume they are looking at private schools. And I assume there are plenty of people ready to provide whatever the customer thinks is special.
“The price-per-foot of luxury homes in metro Phoenix inched up only about 0.08 percent during the first three months of this year, less than the annual rate of inflation, said Phoenix housing expert Mike Orr. ‘That confirms that despite the healthy increase in volume, there is little pricing power among sellers of luxury homes, thanks to the abundant inventory of active listings,’ he said.”
Wait, I’m confused. I usually read realtors quotes on here about “If we had more inventory we could sell more inventory”, but now you are complaining about too much inventory. So which is it Mr. Housing Expert?
This paper and this “reporter” especially are complete RE shills, they never tell you straight. If you listen to the local radio shows they say luxury (expensive white elephants mostly) sales come in at half of asking regularly.
Those lines from realtors usually apply to middle tier housing IIRC…
Never ever believe a RE agent. It is without a doubt a industry that needs regulation. The NAR is a powerful source, they skew the stats, have you believe 6% to 7% is the holy grail, and that humans can’t possibly sell or buy without them?
Remember when they “discovered” they had been double counting sales for years and just when the revision would show sales had increased?
buy a frickn house and get free money! How ingenious.
The love shack is a little old place where we can get together
Love Shack, baby (a-Love Shack, baby)
Love Shack, baby, Love Shack
Love Shack, baby, Love Shack
Love Shack, baby, Love Shack (Love, baby, that’s where it’s at)
Love Shack, baby, Love Shack (Love, baby, that’s where it’s at)
Yeah, the whole shack shimmies
The whole shack shimmies when everybody’s
Movin’ around and around and around and around
Everybody’s movin’, everybody’s groovin’, baby
Folks linin’ up outside just to get down
Everybody’s movin’, everybody’s groovin’, baby
Funky little shack
Funky little shack
Bang, bang, bang, on the door, baby
Knock a little louder, baby
Bang, bang, bang, on the door, baby
I can’t hear you
Bang, bang, bang, on the door, baby
Knock a little louder, sugar
Bang, bang, bang, on the door, baby
I can’t hear you
Bang, bang, bang, on the door, baby (Knock a little louder)
Bang, bang, bang, on the door, baby
Bang, bang (On the door, baby)
Bang, bang (On the door)
Bang, bang (On the door, baby)
Bang, bang
Your what?
Tin roof, rusted
http://www.azlyrics.com/lyrics/b52s/loveshack.html
Casa chica?
Buy you a house, get you a drink with an umbrella and…
https://www.youtube.com/watch?v=tBfXTyzaUfQ
Geology is rearing its awful head, the fracking rigs are not producing like many were suggesting they would. Storage is down. Not let’s see blue who said that would happen?
NG has moved up in price to a point where in many areas it is cheaper to burn coal.
Will NG rise short to medium term?
If the NWS summer predictions are correct it will rise short term. Long term due to increased exports and a playing out of the cheapest NG fracking plays it will rise in the US. The medium is the hardest to predict but the bias should be up.
Most of the story is behind a firewall but this confirms what I have been seeing in the EIA numbers:
http://www.arkansasonline.com/news/2017/apr/29/gas-production-falling-off-despite-incr/?f=business
With a globe awash in oil, record high productive capacity and cratering demand, where did you think oil prices would go?
SW did you see how much NG went up today?
coal? short term solution, long term crazy high costs. Typical GOP thinking. They are not fiscal conservatives like me.
Gasket - blown!
Yes, after stating over and over that coal could not come back liberals are finding out with just a few regulatory changes and normal market forces coal is coming back. Had Obama not made a war on coal, Hillary would be president, the margin of difference in Ohio and PA was the coal communities.
I broke out a torque wrench.
The hypocrisy of you complaining about people complaining is mind blowing.
He blew another one! Come on natty ice dude, find something else that pisses you off and go ballistic for us. Set your hair on fire and post a video.
Had Obama not made a war on coal, Hillary would be president, the margin of difference in Ohio and PA was the coal communities.
The margin of victory was narrow enough I bet there are a lot of things that could each have resulted in Hillary being president right now. Such as a commitment from Hillary along the lines of “we disagree on guns sometimes, but in the interest of working together on the things we do agree on I commit to not proposing or signing any legislation that increases restrictions on firearms in any way as long as I am president”. If she could have said that and made people believe it I bet she would have won. It’s not like most people actually liked Trump…they just didn’t like or trust her either.
I hope they bring back lead paint and asbestos too. Super cheap! Jobs too.
I’ll take this to Twitter–like the real men!
‘I bet there are a lot of things that could each have resulted in Hillary being president’
Whoa, are you guys suggesting they should reflect on what might have been done differently? Like instead of trying to win over voters, just call half of them racists? Or when it became clear the country was in a mood for change, nominate the most corrupt, arrogant insider in history? Or at least not alienate the Sanders supporters by cheating him out of a fair process?
Golly, such a move might even cause some soul searching on matters like trade, globalism, illegal immigration. Do you mean the my-way-or-the-highway attitude on practically everything important might turn people off?
I’ll bring this up: both parties at one point or another in this campaign said straight out they were going to pick the candidates. Talk about tone deaf!
No no, far better to act like little spoiled children and make mountains out of molehills day after day than to do something like govern! That will win the people back, everybody loves a sore loser.
Such as a commitment from Hillary along the lines of “we disagree on guns sometimes, but in the interest of working together on the things we do agree on I commit to not proposing or signing any legislation that increases restrictions on firearms in any way as long as I am president”.
Trust me on this: gun owners know that Hillary Clinton is a pathological liar and demonstrated enemy of the Second Amendment who would have placed in power horror shows like Janet Reno like her most chaste husband did when he was president. We would not have voted for this criminal sociopath under any circumstances.
what about the critics who votes gop.
not really sore losers….just observers
‘the critics who votes gop’
I don’t know. Are we gonna squabble for 4 years or try to find a way forward? We just had 8 years of pissing in the wind. Arizona had an increase in health insurance of over 100% in the year. Today I got a message from one of my tenants that she’ll be late on her rent because her health insurance went up so much. Surely there’s work to be done.
of course there is work
…same work to do as 8 yrs ago…make that 30. health insurance is not getting cheaper until the lawyers let it. nothing stopping the gop from getting work done…jusr excuses
‘nothing stopping the gop from getting work done’
Really? Almost to a man the GOP is never-Trumpers. Same with the media, same with the Democrats, and the Deep State. So, what do we do?
Yes the all want him to fail. The Republicans have just not figured out how he can fail without taking him down. The only silver lining is now the fed can allow interest rates to normalize since if the economy tanks everyone can blame trump
Taking them down
Miami Beach, FL Housing Prices Crater 10% YoY
https://www.zillow.com/miami-beach-fl-33140/home-values/
zillow hardly ever shows or goes negative
. 33140 home values have declined -1.3% over the past year and Zillow predicts they will fall -1.6% within the next year
they ignored the oil patch
Prices my good friend prices. Our good friend Karen made this just for you.
https://snag.gy/m5EzRB.jpg
It’s starting I can feel it just like in Summer 2007. Btw is this the same Ben Jones that has this blog back then? The writing prose seems a little different.
10,000 posts chronicling insanity, greed and corruption can gradually change the tone of one’s conversation.
Pretty sure that was common knowledge from the beginning. Lies were told to raise money.
I read a very in-depth article that revealed that only 1% of the fracked oil in the Marcellus Shale can be produced for under 30 dollars a barrel and fracking is only going to change the world oil stage for about 5 more years before all the easy stuff is gone.
Marcellus is mostly NG but within five years both the amount of NG and oil produced in this country will have peaked. With significantly higher price you could have a decades long plateau but shale oil cannot meet the growing demand for oil in the world.
Yet oil prices continue to fall….
Remember….. Nothing accelerates the economy, creates jobs and raises the standard of living like falling prices to dramatically lower and more affordable levels. Nothing.
“Oil Falls Again as Oversupply Jitters Persist”
https://www.wsj.com/articles/oil-holds-above-five-month-low-on-outlook-for-production-cuts-1494322119
within five years both the amount of NG and oil produced in this country will have peaked.
Which would kinda kill your wet dream of transport based on NG vehicles, now wouldn’t it Dan.
No plenty of ng is being used to produce electricity, a stupid use of it, particularly stupid to be burning it for electric cars when it can be used far more efficiently to run those cars directly. Makes sense to burn coal and use renewables where they are competitive to produce electricity and use NG for transport instead of OPEC oil
Yup - it is stupid to be using NG for baseload powerplants. It’s FAR more efficient to use for home heating where you can get 90%+ conversion efficiency.
When I worked at an electric utility back in the 1980s, NG was only used for peaking plants that came on a couple of times per day.
Nonsense. There is no greater efficiency than gas co-gen. And you’re not going to get 90% out fuel oil. Not anywhere on this planet.
I do not disagree that you turn it in to electricity efficiently but you have transmission losses and most importantly there are plenty of other ways to produce electricity but very few ways to power vehicles in a cost effective manner
Ps the US has a quarter of the world’ s coal reserves, not using them is like Saudi Arabia not using oil.
He helped ruin his city for a generation of people, but he donated some art, so I guess it’s ok:
http://vancouversun.com/entertainment/local-arts/bob-rennie-donates-art-worth-12-million-to-national-gallery-in-ottawa
If you want to buy a new car or a house you better be a good debt slave and be able to kiss some serious banker butt.
It is truly sad how these folks have taken over.
I get emails begging me to borrow, like this one just now:
‘The lending landscape is changing, but we are still funding deals … give me a call!’
‘LENDING CRITERIA
*Over 15 years experience in Private Lending
*Servicing all across Ontario
* Up to 75% LTV on residential.
* Up to 70% LTV on commercial
* First mortgages start 6.99%
* Second mortgages start at 9.99%
* Lender fees start at 2%
* No income/employment verification
* No GDS/TDS
* No appraisal on low LTV’s
* Same day commitments
* No pre-payment penalty options available
* 1-2 year terms Interest only
* Funding in 3-5 business days
* No minimum loan amount No maximum loan amount’
FUEL down 35%, YELP down 19%. Two California based money losers.
Locals are hoping for a big crash! Just not sure we can outbid the Chinese with fake Yuan.
Do any of those “New Media” firms actually make any money? Or are they just hoping that Facebook, Amazon, Microsoft or some other giant will buy them out?
FB and amazon arent proftable either so they’re out.
And yet they buy start ups left and right, sometimes paying billions for them.
All kinds of things are possible when you pay grossly inflated prices using borrow money. But the outfall of such recklessness looks something like this;
Dallas, TX Housing Demand Plummets 25% YoY
http://files.zillowstatic.com/research/public/City/City_Turnover_AllHomes.csv
Ignorance.
FB is not Amazon and most certainly IS profitable. Read their income statements going back several years. They are publicly traded and this is freely available information.
https://investor.fb.com/investor-news/default.aspx
Garbage in garbage out.
Borrowing money to buy back stock isn’t profitable by any definition.
Plus there’s the fact that a fair amount of FB’s advertising revenues are based on fraud.
Like Amazon, they will lose for yrs then…. $$$ (they hope)
For its seventh quarter in a row, Amazon was profitable. Net income was $749 million, up 55% form the year-ago quarter.
Mindbody is a billion dollar co. Look at their numbers. Selling dollar bills for .90 cents would be easier.
But Jeb said he it is doing it for love:
http://www.foxnews.com/us/2017/05/10/illegal-immigrant-deported-15-times-arrested-in-hit-run-crash-that-hurt-6-year-old-boy.html
Boulder, CO Housing Prices Crater 11% YoY
https://www.zillow.com/miami-beach-fl-33140/home-values/
Link correction.
https://www.zillow.com/boulder-co/home-values/
$410 a square from in boulder?
Is the pot free?
The rent free living is.
http://www.arkansasonline.com/news/2017/may/10/china-based-textile-manufacturer-investing-410m-ea/?business
https://www.bloomberg.com/news/articles/2017-05-10/auto-loan-fraud-is-soaring-in-a-parallel-to-the-housing-bubble
SNAP, crackle, pop goes the tech bubble:
http://www.msn.com/en-us/money/companies/snap-stock-tumbles-to-new-lows-on-lousy-first-earnings-report/ar-BBAZCeY?li=BBnbfcN
I hope so!
The Sideliners.
Condo-hotel in Pompano Beach launches sales
South Florida Business Journal-11 hours ago
The developer has required 30 percent deposits, which is less than the typical 50 percent down required for Miami condos. That includes 10 percent at signing, …
Briny Irish Pub on the A1A has a ten foot long stingray mounted on the ceiling.
They should put a mannequin of Steve Irwin swimming above it or on its back.
He sure died an odd death.
Condo-hotel??? I saw these 20 years ago being offered on South Beach FL These rip offs have to be in the top 5 RE scams! And there back??? LMFAO!!
Blue Skye
The Cadilac Fairview flip did the loan scam in even before 1991 I think. Financing a bigger loan does not allow a rent increase unless the loan is for improvements and it has to be approved by rent review people.
An incentive? Construction of new apartments is almost nil, but yes, it could encourage new apartments because the first rent is market priced. But only by the guidelines after that.
And now, if you want to get the tenant out the new rules will require a payment be made to the tenant !! And you cannot force them out by having family replace them anymore.
Thanks Patrick
Russian State Media Gets Access To White House Meeting While U.S. Press Kept Out
“It’s unprecedented,” says NBC’s Andrea Mitchell.
typed while smiling and gleeful.
Muh narrative:
https://imgur.com/a/tmupP
There is more Pravda in the Russian press than in the liberal press.
All hail the supreme dictator. No wonder trump wants to meet with N.K. leader and Putin. To get tips on how to take away your freedoms. First the press - then you.
An objective press is a friend of democracy a bias press is a threat to democracy, it is clear to most people what we have today and it is not the former.
El Cajon, CA Housing Prices Crater 9%YOY On Record Low Housing Demand
https://www.zillow.com/el-cajon-ca-92020/home-values/
i bought some more amazon stock today.
Obamacare, the gift that keeps on giving.
http://www.businessinsider.com/aetna-obamacare-aca-exchange-exit-delaware-nebraska-2017-5
Genius Millennial “investors” piled lemming-like into Snapchat to make their fortunes. Now they’re getting gobsmacked by an ugly little something called “price discovery.”
http://www.businessinsider.com/snap-q1-earnings-results-2017-5
LMFAO They should have bought FANG!
Yellen sees no bubbles.
http://www.zerohedge.com/news/2017-05-10/nasdaqs-big-5-stocks-near-3-trillion-market-cap
Can “investors” not see what a classic pump & dump this is?
http://www.marketwatch.com/story/why-snap-lost-22-billion-in-its-first-quarter-as-a-public-company-2017-05-10
Home Capital Group depositors continue to yank their money and head for the exits.
http://www.homecapital.com/press_releases/2017/HCG%20Liquidity%20Update%20May%2010%202017.pdf
Get ready for the zombie apocalypse!
https://losangeles.craigslist.org/sfv/cto/6103917804.html
Auto loan fraud is soaring. Imagine that.
https://www.bloomberg.com/news/articles/2017-05-10/auto-loan-fraud-is-soaring-in-a-parallel-to-the-housing-bubble
To be fair… every country supports their auto industry in one form or another; it’s simply too big to fail. The workers, the parts suppliers, the loans, etc., widespread integration in the economy.
And so it begins….
http://www.zerohedge.com/news/2017-05-10/moodys-slashes-ratings-6-canadian-banks-fears-asset-quality-deterioration-soaring-ho
Oh dear…Chinese iron ore prices are plunging. Which suggests China’s construction mania is decelerating.
Thank goodness Australia’s commodity boom remains intact, since that is underpinning the country’s runaway housing bubble, er, boom, because if THAT bubble were to burst, it would have global implications. But thankfully, Australia’s commodity boom doesn’t depend on Chinese demand….
Oh, wait….
OH DEAR!!!!!
https://www.businessinsider.com.au/iron-ore-is-getting-smoked-2017-4
Iron ore is Australia’s top export earner.
It is also a primary source of government revenue.
As iron ore keeps dropping, the government is going to need to make up budget shortfalls based on iron ore at 66 Aussie dollars per ton.
Houses are nice fat illiquid assets for the taxman.
Australians are already under increased financial stress due to their insane mortgages and rising inflation.
Oh dear….
https://au.news.yahoo.com/a/35375080/how-commodity-prices-affect-the-budget/#page1
Two topics in one:
http://www.rigzone.com/news/oil_gas/a/150069/Undocumented_Workers_at_Cheniere_LNG_Site_in_Louisiana_Arrested
If even the fraudulent BIS is noting an incipient financial crisis in Canada, you know it’s going to be a doozy.
http://business.financialpost.com/news/economy/bank-for-international-settlements-says-canada-is-showing-early-warning-signs-of-financial-crisis
I saw an “asset recovery” tow truck in my luxury apartment complex tonight. Somebody’s going to be taking a cab to work tomorrow.
That was me years ago.
Were you a repo man or did you get repoed?
“Were you a repo man…”
Yes, about 5-1/2 years of prowling the inner city and outer county barrio and ghetto. Mostly automobiles, but an occasional boat or motorcycle too.
Uber should be seeing an uptick in riders.
Oil prices crashing
Copper prices crashing
Iron ore prices crashing
Housing demand crashing
What are these indicators trying to tell us?
Nicolas Cage, FB
http://www.cnbc.com/2017/05/10/craziest-things-nicholas-cage-bought-with-150-million.html
Chinese ghost city porn.
http://www.businessinsider.com/surreal-photos-chinas-largest-ghost-city-ordos-new-town-coal-inner-mongolia-2017-5
“Coffin homes” is a thing now for the proles. Heckova job, central bankers.
http://www.dailymail.co.uk/news/article-4491204/Inside-coffin-homes-Hong-Kong.html
First there were “ghost cities”…now there are “smart cities.”
Chinese “investors” would probably be smart to avoid both.
http://www.scmp.com/tech/china-tech/article/2093190/city-edge-gobi-desert-chinas-smartest
You can’t fix stupid.
http://www.cnbc.com/2017/05/08/30-year-old-owes-almost-100000-and-spends-1100-a-month-on-take-out.html
Cannot fix stupid, but stupid people can be “fixed”. Just taking him out of the gene pool would be great.
$40 a DAY?
I cringe when I spend $40 at the grocery store but at least I can get several meals out of it.
The retail massacre continues, as our financial media talking heads cheerily assure us that Everything is Awesome! Buy moar stawks!
http://www.cnbc.com/2017/05/11/macys-reports-first-quarter-earnings.html
mOaR STawKS