August 8, 2017

Clinging Like A Spurned Lover To The Old Market

A report from the Illawarra Mercury in Australia. “Unaffordable housing has surged to the top of the list of undecided voters’ concerns in western Sydney, according to new focus group research. And while the problem angered younger voters unable to buy a home, it also troubled an older generation who feared for their children’s future. ‘I live in drive-by shooting territory and a dump costs a million dollars - are you joking?’ said an older female voter in a western Sydney focus group. Another added: ‘It used to be a dream, a million dollars. Now it’s nothing.’ A third said: ‘My daughter has to wait ’til I cark it to buy a house.’”

From Korea Joongang Daily. “The Ministry of Land, Infrastructure and Transport and other parts of the government announced curbs on mortgage lending and regulations on the real-estate market to crack down on speculation. Kim Hyo-jin, an analyst at SK Securities, said the policies will help stabilize the market in the short term. But he doesn’t agree that housing prices are too high. ‘I don’t think there is a big bubble in the Korean housing market and expect the prices will continue to rise, especially in the Seoul region, following many reconstruction projects,’ he said.”

From The Edge Malaysia. “‘It’s very quiet these days, I hardly have any clients now,’ says a lawyer who specialises in real estate transactions. He and property agents now have time on their hands. The empty commercial blocks and unlit units in high-rise condominiums — which have mushroomed in recent years, especially in the Klang Valley — confirm their negative sentiment.”

“Looking back at the property boom that peaked in 2011 to 2012, some blame the slowdown on macro prudential measures imposed on the market. Yet, there is no denying that property prices have risen above what the average Malaysian can comfortably afford.”

From The Times of Oman. “Muscat landlords are taking hits in rent prices in order to keep their tenants from moving out, in a market that has dipped, according to experts. One landlady said: ‘I sent every tenant a new contract with a OMR50 a month reduction, without them even asking, because I want to keep the building fully occupied. The location is nice and two years ago there was no issue and I was asking OMR700 or OMR800 for a two-bedroom apartment. Now some apartments lay empty for a long time and I’ve reduced the rental to OMR450 a month. I know of villas in Qurum that were on the market for OMR2,000 two years ago and are now lying empty, even though the rent has been cut to OMR1,000.’”

From STV News in Scotland. “One of Donald Trump’s closest Scottish allies urged the billionaire’s sons ‘not to spend another penny’ in Aberdeen. Hotelier Stewart Spence tried to persuade Eric and Donald Jr to delay investing while the city rides out the oil downturn. They were handed control of Trump’s Scottish golf interests when their father became US president, although he still owns the courses.”

“‘Because there is such a downturn in Aberdeen… I just couldn’t see them getting a return on investing more money than they’ve already invested,’ said Mr Spence, who owns Aberdeen’s five-star Marcliffe Hotel. ‘The property register has 5000 houses for sale, why do you want to build more houses?’”

From AFP on Brazil. “Plagued by violence, white elephant sports facilities and corruption scandals, Rio de Janeiro today is unrecognizable from the feel-good city greeting the world at the Olympics exactly a year ago. As soon as the athletes packed their bags and cameras stopped rolling, barely hidden problems erupted. Taxi driver Iran Oliveira, 41, pointed to cracks and damp in the walls and a bathroom where nearly all the tiling has come off. He was assured that he’d have title to the new apartment. However, under the details that he only understood later, he will not have the right to sell the property until the city has finished making payments on the property of 90,000 reais ($30,000).”

“That’s meant to be complete in 10 years but due to the economic crisis payments are already in arrears. ‘We were ripped off,’ said Ze Riveiro, another evicted resident of Vila Autodromo.”

“Meanwhile, the nearby athletes’ village — a brand new tower complex that was planned to be sold after the Games as luxury apartments — sits virtually unused. Just 10 percent of the apartments have sold, according to Brazilian media reports.”

From Business Review Canada. “Toronto’s housing market has been showing some alarming behaviour of late, as figures from the Toronto Real Estate Board reveal that the average cost of a home in the area fell $173,000 between April and July. However, although this 18.8% fall might be causing panic and confusion for some, the descent in house prices isn’t actually as surprising as it might first appear. Whilst an average price drop from $919,499 to $746,216 seems scary, it must be noted that Toronto’s house prices rose at an equally alarming rate previous to this.”

“With a significant amount of uncertainty about how long this 23% rise in house prices would last, listings surged in the previous month by 65.3%. However, whilst supply has increased, demand has dropped, as the Ontario government implemented measures to prevent a continual rapid house price rise in Toronto, including a 15% tax on foreign buyers. These things combined explain why there has been a 41.7% drop in housing sales in the Toronto Area in July.”

The Toronto Star in Canada. “The real estate industry is downplaying a third consecutive month-to-month decline in Toronto-area home prices that saw the average cost of a home drop $173,000 between April and July — from $919,449 to $746,216. The short-term price decline could make some owners ‘a little tense’ if they are thinking about selling, said Christopher Alexander, regional director at Re/MAX Integra.”

“But, he said, homeowners need to remember that, ‘Last year was a record year across the board.’ ‘Yes, sales are way down (but) prices have only fallen 5 per cent from June to July, which is exactly what we had last year, and listing inventory is only up 5 per cent. So I don’t see a flood of extra inventory to distract buyers from making quick decisions,’ said Alexander.”

“‘We’re now back to a normal summer,’ said Oakville agent Tracy Nursall of Sage Real Estate. But for buyers looking for more space, this is the move-up market they’ve been waiting for, she said. ‘If you lose 5 per cent on your townhouse and you’re going into a detached that has also lost 5 per cent, the dollar difference is significant. It’s just that people are still clinging like a spurned lover to the old March market,” said Nursall, referring to the first-quarter peak when home prices averaged $916,767.’”




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116 Comments »

Comment by Mr. Banker
2017-08-08 05:27:03

A nation of totally dumbed-down ignorant pukes …

“Americans no have the highest credit-card debt in U.S. history”

Ignorant pukes work hard for money and then they send large chunks of this hard-earned money to me. Each and every month. Forever.

Bahahahahahahahahahahahahahahahahahahahahahaha.

http://www.marketwatch.com/story/us-households-will-soon-have-as-much-debt-as-they-had-in-2008-2017-04-03

Comment by whirlyite
2017-08-08 07:48:12

Count me out, Mr. Banker!

Bwhahahahaha!!

 
Comment by oxide
2017-08-08 08:30:50

That article is worth clicking on just for the graphic showing American household debt. Look at those student loans!

Comment by Mr. Banker
2017-08-08 09:14:27

“Look at those student loans!”

A good start. Graduating from college with a healthy debt load makes for a productive debt-slave.

Comment by GuillotineRenovator
2017-08-08 13:23:07

“One mocha, coming right up!!”

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Comment by Neuromance
2017-08-08 16:21:46

Peak debt: https://www.newyorkfed.org/microeconomics/hhdc.html

Top of the debt supercycle, as Ray Dalio and others have referred to it. What does it mean for inflation and deflation and prices for leveraged assets?

What will the PTB do to keep the debt party going?

Comment by Rental Watch
2017-08-08 17:14:04

https://youtu.be/PHe0bXAIuk0

Dalio’s “economic machine” YouTube video…good stuff (IMHO).

 
 
 
Comment by Professor 🐻
2017-08-08 05:29:01

‘I live in drive-by shooting territory and a dump costs a million dollars - are you joking?’

Could just as well be describing Oakland, CA or Washington, DC…

 
Comment by Get Stucco
2017-08-08 05:33:49

“The real estate industry is downplaying a third consecutive month-to-month decline in Toronto-area home prices that saw the average cost of a home drop $173,000 between April and July — from $919,449 to $746,216.”

What goes up like a rocket, often comes back down like a rocket.

“The short-term price decline could make some owners ‘a little tense’ if they are thinking about selling, said Christopher Alexander, regional director at Re/MAX Integra.”

Especially if they were skimming off home equity wealth gains during the boom. Some of these folks surely got stucco.

 
Comment by Mr. Banker
2017-08-08 05:39:23

“Americans are dying younger, saving corporations billions.”

“Life expectancy gains have stalled. The grim silver lining? Lower pension costs.”

https://www.bloomberg.com/news/articles/2017-08-08/americans-are-dying-younger-saving-corporations-billions

Comment by puggs
2017-08-08 10:24:48

Corporate Opioids.

 
 
Comment by Professor 🐻
2017-08-08 05:53:07

Given that California was one of the first bubble zones to fold in the 2007-2009 financial collapse, it’s interesting how it keeps bubbling away after other bubble capitals (Vancouver, Toronto, etc.) have already nosedived.

Is it different this time?

Comment by Jingle Male
2017-08-08 06:38:59

It’s always hard to know if there is a bubble and when it will bust. California has good job growth, 1% annual population growth and difficult restrictions limiting housing production.

These issues combine to drive up costs and values.

Comment by Mafia Blocks
2017-08-08 06:42:07

There are scores of excuses for fraud.

 
Comment by Mr. Banker
2017-08-08 06:55:12

“These issues combine to drive up costs and values.”

Prices, these issues combine to drive up costs and prices.

Comment by aqius
2017-08-08 09:14:51

if only there was an required employment test for our elected officials before taking office, whereby they would have to show capability in how they act;

smart enough to make the best decision, wise enough to know why.

heck, I’m OK with ‘em picking up the red-hot coal cauldron to open the exit door: YOU GOT MY VOTE! no phone bank needed.

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Comment by oxide
2017-08-09 08:38:21

There’s an old joke that anyone who is smart enough to be a good President is also smart enough not to run.

On a smaller scale, anyone who is smart enough to be a good politician would probably be snapped up by a private company for a lot more money.

 
 
 
Comment by rms
2017-08-08 07:20:06

Loose monetary policy aka easy lending drives asset prices higher, and California is a walk-away state so there is little downside risk if a lender and realtor are willing to sell their country short for a commission.

 
Comment by GuillotineRenovator
2017-08-08 08:05:57

“It’s always hard to know if there is a bubble…”

No, no it’s not.

Comment by Jingle Male
2017-08-08 08:10:56

Really, are you calling the top?

I sold my stocks in 2016 at 17,500 and 18,500 and look now: 22,000. It is hard to know.

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Comment by GuillotineRenovator
2017-08-08 10:41:00

No, I’m not calling a top, I’m calling a BUBBLE.

 
 
Comment by Neuromance
2017-08-08 16:29:17

We don’t know how much speculative demand there is versus how much consumption demand there is.

Consumption demand is durable; if house prices go down, people will still want to live there, if they can afford the payments.

Speculative demand is more fragile; if house prices go down, speculators will try to stick it till the next upturn (but houses have carrying costs, leveraged houses even moreso). Others will try to lock in profits or cut their losses. Others, will simply walk away.

What happens to the financial system then? Fed prints money (”expert redistribution”) to bail out the GSEs. They keep increasing their conforming loan amounts. Will prices go down or stabilize in that scenario? Who knows. Will the big hedge-funds swoop in to buy? Eventually, perhaps.

Or is that fighting the last war and there’s some new battle plan among the Fed and Wall Street?

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Comment by Mafia Blocks
2017-08-08 17:06:39

But what we do know is consumptive demand is at 20 year lows and falling.

 
 
 
 
Comment by Jingle Male
2017-08-08 07:57:27

I am seeing inventory increasing slightly in some markets. San Diego condo listings in 92101 have gone from 225 to 239, up 6% since mid June.

It will probably be years before we see any meaningful buyer’s market conditions.

 
Comment by junior_kai
2017-08-08 09:47:57

In the previous bubble, San Diego was the first out of the gate after the emergency rate cuts of 9/11 with double digit year over year gains and I believe was the first to peak on a price per square foot basis in fall of 2003. Based on that bubble and what I see in this one I think that bubbles just exhaust themselves. Yes, they suffer a million cuts on the way up but none of those matter when prices are appreciating or at least while people think there is appreciation. Once that mindset changes its all over but the crying and all those cuts that were thought to be nicks turn out to be gaping wounds. I know because I moved in 06 to a place where the bubble was still going and it was fascinating to see the frenzy, like people gathering shells before the tsunami rolls in.

Seeing the same thing in this bubble with vancouver, toronto and SF bay area all peaked and probably peaked well over a year ago on a price per square foot basis. San Diego lagged on the upside so its not surprising theres still a little hype going there. By looking at where the market first bubbled up one can find the origin of the bubble - after 9/11, it was defense spending. With this one its a combination of mostly Chinese funny money along with a social media scam. The money flows in, residents sell and move to other areas creating bubbles in their new destinations, lather rinse repeat.

Comment by Jingle Male
2017-08-08 10:36:53

Unless there is a recession and job loss, the market will continue to percolate and rock steady in most areas.

Comment by Ol'Bubba
2017-08-08 16:09:31

Eventually there will be another recession. Don’t ask me when, but eventually we will have another one.

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Comment by Jingle Male
2017-08-09 03:01:29

2020 is a reasonable estimate…..

 
 
 
 
 
Comment by Apartment 401
2017-08-08 05:59:19

Realtors are liars.

Comment by Mr. Banker
2017-08-08 06:13:26

Useful idiots.

 
 
Comment by aNYCdj
2017-08-08 06:27:50

Jed Clampett’s home up for sale……

it was featured as the Clampett family’s Beverly Hills mansion on the 1960s sitcom “The Beverly Hillbillies

http://variety.com/2017/dirt/real-estalker/jerry-perenchio-chartwell-estate-bel-air-1202518152/

Comment by rms
2017-08-08 07:32:05

“The 10.3-acre spread, known as Chartwell, is anchored by an imperial, limestone-faced chateau-style mansion of about 25,000-square-feet designed by architect Sumner Spaulding in the 1930s for a property developer who built it as a gift for his wife who, unfortunately for him, hated its unabashed opulence and never moved in.”

Royalty in the U.S.

 
 
Comment by Mafia Blocks
2017-08-08 06:48:31

Sherman Oaks, CA Housing Prices CRATER 6% YOY

http://www.movoto.com/sherman-oaks-ca/market-trends/

Comment by Jingle Male
2017-08-08 08:07:30

HA!, is that you? More goofy postings? I am sure glad I don’t have to sell a house in Sherman Oaks today! They are selling for $530/SF vs $460/SF last year. Median price is was $939,000 a year ago and it is $1,195,000 today. The days on the market is down to 38 from 46.

Crater? The only crater is that big hole between your ears! HA the Housing Analyst……Ha, ha, ha,……

Comment by Mafia Blocks
2017-08-08 08:18:19

Cheer up my empty pocketed friend and remember….. Nothing accelerates the economy like falling prices to dramatically lower and more affordable levels. Nothing.

Alameda, CA Housing Prices Crater 10% YOY

http://www.movoto.com/alameda-ca/market-trends/

 
 
 
Comment by Chris P Nuggit
2017-08-08 07:41:47

‘So I don’t see a flood of extra inventory to distract buyers from making quick decisions,’ said Alexander.”

And we wouldn’t want to do that now would we?

Comment by palmetto
2017-08-08 08:17:31

Go to Zillow some time, pick a zip or area and filter out everything except foreclosures and pre-foreclosures. You might find something very interesting, unless the area is super stable.

Oh, there’s a flood of extra inventory. It’s just hidden behind a dam.

Comment by Chris
2017-08-08 16:44:01

Zillow does not have good data.

The vast majority of those preforeclosures are old.

Comment by Mafia Blocks
2017-08-08 17:05:39

Incorrect. It’s updated weekly.

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Comment by Chris P Nuggit
2017-08-09 12:11:53

In my area the vast majority of zillow’s preforeclosures are 4-6 years old and have long since been sold and flipped.

 
Comment by Mafia Blocks
2017-08-09 12:40:13

And right back into default.

 
 
 
 
 
Comment by Sean
2017-08-08 08:27:23

“With a significant amount of uncertainty about how long this 23% rise in house prices would last, listings surged in the previous month by 65.3%. However, whilst supply has increased, demand has dropped, as the Ontario government implemented measures to prevent a continual rapid house price rise in Toronto, including a 15% tax on foreign buyers. These things combined explain why there has been a 41.7% drop in housing sales in the Toronto Area in July.”

———————–
Where are all of the “If we had more supply we’d sell more houses” people? Here’s a 65 percent increase folks, go sell it!

 
Comment by palmetto
2017-08-08 08:33:44

Ben, this is way OT, so if you don’t want to post at this time, I understand. OTOH, it is a very interesting analysis of current US politics and finance in the time of Trump.

Source link: https://straightlinelogic.com/2017/08/06/is-trump-winning-by-robert-gore/

“Mainstream analysis has been wrong for so long, why start believing it now?

SLL has run a series of articles (“Plot Holes,” “Trump and Vault 7,” “Calling a Bluff?” “Let’s Connect the Dots,” “Powerball, Part One,” “Powerball, Part Two”) advancing interrelated hypotheses. We’ve asserted that President Trump is far smarter and the powers that be far stupider and weaker than current consensus estimates. Trump’s primary motivation is power. The nonstop vilification campaign against him has little to do with policy differences and instead reflects establishment fears that Trump will investigate, expose, and punish its criminality.

The upshot of these hypotheses: Trump is winning and has consolidated his power.”

“Trump has quietly (when Trump does anything quietly, take note) made two sea changes in US policy in Syria. At the G20 summit, he negotiated a cease fire with Vladimir Putin for southwest Syria. Last week he ended a CIA program that armed Syrian jihadists fighting Bashar al-Assad’s regime. Both changes are anathema to the US Deep State, the mainstream media, and US allies Saudi Arabia, the Gulf States, Israel, and Turkey, yet other than “rote denunciation,” they have been surprisingly docile. The latter change could presage abandonment of a pillar of US foreign and military policy since President Carter supplied arms and other aid to the mujahideen in Afghanistan during their successful fight against the Soviet Union. The US may be out of the business of arming Islamic insurgents against regimes it seeks to change.”

It gets better. By the time he’s done, the MSM, CONgress, the Democratic party and the FED will be reduced to smoking piles of rubble, with not a shred of credibility left. Bye, snowflakes.

The Great Disruptor will leave behind some major scorched earth for the Great Reformers, but that’s OK. Forest fires, field fires are good for new growth. Clears out the old, rotting underbrush and stubble, fertilizes the soil.

Comment by oxide
2017-08-08 10:49:55

I might give this a read later. Is this a website with intelligent fact-gathering and analysis, or are they just writing wishful Trumpian fanfic about 11-dimensional chess? Some of my SJW friends are still crying over Trump’s meanie words. Meanwhile, ICE is cooking along.

The mention of the Deep State makes me skeptical. I don’t know if there is some Rothschild/Bilderburg cabal sitting down in some meeting, deciding what to do, and issuing marching orders, OR if it’s just a bunch of profit-hungry globalists independently following the same playbook, like the invisible hand. Probably some combination.

Comment by palmetto
2017-08-08 11:11:41

“The mention of the Deep State makes me skeptical.”

Do you know what “I don’t give a rat’s patootie” means?

Comment by oxide
2017-08-09 09:12:51

So I went back and read some of the posts on this website. And yup, it’s all about Deep State the usual conspiracies. But the analysis isn’t too terrible. So he thinks Trump is throwing his own distractions while getting rid of his enemies on the sly? Well… maybe. But he’ll need to handle Congress a little better if he wants to get some agenda through.

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Comment by Apartment 401
2017-08-08 11:06:29

“Don’t vote for me if you’re tired of war” — Lindsey Graham, 2015

Comment by palmetto
2017-08-08 11:12:50

I wonder how McStain’s chemo is going, lolz.

Comment by scdave
2017-08-08 17:29:41

I never laugh at someone’s sickness or death. NEVER

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Comment by Mafia Blocks
2017-08-08 17:44:01

Nobody here believe that one either.

 
Comment by scdave
2017-08-08 19:32:43

Go ahead. Laugh HA.

 
Comment by palmetto
2017-08-09 07:02:41

John Mccain Exposed By Vietnam Vets And Pow’s

https://www.youtube.com/watch?v=4hr37eE0nO8

I’d dance on his grave.

Don’t EVER claim to be a pacifist. EVER.

 
Comment by scdave
2017-08-09 14:50:40

Good luck with-it…

 
 
 
Comment by palmetto
2017-08-08 11:52:55

Check this out, 401. This is how bad it is. No reform is possible here:

http://www.zerohedge.com/news/2017-08-08/aspiring-pastor-hillary-goes-seances-and-spiritcooks-bible-thumping

Scroll down to the last photo of the vile spirit cooking session. I’m not sure which is worse, that, or Hillary turning into a bible thumper.

This is what “rules” the US. It’s gotta go.

Comment by Apartment 401
2017-08-08 16:10:31

I want frog-march perp-walks in front of cameras.

Too many cameras to ignore…

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Comment by rms
2017-08-09 05:54:28

“When fascism comes to America, it will be wrapped in the flag and carrying a cross.” —Sinclair Lewis

St. Hillary?

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Comment by palmetto
2017-08-09 07:10:51

As crazy as it sounds to a normal person, Hillary turning into a bible-thumping preacher and penitent would be a brilliant move on her part. Whereas she couldn’t raise a crowd to save her life during the election, she’d pack ‘em into stadiums and large venues all over the country. People would hang on every word as she confesses her sins, begs for forgiveness and baptizes converts by the thousands.

And she’d rake in the $$, no doubt about it.

The only impediment would be her apparent inability to stand on two feet for more than an hour max. And the coughing, that would be a problem, too. It’d have to be st

 
Comment by palmetto
2017-08-09 07:41:59

lol, got cut off. I was going to say she’d probably have to do a TV ministry.

 
 
 
 
Comment by palmetto
2017-08-08 12:29:31

BwahahahahaHAH! Just like the article said. Yer goin’ down, Mitchy boy. And this from ABC news!

http://abcnews.go.com/Politics/senate-majority-leader-mitch-mcconnell-vents-trumps-excessive/story?id=49093130

 
Comment by nhtransplant
2017-08-09 09:32:40

I don’t know…the linked article is post grand jury yet points to a WaPo article that is pre grand jury as evidence that the Russia story is crumbling. Seems deceptive to me. Some of us thought the story was crumbling when the WaPo story was written but the grand jury pretty much proved otherwise.

Comment by MightyMike
2017-08-09 15:24:44

FBI conducted predawn raid of former Trump campaign chairman Manafort’s home

By Carol D. Leonnig, Tom Hamburger and Rosalind S. Helderman August 9 at 10:38 AM

FBI agents raided the Alexandria home of President Trump’s former campaign chairman late last month, using a search warrant to seize documents and other materials, according to people familiar with the special counsel investigation into Russian meddling in the 2016 election.

Federal agents appeared at Paul Manafort’s home without advance warning in the predawn hours of July 26, the day after he met voluntarily with the staff for the Senate Intelligence Committee.

The search warrant was wide-ranging and FBI agents working with special counsel Robert S. Mueller III departed the home with various records. Jason Maloni, a spokesman for Manafort, confirmed that agents executed a warrant at one of the political consultant’s homes and that Manafort cooperated with the search.

Manafort has been voluntarily producing documents to congressional committees investigating Russia’s interference in the 2016 presidential election. The search warrant indicates investigators may have argued to a federal judge they had reason to believe Manafort could not be trusted to turn over all records in response to a grand jury subpoena.

https://www.washingtonpost.com/politics/fbi-conducted-predawn-raid-of-former-trump-campaign-chairman-manaforts-home/2017/08/09/5879fa9c-7c45-11e7-9d08-b79f191668ed_story.html?utm_term=.4d90ca54acdf

 
 
 
Comment by Taxpayers
2017-08-08 08:44:56

How much will your county or city raise re taxes next yr?
Weirdly my county in n va skipped this year= next year bigly as they refuse adjust worker pensions etc

Comment by Jingle Male
2017-08-08 10:41:43

2% max increase annually in California.

Comment by cactus
2017-08-09 10:51:09

2% max increase annually in California.”

watch the local fees added to the bill, parks, lighting, etc. AND be very careful how you vote governments constantly try and add new fees.

 
 
Comment by oxide
2017-08-08 13:02:36

Mine went up about 40 bucks a month. And that’s after 5 years in the house.

 
Comment by puggs
2017-08-08 13:41:09

Watch your home insurance rate too. Ours jumped close to $200 this year! The pick pockets are out en masse!

 
Comment by rms
2017-08-09 06:00:42

Our taxes were raised quickly during the first bubble, and they fell back to earth albeit slowly. The kicker will be school levies, IMHO.

 
 
Comment by aqius
2017-08-08 09:02:29

I agree w/observation of the crazy, almost surreal skyrocketing house prices. I’m taking weekly screenshots to save from various online companies like Zillow, Redfin, etc for the future as proof of the madness! Saved a screen shot from 2008 but not as high.

Zillow has my house increasing $19,000 . . in one month! “Valued” at $400,000 now and climbing daily. I mention that in disgust, not glee because I KNOW as sure as the sun rises all the leeches will justify that “value” to increase taxes, fees, bonds, utilities and more.

Watch for another round of ” HEY, THEY’RE MAKING MORE THAN US OVER IN ______________, WE NEED TO RAISE WAGES TO KEEP GOOD FOLKS HERE” to surface again soon.

(btw, I’m in N. CA / Sacramento area. I now just consider myself as a caretaker for our impending Chinese overlords who will one day own everything w/Hispanics as their serfs in the surging plankton red tide)

Comment by Jingle Male
2017-08-08 09:31:21

My house dropped in Zillow value by $2,400 this month. PB predicted it will be worth less in the year 2020 than it was at the end of 2015 (2-years ago).

Comment by Professor Bear
2015-12-18 08:08:37
I predict your house will be worth less in five years than it is today, even according to Zillow.

Hi may be right……it is only $15,000 higher today! The market is flattening somewhat.

Comment by SW
2017-08-08 10:10:47

Jingle - how goes the rental house sales?

Comment by Mafia Blocks
2017-08-08 10:16:16

Fraught with fraud.

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Comment by GuillotineRenovator
2017-08-08 10:44:09

Sheeting his pants, as evidenced by his “Zillowing.”

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Comment by Jingle Male
2017-08-08 10:49:33

You are funny GR. My Zillow value is still $300,000 more than I paid in 2010………so I am hardly concerned about some minor movements either way……I am playing with the “house’s” money now, so to speak!

 
Comment by Lower Forever
2017-08-08 12:03:04

My Zillow value is still $300,000 more than I paid in 2010

If Zillow “values” are so accurate, why did they stop reporting actual sales data in June of 2016?

https://snag.gy/pOUw3S.jpg

 
Comment by Jingle Male
2017-08-09 03:04:56

No one hear says they are accurate. They can be off by15-20%. Don’t rely on them……

 
Comment by Rental Watch
2017-08-09 10:16:16

https://www.zillow.com/zestimate/#acc

Even Zillow says that they are not accurate.

This page is interesting in that Zillow comapare ACTUAL sales prices to their Zestimates to show how inaccurate they are.

 
 
Comment by Jingle Male
2017-08-08 10:47:31

It went into escrow 14 days after it was listed. The sale price is $450,000 (we paid $285,000 in late 2009.) The deal called for a 30-day close, but buyer was declined by the first lender based on ratios (I think), but the second lender just issued a commitment, so it should close in under 40 days from acceptance. They are putting 33% down.

The buyers are from the area and sold their own house, before looking for a new house. This is an upgrade for them. It is a pretty clean deal and I priced it to get activity from the market on day one.

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Comment by SW
2017-08-08 11:00:23

Thanks for the update Jingle. I used to work in Sacramento and lived in Folsom for a bit.

 
Comment by aqius
2017-08-08 15:28:01

you forgot to turn the lights out when you left

 
Comment by Jingle Male
2017-08-09 03:15:04

….turn the lights out? This is not the NE rust belt! People are moving here continuously. 39.5 million people in 2016, up over 2 million since the 2010 census.

We leave the lights on!

 
Comment by cactus
2017-08-09 10:57:25

I used to live in Orangevale CA. Interstate 5 from Moorpark to Davis what a ride, trucks passing trucks, 100 mph mixed with 45mph all on a 2 lane interstate. I think the drive to Phoenix is easier but not shorter.

Does it still get really foggy in the winter?

 
Comment by Jingle Male
2017-08-09 13:25:54

Very little of the tule fog……climate change wiped it out!

 
Comment by rms
2017-08-09 18:41:13

“Interstate 5 from Moorpark to Davis what a ride, trucks passing trucks, 100 mph mixed with 45mph all on a 2 lane interstate.”

Once upon a time I had a traffic engineering project out in Lancaster, CA, and I was driving a Chrysler LHS sedan with the cruise control set a 80-mph on the 14 headed downhill toward Sylmar, and some cars were passing me like I was stopped.

 
 
 
 
 
Comment by Mafia Blocks
2017-08-08 10:52:01

Thousand Oaks, CA Housing Prices CRATER 11% YOY

http://www.movoto.com/thousand-oaks-ca/market-trends/

 
Comment by MightyMike
2017-08-08 11:51:43

Trump White House weighs unprecedented plan to privatize much of the war in Afghanistan
Jim Michaels, USA TODAY Published 10:59 a.m. ET Aug. 8, 2017 | Updated 11:49 a.m. ET Aug. 8, 2017

The White House is actively considering a bold plan to turn over a big chunk of the U.S. war in Afghanistan to private contractors in an effort to turn the tide in a stalemated war, according to the former head of a security firm pushing the project.

Under the proposal, 5,500 private contractors, primarily former Special Operations troops, would advise Afghan combat forces. The plan also includes a 90-plane private air force that would provide air support in the nearly 16-year-old war against Taliban insurgents, Erik Prince, founder of the Blackwater security firm, told USA TODAY.

https://www.usatoday.com/story/news/world/2017/08/08/war-afghanistan-trump-white-house-weighs-bold-plan-privatize/548004001/

Comment by mwr
2017-08-08 17:50:42

MightyMike:

We had the conversation below a few days ago.

Your main premise was

Canadian provinces also issue IDs to non-drivers, which most Americans states don’t do.

You are completely wrong. Go to DMV.Org and click on any state.
All the states and DC provide state IDs. Every state does. Again, I call BS on your statement.

Mighty Mike
That’s false. Utility bills and credit card statements can be used. Canadian provinces also issue IDs to non-drivers, which most Americans states don’t do.
http://www.elections.ca/content.aspx?section=vot&dir=ids&document=index&lang=e
Also, there was a voter ID law in North Carolina struck down by the courts because there was clearly documented intent to reduce the number of black voters.

MWR

North Carolina does issue Govt. IDs to non-drivers. For Free. My former girlfriend had one. You just need to ask for one.
So I have to call BS on the ID comment.

Mighty Mike

One state is not most states, so you’ve not provided evidence of BS.

Comment by MightyMike
2017-08-08 18:42:53

OK, I guess that you got me on that one. But that sentence was actually unnecessary in my statement disproving what 2banana stated about Canada.

 
 
Comment by GuillotineRenovator
2017-08-08 21:54:40

The mercenaries will give the terrorists a run for their money in sheer brutality.

Comment by palmetto
2017-08-09 06:32:52

Ain’t it dat trute. Why not auction it off and sell the war to the highest bidder?

 
 
Comment by rms
2017-08-09 06:58:41

Afghanistan’s usefulness to the U.S. is gaining access to Iran’s eastern border, and Iraq on Iran’s western border. The idea is to “sandwich” Iran in order to protect Israel, nothing more. The other efforts within Afghanistan and Iraq are little more than an occupier’s sideshow. We’d be better off using the money to fund upper education rather than bury our own in student loan debt.

Comment by Hi-Z
2017-08-09 10:53:23

It is the students who are voluntarily burying themselves in debt.

Comment by Rental Watch
2017-08-09 12:20:51

…with the strong and constant encouragement of:

Parents
Government
“Institutions of Higher Learning”

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Comment by rms
2017-08-09 12:39:20

“It is the students who are voluntarily burying themselves in debt.”

The government guaranteed easy credit has pushed prices higher. I am paying cash for my daughter, and it is very expensive. It shouldn’t cost that much to get an education; it’s an investment in society after all.

We fund welfare mom’s without any controls on their reproductive abilities.

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Comment by MightyMike
2017-08-09 13:28:14

The government guaranteed easy credit has pushed prices higher.

If you’re talking about state universities, the state governments are the ones setting the prices.

 
 
Comment by oxide
2017-08-09 19:36:07

BS. We don’t need to fund upper education. We need to fund trade school education in high schools. When I was in high school, a good chunk of my classmates took their required classes (English, social studies)in the morning and got on a bus right after lunch to go to the trade school in the afternoon. Cosmetology, car mechanics, food service, plumbing, electric, etc.

And this was in high school, which was free for the students. They need to stop this BS about lazing around in high school and then getting free tuition for community college to re-take what they should have passed in high school.

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Comment by Hi-Z
2017-08-10 06:27:59

Excellent post! Right on the money.

 
 
 
 
 
Comment by snake charmer
2017-08-08 12:02:12

More from the Brazil piece. Doesn’t this happen everywhere that hosts the Games? It’s the same with the World Cup stadia, the one in Brasilia was reduced to hosting a Whitesnake concert. Rio, where are you? The last sentence had me laughing, it’s so Latin America:

“Despite promising there’d be no white elephants, authorities have struggled to find uses for the facilities built for the two week Olympics.

Parts of the Olympic Park are now open to public events, but much of the complex is eerily vacant. Last weekend the state-of-the-art velodrome with its wooden track caught fire and was heavily damaged.

The Arena of the Future, where handball games were played, was planned to be dismantled and recycled for three schools in poor neighborhoods. However, budget shortages mean that project has yet to get off the ground.

Mario Andrada, spokesman for the Rio organizing committee, insists that the legacy “is just taking time to put in place.”

Comment by snake charmer
2017-08-08 12:07:13

From a Sports Illustrated article from 2016 about the Brazilian soccer arenas. In addition to asset bubbles, could we also be in a sports bubble? Again, the last sentence should be familiar to anyone who’s ever lived in Latin America:

“The U.S. played its last game in Manaus, deep in the Amazon, where the $270 million Arena Amazônia is also seen as a 42,000-seat white elephant. As with Brasília, Manaus has no first-division club teams, and the clubs that the city does have all play at other venues. Meanwhile, maintenance costs per month for the Manaus stadium are nearly $250,000. They’re even more for the bigger stadium in Brasília, Zambon says.

Two other stadiums built for World Cup 2014 are barely used. In Cuiabá, where the Arena Pantanal was closed down at one point for faulty construction work, homeless squatters later took over the locker rooms.

Back in Brasília, Zambon looks around the national stadium and shakes his head.

“We knew it was going to be like this,” he says. “They were escalating the budget on a monthly basis. Every month it seemed like it got more expensive for some reason.”

https://www.si.com/olympics/2016/08/11/brazil-soccer-stadiums-white-elephants-manaus-brasilia-world-cup-olympics

Comment by aqius
2017-08-08 14:06:38

250 large for maintenance?! Damn, son, git yerself’ a 350 dually, a bed of “Home Depot Helpers” & cut that doggie down to SIZE!

come back ’round 2:30 to “check on things”.

stay 15 minutes / pay the foreman in cash & leave a cold case of cerveza.

done deal

Comment by snake charmer
2017-08-08 14:28:18

Brazilian beer is quite good and would be an excellent enticement. My local ABC Liquor used to sell “Palma Louca.”

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Comment by aqius
2017-08-08 15:25:01

ABC Liquor: they still have those “lounges” attached to the store? often a boiled peanut guy in the parking lot / roadside

don’t miss the pickled eggs on the counter in that huge 5 gal brine jar. and you know it’s deep cracker-country when you also have the jar of floating pink pigs feet!

and the LCD register beeps out a tiny paper receipt.

good times

 
 
 
Comment by Patrick
2017-08-08 19:50:33

Maybe some former Olympic parks/infrastructure hasn’t worked out as planned but I’ll vouch for Vancouver’s winter olympics.

Their Sea to Sky highway improvements really made the trip from Vancouver to Whistler quite nice.

Instead of former scary, dangerous - -

 
 
 
Comment by Senior Housing Analyst
2017-08-08 15:09:21

Corvallis, OR Housing Prices Nosedive 21% YOY

http://www.movoto.com/corvallis-or/market-trends/

 
Comment by palmetto
2017-08-08 18:31:21

“I am a lineman for the county,
And I drive the main road…”

https://www.youtube.com/watch?v=4qoymGCDYzU

G’night, Glenn old boy. Sleep tight. Thanks for the tunes.

Comment by rms
2017-08-09 06:10:12

Indeed… good call.

Comment by palmetto
2017-08-09 06:31:29

Thanks. A great American. I give him major props for putting on his last concert, even if he did start to repeat the song he had just performed. His children were gathered around to keep him on track. That daughter of his has a will of iron.

We will survive, despite the freaks, cucks and perverts.

 
 
 
 
Comment by taxpayer
2017-08-09 12:24:41

Zillow has blanked out predictions in my area ??

 
Comment by Taxpayers
2017-08-09 13:11:05

I May have to auction a house worth less than 30k
It’s out of state and fairly nasty
Is there a chance the auction co may require a bond?
Any tips?

 
Comment by aqius
2017-08-09 13:55:46

hey, where’s Ben? no new topic today . . .
maybe I should do as the wife says & just watch online porn like normal guys while keeping the news page as plausible cover.

but then I wouldn’t know that Hooterville Junction dropped 9%
wouldn’t see anyone get called pukes by Old Man Potter.
and who’d drink the koolaid in the latest god’s cuntry region?

need my housing news collated, refined, sifted, and ambiguously referenced so I have to suss-out the geographic source.

been housebroken too long to go free range now, Ben!

they say the scoops are coming! The scoops are coming!!

Comment by The Enrager
2017-08-09 14:41:01

Let the rage seethe in. A 48 hr post is beautiful.

 
Comment by tj
2017-08-09 15:57:15

wouldn’t see anyone get called pukes by Old Man Potter.

it’s interesting how easy it is to flip morality on its head. nearly everyone falls for it. and it’s been going on before bedford’s potter too.

in fact, the old evil mr. potter was actually the good guy, and george bailey was actually the villain. and hardly anyone will see that truth.

 
Comment by oxide
2017-08-09 16:25:28

Get ahold of yourself man. :grin:

How about a blast from the past. 5 years ago I used to post houses for sale around the country just to see what was out there. One of them was affectionately nicknamed the “two-boob” house, and identified as a party house. Here it is:

https://www.zillow.com/homedetails/18510-New-Hampshire-Ave-Ashton-MD-20861/37206011_zpid/?fullpage=true

Built 1976
Sep 2000: Sold $375K
Nov 2007: listed for $700K
chase market down down down down down
Mar 2012: Sold $375K (yup, same as 2000)
Some reno
Jan 2014: Sold $550K
Now zestimated at $678K

 
Comment by Ben Jones
2017-08-09 16:31:55

I’ve been traveling on business for a few days. Got stuck with no internet for a while.

 
 
Comment by Apartment 401
2017-08-09 15:39:34

Jerry died 22 years ago today.

Grateful Dead — The Music Never Stopped (live, 1977):

https://m.youtube.com/watch?v=PMDst4cwYII

 
Comment by Mafia Blocks
2017-08-09 15:44:22

Foxboro, MA Housing Prices Crater 13% YOY

http://www.movoto.com/foxboro-ma/market-trends/

 
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