People Are Less Willing To Go Crazy And Pay Anything
A report from the Globe and Mail in Canada. “A sharp drop in the number of luxury sales in the Greater Toronto Area pulled down housing prices nationally last month as the country’s largest real estate market cools off and braces for higher interest rates. The slowdown marked the fourth consecutive time that sales volume fell month over month in Canada. Economists say a new tax in Ontario has crimped demand in the GTA while the housing supply crunch has eased. ‘Further monthly declines – albeit more modest – are likely in the near term,’ Royal Bank of Canada senior economist Robert Hogue said in a research note. ‘Market psychology clearly has changed since April in the region. Gone is the earlier frenzy.’”
From Better Dwelling. “Toronto’s detached real estate is having another rough month. Numbers from the Toronto Real Estate Board (TREB) show that buyer indecision provided substantial downward pressure to the detached segment in July. One of the city’s most affluent neighbourhoods, Bayview Village/Hillcrest Village, saw the greatest declines. The benchmark price for a detached in that neighbourhood fell to $1,532,100, a $205,200 decline from the month before. Sales showed large declines, posting the worst number for July in at least 5 years. TREB saw 2,434 sales, a 47.4% decline from the same time last year.”
The Toronto Star in Canada. “Broker Gurinder Sandhu says he is cautiously optimistic that the psychological pause homebuyers have exercised since the provincial housing announcement, which included a 15 per cent foreign buyers tax and expanded rent controls, will end in the fall and the market will return to normal. ‘We haven’t had a normal market in a long time,’ said the executive officer/owner of Re/MAX Realty Services.”
“The return to equilibrium is better for buyers and sellers, but those listing their homes need help recalibrating their expectations, he said. ‘We are not in the market we had in the first four months of the year. That was a fantasyland. That was short-lived but now we’re back to a market where houses are not going to sell in a matter of hours,’ said Sandhu.”
The Business News Network. “The real estate industry is ‘holding its breath’ as regulators look to extend tough mortgage rules in the face of a sharp slowdown in the country’s largest market. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, is taking aim at the uninsured mortgage market – where homeowners make a down payment of 20 per cent or more. OSFI is proposing stringent stress tests for those borrowers, in line with what’s already happening in the insured market.”
“The period for public comment on the proposal - formally known as Guideline B-20 - ends on Thursday, but the industry is already sounding the alarm over the potential fallout. ‘We need to question whether regulators want to add momentum to this slowdown,’ James Laird, co-founder or RateHub and president of Canwise Financial, told BNN in email.”
“‘If this stress test goes through as it currently reads, it would cause a large number of current borrowers and buyers to be pushed into alternative and subprime mortgages,’ Bruce Joseph, principal broker at Anthem Mortgage, told BNN via email. Still, Joseph says Guideline B-20 is the kind of tough medicine the housing market needs. ‘This sector typically has much looser standards, and a large scale push towards more prudent lending at this point - although negative for home prices - is a move towards long-term stabilization in the financial system,’ said Joseph. ‘If they were in place prior, it would have prevented many of the structural economic issues we now face.’”
From CBC News. “As the Hamilton housing market’s fever continues to break, ‘reduced price’ and ‘new price’ listings are popping up from realtors around Hamilton. A listing for a house a block from Locke Street South in the Kirkendall neighbourhood screams, ‘JUST REDUCED!!’”
“Realtors tend to be an always-sunny lot, and not all who’ve dropped asking prices were willing to talk to a reporter about it. But the ones who did all agree that the era is gone of blind bidding, paying more than $100,000 over asking price and forgoing all conditions in Hamilton’s housing market. There’s less competition by buyers in general, but especially for fixer-uppers that might have still attracted a fistful of generous offers back in the frenzy days.”
“‘The market has changed; the landscape has changed,’ Doug Tunis, the broker and manager of more than 300 realtors at of Royal LePage State Realty. Tunis said the learning curve a couple of years ago was for buyers – agents would take them through a couple of unsuccessful bidding wars and they would realize how competitive it was. Now, he said, the learning curve is for sellers, who think their realtor’s price is way off-base – on the low side.”
“‘They’re saying, ‘My friends, my neighbour, he had 17 offers and he was listed at $899,000 and now you want to list mine at $799,000 and test the market?!’ Tunis said. But if that friend listed six or even three months ago, things have changed since then, he said.”
“‘We have a bit of a adjustment to make coming off of this frothy market,’ said Donna Bacher, past president of the local realtors association. ‘There’s less competition for the fixer-uppers,’ she said. ‘People are less willing to go crazy and pay anything for that. (Buyers) are able to put in conditions, and sellers aren’t being rewarded for deferred maintenance – which we were seeing a lot of.’”
The Barrie Examiner. “To get a firm grasp on the last six months of the central Ontario real estate market, Toronto Real Estate Board’s Stratus System punched out some numbers based on homes sold and inventory available in July 2017 versus when the market was hot in March, and compared them to this time last year. In Barrie, there are currently 685 active listings. Slightly more than 200 homes were sold in July at an average selling price of $471,822.”
“However, in the height of the real-estate storm in March, 272 homes sold but there was very little inventory with only 294 homes for sale at an average sale price of $570,199. One year earlier, there were 260 homes for sale and 208 sold in July at an average price of $433,147. While year-over-year average house price is up about 8%, the average sale price has dropped since March by 17%.”
“Peggy Hill, with Keller Williams Experience Realty, said the over-heated market had already started cooling before the provincial government stepped in. One in every four real estate offers had problems, she said, adding at the height of the storm, in one evening they had 33 offers on the same home. ‘I think buyers were tired of fighting and just backed off on their own,’ Hill said.”
From Insauga. “This, it seems, is good news. According to CREA, a national sales-to-new listings ratio of between 40 and 60 percent is generally consistent with balanced national housing market, with readings below and above this range indicating buyers’ and sellers’ markets respectively. ‘Based on a comparison of the sales-to-new listings ratio with its long-term average, more than 60% of all local markets are in balanced market territory,’ CREA writes. ‘In the Greater Golden Horseshoe region, housing markets that recently favoured sellers have become more balanced, with some beginning to tilt toward buyers’ market territory.’”
“Could it be? Could we really be swinging back towards a buyers’ market after months of wild over-asking offers and bidding wars and open houses packed with hundreds of desperate prospective homeowners? As far as prices go, data indicates that the frenzy is indeed over.”
From Global News. “Is a lack of supply really behind sky high prices in the Toronto market? New analysis by Bloomberg using data from the 2016 Canadian Census suggests that may not be the case. The report found that Toronto grew by 146,200 households between 2011 and 2016, but that over the same time period 175,825 new homes were built. That suggests a surplus of nearly 30,000 homes.”
“The other big question is whether a supply glut could actually prompt a correction. Half of young adults in Toronto live with their parents — the highest ratio in Canada — which according to bank economists is actually slowing household formation.”
‘Market psychology clearly has changed since April in the region. Gone is the earlier frenzy.’
We are not in the market we had in the first four months of the year. That was a fantasyland. That was short-lived but now we’re back to a market where houses are not going to sell in a matter of hours’
‘There’s less competition by buyers in general, but especially for fixer-uppers that might have still attracted a fistful of generous offers back in the frenzy days’
‘There’s less competition for the fixer-uppers,’ she said. ‘People are less willing to go crazy and pay anything for that.’
‘Could it be? Could we really be swinging back towards a buyers’ market after months of wild over-asking offers and bidding wars and open houses packed with hundreds of desperate prospective homeowners? As far as prices go, data indicates that the frenzy is indeed over.’
But not a word of a bubble.
“realtors tend to be a sunny-lot”
boy is THAT an understatement!
(still waiting for Apt 401. someone better ring-up Carlton, his doorman)
“That was a fantasyland.”
Manias seem to be very pleasurable for those who get taken in hook, line and sinker. Sadly, they are also historically fleeting, soon to be chronicled in the history of mass insanity.
“Less competition for fixer-uppers…”
Possibly because all the decent-condition fixer-uppers have already been snapped up. The HGTV show Love It Or List It was based in Toronto and full of nightmare houses. Asbestos insulation, literally crumbling foundations, weakened joists, rusted piping, termite beams, octupus furnaces… all very expensive fixes. In most areas of the country it would be enough to basically total the house.
‘India is asking Canada to help it track down the assets of key members of a multi-million-dollar international drug syndicate that was operating from the state of Punjab. India’s Enforcement Directorate (ED) moved a ‘letter of request’, under the Prevention of the Money Laundering Act, seeking details of properties owned by the accused in Punjab’s multi-crore synthetic drug racket in Canada and UK, local media said.’
‘In the letter of request, the ED also provided a list of the persons who are suspected of having bought properties in Canada and UK from the proceeds of the crime.’
Like the Canucks care about India’s financial problems.
“Let’s see … we can force these people to sell their properties and all assets, clear out their Canadian bank accounts and send the money back to India, which could amount to many, many billions … or we could pay them lip service, throw a bone at them, but otherwise act dumb … decisions, decisions.”
‘They’re saying, ‘My friends, my neighbour, he had 17 offers and he was listed at $899,000 and now you want to list mine at $799,000 and test the market?!’ Tunis said. But if that friend listed six or even three months ago, things have changed since then, he said.’
One would think such a change in 3 months would grab the attention of economists everywhere. It’s quite a teachable moment.
17 offers and he was listed at $899,000 and now you want to list mine at $799,000 and test the market ??
LOL…Some owners see their equity in their house like a savings account…When the price drops its as if someone stole their money…They get angry and resistant to accepting something less than what they thought it was worth…
Well, he doesn’t want to “give it away”
Funny how people are more willing to accept prices dropping in the stock market than in real estate. You’d think they’d be glad to walk away from closing with a check, as opposed to having to bring a check to closing.
“Not gonna give it away”. Took the words right out of my mouth.
And this is why there needs to be a Bear/Lehman moment. People will continue with the “whadda ya mean my house is worth less” until they see the BREAKING NEWS scrawl across their 60 incher.
The moment was when China clamped down January 1st, and the government crackdown a few months ago. This is also where sellers chase the market down.
This is also where sellers chase the market down ??
And when that happens the fangs come out on the buyers…The buyers can have every bit of high expectations on the way down as the sellers did on the way up…
Just like last time buyers can outwait sellers pretty easily. But last time the Fed gave the sellers a stay of execution. Will the same thing happen again?
“And this is why there needs to be a Bear/Lehman moment.”
In due time. The real economy can only endure so much rampant encouragement from central planners to make foolish long bets before global financial collapse ensues.
“The buyers can have every bit of high expectations on the way down as the sellers did on the way up…”
The tricky thing for buyers to figure out is how to catch the falling knife at the point in the collapse phase of the cycle when central planning authorities (e.g. the Fed, the U.S. Treasury, etc.) will intervene to prop up the market.
If you can get the timing right on government intervention measures, you can turn yourself into a millionaire overnight.
Some of my work colleagues got lucky with their home purchase timing just before the Fed stepped in to prop up housing prices, circa January 2012. Insiders have it made in the shade.
“…the Fed gave the sellers a stay of execution. Will the same thing happen again?”
If you get that one right, you can retire next year and spend the rest of your life touring the world’s great tourist destinations without ever worrying about running out of money, so long as you avoid the temptation to invest in real estate.
“Some of my work colleagues got lucky with their home purchase timing just before the Fed stepped in to prop up housing prices, circa January 2012.”
Footnote: They are completely oblivious to the fact that or reasons why they got lucky on their timing. If the Fed hadn’t intervened, they would be underwater and bitter.
You’re right, P-bear. Whatever the reason, early 2012 was a good time to buy.
“Whatever the reason, early 2012 was a good time to buy.”
The folks I know who bought then benefited from dumb luck, as none of them had a clue about bailouts going on behind the curtain.
If you buy below reproduction cost, it is a pretty safe bet you’ve made a good deal. It’s not always easy to see the value in a depressed market, just as many don’t see the risk in an inflated market.
“Funny how people are more willing to accept prices dropping in the stock market than in real estate.”
I actually hadn’t noticed that. Luckily the stock market always goes up…normally.
Dow posts biggest one-day fall in 3 months; concerns over Trump agenda grow
- The index started falling earlier on fears that Gary Cohn, a business friendly advisor to the president, could resign his role as director of National Economic Council because of Trump’s remarks following the violent protests in Charlottesville, VA.
- The concern remains that members of Congress and others in the business community would not want to work with the President following the backlash that led Trump to dissolve two CEO advisory forums.
Fred Imbert
Published 12 Hours Ago | Updated 3 Hours Ago
…
Bad news for the stock market: The Hindenburg Omen is back
Published: Aug 17, 2017 5:19 p.m. ET
Strategist alarmed by frequency of technical pattern in recent days
AFP/Getty Images
The Hindenburg airship flies over Manhattan in one of its last journeys…
By Sue Chang
Markets reporter
The dreaded Hindenburg Omen is back.
Named for the German airship that met its demise in a fiery crash 80 years ago, the appearance of this technical pattern sometimes portends a stock-market crash.
Even as the S&P 500 (SPX, -1.54%) and the Dow Jones Industrial Average (DJIA, -1.24%) rose Wednesday, there were more stocks hitting 52-week lows than 52-week highs on the New York Stock Exchange — something the market hasn’t seen since July 2015, according to Jason Goepfert, president of Sundial Capital Research,
And this divergence has triggered a Hindenburg Omen on the S&P 500 for five out of the last six sessions.
“It is a serious signal that highlights times of decoupling within an index or exchange. The S&P hasn’t suffered five signals so tightly clustered since 2007, and 2000 prior to that,” he wrote in a report.
Such clusters typically lead to poor returns in subsequent days and the last time a similar trend emerged, in November 2007, stocks fell by 1.6% in the following week and 2.3% two weeks later.
A year later, the S&P 500 was about 40% lower.
…
LOL…Some owners see their equity in their house like a savings account…When the price drops its as if someone stole their money…They get angry and resistant to accepting something less than what they thought it was worth…
Just Dave’s usual disingenuousness on display.
No, home debtors don’t think of their house as a savings account, they think of it as an investment. It’s not just supposed to return to them all the money they paid, but rather to grow to the sky, like Jack’s magical beanstalk.
Along with your ignorance on display…I have forgotten more about real estate then you know…
Meaning you’re old and either have alzheimers or dementia, but you used to know a lot. Regardless, not much of a come back!
You’re not even getting to the podium in the ‘tard olympics with that logic.
“…return the equity…..”
I bought my foreclosed home in 2010 and the increased equity exceeds the total ownership cost over the last 84 months (in Oct. 2017). So it does happen sometimes.
“When the price drops its as if someone stole their money…”
That’s the point when people who normally claim to be anti-government demand government bailouts to make them whole.
Yeah, good ol’ hard-working, get the government out of my way, do everything better than public sector, smartest guys in the room, private sector masters of the universe? Those guys?
Yeah, the same guys who wouldn’t commit to a 300-count box of Q-tips because of “regulatory uncertainty.”
That phrase ,by the way, is code for “we’re too greedy to settle for the profit based on our [inferior] goods and services. We either want gov handouts or the leeway to cheat.”
‘But if that friend listed six or even three months ago, things have changed since then, he said.’
It kind of seems like the Housing Bubble 2.0 peak has come and gone without a peep of acknowledgment in the MSM.
Not long from now, everyone and his dog will claim to have called it.
I won’t be claiming to have called a bubble top in 2017…….because i don’t think the market will peak until 2020 at the earliest, here in the Sacramento foothills. And then, it’s not going to be much of a correction, because values are not really bubblicious here. I am selling a house this month that is priced 31% below what it sold for in 2006.
I’m hoping foreigners buy houses in my hood and don’t live in them.
1. don’t send kids to school $$$
2. no more traffic
3. no extra “services” demanded
=lower taxes
I might be a globalist LP.org
No I don’t think you want globalism. For every wealthy foreigner buying a house to leave empty, there are 3 clans of poor foreigners willing to live in that house. My nabe was built for one car per house. Now there are 3-4, one of which is almost always a white contractor van or beater pick-up.
By the way, re yesterday’s discussion of repo-men: what are the tell-tale signs of a vehicle being repo’d? I would love to see it in action. I need a little shadenfreude, at least for the behemoths.
same here in 22151
built in 60’s -pols are scared to enforce zoning
Oxide - you have touched upon a raw nerve indeed!
usual pattern as the lower class stretches to afford the “better neighborhood”:
* promptly use 2-car garage as storage for personal items. make it look like shithole / never organize it. open main garage door once a year to look for missing cat when horrible stench develops.
* fill-up 2 car driveway with vehicles 24/7. park HUGE RV, boats, junkers etc there also. then spill out to the street with . .
* 5+ MORE beater cars from relatives/friends/Airbnb’rs that arrive to help make the rent, which leads to . . .
* MORE cars spilling over to neighbors frontage. Of course, irritated neighbors are insensitive jerks for not being sympathetic to the plight of the underclass/average working person “just trying to make it” as the street clogs-up with vehicles from similar residential situations.
soon enough, as you mentioned, the place resembles the hood from where they left.
responsible good people move out.
scumbags follow.
rinse.
repeat
until price barrier is met.
(including never-ending service/repair/maintenance workers to his personal fleet, my neighbor across the street had over 12 VEHICLES taking up 80% of the street parking one day!
Reminded me of a typical Florida used car lot plopped down in front lawn of a house . .. hodge-podge of shoe polish windshields of fine iron! HAHA)
no offense Palmy
“Insensitive jerks” is being charitable. Have you seen the name calling on the new-site comment sections? Just asking that people keep their trash in a trash can is enough to start a thread of serious hate speech.
Definitely a YUP on the many cars for many relatives. But luckily not all of the houses around here are like that. The bubble prices are good for keeping out riff-raff.
“new-site comments sections” ?
sorry, news-sites, any news website with a comment section.
thanks for the clarification. relief that post-coffee daze & confusion is only Zeppelinesque. for now anyway.
figured I’d plan ahead / get a tattoo that reads: “DON’T PUT ME IN A NURSING HOME ! ” so when I stroke-out to drooling idiot stage the kids MIGHT feel some remorse.
probably safe as nothing short of a level 10 Richter scale quake would dislodge ‘em from video games.
* MORE cars spilling over to neighbors frontage. Of course, irritated neighbors are insensitive jerks for not being sympathetic to the plight of the underclass/average working person “just trying to make it” as the street clogs-up with vehicles from similar residential situations.
I have a next-door neighbor who’s got two daughters in their twenties. The boyfriend of one of the daughters also lives with them. Apparently, he has a tough time holding down a job, even at Home Depot or KFC. A couple of years ago this young guy had an old unregistered Lexus parked on the street in front of my house. I didn’t pay much attention to it until one day when I noticed that the headlights were missing. I asked my neighbor about it and he said that the kid was selling parts from the car. My neighbor was so fed up with his daughter’s boyfriend that he told me to call the police if it bothered me. I didn’t really care. I didn’t see that section of street in front of my house as something that belonged to me.
High density suburbia is overrated.
“…he said that the kid was selling parts from the car.”
I had a repo where the black boyfriend borrowed his white girlfriend’s car and sold the wheels for some quick drug money leaving the car resting on the disc rotors. Heck of a guy.
My garage is full of stuff, and it’s a mess. But only one nice vehicle
On the flipside, the strange renter neighbors have a lot of random vehicles. They like to rev their sports cars at midnight on Sunday. Russian or Ukranian software developer I assume.
All guest spots in the neighborhood are ALWAYS taken, it’s very annoying. PITA to have get togethers due to lack of parking.
Townhouses, asking for non-end unit is ~$520K. One just sold and another immediately went on the market. Some work vans, many Indians and such looks like Bangledesh with all the hajibs hehe. Neighbors are mostly chill, we don’t bother each other I suppose.
Looking for higher paying job though, need to move the income up so I can buy something.
ahhh yes. I remember my townhome community rental days prompted by your comments, Ethan.
yep, those few guest spots were very coveted.
also remember the youngish yuppie new owner couple quickly removing the faded red & black déclassé “Beware Of Dog” sign on the oh so very small backyard wooden fence gate …. then it reappeared a month later: same exact sign!!
wife & I had a good over that
I just looked up my old rental townhouse complex. The rent hasn’t gone up as much as I expected it too, but now they charge $150/month per parking space, in a plain old unassigned lot. (5 years ago it was open parking) That’s a good way to cut down on the multifam pack. Also a good way to drive such folk to the older SFH nabes with the free street parking.
By the way, re yesterday’s discussion of repo-men: what are the tell-tale signs of a vehicle being repo’d?
A tow truck with the words “Asset Recovery” as part of the business name stenciled on the side. They prowl around or sit in wait for their quarry.
Last spring I started seeing an unusual number of tow trucks in my area and wondered what was going on. It’s not like I had noticed a bunch of abandoned vehicles, so it seemed rather curious.
Often I would see them just sitting somewhere in the evening. I noticed the words Asset Recovery in the business name stenciled on one of them and decided to google the company name.
It’s possible some don’t even use this wording; not sure if it’s required. But if you see it, it’s a dead giveaway.
Hmmm, thanks. I guess another giveaway is if a two truck is towing a new vehicle without any visible accident damage.
Fawkin’ banksters…
Business
Who Snatched My Car? Wells Fargo Did
August 2, 20175:47 PM ET
Heard on All Things Considered
Chris Arnold
A Wells Fargo Bank branch office in San Francisco. The bank acknowledges it signed up nearly 500,000 auto-loan customers for insurance they didn’t need.
Justin Sullivan/Getty Images
Wells Fargo is back in the spotlight for another scandal. This time, for signing up 490,000 auto-loan customers for insurance they didn’t need.
This comes less than a year after the bank generated a massive public outcry for opening millions of unwanted accounts for customers.
Customers who already had car insurance say they had no idea they were being charged for this insurance from Wells Fargo. And the bank acknowledges that tens of thousands of people wound up in default, which affected people’s credit scores, and thousands had their cars repossessed.
One of them was Michael Feifer.
One morning in February, he was heading off to his job in Maryland at a company that builds guitars. He walked to the spot where he’d parked his car, but it wasn’t there.
“I called the police,” he says. “I was livid. I thought somebody stole my car.”
Somebody had improperly made off with Feifer’s car. But it wasn’t a car thief. It was Wells Fargo bank. The police informed him of this when he called them. “That’s when I found out it was repossessed,” he says.
Feifer says he had no idea why the bank would repo his car. He says his payments were automatically taken out of his checking account.
“I’ve never missed a payment,” he says. “My insurance was current.”
…
every bank every company has cooked the books.
that’s the norm.
“behemoths”
Kindly define that term.
By “behemoth” I mean giant shiny new tricked-out trucks with frillies intended primarily for showing off. If someone is driving a beater pickup, at least the guy is trying to live within or only slightly above his means, and he probably needs the truck for his job. I’d almost feel bad if his truck was repo’d.*
But the behemoth is a sign that the guy is more interested in the family jewels than in his family (if you know what I mean). I would love to see this guy’s peg get taken down a peg.
——————-
*unless he’s an illegal immigrant, which is likely, but that’s a different issue.
“…more interested in the family jewels than in his family (if you know what I mean)…”
That’s funny.
These kind of guys are wonderful liars, and the ladies love to hear their palliative song.
Repo man signs……they cruise the nabe for a couple of weeks before they snatch…..look for the tow trucks with the quick pick forks that grab the tires..
I know of someone who put a really crummy shack on the market in my little burg. Asking price was 260K. It sold for 275K.
From what I’m hearing, that price point is the sweet spot where I live, the house sells in one day. Houses 300K and above? Not so much.
Cleveland…what a dreadfully sounding name.
- Anastasia
Cleveland Now Leads U.S. Cities for Seriously Underwater Homes
Prashant Gopal - August 17, 2017 - Bloomberg
Ohio city overtakes Las Vegas for top spot in survey
The share of homeowners in the Nevada city whose loans are higher than the property’s market value by 25 percent or more fell to 20 percent in the second quarter from 55 percent four years earlier, according to figures released Thursday by ATTOM Data Solutions. Cleveland’s share was 22 percent, down from 39 percent in the second quarter of 2013, when the research company began tracking the data.
“The underlying economic and demographic fundamentals being stronger in Las Vegas will mean the seriously underwater rate will continue to go down at a faster and steadier pace than what we see in Cleveland,” said Daren Blomquist, senior vice president at the firm.
“Cleveland…what a dreadfully sounding name.”
We’re Number 9!
The 10 Most Dangerous U.S. Cities
Corvallis, OR Housing PricesCRATER 19%YOY
http://www.movoto.com/corvallis-or/market-trends/
That’s great news as I like Corvallis, OR.
I’ll be there on Monday to watch the eclipse. I’ll report back on the market conditions according to actual observations……vs computer algorithms……HA!
“Half of young adults in Toronto live with their parents — the highest ratio in Canada — which according to bank economists is actually slowing household formation”
Maybe, just maybe, they aren’t interested in forming new households, and even if they were, they can’t afford it. So it’s staying in the old bedroom at mom and dad’s place. With all the money they save, they can probably buy that nice Eurolux car and take fancy vacations.
millenials simple don’t like
houses
cars
harley
savings
money
etc
Good and bad at real estate class last night. The good was the instructor pointed out clearly and repeatedly that house prices can and will go down sometimes.
Unfortunately then taught the rest of the class several things that still assume houses always go up. And insisted that the Federal Reserve is controlled by the elected officials since the board is appointed. And seemed grateful for their meddling in the market.
The good was the instructor pointed out clearly and repeatedly that house prices can and will go down sometimes.
This should really be unnecessary. Every one in there has got to be old enough to remember that it happened a few years ago.
Yeah, it would be crazy to have forgotten a 3% down payment can get wiped out in a month.
A 3% down payment is pretty much ALWAYS wiped out the day you close, since it takes at least 6% sales cost to get out.
‘it takes at least 6% sales cost to get out’
Not if you walk away, which is what underwater people do if they think it’s good money after bad.
‘it takes at least 6% sales cost to get out’ ??
or more…
This should really be unnecessary. Every one in there has got to be old enough to remember that it happened a few years ago.
You would think. But I think the demographics of the class warranted a reminder. Lots of young people and people who may not have lived in the USA last time around. Most people don’t pay attention until it affects them personally.
It’s not a case of “not remembering”, it’s fraud. They say this sort of thing to cover their a**. The housing market is filled with fraud from top to bottom, and used house sellers are a part of it.
Talking out of both sides of your mouth, i.e. saying one thing directly, but then slyly promoting it’s opposite, is a direct indicator of deliberate and knowing fraud. It’s the “wink-wink” of an insider.
Why are you taking the class? Going to do some realtor-ion on the side, or are you just keeping your friends close and your enemies even closer?
I may take a class like that some day for the naked pleasure of offending as many as possible by questioning their religious beliefs.
Why are you taking the class? Going to do some realtor-ion on the side, or are you just keeping your friends close and your enemies even closer?
I don’t know what will happen with the clampdown on money leaving China, but my wife has a bunch of friends in China that would like to buy American real estate but won’t work with anybody they don’t know. So it’s an opportunity that I’d like to be ready for if it materializes.
Remember…… Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.
“= lower taxes ”
dream on, my good man. no insult intended, but govt always ALWAYS finds a “justifiable use” for surplus tax revenue . . . and it ain’t going back to your wallet. at least not without a fight.
ex: our heroic firefighters are so numerous & bored that every time they rescue a treed kitten, dog in a hole, or spend a weekend fundraising (it’s “dangerous panhandling” if mere citizens dare to beg on the street meridians) for a hospital, it makes news!
g’head Mr. Kotter. Just TRY to reduce their union-backed staffing levels: you’d think the world would end to hear them piss, sob & moan about “increased response time” “unsafe manpower levels”, ad nauseam. puts even the SJW bleatings to shame in it’s intensity.
been through all that here in Sacramento area.
from realtors to financial hucksters to public health officials et.al EVERYONE thinks THEIR job is necessary & indispensable.
** now all the people employed by & relatives of the above-mentioned occupations will instantly fume and rant, instead of taking an objective hard REASONED look at all the angles because of course when it’s YOUR job loss then it’s a depression!
(yes, intentionally mangled metaphors. sue me . .. if you can get a civil court date in under 2 years! haha)
makes you wonder how those teachers 100 years ago managed to educate so many students, on multiple grade levels, in a rustic yet workable schoolhouse without a massive support staff?
Like Rome, America has gone so soft.
look at city-data
if the average age is over 40 for the county taxes are lower. especially right to work states
home fires are down 70%+ since the early 80s. My county just built a firehouse in an area w 0 new buildings
rerite under age 50
DebtDonkeys.
Probably due to the decrease in smoking, especially falling asleep in bed while smoking. Nowadays even the smokers smoke outside their own homes.
‘Like Rome, America has gone so soft’
Wait a minute: Rome has lots of old statues of slaveowners.
But anyone who seceded from the Union was a traitor. Yet just a couple months ago California and others were trying to secede. Hmmm. And this resistance to the federal government these statue guys did, isn’t that kinda like sanctuary cities?
Wait again! Wasn’t Obama “pretty good at killing” brown people? I’m offended!! I want his image taken off every post office. And if you disagree you are racist! (Maybe “racist” is one of those words Mike says have lost their meaning from misuse?)
Ben, there you go again bringing a flashlight to a slumber party when the cool kids are trying to play spin the bottle in the dark.
CA natural beauty has been surpassed by its avoidable myriad of hellish social problems. Moderates (present self included) don’t relish the situation but it seems that demographics has taken over in a one-way trip over the falls.
I would expect those problems and more with California being the most impoverished state in the US.
Wait again! Wasn’t Obama “pretty good at killing” brown people? I’m offended!! I want his image taken off every post office. And if you disagree you are racist! (Maybe “racist” is one of those words Mike says have lost their meaning from misuse?)
Maybe that’s what will happen if the word gets misused in that way.
‘if the word gets misused in that way’
Now just who do you think you are? Maybe you didn’t see I claimed OFFENDED status (OS) first! As such my OS grants me the moral (and maybe legal, depending on what city I’m in) to call you any name, spit on you, squirt pepper spray in your face, hit you to the ground and wave a Californian flag. And any or all of these actions can cause you ZERO offense because I have OS.
However. I will waive my OS for one paragraph to prove Obama is a racist. When he sent drones in to blow up wedding parties, how many white people were killed? None, zip, zero. Ip·so fac·to he is a racist. Were he handing out traffic tickets only to brown people and never a white person, he’d be found guilty in a minute.
OS reclaimed: you voted for this pig, therefore you are a deplorable racist. Now I want every photo and monument to Obama taken down! No discussion, no legality.
What do we want?
Justice!
When do we want it?
NOW!
How do Communist Sympathizers acquire their OS? Who is the governing authority granting access to this status?
In India they have raised this sort of thing to a high art form http://www.hindustantimes.com/editorials/the-maratha-protest-in-mumbai-is-a-sign-of-a-growing-unrest-across-the-country/story-mYWnsRXZDpoTewocPwVD6J.html
I’m not sure how much they bother with the “I’m offended” thing, they just go straight for the quotas, set-asides, and money.
And you don’t actually have to be one of the lowest-caste oppressed groups to get in on the action, as the article shows.
Report: ‘Unite the Right’ Organizer Jason Kessler Was Obama Supporter Involved With Occupy Movement
by ZeroPointNow
Aug 14, 2017 12:04 PM
http://www.zerohedge.com/news/2017-08-14/report-%E2%80%98unite-right%E2%80%99-organizer-jason-kessler-was-occupy-movement-obama-supporter-8-m
Why Was This ‘Crowd Hire’ Company Recruiting $25 An Hour ‘Political Activists’ In Charlotte Last Week?
by Tyler Durden
Aug 17, 2017 3:45 AM
Trump ignited a political firestorm yesterday during an impromptu press conference in which he said there was “blame on both sides” for the tragic events that occurred in Charlottesville over the weekend.
Now, the discovery of a craigslist ad posted last Monday, almost a full week before the Charlottesville protests, is raising new questions over whether paid protesters were sourced by a Los Angeles based “public relations firm specializing in innovative events” to serve as agitators in counterprotests.
http://www.zerohedge.com/news/2017-08-16/why-was-crowd-hire-company-recruiting-25-hour-political-activists-charlotte-last-wee
https://www.youtube.com/watch?v=F-t8PngHgWY&list=FL7eae9vN5nscob9_AU1xvIA
By the way, I saw this recently:
Donald Trump Is Dropping Bombs at Unprecedented Levels
The candidate who once warned America about Hillary Clinton’s hawkishness is turning into a war machine.
By Jennifer Wilson, Micah Zenko
August 9, 2017
Throughout the 2016 campaign, many people opposed to Donald Trump’s candidacy were nonetheless reluctant to endorse Hillary Clinton, in part because of her relative hawkishness. Candidate Trump had a decades-long career in the public eye that demonstrated plenty of reason to worry he would be a disastrous president, but he lacked the long career in public service that fueled worries about Clinton’s approach to the use of force, and her alleged desire to expand executive war-making powers past what she inherited from her predecessor.
Six months into Trump’s presidency, we now have enough data to assess his own approach. The results are clear: Judging from Trump’s embrace of the use of air power — the signature tactic of U.S. military intervention — he is the most hawkish president in modern history. Under Trump, the United States has dropped about 20,650 bombs through July 31, or 80 percent the number dropped under Obama for the entirety of 2016. At this rate, Trump will exceed Obama’s last-year total by Labor Day.
http://foreignpolicy.com/2017/08/09/donald-trump-is-dropping-bombs-at-unprecedented-levels/
So, Obama was about 2/3 as warlike as Trump? And that was OK?
If 2/3s of the more hawkish president is OK, but that total is still measured in the 10’s of thousands of bombs, we’ve lost our moral compass completely.
don’t blame me, I voted for Dale the School Crossing Guard.
I really did. and took a pic of my ballot as proof.
told the wife someday I might need some evidence of innocence if the door - to - door raids begin.
I’d much rather walk by a lamppost than swing from one.
we’ve lost our moral compass completely ??
Yes we have….And Trump is only driving it further into the ditch…
So, Obama was about 2/3 as warlike as Trump? And that was OK?
Nobody said that. What’s noteworthy is that some people thought that Trump would be less warlike.
‘In July, the coalition to defeat the Islamic State (read: the United States) dropped 4,313 bombs, 77 percent more than it dropped last July. In June, the number was 4,848 — 1,600 more bombs than were dropped in any one month under President Barack Obama since the anti-ISIS campaign started three years ago.’
He did say he was gonna stop ISIS and it’s almost done. Here’s a question Mike: how many of these conflicts were ongoing? And in stopping ISIS, it’s quite the opposite of Obama:
‘What ex-CIA Michael Morell doesn’t want you to know about the 2012 Pentagon memo Trump has cited to charge that Obama knew his policies would fuel ISIS.’
https://www.foreignpolicyjournal.com/2016/07/01/obama-and-the-dia-islamic-state-memo-what-trump-gets-right/
You’ve seen all this before, but chose to ignore it:
Now the truth emerges: how the US fuelled the rise of Isis in Syria and …
https://www.theguardian.com › Opinion › Islamic State
Jun 3, 2015 - In stark contrast to western claims at the time, the Defense Intelligence Agency document identifies al-Qaida in Iraq (which became Isis) and …
Jul 1, 2016 - The Islamic State of Iraq and al-Sham (ISIS) would capture Mosul in June 2014, and in a seemingly unprecedented blitz across Anbar, seize …
US ex-intelligence chief on ISIS rise: It was ‘a willful Washington …
https://www.rt.com/usa/312050-dia-flynn-islamic-state/
Aug 10, 2015 - I think it was a willful decision,” the former DIA chief said. READ MORE: Iraq Diary, Day 8: Does the DIA report talk about ISIS roots?
2012 Defense Intelligence Agency document: West will facilitate rise of …
https://levantreport.com/…/2012-defense-intelligence-agency-document-west-will-faci...
May 19, 2015 - The document shows that as early as 2012, U.S. intelligence predicted the rise of the Islamic State in Iraq and the Levant (ISIL or ISIS), but …
Most of these bombs were to drive ISIS out of Mosul. I said here in 2012 we were supporting some bad people in Syria, but Hillary had her plans. I wonder what kind of cluster-fark we’d be in had she won?
Oh, and they are killing Al-Qaida instead of giving them money and arms like Clinton/Obama did. Now back to your so important statues.
He did say he was gonna stop ISIS and it’s almost done.
We’ll se about that. That article mentions at least different countries. We went to war against al-Qaeda and the Taliban 16 years ago and haven’t stopped them.
Now back to your so important statues.
I don’t have any statues. It’s Trump, the New Yorker, who’s complaining about the decisions of Southern cities and towns to take down their old statues. Meanwhile, 1/7 of his term is gone and he’s done nothing about bringing manufacturing jobs back to the Rust Belt.
Trump lives in your rage-ravaged skull, rent free.
“Trump lives in your rage-ravaged skull, rent free.”
Rare footage of Hillary’s Election Night Party.
https://www.youtube.com/watch?v=X6IxQg6h708
jeff
Good to have you back, bro’.
Hillary lives in your confused skull.
‘A manhunt was underway for the driver of a van that mowed through crowds of tourists on Barcelona’s most famous avenue on Thursday, killing at least 13 people in an attack that was claimed by Islamic State.’
‘Authorities said the death toll could rise, with more than 100 people injured, some seriously.’
http://news.trust.org/item/20170818000705-2e5q5
‘…the driver of a van that mowed through crowds of tourists on Barcelona’s most famous avenue on Thursday,…’
Sounds like Barcelona has similar problems with domestic terrorism to those that hit Charlottesville last Saturday.
“He’s done nothing about bringing manufacturing jobs back to the Rust Belt.”
I’ll just leave this here:
http://www.reuters.com/article/us-apple-foxconn-wisconsin-idUSKBN1AB258
“Yet just a couple months ago California and others were trying to secede. Hmmm.”
Oh, the irony.
http://www.latimes.com/politics/essential/la-pol-ca-essential-politics-updates-calexit-part-two-as-another-initiative-1503000865-htmlstory.html
http://www.sacbee.com/news/politics-government/capitol-alert/article167823307.html
Traitors. Then again, win-win do you leave?
‘German Chancellor Angela Merkel was greeted with shouts of “traitor” by a rowdy group of right-wing protesters in east Germany on Thursday as she defended her decision to allow hundreds of thousands of refugees into the country.’
‘Roughly five weeks before an election in which she is expected to win a record-tying fourth term, Merkel veered from her stump speech, acknowledging “difficult times” in 2015 when a flood of asylum seekers, many from the Middle East, entered Germany.’
‘It was her first campaign stop in eastern Germany, parts of which have been fertile ground for anti-immigration politics. “Many people were worried. They said to themselves: ‘What about us? Are we still important or are only the refugees important’?” she told a crowd of several thousand in the central market square in Annaberg-Buchholz.’
‘They chanted “traitor” and “get out of here” as she took the stage, holding up signs that read “Regime Change in Germany!” and “CDU - we are destroying Germany”, a reference to her conservative Christian Democratic Union (CDU) party.’
“I’ve voted for Merkel in the past, but I can’t anymore,” said Reiner Krueger, a 64-year-old retired baker who came to see her speak. “She made a huge mistake with the refugees. They are hoping people forget but I can’t.”
http://www.reuters.com/article/us-germany-election-merkel-idUSKCN1AX263
makes you wonder how those teachers 100 years ago managed to educate so many students, on multiple grade levels, in a rustic yet workable schoolhouse without a massive support staff?
There’s a real answer to that. The teachers were allowed to use whips on the children (usually the teenaged boys in the back), or beat their hands with the ruler if they misspelled a word. And when the parents found out, they didn’t threaten to sue the teacher for triggering their precious angel snowflake. Heck no. Father took the kid out to the woodshed and beat the kid a second time. Laura Ingalls Wilder wrote about it in the Little House books. The parents knew the free schooling was a rare gift not to be wasted.
Even in the 1950s students were paddled. My brother made his own paddle in shop and burnt his name into it.
It seemed to be an object of pride for him.
The 50’s? My senior year in the 80’s we had a senior skip out day. Next morning, they lined us all up in front of the school and gave us a few whacks before we could go in, boys and girls.
“gave us a few whacks”
Seriously?
Child abuse!
‘Child abuse!’
I would have traded that for having to wear long pants and no air conditioning.
Come to think of it, my grade school had a dress code, plus the principals had the right but not the obligation to hit us with their hands or various other weapons of arse destruction.
Most of us lived to tell about it.
Alameda, CA Housing Prices CRATER 15% YOY
http://www.movoto.com/alameda-ca/market-trends/
unfortunately any small tax decrease is offset by increased utilities, which occur like clockwork.
here in the ‘GOLDEN STATE’ our bought & paid for govt overlords learned their financial lessons well from the last bust by passing new laws (without citizen vote or review by the way) that give utilities broad powers to lien your property for any delinquent or unpaid bills.
which emboldens them to gouge relentlessly since the CA PUC is a weak spineless circle-jerk that rubber-stamps rate increases.
obviously the protected utilities did NOT like getting stuck w/all those unpaid balances from the last housing bust as people jingle-mailed the keys & skipped town.
Why buy it when you can rent it for half the monthly cost? Buy later after prices crater for 75% less.
Mountain View, CA Housing Prices CRATER 12% YOY
http://www.movoto.com/mountain-view-ca/market-trends/
Mountain View, Colorado housing prices CRATER 78% YOY….
At that point…. it might be priced correctly.
If you can spare the time, this course might be worth a look:
Bitcoin and Cryptocurrency Technologies
‘Are you or have you ever been a member of the Republican Party?’
(Soft knocks at the door)
Chong: Who is it?
Cheech: It’s me, Dave. Open up, man, I got the stuff.
(More knocks)
Chong: Who is it?
Cheech: It’s me, Dave, man. Open up, I got the stuff.
Chong: Who?
Cheech: It’s, Dave, man. Open up, I think the cops saw me come in here.
(More knocks)
Chong: Who is it?
Cheech: It’s, Dave, man. Will you open up, I got the stuff with me.
Chong: Who?
Cheech: Dave, man. Open up.
Chong: Dave?
Cheech: Yeah, Dave. c’mon, man, open up, I think the cops saw me.
Chong: Dave’s not here.
Cheech: No, man, I’m Dave, man.
(Sharp knocks at the door)
Cheech: Hey, c’mon, man.
Chong: Who is it?
Cheech: It’s Dave, man. Will you open up? I got the stuff with me.
Chong: Who?
Cheech: Dave, man. Open up.
Chong: Dave?
Cheech: Yeah, Dave.
Chong: Dave’s not here.
Cheech: What the hell? No, man, I am Dave, man. Will you…
(More knocks)
Cheech: c’mon! Open up the door, will you? I got the stuff with me, I think the cops saw me.
Chong: Who is it?
Cheech: Oh, what the hell is it…c’mon. Open up the door! It’s Dave!
Chong: Who?
Cheech: Dave! D-A-V-E! Will you open up the goddam door!
Chong: Dave?
Cheech: Yeah, Dave!
Chong: Dave?
Cheech: Right, man. Dave. Now will you open up the door?
Chong: Dave’s not here.
Songwriters: MARIN, RICHARD / CHONG, THOMAS
http://www.lyricsfreak.com/c/cheech+chong/dave_20190868.html