December 4, 2017

Now They’re Having Trouble Filling Them

A report from Multi-Housing News on Washington. “Alex Henderson, who leads Grosvenor’s Puget Sound Co-Investment team, foresees renewed interest in development, given the potential oversupply of rental product and undersupply of for-sale product in the area. Henderson: ‘To my knowledge, there are very few condo products coming out over the next two years, especially in comparison with apartments, which continues to be a major challenge and opportunity for the Seattle housing market. When you look at the full development pipeline of Seattle, we are expecting 12,000 rental units this year and only a handful of condominiums.’”

The Seattle Times in Washington. “The strong economic growth of Seattle and Washington state appears to be downshifting. This assertion comes with plenty of qualifiers and questions, but early data are undeniable. I’m also skeptical that slower growth, or even an outright recession, would have much long-term effect on house prices in the city or the most desirable parts of the metro area. We’re now part of the enduring West Coast levitation seen from San Diego to San Francisco, lately in Portland, seemingly forever in Vancouver, B.C.”

“On the other hand, a growth slowdown might hurt. If it gets weak enough, we land in a ‘growth recession.’ That’s not an actual recession, where output goes into negative, but a slowdown significant enough that it shocks the economy. If a car suddenly goes from 90 mph to 25, you’ll feel it. Your face might hit the dashboard.”

The Mercury News in California. “Apartment prices in the Bay Area dipped last month, but renters, don’t breathe a sigh of relief — analysts expect prices to continue to climb in 2018. ‘Even when rents dip a little bit, they’re still more than twice the national average,’ said Sydney Bennet, a researcher for Apartment List. Nationwide, apartment prices fell in two-thirds of the major cities last month, she said.”

The Business Report in Louisiana. “The multifamily market in Baton Rouge appears to have softened in recent months, a result of continued pullback from the effects of last year’s flood and a seasonal slowdown. Craig Davenport of Cook, Moore & Associates says he’s generally seen some lower rents, more concessions offered to tenants and lower occupancy at apartment complexes in the area. Multifamily broker Chad Rigby says the market is ’softening’ as effects from the flood continue to dissipate and we enter the holiday season.”

“The student market, however, is one segment that is clearly being overbuilt, he adds. LSU is adding several hundred units with Nicholson Gateway and it recently announced a policy to require students to live on campus for their first year, moves that are expected hurt off-campus student housing properties.”

The Longview News-Journal in Texas. “Rents in the Longview area ticked down in November from the previous month and are down 3.1 percent year over year, according to Apartment List. The 0.7 percent monthly rent decline in Longview seems to be an ‘aberration,’ said Jim Tucker, owner of the Fairways Apartments on McCann Road, which has 152 units. ‘That really doesn’t happen unless we are in a recession or depression,’ he said.”

“The downward trend came as no surprise to Karen Holt, housing navigator with the East Texas Aging and Disability Resource Center in Longview. In a statement, she cited ‘aggressive, high-end conventional property development’ in recent years.”

“‘Based on numerous data sources, the supply for conventional or high-end properties is far greater than the demand at this time while the supply of affordable housing is lower and demand much higher,’ she said. ‘This effect causes rental rate drops on older, conventional properties trying to keep up their occupancy levels to maintain a level of financial security and compete with the newer properties that have been built in the past few years.’”

From KCCI 8 on Iowa. “This year alone, developers have built 4,000 new apartments in downtown Des Moines, but now they’re having trouble filling them. Buyers have so many options they don’t feel the pressure to make the decision to rent, so in order to entice renters, apartment complexes are offering $1,000-dollar gift cards, gift packs and even a couple months of free rent.”

“‘Four thousand brand new apartments have been added this year, and they’re adding 2,000 more for next spring and summer,’ said Brooke Van Sickle, assistant property manager at Confluence on 3rd. But all these new apartment complexes are having trouble filling their open spots. With so many options, people don’t feel a sense of urgency to rent. ‘People who are normally 100 percent full with their waiting list are now sitting between 90 or lower rates,’ Van Sickle said.”

“Confluence on 3rd opened in June, and they are still only 85 percent full. They are now offering a special of $300 off rent; and they’re not alone. ‘Everywhere downtown has to offer a special right now, which is odd. Downtown has never had to offer a special before,’ Van Sickle said.”

“R&T Lofts is offering two free months rent and has waived administration fees. Maxwell is offering one free month rent and different gift packages. ‘(It) helps to entice people to want to rent and it kind of keeps you competitive price wise, which is helping to drive the rents a little bit lower even,’ Van Sickle said.”

“‘Des Moines is on the map. It’s just on fire,’ said Lisa Howard, a real estate agent with Coldwell Banker. ‘Developers are coming down here and building or renovating old historic buildings.’ Howard does not think the low rent prices will stay for long. ‘The prices are high downtown. It’s expensive, and there’s high demand,’ Howard said. ‘Unless that demand changes, I don’t see the prices coming down. I really don’t.’”

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Comment by Ben Jones
2017-12-04 08:33:01

‘In San Francisco, the most expensive major rental market in the US, the median asking rent in November for one-bedroom apartments, at $3,390, is up 1.8% year-over-year, but is down 7.6% from the peak in October 2015. The median asking rent for two-bedroom apartments, at $4,380, rose 2.7% year-over-year, but is down 12.4% from the peak in October 2015.’

‘In New York City, the median asking rent for one-bedroom apartments dropped 3.3% year-over-year to $2,900. For two-bedrooms, it dropped 1.2% to $3,360. Since the peak in March 2016, asking rents have dropped respectively 13.9% and 15.6%.’

‘Oakland used to be red-hot as it attracted San Francisco’s housing refugees. But in November, one-bedroom and two-bedroom rents have dropped respectively 6.4% to $2,060 and 7.1% to $2,500. Both are down 15% from their peaks in April 2016.’

‘In Honolulu, one-bedroom asking rents were flat year-over-year, and two bedroom rents were down 11% year-over-year. But from their respective peaks in early 2015, rents have now plunged by 20.2% and 28.5%.’

Comment by b
2017-12-04 09:17:55

good grief - 1 bedroom is $2K/month in Oakland. Things must have changed in the last 15 years ….

Comment by Anonymous
2017-12-04 11:23:26

Hopefully these rent decreases are coming soon to Las Vegas! :D

Comment by Ben Jones
2017-12-04 08:34:54

‘A record number of residents have moved out of Colorado, according to new data from the U.S. Census Bureau. New annual figures from the bureau’s American Community Survey show that Colorado saw its first drop in about a decade last year in the number of people arriving from other states, while those leaving Colorado hit a record high.’

‘Home prices in metropolitan Denver are up 57 percent the past eight years through October, as measured by the S&P CoreLogic Case-Shiller home price indices. The average apartment rent since mid-2009 is up 63.6 percent, according to rent figures from the Apartment Association of Metro Denver.’

‘The average hourly wage, by contrast, rose from $25.07 to $28.94, an increase of only 15.4 percent, according to the U.S. Bureau of Labor Statistics.’

Comment by Apartment 401
Comment by Sean
2017-12-04 10:58:59

Comments from that article are great. “Yeah, Colorado was great when I moved here but when other people moved here it sucked!”.

Denver always reminded me of Austin: Somewhat nice with its own personality, but talk to a hipster and they’ll always give you the “Don’t move here, you aren’t welcome” snide comment, like it’s up to them to ‘keep it real’ in their town.

Comment by sleepless_near_seattle
2017-12-05 12:56:54

See also: Portland

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Comment by Anonymous
2017-12-04 11:21:08

Last summer, there seem to be more people than ever up in the mountains.

Comment by Apartment 401
2017-12-04 12:14:05

Millennials + social media = fatal climbing accidents.

There were more deaths on 14er Capitol Peak (near Aspen) in 2017 than in the preceding 15 years.

The Front Range is over. OVER. This is the first year I’m not buying a ski pass. I will never drive on 70 again during ski season.

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Comment by 2banana
2017-12-04 12:19:55

“Nobody goes there anymore. It’s too crowded.”
– Yogi Berra

Comment by Carl Morris
2017-12-04 12:34:32

The Front Range is over. OVER. This is the first year I’m not buying a ski pass. I will never drive on 70 again during ski season.

I decided that years ago when I figured out that nobody else in my family really cared if we skied or not. I spent my childhood at a little local area dreaming of going to big resorts, only to find that at the big resort I would rather be back at the little local area.

I think Utah will do well going forward because at least each canyon has its own road and everybody isn’t trying to take one interstate.

Comment by Ben Jones
2017-12-04 12:35:56

Have you ever listened to music on the radio in Utah?

Comment by Anonymous
2017-12-04 13:23:54

Yeah, 5 fatalities on Capitol in one season ?! SMH.

Its not only the front range that is crowded…even farther west, it can be tough to find a decent dispersed campsite during the week. Forget about it on the weekend. Clear Creek area (Belford, Oxford, Missouri, Huron, and numerous 13ers) is a particular example that comes to mind…

I found that even the southern Sangres were pretty busy, esp on weekends. But if the road is nasty enough, you don’t see too many people. :D

Comment by Carl Morris
2017-12-04 13:30:28

Have you ever listened to music on the radio in Utah?

Hmmm…no…I’ve been there quite a few times (my brother lives in Spanish Fork) but I’ve probably only listened to iPod music in the car the whole time I was there.

I’m familiar with LDS culture…and I assume that affects what is heard on the radio?

Comment by BearCat
2017-12-04 14:20:07

Like there’s decent radio anywhere?

Comment by Ben Jones
2017-12-04 15:37:59

“Entertainment: To keep your focus on the Lord and the missionary work, you should avoid worldly entertainment. You should not watch television, go to movies, listen to the radio, or use the Internet (except to communicate with your family or mission president). You may only listen to music that is consistent with the sacred spirit of your calling.”

Comment by Carl Morris
2017-12-04 16:18:22

Sure, but most aren’t currently preparing to leave on missions :-). What I find more interesting is the “Utah taste” in pop bands. It’s always a little odd.

Comment by Ben Jones
2017-12-04 16:27:59

That was the only reference I could find. I’ve only been there once. I was driving to a remote foreclosure in north western Arizona and it turned out the best way there was through Utah. I was listening to the radio and noticed the music was weird. Like it was purposefully bland and avoided anything to give it snap or climaxes. I changed channels repeatedly and it was all like that. I eventually turned it off it was so bad.

Comment by Carl Morris
2017-12-04 17:34:17

Yeah, Neon Trees and The Killers are about as exciting as it gets. When I was young in the 80s if you listened to hair metal or Van Halen/ACDC types of stuff you were considered pretty rebellious in Mormon circles.

But when you talk about coming from northern Arizona I can’t help but think about the FLDS polygamists in Colorado City :-). They don’t need wild music to keep things interesting…

Comment by Ben Jones
2017-12-04 17:54:22

I was often asked to do foreclosure work in CC and always turned it down flat. Same with the reservations. I did work a foreclosure on a Mormon shack in the hills near Prescott Valley once. Multi-acre lots, mostly manufactured stuff. I finally find it off a dirt road and break in - it’s a mess. As I’m taking photos neighbors start coming over. It seems this family bought it, moved in and immediately stopped making payments. Lived there a year and a half and left a couple days before I showed up. Then they went on for an hour about what terrible neighbors they had been. (It was often the case that FBs had pissed off the people around them). IIRC, Utah was the highest state for mortgage fraud by a huge amount.

Comment by OneAgainstMany
2017-12-04 18:55:11

I’m Mormon and I’ve lived in Utah most of my life. The quote you posted above was specifically related to LDS (Mormon) missionaries during their dedicated 2 year proselytizing.

I live in Southern Utah now and I can’t stand most of the local music stations (almost exclusively country), but that’s because my personal preference is hip-hop, R&B, and rap. The prominent Mormon musicians I know of right now are Tyler Glenn and Imagine Dragons (Dan Reynolds), but not my music!

I guess I relate to this type of Mormon music:

My family is in So Cal, Washington state (Bellevue), Denver, and Las Vegas. I don’t recognize an appreciable difference in music stations between those areas. Most of what is on FM these days is corporate and fairly manufactured these days. I was raised on old school rap/hip-hop.

Comment by tresho
2017-12-05 07:26:47

I quit listening to most local radio stations when I got satellite radio in 2005. I enjoyed that particularly one time driving through the NW corner of CO around sunset. I tuned in a cowboy ghost story on one of the satellite channels while driving through some ghostly looking western land as the sun slowly sank in the west.

Comment by sleepless_near_seattle
2017-12-05 12:54:11

“Last summer, there seem to be more people than ever up in the mountains.”
“Millennials + social media = fatal climbing accidents.”

See also: Oregon and Washington. Where did all these bugs come from?

Comment by Ben Jones
2017-12-04 08:36:35

‘Austin apartment rents, occupancy soften as huge projects break ground. With absorption down and 18,000 units under construction, ‘great potential for an extensive downward slide’.

Comment by Ben Jones
2017-12-04 09:08:44

‘In this years third quarter, San Diego County residents spent 42 percent of their income on rents, up from 34.7 percent in the 1985–2000 pre-bubble years, according to zillow. Of the 35 largest U.S. markets in this year’s third quarter, residents of only three other markets — Los Angeles, Miami, and San Francisco — paid more than 40 percent.’

A comment:

‘I live in Coronado and own a property, where my mother lived in Lemon Grove. Now my mother is in assisted living and I am looking into renting out or selling that property. One thing I have noticed about Lemon Grove is the increasingly trashy looking appearance of the residences. I have no idea of the owner/rental ratio but I would suspect property ownership is very low. The streets are clogged with parked cars. On the streets and on the lawns. There are multiple families living in residences so there are in many cases 5 cars to a house.’

‘I understand that I can probably collect $2500 a month or more for a 3BR 2BA 1200 square foot home. I might rent it but I feel it would be better to cut bait and sell so I don’t have to collect rent from tenants. The community is in a major decline and the city has no path to improving the community. Crime is on the rise and the city has limited law enforcement resources. It is a recipe for disaster because as the crime rate rises and the revenues stagnate, the marketability of single family homes will decline. The Zillow website illustrates declining rent rates. There are also many families fleeing the community as real estate listings are at all time highs.’

‘At what point is the rent worth the effort of living in a community where the future is more density, traffic and crime?’

Comment by 2banana
2017-12-04 09:20:24

The end/predicable results of having liberals/progressives in charge.

You keep voting for them and then you want to LEAVE?

2banana’s rule:

Long term democrat rule + public unions + free sh*t army = misery, ruin and bankruptcy


‘At what point is the rent worth the effort of living in a community where the future is more density, traffic and crime?’

Comment by SFMF
2017-12-04 12:50:54

How to live like a liberal

1. Vote for socialism
2. When socialism is implemented, complain.
3. Blame racism/Bush/Fox News for all your problems
4. Leave for non-socialist part of country
5. Start voting for socialists

Comment by scdave
2017-12-04 16:23:27

4. Leave for non-socialist part of country ??

You mean like Roy Moore’s Senate district ??

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Comment by SFMF
2017-12-04 18:53:50

Senators have districts? LOL. You poor sap.

Comment by oxide
2017-12-04 10:59:26

is the increasingly trashy looking appearance of the residences. I have no idea of the owner/rental ratio but I would suspect property ownership is very low. The streets are clogged with parked cars. On the streets and on the lawns. There are multiple families living in residences so there are in many cases 5 cars to a house.’

‘I understand that I can probably collect $2500 a month or more for a 3BR 2BA 1200 square foot home.

That would be much of the DC area too. Deteriorating houses, lots of beaters (and I bet lots of contractor vans), multiple families in basement rentals, and about the same pricing.

Comment by Ben Jones
2017-12-04 11:06:15

Then you realize those prices are a joke?

Comment by oxide
2017-12-04 14:33:31

You mean $2500/month for a 3/2 in the DC area is a joke? I don’t see how that’s relevant. If clan with 3-4 incomes can come up with $2500 every month, then of course an LL is going to rent to them.

In fact, clans much prefer to rent an SFH than an apartment. Apartment complexes have come up with a neato idea to keep out the clans: charge through the nose for parking. First space free, each space after is $100/month or more. But an SFH has a least two spaces in the driveway and 2 more on the street for free. And yes, I’ve seen a few cars parked on lawns, or better yet some households have laid $1 square-foot Home Depot red pavers over the lawn to create parking. Second-world indeed.

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Comment by taxpayer
2017-12-04 12:07:21

home depot= white van land
was kinda slow near me ,S of central soviet

my county can’t claim workers will run to the feds anyomre

Comment by 2banana
2017-12-04 09:17:08

I am sure if California raises taxes even higher and imports more illegals…they can FIX this!


They’re leaving California for Las Vegas to find the middle-class life that eluded them
Steve Lopez - Los Angles Times - December 3, 2017

The rent steals so much of your paycheck, you might have to move back in with your parents, and half your life is spent staring at the rear end of the car in front of you.

“Best thing I could have done,” said retiree Michael J. Van Essen, who was paying $1,160 for a one-bedroom apartment in Silver Lake until a year and a half ago. Then he bought a house with a creek behind it for $165,000 in Mason City, Iowa, and now pays $500 a month less on his mortgage than he did on his rent in Los Angeles.

I visited Hernandez in the two-bedroom, mountain-view “apartment-home” she shares with a roommate. Each pays $650 a month in a gated development with free Wi-Fi, a swimming pool and cabana-shaded deck, fitness center, media room and complimentary beverages. It’s like living at a resort.

Like other transplants I spoke to in Nevada, Herndandez didn’t want to leave California. It’s home. It’s where she went to school and where her parents still live in the house she grew up in. But unless you choose a career that will pay you a small fortune to manage costs driven higher by a stubborn shortage of new housing, California is not a dream, it’s a mirage.

“I started looking at the bigger picture in Carson City, where I was able to pay the rent, have a car and a comfortable life and put some money into a 401(k),” Hernandez said. “Would I be able to do that in California? Probably not.”

“There’s no corporate income tax, no personal income tax…and the regulatory environment is much easier to work with,” said Peterson.

But the Golden State is tarnished and ever-more divided by a crisis with no end in sight, and this year’s legislative efforts to spawn more housing for working people lacked urgency and scale. Slowly, steadily, and somewhat indifferently, we are burdening, breaking and even exporting our middle class.

But in California she saw a future in which she’d be trapped, indefinitely, by high rents, ridiculous commutes, or some combination of the two.

California, the place where anything was possible, has become the place where nothing is affordable.

Comment by Anonymous
2017-12-04 11:32:50

It’s so sad what has happened to my home state. :(

Comment by SFMF
2017-12-04 12:47:27

All these Californians are leaving CA because it’s a cesspool. Then they get to Nevada or Colorado or Idaho and start voting for people who want the exact same policies that turned CA into a cesspool, implemented there.

Liberalism is a mental disease. There is no other explanation.

Comment by BlackSwandive
2017-12-04 13:27:12

They aren’t leaving the cesspool, they are the cesspool, and they bring it with them everywhere they go.

Comment by BlackSwandive
2017-12-04 13:28:59

I watched my local news sometime in the past few weeks. They were talking about homelessness and one of the guys they interviewed had only been in Seattle for a couple weeks. He moved here because it seemed to be a good place to hop on the dole.

Comment by oxide
2017-12-04 14:15:09

I’m surprised the media allowed such an interview to air on TV.

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Comment by scdave
2017-12-04 16:36:56

I watched my local news ??

Why are you still there the. If it’s a cesspool ??

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Comment by Carl Morris
2017-12-04 13:37:31

All these Californians are leaving CA because it’s a cesspool. Then they get to Nevada or Colorado or Idaho and start voting for people who want the exact same policies that turned CA into a cesspool, implemented there.

Liberalism is a mental disease. There is no other explanation.

Hmmm. I’m thinking of one other solution rather than the standard deplorable explanation that the left must be crazy or stupid.

When you have a situation where the average person is very productive and the non-productive are few and far between, a generous safety net seems like the right thing to do. Perhaps the only real flaw in liberal logic is the inability to see what “unexpectedly” happens after you create a generous safety net?

Comment by CorporateShill
2017-12-04 18:31:12

Yes but that is a massive flaw! You could drive a truck through it. We have enough history to know that there is no “unexpectedly” anything when the pricing mechanism and individual accountability are removed from the equation. Add in a dose of leftist platitudes regarding compassion along with an overbearing nanny state and here we are.

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Comment by OneAgainstMany
2017-12-04 19:11:02

Red states that are more dependent on SSDI and SNAP benefits than blue states in general. To paint freeloaders as being primarily liberal-leaning states is misleading at best.

Comment by CorporateShill
2017-12-04 20:41:51

You missed the part about individual accountability. I did not mention states but while we are at it’s really about Uncle Scam handing out the Yellen bucks to individual and corporate grifters.

Something I’ve never understood: if unions were created to protect individuals from greedy corporations what do government unions protect individuals against? Taxpayers I assume.

Comment by OneAgainstMany
2017-12-04 21:51:03

Government unions should not exist. We agree there.

Comment by scdave
2017-12-04 16:34:15

Liberalism is a mental disease. There is no other explanation ??

Fair enough. That’s your opinion. Please then explain to me what kind of disease exists in Roy Moore’s Senate district ??

Comment by Carl Morris
2017-12-04 17:37:41

Please then explain to me what kind of disease exists in Roy Moore’s Senate district ??

I’m interpreting it as the “we aren’t giving any ground to the Ds, period” disease.

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Comment by scdave
2017-12-04 17:54:54

Which makes it a pretty F&$King serious mental desease!!

Comment by Neuromance
2017-12-04 18:11:04

Well, just look at the left’s reaction to Al Franken vs Donald Trump. Extremely muted reaction, versus frothing outrage, respectively. The reality today is simply to find someone who supports your policies and as long as you can hold your nose regarding his personal peccadilloes, people of that stripe will vote for him. Happens with left and right, just becoming more obvious nowadays.

Comment by oxide
2017-12-04 18:42:15

My prediction is that the Republicans will stay real quiet until the Alabama election. If Moore is elected, they will unleash hell on him and try to get him to resign.

That would (I think) trigger yet another special election, one where a non-controversial R candidate would win easily. The cold truth is that they want an R butt in that Senate seat, no matter who it is. And if they have to endure Moore for a 6-12-18 months until they get of him, that’s what they’ll do.

Comment by SFMF
2017-12-04 18:55:21

Pleas explain to me what a Senate District is.

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Comment by palmetto
2017-12-05 07:36:46

It’s called a state.

And if you think that’s bad, one of the jurors in the Robert Menendez federal corruption case had to ask the judge what a Senator was. Although at least they asked, showing they were smart enough to know that they didn’t know. How’d you like to be judged by that jury, though?

We’re now seeing the results of mass “education”, the dumbing down. It is really sad. When people don’t understand things, they get very frustrated and lash out without knowing why.

Comment by OneAgainstMany
2017-12-05 08:08:00

When I was in university my younger sister’s high school civics teacher asked the entire class if they knew the democrat running against a certain congressman in our district. No one in the class knew (we are in a heavily red area). The teacher then gave everyone in the class the opportunity to call someone they knew and use a lifeline to see if they knew. My sister called me and I did know the name of the candidate and they won some point for the game. The teacher was driving home the point that you’ve got to first know the names of the people running for office. That comes before understanding where they stand on the issues.

Comment by tresho
2017-12-05 10:55:52

That comes before understanding where they stand on the issues. Every time someone tells me they’re proud of their ancestry, I ask them to name their grandparents and their birth / death dates. Usually I get crickets.

Comment by Carl Morris
2017-12-05 11:02:24

And if you think that’s bad, one of the jurors in the Robert Menendez federal corruption case had to ask the judge what a Senator was.

When I was in high school I knew book answers for what the Senate and the House were. But because in my state we had two senators and only one representative I just assumed that being a representative was more important than being a senator :-).

Comment by Billy Bathgate
2017-12-05 05:23:03

Liberalism isn’t a mental disease…it’s an infection. It can be cured but it isn’t cured very often unfortunately.

Comment by junior_kai
2017-12-04 09:34:36

Lemon Grove got sketchy with the influx of illegals, plain and simple. To read that its becoming like encanto - well thats another level of ghetto. Think chicago with better weather, same demographic though. Cant get caught at night in encanto, you will see all manner of violence.

Thought another article from the reader was interesting, jihadis threatening the big mormon temple in San Diego.

But diversity is strength says the morons!

Comment by Ben Jones
Comment by Anonymous
2017-12-04 11:56:12

LOL !!!

Comment by oxide
2017-12-04 14:19:22

$500K for a 3/2? Yikes. In the DC area, 3/1 ranches are much cheaper…. and the DC houses almost always have a basement to reno and exploit for more renters. When I was househunting it wasn’t unusual to see a little Cold War ranch advertise as 5 bedrooms to attract the clan customers. Never mind that the “bedrooms” were just curtains in the basement.

Comment by Neuromance
2017-12-04 18:01:42

In DC proper, and parts of the metro, 500K for a SFH is very cheap. I know people who paid 500K and above for quite small houses 10 to 15 years ago:


Interesting thing there - look at all the blue. Surprising in this very hot market, 2 pages of houses, 6 pages of “pre-foreclosure”. Also interestingly, despite the foreclosures, nothing even relatively inexpensively priced. I’m curious what’s going on there, what’s the scam/angle.

2) Median DC house price is about 530K:


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Comment by Ben Jones
2017-12-04 18:08:51

I posted a report recently showing DC foreclosures up almost 100%. When I was out there a few years ago I found pre-foreclosures all over the place. Probably still the same shacks.

Comment by Neuromance
2017-12-04 18:25:35

It’s very interesting with so many foreclosures that DC prices never seem to go down. I saw this article lamenting that the average number of days on market is a whopping 30 days now, but in a popular neighborhood, it’s an acceptale 12 days :)

Extremely fast sales/high demand; large numbers of foreclosures and pre-foreclosures ; prices not dipping in any real way.

Wonder what the angle is. Carrying costs I’m sure are one factor. DC taxes are nothing to sneer at. People hoping to get in and get out effortlessly and with big profits are probably getting hammered (plenty of tidbits on the radio and web about big, easy profits - but that probably involves professional contractors and realtors doing it full time).


Comment by Neuromance
2017-12-04 18:52:53

Point 1: Foreclosure means these folks took out loans, likely in order to flip, with the effortless profits like in that Curbed article I linked to above, and the radio tidbits we hear on an on-going basis. BUT - like a year or two ago, along my commute, I saw a couple of old houses which were bought by professional rehabbers/flippers. These folks would descend on the property with lots of people and industrial equipment, spend many weeks there, tearing up the lawn and virtually all vegetation, totally trick out the house, THEN leave, put up a for-sale sign, and probably sell for the eye-watering profit. But that profit involves a lot of labor and materials.

Point 2: Economically, these folks taking out loans were almost certainly insured by the government. So government money transferred to the rehabber/flipper, using the hapless buyer/wanna-be flipper as a pass-through entity. The power of the FIRE lobby meant that mortgage lenders still, even after 2008, do not have to have any “skin in the game” - they can still make a loan and sell it off, washing their hands of it completely, but keeping the profit. It’s a clever way to inject redistributed money into the economy where the FIRE sector wants it.

Comment by In Colorado
2017-12-04 16:29:00

I winder why they’re threatening the San Diego temple and not the one in Salt Lake? Yeah, the San Diego temple is very distinctive looking (I have heard of it referred to as “Space Mountain”)

Comment by junior_kai
2017-12-04 16:52:47

Active muslim community in SD, probably not so much in Utah. Recall that some of the 9/11 hijackers hung out in SD, no doubt funded by local imams. Sanctuary state has its advantages - to terrorists!

Clownifornia leftists must be sooooo bummed that the trump travel ban was just upheld. I see their spawn of satan half dead (((ginsberg))) stood up to that meany trump. Surprised the other tribe member upheld, but maybe she abstained.

Comment by Overbanked
2017-12-05 03:35:48

Just my opinion. When you type (((Jewish Surname))) for a name like Ginsberg, you’re revealing something about yourself you probably don’t want to reveal.

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Comment by palmetto
2017-12-05 07:57:56

And what might that be?

Comment by Overbanked
2017-12-05 08:24:13

I’m not familiar with these rules. If there is a fellow named Hyman Levy and the appointed referee has determined he is NOT Jewish, do you type something like >>>Hyman Levy<<<?

Comment by palmetto
2017-12-05 09:32:38

>>>Charlie Sheen<<<

Comment by 2banana
2017-12-04 09:38:46

So how do the Clintons get away with this again?


Corrine Brown sentenced to 5 years in prison | December 4, 2017 | Garrett Pelican

JACKSONVILLE, Fla. - Former U.S. Rep. Corrine Brown (D) will spend five years in federal prison for her role in a corruption conspiracy that involved stealing hundreds of thousands of dollars from a fake education charity for needy children.

Brown, 71, was at the center of a scheme that collected hundreds of thousands of dollars for One Door for Education, an unregistered charity — funds that were used instead to pad a lavish lifestyle that far exceeded the lawmaker’s means.

In a blistering memo last month, prosecutors called for a stiff sentence. They cited Brown’s abuse of position and lack of contrition, noting her claims that she is the victim of a racially-motivated prosecution.

At its core, the case was focused on One Door, a group billed as a charity for disadvantaged children that raised more than $800,000 over a four-year stretch. In fact, most of that money benefited Brown personally. Of the $833,000 raised, only $1,200 went toward scholarships.

The rest paid for things such as events and travel for Brown and those in her orbit, as well as dozens of cash deposits to her personal bank account and a range of frivolous expenses, like nearly $14,000 for Beyonce tickets and $15,000 for a suite at a Jaguars vs. Redskins game.

A jury found Brown guilty in May of 18 counts of federal mail, wire and tax fraud for soliciting donations for the fake charity, using that charity as a “slush fund” for herself and her associates, and lying on her taxes and congressional disclosure forms.

Comment by palmetto
2017-12-05 07:59:53

Yes, $800,000 vs $100 billion. Clinton is too big to fail. They don’t want folks like Brown cutting in on their action.

Comment by Senior Housing Analyst
2017-12-04 10:01:57

Bothell, WA Housing Prices Crater 20% YOY

Comment by Sean
2017-12-04 10:05:46

“‘Des Moines is on the map. It’s just on fire,’ said Lisa Howard, a real estate agent with Coldwell Banker. ‘Developers are coming down here and building or renovating old historic buildings.’ Howard does not think the low rent prices will stay for long. ‘The prices are high downtown. It’s expensive, and there’s high demand,’ Howard said. ‘Unless that demand changes, I don’t see the prices coming down. I really don’t.’”
No, it isn’t Lisa. Des Moines (and I’ve been there several times) is still a wasteland within a wasteland. I understand this is free advertising when you do these interviews, but isn’t on the map, it isn’t on fire and it never will be.

Comment by butters
2017-12-04 10:18:49

Ofousrse every city is on the map. Each got GPS coordinates, too.

Comment by Ben Jones
2017-12-04 10:20:30

‘I don’t see the prices coming down. I really don’t’

‘in order to entice renters, apartment complexes are offering $1,000-dollar gift cards, gift packs and even a couple months of free rent.’

She may be a lion.

Comment by redmondjp
2017-12-04 10:51:00

I disagree - there is significant redevelopment happening in Des Moines. My headquarters is being built there now and we are moving in a few months. I’m not looking forward to it as it will lengthen my commute by about 45 minutes per day.

Comment by Ben Jones
2017-12-04 10:55:44

4,000 apartments is significant. Problem is they don’t have enough tenants.

‘Four thousand brand new apartments have been added this year, and they’re adding 2,000 more for next spring and summer’

Comment by Mafia Blocks
2017-12-04 11:26:55

“Problem is they don’t have enough tenants”

Just like everywhere else. Cratering demand and skyrocketing inventory.

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Comment by redmondjp
2017-12-04 23:55:41

Wrong as usual, HA. No cratering demand in Seattle right now.

Comment by Sean
2017-12-04 11:00:15

We are talking about Des Moines, Iowa - right? Not Des Moines, New Jersey or some other place.

Comment by redmondjp
2017-12-04 23:56:43

I was talking about Des Moines, WA, just south of Seattle.

You mean there’s one in Iowa too? ;)

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Comment by Puggs
2017-12-04 11:15:58

Liza is another “Dreamer” from a different branch.

Comment by oxide
2017-12-04 11:33:07

JP, they are talking about Iowa, not the city south of Seattle.

Comment by Senior Housing Analyst
2017-12-04 11:36:08

Hialeah Gardens, FL Housing Prices Crater 13% YOY

Comment by 2banana
2017-12-04 11:43:17

Taxpayers should not be insuring homes … on barrier islands.

The 1%ers don’t need the taxes of a waitress in Kansas City to subsidize their ocean views.


On Tybee Island, a glimpse of why flood insurance is a vexing US challenge
The Christian Science Monitor | December 1, 2017 | Patrik Jonsson

The question is whether Congress will truly address what House Freedom Caucus member Rep. David Schweikert (R) of Arizona has called “a moral hazard” in the design of the NFIP. To him, this includes a vexing lack of clarity on risks to not just household wealth, but the US Treasury.

Since its founding in 1968, the National Flood Insurance Program has had a mission: Protect home and business owners from disaster events, but also discourage foolhardy development by creating detailed flood maps that allow insurers, underwritten by the US Treasury, to charge varying rates depending on risk.

Meanwhile, FEMA has struggled to fulfill NFIP’s promise, sometimes creating perverse incentives – including subsidizing the rebuilding of frequently flooded homes and businesses.

He looked up and down Lewis Avenue, worst-hit by the storm, and realized the core of the problem: severe repetitive loss. While repeatedly flooded homes make up just 2 percent of the program’s 5 million policies, they account for roughly 30 percent of flood claims — about $17 billion — paid over the program’s history, according to the Federal Emergency Management Agency.

The impact on the island’s culture is already being felt. Already, rising flood insurance premiums have driven perhaps as many as 20 of his friends to sell and leave the island.

Congress has other reasons to simply forgive the debt and move on. After all, every $27,000 spent by Washington on disaster relief earns one vote for local representatives. Spending money on mitigation ahead of storms earns little to no such electoral credit, political scientists have found.

Comment by 2banana
2017-12-04 11:47:48

Now remember - somehow Russia influenced the election for Trump.

But Hillary taking massive amounts of foreign lobbyist’s money is not a concern.

So the fake legacy media tells me.


Foreign Lobbyists Contributed More Than $4.5 Million to Candidates in 2016 Elections
Maplight | December 4, 2017

In all, during the last election, those lobbyists gave more than $4.5 million to federal lawmakers and candidates. Foreign lobbyists and their firms’ political action committees were also responsible for packaging a total of $5.9 million in donations for candidates and party committees, through an influence-enhancing tactic known as “bundling.”

Podesta — whose firm represented at least a dozen foreign clients during the 2016 cycle — was a major fundraiser for Democratic presidential nominee Hillary Clinton, the top 2016 recipient of money from foreign government lobbyists.

Few foreign governments wield as much influence in Washington as Saudi Arabia. The Gulf monarchy employed about 20 lobbying firms during 2016 cycle. Employees of four of those firms — the Podesta Group, BGR Government Affairs, Brownstein Hyatt Farber Schreck, and the Glover Park Group — gave more than $580,000 to federal candidates.

Hillary Clinton (D) $376,332
Sen. Chris Van Hollen, D-Md. $301,036
Sen. Charles Schumer, D-N.Y. $105,600
Sen. Marco Rubio, R-Fla. $105,537
Rep. Patrick Murphy, D-Fla. $76,599
Sen. Michael Bennet, D-Colo. $67,512
Speaker Paul Ryan, R-Wis. $63,050
Sen. Kelly Ayotte, R-N.H. $62,200
Rep. Kevin McCarthy, R-Calif. $60,250
Jeb Bush (R) $59,300

Comment by Ben Jones
2017-12-04 12:34:05

‘Republican Senate hopeful Josh Hawley is renewing his call for the Missouri Democratic Party and Sen. Claire McCaskill (D., Mo.) to return donations received during a November fundraiser headlined by Sen. Al Franken (D., Minn.), who has now been accused by six women of unwanted sexual advances.’

And now a little tune by the Talking Heads for Senator Al Franken:

Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again, into the silent water
Under the rocks and stones, there is water underground
Letting the days go by, let the water hold me down
Letting the days go by, water flowing underground
Into the blue again after the money’s gone
Once in a lifetime, water flowing underground

Same as it ever was, same as it ever was
Same as it ever was and look where my hand was

Comment by 2banana
2017-12-04 12:40:53


What a ready made commercial.

Conservatives are learning that fighting back works.

Become a Romney RINO punching bag does not work.


At the fundraising dinner in November, McCaskill praised Franken’s character and referred to him as a friend.

“He knows how to shine the brightest light on wrongdoing and malfeasance,” she said. “He is a truth seeker and no one in the Senate does it better.”

Comment by Ben Jones
2017-12-04 12:46:55

Nobody does it better
Makes me feel sad for the rest
Nobody does it half as good as you
Baby, you’re the best
I wasn’t lookin’ but somehow you found me
It tried to hide from your love light

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Comment by BlackSwandive
2017-12-04 19:28:34

Awesome song. Takes me back to childhood.

Comment by BlueSkye ⚓
2017-12-04 19:32:45

You feel a Bond with it?

Comment by jeff
2017-12-04 21:34:53

‘I felt disgusted and violated’:

Comment by BlueSkye ⚓
2017-12-04 14:53:17

“Foreign Lobbyists Contributed More Than $4.5 Million to Candidates in 2016 Elections”

How can this possibly be true? I thought it was illegal for a federal candidate to be influenced by a Foreign Power, much less legal even to say “howdy, let’s not have a war please” during an election campaign. But they can take millions of dollars?

Shaking my head.

Comment by Apartment 401
Comment by oxide
2017-12-04 14:54:48

Supreme Court just upheld the third version of Trump’s travel ban. Not sure what that entails. Also, repubs introduced a bill to do away with the 10-year student loan forgiveness for public service workers.

Comment by taxpayers
2017-12-04 18:37:06

sweet,make them pay

Comment by OneAgainstMany
2017-12-04 19:27:03

I have to say, I agree strongly with getting rid of the loan forgiveness for public service workers. This allows the higher education cartel to saddle college students with debt far beyond what they could get otherwise. It essentially subsidized overpriced structural higher-ed costs and forces taxpayers to fund bloat.

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Comment by SFMF
2017-12-04 12:42:56

Notice how the most progressive cities are also the most expensive cities? Funny how the same people who claim to want to help the poors, are doing everything they can to make housing unaffordable except for the very rich.

Comment by junior_kai
2017-12-04 14:26:02

With all the local govt parasites pulling hefty 6 figures and massive pensions - meter maids, bus drivers and garbage collectors making north of 100K. Nothing more than a kleptocratic economy that cannibalizes itself. Same cities that build sports stadiums with taxpayer money as gifts to billionaire owners, because everyone is for sale in a parasitic economy.

Cities have become focal points of evil.

Comment by BlackSwandive
2017-12-05 10:25:02

The counties are worse than the cities by far. That’s where the real graft is found.

Comment by SFMF
2017-12-04 12:44:36

This is a lie. A very smart 26 year old old with glasses said so on MSNBC.

Comment by OneAgainstMany
2017-12-04 19:32:20

“Oh so I’m a HIPSTER because my glasses don’t have LENSES and my TYPEWRITER doesn’t have a RIBBON and my DOG is named DUBSTEP and he’s a CAT?” @AGentleBrees

Comment by Mike
2017-12-04 13:10:26

The fuel for all bubbles, housing included:
Global money printing peaked March 2017, projected to decline further

With the Fed selling, the ECB tapering and BOJ slightly tapering, a correction will come.

The limits to endless printing are becoming ever larger constraints:

- ECB running out of Bunds to buy.

- “The BOJ owned about 71 percent of all shares in Japan-listed ETFs at the end of June, according to a
Bloomberg analysis of data from the central bank and Japan’s Investment Trusts Association.”

Comment by goedeck
2017-12-04 18:30:17

Next up: naked monetization?

Comment by taxpayer
2017-12-04 13:17:20

soon congress will be all ugly wymin
no HER assin going on here

Comment by SDC
2017-12-04 13:32:48

I still am waiting for southern California San Diego real estate prices to drop and inventory to increase which has NOT happened at all in past few years.

Comment by Mafia Blocks
2017-12-04 13:40:21


“Police: Realtor Swiped Jewelry From Wheaton Home She Was Showing”

Comment by BlueSkye ⚓
2017-12-04 15:29:34

Bitcoin $11,500.

Amazing from up here in the bleachers.

Comment by BlueSkye ⚓
2017-12-04 15:41:27

I wonder when davey will be ready to come out of the crying room. I really wanted to share some comments with him from the woman who will be cruising on the boat with me next season.

Comment by butters
2017-12-04 15:51:45

davey’s prolly busy groping…..

Comment by Mafia Blocks
2017-12-04 15:51:53

Blueskye…… A skilled skipper with a bevy of boating beauties.

Comment by scdave
2017-12-04 17:10:44

Well I would have responded to BK’s post but I did not feel like seeing a picture of you HA on his boat in a skirt & hallter top with red lipstic.

Comment by Mafia Blocks
2017-12-04 17:24:58


Vienna, VA Housing Prices Crater 9% YOY

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Comment by scdave
2017-12-04 17:27:19


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Comment by BlueSkye ⚓
2017-12-04 18:34:59

Well that does give pause. I’m not qualified to discuss your kinds of fantasies. One sick puppy. No wonder you were angry I have a woman companion on the boat.

Comment by taxpayers
2017-12-04 18:38:51

for $50 a shot

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Comment by Mafia Blocks
2017-12-04 18:45:39


Naples, FL Housing Prices Crater 5% YOY

Comment by Ben Jones
2017-12-04 16:16:31

Here’s something:

‘Houthi Forces Kill Former Yemen President Ali Abdullah Saleh
Interior Ministry Says He Was Killed for Collaboration With Saudis’

Comment by BlueSkye ⚓
2017-12-04 18:40:49

Sure seems to be something, not that I understand where it leads.

Comment by Senior Housing Analyst
2017-12-04 16:45:10

Danville, CA Rental Rates Dive 9% YOY As Housing Demand Plummets To 20 Year Low

*Select Rent Price from drop down menu on rent chart

Comment by Neuromance
2017-12-04 16:56:23

No matter how many times they repeat “up is down”, it will never be true.

“Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide.” — Freddie Mac press release

Comment by azdude
2017-12-04 18:08:25

where do they get the money to lend?

Comment by Neuromance
2017-12-04 18:54:55

Labor force participation rate down for those under 55, but up significantly for those over 55:

Finally though, I’ve started to see indicators of a more broad-based recovery in the economy. Finally, after 10 years, the central bank’s policies may have started to work! Just gotta give it time I guess :)

Comment by Professor 🐻
2017-12-05 01:58:45

“over 55″

So Geezers with no savings are finally finding employment opportunities at Big Box Mart?

Comment by SFMF
2017-12-04 18:58:00

Seattle has agreed to spend $600M tax payers dollars to refurbish an arena in order to get an NHL team. This is the same city that couldn’t keep an NBA team less than 10 years ago.

The stupidity, it burns.

Comment by BlueSkye ⚓
2017-12-04 19:30:54

Why couldn’t the Thunderbirds join the Canadian NHL if it means so much to Seattle?

Comment by redmondjp
2017-12-05 00:00:18

It’s not stupidity, it’s political payback/grifting. Seattle area politicians are almost as good as Detroit ones in that department, and are predominantly white and delightful so they get away with it.

Comment by oxide
2017-12-05 05:01:43

$600M for a hockey arena? Recall that the brand-new top-of-the line el-supremo el-luxo At&T Dallas Cowboy stadium with the giant dome and 100,000 seats, cost about a billion. Hockey arenas are what, 40% the size? And this is just a refurbishment, not a new build.

What are they planning to put in it, gold toilets?

Comment by butters
2017-12-05 07:50:25

Have to assume Seattle is run by do-good-er lefties not by evil white cronies. Why would they spend taxpayers money like that?

Comment by Senior Housing Analyst
2017-12-04 21:18:05

Keller, TX Housing Prices Plunge 11% YOY As Housing Correction Expands

Comment by Prime_Is_Contained
2017-12-05 00:39:47

Comment by Professor 🐻
2017-12-02 07:26:10


Why not end communistic housing market policy in America by letting each household pay for the home they choose to live in on their own dime? Why should poor renters have to subsidize millionaire home purchases through the MID, capital gains tax breaks, or federal loan guarantees? None of these policies make sense from a fairness standpoint. They are all welfare policies for the wealthy, wrapped up in patriotic propaganda. They mainly benefit coastal elitists who view their housing market riches as manna from heaven and a God-given right, somehow ignoring that our market distorting federal housing policy is behind it all.

Can I get an AMEN??!?

Comment by Rental Watch
2017-12-05 09:18:06


Comment by Professor 🐻
2017-12-05 01:54:53

How is the Fed’s “Screw the Geezers / zero return on savings” policy working out for America’s retirees?

Comment by Professor 🐻
2017-12-05 02:12:31

“I’m also skeptical that slower growth, or even an outright recession, would have much long-term effect on house prices in the city or the most desirable parts of the metro area. We’re now part of the enduring West Coast levitation seen from San Diego to San Francisco, lately in Portland, seemingly forever in Vancouver, B.C.”

I guess that will depend on whether the Trump Fed will backstop housing the same way as the Obama Fed did. I’m guessing not, but who knows?

Comment by jeff
2017-12-05 07:03:23

“I certainly don’t remember the rehearsal for the skit in the same way, but I send my sincerest apologies to Leeann,”

How would that apology note read?

Dear Leeann

I am sorry I grabbed the back of your head and smashed my slimy lips against your face while shoving my tongue in your mouth which left you feeling disgusted and violated and wanting to get to a bathroom as fast as possible to rinse the taste out of your mouth.


Sen. Al Franken

‘I felt disgusted and violated’:

Franken apologizes after grope claims but says he remembers things differently

By Mark Moore
November 16, 2017

Sen. Al Franken said Thursday that he has a different memory of a rehearsal with former Playboy Playmate Leeann Tweeden, who accused the former “Saturday Night Live” comedian of kissing and later groping her during a USO tour in 2006.

“I certainly don’t remember the rehearsal for the skit in the same way, but I send my sincerest apologies to Leeann,” said Franken, a Democrat from Minnesota.

Tweeden, a radio show host for KABC, said Franken, the headliner for the USO show, forced a kiss on her while they were rehearsing a skit he had written.

“I walked away. All I could think about was getting to a bathroom as fast as possible to rinse the taste of him out of my mouth,” she wrote on the news outlet’s website. “I felt disgusted and violated.”

Comment by cactus
2017-12-05 09:53:33

36 mins ago - The fire began north of Santa Paula on Monday evening and spread into the edges of Ventura, a city of more than 100,000 people situated on the Pacific coast, the county sheriff’s office said. The fast-moving fire forced sheriff’s deputies to scramble into neighborhoods and knock on doors to warn residents to evacuate.”

Its really windy here in 93021. No way to fight a fire in this mess just got to let it burn ..

I would never buy a house in a canyon , never.

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