The Math Is Not Advantageous
A report from the Associated Press on Washington. “A lawsuit filed in Seattle contends that a local developer and prominent real estate agency conspired to prey on Chinese nationals and inflate luxury home prices. The Seattle Times reported that two plaintiffs who bought adjacent newly built homes in Kirkland allege that their broker at Realogics Sotheby’s International Realty was actually working on behalf of the builder selling the homes. Jie ‘Gabby’ Jiao and couple Maoqi Zhang and Wei Fan hired Realogics Sotheby’s broker Connie Blumenthal to buy their first homes in the United States in spring 2015.”
“The suit says the buyers were told multiple offers had been made for the houses and were told to bid over $2 million each. The lawsuit claims Jiao was so dissatisfied with the home’s condition that she sold it for a loss. The other buyer’s home is assessed at about $745,000 less than they paid.”
The Dallas Morning News on Texas. “If one thing is clear on the start of the new year, it’s this: Texas, which has burned bright since the beginning of the century, is cooling off. One forecast, by research economist Luis Torres with Texas A&M’s Real Estate Center, points the finger at the oil sector. But in purely economic terms, you really only need to know one number to begin to understand the demographic change now unfolding: the cost of living.”
“In 2007 U.S. News & World Report ranked Texas the fourth-most affordable place to live. Ten years later, the magazine reported Texas ranks 21st in affordability in the country and it is the 24th most expensive place to buy or rent a home. Add to that a lower average income, and the result is that Texas becomes a less attractive place to move to than it was a decade ago.”
The Laguna Beach Indy in California. “The cost of homes in Laguna Beach remains at a record median price of $1.8 million, the same mark as a year ago, and significantly above the last peak price point in 2006, real estate experts said. Conversations with agents reveal a range of influences drawing buyers into town and a similar range of forces leading people to uproot, but some consensus that price appreciation may have hit its limit.”
“Agents believe the town’s high home prices should serve to insulate Laguna from investors speculating on short-term lodging opportunities, even after the city’s regulatory ban was overturned. ‘The math is not advantageous,’ said Compass agent Michael Johnson, explaining that market rents fall short of covering costs for new investors. ‘Only long-term owners can afford to charge lower rents,’ he said, because of their lower initial purchase price.’”
“Agents have mixed views over the impact of the recently passed tax-reform overhaul, which places a cap of $10,000 on property tax deductions and mortgage interest on homes over $750,000. Under the new tax rules, a buyer of a median priced $1.8 million Laguna home will lose deductions of about $9,800 on property tax and $30,000 on interest. For the still-working professional, that’s a big figure to walk away from and likely will lead to a softening of home prices in that segment, Johnson said.”
The Arizona Republic. “Music superstar Alicia Keys has taken her Phoenix Camelback Mountain house off the market. Key listed the 7,881-square-foot house with panoramic views of the Valley for $3.85 million in early 2016. The asking price was later dropped to $3.2 million. She paid $3.9 million for the house in 2008, according to public real-estate records.”
From Mansion Global on Florida. “After a slow year in the South Florida property market, dominated by an oversupply of luxury inventory and the retreat of Latin American buyers due to the strong dollar, 2018 represents the perfect time for interested parties to buy a luxury condo in Miami or Fort Lauderdale, experts say. That’s because of what Jay Parker, CEO of Douglas Elliman’s Florida brokerage, called a ‘perfect storm’: softened prices, and developers and sellers willing to offer 10% to 20% price reductions.”
“Ryan Shear, principal for Property Markets Group’s South Florida market, noted that he turned down buyers who wanted a 10% discount not so long ago, but today, he’d take that deal ‘all day long.’ While he hasn’t seen anything close to the 35% discounts of 2009, he said he has regularly seen 20% discounts and other incentives on the table to make a deal.”
“While many buyers are eyeing new developments in South Florida, there are also significant deals to be had when purchasing resale units, where there’s a lot of downward pressure on price, or single-family homes, experts say. For all of these property types, experts note that the best values today can likely be found where there’s the most significant oversupply of inventory to absorb, in places like Sunny Isles Beach and Miami’s downtown Brickell area.
‘The lawsuit claims Jiao was so dissatisfied with the home’s condition that she sold it for a loss. The other buyer’s home is assessed at about $745,000 less than they paid’
But. Shortage?
“Lawsuit: Realtor, Developer Conspired to Inflate Home Prices”
http://www.usnews.com/news/best-states/washington/articles/2018-01-05/lawsuit-realtor-developer-conspired-to-inflate-home-prices
Shocked a licensed and professional real estate analyst would lie to you. Just shocked!!!
Realtors and “developers” my good friend….. realtors and developers.
Kensington, MD Housing Prices Plummet 23% YOY As Housing Demand Craters To 20 Year Low
https://www.movoto.com/kensington-md/market-trends/
two plaintiffs who bought adjacent newly built homes
Another future colony, or family compound? Come to US, have baby, get bennies, chain migrate the entire clan to five-acre plots or two adjacent houses. Meanwhile our military is overseas fighting other people’s wars.
Americans are suckers.
And then DJT was elected.
+++++
Trump Ends Temporary Protected Status For 200,000 El Salvadorans
Breitbart | 1-8-2018 | Neil Munro
President Donald Trump’s deputies are ending the often-extended ‘TPS’ temporary refugee status for up to 200,000 El Salvadoran migrants, which was first granted when earthquakes hit their home country in 2001.
The TPS decision — reported by numerous media outlets — underlines Trump’s determination to enforce the nation’s immigration laws, and to push his “Buy American, Hire American” inauguration-day promise, despite growing pressure from the GOP’s business-first wing, Democrats and their allies in the establishment media.
The decision also pressures Democrats to accept Trump’s immigration reforms — or else run as the pro-amnesty political party in November 2018.
“despite growing pressure from the GOP’s business-first wing”
As they say in Missouri, “Show me.”
200,000 is a city, an entire city of broke El Salvadorans who would no doubt hop onto the government teat and leech off of the hard work of taxpaying US citizens. How many entire cities worth of broke 3rd worlders do we already have in this country? This stuff is nuts.
How can it still be a ‘temporary’ for 17 years?
Your lawmakers at work.
Americans are suckers.
And you still vote?
For the first time in a long time, Washington State saw a large net out-migration last year. 53% OUT vs 47% IN. That’s what high house prices do.
https://www.northamerican.com/migration-map
wow - local press was claiming a few weeks ago that Seattle had grown by 100K over 2016/17. I will try to find it ….
Keep in mind this is only tracking people moving in vs. moving out. It does not factor in net population increase or decrease.
And I would add that the survey tracks domestic migration only, so all the new residents moving to Seattle from the Pacific Rim are not counted.
Counting transients and 6 month visitors as new residents is DonkeyMath.
Depends on if they count “domestic migration” Texas-style (i.e. if someone enters the country in California and then proceeds to Texas, the Texas government counts them as domestic migrants thereby discounting the true effects of immigration. They started doing this several years ago.)
<em. 53% OUT vs 47% IN
percent of what?
Percentage of people moving.
“For the first time in a long time, Washington State saw a large net out-migration last year. 53% OUT vs 47% IN. That’s what high house prices do.”
I’ve met several WA escapees recently in AZ. It wasn’t the high house prices, they all sold and made a bubble bundle. It was the liberal SF like political environment that has steadily crept its way up the coast.
Caveat emptor.
Has it started raining down your way yet?
https://www.msn.com/en-us/news/us/first-major-rainstorm-in-nearly-a-year-hits-southern-california-prompting-evacuations-in-burn-areas/ar-BBI6Okx
Acute shortage of rentals because of these fires and displaced persons.
And I might have to put a jacket on..
A friend can get 3500 a month for his house if he leaves the furniture there .. hes leaving the state for a better job but will rent out his house its 1650 square feet worth about 700K
In case he wants to come back I guess
Don’t houses rent for half of what a mortgage payment would be?
“Don’t houses rent for half of what a mortgage payment would be?”
As rents have risen at a blistering pace the past several years, no.
Well knock me over with a feather!
I anticipate rents cratering in the not so distant future, as the overbuilding will crush rental prices.
But the overbuilding should also crush housing prices too.
But the operative question of the day is: can he pay his rent using Bitcoin, like this kid did to buy a house in Tukwila?
http://q13fox.com/2018/01/07/23-year-old-buys-tukwila-home-with-cryptocurrency/
I keep thinking of the movie ‘Idiocracy’ and somehow feel like we’ve even surpassed what was depicted therein.
But the overbuilding should also crush housing prices too.
But all the Debt Donkeys will still be stuck with those mortgages for houses they bought at the peak.
“Less than half a year later, he was able to pay more than 400,000 for his home solely off the profits from his cryptocurrency investments.”
This is heartbreaking and more than slightly nauseating. Some will call him a savvy investor. I say his story should not be possible in a system that had even a hint of logic and integrity.
This is totally unfair. Call it sour grapes, whatever, but these “investors” shouldn’t be rewarded like this and shouldn’t be looked at as “success stories”. It’s complete and utter BS.
I guess I’m the sucker for getting up and going to work every morning for the last 30 years and expecting that to be enough.
“In one day I put in $4,500,” said Kuo.
Cryptocurrency rates change rapidly but he says a few thousand can quickly become a whole lot more.
“$4500 can easily become $45,000,” he said.
Kuo added to his initial investment over the next few months.
“Some investments I make a 300% return in just a month, some investments are slower,” he said.
Less than half a year later, he was able to pay more than 400,000 for his home solely off the profits from his cryptocurrency investments.”
Notice how he thinks it’s normal. There is absolutely nothing normal about the returns from cryptocurrency this year. It’s a massive speculative bubble which will end in tears for most, this sucker just happened to buy in early. I would not be surprised if he lost everything one day. And Tukwila? Gross.
Unfair or not, I have to give the guy credit for cashing out and paying off his debt. So many others hang on to their bitcoin out of greed for even more payday, and lose it all.
Light rain in Vegas for the first time in months
It’s been rather dry here too. I think it’s snowed here three times, and all of them were an inch or less.
Don’t houses rent for half of what a mortgage payment would be?”
Not around here. I bought my house because the mortgage was cheaper than comparable rent but this was in 2012. I don’t know what it is now ? its not half not for a house , maybe a old apartment compared to a house mortgage its half ? Lots of people have dogs though so they need a house. the ones with kids live in apartments .
White people have dogs and Hispanics have human kids
https://www.zillow.com/homes/for_rent/house,condo,apartment_duplex,mobile,townhouse_type/16418235_zpid/34.302429,-118.837008,34.254769,-118.910823_rect/13_zm/
13008 Knotty Pine St, Moorpark, CA 93021
3 beds 2 baths 1,481 sqft
For Rent
$2,995 /mo
maybe worth 550K ?
Don’t forget the parking issue. Apartments have limited parking, or they charge for each car. If you have 3 families and 4-5 cars in a unit, that’s at least $300+/month for parking.
Sprinkled a bit today…which sure beats Santa Ana winds and fire.
Realtors are liars.
‘Ryan Shear, principal for Property Markets Group’s South Florida market, noted that he turned down buyers who wanted a 10% discount not so long ago, but today, he’d take that deal ‘all day long.’ While he hasn’t seen anything close to the 35% discounts of 2009, he said he has regularly seen 20% discounts and other incentives on the table to make a deal’
Give it time Ryan. You’ll be taking 35% off all day long. Of course, this means previous buyers are fooked.
’significant deals to be had when purchasing resale units, where there’s a lot of downward pressure on price, or single-family homes, experts say’
SFH? Oh dear…
Well, at least he didn’t give it away…
Got SFH in Bawmore? Washington, DC?
https://www.bloomberg.com/news/articles/2018-01-08/good-morning-baltimore-orkin-says-your-city-is-a-bed-bug-mecca
Have ya checked the house for bedbugs, oxy?
Bedbugs? Food grade diatomaceous earth. It takes time and effort, but trust me, it works.
It’s not like Orkin has any financial interest in putting out this info…
Hmmmm yes budgugs are the problem in Bodymore, Murderland.
Sorry, folks, the WSJ source article is behind a paywall, so you’re just going to have to put up with zerohedge.
https://www.zerohedge.com/news/2018-01-08/it-doesnt-look-good-intel-ceo-jeopardy-selling-stock-after-learning-staggering-flaw
Every closing a crime scene, huh? How about every corporation a crime scene?!!! Unreal. This fvk doesn’t even give two craps in a bucket, he’s just gonna sell his stock ahead of the of the bad newz on Intel and what’s anyone gonna do about it?
It’s like I said, we don’t have a DOJ, we don’t have a system of law. What we have, is essentially a protection racket for top level criminals, from HRC to Corzine, to CEOs of major corporations. The small, petty players get nailed, because god forbid anyone should cut in on the action of the big boyz n’ girlz.
Anyone got a good name/acronym for the DOJ that reflects what they really are? Sorry, Mafia and La Cosa Nostra are already taken.
Funny how we don’t enforce the law on the rich and powerful.
Please give generously to the Clinton Foundation.
+++++
The Sarbanes–Oxley Act of 2002 (Pub.L. 107–204, 116 Stat. 745, enacted July 30, 2002), also known as the “Public Company Accounting Reform and Investor Protection Act” (in the Senate) and “Corporate and Auditing Accountability, Responsibility, and Transparency Act” (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law that set new or expanded requirements for all U.S. public company boards, management and public accounting firms.
Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under title 11, or in relation to or contemplation of any such matter or case, shall be fined under this title, imprisoned not more than 20 years, or both.
Criminal Penalties.— Whoever— (1) certifies any statement as set forth in subsections (a) and (b) of this section knowing that the periodic report accompanying the statement does not comport with all the requirements set forth in this section shall be fined not more than $1,000,000 or imprisoned not more than 10 years, or both
willfully certifies any statement as set forth in subsections (a) and (b) of this section knowing that the periodic report accompanying the statement does not comport with all the requirements set forth in this section shall be fined not more than $5,000,000, or imprisoned not more than 20 years, or both.
Whoever knowingly, with the intent to retaliate, takes any action harmful to any person, including interference with the lawful employment or livelihood of any person, for providing to a law enforcement officer any truthful information relating to the commission or possible commission of any federal offense, shall be fined under this title, imprisoned not more than 10 years, or both.
Clawbacks of executive compensation for misconduct
One of the highlights of the law was a provision that allowed the SEC to force a company’s CEO or CFO to disgorge any executive compensation (such as bonus pay or proceeds from stock sales) earned within a year of misconduct that results in an earnings restatement.
https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act
“Funny how we don’t enforce the law on the rich and powerful.”
Indeed.
https://www.desmoinesregister.com/story/news/crime-and-courts/2017/12/20/president-trump-commutes-sentence-sholom-rubashkin-ex-iowa-slaughterhouse-executive/971291001/
Notice how nothing ever happened to the Equifax CEO Richard Smith who was selling stock before reporting the massive security breach, and how quickly the whole story disappeared?
Nor to that POS CEO of Wells-Fargo.
All those CEOs get is a tongue-lashing in front of some Senatorial committee. And then they probably go to Ruth Cris afterwards for some Dom and mignon and serious back-patting. 2-3 hours of humiliation for millions more in the bank. Prostitution at its finest.
“And then they probably go to Ruth Cris afterwards for some Dom and mignon and serious back-patting.”
Reminds me of the last five minutes of Mark Wahlberg draining the swamp in Shooter.
At least the CEO of Wells Fargo was shamed enough to step down and had $28M of his compensation clawed back. The Wells head of retail had $47M of compensation clawed back. They still made out like bandits, but at least there was some measure of punishment for their wrongdoing.
Criminals without connections and money are the ones that pay. Steal 50K and you’ll do time. Steal billions with a layer or two of misdirection (but you still profit), and you’ll laugh all the way to the bank.
“The best way to rob a bank is to own one.”
Notice how nothing ever happened…
Both Equifax and Wells Fargo should have been put out of existence long ago. They execute people, don’t they?
Just like $crouge McDuck, … They is just sitting on their golden bitcoinish wealth, those silly gooses.
https://www.cnbc.com/2018/01/08/homeowners-are-sitting-on-trillions-in-cash.html
($crooge is an elderly Scottish anthropomorphic Pekin duck with a yellow-orange bill, legs, and feet. He typically wears a red or blue frock coat, top hat, pince-nez glasses, and spats)
I was just reading that article when I noted the benefit of no longer allowing deduction for HELOC interest (thus my shout-out below).
Freddie will release it’s updated refinance report for Q4 2017 in February. It will be interesting if there was a spike in HELOCs to get in front of the new tax law change (which was telegraphed).
For the rest of 2017, the amount of equity being pulled out was still relatively tame at approximately $18B per quarter…as compared to $85-$90B per quarter in 2006.
Also good to see that a relatively high number of people are refinancing their 30-year loan into 15 year loans (last mark was 26% of all 30-year loan refinances fell into this category).
As compared to the height of the last boom (late 2006), where only 5% of people did so.
Either people are more conservative now (wanting to pay off debt), less enamored with debt, or in better financial position (can afford the higher payments). Whatever the reason, it’s good.
a spike in HELOCs…
I don’t believe they would be grandfathered in.
I just looked and saw that you are right…there is no grandfathering in for HELOCs.
DOUBLE BONUS!
Not only will the incentive be taken away to take out new HELOCs, there will now be a stronger incentive to de-lever for folks that already have a HELOC.
I suspect there will be some permanent loan refinances to payoff the HELOCs.
I suspect there will be some permanent loan refinances to payoff the HELOCs.
Unless of course the law limits deductions based on the original purchase price of the home! That would be a TRIPLE BONUS.
Taking away all these incentives to borrow is a fantastic thing.
“I suspect there will be some permanent loan refinances to payoff the HELOCs.”
Huh.
I wonder who stands to make money off of this? (No I don’t.)
This is the first time I’ve heard about this change. It must have been that one day I didn’t read HBB.
Lock her up!
“I suspect there will be some permanent loan refinances to payoff the HELOCs.”
Potential fraud if the HELOC was used to buy toys or pay off credit cards.
Potential fraud if the HELOC was used to buy toys or pay off credit cards.
Just more people ignoring debt tracing rules. Same thing happens with commercial real estate. If you refinance a property and pull out more equity than you invested, the amount above and beyond your original investment needs to be invested…or else, the interest deduction should be limited.
That’s a nice theory….but no one actually tracks this stuff, and so people just get the money and do with it whatever they want.
Yep. No one gets audited for this stuff. Although the IRS added a worksheet in 2015 IIRC. Also 1098’s started reporting beginning and ending balances in the boxes on the form, where it was usually supplemental information, and usually not revealed at all.
It is interesting to note how much lower the total of HELOCs is compared to the halcyon days. What I’d also like to know is if this recent re-bubbling of prices is on a much lower volume of houses sold. If so, the effects of a bust would not be nearly as pronounced since the number of people affected would be smaller. I am speaking of the US only, as the global meltdown will likely be worse.
Approximately 80 percent of homeowners now have tappable equity, cash which could fuel the economy.
So it’s my patriotic duty to hock my home to buy extra junk? No thank you. Everything is rented forever nowadays, everything from houses to vehicles to music and video games. So much for the “ownership” society.
A shout out to the new tax law, which disallows deducting interest on HELOCs.
which disallows deducting interest on HELOCs ??
Still can deduct if its used for home improvements…
I was reading about this last week with regard to the $10k limit on state / local tax:
‘ New York Governor Andrew Cuomo earlier this week said that the new cap was an act of “economic civil war,” and promised to fight back by suing the federal government and by changing the state’s tax code to shelter residents from the loss.
One of the options under consideration is swapping the state income tax for a payroll tax paid by employers, which would still be fully deductible.
In California, Senate President Pro Tem Kevin de León plans legislation that would allow residents to donate to a state entity called the California Excellence Fund in lieu of paying taxes—a move intended to sidestep the federal cap.’
Tax fraud is a felony.
The NYS and California state politicians won’t go to jail.
YOU WILL.
You may want to look up the definition of fraud. An employer paid payroll tax would hardly be tax fraud by the employee. Same with the CA fund. The NYS tactic may work, the CA one probably not.
You go ahead a risk a full anal audit, tax penalties, liens and jail time for the words “may work” and “probably”
It is worth remembering that the Feds nailed Al Capone on tax evasion.
Even The Joker knows you don’t mess with the IRS
https://www.youtube.com/watch?v=G56VgsLfKY4
‘In 2007 U.S. News & World Report ranked Texas the fourth-most affordable place to live. Ten years later, the magazine reported Texas ranks 21st in affordability in the country and it is the 24th most expensive place to buy or rent a home. Add to that a lower average income’
The article mentions only 79,000 people moved to Texas last year. Good thing greater Dallas is only building 50,000 apartments and 30,000 shacks a year.
How many Texans reach adulthood every year? Sure, many don’t move out, but I’d think some of them will move out and rent a place, even if roommates are required.
Note: Not saying they aren’t building too many shacks in Dallas, because they are.
Subtract those adults who cast off their mortal coil.
True, but I suspect that the net number is positive.
“Add to that a lower average income”
Did USNews WR not analyze some affordability metric, e.g. Median incomes vs Median house payments/rent payments?
Now THAT is fake news.
My bad?
4th affordability 2007, 21st affordability 2017.
What the are the rest of the words for?
crow time?
Not sure you can invoke crow if the mistake is self-identified.
That said, there are affordable houses in every state in the Union (except DC) — provided that you don’t need to commute to a job.
From the Dallas Morning News article:
“The Lone Star State isn’t so much headed for a downturn as it is leveling off.” Where have we heard that sort of thing before? I’m surprised they didn’t throw in the phrase “soft landing”.
They do mention that wages have not increased. It’s amazing how much housing costs for both buying and renting have gone up here, but wages haven’t really gone up at all.
And because they talk about Texas as a whole, I think it’s all underplayed. The real growth in population and the cost of living has been in the eastern cities, and if you removed all the rural and small town areas of the state, the situation here would look even worse in terms of affordability.
“The mass migration to Texas may have tapered off. Our current population growth is led by births, followed by international migration.”
Yet within the last year, Ben posted numerous articles about Texas that claimed we’re the #1 state for “domestic migration”. I repeatedly pointed out what BS this was because they changed the definition of domestic migration to ignore the fact that most of these so-called domestic migrants were actually immigrants who first landed in other states and then came here.
“This is where the disconnect will lie: politics. Texas will need a new vision for what’s next. And the current crop of right-wing politicians playing to a narrower base with the divisiveness of anti-abortion, homophobic, gun-nut and anti-Hispanic themes hasn’t got a semblance of that vision.”
Well, I’m not sure who “hispanics” are - recent immigrants? - their children? - Americans whose families have lived here for seven generations and who have no love for recent immigrants? - members of central American gangs who are infesting this place? These are all very different groups of people. Hardly homogeneous. And the author of this article seems completely unaware of how culturally conservative most so-called Hispanics are. Many of them are anti-abortion and deeply homophobic.
Well, I’m not sure who “hispanics” are - recent immigrants?
Immigrants, especially of the illegal variety from Mexico and Central America.
When I tell people that I’m Hispanic, I get raised eyebrows, because:
1) I’m white, no mestizo background
2) I don’t speak English with a south of the border accent
3) I have a Hungarian surname (that really throws them through a loop)
“Real Hispanics” are uncomfortable around me and shun me. I think it also annoys them that my Spanish is better than theirs. You know, I don’t call a pickup truck a “troka”, I call it a “camioneta”, and other stuff like that.
25% of the “dreamers” are functionally illiterate.
But according to the Huffington Post and Salon and the Guardian and the Atlantic and the New Yorker and NPR and CNN, you are indistinguishable from them, and you should support DACA amnesty out of solidarity with your brown brothers.
LOL! Indistinguishable from them. Narratives gotta narrate. I guess that’s Univision’s Jorge Ramos isn’t married to a mestizo woman.
What’s even funnier is the contempt Mexicans living in Mexico have for Mexican Americans and “mojados” (wet backs). Of course that will never be reported by those august media outlets.
That beats the ~50%+ of native born blacks in the US that are the same. I’ve lost track of how many times I’ve been asked a question and give an answer which requires some simple reading and then they wave me off - took me a while to figure out that reading is not an option for them. They can thank LBJ, Ted Kennedy and Obama - but they dont know history either so they only know about Ozero.
i wonder how many millions OHpra given to inner city “yootz” to teach them proper English and Math ?
maybe a scandal? like zero.
Which is why I am mentally freaking out about today’s teaser that Oprah is running for the presidency.
She is likely to be elected, if for no other reason than millions of (”Where’s my Obamaphone???”) voters will vote for her, thinking that they will actually receive a new car if she is elected.
#peakidiocracy
Lots of people getting bonuses at work and other bennies from the tax cut. We announced a bonus recently and other increases in bennies.
Didn’t make the news but people are really happy with the extra money. I hope they understand it is because of the tax cut and vote appropriately.
Maybe Trump will win again. (I doubt it but maybe.)
Lots of people getting bonuses at work and other bennies from the tax cut.
You mean some people. I personally don’t know anyone who got a tax cut bonus.
It wouldn’t be the first time a politician has used an appeal to material items in a campaign. Remember from history class how Hoover’s slogan was “A chicken in every pot and a car in every garage”?
“A chicken in every pot and a car in every garage”?
Soon that will turn into “A car full of pot and chickens in every garage.”
“A car full of pot and chickens in every garage.”
That’s way too funny, way to flip it!
“Real Hispanics” are uncomfortable around me and shun me. I think it also annoys them that my Spanish is better than theirs. You know, I don’t call a pickup truck a “troka”, I call it a “camioneta”, and other stuff like that.
Hispanics is so odd to me as a group identifier. Almost all of my friends from Mexico, Central America, or South America who speak Spanish use “Latino.”
My wife’s half Hispano and prefers “Latina”.
Though a lot of New Mexicans seem to be okay with “Hispanic”.
Other than people whose families moved here generations ago and don’t speak Spanish themselves, I don’t know anyone of Latino heritage who prefers “Hispanic.” Certainly not anybody living in Latin America.
I asked my Colombian wife for her thoughts on “Latinx,” which is popular on elite American university campuses as the new non-gendered way to refer to Latino individuals. She wasn’t a fan.
Did you see my comment yesterday about Prosper, TX? It’s hitting the fan up there. From what I can see there ain’t no way one could commute from that far north to jobs which could cover $1 million shacks.
It looks like Prosper is about 25 miles north of the intersection of the Dallas Tollway and the LBJ Freeway. Isn’t that the heart of what they call the Platinum Corridor?
I don’t know. When I was up there in 2014 it would’ve taken a long time to go 25 miles. This is a farm to market road, suddenly surrounded by thousands of houses. Throw in the road construction, dirt hauling, cement trucks, stop lights, it’s a mess.
Did you see my comment yesterday about Prosper, TX? It’s hitting the fan up there. From what I can see there ain’t no way one could commute from that far north to jobs which could cover $1 million shacks.
I did see it. It’s completely crazy. I think people here are still in deep denial mostly. I am in North Frisco, just slightly south of Prosper. The building frenzy does not seem to be slowing down at all, neither residential nor commercial. Like every other time, they’ll just keep building until the money stops.
Can’t imagine paying Texas property taxes on $1 million shack.
Prosper, TX 2.47%
http://www.friscohomecenter.com/property-taxes.php
$24,700 per year.
I guess you’re replying to me. Well certainly there are $1M shacks out of commuting distance in Texas. But they aren’t ALL unaffordable. There are plenty of Oil-City type houses everywhere.
For example, if you’re an able-bodied retiree with $30K income and $150K cash to spend on a house, you could live well in semi-rural Texas.
Here’s a fixer-upper right in Lufkin. It looks crappy but it’s only $40K. You could bring it to code and make it beautiful for $60K, for $100K total.
https://www.zillow.com/homedetails/715-Mantooth-Ave-Lufkin-TX-75904/78792608_zpid/?fullpage=true
Or, for the hermit type who wants to live small but isn’t quite ready for a tiny house, here’s another one nearby that’s in bad shape but could be fixed up:
https://www.zillow.com/homedetails/116-Joe-C-Ln-Lufkin-TX-75901/84339072_zpid/?fullpage=true
Or for those who don’t like fix-up, $125K will buy something whose only flaw is not being near a major job center. Here’s a brand-new one right in Abilene:
https://www.zillow.com/homes/for_sale/fsba_lt/house,condo_type/2092211985_zpid/0-125000_price/0-465_mp/pricea_sort/32.792111,-99.495348,32.228025,-100.01509_rect/9_zm/5_p/0_mmm/
It only took 10 minutes to find these on Zillow. This country probably has upwards of a hundred thousand places like this.
Donk… Take a look at $/sq ft.
The first one is “as-is”. Maximum risk and fully depreciated with a value of zero, possibly negative depending on condition. What’s the lot worth… $1500?
The second one is$55/sq ft? It’s built new for less than that.
The third is $100/sq ft. Double the construction cost(lot, labor, materials and profit).
None of these present value. Going through life howmuchamonthing everything is a sure path to financial destruction. Take a look at value rather than affordability.
None of these present value.
That pretty much sums up Texas housing at this point.
Why don’t democrats want to “tax the rich?”
And, oh yeah - Tax fraud is a felony.
++++++
California’s Plan To Dodge Tax Reform Is A Shell Game
Hotair | 01/08/2017 | Jazz Shaw
When the Democrats were railing against the tax cut package which was passed before Christmas, one of their major rallying cries was to say that Trump and the Republicans were “punishing blue states” by capping SALT deductions (the amount of state and local taxes you pay which may then be deducted from your federal taxes) at $10K per year. Hardest “hit” were New York and California, with their respective governors vowing to #RESIST Trump and find a way to spare their people. While this would obviously be a silly idea in progressive circles, one response might have been to ask why they don’t stop taxing their residents at such insanely high levels. Perish the thought.
True to their word, California got to work on a plan which would allow residents to avoid this pitfall and still be able to take the full SALT deduction next year. How could they do that? It’s a rather complex shell game cooked up in the state senate. If approved, it would establish a “California Excellence Fund” where residents could make a “contribution” equal to the amount of state tax they owe over the cap. In exchange, the state would give them an offsetting tax credit of an equal amount which they could then deduct on their federal taxes under the exception provided for “charitable contributions.”
But there’s nothing “charitable” about it. The so-called Excellence Fund is nothing more than a holding company inside the state treasury specifically designed to create a tax dodge. Even the LA Times editorial board looked at this scheme and advised against such a corrupt practice.
If you are coerced into paying it, how could it possibly be considered a charitable contribution?
And now, it appears, that the Dems are talking about having Oprah Winfrey run in 2020. Fact, on a daily basis, is become stranger than fiction.
Lindsey Graham is salivating at the prospect of being tapped as Oprah’s VP.
I hope she runs. Kamala Harris would be most unhappy.
And the sad part is she will win.
She has a better chance than a lot of people think. But her good intentions will drive this country into the ground for sure.
I like Oprah. She’s demonstrated that she’s a good businesswoman. But President? It’s sad that our political class cannot produce decent candidates anymore.
And don’t think the military doesn’t see the lack of competent leadership. Somebody with some ambition is going to do something about that one of these days.
“She’s demonstrated that she’s a good businesswoman.”
In the ghetto she’s an Oreo.
In the ghetto she’s an Oreo.
I wonder how many black men would vote for her?
And don’t think the military doesn’t see the lack of competent leadership. Somebody with some ambition is going to do something about that one of these days.
With lots of helicopter rides.
Oprah is likely very intelligent, and she’s witty at the conversational level. Hillary couldn’t hold a candle to her. Oprah [is] big business, IMHO.
Lol no she won’t. NO ONE criticizes Oprah. Ever. If it came down to it she would get shredded in a debate. The media can’t cover for her forever.
Truth is stranger than fiction. A friend of mine is OHpra’s neighbor on Maui. She started an “organic” farm, hired a bunch of people to work it and there were articles when it kicked off about how great she is, growing food and employing people. My friend, a EE PhD from Stanford did the math on her operation and determined it cost her about $11 to produce a single head of lettuce. But its organic!
And she’s buddy buddy with scum like Weinstein. Libtard dream candidate right there. And they can wear black in solidarity.
Check out the pictures of her from her Golden Globes SJW speech last night. She invested $40+ Million in Weight Watchers two years ago …and, uh… Aye-yi-yi…
She’s a heifer alright. A thoroughly modern woman.
She’s been talking about her diet for decades, and she’s still as big as a house. Gross.
She would be our first morbidly obese prez. Taft was fat, but not like her.
Trump is clinically obese. Oprah would mirror the US populace. about 70% of US adults (men and women) are either obese or overweight.
https://www.niddk.nih.gov/health-information/health-statistics/overweight-obesity
Don’t let anyone fool you: she’s wearing black to make herself look thinner. Could you imagine Ms. Weight Watchers in any other color? Black in solidarity with #metoo, my butt.
I would actually think the funny thing about this is that California income taxes for the poor are fairly small as the percentage doesn’t get hefty until you cross into hire incomes. So middle and lower middle people whom the Dems are supposedly protecting aren’t paying much Cali or Fed income tax. Their biggest tax is probably the payroll tax. And maybe more localized taxes like Sales and Gas…
Further none of them were likely itemizing, and if they were they are way below the level impacted by the changes…
So really this is just a pretty standard attempt to drum up anger on behalf of more well off voting home owners.
Plano, TX Housing Prices Crater 8% YOY
https://www.movoto.com/plano-tx/market-trends/
HA! You link goes to a city in WA, where prices are up…..
You’re no Housing Analyst! HA!
DebtDonkey
Vashon, WA Housing Prices Crater 6% YOY On Ballooning Housing Inventory
https://www.zillow.com/vashon-wa/home-values/
https://snag.gy/m5EzRB.jpg
What is the first thing democrats do when they attain power?
Help the little guy? No.
Help the environment? No?
Help public education? No
It is ALWAYS - banning guns.
++++++
(WA State) Senate Democrats take early aim at gun legislation
Peninsula Daily News | 01/07/18 | Alex Visser
OLYMPIA — With a newfound majority in the Washington Senate, state Democrats have found an early target in firearm regulation as the 2018 legislative session gets set to begin.
Senate Bill 6049 would regulate the ownership and manufacturing of large capacity magazines and make them all but illegal in most cases. “Large capacity” refers to any magazine that can hold more than 10 rounds.
Obama had a majority in both houses his first two years. But IIRC, they failed to pass any gun-restricting legislation at all. Let alone the sort of draconian legislation many were expecting/fearing. I always wondered why? I figured they would at least reinstate the Brady laws.
I would think the gun/ammo manufacturers miss Obama. He was very good for their sales!
Anyone else remember the ammo shortages before and after the 2008 election?
What is the first thing democrats do when they attain power?
Help the little guy? No.
Help the environment? No?
Help public education? No
It is ALWAYS - banning guns.
Yup. And then always wonder why people “vote against their own interests” to vote against them. It’s not against their interests…it makes perfect sense.
“There needs to be serious consideration in allowing temporary work visas until American trade schools can adequately crank out much needed, domestic skilled construction workers,” NAR chief economist Lawrence Yun wrote in response to the monthly employment report.
https://www.cnbc.com/2018/01/05/by-all-measures-a-construction-boom-is-shaping-up-for-2018.html
LOLZ
Yun departed from reality long ago.
I wonder if the thought ever occurred to him that construction labor unemployment is sky high.
I wonder how many illegal construction workers attended a trade school.
Since when does the chief economist for a real estate trade association publicly opine on national immigration policy? Are there any other matters on which he has an opinion?
Since when? Since he wants cheap labor.
I dunno. If Yun is truly serious about this being temporary, it might not be a bad idea. Send the young American kids to trade school, promise them $50K - $60K jobs upon graduation if they are willing to relocate. And for every two graduates, kick out 3 of those temporary workers. Heck, it might even be worth paying for their tuition, which would be, what, $20K total? That’s less than sending one anchor kid to school for a year.
Maybe they could do the same for IT coders and H1-B.
Of course he’s not serious about it being temporary. This is about lowering wages, pure and simple.
H1B’s are supposed to be temporary, yet I know H1-B’s who have been here almost 15 years, still waiting for the green card. They buy houses, etc. Many get work visas for their spouses.
There’s a reason why so many large tech firms don’t give annual raises. They don’t have to because there is a surplus of tech workers, which means the competition pays the same, and also doesn’t give raises. I’ve had offers where they asked me if I would take a pay cut. When I said ‘no’, they wished a good day.
I’ve been fortunate at my current job, as my pay has gone up 16% in 6 years. Many of my now laid off coworkers got zero during that same time frame.
I’ve been fortunate at my current job, as my pay has gone up 16% in 6 years. Many of my now laid off coworkers got zero during that same time frame.
I’ve almost doubled my pay in 7 years but it involved multiple job changes, some involuntary, and moving where the jobs were instead of staying put as I would tend to do by nature. My pay was artificially low before though due to staying in the same job for 11+ years straight in Colorado before.
Current HBB banner ad for “Denver Gay Real Estate”
https://alex.milehighhomeguide.com/pride/
Gay used house buyers, your gay realtor is lying to you
At least they’re used to getting it through the back door
No pegging… the real thing!
Emeryville, CA Housing Prices Crater 7% YOY As Bay Area Housing Correction Expands
https://www.movoto.com/emeryville-ca/market-trends/
You posted that yesterday……can’t find two more cheap houses in some obscure zip code? HA!
DebtDonkey
Parker, CO Housing Prices Crater 11% YOY On Skyrocketing Housing Inventory
https://www.movoto.com/parker-co/market-trends/
Anyone know if Korean fridges (Samsung or LG) have the same junky Chinese compressors like the red, white and blue “American” brands (that are assembled in Mexico) do?
Housing my friend….
Beaverton, OR Housing Prices Crater 5% YOY
https://www.movoto.com/beaverton-or/market-trends/
if there is crow around u will sniff it out.
DebtDonkey
Clearwater, FL Housing Prices Crater 19% YOY
https://www.movoto.com/clearwater-fl/market-trends/
I’ll ask again. Anyone know if Korean fridges are better than American ones?
Housing my friend…. Housing.
Kaunakakai, Hawaii Housing Prices Crater 20% YOY
https://www.movoto.com/kaunakakai-hi/market-trends/
I will say yes also washers, stoves, etc. I think American washers and dryers if made by Whirlpool are total POS. When 20 years ago they were know to last 20 years.
Had to replace the timer on my 3 year old Whirlpool dryer, easy to do and when I took the thing apart it was a made in Mexico a mechanical crazy thing with levers and cams so weird in the age of electronics. fails if you turn it counter clockwise. Or maybe just fails because its a POS? It was over 100 bucks for the part.
I have a Samsung refrigerator bought used in Poway CA still going strong.
I won’t buy American appliances anymore I go with Koreans.
I don’t know about no stinking fridges, but, the keypad style control panel on our ~10 year old GE microwave in the apartment crapped out (a couple of the “buttons” stopped working) and rather than replace the control panel (which I removed in like 5 minutes to see if I could see anything wrong with it) they spent half the day replacing the entire microwave with a brand new GE with a clock display color which now doesn’t match the stove, to my great disappointment.
The control panel on the new one barely works. You have to push the buttons multiple times and apply more pressure than you should before they register the press. When you push start, the relays in the control panel make a racket as they energize, more than one of them, and not in unison - the unit just appears to be a complete POS.
I know from experience that GE appliances are a complete POS.
I loved our Samsung refrigerator, but the washer has had issues. Lots of reports of Samsung washers rattling and jumping around all over the place. They have had some pretty large recalls from what I’ve seen. I’m not sure this in anyway answers your question, it’s just one data point.
“I loved our Samsung refrigerator, but the washer has had issues. Lots of reports of Samsung washers rattling and jumping around all over the place.”
We have a Samsung front loader that doesn’t handle load balancing very well, so it “jump about” if the load is too heavy. I bought it from our local appliance store that went out of business after Lowe’s opened withing 20-min driving distance, so no recourse.
We did buy a Samsung combo a couple of years ago when our Maytag gave up the ghost after 20 years. So far, so good. Haven’t seen any jumping. Samsung does guarantee their fridge compressors for 10 years. The idea of spending 1500+ on a Mexican made fridge with a Chinese compressor doesn’t give me warm fuzzies.
Also of interest, the current fad seems to be for those “French Door” fridges with the double doored fridge on the top and the freezer drawer on the bottom. It seems like 2/3 of everything on display at Lowes, HD, Best Buy, etc., falls into that category these days.
President Oprah? Good luck with that. Ann Richards needs to tell the Democrats they’ve lost their minds.
Saturday Night Live Robert Smigel Saturday TV FunHouse The Narrator That Ruined Christmas
at 3:49 “We know you’re important with thoughts in your head, but it’s hard for us to take it, so get back in your cage, paint your ass red, and shake, shake, shake it!”
https://www.youtube.com/watch?v=UihZm6T2T5g
Pictures of her kissing Harvey Weinstein have already surfaced. She didn’t know … riiiiight.
Too Short — Money In The Ghetto:
https://www.youtube.com/watch?v=_H-V_I7c7ak
Oprah Winfrey “And they just have to die!”
https://www.youtube.com/watch?v=-1sWsn1Q8lk
Rose McGowan called them all out…I like her more and more.
“”And not one of those fancy people wearing black to honor our rapes would have lifted a finger had it not been so,” McGowan tweeted. “I have no time for Hollywood fakery”
Ahhhhhhh Ahhhhhhh Ahhhhhhh Ahhhhhhh
Beeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeep
Hoh Hoh Hoh
Big National Second Place Game Tonight.
This gas been a Treadjacking
You will now be returned to your regular broadcast
The Fed has two overt mandates (price stability and full employment) and a de facto third mandate (financial market stability).
So, if you define financial market stability as a rising or stable market, and the Fed (and other central banks) is going to defend that, no wonder financial markets here and around the world are levitating.
Think about how they would support financial market stability: intervene when prices are dropping, stay hands off even when markets are skyrocketing, because “no one knows what a bubble is” (of course they do - the answer is speculative demand but they can’t/won’t measure it. And when you can’t measure what’s important, what you can measure becomes important).
It’s true that the Fed and other central banks have signaled they will begin tightening, but if the de facto third mandate says, at the first (or perhaps the second) sign of trouble, inhale a great gob of purchasing power from the public and blow it into the financial sector, no wonder markets don’t seem to regard talk of Fed tightening with too much concern. Perhaps their thinking may have changed but there have been no public pronouncements of that.
it doesnt take a genius to look into these stocks and see how grossly overvalued they are. these markets are a total joke anymore.
Consider that the “mandates” are only a diversion. They who rob us claim to have a benevolent charter.
Looking at the mortgage from the lender’s side, it’s ownership of a house, and an income stream. As the debtor’s equity rises, the lender’s drops, eventually dropping to zero with the debtor owning the house and the lender losing any claim to it.
So with the Fed having bought so many mortgages, one wonders just how many houses its owns outright, due to defaulted mortgages.
I’ve wondered about this, but I’ve never been able to locate a property tax payment from the fed when I look up tax records on empty houses I see in neighborhoods, the payments always seem to be from Megabank, Inc.
DJ Danger Mouse and Jemini — The Only One:
https://www.youtube.com/watch?v=ge4-Kb3J-Eg
Electricians rule, other trades drool…
Interesting: Auto loan delinquencies up about 7% from a year ago (as of November).
But they tell us we’re actually significantly below the natural rate of unemployment, the maximum the economy can sustain before inflation takes hold. And the improving economic conditions that implies.
overpriced cars and homes,whats new? U have to beg your masters for a loan to buy one. Better kiss some serious @ss and keep your credit score up.
Pay cash.
“Many of the people who can’t pay their car loans have bad credit scores of under 620 on an 800-point scale. They don’t have many options to get money to buy a new or used car and often end up getting a subprime auto loan that comes with an interest rate of 15 to 20 percent.”
Once you’re relegated to skid-row used car dealers it’s 20% plus APR!
exactly they have a long street of used car dealers around here. they totally hose u on interest. most of the cars are trade ins they bought and then mark up 100%. they advertise on the radio that they are credit rebuilders. lmfao
Ashford, CT Housing Prices Crater 11% YOY
https://www.movoto.com/ashford-ct/market-trends/
Link to Plano TX!!??
Prices up. Are your meds making you groggy? HA!
he is high on crow
DebtDonkey
Mountain View, CA Rental Rates Crater 9% YOY As Bay Area Speculators Slash Prices
https://www.zillow.com/mountain-view-ca/home-values/
And don’t forget to select price on rental chart
If the central bankers believe in the wealth effect, why do they push inflation so hard? I mean, inflation makes people poorer.
On the one hand, you’ve got interventions to boost asset prices to get the wealth effect, on the other, you’ve got inflation.
I mean, I get the wealth effect… but slowly making people poorer is someone going to get them to spend more? That seems totally contrary to any understanding of a person’s economic motivations. Reality is you’re going to get the opposite of a wealth effect in response to mild to moderate inflation - people are going to tighten their belts.
To justify asset bubbles.
“A lawsuit filed in Seattle contends that a local developer and prominent real estate agency conspired to prey on Chinese nationals and inflate luxury home prices”
A while ago I read Kindleberger’s book “Manias, Panics and Crashes”. In it he talks about how one sign that a bubble is ending is an increase in fraud in the market. Whenever I see stories like this one my mind goes back to that.
FLASHBACK: BRITISH ACTRESS SAYS WEINSTEIN USED OPRAH AS BAIT FOR SEX
Actress says Oprah duped her into thinking Weinstein would help her career
Jamie White | Infowars.com - JANUARY 8, 2018
Television personality Oprah Winfrey lectured America about the pervasive sexual abuse culture in Hollywood during her Golden Globes speech Sunday.
What Winfrey failed to mention was her close relationship with disgraced producer Harvey Weinstein, a fact British actress Kadian Noble brought up in November as the #MeToo fallout was in full swing.
Noble said at a press conference in Manhattan that she had met Weinstein in 2014 at an event in London with Oprah “swinging off his arm,” which Noble said impressed her because she was hoping to advance her career.
“I thought, obviously, this man has something amazing in store for me,” she said at the conference.
Instead, Weinstein gave empty promises of career advancement to lure Noble to his hotel in France, where he allegedly raped her.
“I felt completely played,” she said. “I still can hear the rattle from his belt, like him undoing his belt while he had grip of me.”
Given Weinstein and Oprah’s cozy relationship, her condescending speech promising “a new day on the horizon” for “all the women who have endured years of abuse and assault” is not just ironic, but deeply hypocritical.
Consider this photo of Oprah and Weinstein at the Critic’s Choice Awards in 2014, showing Oprah appearing to suckle Weinstein’s right ear.
https://www.infowars.com/flashback-british-actress-says-weinstein-used-oprah-as-bait-for-sex/
WOW. Oprah obviously knows no shame. How could she even give that speech knowing she did this? She’s literally sucking on his ear, then there’s pictures of her sitting with the gal she introduced him to that he raped. There’s absolutely no way she could win the presidency with such a revelation. She’s like Matt Lauer, who was publicly scolding Weinstein while privately raping as well.
Her connection to Weinstein is being whitewashed by the left. Took a look at CNN this morning to see if any of this came up: nada. They are willing to look the other way if it means she can win in 2020.
hollyweirdos r the biggest perverts out there.
Hollywood has what others want.
Imagine what it’s like in Washington DC?