Banking On A Huge And Quick Increase In Equity
A report from the Star Telegram in Texas. “Patti Sue Kirkey makes decent money with periodic raises, as a project manager for a mortgage company. Kirkey’s experience illustrates an unfortunate reality in North Texas. By and large, wages are not increasing fast enough for residents to keep pace with the cost of housing. Her experience in Fairmount didn’t end well. She had hoped to buy the home she rented for two years. But during that time her landlord, who was apparently eager to capitalize on fast-rising home prices in much of Fort Worth, raised the asking price beyond Kirkey’s budget.”
“‘The last house I was in for two years, I wanted to buy it, but the price went up $75,000 for no reason,’ Kirkey said. ‘There were no improvements.’”
“Thao Truong said her family is interested in selling their six-bedroom home In North Richland Hills and downsizing. Truong said one of her neighbors bought a home for $215,000 about four years ago and recently sold it for more than $300,000, and her family wishes to make a similar sale and use the proceeds for a smaller, higher-quality home. ‘The prices are going to keep going up, so my advice is to buy now. Buy while you can,’ she said.”
“The situation is probably temporary, said Lawrence Yun, chief economist for the National Association of Realtors. Builders are moving quickly to build new homes to meet that demand. ‘I don’t anticipate such a misalignment trend can continue for the next five years. It’s just not possible,’ Yun said. ‘There needs to be … a situation of home prices tamping to let wages have a chance to catch up.’”
From KTVZ in Oregon. “It’s not cheap to buy a home in Bend, and those high home prices are continuing to rise. In January, the median price for a single-family home in Bend was $410,000. That’s up $15,000 from December. The cost of homes in housing developments is typically determined by the builders, and a big part of that comes from the cost of land, Bend Premier Real Estate Principal Broker Lynnea Miller explained.”
“‘I’ve lived in Bend since 1985, and I can recall, you could pick up a lot a really nice lot for $5,000 back in those days,’ Miller said. ‘Now that same lot, shrink it down to make it about 4,000 square feet, and the going rate for that is $85,000 to $95,000 for a developed lot. When you have to spend that kind of money for land, the home you build on it has to be at least $400,000.’”
“Miller also said most buyers are coming from out of town. ‘Bend has been found by an awful lot of West Coast people relocating from the Bay Area or Seattle, and compared to those markets, Bend is still very cheap,’ she said. ‘The thing I’m concerned about: We don’t want to become an Aspen, where the only people who can live here are the wealthy. Where do people with regular jobs live?’”
From The Stranger in Washington. “The owner of several Seattle condos appears to be learning for the first time that she owns the condos but not the air outside them. Londi Lindell owns several units in a five-unit, three-story condo building in Westlake with views of Lake Union. Now, a developer wants to build a six-story building nearby. Lindell appealed, asking the city council to consider additional evidence: a Redfin ad from when she bought the building advertising ‘THE VIEWS ARE INSANE.’”
“In her appeal, Lindell wrote that she ‘purchased the Marcus Condominimums in September 2017 principally due to the spectacular views of Lake Union from each of the condominium units.’ (The council declined to consider the Redfin ad.) Emily Badger wrote about this phenomenon in the New York Times last month. When homes are just another commodity, those who own them (whether a single family house or a building of condos) naturally see an investment to protect. ‘Zoning effectively invited homeowners to look beyond their properties in ways they hadn’t,’ Bagdger wrote. ‘And it helped create the expectation that communities would change little over time — or that homeowners would have a say if they did.’”
From The Real Deal on New York. “Manhattan’s luxury market had its most-active week in nine months, with 37 contracts signed at $4 million and above, according to Olshan Realty’s weekly market report. The week’s No. 1 contract went to late philanthropist David Rockefeller’s Upper East Side townhouse, which had an asking price of $27 million. That’s a 17 percent reduction from the $32.5 million it had been asking when it hit the market in June.”
“The 40-foot-wide home at 146 East 65th Street spans nearly 10,000 square feet and has eight bedrooms, eight full bathrooms, a library and 8 fireplaces. It needs a gut renovation.”
“The week’s asking price sales volume totaled $296.25 million, with a median asking price of $6.1 million. Luxury homes spent an average of 477 days on the market, and had an average discount of 8 percent from the original asking price to the final one.”
From MyPanhandle in Florida. “Bay County is in the midst of another construction boom. However, it’s not as big as the one back in the early 2000’s. In fact, you don’t have to look very far to find remnants of some of the projects developers started, but never completed when the bubble burst in 2008. The 60-acre Morningside housing development off U.S. Highway 231 long ago became a pipe farm.”
“‘There are subdivisions all over this county. Which most of them now are called pipe farms because they hadn’t been developed. There’s pipes out of the ground,’ said President/CEO, ERA Neubauer Real Estate, Inc., Tom Neubauer. Neubauer says the project was one of many that began in the early 2000’s, and ended shortly after the market crash in 2008.”
“‘It was really just a product of the recession,’ said Callaway Mayor, Pamn Henderson. Callaway has it’s share of disappointment with abandoned developments. The city actually extended water and sewer lines to accommodate several hundred houses planned in the Eastbay development. Then the housing market took a nose-dive. Without the new houses, there wasn’t enough sewage to pump through the lift station near Callaway City Hall. That was partially responsible for a potentially deadly methane gas dispute between that county and the city, that is just now being resolved.”
“City officials may have a reason as to why someone isn’t fishing for those projects with sewage and roads already in place. ‘It may be a funding issue. In some cases I think they just felt like the market’s not there anymore. So, why put anymore money into it to have units that are going to sit vacant,’ said Henderson.”
The Union Leader in New Hampshire. “Before Bear Stearns and Lehman Brothers, before Countrywide, before Fannie and Freddie, some in New Hampshire were seeing troubling signs. The real estate market here and nationwide was hot and credit was easy. Nobody wanted to miss out on home ownership - and lenders were all too happy to help, writing mortgage loans with no down payments, adjustable interest rates and no income verification. But what if the bubble burst?”
“It’s been 10 years since the 2008 crash. Unemployment is near record lows and the stock market is at an all-time high. Home prices in New Hampshire are back to where they were before the recession. We asked folks who weathered the crisis here to look back - and whether they thought it could happen again.”
“Consumers, with lenders’ encouragement, were buying bigger and better homes than they could afford, said Barbara Cunningham was the mortgage origination manager at St. Mary’s Bank in Manchester. ‘The consumers that got into these loans, for the most part, I think were banking on a huge and quick increase in equity.’ The housing market was so hot that everyone assumed they could sell their homes at a profit if something went wrong. And go wrong it did: house values started dropping, and once they started they didn’t stop. ‘That’s when the whole thing started to unravel,’ Cunningham said. ‘All it takes is a couple decades go by and people forget. Regulations get changed, get removed. And anything that’s happened once can happen again.’”
“Shannon Miller says she’s the first to admit she was naive 10 years ago when she took a home loan with a local mortgage company. ‘I trusted them,’ she said. She lost her house and her inheritance, and filed for personal bankruptcy. A decade later, she said, ‘I’m still angry.’”
“‘A substantial percentage involved people who had been in a home and were basically taking equity out, and frankly, the market was encouraging people to do that,’ said Dean Christon, CEO of New Hampshire Housing Finance Authority, And Christon said, ‘The reality is a lot of that could happen again.’ He agreed there are new regulations put in place to ensure that lenders verify that borrowers can afford their loans. But, he said, ‘As prices go up and as inventory tightens, there is always pressure from lots of actors to loosen up those kinds of rules,’ he said.”
‘I don’t anticipate such a misalignment trend can continue for the next five years. It’s just not possible,’ Yun said. ‘There needs to be … a situation of home prices tamping to let wages have a chance to catch up.’
I do believe Larry is getting nervous. Do you mean there’s a limit Larry? That old shacks can’t keep going up year after year in double digits? All of a sudden wages matter? How about that, hope it isn’t too late Larry.
‘He agreed there are new regulations put in place to ensure that lenders verify that borrowers can afford their loans. But, he said, ‘As prices go up and as inventory tightens, there is always pressure from lots of actors to loosen up those kinds of rules’
Am I the only person here who sees the zero down billboards? Because I’ve been taking photos of them and putting them in videos for years. Am I the only person here who listens to the endless radio shows practcally screaming “let us refi your house, think of what you can do with the money!”
OK, refinancing is no big deal, in and of itself. Cash out refinancing when prices are shooting up by ridiculous amounts year after year is a big deal. This should never happen:
‘Truong said one of her neighbors bought a home for $215,000 about four years ago and recently sold it for more than $300,000′
What a difference a decade makes. Back in the day, they believed housing prices could keep going up relative to income forever.
The race to 100 percent of GDP, between the housing industry, the health care industry, the higher education industry, and retired public employees. If any one of them ever gets there, we’ll all starve.
lol@lyinglarry and his merry cast of criminals
““Miller also said most buyers are coming from out of town. ‘Bend has been found by an awful lot of West Coast people relocating from the Bay Area or Seattle, and compared to those markets, Bend is still very cheap,’ she said.”
It spreads like a disease, just like last time - infestors ginning up prices in far flung locales because “compared to those markets, Bend is still very cheap.” Nevermind local wages.
Long time posters here will remember that Bend, OR was an unmitigated disaster when the bust hit last time. In fact, there was a commenter here who was sharing his personal details about walking away from his house, his loss of income, etc. Once the bust hits, nobody wants a house in Bend, OR. You can’t give them away. But when it’s off to the races, Bend is hot, h o t , H O T !! Same goes for Reno, NV, Ashland, OR, blah, blah, blah….
The Texas article above mentions “Californians moving in who are used to paying a lot more” for a shack.
I never dreamed we’d see a repeat of the insanity of the last bubble, but here we are. Nothing was learned.
Oregon, for the most part, has very, very low wages. I found this article from late last year which highlights this point, and the effects of the housing bubble on rural areas.
“Rents outside the Portland area are lower, but so are incomes. Indeed, the problem may be worst in rural Oregon. Both housing prices and incomes tend to be lower in rural areas. But while rural Oregonians’ incomes are slightly below the national average for rural areas, housing prices are 50 percent higher, the Office of Economic Analysis found.
http://registerguard.com/rg/opinion/36006980-78/wheres-the-housing-boom.html.csp
Oregon also has a 10% state income tax.
If you make more than 125K.
Indeed, and Clownifornianz are used to getting taxed up the wazoo, broken infrastructure and insane degenerates pooping all over along with that high price they pay for housing. Make a good south park episode, lol!
Funny, I was reading another message board last night that has no relation to housing or anything political, but the posters are largely libtards with some moderates and a couple conservatives and they were in a huff over the article on the homeless/feces/junky problem in SF (along with LA, Seattle, and any leftist controlled hell hole) and even the lefties were saying this was forcing good people to leave and that the city was spending almost a quarter BILLION a year on the homeless.
Think about that. How much of that money ended up in the pockets of homeless “advocates” who no doubt enjoy well feathered nests themselves? Posters pointed out that there were probably plenty of city employees with ginormous pensions making a lot of overtime to clean up all the disgusting waste.
We need to nuke these places from orbit, just to be sure.
I’ve often wondered if it might be most economical to just buy homeless people small RVs that have toilets.
Never. gonna. happen. Homeless “advocates” make all kinds of bank which in part gets funneled back into the pockets of the libtard pols so the money keeps flowing, thats why they call it current-sea. Some of the homeless probably get off on shocking the normies too, a big FU to society that they feel failed them so some percentage would probably not even use the RV, instead wanting to mix it up with society in a combative way.
I was looking it differently…I just figure anybody who is ok with living on the streets is unlikely to properly maintain an RV. Particularly the plumbing system…ahem. I suspect the RVs would be treated as disposable and the program would soon run out of money.
I would like to run that experiment. I think it would be surprising.
I think you should look into the causes of why people are homeless. There are surely many homeless people who have addictions and mental illnesses, but the causes are complex.
http://www.nationalhomeless.org/factsheets/why.html
I would like to run that experiment. I think it would be surprising.
You’re free to go buy an RV or two and give them to a few homeless folks/families. Report back how it goes!
Or do you mean you’d love to spend other peoples’ money to run this experiment???
” Or do you mean you’d love to spend other peoples’ money to run this experiment???”
Eye suggests a compromise:
Repurpose FEMA trailers from fellow Americans in Puerto Rico
Or do you mean you’d love to spend other peoples’ money to run this experiment???
Alas, I don’t have enough money to run that experiment, otherwise I would. But there is already boatloads of taxpayer money and private money going to homeless. I am suggesting that those who control how this money is allocated consider experimenting with a small part of the funds already available and see if it works any better.
Especially, since the real e$tate parking entrance fee$ are provided for bye the Walton family & some beenevolent churche$ …
Poverty with a view, baby.
Yun should have just blamed the low numbers on the weather and gone to lunch. Save the good stuff for when the summer numbers tank.
“…‘I don’t anticipate such a misalignment trend can continue…” “…It’s just not possible,’ Yun said. ‘There needs to be … a situation of home prices tamping to let wages have a chance to catch up.’…”
You just gotta’ love Lawrence’s wordsmithing of phrases like “misalignment trend” and “prices tamping”. Right up there with “alternative facts”. There should be some sort of Las Vegas annual awards ceremony for these BS artists.
Agree, Lawrence certainly *is* getting nervous, but he still lives in his ‘real estate only goes up’ fantasy world.
Global wage arbitrage along with automation/robotics will virtually guarantee that *real* wage growth for Joe Average will be flat or even negative for the foreseeable future.
Until the day comes that real estate can be purchased with fake money like bitcoin, I just don’t see a way out.
‘prices tamping to let wages have a chance to catch up’
It’s more likely for prices to fall than wages go up for a decade or two. And what have we seen when prices fall? Panic, and the spell is broken. Look at the NYC article. Did wages go up? How many years now have we seen these airbox owners take an a$$pounding? Did wages tamper in Toronto, or did prices drop like a rock?
Where’s rio? Did prices tamper for your shanty or did prices crater? It’s so bad down there rio lost his wifi.
Rio can’t afford to pay the light bill let alone internet.
Lola was recently spotted in an alley face down with his pants around his ankles.
How is it that you know of this?
Ha, ha, HA was probably poking around the same alley…..so to speak.
He gave us the link to the street webcam.
Yeah but the street cam does not cover the alley so I go with hwy. Ha was in the alley also.
Santa Barbara County, CA Housing Prices Crater 6% YOY
https://www.zillow.com/santa-barbara-county-ca/home-values/
https://snag.gy/m5EzRB.jpg
That is an unusual statement indeed for Mr. Yun. His job is not economics, as much as it is public relations. And the lack of a relationship between house prices and incomes is something the NAR habitually ignores.
For some reason the News Press re-ran this article:
‘How Hovnanian lost big in Lee County
Dick Hogan, The News-Press
‘This story was originally published Sunday, Nov. 18, 2007 in The News-Press.’
‘Optimism was in the air in August 2005 when Pat Logue sold the company he’d built from the ground up to one of the country’s largest builders. Logue, born into poverty in the St. Louis area, had vaulted First Home Builders to the top of Lee County’s housing market with more than 5,000 sales in 2004 and on track to nearly double that when he signed the deal with Red Bank, N.J.-based Hovnanian Enterprises.’
‘As prices and sales of homes accelerated to ever-higher levels in Lee County, it seemed that First Home’s formula of building low-end homes in Cape Coral and Lehigh Acres could go on succeeding forever.’
“There’ll be very little changed, if anything,” Logue said at the time the sale was announced. “It’ll just continue to help our customers because it is such a strong company.”
‘Hovnanian, a family business started in 1959 by, Kevork Hovnanian, was itself a rising star on the national home-building scene, going on a buying spree of local builders as it moved up to No. 8 in the industry. Its stock was worth $4 billion. But even though Hovnanian’s bet in Lee County seemed like a sure thing, the seeds of Hovnanian’s near-destruction in Southwest Florida had already been sown.’
‘Experts now say Hovnanian’s timing was bad, to say the least, although, at the time, it seemed the company was buying into one of the hottest real estate markets in the world. Sure enough, the honeymoon only lasted four months. By December the median price of an existing home in the county had peaked at $322,300 and was poised for a steep slide.’
‘To make matters worse, much of First Home’s supercharged growth in 2005 had come in the form of thousands of houses bought by people hoping to resell them quickly for a profit. Helping people get financing had always been a strength of First Home’s, and most of the buyers were borrowing close to 100 percent of the home’s value.’
‘The bottom line: Huge numbers of homes being built by First Home ended up flooding the inexpensive-home market because so many buyers were investors who never intended to live there.’
‘To cope, the national builders are selling off what they can at fire-sale prices. Hovnanian was one of the first, with its weekend “Deal of the Century” Sept. 16-17. The company sold 2,100 homes in three days compared to 2,579 in the three months ending July 31. It knocked prices down by as much as $300,000 and also offered a slew of financing incentives and upgrades.’
‘All the big builders are doing that to stay solvent, Barron said, but “it’s not sustainable.” Now, he said, “Every week there’s somebody who’s having a sale” and buyers are getting the message that it’s foolish to buy except when big discounts are offered.” As a result, Barron said, “It only takes one builder to cut the prices for everyone else to have no sales.”
I remember that time. You could drive down I-75 and see gigantic tracts of cleared land. I wrote here that they likely were visible from space.
home sales down for 2nd month
oh dear
Sellers better hurry up and get their homes listed if they want to capture the last vestiges of the Housing Bubble 2.0 market top.
Existing-home sales tumble at the fastest pace in more than 3 years as supply crunch deepens
By Andrea Riquier
Published: Feb 21, 2018 10:35 a.m. ET
Properties stayed on the market for an average of 42 days
Bloomberg News/Landov
Prospective home buyers view a kitchen in a super-hot market.
The numbers: Existing-home sales ran at a seasonally adjusted annual pace of 5.38 million in January, the National Association of Realtors said Wednesday.
What happened: Sales of previously-owned homes slid 3.2% in January, the second consecutive monthly decline, the Realtor group said. Sales were 4.8% lower than a year ago, the steepest annual decline in more than three years.
…
“Fake news + alternative fact!”
https://www.desertsun.com/story/life/entertainment/people/2018/01/31/suzanne-somers-cancels-auction-palm-springs-home-hit-block/1084942001/
the next part of the AP article…
“A lack of available homes is holding back sales, even as Realtors report that more people are visiting open houses and demand is strong. The total supply of homes for sale dipped to 1.52 million, the fewest for any January since records began in 1999.
The low inventory levels are a legacy of a decade of boom and bust in U.S. housing. Many investors bought homes at low prices during the housing bust and are now renting them out rather than selling.
And the Realtors’ group said many homeowners are reluctant to sell at a time of rising mortgage rates because they would have to pay a higher rate on a new house, a phenomenon known as “rate lock.”
Prices are set by people who are not subject to things like a supposed “rate lock”. Reluctant sellers will be overtaken by reality.
With 25 million excess empty and defaulted housing units in the US, we’re a long way from ‘low inventory’.
Springfield, VA Housing Prices Crater 5% YOY On Record Low Housing Demand
https://www.movoto.com/springfield-va/market-trends/
Leesburg,VA Housing Prices Crater 6% YOY As DC Area Housing Correction Expands
https://www.movoto.com/leesburg-va/market-trends/
Ben…2/16/2018 program on Consuelo Mack Wealthtrack is worth the time to watch…Interview with Robert Kessler…He makes many of the arguments you have made here regarding credit, savings and stimulus…
Wow, thanks for sharing this. Watched it and enjoyed it thoroughly. Very insightful guy and very compelling.
Welcome. Hopefully more will watch it.
Many tanks ( best Irish twang) scdave…
He says: ” eye don’t know how we get out of it ”
Oh, when thing$ go bad (really bad) … Nations lines are modified … How? Drinks & parties @ the palace?, … or … hang.over$ in the morning a.k.a., WAR$
I liked this gem at 16:00:
“It is expensive to be wrong in a market that goes down. Whether it continues to do this isn’t as relative as the fact that people are at tremendous risk and you don’t want to lose money.”
Normalization is happening.
2-year Treasury yield trades near 2008 high ahead of Fed minutes
- The yield on the two-year Treasury note hit 2.282 percent Tuesday evening, its highest level since Sept. 19, 2008.
- “We’re getting into a big focal point for the bond market here as it faces increased supply,” said Gary Pollack of Deutsche Bank Private Wealth Management.
- At 2 p.m. ET, the latest minutes release by the Federal Open Market Committee is due.
- The U.S. Treasury is set to auction $35 billion in five-year notes.
Thomas Franck | Alexandra Gibbs
Published 6 Hours Ago
Updated 42 Mins Ago CNBC.com
…
After a brief respite, long-term Treasurys and U.S. stocks are once again exhibiting highly correlated downward price movements.
The Financial Times
The Wall Street Report
United States of America
US stocks end lower, bond yields rise after Fed minutes
Peter Wells
9 hours ago
Wall Street closed lower on Wednesday after the release of the minutes from the Federal Reserve’s January meeting sent bond yields higher and spurred a choppy final two hours of trading.
A view among policymakers that the US economic expansion could gather pace this year prompted markets to bet the Fed may need to raise interest rates this year more than the three times it previously forecast. That prompted bond yields, which move inversely to price, to march higher.
Most notably, the yield on the 30-year US Treasury took out a previous high that was struck shortly after the US presidential election, and rose to its highest level since July 2015. The yield was up 6.2 basis points to 3.2171 per cent and had been as high as 3.233 per cent.
The yield on the more policy-sensitive 2-year Treasury was up 0.5 basis points higher at 2.266 per cent, with some analysts observing the shorter end of the market had better priced in the prospect of more rate rises. The benchmark 10-year yield was 4.6 basis points higher at 2.939 per cent.
…
Log time readers may remember that people in New Hampshire are pretty down to Earth. From the last article:
‘At HUD, Caswell oversaw programs to help consumers whose homes were “under water” to avoid foreclosure through mediation. So what lessons were learned from the crash? “There is no such thing as a sure thing,” he said.’
‘Some day, here’s how he’ll tell his grandchildren about what happened: “The story of irrational exuberance - and there are no shortcuts when it comes to earning the American Dream. Kind of like the stories my grandparents told me about the Great Depression.”
“You had a head of steam going into 2007 that was driven by a pretty good economy, lower interest rates, rapidly increasing home prices and weak underwriting standards,” Thibeault said. “And that was a cauldron that just was unsustainable and it crashed. The bubble burst.”
‘When home values dropped, many borrowers wound up “under water,” owing more than their homes were worth. Between 2007 and 2016, there were 28,631 foreclosure deeds registered here, according to New Hampshire Housing data.’
‘Peter Wright is a law professor and director of clinical programs at the University of New Hampshire School of Law. That’s what he was doing 10 years ago when clients began appealing to the school (then Franklin Pierce Law Center) for help with personal bankruptcies and home foreclosures.’
It wasn’t just the bankruptcies and foreclosures, Wright recalls. “Right in the midst of so many people losing their homes, the cottage industry of foreclosure rescue scams appeared,” he said. “Because so many people were in trouble and fell behind in their mortgages, and if they happened to have equity in their homes, it made them targets for unscrupulous individuals who, under the guise of helping them save their homes, were actually stealing that equity.”
‘He’s not convinced that history won’t someday repeat itself. “It seems to be cyclical and in between cycles, we forget.”
The lesson? “If we’re driven by profit or greed, things can just get out of hand.”
One case in particular still haunts Wright a decade later. His client was an elderly lady who had lived in the same house in Keene for 72 years. “One of these aggressive mortgage brokers got to her by telephone and actually talked her into a loan. He put her into this mortgage she couldn’t possibly pay.”
‘His client, who was in the early stages of dementia, was retired and living off a small pension and Social Security. She had been using credit cards just to make the mortgage payments by the time she came to Wright’s clinic. It turned out the lender was one of those later sanctioned by the federal authorities, Wright said. After the woman died, a $3,000 check arrived at the law clinic in her name. It paid for her tombstone.’
“It paid for her tombstone” …
The lesson? “If we’re driven by profit or greed, …”
Generou$ donation$ made by: Corporations with a Conscious!
Oct 31st, 2007 blb ( before lehman bros., et.al)
Sponsored by: “bidness is bidness”, … short essays on shallow subjects brought to you by: The Henry David Thoreau Society, striving to make America grrrrreat again!
Big Pine Key, FL Housing Prices Plummet 9% YOY As Coastal Property Market Craters
https://www.movoto.com/big-pine-key-fl/market-trends/
Wow HA, you finally found a market that looks to be trending down. Congrats!
That’s where the Key deer refuge is. Perhaps in this location a prospective home seller literally can “cue the deer.”
https://www.urbandictionary.com/define.php?term=cue%20the%20deer
Something about a blind squirrel……
Housing my friends.
San Diego, CA 92129 Housing Prices Crater 13% YOY As Mortgage Defaults Skyrocket
https://www.zillow.com/san-diego-ca-92129/home-values/
https://snag.gy/m5EzRB.jpg
‘the median price for a single-family home in Bend was $410,000. That’s up $15,000 from December. The cost of homes in housing developments is typically determined by the builders, and a big part of that comes from the cost of land, Bend Premier Real Estate Principal Broker Lynnea Miller explained.’
“‘I’ve lived in Bend since 1985, and I can recall, you could pick up a lot a really nice lot for $5,000 back in those days,’ Miller said. ‘Now that same lot, shrink it down to make it about 4,000 square feet, and the going rate for that is $85,000 to $95,000 for a developed lot. When you have to spend that kind of money for land, the home you build on it has to be at least $400,000.’”
It helps if Unca’ Mel Watt is there to grease the skids:
‘Conforming loan limits are established by the Federal Housing Finance Agency (FHFA) and are based on median home prices. These limits vary by county. In some states, different counties have different limits, to reflect differences in home values. In Oregon, however, all counties have the same conforming loan limit: $424,100 for a single-family home.’
‘The Housing and Economic Recovery Act of 2008 (HERA) requires the FHFA to monitor home prices across the United States, and to adjust the baseline loan limit as needed to reflect changes in national home values. This can also be done at the county level. So, when home prices in a particular county rise significantly from one year to the next, FHFA officials may increase that county’s loan limits to keep pace with house values.’
‘Conforming limits are usually set at 115% of the median home price for each area, though they can exceed this level in some high-cost areas.’
https://www.sammamishmortgage.com/oregon-conforming-limits/
This was the 2017 numbers. Probably gone up.
“Conforming loan limits are established by the Federal Housing Finance Agency (FHFA) and are based on median home prices.”
People, buyers, set these median home prices and if these people who set these median home prices have lost their minds then these median home prices will reflect this fact and so will these “conforming loan limits” that are based on these median home prices that are set by people who have lost their minds.
It wouldn’t be so bad if these people who have lost their minds did not have access to money but in fact they DO have access to money and this access to money by people who have lost their minds drives up home prices which in turn ATTRACTS other people who have lost their minds who also have access to money BECAUSE the higher and higher home prices keeps on resetting the median home price and this resetting of median home prices keeps on resetting the loan limits.
Now, just how stupid is this?
“…resetting of median home prices keeps on resetting the loan limits…”
Essentially the financial equivalent of a perpetual motion machine.
But what could break the machine?
IMO, local / state government taxing agencies.
Rising real estate prices are a taxing agencies dream.
Since many fees (ie property tax) are percentage based, constant reassessments will prop up underfunded pensions and inefficient bureaucracies.
Stretched homeowners will have no recourse. They are at the mercy of their own government. What a complete scam.
See ILLANNOY for further reference in this regard.
“They are at the mercy of their own government.”
I call it Domestic Imperialism. And it very much exists.
Good to see you back posting, octal77. It’s been a while. Hope all is well where you are.
MacBeth
Thank you.. Always enjoy reading your posts.
Rising real estate prices are a taxing agencies dream.
And yet in Seattle/Bellevue somehow they still feel the need to raise the tax rate on top of this!
It’s the biggest scam ever. Not only King County, but Pierce, Snohomish, etc. are rolling in the dough like never before, yet spinning tales of woe as if it’s the Great Depression. It seems the people just bend over and take it.
Hey now, education isn’t going to fully fund itself!
Actually, eye’m stunned to see the word: “Amishmortgage” in that link …
when I look at BEND from above I see nothing but land
like Grand Rapids etc………….
But what you can’t see is water. That’s the operative issue in the arid areas of the Western US.
You have to wonder if the lack of water will make people move.
I see nothing but land like Grand Rapids etc…………. ??
To the east yes…Its “High Desert”….To the immediate West, its the Cascade Mountains…Check, Mt Bachelor…
“when I look at BEND from above I see nothing but land”
Nothing but desert to the east. Going west… the Three Sisters and the Cascade mountains. Lots of younger athletic people there and a decent night life when the weather warms up. Bend’s economic problem is a lack of stable large industry… the kind that pays family supporting wages and health care benefits. Among the issues preventing growth, lacks a real University, an Airport with airline support and an Interstate freeway.
Install an outdoor pizza oven, & it.will.sell …
You crack me up hyw.
When you have to spend that kind of money for land, the home you build on it has to be at least $400,000.
“Has to”? Why is that?
It “has to” in order for the builder to make a profit, apparently.
And he’s talking about a 4000 sq ft lot…. The only house that someone would pay $400K for one that is zero-lot-line and stuffed with pergraniteel.
Taxpayers is right, look at Googlemaps. Bend isn’t LA or Houston sprawl. Bend about 4 miles x 4 miles of development…but outside of that it’s empty good-looking land. In towns of this size, why not “drive until you qualify?” You could drive from a homestead in the sticks to a downtown job in 20 minutes.
What you’re failing to realize is the “sticks” are out-of-control already, too. In many instances, it’s more expensive to buy out there. I’ve been to Bend more times than I can count. Have you?
I’ve been to Zillow and google maps more times than I can count. Have you?
Anyway, you’re right that housing in Bend is way out of kilter. This house should NOT be $575K:
https://www.zillow.com/community/brooksmill-estates-by-mill-district-sw-bend/2093348791_zpid/?fullpage=true
Even the stuff in the sticks is way overpriced. There is practically nothing under $300K.
For reference, working-class housing in the inner burbs of DC run $350-$400K, and that’s in the land of $100K+ gov and contractor jobs.
Price History
07/27/17 Listed for sale $575,000 $327/sq ft
Flying off the shelves.
“I’ve been to Zillow and google maps more times than I can count. Have you?”
Yes, I have. I’m not sure what your point is. My point was that “drive until you qualify” doesn’t really work in Bend. It’s a very small area, and all of it bubbles up at the same time, and there’s really nothing else around there. It’s not like Bend prices go up and Sunriver, which is 15 miles away or so, doesn’t.
It’s not like Seattle or Portland where the core is considerably more expensive, then you start adding to the commute times and it gets cheaper the further you go. Bend IS the further.
I was pointing out that one doesn’t have to visit Bend in order to judge the housing market. Doesn’t matter, you’re right. I didn’t realize that even the sticks outside of Bend have been bubbled up.
If I lived in Bend, I would really question why I was there. Where are people working? Costco? If I were working in Costco in Bend, I would consider selling to the locusts and relocating to another Costco in a different town where “drive till you qualify” *does* work.
Hey Donk
Bend is one of those economies where real estate and construction is one of the main drivers. Once the bust sets in, it’s curtains. It happened last time and will happen again. When things dry up, it’s ugly. Other than that, it’s Walmart type jobs for the most part, save for some healthcare industry stuff.
If I lived in Bend, I would really question why I was there. Where are people working?
My cousin and his wife live in Bend. They love it there. They bought something right after the crash. His job is not location-dependent. Indeed, he travels pretty much all across the country. Wife is at home with two little ones. They say they are there not for work, but for the charm of Bend.
“They say they are there not for work, but for the charm of Bend.”
I would enjoy living in Bend with its cycling community. Ditto for Wenatchee, WA too. Both are wonderful small cities, IMHO.
Cycling is the new golf. Most of the cyclists that I know who have the nice bikes are doing pretty well.
Where are people working? Costco?
A coworker of mine recently moved down there, working remotely for a Seattle-based company.
I do not know if salaries are adjusted for remote workers. I sure hope so.
“Most of the cyclists that I know who have the nice bikes are doing pretty well.”
Financially or healthiness?
Financially.
“Financially or healthiness?”
Eye confess, eye use an electric bike, the pedal use hours are low, … Where do eye”fit” inn?
I have an eBike as well. It’s a pedal assist, so I can dial up or down how much extra assistance I get.
you can walk to the “burbs” in 20 minutes
same for Asheville NC
It “has to” in order for the builder to make a profit, apparently.
I’m skeptical. I could believe that it’s necessary in order to maintain a desired profit margin (assuming it sells). But if all you need is simply any profit, it should be able to be done with a cheaper house that has the price raised just enough to cover the additional land cost.
It is just a basic rule of thumb. The housing market prices are often set at about 4 times the price of the lot. It is a formula that works for builders most of the time.
It is O.K. to build a smaller, cheaper house on the same priced lot, but the $/SF price goes up due to the land component and the builder makes a lesser profit on a lower priced product.
It sounds like what I call the law of rings. If a jeweler crafts a ring out of copper which costs 20 cents and sells it for $20, the same ring made from silver will cost $50, even though the work is the same and the material is only $2 more.
Right…so it’s all about the margin expectation. Not that there’s no profit.
If you live in Hood River, another outdoorsy, hipster town, you can stretch a commute to the job market (Portland area); not Bend, it’s separated from business Oregon by mountains.
“you could pick up a lot a really nice lot for $5,000″
Even that’s overpriced.
Remember….. Land is highly speculative resulting in massive price swings entirely unfounded on fundamentals. If you’re paying more than $500-$1000/acre, you’re paying too much. That’s why land is referred to as worthless dirt. Besides, there is a globe full of land and roughly 95% of it goes undeveloped.
It’s completely free to put in all of the utilities, stormwater vaults, and other stuff isn’t is HA?
Oh, and the paved streets, and the sidewalks, and all that other good stuff that we like, such as high-speed fiber which is also buried?
Who pays for all of that?
And what about the Agenda 21 growth limitations that are in place all across our country? You think those don’t affect prices?
Interesting. I’ve owned multiple houses and never bought a $50 pre-cast catch basin.
Realtors are liars.
…. And every appraisal apocryphal.
You really need to come up with some new material there, Haystacks.
Hello my good friend.
Seattle, WA 98052 Housing Prices Crater 7% YOY
https://www.zillow.com/redmond-wa-98052/home-values/
https://snag.gy/m5EzRB.jpg
New material? HA changes his blogging name every month….he probably thinks that IS new material.
I wonder why it is HA’s posts only bother the degenerate gamblers and leveraged manic specuvestors.
Because he lies. You want to believe he speaks the truth. He did find data showing a declining market today and I complimented him on being truthful.
HA is the Village Idiot, but he thinks he’s a “thought leader”.
Housing…. Housing.
Oceanfront Miami Beach, FL Housing Prices Crater 9% YOY
https://www.zillow.com/oceanfront-miami-beach-fl/home-values/
https://snag.gy/m5EzRB.jpg
Housing my friends.
Boston, MA 02114 Housing Prices Crater 21% YOY On Plunging Housing Demand
https://www.zillow.com/boston-ma-02114/home-values/
http://ftalphaville.ft.com/files/2014/12/HHFGS.png
“Consumers, with lenders’ encouragement, were buying bigger and better homes than they could afford”
Bahahaha … suckers
“The consumers that got into these loans, for the most part, I think were (stupid?) banking on a huge and quick increase in equity” (yep, stupid).
“The housing market was so hot that everyone assumed they could sell their homes at a profit if something went wrong.” (stupidity that burns) “And go wrong it did (what a surprise!): house values started dropping, and once they started they didn’t stop. ‘That’s when the whole thing started to unravel,’ Cunningham said. ‘All it takes is a couple decades go by and (stupid) people forget. Regulations get changed, get removed (or get stupid). And anything that’s happened once can (and will) happen again.’”
I love this blog.
😁
lather rinse repeat
From Ben’s comment at the top:
“He agreed there are new regulations put in place to ensure that lenders verify that borrowers can afford their loans.”
The worst part of this is that evidently borrowers are incapable of doing this themselves. They can’t calculate their own PITI and pencil their own budget?
Borrowers calculate for sure. They calculate they will get rich by borrowing large to buy what they can not actually pay for because house prices or rents will always go up.
All it takes is a couple
decadesyears go by and people forget.Get with the times.
They’re really pushing this cr@p this time.
https://www.youtube.com/watch?v=F-t8PngHgWY
they need more loan creation to make cashola!
Crown Heights Brooklyn Housing Prices Crater 10% YOY As Empty Housing Inventory Floods Market
https://www.zillow.com/crown-heights-new-york-ny/home-values/
*Select price from dropdown menu on first chart
“‘The last house I was in for two years, I wanted to buy it, but the price went up $75,000 for no reason,’ Kirkey said. ‘There were no improvements.’”
Here’s the reason chica - GREED
30 minutes after the Fed signals higher interest rates ahead, I get an email from my credit union advertizing 3% APR for 5-year term deposits.
buy stawks and homes! U get a lot better return.
3.1% in my neck of the woods.
San Ramon, CA Housing Prices Crater 5% YOY On Rising Unemployment And Crime
https://www.movoto.com/san-ramon-ca/market-trends/
Inventory down 45%, $/SF price up 8%. HA, a laugh a minute. San Ramon is not cratering. It may someday, but it’s not today.
Inventory down 45%…
Oh! Did half the houses in town burn down?
I suspect $/ft2 goes up dramatically when people pull back on the “buy as much house as you can” theme and go for smaller less expensive houses. People shop in their price range, not in their sq ft range so much. Probably not obvious to a specuvestor.
Oh lookie. BS to HA’s rescue for the umpteenth time.
Housing my good friend.
San Francisco, CA 94110 Housing Prices Crater 7% YOY
https://www.zillow.com/san-francisco-ca-94110/home-values/
https://snag.gy/m5EzRB.jpg
While I agree that $/sq foot is a useful metric for apples vs. apples comparisons, this point also strikes me as true. I tend to see that lower priced units have a larger price/sq. foot due to the fixed cost of land. The higher up the quality scale, the greater the increase in price/sq. foot. But also just going larger tends to decrease the price/sq. foot, all else being equal.
I noticed some condos going for about $100k in my neck of the woods. The price/sq foot was higher than townhouses going for $200k. But the competition for the $100k units was more ferocious because the price point was accessible to more buyers as it was affordable.
Did you HODL a little too long? Sh!tcoin fall down, go boom:
$10,309.08 Bitcoin price
−$1,382.25 Since yesterday (USD)
−11.82% Since yesterday (%)
Would have liked the olympics to have a fourth place ribbon, called the crypto with that symbol thats a cross between a B and a $. Theyve already gone full retard with all the lame sports no one cares about, while making the ones people do care about lame.
This was the most inspirational moment of the winter Olympics for me:
https://twitter.com/NBCOlympics/status/965746567192997889?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fwww.today.com%2Fnews%2Fteam-hungary-halfpipe-skier-explains-her-no-frills-run-i-t123610
It’s ridiculous, but it’s interesting. About a week and a half between steps down.
It’s like a ball bouncing down a flight of stairs. Says something about raw human emotion. I’m not sure what though.
It’s the first time I’ve watched something traded that is actually nothing.
It’s ridiculous, but it’s interesting.
Ain’t it, somethin’. I posted here to get out at $10k. Ya always leave the last 10 purrcent on the table.
About a week and a half between steps down.
It’s like a ball bouncing down a flight of stairs.
Technical analysis helps. Tarot cards if you are in S.F.
Says something about raw human emotion. I’m not sure what though.
It says we live in a society built on Commerce.
It’s the first time I’ve watched something traded that is actually nothing.
That’s Niel Bohr’s “Uncertainty Principle.”
It’s not commerce at all Alphy.
com·merce
ˈkämərs/
noun: commerce
The activity of buying and selling, especially on a large scale.
.
.
P.S. People look at an abstract painting and ask: “What does it mean?” Do you stand in front of a house and ask:”What does it mean?”
Ammendment 2A
…the right of the people to keep and bear Arms, shall not be infringed.
Ammendment 2B
…the right of the people to keep and bear bitcoins, shall not be infringed.
my county assessment up 5.3% and Zillow says 0
adding a rate bump 2.5% so total close to 8%
effects renters too, even HA will pay
stagflation coming
Prices will go down. In Western NY we are used to depression.
It’s not “inflation”. Not at all.
“In Western NY we are used to depression.”
Severe case of deindustrialization?
Local RE guy interviewed on the radio this morning, said a “significant” number of loans are for 1M or more, and many are VA so little to nothing down.
Who the he77 would take out a loan for 1M+ and put zero down? Shysters that know they wont suffer any downside if the bet goes against them.
I don’t think anyone is lending $1,000,000 with zero down.
The VA loan limit is $453,000 and VA loans have the lowest default rate of all loans in the U.S., including conventional.
“….VA-guaranteed loans have a foreclosure rate of only 1.98% and have enjoyed the lowest foreclosure rate for years…”
If you’re in the military, default is not a pretty option.
Thinking UCMJ?
Veterans (i.e. no longer in the military) don’t need to worry about the UCMJ anymore.
Indeed. I was responding to, “If you’re in the military…”
Even the “low end” mortgages are 0% downpayment mortgages. Logic follows than borrowing larger amounts will be 0% down too.
its called the mozillo loan
“…..Logic follows than borrowing larger amounts will be 0% down too….”
Jumbo loans have completely different rules and no government insurance programs. In 2005-2007 the sub-prime loans with 80/20 components were often jumbo sized, but they were securitized.
Incorrect. Prices are so inflated for a typical sale that it requires 0% downpayment (90+ of all mortgages since 2008). Multiples of that inflated amount are also 0% down.
“One case in particular still haunts Wright a decade later. His client was an elderly lady who had lived in the same house in Keene for 72 years. “One of these aggressive mortgage brokers got to her by telephone and actually talked her into a loan. He put her into this mortgage she couldn’t possibly pay.”
‘His client, who was in the early stages of dementia, was retired and living off a small pension and Social Security. She had been using credit cards just to make the mortgage payments by the time she came to Wright’s clinic. It turned out the lender was one of those later sanctioned by the federal authorities, Wright said. After the woman died, a $3,000 check arrived at the law clinic in her name. It paid for her tombstone.’
Literally the definition of MORTGAGE.
Addison, TX Housing Prices Crater 5% YOY As Dallas/Fort Worth Housing Market Sinks
https://www.movoto.com/addison-tx/market-trends/
Do you want me to read the card?
this is a goldilocks market.
In a time of record homelessness, this is really rich. The guy owns 11 acres but is getting kicked off of it for living in his motor home. Which begs the question: Why is it legal to live in an RV park in your motorhome, but not on your own property? What’s really going on here?
http://www.thegatewaypundit.com/2017/07/colorado-man-kicked-off-property-motorhome/
Being the know all real estate expert one would expect you know that answer. Here’s another real estate test for you (the last one you got a failed miserably). Why can’t they ? The answer starts with a Z
he is bringing down property values which pisses people off.
He may or may not be affecting the property values around him. But for sure he’s not paying the ante to live there that everybody else is paying. THAT is the real issue.
Ding, ding, ding!!! MONEY. Big government wants it.
+1000
Yeah, I think people are just jealous that this guy figured out a way to live and not be a debt slave. Seems like the system is having a fit that this guy made it out wants to subjugate him.
Yeah, I think people are just jealous that this guy figured out a way to live and not be a debt slave.
It’s not that hard to do, except that every step of the way people will be trying to make you pay like they do. The only exception at the moment seems to be those software people being allowed to park RVs on the street in Silicon Valley. But as soon as they aren’t needed so badly they’ll be forced back into the apartment complexes to help pay for the schools and streets like everybody else.
My questions were rhetorical froth boy. Try to keep up. I know it’s hard for you low IQ types.
Is you a paying member of the 1st wife’s club? … old Abe might bee convinced it is so.
The Perfect Woman
The President told of a southern Illinois preacher who, in the course of his sermon, asserted that the Saviour was the only perfect man who had ever appeared in this world; also that there was no record, in the Bible or elsewhere, of any perfect woman having lived upon the earth.
Whereupon there arose in the rear of the church a persecuted-looking personage who, the parson having stopped speaking, said “I know a perfect woman, and I’ve heard of her every day for the last six years.’”
“Who was she?” asked the minister.
“My husband’s first wife,” replied the afflicted female.
Union City, CA Housing Prices Crater 6% YOY As Bay Area Economy Stumbles
https://www.movoto.com/union-city-ca/market-trends/
can u look up some comps in henderson nv?
Henderson was underwater a few years ago, IIRC.
If theyre gonna take gun rights away from those under 21 like they do alcohol, how about doing away with voting rights for the yout’ as well?
The snowflakes (and really their loser parents) have really earned their designation. Enjoy your life in a bubble, losers!
“Tampa Realtor Indicted For Foreclosure, Bankruptcy Fraud”
https://www.inman.com/2018/02/16/tampa-realtor-indicted-for-foreclosure-bankruptcy-fraud/
Try not to fall victim to this ubiquitous scam.
Why your home is a lousy investment when you think it’s great
Ken Fisher | Special to USA TODAY
Updated 10:10 a.m. PST Feb. 21, 2018
Owning a home is a pipe dream for many. And here is why it is on the decline.
Owning a home is a pipe dream for many. And here is why it is on the decline.
Are you as foolishly lavish as me? And self-deceptively naïve? I own my home, and a vacation place, too. What an idiot! A really rational investor would never do that because houses are almost always lousy investments. I’ll show you exactly why sinking money into them is stinkin’ thinkin’.
On Jan. 28, we compared home buying with saving for retirement. We found that taking on a mortgage may be the wrong choice.
…
Kind of like this study:
https://business.fau.edu/departments/finance/real-estate-initiative/real-estate-news/homeownership_doesnt_build_wealth_study_finds.php
“Owning a home may help you save money, but it won’t help you make money. Households are better off taking control of their finances than relying on fluctuating home values. That is the finding of a new study conducted by Florida Atlantic University, Florida International University and the University of Wyoming.”
“”On average, renting and reinvesting wins in terms of wealth creation regardless of property appreciation, because property appreciation is highly correlated with gains in the traditional financial asset classes of stocks and bonds,” wrote study co-author Ken Johnson of FAU’s College of Business, in a release.”
“Still, researchers in the study claim the old adage of “throwing your money away on rent,” doesn’t hold up. That is because it assumes that the extra money a renter saves by not owning a home and not saving for a downpayment is simply spent on goods or services and not invested.”
“”When you assume that those monies are reinvested at a rate of return, renting, on average, wins in terms of wealth creation,” Johnson said. “Of course, many renters will not reinvest those monies and will instead use them for consumer goods, which is the least desirable option in terms of building wealth.”"
“In other words, the rent argument only works if the renter invests the rental savings rather than consuming it.”
The rent argument works great if you save the money and then buy a house you can afford cash. Light years ahead of the debt donkey.
Good point. For people who lack the savings habit, buying a house imposes a form of forced savings.
How will increases in reinsurance premiums impact home insurance? Home insurance premiums this year should be rather interesting.
Soon you will need bottomless pockets to live off the coasts.
My annual homeowner policy was less this year for the same coverage. Ditto for property taxes too. Trending in the right direction anyway. Fingers crossed!
The gig is up. Offload your Bitcoin HODLings now or watch them gradually melt away to zero.
US Government Arrests Bitcoin Stock Exchange Founder
NEWS
Stan Higgins
Feb 21, 2018 at 20:35 UTC |
Updated Feb 21, 2018 at 20:35 UTC
The owner of BitFunder, a long-defunct, bitcoin-denominated stock exchange, has been arrested by the U.S. government.
The charges against Jon Montroll, also known as “Ukyo,” were unveiled today by the U.S. Justice Department following an investigation that involved the Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC). The SEC is pursuing civil charges against Montroll in a separate action, alleging that he operated an unlicensed securities exchange and defrauded investors.
Montroll was arrested Wednesday, according to the U.S. Attorney’s Office Southern District of New York.
The details of the cases date back to an earlier period in bitcoin’s history when websites like BitFunder - a kind of stock exchange for cryptocurrency companies - were more common. BitFunder was shuttered in late 2013, and acted as a kind of companion service to cryptocurrency exchange WeExchange.
…
BitFunder was shuttered in late 2013
The owner of BitFunder arrested 2018
Five years.
Are your fixed income funds tanking?
Federal Reserve
Fed sees US economy gaining momentum
Minutes from Janet Yellen’s last meeting trigger new bond market sell-off
Sam Fleming in Washington and Joe Rennison in New York 10 hours ago
The US economic expansion is set to gain momentum, hardening the arguments for higher interest rates, according to Federal Reserve minutes that triggered a sell-off in US government bonds and equities.
A number of participants in the US central bank’s January 30-31 meeting said they had marked up their growth forecasts since the previous month, encouraged by firm global growth, supportive financial markets and the potential for US tax cuts to boost the economy more than expected. Others said the “upside risks” to growth may have increased, according to minutes of the gathering.
“A majority of participants noted that a stronger outlook for economic growth raised the likelihood that further gradual policy firming would be appropriate,” according to the record released on Wednesday. The Fed’s rate-setters reflected the increased arguments for rate rises by changing the language in their post-meeting statement to point to “further” rate rises.
After an initially muted reaction, the benchmark 10-year Treasury yield rose 5 basis points to 2.94 per cent. The sell-off in bonds was accompanied by a sharp move lower in the stock market, with the S&P 500 erasing its 1.2 per cent gain — reached after the minutes were released — to trade down 0.4 per cent at 2,705.
…
Tax increase vs. Prices
I figure a 6% re tax increase knocks off 1% prices
Amenities War Breaks Out in Long Island City Rentals
Wall Street Journal-Feb 21, 2018
Median rents in new buildings in Long Island City and nearby neighborhoods in northwest Queens reached a peak of $3,365 a month in July, after accounting … according to Jonathan Miller, an appraiser and president of Miller Samuel Inc. In January, the median rent was $2,765 a month, down nearly 18% from the peak.
Charlotte (Raintree), NC Housing Prices Cave 23% YOY As Housing Market Craters
https://www.zillow.com/raintree-charlotte-nc/home-values/
*Select price from dropdown menu on first chart