An Insane Number And Other Fables Or Myths
It’s Friday desk clearing time for this blogger. “For Melissa Anderson cruising real estate web sites has become an obsession. Newly married and a native of the Pacific Northwest, the 28-year-old who works in medical sales said she and her husband are ready to grow their family, or at least add another dog, and they need more space. ‘Owning a house is a dream for me,’ Anderson said. But on Thursday, Zillow said more than 41 percent of homes for sale in Seattle are priced higher than $870,000. ‘For Seattle you’re seeing the higher end of the market and the lower end of the market are appreciating right around 15 percent annually, which that in itself is crazy,’ said Svenja Gudell, Zillow Chief Economist.”
“The San Diego County median home price soared to its highest point ever, $550,000, in March, said real estate tracker CoreLogic. San Diego County’s median home price is technically still down from the height of the housing boom. In November 2005, the median hit $517,500, which is more than $650,000 when adjusted for inflation. Are we in a housing bubble? No. Economists say today’s upswing is more sustainable, driven not by risky lending but by an improving economy, low mortgage rates and a shortage of homes for sale. Chris Thornberg, economist and founding partner of Beacon Economics said March’s peak should not be viewed as the start of a bubble, which assumes housing prices are very overvalued.”
“‘The value of real estate was never worth that value,’ he said of housing boom prices reached in the mid-2000s. ‘That was an insane number driven by crazy credit and should be viewed the same as gods of ancient Greece and other fables or myths.’”
“A wave of frenzied home buying has washed over Malibu, where sales on the beach quadrupled in the first three months of the year, according to Douglas Elliman. Los Angeles, where the main luxury product are single-family mansions, has not suffered from the overdevelopment of speculative luxury condo projects in the same way as Miami or Dubai. La La Land’s luxury market, however, still suffers from the same unrealistic overpricing as other high-end locales. The average discount off the price of luxury single family homes in the first quarter hit 10%. In Malibu Beach, despite some record deals, the average home still took a whopping 17.5% price cut.”
“How about an opportunity to own a nearly-new oceanfront estate in south La Jolla for less than half the original asking price? The home at 5490 Calumet Avenue sits just two doors north of Calumet Park in Bird Rock. The Calumet property has been plagued with problems since the original house, a 1952 ranch-style, was purchased by investors for $3,250,000 and razed in 2002. Plans were drawn for the current residence and the vacant lot was sold twice in quick succession in 2007, first for $4,950,000 and again for $5,475,000 later in the year.”
“Construction began and in February 2009 the finished, state-of-the-art Calumet mansion was listed for $24,500,000. It sat on the market for nearly a year before the listing was canceled. Immediately re-listed with a drastically reduced price tag of $16-18 million, the home still drew no buyers despite spending an additional 560 days on the market. By 2012 the price had dropped to as low as $13.5 million, but there were still no takers. Two investor-owners finally offloaded the property in 2014 for just $13 million.”
“Last year, investment executive Peter Cash Doye and local real estate broker Raquel Reid were accused of perpetuating a multimillion-dollar mortgage fraud involving several properties in La Jolla and Del Mar. Doye’s business partner Courtland Gettel, who has already pleaded guilty, signed the trust deed securing at least one of the loans that resulted in the group pulling nearly $19 million out of the house they’d paid just $13 million for. In June 2017 the primary lender, who had originally funded $13.5 million to the group and was by then owed over $18 million including unpaid interest and legal fees, acquired title to the property through a trustee’s sale. After completing updates to make the brand-new (yet 10-year-old) home appealing to luxury buyers, the property was re-listed in early April for just $11,998,000, a price that remains unchanged to date.”
“The number of homes sold to foreign buyers in Toronto has dropped steadily over the year since the province introduced a 15-per-cent tax on such purchases, falling from 7.2 per cent of sales in May, 2017, to 2.5 per cent over a three-month period ending in February. The average price of a home in the Greater Toronto Area was just more than $920,000 last April, but by March of this year had fallen to around $785,000, a decline of more than 14 per cent driven by plummeting sales.”
“The drop in sales to foreign buyers in Toronto is mirrored by a similar slump in a vast area around Toronto known as the Greater Golden Horseshoe. The Bank of Canada also hiked its benchmark interest rate twice last summer and again in January, which has led to an increase in the cost of a mortgage. ‘This isn’t a solution by any means to Toronto’s affordability issues, but it certainly helps it,’ said John Pasalis, president of Realosophy Realty Inc.”
“With all of the talk of the housing shortage in the UK, it seems incredible to talk of ghost towns springing up, filled with empty properties. Yet that appears to be what is happening, and in some of the nicest areas of the capital. Developers producing luxury high-end apartments in London appear to be having a particularly difficult time of things. Data from Molior London last month suggested that, of the 1,900 such apartments built in the capital last year, only half have actually been sold. As a result, there are now around 3,000 unsold luxury apartments in London.”
“Molior reckons that, at the current sales rate, even if no further high-end apartments are produced, it will take at least three years for all these units to sell.”
“With the exodus of expat families because of dependent’s fee, many buildings have flats lying vacant which is obvious from the ‘ijaar’ (to-let) signs put up outside most of the buildings. Abdulrahman Humeidan, a real estate investor, said that housing units which cost SR30,000 a year earlier are being offered at SR26,000 a year. But still there are no takers. He said annual profits for building owners have dropped by up to 25 percent. ‘An option is to allow tenants to pay house rent every month or every three months without an increase in the rent. Earlier, tenants requesting monthly or tri-monthly payment of rent were asked to pay a higher amount,’ said Humeidan.”
“There’s good news for homebuyers. Property prices witnessed a significant drop in the first quarter of the calendar year 2018 in nine cities: Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai. ‘There is a visible price correction of up to 3-5% in base price across the country. In addition, developers are offering club membership, car parking, modular kitchen and other amenities at no additional cost. So, the net price correction is about 10-15%,’ said Samantak Das, chief economist and national director-research, Knight Frank India.”
“Xi Jinping insists that the world look at him and the PRC on his terms: as a force to be reckoned with, a growing economic power not to be ignored. And yet . . . China remains a country riven by fault lines that make all of this impossible. Another reality obscured by the illusion of urban development and modernity is China’s massive rural poverty. The World Bank estimates that more than 70 million Chinese live on a dollar a day. China’s debt as a percentage of GDP has nearly doubled in ten years. The central government, local governments, companies, and households are dangerously over-leveraged. There is no obvious way to stop it.”
“This has led to over-borrowing, over-lending, and over-capacity. It is well understood, but no one really knows how to stop the cycle without creating a crash: a crash for the individual investors, for the creditors, and for the end users of the financing. Many of the same investors buying the financial products to seek higher returns are the ones borrowing the money to buy second apartments or to invest in side businesses. Local governments rely on the shadow sector to extend financing to real-estate developers and other companies, contributing to the by-now familiar story of so-called ghost cities, where empty malls and condo developments are a hallmark.”
“House prices across the country have fallen by 1.2 per cent over the March quarter, according to the Domain Group. Darwin led the charge with a 7.5 per cent drop in the quarter, followed by Sydney, where prices fell by 2.6 per cent. The downwards trajectory of Perth prices continued from its peak in December 2014, when the median price was $616,229. A house in Perth now costs $553,486. In Darwin, apartment prices also plummeted, with a 15.9 per cent drop over the quarter and 26.9 per cent over the year.”
“Mr Daley said that in Brisbane’s case, the fall in apartment prices wasn’t necessarily the result of too many apartments being built. ‘People say its over-supplied, but there’s not a lot of empty apartments in Brisbane,’ he explained. ‘Just people selling them for less than they want to.’”
‘For Seattle you’re seeing the higher end of the market and the lower end of the market are appreciating right around 15 percent annually, which that in itself is crazy,’ said Svenja Gudell’
I’ve been saying that for years Svenja. Shack prices should never, ever increase by double digits, much less year after year. Everybody remembers compounding, right?
Seattle wanted hope and change…
Seattle voted for hope and change…
And Seattle got hope and change, good and hard.
And Seattle got hope and change, good and hard.
So did the rest of us who voted against it, but have been dragged along for the ride…
The GOP “alternatives” were even worse. Wall Street errand boys, all of them.
It is the great irony that McCain or Romney would have open the borders more than Obama. La Raza was short sighted by not voting for McCain.
Video about how Millenial techies in Seattle want to raze blocks and blocks of Craftsman bungalows to build higher-density “affordable” housing:
https://www.politico.com/video/2018/04/25/whatworksnext-seattle-housing-crisis-065864
It’s a video, but the iphone newsfeed has the text. Basically, Millenials think that the enemy is SFH zoning. They want to take the land to make apartments for them. They say building more apartments will lower prices. Market-based folks think that developers will just build more higher-end housing, be it condos or luxe townhomes or McMansions. The debate is still playing out.
My view is that those Craftsman bungalows should be saved. Those things are masterpieces of residential architecture, and once they are gone no one will ever build their like again.
Here’s a “radical” idea — MOVE THE DAMN COMPANIES! Why does everyone need to be in Seattle? Move to Dayton, or Davenport or Jacksonville or Pittsburg or Lubbock or one of many Springfields or hell even Destroit. Make a deal with Chicago or Poughkeepsie for jobs in exchange for tax breaks. Plenty of SFH all over this country for Millenials to afford, without destroying Craftsman bungalows.
You should write this progressive techie.
those Craftsman bungalows should be saved ??
And they would be in that hell hole some here call California. SEQA.
b-b-but therez no microbreweries in flyover! And who’s going to tune my fixie that I bought for 3K?
The horror!
The big problem for those moving from the West Coast to flyover is that they’ll find very few people to impress.
Rather, they will find that the locals find them quite stupid.
“Coders” are overpaid babies. They’ve got so many layers of abstraction between themselves and reality it’s, well, unreal.
Anyone can learn to code. I was a business major and taught myself in my spare time. It’s not that hard. And now one of my favorite things to do is listen to devs tell me oh how hard something will be and me calling out their bull. The look on theitr faces is priceless. Why a run of tje mill Java dev makes 6 figures is beyond me.
But society has elevated them to some sort of diety and they believe their own press.
A healthy percentage of tech people are ignoramuses. No different than any other industry.
Tech people mistakenly believe they’re smart because they’re paid well.
Politicians and economists are also paid well, interestingly enough. They think they’re brilliant, too.
Hard to tell which of the three does less productive work on a daily basis.
I do occasionally feel for the “help desk” folks who get to hear all the complaints while their higher ups jack off in a dark corner someplace.
Why a run of tje mill Java dev makes 6 figures is beyond me.
The answer: free markets–e.g. supply and demand–apparently. It must be the case that not everyone is either able or willing to be a self-taught coder like you.
People think it’s hard so they avoid it. Hence the lack of supply.
Writing new code is relatively easy (depending on what exactly you’re writing)
What isn’t so easy is:
1) Writing bug free code
2) Writing code that isn’t brittle, meaning that when someone later on changes a piece of that code, that is doesn’t have a score of unintended negative effects
3) Jumping into an existing code base of poorly designed code and changing something without breaking other features. Sometimes the only way to do it is by rewriting thousands or even tens of thousands of lines of code.
Writing code is easy just as writing prose in English is easy, the trick is in writing either code or prose that is good enough that someone will pay you to do it.
Why a run of tje mill Java dev makes 6 figures is beyond me.
Outside of Silly Valley and a few key locales, few are paid that much.
It is important to remember that the coding exercises one learns in a lower division Java class or those found in a typical Java programming book are trivial. Just because you can do them doesn’t mean that you have the chops to be a pro or that anyone will hire you. There are plenty of Computer Science grads who can’t get a job offer because they fall flat on their faces when they take the coding tests most employers now require.
“… the trick is in writing either code or prose that is good enough that someone will pay you to do it.”
A similar principle applies to playing the violin, although the activity itself is not especially easy.
There are microbrews and sushi and hipster bars in every city in the country. If these peeps ever took time to actually go more than 20 miles from their safe spaces they’d realize how idiotic it is to live like they do. Then again, it’s betyer for the rest of us if they stay put.
+1,000,000.
Preach it, Tik.
Reminds me of Washington DC’s own DownLow Joe, who thought he was worldly as a result of a trip to Pittsburgh.
I still laugh at the absurdity.
Microbrews aren’t new. In grad school we used to go to the microbrew-pub all the time. Good beer and good bar food like scotch eggs and beer cheese soup.
And this was in serious flyover… in the mid 90’s when Millenials were in diapers.
b-b-but therez no microbreweries in flyover!
New Belgium, which is one of the biggest in the country, is in Ft. Collins, CO.
CA has decided local zoning rules don’t matter anymore. SFH zoned hood can now build apartments, if they are within 1000 feet (I think, maybe it’s 1500) of a public transit stop.
Look for soviet style apartment blocks coming to a neighborhood near you in the not too distant future
A Fundamental transformation baby!!
And they shall be called “Flats” or “Commons.”
CA has decided local zoning rules don’t matter anymore. SFH zoned hood can now build apartments, if they are within 1000 feet (I think, maybe it’s 1500) of a public transit stop.
I believe that that senate bill 827, which green-lights the types of high-density development near transit, was defeated in committee, so that is off the table (for now).
Why does everyone need to be in Seattle? Move to Dayton, or Davenport or Jacksonville or Pittsburg or Lubbock or one of many Springfields or hell even Destroit.
Everywhere that isn’t Seattle, or Silicon Valley, or NYC is lame. Just ask them and they’ll tell you.
“My view is that those Craftsman bungalows should be saved. Those things are masterpieces of residential architecture, and once they are gone no one will ever build their like again.”
Then you should purchase them all rather than worry what others do with their property…
“Everybody remembers compounding, right?”
Compounding losses to price declines and depreciation?
Oooooph….
Redmond, WA Housing Prices Crater 9% YOY On Rising Seattle Tech Layoffs
https://www.movoto.com/redmond-wa/market-trends/
it is more dastardly than folks think.
For my condo (granted large, nice, downtown) - in the 2020 timeframe we will incur $20K/year in property taxes and HOA fees alone. So even though i have a paid off condo, fixed costs are close to $500K for 20 years. Part of this was the new WA State McCleary decision - with 2 more major lawsuits working thought the system.
We are seriously thinking of selling this year - and renting for the next 2 years that we are in Seattle.
I wonder how many FBs let themselves get sucked into these deals before they become aware of COA fees? And just say oh well?
‘In June 2017 the primary lender, who had originally funded $13.5 million to the group and was by then owed over $18 million including unpaid interest and legal fees, acquired title to the property through a trustee’s sale. After completing updates to make the brand-new (yet 10-year-old) home appealing to luxury buyers, the property was re-listed in early April for just $11,998,000′
Now how can this be? We have rock solid lending. We have Senator Running Deer. Just how can a lender take this kind of an ass-pounding in 2018?
Back in the bad old days when men still went to the men’s bathroom…
A few bankers would have, at the very least, been fired for losing $8 million on a single property (or about a 40% haircut of the bank’s money).
Assuming they can even get $10 million for the place.
“A few bankers would have, at the very least, been fired for losing $8 million on a single property (or about a 40% haircut of the bank’s money).”
Nowdays we get presented with a bailout and a bonus.
😁
It probably wasn’t a bank.
who had originally funded $13.5 million to the group [...] the property was re-listed in early April for just $11,998,000′
13.5M minus 12M == losing $8M?
Is that the new math?
‘The World Bank estimates that more than 70 million Chinese live on a dollar a day’
Yet they can afford to run all over the planet overpaying for everything in sight. Sounds kinda stupid.
Well, with a population of 1.4 Billion - that is only about 5% of all Chinese
Being able to pay your workers third world wages while charging first world wages is a quick way to become rich whether you are Apple or a Chinese business person. Of course it relies on a pool of cheap labor an open borders. 40 years ago the going wage was ten cents an hour and there were lining up to take it. Now the dollar a day people are the pensioners that worked under the old system.
How Chinese telecoms maker ZTE responds to its supply chain disruption – losing access to products from US chip makers for seven years – could largely determine if it remains a strong player or falls by the wayside. More importantly, it could be the catalyst for China to move towards its long term goal of becoming less reliant on foreign technology.”
Slamming select Microchip companies hard because they mostly sell to the Chinese who put it together and sell it to Google or whatever big money bucks software company wants a Cloud Computer as big as Amazon.
More than 5% of Americans earn $0 a day.
A lot more.
…a dollar a day.
This is after they save 50% of their income and purchase condos and autos?
Yeah, lower than Mexico wages with London priced airboxes.
Yes, but the ones living in the air boxes are not the workers making a $1000 to $1500 per month but the owners of the companies for whom they work. Similarly it is the wealthy Chinese who number in the millions that buy foreign real estate. The globalists would love to turn this country into Mexico or China. I have seen a clear correlation between a rising dollar and a rising bitcoin. When the dollar is rising rich Chinese want to invest in this country. So is bitcoin the mechanism for capital flight from China? Certainly logical and some but not conclusive evidence that bitcoin is a major player but it cannot be ignored.
“This country?”
Serious question, are you living in China now, or visiting often enough to use the phrase like that? My guess is no, from the time stamps of your posts. But still..
And those pictures of “this country” show dozens upon dozens of high-rises, 20-30 floors each. You’re going to tell me that every resident in those thousands of apartments own their own factory??
When I read Albuquerquedan’s post it appears that he is using “this country” to refer to the United States, not China.
Correct
The globalists would love to turn this country into Mexico or China.’
yep sell RE so much easier than acually making somthing..
“Yeah, lower than Mexico wages with London priced airboxes.”
It’s all borrowed money. Trillions of borrowed money yet the collateral value is a small fraction of those trillions.
Eventually, the bills will have to be paid with money that is not borrowed. There will be discounts.
‘The number of homes sold to foreign buyers in Toronto has dropped steadily over the year since the province introduced a 15-per-cent tax on such purchases, falling from 7.2 per cent of sales in May, 2017, to 2.5 per cent over a three-month period ending in February. The average price of a home in the Greater Toronto Area was just more than $920,000 last April, but by March of this year had fallen to around $785,000, a decline of more than 14 per cent driven by plummeting sales.’
Lookie here. No massive tiny shack construction effort. No living in shipping containers or 100 sq ft apartments. None of that nonsense. Just a little less government gravy, a minuscule increase in interest rates and actually enforce some money-laundering laws/target speculation, and viola! Lower prices.
These people going on and on about supply and demand have their heads up their you know what.
Now imagine a place where banks ate their bad loans, 20% down and full verification of income…
“Now imagine a place where banks ate their bad loans …”
The horror!
There there, Mr. Banker. As long as the Banksters and their lobbyists own our lawmakers lock, stock, and barrel, you’ve got nothing to worry about.
I worry that voters may smarten up, which is to say my worries are few.
Maybe for you. But all the little Banklings may have an issue when they grow up to real bankers. Gen Z is definitely more money conscious than the Mils. Maybe because Gen Z are a product of the Gen X, or of hard-working poor immigrants.
Imagine leaders who could lead us to such a place?! That’s the most far-fetched notion of all.
Reform is unlikely until after the disaster.
And then it is unlikely still, as that would require unwinding extraordinary accommodation, which seems to have become the Fed’s official policy.
Viola!
Centreville, VA Housing Prices Crater 18% YOY As Fairfax County Population Decline Accelerates
https://www.movoto.com/centreville-va/market-trends/
‘Nearly one in four of Turkish offices lie empty after a slump in the lira against foreign currencies, Hürriyet newspaper reported citing industry data. Vacant office spaces constitute 24 percent of total nationwide, with some areas of Istanbul particularly affected, the newspaper said.’
‘A construction boom in Turkey’s major cities — many of Turkish President Recep Tayyip Erdoğan’s business allies are active in the building industry –- has added to the number of buildings up for sale or rent, causing a glut and depressing prices.’
‘The price of office space has fallen 20-30 percent over the past three years as the impact of currency weakness hurt company’s profit margins, Hürriyet said , citing Tuğra Gönden of Cushman and Wakefield, a global real estate broker and adviser. Many landlords have renegotiated contracts with tenants, it said.’
‘About 50 percent of offices are empty in Istanbul’s Kozyatağı-Göztepe-İçerenköy district and in the central Mecidiyeköy neighbourhood. One third of office space in Ataşehir, an area where much of the city’s new construction has occurred, is vacant, Gönden said.’
‘In Levent, Istanbul’s premier commercial district, 23.8 percent of offices are unoccupied. The proportion is 20.7 percent in neighbouring Maslak.’
‘Hong Kong-listed fashion brand Esprit Holdings will not renew the lease for its flagship store in Causeway Bay, according to local media reports. The lease for the 7,000 square foot (650 square metre) store in Leighton Centre at 77 Leighton Road will expire in June. Hysan, the owner of the commercial complex in Hong Kong’s priciest shopping district, had been leasing the G13 and G14 shops to the fashion brand for a monthly rent of around HK$2 million ($254,862) since 2014.’
‘Retail shop owners in Causeway Bay, Hong Kong’s prime shopping district, have been suffering through a tough season. In the last quarter, shop rents in the prime retail district are down by 53 percent from their peak in the fourth quarter of 2014, according to Chung.’
“In the past two to three quarters, we have seen more tenants adopting cost-saving initiatives in core submarkets like Causeway Bay and Central,” said Chung. “While owners’ stance is rather soft, making room for rent negotiation.”
‘Last month, fashion brand Twist leased a two-storey shop at 24-26 East Point Road in Causeway Bay for 56 percent less than the HK$1.1 million monthly rent that the previous tenant had been paying, according to press accounts.’
‘Sand Castles: Markel Redondo photographs Spain’s failed housing developments’
Great photos, thanks … ( looks like they build hou$es fir$t, infrastructure$ afterward$)
Playing around with editing Pligrim$ Progre$$ from a just a Religous allegory, to a “Religion.of.real.e$tate Netflix $pecial $eries!
The allegory’s protagonist, Christian, is an everyman character, and the plot centres on his journey from his hometown, the “City of De$truction” (”all.real.e$tate.is.local”), to the “Cele$tial City” (thee Promi$ed.Land$)
No shortage of land there.
Zero character in that housing development.
The Soviets built more attractive villas.
“…estimated 3.4 million houses that now stand empty and deserted throughout Spain.”
Can’t they fill them up with “refugees”?
‘Paris in Mumbai: A photo series highlights the absurdity of India’s elite residential projects’
‘Arthur Crestani’s project captures the contradictions of India’s urban life, juxtaposing unaffordable luxury real estate with glimpses of everyday life.’
OMG - this is awesome.
“Put together the names of some high-end real estate properties across India and you start to notice a pattern: Dream Acres, Oyster Grande, Dolce Vita, Fontaine Bleau, Wellington Estate, Forest Edge, Silicon Oasis, White Meadows.”
This reminds me of something I read a few years ago about the impact that street names have on property values, or at least the correlation thereof. I think the had to Google the new article and I couldn’t find the one that I originally had read, but here was a snippet of something along the same lines:
“Street names can indicate whether a neighborhood is old or new, rural or downtown and, often, expensive or cheap. In fact nationwide it turns out that property values can swing pretty widely, predicted by nothing more than the street where they’re located.
“We looked at years of data about sales and listings,” Zillow CEO Spencer Rascoff wrote in the New York Times. “We learned three things about the relationship between home values and street names: First, names are better than numbers. Second, lanes are better than streets. Third, unusual names are better than common ones.”"
I suppose it’s no surprise that developers play into the collective mythology surrounding the real estate market by coming up with names that are about as wacky as the new paint tints that roll out.
http://www.businessinsider.com/the-name-of-your-street-could-affect-your-houses-value-2015-2
Realtors are liars.
….. and every closing a crime scene.
Again with this comment? lol we get it…
Housing my good friend. Housing.
Oxford, MA Housing Prices Crater 6% YOY
https://www.movoto.com/oxford-ma/market-trends/
Buy a house today and your lifetime of losses will be incalculable.
Horse hockey$!
x1 more $ale & repurcha$e he’ll $core a real e$tate hat trick$
Wayne Gretzky Buys $13.5 Million Mansion He Once Sold to Lenny Dykstra
NHL Hall of Famer Wayne Gretzky rebought the Thousand Oaks mansion he once sold to former MLB player Lenny Dykstra, according to Jack Flemming of the Los Angeles Times.
Gretzky paid $13.5 million to reacquire the mansion, which he sold to Dykstra in 2007 for $18.5 million. Dykstra lost the property to foreclosure after declaring bankruptcy.
They are not liars. You just need the universal translator.
Cozy = small
Charming = hasn’t been updated since the 1970s
A great time to buy a house = any day, 24/7/365 of any year
Multiple offers = I got nothing
The owners are not going to give it away = they are underwater
Fully renovated by the owners = no permits
Etc.
Least we forget:
A) Everyone wants to live here.
B) The entire states of Michigan and Ohio are preparing a mass migration.
C) O.C. weather is always great.
D) There may be a bubble in ______, but not here.
E) California population is growing.
F) USA economy (based on RE market and equity-fueled
consumer spending) is strong. - 1,000 maids are
being hired in hotels each day.
G) They aren’t making any more land.
H) Housing had reach a new permanent plateau.
I) Prices are reflection of buyer’s demand.
J) You had to buy now or be priced out forever.
K) Prices will rise 20% for ever.
L) Foreign buyers will keep buying.
M) Low interest rates will stay low forever.
N) Renting is for losers.
O) Real estate NEVER goes down in value.
P). David Learah said………
Q). The Fed is $hort of ca$h
Not to mention:
* Cottage — Tiny house.
* Jewel Box — Real tiny house.
* Condo Alternative — So tiny it might not even be legal to call it a house.
* Shabby Chic — Hasn’t been updated in 50 years.
* A Blank Canvas Awaiting Your Vision — Hasn’t been repaired in 50 years.
* Needs Your TLC — Hasn’t been repaired in 50 years and is about to fall down.
* Located in the Highly Sought-After [fill in name of neighborhood] — Whatever neighborhood the house is in.
* Located in the Heart of [fill in name of neighborhood] — On the very edge of that neighborhood.
* [fill in name of neighborhood] Adjacent — Nobody wants to live in the house’s actual neighborhood.
* Convenient Freeway Access — Free traffic noise, heart disease, and cancer included in purchase.
* Convenient Airport Access — Free airplane noise, heart disease, and cancer included in purchase.
* Babbling brook - Builder included 10 gpm fish tank pump to spice up backyard concrete lined ditch.
* Handyman special - Do you want to spend the rest of your life fixing things? This property is for you!
* Neighborhood with character - Iron grates on doors and windows. Drive by shootings on weekends.
* Re-live a golden era - Insulated with 100% asbestos.
(* Re-live a golden era - Insulated with 100% asbestos.)
* Re-live a golden era - Insulated with 100% hemp
Senate fast-tracks bill legalizing hemp as agriculture product
http://thehill.com/blogs/floor-action/senate/383459-senate-fast-tracks-bill-legalizing-hemp-as-agriculture-product
–> Pay a fee so your family can live in a sh!thole country (Saudi Arabia)?
With the exodus of expat families because of dependent’s fee, many buildings have flats lying vacant which is obvious from the “ijaar” (to-let) signs put up outside most of the buildings.
+++
–> What? Foreigners can drive up the price of real estate? I wonder what prices would be if 10 million illegals live there too? But they are not racists for enforcing immigration laws?
He attributed the reason to the exodus of expat families and locals leaving units for more affordable apartments.
+++
–> Looks like the the Saudis are starting to run out of other people’s money. That and the US is taking their market share of oil exports.
A three-fold increase in electricity tariff is also one of the reasons why tenants are shifting from spacious accommodations to smaller residential units.
Let me do some math with 40:1 leverage, 3% down-payments, adjustable rate mortgages and full recourse loans…
That is a sh!t ton of new FBs!
+++
The average price of a home in the Greater Toronto Area was just more than $920,000 last April, but by March of this year had fallen to around $785,000, a decline of more than 14 per cent driven by plummeting sales.”
785 Canuck bucks is 600ish Yankee bucks. So compared to US mega cities like NY, SF, Seattle, Toronto is kind of a bargain.
‘With all of the talk of the housing shortage in the UK, it seems incredible to talk of ghost towns springing up, filled with empty properties. Yet that appears to be what is happening, and in some of the nicest areas of the capital. Developers producing luxury high-end apartments in London appear to be having a particularly difficult time of things. Data from Molior London last month suggested that, of the 1,900 such apartments built in the capital last year, only half have actually been sold. As a result, there are now around 3,000 unsold luxury apartments in London.’
And we can point to entire empty cities and some will still insist there’s a shortage of housing.
Cheap and easy money, all over the world, needs to find a place to die.
‘The value of real estate was never worth that value,’ he said of housing boom prices reached in the mid-2000s. ‘That was an insane number driven by crazy credit and should be viewed the same as gods of ancient Greece and other fables or myths.’
Don’t look now, cuz you are right back at it.
So only ten short years ago it was overpriced, but now it’s correct?
Inflation adjusted, that is. (And nevermind that our Fed has repeatedly reported that inflation has been recently non-existent, at least so far as they are concerned.)
Are 5.6% mortgages the tipping point for the Canadian housing bubble?
+++++
“Canada Is In Serious Trouble” Again, And This Time It’s For Real
ZeroHedge - 04/27/2018 - 12:35
“No one knows when insanity like this will come to an end. Bubbles are like an avalanche. The longer they build up, the worse they will be when they eventually destabilize.”
The reason: while it took banks some time to push their mortgage rates in line, they have finally “caught up” and as Bloomberg reports, Toronto-Dominion Bank has lifted its posted rate for five-year fixed mortgages by 45 bps to 5.59% as government bond yields touched their highest levels since 2011 this week.
“It’s a big move, the biggest move in years,” said Rob McLister, founder of RateSpy.com, a mortgage comparison website.
As for Toronto Dominion, and its decision to implement “the biggest move in years”, the bank explained that “adjusting our rates is not a decision we take lightly,” and added that “we look at a number of factors when determining rates including the competitive landscape, the cost of lending and managing risk.”
There is some irony in the story too. Last time
$100 barrel plus oil came to the rescue. The conservative government took full advantage of the windfall. This time because Trudeau has fiddled while pipelines were delayed there is no ability to export additional quantities of oil. In fact, this has caused discounts in the oil of around $30 a barrel in many instances. Thus while drilling for oil has surged in the United States it has collapsed in Canada. Oil sands production continues due to sunk costs but conventional oil drilling is kaput.
The irony is that it is Many of Trudeau’s supporters that have blocked the pipelines that could have prevented the collapse, now Trudeau will have to run for re-election during a severe recession
This has led to over-borrowing, over-lending, and over-capacity. It is well understood, but no one really knows how to stop the cycle without creating a crash: a crash for the individual investors, for the creditors, and for the end users of the financing.
Let’s not pretend anybody cares about them. The problem is that if they crash, then somebody who matters might not get paid.
Sponsored content “article” written by the National Association of Realtors:
https://www.marketwatch.com/story/no-bubble-7-reasons-why-its-still-a-great-time-to-buy-a-house-2018-04-27
P.S. Realtors are liars.
….. and every appraisal apocryphal.
I love this.
1. “Home values are strong”
2. “Inflation-adjusted home prices are below the ‘07 peak”
So if “it’s dangerous to say the prior highs are an absolute highs for home values” and “strong home values” (read: “high prices”) are in and of themselves a good reason to buy, then it’s a good time to buy a house pretty much all the time.
Man, I’m glad I got that figured out!
Painful reminder of why no single man with assets and options should ever get married:
https://www.marketwatch.com/story/i-paid-off-my-wifes-student-loans-then-she-filed-for-divorce-after-two-years-of-marriage-2018-04-21
Don’t be a betabux. Just don’t.
And she wants his house and retirement too…
It’s all about “what feels good,” not about merit.
I guarantee you that she believes that she deserves it .. and more.
I know this kind of veers off topic (and into territory more often covered by Men’s Rights/MGTOW etc) but it doesn’t make it any less valid.
My divorce 10 years ago - it was ALL about the money she could extract from me, and the circumstances leading up to it were in part about the fact that she had bled
usme (she was a SAHM mom and was only in the workforce a total of 1-2 years lifetime as clerical). She was willing to use threats of false molestation accusation to extort $$$ from me.Once separated and in my 40s, Three things occurred:
1) I met a lot of other men who were also set back decades financially by divorce and got a sense of how often it occurs.
2) I found myself receiving a lot of female attention and it was clear that my perceived well-off’ness had a LOT to do with it, sometimes blatantly.
3) I had numerous conversations with middle-age women where I got their guard down and slipped in some probing questions. Many of these were girls I grew up around and went to high school with but were not/did not date, thus the ’safe to confess’ factor. The number of admissions of “I dated/married/slept with so-and-so because of money/opportunity/other goals” was surprisingly large.
Net result: Massive reality check and leveled up my cynicism. Also an better understanding of ll the ways relationships might really work or be based on.
wh0r3 culture with a disdain for history and the wisdom developed over the past - they dont want to be bound by rules or laws - a result of increased secularization. And we have a system that reinforces it in schools and the media.
The countervailing trend is already under way, and will be brutal.
“The countervailing trend is already under way, and will be brutal.”
It need not be brutal. That serves no purpose. Walking away doesn’t lead to brutality. MGTOW = walking away, not avenge or revenge.
Any energy is better spent guaranteeing freedom for yourself. YOU get to choose, not society.
What is interesting is that a number of men are increasingly aware of this countervailing trend. Not many women are aware - yet.
No, I think its inevitable it will be brutal - and already is - psychologically, financially and of course physically. A lower standard of living for most is inevitable in a nation of bastards.
I believe this is the result of the debasing of the currency - you destroy the value of things, which represent labor, you destroy the values of the culture and the culture itself. You either become a wolf to survive or you stay a sheep and be eaten - sociopath or slave.
Who controls the central banks, and the private banks for that matter, along with the media? Weimar Germany was a textbook example of this debasement, and we are living in another. I only hope the backlash this time will fix (((the problem))) once and for all.
It may be brutal for those who insist on playing by rules that no longer exist.
It may be brutal for those who cannot find meaning or joy in life aside from that which actually enslaves them.
Divest yourself of things you didn’t need in the first place, and life improves.
Chasing carrots is a waste of time. Don’t play the game.
Play YOUR game. Be free.
For those who are interested, I read this article on Sunday and considered it a fascinating piece of in-depth journalism on the surplus men in China and India and how the societal ramifications, including housing, are playing out:
There’s Too Many Men
The Washington Post
April 18, 2018
Simon Denyer and Annie Gowen
“Nothing like this has happened in human history. A combination of cultural preferences, government decree and modern medical technology in the world’s two largest countries has created a gender imbalance on a continental scale. Men outnumber women by 70 million in China and India.”
“The consequences of having too many men, now coming of age, are far-reaching: Beyond an epidemic of loneliness, the imbalance distorts labor markets, drives up savings rates in China and drives down consumption, artificially inflates certain property values, and parallels increases in violent crime, trafficking or prostitution in a growing number of locations.”
“Those consequences are not confined to China and India, but reach deep into their Asian neighbors and distort the economies of Europe and the Americas, as well. Barely recognized, the ramifications of too many men are only starting to come into sight.”
“Bachelors are furiously building houses in China to attract wives, and prices are soaring. But otherwise they are not spending, and that in turn fuels China’s huge trade surplus. In India, there is the opposite effect: Because brides are scarce, families are under less pressure to save for expensive dowries.”
https://www.washingtonpost.com/graphics/2018/world/too-many-men/
“Bachelors are furiously building houses in China to attract wives, and prices are soaring.”
Haha… poor bastards.
OneAgainstMany - nice article link.
It’s definitly a transformative time around the globe. The historic differences between the genders and their roles is meeting modern technology and globalism with results full of unintended consequences. We’re in an age now where we can’t just ship surplus men off to war or a remote colony.
rms - poor bastards? maybe.. but what other options do they have? Reproduction is our strongest instinct built in to our firmware, and we have to acknowledge that the entire process is very asymmetrical between the genders. (and not just for humans). For men, it’s an incredibly competitive thing - on the one hand men don’t get paternity security, and on the other hand it’s theoretically possible for a tiny percentage of men to father almost all the children. A display of wealth and security as a means to attract a mate and ensure paternity isn’t even limited our species.
At some point the “Total Recall” drugged virtual reality will arrive, and you’ll be able to spend an entire weekend skydiving, eating great food and tapping a frisky supermodel… all in the space of an hour or so. Illegal drugs might become passé.
The latest Blade Runner 2049 movie attempts to examine the social consequences of enhanced humans, virtual reality and the loneliness that is certain to accompany a world without the time for familial interaction.
At some point the “Total Recall” drugged virtual reality
I found an interesting mindfulness meditation mp3 online that stated the average person’s continuing thought process is a self-induced virtual reality.
Sounds about right.
One third of all men under age 35 have never been married. Men are waking up to the scam and the lie of marriage. And if you want to read something really depressing, go read the “dead bedrooms” subReddit on Reddit.
Dead bedrooms = indentured servant.
A better use of time and money is a sex bot.
Dead bedrooms seem to occur most often once the other partner is married and ‘locked in’ with often a very high price to pay if they wish to exit. Makes sense I guess - if was easy to leave when clearly unhappy, more people would.
I know this from too well due to my first marriage- twice going over a year in between pathetic events.
The fact that Marriage is business contract with the state, and comes with legally enforced provisions that are also subject to the whims of the family courts should you want to change or exit the deal is something we don’t educate our people on, but really should be doing.
Well then maybe these men should be dating and marrying smart women who already have assets themselves, instead of getting p-whipped by some hot little “princess” who fakes it until she lands the bux.
Instead, it’s the smarter slightly less hot women who get dumped and then insulted with “how are the cats.”
+1
“It’s better to live in a corner on the roof than in a house with a contentious woman.”
A Proverb of Solomon.
Naturally it is better for a woman not to live with a man who is her enemy rather than honest partner.
I live alone, under a bridge mostly. People like davey like to insult me. No cats here either.
– The philosopher Socrates advised all men to get married. He opined that if it works out well, the couple will be happy. If not, the hubby becomes a philosopher.
– At this, Xanthippe came out and berated her husband, then dumped a dishpan of water on his head. Soc shrugged it off & told his friends, “After thunder comes rain.”
Priceless.
As the saying goes, “once a philosopher, twice a pervert”.
Quite apt, I would say.
“Well then maybe these men should be dating and marrying smart women who already have assets themselves, instead of getting p-whipped by some hot little “princess” who fakes it until she lands the bux.”
Absolutely.
And these same men should sue women for “Enticement”.
Think lawyers aren’t salivating over that prospect? Think again.
Women already are making as much as men. Soon, they will be making more. Get ready to be sued with regularity, ladies.
I don’t know what planet you live on. Women make 80% of what men do, for the same work.
I guess there will be no lawsuits against men for enticement. Aggression works much better.
Women make 80% of what men do, for the same work.
BS
Women make 80% of what men do, for the same work.
More like 98%…. read here: https://www.payscale.com/data/gender-pay-gap
“I guess there will be no lawsuits against men for enticement. Aggression works much better.”
Don’t count on it. Women have plenty of money these days.
Men also may decide to sue women for Emotional Harassment as well. Why not? Think about all the young men out there who were put on all sorts of medications courtesy of their mothers. Boys are bad, girls are good. That’s abuse.
Well then maybe these men should be dating and marrying smart women who already have assets themselves, instead of getting p-whipped by some hot little “princess” who fakes it until she lands the bux.
I got lucky and ended up in this situation. Got lucky because I didn’t get tripped up/trapped by any of the crazies along the way
Got lucky…
We are sometimes most dangerous to ourselves. Just my experience.
Well then maybe these men should be dating and marrying smart women who already have assets themselves
Hypergamy makes that very tricky. Meaning that a successful woman with assets usually won’t consider a man who is less “successful” than she is. Sure, we hear the stories of doctors who marry garbage men or guys who work at Walmart, but those are the exception.
Who says the parties involved have to be intimately involved?
No one. Hypergamy may not make anything nearly as tricky as you believe.
Again, I didn’t want my comments to veer the conversation off topic, yet IMHO there is a large chunk of validity and topic to explore in all the replies.
And of course I don’t want to paint “All women” with the same brush and of course they’re not all the same, though I think one could safely argue that statistics paint a large enough group with a “Danger Sign”
As to how this topics pertains to this blog, I think my story that I’ve told here helps connects divorce to home ownership. There was a 15-year gap between the purchase of the house I had to get rid of because of the divorce, and the next house purchased after digging myself out of the financial hole my divorce put me in. And had it not been for some great events in my life recently, I could not have managed what I did.
Men typically lose the house in a divorce, (possession of kids drives overall outcome) especially if the wife a SAHM. Combine that with the asset losses (mine got 100% of the non-retirement assets, 75% of my retirement account, and I got ALL the debts PLUS I had to come up with the down payment for her “new” house, which I had to borrow, plus alimony and child support) and the typical timetable for home ownership as sold in the “American dream” is set back 1 to 2 decades or more.
Where that gets problematic is in my situation - taking out a mortgage when you are 50 years old. Almost no one expects to keep working full time until they are 80 to get the mortgage paid off, and most won’t have a pension to cover those payment (SS? ha!) In my case, I wouldn’t have done it if I didn’t have some extraordinary passive income likely to come in.
So there is a whole topic to explore of older divorced people having to scramble to secure their housing future for post-retirement when they don’t have that many expected decent working years left.
May your fortunes continue to improve. Mine left house, husband and children altogether. I assumed the debts and tried to help her find herself until the cash money ran out. To my great good luck my job held through all. The kids finished school and most on to some college. My dad bought that boat that I brag about and when the last child graduated HS and went off I lived on it and saved. I paid my mom back for the boat after my dad passed.
I had 14 years to pull things more together after losing the spousal unit. I have been very fortunate. Debt leaves one fragile and vulnerable. I warn against it every chance I get.
Debt leaves one fragile and vulnerable.
That’s a really quote to sum things up with…
Young men, go make money, and do not get married.
and do not get married
And do not get anyone pregnant!
For those that are contemplating marriage, I believe that a prenuptial agreement can make for a healthier relationship, though the mere mention of it during the infatuation period of courtship is likely to cause tension for some. But for all the reasons stated by MGSpiffy, I am a huge proponent of a well-written prenuptial agreement.
Housing
Kensington, MD Housing Prices Crater 7% YOY As Federal Budget Cuts Deepen DC/NoVA Housing Correction
https://www.movoto.com/kensington-md/market-trends/
“…a well-written prenuptial agreement.”
If dependent children are involved it won’t matter if that prenuptial agreement is chiseled in marble.
It’s not even the presence of children that’s needed to toss a prenup out.
If there are children involved that are a product of the marriage, there are “rights of the children” that can not be altered or removed by any prenup. In reality, it’s a loophole big enough to drive an 18-wheeler though.
That said, it’s really, really hard to make a prenup that is “iron clad’, and even when you have one built to be bullet-proof, judges have leeway to set them aside at their whim. The only defense in that case is to fight, fight and appeal to get in front of a different judge.
There are a few things one can do - the first is to NEVER, ever co-mingle assets you bring into the marriage. And that can still be tricky. In some cases, it’s not even enough to have bought the house and paid it off before ever meeting her. I read of one woman claiming that because the property taxes were paid from a joint account, that gave her an equity interest in the property.
So I remarried 5 years ago, and we have completely separate finances. Not a single joint account. We both make 6-figures, which makes it quite doable and she’s happy with the situation, but most couples don’t have the luxury, or the lesser earning spouse has a ‘problem’ with it and raises hell at the idea.
And despite our carefulness and economic parity, we went to draft our prenups, I was advised by one of the attorneys that was no way to get 100.0% certainty it would stand, especially due to the tendencies of certain King County family court judges. Some things could be made nearly impossible to break when there was state and federal law to follow to enforce ownership, etc, but ‘anything can be challenged’ I was told.
A lot of destitute old people will be committing felonies so as to obtain shelter, 3 square meals, a toilet and medical care.
Welcome to Japan!
Mgtow for the win boyz.
Men need to take responsibility for making the choices they do in women. Looking for a woman that looks good and sex are the priority. How about looking for a woman who is hard working and financially independent?
P.S. There are plenty of male dead-beat spouses, too.
How about looking for a woman who is hard working and financially independent?
Agreed on all points. This is the critical one. But that requires wisdom. And as the saying sort-of goes, wisdom generally comes from previous bad judgment, at least for men. Everyone tends toward bad judgment at a young age…bad boys and bad girls do a booming business early in life. Later on is when hard work and financial savvy tend to be appreciated more in both sexes.
Grapevine, TX Housing Prices Crater 5% YOY As Plunging Oil Market Roils Oil States
https://www.movoto.com/grapevine-tx/market-trends/
Plunging oil market? Are you looking at the graph upside down again?
Addison, TX Housing Prices Crater 5% YOY As Dallas Area Oil Recession Accelerates
https://www.movoto.com/addison-tx/market-trends/
Heard again from my buddy who works as a mortgage processor in Honolulu. In addition to his company closing an office, now he’s hearing two people getting laid off on Monday and more to come. He says he’s probably gone in two months once he closes out the remaining files.
The last few weeks, he’s been leaving work early because there just isn’t any work to be done.
Just two years ago I met him in Vegas where his company was throwing a lavish weekend trip for the employees.
Less than a year ago I warned him this would all come to an end eventually. He insisted up and down I was crazy.
It’s happening.
‘insisted up and down I was crazy’
An overlooked aspect of a mania. Believers don’t just ignore doubters, but feel they must attack on this sort of level. When I started this blog I figured it was a simple economics issue. Boy it didn’t take long for the personal insults and often, just like you experienced, my sanity was questioned. When that got nothing, here comes the name calling. Every curse word, smear, nothing was too low. And this is a freaking blog about the housing bubble! Simple enough to just ignore it or spend your time on UHS.com. But no, they organized group attacks. I’m completely serious. Does anyone remember when mobs of trolls would fly in from that DC “investors” group? And when I would post an article about their area, they would write the newspaper demanding I be sued.
Of course, when they lost their a$$ they went away.
People believe their mania so much that they will waste life and fortune over visions of cherry plums, yet they are afraid.
People believe their mania so much that they will waste life and fortune over visions of cherry plums, yet they are afraid.
It’s the human condition.
“It’s the human condition.”
That is so very easy to profit from.
“It’s the human condition.”
That is so very easy to profit from.
Those who profit from the human condition are part of it.
mobs of trolls
Waking up to the reality that you overpaid by hundreds of thousands of dollars really enrages broke @ss loanowners.
I have a PHD in bubble finance.
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” —Mark Twain
‘insisted up and down I was crazy’
An overlooked aspect of a mania.
Carried far enough, mania is insanity. Projection - attributing to someone else one’s one denied flaws - is a extremely common among us ordinary humans. Invent the internet, and trolls suddenly materialize to demonstrate this.
Of course, when they lost their a$$ they went away.
Probably believing in their hearts it was your fault it all ended so soon.
I don’t think they did. Their anger or whatever you want to call it was pre-bust. I think that has to do with the nature of the situation. When it’s revealed the emperor has no clothes, the believers may be confused for a bit but it quickly turns into feeling foolish. I never heard anyone say, “if those housing bubble bloggers had just shut up we’d have been alright.” That isn’t reasonable, to say a guy with a computer in Arizona was responsible for a price crash in DC. It’s a return to sanity that occurs, and ridiculous ideas like that go out the window. But you do get the justifying and blame shifting: no one saw it coming, they shouldn’t have given me that loan, etc.
What is remarkable (or actually isn’t, in reality) is the speed at which the manic bi-polar behavior returned.
Taken collectively, it’s as if society was given a very low grade medication in late 2008/2009, then “rewarded” with even higher strength mania-producing opiates.
What the banks and the federal government did to the populace is, essentially, a criminal act.
Time again to listen to Steppenwolf’s “The Pusher”.
“What the banks and the federal government did to the populace is, essentially, a criminal act.”
Any crimes tnat were committed were committed by willing participants.
“I never heard anyone say, “if those housing bubble bloggers had just shut up we’d have been alright.”’
What’s interesting though is that’s an interpretation that was peddled about financial markets and easy credit - “If it weren’t for Wall Street doubters causing unnecessary panic, the party could have gone on forever!” As if the credit contraction was the problem rather than the imbalances of the credit binge. This was then used to justify the rebubble - “2008/9 was just a hiccup that never should have happened, and won’t happen again as long as central bankers can keep panics from getting out of hand.”
To this way of thinking, if the only problem is the panic then information that may cause a panic is so dangerous it must be vehemently shouted down and suppressed.
“Time again to listen to Steppenwolf’s `The Pusher`.”
Here are the lyrics to “The Pusher” …
“You know I’ve smoked a lot of grass
O’Lord, I’ve popped a lot of pills
But I mever touched nothin’
That my spirit could kill
You know, I’ve seen a lot of people walkin’ ’round
With tombstones in their eyes
But the pusher don’t care
Ah, if you live or if you die
God damn, the pusher
God damn, I say the pusher
I said God damn, God damn the pusher man
You know the dealer, the dealer is a man
With the love grass in his hand
Oh but the pusher is a monster
Good God, he’s not a natural man
The dealer for a nickel
Lord, will sell you lots of sweet dreams
Ah, but the pusher ruin your body
Lord, he’ll leave your, he’ll leave your mind to scream
God damn, the pusher
God damn, I say the pusher
I said God damn, God damn the pusher man
Well, now if I were president of this land
You know, I’d declare total war on the pusher man
I’d cut if he stands,
And I’d shoot him if he’d run
Yes, I’d kill him with my Bible
And my razor and my gun
God damn, the pusher
God damn, the pusher
I said God damn, God damn the pusher man”
Hey, here’s an idea …
Nancy Reagan: “Just say no”.
“Boy it didn’t take long for the personal insults and often, just like you experienced, my sanity was questioned.”
Oh yeah… the gaslighting technique.
“When I started this blog I figured it was a simple economics issue”
Cult$ to to left, Cult$ to right … The “doctrine” is in the hou$e, the true believer is under the house$ roof, the “Hou$e” is the $anctuary.
Economic$ + true believer$ … Knot so $imple to di$lodge
Once upon a time, eye enter a small church, the quickly closed the doors behind me … Windows never looked so wonderful to see!
This just came up in my Twitter feed as a “Promoted Post”
“When seeing a new FSBO sign pop up, call immediately. Let them know you are a real estate professional in the area and just saw the sign. Say something like “Please tell me about your home. It sounds wonderful, any chance I can stop by and preview it later today”. #BHGRE pic.twitter.com/lVn0b7MZd4″
Brought to mind a saying by a wise man:
“If you see one of these monsters in your neighborhood, lock the doors and call the authorities immediately.”
Most FSBO have a wish price that’s so ridiculous that realtors, who only make money if they sell the house, refuse to list their property.
Very true. It takes them months to lose their delusions and by then they have to sell for less than they could have received and have to pay the realtor.
list or dont last!
Rancho Cordova, CA Housing Prices Crater 8% YOY As Sacramento County Economy Stumbles
https://www.zillow.com/rancho-cordova-ca/home-values/
*Select price from dropdown menu on first chart
the person I got this shack from had 3 deeds of trust on the house and owed the same as what they paid for the home 2 years ago. They got lucky that market went up.
Sounds like they got lucky the greater fool stumbled along.
Yup, they got free cars, vacations, motorcycles, boob jobs, etc., courtesy of the buyer.
how in the world does somebody get 3 deeds of trust on the property?
The 2nd is risky but a 3rd loan is just asking to be kicked in the sack.
President (then primary candidat) Donald Trump speaking in Rock Hill, South Carolina on January 8th, 2016. Are you assholes even paying attention as to why you lost the election?
https://www.youtube.com/watch?v=oV1t3Ppa9dw
Globalists suck. They have no place in modern American politics. Please just GTFO…
Testify, Brother 401.
Can I get a “Hallelujah!” in the house?
Owning a house is a dream for me,’ Anderson said.
Okay, sweetie, but here’s the thing: you don’t actually OWN “your” house until you pay off the mortgage.
[She gives Pilsung a "stunned mullet" look.]
Thus it begins.
The Financial Times
French economy
French slowdown adds to eurozone growth concern
First-quarter performance in bloc’s second-largest economy below expectations
How are these central bankers planning to withdraw stimulus programs left over from the 2007-2009 episode without inadvertently triggering a recession, given that the global economy is ripe for one?
Central Banks
How Mario Draghi Could Explain Eurozone Economy’s Apparent Slowdown
Risks from protectionist trade moves and a rising euro could be in focus at Thursday’s ECB meeting
By Tom Fairless
Updated April 26, 2018 7:18 a.m. ET
European Central Bank officials face a cloudy economic outlook as they gather in Frankfurt this week. Growth indicators for the 19-nation eurozone have deteriorated in recent months, and economists aren’t quite sure why.
The timing of the slowdown is awkward for the ECB because it is preparing to phase out its €30 billion-a-month ($36.7 billion) stimulus program.
…
Can’t speak for anyone else, but after paying for our taxes plus rising rent and living costs, we were bereft of any discretionary spending money.
Economic Data
Growth Cooled in First Quarter as Consumers Reined In Spending
U.S. economy grew at 2.3% rate, as business investment is robust
By Harriet Torry and Theo Francis
Updated April 27, 2018 4:53 p.m. ET
WASHINGTON—The U.S. economy lost some momentum in the first quarter after a spurt of faster growth last year, with consumers hunkering down after several months of robust demand while businesses powered ahead with stronger profits, revenue and investment.
Gross domestic product—the value of all goods and services produced in the U.S., adjusted for inflation—expanded at an annual rate of 2.3% for the months January through March to $17.4 trillion, the Commerce Department said Friday. That marked a slowdown from the 3% growth…
Time to worry? Trading volume is rising when stocks are falling
…
Stocks post weekly losses in lackluster session as strong results fail to excite bulls
By Anora M. Gaudiano and Ryan Vlastelica
Published: Apr 27, 2018 4:36 p.m. ET
First-quarter GDP tops forecasts but slows from previous quarter
…
How to ‘get out of the way’ of a bubble bursting for stocks
By Barbara Kollmeyer
Published: Apr 27, 2018 9:34 a.m. ET
Critical information for the U.S. trading day
Bubble warnings again?
If you bought Amazon back in late March, early April, when it was getting kicked to the curb by POTUS tweets of doom, then you might be feeling like a few victory laps this morning.
Amazon’s in-your-face earnings and CEO Jeff Bezos’s bet that his millions of users are ready to pay more for Prime could be setting shares up for a record session. From its bargain basement price of $1,371.99 on Apr. 2, Amazon has climbed about 7%.
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are they really earning more money or buying back stock? Seems they just sell stuff to cover costs.
The business channels are reporting bogus numbers again.