An Investment For Old Age Is No Longer Valid
A report from the Financial Post in Canada. “If there is one thing that annoys a certain group of people in my Twitter bubble about Stephen Poloz, it’s the Bank of Canada governor’s perceived complacency in the face of what these people see as imminent economic disaster. The reason for their frustration is Poloz’s unwillingness to raise interest rates to slow the accumulation of household debt, which now is about 170 per cent of disposable income. As you will have read many times, that’s a record. It’s also a number that compares with debt levels that preceded other financial disasters. As far as some of these well-informed critics are concerned, the moment Canada’s inflated house prices inevitably drop, we’re headed for a wave of bankruptcies that will drop the economy into recession.”
“On Tuesday, Poloz devoted an entire speech to household debt. Poloz observed in Yellowknife that ‘aspiring to own a home is part of our culture.’ When the global economy crashed in 2008, policy-makers knew they could harness that impulse to spark a rebound. A once-in-a-lifetime chance to get a mortgage for almost nothing would stoke demand for housing, which would be good for builders, contractors and agents. The strategy worked, although few realized that the rest of the economy would be so slow to follow.”
“About eight per cent of households owe 350 per cent of gross income, representing about 20 per cent of all debt, Poloz said. ‘We are closely watching the vulnerability represented by that group,’ Poloz said.”
From the Calgary Herald in Canada. “Overly optimistic Calgary homebuilders betting on a stronger economic recovery recently fed a record high inventory of unsold homes, a federal report suggested. In December 2017, the number of completed and unsold homes hit a record 2,030 units, driven mostly by a glut of multi-family developments, said an assessment by the Canada Mortgage and Housing Corp. It’s an unsold figure more than double the 2007-2016 monthly average of 831 units, while the number of vacant multi-family units was up 40 per cent last December compared to a year before, said the agency.”
“It’s an unsold figure more than double the 2007-2016 monthly average of 831 units, while the number of vacant multi-family units was up 40 per cent last December compared to a year before, said the agency. ‘The imbalance is definitely on the supply side,’ said Richard Cho, CMHC’s principal Calgary analyst. The building activity might have been due to expectations of a recovery stronger than the one that’s transpired, particularly in the energy sector, which hasn’t fully rebounded from the 2014 price plunge, said Cho. And that realization seems to have set in this year, he said.”
“Realtor Len T. Wong, who has been in business 30 years, said sales volumes were down 17 per cent and 27 per cent for the past February and March, respectively, compared to those months last year, said Wong. He said it appears builders’ expectations of better times were dashed by a second half of 2017 that didn’t deliver on those hopes. The oilpatch continues to lay people off and a slump in investment has had an impact, he said. ‘Just at the time when you think it’s looking up, something happens and your butt gets kicked,’ said Wong.”
From Homes & Property in the UK. “Already 2018 has become a record year for property price cutting according to newly published data citing a combination of some too-optimistic sellers and ultra-cautious buyers. NAEA Propertymark, the national association of estate agents, found that almost nine out of 10 homes – or 86 per cent – sold for less than the asking price during March, the highest level since the association began recording sales in 2013 and 12 per cent up from February. The market, in short, is firmly in the hands of the buyer.”
“Brendan Roberts, a director at Aylesford International, agreed that only around one in 10 homes in the capital sells at asking price, because buyers are extremely nervous and price sensitive. ‘In a market weak on confidence and high on uncertainty achieving the asking price is rare,’ he said.”
From the Khaleej Times on Dubai. “Apartments and villas in Dubai have seen an average annual rental decline of approximately 10 per cent in the first quarter of 2018, says real estate consultancy Asteco. This is forcing landlords, especially in areas with a significant supply pipeline, to offer sweeteners such as multiple cheques, rent-free periods and even absorb utility, maintenance and/or agent fees.”
“According to Asteco, some of Dubai’s popular communities have witnessed the sharpest decline in rents. These include Jumeirah Beach Residence recording a 15 per cent drop since 2017, while Downtown Dubai, Dubai Marina and Deira come in a close second with a 14 per cent decrease. Other areas that have demonstrated a significant decline in rents are the Palm Jumeirah, Business Bay, The Greens and Dubai Sports City, among others.”
“Asteco estimates that approximately 3,625 residential units were handed over in Q1 2018, with a total of 30,000 potentially to be delivered by Q4 2018. ‘It is important to note that predictions that the market is set to be flooded with more than 120,000 new properties ahead of Expo 2020 should be calmed by the likelihood that not all will be finished on schedule. This means any disturbance to the sector is unlikely to be felt for some time yet, so now is a good time for first-time buyers/investors to take their first steps on the property ladder,’ observed Joanne Phillips, general manager of the mortgage division at Holborn Assets, a financial services firm.”
From the Bangkok Post in Thailand. “A possible hike in interest rates may weaken demand for investment purchases of condominiums, causing some buyers to baulk at having their purchase units transferred, warn a property analyst and developer. Therdsak Thaveeteeratham, executive vice-president at securities firm Asset Plus Securities Plc, said developers should also be more cautious of the situation, given that the disappearance of investment buyers will influence the sales rate of their new condo projects.”
“‘We see many condominium projects where many units have never turned on a light,’ Mr Therdsak said. ‘These units might be either unsold or vacant.’”
“Housing inventory exceeded 800 billion baht by market price. That amount is considered relatively high and in need of disposal by developers. Nathapol Luepromchai, Krungsri Bank’s executive vice-president for the mortgage loan division, said the bank’s view on the condo sector includes both positive and negative aspects. In the bank’s view, condos have high liquidity and their prices never fall, Mr Nathapol said.”
From The Independent in Singapore. “Median resale prices of Housing & Development Board (HDB) flats continue to drop even as the public housing developer announces the release of thousands of new Build-To-Order (BTO) flats. The drop in the median resale prices of HDB flats continues as the public voice their disappointment at such depreciation. In early April, a letter published in the Straits Times claimed that the promise of owning a 99-year-leasehold HDB flat as an investment for old age is no longer valid today.”
“The letter writer said that ‘many seniors who want to downgrade to Built-To-Order studio apartments for the elderly are in a fix as they are unable to sell their old flats’, and that many such seniors ’stand to lose their deposits on their new flat if they cannot sell their old flat.’ In expressing his disappointment in the price drop of HDB resale flats, the letter writer said: ‘Most of them were hoping to downgrade and live on the profits from selling their flats but have become disillusioned.’ Adding ‘The Government needs to step in to manage this problem and not just leave things to market forces.’”
“Some analysts suggest that the falling resale prices of HDB flats can only be bailed by a ‘wall of money.’”
From the West Australian. “Australia’s property market has taken a hit, with house prices falling nationally by 1.2 per cent in the March quarter. While the Perth median fell 2 per cent to $553,000, Melbourne managed to hang on, marking its 22nd consecutive quarter of growth. The national median house price fell to just over $800,000. The median house price in Sydney fell 2.6 per cent to $1.15 million.”
“Domain data scientist Nicola Powell said it was the highest quarterly fall for the Sydney house market since the end of 2015. ‘It’s really highlighting that we are seeing that boom phase in that Sydney property market fade,’ she said. Experts say the slowdown in the market is being caused by an increase in housing stock – and the difficulty in obtaining a loan.”
‘Poloz observed in Yellowknife that ‘aspiring to own a home is part of our culture.’ When the global economy crashed in 2008, policy-makers knew they could harness that impulse to spark a rebound. A once-in-a-lifetime chance to get a mortgage for almost nothing would stoke demand for housing, which would be good for builders, contractors and agents.’
This article dips into the phony reality of central banking a bit. Check it out in full.
Sounds like the Fed may have been taken over by the NAR.
Centreville, VA Housing Prices Crater 8% YOY As NoVa/DC Housing Glut Expands
https://www.movoto.com/centreville-va/market-trends/
‘In the bank’s view, condos have high liquidity and their prices never fall, Mr Nathapol said’
Let’s have an orderly run on Krungsri Bank’s deposits please. No pushing or shoving.
‘In the bank’s view, condos have high liquidity and their prices never fall,
Click!
LMFAO… condos are the proverbial canary in the coal mine.
‘The building activity might have been due to expectations of a recovery stronger than the one that’s transpired, particularly in the energy sector, which hasn’t fully rebounded from the 2014 price plunge, said Cho. And that realization seems to have set in this year, he said’
‘Realtor Len T. Wong, who has been in business 30 years, said sales volumes were down 17 per cent and 27 per cent for the past February and March, respectively, compared to those months last year, said Wong. He said it appears builders’ expectations of better times were dashed by a second half of 2017 that didn’t deliver on those hopes. ‘Just at the time when you think it’s looking up, something happens and your butt gets kicked’
Yeah, well that’s what happens when your expectations are built on bullsh#t Len. Jeebus, you guys kept building?
His real name is Plen. PlenT Wong.
Son of Sum Ting Wong?
Realtors are liars.
‘In expressing his disappointment in the price drop of HDB resale flats, the letter writer said: ‘Most of them were hoping to downgrade and live on the profits from selling their flats but have become disillusioned.’
This is the problem of thinking it’s possible to retire on the back of some greater fool who is paying interest to boot. It’s just not possible for that to happen indefinitely. Not in Singapore or anywhere else.
‘The Government needs to step in to manage this problem and not just leave things to market forces.’
“What is bargaining in the five stages of grief?”
“American psychiatrist Elisabeth Kubler-Ross proposed five stages of grief that are often worked through during the grieving process. These stages include denial, anger, bargaining, depression and acceptance. The bargaining stage may occur prior to loss as well as after loss, as an attempt to negotiate pain away.”
Luckily in 2008 we were able to stop at bargaining.
At least at the national political level, I thought we stopped at denial.
“The Government needs to step in to manage this problem and not just leave things to market forces.”
And after the problem is managed, after it is no longer a problem, the government needs to once again step aside and leave things to market forces.
Remember, when things get tough the government is your friend (at least it is my friend 😁) but at all other times the government is a pain in the a$$.
‘As far as some of these well-informed critics are concerned, the moment Canada’s inflated house prices inevitably drop, we’re headed for a wave of bankruptcies that will drop the economy into recession’
There was a time, not so long ago, that recessions came and went. We didn’t need to blow up housing markets to get through them. Now people talk about recessions like it’s the black death or something.
Recessions used to be a pause. Now, because of the mountain of debt, it’s grow or die.
It’s the magic of debt.
Now people talk about recessions like it’s the black death or something.
How many never recovered from the previous recession and never found another job? Remember how we used to talk about SSDI rolls swelling?
Recessions are how bad investments/loans are cleansed from a free economy. The Japanese tried to stifle that process (after twin stock and real estate bubbles) and got a decades long recession.
Recessions also punish stupid investors and force realignments in resources. For instance, instead of buying airboxes in Thailand and counting on it to retire, one might seek out sustainable, productive investments.
I agree with what you’re saying. But recessions have become much more than that, and that’s why many people fear them, not just speculators or house flippers.
And as we all know, just about any investment that pays more than a 1-2% return (thanks, Central Banks) is risky. Pension funds are supposed to invest in “sustainable, productive investments”, but they have to play the stock market casino and other risky investments to “chase yield”. If the stock market does indeed crash, a lot of people who thought they were being prudent paying into their pension funds will be working at Walmart in their 70’s.
So yeah, a lot of people are hoping and praying that there won’t be another Great Recession.
“Recessions are how bad investments/loans are cleansed from a free economy.”
Indeed and that’s the only way. There is no economy without a full on uninterrupted recession. Avoiding it simply creates a longer more painful correction which is what the US is experiencing right now with 100 million adults not working, price fixing and market rigging schemes.
A good old fashion uninterrupted recession is the only way 100 million unemployed are going to get back on the payroll and more importantly, economy growing price declines.
the canadians skipped the last recession w 100$ oil
not this time
As talked about a few days ago the failure to build pipelines is killing them.
I thought it was the muzzies being imported by Emperor Castro by the thousands running them over that was killing them.
My bad. Carry on!
Exactly. It used to be that recessions favored the prudent. When all the malinvestment was rooted out, the savers would be rewarded for their efforts, and could buy assets for pennies on the dollar. Instead, the very people who made the bad bets (bankers) were rewarded, and they gobbled up all the assets.
Not all the assets! It seems that the house I bought had escaped the notice of the infestor cash long enough for me to buy it in a clean transaction. Probably because the house was not in bad enough shape to negotiate down the price. For the rest of the houses, the infestors snapped them up, kicked out the illegal moochers* , cosmo-flipped them out of Home Despot, and had them back on the market just in time for the 2013 bubble re-inflate.
————–
*and yes they were moochers. I toured a couple such houses. It was clear the houses had been grandma-finally-died type houses, some with original Cold War kitchens and flooring. And now the houses were occupied with multiple unrelated families just wearing the house down until it was unlivable; and then they would move on.
“Now people talk about recessions like it’s the black death or something.”
Black death for lenders…. for borrowers? A relief once they finally decide to default.
‘It is important to note that predictions that the market is set to be flooded with more than 120,000 new properties ahead of Expo 2020 should be calmed by the likelihood that not all will be finished on schedule. This means any disturbance to the sector is unlikely to be felt for some time yet, so now is a good time for first-time buyers/investors to take their first steps on the property ladder’
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“…so now is a good time for first-time buyers/investors to take their first steps on the property ladder,’ observed Joanne…”
Why only first timers Joanne?
La Mesa, CA Rental Rates Crater 9% YOY As San Diego County Housing Bust Expands
https://www.zillow.com/la-mesa-ca/home-values/
*Select price from dropdown menu on rental chart
After becoming homeless 4 years ago this month and not owning a bed or even a pillow since then, I’m finally signing a lease for the next 10 months.
One of my adventures in all this has been using Airbnb more than most people. I have found that at least in California it’s one way that people audition potential roommates. Basically everywhere I’ve stayed has implied that there is an option to make it long term off the books.
The last few months in Folsom I’ve stayed with a nice-but-untrusting Chinese guy. He was never willing to go inactive on Airbnb even though I was consistently buying a month at a time from him so this week I needed to go somewhere else because he got a booking for this week way in advance before I had prepaid the month with him.
So I’m at a comparable place for this week with an unusually attractive suburban mom. The Airbnb profile implies married…but zero mention of a husband during the meet and greet session as I checked in. And some interesting facial expressions as we talked about the other place and the financial motivations of my normal landlord as he goes through a divorce and tries to keep his Airbnb making money at all times. Made me think she may be going through something similar at the moment. Which got me thinking…Craigslist devolved into prostitution pretty quickly…I wonder if Airbnb might be doing the same and I’m just slow to pick up on it? She seemed unusually interested in hanging around and listening to all my homeless stories.
Sounds like the perfect adult film setup.
You know your on to a good thing when she invites her hot girlfriends over to sunbath.
And he’d know he had a very bad thing when his wife’s friends showed up.
lol. . go on - I can hear the Barry White in the background.
Its the gig economy - what they didnt tell you is most of those gigs involve selling your body. Arent a lot of “students” nowadays doing the same to pay for their prodigious education expenses?
And I heard something about Clownifornia cracking down on the gig economy, must not be getting enough of a “taste”. Biggest pimp in the state is .gov, hands down.
‘Craigslist devolved into prostitution pretty quickly’
Hey now, I bought a Schwinn tricycle off CL yesterday for $40…pretty fancy model with chrome fenders, drop bars with tassels, and a bell, retails for about $90, so a good deal. There were no prostitutes involved from what I could tell.
I didn’t mean it was only prostitution. I just meant it got popular quickly at Craigslist. I wasn’t really expecting it at Airbnb but now I’m seeing how it could be a great way to do it and be almost impossible to prove if the law got tipped off. After all there’s no law against choosing a room that’s a little more expensive than the others available. Perfect cover for the world’s second oldest profession…first was selling the cave to them.
AirBnB by the hour?
Blue Bird Special.
Recall that discrete is for math and discreet is for sex.
Brooklyn, NY 11231 Housing Prices Crater 17% YOY As East Coast Housing Correction Accelerates
https://www.zillow.com/new-york-ny-11231/home-values/
*Select price from dropdown menu on first chart
$3 gas coming to a station near you
http://money.cnn.com/2018/05/02/news/3-dollar-gas/index.html
Dude! Where’s my $1/gallon gas? It was promised to me here on this blog. I thought the world was drowning in oil.
We’re at $3.09 here and have been for a month.
Already over $3 in Vegas, even at 7-Eleven and the like.
It’s still $2.52 at the local Sam’s Club. I saw prices as high as $4 in San Diego, though $3.70 seemed about average.
great time for ford to quit cars
doooooooooohhh
Don’t worry - electric vehicles will save us!
We’ll drown in expensive oil, then.
Accept for the fact that a lot of oil is used indirectly to provide electricity.
Depends on where you live. We’re mostly nat gas here.
To drill a well and frack it a lot of diesel fuel is expanded from mining the iron ore for the pipe to hauling the sand usually all the pumps and fracking equipment run on diesel etc.
Of course it takes a lot of fossil fuel to make a solar panel or wind turbine and too maintain them.
Been paying $3.49 for a while now.
Murphy, TX Housing Prices Crater 7% YOY As Oil Recession Pummels Dallas Area
https://www.zillow.com/murphy-tx/home-values/
*Select price from dropdown menu on first chart
Be afraid, FBs. Be very afraid.
https://wolfstreet.com/2018/05/02/wow-thats-fast-mortgage-rates-jump-to-2011-levels/
It is an amazing jump.
Especially considering how overpriced housing is since 2011.
Something has got to give…maybe the folks not giving it away.
“Especially considering how overpriced housing is since 2011.”
Housing has been overpriced every year since 1996.
What’s more “amazing” is how low 4.8% still is. Let me know when we get to 8%+.
there is no inventory around here at lower price levels.
That’s because that’s the only chit people can afford. All the inventory is parked at prices that people can’t pay, hence the glut of luGGsury.
Does luggsury have pilings under them?
That’s pretty bad news for the “Howmuchamonth” crowd.
Until they lose their jobs it’s much worse news for the people who sell them stuff. How much a month stays the same, but interest takes a bigger bite…so prices fall. Good news for people with cash.
Hammond, OR Housing Prices Crater 15% YOY As Mortgage Fraud Ravages West Coast States
https://www.movoto.com/hammond-or/market-trends/
Forgot to post this yesterday.
–
Weekly Summary: HBB-Reported Purchase Price Declines
Posted every Tuesday. Key and quarterly summary posted the last day of the quarter.
–
April 25 - May 1
> -67.7% [Greenwich / PCS LUX] (2016-18)
> -51% [The Hamptons - Water Mill / PCS LUX] (2008-Apr18)
> -42% [The Hamptons - East Hampton / PCS LUX] (2016-Apr18)
> -38.5% [The Hamptons - East Hampton / PCS LUX] (2016-Jan18)
> -30% Manhattan - Tribeca / MED SP (yoy -Apr18)
> -28% [Miami / PCS CND LUX] (2016-Apr18)
> -26.9% Australia - Darwin / CND (yoy -Apr18)
> -18.6% Greenwich - zip 06831 / MED SP PIX (2010-Apr18)
> -17.5% Malibu / AVG PC (Apr18)
> -15.9% Australia - Darwin / CND (Q1.18)
> -10%-15% India / DEV NET EST (Q1.18)
> -14% Toronto / AVG (yoy -Mar18)
> -13% Brooklyn - DUMBO / MED SP (yoy -Apr18)
> -12.6% [The Hamptons / PCA LUX] (Jun17-Apr18)
> -12% [Sydney - PCA] (Jan18-Apr18)
> -12% Manhattan - Flatiron / MED SP (yoy -Apr18)
> -10.4% Miami - South Beach / AVG PCS CND PIX (Apr18)
> -10.2% Australia - Perth (Dec14P-Apr18)
> -10% Los Angeles / AVG PC SFR LUX (Apr18)
> -9% [Houston / PCS LND] (Apr18)
> -7.5% Australia - Darwin (Q1.18)
> -5% Manhattan - Soho / MED SP (yoy -Apr18)
> -3%-5% India / EST (Q1.18)
> -4% Sydney / MED (Jun17P -Apr18)
> -4% Sydney - South / MED (Q1.18)
> -2.6% Sydney / MED (Q1.18)
> -2% Sydney - Upper North Shore (Apr18)
> -1.2% Australia (Q1.18)
Friday Harbor, WA Housing Prices Crater 6% YOY As Seattle Area Unemployment Spikes
https://www.zillow.com/friday-harbor-wa/home-values/
*Select price from dropdown menu on first chart
r u trolling for your buddy?
U can address me as homeowner my friend. I took the plunge into a risky market. looking a huge payday on this deal.
Hello DumpsterFire
Marblehead, MA Housing Prices Crater 17% YOY
https://www.movoto.com/marblehead-ma/market-trends/
https://www.youtube.com/watch?v=hq16kd7uBPE
I ran across a 1959 advertisement for new single family homes in my area. The entry level cost was $11,900, and the median salary in the same year in the same city was $11,200. So for just over one year’s salary for one person, you could buy a simple but adequate single family home with a yard and a garage.
By 2016, the median income in the same area was about $72,000, while the average home (and not even new build) was $420K. These days a dual income family struggles to buy what a single income could back in 1959. It’s deplorable.
I live in S Calif and your current $72k HH income vs. $420k avg home price sounds as much like a dream as your 1959 reality. Avg household income is not much more than your $72k here in my zip code… but ave home price is easily double your $420k, nearly triple.
It’s deplorable.
It has created deplorables anyway.
Im prepared for a Katy bar the door event.
Its hilarious listening to the business channels these days,such rubbish and bs.
They keep pissing all over themselves because of aapl earnings.
What was the net income for aapl last year in the first qtr?
what was the net income for aapl this first qtr?
no, not the earnings per share. Tell me the net income.
The game of buying a bunch of shares to manipulate earnings per share is a sham.
I guess the recent appl earnings were from their q2.
qtr ending march 2017 net income 11.03 billion
qtr ending march 2018 net income 13.82 billion
So this huge company made 2.79 billion more for the year over year qtr.
2.79 billion / 5.23 billion shares outstanding is about 53 cents in added value per share.
Are you going to buy the dip, even though the correction has only just begun, and the Fed has barely started to take away the punchbowl?
Why investors should look past the Tesla noise and buy the dip
By Barbara Kollmeyer
Published: May 3, 2018 9:25 a.m. ET
Critical information for the U.S. trading day
AFP/Getty Images
Elon Musk. Love him or … ?
Rudy Giuliani and Elon Musk have something in common right now — they’re each triggering plenty of face-palms, though probably not quite in the same circles.
There’s more on Rudy’s foot-in-mouth moment below, but the bigger story for investors is the Tesla (TSLA, -7.23%) CEO’s conference call with analysts. That went off the rails as Musk brushed aside their “boring” questions on margins and production, to listen to a YouTuber and bash the press instead.
…
The fact that Tesla burned through another $1 billion may also give some reason to pause.
…
i expect the payday from my current home to be in the 6 figures .
Leverage it right now before it loses any more value, 125% LTV!
I would not buy Tesla stock even though I would buy the car. The valuation isn’t warranted at this point, not even close.
When the railroads were coming into place, many investors lost their shirt and went bankrupt, despite the fact that they did end up being revolutionary new transport. It just goes to show that new technology may win out, even if an individual investor does not.
Why investors should look past the Tesla noise and buy the dip
Sure. After the bankruptcy.
Tesla bondholders might take a haircut, but Tesla will be just fine. It will be purchased by a legacy auto maker or Apple long before it ever goes bankrupt.
It will be purchased by a legacy auto maker or Apple long before it ever goes bankrupt.
Purchased, yes. But why wouldn’t the legacy automaker or Apple want to shed as much financial obligation as possible before completing the purchase? Do you think there will be a bidding war before that can happen?
I couldn’t wait to post the deal of a lifetime…. damnnn it would be so fine to own this
https://www.zillow.com/homedetails/319-S-Olympia-St-New-Orleans-LA-70119/2090225362_zpid/
Currently listed at $465,000. It was listed for $599,000 less than 30 days ago.
That property is decrepit even for New Orleans, and the price is outrageous, but I will say that the Mid-City neighborhood is not totally without charm. It has a number of older homes that are reasonably well-kept.
Marrakesh’s housing market has room to haggle
Financial Times-9 hours ago
The dip in prices is a result of oversupply, says Colin Bosworth of local agent Bosworth Property. “It is absolutely a buyer’s market,” he says. Squeezed sellers will “easily” take a 10 per cent reduction on the asking price, he adds.
i am going to be putting on a wealth building workshop soon my friends.
Learn to buy homes with no money down and piss poor credit.
learn how to change your misreable lives.
How many of us do you think you can fit into the outhouse?
sh@t or get off the pot! buy a home and become a debt slave.
Bellaire, TX Housing Prices Crater 18% YOY As Oil Bust Ravages Dallas Area
https://www.movoto.com/bellaire-tx/market-trends/
With no letup in home prices, the California exodus surges
Published: May 3, 2018 9:29 a.m. ET
The median sale price for a home in California is more than double that in the rest of the nation
By Andrea Riquier
Say goodbye to Hollywood, Billy Joel sang in 1976.
Now, in the midst of a deepening housing crisis, thousands of people are following that advice.
Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report, due mainly to the high cost of housing that hits lower-income people the hardest.
…
I wonder how many housing units they built in Cali during that time, further contributing to said housing shortage.
Net CA population is still increasing, due to births and immigration.
Incorrect.
CA total population fell by 1 million and the trend is accelerating.
“Roughly 5 million people left California in the last decade. See where they went.”
http://www.sacbee.com/site-services/databases/article32679753.html
We’ve discussed this over and over here. Both are true. People left CA, but CA keeps growing due to births and immigration:
“The Golden State added approximately 309,000 new residents last year, according to new numbers released by the California Department of Finance. The year-to-year 0.78 percent bump in population growth means that an estimated 39,810,000 people call California home as of Jan. 1, 2018.”
https://www.nbclosangeles.com/news/california/California-Population-2017-Report-481520941.html
Incorrect.
“Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report”
https://www.marketwatch.com/story/with-no-letup-in-home-prices-the-california-exodus-surges-2018-05-03
Yes, that chart you linked to references “net domestic migration”, but it doesn’t talk about “immigration” or births or deaths, which are the other components of population change. A state can continue to have a net outflow of residents and still grow. Conversely, a state can have net positive inflow and still shrink (e.g. the number of people dying exceeds those being born and those coming in).
i am so confident in a huge payday from this new house that I am already spending the equity.
Attaboy… go shopping.
ca equity supports a lot of the western US real estate.