May 4, 2018

Stuck With Huge Places They’re Never Going To Get Sold

It’s Friday desk clearing time for this blogger. “Richmond’s real estate market is on fire. Multiple offers in some areas are common along with personal letters, all-cash offers, inspection waivers and escalation clauses, allowing buyers to offer more if they are outbid. Kellie Bonner and Barbara Layman wanted a move-in ready home in the upper $200,000s or lower $300,000s near their work in state government. They stayed in their price range but settled for a fixer upper in Hanover County. ‘We were putting in offers and escalation clauses and writing letters about how the house would be wonderful for us and our dog,’ Bonner said. She offers this advice for other home shoppers: ‘Make an offer immediately and make it high.’”

“More existing Jackson County homes sold at a faster pace between Feb. 1 and April 30 than a year ago, Southern Oregon Multiple Listing Service reported. ‘There is still a considerable demand for housing,’ said Windermere Real Estate Chief Economist Matthew Gardner. ‘Because we’ve had low inventories, sellers can basically ask anything — and get it.’”

“Finally, some good news for homebuyers in Austin, Dallas, Honolulu and a handful of other red-hot markets across the U.S.: Asking prices are cooling off. In March, median list prices fell 5.4 percent from a year earlier in San Antonio followed by Austin, with a 3.4 percent drop, and Honolulu, with a 1.4 percent decline, according to Trulia. One thing nine of the 10 markets have in common is that listing inventories grew from a year earlier and that probably tamped down asking prices, according to Felipe Chacon, housing economist at the real estate website.”

“One of the most extreme examples is Austin, where home construction is booming. Starter-home listings jumped 150 percent in the first quarter from a year earlier. ‘The story over the past six years was one of steady inventory decline, so these are big increases upward,’ Chacon said. In some markets, ‘this is possibly the beginnings of inventory turning around and home-price growth slowing from a breakneck pace.’”

“Opportunities to turn a quick profit buying and selling luxury homes in today’s market are growing scarce. During a five-year stretch from the end of 2012 through 2017, prime housing prices in Sydney and Melbourne grew an average of nearly 55%, according to Knight Frank’s latest report on prime global cities. In North America, led by Toronto and Vancouver, luxury home prices catapulted 45% in that time. And Middle Eastern cities saw luxury homes appreciate more than 40%, according to the index.”

“But investors tempted by robust markets everywhere from Los Angeles to Guangzhou, China, may want to tread carefully as the explosive momentum of the past five years has tapered. Peak prices and little tax incentive make speculative buying a foolish prospect in today’s market. ‘I’ve got a number of clients that are stuck with these huge places and they’re never going to get sold,’ said Tim McGrath, financial adviser at Riverpoint Wealth Management, at least not for the asking prices they wanted.”

“Housing sales in the city continued their downward slide last month, with 32.4 per cent fewer sales compared to April of 2017, according tothe Realtors Association of Hamilton-Burlington. April’s figures show slowdowns compared to a year ago not just in sales, but also in prices and the amount of time it takes to sell a property. The average sale price for all property types dropping 8.9 per cent from $609,664 to $555,661.”

“Despite the drops, RAHB CEO George O’Neill said he believes the changes the government has made will have positive outcomes. ‘Last year 88 per cent of homes were sold in two weeks or less,’ he explained. ‘That’s not sustainable. This is actually better for everyone in the long run.’”

“In chic central Bangkok, a foreign buying binge is fueling a red-hot market for ultra-luxury real estate. At 98 Wireless, a luxury condo opened last March in the capital, one buyer from Hong Kong snapped up a US$2.2 million apartment without more than a moment’s thought. ‘It was an impulse purchase for him,’ says Uthai Uthaisangsuk, an executive at the project’s developer.”

“Scenes like this have become more common in the Thai capital, where foreign money is pushing up prices at the top of the real estate market, even as developers struggle to sell more pedestrian properties. ‘Developers are having problems selling to locals,’said Ratchaphum Jongpakdee, general manager for Thailand at real estate firm Colliers International Group Inc. ‘But they have no problem selling to foreigners.’”

“In Manila’s main financial district and its fringes, signs of the new inhabitants are everywhere: the restaurants serving steaming Chinese hotpots and dumplings, the Mandarin broadcasts at the Mall of Asia, and the soaring property prices. Yet it leaves the property market vulnerable in the event of an abrupt shift in online gaming or immigration policies from either country.”

“The perils of relying too heavily on Chinese buyers became painfully obvious last year in the Malaysian enclave of Johor Bahru, which has been grappling with a glut of vacant homes after China imposed controls on investments in overseas property and demand abruptly dried up. ‘Concentration risk could be a potential concern,’ said Emilio Neri, an economist at the Bank of the Philippine Islands in Manila.”

“Kitt Lapeña, 34, a Makati resident for most of his life, has seen waves of foreign residents come and go before, from Japan and Korea, but never on the scale of the recent Chinese influx. While he welcomes the economic boost, he worries about the motivations of the new arrivals. ‘In a way, it’s good for business,’ Lapeña said. ‘I hope they become an asset to the community and not just out to make money.’”

“Business sentiment in the housing sector in South Korea remained in the doldrums amid tough government regulations and supply glut, data showed. A poll of 500 members of the Korea Housing Association and Korea Housing Builders Association stood at 72.1, far below the confidence threshold of 100. Downturn is hardly surprising as government clampdown on real estate speculation came amid supply glut and sluggish economy.”

“An increase in homes for sale in Nelson has taken some of the heat out of the region’s housing market, new figures show. An increase in rental properties going up for sale was one of the main reasons the market had plateaued over the past few months, QV Nelson Property Consultant Craig Russell said. Prices had dropped in some cases because vendor expectations were too high, Russell said. ‘Expectations in some cases have risen faster than the market, which has a resulted in some properties sitting on the market for an extended period. There have been quite a few [properties] that we are aware of that the vendor will think the property’s worth $1 million, whereas in fact the market thinks it’s worth $800,000.’”

“As the Sydney market slows down and Melbourne comes off the boil, house hunters are finding themselves on a more level playing field. But with more stock coming onto the market and the investor ranks thinning, buyers are no longer forced to the very top of their budget. Several experts have reported a ‘fear of overpaying’ (or FOOP) replacing the fear of missing out.”

“Buyers agent Michelle May cited the fear of overpaying as a major cause of anxiety. ‘The buyers out there are actually missing out on good properties because they don’t know what to pay,’ she said. ‘They’re scared to pay too much.’”




RSS feed

117 Comments »

Comment by Ben Jones
2018-05-04 09:56:10

’some good news for homebuyers in Austin, Dallas, Honolulu and a handful of other red-hot markets across the U.S.: Asking prices are cooling off…One thing nine of the 10 markets have in common is that listing inventories grew from a year earlier…One of the most extreme examples is Austin, where home construction is booming. Starter-home listings jumped 150 percent in the first quarter from a year earlier.’

Gosh, that shortage went away. I hope no one overpaid because of the hype.

Comment by liquideye
2018-05-04 12:53:47

Funny, I just read (and saw videos to boot) that Hawaiian RE is *literally* heating up.

http://www.staradvertiser.com/2018/05/03/breaking-news/magma-activity-eases-but-eruption-still-possible-on-big-isle/

Comment by Carl Morris
2018-05-04 13:35:11

They really are making more land.

 
Comment by Professor 🐻
2018-05-04 20:25:40

Now is the time to visit the Big Island, if you dare!

 
 
Comment by Dave
2018-05-04 13:28:56

I’ve had some anxiety issues lately, so I went to the doctor, and she said I have FOOP disease.

 
 
Comment by Mortgage Watch
2018-05-04 09:56:59

Cupertino, CA Housing Prices Crater 12% YOY As Bay Area Tech Layoffs Accelerate

https://www.movoto.com/cupertino-ca/market-trends/

 
Comment by Ben Jones
2018-05-04 09:59:45

‘Richmond’s real estate market is on fire. Multiple offers in some areas are common along with personal letters, all-cash offers, inspection waivers and escalation clauses, allowing buyers to offer more if they are outbid. ‘Make an offer immediately and make it high.’

I was in Richmond a few years ago. Seemed like there were plenty of shacks. It was kinda muggy too with lots of mosquitoes. I guess everyone wants to live there now.

Comment by hwy50ina49dodge
2018-05-04 10:25:00

” It was kinda muggy too with lots of mosquitoes” … Skeeters, even after all these years, still have a love hankerin’ for Hwy50’s wine rich blood.

Yikes!

Sharks might have more dramatic videos, but mosquitoes kill 1,470 people per day.

https://www.fastcompany.com/40564108/bill-gates-mosquito-week-reminds-you-what-animal-to-actually-fear

 
Comment by SandalTanLines
2018-05-04 10:25:18

“Make an offer immediately and make it high.”

Sometimes I wonder if the people quoted in these pieces even hear themselves. This sounds like some of the worst advice ever.

Also, Ben, what does “UHS” stand for? I see it used a lot around here and I have yet to discern it’s meaning.

Comment by BlackSwandive
2018-05-04 10:26:56

Used house salesperson.

Comment by Ben Jones
2018-05-04 10:31:55

There’s a story behind UHS that’s old enough many don’t remember. Around 2007 or so, I got an email from somebody at the California association of UHS telling me that my use of the R word at the top of the blog was in violation of their trademark. So I promptly started posting used house salesperson instead.

I never heard from them again.

(Comments wont nest below this level)
Comment by SandalTanLines
2018-05-04 10:37:25

Thank you BSD and Ben. Strange that used house salespersons seem to enjoy a better reputation than used car salespersons, given UHS scam you out of orders of magnitude more money than used car salesmen do.

 
Comment by Mafia Blocks
2018-05-04 10:39:39

Most people I know just call them Liars.

 
Comment by BlackSwandive
2018-05-04 10:39:46

I remember you talking about it. I am sure the “used house salesperson” took them down a few notches. It’s perfect.

 
Comment by Apartment 401
2018-05-04 11:00:25

To any Realtors reading this blog right now, we know you are lying.

 
Comment by In Colorado
2018-05-04 11:31:49

Most people I know just call them Liars.

I’ve never met anyone outside this blog who call them liars. Used car salesmen, oh my yes, anyone will tell you they’re crooks, but UHS seem to have an undeserved pool of social capital, at least in my neck of the woods.

 
Comment by Mafia Blocks
2018-05-04 11:46:48

Which simply means there’s a lot of gullible people out there.

 
Comment by hwy50ina49dodge
2018-05-04 12:17:57

“but UHS seem to have an undeserved pool of social capital”

They are $elling rooms used for reproduction & $helter purposes, maybeeee that’s why. (Of course, eye reckon same thing could bee said about a 1959 Plymouth station wagon.)

 
Comment by BlueSkye
2018-05-04 12:32:47

My first car was a 1960 Chevy station wagon. Indeed something could be said about that.

 
Comment by hwy50ina49dodge
2018-05-04 12:36:41

Where’s NJdj …

“A raining night in Georgia …”

 
Comment by In Colorado
2018-05-04 13:51:47

Which simply means there’s a lot of gullible people out there.

I’ve met quite a few people out here who paid off their houses in 15 years or less.

 
Comment by Mafia Blocks
2018-05-04 14:14:27

Realtors are liars

Pasadena, CA Housing Prices Crater 8% YOY As California Continues To Lose Population

https://www.movoto.com/pasadena-ca/market-trends/

 
Comment by hwy50ina49dodge
2018-05-04 14:44:38

The only way they are losing population in Pa$@dena, is iffin’ they are going from familie$ of 2.2 to familie$ of 1.9 per hou$ehold …

 
 
 
Comment by bobby mac
2018-05-04 11:34:07

“Make an offer immediately and make it high.”

I love Ben’s blog but I am telling you there is at least one quote per day (and sometimes more) in the articles that he provides that make me want to:

1. Vomit
2. Shake my head, roll my eyes and say JFC
3. Think to myself “are there that many f-tards sharing the same planet with me?” (apologies on the politically incorrect f-bomb but that’s what I think to myself”

Comment by SandalTanLines
2018-05-04 13:39:35

It’s amazing how the industry shills are able to make it seem like buying a house is a “competition”, and when you win you get the privilege of paying back a huge amount of debt for the next several decades. Doesn’t sound like success to me.

(Comments wont nest below this level)
Comment by Mafia Blocks
2018-05-04 14:26:06

As a wise man once said, If you have to borrow for 15 or 30 years, you can’t afford it nor is it affordable.

He’s right.

Denver, CO 80209 Housing Prices Crater 8% YOY As Sentiment Plummets

https://www.zillow.com/denver-co-80209/home-values/

https://snag.gy/m5EzRB.jpg

 
Comment by Professor 🐻
2018-05-05 04:29:26

Advice for inheriting the Winner’s Curse:
‘Make an offer immediately and make it high.’

 
 
 
Comment by Professor 🐻
2018-05-04 20:31:14

Usurious home seller

 
 
Comment by Taxpayers
2018-05-04 13:12:27

There’s a drunk on every corner to help w your car.

 
 
Comment by Ben Jones
2018-05-04 10:05:01

‘the Malaysian enclave of Johor Bahru, which has been grappling with a glut of vacant homes after China imposed controls on investments in overseas property and demand abruptly dried up’

‘As the Sydney market slows down and Melbourne comes off the boil’

‘Prices had dropped in some cases because vendor expectations were too high’

‘Despite the drops, RAHB CEO George O’Neill said he believes the changes the government has made will have positive outcomes’

The common denominator? Governments pulled back on the gravy and cut down on speculation, in many cases simply enforcing rules they should have all along. No supply/demand hokum. No building so much prices crash. Just a few months of policy. Wow, it really wasn’t so hard, was it? Got that MSM?

 
Comment by Ben Jones
2018-05-04 10:16:31

Here’s the email from the reader who sent me the Thai article:

Ben, I found it interesting that right after you highlighted this story in the Bangkok Post (dated April 30)…

https://property.bangkokpost.com/news/1454974/rate-hike-may-harm-condos

Bloomberg (two days later, May 2nd) tried to send in some buyers on the high end side of the Bangkok market. Look at this puff piece:

https://www.bloomberg.com/news/features/2018-05-02/bangkok-s-luxury-apartments-cost-less-than-a-studio-in-hong-kong

I have been traveling in Asia for quite some time now and have viewed many high end condos in Bangkok, even those mentioned in the Bloomberg story. What is amazing to me is that these high end condos are ghost towns. To be clear, virtually nobody lives in them. They are purchased, early, by those close to the developer, often in bulk, and they are given highly discounted prices. After they close, they immediately put them up for sale to flip them. Others try to get one year leases.

Who is going to come here and rent these places for one year? The reason I say that is because virtually nobody living in Thailand can afford the rents on the high end condos. If they can, generally they already wealthy and own their own property and therefore don’t need to rent a condo. That means someone from overseas must come in and pay the outrageous rent they are asking for one year. The question you have to ask yourself is, where will these future renters be working that will pay them the kind of salary necessary to sustain that lifestyle?

Another question you might want to ask yourself is, what is the quality of construction of condos in Thailand? Take a look at section 9 in the following link:

https://www.thethailandlife.com/8-questions-buy-condo-thailand

I am not trying to knock Thailand because Thailand is a wonderful country with many wonderful people. I just wanted to send you this email to let you know a bit more about what is happening in Thailand because of the global money printing and super debt bubble. As you always point out, central bank policies that drive the prices of real estate into the stratosphere hurts those who are at the lowest end of the income brackets. They are the ones who suffer most because rents and other costs, such as food, continue to rise until the bubble pops, putting tremendous strains on their already stretched household finances. There is no question this will end in tears.

 
Comment by ipfreely
2018-05-04 10:20:27

Plywood and 2×4’s steadily go up in value as they age. Someone should create an app that tracks the current price of plywood and 2×4’s from leading retailers then show projected yearly gains if you nail them into a large box shape. Turn $1000 into $100,000 over night! I don’t understand why everyone isn’t doing this.

Comment by hwy50ina49dodge
2018-05-04 10:28:03

“I don’t understand why everyone isn’t doing this.”

That’s exactly what termite$ are wondering as well …

Comment by Jessica
2018-05-04 21:18:06

Land prices go up. Duh.

 
 
Comment by octal77
2018-05-04 10:38:37

“…Plywood and 2×4’s steadily go up in value as they age…”

Don’t what to give away any hot top financial secrets, but I am going with buckets of rusty nails. Chinese made wallboard has some possibilities too!

Comment by hwy50ina49dodge
2018-05-04 12:27:02

“but I am going with buckets of rusty nails” … Uh oh

ENVIRONMENT / Reuters staff / MAY 3, 2018 / 11:57 PM / UPDATED 12 HOURS AGO

China to suspend checks on U.S. scrap metal shipments, halting imports

BEIJING/MELBOURNE (Reuters) - The North American unit of a Chinese customs inspection firm said it would suspend checks on cargoes of scrap metal from the United States for a month from Friday, effectively halting all imports of U.S. scrap.

Comment by Ben Jones
2018-05-04 12:43:27

Maybe we should halt imports of Chinese crap.

Oh, this is about scrap.

(Comments wont nest below this level)
Comment by hwy50ina49dodge
2018-05-04 12:55:04

What! … (Looking @ free flashlight & 7 pc screwdriver$ coupon$ from Harbor Freight!)

That’s a two bit idea iffin’ eye ever heard one … “hey eye’ll give ya four bit$ for that 1968 3/8 Craftsman deep SAE socket set!”

The thing$ ya can find @ USA yard/e$tate $ales, eye tell ya.

 
 
Comment by tresho
2018-05-04 18:17:01

I keep hoping the US Postal Service will initiate checks on all parcels from China to filter out fentanyl & carfentanil imports.

(Comments wont nest below this level)
Comment by OneAgainstMany
2018-05-04 18:46:10

I keep hoping for an opioid tax in general earmarked for addiction treatment.

 
Comment by tresho
2018-05-05 10:06:10

an opioid tax
Can’t tax the Chinese imports, not a bit, because we systematically ignore the fact that we are subsidizing imports of illegal narcs. “Addiction treatment” borders on a racket for the therapists.

 
Comment by OneAgainstMany
2018-05-05 21:31:18

Don’t get me started on “pain management clinics”…

 
 
 
 
Comment by oxide
2018-05-04 12:27:36

The real answer is that the house doesn’t appreciate. The commute appreciates. With an assist from the school, the shopping center, and the hospital. Otherwise we could all just build a ranch on those free lots in Marne, Iowa.

Comment by BlueSkye
2018-05-04 12:38:34

the house doesn’t appreciate…

People go mad en masse, and regain sanity one at a time.

 
Comment by hwy50ina49dodge
2018-05-04 12:43:59

“a ranch on those free lots in Marne, Iowa.”

They ought to inve$t in big neon $ign that says:

$omalians Welcome!

Those free lot$ might disappear pronto like!

NOEL, Mo. — In the far southwest corner of Missouri, refugees may be putting food on your dinner table.

Abdulkadir Abdullahi, a native of Somalia who came to the United States in 2009, estimated that 400 to 500 Somalis, along with some 60 to 70 Sudanese — many of them refugees — now live in the town of Noel, where U.S. Census workers counted a bit more than 1,800 residents in the 2010 Census. He makes a living as an interpreter between the residents and various community groups.

Nearly everyone works for one employer: a chicken processing facility that Tyson Foods (TSN) operates. It sits across the Elk River from downtown, and starting about 10 years ago, the plant’s relatively high starting wages and promises of steady work changed the town’s demographics.

“The companies who produce food, like chicken, throughout the year they don’t have layoffs,” Abdullahi said, explaining Noel’s main appeal to the newcomers.

https://www.usatoday.com/story/news/nation-now/2017/02/06/somali-refugees-missouri/97548508/

Comment by BlackSwandive
2018-05-04 13:34:22

It always was, and always will be, about cheap labor and taking advantage of the poor. Of course, the DemoRATS want you to think otherwise…

(Comments wont nest below this level)
Comment by hwy50ina49dodge
2018-05-04 14:13:09

Scratch yer poll.it.tics

It’s one thing to take advantage of a weak po$ition human, it’s quite another thang, to treat them like Sh#t.

 
 
Comment by TIC TOK
2018-05-04 19:10:53

Cheap labor and votes. Those Somalis will be lifelong Dem voters as will their kids and grand kids.

Fundamental Transformation of America status: accelerating

(Comments wont nest below this level)
Comment by hwy50ina49dodge
2018-05-04 19:57:54

“Cheap labor and votes.”

“God must like cheap labor, she made so many of ‘em”

A. Lincoln.
1st Republican President

 
 
Comment by oxide
2018-05-05 04:06:06

Hmmm… imagine refugees setting up homestead all over the country. I wouldn’t mind so much if the kids grow up and assimilate, and contribute, but I really don’t want them importing 23 of their countrymen each, all of them clamoring for government cheese.

(Comments wont nest below this level)
Comment by Mafia Blocks
2018-05-05 04:31:13

Hey Donk

 
Comment by tresho
2018-05-05 10:07:12

the kids grow up and assimilate, and contribute
How racis of you!

 
 
 
Comment by Professor 🐻
2018-05-05 04:33:50

The commute eventually crashes when the macroeconomy recesses and hordes of commuters lose jobs and stop payment on their mortgages.

 
 
 
Comment by BlackSwandive
2018-05-04 10:36:46

“More existing Jackson County homes sold at a faster pace between Feb. 1 and April 30 than a year ago, Southern Oregon Multiple Listing Service reported. ‘There is still a considerable demand for housing,’ said Windermere Real Estate Chief Economist Matthew Gardner. ‘Because we’ve had low inventories, sellers can basically ask anything — and get it.’”

I just spent some time in Jackson County. Articles like this would have you believe the streets were paved with gold and the economy was flush with high paying jobs. In reality, there’s a ton of poverty with the exception of a bunch of cashed-up house flippers from California. I saw tiny houses in Ashland with $600,000 price tags, with the local workers earning $10 per hour, if they even had a job.

 
Comment by Mortgage Watch
2018-05-04 10:37:57

Tukwila, WA Housing Prices Crater 13% YOY As Seattle Area Confidence Plummets

https://www.movoto.com/tukwila-wa/market-trends/

 
Comment by Apartment 401
Comment by In Colorado
2018-05-04 11:34:11

It doesn’t matter if they have good jobs, they will find a reason to think they’re victims and that something is owed them.

Comment by rms
2018-05-04 13:02:27

+1 You can’t undo being a former slave. Reparations!

Comment by BlackSwandive
2018-05-04 16:02:57

The problem is, nobody on this earth is a former slave, nor a former slave owner. That chit’s in the past, where it should stay. The media is the one crafting the race narrative in an attempt to push globalist ideals for their puppet masters, and if you’re anti-globalism you’re a racist who’s probably a slavemaster of old.

(Comments wont nest below this level)
Comment by oxide
2018-05-05 04:10:19

I read one comment somewhere which summed it up perfectly: One of the lib talking points about DACAs is that they “shouldn’t pay for the sins of their parents.” And yet, the whites are STILL paying reparations for the sins of their great great great grandparents.

And most whites don’t even have slave ownership in their background.

 
Comment by Professor 🐻
2018-05-05 04:38:03

What about the whites whose ancestors migrated here from other countries after the Civil War. Would we be forced to pay reparations too, due to the color of our skin?

 
Comment by tresho
2018-05-05 10:08:14

Would we be forced to pay reparations too, due to the color of our skin?
Your very thought process is racis.

 
 
 
 
Comment by BlueSkye
2018-05-04 12:41:22

Yet, is their labor force participation at record lows also?

 
 
Comment by TIC TOK
2018-05-04 11:45:56

There is a banner ad for me on HBB for a candidate running in an upcoming primary. And the ad is paid for by Realtors PAC. Man, talk about a bad use of marketing dollars.

 
Comment by Ben Jones
2018-05-04 11:52:39

‘At 98 Wireless, a luxury condo opened last March in the capital, one buyer from Hong Kong snapped up a US$2.2 million apartment without more than a moment’s thought. ‘It was an impulse purchase for him’

The thing about Thailand is rents are incredibly cheap in USD. This guy may as well have thrown the money out of a helicopter. The web site says 350,000 Bhat for a year:

https://www.thailand-property.com/condo/11990/98-wireless

https://www.x-rates.com/calculator/?from=THB&to=USD&amount=350,000

Which is $11,026.11.

Comment by liquideye
2018-05-04 12:46:12

He likely needed to get money out of HK fast, just like those who bought in Canada, Australia, and Clownifornia without regard to price or sometimes even quality.

Bunch of thieves and crooks. Hope most of them lose it all and end up like a pig on a spit.

Comment by BlueSkye
2018-05-04 13:31:43

…like a pig on a spit.

This is dangerous thinking. There are likely people in HK who made some honest money and saved it for a long time. You assume crime and based on that would like to BBQ the unknown. May you never have the opportunity and means to pass such judgement in a real way.

Comment by hwy50ina49dodge
2018-05-04 14:18:08

Might bee said out of anxiety of the price pork cutout$ on the commoditie$ market, … The bar.bee.q season can’t get here soon enough!

(Comments wont nest below this level)
 
 
 
 
Comment by TIC TOK
2018-05-04 11:53:53

Reuters has a poll out last week showing black support for Trump is at 22%, an all time high.

If Trump - or any Republican for that matter -can get anywhere close to 20% of blacks in 2020, we’re talking Reagan 1984 landslide.

Of course that poll was embargoed by the MSM. But you can use the Googles to find it.

Comment by Carl Morris
2018-05-04 13:38:57

If Trump - or any Republican for that matter -can get anywhere close to 20% of blacks in 2020, we’re talking Reagan 1984 landslide.

If they can put off the crash for 2 more years or so it’s a done deal.

Comment by Anonymous
2018-05-04 15:12:10

“If they can put off the crash for 2 more years or so it’s a done deal.”

Wouldn’t THAT be a hoot?! I can already hear the snowflakes wailing. I wonder if California will have completed the secession process by then?

Comment by OneAgainstMany
2018-05-04 16:05:35

Reuters has a poll out last week showing black support for Trump is at 22%, an all time high.

Is this the Kanye effect?

(Comments wont nest below this level)
Comment by Carl Morris
2018-05-04 17:51:24

Is this the Kanye effect?

Maybe. But from what I’m hearing Kanye is a symptom, not a cause. There are others coming out of the woodwork. Maybe no more than 20% but compared to the dead silence before it’s still remarkable.

 
Comment by Professor 🐻
2018-05-05 04:42:57

If Trump managed to make good on his campaign promises to lift the American ghetto out of a state of permanent poverty, crime, and misery, his popularity among blacks would skyrocket.

 
Comment by tresho
2018-05-05 10:09:44

If Trump managed to make good on his campaign promises to lift the American ghetto
If he did that for just a fraction of the ghetto dwellers, he would gain a great deal of support. But let’s not talk about partial measures. Only perfection deserves praise /sarc.

 
 
 
 
Comment by BlackSwandive
2018-05-04 16:08:14

All Trump needs to do is keep talking about jobs and continue his attempts to destroy the bogus trade deals, globalist policies and other agendas set forth by the Washington insiders and special interests. He’s already hands down better for blacks than “Uncle Tom” Obama - “The Bankers’ Bootlicker” - ever was. Google “Jamie Dimon White House trips under Obama” to see what was really going on.

Comment by rms
2018-05-04 16:49:02

He gave hundreds of thousands of dollars in contributions to Democrats. —Obama’s Dimon in the rough

 
 
Comment by oxide
2018-05-05 04:15:51

Polls or not, blacks are notorious for not voting. They came out to vote for Obama, but for Hillary they stayed home. It cost her the election.

Comment by Ben Jones
2018-05-05 06:59:23

‘It cost her the election’

Still doing the “What Happened?” tour I see.

Most flawed nominee in history.

Comment by Mafia Blocks
2018-05-05 07:11:13

Poor Donk. Poor poor Donk.

(Comments wont nest below this level)
 
Comment by rms
2018-05-05 08:48:01

Woman lets out agonizing screams…
https://www.youtube.com/watch?v=wDYNVH0U3cs

(Comments wont nest below this level)
 
 
Comment by Carl Morris
2018-05-07 09:13:32

It cost her the election.

I see the comments above, but it’s true. The primary factor in Her loss was that She couldn’t seal the deal with people who voted for Obama. That’s all She had to do, yet She failed. But they try to blame it on the deplorables who were never going to vote for Her anyway and couldn’t stop Her by themselves…because deplorables.

 
 
 
Comment by TIC TOK
2018-05-04 12:00:42

Richmond is muggy. As is the entire South and the midwest. And Texas. And AZ is hot. And Seattle is rainy. And CA has mudslides and fires and earthquakes. And FL has hurricanes. And Maine is cold. And Boston is snowy. And Denver gets snow in May. And Chicago is windy. Hawaii has active volcanoes.

Everywhere has some bad weather or natural disasters or some negative aspect of living there.

Comment by hwy50ina49dodge
2018-05-04 12:33:18

Never found a state eye wouldn’t like to VISIT, @ the right time of weathers or knot it’s the good season.

“The travel hopes for sunshine, the farmer for rain”

We’re all visitors really, don’t ya think?

 
Comment by rms
2018-05-04 13:13:34

Detroit can get really sultry weather.

Try North Dakota for mosquitoes, the state bird. You gotta wear a bandana over your mouth to prevent inhaling them.

Comment by In Colorado
2018-05-04 13:54:57

Of course, they have two seasons there: July and Winter.

Comment by hwy50ina49dodge
2018-05-04 14:34:40

So true! … ‘Nother way to view it is:
potatoes in the ground, or potato’s in the Co.Op … Go Sioux!

The Sioux Nickname Is Gone, but North Dakota Hockey Fans Haven’t Moved On

Further muddling the transition is the fact that North Dakota’s 2007 settlement with the N.C.A.A. allows it to keep the Fighting Sioux trademark. According to Schafer, federal trademark law requires North Dakota to maintain continuing commercial use to keep it. So it must sell some Fighting Sioux gear or risk losing the trademark$, which would allow outside vendor$ to flood the market$ with Fighting Sioux knockoff$. (Made.in.China! … Run, Hwy, run!)

By Pat Borzi NYTimes
March 1, 2016
GRAND FORKS, N.D.

(Comments wont nest below this level)
 
 
 
 
Comment by Mortgage Watch
2018-05-04 12:33:49

Arcadia, CA Housing Prices Crater 9% YOY On Plunging SoCal Confidence

https://www.movoto.com/arcadia-ca/market-trends/

Comment by azdude
2018-05-04 17:55:18

I made a lot of money buying homes in this bull run.

Comment by Ben Jones
2018-05-04 18:12:28

Funny, you are just now mentioning it? I bet you’ve been hang gliding with Elvis too.

Comment by azdude
2018-05-04 18:23:39

“The reason for that is not hard to find. Fed policy has badly damaged the main street economy via its massive inflationary incentive for off-shoring of high value production and jobs while turning the C-suites of corporate America into predatory dens of financial engineering.”

http://davidstockmanscontracorner.com/economic-old-age-part-5-40-unemployment-aint-awesome/

your friend has been posting the same old bs for 10 years and been wrong.

(Comments wont nest below this level)
Comment by Ben Jones
2018-05-04 18:33:54

You are the one that’s been posting that site for years.

 
Comment by OneAgainstMany
2018-05-04 18:48:18

It’s not quite helicopter money, but pretty close:

“A movie scene”: Brinks truck drops hundreds of thousands of dollars on Indiana highway

“INDIANAPOLIS — State police say drivers clamored to pick up cash on an interstate in Indianapolis after the back doors of a Brinks armored truck swung open and hundreds of thousands of dollars flew out. Troopers at the scene initially said up to $600,000 had flown across the interstate, but police later said the exact amount was not known, CBS affiliate WTTV reports.”

“State police spokesman Sgt. John Perrine says investigators don’t know exactly how much cash was in the truck when its lost its load about 9 a.m. Wednesday on Interstate 70 on the city’s southwest side. Perrine says it was definitely hundreds of thousands.”

“”Bags of money were falling out of the back onto the interstate,” ISP Corporal Brock McCooe said. “Sort of something out of a movie scene, where you have bills, loose bills flying all over the interstate, vehicles stopping, people getting out of their cars.”"

https://www.cbsnews.com/news/brinks-truck-drops-hundreds-of-thousands-dollars-indiana-highway/

 
Comment by hwy50ina49dodge
2018-05-04 19:52:09

Believe that the gov’t kindly asked for those true blood Americans that grabed the ca$h, to return it to the proper owner$.

Isn’t Indiana a “red” state?

 
Comment by tresho
2018-05-05 10:11:59

I very much doubt that Brink’s didn’t know - to the penny - the nominal value of the money in that truck. Or are they just stupid?

 
 
 
Comment by Mafia Blocks
2018-05-04 18:42:11

Hello DumpsterFire.

Bend(River West), OR Housing Prices Crater 7% YOY As Hedge Funds Liquidate Rental Housing

https://www.zillow.com/river-west-bend-or/home-values/

https://snag.gy/m5EzRB.jpg

 
 
 
Comment by hwy50ina49dodge
2018-05-04 14:59:04

What would this do to hou$ing price$ in the good.ol’.U$ofA?

Argentina’s Central Bank’s Credibility ‘Damaged’ In Crazy Rate Moves

The carry-trade is a favorite trade of foreigners buying both Brazil and Argentina local currency debt. Investors like the high yield they can get, and are willing to take on the currency risk simply because the yield they are getting is so high. The problem is that Argentina has a decade-long history of defaulting. Not that it is heading in that direction at the moment (Argentina is rated B at the three major credit rating agencies in the U.S.), but bond investors want to see growth and 33.25% interest rates are definitely an impediment.

Kenneth Rapoza , CONTRIBUTOR
Opinions expressed by Forbes Contributors are their own.

Comment by Professor 🐻
2018-05-05 04:48:58

“The problem is that Argentina has a decade-long history of defaulting.”

Just when I was tempted to go all-in on those 40% interest rate bonds they are offering!

Comment by Professor 🐻
2018-05-05 04:56:55

There’s blood in the water, and sharks are circling.

The Financial Times
Currencies
Argentina stuns markets as it pushes rates to 40%
Country’s official borrowing rate has jumped from 27.25% in the past week

 
 
Comment by Mr. Banker
Comment by OneAgainstMany
2018-05-05 07:28:06

Wow, inflation rate in Argentina was around 25% for last year. If they don’t default, at 40% interest some intrepid bond investors could make a tidy profit, that is if currency doesn’t erode significantly to make up for the 12%-15% carry trade differential.

 
 
 
Comment by Hwy50ina49dodge
2018-05-04 17:07:00

Tom Sawyer: “oh, knot just anybody can whitewash a fence!”

https://funnyjunk.com/channel/politics/Keep+it+classy+snoop/ThexLGu/

 
Comment by Professor 🐻
2018-05-04 17:39:22

Trade war on?

Comment by Hwy50ina49dodge
2018-05-04 18:03:23

I$ that a $tatement on the red.eye$ return of the U$ monies$ Diplomat$ from developing$ nation China, or a rhetoric$ Que$tion eye should ask @ Uncle Warren$ brew haha @ the beaches of Omahaha before the bet$ are placed on the Kentucky Derby ? … Inquiring mixologist$ are anxiou$ly awaiting to know Mr. A.Bear.cometh!

 
 
Comment by Mortgage Watch
2018-05-04 17:53:10

Walla Walla, WA Housing Prices Crater 16% YOY On Widespread Market Fear

https://www.movoto.com/walla-walla-wa/market-trends/

Comment by TIC TOK
2018-05-04 19:14:15

Thanks for the daily chuckle.

Comment by Mafia Blocks
2018-05-05 01:44:02

Housing.

Hammond, OR Housing Prices Crater 15% YOY As Mortgage Fraud Ravages West Coast States

https://www.movoto.com/hammond-or/market-trends/

 
 
 
Comment by jeff
2018-05-04 19:50:36

Start spreading the news
I’m leaving today
I want to be a part of it
Region IV, Region IV

These vagabond shoes
Are longing to stray
Right through the very heart of it
Region IV, Region IV

I wanna wake up in a Region
That doesn’t sleep
And find I’m king of the hill
Top of the heap

These little town blues
All melting away
I’m gonna make a brand new start of it
In old Region IV

And if I can make it there
I’m gonna make it anywhere
It’s up to you
Region IV, Region IV

https://www.youtube.com/watch?v=i-ZUXQuFcnw

 
Comment by Professor 🐻
2018-05-04 20:22:03

Did the economy crash and nobody reported it?

Wife and I are shopping for a new car, and I am pretty sure that we are the only customers in the dealership. The last time I saw a dealership this empty was when we bought a new van for cash back in 2008.

Comment by hwy50ina49dodge
2018-05-04 22:07:18

OK, your $election of dealer$hip beg$ the que$tion?: Buguati or KIA Reo … ?

Comment by Professor 🐻
2018-05-05 04:52:09

Toyota…One of the most popular brands I hear (and they make cars in Mississippi!).

Comment by OneAgainstMany
2018-05-05 07:30:50

We bought a new car 2 weeks ago. We’ve been doing the 1-car sharing dance (and me with my eBike) but it’s been challenging to coordinate. I wanted the Model 3, but bare bones model and it looks like it might be a year away, so we bought a new Chevy Spark massively discounted. We got it for $12k, which wasn’t terrible for us. Just needed something reliable to drive for a few years and the new care price with 20% of MSRP was about similar to what the used cars 1 or 2 years older were selling for.

(Comments wont nest below this level)
Comment by tresho
2018-05-05 10:14:17

about similar to what the used cars 1 or 2 years older were selling for.
That’s why I bought a new Hyundai in 2012. Their used ones were priced ridiculously high. So far, it is the best car I ever bought.

 
 
 
 
Comment by rms
2018-05-05 08:53:18

“Wife and I are shopping for a new car…”

FWIW there’s also “Toyota Certified” <— query

 
 
Comment by Mortgage Watch
2018-05-05 01:51:33

Rancho Cordova, CA Housing Prices Crater 8% YOY As Sacramento County Land Prices Plunge

https://www.zillow.com/rancho-cordova-ca/home-values/

*Select price from dropdown menu on first chart

 
Comment by Mortgage Watch
2018-05-05 05:05:36

“Astoria First Realtor Arrested For Fraud”

https://astoriapost.com/astoria-first-realtor-arrested-for-fraud

 
Comment by Professor 🐻
2018-05-05 05:06:07

Time for the central bankers to call in their chips. Try not to get caught out on the dance floor when the music stops!

Latin America Scraps $2 Billion Worth of Bond Sales as U.S. Rates Jump
By Pablo Rosendo Gonzalez
May 3, 2018, 9:34 AM PDT
Updated on May 3, 2018, 11:38 AM PDT
- Telecom Argentina, PCR, TGI, Banco Regional postpone sales
- Pemex becomes only global seller with CHF365 million deal

The angst surrounding higher U.S. rates has spread to Latin America’s bond market.

Four South American companies postponed at least $2 billion of planned U.S. dollar bond sales this week, according to five people familiar with the situation. This happened in the wake of 10-year U.S. Treasury yields climbing above 3 percent for the first time in four years and the dollar hitting its strongest level since January.

Argentina’s Petroquimica Comodoro Rivadavia SA and Telecom Argentina SA, Colombia’s Transportadora de Gas Internacional SA and Paraguay’s Banco Regional SAECA, suspended their debt deals after investors demanded yields about 100 basis points higher than expected, said the people, who asked not to be named as talks were private. The banks working with the companies to arrange meetings with investors include Citigroup Inc., JPMorgan Chase & Co. and HSBC Holdings Plc.

While PCR, TGI and Banco Regional declined to comment, Telecom, Argentina’s second biggest company, gave a reason for the postponement: the Federal Reserve.

“High volatility conditions in the market generated by the increase of 10-year T bond had a huge impact in all the emerging market planned sales, including Argentina,” the company said in email. “We will postpone until markets normalize.”

 
Name (required)
E-mail (required - never shown publicly)
URI
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> in your comment.

Trackback responses to this post