A Long Fuse That’s Still Burning
A report from The Olympian in Washington. “The law of supply and demand is pretty simple. A product in great supply with weak demand can yield low prices. But couple strong demand with low supply, and the reverse happens. In the case of housing during a time of scarcity, prices can hit stratospheric levels. That focus on housing supply is a key argument made in a national report on housing and homelessness released Wednesday by a coalition of Democrats in the U.S. House. ‘We simply cannot build enough units in this country,’ U.S. Rep. Denny Heck, D-Olympia, told The Olympian Editorial Board last week as he previewed the report’s preliminary findings.”
The Seattle Times in Washington. “Single-family home prices continue to reach new highs despite increasing inventory in May, according to the Northwest Multiple Listing Service. The news isn’t all bad for home buyers, however, as total active listings in King County went up for the second month in a row after years of declining inventory, increasing 36 percent in May compared to the previous year. ‘There’s a little relief, meaning buyers don’t have to write an offer within the first hour,’ said Mike Grady, president of Coldwell Banker Bain. ‘Now they have maybe a day.’”
The St. Augustine Record in Florida. “A look at the population statistics or just a drive down County Road 210 would justify the belief that northern St. Johns County has seen an explosion of growth. The reality is that it’s just a long fuse that’s still burning. The real boom has yet to come. And it will. SilverLeaf’s entrance into the county’s busiest building corridor is the surest sign that massive housing growth is still in front of us rather than in the rear-view mirror.”
“That development, which stretches from the C.R. 210 area south to State Road 16, is set at 10,700 homes, but it’s certainly not alone — not even in that part of the county. In the northern sector of the county, there are several other large housing developments that just launched in the last two years. On the east side of Interstate 95, there are three new communities: Beachwalk, Creekside at Twin Creeks and Beacon Lake that recently started selling homes. Assuming they are successful, the three will combine to add about 3,000 homes.”
“Shearwater opened in 2015 to bring 2,000 more homes. And even that pales in comparison to RiverTown, in the extreme northwest. That development was relaunched about two years ago and sold about 250 homes last year. Still, that leaves more than 4,000 homes that can be sold there. So since 2015, just those developments have added or are about to add around 20,000 potential new homes in the northern part of the county west of U.S. 1. How about east of U.S. 1? Well, a not-too-secret development called Nocatee has pretty much set the bar for development in the area. There have already been 7,000 homes sold there, and Roger O’Steen, founder and chairman of master developer The PARC Group, said the plan is to sell another 3,000 homes. (The development is entitled to more than 12,000.)”
The Star Tribune in Minnesota. “Nearly 340 residential buildings sit empty and boarded across Minneapolis, despite a severe housing shortage and a steep vacant property fee that has raised $20 million for city services over the past decade. The problem isn’t specific to Minneapolis. St. Paul has 634 vacant properties, according to the city’s data. The Twin Cities’ situation is dwarfed by the street after street of boarded-up properties in cities like Baltimore, home to more than 16,000 vacant houses.”
“These days, many of the homes left vacant sit in the Twin Cities’ most desirable real estate neighborhoods and have increased exponentially in value in recent years. Instead of selling for profit, the owners pay thousands annually to the city as they wait for the right moment to renovate, tear down or sell. Timothy Alexon, who owns scores of properties in north Minneapolis, said the annual fee pales in comparison to what he plans to make when his company eventually sells them.”
“‘The houses are going up more than the [fee] is costing me,’ he said.”
From News 5 Cleveland in ohio. “Cleveland council members and residents report a spike in the number of homes and vacant lots that are filled with overgrown grass and weeds. Cleveland Councilman Kevin Conwell said he found more than 50 homes, in just two hours, that are in violation of the city’s high grass ordinance and are a potential safety and health hazard. David Imbordino said he’s tired of dealing with two homes in his East 72nd Street neighborhood, which are filled with high grass and weeds. Imbordino said he’s contacted the city about cutting the lawn and issuing a citation, but he’s said there’s been no response.”
“‘It’s pretty bad, a lot of bad animals out there,’ said Imbordino. ‘Big ones, like raccoons. ‘The city hasn’t cut these two lot in at least a couple years, I never see them.’”
The Northwest Herald in Illinois. “On East Lake Street in Woodstock, just past Raintree Park, a house sits in disrepair. The house has been empty since 2010, and it’s not the only home that went vacant around that time, Woodstock building and zoning director Joe Napolitano said. ‘With the financial crisis, when all the bad mortgages were issued, is when we started seeing an uptick in foreclosed properties,’ he said. ‘People couldn’t pay, and a lot of them just walked away.’”
“When a property owner washes his or her hands of the problem, the matter can become stuck in limbo between the owner, mortgage company and bank, Napolitano said. The banks can claim they don’t own the property until the mortgage is released. In the meantime, municipalities are left to pick up the pieces. ‘Sometimes the bank that holds the mortgage is tied up in the court system, and some foreclosures go on for years.’”
“One of the Harvard homes has been vacant for at least 10 years, and the two others have been abandoned for more than three years, said City Administrator Dave Nelson. ‘We’ve been doing maintenance of the lawns and general maintenance to secure them,’ he said. ‘It’s nothing egregious really, but people just walk away, and then the banks walk away, too. It’s crazy.’”
The Buffalo News in New York. “Lori and Dwayne Bell of Derby have been scared out of their minds for almost 10 years. The Derby couple has spent a decade living in a home that has been stuck in foreclosure and is in perpetual danger of becoming a ‘zombie’ home. But they are determined to stay there, rather than leave a vacant and abandoned property to drag down the neighborhood. ‘We’ve been going through utter hell, every day, wondering if we’re going to have our home,’ Dwayne Bell said.”
“When financial problems forced the Bells to miss mortgage payments, they started down a path trod by tens of thousands of Americans in the wake of the housing market collapse and financial crisis of 2008. But the Bells have managed to stay in their home through perseverance — and by reading the fine print. While the economy has improved, the threat of zombie homes continues. The number of foreclosures filed in Erie County went from a recent high of 2,759 in 2009 to 1,668 last year.”
“‘It’s nerve-wracking. People think it’s easy to sit here and not make a mortgage payment. I wouldn’t wish it on my worst enemy,’ Lori Bell said.”
From KRQE in New Mexico. “Boarded up doors and windows, dirty needles, and downright disgusting looking properties can be found in pockets all around Albuquerque neighborhoods. According to the Planning and Zoning Department, based on the report from the Vacant and Abandoned Houses Task Force, there are at least 1,300 neglected and vacant homes around the city on any given day.”
From NBC Philadelphia. “Every month, New Jersey resident Kimberly Deal has to decide which bills to pay and which to put off for another time. Housing insecurity burdens hundreds of thousands of Americans, especially people with lower incomes or those who live paycheck to paycheck. In Deal’s section of Atlantic County, 61 percent of residents pay more than 30 percent of their income on housing, according to U.S. Census data. The median income for her zip code is 41,802.”
“On the Pennsylvania side, families in North Philadelphia are the most burdened by rent and mortgages. Half of residents pay at least 30 percent of their income on housing. And the median income for that area is well below the poverty line: $21,630 for a family of four, according to U.S. Census data. It’s the same every month. Sitting on the stoop of her Pleasantville home, Deal pointed out one vacant house that had been foreclosed. On the other side, eviction crews empted another home. ‘It’s been going this way in this area for some time now,’ she said.”
‘These days, many of the homes left vacant sit in the Twin Cities’ most desirable real estate neighborhoods and have increased exponentially in value in recent years…Timothy Alexon, who owns scores of properties in north Minneapolis, said the annual fee pales in comparison to what he plans to make when his company eventually sells them. ‘The houses are going up more than the [fee] is costing me’
So this guy is speculating. And this explains why listing triple in southern California all of a sudden. There’s no shortage, just speculators waiting to pull the trigger.
Like ive said before, wife an I are looking to move to Laguna Niguel, Dana Point, Ladera Ranch area within the next 12 months, hope the air starts to leak outta the bubble faster, already seeing zillow price reductions. Looking at a $750-850K home in gated community, nothing exstravigent, but will be paid in cash. There is no shortgage, just unrealistic speculators thinking they can over charge and someone will pay it. Moving for the weather, lifestyle (very active), not the politics or craziness. Live below your means, so you can live like no one else.
“…hope the air starts to leak outta the bubble faster…”
The air began hissing about 8/2005 from bubble #1, yet the bottom fell out a couple of years hence. FWIW, the real sharks say, “There’s more money to be made on the way down.”
Buying in the next 12 months will assure you of paying peak/near peak prices. Are you interested in losing half the money you spend, or more?
“nothing exstravigent”
Eye $ugge$t … you’$ pay$ rent$ … Inn tho$e gated communitie$
(Tho$e location$ are 4-ply toilet paper$ dependant)
A$k.me.how$.eye.know$
They allow people to rent in gated communities? I thought the purpose of gated communities was to price out the riff-raff. Allowing renters in some of the houses would defeat that purpose. While renters here on HBB take care of their houses, SFH renters in general do not. A$k.me.how$.eye.know$
Knot only i$ it allowed, you’$ can Airbnb$ room$ & whole home$ …
Mercer Island, WA Housing Prices Crater 8% YOY As Seattle Area Housing Correction Accelerates
https://www.zillow.com/mercer-island-wa/home-values/
*Select price from dropdown menu on first chart
You mean the YoY Increase from $1.17M to $1.55 or what?
Just for you my good friend…. just for you.
https://snag.gy/m5EzRB.jpg
Sale price is up 33% YOY using your little linked method……
And here’s one just for you my good friend.
Poway, CA Housing Prices Crater 9% YOY As San Diego Economy Tanks
https://www.zillow.com/poway-ca/home-values/
Sales price still up in Poway….
This random “data” without specifics about houses does nothing. There will be a housing correction at some point, there always is, but your current data is trying to paint with too broad a brush. It’s not helpful.
Incorrect.
Poway prices are down 9% YOY….. and Mercer Island 8%.
List price. Not sales price. Sale price is up in both. Le sigh……
And falling asking prices in both locations. Sorry my good friend
Between$ Mercy I$land$ & Poway$ … Whose clo$e to the touch of: wildfire$?
I$ there a bowling joint on Mercy I$land$?
Poway. Must be a very special place for prices to double in four years.
I thought Zillow stopped posting sales price. Now here it is again.
I$ there a bowling joint on Mercy I$land$?
Nope. Just an indoor lacro$$ field.
You’re confusing up with down again. https://imgur.com/Yd85XLK Have you had your morning coffee yet?
That said, I actually had a couple things about the local market I wanted to post today that you’ll get a kick out of.
Our friends at zillow are posting sale prices again. That’s going to be very handy information.
Thank you my good friend…. Thank you.
See my comment below. I’m not saying a cooling isn’t coming - it’s just not here in the data yet.
I’ll be ok either way - Once I bought the most expensive house on the street, just in time for a divorce in 2008. This time, I bought the cheapest.
See my comment below. I’m not saying a cooling isn’t coming - it’s just not here in the data yet.
He’s been posting that prices are cratering during the entire run up. If his posts were accurate, we’d be back to 1960’s prices by now.
The problem with that notion is the “entire run up” is one of collapsing demand.
Remember….. I can ask $50k for my 10 year old Chevy pickup but where is the buyer at that price?
So it is with all depreciating assets like houses.
Howard Beach Queens Housing Prices Crater 20% YOY As Global Housing Correction Advances
https://www.zillow.com/howard-beach-new-york-ny/home-values/
https://snag.gy/m5EzRB.jpg
LOL, ok my good friend. You do you.
Housing my good friend.
Cedar Mill, OR Housing Prices Crater 11% YOY As Oregon Economy Slows
https://www.zillow.com/cedar-mill-or/home-values/
https://snag.gy/m5EzRB.jpg
In Colorado… LOL!! Indeed, HA is our resident permabear.
“Remember….. I can ask $50k for my 10 year old Chevy pickup but where is the buyer at that price?”
With this market of dummies they are all over the place - where have you been? The game will end at some point I guess..
Well…. not really. Not at all considering housing demand is at 20+ year lows and falling fast.
‘the YoY Increase from $1.17M to $1.55′
Without a iota of irony.
Let’s say this is true. So what does a family that could get rid of their shack think when they read something like this? “Holy frijoles! This dump is making us $300k yellen bucks a year, we ain’t gonna give that away!”
And they’ve become speculators.
Sure, they’re speculating. I think everyone here knows that. But mortgage watch loves to come on here and spew nonsense about an active downward trend happening at this very moment, when it’s just not true. At least, not yet.
Falling rental rates, falling housing prices, collapsing demand…. it is what it is my good friend.
You’re living in a fantasy land.
No…. This is where I live.
https://imgur.com/2LJyxNO
HA/Mafia is best ignored. He is too far gone to save. My cash flow has been growing for 10-years, all while he’s been posting about rents dropping.
HA, what an idiot.
DegenerateGambler
San Diego, CA 92122 Housing Prices Crater 6% YOY
https://www.zillow.com/san-diego-ca-92122/home-values/
We bought a twin jogging stroller for the kids way back when. Both wanted to sit in the other’s seat thinking that the other sibling was had the better view. And when they were too young to know anything about numbers, given five objects they both knew that one was going to end up short! There’s plenty to learn about human behavior by quietly watching children.
“There’s plenty to learn about human behavior by quietly watching children”
Define: children’$
HA acts like a child….but not much to learn there!
Define: children’$
And yes indeed [$], raising a family is incredibly expensive.
When I get a couple minutes, I’ll post a couple things that I recently saw and you’ll get a chuckle out of. I am now seeing first hand some potential cracks showing locally.
Mercer Island has got some weirdnesses that make it more erratic when it comes to monthly reporting. The number of listings has been very small and there’s plenty of outliers to make the monthly data jump around.
There’s all the waterfront properties (it is an island after all) on Lake Washington which are in a whole different ballpark from even the houses across the street which skew data when they sell, and it has an outsized share of Chinese/foreign buyers, especially in the last few years after getting listed as a top city in the Chinese housing equivalent of the “U.S. News top colleges report”. In just three years, the kids you see at my neighborhood school bus stop have gone from 20-25% Asian to 55%. A lot of the Seattle reddit crowd trys to say that foreign buyers are a non-factor, but people in the targeted neighborhoods know better. There’s a commercial luxury van you see parked at the north end Chinese restaurant that’s been running a tour service the last couple years showing Chinese visitors properties for sale.
That said, there looks to be a surge in local inventory coming online, and things aren’t getting snapped up so fast anymore, which foreshadows a cooler summer. I strongly suspect it’s largely in part due to people getting nervous that we are reaching the top for home prices. A house in my subdivision just listed last week (for 1.55M) and I stopped by at the open house just to scope it out. After realizing I was just a neighbor, the owned admitted that they had been on the fence for a good while (about staying or moving closer to grown kids) and he’s selling now because he thinks / fears the market is likely to go south soon.
Now he’s not in real estate, and I don’t know if he follows it like we do, but it would be interesting if the idea that the market is peaking is staring to make its way around the masses so to speak. If/when that happens the whole feedback loop could turn around people move towards the exits.
I don’t want to read too much into it but it looks to me like something of the kind may be beginning to happen here in LA. It is almost imperceptible unless you are actively searching for information. There seems to be a new listing every other day in my search, which is very unusual compared with how listings only seemed to trickle in every other week for the last couple of years. List prices are still through the roof, though, and the houses that do sell still get multiple bids and some sell over asking. I guess some people may think they might as well take advantage of this market while it lasts. The experience from the last bubble taught us that these things take forever to play out, much longer than one would imagine. But at least now it seems like there is some kind of change in a situation that appeared completely stable only a couple of months ago, at least in my area.
“The experience from the last bubble taught us that these things take forever to play out, much longer than one would imagine.”
True for the good zip codes.
True for the good zip codes.
There can (and will) be multiple, different, factors at play in each market - it won’t be the same thing everywhere at the same time.
That said, one of the safest things to bet it on is the decay rotting it ways from the outside of the core. The remote suburbs where people fled to and have to put up with the extra long commutes will be the front lines of the next downturn. Heck, those videos Ben was linking of the un-built outskirts in Idaho, etc show the decay already intensifying in places.
Are there any videos available now? On Youtube or other?
They were in some of the links to news stories Ben put up the other week.
La Mesa, CA Rental Rates Crater 7% YOY As San Diego Area Housing Market Tanks
https://www.zillow.com/la-mesa-ca/home-values/
… and don’t forget to pick price from rental chart.
‘‘Sometimes the bank that holds the mortgage is tied up in the court system, and some foreclosures go on for years.’ One of the Harvard homes has been vacant for at least 10 years, and the two others have been abandoned for more than three years, said City Administrator Dave Nelson…’people just walk away, and then the banks walk away, too.’
And they play hot potato with the GSE’s or HUD, all the while keeping an eye on it to see if it goes up enough to actually foreclose. If not, who cares? There’s no one and no law to make them act like it was for decades. This is what foaming the runway for banks looks like. Still ongoing, all these years latter.
‘Boarded up doors and windows, dirty needles, and downright disgusting looking properties can be found in pockets all around Albuquerque neighborhoods…there are at least 1,300 neglected and vacant homes around the city on any given day’
The media and the REIC don’t want you to notice the scale of this. Everywhere I go I can find bunches of pre-foreclosures or abandoned shacks. You’ll see the stories show up about “blight” or FB tales of woe like the NY couple above. But the truth is this is shadow inventory and nobody knows how big it is.
“The media and the REIC don’t want you to notice the scale of this.”
The mainstream media doesn’t mention the falling Real Estate markets in Australia, Canada or New Zealand either. We’re fed a steady diet of who is doing the pimp-roll with Beyonce, etc., no real facts that might protect a family’s financial future.
All of the Kool-Aid drinkers deny the shadow inventory, especially in the face of this price run-up. They even get angry when you mention it.
What a difference it might be if there was a complete and accurate database of homes nationally that included status and real owner…
Amen. What we need is a beneficial owner register and some true accounting as to what percentage of the housing stock is owner-occupied vs. mom-and-pop investor vs. institutional investor vs. foreign owned.
I’m sure that data exists, not that the little people have any access to it.
ABQ is a sh*thole anyway.
It’s not bad if you can find a decent job and live in one of the better parts of town.
Personally, I like it, but YMMV.
ABQ never really got the reflated housing bubble other cities did. In fact, the population of NM and ABQ have largely been stagnant-to-declining for the last decade.
“‘It’s nerve-wracking. People think it’s easy to sit here and not make a mortgage payment. I wouldn’t wish it on my worst enemy,’ Lori Bell said.”
thieves as vistims
drunks as victims
“We’re scared out of our minds right now. We don’t know what to do any more,” Dwayne Bell said.
“We’ve fought too long now to give up,” Lori Bell said.
By this time, the house was in need of repairs. The roof leaked, the windows were bad and the driveway was falling apart. Lori Bell found a program through the Federal Housing Administration, and they got a $23,000 loan to fix up the house. Through the program, a lien was put on the house, and it will be paid when the home is sold.
How can one sell the house and repay the FHA loan if the Bells, who haven’t made a mortgage payment in 8 years, never leave the premises?
A taxpayer loan to someone in default for many years, which they never have to repay a penny of.
Poor, poor scared grifters.
I overheard a woman complaining about the reception on her Obama phone the other day.
Apparently you can still get them. Should we call them RyanPhones now? At some point they’re going to be Trumphones, no?
https://www.safelinkwireless.com/Enrollment/Safelink/en/NewPublic/index.html
She called it her Obama phone.
My near-homeless friend has one too. It’s scammy - they really try to get you to sign up for a lot of expensive services.
They gave ‘em free Ben, whilst the Kenya King was King, …perhap$ iffin’ $hub had knot $pent 2+ Trillion$ Nation$ Building$, there might have been been$ better reception$ $atellite capabilitie$ for her free$ phone?
Well Lori, if it’s so darn awful, then why don’t you pack up your stuff and mail in the keys? Why prolong such agony?
Oh right. You like your free rent.
Hey Donk
Lori played the game and won. She’s living on house money, now. It doesn’t matter if she’s evicted tomorrow, Lori was the big winner.
“Oh right. You like your free rent.”
Lori is so poor she can’t afford free.
>> Lori is so poor she can’t afford free.
That says something about the nature of home ownership… even paid for it isn’t really ‘free’.
So poor she can’t even pay attention.
“People think it’s easy to sit here and not make a mortgage payment”
I’m looking to replace the word Deadbeat, do any of these strike your fancy?
nonperformer
defaulter
lotus eater
sponger
moocher
nonperformer
squatter
Realtors are liars.
Plea$e.let.me.help.you!
Realator$.are.liar$
Bellevue, WA Housing Prices Crater 12% YOY As Slowing Economy Delivers Knock Out Punch To Seattle Housing Market
https://www.movoto.com/bellevue-wa/market-trends/
Try again, Housing Analyst. Go ahead, I dare you. Prove your point by posting a link to some place in Podunk 200 miles away from Bellevue.
There you are my good friend. How are you?
https://imgur.com/RZZWSGY
‘In the case of housing during a time of scarcity, prices can hit stratospheric levels. That focus on housing supply is a key argument made in a national report on housing and homelessness released Wednesday by a coalition of Democrats in the U.S. House. ‘We simply cannot build enough units in this country’
Stratospheric? And these clowns in DC can’t see a bubble? Say Denny, just when in history could we not “build enough units”? Check out Australia and Canada: they popped their shortage real good!
‘total active listings in King County went up for the second month in a row after years of declining inventory, increasing 36 percent in May compared to the previous year. ‘There’s a little relief, meaning buyers don’t have to write an offer within the first hour’
Click! Might want to start looking for a new line of work Mike.
DC exists in its own special bubble .. a version of the RDF - Reality Distortion Field.
coalition of Democrats in the U.S. House. ‘We simply cannot build enough units in this country’
In other words, more free sh!t.
The way the system is set up now, the ONLY way they can “build enough units” is to build and build luxury units until they run out of domestic speculators or foreign buyers who want them. Then the units they build *after* that can be rented to the middle class, for 60% of their income.
Instead of building more units, they need to kick out all this foreign money. Oh, but that would be “disengaging from the rest of the world” or some such globalist claptrap.
Just end all govt policies that encourage speculation. The problem will immediately (and quite painfully) solve itself.
‘‘It’s pretty bad, a lot of bad animals out there,’ said Imbordino. ‘Big ones, like raccoons. ‘
Raccoons are kinda cute, annoying if they tear up your trash, but I wouldn’t call them bad animals. We have a bobcat living down the hill and the occasional coyote wandering through our area. Those present a risk to cats and small dogs. My buddy’s dog got attacked by the bobcat, a couple surgeries and $2,000 later, the dog is okay thank goodness. Possums carry lepto bacteria which can be fatal to dogs, but they eat rats too, so what are you gonna do?
Raccoons fight viciously. When I was a kid in upstate NY, a raccoon killed our family dog.
By lepto do you mean leptospirosis? Thats a risk to humans when going in fresh water due to animal contamination.
Lol at the idea that a raccoon is a Big, Scary Animal! I wonder what they think about mountain lions or bears?
Raccoons are notorious for carrying rabies. Steer clear of those masked critters.
Raccoons are really interesting .. we’ve got a bunch of them here. They’re wild animals, but about as smart as dogs, have phenomenal memories, and are fairly emotional creatures - when they are happy, they are super easy going to deal with, when scared the wild animal really comes out. The rabies thing is often overblown - there hasn’t be a case of that in this state for decades for example.
Our previous neighbor (who sold last fall) was 82 and the neighborhood cat lady for years .. she also fed the raccoons, especially the mamas and kits. So we had some very mellow and not afraid of human animals for neighbors.
During one of the open houses for her home, in the middle of the afternoon, someone left the back door to the deck open while the house was full of people. In wanders a raccoon going “hi guys, what’s up?” and it just saunters on inside among the humans like a dog would. Of course some of people there just freaked the heck out and the raccoon was non plussed and like “huh?”
The new owners (nice people btw) killed the free buffet, and the critters have finally figured out not to bother with coming around and tapping on our windows a few months ago … except for one who seems to be ’special’ (and being fed by someone) .. though I think he’s finally got the hint also.
Downtown Los Angeles, CA Housing Prices Crater 7% YOY
https://www.zillow.com/downtown-los-angeles-ca/home-values/
*Select sale price from dropdown menu on first chart
The link says:
The median home value in Downtown Los Angeles is $609,100. Downtown Los Angeles home values have declined -1.2% over the past year and Zillow predicts they will rise 7.6% within the next year.
prices have not cratered 7% yoy, not yet at least. If that were happening it WOULD make the news.
Hello my good friend.
https://imgur.com/ezxa8Fp
… and realtors are liars.
Kensington, MD Housing Prices Crater 13% YOY As Depreciation Ravages DC/NoVa Homeowners
https://www.movoto.com/kensington-md/market-trends/
I posted it on the yesterday thread by mistake.
Which mixed-use buildings get biggest tax breaks? Search 200 parcels in Upstate NY
https://www.syracuse.com/state/index.ssf/2018/05/biggest_tax_breaks_for_mixing_residential_and_commercial_tenants_search_upstate.html
See 40 Syracuse properties that save $5.3 million a year from generous tax break
https://www.syracuse.com/expo/erry-2018/05/4bc3eb92ff3358/tax_break_lets_43_syracuse_bui.html
Syracuse assessor to council: I’ll yank tax break if mixed-use buildings abuse it
https://www.syracuse.com/news/index.ssf/2018/05/syracuse_assessor_to_councilors_ill_review_tax_breaks_for_mixed-use_buildings.html
Syracuse a city without jobs to rent these luxury properties but the politicians repeatedly repeat like a parrot that they are 99 percent full. I live near all these buildings in the downtown area and at night there are very few lights on. Don’t even get me started on the Hotels they are building around here.
SUGuy shakes his head with eye rolls
Hey did you see that Michael Rotondo finally left his parents’ house? He got a buddy to jump his car and went to live “in an Airbnb.” My guess is he’s couch-surfing.
Ok political peeps this is our future:
https://www.chicksonright.com/2018/06/07/d-c-council-passes-a-brilliant-plan-to-get-kids-to-graduate-from-high-school/
DC High Schoolers aren’t graduating.
So the D.C. Council passed a BRILLIANT plan to up graduation rates!
Hand them a diploma… even if they hardly ever showed up!
Bad students = bad schools.
Bad schools = poor schools.
Good schools = rich schools.
I disagree…money makes some difference but the real difference is the good schools force you to speak English when you walk in the doors.
Now if inner city schools could learn this fact,
Ha! You WILL have to pay leave Chicago…
+++++
Chicago leads US in underwater homes
Fox Business - Henry Fernandez - June 06, 2018
A recent report from the real estate website Zillow shows Chicago leading the country with 254,000 homes in negative equity. Twenty percent of the quarter million people with underwater mortgages owe double the current value of the home.
Los Angeles, the only other U.S. metro area bigger than Chicago, had 74,000 underwater homes, while San Francisco had 20,000.
The appreciation of home values in the Chicago area has decreased over the years in part by crime, unfunded pensions and taxes.
Chicago is on the front lines for future obligations and waste/graft coming home to roost.
Greg Norman’s recent Article: “A whopping 46 percent of California Bay Area residents fed up with the region’s high cost of living and soaring home prices are planning to pack their bags and move out in the next few years, a poll has found.
“You kill yourself trying to pay for the housing and then you leave because it’s just ridiculous, right? So I mean, it sounds about right,” Ben Imadal of San Francisco told KGO-TV.
“Jack Hickox, also of San Francisco, said “almost all of my daughter’s friends and their parents have left.”
Dear Dave,
“$oaring home price$ are planning to pack their bag$”
Let.me.under$tand.their.$ituation$ correctly,
They are departing with nothing$.inn.their.equitie$.pocket$?
I$ that correct?
More fun stuff:
Ever since my purchase was recorded, I’ve gotten a flood a ‘new homeowner l- et us sell you this stuff’ mail, but also a bunch of “Let me Sell your House” solicitations. Look at this one that arrived today:
back: https://imgur.com/mg0QbHj
Michelle is a “CNE” - Certified Negotiation Expert who can sell my house for just 1% commission ( front: https://imgur.com/e2ZIrYb ) .
Looking at the marketing sizzle, I could swear I’ve seen “Michelle” somewhere before … maybe online.. something “tube” or “hub” perhaps? Seriously.. what happened the middle-age Realtor(tm) ladies who touted their 20+ years local market ‘experience’?
“Michelle is a “CNE” - Certified Negotiation Expert…”
She’s really pretty… looks natural.
I’m thinking photoshop.
But seriously, that pose… says plenty about the market and the competition.
“But seriously, that pose…”
I always like that female pose where her left hand is hanging on some guy’s right shoulder, her right hand is flat against his left pectoral and her right leg is raised up bent 90 degrees at the knee. Yet she’s not looking at him but rather eye f*ing someone else. Gotta love ‘em!
Many people would be their most vulnerable right after spending a fortune that they didn’t have to earn yet.
Ben - quick question - Do you have to ok all root posts? I noticed the bigger the post, the longer before it shows up leading to some things being out of order for a bit. Just curious.
It’s a long story. Generally, if a comment is long, contains curse words or a link it has to be approved. Some people get flagged every time. This software doesn’t have a manual so I don’t know why.
Thank you for yer works Mr. Ben, it’s a wonderful effort that you provide! … ($ans the $oftware)
Appreciate your shedding the light on it.
Now if I just knew the tragic backstory behind MW/MB
Seriously though. I’d pay good money to know who this guy is.
Hello my friends….
College Station, TX Housing Prices Crater 16% YOY
https://www.zillow.com/college-station-tx/home-values/
Imperial Beach CA Housing Prices Crater 5% YOY Leaving Homeowners Deep In Unrepayable Debt
https://www.movoto.com/imperial-beach-ca/market-trends/
Group pushing for Illinois to secede from Chicago
http://www.kmov.com/story/38372132/group-pushing-for-illinois-to-secede-from-chicago
LOLZ this is David Hogg age 17 who is going to take your gunz away and repeal the Second Amendment. Look at those scrawny little soyboi biceps:
https://i.redditmedia.com/bA1d7_MuBpxg8seqF6IAgRu9b2nGRgDlHCwol-vJjLU.jpg?w=750&s=05d6127fcf51c436198c42232f40ddda
If Olive Oyle had a brother, he’d be it.
He’s kind of the junior vanilla version of Ozero, isnt he? Soyboi is probably a toyboi for marxists just like Ozero was for Frank Marshall Davis and is for (((Georgi Schwarz))) a.k.a. George Soros (Sore azz?)
The kid’s mom was a CNN producer and his dad was FBI (deep state *cough*) so it’s pretty obvious he’s a puppet. of the Marxists/tptb/globalists call ‘em what you want, he’s clearly their guy.
Eventually he’ll make a mistake along the way, high on himself after a rally where the flock is under his spell, run a red light and kill someone and end up doing a stretch in jail or prison where he’ll learn to keep a water moccasin happy. I’d even pay to download that video.
History does, in fact, show that a president cannot pardon himself.
“History does, in fact, show that a president cannot pardon himself.”
https://www.youtube.com/watch?v=p4fqYJVGMCE
economics
Fed on Track to Raise Rates Regardless of Emerging-Market Woes
By Craig Torres
June 6, 2018, 11:00 PM CDT
Updated on June 7, 2018, 7:49 AM CDT
U.S. policy makers have stressed buoyant domestic outlook
Delaying hike could do more long-run harm to emerging markets
SGMC Capital’s Bondurri Sees 2 More Fed Hikes This Year
Massimiliano Bondurri, founder and chief executive officer at SGMC Capital, discusses his outlook for the Fed.
Emerging markets struggling with higher U.S. interest rates are likely to get little sympathy from the Federal Reserve.
Currencies of such nations have been hammered in a spreading selloff amid worries that their economies won’t cope with higher U.S. borrowing costs. That’s prompted central bankers in India and Indonesia to raise interest rates and urge Fed caution, with Turkey on Thursday also delivering a surprise hike to defend the lira.
There are few signs such concerns will steer the Fed away from its course for at least two and possibly three more rate increases this year, including a move at its policy meeting next week.
…
Another Friday, another leg down for the Dow…
Dow under pressure as G-7 leaders feud over trade
By Sara Sjolin and Anora M. Gaudiano
Published: June 8, 2018 9:38 a.m. ET
…
https://www.thecollegefix.com/post/32614/
Missouri chaos continues: Mizzou lays off 30 in wake of $49 million shortfall Campus continues to suffer after-effects of liberal activism
Housing bubbles lead to increased suicides.
…
Suicide is a growing problem in the United States. The US Centers for Disease Control and Prevention published a survey Thursday showing suicide rates increased by 25% across the United States over nearly two decades ending in 2016. Twenty-five states experienced a rise in suicides by more than 30%, the government report finds.
…
Some awesome news yesterday for the takedown of the Obama deep state:
1) Arrest and indictment of the top Senate security staffer, James Wolfe, and the seizure of his NYT lady friend’s phone and email records.
2) Defeat of three, maybe four Soros-backed DA candidates in Cali.
3) DOJ officially invalidates Obamacare as unconstitutional.
On the minus side, DOJ still stonewalling Congress on the production of the Russian investigation documents, and possibly immunity for the Awans, but things are moving along and the Awan immunity probably traces back to #1 above.
“1) Arrest and indictment of the top Senate security staffer, James Wolfe…”
There’s some things in life that you just don’t do… like lying to the Office of the Inspector General investigators. And they tell you that before they start asking questions. These folks don’t deal in months either and usually nothing less than five years.