A Glut Has Quickly Turned The Tables
A report from the Dallas Morning News in Texas. “Dallas is on the list of cities where apartment builders may be overdoing it. Apartment construction in the Dallas area will far outpace demand, according to a new report by Yardi Systems Inc. The number of new apartments opening in the next two years in Dallas will be almost three times the projected demand, according to Yardi’s new forecast. More than 45,000 apartments are expected to open in the area during the next two years. ‘In the near term, markets at risk of oversupply include Denver, Seattle, Charlotte, Dallas, Phoenix and Miami, where deliveries are expected to outpace demand,’ Yardi analysts said. ‘We expect construction will moderate after the more than 600,000 units currently under construction are completed’ across the U.S.”
The Seattle Times in Washington. “For years, the Seattle rental market was so heated that renters would constantly monitor online listings and quickly show up to available apartments with checkbooks and references in hand. For many apartments, they’d have to fill out applications on the spot and cross their fingers. Those days are over. A glut of new apartments washing over the city has quickly turned the tables as vacancy rates hit their highest levels since the recession, led by downtown Seattle, where one-fourth of all apartments are now sitting empty.”
“This is all happening because of the region’s record apartment-construction boom. Overall, the city is getting more new units this half-decade than in the previous 50 years combined, and the peak of the openings is happening right now. Even in 2016, the Seattle area was already building the most new apartments per capita of any big metro area in the country, according to ApartmentList — and construction has only sped up since then.”
“At newly opened properties, 40 percent of all brand-new units across the region are sitting empty — that works out to about 5,000 units that have never been lived in, according to Apartment Insights/RealData. About 10,000 additional units across King and Snohomish counties are sitting empty at buildings that aren’t brand new, largely because of regular turnover. A stunning 26 percent of all apartments in the core of downtown Seattle right now are empty, up from just 5 percent a year prior.”
From the Denver Channel in Colorado. “Denver has a new idea to help deal with the affordable housing crisis, but city subsidies to people for existing vacant apartments is also drawing criticism. The program is called Lower Income Voucher Equity (LIVE) Denver. The basic concept is taking existing empty apartments, putting them in a pool, renting them out at a discount to lower-income people, and having the city pay the difference in the form of a subsidy. But not everyone is on board with the idea of subsidizing empty existing apartments.”
“‘We are perpetuating the problem of high rents in this city when we help to subsidize the occupancy of vacant apartments,’ City Council member Kevin Flynn said at Monday’s meeting. Colorado Coalition for the Homeless President John Parvensky also had concerns during an interview with Denver7 earlier this month. ‘If they have vacant units it’s because the rent’s too high. All they need to do is reduce to market level, they will fill up, and there won’t be these empty units,’ he said.”
From National Real Estate Investor. “Campus Apartments CEO David Adelman Talks About What’s Next in Student Housing. NREI: What were some of the markets where supply got too high? DA:I think you’ve seen a lot of supply in College Station, Texas, that’s Texas A&M University. Previously you saw a lot of supply in Statesboro, Ga., Georgia Southern University. There’s a lot of supply at the University of Arizona. It really just depends. In some cases, the school will grow into that supply, in other cases it won’t. At Texas A&M there’s an enlarged enrollment over the next 10 years, so that will probably be absorbed. Some of the other markets—it might not be.”
The Reading Eagle in Pennsylvania. “Advantage Point, the long-delayed student housing project off Kutztown University campus in Maxatawny Township, is going to be built, its developer said. Greg Sarangoulis, developer, said he is not discouraged by Kutztown’s declining enrollment, which fell from 10,707 in 2010 to 8,329 in 2017, a 22 percent decline. In addition, Kutztown now requires freshmen and sophomores to live on campus for their first two years. And there is currently a glut of student housing in downtown Kutztown.”
“‘I remain optimistic about the project,’ he said. ‘I think there’s been a slight uptick in the student population.’”
The New Orleans Advocate in Louisiana. “For years, rising tourism in New Orleans has driven a downtown construction boom, thanks in part to generous tax credits that have made it profitable to bring vacant or underutilized historic buildings back into commerce as hotels. Now, the city is attracting attention from a new sector of the hospitality industry: timeshares, or at least a new version of the half-century-old business model.”
“A handful of recently restored apartment buildings and hotels that are now listed for sale could likely go this route, according to some hospitality leaders — a shift that’s partly driven by a recent zoning law change that allows timeshares in areas of the Central Business District where they previously faced permitting hurdles. With hundreds of apartment units added in recent years, some developers and real estate experts, including Lenny Wormser, senior vice president at Hospitality Real Estate Counselors, say there’s an ‘oversupply of apartments’ in the CBD, which has caused the rental market to soften. At the Elk Place building, for example, the occupancy rate had fallen into the 80 percent range.”
From The Real Deal on Illinois. “Demand for rental units in the Chicago area has not kept pace with the torrid rate of apartment construction. The uptick in vacancy is due to the more than 9,000 units added in the Chicago area in the past two years. In the city, the vacancy rate was up to 6.9 percent from 5.4 percent year over year, despite net absorption of 1,700 units. The suburban vacancy rate, meanwhile, rose from 5 to 5.4 percent.”
“Marcus & Millichap said the large number of completions could slow investor interest amid concerns of oversupply. Deal volume Downtown dropped slightly in the last 12 months, with fewer new or recently built residential buildings changing hands, the report said. While the report projected a slowdown in deliveries, developers have plans to add tens of thousands of new units in the coming years.”
The Chicago Sun Times in Illinois. “No doubt, lots of Chicagoans are having a tough time finding a place to live that won’t leave them broke. Every area of the city, from Jefferson Park to the South Loop to Gage Park to Pullman, has a dearth of affordable housing, especially two- and three-bedroom units that are big enough for families, according to a report from the DePaul University Institute of Housing Studies. Chicago is right to take a hard look at strengthening its 2015 Affordable Requirements Ordinance. The ARO let developers sidestep requirements to include below-market rental units in new construction projects by paying into a fund to finance construction of affordable units elsewhere.”
“The ARO made sense, to a certain degree. Chicago got more affordable units, although fewer than the city projected, and the fund helped support subsidies for very low-income housing. But the program also has been a disappointment. Developers, as it turned out, were willing to shell out up to $175,000 not to build affordable housing, especially downtown or in wealthier North Side neighborhoods. Most of the new units were built in low-income communities on the South and West sides that already have a glut of low-income housing.”
‘The number of new apartments opening in the next two years in Dallas will be almost three times the projected demand’
You might say, “wow Ben you said this was going to happen, how did you know?”
It was pretty easy to see it coming actually. Start with not listening to the shortage people and pay attention to the crazy talk.
Stop with the crazy talk, Ben. No one, but no one, could possibly have seen this coming.
And they would have gotten away with it too, if it weren’t for you meddling bloggers…
Bad news, they’ll get away with it anyway—and the taxpayer will get fleeced to pick up the tab.
We’ll be an interesting footnote in the annals of history when this gets studied.
There are “luxury” apartments going up all over and around downtown and uptown. I’m not quite sure who can afford these things, but I’m hoping the glut will start bringing rents down. We just got our renewal notice for the downtown apartment we’ve lived in for 11 years, and they want to raise the rent again. Hopefully, we’ll put our minds to it and move this time instead of continually getting the shaft.
Falls Church, VA Housing Prices Crater 14% YOY As DC/NoVA Housing Market Turns Toxic
https://www.zillow.com/falls-church-va-22046/home-values/
*Select price from dropdown menu on first chart
Any thoughts on why China’s stock market is tanking while the U.S. market holds firm?
The Financial Times
Trade disputes
Shanghai Composite closes in bear market territory
Slide underlines pressure that rising trade tensions and a slowing economy are exerting
…
It means DJT is winning despite all the “free trade” democrats opposition and their propaganda fake legacy media minions
Markets
Investors Agree With Trump: The U.S. Will ‘Win’ Any Trade War
By Luke Kawa
June 20, 2018, 6:17 AM PDT
‘Clear’ that the market views America as relative winner
Internationally focused equities still suffer in spat
Trade wars are good and easy to win — even if the victory is only Pyrrhic.
That’s the early view from financial markets as the tariff dust-up between China and the U.S. shows increasing signs of impacting stock prices. While broad measures of American equities have held up better than their Chinese counterparts, striation within the U.S. market shows investors anticipate steep losses in some stalwart names.
“If we compare the price action between Chinese equities and U.S. equities (particularly the Russell 2000), it’s pretty clear that the market is discounting the U.S. as a relative winner in the outcome,” writes Jeffrey deGraff, Renaissance Macro Research’s co-founder. “That’s not to say trade wars are bullish, but the S&P 500 has absorbed the threat and even body blows substantially better than China.”
…
“‘Clear’ that the market views America as relative winner”
= more marketing oppoortunitie$ for … 1.37 Billion$ a$ian pacman gobbling exporter$/importer$
Markets don’t exist.
Investors are basically gamblers.
“$hanghai Compo$ite closes in bear market territory”
Your panda bear mama is so fat, that when she sat on a US quarter, a yuan bugger squeez$ed out George’$ no$e!
Trade wars hurt net exporters who demand and expect the US to buy their goods while they have had trade barriers for decades and only buy from us what they can’t make.
How is that going to effect$ the $elling price$ of 48′ $hipping container$?
Being that they’re probably all made in China now, I have zero effs to give.
No, the one$ $itting on U$A $oil!
Make Tiny Houses out of them to house the homeless.
Here’s the list of companies in the DJIA:
3M* (NYSE:MMM) 1976
American Express (NYSE:AXP) 1982
Apple (NASDAQ:AAPL) 2015
Boeing (NYSE:BA) 1987
Caterpillar (NYSE:CAT) 1991
Chevron* (NYSE:CVX) 2008
Cisco (NASDAQ:CSCO) 2009
Coca-Cola* (NYSE:KO) 1987
The Walt Disney Company (NYSE:DIS) 1991
DowDuPont (NYSE:DWDP) 2017
ExxonMobil* (NYSE:XOM) 1928
General Electric (NYSE:GE) 1907
Goldman Sachs (NYSE:GS) 2013
The Home Depot (NYSE:HD) 1999
IBM (NYSE:IBM) 1979
Intel (NASDAQ:INTC) 1999
Johnson & Johnson* (NYSE:JNJ) 1997
JPMorgan Chase (NYSE:JPM) 1991
McDonald’s* (NYSE:MCD) 1985
Merck (NYSE:MRK) 1979
Microsoft (NASDAQ:MSFT) 1999
Nike (NYSE:NKE) 2013
Pfizer (NYSE:PFE) 2004
Procter & Gamble* (NYSE:PG) 1932
Travelers Companies, Inc. (NYSE:TRV) 2009
United Technologies (NYSE:UTX) 1939
UnitedHealth (NYSE:UNH) 2012
Verizon (NYSE:VZ) 2004
Visa (NYSE:V) 2013
Wal-Mart (NYSE:WMT) 1997
————–
Except for Apple, Microsoft, and WalMart, (and possibly Caterpillar? GE?), the companies do not look like they are dependent on Chinese imports.
Your list is rong: GE isn’t there any longer.
Six Sigma strikes again!
https://www.usatoday.com/story/money/2018/06/19/ge-removed-dow-jones-industrial-average/715985002/
Yeah I know. This is the quickest list I could find.
GE was replaced by Walgreens… which is even *less* dependent on China than GE. So my point still stands.
Speaking of which, there have been a few times in China when I sure wished I could find a Walgreens :-). But Walmart has been there to save me a couple of times.
3M* (NYSE:MMM) 1976
American Express (NYSE:AXP) 1982
Apple (NASDAQ:AAPL) 2015
Boeing (NYSE:BA) 1987
Caterpillar (NYSE:CAT) 1991
Chevron* (NYSE:CVX) 2008
Cisco (NASDAQ:CSCO) 2009
Coca-Cola* (NYSE:KO) 1987
The Walt Disney Company (NYSE:DIS) 1991
DowDuPont (NYSE:DWDP) 2017
ExxonMobil* (NYSE:XOM) 1928
General Electric (NYSE:GE) 1907
Goldman Sachs (NYSE:GS) 2013
The Home Depot (NYSE:HD) 1999
IBM (NYSE:IBM) 1979
Intel (NASDAQ:INTC) 1999
Johnson & Johnson* (NYSE:JNJ) 1997
JPMorgan Chase (NYSE:JPM) 1991
McDonald’s* (NYSE:MCD) 1985
Merck (NYSE:MRK) 1979
Microsoft (NASDAQ:MSFT) 1999
Nike (NYSE:NKE) 2013
Pfizer (NYSE:PFE) 2004
Procter & Gamble* (NYSE:PG) 1932
Travelers Companies, Inc. (NYSE:TRV) 2009
United Technologies (NYSE:UTX) 1939
UnitedHealth (NYSE:UNH) 2012
Verizon (NYSE:VZ) 2004
Visa (NYSE:V) 2013
Wal-Mart (NYSE:WMT) 1997
Maybe not all that dependent on China?
Canada Preparing Steel Quotas, Tariffs on China, Others, Sources …
https://www.bloomberg.com/…/canada-preparing-steel-quotas-tariffs-on-china-others-...
1 hour ago - The Canadian government is preparing new measures to prevent a potential flood of steel imports from global producers seeking to avoid U.S. …
Ha ha. The EU is going to do something similar.
That’s what happens when the buyer of last resort says no.
The globalist must be losing their minds.
It’s hilarious. “Tariffs hurt baby Jeebus! …Crap, we better get some tariffs going.”
http://www.foxnews.com/world/2018/06/26/brexit-bill-becomes-law-allowing-uk-to-leave-european-union.html
‘Brexit bill becomes law, allowing UK to leave European Union’
‘Pro-EU lawmakers said they will try to defeat the government on other EU-related legislation if it tries to push for a “hard Brexit” that disrupts close economic ties between Britain and Europe.’
Wa? I thought the EU meanies were going to cut off the UK?
I thought it was hilarious when Trudeau bragged about taxing Hersheys. Their Hersheys was made in Smiths Falls Ontario until it moved to Mexico a few years ago.
Here’$ a li$t that $hows expo$ure$ to po$$ible $uffering$:
50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites
https://www.thestreet.com/story/14515705/1/fifty-stocks-that-could-be-shredded-if-a-us-trade-war-with-china-ignites.html?puc=yahoo&cm_ven=YAHOO&yptr=yahoo
By Brian Sozzi
Updated Jun 25, 2018
Hmmm. While that is a mix of stocks it does seem heavily weighted toward Silicon Valley and friends. And then taking into account that if it’s being reported as possible, that probably means it’s already happening…
‘40 percent of all brand-new units across the region are sitting empty — that works out to about 5,000 units that have never been lived in…About 10,000 additional units across King and Snohomish counties are sitting empty at buildings that aren’t brand new, largely because of regular turnover. A stunning 26 percent of all apartments in the core of downtown Seattle right now are empty, up from just 5 percent a year prior’
That’s some shortage! Of course, this “quickly” happened says the Seattle Times, when we’ve been watching it unfold for years. The problem with believing your own propaganda is somebody ends up fooked.
“At newly opened properties, 40 percent of all brand-new units across the region are sitting empty — that works out to about 5,000 units that have never been lived in, according to Apartment Insights/RealData. About 10,000 additional units across King and Snohomish counties are sitting empty at buildings that aren’t brand new, largely because of regular turnover. A stunning 26 percent of all apartments in the core of downtown Seattle right now are empty, up from just 5 percent a year prior.”
From 5% vacancy to 26% vacancy in a single year’s time, and this is during a period of extremely low unemployment. Imagine what these numbers are going to look like once a recession hits. Oy vey.
Not only are multi-family owners screwed, but homeowners as well. When rental rates crater, so do house prices. The Seattle schlonging is underway.
What is the average rent for these empty units? $2000-3000? Remember when that kind of money bought a really nice house?
Imagine how much money they are losing every month. It’s gonna be epic.
‘more new units this half-decade than in the previous 50 years combined, and the peak of the openings is happening right now’
They have similar “we got 50 years of airboxes in 4″ sayin’s in Denver.
Service electrical > new construction in Denver.
I know alot of people who are gonna get laid off or fired…
“I know alot of people who are gonna get laid off or fired…”
Do they drive $60k four-door diesel pickups?
“Imagine how much money they are losing every month. It’s gonna be epic.”
It’s amazes me that alleged experts in their field with 10’s of millions of dollars at their disposal can be so dumb. Believing their own rhetoric. They could have given you a bundle as a consultant or just read this blog and in some cases, saved their companies.
The big 80’s apartment bust was triggered by tax changes and the oil collapse. That’s not really the case today. This was a pure mania driven event. And mania’s require a concentration of participants to be swept up. Dallas has 3 times as many units as demand? That takes more than consulting error.
Here what really is going to kick them in the pants: the complexes aren’t valued by comps. Rather it’s ROI and the cap rate. With income going poof, they are worth a bunch less right now! Good luck refinancing these things and woe to the fools who expected to flip them in a year or two. They are looking at folding the LLCs and walking away. Oh and how about the guys we read about who were refinancing waaay above true value via fraud etc? That one is on you Mel Watt. Good thing you are headed out in January. The GSE’s are about to become the biggest landlords in the country, at a loss of course.
“Do they drive $60k four-door diesel pickups?”
No, but they drive $75k four-door diesel pickups.
“Good luck refinancing these things and woe to the fools who expected to flip them in a year or two. They are looking at folding the LLCs and walking away. Oh and how about the guys we read about who were refinancing waaay above true value via fraud etc? That one is on you Mel Watt. Good thing you are headed out in January. The GSE’s are about to become the biggest landlords in the country, at a loss of course.”
Do you think we can finally get crooked, paid-off politicians and the US government OUT of housing speculation for good?
The current Treasury secretary wants to get rid of them. If they stumble in the next two years, yes, I think that will be an opportunity.
OK - i must distrust my lying eyes about the rental market in Seattle.
In Belltown and South Lake Union —- from my observations it seemed like the rentals in the new luxury buildings were filling up.
But the stats seem to indicate that there are lots of vacancy/empty. I believe these stats — but wow. There must be a ton of buildings with a lot of empty units and the very nice downtown ones with just 20-30%.
Oh heck - perhaps my observation skills were just misleading me.
I am going to try to figure this out as i tool around on my bike or in the car over the next couple of months
‘perhaps my observation skills were just misleading me’
“Do they drive $60k four-door diesel pickups?”
For a fun exercise, check out the inventory at your local Ford dealership’s website. It’s probably something like:
200 pickups
100 SUVs
20 cars
GM and Chrysler dealers aren’t much better.
You can’t “see” vacancies in the buildings, they have to be reported. They can turn some lights on and make it appear like the whole thing is full.
And as I’ve harped on it so many times - they are all going after the same small sliver of renters with all their ’superior amenities’ in order to make their ROI numbers, while ignoring what the larger group of renters needs.
What I would do, if I had a new apartment tower coming online and I could, would be to knock walls down between pairs of 900 sq ft 2-bedroom apartments or a 2-bed and 1-bed unit, remove one of the (now redundant) kitchens, and remodel them into 1600-2100 sq ft 3-bedroom or even 4-bedroom units targeted at families with kids. Not penthouse units, but something someone could raise a kid or two in.
The overall rent would be lower $ per sq ft, but I could guarantee you 100% occupancy in ONE MONTH. And much, MUCH lower rates of tenant turnover than all the 1 & 2 bedroom competition.
All because there is seriously unfilled demand…
What?
Huh?
oh.. shit.. it lowers the investor’s profits.
Never mind.
Forget I even said that.
‘there is seriously unfilled demand…’
Put on your readers Grandpa.
‘At newly opened properties, 40 percent of all brand-new units across the region are sitting empty — that works out to about 5,000 units that have never been lived in…About 10,000 additional units across King and Snohomish counties are sitting empty at buildings that aren’t brand new, largely because of regular turnover. A stunning 26 percent of all apartments in the core of downtown Seattle right now are empty, up from just 5 percent a year prior’
GLUT!
Ben,
I will argue that the 2 are not mutually exclusive.
There is a hell of glut of apartments coming online, no denying it, but the number that are 3 bedrooms or more is something like 1%, and it’s that tiny segment that has the unfilled demand .. just that ~ 1% of the market.
And we know that’s possible because when the plans for all these new towers and buildings were drawn up the only question asked was “How can we get the maximum ROI?” and not once “Who actually needs this?”
The cheapest 3-bed apts in my area are $2300. You need at least a $80K HH income to afford that. It might be doable for a double-income family, but $2300 will also buy a pretty good house in the same neighborhood.
It’s worse/more expensive around here. A supply of 3-bed apartments would take some pressure off SFH rentals.
“Not penthouse units, but something someone could raise a kid or two in.”
Aw come on… kids love playing on the spiral staircase.
What I would do, if I had a new apartment tower coming online and I could, would be to knock walls down between pairs of 900 sq ft 2-bedroom apartments or a 2-bed and 1-bed unit, remove one of the (now redundant) kitchens, and remodel them into 1600-2100 sq ft 3-bedroom or even 4-bedroom units targeted at families with kids. Not penthouse units, but something someone could raise a kid or two in.
You’re right that it would fill apartments at the right price. But it would also bankrupt the current owners because they were depending on higher ROI. So for now the only option is to wait for them to go bankrupt first. Then maybe some of this overbuilt stuff can find its real purpose in life.
Denver, CO Rental Rates Crater 6% YOY As Flood Of Housing Inventory Slams Market
https://www.zillow.com/denver-co-80202/home-values/
https://snag.gy/m5EzRB.jpg
Ben Jones: That’s some shortage! Of course, this “quickly” happened says the Seattle Times, when we’ve been watching it unfold for years. The problem with believing your own propaganda is somebody ends up fooked.
The real estate gold rush is still on.
From the link above:
‘The student-housing sector remains strong—though there have been some markets that have seen oversupply issues and subsequent struggles to fill new student housing beds. NREI talked about some of the sector’s recent trends, from the growth in certain types of amenities to the more recent slowdown in construction, with David Adelman, CEO of Campus Apartments. The Philadelphia-based student housing provider, which was founded 60 years ago, owns a little less than $2 billion in real estate.’
‘NREI: What were some of the characteristics of these markets that drove people in to build more?’
‘David Adelman:I think in some cases we’re getting entrants who are new to the student housing business, so they just look at the map and say “let me pick these state universities.” And those state universities are generally in an area where there’s lots of land. I think a lot of the new supply was generated from new entrants to the business who don’t necessarily do the proper research into fundamentals and market dynamics.’
‘NREI: The new properties that you recently developed—how would you describe them? Do they have any amenities?’
‘David Adelman: These are really highly, highly amenitized properties, really high-end…They all have fitness centers, club houses, Starbucks machines in the lobbies. They really look highly amenitized, almost like traditional multifamily buildings. They’re all furnished with high-end furniture, granite countertops, hardwood floors in the apartments. It’s just a higher level of finish and detail.’
‘NREI: Do you think that’s where the market is going, in terms of what students are looking for and willing to pay for?’
‘David Adelman: I think it depends on the market. That high-end stuff is only catering to the top 20 percent, affluent students.’
‘These are really highly, highly amenitized properties, really high-end…’
‘Do you think that’s where the market is going, in terms of what students are looking for and willing to pay for?’
‘I think it depends on the market’
Have no fear future retirees. This guy only has $2 billion of your Yellen bucks at stake.
“That high-end stuff is only catering to the top 20 percent, affluent students.’”
DebtDonkeys in training? StudentDebtDonkeys?
Since when were unemployed students “affluent”? What a strange notion. Much like the fact homeowners are the poorest demographic in the US when all debt is measured.
They just made it up. Like the young rich renters who are eager to pay 70% of their income to live above a bar or rich older people who want to pay $5,000 a month and get free drinks. (Remember that one in Atlanta?)
This is just REIC horse-hockey the media repeats endlessly.
April 19, 2018
From Bisnow on Florida. “‘Palm Beach is completely on fire,’ said Todd Michael Glaser, a high-end homebuilder who made his name in Miami but has lately been concentrating on Palm Beach County. ‘I’ve never seen the amount of $8M to $70M homes as in the last three and a half, four months. It’s staggering.’ It’s not just single-family homes that are hot, but a new wave of high-end condos and mutifamily apartments, especially in downtown West Palm Beach.”
“Kolter Urban President Bob Vail, who is developing the Alexander, said that there is something of an arms race for amenities in the new supply of high-end homes. ‘You see that across the U.S. There are [apartment] buildings in Atlanta, Denver and Dallas that are nicer and more fully amenitized than condominium units, because that’s what it’s going to take to get people to choose that building,’ Vail said. ‘It’s just sort of a differential advantage. It’s really become a race in those more in-demand markets.’”
“Though the market is healthy now, the developers agreed a slowdown is possible as new supply takes time to be absorbed, construction costs rise and actionable sites get harder to find. Low salaries in Palm Beach County mean that not many workers can afford high rents. When an audience member asked whether they were concerned with an economic downturn, Vail responded half-jokingly, ‘Condo developers, we don’t forecast those kind of things, you know what I mean? We’re just go, go go,’ he said. ‘And the faster we go, the faster we get to the closing, and then, I’m not going to say we don’t care, but … ‘ The audience chuckled as he trailed off.”
http://thehousingbubbleblog.com/?p=10407
And Bob here will gladly leave you stuck up to your eyeballs in some half-assed airbox while he undercuts you by 50% and then dumps the rest on the stupid bashtards who lent him the money. And he’ll laugh about it - publicly. That’s the kind of people who populate this industry.
“And he’ll laugh about it - publicly.”
$een just yesterday on a license bracket attached to a Roll$ Royce:
Gue$$ I’m ju$t lucky that way$
Kutztown now requires freshmen and sophomores to live on campus for their first two years.
Housing rates for Kutztown: ~$3600/10 months double room
High-end meal plan: ~$1900/10 months
Class B apartments near campus: $975/mo 2-bed (only apt available, everything else is 10 miles away)
So, it seems to be similar pricing for living on and off campus.
Housing rates for Kutztown: ~$3600/10 months double room
High-end meal plan: ~$1900/10 months
That’s “cheap”, you can pay a lot more than that, like 8-10K from dorm and board. Now throw another 12K on top of that for tuition and books, and that’s at a state U Second and third tier private schools can set you back 40K+ per year.
Sometimes I’m amazed anyone still attends college.
Which explains the rapidly declining enrollment rates.
Having your extortionate student fees pay for cultural Marxist professors and perpetually triggered special snowflakes, affirmative action high achievers, and Red Guards, then graduating into an oligarch-looted economy where your BA qualifies you to be a barista or Wall Mart shelf stocker, might be part of the reason, too.
“…Sometimes I’m amazed anyone still attends college…”
Wait until the cost (including interest and lost opportunity) of college for a typical student equals or exceeds how much that student will make in a lifetime.
But then again, football season and all those beer busts were such great memories..
OK sorry, I oopsed. Those numbers are PER SEMESTER, not per year. Basically, full tuition and board is about $22K/year. Still not terrible by today’s standards. I wonder if they offer scholarships.
Interesting. I paid $300 something a semester to go to a top flight engineering college. Rented an apartment for <$200/month nearby. Debt junkies, central bankers and gamblers have really screwed over honest people in the meantime.
Got offered the highest starting salary Exxon had ever offered. Didn’t take it.
This is why I never really objected to Bernie Sanders’s mantra of “free college.” State school used to be nearly free. Gen Z deserves cheap college as much as the baby boomers did.
(that said, my idea of “free college” is tuition and fees only for in-state students at a state school, possibly on scholarship. None of this amenity-filled daily drinking on the taxpayer dime.)
So why do celebrates try to flip houses?
Are they not making enough as it is? Or is it just fast and easy money (as seen on HGTV) - so easy that anyone can do it (as seen on HGTV)?
+++++
George Stephanopoulos And Ali Wentworth’s Home Sold For $5.7M
27East.Com (The East Hampton Press & The Southampton Press) - 6/25/2018 - JD Allen
April’s sale of 5 Cameron Way in Southampton Village was an eye-catcher as far as celebrity home sales go. It was the home of ABC News anchor George Stephanopoulos and Ali Wentworth, the actress and author. The actual final sale price was a mystery, until now. Transfer records revealed this week that the property changed hands for $5.7 million.
The power couple bought the 4,800-square-foot, five bedroom, six-and-a-half bathroom home in 2013 for $4.5 million. They sought to flip the house in 2016, putting it on and off the market and knocking the price tag down from about $7 million to a hair shy of $6 million. The discount off the last asking price comes out to $295,000.
The 1.47 acres of gated and hedged land isolates the home’s majestic private library and master suite, coffered ceilings in the living room, and a marble center island and dual refrigerators in the kitchen. Other amenities on site include a bunk-bed guest room, a gym, a wet bar, and a 1,000-bottle cellar.
Ms. Wentworth is an icon of comedy television, appearing in “Felicity” and “In Living Color,” as well as Jerry Seinfeld’s TV girlfriend in the famous “Soup Nazi” episode of “Seinfeld.” Her latest book is “Happily Ali After: And Other Fairly True Tales.” Mr. Stephanopoulos entered the television scene after a stint working on President Bill Clinton’s 1992 campaign for the White House, and communications director. He now hosts ABC’s “This Week.”
“Icon?” Gimme a break. Johnny Carson was an icon. Lucille Ball was an icon. Carol Burnett was an icon. Bill Cosby *was* an icon but he’s destroyed that for good. Seinfeld might be an icon, but not his bit-part girlfriend.
Heh, I lost track of TV after 2000… are there any recent icons?
He just got woked.
I expect him to be called a racist and a nazi at any moment now.
++++
Colorado Coalition for the Homeless President John Parvensky also had concerns during an interview with Denver7 earlier this month. ‘If they have vacant units it’s because the rent’s too high. All they need to do is reduce to market level, they will fill up, and there won’t be these empty units,’ he said.”
John understands economics. But he doesn’t seem to understand that his plan would hurt the wrong people. Nobody cares about his homeless friends.
“John understands economics.”
+1 Indeed.
city subsidies to people for existing vacant apartments
Developers, builders, and banks are determined to collect that luxury rent one way or another, and they don’t care who signs the check.
It’s not working out for them.
Oh well.
Seattle, WA 98121 Rental Rates Crater 9% YOY As Seattle Area Housing Prices Tank
https://www.zillow.com/seattle-wa-98121/home-values/
*Select price from dropdown menu on rental chart
He just got woked.
BBC video: When you so “woke” you asleep
When you got a monopoly and excess supply - you will force your customers to use it.
+++++
Kutztown now requires freshmen and sophomores to live on campus for their first two years.
‘he is not discouraged by Kutztown’s declining enrollment, which fell from 10,707 in 2010 to 8,329 in 2017, a 22 percent decline…And there is currently a glut of student housing in downtown Kutztown. ‘I remain optimistic about the project,’ he said. ‘I think there’s been a slight uptick in the student population.’
How much skin do you suppose Greg has in the game?
How many administrators did they add in those 7 years?
Nearly half of Bay Area residents say they want to leave
105 Manor Place–next door to a former drug house at 107 Manor Place– recently sold for $2.3 million. (Dan Coyro — Santa Cruz Sentinel)
By Marisa Kendall | mkendall@bayareanewsgroup.com | Bay Area News Group
PUBLISHED: June 3, 2018 at 12:01 am |
UPDATED: June 5, 2018 at 5:39 am
Despite the Bay Area’s natural beauty and booming job market, nearly half of its residents now want to get out, citing a creeping disillusionment with the high cost of housing.
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Forty-six percent of Bay Area residents surveyed said they are likely to move out of the region in the next few years — up from 40 percent last year and 34 percent in 2016, according to a poll released Sunday by business-backed public policy advocacy group the Bay Area Council.
The numbers show a disturbing trend in one of the nation’s most expensive housing markets: Workers desperate for a better quality of life and without housing options will go elsewhere, potentially plunging the region into a financial downturn.
“They couldn’t be more clear what the big problems are — and it is exclusively about the cost of housing,” said John Grubb, chief operating officer for the Bay Area Council. “They don’t see…enough action coming, and so they’re looking at taking matters into their own hands. And unfortunately, what they’re going to take into their hands is the steering wheel of a U-Haul to go somewhere else where there’s a better combination of salary and lower housing costs.”
Bay Area home prices have been climbing for six years, setting another record in April, when the median sale price hit $850,000 — up 13 percent from a year ago, according to real estate data firm CoreLogic. Rents are soaring too, and workers are forced to move farther away to find affordable housing and commute on already crowded Bay Area roads and freeways to get to their jobs.
…
‘Rents are soaring too’
Up next: the Mercury News 16th breaking story on how airbox rentals are (gasp!) falling, especially in Oakland “we love you long time” California.
“San Francisco’s Downtown Area Is More Contaminated With Drug Needles, Garbage And Feces Than Some Of The Worlds Poorest Slums”
http://www.businessinsider.com/why-is-san-francisco-so-dirty-2018-2
Isn’t California just wonderful?
California is the most impoverished state in the country.
Yeah, they have In’N'Out Burger, but not much else…
And Disneyland
“Forty-six percent of Bay Area residents surveyed said they are likely to move out of the region in the next few years”
Well, they can always return for a free 3 day reunion @ the “Hardly Strictly Blue$ Festival”
Howdy to the “Go To Hell Man Clan” @ the Rooster stage!
Could be or it could be insane housing costs PLUS
Inane Taxes
Insane public unions
Their schools overun
Their hospitals overrun
In your face fascist SJWs
Blatant and oppressive government sanctioned racism
Being afraid that one wrong post or like or blog will destroy them for being on the “wrong side”
Etc.
++++++++++
“They couldn’t be more clear what the big problems are — and it is exclusively about the cost of housing,”
‘Nevada, Arizona, Texas, those are solid red states. Those states all (are experiencing) massive amounts of migration,’ he said. ‘San Francisco thought it had a monopoly on enlightenment and diversity, but that attitude is beginning to seem quaint.’
Nevada USED to be a solid red state, that is until the mass invasion from CA and May-he-co. It’s now been blue for the past 3 elections, and I suspect from now on.
Until CA gets rid of Prop 13, nothing will change.
Proposition 13 received an enormous amount of publicity, not only in California, but throughout the United States.
Passage of the initiative presaged a “taxpayer revolt” throughout the country that is sometimes thought to have contributed to the election of Ronald Reagan to the presidency during 1980.
there were several scandals in California involving county assessors. These assessors were found rewarding friends and allies with artificially low assessments, with tax bills to match.
These scandals led to the passage of AB 80 in 1966, which imposed standards to hold assessments to market value.The return to market value in the wake of AB 80 could easily represent a mid-double-digit percentage increase in assessment for many homeowners. As a result, a large number of California homeowners experienced an immediate and drastic rise in valuation, simultaneous with rising tax rates on that assessed value, only to be told that the taxed monies would be redistributed to distant communities. The ensuing anger started to form into a backlash against property taxes which coalesced around Howard Jarvis, a former newspaperman and appliance manufacturer, turned taxpayer activist in retirement.
Joe.the.plumber, … meet … Howard Jarvis, appliance repair man
California passed a state-wide proposition denying welfare benefits to illegal - it was “overturned” by a single Federal judge
California passed a state-wide proposition defining marriage as a union between a man and a woman - it was “overturned” by a single Federal judge
Guess what is going to happen to Proposition 13…
Eh, x1 Federal judge … verses … x 9 US Supreme Justices?
Case closed.
Go Arny!
The United States Supreme Court held, in Nordlinger v. Hahn, that Proposition 13 was constitutional. Justice Harry Blackmun, writing the majority opinion, noted that California had a “legitimate interest in local neighborhood preservation, continuity, and stability” and that it was acceptable to treat owners who have invested for some time in property differently from new owners. If one objected to the rules, they could choose not to buy. Stephanie Nordlinger, the plaintiff in this case, sued the Los Angeles County Tax Assessor Kenneth Hahn on the grounds of the Equal Protection Clause of the Fourteenth amendment to the U.S. Constitution. Nordlinger purchased a property in the Los Angeles area and, under the provisions of Proposition 13, was required to have the property reassessed at a new value. The reassessed value of Nordlinger’s property raised her tax rates by 36%, while her neighbors continued to pay significantly lower rates on their property. Disheartened by the disparity in taxation, Nordlinger viewed this reassessment as favoritism in the eyes of the law and elected to bring charges up on the Los Angeles County Tax Assessment office and its primary assessor, Kenneth Hahn. Pleading that the reassessment of her property did not grant equal protection, stated as a right in the 4th Amendment, Nordlinger took Hahn to court and appealed in the Supreme Court in 1981. The court ruled in favor of Hahn, affirming Proposition 13 as constitutional.
In the 2003 California recall election in which Arnold Schwarzenegger was elected governor, his advisor Warren Buffett suggested that Proposition 13 be repealed or changed as a method of balancing the state’s budget.[54] Schwarzenegger, believing that such an act would be inadvisable politically and could end his gubernatorial career, said, “I told Warren that if he mentions Proposition 13 again he has to do 500 sit-ups.”
Prop 13 has ZERO to do with California’s high housing prices. This is a lame partisan talking point that is easily debunked by looking at other states without similar protections that also have exorbinate housing costs. NY state? NJ? brutal property taxes, with high RE prices. Clearly there’s something (or somthings) else at work here. Hmmmm….
Prop 13 doesn’t entirely explain CA’s high home prices, but it certainly contributes to it. Prop 13 distorts the taxes that a home owner would pay, thereby artificially increasing housing prices. This is because the ongoing house prices are
Prop 13 reduces ongoing costs which makes the house seem more affordable. If ongoing costs are reduced then a given home is more affordable than it might have otherwise been. People are willing to pay more for housing whose taxes are suppressed, which is what drives the price of housing up.
Also, since municipalities get less taxes from residential real estate, they tend to prefer commercial and industrial, which further limits housing development. Add it all up and you get NIMBYism and shortages. Prop 13 can’t go away quick enough. The longer it stays around the more insane CA’s housing market will be. One solution would be just to have an accelerated appreciation schedule for severely undertaxed dwellings.
Does the author even realize what she is writing?
And do we all have a right to live where ever we want? No matter what we can realistically afford?
+++++
The Chicago Sun Times in Illinois. “No doubt, lots of Chicagoans are having a tough time finding a place to live that won’t leave them broke. Every area of the city, from Jefferson Park to the South Loop to Gage Park to Pullman, has a dearth of affordable housing, especially two- and three-bedroom units that are big enough for families, according to a report from the DePaul University Institute of Housing Studies.
But the program also has been a disappointment. Developers, as it turned out, were willing to shell out up to $175,000 not to build affordable housing, especially downtown or in wealthier North Side neighborhoods. Most of the new units were built in low-income communities on the South and West sides that already have a glut of low-income housing.”
San Diego, CA 92126 Rental Rates Plummet 8% YOY As SoCal Housing Market Craters On Record High Housing Inventory
https://www.zillow.com/san-diego-ca-92126/home-values/
*Select price from dropdown menu on rental chart
Realtors are liars.
Supreme Court upholds Trump travel ban
June 26, 2018
https://www.youtube.com/watch?v=JoZLdivjgjE
National sovereignty affirmed by a 5-4 decision. Whoop-de-do.
Reddit reaction compilation:
https://i.redd.it/ku96u0rqfd611.png
From the article, the banned countries are Syria, Libya, Iran, Yemen, Chad, Somalia, North Korea and Venezuela. But restrictions on North Korea and Venezuela were not part of the challenge.
Why aren’t the Catholics up in arms about this? It’s a Catholic ban! Oh, right, the challengers conveniently left that part out and cherry-picked their victims. The Buddhists and Confucians appear not to care.
Left-wing frauds. Their livelihood depends on it.
Hog throwin’ under trump$ bu$, was $cott Walker on its back?
Trump’s rage towards Harley-Davidson is what happens when you pick winner$ and loser$
“A Harley-Davidson should never be built in another country-never!” Trump said.
“Their employees and customers are already very angry at them. If they move, watch, it will be the beginning of the end – they surrendered, they quit! The Aura will be gone and they will be taxed like never before!”
Wonderin’ iffin’ the German$ feel their car$ should still bee made in Tenne$$ee, $outh Carolina$, Alabama$ U$A? …
From what I have heard, German workers and unions are VERY unhappy with their offshoring issues,
Maybe they should eat their own peas.
“Cars are a particular sore point. Imports into the US are not quite free, but pay a tariff of only 2.5 percent, compared with the EU tariff of 10 percent on US car imports. Some other examples from the EU include a 17 percent tax on apples and 20 percent on grapes.”
https://global.handelsblatt.com/politics/trump-may-point-eu-tariffs-ifo-says-899083
As I’ve mentioned before, everyone else is a protectionist, big time, and we are expected to be the buyer of last resort to keep their factories and farms humming. When we say “now wait a minute” everyone else screams and loses their collective minds.
In a perverse way, I almost want the US to lose its titles as leader of the free world, global influencer, biggest economy, protector of democracy, etc. Because we’re bankrupting ourselves doing it. I wouldn’t mind retreating to being a secondary first-world country, like, say, Poland or Australia. They still have electricity, flush toilets, cell phones, single-family houses, and advanced medical.
How do the worker$ in their factorie$ in U$A $outhern $tate’s feel about having foreigner$ as employer$?
It beat$ having no employer$.
“A Harley-Davidson should never be built in another country-never!” Trump said.
Definition of reciprocity
plural reciprocities
1 : the quality or state of being reciprocal : mutual dependence, action, or influence
2 : a mutual exchange of privileges; specifically : a recognition by one of two countries or institutions of the validity of licenses or privileges granted by the other
BMW … VW … Volvo … Mercede$ Benz … = non.native$
Job$ $outh of the Ma$on-Dick$on line …
It’s too late to play the “American icon” card, Donald. Jack Welch sold out the most iconic of American icons — the simple light bulb — to China decades ago.
CEO’$ will knot line Corporate officer$ pocket$ in any way, $hape, or fa$hion!
Ca$h-rich companie$ are set to pour $2.5 trillion$ into buyback$, dividend$ and M&Aqui$ition$ this year.
https://www.cnbc.com/2018/06/04/companies-to-pour-2-point-5-trillion-into-buybacks-dividends-ma-in-2018.html
Tyngsboro, MA Housing Prices Crater 13% YOY As Spiraling Boomer Death Rate Floods Market With Inventory
https://www.zillow.com/tyngsboro-ma/home-values/
*Select price from dropdown menu on first chart
Your knack at creating writing is staggering, Haystacks.
Housing my good friend…. Housing.
Cedar Mill, OR Housing Prices Crater 11% YOY As Urban Housing Correction Extends To Rural Areas
https://www.zillow.com/cedar-mill-or/home-values/
*Select price from dropdown menu on first chart
“In San Francisco Bay Area $117,400 is Low-Income”
https://www.youtube.com/watch?v=HGDQvL2n-t0
More Yellen Bux flowing into Tech Bubble 2.0
https://www.marketwatch.com/story/hot-money-is-flowing-into-netflix-facebook-and-amazon-again-2018-06-26
The tears will fill many oceans when this $shit collapses.
The IMF, which has been an active accessory in the central banks’ deranged money printing that has resulted in runaway speculative excesses and unsustainable debt pyramids, now has the gall to sound the alarm over all the trillions of Yellen Bux that have perished while seeking yield in junk bonds. No surprise that the current and most recent former head of the IMF are both convicted criminals.
https://www.zerohedge.com/news/2018-06-26/imf-sounds-alarm-over-junk-bond-bad-boom
‘The IMF concludes that this result suggests that “when credit is growing quickly, policymakers should pay attention to how much of that growth is allocated to riskier firms, such as those that issue high-yield debt.” Well, not only is junk debt growing quickly, it has never been greater.’
‘Needless to say, not only are no regulators actively seeking to restrain credit growth, but lending standards have never been easier, which is to be expected when none other than the ECB is actively buying corporate bonds.’
“China Stock Rout May Worsen, Analysts Warn No End in Sight”
https://www.bloomberg.com/news/articles/2018-06-26/china-stock-rout-may-worsen-analysts-warn-no-end-in-sight-yet
Reading pa ?
It’s been depressed since the early 70s
Don’t collect $200
Take away tho$e little green hou$es, & give me a big, high density luxury red hotel/apt.home, … Okie.dokie, your turn, roll.the.dice!
Do.collect.the.rent$!
Ben and Janet’s Housing Bubble 2.0 appears to have reached its blow-off top.
https://wolfstreet.com/2018/06/26/it-gets-spiky-update-on-the-most-splendid-housing-bubbles-in-america/
Got popcorn$ in the pantry, $cotch & The Knot (hidden, but still a age.in’) @ the ready!
eyes line red red wine with a touch of plum, … Denver, is lookin’ awful plummy!
A left-leaning populist firebrand appears poised to win the Mexican presidency, sweeping aside the corrupt, ineffectual Establishment candidates and their failed neoliberal economic policies. Will be interesting to see how AMLO and Trump play off each other, and whether or not this is going to arrest or accelerate Mexico’s devolution into a failed state.
https://www.reuters.com/article/us-mexico-election-lopez-obrador-newsmak/scourge-of-mexico-establishment-poised-to-capture-presidency-idUSKBN1JM189
That’$ just a bunch of NAFTA hog wa$h, … just.you.wait$.&.$ee
Hey, that inspires a dish for America$ birthday ba$h next week:
Elote (Nahuatl: ēlōtl [ˈeːloːt͡ɬ]) … Ummmm good!
and whether or not this is going to arrest or accelerate Mexico’s devolution into a failed state
Mexico already tried AMLO’s approach in the 1970’s. It almost became a precursor to present day Venezuela.
What’$ the odd$ that a coin owner has:
1. $tudent Loan$ … (1.5 Trillion$)
&
2. Credit card$ debt$ … (1+Trillion$)
There’s that word again: True Believer$!
Bitcoin$ Drops to $5,860, Lowe$t since October 2017.
True Believer$ with Fake Hope$ Got Cleaned Out by Early Movers
by Wolf Richter • Jun 24, 2018 •
Down 70% from the peak. This is just not fun anymore.
https://wolfstreet.com/2018/06/24/bitcoin-drops-to-5860-lowest-since-october-2017-true-believers-with-fake-hopes-got-cleaned-out-by-early-movers/
By Marie Huillet
Bitcoin Is “Epidemic of Enthusiasm” Says Nobel Prize Winner Robert Shiller
Beyond economics, Bitcoin (BTC) is a “social movement” that runs along “generational and geographic” lines, Nobel economics prize winner Robert Shiller told Bloomberg Tuesday, June 26.
Shiller, who currently serves as Sterling Professor of Economics at Yale, said that the clear demographics of Bitcoin suggest its popularity is not reducible to “a rational response to new information”:
“The East Coast is less into it than the West Coast. Silicon Valley is really into it… It’s a social movement. It’s an epidemic of enthusiasm. It is a speculative bubble. That doesn’t mean that it will go to zero.”
https://cointelegraph.com/news/bitcoin-is-epidemic-of-enthusiasm-says-nobel-prize-winner-robert-shiller
Did a cryptojacker steal your CPU time?
The Financial Times
Cyber Security
Cryptojacking malware on the rise, says McAfee
Malware that steals computing power to generate cryptocurrencies increases 600%
new 35 minutes ago
Interest action in the markets today. Looking at the charts, it was evident that the Plunge Protection Team came in right on time at 3:30 PM EST, as they do every day when it looks like the markets might close red. They clearly threw a lot of Yellen Bux into levitating the Ponzi, but the markets closed well off their highs of the day and were headed sharply lower before the PPT came to the rescue. How many more saves are these market-riggers going to be able to make before it all goes south?
“the Plunge Protection Team came in right on time at 3:30 PM EST, as they do every day when it looks like the markets might close red”
Non.vacationer$ … The big.button / long lever$ boy$ still stirring their mixer$ on the Beache$ & in the $hade … no worrie$ … $ingin’ ” try to remember tho$e day$ in $eptember …
Try to remember the kind of September
When life was slow and oh
so mellow.
Try to remember the kind of September
When grass was green and grain was yellow.
Try to remember the kind of September
When you were a tender and callow fellow.
Try to remember and if you remember
then follow
follow.”
Try to remember
The kind of cucumber
That made a dill
Taste like a pickle.
Try to remember
When you saw lumber
Not to saw off
All your fingers…
“All is well - buy moar stawks!” says a parade of permabull hack economists whose paychecks depend on them luring the muppets into Wall Street’s rigged casino.
https://www.cnbc.com/2018/06/26/the-stock-market-has-room-torun-and-recession-isnt-a-near-term-risk.html
It’s gonna be another one of those ” nobody could have seen it coming” recessions when it starts to tank.
HUD recently approved $5B in grants for the City of Houston and Harris County. Of that amount, $250M is going to affordable housing apartments.
There are allocations for homeowner reimbursements (up to $50k per house) as well as $1.1B for homeowner assistance.
This $5B is in addition to the $4.7B approved back in April. That program includes building houses for people who had their houses destroyed.
Almost $10B, that’s a lot of money. Ben Carson apparently loves him some Houston!
https://www.kveo.com/news/local-news/hud-approves-5-billion-for-texas-hurricane-relief/1262481844
What’s the difference between Carson and Watts?
Flood damage is about a thorough as it gets… ruins everything from houses and vehicles right down to family photos. I know a skydiving woman who moved to FL just in time for Andrew’s wrath. She lost everything that wouldn’t fit in her van. She then left for California just in time to lose her remaining possessions to a huge wildfire.
I knew this guy out in Golden Valley. Shack builder, retired from Ohio. Bought at the top, got foreclosed. Did a little work for me a few years back. Decided to head back to Ohio. His RV caught fire on the way and burned down to the tires. He got off the bus in Ohio with the clothes he had on.
Civil war?
I have used that in the blog few times in the past. Suddenly everyone’s talking about it. What happened?
Guns ‘n Roses, “Civil War”
https://www.youtube.com/watch?v=ALhwQKTRAgA
Jeh Johnson: “It was necessary for Obama Administration to separate families”
https://www.youtube.com/watch?v=ZEa2tpFlw3Y
1:10
“I still believe it is necessary. We can’t have catch and release.”
Republicans, conservatives, libertarians and independents are getting woked to the fascist left.
The left looks at anyone who disagrees with as evil and worthy of only elimination.
They never expected a Trump or people fighting back…
And pine for the good old days when obama could just make up a law, have the IRS/EPA/DOJ destroy political enemies or just drone “I am pretty good at killing people” strikes
You think it’ll be north v. South, east v. West, urban v. Rural, etc. Hopefully we get uniforms so we know whose on which side before the shooting starts!
I saw a “where’s my bailout” tee shirt the other day. Shoot or friendly?
The snack food market is so saturated nowadays we really can’t do the Cheese-its v. Cheese Nips anymore. I spose we could do dog people v. Cat people, or the odd even thing with the last number of our address.
Probably shoot. The shirt does imply they’re anti-big finance, but odds are they’re a socialist looking for handouts.
Given the process underway of making enemies of our former allies, this would seem like an especially inopportune time for a civil war.
Ben Jones, here is an AntiFa Fight & Cringe compilation:
https://www.youtube.com/watch?v=AWnejlf0k0U
See also — The Minders: Comfortably Tucked Up Inside:
https://www.youtube.com/watch?v=C1scm7XsQWs
Is there any footage of AntiFa facing off with an equal or greater number of opponents or is it always Mob on 2?
Since when do Brownshirts ever pick a fair fight?
Mercer Island, WA Rental Rates Crater 10% YOY As Housing Glut Crushes Seattle Area Home Prices
https://www.zillow.com/mercer-island-wa/home-values/
*Select price from dropdown menu on first chart
One of the Republicrat duopoly’s stooges of the oligarchy gets upset by an upstart challenger. Awesome!
https://www.marketwatch.com/story/rep-joe-crowley-stunned-by-progressive-challenger-in-new-york-primary-2018-06-26?mod=bnbh
Avon, CT Housing Prices Crater 11% YOY As Mortgage Fraud Permeates National Housing Market
https://www.movoto.com/avon-ct/market-trends/