July 5, 2018

Sit And Watch The Glut Grow

A report from National Mortgage News on New York. “At a new luxury-condo building in Brooklyn, one buyer told broker Ryan Serhant that she’d like three apartments — one for herself to live in, and two as investments to rent out. She wasn’t the only one. The tower, 550 Vanderbilt, had more buyers become landlords in 2017 than any other condo project in the city, according to data from listings website StreetEasy. For New York as a whole, a record 10.7 percent of all condos that sold last year were listed by their owners as rentals within months. Investors, undeterred by the city’s flagging rents, are adding residential real estate to their portfolios on a bet that the properties’ underlying value has nowhere to go but up.”

“And it’s an opportune time to jump in, with developers cutting prices to move units before another competitor’s project opens. All told, there were 1,313 condos purchased in New York last year as investments rather than residences, also a record in StreetEasy data going back to 2006. ‘When was the last time in New York history that you could buy one of the first new condos in a new neighborhood?’ said Serhant, the sales agent for 550 Vanderbilt, a 278-unit project that includes communal gardens and a pet-grooming station. ‘You want to buy real estate the same way you buy into IPOs. Then you sit and watch it grow.’”

The New York Times. “Springtime in Manhattan was far from sunny for home sellers, as inventory increased, prices continued to decline and sales volume dropped to its lowest level in nine years, according to new market reports. Real estate agents pointed to rising mortgage interest rates and uncertainty surrounding the federal tax overhaul that went into effect late last year. The result was a widening gap between buyers and sellers, who often hit an impasse on price.”

“There were 2,629 closed sales in the second quarter - a nearly 17 per cent drop from the same period last year, according to a new Douglas Elliman report. That is the lowest number of spring sales since 2009, when the market was stifled by the recession, said Jonathan Miller, the real estate appraiser who prepared the report. Overall, the median Manhattan sales price in the quarter fell to US$1.1 million, down 7.5 per cent from the same quarter last year. Part of that decline reflected a shift away from pricier new-development sales.”

“And that does not account for sluggishness in the resale market, in which sales fell 12 per cent compared to a year ago, Mr Miller said. ‘This is an affordability issue,’ said Richard Grossman, president of Halstead Real Estate. Resale apartments spent an average of 103 days on the market, or 7 per cent longer than the same period last year, he said, and that was due, in part, to listing prices that did not reflect the higher mortgage interest costs for buyers.”

“The surfeit of inventory is dulling buyers’ sense of urgency, Mr Miller said, noting that there were 6,985 units for sale in the quarter, an increase of almost 11 per cent over last year - the largest supply in the second quarter since 2011. That oversupply has also meant fewer bidding wars this quarter.”

“The New York Real Estate Journal recently sat down with Greg Kalikow of Kalikow Group & Kaled Management for a question and answer session. Q: What’s it like being the next generation of leadership in a real estate business - especially one based in New York? A: I think that individually and together, we’re facing a new set of challenges, some of which have yet to reveal themselves.”

“Q: What are some of those challenges? A: Just check the skyline–we have a glut of residential units set to come online from mega projects in Hudson Yards and Long Island City. We’re one of many investors who have decided to wait and see how the new inventory is absorbed before we look to acquire multifamily units – and that might not be until 2019. Manhattan investment sales are down 60% year over year from 2016 to 2017 and that effect is rippling out across Brooklyn and Queens as well.”

From Globest. “Halstead Property’s Q2 2018 Manhattan apartment report is out. It shows the median Manhattan apartment price of $1.1 million decreased from $1.2 million from the same quarter last year. There were also 12% fewer closings compared to this same period year-over-year. Median prices fell for the fourth straight quarter with resale apartments selling with their highest discounts off asking price in more than five years.”

“Halstead president Richard Grossman says this reflects the issue of affordability for the buyer, and people saw this trend coming. ‘We know there are two things that are affecting prices right now: the higher interest rates and the loss for certain buyers of some of the tax benefits of buying.’”

From Mansion Global. “The weather might be heating up in Manhattan, but the borough’s apartment sales market cooled during this year’s second quarter, according to reports from four of New York City’s major brokerage firms. The overwhelming consensus from Tuesday’s batch of reports from Corcoran, Douglas Elliman, Halstead and Stribling & Associates is that Manhattan was a buyers’ market in the second quarter. An overall oversupply of inventory, paired with a lack of new development closings, led to lower sales numbers and prices.”

“The median sales price for apartments in Manhattan dropped 3% to $1.14 million in the second quarter, according to Corcoran, as the market shifted to favor lower-priced transactions and new development closings fell. Closed sales dropped 14% compared to the same time last year to nearly 3,200 transactions, as the ‘effects of the new tax law, high real estate taxes and volatility in the financial markets all contributed to a dampening of buyers’ purchase intent’ in the second quarter, Corcoran’s report said.”

“And as Manhattan buyers declined, inventory rose 17% to 7,491 units, the 10th consecutive quarter of year-over-year inventory increases. Co-op inventory rose the most, up 26% year over year, resale condos increased by 11% and new development inventory increased by just 4%, the report said. The past three months logged the highest second-quarter inventory in seven years and lowest second-quarter sales in nine years, according to Douglas Elliman.”

“The median sales price for apartments declined 7.5% from the same time last year to $1.1 million, and the number of sales declined 16.6% to 2,629, according to the brokerage’s data. Across the same time frame, listing inventory rose 10.7% to 6,985. The median Manhattan apartment price fell for the fourth straight quarter, according to Halstead. The brokerage also logged the median price at $1.1 million, down 9% from the same time a year ago, as higher inventory pushed prices lower for many apartments, the firm’s report said.”

“The sluggish new development market, which saw 30% fewer closings than a year ago, is also responsible for putting downward pressure on prices. ‘Currently, the average new apartment sells for more than double that of a resale one, so a sharp decline in these sales has a substantial impact on the overall average apartment price,’ the report said.”

From The Real Deal. “As luxury buyers take refuge in the rental market, sales brokers are being forced to adapt. In the midst of a sluggish sales market, would-be buyers are turning to the high-end rental market to wait out the uncertainty. As a result, sales brokers have found themselves working with a shifting group of clientele and increasingly negotiating pricey rental deals.”

“Clients in the market for an apartment have been spotting sales listings that haven’t budged — and are looking to rent them instead, brokers said. This would have been a nonstarter not long ago, said CORE’s Elizabeth Kee, but more owners are now at least willing to have the conversation. Kee is currently listing a Chelsea apartment for $5.2 million, but the same three-bedroom unit, which spans 3,000 square feet, is also available to rent for $25,000 a month. The rental listing notes it has a variable lease term.”

“It’s a negotiation tactic that highlights how brokers’ roles are changing. Concessions, for example, have been a fixture of the rental market. May marked the 36th consecutive month of a year-on-year rise in concession market share in Manhattan. During the month, nearly 38 percent of new leases included landlord concessions. And the high end isn’t immune, given how much inventory is on the market.”

“On the other side of the deal, owners are also becoming more open to renting their apartments. The number of new leases in May for units with three or more bedrooms surged 20 percent since the same time last year, according to the Elliman report. Corcoran’s Malessa Rambarran and Candace Milano pointed to the example of a client who was unsure about what he wanted to buy and looked instead several rentals in Soho around the $15,000 price point.”

“‘We’re definitely seeing an increase of clients being more cautious,’ Milano said. ‘Buyers are more sensitive to changes in the market.’”

From MarketWatch. “Since moving to New York City in 2014 I have lived in four apartments with eight different roommates. But lately I have started to wonder if I’m paying too much. My two-bedroom, two-bathroom apartment costs $2,300 per month. My roommate, whose room is slightly larger than mine, pays $1,200 and I pay $1,100. I happened to come across a listing for another two-bedroom two-bathroom unit in my building advertised at $2,100 and decided to ask my apartment management company if they could lower my rent. They did, and under the new agreement, I will pay $1,000 and my roommate will pay $1,100. The new $2,100 rent will save us each $1,200 per year, or $2,400.”

“Rent reductions, even in pricey cities like New York, are actually more common than you may think. As of May 2018, 1 in 6 rental units in Manhattan offered a discount to the advertised rent (16% of rentals on the market) according to StreetEasy.”

From City and State New York. “Scan the windows of a luxury apartment tower in midtown Manhattan some evening and you might notice it: The lights are out. In some buildings, signs of life are so scarce that the few inhabited apartments stand out like lanterns against a sea of dark glass. New York has always had its share of part-time residents. Increasingly, however, the city’s housing stock is attracting the international elite, drawn by the promise of a second home (or third, or fourth) in the playground of Manhattan and a way to invest, or launder, cash.”

“Were New York not in the middle of a severe housing crisis, these pieds-à-terre might be of only passing concern. But as the cost of housing in New York continues to climb faster than incomes, the city can hardly afford to have so much of its housing stock underused, constricting supply and raising prices for New Yorkers.”

“Part-time residents do not pay local income taxes. They don’t pay sales taxes when they aren’t in town. Many of the new buildings benefit from huge tax abatements and ultra-luxury condos and co-ops are vastly under-assessed by the city’s byzantine property tax system. CityLab summarized the situation accurately in 2015, when it wrote, ‘The values of these new condos are being assessed at just a fraction of what they’re worth. And buyers are paying only a fraction of that fraction in property taxes.’”

“So these super-rich property owners contribute vastly less than their fair share to the cost of government services, like the parks, mass transit, sanitation and public safety that make New York a desirable place to live – and that are essential to the escalating value of their investments.”

“Some might be inclined to dismiss pieds-à-terre as too small a phenomenon to distort New York City’s housing market. However, the number of pieds-à-terre is growing rapidly. According to city estimates, in 2017 some 75,000 apartments were used for ‘occasional, seasonal, or recreational use’ rather than as a primary residence – an increase of 20,000 units since just 2014. Over that same period of time, the total number of housing units grew by just 69,000 – meaning new part-time use erased almost 30 percent of the growth in overall supply. While some units were removed from the market by other forces, like Airbnb, the role of pieds-à-terre in siphoning off supply, especially in the luxury market, is real.”

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Comment by Ben Jones
2018-07-05 08:24:50

‘Just check the skyline–we have a glut of residential units set to come online from mega projects in Hudson Yards and Long Island City. …Manhattan investment sales are down 60% year over year from 2016 to 2017 and that effect is rippling out across Brooklyn and Queens as well’

And the glut just keeps going. Still building! One big thing to get from Manhattan: it ain’t over after a couple of years. And if the money keeps flowing to projects, it gets worser and worser. Hear that Miami?

Comment by 2banana
2018-07-05 10:51:42

P/I on $5.2 million is 27,915 at 5%.

Add in taxes, insurance, upkeep, HOA and utilities - it means the “owner” is greatly subsidizing the renter for that SWEET EQUITY….


Kee is currently listing a Chelsea apartment for $5.2 million, but the same three-bedroom unit, which spans 3,000 square feet, is also available to rent for $25,000 a month. The rental listing notes it has a variable lease term.”

Comment by b
2018-07-05 11:39:08

so what is the timeline.

Do owners take a loss for 2 years, 3 years? Before they give up.

Or is this a flight from risk from China, Russia, ME etc

Comment by Jingle Male
2018-07-06 06:51:07

The market seems to be different in Sacramento….

Consider this big number: 2,679.

That’s the expected gap in five years for the Sacramento region between demand for apartments and actual supply. And that number comes in what’s already one of the most undersupplied apartment markets in the U.S., according to Yardi Matrix, a real estate research firm.

Doug Ressler, Yardi Matrix’s director of business intelligence, said it’s not that he doesn’t expect new multifamily construction between now and then. But demand is just going to outstrip supply unless something dramatic changes, he said.

“The cavalry is just not there,” he said, adding zoning is the single biggest factor in many markets as to why. There’s land where building new multifamily projects would make sense, he said, but it’s not zoned for it, and there’s often public pressure to keep it that way.

Comment by Mortgage Watch
2018-07-06 07:08:20

Brooklyn Heights NYC Rental Rates Crater 10% YOY


*Select price from dropdown menu on rental chart

Comment by Ben Jones
2018-07-05 08:27:31

‘I happened to come across a listing for another two-bedroom two-bathroom unit in my building advertised at $2,100 and decided to ask my apartment management company if they could lower my rent. They did’

More crow Oxide.

‘As of May 2018, 1 in 6 rental units in Manhattan offered a discount to the advertised rent (16% of rentals on the market)’

Bzzz, wrong answer:

‘May marked the 36th consecutive month of a year-on-year rise in concession market share in Manhattan. During the month, nearly 38 percent of new leases included landlord concessions.’

It’s been way higher than 16% for a couple of years now. You got schlonged, should have demanded a bigger cut.

Comment by oxide
2018-07-05 13:46:26

Yupper, crow me Ben. Especially for a $2000 2-bed in Brooklyn. Even DC doesn’t match that.

Comment by Ben Jones
2018-07-05 08:42:38

‘Scan the windows of a luxury apartment tower in midtown Manhattan some evening and you might notice it: The lights are out. In some buildings, signs of life are so scarce that the few inhabited apartments stand out like lanterns against a sea of dark glass’

Safe deposit boxes in the sky. Whose idea was this anyway?

Comment by 2banana
2018-07-05 10:53:56

The ideas of QE1, QE2, QE2, QE4, Operation Twist, HARP, HAMP, ZIRP, nationalizing the mortgage industry, not one banker in jail, bailout after bailout and adding more to the deficit than ALL other administrations combined and accounting for inflation….

Comment by Professor 🐻
2018-07-05 23:17:36

Just tonight my cousin pointed out some down town San Diego condo towers he and his wife are checking out for post-retirement living space. My question for him: “Why are almost all the windows dark at 8:30pm in the evening?”

Comment by rms
2018-07-06 06:37:57

Condos have too many uncontrolled expenses for a retiree, and there’s little choice in who your neighbors might be other than financial cohort. A small stick-built house would be a better choice, IMHO.

Comment by oxide
2018-07-06 06:47:13

But then someone needs to pay to do the yardwork. Although, I’ve seen beach cabins or small forested houses with no yardwork, or something “zeroscaped.”

Also small stick-built SFH are hard to find — I mean small SFH near medical and aren’t 50+ years old. I guess it depends on where the condo is. If the condo is cheap enough, that could offset increases in HOA fees. i.e., not downtown San Diego.

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Comment by Professor 🐻
2018-07-06 07:04:24

With two incomes and no kids, significant savings plus a house in the OC with substantial equity gains, my cousin and his wife could afford a few HOA increases. And they have previous condo living experience, for what it’s worth.

However, having experienced escalating HOA first hand, and more recently the run-up in SoCal rents, I agree that uncontrolled monthly housing costs can be a real kick in the butt.

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Comment by rms
2018-07-06 07:12:54

“I agree that uncontrolled monthly housing costs can be a real kick in the butt.”

Especially in a high-rise… it’s not cheap going upward.

Comment by Mafia Blocks
2018-07-06 07:02:30

“Why are almost all the windows dark at 8:30pm in the evening?”

Just like every other area in the US…. Dark neighborhoods.

Comment by hwy50ina49dodge
2018-07-06 07:36:00

“Why are almost all the windows dark at 8:30pm in the evening?”

Conventional, … Sex patterns

Comment by Mortgage Watch
2018-07-06 07:48:16

Los Angeles, CA 90024 Rental Rates Crater 12% YOY


*Select price from dropdown menu on rental chart

Comment by aNYCdj
2018-07-05 09:05:52

None of these towers were here 15 years ago, right next to a major entrance to the 59th st bridge


Comment by Ben Jones
2018-07-05 09:10:06

Url fail.

Comment by aNYCdj
2018-07-05 09:13:45

Ben Just delete it ill try again thanks,….its really a great view

Comment by Apartment 401
2018-07-05 09:09:46

Realtors are liars.

Comment by aNYCdj
2018-07-05 09:10:20

Building: 550 Vanderbilt Avenue
550 Vanderbilt Avenue, Brooklyn, NY, 11238
278 units17 storiesBuilt in 2017


Comment by Ben Jones
2018-07-05 09:19:27

‘Springtime in Manhattan was far from sunny for home sellers, as inventory increased, prices continued to decline and sales volume dropped to its lowest level in nine years’

I have been asking for years: if the nation’s most expensive city, with really high density can have a glut, how could any place have a shortage? Answer - it can’t. Shortage is a REIC myth. Urgency and scarcity are the oldest snake-oil tactics in the book.

Comment by 2banana
2018-07-05 10:55:26

If you don’t buy now you will never get on the property ladder because everyone wants to live here and they are not making any more land…

Comment by OneAgainstMany
2018-07-05 18:11:55

“I have been asking for years: if the nation’s most expensive city, with really high density can have a glut, how could any place have a shortage?”

As a thought experiment, I do think that there could be shortages in areas even as gluts exist in others. For instance, imagine a scenario where some locale has onerous zoning restrictions, a shortage of labor, or even a shortage of skilled workers. All of these factors could conspire to create a shortage of housing even as a glut exists elsewhere. I’m not necessarily saying that this is the case in any particular place, but I don’t think it is axiomatic that a glut in one area necessarily implies a glut in all areas, though it very well could be the case.

Comment by jeff
2018-07-05 09:39:52

50 cities Americans are abandoning

Mike Sauter 6/12/2018


Comment by 2banana
2018-07-05 10:57:13

Long term democrat rule + public unions + free sh*t army = misery, ruin and bankruptcy


Among the cities where people are leaving in droves are places such as Chicago, Detroit, St. Louis, New York, and Los Angeles.

Comment by brazendetre
2018-07-05 13:55:51

You forgot the liberal utopia, SF


I guess you should expect this sort of thing from a free sh*t army though, no?

Comment by Anonymous
2018-07-05 19:07:24

Interesting new angle:

“In April, the International Union of Operating Engineers filed a complaint with the California Department of Transportation on behalf of Caltrans workers, alleging that their safety was being jeopardized due to a variety of factors, including human waste produced by vagrants living near freeways and associated property.”

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Comment by jeff
2018-07-05 09:47:46

Population migration patterns: US cities Americans are flocking to

Michael B. Sauter, 24/7 Wall Street
Published 8:00 a.m. ET July 5, 2018


Comment by 2banana
2018-07-05 10:59:51

Hmmm…about 90% of these cities are in red states.

How can that be??????

Why do so many people want to move to homophobic, anti-immigrant, racist, pro-gun, nazi, fascist, pro-life, pro-Trump states?

Comment by BlackSwandive
2018-07-05 13:52:13

They move there for the cheaper housing, not the politics. Then, they try to turn it into exactly what they left.

Comment by Albuquerquedan
2018-07-05 14:43:06

Yes they somehow cannot connect cheaper housing and lower taxes with a philosophy of less government

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Comment by OneAgainstMany
2018-07-05 18:17:14

Utah is full. Please go elsewhere. Thanks for listening!

Comment by jeff
2018-07-05 18:33:46

“Thanks for listening!”

Sounds like they were listening, Michael B. Sauter couldn’t find anyone flocking to Utar.

Comment by rms
2018-07-06 06:41:22

“Sounds like they were listening, Michael B. Sauter couldn’t find anyone flocking to Utar.”

Hehe… other than the flock?

Comment by hwy50ina49dodge
2018-07-06 07:45:46

“Utah is full. Please go elsewhere.”

The 150 year plan to dilute the Mormon $teering committee is still progre$$ing … The day the kids can’t afford to buy next door is a good 1st indicator.

Comment by jeff
2018-07-05 13:14:08

There are some cool things about living on the East coast part of REGION IV right across the state from Lake Okeechobee.

The summertime thunderstorms, you see it coming and it looks like the sky in that Tom Cruise movie War of the Worlds. You can see the lightning strikes in the distance and count off the seconds until the thunder hits and runs through you and then on to finish it’s journey. Then a few times a year while sitting on your back porch watching it steadily come towards you it happens. SNAP! CRACK! The lighting strike with the simultaneous thunder clap that rides away into the distance on that Crrrracking sound and leaves you looking around for what it hit and wondering how it did not hit me, my house or anything in my yard.

We just had one of those storms.

Comment by Professor 🐻
2018-07-05 23:21:29

Sounds exhilarating. I miss my Midwest thunderstorms out here in weather neutered San Diego.

Comment by Mortgage Watch
2018-07-05 14:04:26

Capitol Hill Washington, DC Housing Prices Crater 14% YOY


*Select sale price from drop-down menu on first chart

Comment by BlackSwandive
2018-07-05 14:21:55

It’s been 7 years since there were deals to be had on anything used - cars, machinery, tools, etc. Nowadays when you look at anything, prices are to the moon. I guess people are using HELOC money or something, because I don’t know where all of the cash is coming from for this stuff.

Back in 2005, it was easy to see how all the Harryhowmuchamonths were living large - the stories of HELOCs, no docs, NINJA, etc. abounded. These days, the prices are much higher on everything yet aside from the subprime auto bubble I haven’t seen a ton of reports of people sucking money out of their houses to buy toys. These people are getting cash somewhere because you don’t buy used stuff from private parties with anything other than cash.

As an example, a used CUT tractor which would sell for $5,000 a decade ago, is priced over $10k. This stuff is insane. You used to be able to buy a completely restored antique tractor for $2,500, but nowadays they’re pushing $6k. There has been unbelievable inflation in all this sort of stuff. There’s even large bubbles in what are now “collectible” tools such as vises, anvils, etc. What was once a rusty piece tool available on the used market for $25 has now risen to $250. I’m not kidding. None of this can end soon enough. Even tomorrow is too late.

Comment by 2banana
2018-07-05 14:45:58

Beanie Babies are still pretty cheap…

Comment by Can Bubble
2018-07-05 14:22:23

I just read some posts on Lululemon from a few days ago. I heard from a Vancouver native that the Founder called the store that because Chinese immigrants couldn’t pronounce the ‘l’. When they said it, it sounded like “rururemon”.

Comment by In Colorado
2018-07-05 17:53:39

I thought it was Japanese that didn’t have the “L” sound. Chinese most definitely has L sounds. Hence the term “Engrish”

Comment by sod
2018-07-05 18:08:17


Comment by MIke in Carlsbad
2018-07-05 19:18:54

yes if you go back to the 2015 post about this he said it was the Japanese he was trying to piss off, not Chinese. Guy is a real d-bag. Favor child labor, cigarette smoking, and not making plus sized clothes because he would need to charge more and fatties would complain that isn’t fair, even though it costs more for material.

Comment by jeff
2018-07-05 16:09:57

They might want to arrest some of these kind hearted Liberals before it starts to turn violent.

WATCH: Texas Mom Claims Son Attacked at Whataburger for MAGA Hat

5 Jul 2018

A Texas mother claims her son was attacked at a Whataburger in San Antonio because he was wearing a Trump-supporting MAGA hat. The mother posted a video of the incident on Facebook.

As the video begins, the man says, “… supporting the president. You ain’t supporting shit nigga,” and then throws the drink in the face of a 16-year-old boy. With MAGA hat in hand, the man walks away saying “Bitch ass motherf**ker.”


Comment by 2banana
2018-07-05 17:05:25

Another 50,000 votes for republicans in the mid term with that video.

And the tolerant liberal just lost his job…

Comment by BlackSwandive
2018-07-05 19:52:39

Wow. That ghetto thug should be arrested, not just fired. That’s assault. He needs to go to prison where the animals are kept, hopefully for life. There’s no room in this world for that racist piece of trash.

Comment by Ben Jones
2018-07-05 22:26:20

Trump Supporter Kids Wreck Old Racist Idiot Adults In Atlanta Street Debate

Published on Jun 16, 2016
Donald Trump held a rally in Atlanta, Georgia on Wednesday, June 15 2016, and of course the typical crazies came out to protest him. Unfortunately for one of his protesters, who was wearing not only a black lives matter t-shirt, but also a LGBT button, a group of high school aged kids, including a 16 year old black male, were present to shut down their foolishness via a debate of epic proportions. Every point and counter point that the Trump protesters in this video made was wrecked into oblivion by these kids, who were actually debating full grown adults that appeared to be in their 40s and above.

The beauty of this debate is in the way it illustrates the chasm between blacks with a brain and blacks that are complete morons. The black LIES matter supporter in this video was a complete moron, but the 16 year old black kid and his high school aged friends were not. In one of the sadder, but hilarious, moments of the video, the black lies matter supporter thought that Donald Trump’s wife was illegal simply because she “was from Europe.” Maybe he doesn’t know the difference between legal immigration and illegal immigration?

Liberals and liberal media would have the whole country believe that all blacks are morons that require the assistance of whites to complete any mundane task. This video wrecks that whole ideology. It also shows how much disdain African Americans have for other blacks who can’t get it together and are willfully ignorant.

In a day and age of safe space liberal kids on college campuses, that scream at the top of their lungs when they are triggered due to frail insecurities, a video like this is simply refreshing. This is a stark and welcomed contrast that provides hope for the future of our youth.


Comment by tresho
2018-07-06 02:57:23

San Antonio Police Dept: Suspect in assault over MAGA hat at Whataburger arrested.

30-year-old Kino Jimenez was located by robbery task force detectives in Universal City, police said, and taken into custody on a warrant for theft of person.

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Comment by rms
2018-07-06 06:55:36

Wow… already. “You can run, but you can’t hide” is true.

Comment by rms
2018-07-06 07:01:49

“That’s assault.”

Reminds me of those pious adults in the settlements throwing brick sized stones at k12 children headed to school.

Comment by ibbots
2018-07-06 06:02:12

‘mother claims her son was attacked at a Whataburger in San Antonio because he was wearing a Trump hat’

Other witnesses say the teens were being openly racist.

“T hey were talking about for the Fourth of July hanging black people from trees, that that would be the perfect party,” the witness claimed. “Hopefully, with Donald Trump within the next few years, we can celebrate a white country, a real country without blacks. Maybe we can deport them to Africa.”


Comment by Young Deezy
2018-07-06 07:43:03

Sounds like bullsh1t to me. There’s video of the assault, I wonder if there’s video of this. (Of course there isn’t). I wonder if the Anonymous Sources cited by the media will be speaking to Texas DPS as witnesses. Nah, of course they won’t.

Comment by jeff
2018-07-06 08:59:37

“Sounds like bullsh1t to me.”


These kids said all this and all the guy does is throw ice in their face and talk about supporting their president?

“The man who spoke to KENS requested anonymity after he said his family, including his young children, were receiving death threats for speaking out about what they witnessed. He said he didn’t see the attack, but did see an altercation inside of the Whataburger before deciding to leave with his family as things got heated.”

“They were talking about for the Fourth of July hanging black people from trees, that that would be the perfect party,” the witness claimed. “Hopefully, with Donald Trump within the next few years, we can celebrate a white country, a real country without blacks. Maybe we can deport them to Africa.”

“The witness said the teens mentioned that they wished the movie The Purge was real, but only against African Americans and Latinos.”

“They said they wanted it to be legal for white people to kill any other race for the Fourth of July,” the witness claimed.

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Comment by rms
2018-07-06 10:00:07

“…movie The Purge…”

Alright, just added to watch later.

Comment by aNYCdj
2018-07-06 07:48:16

y’all need to follow this 15 year old….come on follow him…….wants to be pres in 2040


Comment by hwy50ina49dodge
2018-07-06 07:48:26

The plot thickens …

Comment by Professor 🐻
2018-07-06 07:53:28

There are some very fine people on both sides.

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Comment by Mortgage Watch
2018-07-05 16:22:27

North Palm Beach, FL Housing Prices Crater 11% YOY


Comment by rms
2018-07-05 17:25:42

Here’s a nice Phoenix Arcadia home with ample foliage and a pool:

Comment by Ben Jones
2018-07-05 17:32:56


Date Event Price $/sqft
07/05/18 Listed for sale $1,850,000+9.1% $493
10/06/15 Listing removed $1,695,000+2.7% $452
05/06/14 Listing removed $1,650,000 $440
11/20/13 Listing removed $1,650,000-21.4% $440
05/15/08 Listing removed $2,100,000 $560
04/21/08 Price change $2,100,000-4.5% $560
03/11/08 Listed for sale $2,199,000 $587

Sixth time’s the charm.

Comment by jeff
2018-07-05 18:54:33

Looking at the listing agents Lara Broadrick and Claire Ackerman reminded me of this old Jackson Browne song.

You take Sally and I’ll take Sue
Their ain’t no difference between the two


Comment by Ben Jones
2018-07-05 19:02:25

You’ll take Sally
And I’ll take Sue
It’s a mighty little difference
And they be swingin’ soon
She said, ‘Now ho-ller, baby take a whiff on me’

You’ll take Sally
And I’d take Jane
They both good lookin’
But they ain’t just the same
An-a-ho-oh, baby take a whiff on me

Whiff-a-ree, an-a whiff-a-rye
Gotta keep on whiffin’ until I die
An-a-ho-oh, baby take a whiff on me
(Take a whiff on me)

Cocaine for horses, not for men
Doctor said it kill ya
But he don’t says when
An-a ho-oh, baby take a whiff on me


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Comment by jeff
2018-07-06 07:08:28


First Canned Heat and now this. Talk about roots.

Leadbelly was a folk-blues musician who began playing instruments at a young age, eventually mastering his signature 12 string guitar.

While serving time for murder in 1925, he was pardoned by the Governor of Texas. The governor had visited the prison several times to hear Leadbelly sing, and Leadbelly later maintained that he won over the governor with his song “Please Pardon Me.”

Huddie Ledbetter aka “Leadbelly” earned his nickname for violent behavior and ability to drink moonshine. Leadbelly didn’t sell many records, but his folk music was later discovered and he was inducted into the Rock and Roll Hall Of Fame.

Nirvana frontman Kurt Cobain was known to be heavily influenced by Leadbelly. Most famously, “Where Did You Sleep Last Night” was covered by the band during their MTV Unplugged performance.

Nirvana covered two other Leadbelly songs, “Ain’t It A Shame” and “They Hung Him on a Cross”.

Nirvana - Where Did You Sleep Last Night (HD) - Unplugged in New York


Comment by jeff
2018-07-06 07:29:14

“Nirvana covered two other Leadbelly songs, “Ain’t It A Shame” and “They Hung Him on a Cross”

Had to.



Comment by Mafia Blocks
2018-07-05 19:27:01

Donk Craterton & The Stampedes


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Comment by Professor 🐻
2018-07-05 23:26:32

Dutch auction sales tend to not work very well if you make the mistake of raising the price after failing to attract a buyer.

Comment by rms
2018-07-06 07:09:06

“Here’s a nice Phoenix Arcadia home…”

If I won the lotto that’s a high probability of how I’d live. Looks like the landscapers would be well fed from that address.

Comment by Mortgage Watch
2018-07-05 17:35:13

San Diego, CA (north park) Housing Prices Crater 8% YOY


*Select price from dropdown menu on first chart

Comment by Professor 🐻
2018-07-05 23:29:06

Trade war game on!?

Comment by Professor 🐻
2018-07-05 23:41:16

I suppose that there’s no cause for concern, so long as stocks keep levitating.

China says the US has started ‘the biggest trade war’ in history
By Jethro Mullen
July 6, 2018: 12:43 AM ET

China on Friday accused the United States of starting “the biggest trade war in economic history” as US tariffs took effect on Chinese goods worth $34 billion.

“China is forced to strike back to safeguard core national interests and the interests of its people,” the country’s Commerce Ministry said in a statement after US tariffs kicked in just after midnight ET, which is noon in Beijing.

The Trump administration’s 25% tariffs are targeting Chinese products such as industrial machinery, medical devices and auto parts.

Comment by Professor Bear
2018-07-05 23:52:43

Zero sum game it ain’t. Poor Red State voters!

The Financial Times
US trade
The US Midwest will suffer in Donald Trump’s trade war
Rants, rage and unilateral actions only result in self-inflicted wounds
John Kasich
Honda car assembly line in Ohio: it and other states’ strong growth is being put at risk © Bloomberg
20 hours ago

America’s first war, for its independence, began with “the shot heard round the world”. Sadly, the latest one — a trade war supposedly in defence of US economic independence — is beginning with a shot to the foot.

The global trading system has, on balance, benefited us all. Trade makes up more than 50 per cent of gross domestic product, according to the most recent data, and the value of goods traded has increased 40 per cent in just the past decade. As one of the chief architects of this framework, the US has shared enormously in this success. Our exports, growing at an accelerated pace, have totalled $6.1tn over the past four years and today support more than 10m US jobs.

These gains do not mean the system is perfect, however. In an ever-changing world, constant adjustments are needed to keep the playing field level so innovation and competition can continue to progress. Frustrations with emerging inequities are justified, but rants, rage and unilateral actions only result in self-inflicted wounds.

The White House simply does not get this. On Friday, it is scheduled to fire off the latest volley in its escalation towards a trade war with tariffs on more than 800 product categories.

The president’s previous tariff whacks have already hit a range of industrial and consumer goods. Their source countries include China, with whom we have a complex relationship of adversity, competition and symbiosis, Canada, our largest trading partner, the UK, one of our closest allies, and the EU, with whom we have essential security partnerships defending democracy and combating terrorism. None of them will simply sit and take it.

If Ohio were a country, our $649bn economy would make us the 21st largest in the world. We proudly sell worldwide — including almost $4bn annually to China and more than $18bn to Canada.

That prosperity starts to erode when China, Canada, the UK, the EU and others slap tariffs back on us. Canada and Mexico’s tariffs alone would affect $3.3bn of Ohio’s exports, including steel, washing machines and even soap. At a time when Ohio and other states are experiencing strong growth after a slow economic recovery, these self-inflicted wounds are a setback.

When the chief designer, beneficiary and advocate of the world trading system spontaneously and unilaterally abandons it, only its opponents benefit.

The White House mindset — that surgery always requires killing the patient first — leaves us with fewer partners to protect democracy’s essential freedoms against the likes of Russia and China. Unless the aim is a wholesale realignment toward them, a quick about-face is required, but the clock is ticking.

The writer is the Republican Governor of Ohio

Comment by Albuquerquedan
2018-07-06 07:18:37

And the Governor is a never Trumper globalist.

Comment by Professor 🐻
2018-07-06 07:43:30

Sounds like he is worried about job losses in Ohio.

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Comment by Albuquerquedan
2018-07-06 06:18:24

Unemployment numbers out, as I have been saying Obama left plenty of slack in the labor force despite what the globalists are saying we do not need immigrants with low skills or for that matter many immigrants at all. During Obama his economy generated a 109,000 jobs per month at a time when there were already many unemployed. We need to get them back in the labor market. 213000 more jobs is another great month.MAGA. The trade war is just short term pain long term gain for workers. With this economy we can easily deal with the short term pain.

Comment by hwy50ina49dodge
2018-07-06 07:54:44

Well Professor, Kentucky is $ufferin’ already$

“Whiskey warehouse collapse in Kentucky leaves a ‘mountain of bourbon barrels”


Comment by rms
2018-07-06 08:18:13

Wow… looks like the barrels were stacked to the trusses.

Comment by BubblevilleCA
2018-07-06 06:15:40


“The primary reason for declining home sales, as I’ve postulated in several past issues, is the shrinking pool of buyers who can afford to support the monthly cost of home ownership”

“Come back Chinese investers” screams the realtor 😂

Comment by Mortgage Watch
2018-07-06 06:52:32

“94,785,000 Not in Labor Force; At 62.9%, Labor Force Participation Stuck Near 38-Year Low”


Comment by Albuquerquedan
2018-07-06 11:08:21

How long are you going to post an old article as if it were new?

Comment by Josh
2018-07-08 00:45:00

The article might be old but it’s still fact that the workforce participation rate is declining. People citing unemployment numbers and jobs added acting like Trump is having a positive effect is a joke.

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