We’re Going To Come Back To Reality
A report from the News Tribune in Washington. “If you want to buy a median-priced home in Pierce County with average wages, get ready for sticker shock. A new analysis shows a single-income family earning the average wage of $49,556 a year will pay more than half of that on housing if they expect to buy. Young or first-time home buyers also tend to take advantage of federally backed loans. VA and FHA loans are most prevalent in Lakewood, Parkland, Spanaway, South and East Tacoma, representing nearly 50 percent of all sales in in these areas, said Dick Beeson, principal managing broker with Re/Max Professionals.”
“Buyers in some areas of Pierce County are getting help from sellers contributing money to the buyer’s closing costs. ‘Pierce County buyers often need help with the cost of acquiring a loan to purchase,’ said Dick Beeson, principal managing broker with Re/Max Professionals. Sellers still might be in control, but Beeson noted ‘on average, nearly 40 percent of FHA and VA sales have seller’s concessions (the paying of buyer’s closing costs) and on average nearly 30 percent of all conventional sales do as well.’ The scenario is the same for Thurston County buyers, Beeson said. ‘Nearly half of all Thurston County sales include an FHA or VA loan. Sellers are expected to assist buyers with their closing costs similar to what’s occurred in Pierce County.’”
“That’s an increase since the first part of 2017, when about 40 percent of buyers used FHA or VA financing to buy a home, according to data from the Northwest Multiple Listing Service.”
The Kitsap Sun in Washington. “After months of high demand and diminished supply, the housing market in Kitsap County is finally starting to stabilize with a bump in the number of newly listed homes on the market and the lowest median home price increase seen in months, according to recently released statistics from the Northwest Multiple Listing Service.
“‘We’ve seen a reduction in the frenzy,’ said Kitsap County Association of Realtors CEO Mike Eliason. At the same time, King County saw almost a 50 percent increase in the number of active listings on the market year over year, up to 4,503 homes from 3,055 homes in June 2017. The addition of so many new homes on the market in King County might provide some much-needed relief for Kitsap’s housing market, Eliason said. ‘I think because of the increase in inventory in King County during the prior month, and that lack of supply has been fueling the Kitsap marketplace, with the increase in King, it should be helpful to reduce the demand in Kitsap,’ Eliason said.”
The Press Democrat in California. “For at least a decade the tract housing subdivision sat uncompleted in west Santa Rosa — a repossessed field with a looped, asphalt road and most of the sidewalks installed. But this spring foundations and framed walls arose from the ground along Sebastopol Road near the Courtside Village neighborhood. Plans there call for the construction of 51 single-family homes and 16 attached units. ‘We plan to build all 67 just as fast as we can,’ said Richard Lafferty,CEO of Lafferty Communities. The project is one of the few remaining that sat for years after the original developers gave properties back to banks in the midst of a historic housing market crash.”
“This year builders have broken ground for new subdivisions from Rohnert Park to Windsor for the first of hundreds of homes that are expected to be built in the next five years. But in a sign that the rush since has somewhat subsided, City Ventures in recent months has increased its referral fee to 3 percent of each sale for outside agents who bring in clients to buy homes at the subdivision. In the wider market, several brokers this summer are reporting a bump in buyer resistance to listed home prices and an increase in price reductions.”
“What lies ahead remains a matter of debate. Some think prices simply may stay flat for a time before resuming their upward march. But Randy Waller, broker/owner of W Real Estate in Santa Rosa, is less optimistic. He argued the housing market already has given up much of the roughly 10 percent jump in prices due to the fires. ‘We’re going to come back to reality,’ said Waller, who for years has specialized in both new subdivisions and home resales.”
The Victorville Daily Press on California. “The Great Recession was punctuated nearly 10 years ago when media outlets from across the nation focused their attention on the demolition of over a dozen new homes in a bankrupt housing development in the High Desert Today, in that ‘very same spot site’ near Bear Valley Road and Highway 395 in Victorville, the once doomed property is seeing a resurrection of sorts as a new developer is building a 105-lot housing tract, according to city spokeswoman Sue Jones.”
“The Silverstone tract includes two communities, Agave Pointe and Juniper, which include single-story and two-story homes ranging from 1,740 to 2,709 square feet and starting at over $280,000. On Tuesday, balloons and large banners welcomed potential homebuyers to Silverstone as completed and landscaped homes in one portion of the tract waited for buyers or their current owners. On another side of the tract, construction crews worked on several phases of home construction. Lawn signs that read ‘Sorry … Too Late Sold’ were posted in front of the majority of the completed homes. Several contractors, who wished to remain anonymous, told the Daily Press ‘a sold sign’ is being posted even before a house is completed.”
“In 2009, 16 homes built by developer Matthews Homes were in various stages of completeness when they were destroyed, Jones reported. The housing collapse led to the homes being razed by a heavy equipment operator, an action caught on video, which drew the attention of the Daily Press, Wall Street Journal, Los Angeles Times and several other news agencies. The homes, which were abandoned for nearly 18 months and unsecured, were eventually vandalized and experienced ongoing compliance issues with the city’s code. The bank finally opted to destroy the homes due to safety concerns, Jones said.”
“Four of the homes in the financially doomed tract were complete, four were models, and the remaining homes were in the framing stage. The financial institution that took over the foreclosed development confirmed the bank approved demolishing the homes on the property, the Daily Press previously reported. A bank official said in 2009 that it would cost more than $1 million to bring the property up to code. The financial institution also faced daily fines from the city if the improvements were not made.”
The Dallas Morning News in Texas. “Observers of North Texas real estate may have noticed something unusual about Frisco’s $2 billion Wade Park development. Namely, that it is still a very large hole in the ground and not the 175 acres of apartments, offices and high-end retail space promised by Atlanta-based Thomas Land & Development back in 2014. The project has been in a kind of suspended animation since site excavation stopped about a year ago, and lenders started threatening to foreclose on the property.”
“Thomas Land defaulted on more than $130 million in debts and contractors who did work on the site — concrete makers, construction companies and plumbers — started seeking millions in unpaid bills. In February, the two lenders declared the project in default and said they planned to foreclose on the property. But instead of doing so, the lenders have posted the property for foreclosure for five months in a row without going through with the sale.”
“Experts have predicted that the end of the nation’s economic expansion could be coming in 2020. Meanwhile, D-FW’s housing and office markets have softened considerably. Joseph Cahoon, director of Southern Methodist University’s Folsom Institute for Real Estate, said that in recent years, developers were building office space even before they had tenants signed up. But no more. ‘At this stage in the market, no lender would move forward with a construction loan on a truly speculative office building,’ he said. ‘Particularly of [Wade Park’s] size and scale.’”
“Back in 2014, Cahoon said, companies were announcing lots of big expansions and headquarters relocations, especially in non-coastal markets, which meant that the other developments were able to capitalize on the trend. But those moves have slowed. ‘That whole corridor … they’re all competing for the same corporate users,’ he said. ‘Invariably somebody’s going to lose.’”
The Palm Beach Post. “A couple in their early 30s — a writer engaged to a federal employee — spent months preparing to buy their first jointly owned property. They both clocked hours at second jobs to help build a substantial down payment. They perfected their credit scores and then met with a lender to gain mortgage preapproval.”
“Just hours after they left their lender’s office, they immediately happened upon a house they loved from the moment they stepped inside. It was a brick colonial with gleaming hardwood floors, an updated kitchen and an artfully landscaped patio. Excitedly, they made a nearly full price offer for the place, which pushed them to the top of their price range.”
“But will the couple in this true story later suffer buyers’ remorse? Despite their love-at-first-sight feel about the property, should they have done more comparison shopping before bidding on the first house they’d toured with their real estate agent? Should they have thought through the pros and cons of the neighborhood? Longtime real estate pros say only time will tell.”
“‘When I hear buyers have fallen in love with the first house they visited, I cringe. That’s like marrying the first person you’ve ever dated. That person could be absolutely wonderful. But have you had enough experience to know for sure?’ says Merrill Ottwein, who heads his family’s real estate brokerage.”
“Obviously, those seeking to buy for appreciation potential should avoid neighborhoods where many homes languish unsold for a lengthy time. Indeed, evidence that available properties are snapped up quickly is a strong sign of the desirability of a community. ‘You’re unlikely to experience eroding values in any area where homes are flying off the market,’ Ottwein says.”
‘the first of hundreds of homes that are expected to be built in the next five years…several brokers this summer are reporting a bump in buyer resistance to listed home prices and an increase in price reductions’
Wa? But, shortage? Fires? California!!
‘He argued the housing market already has given up much of the roughly 10 percent jump in prices due to the fires’
Well it’s a good thing everybody is putting 20% down.
interesting fires in San Diego have the opposite, short term 2-3 year effect of increasing prices. Also some of the mansions that get put in after a modest neighborhood goes up in flames is truly astonishing.
The fires are the cause of price increases — not a mania or the most insanely low interest rates in history?
That’s one of the lamest things I’ve ever heard.
San Diego, CA (north park) Housing Prices Crater 8% YOY
https://www.zillow.com/north-park-san-diego-ca/home-values/
*Select price from dropdown menu on first chart
‘King County saw almost a 50 percent increase in the number of active listings on the market year over year’
‘We’ve seen a reduction in the frenzy’
Gosh Mike, I hope no one paid too much during that frenzy. Cuz if they did they’ll be fooked.
An important thing is to look for price drops.
I think that there is a sliver of a start here. In my ‘hood - Belltown - condo central in downtown seattle. A 25K price drop o a 787 sq ft 1br 1bt. It is nice and in a good location - but kinda generic - so this is an indicator that it was an ‘investor’ that had to stage it
https://www.redfin.com/WA/Seattle/121-Vine-St-98121/unit-1106/home/25820?
That place is an overpriced piece of crap. You could rent something so much nicer for WAYYYY less. $620 per month in HOA dues? You’ve got to be kidding…
“$620 per month in HOA dues? You’ve got to be kidding…”
It’s not cheap going upward… think elevators, hvac, plumbing under pressure, etc., usually on scheduled maintenance.
agreed that it is not value for many folks.
But the big psychological benefit is to see price drops. We have not seen that in Seattle in a long time
Don’t get all excited about real or perceived “psychological benefits”.
Get excited when prices are down 50 percent or more. Better yet, simply become “interested”.
10-30 percent price reductions on properties isn’t squat when you consider that prices are double or 150% more than what they should be.
When that $600K three bedroom, two bath drops to $300K, then you can begin to get interested.
so you have an outside view of hundreds of others outside balconies…..
Kenmore, WA Housing Prices Crater 13% YOY As King County Housing Bust Accelerates On Skyrocketing Housing Inventory
https://www.movoto.com/kenmore-wa/market-trends/
‘Meanwhile, D-FW’s housing and office markets have softened considerably’
Do tell DMN. When I flew into DFW the other day construction hadn’t softened at all.
Ha! I was just there!
And “My realtor showed me a house with bullet holes in it! Bullet holes!” story from a fellow engineer looking to buy…
I was surprised to read that 60% of the new builds are pre-leased.
“Dallas-Fort Worth currently has 20 office projects in the construction pipeline.
The good news is that 60 percent of those new buildings are already leased to tenants, according to a new report by CBRE.”
https://www.dallasnews.com/business/real-estate/2018/07/05/good-news-developers-60-new-offices-already-leased
That still leaves 40% though….
Our building has filled up for sure, parking is an issue.
‘Lawn signs that read ‘Sorry … Too Late Sold’ were posted in front of the majority of the completed homes. Several contractors, who wished to remain anonymous, told the Daily Press ‘a sold sign’ is being posted even before a house is completed’
Scarcity and urgency are the oldest snake oil sales tactics in the book.
“I posted the homes on Craigslist and immediately got an offer for 4 of the incomplete homes. It’s from a creditable source, the prince of Dubai, he is going to wire me the money”
Realtors are liars!
‘Several contractors, who wished to remain anonymous’
Why would they not want their name used?
’starting at over $280,000′
No problemo Victorville, I’m sure some bay aryans will snap these up.
‘a sold sign’ is being posted even before a house is completed’
Maybe they are avoiding legal culpability for fraud?
I used to live just west of Victorville right over the border in Adelanto.
Bought my 4 bed, 2 bath 1300sq ft house in 2003 for 121k. Nice little neighborhood of modest houses bought by young couples and retirees.
Started reading the HBB and along with my short time serving on the planning commission I had a feeling something was up. This was verified when they started building 250-300k houses just north of me and the occupants were parking three wheeled cars in front of them and hanging aluminum foil in the windows for curtains.
Further verified in 2005 after I caught some kid tagging my block wall and finalized when the van was set on fire in the field by my house. Turned out it had been used in a drive by shooting a couple miles up the road.
Put the house on the market and was told I was “crazy.” Sold it for 260k. If I had waited a year longer the next sucker paid $320k.
I checked in 2010. Went for auction at $64k.
Should be even funner for these fooked borrowers this time around. When I was doing the commute the traffic was ok and gas was $1.60 a gallon. Now these people are dealing with $4 gas and even with the extensive widening of the Cajon Pass the traffic is choked now during the morning commute.
Yep. Everything from last time was forgotten, and it’s so much worse this time around. Unbelievable stupidity.
Could you be more specific about the “something was up” and “confirmed?” I’ve never heard of three-wheeled cars (except for actual three-wheeled cars like the Elio) and aluminum foil curtains. I’m guessing there’s a drug connection but I don’t get it. So the planning commission allowed new $250 bubble houses and this attracted drugs?
And from google maps, Adelanto looks like semi-boonies to me. Not enough dwellings to choke the traffic. I’m confused.
Three wheeled cars is a euphemism for beater junky cars.
There are actually people that hang aluminum foil in the windows instead of curtains to block out the sun when they can’t afford real ones.
Adelanto is to the west of the Victor Valley on the western border of Victorville. The entire Victor Valley (Hesperia, Adelanto, Victorville, Apple Valley, etc) is home to, last I heard, over 400,000 people.
Almost everyone drives “down the hill to work” on I-15 through the Cajon Pass in to the Inland Empire - and some continue on to Los Angeles and Orange Counties. It’s also a major truck route and travel route to and from Vegas. Not pretty.
“Three wheeled cars is a euphemism for beater junky cars.”
Back when I was repossessing in the ghettos I’d sometimes see a car driving on a bald “space-saver” wheel, a side window bashed-out, expired tabs, etc., you just know some lien holder was looking for it.
Q: What is recourse debt or a recourse loan?
A: It is debt where they can come and take anything to fulfill paying the debt.
Q: What is a recourse mortgage?
A: It is debt where they can come and take anything to fulfill paying the debt - not just repossessing the house.
Q: I still don’t understand.
A: Binge watch a few episodes of “Can’t Pay We’ll Take It Away” - https://www.youtube.com/watch?v=TJ14weqs_hA
“Q: I still don’t understand.”
Perhaps a real-life demonstration is in order.
Drop by my bank at your convenience and I will be happy to discuss with you my Dotted Line Special over a (free!) cup of coffee.
😁
Pretty cool!
However, there seems to be mucho finishing work still done by hand (not discussed in the article but you get an idea from the pics)
+++++
French Family Becomes the First to Move into a 3D Printed Home
All3DP | July 9, 2018 | Hanna Watkin
A French family recently became the first in the world to move into a fully 3D printed house. The spectacularly sized family home was built as a part of a project that aims to use additive manufacturing to construct buildings in a quick and affordable manner.
The sizable house in Nantes measures out to 1022 square feet, equipped with four bedrooms and a large central living area. Despite the generous size of the home, it took just 54 hours to print the main structure. The team believes that they can cut this construction time down to 33 hours in the near future. This home is just a prototype and the team intend on 3D printing bigger structures in future.
Perhaps the most impressive aspect of this project is that the house cost just £179,000 (around $238,792) to build. This is about 20 percent cheaper than homes that are built using traditional construction methods.
“For 2,000 years there hasn’t been a change in the paradigm of the construction process. We wanted to sweep this whole construction process away. That’s why I’m saying that we’re at the start of a story. We’ve just written, ‘Once upon a time’,” said Francky Trichet, the council’s lead on technology and innovation.
The team believes that in five years, the cost of constructing houses will be reduced by 25 percent and as much as 40 percent in 10 to 15 years, all while still following current building regulations. This prediction takes a number of factors into account, such as 3D printing technology becoming cheaper and economies of scale as more homes are built.
I’m sure they mean 1022 square meters (11000 sq ft), not 1022 square feet.
OK, looking again, that IS an 1100 sq ft house.
Cool!!
French Family Becomes the First to Move into a 3D Printed Home
This is really cool. It seems to me though that pre-fab and modular construction has the ability to drive costs down more than 3D printed houses, but anything that can bend the cost curve is interesting to me.
I disagree; the cost of labor dominates, and the labor is more efficient, but not dramatically lower in modular home construction. The 3D printer really just works away 24×7 without any wages.
I agree that of the input costs (land, labor, and materials), the cost of labor dominates. But it is specialized labor as essentially each new construction project is a new work in an off itself. If you can turn the process into an assembly-line type operation where each worker masters one narrow task, then I think the labor cost goes down. Also, labor costs vastly different amounts across the country, so there building warehouses doing prefab homes in my state (Utah), and then putting them together in CA.
If you can turn the process into an assembly-line type operation where each worker masters one narrow task,
… then you can automate that process. Anyway, I’ll think we’ll see a combination of 3-D printing, pre-fab, and especially 3-D printing inside the pre-fab shop.
ha can build for $50 a sq ft and he has no printer
11000 sq ft x 50 = $550K the printer beat him
Don’t like to jump to conclusions so easily. The house looks like it is 1000 sq.ft!, not 11k as you point out.
The key quote “The 95-square-metre house boasts highly efficient insulation, and sensors that monitor air quality, humidity and temperature.”
How does this cost compare to mobile homes?
The house costs 20 per cent less than an identical house built with traditional construction methods.
also whats wrong with a 1000 sq ft house. we grew up in maybe 1350sq ft but we had a full basement and a nice yard to play in.
Yes, I went to the website, and it is indeed 1000 sq feet. I don’t know how they fit 4 bedrooms in there. I guess you can do it if you have small bedrooms, 1 bath, and a single kitchen/living area. No dining room, no sq ft used for stairs or hallways.
‘VA and FHA loans are most prevalent in Lakewood, Parkland, Spanaway, South and East Tacoma, representing nearly 50 percent of all sales in in these areas…Buyers in some areas of Pierce County are getting help from sellers contributing money to the buyer’s closing costs…nearly 40 percent of FHA and VA sales have seller’s concessions (the paying of buyer’s closing costs) and on average nearly 30 percent of all conventional sales do as well…Nearly half of all Thurston County sales include an FHA or VA loan. Sellers are expected to assist buyers with their closing costs similar to what’s occurred in Pierce County’
So FHA/VA means very little down plus lots of “first time buyers”. Sellers concessions at that level mean the borrower probably has no skin in the game at all.
Relax, the appraisers would never let this get out of control.
“It’s different this time” - honorable realtor
Sellers hate VA/FHA just for this reason. Add in there are stringent inspections too. And tight income to loan ratios.
So for a seller to sell to a VA/FHA buyer - they have run out of “normal” buyers
As a side note - VA/FHA loans have slightly higher interest rates for the buyer too. And usually NO downpayment.
++++
Nearly half of all Thurston County sales include an FHA or VA loan. Sellers are expected to assist buyers with their closing costs similar to what’s occurred in Pierce County’
‘for a seller to sell to a VA/FHA buyer - they have run out of “normal” buyers’
And:
’seller’s concessions (the paying of buyer’s closing costs) and on average nearly 30 percent of all conventional sales do as well’
For a VA/FHA loan the buyer is required to pay certain closing costs
For a conventional loan - it is negotiated.
The more a seller pays in closing costs (from none) for a conventional loan usually indicates how soft the market has become.
Just wait for the stories of realators throwing in some of their commission to make a deal.
I have seen those stories in the last three housing bubble crashes!
A seller can pick up all of an FHA buyers closing cost. That was standard practice from 2010 to 2013ish in most markets.
Friend of mine got a VA loan, no down, 2.5% interest. He hates being in debt and wanted to pay principle early, but at 2.5%, I advised him not to. (He makes a “13th payment” but no more.)
Sellers concessions at that level mean the borrower probably has no skin in the game at all
Just heard an ad yesterday from BECU (local credit union) that they’ll ‘grant’ you downpayment money. I’ve forgotten the tagline they used, but effectively “everyone deserves to be able to buy a home — even if you don’t have a downpayment”.
It’s clearly not just big banks doing stupid things right now.
From their:
“ After all, we at BECU want to help demolish that down-payment obstacle to pave the way to paying a mortgage, not rent.”
want to help demolish that down-payment obstacle
read: Because saving money shouldn’t be an obstacle to buying a home :/
Thanks for finding that!
Wow, how disgusting…
Arcadia, CA Housing Prices Crater 11% YOY As Market Heads Back To 2010 Levels
https://www.movoto.com/arcadia-ca/market-trends/
You sure post a lot about Arcadia. Do you live there? Are the Chinese moving out?
I grew up arcadia-adjacent.
I can never understand a person/couple making the largest purchase of their LIFE - doing it on impulse!
They should intimately know the market, every neighborhood, trends, schools, noise, traffic, air traffic patterns, tax info, insurance info, how to do a quick home inspection on their own and to be able to negotiate like a Irish grandmother. Etc.
+++
“But will the couple in this true story later suffer buyers’ remorse? Despite their love-at-first-sight feel about the property, should they have done more comparison shopping before bidding on the first house they’d toured with their real estate agent? Should they have thought through the pros and cons of the neighborhood? Longtime real estate pros say only time will tell.”
“I can never understand a person/couple making the largest purchase of their LIFE - doing it on impulse!”
Seriously, you need to get out a bit more often.
I know a dude that spent 6 months buying a new $40k car. Test drove everything under the sun, researched them all, negotiated for weeks with various dealers. Squeezed every last dollar until he got the best deal he could.
How long did he and his wife spend shopping for a $500k home? A weekend.
“How long did he and his wife spend shopping for a $500k home? A weekend.”
For many ladies a house is an emotional thing. Things like transportation options, electric or NG utilities, etc., are simply not worth discussing.
“…How long did he and his wife spend shopping for a $500k home? A weekend….”
Many folks don’t even spend *that* much time “planning” for retirement.
“…A couple in their early 30s…. spent months preparing to buy their first jointly owned property. They both clocked hours at second jobs to help build a substantial down payment…”
From the real-estate industrial complex:
https://www.redfin.com/blog/2018/06/redfin-survey-36-of-millennial-homebuyers-took-a-second-job-to-save-for-down-payment-10-sold-cryptocurrency.html
Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency
Of particular note:
“…Millennial households earning more than $100,000 were more than three times more likely than their less-well-off peers to have sold cryptocurrency investments…”
Wow. Crypto and over-priced Real Estate.
Rather than retreating from flood-prone neighborhoods after Hurricane Sandy, some developers are wading deeper into waterfront markets, especially in Queens and Brooklyn, where they are finding large parcels of land close to mass transit
http://queenscrap.blogspot.com/2018/07/developers-love-flood-zones.html
Job security for the developers, contractors, and realtors. Every 5 years rebuild, resale!
https://www.houstonchronicle.com/news/houston-texas/houston/article/What-s-in-a-floodway-In-Houston-20-000-12409821.php
https://www.msn.com/en-us/news/photos/states-where-people-spend-most-of-their-paycheck-on-housing/ss-AAziV9q
Colorado is #15. Ouch!
This article is 4 months old but still interesting:
https://www.thedenverchannel.com/news/360/colorado-home-buyers-offering-crazy-perks-in-wild-real-estate-market
I guess the love letters weren’t cutting it anymore.
OK, just how many people can scrounge up $500K+ without a mortgage? Especially in Denver? Sure, Bay Aryan transplants/equity locusts who sold their old house can do that, but just how many are there? Aren’t most of the people bailing out of there renters?
The first Realtor in that Local News story looked and sounded undead
The undead are beings in mythology, legend, or fiction that are deceased but behave as if they were alive. A common example of an undead being is a corpse reanimated by supernatural forces, by the application of either the deceased’s own life force or that of another being (such as a demon).
https://en.wikipedia.org/wiki/Undead
Wait a sec… you talking Ruthy Ginsburg?
Portland, OR Housing Prices Crater 14% YOY
https://www.zillow.com/portland-or-97209/home-values/
*Select sale price from dropdown menu on first chart
Some of my neighbors are doing some ‘price slashing’ but I still haven’t seen any ‘bubble’ that is ready to burst in Florida…unless you call this a ‘bubble’?
https://therealdeal.com/miami/issues_articles/mapping-manalapan/#new_tab
See below, from the article. Billy, say it ain’t so. “A brief resident of the area”? Is that what we’re calling speculators now?
“Billy Joel, a brief resident of the area, purchased a 13,000-square-foot house in Manalapan for $11.8 million in 2014 and listed it for $19.5 million in 2015. He lowered the asking price in April to $16.9 million and has included the furnishings in the deal.”
I thought Manalapan was close to where Tiger Woods lives, but he’s about 15-20 miles up the coast.
Jupiter Island is Tiger Woods hood.
Billy Joel’s home: https://www.zillow.com/homedetails/1920-S-Ocean-Blvd-Lantana-FL-33462/67165592_zpid/?fullpage=true
Picture 43 of 55 shows the only piano in that place, and it’s a pathetic baby grand. Billy probably already removed his *real* pianos to wherever he really lives, and will throw a little baby grand bone to the buyer.
Look at photos #14 and #15, same image except for some editing of the lawn… green added. Realtors are liars!
Did your Bitcoin HODLings get hammered in the latest overnight wave of bubble collapse? Not to worry…CCN experts have offered their assurances and reassurances that the price will almost certainly return to an even higher bubble peak than before by the end of this year.
Bitcoin Analysis
July 10, 2018 13:20
$22 Billion Wiped Out of Crypto Market in 24 Hours as Bitcoin Drops Under $6,400
The valuation of the crypto market has dropped by $20 billion over the past 24 hours, as bitcoin dropped to $6,400.
Since early morning, the crypto market recorded a steep fall from $274 billion to $252 billion, demonstrating a 7 percent decline in value. The drop of bitcoin from $6,700 to $6,400 caused other major digital assets and small tokens to experience intensified movements on the downside.
Bitcoin 5% Loss, Ether 10% Drop
While bitcoin lost 5 percent of its value, the price of ether, the native cryptocurrency of the Ethereum blockchain protocol, dropped by more than 10 percent. On July 9, the price of ether hovered at around $480. Over the last 12 hours, the price of ether dropped to $430, dragging tokens and small cryptocurrencies with it.
Yesterday, CCN reported that a fall to the lower end of $6,000 is inevitable due to the low volume of bitcoin and other major digital asses. CCN’s crypto market report on July 9 read:
“Generally, high profile investors and experts in the cryptocurrency sector believe that a surge beyond the current all-time high of BTC at $20,000 by the end of 2018 is highly likely, but another fall below the $6,000 mark is inevitable.”
https://www.ccn.com/22-billion-wiped-out-of-crypto-market-in-24-hours-as-bitcoin-drops-under-6400/
“Yesterday, CCN reported that a fall to the lower end of $6,000 is inevitable due to the low volume of bitcoin and other major digital asses.”
Can anyone who understands this point please explain it?
Low-volume trading for major digital “assets?”
I dunno, the sooner that these idiots stop mining and give Ireland back its electricity, the better.
You misspelled “asses.”
https://twitter.com/zerohedge/status/1016501019533086722
Interesting profile pic…
“Sellers still might be in control, but Beeson noted ‘on average, nearly 40 percent of FHA and VA sales have seller’s concessions (the paying of buyer’s closing costs) and on average nearly 30 percent of all conventional sales do as well.’ The scenario is the same for Thurston County buyers, Beeson said. ‘Nearly half of all Thurston County sales include an FHA or VA loan. Sellers are expected to assist buyers with their closing costs similar to what’s occurred in Pierce County.’”
Aside from not showing up in official sales price records as a price reduction, what is the difference between a seller paying the lion’s share of closing costs and a price reduction?
Same way with apartments giving away a month or two per year to get tenets…
But the official monthly rent doesn’t go down!
‘what is the difference between a seller paying the lion’s share of closing costs and a price reduction?’
The former has a buyer putting almost nothing/zero down and the latter would have to put money down, even if it’s just 3%.
And buyers fail to realize they will pay property taxes on what is the purchase price of the house.
And it doesn’t matter if you purchased a $300,000 house with $30,000 credits from the seller for settlement costs.
The tax man will demand that you need to pay taxes on a $300,000 house.
Year after year after year…
Goodfellas: F++k You, Pay Me
https://www.youtube.com/watch?v=3XGAmPRxV48
And housing depreciation eats you alive at $3/sqft/year every year it owns you.
Ooooph
Guy I play pinball with said that he bought house in new neighborhood and the builder gave him a huge sum of money to go towards overpaying for his house. That way the recorded value was higher.
That should be illegal.
The fed does it… must be okay.
It pumps up the comps and wealth is thereby instantly created.
Magic!
Oh, great, higher taxes. He’s not very bright, huh?
Realtors are liars.
Que?
https://finance.yahoo.com/news/house-money-wall-street-raising-141800948.html
No recession ever
Alexandria, VA Housing Prices Crater 10% YOY As Market Floods With Adjustable Rate Mortgages
https://www.zillow.com/alexandria-va-22303/home-values/
*Select price from dropdown menu on first chart
“The homes, which were abandoned for nearly 18 months and unsecured, were eventually vandalized and experienced ongoing compliance issues with the city’s code. The bank finally opted to destroy the homes due to safety concerns…”
I wonder why this doesn’t happen to more bank-owned homes?
In the bad old days when banks ate their bad loans and didn’t men pee in women’s bathrooms…
Banks fixed these houses up real quick and sold them real quick - for this very reason.
Better to take a $10,000 hit on a home/mortgage than a total loss.
But then a certain party weaponized mortgages to buy the votes of the free sh!t army…
“For those who thumb their nose at us, I promise vigorous enforcement.” – Attorney General Janet “Baby Killer” Reno, 1994
Razing the crap at the bottom raises the median for the rest.
Only temporarily. It also depends on what they razed. If it was an older used house in a good location, they can rebuild a zero-lot-line luxury monstrosity on the land and sell for a big profit.
Local realtor org says May yoy prices up 1.2% zillow says 3%
Por que?
Menterosas
Dallas, TX Housing Prices Crater 15% YOY As Land Prices Plummet
https://www.zillow.com/dallas-tx-75219/home-values/
*Select price from dropdown menu on first chart
The present day housing mania had a percursor outbreak of mass insanity five centuries ago in Strasbourg, France.
Keep on moving: the bizarre dance epidemic of summer 1518
Five centuries ago, the world’s longest rave took place in Strasbourg – a ‘plague’ of dancing that was fatal for some. What caused it? Art, poetry and music of the time can provide some clues
John Waller
Thu 5 Jul 2018 01.00 EDT
Last modified on Thu 5 Jul 2018 19.25 EDT
Sufferers from St Vitus Dance making a pilgrimage near Luxembourg in hope of a cure.
It started with just a few people dancing outdoors in the summer heat. Arms flailing, bodies swaying and clothes soaked with sweat, they danced through the night and into the next day. Seldom stopping to eat or drink, and seemingly oblivious to mounting fatigue and the pain of bruised feet, they were still going days later. By the time the authorities intervened, hundreds more were dancing in the same frenetic fashion.
But this was not one of those 80s raves that began in a remote layby and ended in a muddy field. Rather, it’s one of the oddest epidemics to be recorded in world history. And it happened 500 years ago this summer in the French city of Strasbourg. It was there, over the course of three roasting-hot months in 1518, that several hundred people developed a compulsion to dance. The dancing went on and on until – to the horror of the crowds who gathered to watch – some of them collapsed and perished on the spot.
…
some of them collapsed and perished on the spot
One of the ways to die from acute mania. Hence strait jackets & lockin’ ‘em in a padded box. Treatment of the worst cases vastly improved when someone noted that a drug used to treat worms had the interesting side effect of tranquilizing agitated mental patients.
What does it portend when foreclosure starts are climbing steeply in so many locales at the height of an economic boom?
Mortgage Servicing
ATTOM: Foreclosure Starts Fell in May But Hot Spots of Activity Remain
Posted by Patrick Barnard -
June 21, 2018
A total of 33,623 U.S. residential properties started the foreclosure process in May, down 1% compared with April and down 6% compared with May 2017, according to ATTOM Data Solutions.
May marked the 35th consecutive month that foreclosure starts decreased on a year-over-year basis.
However, 43% of local markets posted year-over-year increases in foreclosure starts, counter to the national trend, the firm’s research shows.
Markets where foreclosure starts increased the most year-over-year in May were Houston (up 153%); Los Angeles (up 14%); Miami (up 4%); Dallas-Fort Worth (up 46%); and Atlanta (up 7%).
Also counter to the national trend, 23 states and the District of Columbia posted year-over-year increases in foreclosure starts, including Texas (up 53%), California (up 3%), Georgia (up 15%); Pennsylvania (up 6%); and South Carolina (up 31%).
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Now that Wall Street has enjoyed a moment of respite in the eye of the storm, can we expect the selling to resume with renewed ferocity?
Dow futures tumble 230 points after U.S. unveils new China tariffs
By Sara Sjolin
Published: July 11, 2018 5:28 a.m. ET
Facebook drops after confirming possible U.K. fine
STR/AFP/Getty Images
A textile worker sews at a factory in Huaxian County, in China’s northern Henan Province.
U.S. stock futures pointed to a sharp drop at the open on Wednesday, with traders heading for the exit after the Trump administration said it will slap tariffs on a further $200 billion in Chinese goods.
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