Prices Fall And Product Continues To Hit The Market
It’s Friday desk clearing time for this blogger. “While prices continue to rise, Mike Figura, Mosaic Community Lifestyle Realty’s owner, said some indicators do suggest a gradual cooling of the local market. For instance, both Asheville and Buncombe had fewer home sales overall in the first half of this year compared to last. Also, the average days on the market increased, which means homes aren’t selling as fast. And at the higher end of market, houses are lingering too, creating more inventory. Nobody is ringing the alarm bells, but Figura contends ‘if builders aren’t smart about what they’re building, they could flood the upper prices ranges. There were some significant increases in inventory levels in the higher price ranges between the second quarters of 2017 and 2018 in the both the city and county.’”
“The real estate market is cooling in parts of North Texas according to realtors and experts. Two nice houses side-by-side in Frisco are an example according to, Ebby Halliday Realtor Brian Johnson. One he sold in May 2017 for over the asking price. ‘We listed for $309,000. In 3 days I had 17 offers. We sold it for 335,’ he said. The one next door has been on the market 49 days. It has hardwood floors, an updated kitchen and master bath. ‘This home has over 600 square feet more and its way more updated and I’ve got no offers,’ Johnson said. ‘Now we just dropped the price 10 thousand and I do have someone interested.’”
“The U.S. housing market — particularly in cutthroat areas like Seattle, Silicon Valley and Austin, Texas — appears to be headed for the broadest slowdown in years. Some of the most expensive markets, where sales are falling under the weight of prices, are now seeing substantial increases in supply, according to Redfin Corp. In San Jose, California, inventory was up 12 percent in June from a year earlier. It rose 24 percent in Seattle and 32 percent in Portland, Oregon.”
“‘Affordability is becoming a major headache for homebuyers,’ said Lawrence Yun, the National Association of Realtors chief economist. ‘You are seeing home sales rising in Alabama, where things are affordable. But in places like California, people aren’t buying.’”
“In pricey Southern California, sales of both new and existing homes fell sharply in June compared with a year ago, according to CoreLogic. Demand is still quite strong, and while prices continue to gain, more listings are showing price reductions. ‘The market is strong, but I’m seeing a noticeable difference in the number of buyers that are looking at my listings each week,’ said David Fogg, a real estate agent based in Burbank, California. ‘Many properties are now not selling and/or coming down in price.’”
“Orange County mortgage broker Jeff Lazerson said people are increasingly refusing to waive appraisal contingencies and willing to step away from a deal rather than engage in bidding wars. ‘I haven’t seen hesitation like this in years,’ said Lazerson. Lazerson explained the feeling of many would-be buyers like this: ‘This economic expansion, this run-up in home prices, has been going on a very, very long time.… At what point does all this stop?’”
“If there is a true slowdown around the corner, one of the first signs would be a subtle shift of power from sellers to buyers. Inland Empire real estate agent Kira Madrigal said sellers in the markets she covers still have the ‘upper hand,’ but buyers are increasingly willing to submit ‘low-ball’ offers.”
“The number of closed sales from April through June dropped 6.2 percent year over year, to 91 homes in L.A.’s luxury market. In the non-luxury market, the median sales price in L.A. County, primarily Westside and Downtown, slipped for the first time in over five years to $1.3 million. That’s a 7.1 percent decline compared to last year, and the first drop in 23 consecutive quarters. Sales in this segment dropped 5.8 percent to 1,701 homes. There were 453 luxury homes listed for sale, up from 346 last year over the same period, and 365 in the first quarter of 2018. It is also taking brokers longer to sell the homes in this segment. The amount of days the homes spent on the market jumped 41 percent year over year to 120 days.”
“Discounts on asking prices also rose to 11 percent, up from 6.8 percent last year. The slowdown in sales is also happening beyond L.A. County. In a new report from CoreLogic, just 22,706 homes sold across six counties in Southern California last month, representing a nearly 12 percent drop year over year. The figure was also 15 percent lower than the average sales since 1988.”
“June sales of both newly built and existing homes in the San Francisco Bay Area dropped just more than 9 percent compared with a year ago, according to CoreLogic. Sales of newly built Bay Area homes were nearly 32 percent below the historical average, going back to 1988. ‘Price growth is only part of the problem that home shoppers have faced,’ said Andrew LePage, a CoreLogic analyst. ‘The median price paid for a Bay Area home this June was up almost 13 percent year over year, but the principal-and-interest mortgage payment on that median-priced home was up about 22 percent because of the rise in mortgage rates – more than half a percentage point – over the past year.’”
“Much has been made of the dazzlingly wealthy foreign buyers who snap up luxury condos in New York City and Miami; breathtaking beach houses in Honolulu; and sophisticated modern estates in San Francisco and Seattle. But foreign-resident buyers and recent immigrants closed on far fewer properties in the 12-month period ending in March 2018—by about 21%, according to a recent report from the National Association of Realtors®. ‘I’m seeing a slowdown with Chinese buyers,’ says New York City–based real estate agent Kerry Lynn of Douglas Elliman, who works primarily with Chinese and South American buyers who are looking for newly constructed, high-rise condos with luxury amenities in Manhattan for $1.5 million to $2 million.”
“‘Inventory shortages continue to drive up prices and sustained job creation and historically low interest rates mean that foreign buyers are now competing with domestic residents for the same, limited supply of homes,’ said Lawrence Yun, chief economist for the Realtors. For international investors who are looking for condominiums in large cities as an investment, the supply theory doesn’t really hold.”
“‘I don’t think it’s the supply issue because these buyers are buying in the higher end and there is more supply there, particularly in the gateway cities like Miami and New York,’ said Sam Khater, chief economist at Freddie Mac. ‘It could be just that their appetite for U.S. real estate is waning.’”
“Long Island has become a tale of two housing markets, with home buyers competing for starter houses while high-priced properties linger on the market, a new report shows. The top fifth of sales fetched a median price of $820,000, down 0.6 percent annually. For the Island’s luxury market – that is, the top 10 percent of sales – the median price fell by 6.7 percent annually, to $1.05 million. Throughout Long Island – except for the Hamptons and the North Fork — homes sold in 5.1 months on average, at a 3 percent discount from their listing price, the report shows. Luxury homes, though, spent an average of 17 months on the market, and sold for a 6 percent discount. The Hamptons was the only region to see a price decline, with a median price of $975,000, down 5.3 percent year-over-year.”
“Recent news that home sales in Westchester County declined by 18% the second quarter in 2018 in comparison to the same period in 2017, should have not only local elected municipal officials very concerned, but also those at the New York state level. This is the fourth consecutive quarterly decline in the county’s home sales. Westchester residents are putting up their homes for sale since federal tax reform now significantly limits to $10,000 the deduction of local and state taxes. This is about half the $17,179 average tax paid by Westchester residents in property taxes in 2017. As more and more people put up their homes up for sale, this will start to lower home values.”
“Why the face? Maybe because this buyer’s flipped two units at 432 Park Avenue at a loss. An LLC by the name of ‘WHY THE FACE’ just sold a unit on the tower’s 65th floor for $24.2 million, records filed with the city’s Department of Finance show. That’s down from the $25.6 million the buyer paid in March 2016, and $8.3 million less than what the apartment was initially listed for in April 2017. This mysterious buyer sold another unit at a slight loss — roughly $73,500 — on the 28th floor. The unit was purchased, according to city records, on the same day as the other apartment. The buyer paid $1.8 million and then sold the unit in June.”
“The perils of flipping luxury apartments in today’s market are well-documented. As prices fall and a steady of flow product continues to hit the market, turning a profit is increasingly difficult.”
“Declining demand has driven down housing prices across most of the North Shore, but sales of homes in Evanston have remained robust. The average sales price fell by 4.3 percent in 2018, according to local real estate data, dropping from over $750,000 to under $718,000 in the north suburban market. For the north suburban housing market as a whole, the median sales price fell 8.1 percent, from $631,000 to $580,000 compared to last year.
“June home sales in Greater Hartford lost the upward momentum of earlier this year, as purchases and prices paid slipped for the second month in a row, a new report shows. The median sale price of a single-family house — in which half the sales are above, half below — dropped 6.3 percent, to $225,000 from $240,000 for the same month a year ago, according to the Greater Hartford Association of Realtors. Holly Callanan, chief executive of the association, said, ‘It is possible potential buyers are stalling because of the low inventory that makes for limited choices.’”
“If you’re looking into buying a home in Williston, you’re in luck, depending on what you want to spend. ‘It is busy, could we use some more inventory, yes. Everybody tends to be around that 250 to 350 price range,’ said Chelsey Melby, Basin Brokers Real Estate agent. For those looking to sell, don’t over price. With so many homes available, Melby says buyers can afford to be a little picky. ‘If they are priced right for the square footage in the area a lot of times they will go as fast as 24 hours. If you see a housed that’s overpriced it will sit probably 90 to 180 days,’ said Melby.”
No room for the international bubble popping today. Probably do that this weekend. There’s so much news coming in I may have to adjust how I’m posting.
‘This home has over 600 square feet more and its way more updated and I’ve got no offers,’ Johnson said. ‘Now we just dropped the price 10 thousand and I do have someone interested.’
Of course you do Brian. So anyone else might want to get involved with some urgency, right?
389K for a drywall palace in Frisco, a place where happiness goes to die? Someone please kill me.
but … you can now drive to the Shops @ Legacy in Plano and get a $20 hamburger and $17 martini with all the other cool cats.
get with the program
‘One he sold in May 2017 for over the asking price. ‘We listed for $309,000. In 3 days I had 17 offers. We sold it for 335,’ he said. The one next door has been on the market 49 days. It has hardwood floors, an updated kitchen and master bath. ‘This home has over 600 square feet more and its way more updated and I’ve got no offers’
With 600 more sq ft, way more updates, I’d say prices have fallen a lot Brian. Now’s when you are supposed to put the screws to this unrealistic client of yours.
From the article/link:
“Factors include rising interest rates, a larger inventory of houses for sale and some buyers priced out of the market by soaring price increases the past few years, according to expert Paige Shipp with the real estate research company Metrostudy.
“I’m very cautious about calling it a slow down because we’re going from having 10 offers to having 3 offers, right? It’s not nearly as competitive and we are starting to see some price reductions,” she said.”
Paige literally described a slow down right after saying she’s “very cautious about calling it a slow down.” Lol comedy!
A $20 hamburger in Texas? You’ve got to be kidding me.
$40 hot dogs are next
Cuz its a vibrant downtown
‘The average sales price fell by 4.3 percent in 2018, according to local real estate data, dropping from over $750,000 to under $718,000 in the north suburban market. For the north suburban housing market as a whole, the median sales price fell 8.1 percent, from $631,000 to $580,000 compared to last year.’
There are some local stats at the bottom of this link showing bigger price drops than this.
‘June sales of both newly built and existing homes in the San Francisco Bay Area dropped just more than 9 percent compared with a year ago…Sales of newly built Bay Area homes were nearly 32 percent below the historical average, going back to 1988.’
Wa? I’ve been told a thousand times bay aryans can’t build a port-a-potty. Now you’re saying there’s new stuff sitting empty? But shortage!
‘The median price paid for a Bay Area home this June was up almost 13 percent year over year, but the principal-and-interest mortgage payment on that median-priced home was up about 22 percent…over the past year.’
Oh dear…
To be fair judging by the sh@t in the street, they do have problems building a port-a-potty now building overpriced housing not a problem
Portapotties become havens for drug use and prostitution. And given the mental health of some of those homeless, I’m not sure they’d use them anyway.
Prostitution in a portapotty? Good grief.
http://www.latimes.com/local/la-me-lopez17oct17-2005-column.html#
This older article was written when crack was still the thing. Things are probably worse now. Lots more sad stories if you google.
All true but I was making a joke. However the issue is quite serious, Hep A etc. it was not modern medicine as much as improved sanitation that first lifted life expectancy and we are losing that advantage. It is outrageous that these PC governments do not treat it as a health emergency.
‘in places like California, people aren’t buying’
‘Many properties are now not selling and/or coming down in price’
‘I haven’t seen hesitation like this in years’
The collective media psychology here appears pretty definitive.
“Mega Corp” knows everything about being a good landlord
https://www.reuters.com/investigates/special-report/usa-housing-invitation/
When I heard about the business model of Invitation Homes, etc., I figured the homes they own/manage would soon become slums. Sounds like some of them have already reached that status.
OTOH…Have any of these tenants with mold and sewage everywhere, etc. ever called their city’s code enforcement office and had them come out? If the problems are real, they can start slapping fines on the landlord until things are fixed. Lots of “he says, she says” in this article.
Will these “single-family rental securities” be the same kind of time bomb that MBS’s were…?
“In September, the government-sponsored entity Fannie Mae lent its blessing to this new market, guaranteeing the refinancing on a $1 billion Invitation Homes rental-backed bond. ” Jeezus!
“In September, the government-sponsored entity Fannie Mae lent its blessing to this new market, guaranteeing the refinancing on a $1 billion Invitation Homes rental-backed bond. ” Jeezus!
I recall reading Russia’s oligarchs privatizing government assets and infrastructure… we’re no better.
Russia’s oligarchs didn’t “privatize” government assets and infrastructure - they picked it up for a song at rigged auctions in a massive swindle against the populace.
So yeah, we’re going down the same road that enriches only a corrupt and venal oligarchy at the expense of everyone else.
Most “Russian” oligarchs, BTW, don’t have a drop of Slavic blood.
IMO It will be worse than MBS. These are the idiots who based projections on raising rent 5%/year. Someone’s not getting a pension.
“Invitation Homes Inc, a creation of private equity giant Blackstone Group LP.”
These are the MFers who are calling the shots in this country, all of these massive, extraordinarily wealthy corporations and the individuals that run them. Blackstone isn’t only dealing in housing, they’re also behind the subprime auto financing bubble BS, etc.
“This is far from the alluring vision of life in a rental home that Invitation Homes has promoted since Blackstone, the world’s largest private equity firm, built the company on the wreckage of the foreclosure crisis.”
Big shock. The moneyed insiders got the spoils.
“These companies have financed their growth by selling billions of dollars in bonds – the rental-market equivalent of the mortgage-backed securities that led to the financial crisis – to pension funds and other big institutions.”
Same shit, different day.
“Invitation Homes went public in February 2017. Blackstone still owns a 42 percent stake, valued at $5.1 billion. Blackstone is now in the process of buying a majority stake in the financial-services division of Thomson Reuters Corp, owner of Reuters News, in a deal valued at $20 billion. The transaction is expected to close in late summer. Blackstone and its chief executive officer, Stephen Schwarzman, declined to comment for this article.”
They’re buying a majority stake in the very rag which ran this story. You won’t be seeing anymore unflattering stories about Invitation Homes from Reuters.
It’s the system which is broken in this country. Nothing will change short of an uprising.
Damn! Reuters was somewhat reputable.
More Blackstone background:
http://www.zocalopublicsquare.org/2018/05/21/can-austin-beutner-no-prior-experience-necessary/ideas/connecting-california/
Adios housing bubble
http://investmentresearchdynamics.com/adios-housing-bubble/
Millbrae CA Housing Prices Freefall 18% YOY As Tanking China Economy Craters Bay Area Market
https://www.movoto.com/millbrae-ca/market-trends/
Here’s what fake news looks like …
“Starving-Polar-Bear Photographer Recalls What Went Wrong”
“One year later, Cristina Mittermeier explains what she and her team were trying to accomplish with that gut-wrenching image.
BY CRISTINA G MITTERMEIER”
“EDITOR’S NOTE
National Geographic went too far in drawing a definitive connection between climate change and a particular starving polar bear in the opening caption of our video about the animal. We said, “This is what climate change looks like.” While science has established that there is a strong connection between melting sea ice and polar bears dying off, there is no way to know for certain why this bear was on the verge of death. This is an updated version of the video.”
“… there is no way to know for certain why this bear was on the verge of death.” Check.
“This story appears in the August 2018 issue of National Geographic magazine.
“Climate change kills slowly and by proxy: through fire, drought, cold, and starvation. The connection between an individual animal’s death and climate change is rarely clear—even when an animal is as emaciated as this polar bear.”
Got it.
“Photographer Paul Nicklen and I are on a mission to capture images that communicate the urgency of climate change. Documenting its effects on wildlife hasn’t been easy. With this image, we thought we had found a way to help people imagine what the future of climate change might look like. We were, perhaps, naive. The picture went viral—and people took it literally.”
“The picture went viral - and people took laterally.”
Yeah? What a surprise! This people taking it literally wouldn’t have anything to do with the headline “This Is What Climate Change Looks Like” would it?
(snip)
“Paul had warned me about the polar bear’s condition, but nothing could have prepared me for what I saw. The bear’s once white coat was molted and dirty. His once robust frame was skin and bones. Every step that he took was pained and slow. We could tell he was sick or injured and that he was starving. We could see that he was probably in his last days.”
“We could tell he was sick or injured and that he was starving.”
Sick or injured. Check.
(snip)
“When Paul posted the video on Instagram, he wrote, “This is what starvation looks like.” He pointed out that scientists suspect polar bears will be driven to extinction in the next century. He wondered whether the global population of 25,000 polar bears would die the way this bear was dying. He urged people to do everything they could to reduce their carbon footprint and prevent this from happening. But he did not say that this particular bear was killed by climate change.”
“But he did not say that this particular bear was killed by climate change.”
Oh? Then who did? Let’s read on and perhaps we will find out …
“National Geographic picked up the video and added subtitles. It became the most viewed video on National Geographic’s website—ever. News organizations around the world ran stories about it; social media exploded with opinions about it. We estimate that an astonishing 2.5 billion people were reached by our footage. The mission was a success, but there was a problem: We had lost control of the narrative. The first line of the National Geographic video said, “This is what climate change looks like”—with “climate change” highlighted in the brand’s distinctive yellow.”
Aha!
“In retrospect, National Geographic went too far with the caption. Other news outlets ran dramatic headlines like this one from the Washington Post: “‘We stood there crying’: Emaciated polar bear seen in ‘gut-wrenching’ video and photos.”
“We had sent a “gut-wrenching” image out into the world. We probably shouldn’t have been surprised that people didn’t pick up on the nuances we tried to send with it. Yet we were shocked by the response.”
Shocked, I’m telling you! We were shocked by the response!
“Many people expressed gratitude that we’d shined a light on climate change, but others angrily asked why we had not fed the bear or covered him with blankets or taken him to a vet—none of which would have saved him. Those responses revealed how disconnected people are from wildlife, ecology, and even geography.”
Don’t forget reality, how these dummies are disconnected from reality.
“And then there were those who are still bent on maintaining the dangerous status quo by denying the existence of climate change. We became to them yet another example of environmentalist exaggeration.”
Bahahahahaha … you pukes brought this on to yourselves.
“But they offered us a glimpse of the daunting number of people we still need to reach.”
Bahahahahahahaha. How about the daunting number of people you still need to alienate?
“Perhaps we made a mistake in not telling the full story—that we were looking for a picture that foretold the future and that we didn’t know what had happened to this particular polar bear.”
Mistake, oh there was no mistake. Your intentions are quite clear.
“I can’t say that this bear was starving because of climate change, but I do know that polar bears rely on a platform of sea ice from which to hunt. A fast-warming Arctic means that sea ice is disappearing for increasingly longer periods of time each year. That means many more bears will get stranded on land, where they can’t pursue the seals, walruses, and whales that are their prey and where they will slowly starve to death.”
Bla bla bla …
(snip)
“Until then, when we come across a scene like this one, we will again share it with the world—and take pains to be sure that our intentions are clear and the narrative remains our own.”
Yeah, right.
Link …
https://www.nationalgeographic.com/magazine/2018/08/explore-through-the-lens-starving-polar-bear-photo/
Unashamed Liars.
Some of Nicklen’s photos are amazing. A few of them show Polar Bears happily frolicking on land without any icebergs.
They catch whales? Never heard that before.
“They catch whales? Never heard that before.”
Here’s some interesting reads …
“Belugas as food for hungry polar bears”
https://polarbearscience.com/2013/02/19/belugas-as-food-for-
hungry-polar-bears/
“Russia: Over 200 Polar Bears Filmed Feasting on Whale Carcass in Bowhead Banquet”
https://www.newsweek.com/russia-polar-bears-filmed-feasting-bowhead-whale-carcass-677846
“Polar Bears are Eating Dolphins, Probably Thanks to Climate Change | Smart News | Smithsonian”
https://www.smithsonianmag.com/smart-news/polar-bears-are-eating-dolphins-probably-thanks-climate-change-180955608/
“He wondered whether the global population of 25,000 polar bears would die the way this bear was dying.”
25,000 polar bears … 7 Billion$ humans …
Forget the climate blah, blah, blah … how many humans are dying in similar/wor$t fa$hion? … every.single.day … What would hayzues.of.Bethlehem think of the monie$.changer$ iffin’ he was a walkin’ round the Hampton$ in his flip-flops?
“Bahahahahaha … you pukes brought this on to yourselves.”
forget$ the climate blah, blah, blah … let’s look rather @ more daily i$$ue$:
how is Human$ able to tolerate living in places like Vegas, Phoenix, Dallas, Palm Springs, … Etc.?
“An average central ac will use 3000 to 5000 watts of power every hour for around 9 hours a day during the hotter months. Click calculate to find the energy consumption of a central air conditioner using 3500 Watts for 3 hours a day @ $0.10 per kWh”
‘course million$ can drive in their car$ with the air on, to a local commercial bidne$$ & hang out there for hour$
There’$ cost$ to bee paid, climate change arguement$?, aw pa$haw
(In China, for example, sales of air conditioners have nearly doubled over the last five years. Each year now more than 60 million air conditioners are sold in China, more than eight times as many as are sold annually in the United States.Jul 24, 2016
The global impact of air conditioning: big and getting bigger)
Pretty certain China is knot a net importer of air conditioner$
Number$ acting as “fake new$”:
Air Conditioners Exports by Country
JUNE 18, 2018 BY DANIEL WORKMAN
Worldwide $ales from air conditioner$ export$ by country totaled U$ $43.7 billion in 2017.
Overall, the value of air conditioners exports rose by an average 4.5% for all exporting countries since 2013 when international shipments of air conditioners were valued at $41.9 billion. Year over year, the value of exported air conditioners appreciated by 5.6% from 2016 to 2017.
Among continents, Asian countries accounted for the highest dollar worth of exported air conditioners during 2017 with shipments valued at $25.5 billion or 58.4% of the global total. In second place were European exporters at 26.1% while 14.8% of air conditioners shipments originated from North America.
Smaller percentages came from Africa (0.3%), Latin America excluding Mexico but including the Caribbean (0.2%) and Oceania (also at 0.2%).
The 4-digit Harmonized Tariff $ystem code prefix is 8415 for air conditioner$.
(Might want to make your Co$tco purcha$es before tariff$ are applied)
Air Conditioners Exports by Country
Below are the 15 countries that exported the highest dollar value worth of air conditioners during 2017.
1. China: US$14.7 billion (33.7% of exported air conditioners)
2. Thailand: $4.8 billion (11%)
3. Mexico: $3.4 billion. (7.9%)
4. United States: $2.6 billion (5.8%)
5. Czech Republic: $1.8 billion (4.2%)
6. Germany: $1.8 billion. (4.1%)
7. Italy: $1.7 billion. (3.9%)
8. South Korea: $1.4 billion (3.1%)
9. Malaysia: $1.3 billion (2.9%)
10. Japan: $1.2 billion. (2.8%)
11. Belgium: $868.4 million (2%)
12. Netherlands: $795.8 million (1.8%)
13. Hong Kong: $740.4 million (1.7%)
14. France: $563.5 million. (1.3%)
15. United Kingdom: $550.6 million (1.3%)
The listed 15 countries furnished 87.4% of all air conditioners exported during 2017 (by value).
Among the top exporters, the fastest-growing air conditioners exporters since 2013 were: Mexico (up 60.9%), Netherlands (up 38.5%), United Kingdom (up 27.9%) and China (up 11.4%).
Those countries that posted declines in their exported air conditioners sales were led by: Japan (down -21.4%), France (down -20.2%), Belgium (down -17.4%), Germany (down -8.4%) and the United States (down -5.5%).
And most of that AC power generated by burning dirty, SO2 and CO2-producing coal over in China, who gets a free pass by the world government when it comes to pollution.
Good thing the trade wind$ don’t send particles to the U$A, then again, increa$ing the burning of coal is the “new black” in ‘merica.
(Don’t the Chine$e know how to build dam$?)
See 30 years of strip mining spread across Eastern Kentucky in mere seconds
By Will Wright
The study revealed, among other things, that one out of every 14 acres in the region — which includes about 32,000 square miles of Eastern Kentucky, West Virginia, Tennessee and Virginia — has been altered by surface coal mining operations. To put that into perspective, the amount of mined lands in the region is roughly three times that of the Great Smoky Mountains National Park.
The study also affirmed that the amount of land impacted by surface mining per ton of coal extracted has skyrocketed in recent years, tripling since the 1980s.
Read more here: https://www.kentucky.com/news/state/article215487870.html#storylink=cpy
Read more here: https://www.kentucky.com/news/state/article215487870.html#storylink=cpy
I haven’t been able to look at Nat Geo for years now. It’s nothing but AGW propaganda.
I am assuming that the 1) Condo (or HOA) fees and 2) NYC property taxes are super high. What is their monthly nut - and were they just paying it to get the expected ‘appreciation’
————-
‘I’m seeing a slowdown with Chinese buyers,’ says New York City–based real estate agent Kerry Lynn of Douglas Elliman, who works primarily with Chinese and South American buyers who are looking for newly constructed, high-rise condos with luxury amenities in Manhattan for $1.5 million to $2 million.”
‘Recent news that home sales in Westchester County declined by 18% the second quarter in 2018 in comparison to the same period in 2017, should have not only local elected municipal officials very concerned, but also those at the New York state level. This is the fourth consecutive quarterly decline in the county’s home sales. Westchester residents are putting up their homes for sale since federal tax reform now significantly limits to $10,000 the deduction of local and state taxes. This is about half the $17,179 average tax paid by Westchester residents in property taxes in 2017. As more and more people put up their homes up for sale, this will start to lower home value’
The editorial goes on to say they’ve got a huge budget deficit.
“The editorial goes on to say they’ve got a huge budget deficit.”
Bahahahaha … who doesn’t?
What they need to do is …
(ta da)
… refinance.
😁
Arlington VA Housing Prices Crater 15% YOY As NoVa/DC Area Rental Rates Plummet
https://www.movoto.com/arlington-va/market-trends/
Scarsdale NY Housing Prices Crater 6% YOY As Metro NY And Westchester Area Housing Correction Accelerates
https://www.movoto.com/scarsdale-ny/market-trends/
Another day, another tech company stock collapse…
Twitter stock slides 19% after fake-account purge, new rules in Europe
Published: July 27, 2018 1:56 p.m. ET
Amid earnings, Twitter executives say user decline due to GDPR, ending text-messaging contracts and cleaning up the platform
….
Professor, have you utilized grocery$ delivered to yer hou$e? …
Eye have knot, but, eye might, maybee, one day in the future$, just fer the heck.of.it, perhap$, might bee a one.off po$$ibility, … Gue$$ tho$e food delivery guy$, they can’t count$ on me being a regular$ cu$tomer, unlike eye am for say, Tide detergent.
I’v always wondered if the “personal shoppers” who assemble these food orders are instructed to pick the oldest produce and near-expired groceries.
The repeal of Glass-Steagall by Bill Clinton gave the Wall Street-Federal Reserve Looting Syndicate free rein to engage in an orgy of speculative excess as well as the unfettered looting and asset stripping of the middle and working classes. This act of perfidy, at the behest of the Clinton Crime Family’s oligarch patrons, allowed a corrupt and venal .1% in the financial sector to concentrate almost all wealth and power into its own greedy hands. If President Trump wants to secure his legacy as a populist reformer, the best thing he could do is push hard for a reinstatement of Glass-Steagall.
http://www.economicpopulist.org/content/america-will-fail-without-reinacting-glass-steagall-6113
The President repeals legislation? Since when?
FYi the bill was sponsored by the lovely Phil Gramm. The voting broke down:
R’s: 207 for, 5 against;
D’s: 155 for, 51 against.
https://www.govtrack.us/congress/votes/106-1999/h570
and OHbahma made it far worse by Bailing out AIG and not CIT which provided loans to small businesses, advances on Accounts receivables, and letters of credit for shipping companies which all collapsed. aka Dry Ships
Bush bailed out AIG. Get it straight .
The bailout occurred before Obama was even sworn in.
https://en.m.wikipedia.org/wiki/American_International_Group
‘Bush bailed out AIG’
All the massive housing bubble news coming out, and this is what you guys are posting on my blog? I am considering doing away with comments for this reason. It’s takes hours and hours every day and you guys are talking about climate change. Gosh, I’ve only moderated about a thousand of those and not one mind was ever changed! Great use of all our time.
Gosh, I’ve only moderated about a thousand of those and not one mind was ever changed! Great use of all our time.
This is the truth. Very few people’s minds are open to change on the topic. And yet, out of Standard Oil, somehow John Rockefeller turned out to be an environmentalist and his son, Laurence, perhaps the greatest conservationist and environmentalist in US history.
I was up in Idaho a few weeks ago near Jackson Hole, WY and I was amazed at how beautiful the landscape and wildlife was. It was instructive to visit the Laurence Rockafeller nature preserve on my run out to Phelps lake.
I go out trail running and I see big trucks, ATVs, hunters, and campers out in nature intermingled with hikers, kayakers, rock climbers, and trail runners. The two tribes are worlds apart culturally, but strange bedfellows they may be, they are natural allies in protecting the natural resources of this planet. Everyone has a vested interest in reducing pollution, preserving wildlife and endangered species, clean air, water, and wholesome recreation. There is more common ground than is commonly admitted.
This blog is about housing prices, and I hope that if housing is one day affordable, that it will not be at the expense of the environment. The best moments in my life have some link with escaping to the serenity of nature, even if most of it is in the hectic city.
“…on my run out to Phelps lake.”
Sure is a nice view of the Tetons along there, and a great bicycle ride up to Jackson Lake dam.
“I go out trail running and I see big trucks, ATVs, hunters, and campers out in nature intermingled with hikers, kayakers, rock climbers, and trail runners. The two tribes are worlds apart culturally, but strange bedfellows they may be…”
This is a load of nauseating balogna. Where do you get this crap? There are tons of hikers/runners/kayakers who also enjoy large trucks, ATVs, motorcycles, etc.
You missed my point and are combining two distinctly different stereotypical groups I come across. When I am up in Idaho and Wyoming, there seem to me to be outdoor enthusiast who are markedly in different camps, or tribes if you will. Yet both camps seem to see the value in protecting nature. My point is that this argument about climate change or global warming misses the commonality that different people intrinsically share to protect the environment both from the left and right.
GuillotineRenovator,
I misread your post. Point taken. Stereotypes exist for a reason, but are obscure nuance that exists.
Steve Eisman, protagonist of “The Big Short” who correctly bet against Housing Bubble 1.0, has taken out a position against Zillow due to its foray into the house-selling racket.
This is starting to get good.
https://www.marketwatch.com/story/prominent-short-seller-takes-stake-against-zillow-as-it-starts-to-sell-houses-2018-07-27
I believe he is short Tesla too.
Wait, Zillow has decided to start buying houses themselves, just as the market appears to be slowing? So they can end up holding the bag?
I wonder what they will do if (when?) the houses start to pile up? Dump them for whatever they can get? Let them sit and rot?
I wouldn’t blame anyone for shorting that hot mess.
There were a couple articles on Zillow some months back. IIRC they want the inside track to buy up distressed housing before the end consumer has a chance to buy. And then, of course, that gives them first dibs to do a juicy “value add.” That shouldn’t even be legal.
Monopoly used to be illegal in this country, once upon a time, I think.
Having a monopoly is not illegal, it just means you have to play by a different set of rules. You can’t use your monopoly position to leverage yourself into different markets, for example - this is what Microsoft got into trouble for in the 90s.
When they hire Mozillo as an advi$or, might bee next leg down$
I never cease to be amazed at how willing the sheeple are to assist Big Brother’s Orwellian surveillance of themselves and their friends and families.
https://www.marketwatch.com/story/in-a-world-of-oversharing-heres-where-most-people-draw-the-line-on-facebook-2018-04-02
“This is what Facebook is going to have to deal with moving forward as people realize how incredibly creepy it is.” He cited “intrusive surveillance” of Facebook users.
It’s far worse than that. Just having a smartphone or using Gmail is not any better. They own all of your data.
You have to use dead drops in order to communicate w/o being monitored!
If you haven’t seen it, go watch the Will Smith/Gene Hackman movie ‘Enemy of the State’ from 1998. It seemed pretty tinfoil hat at the time, but they nailed it. Whenever you are out in public, wear sunglasses, a hat, and always look down!
& don’t forget to flip that sunvisor down!
… Google: mall$ in Irvine CA utilizing car licen$e plate reader$!
https://www.zillow.com/punta-gorda-fl/home-values/
Why would it go up 10% next year
Got gold?
anyone need a MILLION square feet?
Citigroup’s leases on the upper 31 floors expire in June 2020.
One Court Square was originally meant to spearhead a Long Island City office boom that never came. Instead, the Queens neighborhood has added more apartments since 2010 than any other neighborhood in the US. More than 8,000 mostly rental apartments have been built there since 2006 with 25,000 more coming in the next few years.
https://nypost.com/2018/07/23/citi-consolidation-opens-a-million-square-feet/
Oh my!
‘Mel Watt, the powerful regulator of mortgage giants Fannie Mae and Freddie Mac, is under investigation for alleged sexual harassment of an employee. A Federal Housing Finance Agency staffer accused the FHFA director of repeatedly making inappropriate sexual advances when she tried to discuss career and salary concerns.’
‘The conversations included a 2016 meeting during which Watt steered the discussion to his feelings for the woman, according to documents and partial transcripts of tapes obtained by POLITICO. In a separate encounter, Watt asked about a tattoo on her ankle, saying, “If I kissed that one would it lead to more?”
‘Through an FHFA spokeswoman, Watt, 72, released a statement calling the leak of documents political.’
“The selective leaks related to this matter are obviously intended to embarrass or to lead to an unfounded or political conclusion,” Watt said in an e-mail. “However, I am confident that the investigation currently in progress will confirm that I have not done anything contrary to law. I will have no further comment while the investiation is in progress.”
“…under investigation for alleged sexual harassment of an employee.”
Me2 time?
Mel, you old honey-dripper. What’s political about shack loans? And how could she resist such flattering statements about kissing a tattoo?
“…kissing a tattoo?”
I’m missing the political conclusion of that detail.
‘Many properties are now not selling and/or coming down in price.’
If the market were a wave, then we could say it just broke.
‘In the non-luxury market, the median sales price in L.A. County, primarily Westside and Downtown, slipped for the first time in over five years to $1.3 million. That’s a 7.1 percent decline compared to last year, and the first drop in 23 consecutive quarters.’
$1.3 million…non-luxury.
‘There were 453 luxury homes listed for sale, up from 346 last year over the same period, and 365 in the first quarter of 2018. It is also taking brokers longer to sell the homes in this segment. The amount of days the homes spent on the market jumped 41 percent year over year to 120 days’
I’m tempted to say California is fooked. Of course, this has been playing out for a while, but hey, CNBC needed those REIC bucks.
Would that bee a ri$ing wave on a $hallow $helf Professor? … Ouch! might bee e$crow breaking.
Fed to send clear message that more rate hikes are coming
By Greg Robb / CNBC / Published: July 27, 2018
The Federal Reserve will issue a statement declaring strong growth and inflation moving to its 2% target, making clear more interest rate hikes are coming.
“All they need to do is to point to current growth and inflation numbers and it tees up the next rate hike in September,” said Diane Swonk, chief economist at Grant Thornton.
Fuel$, Fire$, + Accelerant$ add .. hot diggitie$ dog!
Trump suggests economy could grow at 8 or 9 percent if he cuts the trade deficit
President Donald Trump told talk show host Sean Hannity that he could imagine the economy growing at eight or nine percent on Friday — just hours after the Bureau of Economic Analysis showed that the GDP rose 4.1 percent in the second quarter.
The claim is far higher than economists predict.
The president said that the gains could come from cutting the nation’s trade deficit “in half.”
“I look forward to seeing next quarter … I think the 4.1 is just a stepping stone,” Trump said.
Tucker Higgins | CNBC
uh oh gentrifying the hood…..A Buzzfeed News investigation found that 311 calls have skyrocketed on West 136th Street as the number of white residents increased.
https://patch.com/new-york/harlem/311-complaints-spike-gentrifying-harlem-block-report-finds
Shoreline WA Housing Prices Crater 12% YOY As Seattle Economy Chokes On Mortgage Defaults
https://www.movoto.com/shoreline-wa/market-trends/
There’s no limit on how high Bitcoin can go in the future. None at all.
I’m expecting the Beanie Baby staring at my from my office filing cabinet to soon sell for over $500,000 as well.
Bitcoin Price
Bitcoin Could Reach $50,000 in 2018 and $500,000 by 2024 — Here’s How
Osato Avan-Nomayo | Jul 27, 2018 | 12:00
A pair of Bitcoin permabulls believes that the top-ranked cryptocurrency will reach new highs in 2018 and beyond.
Human Psychology and Bitcoin Price
According to Anthony Pompliano, Bitcoin will reach $50,000 by the end of 2018.
In a recent tweet, the partner at Morgan Creek Digital Assets declared that the remaining months of the year would be interesting from a price movement perspective.
Pompliano bases his BTC price forecast on three cardinal parameters: human psychology, ETFs, and institutional investors.
https://bitcoinist.com/bitcoin-reach-50k-2018-500k-2024/
i saw angello golfing at pebble beach today. he seemed like a real pr@ck.
Finkelstein:
Caddyshack- The World Need Ditch Diggers, Too
https://www.youtube.com/watch?v=eiRGRvE_Wqg
Realtors are liars.
“Vancouver’s bubbly real estate market is deflating, say realtors”
https://www.thestar.com/vancouver/2018/07/10/vancouvers-bubbly-real-estate-market-is-deflating-say-realtors.html
“National Association Of Realtors Caught Lying About Home Sales”
https://homesrealestateforsale.com/national-association-of-realtors-caught-lying-about-home-sales/
“If you ain’t lying… you ain’t trying.” —NAR
Having trouble keeping inflation from ravaging the value of your fiatscovars? No problemo… just lop off five zeros and you’re good to go.
Global Opinions
Facing Venezuela’s 1,000,000 percent inflation, Maduro pushes a quack remedy
A man uses a wad of bolivars to buy groceries in Caracas, Venezuela, on June 20. (Federico Parra/AFP/Getty Images)
by Francisco Toro
July 26 at 12:46 PM
Francisco Toro is a Venezuelan contributing columnist for Post Opinions and chief content officer of the Group of 50.
Hyperinflation is to economics what leprosy is to medicine: a hideous, cruel ailment that used to be widespread but is now well understood, easy to prevent and trivial to cure. Like leprosy, hyperinflation used to be common but is now rare and feels anachronistic. In both cases, there’s just no excuse for failing to cure it: It’s 2018, and researchers long ago figured out its mechanisms, its causes and the right way to treat it. And yet, in a handful of wretched places, both afflictions hang on, their presence a stinging indictment of those in charge.
On Wednesday night, President Nicolás Maduro announced his plan to tame Venezuela’s brutal hyperinflation, which the International Monetary Fund says is on track to top 1 million percent this year. The president announced that our nearly worthless currency, the bolivar, is to shed five zeroes. From September, Venezuelans will get a new “sovereign bolivar” for each 100,000 of their old bolivars.
…
Venezuelans voted for socialism. You reap what you vote.
Economics requires an understanding of human psychology (e.g. how they view currency) and mathematics (e.g. computing rates of return).
Mr. Maduro’s understanding of both seems to be limited.
According to the CIA, Venezuela has the world’s largest proven deposits of oil reserves: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2244rank.html
Greater than even Saudi. It is astounding they are in such dire economic straits. Norway is another small country with large reserves and they are the polar opposite.
“It is astounding they are in such dire economic straits.”
“Astounding”. How about the word “predictable”, or perhaps “inevitable”.
Those who do not learn from history are condemned to repeat it, and so forth.
“Hungry Venezuelans slaughter donkeys for food”
https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article215644840.html
“…Norway is another small country with large reserves and they are the polar opposite”
Perhaps$ the population of Norway’s citizen/worker is more productive to their countries$ economy. Maybee, the hi$torical national bond inve$tments in their citizen/worker education is different than Venezuela’$. All thing$ being equal might give equivalent result$.
Maybe “socialist” dictatorships don’t work out very well.
And yet Norway is a mixed economy with strong socialist tendencies and state control or certain industries juxtaposed with a strong market economy and private sector. Norway has a massive sovereign wealth fund and oil is state controlled and yet they give massive subsidies for electric vehicles and invest heavily in renewable energy.
By cousin who is avowed Liberterian and who spent some time dog racing in Norway and would probably fit in well with anti-Fed militia group that barricaded themselves in the Malheur national forest a few years back (and who Trump just pardoned) has nothing but praise for Norway and their economic system and quality of life.
gdp came in at 4% my friends. The party isnt over yet. We have reached escaped velocity.
FIRE FIRE FIRE scary …….
California fire forces on-air evacuation of TV anchor: ‘I’ve never seen anything like it’
https://abcnews.go.com/GMA/News/california-fire-forces-air-evacuation-tv-anchor-ive/story?id=56862145
…. as realtors jump for joy.