Many Sellers Are Getting A Rude Awakening
It’s Friday desk clearing time for this blogger. “Catherine Horne and Joe Hicks rent a home in Maple Valley. And while they like it, they’d rather be homeowners. And it’s been a frustrating couple years to be a home buyer in the Seattle market. They felt overwhelmed watching home prices climb. ‘That was part of it, like gosh, two years ago this house was worth $400,000, now it’s $600,000,’ said Hicks. ‘Like boy, I wish we could have got in on that.’”
“It’s why they’re interested to see the latest trend in the Seattle housing market – Zillow senior economist Aaron Terrazas calls it a normalization. ‘Obviously, we’ve become accustomed to having the hottest housing market in the nation,’ he said. ‘That’s rapidly shifting.’ There’s also more housing inventory on the market - 13.2 percent more. ‘As a consumer, someone trying to buy a house, it gives us hope,’ said Hicks. ‘But as someone in [real estate development,] like a lot of other people it also brings some fear. Kind of a doubled edged sword a little bit.’”
“Despite a shortage of available homes, many Tampa Bay sellers are getting a rude awakening when the sign goes up but no offers come in. More sellers are being forced to drop their prices as the reality hits that buyers don’t love that funky tile or purple accent wall. According to Zillow, two-thirds of the nation’s largest housing markets — including Tampa Bay — had more listings with price cuts than they did a year ago. In just the seven days ended Wednesday, prices were reduced on nearly 1,300 single- family homes in the four-county bay area — 11.5 percent of all listings. Many of those already had dropped in price and some are in especially hot markets like Tampa’s Seminole Heights and St. Petersburg’s Crescent Lake area.”
“Charles Richardson, Coldewell Banker’s senior regional vice president, analyzes market trends to help Zales and other Coldwell agents. He says he’s found ‘an amazing number’ of price cuts at almost every level, whether it’s houses over $1 million or under $300,000. In Hillsborough County in July, for example, more than half of all single- family homes for sale had undergone price ‘repositioning’ in the past 60 days. Of houses listed between $150,000 and $300,000 — so much in demand there is only a two-month supply — 70 percent had dropped in price.”
“‘You’d think that just because there are a lot more buyers than sellers, they’d be falling all over themselves to buy property, but until it’s price well, they will not,’ Richardson says. As a rule of thumb, Judson Kidd, an agent with Southern Roots Realty in St. Petersburg, suggests that sellers drop the price 10 percent if they haven’t gotten an offer in 15 days and 20 percent if there are no offers in a month. ‘But you’d be surprised how much they are initially, ‘No, no, no, this house is worth it,’ he says.”
“It’s a tough sell in Cochrane right now, leaving motivated sellers vulnerable to the whims of the market and buyers with no shortage of product to choose from. Eleanor Kidder of Kidder and Co. Real Estate and Property Management, has been a Cochrane resident for 34 years and a realtor and property manager in town for the last 20. Never has Kidder seen such an abundance of product available, although she is yet to see significant price reductions reflective of a saturated market. ‘Just as there are no buyers out there, there are no renters … the housing bubble is a side effect of our economy,’ explained Kidder.”
“‘Prices are going to have to come down … and your (house) is going to have to be the shiniest, cleanest and prettiest,’ she added. Kidder also emphasized that the 398 listings she counted on MLS the morning of Aug. 22 do not account for new builds or what is available on the market by builders and developers – who have the ability to offer incentives not found in the re-sale market.”
“Remortgaging activity in London surged to a nine-year high in the second quarter of this year, as buyer activity and house prices continued to fall. ‘After decades of boom, the lack of home-buyer activity and month-on-month decline of house prices in London marks uncharted waters for the capital’s property market’, Shaun Church, director of Private Finance said. The Office for National Statistics said the average cost of a home in London stands at £477,000, which is the highest of any region in the UK.”
“But, what these figures didn’t reveal was how the top of the market in London has been struggling, with prices plummeting well below 10 per cent in notoriously expensive areas like Kensington and Chelsea.”
“Some three years ago, Joseph Mutua’s employer, a Kenyan government agency, offered its employees a chance to buy homes. The deal was so good that Mutua could not leave it despite owning another home on the outskirts of the capital Nairobi, where he lives. ‘I shopped around for a house in suburbs that neighbor Nairobi. Got one, a three-bedroom bungalow at 65,000 U.S. dollars, which I bought,’ he recounted.”
“Since he had another home, he chose to rent the house located in Kitengela, south of Nairobi. Mutua, however, is now grappling with the reality that he may not complete repaying the loan faster as he had hoped as tenants become hard to come by. The senior accounting manager blames his predicament to increased construction of apartments in the suburb. ‘In the about three years I have owned the house, it has been occupied for only 11 months. This year someone stayed in for only two months and is now vacant,’ he said.”
“‘I bought an apartment in Ruai. I have not raised rent for the last four years to avoid the house staying vacant,’ said banker Samson Atesa. ‘They say we have a housing shortage but why are these houses remaining unoccupied?’ posed Atesa, who charges 150 dollars for the flat, lesser than his anticipated 200 dollars. The turn of events in Kenya’s housing sector is one of the reasons bad home loans are on the rise. Henry Wandera, an economics lecturer in Nairobi, noted the glut in the market does not only hit mortgage holders but also those who took ordinary loans from banks and Saccos to build houses.”
“It is the tenant’s market due to the rising supply of residential properties, particularly condominium and apartment units, in Kuala Lumpur. Property owners are charging lower rents as the glut continues to hit the sector, especially in Kuala Lumpur. ‘It’s true that it is a tenant market right now as they have plenty of choices,’ sai Zerin Properties Sdn Bhd CEO Previndran Singhe. ‘There have been drops in rental in KL, generally around 10%. Some owners have to reduce their rents because their units are already old and they will not be able to compete (in rental rates with new units) if they don’t upgrade their homes.’”
“Knight Frank said more projects in Kuala Lumpur are scheduled for completion by 2H18. These projects are expected to contribute some 2,084 units to the existing supply.”
“Nan Fung Development has become the second Hong Kong developer to sell new homes below market price as the property market in the world’s least affordable city starts to feel the effects of rising interest rates, cooling measures and a slowing Chinese economy. Nan Fung is offering the first batch of 487 flats at its LP6 project in Tseung Kwan O next month at HK$15,304 per square foot, 3 per cent lower than the average price at the nearby 1,600-unit Malibu project that started selling in March.”
“It is as much as 30 per cent below the price of some units at Malibu sold this month, according to Dataelement, which monitors sales of new flats in Hong Kong. The warning bell signalling a possible end of Hong Kong’s 15-year home-price rally has begun to ring louder, with many experts predicting a drop in home prices and developers starting to cut their prices.”
“Last week, Sun Hung Kai Properties, Hong Kong’s biggest developer, said it had cut the prices of homes at its Cullinan West II development atop Nam Cheong MTR station in Kowloon by as much as 10 per cent, the second time in less than a month it has taken such action.”
“The amount of Chinese cash which once poured into Australian property has about halved, leaving developers and agents scrambling to recapture the record volumes of investment. ‘We’d been getting a bit drunk off this flood of money coming from China,’ said Investorist chief executive Jon Ellis. ‘Once the tap turns off people get a bit anxious and they say ‘where can we go next?’”
“One of biggest potential emerging markets is India. More agencies and developers were setting up offices on the subcontinent in an effort to tap into a market that has so far been relatively uninvolved in Australian property. ‘They’re thinking: ‘OK, this is new. There’s just as many people here as in China and there’s a lot of money getting around’, Mr Ellis said.”
“Jamshedpur builders contacted by this paper said they had never faced such challenging times. Shibu Burman, former president of Builders Association of India (Jamshedpur chapter) who’s extremely active in the outfit, said the realty scenario was ‘dismal.’ “We did an annual business of Rs 200 crore here. Now, I estimate that it has dropped by 90 per cent.’ Of over two dozen builders in the steel city, only five are somehow completing projects. The rest have apparently stopped construction activities.”
‘In just the seven days ended Wednesday, prices were reduced on nearly 1,300 single- family homes in the four-county bay area — 11.5 percent of all listings. Many of those already had dropped in price and some are in especially hot markets like Tampa’s Seminole Heights and St. Petersburg’s Crescent Lake area’
Now Tampa?
Eeee-bola!
Do the Realtor trolls posting here recently believe that all of these articles about sellers dropping their asking prices are fake news?
Some people get so emotionally about housing, it’s sad, and funny at the same time.
If you bought in the last two years, you’re probably underwater.
For a lot of people I know, talking down housing is on the same sensitivity level as talk down someone’s religion or political beliefs. It’s weird.
It’s because they’re speculators who bought into the nonsense and they’re planning on getting rich. They don’t want to hear any dissenting opinions. Anybody who has a different opinion is a hater who’s out to financially harm them.
Housing is the principal religion in Southern California. Housing atheists are personas con grata.
Non grata (!#*:$ spellcorrect)
Here is a pick up for you Realtor troll, you just keep on keepin on.
https://www.youtube.com/watch?v=5HeEwPoDGnw
Some people say the real estate market is slow moving…
And then you get an 11.5% drop in a week.
If that was the stock market - it would be panic time on CNBC
2 Have you seen the Atlanta Fed GDP estimate for the third Quarter? 4.6%. I think that is a high estimate but if it would happen it would mean the 4th Quarter would only have to be 1.4% to have over 3% growth for the year. Trump in his second year would have achieved something that Obama failed to do during his entire eight years. This is despite the fact that sharp recessions normally result in sharp recoveries. We are far past the snap back part of the cycle:
https://www.frbatlanta.org/-/media/Documents/cqer/researchcq/gdpnow/RealGDPTrackingSlides.pdf
There are a lot of houses for sale here. Not as many as in 2005, when on a drive up MacDill Avenue from Gandy to Kennedy I counted over sixty that were visible just from my passenger-seat vantage point, but more than at any other time since the bubble’s burst and reflation. And every house which it torn down is replaced by one which is at least twice as big — sometimes two, if the lot was large enough.
Both of the “especially hot markets” above are hip places for millennials.
Outliars are everywhere you look!
‘Knight Frank said more projects in Kuala Lumpur are scheduled for completion by 2H18. These projects are expected to contribute some 2,084 units to the existing supply’
Has there ever been one of these ridiculously oversupplied markets that didn’t have thousands more on the way?
Takoma Park, MD Housing Prices Crater 13% YOY As Bottom Falls Out of NoVA/DC Housing Market
https://www.zillow.com/takoma-park-md/home-values/
*Select price from dropdown menu on first chart
‘the 398 listings she counted on MLS the morning of Aug. 22 do not account for new builds or what is available on the market by builders and developers – who have the ability to offer incentives not found in the re-sale market’
What? Builders will undercut their own customers?
‘It is as much as 30 per cent below the price of some units at Malibu sold this month’
Dong!
‘We’d been getting a bit drunk off this flood of money coming from China…Once the tap turns off people get a bit anxious and they say ‘where can we go next?’
I’d say being drunk explains a lot about that pipe dream Jon.
Yeah, well being stupid helps.
‘I bought an apartment in Ruai. I have not raised rent for the last four years to avoid the house staying vacant,’ said banker Samson Atesa. ‘They say we have a housing shortage but why are these houses remaining unoccupied?’
Good question for the trolls here Samson.
My good old friend Jon Jingle.
Looks like rich progressives/liberals in blue states are going to get their chance to pay their fair share.
*******
Treasury squashes SALT workaround in high-tax states
The Treasury Department on Thursday moved to prevent high-tax states from using a workaround aimed at allowing residents to avoid the new limit on state and local tax deductions.
https://www.foxbusiness.com/personal-finance/treasury-squashes-salt-workaround-in-high-tax-states
Didnt CA or some other blue state just get hammered by the feds for illegally using fed funds - I think it was health care related funds - they will have to pay back hundreds of millions IIRC. I tried to search but all I got was 45K stories about how the state is an overtaxed dump and people are fleeing. Surprise, surprise!
Illinoise is fast trying to run itself into BK as well. This is the progtard model - Venezuela is the rule, not the exception.
It was monies that had been dedicated to help FBs stay out of foreclosure. Here’s one to get you started:
https://www.mtdemocrat.com/news/judge-rules-state-should-repay-331-million-in-housing-funds/
“In a decision delivered last month, Sacramento County Superior Court Judge Timothy Frawley ruled Gov. Jerry Brown and the state Legislature acted unlawfully in diverting more than $331 million out of $410.6 million in mortgage settlement funds that were intended to help homeowners struggling with foreclosures.
The $410.6 million was part of a $25 billion nationwide settlement with the country’s largest banks over mortgage servicing improprieties.
Instead the money was used to help the state deal with its budget crisis and was diverted to offset state expenses for housing bond debt service as well as to support the Department of Justice and the Department of Fair Employment and Housing.”
Here is another good judge:
https://www.breitbart.com/big-government/2018/08/24/sanctuary-state-illinois-illegal-alien-convicted-of-raping-three-women-after-failing-to-be-deported/
LOL New York and New Jersey.
“I do hope that this sends a message to the state governments that, perhaps, they should try to get their budgets in line,”
That’s funny when you look at the Federal budget.
‘Like boy, I wish we could have got in on that.’
Greed as motivation, check.
‘But as someone in [real estate development,] like a lot of other people it also brings some fear. Kind of a doubled edged sword a little bit.’
Every market needs knife catchers Joe, especially those who work in the industry and will be out of a job in 6 months. Go big or go to Issaquah.
‘Like boy, I wish we could have got in on that.’
When that place (which is way the heck out there from Seattle) drops to $300K are you going to jump to get in on that, Joe?
“Catherine Horne and Joe Hicks rent a home in Maple Valley. And while they like it, they’d rather be homeowners. And it’s been a frustrating couple years to be a home buyer in the Seattle market. They felt overwhelmed watching home prices climb. ‘That was part of it, like gosh, two years ago this house was worth $400,000, now it’s $600,000,’ said Hicks. ‘Like boy, I wish we could have got in on that.’”
Maple Valley is hardly the “Seattle Market.” It’s way out in BFE “drive until you qualify” territory. It may only be 30 miles or so, but it’s a hellish commute if one were to do it.
Up 50% in two years…
Did wages go up that much?
You can still get in out….there just might be another greater fool
Massive real estate bubble that’s popping.
“Catherine Horne and Joe Hicks rent a home in Maple Valley. And while they like it, they’d rather be homeowners…”
I believe they meant to say “loanowner.”
“‘You’d think that just because there are a lot more buyers than sellers, they’d be falling all over themselves to buy property, but until it’s price well, they will not,’ Richardson says. As a rule of thumb, Judson Kidd, an agent with Southern Roots Realty in St. Petersburg, suggests that sellers drop the price 10 percent if they haven’t gotten an offer in 15 days …”
Kazong! This is a genuine OMG! event regarding the “values” of the comps.
“… and 20 percent if there are no offers in a month.”
Say what? Drop the price TWENTY PERCENT if there are no offers in A MONTH?
But … but … but equity for the comps, wealth for the comps. What happens to equity wealth for the comps? What happens to that part of the economy that depends - utterly DEPENDS - on ever-increasing equity wealth being magically created?
(pssssst … it seems that we may be on the brink of finding the answer to this question. stay tuned - and stay drunk if necessary)
This “Friday Desk Clearing Time” may turn into the beginning of a Clock Clearing Time for a lot of FBs. Again, stay tuned (and, perhaps, stay drunk)
with no comment
“Approximately 2.4 billion people – or around 1 in 3 – drink alcohol, with the number of male drinkers greatly outnumbering the women.”
I could make some sort of politically incorrect remark about this statement by suggesting that women are driving men to drink but I am (so far) resisting the urge.
😁
Weeee!
P.S. I’m one of the non-drinkers. I’ll just stock up on popcorn.
“Clock Clearing Time”
Or is it ‘Clock Cleaning’?
Yeah, clock cleaning is what I meant to say.
A bit off topic, but we’re very close to losing John McCain. He’s discontinuing his cancer treatments. At that point it’s a matter of weeks or even days.
Sorry for his family going through this, but evaluated on only his voting record, this man has voted for every illegal war, bombing campaign, drone strike there ever was.
His legacy will be that of death and war. Just because he was a POW in North Vietnam doesn’t give him a pass on this.
If anything, his service makes his votes even more nonsensical. It’s easier to vote for war if you’re an armchair general and not in one yourself. And IIRC, he also voted in favor of a bill which allowed torture. How can I respect his military service if he himself doesn’t respect his military service??
McCain was bombing civilians at 8,000 feet when he was shot down over Vietnam. What is there to respect about his military service?
I despise globalists but I consider that an attack on pilots. McCain was in far more danger than 99% of the people that served in Vietnam. SAMS, AAA, enemy planes and mechanical problems. Had he died the day he was shot down, he would have died a hero.
Heroically serving what purpose? The reply “his country’s strategic interests” doesn’t hold for missions flown in the Vietnam War.
If “died while serving in a military uniform” equaled heroism, it would apply to the other side just as well. I’m guessing you’re not about to term THOSE heroic casualties.
The danger element doesn’t factor into any of this, since courage and heroism aren’t the same thing. There is a moral dimension to the notion of heroism McCain did not embody in Vietnam. Flying a defensive mission in a courageous manner, sure. Attacking civilians in a war of choice made McCain a willing killer for a dishonorable cause, same as every other pilot who flew or flies such missions.
If only I had a million upvotes to give. Thank you, Neal.
I’m not losing anything.
His neocon military misadventures resulted in thousands of dead and maimed American service members, as well as hundreds of thousands of dead and injured Iraqis, Libyans, etc. and millions of displaced refugees. Needless to say, he was also a toady for Wall Street and the corporations. So while I wouldn’t wish suffering on anyone, I hope in whatever time he has left he repents before he goes to meet his Maker.
Couldn’t agree more.
John McCain has been a reliable neocon stooge.
Didn’t Hillary also vote for the Iraq invasion?
The “Boise Boys” flip had a $39k reduction two days ago…the sooner these guys get caught in this next crash, the better.
https://www.zillow.com/homedetails/1115-W-Ofarrell-St-Boise-ID-83702/79662053_zpid/
08/22/18 Price change $749,700-5.0%
07/28/18 Price change $789,100-1.4%
07/05/18 Price change $799,900-5.9%
06/01/18 Price change $849,900-3.4%
05/25/18 Price change $879,800-2.0%
03/10/18 Listed for sale $897,700+168%
06/15/17 Sold – Sheila Smith
04/21/17 Listing removed $335,000
04/20/17 Listed for sale $335,000+415%
02/27/90 Sold $65,000
This was on the “Boise Boys” Facebook page named Timer and Love - Boise Boys ….
We are ready for YOU! Season 2 of HGTV’s @boise.boys starts Monday! We are looking for artisans, labor, photographers, construction trades, creatives and the like to potentially add to the team this season. Do you have something unique to offer? Need college credit? Do you own a business and looking to collaborate? Are you willing to work hard for free with the potential to be hired?
…. work hard for free???
Go look up the house on Google Maps to see what a dump this house was before they fixed it up. It’s a cookie-cutter house on very little land. You can pass a bottle of Grey Poupon through the window to the house next door.
And in flyover Boise? $750K should buy a small ranch, like these:
https://www.zillow.com/homedetails/6411-E-Greenhurst-Rd-Nampa-ID-83686/72339761_zpid/?fullpage
https://www.zillow.com/homedetails/1835-S-Hobnobbin-Ln-Kuna-ID-83634/79685909_zpid/?fullpage=true
For comparison, here’s what ~$700K will buy in DC area, land of the six-figure incomes:
Yes, this one is plain-jane but it’s semi-commercial space in a very expensive area, and no worse than the Boise Boys house:
https://www.zillow.com/homedetails/4229-E-West-Hwy-Bethesda-MD-20814/37177002_zpid/?fullpage=true
Here’s a small 3/1 rowhouse on Capitol Hill for $790K. Also plain-Jane, but it’s within walking distance of the Capitol building.
https://www.zillow.com/homedetails/222-Tennessee-Ave-NE-Washington-DC-20002/423674_zpid/?fullpage=true
The Capitol Hill house has an interesting addition(?) off the back. And it’s got the most barf-inducing realtor description I’ve ever read:
The description I get of an anti-flip is emotional shelter a vow of truth between ground and roof a promise of honesty proof of a youth defined on a porch, lit by torch, trapped in glass, Rockwell’s behind it, made a pact, swore an oath left a soul intact while owners refined a constant reminder, simple times, off-line, cover and spine - you write the chapters, engage a stage - you are the actors.
“You can pass a bottle of Grey Poupon through the window to the house next door.”
I love it!
Regarding the realtor description you quoted… WTH was that drivel ?!?! I have no idea what they were trying to say there.
I think that is kind of the point. If you don’t get it, you’re obviously not “sophisticated” enough to appreciate the allure of this dwelling. We were talking about highbrow culture the other day, and this is obvious signaling at its most shameless.
Pass the Grey Poupon:
https://www.npr.org/sections/money/2018/08/02/635129556/grey-poupon-and-the-cultural-divide
I’m in San Jose this week. Lots of traffic and crappy streets… seems they’re patching the patches rather than regrade and/or surface. Drove the coast highway 1 yesterday from Monterey at the 68 south to Cayucos, and buck north 10 miles to the 46 east to Paso Robles and back north again on the 101 to San Jose. I was surprised at the amount of smoky haze along the coast despite a steady west wind off the ocean. Lots of vacation RV and other slow movers. Also saw the huge landslide mitigation project at Big Creek… it will likely remain dangerous during the wet winter season. Anyway, got that off my bucket list 2018.
Keep on rocking the RE boat!
I sold my old house in the Tampa area at what looks like the peak last March (lower class suburd woth older houses, mortgage was half of rent for the area and we made about $50k when we sold, so nothing crazy). A neighbor up the street listed his for $10k more even though mine was better and it sat there for 3 months before finally being taken down to rent out again.
His listing price was still $75k below the peak of what houses in the neighborhood were going for in 2008 right before the crash so Tampa never did recover except in the downtown area where it floods every time it rains - go figure.
Can’t speak for your former neighborhood (let me guess, Town & Country or central Tampa near the river), but South Tampa has now exceeded the bubble peak.
There are places that regularly flood here in a heavy rain, but downtown isn’t one of them. Some of the roads leading out of downtown will have a problem, though.
Exhaustion: Not sure if this is a decent thesis / but fun to read and ponder
https://betterdwelling.com/exhaustion-move-the-reason-behind-canadian-real-estate-price-escalation/?utm_source=Better+Dwelling+Website+Signup&utm_campaign=ff9c9a00e5-fras_jan_112018-3094981_COPY_01&utm_medium=email&utm_term=0_bde8feedee-ff9c9a00e5-309124921
That was a good read, a good explanation. Thanks.
I’ve been monitoring the Palm Springs market for the past couple years.
Occasionally I’ll get an email from Redfin with “recommended homes” and it’s maybe 1-3 max.
Yesterday I got hit with 11 recommended homes and today got another alert with 10 recommended homes… Most of the shacks in these alerts are having Open Houses this weekend.
DOM range from 38 days to almost a year and many have already had price drops.
Open houses in Palm Springs in August?!
It’s forecast to be 106 Saturday and 108 Sunday.
At least you will know if the AC works🤷♀️
That is hell-on-earth to a native Floridian like me.
Florida humidity is hell to me!! I’ll take 106 with 16% humidity (current conditions at Palm Springs airport) instead.
P.S. Currently 97% humidity in Miami.
Great! You stay there and I will stay here. Enjoy your eggs fried on the sidewalk.
Well, I’ve met lots of people who lived in more humid but “cooler” climates, who wouldn’t go back. Especially if they have returned at least once for a visit, and realize how icky it is in comparison.
And of course if that cooler climate also featured “real winters”, they are probably even more content here.
Another thing about cooler, more humid climates: insects are everywhere!
Kidder also emphasized that the 398 listings she counted on MLS the morning of Aug. 22 do not account for new builds or what is available on the market by builders and developers – who have the ability to offer incentives not found in the re-sale market.”
Yes, builders and developers who need to get properties off their books will have no qualms about turning previous “investors” into newly-minted FBs. Hidey-ho, neighbor - sorry you overpaid.
Property owners are charging lower rents as the glut continues to hit the sector, especially in Kuala Lumpur.
Given my Rain Man-like ability to make connections and discern patterns, I note two word pairs that seem to be emerging: “glut” and “lower” as in lower rents or shack prices.
Gosh, I may have to head for Las Vegas and try my luck counting cards with this uncanny talent of mine.
Portland, OR Housing Prices Crater 14% YOY As Construction Costs Fall Through $50 Per Square Foot Floor
https://www.zillow.com/rose-city-park-portland-or/home-values/
*Select price from dropdown menu on first chart
‘We’d been getting a bit drunk off this flood of money coming from China,’ said Investorist chief executive Jon Ellis. ‘Once the tap turns off people get a bit anxious and they say ‘where can we go next?’”
You may have failed to notice, Jon, but Australia’s PM Turnbull, a “former” Goldman Sachs official and errand boy for the banksters and globalists, just got the heave-ho in favor of a “right wing” nationalist who doesn’t share your enthusiasm for selling off his country to Chinese money launderers and embezzlers. He’s also not too fond of your country’s ultra-liberal immigration policies that have seen Middle Eastern “refugees” flood in and turn major sections of your cities into gang-infested no-go zones. So you and your fellow globalist traitors might want to read the writing on the wall before you sell off more of your country.
“But, what these figures didn’t reveal was how the top of the market in London has been struggling, with prices plummeting well below 10 per cent in notoriously expensive areas like Kensington and Chelsea.”
Schlongvilles will shortly be springing in all of these “notoriously expensive” bubble districts.
I ran across this (it’s from last March) …
“Is the Housing Market Rolling Over?”
(snip)
“End of the cycle?
“We can argue whether housing is at the end of the cycle—probably not. What looks very likely indeed, though, is that the industry is past its best days for this cycle and is starting to roll over. If that is the case, we can also expect consumer confidence to start to roll over, and consumer spending to do the same.
“While this certainly is not a sign of immediate trouble, it is one more wide-ranging indicator that economic conditions are indeed starting to change—and not for the better. As I said the other day, now is the time to start thinking of what could happen when things roll over for certain.”
https://blog.commonwealth.com/independent-market-observer/is-the-housing-market-rolling-over
‘That was part of it, like gosh, two years ago this house was worth $400,000, now it’s $600,000,’ said Hicks. ‘Like boy, I wish we could have got in on that.’
What’s stopping Hicks from buying now at $600,000 in order to have a guaranteed $900,000 in house wealth by 2020? Because the Fed is dropping hints out of Jackson Hole that they plan to lighten up on the brake pedal going forward. And besides, it is completely typical for prices to go up by 50% over a two-year period… isn’t it?!
Sun Valley, ID Housing Prices Crater 22% YOY As Boise Foreclosure Rate Skyrockets
https://www.movoto.com/sun-valley-id/market-trends/
A shocker!
Venezuela nears ‘Mediterranean crisis point’
http://www.bbc.co.uk/news/world-latin-america-45304086
Why don’t all the pro-socialism/communism types head on down to Venezuela, so they can enjoy the end results of their ideals?
Quite the opposite is happening, people are fleeing Venezuela!
“Ecuador brought in a similar law last week. However, on Friday, a judge found requiring Venezuelans to carry valid passports broke regional agreements on freedom of movement.”
This “freedom of movement” type stuff is fine if all the countries involved are pretty much on the same level.
BTW, I wonder how many of the people fleeing now voted for Chavez and/or Maduro?
Does it seem like the MSM is way behind the curve regarding the gathering storm clouds for a real estate bust? Or is it typical for them to say little until a crash is blatantly undeniable, at which point they bleat in unison, “Nobody could have seen it coming!”
Has the Fed caved in to the CIC’s harsh censure of the rate normalization plan?
Federal Reserve Chairman Just Tossed Trump a Bone at Jackson Hole
Brian Sozzi
Tracy Byrnes
Aug 24, 2018 11:22 AM EDT
The market likes what Fed chairman Jerome Powell served up at Jackson Hole.
In his widely watched speech on Friday, Powell said the U.S. economy wasn’t over-heating and gradual interest rate hikes would continue to be appropriate. Powell also tossed President Trump a bone by suggesting the Fed is worried about moving too quickly to raise rates and stomping out the recovery.
Trump has criticized Powell and the Fed for steadily raising interest rates. The Dow Jones Industrial Average spiked more than 120 points following Powell’s speech.
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Palm Shores, FL Housing Prices Crater 23% YOY As Market Floods With Foreclosure Inventory
https://www.movoto.com/palm-shores-fl/market-trends/
Last chance to qualify for discriminatory anti-renter, pro-homeowner Obama bailout money. Hurry up and grab some while the grabbing is good!
The Government Offers Up To $4,140 per year ($345 per month) Mortgage Reduction, You Can Check In 2 Minutes If You Qualify
The greatest mortgage reduction program in US History is set to expire in 2018 so it’s vital to act now
(Washington, D.C.) When homeowners visit http://www.fetcharate.com they are surprised to find out they qualify for a free Government plan that lowers their mortgage to astonishingly low rates. This popular plan which was passed by Obama has already reduced mortgage payments for millions of Americans by a whopping $4,140 each year.
Homeowners that owe less than $625,000 will likely qualify for this brilliant government program, the Home Affordable Refinance Plan (HARP), that has saved the American homeowner millions in mortgage payments. To date, Over 3 million homeowners have already used HARP to reduce their monthly payments by as much as $4,140 each year, but there are still many homeowners that have yet to claim their savings.
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The government has announced that this program will expire in 2018 and is making a final push urging homeowners to take advantage of this program.
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The Godfather of Our Country had quite a week. I wonder what shoes will drop next!
In Las Vegas visiting a friend, went to Summerlin where new development shows the out of control and excuse the pun Doom of the housing market.
3,300 ft home on cul de sac lot 745k, lot premium not included. Agent says look at this view of neon lights for this hold on to your hats 1 million dollars.
Okay folks a 3,300ft production house 35 miles up in the hills in Las Vegas Nevada, which quite possibly and often windy days can bring you closer to cancer in 20 years with the toxic ranges over the ridge and you still have no pool or landscaping sit a $1,745 million.
Add in the nice pool and yard, wall coverings etc now at over 2 million, the unbelievable stupid buyers (who deserve what they get) have to resale this debacle of a purchase for $2.3 million to break even???
Can you say in this country 1929 will be a walk in the park compare to what’s coming.
Las Vegas got hit hard last round, when things go south, they will get hit hard again. A family friend bought a home for about 600k cash that previously sold for 1.5m on a golf course in Henderson NV around 2012. Nice place with a pool and that “million dollar view” but he complains it’s to hot to go outside in the summer months to even enjoy it. He moved his California business there to benifit from the tax breaks NV has vs California. He is a smart successful techie business owner and owns a patent That has been making him rich (richer) By lawsuits and settlements against big tech companies that used his technology without permission. Another lawyer friend of mine bought a couple acre lot 4000 soft+ home in Tahoe (NV part) which he loves. He owns a lot of RE including homes in San Jose, Saratoga, and Palo Alto. He hates California, every time he is here all he says is he can’t wait to get back to NV.
What toxic ranges over what ridge?
If you’re referring to the old test site, there isn’t any dust blowing into town from there, LOL.
Blatant, illegal stock price manipulation by Elon Musk should be an open-and-shut case for the SEC. Instead, after a pretend investigation, they’ll levy the usual slap-on-the-wrist fine and stern warning, and the insider fraud and manipulation will roll on unabated. At least the shorts will finally understand how rigged, broken, and manipulated our financial system has become.
https://www.scmp.com/news/world/united-states-canada/article/2161332/elon-musk-drops-plan-take-tesla-private-after
Among the .01 percent, you only get the microscope treatment if you are a Trump associate.
Still LOL @ 420.
That might turn out to be a very expensive doobie that Elon smoked.
things are booming in queen creek again. Was told this was going to be the next gilbert.
What’s booming, easy credit?
Laguna Hills CA Housing Prices Crater 6% YOY As Orange County Negative Equity Rate Explodes
https://www.movoto.com/laguna-hills-ca/market-trends/
For all the hype and wacky news on musk……this is really amazing
A Tesla Has Gone 420,000 Miles and Counting
These high mileage Teslas debunk the fear of short battery life.
http://www.thedrive.com/news/23097/a-tesla-has-gone-420000-miles-and-counting
He is certain to be lauded in the afterlife for his oversized persona and innovative vision. But buying, or even shorting, Tesla shares seems as safe a bet as gambling in cryptocurrency.
Musk’s tweet was incredibly stupid and will lead to lots of pain for the company. However, because Musk is a good friend of Trump and since Tesla is the most American-made car company that there is, the SEC will probably give Tesla a pass.
aNYCdj, you’ve sort of stumbled upon why the next car I will buy will only be electric. Whether it is a Tesla or not remains to be seen. I can’t seem to make the math totally pencil on a $59k model 3, but it definitely does on a Chevy Bolt or the upcoming Hyundai Kona. Or I’ll just wait for a used Model 3. Right now I am driving a 2010 Honda Civic with 123k miles on it. I drive a lot since I have a job in Salt Lake City that I commute to for 3 days out of the week. The gas savings alone on that commute come out to about $300/month if I go electric, but only the model 3 has the battery range I want (and autopilot) to make the switch feasible.
thanks thats the key where do you recharge them. what if i wanted to drive to tomball tx and see our friends who sold their Yonkers NY house last year. Do you think an electric car would make it? or every 3-4-500 miles we would have to get a hotel room overnight while it is recharging?
If I could recharge it in 2 hours thats plenty of time to get dinner and relax for the next 4-500 miles
Well, my commute is 295 miles, so the model 3 long range will do that on one charge (315 miles range). Where I work has charging for EVs, so I can plug in and recharge for free. It is a level 2 charger so it is finished charging in a couple of hours.
Tesla has the supercharging network, so you are always covered anywhere I want to go. But the Chevy Bolt I am considering has CCS, which is the DC fast fast charging and we have those all along the major highways. If you are charging on a 110 volt then it would be really long and you’d have to plan on staying overnight at a hotel. Check out the website plugshare.com to find out where you might potentially charge on a trip. My father routinely drives from So Cal to Vegas to Salt Lake City to Jackson Hole. He uses the supercharging network and eats for about 30-40 minutes and he’s fully charged.
It occurs to me that renters (especially in apartments) may be out of luck when it comes to recharging an electric car. Would have to do it somewhere other than home, which is rather inconvenient.
Unless you’re in some “luxury” place that has electric car chargers on site. My apt’s sure don’t, LOL.
And if you’re renting a house…I guess you have to ask the landlord to install a charger?
Funny you should mention this. Aside from my gig as an RN, I just took a job as an apartment manager for a large apartment complex in the Salt Lake City area. It’s an eco-friendly complex and all residents get a metro pass (light rail/bus/train passes). But we also have started installing EV chargers upon request. I suspect we are in the vanguard and it will take some time for apartment complexes to offer this. There are some devices that can segment out the electricity from the common area and make the job easier:
https://electrek.co/2018/08/13/electric-charging-condo-appartment-rve-dcc/
Phoenix, AZ Housing Prices Crater 5% YOY As Speculators Slip Deeper Underwater
https://www.zillow.com/phoenix-az-85007/home-values/
*Select price from dropdown menu on first chart