The Most Expensive Markets Seen Serious Jumps In Inventory
A report from CNN. “If you’re a real estate agent, odds are you haven’t been closing as many deals lately. ‘We’re hearing things from our real estate agents that we haven’t heard in three years about homebuyers stepping back from high prices,’ said Redfin CEO Glenn Kelman on the real estate firm’s second quarter earnings call.”
“Foreclosures plagued the housing market during the financial crisis as borrowers struggled with loans they couldn’t afford and homes prices plunged. These days, borrowers are in much better shape, but there are signs that foreclosures are on the rise again. The housing analytics firm Attom Data Solutions found that foreclosure starts are increasing again for the first time since 2015. The trend is particularly visible in hurricane-hit cities like Houston, but also increasingly expensive places like Los Angeles.”
“The loans having the most trouble are those that the Federal Housing Administration-insured in 2014, when the agency was backing off on the very tight standards it had imposed during the great recession. ‘We’re seeing enough in these bellwether markets that I think it’s an inflection point,’ says Daren Blomquist, senior vice president for communications at Attom.”
The Boca Raton Observer in Florida. “Risky Business? Distressed sales, foreclosures and short sales in Miami are down, with the Miami Herald reporting that ‘only 9.9 percent of the sales in January involved properties in trouble, including bank-owned and short sale properties. Those kinds of properties accounted for 12.7 percent of the sales last year.’”
“But they’re baaack! Borrowers and investors are hot on the trail of so-called ‘nonprime’ mortgages, according to CNBC. These are basically the same subprime mortgages, only supposedly better underwritten, for people with poor credit scores, the self-employed and others who are unlikely to qualify for a prime mortgage.”
From The Mortgage Report. “According to a new analysis from Realtor.com, some of the nation’s most expensive markets have seen serious jumps in housing inventory. The biggest increase? That was in San Jose, California, where listings rose 44 percent over the year. Seattle — another pricey Western housing market — took second, with a 29 percent spike in listings year over year.”
“Other areas that also saw big jumps in housing inventory include Providence, Rhode Island; Portland, Oregon; San Diego, Sacramento, Riverside and San Francisco, California; Dallas; and Jacksonville, Florida. ‘July inventory growth is in high-priced, competitive markets, and often at the pricier end of these markets,’ according to Danielle Hale, Realtor.com’s chief economist. ‘It’s not just California markets that have seen an increase in inventory, markets on both coasts and in the South reported inventory increases in July.’”
From Geek Wire on Washington. “Seattle’s 21-month run as the nation’s hottest housing market is over. Las Vegas topped the Case Shiller U.S. National Home Price Index this month. Buyers in cities dealing with the positives and negatives of tech booms, such as Seattle and San Francisco, are sitting out, said Glenn Kelman, CEO of Redfin.”
“‘In Seattle, Portland and San Jose where prices have increased the most, the percentage of homes selling in the first two weeks on the market declined in June from 61 percent to 52 percent,’ Kelman said. ‘As U.S. home prices have increased faster than wages for 70 straight months, buyers in markets like these have finally had enough, at least for now.’”
“The purported slowdown, as well as Seattle abdication of the title of the nation’s hottest housing market comes as the city’s biggest employer has somewhat slowed its dizzying pace of growth. Amazon reported its first decline in headcount in nine years during the first quarter of this year, when its overall figure dropped by 2,900 employees.”
From NBC Bay Area in California. “A recent report from the San Francisco Chronicle revealed a hair-raising fact: thousands of homes that got a green light to be built are idling on untouched land. Experts NBC Bay Area talked to said it cannot all be explained by higher costs and a lack of labor. A look at the sun-kissed skyscrapers in San Francisco’s South of Market area and you may think new housing projects are popping up all over the city. Don’t be fooled.”
“‘Why are we only seeing ultra-luxury projects get built? Because those are the only things that developers currently can make any money on,’ said Todd David, executive director for the San Francisco Housing Action Coalition.”
‘The trend is particularly visible in hurricane-hit cities like Houston, but also increasingly expensive places like Los Angeles’
Oh dear…
‘The loans having the most trouble are those that the Federal Housing Administration-insured in 2014, when the agency was backing off on the very tight standards it had imposed during the great recession’
Actually it’s 2014 and later. This was when Mel and the gang went hog wild cutting loan standards.
***
‘The loans having the most trouble are those that the Federal Housing Administration-insured in 2014, when the agency was backing off on the very tight standards it had imposed during the great recession’
Actually it’s 2014 and later. This was when Mel and the gang went hog wild cutting loan standards.
***
Oh yeah. And we’re still at peak stock market / peak employment, too, and already there’s trouble in paradise.
Right. I have a hard time imagining a worse indicator for the Housing Bubble’s future survival prospects than to see price declines and an inventory explosion against the backdrop of record low unemployment and strong economic growth. Is it too early to start preventive bailouts at this point?
It’s almost like a lightning bolt striking out of a clear blue sky.
“there’s trouble in paradise”
Cheesebola Burgers in Paradise? I’m new at this…
Student loans failing, average car age creeping up, mortgage NODs spiking, seems pretty wide spread and yeah, good point about all this during peak employment. The punch bowl keeps getting filled up but the sun is rising…
during peak employment
Keep in mind that we are at a 40 year low in labor force participation.
“This was when Mel and the gang went hog wild cutting loan standards.”
Cutting loan standards takes that ugly and nasty looking “un” prefix out of the word “unaffordable” and leaves behind that wonderful and promising and, oh so enticing word “affordable” (I feel orgasmic as I write this) which allows - promotes! - higher and higher and higher prices for houses AND (more importantly) this activity creates - CREATES - home equity for all the neighbors!
The higher to the prices the more equity, the more RICHES, for the neighbors and for the economy.
Hence Mel and the gang was acting in our, in everyone’s behalf.
You pukes need go remember this: One buyer can bid way up the price (and hence the value) of one house and by doing this he will be creating equity wealth for many, many of his neighbors.
But the puke can only do this if he can get hold of the money. If a puke cannot get hold of the money then equity wealth for the neighbors will
not be created.
Enter Mell and the gang to save the day. You pukes should be grateful.
master puke,
did you know my house works for me?
If foreclosures are up in Los Angeles, that must mean people tried to sell and couldn’t. And that would mean that prices have been…falling?
Looks like those 3% down loans have become a bit of a problem.
they will be the first to walk. they have already proved its better to let the shack go and then get another govt loan when prices bottom.
“Keep Paying until prices come back?! LOL!”
And this is made worse by all cash deals, especially in the tech bubble markets when unicorn / private money was in full swing.
All cash = no one needs to qualify for the mortgage, bank doesn’t do an appraisal, no analysis of the price paid relative to the neighborhood comps.
It’s just poof. House sells.
You forgot the part where the local govt goons raise the taxes on everyones property so they can enjoy those 6 figure pensions at age 55 after a rough 20 years of working 35 hour weeks shuffling paper.
(I feel orgasmic as I write this)
Where, exactly where you in 2008? … Modifying digital $ignature$ on loan$?
“Where, exactly where you in 2008? …”
2008 was a very busy (and, oh, so much fun!) year for me.
“Foreclosures up a record 81% in 2008″
https://money.cnn.com/2009/01/15/real_estate/millions_in_forecl
osure/
😁
$eems oppo$ite the present tense?
“Orga$mic”? … Are ye embelli$$ing yer current realtie$
So the question is what is happening now did the standards continue to drop after 2014? Even more to the point since Trump was elected and it became clear that interest rates would rise did bankers become more or less conservative in their lending? Are home sales dropping due to higher standards? Depending on the answers to the questions the bubble is either being slowly deflated or is about to burst.
‘Distressed sales, foreclosures and short sales in Miami are down, with the Miami Herald reporting that ‘only 9.9 percent of the sales in January involved properties in trouble, including bank-owned and short sale properties. Those kinds of properties accounted for 12.7 percent of the sales last year.’
Only 10% are distressed. Good thing there aren’t tens of thousands of additional condos under construction there.
Wait…
Realtors are liars.
‘in San Jose, California, where listings rose 44 percent over the year. Seattle took second, with a 29 percent spike in listings year over year.’
‘Other areas that also saw big jumps in housing inventory include Providence, Rhode Island; Portland, Oregon; San Diego, Sacramento, Riverside and San Francisco, California; Dallas; and Jacksonville, Florida’
I sense many new ebola outbreaks very soon. Isn’t it strange that these cities had the biggest shortages, what 3 months ago?
That’s great! Here I’ve been told it’s gonna be an upward march for the RE in sillycon valley. Guess these realtors really are liars
Something I have been noticing (in addition to local RE staying on the market longer and more price reductions) is many homes that showed as pending are returning to the mls as “back on the market”. Suggests to me the buyer backed out, wonder why 🤔🎢
There suddenly seem to be too many outliers to count!
“You gotta roll with it” — Caitlyn Vestal, Millennial, Portland, OR
Emeryville, CA Housing Prices Crater 10% YOY As Bay Area Housing Goes Off The Rails
https://www.movoto.com/emeryville-ca/market-trends/
‘A recent report from the San Francisco Chronicle revealed a hair-raising fact: thousands of homes that got a green light to be built are idling on untouched land. Experts NBC Bay Area talked to said it cannot all be explained by higher costs and a lack of labor.’
‘Why are we only seeing ultra-luxury projects get built? Because those are the only things that developers currently can make any money on’
Way ahead of ya’ NBC.
“Way ahead of ya’ NBC.”
It’$ the alien$ Ben!
https://www.cnet.com/news/congressional-candidate-says-she-was-abducted-by-aliens/
IMO this news about the stalled projects in downtown San Francisco is the biggest bubble revelation imaginable. SF has become like Miami Beach, condo crater central!
Well, hurricane$ … Ver$es … Earthquake$? … Eye reckon the di$aster to $trike fir$t win$ the American taxpayer$ dollar$ devotion$ … What do you reckon in AZ?
Whatever happened to Rental Watch? He/she has a massive helping of crow waiting.
Curled in a fetal position somewhere.
Friday Harbor, WA Housing Prices Crater 10% YOY As Double Digit Price Declines Appear Nationally
https://www.movoto.com/friday-harbor-wa/market-trends/
‘The loans having the most trouble are those that the Federal Housing Administration-insured in 2014, when the agency was backing off on the very tight standards it had imposed during the great recession. ‘We’re seeing enough in these bellwether markets that I think it’s an inflection point’
The “sound lending” posters here have some crow to consume.
“very tight $tandard$”
Eye’m confu$ed … Plea$e define: very tight
On indeed.com there are a lot of new ads for foreclosure specialists
I’m starting to get emails asking if I want property preservation jobs. Not again Arizona!
Well Ben, as they say: “whatever float$ yer boat” … Knot exactly what that means in AZ?
I’ve got bigger fish to fry.
I think 🤔 this time lenders are trying to get in front of the curve and see it coming.
” foreclo$ure $pecialist$”
Oh plea$e Norma,
Label it a$ it$: “we live … On yer death$!”
Wells Fargo is laying off alot of mortgage origination jobs.
The radio ads from American Financing (based in Denver) for mortgages are getting more desperate, and sad.
Lone Tree, CO Housing Prices Crater 12% YOY As Denver Area Mortgage Default Rate Triples
https://www.movoto.com/lone-tree-co/market-trends/
d$trump says Google bia$ against him!
Eye googled: d$trump equal$ = a$$clown Wiktionary
a$$·clown
ˈasˌkloun/Submit
noun: a$$clown; plural noun: a$$clowns; noun: a$$ clown; plural noun: as$$ clown
NORTH AMERICAN : vulgar $lang a $tupid or contemptible per$on.
Why is there even a dî$agreement with “alternative fact$”?
President DJT lives in your empty skull rent free.
The Trump Band is marching in that skull.
https://www.youtube.com/watch?v=3HTGQSekPW4
Indeed, for he is one of those low IQ types President Honey Badger lives to mock. They think they are clever when theyre really just annoying.
Might be the firewater, or herbs. Lots of self proclaimed geniuses viewing their efforts through clouded eyes feel the same. They’d all be supermen if they could only motivate to get off the couch.
“They’d all be $upermen if they could only motivate to get off the couch.”
Like the 400 lbs $uperman who only have x1 hand avaible to offer their “$upport” to d$trump … The devil i$ in the detail$!
How very bigly of you to share your big thoughts here.
Ha! … You reveal yer$elf! … You promote to read$ my mind … a Zealot without qualification$ … $peak on …
Fill your empty skull with good things my friend…. with something positive like this.
Saint George, UT Housing Prices Crater 12% YOY As Salt Lake City Housing Market Goes Down For The Count
https://www.movoto.com/saint-george-ut/market-trends/
Mafia dude, have you ever been to any of the place$ you hope repre$ent the truth$ you expout? Ju$t wonderin’, where the heck to do call: “my paradi$e?” ???
Housing
Bloomfield, CT Housing Prices Crater 11% YOY
You don’t $eem to deny the di$qualification$ of d$trump a$ an a$$clown … Why the trepidation $? … In$tead, you attack$ me … Weak, & $ad …
Housing
Keller, TX Housing Prices Crater 33% YOY
https://www.movoto.com/keller-wa/market-trends/
“Obama” goon$? … dudette, who live$ yer cerebrum?
Housing my friend.
Allen, TX Housing Prices Crater 6% YOY As Sellers Slash Prices And Beg For Offers
https://www.movoto.com/allen-tx/market-trends/
Why are you knot able to an$wer a query, without adverti$ing yer agenda? Ya seen like … the fella that $tates every day: realtor$ are liar$? … Why do ya figure$ the folk$ that dwell on Ben’s HBB Blog need to bee educated on a daily ba$i$?
Well, eye’m $low that’s fer $ure, please edacate’ me … no offen$e taken.
Housing
Avon, CT Housing Prices Crater 16% YOY
https://www.movoto.com/avon-ct/market-trends/
Ahhhht!……… housing.
Naples, FL Housing Prices Crater 6% YOY
https://www.movoto.com/naples-fl/market-trends/
Ronald “raygun” Reagan:
“There’$ you go again!”
Housing
North Palm Beach, FL Housing Prices Crater 14% YOY
https://www.movoto.com/north-palm-beach-fl/market-trends/
Never mind Trump, Ronald Reagan is still living in your head. The man that defeated the Soviet Union and grew the country more in three years than Obama did in eight. Obama wanted to be the left’s Ronald Reagan instead he just was Jimmy Carter II, just as I predicted.
just as I predicted
We’re not paying any attention to your thousand wrong predictions.
Crictal thinking hard fer you to proce$$ in real time?
Housing my friend.
Beaufort, NC Housing Prices Crater 13% YOY As Plunging NC Beach/Vacation Housing Market Bankrupts Coastal Homeowners
https://www.zillow.com/beaufort-nc/home-values/
https://snag.gy/m5EzRB.jpg
Mafia dude, have you ever been to any of the place$ you hope repre$ent the truth$ you expout? Ju$t wonderin’, where the heck to do call: “my paradi$e?” ???
Housing
Arvada, CO Housing Prices Crater 8% YOY
https://www.movoto.com/arvada-co/market-trends/
Artfull Dodger … Where is you rooted? ?#4
A report from CNN. “If you’re a real estate agent, odds are you haven’t been closing as many deals lately.
Aww…
Starve.
Or maybe try getting a real job.
Buyers are balking at shack prices even though the MSM has been keeping its relentlessly upbeat “Everything is Awesome - Buy Moar Stawks!” mantra even as socioeconomic fundamentals are deteriorating and debt and credit bubbles have reached dangerously unsustainable levels. Given that most of the sheeple still get most of their news and information from the corporate media, most have no inkling of how FUBAR the housing bubble is, yet are growing number are refusing to overstretch to buy a shack.
Now, imagine how thin on the ground buyers are going to be when inventory is soaring, prices are plummeting, foreclosures and jingle mail are surging again, and “for sale” signs are showing up on every block a la 2006/7. Then even the MSM truth-makers are going to have to start conceding that the bubble is bursting, while of course intoning that “no one saw it coming.”
Chandler, AZ Housing Prices Crater 15% YOY As Housing Correction Rocks Phoenix Area
https://www.zillow.com/ocotillo-chandler-az/home-values/
*Select price from dropdown menu on first chart
Artfull Dodger … Where is you rooted?
NOTE: This analysis is made to address a comment made in the previous post:
goudey: comment made in last post at 2018-08-28 13:21:51
There is NO evidence of a nationwide housing bubble.
Using the St. Louis Fed data I beg to differ:
I ran the nominal Home index Q2 2018 of 424.05 vs
Nominal Home Prices Peak bubble Q1 2007 of 378.25 (Calc. % increase)
(424.05/378.25 – 1) = 12.1% increase in NOMINAL home prices since the peak.
I ran Nominal Household income 2007 $50,223 vs Latest income data 2016 $59.039 (Calc. % increase)
59,039/50,233 – 1 = 17.5% increase in Nominal Household income.
(Note 2016 income (Latest available) vs. 2018 Home Price data)
Based on this quick analysis we are not at PEAK Bubble. We are on some area on the line lower than Q1 2007. But where is the question.
If at Peak bubble based on income HPI Nominal would be 378.25*1.175 or (378.25*1 + 378.25*17.5%)
= 444.44 Current Peak HPI theoretical. Then Calc. the % current HPI is vs. Theoretical Current Peak Pricing or 424.05/444.44 = 95.41%.
Take this 95.41% vs, Peak Pricing Q1 2007 to get place on the curve. 378.25 * 95.41 = 360.89 HPI in 2007 HPI equivalents.
HPI theoretical – 360.89 as calculated above,
St Louis Fed Data has Q4 2005 at 360.56
St. Louis Fed Data has Q12006 at 366.28.
So, my best estimate is that current HPI, based on the St, Louis Fed data, is currently in early Q1 2006.
So, ask yourself, if you knew then what you know now, would you have bought a house in Q1 2006 or would you calmly wait and but one for much less in 2011? With this knowledge, if you would have waited in Q1 2006, then don’t buy now, because we are at the same bubble stage now as we were in early Q1 2006.
My humble opinion is we are in a bubble, but not at peak bubble, and I expect the current bubble to run and grow for at least 1 more year.
Data Used: All-Transactions House Price Index for the United States from St. Louis Fed (Q2 2018)
Median Household Income in the United States from St. Louis Fed (Latest data 2016)
You can use this same data and compare back in the late 1990s vs. today and you see almost a 100% increase in HPI with a slightly less than 50% increase in Median income.
Geez, plea$e cut to the cha$e!
“My humble opinion is we are in a bubble, but not at peak bubble, and I expect the current bubble to run and grow for at least 1 more year”
Humble i$ good. … Who i$ the prophet$ of this me$$age of enlightment$, exactly? … Dear
Haha well an “A” for effort and who knows Mabye he is right! Stats are great but if we had a formula to pinpoint the timeframe of this bubble we would all be rich. To many variables that can arise to throw off these types of predictions.
Well, eye’m all ear$, … tell who promote$ this is the Be$te$t time$ to purcha$e real e$tate?
Eye’ve head$ the “Oracle.of.Delphi/Omahaha” took a $3.100,000,.00 reduction$ on his real e$tate in thee.O.C.
Not shooting to insult here but Is there a plug-in to understand your cryptic verbiage 🤣. No really!
Is there a plug-in to understand your cryptic verbiage
I actually thought about adding that as a feature to the JoshuaTree extension, but….then I got lazy
Maybe when the shorter days get here/more darkness I’ll feel motivated to add that.
$orry BubblevilleCA, eye do knot aim for cryptic interpretation$, eye think that everyone here “under$tand$” this exchange of though$ is about how knot to bee a fool about “True Believer$” per$i$tent promotion$ of using yer existence to grab onto real e$tate @ any co$t$! … Eye’m open to alternative fact$!
Comment by drumminj … Here eye am … Edit me a$ ye wi$h!
Hwy50, yes I think most do. I can understand you about 1/2 the time
National SFH sales spiked in June of 2006, last crash. Prices continued to ramp until the next summer of 2007. Inventory also started to increase dramatically over this same time period.
By the end of 2007 house sales had noticeably stalled to the point where even the most ardent housing pom-pom types couldn’t cover up the decline.
In 2008 the fun started. I personally believe that we are in the same place we were during the summer of 07 and that things get interesting next year, 2019.
What about:
1) credit card debt
2) HELOC debt
3) Student loan debt
4) Auto debt
5) Medical insurance costs
6) Proportion of retirees versus workers
Lots of things have changed so the same rules don’t necessarily apply. But good on you for the effort to pull real numbers. They are enlightening even if not hard predictors of timing.
In my opinion, the trigger will be a catalyst of some sort. Something that the press can wrap their heads around. I think that once the collapse in construction hits employment and the decline in auto sales stacks on top of that, then things will blow up all over.
El Dorado, CA Housing Prices Crater 27% YOY As Sacramento Housing Market Contracts Ebola
https://www.movoto.com/el-dorado-ca/market-trends/
Mafia dude, have you ever been to any of the place$ you hope repre$ent the truth$ you expout? Ju$t wonderin’, where the heck to do call: “my paradi$e?” ??? This.time?
Housing
Nashville, TN Housing Prices Crater 16% YOY
https://www.zillow.com/charlotte-park-nashville-tn/home-values/
https://snag.gy/m5EzRB.jpg
Artfull Dodger … Where is you rooted?
He’s in the northeast - MA if I recall.
I’ve been here, Howard took us.
But I didn’t buy.
https://www.youtube.com/watch?v=nAkMTu6q2pY
I checked your link, what I saw was
inventory steady,
price per square foot gone up
percent distressed unchanged at zero.
Compared to a year ago much smaller houses were on offer so the mix changed.
Trouble may be coming but this doesn’t show that it is here yet.
Please do not confuse him with the facts.
Again.$/sq ft valuation is a poor performer as it excludes all items in the transaction except for the structure and the area of dirt directly under it.
Santa Monica, CA Housing Prices Crater 19% YOY As 2010-2016 Subprime Mortgages Fail
https://www.movoto.com/santa-monica-ca/market-trends/
Deliver it tomorrow Mr. Ben.
Eye’s a’waitin the real e$tate verdict of the “True Believer$! Choru$ of “thou $halt bee!” … My time on this spinning planet, does knot afford me to engage in banter$ about “dotted line$,” of “American puke$” … or invert curve$ of Economic con$equence$ … Mr. Bear is the one to pay heed. (& you as well!) He offer$ for free his in$ights to long.term.thoughtfulne$$ ” … Like Vanguard & now “other$”you can inve$t for free. … anywho, you’ve been a voice to the ma$$e$, with this humble HBB blog … Hope.to.meet ya once again before our Bone$ are du$t!
Twas a memorable afternoon.
https://pizzaport.com/locations/carlsbad/
Yeah, I used to hit the late-night bottle too, a long time ago, and I, too, became incoherent.
Three Dog Night — Mama Told Me (Not To Come):
https://www.youtube.com/watch?v=utPwb22sJLg
Interesting (to me) an OT post…..
https://www.hollywoodreporter.com/thr-esq/harvey-weinstein-wants-appeals-court-define-a-commercial-sex-act-1137996
Under the relevant trafficking statute, a commercial sex act must be shown. But what exactly does that mean? If a commercial sex act is defined as something of value in exchange for sex — a quid pro quo — does the possibility of a film role represent value?
“… does the possibility of a film role represent value?”
I suppose the same question could be asked of a loan application.
Being banker does have it’s perks.
😁
my house brings in the cash for me and pays for my beer and wine.
There is nothing like letting your assets do the work for you.
Azdude. House pimp extraordinaire.
Your adult beverages of choice will soon be Ripple or Night Train in a paper bag being passed around a trash can fire.
Pretty sure they don’t make Ripple anymore
There are no collectors with cellars full of aging Ripple? I’ve heard 87 is exquisite.
I hadn’t considered the possible use of home equity wealth gains as a means to finance drug habits. I wonder how many opioid addicts use a similar strategy?
‘We’re hearing things from our real estate agents that we haven’t heard in three years about homebuyers stepping back from high prices,’ said Redfin CEO Glenn Kelman on the real estate firm’s second quarter earnings call.”
The bidding war “winners” are carrion, while most of the FBs who borrowed above 85% of their shacks’ price better start packing their bags for Schlongville.
… while most of the FBs who borrowed above 85% of their shacks’ price better start packing their bags for Schlongville.”
Bleed ‘em and reap.
“But they’re baaack! Borrowers and investors are hot on the trail of so-called ‘nonprime’ mortgages, according to CNBC. These are basically the same subprime mortgages, only supposedly better underwritten, for people with poor credit scores, the self-employed and others who are unlikely to qualify for a prime mortgage.”
When the Wall Street-Federal Reserve Looting Syndicate and its congressional hirelings try to ram the next banker bailout down taxpayers’ throats, will the sheeple bend over with the same docility they showed in 2008?
“When the Wall Street-Federal Reserve Looting Syndicate and its congressional hirelings try to ram the next banker bailout down taxpayers’ throats, will the sheeple bend over with the same docility they showed in 2008?”
Count on it.
‘Muricans hitting the shack ATMs just when equity is posed to take a tumble. Haven’t we seen this movie before?
https://www.bloombergquint.com/onweb/2018/08/28/homeowners-making-cash-out-mortgage-refis-great-again#gs.M8u1GgY
(Bloomberg) — Rising property values and record household wealth is allowing homeowners to use their homes as ATMs. In more than two-thirds of refinancing loans last quarter, homeowners pulled equity to finance consumer spending, property improvements and pay off other debts. While these refis rose to the highest share of total refinancings since early 2007, according to Federal Housing Finance Agency data, both the volume of total refinancings and cash-out refinancings decreased.
Wonderful news! Our consumer-based economy gets go enjoy an infusion of money and so do we bankers.
😁
Gig economy workers won’t be buying your overpriced shack, greedheads.
https://www.cnbc.com/2018/08/28/about-half-of-californias-gig-economy-workers-struggling-with-poverty.html
UK in the lead but Canada is proving to be a real challenger:
https://www.bloombergquint.com/global-economics/2018/08/29/britons-are-obsessed-with-house-prices-and-new-figures-show-why#gs.whz_RBg
Oh dear….
https://www.zerohedge.com/news/2018-08-29/pending-home-sales-slump-7th-straight-month-overheated-real-estate-markets-start