Price Reduction Is A Market-Warranted Reset
A report from Bloomberg. “Former Federal Reserve Chairman Ben Bernanke acknowledged that policy makers made two critical errors fighting the financial crisis a decade ago: They failed to see it coming with such force then underestimated how much economic damage it would cause later. ‘Nobody saw how widespread and devastating the crisis itself would be,’ he said in a short video discussing the results of a 90-page paper.”
“Mr Bernanke is the second Fed policy maker to issue a public mea culpa this week. Former Vice Chairman Donald Kohn agreed that the central bank made forecasting errors during the crisis and its aftermath. The Fed also over-estimated the potential costs of its controversial quantitative-easing program and so was more timid than needed in carrying it out, he said.”
“Echoing comments made last week by former Treasury Secretary Timothy Geithner, Mr Bernanke voiced concern that post-crisis reforms had left the Fed and other policy makers with fewer tools to combat the next crisis. In an effort to prevent future government bailouts, Congress curbed the ability of the Fed, the Federal Deposit Insurance Corp and the Treasury Department to provide emergency support to the financial system.”
“While the reforms overall had significantly improved the system’s resilience to shocks by boosting bank capital and other measures, ‘policy makers need to have the appropriate tools to fight the next crisis,’ Mr Bernanke wrote in his paper. ‘On this count, I am somewhat less sanguine,’ he said.”
From Knowledge Wharton. “This week, the world is remembering what is called ‘Lehman Weekend.’ A decade ago, on September 15, 2008, the giant investment bank filed for bankruptcy, triggering what is now called the Great Recession. Today, 10 years on, lending has become more stringent. Even so, causes for concern do exist, say experts at Wharton and elsewhere. Their biggest source of anxiety is that the government-sponsored Fannie Mae and Freddie Mac, despite being under receivership, do not have deep enough reserves to withstand another crisis.”
“Detroit-based Quicken Loans, the country’s largest residential mortgage lender, earlier this year partnered with Airbnb, ‘enabling the property rental company’s hosts to use rental income on a primary residence to refinance their mortgages,’ according to a press release. ‘Airbnb and Quicken Loans are firmly aligned to drive innovation in the real estate industry to dramatically improve and simplify client experience, as well as saving homeowners time and money,’ it stated.”
“Wharton real estate professor Benjamin Keys notes that nonbanking financial institutions are originating ‘a large fraction of loans’ and they immediately securitize them to Fannie Mae or Freddie Mac. ‘These nonbanks may not be able to withstand a downturn because they have little to no capital buffer, especially in their roles as servicers,’ he warns.”
“Wharton finance professor Richard Herring says he is concerned about the unintended effects of the prolonged policy of near-zero interest rates. ‘It has led to a major distortion of financial decisions…. It has undoubtedly permitted several inefficient firms to continue operations beyond the point they would otherwise have become bankrupt. It has contributed to the rise in stock market values and it has led individual savers to take risks they do not understand to try to obtain a positive, inflation-adjusted return.’”
From Mansion Global on New York. “A four-bedroom apartment in The Dakota, a prestigious Manhattan co-op building that housed the likes of John Lennon, Roberta Flack and Judy Garland, returned to the market for $12.5 million on Wednesday. The home, encompassing approximately 4,600 square feet of living space, has been on and off the market for the past three years. It first asked $17.5 million in September 2015 and the price dropped to $13.245 million before it was taken off the market this July, listing records on StreetEasy show.”
“‘The price reduction is a market-warranted reset,’ said listing agent Nikki Field of Sotheby’s International, who co-listed the apartment with colleague Benjamin Pofcher. ‘In order to sell a high-end property like this one, we have to market it with compelling and attractive price points.’”
From Life & Style Magazine. “Finally! Kendra Wilkinson has sold the Calabasas, CA home she once shared with her husband, Hank Baskett, and their two children. The mega-mansion sat on the market for months, but now a new report reveals an offer is pending — following a massive $250,000 price cut. According to Radar Online, the former Girls Next Door star listed the house for $2,495,000 in June before significantly dropping the cost. ‘REDUCED AGAIN!’ the listing on Zillow read. ‘Seller wants an offer.’”
“‘I’m trying to get out of my house fast,’ the 33-year-old reality star tweeted (then deleted) amid her marriage woes.”
’sat on the market for months…a massive $250,000 price cut. ‘REDUCED AGAIN!’…‘Seller wants an offer.’”…‘I’m trying to get out of my house fast’
Calabasas Eeee-bola!
Orange County’s top homes languish on the market
Financial Times-3 hours ago
… gated community of Emerald Bay, Orange County, had languished on the market for more than 18 months before having its price slashed by $3.1m in August.
The poor Chinese HODLers…
It’s Warren Buffet’s beach house that he’s owned for 50 year’s. Bought it for $150K. No tears there.
50 painful years of rapid depreciation is painful.
Richardson, TX Housing Prices Crater 11% YOY As Post 1999 Buyers Get Schlonged
Assuming they sold it for close to the price it was listed at when it went under, she made about a 33% rent of return while the stock market returned over 100% the same period. Back out carrying costs, O&M and commissions and she did much worse.
https://www.zillow.com/homedetails/25515-Gaylord-Ct-Calabasas-CA-91302/19883300_zpid/
All things considered, the property seems like a better value than those butt-ugly $400K houses on that dirt patch in Boise.
A 10% price reduction is not a massive cut
Las Vegas, NV Housing Prices Crater 18% YOY As Housing Inventory Explodes
https://www.zillow.com/las-vegas-nv-89124/home-values/
*Select price from dropdown menu on first chart
‘Their biggest source of anxiety is that the government-sponsored Fannie Mae and Freddie Mac, despite being under receivership, do not have deep enough reserves to withstand another crisis…Quicken Loans, the country’s largest residential mortgage lender, earlier this year partnered with Airbnb…‘These nonbanks may not be able to withstand a downturn because they have little to no capital buffer’
Gosh, the GSE’s are broke, backing loans made by no capital non-banks who are now making bed and breakfast loans. What could go wrong? And if so no one saw it coming!
Oh, and the US government, which is supposedly greasing the wheels of this sh#t-cart, can’t operate a day without borrowing billion$. It’s like a Marx Brothers movie.
Camarillo, CA Housing Prices Crater 19% YOY As Multi-Year China GDP Plunge Ravages Ventura County
https://www.movoto.com/camarillo-ca/market-trends/
You’re not adjusting for size of house. Before I clicked on link I guessed that last years avg homes must be bigger than this years avg listings based on your headline of 19% drop. And yes bingo this years avg listing is 1,900 sq ft as opposed to 2,800 sq feet last year, hence the lower price. If it was 2,800 vs 2,800 you’d have a point. It’s also not a plunge when average per sq foot is actually up YOY.
The NYT, flagship of the Oligopoly’s propaganda outlets, says we proles should be more grateful to the Fed and policymakers who bailed out Wall Street, shielded banks from the consequences of their own greed and avarice, moved $2.3 trillion in toxic-waste mortgages from the banksters’ books to the public ledgers, and lavished $15 trillion in printing-press “stimulus” on a corrupt and venal .1% in the financial sector so they could go on a speculative binge unmatched in human history, loot the productive economy, and drive housing to unaffordable levels - again.
Forgive my lack of gratitude.
https://www.nytimes.com/2018/09/12/upshot/financial-crisis-recession-recovery.html
It’s hard to overstate how deeply Americans despised their government’s response to the global financial crisis. It has helped shape the last decade of American politics, fueling distrust of powerful institutions and speeding a drift toward ideological extremes.
But for all that anger, the engineers of the American crisis response got the economics mostly correct, and more right than most of those — including leading economic thinkers and prominent politicians — who were second-guessing them.
They think it was just a “financial crisis.” It wasn’t. It was the consequence of decades of paying most Americans less and less but selling them more and more, with the difference covered by soaring debt and inadequate retirement savings.
What they did was keep the game going for another decade — at the expense of almost anyone who will still be around a decade from now, for the rest of their lives.
https://larrylittlefield.wordpress.com/2018/09/06/rising-u-s-debt-is-the-real-cause-of-the-u-s-trade-deficit-and-inequality/
Life expectancy is falling for all the generations born after the mid-1950s. Argue all you want about the measurement and meaning of other data. It’s hard to argue about that. And it’s going to get worse.
https://larrylittlefield.wordpress.com/2015/11/08/death-is-the-ultimate-statistic-ii-the-most-important-news-in-ten-years/
“Life expectancy is falling for all the generations born after the mid-1950s.”
Well we certainly don’t see many elderly obese people, but there have been many remarkable medical achievements that have improved the quality of life.
Housing flipper invests his earnings in Bitcoin although he has no experience in financial products, and loses 96% chasing it down. MRIs show speculators have different brain activity during bubbles and regulation is needed.
https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html?iid=ob_quote_footer
Flipping might turn out to be another form of addiction.
“Victim”……..Gimmie a break! No one forced him to invest it in a junk currency. All these “I researched it” investors deserve to lose everything. I would have told him last to invest in AMZN, which has doubled since last year.
But what do I know, I’m just a poor broke loser renter.
AMZN, which has doubled since last year
But I need to get rich faster than that, the gator is on my heels…
https://www.enr.com/articles/44883-california-building-boom-pushes-ahead-on-all-fronts?id=44883-california-building-boom-pushes-ahead-on-all-fronts&ajs_uid=7566A2191945E3B&oly_enc_id=7566A2191945E3B&ajs_trait_oebid=3782E0258467B1M
As construction activity in California continues to rise, contractors are riding a tidal wave of plans and projects. The state’s top 75 contractors tallied $36.55 billion of work during 2017, and the top 10 companies alone posted $16.8 billion, a more than 8% increase over the top 10 in the previous year.
“The construction market in California continues to be white hot and extremely active in multiple sectors,” says Rich Henry, president of the Northern Pacific region for McCarthy Building Cos. “The availability of money and the need for investment in infrastructure is still servicing our building boom throughout the state.”
…
For Webcor, it is the San Francisco Bay Area that is sizzling.
“One of the reasons is the technology boom in Silicon Valley, which is driving everything,” says Tony Rango, the company’s COO and executive vice president. He says tech is driving private developers to build office buildings for companies like Facebook and Apple, which in turn create jobs, which drives residential and infrastructure.
The company is currently working on a $1-billion expansion at UC Merced campus and a $1.6-billion mixed-use development next to Transbay Terminal in San Francisco called First and Mission.
Interesting if we collect this across the country.
Adding Seattle (just the downtown area). Basically we built a shit ton, and we need to build more (???)
“Downtown Seattle Association (DSA) recently released its report called the “2018 Mid-Year Update Development Guide,” which explores how investment and development activity in downtown Seattle continues to impact the city.
Some of the key findings were that downtown Seattle is seeing a historic level of investment—a record $5.6 billion worth of projects were under construction in downtown Seattle at the end of second quarter 2018, topping a previous high of $5 billion one year ago. The value of current construction is 27 percent higher than at this point last year and nearly five times higher than in 2010, which was the decade’s lowest point. Locally, downtown Seattle—which DSA defines as the area ranging from South Lake Union to the SoDo neighborhood—also represents 58 percent of the construction value for permits issued in Seattle from June 2017 to June 2018.”
But we have to keep on building
“A look at San Francisco tells a cautionary tale. San Francisco is well known for a shortage of housing driving up prices. Many fear Seattle is headed in a similar direction,” the report states. From 2006 to 2017, Seattle saw the delivery of 62,000 new housing units, which is double what San Francisco added during the same period, according to data provided by Seattle Department of Construction and Inspections and San Francisco Department of Building Inspection
On the commercial side, seventy million square feet of commercial office space currently supports Seattle’s downtown economy, and the downtown core has added 12 million net square feet of commercial space since 2010, during which time downtown occupancy increased from 86 to 92 percent, according to the report. There are currently 6.5 million square feet currently under construction, which is 61 percent more than the 4 million square feet that were under construction during the previous cycle in 2008.
Looking ahead, Seattle is set for further growth on the commercial side, heading into third quarter 2018, over the next couple of years: including space currently under construction, there is a total of 14 million square feet of office space currently in the pipeline, and more than 10 million of that is slated for delivery by the end of 2020.”
Why the heck did you allow this to happen? Bernake and Yellen
————————-
In his speech on April 7 2010 at the Economic Club of New York the President of the New York Fed, William Dudley argued that asset bubbles pose a serious threat to real economic activity.
Let me underscore the challenge that central bankers face in combating asset price bubbles. Doing so effectively requires us to be successful in both identifying the incipient bubble and in developing and implementing a response that will limit bubble growth and avert a destructive asset price crash. This is not easy because asset bubbles are hard to recognize in real time and each asset bubble is different. However, these challenges cannot be an excuse for inaction.
“This is not easy because asset bubbles are hard to recognize in real time …”
Do any of you guys have a hard time recognizing asset bubbles?
No, but it could be harder if your salary depended on not recognizing them.
Thank goodness bankers aren’t dermatologists. They wouldn’t be able to tell you if it’s a zit until it pops.
Thank goodness bankers aren’t dermatologists.
Or porn actors. Then it would really be true that nobody could have seen it coming.
Ewwww, icky!
“Former Vice Chairman Donald Kohn agreed that the central bank made forecasting errors during the crisis and its aftermath. Fed also over-estimated the potential costs of its controversial quantitative-easing program and so was more timid than needed in carrying it out, he said.”
Sounds like the Fed’s leadership team during the crisis has given quantitative easing an A for success to deal with it, but also determined that $4+ trillion in newly created money plus historically unprecedented negative interest rates were not a sufficient response for the situation.
It also seems pretty odd for Kohn, Bernanke, and Geithner to grade themselves. Academic peer review and grading systems involve independent review to avoid biased assessments (aka “tooting one’s own horn”).
“Wharton finance professor Richard Herring says he is concerned about the unintended effects of the prolonged policy of near-zero interest rates. ‘It has led to a major distortion of financial decisions…. It has undoubtedly permitted several inefficient firms to continue operations beyond the point they would otherwise have become bankrupt. It has contributed to the rise in stock market values and it has led individual savers to take risks they do not understand to try to obtain a positive, inflation-adjusted return.’”
Apparently some independent critics see drawbacks of quantitative easing which Fed insiders have missed.
Bernanke, Geithner and Paulson ‘have invented alternative history’ of Lehman collapse, professor says
By Greg Robb
Published: Sept 13, 2018 4:01 p.m. ET
In MarketWatch interview, Laurence Ball talks about his new book ‘The Fed and Lehman Brothers’
…
‘Today, 10 years on, lending has become more stringent’
May 25, 2018
“In his corner of American finance, where hard selling meets hard luck, Angelo Christian is a star. Each time Christian sells a home loan, the company he works for, American Financial Network Inc., takes as much as 5 percent. Many of Christian’s customers have no savings, poor credit, or low income—sometimes all three. Some are like Joseph Taylor, a corrections officer who saw Christian’s roadside billboard touting zero-down mortgages. Taylor had recently filed for bankruptcy because of his $25,000 in credit card debt. But he just bought his first home for $120,000 with a zero-down loan from Christian’s company. Monthly debt payments now eat up half his take-home pay. ‘If he can help me, he can help anyone,’ Taylor says. ‘My credit history was just horrible.’”
“Christian can do this kind of deal because he is, in effect, making the loan on behalf of the federal government through its most important affordable housing program. It’s a sweet deal: He gets his nearly risk-free commission. Taylor puts no money down. If things go south, the government ultimately bears the risk. Many borrowers ‘are living paycheck to paycheck and, if they lose their jobs, they go into default immediately,’ says John Burns, a housing consultant.”
http://thehousingbubbleblog.com/?p=10443
Tukwila, WA Housing Prices Crater 5% YOY As Toxic Rot Sets In On Seattle Housing Market
https://www.movoto.com/tukwila-wa/market-trends/
According to an industry newsletter
100% LTV HOME EQUITY LOANS are back
Not sure how wide spread the offerings are.
We must be nearing or past a bubble top, as evidenced by the return of subprime lending standards to qualify the final wave of greater fools to buy at the peak.
In this case the top didn’t even wait for the classic subprime to really come online. It’ll be even harder to blame it on them this time.
Back? 100% HELOCs never went away. It’s how everyone who bought a house in the last 18 years is able to keep up with massively inflated mortgage payments and crushing housing depreciation.
North Palm Beach, FL Housing Prices Crater 8% YOY As Mortgage Defaults Skyrocket
https://www.movoto.com/north-palm-beach-fl/market-trends/
Wrong you could always get 100%LTV home loans and sell them to USDA, or VA.
A 100% LTV HELOC, to the best of MY KNOWLEDGE, will end up on some non-government s Balance Sheet. In other words, if it goes bad they will eat the loss NOT the taxpayer.
And prices crater irrespective of who takes the loss.
Ebola!
Denver, CO Housing Prices Crater 10% YOY As 2010-2017 Subprime Mortgage Failures Skyrocket
https://www.zillow.com/denver-co-80230/home-values/
*Select price from dropdown menu on first chart
The USDA and VA… loans. They will collect on debt even if they have to confiscate your: tax return, SS pension, and 401K.
is this going to be a real (from a numbers perspective) real trend.
According to a Redfin-commissioned survey in May 2018, which included responses from 1,300 people who had bought a home in the past year:
8% of people said they shifted their search to a state with lower taxes due to the new tax law.
9% said they shifted their search to nearby cities with lower taxes.
10% said they bought a less expensive home because of the decreased benefits on high-priced homes.
10% bought a more expensive home because their after-tax income grew.
>“Former Federal Reserve Chairman Ben Bernanke acknowledged that policy makers made two critical errors fighting the financial crisis a decade ago: They failed to see it coming with such force then underestimated how much economic damage it would cause later. ‘Nobody saw how widespread and devastating the crisis itself would be,’ he said in a short video discussing the results of a 90-page paper.”
o RLY?
> “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system.”
John W Snow, Treasury Secretary 2003-2006, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05
Saw this exchange yesterday on a local FB page called Living Chandler that has thousands of followers. Looks like the market is just fine according to this agent.
Matthew Coates - Chandler AZ Housing Market Update - August Recap
Chandler saw a very healthy change in the median sales price last month over August ’17 – up over 12% from $289,000 to $325,000. Home sales volume was up over 7% from last year’s units – 467 sales vs. 434. The average per square foot price was $169, up from $159 last year.
Homes that closed are selling in an average of 35 days and for 99.3% of listed price, indicating little to no negotiating room in the list price, particularly at the beginning of the listing period.
Current active listing inventory is 562 homes, with 444 under contract at a median sales price of $335,000. The median asking price is $386,490 and is asking $174/sq foot. With a 1.2 month supply of homes in the city, we remain in a strong seller’s market. The large gap in asking price vs. what homes are under contract for shows that homes in the higher price ranges are not only taking longer to sell, but they are also making up a large portion of what is for sale.
We are seeing kind of a lull in the market at the moment where the market is “hanging out” a bit – that time after kids have settled into school and the heat is a real bear. Although it is very much a seller’s market and homes under the $350,000 mark are flying off the shelves, buyers looking above this range are far fewer in number and much more discerning/particular before pulling the trigger.
Note that buyers as a whole are incredibly conservative in their choices at this time. For example, we are working with a client who easily qualifies to purchase a $400,000 home, yet we are shopping for homes that are priced closer to $275,000.
Appraisals are coming in to support sales prices with a few exceptions.
Attractive interest rates, healthy employment levels, low delinquency/foreclosure rates indicate that this should just be a temporary phase in which the buyers are just not as active now as they were during the spring/early summer season.
Closing cost assistance is still being negotiated from sellers and repairs are being done.
The distress factor, which consists of short sales and foreclosures, declined from 2.5% of closed sales to less than 1%. Currently only 1.5% of Active listings fall into this category, and 3% of all homes under contract (includes homes that can take months for bank approval, and “stack up” in the pipeline as a result).
As Chandler schools have convened, it appears that we have passed the “prime time” or peak selling/buying season of 2018. Approaching the Fall we are likely to see activity tick up again, but not to the degree we saw over the Summer season.
We are seeing a very diverse group of homebuyers and sellers, predominantly Millennial first-time homebuyers, followed by trade-up/downsizing buyers and sellers (who are generally selling their homes and not renting them out); some investors are selling off properties they purchased after the market crash and seeing healthy profits, but not enough to keep up with the intense demand we are seeing now and anticipated increase in buyer activity as we come out of the “back to school” lull and head into the Fall season.
2 Replies
Elizabeth Patten
Elizabeth Patten I’m actually reading reports from across the country that real estate is seizing up. Talked to a friend in real estate and one in mortgage financing that confirmed the same happening here. Looks as though 12% YOY gains aren’t sustainable especially since incomes haven’t increased nearly at that level. Housing Bubble 2.0? Time will tell but it would sure be nice to know that my nearly adult kids will be able to buy a home someday without being overburdened with massive housing debt.
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Matthew Coates
Matthew Coates Hi Elizabeth, real estate experts say we are not in a housing bubble. I agree. Conditions that are giving us this seller’s market do not resemble those that caused our market crash 11 years ago in any way, other than strong buyer demand. https://www.azcentral.com/…/metro-phoenix…/715660002/
Elizabeth Patten Hmm, well with all due respect, Ms. Reagor was the same real estate “expert” that hyped up real estate prior to and during the last bubble and subsequent collapse of nearly 45%. I certainly wouldn’t make a purchase of something costing several hundred thousand dollars based on her “expertise.” What I am seeing right now in this supposed hot sellers market is a lot of price reductions, longer DOM and homes falling out of escrow and going back on market. That’s not surprising considering home prices have far exceeded the historical norm of 3x median income and with Chandler’s median income being $83k, the median home price should be around $250k.
LikeShow more reactions · Reply · 23h
Matthew Coates I’m in the trenches of our market every day. I’m telling you- buyers are making conservative choices and foreclosures are record lows, job market healthy, etc. Rising rates will slow the pace but we aren’t going to see a major correction. as are delinquencies . We will be fine for the foreseeable future, but everyone is entitled to their opinion.
LikeShow more reactions · Reply · 22h
For example, we are working with a client who easily qualifies to purchase a $400,000 home, yet we are shopping for homes that are priced closer to $275,000.
Hmmm…sounds like not everybody thinks houses always go up.
And that’s the thing right there. Why do you want to pay more for shelter than you need to unless it’s primarily a vanity thing? Or, as is noted here all the time, you’re not buying for shelter but just buying airboxes to speculate.
We easily qualify for up to $800,000 house and could level up so to speak. But that would be stupid as we already have our $200,000 house paid off. Like I really want to pay more taxes. The only time I feel the desire to move is when I have to fix something but then I remember I’ll still have to fix things in a more expensive house. And in an $800,000 house I’d have to at least attempt to do a better job.
We easily qualify for up to $800,000 house and could level up so to speak. But that would be stupid as we already have our $200,000 house paid off.
By the time the Everything Bubble finishes cratering, maybe that $800,000 house will be a $200,000 house.
Don’t you think QE4 will be used to prevent prices from reaching fundamental equilibrium?
Elizabeth Patten Hmm, well with all due respect, Ms. Reagor was the same real estate “expert” that hyped up real estate prior to and during the last bubble and subsequent collapse of nearly 45%. I certainly wouldn’t make a purchase of something costing several hundred thousand dollars based on her “expertise.”
BWAHAHAAHAHAAA! Yes! - you ROCK, Elizabeth Patten. I love it when truth-tellers pop up on the realtor happy talk sites to deliver a reality check and call out “experts” who are nothing but REIC touts and shills.
I love it.
I feel like Chandler used to be one of the cheap suburbs. It’s nothing but beige stick and stucco with a matching culture.
Now everything is about Queen Creek, San Tan, and Buckeye. Hope you enjoy your hour+ commute to and from your mcmansion.
I know a recently engaged couple who are coming out soon to scout those areas. They love the cheap 3k+ sqft boxes they build on the edges. Wonder how many miles they’ll drive that weekend and if it’ll turn them off to the idea.
“Sacramento Housing in August: Sales Down 3.3% YoY, Active Inventory up 22% YoY ”
Inventory is BLOWING UP….TIMBERRRRRRRRRRRRRRRRRRRRR
Honestly, I haven’t even seen price corrections. I know it takes times. But they economy is booming in Cali.
Too much traffic at all times. The other day I left my office at 8:30pm in Santa Clara and it was bumper to bumper them gridlock on the 101…just traffic and no accidents.
Too much money in the streets right now.
That was my observation too a couple of weeks ago visiting San Jose for ten days… traffic all day long and gridlock during rush hour.
Traffic now officially sucks the worst ever in each city I visit all over America.
It’s different this summer…very little UHS open house traffic compared to last year or the year before
Hop over the hill and come shop around in Santa Cruz. We got: price reductions, foreclosures, short sales, distressed homes, you name it! As an added bonus we have our very own homeless Zoos, come experience the wonders of all that we have to offer, the realtors are lined up to do whatever, WHATEVER, it takes to get your business!
Meanwhile, the budget deficit for August has nearly doubled. This is insane. How can any country allow such profligate spending or saddle future generations with such staggering, unpayable debts? I have kids, and it infuriates me that they are going to inherit the messes bequeathed by the fecklessness of older generations and the craven irresponsibility of all branches of government and the Treasury.
https://www.marketwatch.com/story/federal-governments-august-budget-gap-nearly-doubles-2018-09-13
I don’t understand it either. There was a recently-cancelled tv series where little space creatures ate parts of congress critters’ brains and made them do dumbass things that helped explain it. I don’t think it was science fiction at this point.
Is the longer term plan to create so much debt that it causes lawlessness and social chaos? Do we all need to see Doomsday Preppers as mainstream ideamen and not whackjobs?
Is the longer term plan to create so much debt that…
I think the long term plan is to maximize the short term returns. Everything else will be dealt with as it comes.
+1 The next guy’s problem.
San Francisco, CA Housing Prices Crater 13% YOY As Tech Layoffs And Staggering China Economy Slams NorCal
https://www.zillow.com/san-francisco-ca-94109/home-values/
*Select price from dropdown menu on first chart
Funny how “innovate” is now a code word for committing fraud.