Bits Bucket for September 10, 2013
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
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Another beautiful day in paradise. Just saying “Hi” and enjoying life on the HBB.
Biff!! You came back for the HS reunion this year- AGAIN! Nice ‘Vette! Is that a rental?
Hi BCG, it’s just and old truck with a 100,000 miles. Cars depreciate and lose value. That is why I don’t invest any money in them. Just ask Housing Analyst….he knows how that works.
Like cars, houses depreciate… …. Rapidly. You understand in the most painfully personal way.
The difference between housing and cars is that sometimes housing increases in value and you can sell it for more than you paid. That is unlikely with a car.
Don’t forget to mention that sometimes housing decreases in value and you owe hundreds of thousands of dollars more than you paid — also quite unlikely with a car.
This is our third So Ca home. We made $ on the first two homes. (started in 1984) Once upon a time, before housing got broken, you could easily make a buck with a buy and hold mentality. (single digit annual appreciation)Those were the days.
This home is being left to kin.
You got ripped off by a realtor to the tune of $200k….. We know it and you do too.
We made $ on the first two homes. (started in 1984) Once upon a time, before housing got broken, you could easily make a buck with a buy and hold mentality.
A third house in Cal sounds more like a buy and sell strategy than a buy and hold.
Dump it while you still might be able to get something out of it.
Every house I’ve mortgaged, I have sold for a profit. Pure luck no doubt, but I’ll take it.
Of course, the $800k 1 bdrm Manhattan apt I eyeball probably will break that chain, but I’m also fatigued with $2500 mover fees each year to avoid the ever rising rents here, what with having rented since 2002.
And we’re all astronauts.
Why lie?
“Of course, the $800k 1 bdrm Manhattan apt I eyeball probably will break that chain, but I’m also fatigued with $2500 mover fees each year to avoid the ever rising rents here, what with having rented since 2002.”
Does it have a doorman?
“Every house I’ve mortgaged, I have sold for a profit. Pure luck no doubt, but I’ll take it.”
Luck might run out at the end of a 30+ year interest rate bottoming-out process…
Housing Analist lies?
Doorman of course, though not all buildings have ‘em.
….and it is not a rental. I paid cash for it used. Never had a car payment in my life.
alpha-sloth
We lived in our 1st home 14 years, and our second not quite as long. I guess you’re right. but we didn’t turn a quick buck.
We lived in our 1st home 14 years, and our second not quite as long
OK, that probably does qualify as buy and hold.
alpha
I read your reply. I wish we would have leveraged our 1st and 2nd home, and sold them in bubble 1.0. We would have done well. rearview mirror 20/20!
Keep telling yourself that.
What’s it feel like to have lost $200k+ as a result of paying a massively inflated price for a depreciating dump?
HA
Gotta come up with a different shtick.
yawn
Parked in the garage is a paid off black Vette. Life is short. You seem miserable.
I pay $36 to renew my registration of my car with the state every year. If I fail to pay, the car is still mine. I just can’t drive it on public roads.
I pay mucho in property taxes to the state every year on my house. If I fail to pay men with guns will come and take my house.
“men with guns” or goons with guns?
goons live rent free in your mind
“With over 25 MILLION excess empty houses in the US and another 35 MILLION houses just beginning to come on the market now that boomers are starting to die off, housing prices are going to go alot lower.”
There is no question about it.
Anything goes wrong Canadian pensioners can simply fry up a couple thousand dollar hand bags.
“Luxury merchant Neiman Marcus is getting a new owner. Ares Management and Canadian Pension Plan Investment Board announced Monday they are buying the luxury chain Neiman Marcus for $6 billion “
Sounds like a blueprint for success, handover the county’s pension to assorted bankers, insurance execs and let them roll the dice by “actively investing”. According to their own website they have managed to move more than 50% of the pension to equities in ten short years.
http://www.cppib.com/en/home.html
Talent doesn’t come cheap however:
$7M bonus as CPP loses $24B
Four top executives of the Canada Pension Plan Investment Board pocketed nearly $7 million in bonuses this year despite losing $24 billion of taxpayers’ money in bad investments.
http://www.thestar.com/news/canada/2009/05/29/7m_bonus_as_cpp_loses_24b.html
Lesson: Gain control of a huge pile of OPM and you will have it made.
Work it right and the rewards will be yours and the risks will be stuck with somebody else.
Reminds me of the term “risk management”: In these cases risk is managed by by shoving it off to somebody else.
If you can manage the risks by getting rid of them then you can spend all your time focusing on maximizing your rewards.
If it turns out that maximizing your rewards amplifys the risks then what otherwise should restrain your actions - the increase risks - won’t restrain your actions at all because the increased risks is not something you yourself will have to bear.
P.T. Barnum would be proud.
How’s Social Security doin’. Google anything. It only takes a second.
http://www.cppib.com/en/our-performance.html
With that setup, it’s probably not hard to find people that will pay you to lose that OPM to them.
A lost $24 billion in investments may soon be 30.
Over the last two years all the Needless Markup stores I’ve been in have been nearly deserted. Canadian pensioners are in for a nasty surprise, methinks.
We recently had a Canadian pension fund buy a chain of liquor stores in our city (which I thought was a rather obscure thing for them to buy).
Sounds like they’re betting on the US consumer.
The pension board is going to rebrand the these stores. They’ll much more competitive. http://www.fslocal.com/toronto/blog/wp-content/uploads/2013/07/Honest-Eds-by-Stewart-Russell.jpg
The Neiman Marcus in DC is right over a McDonalds. I don’t visit either establishment.
Canadian pensions are the next boom. Hedge funds and PE funds around the world are getting ready to churn that giant pool of hard cash. The only problem being findind decent target investments. There are not enough for even a small fraction of the tens of billions of loonies looking for a home, so churn away, boys, while the churning is good.
Lord help you if you:
Have a job
Own a house
Own in a business
In NYC.
—————-
The Mugger: Bill De Blasio’s tax will punish the whole city of New York.
National Review | 09/10/2013 | The Editors
The last time a man of Bill de Blasio’s political bent was entrusted with the mayoralty of New York, the city experienced 2,000 murders a year, anti-Jewish riots, economic stagnation, and a general sense of ungovernability. Unhappily, New York City Democrats are preparing to make Mr. de Blasio their candidate for mayor, which, the city’s politics being what they are, and none of the Republican contenders being as charismatic as Rudy Giuliani or as rich as Michael Bloomberg, would make him the presumptive frontrunner.
The centerpiece of Mr. de Blasio’s campaign agenda is a mugging — a multibillion-dollar forcible wealth transfer from New York taxpayers to the public-sector unions that constitute the backbone of the city’s Democratic machine. This will take the form of half a billion dollars a year in new taxes on certain high-income New Yorkers, to be spent on kindergarten, day care, and after-school activities. Never mind that there is scant evidence, to the extent that there is evidence at all, that such programs improve in any meaningful way the education of students — and never mind that in New York City, education spending already is up some 52.7 percent (adjusted for inflation) over what it was when Mayor Bloomberg was elected. The money will go to Democrat-affiliated public-sector employees, which is enough for the Democrats. And the Left cares just as much about where the money comes from — in this case, from New Yorkers earning $500,000 a year or more. The politics involved are pure resentment-driven, Occupy-style hate. Mr. de Blasio’s wealth-transfer agenda is in fact unlikely ever to come to pass; Albany would need to sign off on those tax hikes, and probably would hesitate to do so. But purely as an instrument of communication, Mr. de Blasio’s proposal is sure to be effective, its unmistakable message to businesses and investors — “Not Welcome” — plain for all to see. The destructiveness of this message is difficult to overstate.
He currently serves as the city’s “public advocate,” meaning roughly “tribune of the plebs,” an obscure office with little in the way of real responsibility or influence. He has made minor crusades out of defending the Section 8 housing program and looking after the rights of transgendered tenants. His most notable success was stopping a plan to expand taxi service with new cabs that would serve the outer boroughs — thus making life less convenient and more expensive for New Yorkers outside of Manhattan, for which he was richly thanked by the cab cartel. And he has been the most severe critic among the Democratic mayoral candidates of “stop and frisk,” a policing tool that has been an invaluable part of New York’s impressive reduction in crime.
RE: “Never mind that there is scant evidence, to the extent that there is evidence at all, that such programs improve in any meaningful way the education of students — and never mind that in New York City”
Would not matter if the evidence showed that it did “improve the education” stealing money from one group of people to give to another to pay for their baby sitters is wrong. What do you want to bet the majority of money would be for kindergarten and after school activities (baby sitting) for “unwed” mother who probably already are sponging off the taxpayer.
He made a “hetero” out of a “lesbian”. I would think he would be a hero the social conservatives…he’s the next hesus.
Isn’t that against the law now?
After all - they were born that way.
Absolutely no choice in the matter.
“After all - they were born that way.”
Which is clearly why there is a greater incidence of homosexuality in single parent households…
Are you speaking as a successful graduate of Exodus International?
http://en.wikipedia.org/wiki/Exodus_International
I wouldn’t rule out a predisposition but when you look at the statistics one starts to question environmental variables as opposed to a predisposition. Regardless, I’m not here to discuss what someone does in their own home. Marriage is a religious institution that government shouldn’t interfere with in the first place so that’s also a null point.
That question was directed at 2banana.
US Home Affordability Is Plummeting And It Could Fall A Lot Further
The conclusion we can draw from this exercise is that with household income growth remaining weak (see post), there is a natural cap on this combination of rates and house prices. Another 1% jump in rates and a 10% increase in home prices and a significant portion of the US population gets priced out of the housing market, forcing prices to stall or even CORRECT.
Read more: http://soberlook.com/2013/09/a-housing-affordability-index-scenario.html#ixzz2eUbygpBR
Read more: http://soberlook.com/2013/09/a-housing-affordability-index-scenario.html#ixzz2eUbm9b5G
“US Home Affordability Is Plummeting And It Could Fall A Lot Further”
One has to wonder what the mortgage market will look like without QE backstopping the low 500 FICO losers who lost a home within the previous three years. The NAR parasites will be falling over each other like the north Koreans when Kim Jong-il died. The 8-yr, balloon payment, car/truck loans for the $30k millionaires will dry up too. Austerity for all.
The point is, ladies and gentleman, that austerity, for lack of a better word, is good. Austerity is right, austerity works. Austerity clarifies, cuts through, and captures the essence of the evolutionary spirit. Austerity, in all of its forms; austerity for life, for money, for love, knowledge has marked the upward surge of mankind. And austerity, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA. Thank you very much.
It’s working wonders in Greece!
greece reached 30% gov workers= death
If austerity is now good, then greed no longer is, right? They seem to contradict each other. Or is it one of those austerity for the little people, greed for the big boyz/job producers things?
If I know my right-wingers, it’s the latter. After all, we could never ask the billionaires to chip in more taxes, right? They already pay so much, the poor darlings.
Austerity is good for the little people! It’s a morality play, teaching hard lessons.
Greed is good for the 1%ers! The rich, like Gods, are above morality.
Austerity in this context is reaching their credit limit, and having to live within their means, which is considered by them a great evil.
For those who do not jump at debt, it is called prudence from the start and considered by them a virtue.
I see what you did there.
“Housing”….Where We Sit
The following is my opinion based on my research. I could be completely wrong; I often am. But I am right more than I am wrong. And it’s a lot easier predicting the end of this ‘movie’ when you have already seen the previous two installments of this series in the past 6-years. The next few months will bring out the truth abut the “post-surge” housing market. Last month, after the “shocking” 27.4% July MoM drop in headline unrevised New Home Sales — reported down a rosey 17% NSA (-13% SAR) after the record 10.4% June downward revision was…
http://mhanson.com/archives/1467
how and when did the housing market get turned into an extension of wall streets casino environment?
As soon as “the house” got to offload the risk of not getting paid?
+1 Good point.
Survey Finds Demoralized Workforce at Federal Reserve
Wednesday, 28 Aug 2013 02:36 PM
By Lisa Barron
A confidential survey of roughly 400 Federal Reserve employees found exceedingly low morale at the central bank charged with overseeing the country’s biggest financial institutions.
The findings from the survey, which were presented to Fed staff during meetings in June and July, showed that workers are largely afraid to speak out, distrust their bosses, and feel isolated, according to The Huffington Post, which obtained the results.
Some say the shaky morale stems from Alan Greenspan’s term as Fed chairman from 1987 to 2006. “Supervisors during the Greenspan years were beaten down regularly,” Phil Angelides, former chairman of the congressionally appointed Financial Crisis Inquiry Commission, told the publication.
“It doesn’t surprise me that you would still have some dysfunction, a lack or morale and something less than a highly energized and well-coordinated arm of the Federal Reserve, where for so long the regulators and bank supervisors were held back by the leadership of the Fed,” he said.
Others maintain there is a new problem in the form of senior officials such as Dan Tarullo, the Fed governor who oversees the regulatory and supervision staff, and his top aides. The Fed’s inspector general has launched a probe into complaints lodged by Fed staff, according to The Huffington Post.
The survey findings come as President Barack Obama is choosing a replacement for Fed chairman Ben Bernanke, whose term expires in January. The top contenders appear to be Larry Summers, Obama’s former top economic policy adviser, and Janet Yellen, Fed vice chairman.
Last week, Obama met with the heads of the government’s eight financial regulatory agencies and pushed them to accelerate the adoption of financial reforms “to ensure we are able to prevent the type of financial harm that led to the Great Recession form ever happening again,” according to a White House press release.
…
Constant lying takes a lot out of your soul.
Can you imagine the atmosphere at national association of realtLiars headquarters?
Most of them are too dense to even realize they are lying.
Whac
They know their lying, but they don’t fret, they took an ethics class. They are all great at the role playing and open ended question training. They practice their answers on each other. I took those classes. Commercial is a better fit for me. I can use my skills.
screw the NSA…we need a snowden at the Fed.
It has to also be quite demoralizing to have to constantly pretend to believe the preposterous, such as the notion that there is no Housing Bubble.
Larry Summers, aka “The Bully”, will correct that moral problem.
The beatings will continue until morale improves.
Yep, it’s another housing bubble
Published: Tuesday, 10 Sep 2013 | 6:00 AM ET
By: John Carney | Senior Editor, CNBC.com
Four months ago something troubling happened in the housing market. The home price affordability index tracked by the National Association of Realtors slipped below it’s long-term trend line, marking a possible beginning of a housing bubble.
On Monday, we got the fourth month of home affordability data coming in below trend, which is a strong confirmation that the housing market is once again in a bubble. (The NAR index is published with a two-month delay, so the latest numbers are for July).
The affordability index measures the household income needed to qualify for a traditional mortgage on a median-priced single family home. So it’s looking at a mortgage with a 20 percent down payment and a monthly payment below 25 percent of income at the currently effective rate on conventional mortgages.
When the index is at 100, that means that a household earning the median income has exactly the amount it needs to qualify for a conventional mortgage on a median-priced home. When it is above 100, it signals that the median income is higher than needed to qualify for a mortgage. An AI score of 130, for example, would indicate that households earning the median income would have 30 percent more income than needed to qualify.
…
I know you’ll discount this because of the source, but the same data is shown by the CA association of Realtors. Their “traditional affordability index” fell to 36 in Q2 2013 for SFH in California. While this is far below where it was a few quarters ago (as high as 56), it is well above the lows of the bubble (as low as 11).
Here are the most interesting points though:
From January 1993 through December 1999, the number ranged from 36 to 44–in other words, the market can operate in a pretty tight range for a long time in a “post correction” environment–and in CA, we are not in affordability bubble territory…just yet.
And
Most parts of CA are within a few points of the average of the 1990’s (I looked at January 1990 through December 1999); as a few examples, the average affordability in the 1990s in SF was 21, it’s now 17. San Diego’s average was 35, now 32, Los Angeles’s average was 34, now 37, etc.
There are a few outliers still…San Bernardino’s average was 51, and is still at 69. Merced’s average was at 50, and is still at 65, Fresno’s average was 53, and is now at 61.
In my opinion, inland markets still have a way to run before we get to areas that are average in terms of affordability, let alone bubble territory. HOWEVER, we are in danger of getting to a zone where we have overshot on the rebound in places along the coast if price increases don’t start to slow down.
Said another way, rebubble along the coast is coming if things don’t cool off, rebubble is not yet here farther inland (but could follow in the heels of the coastal rebubble).
it is well above the lows of the bubble (as low as 11).”
That’s when you sell
Only if you don’t want to live there (or expect to move within the next 5-7 years).
I bought in May 2011, and am in one of those “rebubbling” areas. Needless to say, I could sell for a lot more than I paid. But I run into a major problem…where do I go? Move to a small house akin to where I moved FROM in 2011, where my rent would be about 80% of the interest cost on my larger/nicer house? Rent a bigger nicer house where my monthly cost is equivalent to my Interest PLUS Property Tax cost, or higher, but with owners who (in my experience) don’t want to sign a lease of longer than 12-18 months? Move farther away, where I take my 7 minute commute and make it longer?
Or accept the fact that home values go up and down, but don’t really matter unless you don’t want to live in your house anymore. Since I still want to live there, the value is only a number on a page. What will matter is what my house is worth once I don’t want to live there.
I bought in May 2011
No… you BORROWED a huge amount of money and threw it away on a depreciating asset. Your losses grow by the day.
An no… there isn’t a buyer in sight for a small fraction of what you got in the place.
At least you’re honest enough with the public and state you have a stake in the direction of prices.
It’s about time.
California needs you much more than you need California Renal Watch. Why don’t you take Housing Analyst in? His Mom’s basement is getting tiresome.
When your lies won’t work and your message is rusty, invoke moms basement.
Well done coward.
Happily, ever mortgage I’ve taken has been more than paid at time of sale, since the mortgaged asset had appreciated in value during its tenure with me.
Note that past results do not predict future outcomes… and so forth…
Anyone who resorts to the “mom’s basement” insult has obviously lost the argument and is grasping.
Housing Analist is funny, in a sad way. Hope he keeps it up.
And living in your mortgaged empty skull rent free.
Housing Analist sounds jealous.
We’re all jealous of your debt-slavery. Of course.
the market can operate in a pretty tight range for a long time in a “post correction” environment
Lots of things “can” happen in a controlled/manipulated environment.
Housing Bubble Is Re-inflating
BY Richard Suttmeier | 09/09/13 - 10:54 AM EDT
NEW YORK (TheStreet) — Homebuilder stocks were the market leaders until May 20 when the PHLX Housing Sector Index (HGX) (170.76) peaked at 210.01, up 22.6% year-to-date at that time. The index set a 2013 low at 164.03 on Aug. 15, down 4.2% on the year and down 21.9% from the May 20 high. The index is now down just fractionally on the year.
As the homebuilders rallied into May, my recommended strategy was to book profits on strength as these stocks became extremely overvalued. On May 17, two days before the housing index peaked I wrote, Homebuilders Downgrades Continue. With the builders at or near multiyear highs booking profits was the prudent strategy for investors.
I live and work in Tampa, and Florida leads the nation in all-cash home sales at 66% of sales last month. The buyers are investors who convert homes to rental properties, foreign buyers and folks buying vacation homes. This is shutting out entry-level homebuyers, who have difficulty getting approved for mortgages.
…
Soaring house prices spread across UK as surveyors warn of another bubble
Poll shows fastest rise since late 2006 peak, with Rics saying Osborne schemes risk pushing prices to unaffordable levels
Katie Allen
The Guardian, Monday 9 September 2013
The Rics survey echoes a report last week from Britain’s largest mortgage lender, Halifax, that house prices were 5.4% higher than in the summer of 2012. Photograph: Bloomberg/Getty Images
House prices are rising at their fastest pace for almost seven years, according to the latest survey to point to a property market on the rise.
Rising prices and growing demand have also driven a jump in the number of people putting their homes on the market, according to the Royal Institution of Chartered Surveyors (Rics).
Its survey echoed a report from Britain’s largest mortgage lender, Halifax, last week that house prices were 5.4% higher than in the summer of 2012. Estate agents polled by Rics indicated the fastest rise in prices since their peak in late 2006 as government schemes such as Funding for Lending continued to improve access to mortgages.
Rics warned, however, of the risk of prices soaring to unaffordable levels, echoing commentators who have warned that George Osborne’s property market schemes could spark another house price bubble.
The group said that although the market conditions were prompting more people to put their home on the market, demand still outstripped supply.
“During August, the number of would-be buyers increased yet again as increasingly accessible finance allowed more people to enter the market,” the Rics report said.
Peter Bolton King, the Rics global residential director, added: “It’s not surprising that more and more people are looking to sell their homes. Buyers are out there and prices are on the up so if you’re looking to move it’s a good time to do so. What we don’t wish to see, however, is prices rise to such an extent that they become unaffordable.
“For the market to work properly, it’s vital that property is both accessible and affordable, and we’ll be monitoring the situation very carefully as the housing sector continues to recover.”
Following government moves to improve access to mortgages, there have been reports of first-time buyers flocking into the housing market.
LSL Property Services, which owns estate agencies including Your Move, suggested last week that there were more than 26,000 first-time buyer transactions in July – an increase of 45% on the same month in 2012.
The Rics report said the Funding for Lending scheme and Help to Buy “appear to be part of the reason for the pick-up in activity”.
The report’s headline prices balance stood at 40, based on the proportion of respondents reporting a rise in prices minus those reporting a fall. That was the highest since November 2006 and compared with 36 a month earlier.
…
Property bubble? That’s the theory, anyway
By Expert Panel | 12.08.2013
By Philip Soos, Deakin University
As Australian housing prices have boomed over the last decade and a half, there has been much discussion over whether a bubble exists in the residential property market. More recently, the concern is the record-low interest rate of 2.5% may cause a housing bubble.
Conspicuously absent in the debate over the housing bubble within the mass media is a clear definition of what constitutes a bubble. This is not only the fault of the media, as a bubble is often vaguely defined within the academic literature, usually on the basis of “irrational exuberance” or “animal spirits” or chasing capital gains, rather than in terms of specific and measurable metrics.
An outside observer may find this difficult to believe, particularly given the history of regular booms and busts in the land and share markets, as recent events in the US, Ireland and Spain have shown. Mainstream economists typically claim bubbles can only be recognised in hindsight, but not identified beforehand.
…
ft dot com
September 6, 2013 7:56 am
IMF warns Norway over housing bubble
By Richard Milne in Oslo
A pedestrian is seen silhouetted against residential housing blocks in Oslo, Norway©Bloomberg
Norway has one of the biggest housing bubbles in the world with prices overvalued by up to 40 per cent, according to the International Monetary Fund, putting pressure on the favourite to win the country’s upcoming election.
In its latest assessment of the oil-rich Nordic country, the IMF increased its estimate of how much Norwegian house prices are overvalued from 15-20 per cent in its previous report in 2011.
“A large house price correction could significantly impact the economy, dampening consumption and residential investment. The negative impact could be significant given the high level of household debt and the fact that a certain segment of households is heavily indebted with debt to income ratio higher than five,” the IMF said.
It comes ahead of Monday’s parliamentary elections in Norway where the centre-right favourites have promised to ease credit conditions for people seeking mortgages.
Erna Solberg, the leader of the Norwegian Conservatives and favourite to become the next prime minister at Monday’s elections, said earlier this year that Norway was not in a housing bubble.
She wants to reverse planned rules that make it more expensive for Norwegian banks to hand out mortgages. “The banks say that when they evaluate whether or not to give a loan, they will see it in a long-term perspective. The new rules make it harder for the banks to have that flexibility. We need to change that back to what it was,” she told Bloomberg last month.
…
Is there any country, other than perhaps North Korea and Cuba, where there isn’t a housing bubble?
Those with Islamic rulers?
And those without a middle class. (Monaco, Somalia)
Those with Islamic rulers?
I thought the oil states (whose rulers at least claim to be Islamic) were bubbling with the best of them. UAE, Qatar, etc.
China’s Property Boom Stalls
Thursday, September 05, 2013
Global Property Guide
China’s real estate bubble may be getting close to the breaking point, according to some experts. The country’s lightning-fast economic growth has contributed to significant real estate construction and price gains in several emerging cities, but now floundering prices and falling demand indicate a slowdown in the market. As opposed to a crash, however, the softening in the market may lead to stabilization, especially if the government decides to implement controls in an effort to stave off the ill effects of a burst bubble. For more on this continue reading the following article from Global Property Guide.
China has witnessed a property bubble from the year 2005 until a sudden deflation in the year 2011. Now this deflation can be considered as the main reason behind China’s low economy rate. According to recent reports, it has been authentically found that some property glut that has been witnessed in some specific areas of the country might be a major reason behind the future low house booming rate of the country.
…
Business Briefing
Canada’s housing market among most ‘bubbly’ in world, Economist Michael Babad
The Globe and Mail
Published Tuesday, Sep. 03 2013, 7:16 AM EDT
Last updated Tuesday, Sep. 03 2013, 3:24 PM EDT
On the bubble
Canada’s housing market is still among the frothiest in the world, more than a year after the federal government moved to head off a bursting bubble, findings by The Economist suggest.
In results posted online over the long weekend, the magazine looked at how homes are overvalued or undervalued based on two measures: Price-to-rent and price-to-disposable income.
Where the first measure is concerned, The Economist found Canadian prices to be hugely overvalued, second among 18 countries studied.
Hong Kong was the highest, New Zealand ranked third behind Canada, and the rest weren’t even in shooting distance.
“On this basis, Canada’s house prices are bubbly whereas Japan’s are undeservedly flat,” the magazine said.
On the second measure, Canada ranked just behind France, while there was no comparison to Hong Kong.
The latest findings for Canada are just slightly better than those of last year, presumably the result of Finance Minister Jim Flaherty’s new mortgage restrictions just over a year ago.
Canadian house prices, The Economist said, climbed 1.9 per cent in the first quarter of the year from a year earlier, a slower pace than the 5 per cent in the same quarter of 2012.
Since 2008, Canadian home prices are up 20 per cent.
…
The eventual collapse of the global property bubble on the investment portfolios of the world’s oligarchs is destined to be the saddest thing to ever happen in the history of the world’s financial system.
They’ll still own the property and the unwashed will still pay them rent.
Underwater Debt Junkies are the oligarch? It’s hopeless? Either sign up for an entire lifetime of debt slavery for a rapidly depreciating house?
Ya know…. you need to do a better job at hiding your motive here.
Wow- delusional much?
Housing Analyst + Beer and Cigar Guy =
http://www.youtube.com/watch?v=lLvhrj6IPCI
Imagine you are forced to join to an organization as a condition of employment.
Imagine you are forced to pay dues to this organization as a condition of employment and that these dues are taken out of your paycheck before you even get your paycheck.
Now imagine that this organization supports one political party 99-1 with your money. Even if 40%+ of its members do not agree.
You would call it unAmerican. A form of slavery. Political money laundering. Unfair.
If it was republicans doing it.
———————-
Blue-collar laborers rebel at AFL-CIO’s embrace of progressives
The Washington Times | 9/10/2013
The AFL-CIO needs to stick with representing workers and stop trying to take on social causes for the far left, said the union head for the International Association of Fire Fighters.
Harold Schaitberger, who presides over the IAFF, said there is “great value” in aligning with political groups — but only as a secondary mission, he told The Hill. And the AFL-CIO’s recent push to bring in environmental groups and progressive-minded organizations to the union cause is leading the IAFF to express concerns about politics becoming the priority, over the representation of members.
“To say that we are going to grow this labor movement by some kind of formal partnership, membership, status, place in this federation, I am against. This is the American Federation of Labor. We are supposed to be representing workers and workers’ interests,” Mr. Schaitberger said in The Hill. “We are not going to be the American Federation of Progressive and Liberal Organizations.”
Diversity is our strength.
Our differences only make us stronger.
If I had a son, he’d look like Trayvon.
Now sit down, shut up, and pay your taxes.
Work will set you free
“Imagine you are forced to join to an organization as a condition of employment.”
Perhaps that, not politicking by the unions, is the problem. Certainly they’ve been losing influence since the closed shop.
Before then, they had to induce people to join by engaging in a moral crusade for all workers. Since then its been two tier contracts and “I’ve got mine jack.”
Hmmm I post last Friday about a pretty strong uptick in listing here in suburban Boston. Strange time of year. Some more listings over the weekend. Listing are almost always added Wednesday & Thursdays. Also a number of land and building lots - which I have never seen because there is so little available. Is this the start of a new leg down? People trying to get out before interest rates go higher?
Starting to see asking-price reductions in Boulder.
Interesting. I stopped paying attention a long time ago. Maybe I’ll need to start again in the next year or two. Or three.
Everybody wants to live in Boulder.
They’re not making any more Boulder.
Buy in Boulder now or be priced out forever.
US News & WR apparently takes starting salaries and average student debt into account when ranking colleges now. As I have repeatedly said, the top schools have a huge advantage over lesser privates or state universities bc “top schools” almost by definition means “runs on endowment money and research grants, not on student tuition or fees”. This seems particularly relevant at a time when the student loan bubble is about to pop. Moral of the story? The schools that are most desparate for tuition money are the schools that are least worth your tuition money, IMO.
The new top 25 college list is here:
http://colleges.usnews.rankingsandreviews.com/best-colleges/rankings/national-universities?int=a557e6
One thing all the top schools share is that they don’t need or necessarily even want tuition money. They want grant money and alumni money. (There is a separate list for liberal arts schools. No real surprises there either.)
Hello Liberace…
How are you today?
Princeton number one? Woo-hoo. Nice to see that Case Western came in at a respectable 37 and Football Factory State U at 52.
And regarding the $1.1 trillion (and growing) student loan elephant in the room, there will be bailouts.
There are five schools ranked #52, of which maybe three could be considered football factories. Did you attend THE Ohio State University, UT Austin or U of Washington?
Yikes! The top public university in this ranking is UC Berkeley, tied for #20. It is gratifying to see UCLA ranked 23rd, after footing the bill for my recently graduated niece’s undergraduate education there. Not having tuition payments any more? Not priceless, but a great relief.
Ohio State is one of the worst offenders of using money from student fees to support football.
I forget who made a list (maybe ESPN?) that showed which schools are particularly bad about diverting student “fees” to funds that build athletic facilities used by less than 1% of students. tOSU has 50,000 students and maybe 120 football players… there is a lot of transfer going on. The football players are the 1%-ers on a campus like that.
I was under the impression that Football U’s made a fortune off their sports teams. Those stadiums are full of paying fans right? And they sell the TV rights. And the merchandising.
The football team profits just pay for
a) other sports
b) advertising
c) perks for the football team & coaches
d) other random expenditures on campus that add almost nothing to the academic atmosphere, e.g. expanded parking lots, fancy gyms, random administrative buildings.
add almost nothing to the academic atmosphere
Perhaps, but they’re still a profit, not a loss.
Check out the “Oklahoma State U guides”, aka the girls the school rolls out to party with potential recruits.
http://grfx.cstv.com/photos/schools/okst/sports/m-footbl/auto_original/6811916.jpeg
Most big football schools have a squadron of girls for this purpose.
Great use of a school’s imprimitur, no?
I wonder if they get a break on their tuition?
ECONOMY
Updated September 9, 2013, 7:31 p.m. ET
Mortgage Lenders, Home Buyers Feel Rate Squeeze
Wells Fargo, J.P. Morgan Warn of Slowdown
By ROBIN SIDEL and SHAYNDI RAICE
CONNECT
A rise in interest rates is slamming homeowners’ demand for mortgages, prompting large and midsize banks to cut jobs and warn investors of declining profitability in the home-loan business.
Wells Fargo (WFC +1.27%) & Co., the nation’s largest mortgage company by loan value, on Monday told investors at a conference that it expects mortgage originations to drop nearly 30% in the third quarter to roughly $80 billion, down from $112 billion in the second quarter.
JPM +1.46% J.P. Morgan Chase (JPM +1.46%) & Co., the largest U.S. bank as measured by assets, said during the conference sponsored by Barclays (BARC.LN +2.22% PLC) that it expects to lose money on its mortgage-origination business in the second half of the year. On Aug. 29, Bank of America Corp., (BAC +1.07%) notified about 2,100 employees that they were being let go largely due to a decline in refinancing activity, said a bank spokesman.
Mortgage originations include loans for home purchases and refinancings.
Rates are rising on investor worries the Federal Reserve soon will take steps toward reducing an $85-billion-a-month bond-buying program designed to help stimulate the economy.
The average rate on a 30-year fixed-rate mortgage stood at 4.73% for the week ended Aug. 30, up from 3.60% at the end of April, according to the Mortgage Bankers Association.
“Rate volatility is the enemy of mortgage banking,” wrote Paul Miller, an analyst at FBR Capital Markets & Co. in a research report published Monday. Given the recent jump in mortgage rates, “we expect third-quarter results to be relatively weak for mortgage-centric companies.”
…
TECHNOLOGY
September 9, 2013, 1:37 p.m. ET
China Tightens Grip on Social Media
‘Slanderous’ Content Reposted 500 Times Will Result in Charges
By JOSH CHIN
CONNECT
BEIJING—Chinese authorities said that social-media users who post comments considered to be slanderous could face prison if the posts attract wide attention—a ruling free-speech advocates criticized as an attempt to give legal backing to the suppression of online dissent.
Internet users will face charges of defamation—and a possible three-year prison term—if they create slanderous content that attracts at least 5,000 hits or is reposted at least 500 times, according to the judicial interpretation, copies of which were posted to state-media websites on Monday.
The document said slanderous posts that cause “psychological imbalance, self-mutilation, suicide or other serious consequences” would also be considered defamatory.
Companies and people who seek to profit from slanderous postings face stiff fines and jail terms. People who start online rumors will be considered guilty of the crime of provocation and incitement, a crime previously applied to those who vandalize property, pick fights or create trouble in public places.
The new interpretation—jointly issued by China’s Supreme People’s Court and the Supreme People’s Procuratorate, the top prosecutors’ office—provides Beijing with an added legal basis for its long-running effort to control conversation online.
…
Gold bugs seem heartily disappointed over waning Syrian tensions.
Sept. 10, 2013, 10:04 a.m. EDT
Gold prices tumble as Syria fears recede
By Shawn Langlois, MarketWatch
MADRID (MarketWatch) — Gold futures tumbled on Tuesday, shedding more than 1.5% as hopes continued to build that a military strike in Syria could be averted.
…
Is obama still spending $1 Trillion in deficits per year?
Is obama still borrowing 46 cents of every dollar he spends?
Is there still QE? With more QE’s to come?
Is Greece, Spain, Italy, etc. still on the fast train to bankruptcy?
If so - this will nothing more that a “infinitesimally small” bump
Is obama still spending $1 Trillion in deficits per year?
The answer to this queston is No. It’s interesting that you spend so much time reading about the deficit on web sites and you’re not aware of this development.
The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year’s $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.
Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
http://www.tennessean.com/viewart/20130812/BUSINESS/308120071/U-S-budget-deficit-down-37-6-percent-through-July
well now we are getting to sustainability!
The answer to this queston is No. It’s interesting that you spend so much time reading about the deficit on web sites and you’re not aware of this development.
Those sites are the last places that would post such a thing. They’re all about brainwashing the dopes, not disseminating accurate information.
The answer to this queston is No. It’s interesting that you spend so much time reading about the deficit on web sites and you’re not aware of this development.
He also keeps repeating that 46% of the budget is borrowed.
It’s hard to take him seriously. The dude is obviously a troll.
And you’re a deceptive hack.
Published facts and figures by reputable news agencies = trolls to progressives who don’t like the facts and figures (and have none of their own).
——————-
The Washington Times
Friday, December 7, 2012
By Stephen Dinan
U.S. borrows 46 cents of every dollar it spends
The federal government borrowed 46 cents of every dollar it has spent so far in fiscal 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.
Good job Banana. Nice.
The Federal Budget is ~ 4T
The deficit is ~1T
That’s about 25%, not 46%
The folks at the Washington Times need a new calculator.
And since the deficit is going to be 670B the % borrowed will be 17%.
I also noticed that you didn’t post a link for the article you quoted. No problem, I found it.
The 46% claim was based in deficits during October and November last year. They projected those deficits into the rest of the year.
The problem with that is that later months had lower deficits. Some even had surpluses.
So sorry, Nannerz, its isn’t 46%, and you know it.
I’m thrilled that Syrian tensions are waning. I want gold to go down in price. When it goes down in price it means statists lost a battle.
I like it that my stocks are going way up relative to my gold going down. This is why you overweight in stocks and use gold as insurance only.
What’s a house really worth?
Materials, labor, profit or about $55/square foot when it’s new.
Now why would you pay more than $35/sq ft($55/sq ft less depreciation) for a 20+ year old shack in suburbia?
Because it’s in good location, and old houses are generally built better than new ones.
50 year old balloon framed firetraps are “built better” than a structure to current code?
Do you think before you type your tripe?
Yes, they’re built much better. Most new houses are airless vinyl boxes full of chemical fumes, that a high wind can shoot a 2×4 straight through. (Not to mention the bullet fired by your Barney Fife neighborhood watch numbskull, shooting at some teenager.)
And your seismic death trap is even more of an abomination.
your seismic death trap
Thanks for remembering!
Somebody must have put something purple in his drank. Or maybe he was standing his ground?
George Zimmerman’s Wife on 911 Tape: ‘I Am Really, Really Scared’
abcnews
George Zimmerman punched his father-in-law in the nose and threatened to shoot him and his wife, according to 911 tapes of a domestic incident today.
Zimmerman, acquitted in July of the murder of teenager Trayvon Martin, was handcuffed and detained and is being questioned by police in Lake Mary, Fla., according to Lake Mary Police Chief Steve Bracknell. He has not been charged because his wife refused to press charges or give police a sworn statement.
Shellie Zimmerman called 911 shortly after 2 p.m. today and reported that her husband assaulted her father, Colin Morgan, and was waving a gun around and threatening her and her relatives, according to police in Lake Mary, Fla.
In the 911 call, Shellie Zimmerman tells a dispatcher that her husband was in his car raging, adding “he continually has his hand on his gun and he says step closer…” When Shellie Zimmerman trails off the dispatcher asks “step closer and what?” to which Shellie responds “a Step closer and he’d shoot us.”
Hmmmm….
Deputy Police Chief Colin Morgan said officers did not recover a gun, and Bracknell said Shellie Zimmerman later dropped her claim that a gun was involved.
http://www.usatoday.com/story/news/nation/2013/09/09/george-zimmerman-gun-incident-florida-trayvon-martin/2788443/
Yeah, she’s a winner… she perjured herself in court regarding their assets when bail was being determined and now she uses the fake “he’s threatening to shoot us with a gun” in a 911 call to get police to respond immediately and with overwhelming force.
Of course, given everyone in the nation now knows who Zimmerman is, adding the “threatening violence with a firearm” will only stir emotions up again against George and defame his character. Exactly what a vindictive ex-wife filing for divorce would want. If he was smart, and I’m not saying he is, he would run from that POS as fast as possible.
+100. And he should move to the Southwest, lose a few pounds, change his name and get his head on straight. At this point he is a big, loud, flailing, readily identifiable target for every pinhead, opportunist and race-baiting-idiot out there.
LOL! Yes. still more incidents revealing that Zimmerman is a violent nut (2 gun incidents in one year?), but once again we’re assured, by people who don’t know, that it’s just a bunch of dirty liars defaming an innocent man.
Prediction: We haven’t heard the last of Zimmerman’s antics. He’s a gun-toting nut.
Given the wife was already caught for perjuring herself and now she is his “ex-wife”, seems to me she was defaming an innocent man, similar to what the media has done… I mean, reporting on his speeding tickets? How many speeding tickets are handed out in this country every day that don’t get reported on? Why report on Zimmerman? Because the media has an agenda…
She perjured herself to help Zimmerman hide assets!
Now it’s proof she’s unreliable?
I’d say it’s proof they’re both lying liars.
“…At this point he is a big, loud, flailing, readily identifiable target for every pinhead, opportunist and race-baiting-idiot out there.”
As well as slavering, left-wing nutjobs, unbalanced liberal bedwetters who can’t count and other assorted democratic sycophants.
Mix up some Promethazine with codeine, Arizona Iced Tea brand Watermelon Fruit Punch, and Skittles to make a batch of “fire ass lean”, and you too can have an asteroid named after you:
http://www.breitbart.com/Big-Government/2013/09/06/Asteroid-To-Be-Named-For-Trayvon-Martin
Given the number of asteroids (and stars) out, we can all have a star or asteroid named after each of us. Heck, we could each have our own galaxy!
Did you know Lawler is a liar AND a realtor?
I am one of those frustrated home buyers who want to upgrade from my current home. The way i see, all existing home owners refinanced their mortgage to such low rates, they never have to sell their houses. Especially SFH.
So, existing homes coming for sale will be very few for many years to come. New homes will be costlier as supply will be much lesser than demand in many areas.
Bernanke really screwed up people like me big time.
Bernanke really screwed up people like me big time.
It’ll all work out. Just find somewhere cheap to hang out and enjoy life while you wait.
Are you really this ignorant or just another shill? Get on the internet. Inventory is growing rapidly and prices are declining.
“homes” eh? lol. Flunkie Junkie and realtor.
I am not a realtor. Just an honest person trying to live a decent life. Do not sterotype people because they are stating facts. In Northern VA where i live, I am completely priced out. New homes are out of my reach and no existing homes coming in the market. This is reality.And i am not sure how it will improve.
mmmmkay liar.
Get on the property ladder or be priced out forever
If they refinanced an overpriced house, then they are likely still underwater. The lower interest rate won’t compensate them for the ridiculously high principal payment. If they’re lucky, they can keep up the payments, but they would be better off walking away (or quickly selling if they live in a rebubble city). In the meanwhile, there are plenty of new houses and foreclosures on the market, and inventory is increasing all the time.
Get ready for stagflation
The reason to worry about our future rhyming in this way is that interest rates and inflation over the next decade will almost certainly be higher than they have been over the last decade.
http://www.marketwatch.com/story/get-ready-for-stagflation-2013-09-10?link=mw_story_kiosk
Interesting chart. The best return in real dollars from 1966 to 1981 was in 90 day Treasuries, which ‘only’ lost 0.2% over that period. Longer term treasuries, bonds, the S&P 500, all lost more.
“The best return in real dollars from 1966 to 1981 was in 90 day Treasuries, which ‘only’ lost 0.2% over that period. Longer term treasuries, bonds, the S&P 500, all lost more.”
That was one of those protracted bear markets, when nothing did well as long-term interest rates adjusted up off a long-term bottom. Check out the Shiller price-earnings ratio graph in irrational exuberance for another read on this period.
We are about to start another such long-term bear market, as interest rates are at the same point in the cycle today as they were in the mid-1960s.
If you take on mortgage debt at current massively inflated housing prices, you’ll enslave yourself for the rest of your life.
“Debt is bondage.”~ Suze Orman, May 11, 2013
Don’t Be A Debt Donkey®
http://www.cnbc.com/id/101023337
New advice today from your Oracle Orman…”we’ve hit the bottom of the real estate market…I don’t think you’re going to see it depreciate any more”, September 10, 2013.
Oh no you don’t liar.
Tell the public what else she said……
What, the part about making sure that you can afford the payments, have a good safety cushion, and that even a 10% down payment is OK?
People can listen for themselves.
“The paid PR thugs and hired hands are busy posting here today. And we’ve noticed that some of them who pose as long term posters have recently had difficulty keeping their predilections and intent hidden from all of us. They know who they are and you should too. They can’t be missed. They are easily recognized as they are the same people who plant the seeds of doubt through lofty platitudes and carefully crafted responses. They imply “housing has turned around” and sometimes come right out and say it. They’ll invoke tall tales of “we bought” to disarm you and clear you a personal path to financial hell. These literary illusions are flat out myths and when you read them, your BS radar should be screaming. Beware.”
Make no mistake about it…. have no doubt in your minds. Housing today is twice the mess it was in 2008. The personal financial risks of buying housing at current inflated asking prices is tremendous.
“They’ll invoke tall tales of “we bought” to disarm you and clear you a personal path to financial hell.”
I don’t think ANYONE here supports buying in today’s market. Who are you talking about? Please name one. And azdude doesn’t count, he’s just trying to rankle you.
Get a grip drama boy.
Wait a minute….hold on…ok, I have a solid grip. Though I must say that answering your own posts under a different name is the only drama here. Anyway, would you care to identify the people you are accusing?
There’s one name here DramaBoy…
It’s a been a deflationary spiral since 2008 and the scope of which is widening and deepening as are the personal financial risks.
Don’t be taken advantage of. DO NOT borrow… especially for a depreciating asset like a house….. and continue stockpiling cash. You’re going to need every penny you can get your hands on.
“Mortgage Defaults Skyrocketing”
http://www.billsbills.com/blog/mortgage-defaults-skyrocketing-hamp-has-failed
Default is what happens when you pay a massively inflated price for what is always a depreciating asset…. in this case, a house.
…of the original loans modified under HAMP, 46% have redefaulted and this number is climbing. And length of time in the program is no barometer of success. In fact, the longer the borrower has been in HAMP, the more likely they are to default on their mortgage.
When a homeowner in HAMP redefaults, not only do they lose their home but the taxpayers lose money invested in the program. That’s a lose-lose if ever there was one.
These three factors clearly indicate that HAMP wasn’t designed as a meaningful solution for troubled homeowners. Instead of tampering with interest rates (and not enough to make a significant dent in payments) financial experts say that reduction of principal would have been a better strategy to effect real change.
“In fact, the longer the borrower has been in HAMP, the more likely they are to default on their mortgage.”
Isn’t it safe to say that the longer a borrower has been in a mortgage, the more likely they are to default, regardless of HAMP status?
http://secondcitynetwork.com/help-kickstart-world-war-iii/
Amazing
http://www.youtube.com/watch?v=A6PEboTpcfI
Should I cut my losses and dump my short position on the S&P? I think an alien is controlling the stock market.
I think an alien is controlling the stock market.
Sure it’s not Uncle Fed, showering his love on another?
That sounds kinda gross.
That’s why he doesn’t love ya.
If it works out for you the way it did for me when I dabbled in put options a few years back, then the market will wait to crash until after you close out your positions.
‘Tis the nature of the beast to inflict the greatest financial harm on the largest possible cohort.
EU financial transaction tax illegal, say lawyers
BBCNews
Imposing a financial transaction tax (FTT) in 11 European Union member states would be illegal, according to the bloc’s lawyers.
The controversial tax aims to discourage risk-taking by taxing transactions of shares, currencies and bonds.
The 14-page legal opinion concludes the move would exceed member states’ tax powers.
It adds that the measure is also incompatible with the EU treaty.
The FTT, also known as the Robin Hood tax and Tobin tax, is set to be adopted by 11 EU states, but not by the UK.
http://www.bbc.co.uk/news/business-24030575
Interesting. If anyone wants to be a professor of Transgender Studies, the U of Arizona is hiring 4 right now. Note: these are TENURE TRACK positions. Here is the job posting:
http://chronicle.com/jobs/0000793231-01
The University of Arizona is pleased to announce a cluster hire of 4 tenure-track faculty positions in transgender studies over the next two years. Two positions are being offered this year in the College of Social and Behavioral Sciences (SBS), with a start date of fall 2014. Two positions to be based elsewhere in the university will be advertised next year, with a start date of fall 2015. This cluster hire is one element of the University of Arizona’s unprecedented investment in the field of transgender studies. Other elements include support for a new peer-reviewed journal, TSQ: Transgender Studies Quarterly, which will be published by Duke University Press starting in 2014, with the editorial office housed at the University of Arizona’s Institute for LGBT Studies; a new interdisciplinary Center for Critical Studies of the Body; and an anticipated graduate degree program in transgender studies.
What do you call a graduate of the University of Arizona’s graduate degree program in Transgender Studies with $100,000 in student loans…?
See banana’s retarded post above about the homogays “choosing” to be homogay.
When homogay teenz get bullied and commit suicide because they can’t stop being homogay, guess that’s all good with him cus it means more votes for “family values” candidates like Santorum.
It’s good for you too because you regularly advocate for fewer people. You just don’t admit what people you want to get rid of.
“You just don’t admit what people you want to get rid of.”
It seems like the hip thing is to want to get rid of Lilly White cracker teabilly types. Unless they are LBGTV they evidently are all very bad humans. With the exception of the elected Lilly White democrats of course. Oh, and all the Kenedys. And any Lilly Whites that attend Bilderberg meetings.
Bus rider’s face smashed in during ‘hate attack’ | New York Post
1 day ago
An attacker pummeled a bus passenger so hard he smashed the bones in his face after calling the victim a “cracker” in Manhattan – marking the second time in two days that people appeared to be randomly targeted in racial tirades against white people, authorities said.
In the latest incident, the suspect passed a 31-year-old rider on the M60 bus riding through Harlem, on West 127th Street, between Amsterdam Avenue and Morningside Drive, around 2:45 p.m., Friday, when he shouted the racial slur and punched the victim in the face, breaking his nose and eye socket, cops said.
The victim was treated for facial fractures at New York Presbyterian Hospital and released, police said.
The incident occurred as authorities reported that Jeffrey Babbitt, 62, fell into a coma after being punched and knocked to the ground in Union Square Park on Wednesday. He was taken off life support and died Monday, sources said.
In that case, a 31-year-old allegedly yelled that he was going to “f— up” the next white person he saw, before clocking Babbitt so hard that witnesses reported hearing his skull crack on the pavement.
Two people who tried to help the victim were also punched but refused medical attention at the scene, law enforcement sources said.
The assailant waited for police to arrest him and Police Commissioner Ray Kelly said the assault was being investigated as a hate crime.
The suspect in the Harlem attack is 5-foot-11, 185 pounds and is believed to be in his late 30s.
http://nypost.com/2013/09/09/bus-rid…g-hate-attack/
phony scandals
OMG! OMG! It comes in different colors! WOW!!! YEAH!
“Color is more than just a hue. It expresses a feeling. Makes a statement. Declares an allegiance. Color reveals your personality. iPhone 5c, in five anything-but-shy colors, does just that. It’s not just for lovers of color. It’s for the colorful.”
LOL! ‘Merika!
BOO-YAH! It’s fun to be at the plate for every housing curveball thrown:
“During this first year, their premium through the National Flood Insurance Program is a doable $1,700; next year it jumps $17,000.
“This is going to devastate the real estate market here just when it’s barely making a comeback,” Cristy Assidy said. “People are going to leave the state in mass exodus.
More than 50,000 of Pinellas County’s 142,000 properties with flood policies currently have subsidized flood rates, more than any other county nationwide.”
http://www.tampabay.com/news/business/banking/anxiety-spreads-over-soaring-flood-insurance-rates/2140996
KKKKKKKEEEEEEEEEEEEEEYYYYYYYYRRRRRRRAAAAAAAASSSSSSHHHHH!!!
Pinellas County = Cratertown, USA
BTW, my wife finishes grad school this Dec. and then we are free to roam about the country… the freedom of renting.
we are free to roam about the country…
Don’t you have a job?
Poway School District has a spot for you!
The Financial Crisis Five Years Later — How It Changed Us Frontline PBS
http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/money-power-wall-street/the-financial-crisis-five-years-later-how-it-changed-us-2/
Posted: 11:45 a.m. Tuesday, Sept. 10, 2013
Top 1 percent took record share of 2012 US income
By PAUL WISEMAN
The Associated Press
WASHINGTON —
The pay gap between the richest 1 percent and the rest of America widened to a record last year.
The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in Internal Revenue Service figures going back a century.
U.S. income inequality has been growing for almost three decades. But until last year, the top 1 percent’s share of pre-tax income had not yet surpassed the 18.7 percent it reached in 1927, according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.
One of them, Emmanuel Saez of the University of California, Berkeley, said the incomes of the richest Americans might have surged last year in part because they cashed in stock holdings to avoid higher capital gains taxes that took effect in January.
Last year, the incomes of the top 1 percent rose 19.6 percent compared with a 1 percent increase for the remaining 99 percent.
The richest Americans were hit hard by the financial crisis. Their incomes fell more than 36 percent in the Great Recession of 2007 to 2009 as stock prices plummeted. Incomes for the bottom 99 percent fell just 11.6 percent, according to the analysis.
But since the recession officially ended in June 2009, the top 1 percent have enjoyed the benefits of rising corporate profits and stock prices: 95 percent of the income gains reported since 2009 have gone to the top 1 percent.
That compares with a 45 percent share for the top 1 percent in the economic expansion of the 1990s and a 65 percent share from the expansion that followed the 2001 recession.
The income figures include wages, pension payments, dividends and capital gains from the sale of stocks and other assets. They do not include so-called transfer payments from government programs such as unemployment benefits and Social Security.
Copyright The Associated Press
They deserve it. Everyone else is a deadbeat.
“U.S. income inequality has been growing for almost three decades. But until last year, the top 1 percent’s share of pre-tax income had not yet surpassed the 18.7 percent it reached in 1927, according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.”
So we have surpassed the income disparity which built up in the years before the Great Crash of 1929?
Buckle your seatbelts, folks — this ain’t over.
pricey
Median House Values
Location List Price $ / Sq. Ft. Sale / List
93021 $711,995 $267 100.1%
Moorpark $689,990 $262 100.1%
Ventura Co. $739,950 $325 99.0%
Manhattan real estate forfeiture sought by Feds: