Bits Bucket for August 19, 2014
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.
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Name:Ben Jones
Location:Northern Arizona, United States
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ft dot com/asiapacific
China property slump gathers pace
By James Kynge in London and Gabriel Wildau in Shanghai
China’s property slump worsened in July as prices fell for the third straight month and developers scaled back investments, prompting economists to predict further financial defaults and slowing economic growth in the second half of this year.
Home prices fell in 64 of the 70 cities surveyed in July by the National Bureau of Statistics, the biggest monthly proportion of declines since records began in July 2005. On average, property prices fell 0.9 per cent between June and July, the sharpest tumble in three straight months of declines.
…
I have bigger fish to fry today.
In a Chinese style?
Like Koi?
A Mad World, My Masters
The 62 areas where houses are less affordable than London
London is the most expensive place to buy a home in the UK, right?
Not exactly.
House prices themselves may indeed be the highest in the capital, but there are other places in rural areas which are - relatively speaking - more expensive………………………………….
“I shall be disappointed if I only get £550,000 for it,” says Mike Golding, as he shows me into a two-bedroom, first-floor flat he is selling.
It has no garden, few proper windows, and no view to speak of.
But such prices are not excessive in Stow on the Wold, a pretty market town in the Cotswolds, where the undersupply of affordable housing is matched only by the oversupply of Barbour jackets, local organic brie and bow-windowed tea shops.
http://www.bbc.co.uk/news/business-28648704
Crater.
~The Enrager
P O N Z I
Housing is indeed a ponzi scheme $hithousePoet but don’t let it enrage you….
Austin, TX Price Slashing Skyrockets 190%; New Listings Balloon 64% As Sellers Seek Exit While Housing Demand Collapses
http://www.movoto.com/austin-tx/market-trends/
lets start the morning off with this:
http://nymag.com/daily/intelligencer/2014/08/full-michael-brown-robbery-police-report.html
Wow. The man (whether or not it is Michael Brown) committed daylight robbery in full view of a surveillance camera.
The NPR and other news stories keep repeating that Brown was “unarmed.” I can’t recall any of them making a clear statement to the effect that he was a suspect in a daylight robbery, which puts an entirely different light on the story.
And that’s why Holder is furious about the video coming to light.
How does anyone even know whether it is Brown or someone else in the video?
Well, the first clue was Holder getting his boxers in a bunch about the video.
Second clue was something about witnesses identifying him.
But how do we really know? This is all media-spin driven and if the media’s all concerned about “freedom of the press”, they oughta re-evaluate what they laughingly pass off as “journalism”. More like agent provocateurs. It’s just so incredibly gross what they do. Much blood can be charged to their account, they drive this stuff all in the name of “news”, when in fact they work hard to create the “narrative”, the “controversy”. For all the damage they do (including their support of the war machine) many of these urinalists deserve life sentences in the worst jails the US has to offer.
One urinalist on Huffington Post showed a picture of earplugs and claimed they were rubber bullets. It’d be funny if it wasn’t so sick.
And then when things go horribly wrong as a result of their efforts, they whine “Don’t shoot the messenger”. Sickening.
And don’t think they don’t know they’ll be making their bucks for months, even years in the future on this incident. There’ll be the show trial for the cop (if I were him I’d leave the country now), mawkish articles about the “gentle giant” and his mother, editorials and opinion pieces on race relations, and on and on and on.
Sell those Wal-Mart ads!
“gentle giant”
Michael Brown was misunderstood. The “real journalists” will script a narrative to make him like Lennie Small in Steinbeck’s Of Mice and Men, that he was just trying to share a loving hug with that evil racist white cop who responded to Michael’s affection by pumping six bullets into him.
“Michael Brown was misunderstood. The “real journalists” will script a narrative to make him like Lennie Small in Steinbeck’s Of Mice and Men, that he was just trying to share a loving hug with that evil racist white cop who responded to Michael’s affection by pumping six bullets into him.”
+1 LOL. And so true!
And that’s why Holder is furious about the video coming to light.
You are assuming that’s why Holder is “furious” but you don’t know and I doubt you are right. It’s not the DOJ’s desire to foment civil unrest no matter what color dude is in charge. What we do know as fact are these facts:
1. “The Department of Justice urged Ferguson police not to release surveillance video purporting to show Michael Brown robbing a store shortly before he was shot and killed by police, arguing the footage would further inflame tensions in the St. Louis suburb that saw rioting and civil unrest in the wake of the teenager’s death.” nbcnews dot com
2. “But on Friday, police released the video that stoked outrage in Ferguson, with Brown’s family calling it “character assassination” and a smear campaign.” nbc dot com
3. So Holder’s DOJ, urged that “the footage would further inflame tensions in the St. Louis suburb that saw rioting and civil unrest in the wake of the teenager’s death.” But the police released the footage anyway, and it then in fact stoked much more outrage in Ferguson which is exactly what the DOJ wanted not to happen and wanted to avoid.
“It’s not the DOJ’s desire to foment civil unrest no matter what color dude is in charge.”
Haha. Please. Holder wants nothing more that to keep the social justice narrative on track.
#FundamentalTransformationOfAmerica
“that he was a suspect in a daylight robbery, which puts an entirely different light on the story”
Except that the police chief said that cop who shot him did not know that he was a suspect in a robbery. That was not the reason for the confrontation.
But Polly …Micheal brown thought the cop knew thats why he assaulted him, and then came running back at him with his hands up……but not all the way up…like he was running at the officer and was going to choke him….6′4 300+lbs yes a very big guy
remember unarmed does not mean NOT dangerous.
“…remember unarmed does not mean NOT dangerous.”
It does when a news reporter says it.
Polly this could be a suicide by cop scenario he didn’t want to go to jail again…there are reports he was arrested 4 times as a juvie…so he got the cop to kill him…
The cop didn’t know he was the suspect, but some news sites reported that he was responding to the robbery call, and that’s when he found Brown obstructing traffic, walking down the middle of the street, and confronted him. There are also reports that Brown’s family confirmed the “gentle giant” is, indeed, the violent robber in the video.
We have the two “witnesses” who reported that Brown was gunned down in cold blood, one even saying he was shot in the back as he was running away. One of the witnesses was the accomplice in the armed robbery. The second is a young black girl. The autopsy report showed ALL gunshots were to the front of his body, so that right there shows the one witness is lying through her teeth, and the fact that the officer has abrasions and reported that the suspect was fighting him and struggling for his gun seems to add up.
I’m not even going to say it’s a shame this kid is dead. It’s his own fault. When you pull off a strongarm robbery, then you walk down the middle of the street halting traffic because you’re out muggin’ and thuggin’ you deserve any harm that comes your way. Good riddance to this piece of trash, IMO. The earth doesn’t need these types of people. Where are the demonstrations for the terrified shop keepers who just want to make an honest living? Does anybody realize the level of violation felt when somebody comes into YOUR store, and beats you up while stealing your goods?
one even saying he was shot in the back as he was running away. One of the witnesses was the accomplice in the armed robbery. The second is a young black girl. The autopsy report showed ALL gunshots were to the front of his body, so that right there shows the one witness is lying through her teeth,
She actually said he was shot at while running away, twitched like he’d been hit, turned around with his hands up and was shot maybe 5 or six times. Check the video below. Now we have a “friend” of the cop saying the cop saying Brown was rushing him (where the shooting could be justified) as opposed to that female witness saying Brown was standing with his hands up when shot (where the shooting would be an execution/murder). In this context, the shoplifting has nothing to do with the shooting being murder or justified. The shoplifting could account for the stop but not a reason for shooting. This thing is a mess and will be for awhile.
http://edition.cnn.com/2014/08/19/us/ferguson-michael-brown-dueling-narratives/
It’s his own fault. When you pull off a strongarm robbery, then you walk down the middle of the street halting traffic because you’re out muggin’ and thuggin’ you deserve any harm that comes your way.
This makes no legal or moral sense. If he was rushing the cop, the shooting could be justified. However, strongarm robbery, halting traffic, “muggin’ and thuggin” being big and black and even wrestling with a cop do not justify being shot 6 times IF the unarmed man was stationary with his hands up. This is just common sense, proper police procedure, the law and morality.
Right now we have a couple witnesses saying he was stationary with his hands up when shot (murder) and a friend of the cop “Josie — who (calling into a radio station) said she heard the version from (Officer) Wilson’s girlfriend” that Browns was rushing the cop. (Which could make the shooting justifiable)
It’s a mess. When is the official police report being released and why is it taking so long? I know the investigation is not over yet but come on.
It seems Missouri “law” might just give cops a “get out of jail” weasel card when it comes to killing unarmed men. And this article gives some examples. One example: 2 guys killed because their non-moving (potential lethal weapon) car was “pointed” at some cops supervised by Ferguson Police Chief Tom Jackson
Missouri Cops’ License to Kill
http://www.thedailybeast.com/articles/2014/08/19/missouri-cops-license-to-kill.html
Two officers under the command of Ferguson’s police chief weren’t indicted when they cut down unarmed men. Nor was an officer when he killed the other Michael Brown.
…The death of 18-year-old Michael Brown is not the first time an officer supervised by Ferguson Police Chief Tom Jackson has killed an unarmed man.
And this is also not the first time that a cop under his command has sparked protests in which Rev. Al Sharpton played a leading role.
Back in 2000, two unarmed young men were shot and killed in a Jack in the Box parking lot in the suburban town of Berkeley adjacent to Ferguson by a pair of officers assigned to a county-wide drug task force where Jackson was deputy commander.
….That same provision, Chapter 563 of the Missouri Revised Statutes, will no doubt come into play in this new case in which a cop shot an unarmed man.
Under this law, a cop is justified in using deadly force “in effecting an arrest or in preventing an escape from custody” if “he reasonably believes” it is necessary in order to “to effect the arrest and also reasonably believes that the person to be arrested has committed or attempted to commit a felony…or may otherwise endanger life or inflict serious physical injury unless arrested without delay.”…
We have the two “witnesses” who reported that Brown was gunned down in cold blood, one even saying he was shot in the back as he was running away. One of the witnesses was the accomplice in the armed robbery. The second is a young black girl. The autopsy report showed ALL gunshots were to the front of his body, so that right there shows the one witness is lying through her teeth, and the fact that the officer has abrasions and reported that the suspect was fighting him and struggling for his gun seems to add up.
Assuming that you’re correct, that a witness lied, that’s really not significant.
“Assuming that you’re correct, that a witness lied, that’s really not significant.”
Why not? Social justice trumps the truth? Is that the world you want?
I wonder how much rioting and unrest we would have seen in Ferguson if the 6′ 4″ 300lb “kid” would have killed the white cop with his own gun?
#SocialJusticeFail
Why not? Social justice trumps the truth? Is that the world you want?
My point is reliable witnesses are what is required. If you find a witness who is not reliable, then ignore her.
Guillotine Renovator is outraged that a witness may have provided a false statement. That’s a crime, but it’s not a violent crime.
Also, regarding this question:
I wonder how much rioting and unrest we would have seen in Ferguson if the 6′ 4″ 300lb “kid” would have killed the white cop with his own gun?
We might ask the question what people like you would say if black cops were killing white people on such a regular basis.
Guillotine Renovator is outraged that a witness may have provided a false statement.
“May have” is true, but I’ve seen nothing yet that would indicate she’s lying. If you look at the video I posted, her account is consistent when repeating and even not inconsistent with the autopsy. She said he was shot at while running away, twitched like he might have been hit, turned around with his hands up and was shot maybe 5 or six times.
One wound was a “superficial graze wound to the middle part of the right arm”. Now, how are you going to prove in a court of law that a superficial graze wound came from the front or the back when an arm is jerking in a bunch of positions when running? Maybe that graze wound came from behind and caused him to jerk. Or maybe he jerked and turned around because getting shot at scares the hell out of you.
She might be lying but I’ve seen nothing yet that would indicate she’s lying. Has anyone?
Another witness? Will/has he come forward?
Ferguson: Michael Brown Shooting Video May Support ‘Bum Rush’ Claim [Video]
http://www.inquisitr.com/1418488/ferguson-michael-brown-shooting-video-may-support-bum-rush-claim-video/
A Michael Brown shooting crime scene video going viral on YouTube may lend credence to the “bum rush” theory an alleged friend of Ferguson police officer Darren Wilson has voiced.
…The second wave of rioting began in the late evening hours on Friday after Ferguson Police Chief Tom Jackson released a media packet containing images of a man identified as Michael Brown, robbing a local convenience store.
Transcript from the Brown shooting video as published by multiple media outlets:
#1 How’d he get from there to there?
#2 Because he ran, the police was still in the truck – cause he was like over the truck
{crosstalk}
#2 But him and the police was both in the truck, then he ran – the police got out and ran after him
{crosstalk}
#2 Then the next thing I know he doubled back toward him cus – the police had his gun drawn already on him –
#1. Oh, the police got his gun
#2 The police kept dumpin’ on him, and I’m thinking the police kept missing – he like – be like – but he kept coming toward him
Again, why is the fact that Brown had just pulled off a strongarm robbery before this altercation so conveniently discarded over by his “supporters?” Let’s look at it this way: If Brown had just chopped up a small child with an axe, would ANYBODY be protesting? NO, they wouldn’t. Why? Because his prior actions would have been taken into consideration. It seems to me that people are excusing violent robbery. This kid was headed for a life of prison. Us taxpayers got off lucky.
Again, why is the fact that Brown had just pulled off a strongarm robbery before this altercation so conveniently discarded over by his “supporters?”
The issue is the behavior of the police. The fact that the victim may have robbed a store is irrelevant to their behavior. For that reason, it doesn’t make sense to call the protestors supporters of the victim. Another reason is the fact that he’s dead.
“…discarded over”- sheesh. I need to proofread better. Anyway, the issue is not only the behavior of the police, but also the behavior of Brown.
the issue is not only the behavior of the police, but also the behavior of Brown
Right. But the robbery is not pertinent in either of the following possibilities and pointing out that obvious and logical fact does not make one a Brown “Supporter”.
1. A robbery is not pertinent to being shot 6 times while standing still with one’s hands in the air. How could it be?
2. A prior robbery is not pertinent to bum-rushing a cop and getting shot. Why? Because bum-rushing a cop will probably get you killed, robbery or not.
And equating stealing smokes to ax-chopping a child is not pertinent to much of anything on any scale I know of.
This kid was headed for a life of prison. Us taxpayers got off lucky.
You glibly rank tax money above the life of an 18 year old kid?
Money?? The kid may or not have made a big mistake. But he’s dead. Forever.
Well you may consider the robbery committed by the dead guy to be of interest, but it’s not relevant to the issue of the use of deadly force by police.
I save my sorrow for real victims, like kids with cancer, people maimed through no fault of their own, soldiers blown up- that sort of thing. A thug who goes out with half a dozen bullet wounds because he was fighting a cop after pulling off a strong arm robbery? Not so much.
This whole situation has been blown way out of proportion because of the media giving a platform to a bunch of thugs roaming around a ghetto with chips on their soldiers, burning and looting, and cops who are more than willing to engage them.
“Where are the demonstrations for the terrified shop keepers who just want to make an honest living? Does anybody realize the level of violation felt when somebody comes into YOUR store, and beats you up while stealing your goods?”
Next up: News stories lamenting the fact that Ferguson businesses have gone out of business, leaving behind a local economic black hole.
Well, evidently from the video, Mr. Brown had no qualms about confrontational behavior with authority figures, such as the shop owner whom he shoved aside as he marched out the door of the convenience store with stolen merchandise in hand.
Perhaps he was similarly confrontational with the police? Too early to say, which is why I find the media’s rush to judgment completely inappropriate. That’s why we have trial by jury in this country, right?
“Perhaps he was similarly confrontational with the police? Too early to say, which is why I find the media’s rush to judgment completely inappropriate. That’s why we have trial by jury in this country, right?”
Ah come on Bear. Yes, you’re right, but nothing is right these days. Feinstein’s “real journalists” don’t give one chit about what’s right anymore. They’re just trying to soothe the non-productive masses who were passed-off with participation trophies. Don’t you have a fiddle to play?
No it doesn’t. Every report so far says the cop didn’t even know about the robbery. So if this cop ever gets charged with murder, the issue of the robbery would be irrelevant, and probably inpermissible in Court.
What does any of this have to do with housing bubbles?
It could result in a housing price implosion in Ferguson — a localized version of Detroit housing market implosion, perhaps.
is Furgeson showing appreciation next year on Zillow?
compared to a 3.6% rise for Ferguson as a whole. Among 63135 homes,…
sho nuff
I just read that Russia is sending arms to rebels in the breakaway Republic of Ferguson. And the US is conducting humanitarian airstrikes.
as reported by the real journalists:
http://www.infowars.com/msnbc-host-maybe-cops-need-military-gear-to-deal-with-anti-government-groups/
Yep, and Joe Biden’s son just got a seat on the board of directors of the First National Bank of Ferguson.
and will we even know that it’s ‘go time’ until after it happens?
http://www.infowars.com/army-admits-plan-to-execute-americans-en-masse/
(Reuters) - Egypt on Tuesday urged U.S. authorities to exercise restraint in dealing with racially charged demonstrations in Ferguson, Missouri - echoing language Washington used to caution Egypt as it cracked down on Islamist protesters last year.
U.S. foes Iran and Syria also lambasted the United States, but while they are frequent critics of Washington, it is unusual for Egypt to criticize such a major donor. It was not immediately clear why Egypt would issue such a statement.
The Egyptian Foreign Ministry’s statement on the unrest in Ferguson read similarly to one issued by U.S. President Barack Obama’s administration in July 2013, when the White House “urged security forces to exercise maximum restraint and caution” in dealing with demonstrations by Mursi supporters.
The ministry added it was “closely following the escalation of protests” in Ferguson.
“U.S. foes Iran and Syria also lambasted the United States, but while they are frequent critics of Washington, it is unusual for Egypt to criticize such a major donor.”
Poor Egypt,,,fluffing for dollars. STFU.
My folks’ home is a short drive (15 minutes) from there. Zillow shows its value up by almost 40% since a Fall 2012 low. Crazy, no?
You had better believe it! They’re not making any more Ferguson, you know! Did you see the video from last night? Well, here is a little secret- those weren’t ‘protesters’, those were actually Brazilian and Chinese investors fighting for the chance to buy in Ferguson! Everyone who is anyone is coming to Ferguson to be part of its vibrant night life and exuberant, socially progressive community- Jesse Jackson is here, Eric Holder is here and it is even rumored that the Obomba’s might build another vacation home. Where?!? Why, in Ferguson, of course! As soon as the fire stops smoldering from the burned-down QT gas station and the asphalt re-solidifies, gentrification will REALLY kick in and prices will stretch to the sky! Get in now or be priced-out forever!! If you love justice, you will love it in Ferguson!
“is Furgeson showing appreciation next year on Zillow?”
+1 That is the real question!
Breaking news: St Louis police fatally shot someone today who was reportedly coming at them with a knife and trying to commit “suicide by cop”
#LetTheRiotsBegin
Speaking of riots; seems we have numerous progressive agitators and “social justice” warriors linked together on social media. They broadcast these incidents out with inflammatory falsehoods and hearsay evidence, which serves as a clarion call to hit the streets and also puts up the bat signal for the usual media whores and race pimps.
How does this kind of orchestrated chaos help our society?
#FundamentalTransformationOfAmerica
Support spreads for officer in Ferguson shooting
As rioters took to the streets of Ferguson, Missouri to protest the killing of Michael Brown, another group rallied in support of officer Darren Wilson. Some people have even donated to a fund to help his family relocate.
Greg Toppo, USATODAY 10:11 p.m. EDT August 19, 2014
In the days since police in Ferguson, Mo., named Darren Wilson as the officer who shot and killed unarmed 18-year-old Michael Brown, a small, quiet counter-protest, taking place mostly online, has arisen far from the angry, noisy nightly protests roiling Ferguson.
Two Facebook groups supporting Wilson have appeared. Between them, they had nearly 41,000 “Likes” as of Tuesday evening. Supporters also created a GoFundMe.com group aimed at raising $100,000 for Wilson’s family. “We stand behind Officer Darren Wilson and his family during this trying time in their lives,” a statement on the site said. One donor, who identified herself as Nancy Lawson, pledged $20 and wrote, “Thank you, officer Wilson, for risking your life so we can live in a safe world. I am praying for you.”
The site’s administrators said they ultimately disabled comments on the site in an attempt “to stop the negative comments.” As of Tuesday, four days after police identified Wilson as the officer involved in the Aug. 9 shooting, about 850 donors had pledged more than $32,000.
On Facebook, a commenter who identified himself as Mike Allgire said, “As a retired police officer, I would have shot him also.” Allgire added, “The police are not out there to see who can wipe who, but to keep the peace. With a person the size of Mr. Brown, there is no doubt I would have taken the same action. Police officers have an old saying; ‘I would rather be judged by 12 than carried by six.’ ”
…
It’s not too late to join this recovery, buy a home now and start building equity today!
http://www.marketwatch.com/story/4-factors-weighing-on-housing-2014-08-18
From the article:
“move-up buyers are still constrained by the housing price declines they experienced several years ago”
if housing is such a great way to build equity, why are homemoaners so poor?
Living in a rental will never feel like a real home.
It feels just fine. Working in real estate will never feel like a real job, though.
Have fun paying your landlord’s mortgage!
Have fun showing $500,000 ’starter homes’ to tattooed 20 somethings with $10/hr jobs!
Or go back and get a STEM degree so maybe you can get a real job yourself, honey…
“Have fun paying your landlord’s mortgage!”
Renting an appropriate property from a landlord is no worse than renting lots of money from a bank to buy an overpriced house (i.e. an IN-appropriate property).
When you finally grow up, you’ll realize that’s true.
Lots of situations exist where a person is smartly positioned to RENT housing instead of buying it. Being in a temporary job post, for example. Being economically unsure, for another. And being in a region where housing is typically priced out of your ability to buy it using a significant cash down payment. In that latter case, renting is really the only sane option.
Going broke trying to pay off an unaffordable mortgage will never feel like real home ownership.
the bankers control u with a credit score. They have printed so much money that the avg joe cant buy a house or car with cash. if you want in the game u have to pay.
No you don’t. Just live within your means and sleep well at night.
I sure do with $1 million+ in loose cash and a landlord by the balls.
Remember…. Current asking prices of resale housing are 250% higher than construction costs(lot, labor, materials and profit).
u have yourself by the balls renter.
Your enragement arrangement has turned into derangement.
Temecula, CA Housing Prices Plunge 9% YoY; Price Reduction Explode As Demand Collapses
http://www.movoto.com/temecula-ca/market-trends/
Fetch. Cheetos.NOW.
Naysayers keep bad mouthing stocks, and the market just keeps going up in response.
What gives?
Robert Shiller tries to understand why stocks are ‘very expensive’
August 18, 2014, 11:04 AM ET
Bloomberg
“The United States stock market looks very expensive right now.” And with that, Yale professor Robert Shiller is at it again, telling us to worry.
He’s got plenty of company these days among those who fear this bull market can’t possibly keep going. Shiller’s particularly uncomfortable about the CAPE ratio (cyclically adjusted price-earnings), a stock-price measure that he helped create. He said something similar in June. (Just Google Robert Shiller bubble for more instances of his bubble theories.)
Otherwise known as the Shiller P/E, the ratio basically takes average inflation-adjusted earnings for the S&P 500 SPX +0.24% over the previous 10 years. In Shiller’s New York Times article from Saturday, he notes that when he touched on this topic over a year ago, that ratio stood around 23, far above its 20th-century average of 15.21. It now stands at 25, a level that since 1881 has only been surpassed in three other periods — the years surrounding 1929, 1999 and 2007. And we all know what came next after the market peaks in those years.
Shiller says the CAPE was never intended to indicate timing on when to buy and sell, and that the market could remain at these valuations for years. But given that this is an “unusual period,” investors should be asking questions, he says.
His question: Given that the ratio shows valuations have been elevated for years, are there legitimate factors that could keep stock prices high for decades longer? He points that his own questionnaire surveys show investors are getting more worried. Other than that, unfortunately there is no “slam-dunk” explanation for these high valuations, says Shiller.
“I suspect the real answers lie largely in the realm of sociology and social psychology — in phenomena like irrational exuberance, which, eventually, has always faded before,” says the Nobel-Prize winner. “If the mood changes again, stock market investments may disappoint us.”
…
“If the mood changes again, stock market investments may disappoint us.”
yea so someday it will go down.. good useful info
Homebuilder Confidence in U.S. Increases to Seven-Month High
By Vince Golle
Aug 18, 2014 6:50 AM PT
Confidence among U.S. homebuilders rose in August to the highest level in seven months, showing the industry is making more headway after weakness earlier this year.
The National Association of Home Builders/Wells Fargo sentiment measure climbed to 55 from 53 in July, the Washington-based group reported today. Readings above 50 mean more respondents said conditions were good. The median forecast in a Bloomberg survey of economists projected it would hold at 53.
Historically low mortgage rates and increased employment are bringing home purchases within reach of more Americans. Faster wage gains would help provide an additional push for the industry, which is struggling to lure first-time buyers beset by tougher credit conditions.
“As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market,” NAHB Chairman Kevin Kelly, a homebuilder from Wilmington, Delaware, said in a statement. “However, builders still face a number of challenges, including tight credit conditions for borrowers and shortages of finished lots and labor.”
…
They’re confident that the market for more multi-family apartment dwellings will continue to grow unabated! It just might.
$500,000 starter homes, maybe not so much.
The move was pretty much entirely in the Midwest. Confidence in the West was down 1 point.
The Pros And Cons Of Militarizing The Police
http://www.theonion.com/articles/the-pros-and-cons-of-militarizing-the-police,36717/
The ongoing clashes between residents of Ferguson, MO and heavily armed police forces—which are equipped with M16 rifles and armored vehicles—have drawn attention to the increasing militarization of police in the United States. Here are the cases for and against outfitting local law enforcement with military-grade weapons:
PROS
•Same tactics used successfully in Afghanistan, Iraq
•Modern law enforcement simply cannot do their job properly by relying on handguns, tasers, and tear gas alone
•A real shot in arm for nation’s ailing weapons industry
•Look on driver’s face when tank pulls up beside Mini Cooper always fun
•Local photojournalists now able to capture fog of war at home
•Nice surprise treat for veterans to see weapons they used in war pop up on their hometown streets
•Never a bad idea to put a more powerful gun in someone’s hand
•Actually going to seem pretty quaint when compared with police armaments 20 years from now
CONS
•Most police officers have proven fully capable of violently subduing protesters without any military-grade weapons
•It actually very hard to recite Miranda rights while holding 40-pound grenade launcher
•There no longer any middle ground between community watch and military
•Mine Resistant Ambush Protected Vehicles only get 5 miles per gallon
•Jesus, just look at this shit
•Military-style helmets limit peripheral vision while firing indiscriminately into crowd
•Could potentially be abused if put in lesser hands than America’s historically honest and virtuous police departments
•Takes away that personal touch of beating a suspect to death with bare hands
‘At issue is the federal government’s so-called 1033 Program, which permits the Pentagon to give military hardware to local police departments.’
‘In a June investigative report, the New York Times documented how that program, among others, has allowed police departments to “receive tens of thousands of machine guns; nearly 200,000 ammunition magazines; thousands of pieces of camouflage and night-vision equipment; and hundreds of silencers, armored cars and aircraft.” Newsweek notes that the program originally started in 1990 as part of the so-called War on Drugs, the idea being “that if the U.S. wanted its police to act like drug warriors, it should equip them like warriors, which it has — to the tune of around $4.3 billion in equipment.”
‘According to data compiled by Maplight, the lawmakers “voting to continue funding the 1033 Program have received, on average, 73 percent more money from the defense industry than representatives voting to defund it.” In all, the average lawmaker voting against the bill received more than $50,000 in campaign donations from the defense industry in the last two years. The report also found that of the 59 lawmakers who received more than $100,000 from defense contractors in the last two years, only four voted for Grayson’s legislation.’
‘Though thought of as a political force primarily in federal policymaking, the defense industry also spends on state politics, which influences law enforcement procurement decisions. According to data compiled by the National Institute for Money in State Politics, more than $8 million of campaign contributions has been dumped into state elections in the last decade by military contractors and their employees.’
more than $8 million of campaign contributions has been dumped into state elections
Hello, I’d like to buy a United States Congressman.
Sorry old chap, we’re sold out, but we just received a new batch quality legislators at the state level…
John Cleese and Michael Palin could write that up into a fine sketch.
LOL, classic Onion!
‘To understand why the U.S. housing market this year isn’t providing the lift many economists expected, look to Phoenix. Phoenix was the first to snap back in 2011. Now, prices and sales are cooling off. Inventories of homes listed for sale have climbed to their highest level in three years while the number of houses sold in June fell 12% from a year earlier. The rebound during the past two years “gave people a false sense of how quick we would recover,” said Jim Belfiore, who runs a local home-builder consulting firm.’
‘Sales in other once-hot markets also are slowing. Inventories in Washington, D.C., rose by a third in July from a year earlier, while sales were down 8%. Listings in Sacramento were up 44%, as sales dropped 11%. In Las Vegas, sales slid 10%, while the number of listings without offers rose 53%.’
‘David O’Hagan needed three months and two price reductions to find a buyer for his five-bedroom home in the Phoenix suburb of Peoria. The sale is set to close this week for about 5% less than the $259,000 he initially asked, though in four years he will have turned a sizable profit. “I had hoped to see more traffic. It was a little disappointing,” said Mr. O’Hagan, who is moving his family to Maine.’
‘Mr. O’Hagan, 39 years old, recently sold a separate rental home in a Dallas suburb in just days after 65 buyers showed an interest. It was “a complete polar opposite” from Phoenix, he said.’
‘Some early investors, meanwhile, are cashing out. Jon Mirmelli, a real-estate agent, last year sold seven homes he had acquired since 2010 as rentals. He is now selling two dozen more homes for a national investor that he declined to name.’
‘But he doesn’t see a big risk of further price declines because other investors are still combing the desert for deals. The discounts of years past are “something I’m not going to see again in my lifetime,” he said. “We have a normal market again.”
So O’Hagan needed to sell his Dallas rental because he’s moving to Maine? Sounds more like he’s getting out to make money. And a “national investor” is bailing on 24 houses? Whoa Nellie, we were told these big companies were in it for the long haul! They won’t sell, said many on this blog.
But here’s the gem from the article:
‘Meanwhile, lingering scars from the bust are playing out as some of the country’s hottest housing markets struggle to pass the baton from bargain-hunting investors, who typically pay cash, to traditional buyers with mortgages.’
Pass the baton? That’s right Ma and Pa. Get out of that cardboard box you are living in and buy a house from a hedge fund! They paid over asking when no one else was bidding, but a sports analogy has been invoked. Take one for the team!
“Deals won’t be seen again in my lifetime” - har har har.
Will probably see these kind of deals again before the decade is out.
‘Investors that bought at least 10 single-family homes and condominiums in a year — a measure designed to exclude activity by mom-and-pop rehabbers and flippers — accounted for only 4.9 percent of area sales during the second quarter, compared with 8.8 percent during the first quarter and 7.9 percent during 2013’s second quarter, according to RealtyTrac. Among Chicago-area counties, only Kane and Will counties showed a higher share of investor purchases than in 2013’s second quarter. In Cook County, activity by institutional investors plummeted to only 4.4 percent of sales, compared with 9.4 percent during the first quarter and 9.6 percent during 2013’s second quarter.’
‘The shift comes as home prices continue to rise in the Chicago area, crimping not just consumers’ ability to purchase a home but also investors’ potential profitability.’
Pass the baton. The more I think about it, the more bizarre it is. The weary investor, he’s done his part. Out of breath, he reaches out, to you! Don’t let the team down, grab the baton, run, run for the finish line!
Ben - take a look at that link I posted below. I spent about 15 mins looking at comparable sales, and they all show flippers (err - investors) trying to make 150k on each turn of the property. Wow.
Gives new meaning to the title *The Running Man* [written by Stephen King; few people know that].
“The sale is set to close this week for about 5% less than the $259,000 he initially asked, though in four years he will have turned a sizable profit.”
What’s he even disappointed about? Shows you how unrealistic most home sellers’ expectations continue to be.
Ben, did you see the WSJ article about Phoenix housing today?
Case-in-point, check out this linky. Specifically look at the property history.
http://www.realtor.com/realestateandhomes-detail/9355-E-Poinsettia-Dr_Scottsdale_AZ_85260_M22848-82288?row=11
FYI - the neighboring home, which I looked at in 2011, had no takers at $135k. By sping 2012, flips were back in style.
ugly plus that house needs a patio cover
NPR.
“All the indications are very, very favorable for a continued, thriving and sustainable housing market in Atlanta,” says ABR president Todd Emerson. But, there is room for improvement. There are about 16,500 single-family residential properties on the market in metro Atlanta. That comes to just under a five-month supply. Emerson says a balanced market is a six-month supply.’
“It really doesn’t have anything to do with buyer confidence, it’s just that we still have a limited supply of inventory. We continue to add to the inventory and the good stuff comes onto the market and is moving very, very quickly and we’re seeing lots of multiple offer situations in cases like that,” says Emerson.’
Multiple offers with 5 months of inventory? So that’s like, one offer a month?
you can live downtown Atlanta for 50$ a sq- think Ferguson
‘Hawaii Island’s real estate market took a bit of a pause this summer, real estate agents say. Gretchen Osgood, who also provides monthly real estate reports, attributed the pause — she described it as the market taking a breath — partly to those increasing prices.’
“The market is going to be just fine,” she said, noting that while the pending home sales in July were lower this year than last year, overall sales, including land, were slightly higher. “We just have to get past the summer doldrums.”
‘At the end of July, only seven houses were listed at less than $400,000, a record low. Last year, 23 properties were in that price range.’
“We fulfilled a whole bunch of potential demand” with some of the increased sales in the last year or so, Osgood said. “We need to wait for new buyers.”
“We need to wait for new buyers.”
Given some recent first hand information about a number of Realtors in HI, They need to hire an attorney instead.
S H Y S T E R
Oh my word….
Walnut Creek, CA Housing Prices Plunge 6% At Peak Of Season; Inventory Surges 75% As Demand Collapses Across California
http://www.movoto.com/walnut-creek-ca/market-trends/
L O W L I F E
Enraged
Exactly what country do I live in?…….
My question to all of you is do you want to live in a nation that operates like this guy is doing? Impeach! NOW!!!
http://www.nytimes.com/2014/08/19/us/politics/behind-closed-doors-obama-crafts-executive-actions.html?_r=0
But it was OK when W. was doing it, right?
I dunno, I think it would be interesting if Obama were removed. Republicans would lose every black vote and likely every brown vote for the next century. And then for all their pains, they would get…. President Biden, who would promptly appoint Warren or another lib woman Sentaor as VP. Then Biden + woman could run on 18 months of incombancy against…
Yeah, the pubs need to think this through.
Hehehe….
do you want to live in a nation that operates like this guy is doing? Impeach! NOW!!!
Even if Obama did something a few Repubs thought impeachable The Dems control the Senate which is where the “Impeachment Trial” would be held. So “Impeach! Now!!” is like chanting “SuperBowl! Now!!!”
And in fact, there are even Republicans saying if the Repub House Congress won’t do anything, Obama needs to do something now on immigration.
Ex-Bush attorney general backs executive action on immigration
http://thehill.com/blogs/blog-briefing-room/214987-former-gop-attorney-general-supports-limited-executive-action-on
Former Attorney General Alberto Gonzales, who served under George W. Bush, on Tuesday offered supported for President Obama to take executive action on immigration reform.
In an op-ed for USA Today, Gonzales said the courts tend to defer to executive discretion and that Obama would have latitude to act if his actions were limited.
“I support the President’s commitment to address this issue provided his actions are consistent with his duty under the Constitution to faithfully execute our laws,” he said.
“Determining the limits of the president’s inherent power to act in the absence of either an express constitutional or congressional grant of authority is one of the most difficult challenges in constitutional law,” he continued.
Gonzales noted that some legal scholars say the president has no authority to act without Congress, while others believe he has expansive powers.
“Still others believe, as I do, the scope of the president’s inherent power lies somewhere along the spectrum between these two extremes,” he said.
The former attorney general said Obama would likely be criticized however he acts and that the debate over any executive action would play out in the “public arena.”
But Gonzales said the country should not let the “souls of innocent children” be caught in a constitutional fight, citing the massive influx of young migrants who have crossed the border in recent months.
“This is not just a classroom exercise or court room drama,” he said. “This is a real world crisis involving human beings.”
Obama has pledged to use executive action to push forward with immigration reform after efforts to pass legislation in Congress stalled.
Not to mention the fact that the word “impeachment” is thrown out more from Democrats than Republicans:
http://fivethirtyeight.com/datalab/obama-impeachment-msnbc-fox-news/
An attempt to rally their base around a false premise that Republicans are going to try to impeach Obama.
Mornin Peeps:
http://www.myfoxdc.com/story/26303716/new-marijuana-drug-wax-looks-and-feels-like-lip-balm
http://www.wsbtv.com/news/news/local/police-woman-who-stole-cruiser-crashed-i-75-was-sy/ng4r9/
http://eagnews.org/study-sheds-light-on-damaging-effects-of-marijuana-among-college-aged-adults/
http://www.denverpost.com/breakingnews/ci_24008061/more-colorado-pot-is-flowing-neighboring-states
And what is your point exactly in posting these links?
Are you suggesting society benefits more spending $60,000 a year of taxpayer dollars per inmate (the majority of whom are black or brown) for possessing this:
http://www.picpaste.com/IMG_20140804_172837_081-w5L3uWN0.jpg
goon we should let out the pot smokers and have plenty of room for serious offenders
Then institute a war on ebonics you may be functionally illiterate walking in but you are not getting out until you can read the NY Times in front of a parole board…..
There is a big debate going on here in the State that Lincoln called home - but that was way back in the day - only if he could see what has become of this place today. Anyway I digress - the debate is how to stop the massive bleeding that is going on in the state’s economy. This group IPI is good at tracking the damage of high tax policy, massive pension debt, fiscal mis-management and on and on at the State level. There is a reason we call it ILL-ANNOY now and one need read no further than the attached to understand how this state is on the verge of epic fail.
A while back IPI posted a stat that just blows me away and it is this…the state on net - loses one person every ten seconds. They leave. More move out than in. The state has lost on net over 800,000 people in the last 15 years. The state has as of the last census lost one seat in the US House of Representatives. And all the while the same ol song and dance from Springfield and from Chicago. MOAR taxes, moar pension money, MOAR, MOAR, MOAR. As a radio commentator said a few years ago about Chicago quoting Dante: “Abandon hope, all ye who enter here”. I have lost hope for this place and am in the process of looking for a ’stable’ place to live - where that might be - God only knows.
http://www.illinoispolicy.org/illinois-dead-last-in-job-creation-in-2014/
check out howmoneywalks.com shows the direction of the $$$
Il is losing big
welfare warriors replace those w $
‘The 2014 housing market is gaining steam. Demand for homes continues to outpace supply, which is leading home values higher; and multiple-offer situations remain common nationwide.’
‘Thankfully, mortgage guidelines are loosening.’
‘Banks are reducing approval standards, and have made it simpler to get access to low-downpayment mortgages and no-money-down loans.’
‘For example, FHA mortgages are easier for which to qualify in 2014.’
‘Banks have lowered minimum credit score thresholds in order to put FHA loans within reach of more U.S. buyers; and Fannie Mae and Freddie Mac continue to support their five percent downpayment mortgage programs.’
‘VA loans and USDA loans remain popular, too — neither requires a downpayment.’
‘VA loans are available to eligible active-duty military personnel, veterans of the armed services, members of the national guard and reserves, and surviving spouses. VA loans offer 100% financing and require no mortgage insurance. Approval standards are flexible and mortgage rates are often lower than with comparable conventional loans.’
‘USDA loans are also no money down.’
‘USDA loans are backed by the U.S. Department of Agriculture and can be used in many rural and suburban areas nationwide. USDA mortgage rates are typically the lowest of all government-backed loans, and mortgage insurance rates are minuscule compared to other low-downpayment programs.’
‘With home prices expected to rise into 2015, the availability of low- and no-downpayment mortgages will be a boon to U.S. buyers — especially if mortgage rates remain low.’
How much of this bank settlement money is actually coming from bank money vs the bailout money they got?
The media seems to have everyone thinking that these crooked banks are actually hurting cause they have to pay settlements for scr@wing everyone. Its a big con game. And I have to laugh at the fact that the only people getting any settlement money are the ones who stop paying their mortgage, bs.
In CA they keep running commercials about getting help with your mortgage for economic hardship, which is paid from the settlement funds. So really the taxpayer is paying for all these people to keep their overpriced shack.
BOFA is working up a huge settlement to get rid of angelos BS.
You cant make this Sh@t up.
Ok - one more and I will stop….this seems very important. Imperial POTUS - Impeach NOW!!!
http://davidstockmanscontracorner.com/nyt-and-pulitzer-prize-winning-journalist-on-obama-the-greatest-enemy-of-press-freedom-in-a-generation/
No way. Just isn’t happening even if the Repubicans win back the Senate.
Sometimes ya just gotta lighten up. This story about logo-spoofing had me in stitches.
http://www.zerohedge.com/news/2014-08-19/uk-bakery-chain-proud-provide-shit-scum-over-70-years
Should be the Wal-Mart logo, though.
Is anyone else as bored with walmart as I am? they are everywhere and keep building stores around the corner from other stores.
Every city wants a walmart to get sales tax revenue even know there is one around the corner. Its not efficient land use or planning.
Walmarts revenue would tank if they quit building new stores.
The dollar stores are kickn @ss and takn names around here.
Family Dollar these days reminds me of Walmarts 30 years ago…a reasonably-sized store with basic items people need at good prices.
in case this hasn’t been posted yet, the edward snowden interview:
http://www.wired.com/2014/08/edward-snowden
resist
Thanks for sharing, goon. I hadn’t read the interview.
Great article, and horribly depressing. Need another hit of ’soma’.
U.S. SEC launches municipal adviser exams
My fellow Granite Staters - 17-year-old Campbell Webster and Eryk Bean, of Concord and Londonderry, New Hampshire - understood that if you go to a highland fling a couple of hours north in Quebec you’re now obligated to get your bagpipes approved by US Fish & Wildlife.
Because that’s just the way it is in the Land of the Free.
http://www.steynonline.com/6531/the-punitive-bureaucracy-day-off
If the folks at MSNBC got wind of this they’d really pop a cork.
“Scalp ‘em, Swamp ‘em. We will take‘em big score. Read ‘em, weep ‘em Touchdown, we want heap more”
Fight Song
On August 17, 1938, “Hail to the Redskins” made its debut as the official fight song of the Washington Redskins. Since its debut 54 years ago, the song, written by renowned band leader Barnee Breeskin, has had a few minor changes from the original lyrics penned by Corinne Griffith (wife of owner George Preston Marshall). Griffith’s original lyrics had “Fight for old Dixie” instreadof today’s “Fight for old D.C.” Also, Griffith originally had “Scalp ‘em, Swamp ‘em. We will take‘em big score. Read ‘em, weep ‘em Touchdown, we want heap more” instead of today’s version.
Hail to the Redskins!
Hail Victory!
Braves on the Warpath!
Fight for old D.C.!
Run or pass and score — we want a lot more!
Beat ‘em, Swamp ‘em,
Touchdown! — Let the points soar!
Fight on, fight on ‘Til you have won
Sons of Wash-ing-ton. Rah!, Rah!, Rah!
Hail to the Redskins!
Hail Victory!
Braves on the Warpath!
Fight for old D.C.!
The original words were:
Hail to the Redskins!
Hail Victory!
Braves on the Warpath!
Fight for old Dixie!
Run or pass and score — we want a lot more!
Scalp ‘em, swamp ‘em — We will take ‘em big score
Read ‘em, weep ‘em, touchdown - we want heap more
Fight on, Fight on — ‘Till you have won
Sons of Wash-ing-ton. Rah!, Rah!, Rah!
haruth.com/r/RedskinsHailtotheRedskins.html - 9k -
fascinating
By halftime of week 1 the Redskins fans won’t be concerned with their team’s racist name, they will be more concerned with…
http://www.youtube.com/watch?v=vmXWZFPvCAU - 157k -
Oops
Thought I got the 0:04 second video not the loop.
https://www.propertyradar.com/reports/real-property-report-california-july-2014
Property Radar’s July report for California:
Headline: Sales down year on year.
Data: Reduction in sales entirely due to there being less distress.
If trends continue, we will see the headlines revert to “sales up year on year” by the end of the year.
‘In July 13 of California’s 26 largest counties experienced monthly price declines compared to only six in April, according to PropertyRadar’s data.’
‘In July, more than 1.0 million California homeowners, or 12.1 percent remain underwater.’
http://www.centralvalleybusinesstimes.com/stories/001/?ID=26535
I wonder if it’s too late to go back to foreclosure radar?
Here’s how much $100 is worth in your state
http://finance.yahoo.com/news/how-much–100-is-worth-in-your-state-152310027.html
A new map released by the Tax Foundation shows exactly how far $100 would go in all 50 states.
Using recently released data from the Bureau of Economic Analysis, the Tax Foundation was able to show exactly how the varying prices of goods, housing and income taxes in each state can impact consumers’ purchasing power.
Southerners and Midwesterners have a serious edge over those along the East and West Coasts. A hundred bucks goes the furthest in Mississippi, where $100 will buy you what would cost $115.74 in another state that’s closer to the national average. As the Tax Foundation puts it, Missippians are about 15% richer than their nominal incomes suggest.
Thx…more proof I should leave California!
Tune in tomorrow(bright and early!;) ) for lie crushing charts and data that will enrage the enraged and vindicate the truth. They’ll simply be delightful.
Can’t wait! See ya bright and early…