Bits Bucket for September 2, 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.
About Me
Name:Ben Jones
Location:Northern Arizona, United States
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Chevy Chase (DC Metro) Sale Prices Sink 4% YoY On Ballooning Housing Inventory
http://www.zillow.com/chevy-chase-md/home-values/
I wonder how the people who lost their homes like their new wall street slumlords?
Slum lords in Chevy Chase? LOL at the thought of that.
I don’t think slumlords like paying half a mil (or more, possibly way more) for a 2 BR house.
Corporate owners have focused on AZ, FL, NV for a reason. They buy cheap shit.
And the cheap $hit will be had in ChevyChase too.
P O S E R C O N T R A C T O R
And we do business right on your street and it enrages you.
S H A D Y
You’ll love this Poet.
Ventura, CA Housing Prices Crater 30% As Inventory Skyrockets Statewide
http://www.movoto.com/ventura-ca/market-trends/
bring it on!
I’m glad you like it Poet.
North Potomac(DC Metro) Sale Prices Plumet 9% YoY As Housing Demand Plummets
http://www.zillow.com/north-potomac-md/home-values/
Could you stop making up lying head-lines for your links?
A
Premature post.
I meant to include a quote directly from the page that you link to, which contradicts your headline:
“North Potomac home values have gone up 3.3% over the past year”
Why do falling housing prices anger you?
And you might consider looking at the data first. North Potomac sale prices are down 9%.
READ the data and LEARN the difference between price and “value”.
And you might consider looking at the data first. North Potomac sale prices are down 9%.
I _did_ look at the data; apparently you did not ,or you are not able to post a link to the data that you say that you are referencing.. The 9% figure that you quoted was nowhere to be found on the page whose link you sent.
READ the data and LEARN the difference between price and “value”.
Why don’t you define them, and the difference, as you seem to believe yourself the expert?
Sure it’s there. You just didn’t look. And if the difference needs to be explained to you then maybe you should do some more remedial studying.
And no I’m not going to stop posting the data. In fact I’ll be posting more of it now.
No to pile on (you’ve done a fine job), but North Potomac is a community of about 25k people. How is this data meaningful in the grand scheme of things?
And look who pops out. Interesting.
How isn’t falling prices meaningful.
The price movements for one city are only meaningful for that city, and neighboring cities.
And the smaller the city, the smaller the sample size, which again, makes the data less meaningful.
Prices are falling. Get over it.
“I _did_ look at the data; apparently you did not ,or you are not able to post a link to the data that you say that you are referencing.”
That’s the problem. He is no different than the Realtors he has such contempt for (well, he has contempt for every single breathing thing who doesn’t agree with his every word), lying to try to persuade public opinion. If you take a Realtors lies, and Exeter’s lies, you will find the truth somewhere in the middle.
Start backpedalling.
http://picpaste.com/pics/60bdde7c1cff07f4fc48a7969f3de0a3.1409696329.png
Another day, another bevy of stories about falling home prices in China…
Asia News
China Home Prices Fall for Fourth Straight Month
Average New Home Prices in China Fell 0.6% in August from July
By Esther Fung
Aug. 31, 2014 8:48 p.m. ET
China’s average home prices fell for the fourth straight month in August. Here, an apartment block in Beijing. Jason Lee/Reuters
SHANGHAI—China’s average home prices fell in August for the fourth straight month, though at a slower pace, as property developers continue to struggle with excess supply.
Average new home prices fell 0.6% in August from July, moderating from the 0.8% decline in July, data provider China Real Estate Index System said late Sunday. Average new home prices declined 0.5% in June and 0.3% in May. May’s decline was the first month-to-month decline since June 2012.
Out of the 100 cities surveyed, 74 showed a decline in home prices, down from 76 in July.
“The macro economy has stabilized following the government’s targeted stimulus, though downside risks remain,” said CREIS analysts in the data release. “More cities have been easing or canceling home purchase restrictions and while the overall credit policy hasn’t been loosened, the mortgage environment in some cities has improved.”
…
2 September 2014 Last updated at 03:10 ET
Linda Yueh
Chief business correspondent
China’s property conundrum
The various steps that China is taking to stem house price rises seems to be working, but can the government manage an orderly slowdown in the property sector?
The latest move is to reduce the reliance of local governments on the property market by allowing them to finance themselves through bonds, albeit for limited purposes.
It is a standard mechanism in market economies, but Beijing has been reluctant to allow local governments to issue debt even though a more sensible fiscal system between the central and local governments is necessary.
By not allowing local governments to raise independent financing from the bond market, they have instead relied on selling land use rights and property as a way of raising funds to fund their expenditures, especially since their share of the tax take isn’t sufficient to cover their spending responsibilities.
I’ll come back to this in a moment, but first, house prices have been falling in China for several months.
Prices for new homes fell in July in nearly all of the 70 cities tracked by the government, constituting the third straight month of price declines. The latest reports for August suggest another monthly decline.
Property developers are slashing prices to unload houses to try to revive sales. In the first seven months of the year, home sales fell by 10.5%, according to research by one of the major rating companies, Moody’s. Another one, Fitch, finds that new construction is down 20% across the country.
…
Drop in mainland China home prices causing alarm
Signs of a bursting property bubble are starting to appear as discounts fail to lure homebuyers
PUBLISHED : Monday, 01 September, 2014, 4:10am
UPDATED : Monday, 01 September, 2014, 4:10am
A high-grade residential buildings community in Hangzhou. Photo: Xinhua
Behind a half-priced villa in Hangzhou and a big flat valued a third off its peak in Shanghai are the stories of debt-laden entrepreneurs in a struggling economy.
Such cases remain isolated so far but are ringing alarm bells for the worst-case scenario: a hard landing of the property market in the world’s second-largest economy, with dire consequences for the rest of the global economy.
Property broker Zhou Chen is helping a Hangzhou bank sell a villa of more than 400 sq metres with a large garden about 15 minutes’ drive from renowned West Lake after the owner defaulted on a mortgage loan.
The bottom price for public bidding is 16,000 yuan (HK$20,200) per square metre, while those in the neighbourhood are selling their properties for more 30,000 yuan per square metre.
“The price is very attractive,” said Zhou, a senior manager at Century 21 China Real Estate. “But luxury homes don’t sell fast these days.”
…
focus! your getting to spread out on chinas problems. Start spending some of that time looking looking for a fixer in el cajon.
These stories are directly related to unaffordable housing prices in San Diego County. Just ask my Chinese-speaking, chain-smoking neighbors if you don’t believe me.
Statistic of the day;
“70% of all venture capital flows to three metro area’s…New York…Boston…Silicon Valley….”
do you get to smell their cigarette smoke rolling into your house ? That does piss me off.
You are living beyond your means in n county. Cruise out to santee and elcajon and find a shanty for 300k and put down roots. I know you have been renting for at least 10 years. Quit trying to fit in with the high rollers of n county.
“do you get to smell their cigarette smoke rolling into your house ? That does piss me off.”
We can shut the door when they he goes outside for a smoke. But I do feel tempted to ask him: If you like the smell of smoke so much, why not share it inside your 1300 square foot dream home with your loved ones rather than wasting it outside on the neighbors?
Just get some skunk in a can spray… when he smokes, close your door, then spray the spray. The negative feedback will quickly stop his annoying habit.
“stop his annoying habit.”
Mind your own business. That’s how America works.
that right there IS minding your business… It’s not letting other people infringe on your happiness, and just sitting by doing nothing.
Chinese home prices drop again in August -surveys
BEIJING, Sept 2 Tue Sep 2, 2014 12:39am EDT
(Reuters) - Chinese home prices fell again in August from the previous month, two private surveys showed, suggesting the housing market was slowing further despite efforts by the authorities to lift the sector.
Prices of new homes in 288 cities fell 0.3 percent in August from July, the fifth consecutive drop on a monthly basis, a poll by real estate services firm E-House China Holdings Ltd showed.
Compared to a year before, home prices in August were still up 3 percent, although that was slightly lower than July’s 4.3 percent annual increase. It was the 10th straight month that annual property price inflation had eased.
A separate survey by China Real Estate Index System (CREIS) showed average prices in 100 of the biggest cities fell 0.6 percent in August from July, the fourth monthly drop in a row according to its figures.
However, home prices were still up 3 percent in August compared with a year before, CREIS said, although the increase was smaller than July’s 4.7 percent.
“The property market was in a downtrend in August,” said CREIS, a consultancy linked to China’s largest property data provider, Soufun Holdings.
“With the peak season for supply coming in September and October, developers’ promotions and more reasonable prices will attract home buyers to enter the market,” CREIS said.
…
“… another bevy of stories about falling home prices in China…”
With no warning whatsoever.
No hints, no clues … nothing.
(Well, maybe those stories about Chinese ghost cities offered-up a clue or two.)
Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
The Scottish independence referendum is coming down to the wire. The Scots could have greater impetus of succession given the UK government’s disregard for popular resistance to out-of-control immigration and limitless bailouts and “stimulus” for the City of London grifters and their foreign oligarch pals.
http://www.independent.co.uk/news/uk/scottish-independence/scottish-independence-accusations-of-intimidation-and-violence-fly-in-from-supporters-of-both-sides-9704743.html
Crony capitalist exemplar Eric Cantor, the epitome of the sleazy neo-con Wall Street fluffer who has taken over the establishment GOP, got ejected in the primary by an upstart challenger who should be more true to republican principals. Cantor has naturally cashed in from his “public service” by passing through the revolving door to collect his reward from the banksters. If you like your crony capitalism, you can keep your crony capitalism.
http://www.businessinsider.com/details-of-eric-cantor-pay-package-2014-9
Only $3.4 million? That’s barely more than Chelsea Clinton’s payout.
Eric Cantor: political whore.
http://www.zerohedge.com/news/2014-09-02/eric-cantor-sold-former-head-republican-joins-ma-investment-bank-vice-chairman
U.S. ARMY PLANS TO BATTLE ANTI-GOVERNMENT DISSIDENTS IN “MEGACITIES”
Future operations will neutralize groups which ‘undermine the authority of the state’
by PAUL JOSEPH WATSON | SEPTEMBER 2, 2014
The U.S. Army is preparing to fight political dissidents who challenge the power of the state as “megacities” become the battleground of the future, according to a new report in the Army Times.
The article details how the Army’s Capabilities Integration Center (ARCIC) worked with US Army Special Operations Command, the chief of staff’s Strategic Studies Group and the UK’s Ministry of Defence earlier this year to wargame the future of armed combat, which will revolve around the neutralization of groups “who can influence the lives of the population while undermining the authority of the state,” a chillingly vague description which could easily be applied to political dissidents.
The plan foresees an unprecedented realignment of U.S. military strategy focused around putting “boots on the ground” in megacities to deal with “politically dispossessed” populations while relying on “more lethal and more autonomous” methods.
“It is inevitable that at some point the United States Army will be asked to operate in a megacity and currently the Army is ill-prepared to do so,” asserted a report by Army Chief of Staff Gen. Ray Odierno’s Strategic Studies Group, while Lt. Gen. H.R. McMaster warned that the Army will increasingly have to expand its presence to battle an enemy which operates in “other contested spaces like organized crime and politics.”
The report also notes how the Army will utilize directed energy weapons which “would allow U.S. to have direct-fire capabilities with significant logistics reduction, and to counter enemy long-range missile capability.”
The article also cites a recent report by the Australian Army which identifies the fact that “these cities represent the battlefields of the future.”
Confirmation that the U.S. Army is preparing to fight disaffected groups and individuals who attempt to ‘undermine the authority of the state’, which could apply to a whole host of perfectly legal political activities, is particularly concerning given the recent militarized police response to unrest in Ferguson, Missouri.
A 2012 study by the National Consortium for the Study of Terrorism and Responses to Terrorism at the University of Maryland which was funded by the Department of Homeland Security lists Americans who are “reverent of individual liberty” and “suspicious of centralized federal authority” alongside violent terrorist groups.
Will citizens who ‘undermine the authority of the state’ by espousing these beliefs also be a future target for the U.S. Army under this new doctrine?
Earlier this year we also highlighted how the U.S. Army built a 300 acre ‘fake city’ in Virginia complete with a sports stadium, bank, school, and an underground subway in order to train for unspecified future combat scenarios. The city included a Christian chapel and subway signs in English, suggesting it was intended to double as a domestic town in addition to an overseas location.
The Army Times report is also disconcerting in light of a recently uncovered U.S. Army training document which detailed preparations for “full scale riots” within the United States during which troops may be forced to engage in a “lethal response” to deal with crowds of demonstrators.
As with previous examples, the manual made it clear that such operations were being planned not just for foreign occupations but for inside the “continental United States (CONUS)” in the event of “unruly and violent crowds” where it is “necessary to quell riots and restore public order.”
The document also describes the deployment of a “lethal response” directed against “unarmed civilians,” including “sniper response” and “small arms direct fire,” while making reference to domestic political upheavals such as the 1999 demonstrations against the WTO in Seattle.
While the U.S. border remains wide open amidst reports of ISIS insurgents planning attacks, the fact that the security apparatus of the United States is more concerned with taking on political dissidents inside megacities is likely to prompt fresh outrage.
GoverThugs in all 4 directions
They got the guns but we got the numbers - Jim Morrison
We got lots of places to hide among crowds. Bureaucrash.
19 YEAR PAUSE IN GLOBAL WARMING
posted at 9/1/2014 10:15 PM EDT
http://blogs.news.com.au/heraldsun/andrewbolt/index.php/heraldsun/comments/no_warming_for_19_years?nk=9e0190e2de06c7eff302acb91d1b7b08” rel=”nofollow”>http://blogs.news.com.au/heraldsun/andrewbolt/index.php/heraldsun/comments/no_warming_for_19_years?nk=9e0190e2de06c7eff302acb91d1b7b08
For at least 19 and I am sure more, CO2 has been rising, but not temperature. A 10 to 15% error rate in the theory behind global warming climate change climate disruption is no cause for concern? Why are the moonbats led by the Dear Leader forcing CO2 emission regulations on us? Why are they willing to put a damper on the prosperity of Americans for this? They say they are for the “working families” but who is going to take the big one if Obama’s unconstitutional run around Congress succeeds? People who pay electric bills. Gee, isn’t that a virtual regressive tax on middle class families?
I’m sure that the climate jihadists who want to control everything from when you turn on your dishwasher to how big a vacuum cleaner you can have will employ “scientific” reasoning to explain the failure of their theory to conform to reality.
http://www.boston.com/…/news/politics/general/19-year-pause-in-global-warming/80/7460643 -
Warmists gonna warm, Jeff.
This picture is worth a thousand words.
“Your income is __________. You can afford a home worth _________.”
http://i.imgur.com/oPq49No.gif
Takeaway lesson: Some people never, ever learn.
The recently married 23-year-old intern in my office and his wife are looking to buy in the $400,000 range.
House prices cant go down because the big money people have their back.
But they’re falling anyways.
He can probably “afford it”. God bless him.
Liberace!
The orange man walks with $500 million and no jail time:
http://www.bloomberg.com/news/2014-09-02/angelo-mozilo-speaks-no-villainy-at-countrywide.html
What’s eating the gold bugs today? Interest rates haven’t even increased at all, yet the price is sinking…
miners come from bisbee, timbermen come from butte, muckers come from Coeur d’Alene so some timber down my shoot!
Bisbee doesn’t even have a working mine anymore, I believe. Copper Queen and Lavender Pit closed 40 years ago.
Miners come from Morenci now.
Of course, all the money ends up in New York, London, Tokyo, etc.
All mining towns seem to be shitholes. I hope the timber towns are better.
All mining towns seem to be shitholes.
Mining Ghost Town Real Estate Bubble?
http://www.kitco.com/news/2014-09-02/Mining-Ghost-Town-Real-Estate-Bubble.html
It seems an unlikely housing market could be forming as old, abandoned mining ghost towns have been getting some attention.
Arizona’s Gold Field Ghost Town
Why buy a single home when you could buy your own town?
Reports last Friday showcased a 50-acre abandoned town in Canada’s West Coast is on the market for C$995,000. Bradian, British Columbia, a former gold mining town that peaked in the 1930s, is not turn key ready, but the current owners looking to sell put some work into it.
There’s so much work that has to be done,” John Lovelace said to CTVNews.ca last week. “The good part about it, is the bad part. It’s all there left undisturbed in its natural state and it’s that way because it’s not on the beaten path.”
Arizona’s Gold Field Ghost Town
Not to your liking? Well, British Columbia has over 160 ghost towns scattered across the province in some form of abandonment or disrepair.
In mid-February, an abandoned gold mining town in Seneca, California was going on Craigslist for US$240,000, so there seems to be some kind of market for these relics of the past
What’s eating the gold bugs today ??
Gold is speculative…The dollar is safety…
Gold bugs like me are chomping at the bit to buy. My buying time is in late October / early November.
Food stamp use starting to fall, it’s a good thing there is no food price inflation, otherwise these newly hired $12/hour Lucky Ducks might struggle to put food on their families:
http://online.wsj.com/articles/food-stamps-starting-to-fall-1409606700?KEYWORDS=*
You’re conflating inflation with price fixing and bottlenecking.
Statists gonna state:
http://market-ticker.org/akcs-www?post=229347
http://www.shadowstats.com/alternate_data/inflation-charts
Eric Cantor (former tea party favorite!! LOL!) shows what he really cares about. He just took a job making a min of $1.5 MM as a director for a wall street firm.
I think it’s gotten past the point that anyone’s even interested in pretending that our political system isn’t one large corrupt toilet feeding the self-interests of the people that run it. I would be infuriated but instead I, like everyone else, just shrug.
http://politics.suntimes.com/article/washington/eric-cantor-joins-wall-street-firm-gets-seven-figure-pay-raise/tue-09022014-836am
“like everyone else, just shrug”
The execution of Nicolae Ceausescu:
http://m.youtube.com/watch?v=eJ6q1a6aDbA
Speaking of execution, IS just beheaded Steven Sotloff, the other American journalist held captive. We need to start thinking outside the box with these guys, perhaps paying local mercenaries to locate and abduct them, followed by a similar video beheading?
“…perhaps paying local mercenaries…”
That’s how ISIS got its start, IIRC.
Actually, the Constitution specifically authorizes congress to ” grant Letters of Marque and Reprisal” .
So yes, it would be awesome to see a big fat reward put on the head of ISIS members, and let capitalism work its magic.
Some would shrug it off by suggesting that that’s the free market at work.
Bloomberg WBBR, SEP 2 2014. “This bubble is extremely dangerous. “
which one? Several bubbles right now.
If you have to ask…..
cant be housing again
It sure is Poet.
r u unemployed?
Check this out Poet.
Walnut Creek, CA Housing Prices Plummet 20%YoY As Demand Collapses Statewide
http://www.movoto.com/walnut-creek-ca/market-trends/
Sad what happens when you lose a couple of planes.
By the way where is the first one? No word from CNN or other Media of late.
The short term memory (take that back - memory period) is a precious commodity in the good ol US of A.
http://money.cnn.com/2014/08/29/news/malaysia-airlines-restructure/index.html?iid=Lead
That dirty laundry is no longer interesting to the masses. I do wonder if anyone is still searching for the missing airliner? Or if they know what happened but aren’t telling.
There was something in the paper last week.
Optimism Is Renewed In Search For Jetliner
By MICHELLE INNISAUG. 28, 2014
SYDNEY, Australia — Officials expressed new optimism on Thursday that data from an attempt to contact the Malaysia Airlines flight that disappeared in the Indian Ocean could lead to the plane’s discovery.
“All of the countries involved remain cautiously optimistic that we will find the missing aircraft,” Australia’s deputy prime minister, Warren Truss, said at a news conference in Canberra, Australia’s capital, with the Malaysian transportation minister, Liow Tiong Lai, and China’s vice minister for transport, He Jianzhong
http://www.nytimes.com/2014/08/29/world/asia/officials-cautiously-optimistic-missing-malaysian-jet-will-be-found.html?_r=0
From comments on Zerohedge article on beheading:
“Looks like Ogolfer beheadin back out to the links”
“like everyone else, just shrug”
The execution of Sotloff:
Who benefits from these videos? Who has claimed the justification to bomb and invade on the basis of these executions? Nothing with this ISIS stuff has added up. I don’t believe anything we’re being told about this entire situation.
Buy the aerospace stocks. I agree, none of it adds up. Everyone is pushing for war.
Everything is propaganda, but the fact remains that these journalists were brutally tortured and murdered. We need to advise ALL media to stay away from these terrorist hotbeds, and make sure they know that if they decide to go, they are on their own. I have mixed emotions as to whether or not we should even try to save any remaining hostages. I’d rather try to vet and fund some local mercenaries to handle the dirty work. It’d probably be much cheaper, and more effective. We need to get out of the middle east period.
We need to get out of the middle east period.
USA would have been out of the Middle-East by now. We had a plan, the plan was scrapped 34 years ago.
Why We Won’t Invade Iran
http://artvoice.com/issues/v5n20/why_we_wont_invade_iran
….Rather than take a Republican “vote for me and you can eat all the ice cream you want, never get fat and drive your SUVs forever” approach to government, (President Jimmy) Carter warned the nation that our addiction to Mideast oil was killing us, and that we had to address it immediately. …..
He set forth a plan to institute a 50 percent cut in US consumption of foreign oil by 1990. He asked Congress for “the most massive peacetime commitment of funds and resources in our nation’s history” to develop homegrown sources of alternative energy. Praising American technology, he set a goal for the US to get 20 percent of its energy from the sun by the year 2000—a plan that would have made us the Persian Gulf of solar power and an exporter of solar technology. He suggested paying for his solar Marshall Plan by enacting a windfall profits tax on oil companies. And he suggested spending an additional $10 billion on public transportation, creating alternatives to automobile dependency. Conserving fuel, according to Carter, was “an act of patriotism.”
Carter’s plan would have strengthened our economy and national defenses while protecting the global environment from scourges such as global warming. Energy independence would also have decimated Iraqi, Saudi and Iranian political and economic power.
A year later Carter lost his bid for re-election …..Ronald Reagan won the presidency …..As one of his first official acts in office, Reagan ordered Carter’s solar panels removed from the White House roof, eventually scrapping Carter’s energy conservation and independence initiatives altogether. Reagan and his successors then led America blindly through a generation-long orgy of reckless energy consumption and apocalyptic environmental polices. The Reagan/Bush/Clinton years saw the unchecked development of auto-dependent suburban sprawl and a stagnation in fuel efficiency as cars once again grew fatter and more powerful and public transit systems crumbled.
Carter’s presidency was flawed on many levels. But if he had been re-elected, we would have had an imperfect but sane energy and environmental policy. Carter was also working to bring us in line with the rest of the industrialized world by developing a national healthcare plan.
…If Carter had been re-elected, we probably wouldn’t be facing the economic and environmental vulnerabilities with which our oil-addicted lifestyle curses us
I’ve seen a better one than this:
https://www.youtube.com/watch?v=MZXqlLl8oPA
but every president since LBJ has been saying we’re going to quit being dependent on the Middle East and formed a plan for becoming energy independent. I’m sure in your mind each time the democrats had plan it was thwarted by the republicans.
Carter was a terrible president, by the way. I can believe you like him.
each time the democrats had plan it was thwarted by the republicans.
Carter’s plan or or even concept of energy independence was thwarted by Reagan/Bush. Now that’s just a historical fact that you can’t dispute.
Carter was a terrible president, by the way. I can believe you like him.
I like the following much more than Middle-East wars:
“…….Carter asked Congress for “the most massive peacetime commitment of funds and resources in our nation’s history” to develop homegrown sources of alternative energy. Praising American technology, he set a goal for the US to get 20 percent of its energy from the sun by the year 2000—a plan that would have made us the Persian Gulf of solar power and an exporter of solar technology…… Carter’s presidency was flawed on many levels. But if he had been re-elected, we would have had an imperfect but sane energy and environmental policy.”
At this point we import little oil from the Middle East. There are a number of big exporters closer to home, such as Canada, Venezuela, and Nigeria.
So you might ask the question why the American PTB seek to influence the affairs of the Persian Gulf to such a great degree. One theory is that they seek to control the whole planet and keeping a lid on Arab and Persian nationalism is necessary to do that.
At this point we import little oil from the Middle East. There are a number of big exporters closer to home, such as Canada, Venezuela, and Nigeria.
True but oil is fungible on the world market. If the huge Mid-East supply is disrupted, it affects the price everywhere.
Real Evil exists. I know it’s hard for progressives and libertarians to grasp, but you must accept that fact. Leaving them alone does not stop their march, just like ignoring a bully or stalker will not stop them from kicking your a.. or k.lling you.
Modern Evil:
1. National Socialist German Workers Party
2. Communinsts
3. Islamists
Real Evil exists……Leaving them alone does not stop their march,
A huge part of the Islamists’ “march” and the rise of their evil is because we were and are there, and killed hundreds of thousands of their fellow brethren . Don’t poke bears for endless decades and not expect horrible backlashes.
IMO, if the USA had followed Carters energy plan or something similar and gotten out of the Middle-East, the problems there and the evil it created would be much less.
New Mortgage Monitor out today:
http://www.bkfs.com/CorporateInformation/NewsRoom/Pages/Mortgage-Monitor.aspx
Meanwhile back in the US:
http://www.breitbart.com/Breitbart-TV/2014/09/01/Report-philadelphia-police-confiscating-thousands-of-families-homes
‘Mortgage crisis’ is coming this winter: Bove
http://www.cnbc.com/id/101963571#.
A toxic brew is bubbling in the housing market that will lead to a mortgage crisis by winter, banking analyst Dick Bove said.
Now that the Federal Reserve is nearly done with its monthly bond-buying program, which includes mortgage-backed securities, and Washington continues on its quest to unwind Fannie Mae and Freddie Mac, conditions could get dicey in the home loan market.
Read MoreWhat matters more to housing: Price or rates?
Bove envisions a scenario in which long-term financing, like the ubiquitous 30-year mortgage, that has come with fixed interest rates is endangered as mortgage buyers dry up.
“This means there will be less money available to fund housing, and the terms of the available funds will be considerably more onerous than what
As part of its quantitative easing program, the Fed had been buying as much as $40 billion a month of mortgage-backed securities—known as MBS and essentially mortgages bundled into products for investors. However, that buying has been reduced to $10 billion a month as part of a process often referred to as “tapering.”
At the same time, Congress is on a path to unwind Fannie Mae and Freddie Mac, the two government-sponsored enterprises that were bailed out during the financial crisis.
Bove credited the MBS program—which was coupled with purchases in Treasurys—with rescuing the housing market from its moribund state prior to the start-up of the third QE phase in 2012.
“Bove envisions a scenario in which long-term financing, like the ubiquitous 30-year mortgage, that has come with fixed interest rates is endangered as mortgage buyers dry up.”
Bove must be on something, because there’s no way in Hades the government would allow an end to 30 year mortgages. Nothing, I mean NOTHING, would cause house prices to crater more quickly and violently.
DJ Danger Mouse mixes an a capella track of Jay Z’s the Black Album over the Beatles’ White Album:
https://www.youtube.com/playlist?list=PLF27428868443F302
“Only God can judge me so I’m gone, either love me, or leave me alone”
More ex-Senators for sale to highest bidder.
http://www.businessinsider.com/r-two-ex-us-senators-to-lobby-for-sanctioned-russian-bank-2014-9
The sky is falling on Chinese corporations.
http://wolfstreet.com/2014/09/02/the-sky-is-falling-on-chinese-corporations/
I got my Wal-Mart check order today, and it was 50% net cheaper, and it took 3 days. I love the way they came packaged, a book of 6 stacks. Very convenient. I loved the online ordering, and I cut out the cu profit. Thought I’d share my great find. I didn’t know Wal-Mart had a check printing service, until I snooped in their “money center” section online.
The tiny house movement spreads its wings. We don’t need no stinkin’ McMansion….
http://tinyhousetalk.com/tiny-house-movement/
Just say no to rampant consumerism and life as a debt serf: life in a tiny house.
http://www.businessinsider.com/i-lived-in-a-tiny-house-2014-8?op=1
if i recall, the ppsf of these is ridiculous… something like $300/sq ft. and you get zero land to go along with it.
Fed: US consumers have decided to ‘hoard money’
CNBC By Jeff Cox
5 hours ago
One of the great mysteries of the post-financial crisis world is why the U.S. has lacked inflation despite all the money being pumped into the economy.
The St. Louis Federal Reserve thinks it has the answer: A paper the central bank branch published this week blames the low level of money movement on consumers and their “willingness to hoard money,” as well as the Fed’s own policies.
———————————————————————————
In other news
“only 48% of respondents would be able to cover an emergency expense of $400 without having to sell something or borrow.”
Americans Have a Hard Time Covering Emergency Expenses
10:09 am ET
Aug 13, 2014 ECONOMICS
By RANI MOLLA
A recent Federal Reserve Board report aimed to paint a picture of American household finances following the recession—and it’s bleak, especially in situations that require cash.
That’s likely because Americans have little savings: 57% of those who had savings prior to 2008 said they used up some or all of it following the recession, according to the report. (A recent report by bankrate.com showed that 1 in 4 had no savings at all.) Declining savings makes emergency expenses more difficult to cover.
According to the survey, only 48% of respondents would be able to cover an emergency expense of $400 without having to sell something or borrow. About 43% said they wouldn’t be able to afford a major medical expense out of pocket.
Conducted by marketing research firm GfK, the survey asked 4,134 American adults about a wide range of economic details, including retirement savings, educational debt, medical expense and homeownership.
blogs.wsj.com/…/americans-have-a-hard-time-covering-emergency-expenses-1698/ -
Good idea. Maybe I will start hoarding! Oh wait…
Tune in tomorrow for more lie crushing housing data and charts.
See you bright and early!
how many beers tonight?
Peter Schiff on the Housing Market (Look out Below!)
http://www.lewrockwell.com/2014/09/no_author/look-out-below/
It’s ironic to see a Realtor® write this:
Las Vegas Real Estate News
“Newly built quality homes” is, IMHO, an oxymoron. How many of these will still be standing in 100 years? By way of contrast, in many of the more rural places in Virginia, there are scads old brick-and-plaster places built from 1890-1920. Still standing and still functional.
The differences in use of space are harsh. The sitting room of the early 1900s morphed into the living room of the post-war era. That feature is now a “great room”. I can’t see the value of having a TV blaring in the same space where I want to study, read or listen to music. People have adapted by making basements into “family rooms”, with pool tables and TVs, mimicking the functionality of pre-war layouts. By way of contrast, mudrooms (a really useful feature), shade trees and wraparound porches went by the wayside as the builder mafia threw shacks up with no consideration for solar orientation or prevailing winds. Not to mention spring houses and root cellars.
Wanna cut down your overhead? Start rolling yer own and overwintering the products in a nice, 50 degree root cellar.
I would think that the older, chopped up layouts may have compensated some for deficits in insulation. Create enough cells of closed air space, and the place may be warmer.
I try to imagine a Ryan house (or equivalent) that’s still standing in 2100. Can’t do it. There are going to be a lot of crapshacks to tear down, cluttering already overloaded landfills.
I’ve got to chuckle at my self-indulgent folly. Transitioning from the concrete jungle to the boonies (as long as the boonie has high speed internet). Oh well, I’ll consider it a hobby. Everybody’s got to start somewhere, lol!
Back to housing: I get info from every list, search engine and spider imaginable. There are no price increases. Of the 20 ‘for sale’ things that meet my criteria (enough land; water on the property; woodlot; pasture), the wishing prices are drifting down. For grins and giggles, I get another 200 daily listings for typical houses (but none with less than 1 acre). Same story.
The pimping continues, but the direction is weak.
Y’all may be glad to know that in any conversation with a realtwhore, I use HBB terminology: pimped-up price, wishing price, used house seller, builder mafia, illegal alien who can’t read a level, shack.
In response, they persist with insulting behavior by alluding to some shack I’m going to “fall in love with” and then price won’t matter. I look them in the eye for long enough to make them uncomfortable. I say “This is a business decision about a pile of sticks slapped together by a bunch of illegal aliens in the cheapest possible manner. And about the dirt that it’s falling apart on. Don’t insult my intelligence”.
Crickets. But the hype does, thankfully, stop streaming.
It turns out a realtor didn’t write this. It’s from Dr. Housing Bubble, quoted without attribution.
Prozac Nation.
http://www.zerohedge.com/news/2014-09-03/30-million-americans-antidepressants-and-21-other-facts-about-americas-endless-pharm