Old Man Panic And The Ghost Of 2006
The News Press reports from Florida. “The south Lee housing market continued its hot streak last month, even as the region moved into its traditional slow season. Several key real estate indicators jumped double-digits in June 2015 over the same period a year ago, according to the Bonita Springs-Estero Association of Realtors. The numbers come as a welcome surprise to local realtors, who in the past have slogged through slow summer months. ‘Traditionally, this is considered the off-season, but buyers are flying down. They shopped during the season and are buying homes now,’ said Judi Gietzen, 2015 president of the realtors association.”
The Tampa Tribune. “Single-family home sales are ‘red hot’ in the Tampa metro area, jumping 28.5 percent in June, compared to the same month in 2014. That is nearly triple the national increase of 9.6 percent and ahead of the state, which experienced a 19.6 percent increase in sales. ‘If you are trying to buy, it is absolutely red hot right now,’ said Barbara Jordan, 2015 president of the Greater Tampa Association of Realtors, Inc. ‘It is not unusual for a house to have multiple offers in 24 to 48 hours if it’s priced right. I’ve been involved in cases where there are eight offers.’”
“Today’s market bears similarities to the real estate market in 2005 and 2006, before the housing bubble burst, Jordan said.”
“With houses selling at warp speed, buyers have to check listings daily and even resort to adding an extra touch, or in some cases, extra cash, said Thomas O’Bryant, Jr., executive director of the Greater Tampa Association of Realtors. O’Bryant said he’s also heard about love letters to sellers from buyers hoping to get that extra edge, some including pictures of the family that wants to move in. ‘Most of the time, you, as a seller, never even meet the people looking to buy your house. So, if you can have some way to put heart into it, more power to ya. I might do that, myself,’ O’Bryant said.”
The Miami Herald. “Nearly 1,400 single-family homes were sold in Miami-Dade County in June, an all-time record monthly high. The previous record was set during the housing bubble in June 2005 when about 1,320 single-family homes were sold, according to the Miami Association of Realtors.”
From Florida Today. “Brevard County’s home sales statistics for June are in, and they are impressive, as both the number of sales and the median sales price jumped significantly. But is the ghost of the torrid housing market of 2004-06 a concern? ‘I’ve kind of heard a little bit about that around town, but I don’t think so,’ said Andy Waterman, broker/owner of Waterman Real Estate in Melbourne.”
The Orlando Sentinel. “Home sales in Metro Orlando and throughout the state rose enough in June to raise questions of the market overheating. Tina Israelson, an agent for Longwood-based Infinity Real Estate, said she has concerns that the market has ramped up too much. She said she would like to see a greater share of home listings under contract and a more vibrant economy. ‘In my opinion, I think things are overheating,’ Israelson said. ‘I think we’re getting to the same point we were in during 2005, but that’s my opinion. A lot of people think it’s just fine.’”
“‘With the continued growth in both sales and prices inFlorida, it raises the question of whether the market is starting to overheat,’ said Florida Realtors Chief Economist Dr.John Tuccillo. Upward pressure on prices across the state may soften somewhat in the months ahead with new condominium projects rolling out in certain markets, Tuccillo said.”
The Herald Tribune. “One of the largest real estate investors in the nation has started to unload its Southwest Florida inventory. The California equity group that has been busy buying up distressed homes in Florida during the recovery and converting those houses into rentals is beginning to slowly cash out. Now that housing values are rebounding, Colony has begun to test the waters as a seller — in what could be the first of many rounds of liquidations.”
“Colony has sold at least 13 of the investment homes it bought in Sarasota and Manatee counties — turning a profit on each one — and grossing a total of $806,200 on those deals, records show. Blackstone has been slower to enter the re-sale market, unloading just of the two of the homes it previously snapped up, both for modest gains.”
The Palm Beach Daily News. “Banking in Palm Beach has always been a little different, starting with the days of the Farmer’s Bank & Trust Co., which opened in 1913. Farmer’s went under in the late 1920s after a crash caused by over-speculation in land and by the Great Miami Hurricane, which also heavily damaged Palm Beach. David Reese still has a stock certificate from the institution for two shares. ‘My father [Claude Reese] always said that was his investment in the bank.’”
“Many Florida banks were already struggling in the early 1920s from the real estate bust. ‘Florida is always the first to be affected by a financial crisis and the first to recover,’ said Debi Murray, chief curator at the Historical Society of Palm Beach County. A July 1926 newspaper story about runs on local banks noted that they looked ‘comparatively mild to those who in other places [that] have seen Old Man Panic smashing banks like a cook would break eggs to make an omelet.’”
“And although Palm Beach financial institutions still strive for concierge treatment of their clients, it’s hard to beat this story from Hazel Sowell, who was with the First National Bank from its earliest days. ‘There were eight of us working for the bank when it opened,’ Sowell, who eventually became a senior vice president, told Palm Beach Life in 1977. ‘There was no stenography service in town. If there was a letter to be written, people would call the bank and say, ‘Send Hazel over. I haven’t paid my bills in six months and I need some letters written.’”
he who panics first, panics best.
There’s a lot of red out there this morning. And crow.
With all this boom-boom in Florida, one has to wonder; does Yellen have it under control? Is anybody in Washington paying attention? We hear all this talk about “government must regulate business”. Where is it?
heating up is just where they want it. No one in California can conceive of a drop any more. All Bubble callers are considered fools again.
The current crushing losses in commodities and Chinese stocks are going to catch up to U.S. housing, with a lag that reflects market inefficiency.
No one in California can conceive ??
Whats up with your California faddish ?? Isn’t there other markets out there that are overheated worldwide ?? You have a envy problem ??
Why would anyone envy the most impoverished state in country?
California The Welfare Capital Of The US
http://www.sandiegouniontribune.com/news/2012/jul/28/welfare-capital-of-the-us/
https://www.youtube.com/watch?v=D58LpHBnvsI
I bought in Orlando in January. I paid $5k below 1999 price it sold new. Zillow tells me I have accumulated $210k appreciation in a little less tha 8 months, LOL…..yeah right!
You poor bastard. Literally.
We bought a house in 2010 in CA for $390,000. Zillow says $750,000. I’ll just keep paying down my 3.25% loan until it is paid in full. Saving $600/month over renting.
It’s the inferiority complex of the flyoverlander that drives them.
And the reality? You couldn’t find a buyer for half the amount you’ve got in it Jingle_Fraud.
‘The area’s tallest skyscraper would rise on the site of the ill-fated Trump Tower (vacant land pictured in foreground) along the downtown riverfront under plans filed this week with the city.’
‘Feldman Equities, a St. Petersburg-based developer headed by Larry Feldman, filed plans for a 52-story, mixed-use building at Ashley Drive and Brorein Street.’
‘Ten years ago, Donald Trump, the New York real estate developer, reality television star and current Republican presidential candidate, swaggered into town to announce construction of the Trump Tower luxury condominium complex at Ashley and Brorein. The recession and a series of lawsuits smothered that project before construction began, and the land was last used as a staging area for construction on the city’s Riverwalk.’
‘The structure follows with 14 stories of office space and 30 floors featuring 203 luxury residences.’
“I could not be happier with the announcement,” Tampa Mayor Bob Buckhorn said Tuesday. “It is exactly what that site can handle and what it deserves. It will have one of the best view corridors out onto the bay and over to the minarets in the city … What really makes me happy is the retail, the bars and restaurants, on the Riverwalk.”
‘Richard Gehring, Pasco County’s strategic policy administrator, said the county’s southern corridor already has a population of about 125,000 people. In 15 years, that number is expected to be 320,000. “This is our urban corridor,” he said. And where you have rooftops, retail follows. “There is dirt flying all the way from Little Road to U.S. 301.”
‘But all of the new investment, all of the expensive new homes won’t help southern Pasco shed its bedroom community reputation until it translates into true job creation. Today, roughly 85,000 Pasco residents leave the county to go to work.’
“You have to have the jobs. You can’t just have everyone going somewhere else to work,” said Barbara Caldwell, department chairwoman of accounting, finance and economics at Saint Leo University. “You don’t want to become saturated with retail.”
‘The third piece of the puzzle is industry, and Pasco still can’t compete with its neighbors to the south despite having an abundance of land and an educated workforce. Even with the explosive growth of the past few years, the county still struggles to remain solvent because 75 percent of its tax base is residential.’
‘The south Pasco scenario could be seen as eerily reminiscent of the early 2000s, when developers snapped up the area’s ranches and promised mile after mile of gaudy subdivisions. With the burst of the housing bubble and the collapse of the economy, the sites became known as “ghost subdivisions,” their model homes standing empty, their sidewalks leading nowhere, their lawns overgrown.’
It will be interesting to see how things turn out in Southern Pasco. It is a mess for sure, with subdivision after subdivision springing up along state road 54. It’s a string of unincorporated towns, Trinity, Odessa, Lutz, Land O Lakes, Wesley Chapel and Zephyrhills. Weird mix of retirees and families. It is a mecca for families relocating from the Northeast. The congestion is horrible.
It’s the county just to the north of Hillsborough, where Tampa is located. Many people do commute to the Tampa area, lots of people living there work at USF.
I think it is an environmental nightmare. The substrate is like swiss cheese, so I think we’ll be seeing an epidemic of sinkholes in the not too distant future. Especially since we’re having a period of very wet weather right now, which, if it is followed by a long period of dry weather, is a recipe for sinkhole disaster.
zepher hills is freaky
swamp folk
Did it rain on Friday and Saturday or what? Where I live we got about six inches of rain. It was like a tropical storm in terms of quantity.
The traffic congestion in south-central Pasco is a problem, but worse is the total faceless sprawl, just strip malls and subdivisions repeating each endlessly and depressingly. Every time I drive out to Wesley Chapel or Land O’Lakes it takes an hour and there’s no visual reward whatsoever once you arrive. News flash to those thinking about moving: this isn’t paradise for anyone but the developer who got rich. I liked it better when it was pasture.
Maybe it’s just me, or selective newspaper reporting, but that area also seems to have a disproportionate amount of middle-class deviancy.
Still raining here now, it’s been days of wet weather.
The sprawl is horrific. I used to love to take a drive up to Pasco and enjoy the space, stop in Dade City for some local color, eat at the Mexican restaurant in San Antonio. Now, there’s not much space left to enjoy.
Heh, the middle class deviancy is the result of the low life economic migrant scum from the Northeast and mid-Atlantic moving to Florida.
How’s Colombia doing these days? I keep hearing good things.
Like most emerging markets, in the last eighteen months the peso has fallen spectacularly against the dollar — anyone thinking about a vacation there would do well to take it now, when both the exchange rate and the security situation are favorable. It’s like the planets are in alignment. (The new tourism slogan: “the only risk is wanting to stay!”) I am likely to be spending some time in Bogota next year, so I’ll be able to give another on-the-ground report about housing bubble matters.
Folks who recently purchased in markets supported by all-cash Chinese investors may soon be in for a rude awakening, as selling real estate investments becomes an increasingly popular means to raise cash for covering stock market margin calls.
‘It’s been about a year since Julián Castro stepped out of the job as mayor of his beloved San Antonio and into the job of secretary of Housing and Urban Development, but all anyone wants to know is whether his next step is becoming Hillary Clinton’s running mate.’
‘It’s understandable. Castro is regarded as the potential first Latino vice president and perhaps, one day, president.’
‘Castro wouldn’t say in an interview with NBC News what his next step is, but he did say he doesn’t mind if the political prognosticating gives his work at HUD - or what he calls the Department of Opportunity - a higher profile.’
“I’m happy to do Jiu-Jitsu to get them to care about what we are doing on housing, because these issues are just supremely important to people all along the economic spectrum,” Castro said, jokingly breaking from his usually reserved public persona to feign a martial arts move from his chair.’
‘A year ago Monday, Castro took over running the 8,000-employee agency with a $46 billion budget as the country was pulling itself out of a housing crisis. Last week, existing home sales were at their highest in eight years, keeping the housing recovery going, despite a drop last month in new home sales. “It’s hot,” Castro said.’
Wow, that’s a real regulator talkin’ there. Him and Easy Money Watts have it all under control.
smells like smelly MEL WATTS
I just got this press release:
‘As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.’
‘FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.’
“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro. “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”
‘In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.’
‘Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.’
‘FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.’
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2015/HUDNo_15-001
Seems like by luring in low-income households to buying homes at Echo Bubble peak prices, he is setting them up for major losses, once the highly contagious Chinese economic flu infects the U.S. housing market. Of course, household-level economic devastation may smell like political opportunity to Democratic politicians eager to show off their crisis management skills.
One of Obama’s worst appointments.
I really don’t get what’s up with all the political-warrior types being appointed to cabinet posts, instead of appointing capable, efficiency/reform-focused managers.
Both parties do this and it’s really aggravating.
Liberace!
Ben:
I again post this for your edification - Castro is a real piece of work.
http://www.nationalreview.com/corner/420896/massive-government-overreach-obamas-affh-rule-out-stanley-kurtz
‘A report from the Office of Economic and Demographic Research within the Florida Legislature shows general optimism about multiple facets of the state economy, but a few issues still remain.’
“Florida growth rates are generally returning to more typical levels and continue to show progress,” the report states. “However, the drags are more persistent than past events, and it will take another year to climb completely out of the hole left by the recession.”
‘Florida saw real GDP growth of 2.7 percent in 2014, compared to a national average of 2.2 percent. The report did raise concerns about the labor force participation rate. Florida’s labor force participation rate was 59.3 percent in May, down from a pre-recession peak of 64 percent. It also noted that only 17 counties had a higher percentage of employed workers from the peak in 2007, and noted that even though total employment has passed the 2007 numbers, population growth has outpaced job growth in that span.’
“It would take the creation of an additional 580,000 jobs for the same percentage of the total population to be working as was the case during the peak,” the report says.’
‘Real estate appears to be making a solid recovery, as existing home sales in 2014 surpassed their 2005 number, and reports project 2015 to be even better. While peak prices are down by nearly a quarter, median sales prices have continued to trend upward since 2011, with prices now similar to those in 2008.’
‘Where the state once led the nation in foreclosures and non-current mortgages, Florida now ranks ninth in the nation and as the first wave of foreclosures move farther past the seven-year mark, the tradition point at which foreclosures fall off credit reports, officials are optimistic that those people will be more able to re-enter the housing market and homebuyers.’
A 3% increase in GDP explains a 20% increase in houses prices month after month.
“It’s different this time.”
Isn’t that what we always here before a crash?
“It’s different this time.”
The most expensive phrase in the English language.
‘What could be the first condo projects in downtown Delray Beach to launch sales this decade has new branding and a deposit requirement much lower than most South Florida projects.’
‘Vergara said he plans to launch sales in August or September. Prices will run from the $400,000s to the $800,000s. The smaller units will be priced from the mid $400s per square foot and the larger units will be listed from the high $500s per square foot.’
‘Buyers will be asked to deposit 20 percent – with 10 percent initially and another 10 percent upon signing a contract. That’s much less than the 50 percent deposits required in most Miami condo projects.’
“We think a very small percentage of our buyers could be international,” Vergara said. “We don’t want to limit our market by putting a high deposit threshold …. If we see that our buyer is capable of putting an additional 10 percent, we may require it.”
Downtown Delray at those prices? I’d at least expect waterfront for that money!
NASDAQ Biotechnology (^NBI)
http://finance.yahoo.com/echarts?s=^NBI+Interactive#{%22range%22:%225d%22,%22allowChartStacking%22:true}
Down 6% in 5 days.
‘Tis a mere flesh wound!
Markets | Mon Jul 27, 2015 10:02am EDT
Chinese shares tumble 8.5 percent in biggest one-day drop since 2007
SHANGHAI | By Samuel Shen and Pete Sweeney
Chinese shares slid more than 8 percent on Monday as an unprecedented government rescue plan to prop up valuations ran out of steam, throwing Beijing’s efforts to stave off a deeper crash into doubt.
Major indexes suffered their largest one-day drop since 2007, shattering three weeks of relative calm in China’s volatile stock markets since Beijing unleashed a barrage of support measures to arrest a slump that started in mid-June.
“The lesson from China’s last equity bubble is that, once sentiment has soured, policy interventions aimed at shoring up prices have only a short-lived effect,” wrote Capital Economics analysts in a research note reacting to the slide.
…
‘Investors “are concerned and lost,” said Alex Wong, a Hong Kong-based asset-management director at Ample Capital Ltd., which oversees about $155 million. “China’s market is distorted, so you can’t sell short very confidently and you can’t buy up very confidently either.”
“The markets in China now are not really markets,” Donald Straszheim, head of China research at New York-based Evercore ISI, said on Bloomberg Television last week. “They are government operations.”
‘For Ken Chen, a Shanghai-based analyst at KGI Securities, the more likely explanation for Monday’s tumble is that the government is struggling to prop up overvalued shares. At 66, the median trailing price-to-earnings ratio on mainland bourses is higher than in any of the world’s 10 largest markets. It was 68 at the peak of China’s equity bubble in 2007.’
“It’s hard to start a new up move after a bubble bursts,” said Chen. “I don’t think they are able to prevent it falling.”
http://finance.yahoo.com/news/quick-8-5-crash-confusion-140803059.html
‘The markets in China now are not really markets’
So what happened to all that market liberalizing and reform? And we hear China is basically all the global growth. Now growth for growths sake isn’t necessarily good. But we’ve got a lot of things with growth priced in. And if China ain’t gonna be it, what what the do?
‘With most of its growth coming from China, should Apple be worried?’
http://finance.yahoo.com/news/with-almost-all-of-its-growth-coming-from-china–should-apple-be-worried–152905340.html
It’s the California real estate market that should be worried.
I asked months ago, were buyers going to step in and pay hedge funds over-asking prices?
‘The California equity group that has been busy buying up distressed homes in Florida during the recovery and converting those houses into rentals is beginning to slowly cash out. Now that housing values are rebounding, Colony has begun to test the waters as a seller — in what could be the first of many rounds of liquidations.’
‘Colony has sold at least 13 of the investment homes it bought in Sarasota and Manatee counties — turning a profit on each one — and grossing a total of $806,200 on those deals, records show.’
Is this the answer?
‘Traditionally, this is considered the off-season, but buyers are flying down.’
This was interesting to me:
‘Blackstone has been slower to enter the re-sale market, unloading just of the two of the homes it previously snapped up, both for modest gains.’
Oh dear, is that modest gain taking into account selling costs? Because if it isn’t it might even be that Blackstone paid too much!
‘Goldman Sachs is telling clients to hedge the bio-technology sector in anticipation of a sharp decline. Early Monday, the bank told clients to buy SPDR S&P Biotech ETF (XBI) December $230 puts. With all of the nervousness about biotech valuations, options prices should be extremely high. This would reflect the sharp declines in major stocks, including Biogen (BIIB), which cratered on earnings.’
‘But investors do not seem to have rushed to hedge bio-tech stocks or to wager on declines…In translation, this means SPDR S&P Biotech ETF options prices do not yet reflect the fear, and dashes of panic, that are characterizing the bio-tech sector. Options are trading without a big fear premium, enabling investors to hedge or short biotech through December without paying top dollar in the options market.’
http://blogs.barrons.com/stockstowatchtoday/2015/07/27/goldmans-rx-for-volatile-biotech-stocks/?mod=yahoobarrons&ru=yahoo
‘Money is flowing into bonds issued by the riskiest of companies, home prices in some big U.S. cities are soaring, shares of technology companies are still near all-time highs — even after a drop this week — and auction houses are enjoying record sales of art. A Picasso painting sold at Christie’s for $179 million in May, the highest ever for an artwork at auction, prompting one dealer to exclaim, “I don’t really see an end to it.”
‘Jack Ablin, chief investment officer of BMO Private Bank, thinks people have faced so many crises that they have become numb to fear. “Things have worked out,” he says, “and that has emboldened investors.”
‘It’s gotten to the point that even the biggest bulls are conceding that, yes, after a tripling of prices since 2009, stocks are getting a tad expensive or, to use their delicate phrase, “fully valued.”
‘Homes in hot markets like Miami and Seattle are looking pricey, too. In San Francisco, prices have jumped 61 percent in just three years, according to the Standard & Poor’s/Case-Shiller index.’
‘People are also putting money into “high yield” bonds, so called because the iffy companies that sell them must offer fat interest payments to get you to open your wallet. Or at least they used to. So heavy has been demand for the bonds, that these companies are paying interest of 6.6 percent, versus 10 percent four years ago.’
‘James Abate, chief investment officer of Centre Funds, thinks investors are too confident, and maybe a little blind. You’d have to go back 3 1/2 years to find the last time investors got really scared, selling enough to push the S&P 500 index into a “correction,” or drop of at least 10 percent.’
‘Abate thinks stocks will soon fall by that much, possibly more, and so he’s bought an insurance contract for his fund that will pay off when they do. “We’re not complacent,” he says, “about the complacency.”
http://www.stltoday.com/news/scary-headlines-don-t-deter-investors/article_bc266344-c03a-5e4c-b5b2-a6d937668ef2.html
Dr Copper told us what was going to happen in China. What’s he telling us now?
‘Copper Extends Six-Year Low on China Stock Rout’
‘Prices fell to $2.3375 a pound, the lowest intraday level since July 2009. China is the world’s largest copper buyer, accounting for 40% of global demand, and many worry that larger purchases by other countries won’t offset weaker demand from China.
“Copper is weak because the Chinese economy is a very big factor in the copper trade, and you’ve seen copper weakness now for quite some time,” said George Gero, a senior vice president with RBC Capital Markets Global Futures in New York.’
‘On Monday, copper prices extended their losses after the Shanghai Composite Index posted its worst daily percentage fall in eight years.’
http://www.nasdaq.com/article/copper-extends-sixyear-low-on-china-stock-rout-20150727-00742#ixzz3h6n8GYZC
Check out Taiwan’s stock index over the last month.
BTW, Taiwan’s housing market, one of the most expensive in the world, is dropping in some markets now after near riots by young people forced the government to get chopping.
Lots of places with frothing real estate markets are heavily invested in biotech.
San Diego life science ranks 4th in U.S.
Drops two places from last year; Raleigh-Durham rises to #2, Boston remains dominant
Mugshot of Bradley J. Fikes
By Bradley J. Fikes | 6 a.m. July 21, 2015
San Diego County’s life science cluster ranks 4th in the nation, down from 3rd place last year and 2nd in 2013, in a new report from the commercial real estate company JLL.
But the fall in rankings is less drastic than it seems, said researchers with the Chicago-based company, formerly called Jones Lang LaSalle. In the weighted score that determines the rankings, San Diego is fairly close to 2nd-place Raleigh-Durham and the San Francisco Bay area, which ranked 3rd. First place went to the greater Boston area.
Life science, including biotech, is highly sought after because it offers well-paying jobs and the promise of improving health. San Diego area companies like Illumina with a market value of nearly $35 billion, illustrate the financial potential. Receptos, developer of a multiple sclerosis drug, was sold last week for $7.2 billion. San Diego County institutions got more than $830 million last year from the National Institutes of Health.
As the industry grows, so does the need for real estate. Nationwide, the top clusters are running short on laboratory space, the report stated. Rents rose over the last year by 15 percent in San Diego, and nearly 17 percent in Boston. Nearly 100 percent of lab space in the sixth-ranking Los Angeles/Orange County area is occupied, the report stated.
Boston remains the clear leader, as it was in 2014, said research analyst Dana Westgren, author of the report. But Boston’s lead in the weighted score eroded from 14.5 points in 2014 to 6.1 points this year. The scores are a composite of individual measurements, such as the percentage of life science employment; growth in life science employment; and life science funding from the National Institutes of Health.
Boston received a score of 72.5; Raleigh-Durham 66.4; the San Francisco Bay Area 64.3, and San Diego 63.1. In 2014, Boston received a score of 86.9; the San Francisco Bay Area 72.4; San Diego 70.7 and Raleigh-Durham 58.3.
In San Diego, hundreds of thousands of square feet of office space is being turned into lab space to meet demand, said Grant Schoneman, a vice president with JLL’s San Diego office. The conversion is difficult, as special fixtures and equipment such as fume hoods need to be installed.
…
What is described in this article is what folks on the west and south sides of Chicago experience as well. Add to that another couple dozen folks shot over the weekend and there you go - Rahm Emmanuel’s spend thrift liberal paradise.
http://www.theburningplatform.com/2015/07/26/30-blocks-of-government-incompetence/#more-102262
‘About 6 a.m. on July 10, Ekaterina Juskowski was shooting a video of her friend, a model, near 36th Street in the heart of Miami Beach. She noticed that a blue-green boat in the background — she thought it was a scuba boat — was coming closer to shore and thought, “They are ruining my video.”
‘Juskowski shut off the camera for a moment, but turned it back on when all of the men on the boat — about nine of them — jumped off and dashed across the sand and into the city, leaving the boat bobbing, empty, by the beach. Juskowski’s video illuminated how brazenly migrants are entering the country along the Florida coastline.’
http://www.browardpalmbeach.com/news/migrants-jump-off-boat-run-ashore-during-miami-beach-fashion-shoot-video-7133271
live fire and mines would help
Like when you cross from Guat to mex
Juskowski shut off the camera for a moment, but turned it back on when all of the men on the boat — about nine of them — jumped off and dashed across the sand and into the city, leaving the boat bobbing, empty, by the beach
All future Doctors and Astronauts
La Mesa, CA Housing Prices Fall 4%
http://www.zillow.com/la-mesa-ca/home-values/
Burke, VA Housing Prices Fall 9%
http://www.movoto.com/burke-va/market-trends/
Frisco, TX Housing Prices Fall 14%; Dallas And Fort Worth Area Turn Negative YoY
http://www.movoto.com/frisco-tx/market-trends/
anyone here not owning a house should score on an fha deal-if the market tanks it turns into a rental as they can’t kick out the chillens.
Low down and fute no pay option
Crude Oil Plummets 28% Since May 2015
http://www.marketwatch.com/investing/future/crude%20oil%20-%20electronic
And yet it is headed back up to $80/bbl by December, at least according to one very confident HBB poster’s opinion.
More positive economic news. Chinese stocks, housing and real estate increasingly affordable.
“China Stocks Suffer Sharpest Daily Fall Since 2007″
http://www.wsj.com/articles/asian-stocks-fall-pressured-by-weak-earnings-overseas-1437961185
“Hamptons Home Prices Fall As More Sellers List Properties”
http://www.newsday.com/classifieds/real-estate/hamptons-home-prices-fall-as-more-sellers-list-properties-1.10680541
But I’ve heard that housing prices don’t fall. Especially in places like the Hamptons.
‘US casualty a buyers’ market’
27 July 2015
‘The US casualty insurance has continued to soften in the second quarter of 2015, with previously challenging risks increasingly easy to place, according to Steve Kempsey of Marsh.’
‘Kempsey, who is the broker’s US casualty practice leader, said that market conditions are being driven by the level of capital and macroeconomic factors as growth picks up. “It’s mainly because of an abundance of capital that’s translated to significant competition and prompted insurers to take early and aggressive steps to retain…”
http://www.insuranceinsider.com/-1255964/23
The rest is behind a paywall.
And they’re off, down 4% out of the gate:
http://www.marketwatch.com/investing/index/shcomp?countrycode=cn&mod=MW_story_quote
Can you believe the Chinese government has already abandoned their market support efforts?!
They haven’t. That’s why it’s only down 4%.
….. and falling. It’s a long way down.