The Ability To Borrow On The Equity
A report from MarketWatch. “The housing market is starting to look a bit like Dr. Jekyll and Mr. Hyde, at least when it comes to homeowners’ equity, according to data out Monday from research firm Black Knight Financial Services. For some homeowners, properties are again becoming ATMs — and in many cases, well-paying ones. Even as the amount of equity owners hold in their homes hovers near a 10-year high, owners pulled the most cash out of their homes since 2009 last year, Black Knight said. ‘Cash-out refinance transactions’ netted homeowners a total of $68 billion in 2015. That’s more than $60,000 per borrower on average. California accounted for 42% of that total, with an average of $96,000 per borrower.”
KMBZ on Kansas/Missouri. “From Johnson county to Clay county, home sales are through the roof. Realtors across the metro say the market hasn’t been this good in a long time. They say it’s not been this good in over a decade. It’s putting real estate agents to the test. Janie Logan Snider, with Keller Williams in Overland Park, has been a realtor for 16 years. She says she hasn’t seen homes sell this fast in over a decade. ‘Definitely the market is inflated and people are paying a premium for houses right now.’”
“Brad Brown owns ReMax Advantage in Kearney. He says it’s definitely a sellers market. ‘Two days ago we listed it at 10 o’clock in the morning and had a contract by 11 on it. Fastest I’ve ever seen.’ Logan-Snider says if the home is in good condition or the right price, it will sell fast. ‘Pretty much anywhere in Johnson County, up to about $450,000…we’re talking serious bidding wars. Multiple offers, up to 5, 6 offers the first day on the market.’ She says some people aren’t selling because of the buyers market. ‘Most people who are hanging on at this point are afraid they’re not going to be able to find another house to move in to, because of the bubble we are in,’ Logan-Snider tells KMBZ.”
Real Vail on Colorado. “With ski season winding down in Colorado’s high country and the Denver-Boulder housing market so strong, real estate experts say Front Range buyers appear to be turning their attention to second-home and investment opportunities in the state’s major ski-town markets. Bank of America Regional Sales Director Ann Thompson added that soaring Denver home prices may be driving some of that trend. ‘Denver metro has seen about 16 percent gains in home prices, and now that they’ve got that equity going, they look at that and say, ‘I can improve my home, or I can also use that equity to make a down-payment on a second home,’ Thompson said.”
“Drive-to markets will be always continue to be the most popular for Front Range buyers, especially when they’re home values have increased so much and they’re feeling priced out in their own primary metro-area market. ‘Equity in your home builds a lot of confidence about financial comfort,’ Thompson said. ‘When you have equity in your home, there is that ability to borrow on that equity, but even if you’re using stock options or a bonus or what have you, it’s just all about that confidence to make that investment [in a mountain second home or rental property].’”
The San Francisco Chronicle in California. “Could the Bay Area’s housing shortage turn into a surplus? Given the number of high-density residential projects that seem to be popping up everywhere, the answer might seem to be yes. Last year, building permits for a total of 12,766 single or multifamily housing units were issued in the San Francisco metro area, 28 percent more than in 2014, according to U.S. Census Bureau data. In the first two months of this year, 2,173 units were permitted, up 89 percent from the same period last year.”
“Experts say the Bay Area is not close to filling its housing hole, except at the high end of the market, where much of the new construction has taken place. In San Francisco, developer Equity Residential is offering one month free rent at the new Azure Apartments in Mission Bay and at Potrero 1010, a 453-unit complex going up by the Interstate 280 extension. One-bedroom apartments at the Azure start at $3,825 a month. At 1010 Potrero, the most affordable unit is a studio for $2,950. ‘I think (free rent) is a sign of weakening at the top,’ said Ken Rosen, chairman of Rosen Consulting, a real estate market research firm. ‘We could definitely have a surplus there, especially if we have a correction in the economy or tech sector.’”
The Williston Herald in North Dakota. “Representatives of the apartment, real estate, and oilfield employers spoke to their understanding of the housing market as it stands today as part of Thursday’s Williston Job Fair. ‘One of the biggest fears we’ve heard from potential buyers is, ‘I don’t want to buy a house at the top of the market and it be worth half,’ said Jeff Zarling of Dawa Solutions on housing prices leveling out. ‘This is one of the few markets in the country where a homebuyer has that perception. Most homebuyers look at a home purchase as an investment in their future.’”
“And for those that have committed to Williston, there are a lot of incentives for those seeking permanent residence. FHA loan limits have been raised in the area to $317,000 in the past year to help get cash-strapped people into a home without needing the traditional 20 percent down. The USDA loans can also be taken advantage of due to the ‘rural’ region designation, which helps potential buyers with lower income levels. ‘Anyone on the production side has been busier than they’ve ever been,’ Zarling said. ‘We’re moving to that point we’ve talked about for years of normalcy and stability.’”
The Victoria Advocate in Texas. “Despite negative year-over-year changes in the housing market, the cooling of home sales is creating a healthier market in the Crossroads. While the buying and selling isn’t nearly as frenzied as it was around the oil boom, the market is reaching a much more normalized level. Prices aren’t as high, and houses are taking longer to sell, but real estate agents and analysts say the cooling of the industry is healthy.”
“‘There was a lot of activity between 2010 and 2015,’ said Jim Gaines, chief economist for the Texas A&M Real Estate Center. “What we’re seeing is a transition back to ‘normal.’ Typically the pendulum doesn’t go in and just hang in the middle. It could be for a short period of time we will swing the other way as the market corrects itself.’”
“Although the region was named one of the unhealthiest housing markets in the country in a report by Nationwide Insurance, much of the change during the past few years has been a normalizing of the market. ‘We’re seeing a lot more houses hit the market as a result of the recent layoffs and reductions in workforce,’ said Rick Martinez, president of the Victoria Area Association of Realtors. ‘It’s not just the oil business, as you know. It’s the Pioneers, the Alcoas, the Invistas.’”
“The increase in the number of homes on the market means properties are staying for sale for longer because there are more choices for buyers. The average price is still about 2 percent higher than last year, but the median price has dropped about 8.5 percent, Gaines said. ‘That’s what happens when the market cools off a little bit,’ Gaines said. ‘When it’s (previously been) really hot, the prices cool off a little bit.’”
‘FHA loan limits have been raised in the area to $317,000 in the past year to help get cash-strapped people into a home without needing the traditional 20 percent down. The USDA loans can also be taken advantage of due to the ‘rural’ region designation, which helps potential buyers with lower income levels’
I’m thinking jingle mail will be eating some crow before long.
“Could the Bay Area’s housing shortage turn into a surplus? Given the number of high-density residential projects that seem to be popping up everywhere, the answer might seem to be yes ??
All the “Elephants” have been dancing in the valley now for three+ years…Billionaires and Billionaire companies fighting each other for the opportunity to develop…
“California accounted for 42% of that total, with an average of $96,000 per borrower.”
Are y’all looking forward to bailing these people out when they are underwater and in default in a couple of years down the road?
Wow that is so 2005
Wonder w vcu at they r doing w the refi $
Standing in line at applebees?
2 for $20 and free brown melted cheese sauce! Or is that Chilis?
They should be able to afford it just fine after the 6th year of a minimum wage hike!
The Fed ‘is a god that has failed’: George Gilder
A comment:
‘As for main street not benefiting from zero interest rates: I bought a house in 2010 from a bank (foreclosure) - it is now worth 300% more than I paid, and I was able to do a cash-out refi at 4% interest-rate. I am not alone in this dynamic.’
‘Lots of blue-collar oil-field workers banked $75k+ annual salaries for several years - in large part due to the oil explorers ability to borrow billions at low interest rates. The Wall Street investors are now left holding the bag (defaulted bonds), while those Main-Street oil-field workers aren’t about to give back their salaries, are they?’
‘Conspiracy theories which bash the government & the uber-wealthy are easy. Too easy. Nothing in this world which is fundamentally true is easy to understand - if its easy, keep thinking.’
‘I was able to do a cash-out refi at 4% interest-rate. I am not alone in this dynamic’
I was going over the math on a rental house with someone the other day. We determined the recent buyers were cash slow negative by a couple hundred a month. I mentioned they were probably planning to refi some cash out. This person said, ‘don’t they know they have to pay that back?’
That’s not bubble logic. If prices go up forever, they never have to pay it back.
Strange these deluded dopes don’t ever think about having to procure a buyer at these drug induced self styled prices.
They are selling it - to the bank.
They are selling it - to the bank.
Nope: they are selling it - to the taxpayers (which back via the GSEs all of those loans that are poorly underwritten by the banks, so that banksters can pocket the transaction fees and servicing fees).
ZIRP has been a mixed bag for me personally, retired in 2012 and cashed out my pension and got waaay more than I would have if interest rates were not artificially low…but OTOH it drove billions into California RE and made it nearly impossible to buy a place locally with a mortgage in 2011/2012 when prices were affordable and buying vs. renting made sense for me.
Problem is prices were 300% higher than long term trend and double construction costs in 2011. Be thankful you weren’t one of the suckers that got roped into it.
Prices will bottom. This you can count on but it’s a long way down. A very long way down.
I not so sure the HELOC people specifically will get bailed out in California, expect that many will pull a strategic default after Bubble 2.0 inevitably pops since California is a non-recourse state. Saw a few coworkers do this last time around and it was NOT due to misfortune, they had good jobs and had bought when houses were affordable but were living waaay past their means and financing their lifestyles with HELOC money and multiple refi’s. Since probably most in Calif. have seen someone get away with this I’d guess that it will be way more prevalent this time…and one way or another honest and responsible people will foot the bill. It is astounding that Calif. accounts for 42% of the total of recent HELOC’s, if it was a recourse state no doubt the figure would be much lower.
http://www.avvo.com/legal-answers/recourse-or-non-recourse-loan-for-heloc-in-ca–986796.html
‘It is unlikely your HELOC is non-recourse. See my guide: California’s Deficiency Statutes Summarized here http://www.avvo.com/legal-guides/ugc/californias-deficiency-statutes-summarized
‘The non-judicial foreclosure only protects you from a deficiency regarding the foreclosed loan, not a loan where the security was rendered valueless because a senior loan was foreclosed.’
Sad tales from the comment section of that article…
“….Come almost 4 years later I am still getting calls from 3rd party institutions. Since then, the loan has been transferred 4 times to different companies trying to collect. Is this something I am liable for? Also, seeing it has been 4 years, how does the CA statue of limitations come into play?”
So, you have to ask yourself is it really worth the risk playing with the bank? You pay going in, the duration and well after.
>>Remember, and this is IMPORTANT: debt harassers HAVE NO STATUE OF LIMITATIONS<<
But I thought HELOC money didn’t fall under the recourse clause, does it? I thought that only applied to a primary residence - I didn’t think HELOC was OPM?
Sorry I meant “non-recourse”
It is a complicated issue in Calif., depends on the circumstances…
http://www.bills.com/is-my-heloc-a-recourse-or-non-recourse-loan-in-california
and I should have said cash out refi, not HELOC…anyway many in California defaulted by choice, not necessity and got away with it, anticipate this will be a huge issue when Bubble 2.0 inevitably pops in the Golden State.
anyway many in California defaulted by choice, not necessity and got away with it”
They did it all around me in the early 1990’s why would they not do it 15 years later in 2007?
Stupid banks
I believe in California if a loan is refinanced it becomes recourse. A HELOC is non-recourse if it was done at the time of purchase. Recourse if it was done after purchase.
California judges have dismissed judgements against HELOC borrowers who used the money to improve their primary residence, a new roof or additional bedroom.
Did that HELOC buy your $60k pickup and a European vacation? Sorry, homie… you’re on the hook.
Are China economic worries keeping you up at night?
The Wall Street Journal
Markets Financial Regulation
IMF: China Worries to Weigh on Global Stocks More Often
Market contagion between developed and emerging markets is growing
An electric screen shows the decrease in China shares Jan. 7, a day in which the Shanghai Composite Index’s 7% decline triggered steep drops in equity markets world-wide. The International Monetary Fund said Monday that equity market spillovers to developed economies from emerging ones will continue to be on the rise.
Photo: Getty Images
By William Mauldin
Updated April 5, 2016 12:35 a.m. ET
Major emerging markets, led by China, are increasingly likely to spread fear to financial markets and lead to poor stock performance in the U.S. and other developed countries, the International Monetary Fund said Monday.
Equity-market spillovers to advanced economies coming from leading emerging markets have risen 28% since the 2008 financial crisis, according to the IMF’s calculations. The movements of all nations’ equity markets in 2015 were 80% attributable to markets in other countries, compared with a 50% linkage in 1995.
China’s financial system has relatively small direct linkages to economies such as the U.S., compared with the banking and financial ties of other big economies such as Japan’s. Meanwhile, exports make up a relatively small part of the U.S. economy, so worries about China’s economic health shouldn’t sink the outlook for most U.S. companies.
But the IMF found that China appears to have a special ability to trigger market moves in other countries based on the release of economic news and data. With a fragile global expansion, twists and turns of the world’s second-largest economy often appear to be more consequential on Wall Street than what is happening on American main streets.
“We do see China as unique so far, in terms of news about its economic performance affecting markets elsewhere,” said Gaston Gelos, the IMF division chief for monetary and capital markets who led the report published Monday on global financial market stability.
…
Needless to say, the exiting of the supposedly-wealthy all-cash Chinese investor from North America West Coast housing markets has dire implications for prices at the top end.
But there is no sign of this exiting yet. If anything, they are accelerating their cash exodus from the home country, while they still can.
You can carry suitcases of cash into Canada, and they gladly welcome you (minus a small handling fee of course).
With the way demand is cratering in the last 4 months it’s safe to say it already started.
Get what you can get for your house today because it’s going to be far far less tomorrow for decades to come.
Please correct me if I’m wrong, but I don’t see how cash-out refinance transactions “net” anyone of anything. It should read “Homeowners BORROWED and additional $68 billion against the PERCEIVED value of their homes in 2015.” And how do these properties become “well-paying” ones? They aren’t paying out, they are lending out. I think the semantics used in the Market Watch article are indicative of the cash-out refinancing mindset.
“I think the semantics used in the Market Watch article are indicative of the cash-out refinancing mindset.”
According to authors Joe Nocera and Bethany McLean the U.S. economy is now dependent on cash-out refinancing since globalism allowed the off-shoring of so many family supporting jobs.
Even as the amount of equity owners hold in their homes hovers near a 10-year high, owners pulled the most cash out of their homes since 2009 last year, Black Knight said. ‘Cash-out refinance transactions’ netted homeowners a total of $68 billion in 2015. That’s more than $60,000 per borrower on average. California accounted for 42% of that total, with an average of $96,000 per borrower.”
SAD. SO SAD… People freely borrow money at that level when they have no experience paying that much back. Borrowed money doesn’t activate the pain sensors like cash does.
“Borrowed money doesn’t activate the pain sensors like cash does.”
Not at first that is.
Nevertheless the pain is there, and eventually it will be felt.
Amazingly this pain that is felt by others is transformed into pleasure by the time it reaches me.
Bahahahahahahahahahahahaha
For any of you ignorant moronic pukes out there who just do not get it …
http://micawberprinciple.com/what-do-credit-cards-and-mosquitoes-have-in-common-925/
Collection bullies REALLY know how to activate pain sensors. Bahahahahahahhahahah!!!
San Rafael, CA Housing Market Implodes; Prices Crater 12% YoY As Housing Inventory Piles Up In San Francisco
http://www.zillow.com/san-rafael-ca/home-values/
“I think college is potentially the greatest scam in history,”
- George Hotz
I was only 18 at the time of the Great Recession and don’t remember any of the excesses in San Diego when it came to the bubble . But as a prospective buyer in today’s market I can’t help but notice the overwhelming amount of active flippers, shoddily flipped homes listed on the MLS, ads for flipping classes, HELOC advertisements in the mail, billboards for low down payments, online ads for “creative financing”, and worst of all a general attitude that the market can never go down.
Friends that bought in 2012-13 act as if they are financial gurus and chastize me for not jumping into whatever I can get to enjoy the sweet appreciation. I’m completely burned out at this point and absolutely refuse to dump my hard earned savings into a $575,000 starter home. I’ll wait and hope for a 10-15% correction, and if not life goes on.
Bend, OR Housing Market Craters; Prices Plunge 16% YoY On Skyrocketing Housing Inventory
http://www.zillow.com/bend-or-97701/home-values/
Being a empty pocketed Debt Donkey is no way to live.
Rent for half the monthly cost and buy later after prices crater for 65% less.
$575K for a house IS debtors prison.
Don’t sweat it, and don’t get into comparing yourself with everyone else. As a man who is about 15 years your senior, I do feel you, but when you and your friends get a bit older you’ll realize how lucky you are. I also have many friends of mine who are jealous of the way I live. I rent, have no debt (student, mortgage, CCs or otherwise) and scheduled to retire with several million.
Your retirement brother, that’s the largest purchase you’ll ever make.
Schedules are great as long as reality cooperates!
Kristopher, good call on your part. Home prices in San Diego are way, way overvalued and the only way they make any sense is with Fed Easy Money fueling the fire. Do they think that they can print to infinity without suffering any consequences!? History proves otherwise!
Having housing prices going back to the peak of the bubble (which didn’t make any sense back then) is only going to end in financial ruin for a lot of people. And who knows if they’ll get bailed out again. Maybe that’s what they’re counting on?
Currently we’re renting a decent house in a nice neighborhood close to work (under 20 min drive using surface streets). Rent has not increased in 2 years and buying this same house in this same neighborhood would cost more than the rent we’re currently paying. Even after taking out mortgage interest deduction, etc.
Plus buying a house at the peak of the market, you end up paying higher property taxes for the next 30 years! And since the rates are so low, the mortgage interest deduction will be less, than with a higher interest rate loan.
“Keeping up with a house is a back-breaking chore under the best of conditions. You don’t want to be nearing retirement with a depreciating asset like a house anchored to your leg like a ball and chain.”
Correct.
This song was released in 1971, you can tell it’s old by the 3rd line.
http://www.youtube.com/watch?v=sxDyXK93o6g - 371k -
L.A.’s fine, the sun shines most the time
And the feeling is “lay back”
Palm trees grow and rents are low
But you know I keep thinkin’ about
Making my way back
I just got this email:
‘Wanted to make sure you saw the news that Seeso’s original series, “Bajillion Dollar Propertie$,” will be returning for a second season in Fall 2016. This is the first Seeso original series to be renewed!’
‘See the release below. The half-hour, semi-scripted, reality show spoof is set against the backdrop of a cutthroat and luxury L.A. real estate firm. The second season will feature notable comedians including: Busy Philipps, Casey Wilson (“Happy Endings”), Jack McBrayer (“30 Rock”), Patton Oswalt, Paul Rust (“Love”) and more.’
‘New episodes from the critically-acclaimed first season continue to roll out every Thursday!’
Last night I got another emotion filled email from a DebtDonkey. It was filled with enragement, threats and ended with bargaining.
Poor donks. Poor poor donks.
Wow, 3 stages of grief in one or two paragraphs, eh?
‘Becoming president of the California Association of Mortgage Professionals came naturally to Hi-Tech Mortgage owner Anthony Lombardo.’
‘He said he thinks the industry is doing well and is on a growth curve without much danger of overheating. “The business is growing. I believe the industry will stay the course. I hear people talking doom and gloom, talking about another housing bubble, but I think something really bad would have to happen externally for the bubble to burst—a lot of people would have to lose their jobs. There could be a correction but it would take heavy jobs losses for the market to burst.”
“The people we are putting in houses, and have been putting in houses for the last 7 years, can afford to be in those houses. It would take a lot for those people to go into foreclosure.”
The ridiculousness of San Francisco real estate, summed up in one billboard
Published: Apr 5, 2016 1:29 p.m. ET
…
‘This 3-bedroom, 2-bath home is located in hipster enclave Mission Dolores and is larger at 2,580 square feet. It is listed with the words “huge price reduction” for just $2,599,000.’
along those lines 70-80 year old tract houses on small lots way out in the foggy avenues on the west side of town are about a million also…this neighborhood was very much working class when I was a kid and affordable to rent or buy.
http://www.movoto.com/san-francisco-ca/94116/@37.7432421,-122.49766799999998/
So what is your conclusion?
Looking at the floorplan in that linked article, I have a question: On the same level as the master bedroom/bath, what is that space labeled as ‘NOT PART OF RESIDENCE’? Is that part of the outdoor deck?
Merced. Ew.
It is Lake Merced in San Francisco, not the town of Merced out in the valley…but anyway it is often foggy and windy, lived across from the lake for about a year. Close to the beach, the zoo, and S.F. State but otherwise not so special
I’m talking about tat one. Crammed chock full of rotting old tract houses… and the area around the lake is trampled into mud.
It’s a depressing area.
“…often foggy and windy…”
Yep, that’s “The Avenues.” The “Upper Haight” is in the foggy in the summer and clear skies in the winter.
Thompson said. ‘When you have equity in your home, there is that ability to borrow on that equity, but even if you’re using stock options or a bonus or what have you, it’s just all about that confidence to make that investment [in a mountain second home or rental property].’”
^^ DELUSIONAL ^^
‘I can also use that equity to make a down-payment on a second home’
I think this happened before.
Chasing closing fee’s must trump the inevitable end. Guess it’s all “tomorrows problems…”
‘And for those that have committed to Williston, there are a lot of incentives for those seeking permanent residence. FHA loan limits have been raised in the area to $317,000 in the past year to help get cash-strapped people into a home without needing the traditional 20 percent down. The USDA loans can also be taken advantage of due to the ‘rural’ region designation, which helps potential buyers with lower income levels’
Seeing as how North Dakota’s economy just went into the tank, raising the loan limits makes a lot of sense. Let’s get some signatures from these cash-strapped people and low income potential buyers.
‘Typically the pendulum doesn’t go in and just hang in the middle. It could be for a short period of time we will swing the other way as the market corrects itself’
This article mentions $400,000 and $500,000 houses. In Victoria Texas.
And this from the KS/MO article:
‘Pretty much anywhere in Johnson County, up to about $450,000…we’re talking serious bidding wars. Multiple offers, up to 5, 6 offers the first day on the market’
Santa Monica, CA Housing Market Caves; Prices Crater 8% YoY As Mortgage Defaults Balloon
http://www.zillow.com/santa-monica-ca/home-values/
Las Vegas. I figured my LL is at least $60K - $30K under what she paid, and a minimum of $30K in renovations, info from chatty neighbor - in the hole on our rental and it needs more work. The zestimate, FWIW, has been dropping $100-200 every day for the past few weeks. Other estimates (Trulia, Redfin) are lower.
I hope we make it to the end of this lease before she decides to dump it. I am not interested in buying the place.
I thought everyone died in KS due to lower taxes
Heading out to petition local gov
Advise u do the same
Even if u r renting
foget KS - meanwhile in the utopia called ILLANNOY……
This…..
https://www.illinoispolicy.org/illinois-property-taxes-are-crushing-homeowners/
Sounds like she has to keep it
Score
TB, you should check out the LV article in the other post for today. People getting killed by squatters, etc.
Yes, I read the link, thank you.
I’m a little uneasy here, things that go on. Two packages lifted from my doorstep about two weeks ago. People reporting break-ins on nextdoor.com. One Sunday afternoon neighbor next to us said he was lying on his couch, sat up and saw a guy standing in the next room.
One household reported food missing. That sounds funny, but a few months ago a steak I had in the fridge vanished and I couldn’t get anyone in my family to own up to eating it (not likely they would), and I can’t find my iPad. A little creepy. When we first got here, I used to leave the back door unlocked when home - not anymore.
Yes, I read it, thank you.
I am a little uneasy in this rental, supposedly in a better area than the one before. Two packages were lifted from the doorstep lately. The nearby Property Bros. house had material stolen during the remodel.
Last July, next door neighbor was sleeping on the couch on a Sunday afternoon and woke up to see a guy standing in the next room.
Another family reported food taken from the refrigerator while they were sleeping, that’s all. (Fridge door left open, stuff moved around.) Other assorted burglaries. We see all the neighborhood news on nextdoor.com .
Makes me wonder; when we first got here, I used to leave the back door unlocked when we were home. I had a steak go missing and interrogated everybody, but no one ate it (probably true, this crew would have asked me to cook it for them ) I haven’t seen my iPad in a while, too. We lock everything now; we were getting too complacent. Growing up in NYC, I never left a door unlocked ever.
Life is too harsh and insecure when you’re neck deep in debt with no way out but down.
Remember….. a negative net worth is the definition of poverty.
Note for home equity gamblers:
Gambling involves risk, including risk of loss.
“Run like hell score” I still laugh about that one…
Rodney Dangerfield, I wish I could find the video:
“I live in a tough neighborhood…every time I close the windows I hit somebody’s fingers!
I should’ve known it was tough, yeah the ad in the paper said “short run to the subway!” “
Another idiotic “Best list”…..
http://tinyurl.com/j7ktrup
Probably written by a millenial that thinks history started around 1995.
You want a break up song? Go see “The Boss”.
-”Backstreets”
or
“I wish I were blind”
Case closed.
crushing.housing.losses.
Durango, CO Housing Prices Crater 10% YoY
http://www.zillow.com/durango-co/home-values/
Um, not what the site says….
“The median home value in Durango is $367,200. Durango home values have gone up 1.1% over the past year.”
Whoops. You slipped Ray.
Durango - is it safe to eat the trout yet?
Tampa, FL Housing Market Implodes; Prices Plunge 5% YoY As Demand For Second And Vacation Housing Collapses
http://www.movoto.com/tampa-fl/market-trends/
‘Cash-out refinance transactions’ netted homeowners a total of $68 billion in 2015. That’s more than $60,000 per borrower on average. California accounted for 42% of that total, with an average of $96,000 per borrower.”
We knew the economic conditions were horrific in Californica but these are desperate last ditch measures just to stay afloat.
horrific economic conditions are good for the economy. my maid needs less money now.
I doubt your girlfriend likes to be referred to as a maid.
Smarten up kiddo.
one of them doesnt mind, just dont tell my wife i call her that
Yeah he might not like that.
This is a song about growing up poor and being poor.
Ice T — Escape From The Killing Fields:
https://www.youtube.com/watch?v=3305wzxkPRA
Ice T — Mic Contract:
https://www.youtube.com/watch?v=bc5RXiTJFrA
You either weren’t an adult yet in the 1990s, or maybe you were just too old…
http://maine.craigslist.org/rew/5517341650.html
Poor, poor millennials. Overpaid for a tiny house and now have no place to park it. I’m sure the KOA will take you in for $50/night. For that price you should have bought a trendy loft…. LOL!!
http://maine.craigslist.org/rew/5510109662.html