People Bought Houses With No Equity In Them
A report from CNBC. “Home construction weakened in March, and homebuilder sentiment hasn’t budged in three months — all this in the heart of the historically strong spring housing market. The common complaint from builders is that they are hamstrung by a lack of skilled labor, which is keeping production levels low. That may have been a factor for the past several years, but today it is less and less a plausible excuse. ‘Economics 101 would suggest that, if labor shortages did in fact exist, upward pressure on wages would be more pronounced and payroll growth would be anemic,’ Goldman Sachs analysts wrote in a report. ‘Therefore, the evidence from the industry-level employment and wage data does not support the existence of labor shortages in the construction sector.’”
“‘Right now I’m not having a labor problem,’ said Stephen Paul, executive vice president of homebuilding operations at Maryland-based Mid-Atlantic Builders. ‘And we’re having our best year in 10 years. I’m busy, but I don’t want to hire because I’m afraid. We don’t know if the market is sustainable. It’s been 10 years and we’re still looking for a serious recovery.’”
From Oregon Public Broadcasting. “Central Oregon’s tight housing rental market may soon see hundreds of new units on the market. Bend and Central Oregon have seen some of the lowest rental vacancy rates in the state for about two years. At times, there have been fewer than 20 rental units available in the entire city of Bend. But a number of new apartment complexes are slated to come online this summer and later this year. There are 8,647 multifamily housing units in Bend, according to the city. The new development will add at least 1,000 new apartment homes to that tally, in nearly every quadrant of the city. Many of those apartments are higher-end, higher rent units.”
“‘Single-family housing costs are beyond reach for a lot of first-time home buyers,’ said Aaron Henson, senior planner with the city of Bend. ‘Younger people are are willing to pay decent rents for a nice, new apartments. So these projects are starting to pencil, and we’re staring to see high-quality high amenity multi-family and nice new apartments.’”
“In addition to the 1,000 units currently under construction, another 800 units are in the planning stages in Bend.”
Fortune on California. “According to online real estate brokerage Redfin, the median sales price of a house in San Francisco fell between March 2015 and March 2016. That was the first year-over-year drop since 2012. The number of homes sold dropped by 22.1%, showing that fewer people bought homes this March than in the same period in 2015, suggesting that demand is slowing. Redfin isn’t the only one to see a big shift in the Bay Area. Zillow’s figures show a February year-over-year drop of 7.4% in the median sale price of a house. Just between January 2016 and February 2016 the median sales price went from $1.14 million to $991,000, a 13% decline.”
“According to Redfin Chief Economist Nela Richardson, as quoted on the company’s site, 77% of housing offers in San Francisco faced competing bids in March 2016. The previous year the number was 94%. ‘This suggests that the price drop is not about inventory, it’s about buyers fed up with high Bay Area prices and crazy competition,’ Richardson said.”
The Naples Herald in Florida. “New data from the Naples Area Board of Realtors shows that more homes are popping back onto the market over the first part of 2016, giving buyers more options to choose from. NABOR’s report for the first quarter of 2016 increased by 33 percent from the same period in 2015. The most new inventory arrived in North Naples, nearly doubling during that span of time. Condos are also a large portion of the new entries onto the market, as units under $300,000 jumped by a third. ‘The report indicated that we had 7.2 months of inventory in March,’ said Cindy Carroll, an appraiser with Carroll & Carroll.”
“Sales are slightly down from last year, closed sales down five percent, partially owning to a very active year in real estate in 2015, says NABOR president Rick Fioretti. ‘A five percent decrease in overall sales isn’t bad considering 2015 was a phenomenal year,’ Fioretti said.”
The Dallas Morning News in Texas. “The invisible hand will guide Dallas’ affordable housing policies if one City Council member’s idea becomes reality. Council member Lee Kleinman, a businessman who represents North Dallas, said his proposed strategy, which still faces a plethora of obstacles, would help solve the city’s middle-class housing woes. He said it would provide incentives to housing developers with a carrot-and-stick approach.”
“Under Kleinman’s plan, the city would require housing developers to obtain a certain number of certificates if they want to create homes. The number of certificates needed would be determined by square footage and other factors. Council member Philip Kingston lauded Kleinman’s creativity. But he questioned whether the incentives could lead to more affordable housing in areas already saturated with low-income housing. In recent years, city leaders have also been grappling with a housing market that has a glut of high-income and low-income housing.”
The Daily Mail in New York. “The high number of home foreclosures across New York state is a problem for local governments, according to recent reports from the New York State Comptroller’s Office. In those reports, Greene and Columbia counties are both cited as areas of ‘greatest concern,’ because of their high foreclosure rates and increasing caseloads. According to a map in the report, both Columbia and Greene counties are included in the downstate group of counties whose tax base fell between 6.4 percent and 22.9 percent from 2008 to 2013, after rising 60 percent or more in the previous five years.”
“Greene County Treasurer Peter Markou confirmed that. As of March, he said, the county has collected $684,192 in taxes, compared to $869,751 at the same time last year. ‘We’re seeing a decrease in collections,’ he said. ‘We have a lot of properties, especially in the resort communities, that have been abandoned for years.’”
“Columbia County Board of Supervisors Majority Leader Pat Grattan, R-Kinderhook, said he believes a lot of the foreclosures come from big banks like Countrywide and Wachovia. ‘They were very loose; they didn’t verify people,’ he said. ‘A lot of people bought houses with no equity in them. Then the value went down. The value goes down when there’s a buyer’s market. We’ve gone from 2004-2005, when there was a seller’s market, then in 2008, it started to slow down. I think home ownership is tremendous; it’s the largest financial transaction most people enter into. Unfortunately, there were a lot of loose loan practices, and people couldn’t pay up.’”
‘And we’re having our best year in 10 years. I’m busy, but I don’t want to hire because I’m afraid. We don’t know if the market is sustainable. It’s been 10 years and we’re still looking for a serious recovery.’
Given the dearth of fundamental demand underlying the Fed-rigged market, they may find themselves looking for a very long while to come.
People got tired of waiting and bought new cars and furniture while waiting for the recovery.
The “recovery” by design never extended beyond Manhattan and the Washington D.C. Beltway.
“According to online real estate brokerage Redfin, the median sales price of a house in San Francisco fell between March 2015 and March 2016. That was the first year-over-year drop since 2012. The number of homes sold dropped by 22.1%, showing that fewer people bought homes this March than in the same period in 2015, suggesting that demand is slowing. Redfin isn’t the only one to see a big shift in the Bay Area. Zillow’s figures show a February year-over-year drop of 7.4% in the median sale price of a house. Just between January 2016 and February 2016 the median sales price went from $1.14 million to $991,000, a 13% decline.”
It is great to see the MSM finally catching up with Housing Analyst’s price decline announcements.
Yeah its funny to see articles speaking about price declines or YoY declines in demand, but then you’ll quickly see MSM articles about “rising median home prices”, “surging March demand”, etc etc.
Kind of like when the Govt releases a labor report about increase in unemployment, but 1 hour prior there was a report about job gains.
Falling housing prices cannot be explained away.
Housing prices are what they are…… Falling.
Denial ain’t a river in Egypt.
MSM finally catching up with Housing Analyst’s price decline announcements ??
You mean the announcements over the last 6 years ??
Yes, those. Maybe it’s the market that caught up?
Just like “Dr. Doom” predicting 5 of the last 1 recessions.
There’s nothing ominous about falling housing prices.
Remember….. Nothing accelerates the economy and creates jobs like falling housing prices to dramatically lower and more affordable levels. Nothing.
Novato, CA Housing Prices Crater 13% YoY
http://www.zillow.com/novato-ca/home-values/
San Franscisco County, CA Housing Market Caves; Prices Tank 5% YoY As Inventory Skyrockets
http://www.zillow.com/san-francisco-county-ca/home-values/
Well that’s encouraging!
“Unfortunately, there were a lot of loose loan practices, and people couldn’t pay up.’”
The hair-of-the-dog hangover cure currently in play requires that the same mistakes that were made in the last housing debacle be repeated today.
There is no such thing as a paid off house.
And your alleged equity is, as Todd Rundgren sang, just dust in the wind…
The Gov’t doesn’t allow you to “pay off your house”. it’s an illusion.
Precious metals soaring as the Fed tries to print (inflate) away all government and corporate debts.
http://www.kitco.com/market/
My PM pile has been on fire lately. A lot more so than stocks.
What the hell are stocks surging on? Oil supply glut? It’s supposed to be the weakest earnings quarter in over a year, companies are propping up their price with buybacks, and yet the Dow/SP500 keep climbing….Those algorithms are so savvy…
AUY could sell for $10 next year in January.
Remember back when we had real markets instead of central banks colluding to blow asset bubbles and Ponzi markets? Neither do I.
http://www.zerohedge.com/news/2016-04-20/one-commodity-trader-writes-what-happening-has-absolutely-no-reasonable-explanation
I’m a millennial, so since the time I became politically/socially aware of the state of our country/economy, it’s just been one giant scam. More so than the 80s-90s. All I know is debt, debt, debt, rigged markets with HFT, bailouts, constant Govt budget bickering, and sky high housing. It’s amazing to talk to my grandparents who made a living on bluecollar wages and bought a house for $1500 in central PA (coal country).
“All I know is debt, debt, debt …”
I see a lack of fear, a lack of fear of going into debt.
IMO the PTB did a fine job of conditioning millennials and others to believe that signing dotted lines that commits one to spending most of one’s adult life paying out huge chunks of one’s yet-to-be-earned income to strangers is normal, wonderful in fact, in that in doing so the “unaffordable” can magically become “affordable”.
Precisely. The conditioning was well done. I cant believe there are 60, 72, and 84 month car notes nowadays!!!! If that isn’t evidence of falling wages, inflation,and debt culture, I don’t know what is.
This is your competition when decide to buy something that is pricy.
It’s pricy because others drove the price up, others who may not have the money but nevertheless can get the money.
In a common sense world a price rise would reach a point whereby it couldn’t be paid and this would cause the price rise to top out. But in the world we live in now the price rise can not only be paid (promised to be paid at least, committed to be paid) but the price rise increases the desire of buyers to pay it - increases the desire to pay the price due to the price’s rise, as in buy now or be priced out forever.
If people can by things with money that they do not have then there are few things that people cannot buy. When a price rise becomes an attraction rather than a deterrent and people who can buy things with money they do not have happen on the scene of these attractive prices rises then some very amazing things can end up happening to these prices.
“In a common sense world a price rise would reach a point whereby it couldn’t be paid and this would cause the price rise to top out.”
Like in SF, RIGHT NOW!
Next up: Those who bought to capture appreciation bail, leaving recent buyers holding the bag on collapsing demand and ensuing price declines.
If the saying “A fool and his money are soon parted” has any validity then a price can only rise as far as a fool can push it with his money, with his own money.
But if this fool is not limited to parting with his own money but can also part with somebody else’s money then the only limitation as to how far he can push up prices is the limitation that is placed on his access to somebody else’s money.
If there is no limitation to the amount of somebody else’s money that a fool can access then there will be no limit the amount that prices can be increased. And if these price increases are what entices fools to the market in the first place then some interesting things can happen to the market such as bidding wars among fools, fools who do not have money but do have access to money.
There is a limit, although it’s hard to predict. Easy credit results in increased risk taking, which leads to increased rates of default, which leads to reduced demand and a playing field littered with crushed debt donkey fools.
America is still great though. You can choose to go into a lifetime of debt for a depreciating asset, or not.
What a country!
IMO the PTB did a fine job of conditioning millennials and others to believe that signing dotted lines that commits one to spending most of one’s adult life paying out huge chunks of one’s yet-to-be-earned income to strangers is normal, ”
the PTB are going to get stiffed then what ?
Cheer up my friend. Cheer up.
Carbon County, PA Housing Prices Crater 9% YoY
http://www.zillow.com/carbon-county-pa/home-values/
The Millennials who grabbed their ankles en masse for hope ‘n change Goldman Sachs can believe in are now getting their just desserts, along with the rest of the nation.
Buy now into a toxic housing bubble or be priced out forever.
http://www.marketwatch.com/story/here-are-the-most-toxic-real-estate-markets-in-america-2016-04-21?link=MW_latest_news
Sadly, even if the house was 10 feet away from a toxic nuclear reactor like San Onofre, there would still buy multiple cash bids and it would sell for above list!
Such is the level of insanity in the coastal California residential real estate market!
Housing is truly a toxic endeavor, financially speaking.
If you like your fraud and corruption, you can keep your fraud and corruption.
http://www.breitbart.com/video/2016/04/20/fcc-commissioner-told-quiet-obamaphone-fraud/
Obamaphones? That’s so 2012.
Check out the Obamaphone lady remix on Youtube…
I still have my ReaganPhone. No where to plug it in.
I have the BerniePhone…we all have to share it, so I don’t see it much, but at least I have one.
You’ve got the LolaPhone.
Your phone smells of the moist, jiggly places you keep losing it in.
I keep my phone and 4 individually wrapped cheese slices in my tee shirt pocket.
Kraft American Cheese Food Product?
And sometimes a spare hash brown from McDonalds.
Actually called the “Lifeline program,” the legislation permits some households to receive a free landline under Congress’s rationale that “telephone service provides a vital link to emergency services, government services and surrounding communities.”
That idea dates back to 1934, under the Communications Act, but Reagan was the first to actually implement the legislation. The program grew under President Clinton, who recognized the advent of the newfangled new technology of cordless phones and expanded it to include cell phones.
No facts! Just feelings, please.
Andrew Jackson fought successfully against the establishment of a central bank, which he correctly foresaw would lead to the rise of an oligarcy that would use the bank for its own ends.
http://www.shtfplan.com/headline-news/andrew-jackson-who-fought-central-bank-removed-from-20-as-public-concern-for-liberty-erased_04192016
…and paid the national debt to 0!!!!
Having Jackson’s portrait displayed in the Oval Office would be sweet irony.
And Hamilton keeps his place on the ten thanks to the musical.
Central banker agitprop?
This administrations fixation on changing everything away from the harsh past to a new kinder history I don’t buy it its just a jockeying for power and advantages. Just like what the boomer hippies did and what a about face they did when they got old.
Changing the 20 dollar bill I wonder if this another grain of sand piled on the US money pyramid?
Unstable and getting higher.
It’s social trolling for the TV rageheads to fill airtime with instead of investigative news.
Maybe we should be less concerned with whose face is on our money, and more concerned about how the Fed is systematically destroying its purchasing power.
http://www.latimes.com/business/la-fi-harriet-tubman-20-bill-20160420-story.html
Most Americans are probably paying very attention to the change, unlike you.
Irrelevant.
Obama has been the worst president on race relations in my lifetime.
The. Absolute. Worst. And it’s gonna take decades to remedy that.
Obama has been the worst president on race relations in my lifetime.
He definitely freaked out the angry old white males of Flyover. Big time.
Especially the fat ones!
Meanwhile, firearms sales hit new records each month. Not exactly a vote of confidence in the future or in Obama’s leadership.
… but poof positive the credit card companies are happy extending credit to the dead end crowd.
It doesn’t sound good. They express their disapproval of the president by purchasing guns.
I don’t think that’s it, Mikey. It’s more a deepening sense of unease about the direction the country is going in. I’m guessing a lot of the people fearful of the future aren’t too fond of the current president, but it’s a far bigger and more disturbing societal trend at work. The social fabric is fraying and breaking down, and there seems to be no leader in sight capable of winning the trust and confidence of the population. That’s a much bigger issue than who is in the White House.
Maybe you’re right. According to your theory, things are not going well for a lot of people. So their thoughts turn to violence. Either they’re concerned that someone will come after them, or they think that they’d like to express their dissatisfaction with their situation by shooting someone.
This attitude appears to be much more common in the USA than in countries most similar to us - Canada, the UK, and so forth. The term used for this difference is American Exceptionalism.
We all see the bad moon rising. We deal in our different ways.
Cloward–Piven is real.
Obama and Bush tightened the noose around the necks and wallets of US citizenry like no other before them.
This is what the sheeple voted for. Serfdom.
Obama and race relations are not relevant to this currency change.
Back at you, Mikey.
http://imgur.com/gallery/xVDB1
That’s lame, of course. One can only imagine where you find nonsense like that.
Irrelevant
Hehehehehe…my work here is finished.
“Most Americans are probably paying very attention to the change, unlike you.”
Most Americans can’t name the three branches of government the Constitution created.
Only 36 percent of Americans can name the three branches of government
By Reid Wilson
September 18, 2014
Wednesday marked national Constitution Day, the 227th anniversary of the signing of the U.S. Constitution. But only 36 percent of Americans can actually name the three branches of government the Constitution created.
They cited Annenberg’s 2011 survey, which found just 15 percent of Americans could correctly identify the chief justice of the United States, John Roberts, while 27 percent knew Randy Jackson was a judge on American Idol. Only 13 percent knew the Constitution was signed in 1787.
http://www.washingtonpost.com/…/ -
Thanks for the support.
“Thanks for the support.”
You’ve seen enough Mark Dice videos to know most Americans aren’t paying attention to anything.
Obama Supporters Petition to Repeal the FIRST AMENDMENT …
http://www.youtube.com/watch?v=SpHOaW99ST4 - 421k - Cached - Similar pages
Apr 15, 2013
95% of the populace are deeply and profoundly stupid, and prove it daily.
Or in the case of Mikey, with every post.
Will US corporate buybacks, funded with cheap unlimited credit from the Fed and savings from relentless “headcount reduction,” be able to outpace foreign dumping of US stocks?
http://wolfstreet.com/2016/04/19/who-the-heck-is-buying-the-us-stocks-that-chinese-and-other-foreign-investors-are-massively-dumping/
In the post-2008 bizarro world of Keynesian meddlers at the central banks, oil used to be the closest approximation to an unrigged market. Is it still?
http://www.zerohedge.com/news/2016-04-20/oil-market-hype-and-crisis-signal-greater-troubles-ahead
The Oligopoly financial media propagates its “inflation is terribly low and must be battled” meme. Odd, I don’t recall hearing any of the peasantry at the supermarket or doctor’s office ever complaining about low prices. Deflation might actually give young couples hope of someday being able to afford to buy their own home.
http://www.marketwatch.com/story/ecbs-draghi-could-be-in-for-a-grilling-over-helicopter-money-2016-04-21?link=MW_latest_news
Saving 20 cents on a can of gourmet box soup isn’t going to make a dent in $150K of college loans.
Those who irresponsibly took on mountains of long term debt hope for debasement of the currency. Dishonesty loves company.
The dishonest and irresponsible are now a massive majority. Why do you think Ron Paul only got 5% of the vote for speaking truth to power in 2008?
Nor a $5,000 30 year old toilet.
I never understood how my brethren were dumb enough to accrue $50,60, or even 100k in debt for college. There was a perfectly fine community college system in my part of Va (and a good chunk of the US) with a guaranteed transition to the state’s universities with no credit/course issues. A full 4 yr degree could be had for under $30k w/ fees & books, which is definitely affordable, even with loans. This is the route I went, and got a proper education in engineering instead of poly sci.
Engineering requires an anchoring in math. Debt donkeys are entirely emotional beings.
This is true, most of my friends who couldn’t handle Calculus 1 ended up in finance/economics, bah dun chhhh
Most of my friends who could not handle Organic Chemistry became doctors.
I ended up with about $40k in debt, but most of that was for my masters year. My wife had a bit more, but again, most of that was for law school.
Would I have preferred to get all my degrees without debt? Sure, but I wouldn’t have my current job, my wife wouldn’t be an attorney, etc.
We didn’t take the debt lightly…once we got the debt, we paid it off ASAP–we lived below our means and paid it off within about 3-5 years of completing our education.
“I ended up with about $40k in debt”
Then;
“We didn’t take the debt lightly”
Do you think before speaking?
Buying things with debt creates a “skim” which Wall Street takes. Not just from interest but from the debt markets and its derivatives. Some of that finds its way back to politicians as companies “invest in” (bribe) them. Politicians then continue to write laws which entrench the system.
Despite initial jobless claims being “the lowest since 1973″, this system doesn’t seem to be working for everyone. Hence the once in a century rise of anti-status-quo political candidates on both the left and right.
Driving up prices of education and housing squeezes wealth from the younger and poorer.
Which insanely unsustainable central bank-blown debt and credit pyramid will implode first?
http://www.businessinsider.com/hsbc-chinese-credit-levels-2016-4
How long will the central banks be able to maintain NIRP/ZIRP in the face of rising commodity prices and associated inflation?
http://www.bloomberg.com/news/articles/2016-04-20/asia-stocks-set-for-gain-after-u-s-edges-higher-yen-holds-drop
Dunno, but I bought some commodities mutual fund shares on the crash as a hedge against successful inflation creation.
The opening of the Shanghai gold exchange could finally result in an honest gold market, after years of rigging and price suppression by the western bullion banks.
http://kingworldnews.com/chinas-shanghai-exchange-sends-price-of-silver-soaring-gold-surging/
Shanghai, a veritable shining beacon of honest dealing.
Compared to London, the epicenter of global financial fraud, and New York? You better believe it.
In Leadville conducting some business today. Should you ever visit, I highly (no pun intended) recommend eating at the pizzeria High Mountain Pies. It’s beyond excellent.
“In Leadville conducting some business today.”
Flint?
It’s good to be an oligarch and have the game rigged in your favor.
http://www.marketwatch.com/story/queen-elizabeth-ii-turns-90-with-29-billion-to-her-name-2016-04-20
Keynesian meddlers at the central banks,
Should crony-capitalist oligarch wealth be expropriated?
Yes. Bill and Hillary should end their days broke and panhandling if they are ever released from the lengthy prison sentences they both so richly deserve.
Just those two? Sounds like you’ve taken one side in the oligarch wars, but aren’t really against oligarchs per se.
Zillow predicts Tampa up 3%
Muggy lives
Are you sure?
Tampa, FL Housing Prices Plunge 5% YoY
http://www.movoto.com/tampa-fl/market-trends/
I hope to one day, in my life, see the Boston housing market crash to its actual worth. $50,000 for a 200 yr old crapshack instead of $600,000. One can dream, but it’ll never happen. Plus there’s no way in hell I’ll stick around long enough for it to happen….
In the meantime rent it for less than half the monthly cost.
“I hope to one day, in my life, see the Boston housing market crash to its actual worth.”
Be careful what you wish for. You may enjoy the prices generated by a crash but you may not care much for the reasons behind the crash.
(Think Detroit.)
Definitely. Plus in this state they can deny you the right to own a 9 mm, or 10+ round capacity rifle….
Birthplace of revolution and freedom my @$$. Massachusetts has a confused liberal-conservative-totalitarian government. The inhabitants are content with the rules and regulations for every aspect of their life, as long as they can afford their snowbird condo in FL and new car every 3-5 yrs.
You may enjoy the prices generated by a crash ??
No he won’t…..
but you may not care much for the reasons behind the crash ??
Exactly….Remember September 2008 ?? Everyone (and I mean everyone) was scared “Chitless”….Think not ?? Look at the gyrations in the stock market…We were having 800 point days….We were on the precipitous of a full blown world wide depression…
Its funny to here some talk here about wanting a crash so they can then buy…Only the richest of the rich buy during a meltdown…Everyone else is in full fetal position….
Ok “crash” may have been a strong term. I meant gradual deflation, every day the SP500 and DOW chipping points off, with minor upticks, coupled with yearly declines in price/demand 3-5%.
http://thehousingbubbleblog.com/?p=9573
‘A recent report by the Office of the Comptroller of the Currency, a federal agency that regulates the nation’s banks, warns that declines in mortgage underwriting standards are mirroring pre-crisis trends.
‘Underwriting standards eased at a significant number of banks for the three-year period from 2013 through 2015,’ the report said. ‘This trend reflects broad trends similar to those experienced from 2005 through 2007, before the most recent financial crisis.’ Not since 2006, it noted, have lenders taken on so much credit risk, and it says the hazard will continue to grow this year: ‘Examiners expect the level of credit risk to increase over the next 12 months.’
‘A large chunk of the risk is coming from first-time home buyers with shaky credit and so-called ‘rebound’ buyers who previously defaulted on home loans. The demand from otherwise uncreditworthy home buyers ‘is driving home prices up faster than incomes and inflation,’ noted Edward Pinto, co-director of AEI’s International Center on Housing Risk in Washington.’
‘This is especially true in hot spots like California, where subprime-mortgage lenders offering interest-only loans with no FICO-score requirements are cropping up from the ashes of Countrywide Financial, the bankrupt subprime giant.’
‘In another sign housing is overheating, home ‘flipping’ is red hot again and hitting levels not seen since just prior to the mortgage meltdown. Nationwide, almost 180,000 homes were sold and then resold last year — the highest level since 2007. In fact, according to RealtyTrac, flipping in a dozen metro areas — including New York, Los Angeles, San Diego, Miami and Jacksonville, Fla. — exceeded peaks set in 2005.’
‘Like the last bubble, this one is fueled by artificial demand from government-induced lax lending standards and accommodative interest rates set by the Federal Reserve. Today’s relaxation in mortgage-underwriting standards is largely a function of government housing-policy changes at FHA, Fannie Mae and Freddie Mac, which dominate the nation’s mortgage activity. As in the last easy-credit cycle, we are seeing ‘the promotion of policy to push firms to seek riskier products to promote growth,’ Wells Fargo Chief Economist John Silvia said.’
‘All three agencies have slashed down-payment and other requirements under pressure from Obama regulators, who include, most significantly, former Congressional Black Caucus leader and Obama appointee Mel Watt, head of the new Federal Housing Finance Agency, which now controls Fannie Mae and Freddie Mac.’
‘Last year, Fannie Mae launched a new subprime-mortgage product called HomeReady that caters to recent immigrants with weak credit and limited income. The new loan program, which offers ‘income flexibility,’ allows borrowers for the first time to bundle income from roommates and relatives to meet qualifications for income. They only have to put 3% down, and can use gifts from nonprofit groups to subsidize their down payments.’
‘There is no limit on the number of non-borrower household members who can be present on a single transaction,’ Fannie advises originators. And even then there is ’documentation flexibility,’ a frightening echo of last decade’s ‘no-doc loans.’
‘You don’t have to show personal financial independence. You can be maxed out on credit cards and even live in government-subsidized housing. Just as long as you round up enough income-earners and pool finances to help meet a debt-to-income ratio of up to 50%. And you don’t need good credit. ‘If the borrower’s credit score is less than the minimum credit score required,’ Fannie tells loan underwriters, ‘the lender may develop an acceptable nontraditional credit profile’ that takes into consideration timely payments on electricity bills and car insurance — and even gym dues — in lieu of payments on credit cards and loans.’
‘Under HomeReady, you can even qualify for a ‘cash-out refinance’ of your mortgage, a type of loan that led to over-leveraging and a wave of defaults during the mortgage crisis.’
‘Why would Fannie offer the same kinds of poorly underwritten loans that forced it into bankruptcy? Because HomeReady aligns ‘with our housing goals’ set by Watt, it says in its HomeReady literature. It’s all part of a government campaign to ease access to home loans for recent Hispanic immigrants — including those living here illegally. In fact, HomeReady caters to illegal immigrants by allowing borrowers to waive Social Security documentation.’
‘Watt, who as a congressman once demanded Freddie Mac back loans for welfare recipients in his North Carolina district, has instructed Fannie and Freddie to come up with ‘alternative credit-scoring models’ to FICO and approve more home buyers. ‘We have the pedal to the metal’ on adopting a new model, Watt said.’
warns that declines in mortgage underwriting standards are mirroring pre-crisis trends ??
The effects of Dodd/Frank….In their thirst to do something to punish the bad lenders and lying borrowers they instituted a underwriting standard based on monthly verifiable income along with good credit…There is serious teeth in the legislation…
Problem ?? If you can show the pay stub (including the tomato pickers) and you have good credit score, you can step up to the plate and get a loan…
There is no consideration regarding the stability of the job…Pay stub & credit score and you are good to go…
You could have 10 mil in the bank…If you don’t show the verifiable, documentable income…No loan…
Lets say you are a small contractor that does home remodeling…Your income goes through peeks & valleys due to the length of time to complete or in between jobs…
The major lenders now consider that income transitory…In other words, they do not see it as consistent and dependable so they will not use it as verifiable income…
because of Dodd/Frank we now have a new industry of lenders in the market to capture all those loans that cannot get funded through the normal channels…They charge anywhere between 6-12%…All funded by private money…
Comment by Ben Jones
2016-04-08
Danielle DiMartino Booth makes an interesting point in the last link:
‘The movement between regions will be catalyzed by demographics, according to the JLL study, which notes there will be more people over the age of 55 by 2050 than there were inhabitants on earth in 1950.’
“This demographic impact will have a profound effect on real estate investment strategies with the amount of private equity capital targeting direct real estate set to increase by over 500 percent, much of it driven by increasing institutional allocations looking at higher yielding opportunities.”
‘Did you notice something implicit in JLL’s argument? It would seem lower for longer will remain the mantra for the foreseeable future, which suggests frothier markets and subpar growth will continue. The most interesting tidbit comes down to who will be doing the investing, that is private equity.’
‘As it were, private equity “dry powder” directed specifically to real estate investments rang in the New Year at record levels. There is now $231 billion in dry powder available just for properties in the United States after $107 billion was raised in 2015.’
‘For being six years into a recovery in commercial real estate, investors certainly remain enthusiastic, especially public pensions. Pensions have allocated some $207 billion to private equity funds since late 2012. Increasingly, allocations have targeted real estate funds with March of this year providing a perfect example of the merriment surrounding this asset class. Here’s a wee sampling with special notations if the real estate fund is of a particular bent:
Texas Teachers: $500 million
State of Oregon’s Pension: $300 million
Pennsylvania Public School Employers: $307 million
Ohio Workers Compensation Bureau: $125 million
State of Minnesota’s Pension: $100 million (distressed); $100 million (opportunistic)
State of Maine Pension: $50 million
State of New Jersey: $200 million (commercial)
State of Kansas: $50 million
Texas Municipal: $375 million
“Pensions’ chronic underfunding has prompted them to stretch to achieve unrealistic return targets,” New Albion Partners’ Brian Reynolds explained. Reynolds has been keeping a running tally of these allocations and is quick to point out that leverage is often needed to hit the bogeys, which are 7.5 percent or more. Bear that in mind when you consider the money being shoveled into these funds.’
‘It really comes down to size, that is, of the pension system. In the early 1980s, pension liabilities amounted to about 50 percent of gross domestic product (GDP); today they are 100 percent of GDP. “Because of their growth, their investment flows have led to asset bubbles that have generated permanent losses,” Reynolds added.’
‘Pensions flocked to hedge funds but that strategy blew up after Long Term Asset Management nearly took down the financial system. This strategy was followed by wholesale herding into commodities, which we all know ended is disaster.’
‘The catch is the rate-of-return bogeys have barely budged despite Baby Boomers moving increasingly closer to retirement suggesting some risk should be taken off the table. (Rather than keeping you in suspense, it’s nearly an impossible feat to lower return targets. Less in assumed returns means states and municipalities have to pony up more money they don’t happen to have on hand. The State of Connecticut has reached the point where it is now taking a stab at taxing Yale’s endowment in a desperate attempt to top off its underfunded pensions.)’
‘No matter how you slice it, most public pensions face a dire set of circumstances, which begs the question: Just what are they to do?’
‘Reynolds’ reply: “They have turned to the last remaining asset class with high expected rates of return – commercial real estate. It’s as simple as that.”
‘Perhaps pensioners should begin praying the JLL report pans out. With commercial real estate prices declining in January for the first time since 2010, the latest data available, and investors balking at rich valuations, it just might take a miracle to keep profitable prospects alive.’
http://thehousingbubbleblog.com/?p=9602
Ben….
this….
http://www.upstream-ideas.com/ideas/atc-math-opinion-il-policys-ted-dabrowski-public-sector-salaries-pensions/
Nobody needs a stock to eat or provide shelter.
Remember….. Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.
If it does happen, there is a vanishingly small chance you will be in a position to buy at the trough.
There is no “pent-up demand” for housing in Baltimore or Chicago:
http://www.breitbart.com/big-government/2016/04/20/study-murders-increased-2015-thanks-democrat-run-gun-controlled-cities/
P.S. Cloward-Piven is real.
There’s been a huge exodus of millionaires from Chicago. Guess they don’t want to end up in a body bag when SHTF.
The only people I know moving to Chicago are my millennial brethren to swoop up waitress and bar tending jobs at Buffalo Wild Wings and Chilis. Livin the dream!!
How many of the young black males getting murdered and murdering other young black males in Chicago grew up with a father?
And this isn’t TradCon shaming.
Cloward-Piven is real.
young black males in Chicago grew up with a father ??
Probably damm close to zero….
And this isn’t TradCon shaming.
Why isn’t it?
Stumped!
Back in the 60s and 70s, when we still had a manufacturing base and the real economy, as compared with the Wall Street casino, was robust, inner-city young men had much better prospects for employment and being able to support a family if they were so inclined. Now it’s all blight and corrupt/incompetent Democrat governance (redundant, I realize). Being poor is no excuse for being a hoodlum, but to some extent society has failed and written off an entire generation of inner-city residents.
Dan:
this place is nothing but a utopian flea bitten sh*t hole. Alot has changed here even in the last 5 to 10 years and not for the better.
He gone!!
I travel to Chi Town for work from time to time. Doesn’t seem that bad but mostly stick to the magnificent mile area and data center.
Galloping Ghost Arcade is a new favorite though! It’s outside the city a little but 500+ classic arcade games under one roof. Need to spend more time there.
San Diego, CA Housing Market Tanks; Prices Crater 13% YoY On Plunging Housing Demand
http://www.zillow.com/san-diego-ca-92101/home-values/
Update: Crude Oil Plummets 53% YoY; Global Demand Falls
http://www.marketwatch.com/investing/future/crude%20oil%20-%20electronic
Your link doesn’t work and my oil mutual fund (VGENX) is up 20% since Feb. 22nd. You’re just an idiot, HA. Buy low, sell high.
Falling prices my friend. Falling prices.
Sarasota, FL Housing Market Implodes; Prices Crater 16% YoY As Speculators Default
http://www.movoto.com/sarasota-fl/market-trends/
Look at a bigger picture. Oil price has collapsed by 60%. The trend is not convincingly broken by recent minor volatility.
That’s a good point. There’s also no indication there that demand has fallen, only price.
Irrelevant.
It’s relevant to.my wallet. Put $80k in VGENX on Feb. 22. Up $16k now. That is relevant. Buy low sell high. If you wait for the trend, you become sheeple.
Irrelevant because that never happened.
Oil Glut is Bankrupting Calgary
Calgary Economy Implodes as Oil Prces Remain Low
Written by Geoffrey Pike
Posted April 20, 2016 at 5:05PM
Tip O’Neill, who was Speaker of the House in the 1970s and 1980s, said, “All politics is local.” We might also be able to say that all economics is local.
While this is less true due to global trade and centralized government, local economies can still do their own thing. In the case of Calgary, Canada, this isn’t such a great thing at the moment.
Calgary residents have seen a decline in home prices, while vacancy rates for office space have exploded. At least one estimate shows office vacancy rates in Calgary exceeding 20%, which is nearly double the 11.8% from just a year ago.
The bad news doesn’t end there because there’s about three million square feet of office space currently under construction. Obviously much of this construction would have never started if those paying for the space had known that vacancy rates were going to spike.
This is a classic boom/ bust situation. It’s similar to the housing bubble seen a decade ago in the United States. The rising prices were a signal to suppliers to build more. The problem is that it was an artificial bubble sending false signals. The demand really wasn’t there, at least in the sense that the savings weren’t there.
Now Calgary not only has higher vacancies for office space with lower prices, but new office buildings will continue to appear. In order for the market to balance, prices are going to have to decline significantly more than they already have.
…
You would think by now business’ and gov’t would have policy in effect that smooths out the radical swings in oil prices. Bank and save when prices are high, conserve and budget when prices go flat. It’s not like this hasn’t happened before.
I guess you just can’t put a governor on greed.
Having the government promote policies to “smooth ou the radical swings” is commie-socialist central planning.
And as my hangar neighbor said about the commodities markets “we make money no matter what commodity prices do.”
Best practices survive any oil swing..No central planning for me… I prefer to personally save for a rainy day when it’s pouring profit and spend thriftly when there is a drought.
Calgary IS socialist/Commie. Who the flip is Steve in Flyover?
Who the flip are you, Puggsly?
In order for the market to balance, prices are going to have to decline significantly more than they already have.
If there is simply no need for the surplus office space, will lower rents fill them?
Absolutely. Landlords competing for tenants is always a good thing, either residential or commercial.
Let the competition begin.
Falling Prices: “Grocery Prices Fall for First Time in 2 Years”
http://247wallst.com/economy/2016/04/17/grocery-prices-fall-for-first-time-in-2-years/
Redskins Drop Offensive Name
The Washington Redskins finally drop offensive name.
Dan Snyder, owner of the NFL Redskins, has announced that the team is dropping “Washington” from the team name, and it will henceforth be simply known as “The Redskins.”
It was reported that he finds the word ‘Washington’ imparts a negative image of poor leadership, mismanagement, corruption, cheating, lying, and graft, and is not a fitting role-model for young fans of football.
Lol.
How about the Washington Siths? That city is infested with statists.
https://m.youtube.com/watch?v=Iq8_2bjJqbo
Published on Apr 20, 20162nd single off of our upcoming debut album ‘Veracity’
Loudwire http://loudwire.com/backwordz-statism-escape-the-fate-craig-mabbitt-exclusive-video-premiere/
Lyrics:
I’m livid when, the gimmicking wins/
From beginning to end, no gimmick; If I rap it, dude I live it then/
And you can’t do it, so ain’t no need for mimicking/
I’m not innocent. I’m on a mission, so let me finish it/
Matter of time before they summon the army in/
I’m probably on the FBI’s most wanted list/
I’m probably going to end up hung like an ornament/
I’m on a life mission to abolish all the government/
It’s dumb and I’m beyond pissed/
So we’re going to cut to the chase and get rid of metaphorical nonsense/
None of that eloquent bogusness/
I want you to know what it is sucka kid, y’all people keep voting in/
They rob, kill, and steal by the day/
I’d be a buffoon to trust the state/
You’re a tool and fool. Just keep taking the bait/
Making mistake, after mistake, after mistake/
Believe me, this ain’t the typical “Oh the government’s corrupt.”
Bro, that’s too easy/
You gotta take responsibility because you willingly
Give power to the state, when it’s the state that is your enemy
Stuck on stupid, you gotta be on it/
Cry about violence but they got a monopoly on it/
And you keep on buying in to what that man say/
Not knowing that every mandate, just expands the state
Hook:
Look around tell me what you see, because it’s..
Coming down, coming down. Are you listening?
Stop and look. This is what I mean:
It’s going down. It’s going down.
Look, it ain’t really hard to keep up
The politician just hypnotized you with free stuff
More and more statism, and y’all people just eat up
Yet crying and you’re protesting about how the police suck
Y’all don’t get no sympathy from me, because that’s the bed that you made
So you gotta lay
More inconsistent by the day, making mistake after mistake after mistake
At some time you gotta realize/
That the same crap that you despise might be your demise/
And I’d advise that you become more knowledgeable on subjects like economics that benefit/
Not memes on the internet
So when you’re mad and you get so combative, you gotta step back and take a stab at your voting habits/
The average man don’t understand that he don’t know;
You can be free or be a slave, but you can’t be both.
Hook
Craig Mabbitt: Open Your Eyes
The state you’re in, is a state of mind.
Freedom disguised, the state you’re in is a state of mind
So they’re wanting a savior?
Yet everyday, we go through voluntary exchanges/
They say “who’s going to build the roads?” without taxation/
So you give them a reason to confiscate my payments/
And that’s exactly what the state needs
for you to think you need them. But it’s fake, see?/
Maybe you’d see that they are what they swore to prevent/
A monopolized corporation, it’s called government/
I heard they were moving to the Phillipines, and were changing their name to “Manila Folders”.
In other sports news
ESPN Fires Curt Schilling For Conservative Views
Schilling shared a meme on Facebook that clearly showed he was against transgender individuals using bathrooms against their biological sex
Daily Caller | David Hookstead - April 21, 2016
Schilling shared a meme on Facebook that clearly showed he was against transgender individuals using bathrooms against their biological sex. The legendary pitcher was fired over the post with ESPN saying, “Curt Schilling has been advised that his conduct was unacceptable and his employment with ESPN has been terminated,” according to the New York Times.
http://www.infowars.com/ - 158k -
I was hoping the link worked because the “Let Him In!” picture they have with the story is priceless.
Dump Disney. Pure poison. I’m embarrassed to have it in the state of Florida. Talk about a Pied Piper.
I wonder if they allow trannies in the lady’s room at DisneyWorld. When I was there last summer I was surprised at the number of hijab wearing women there. I doubt those women and their husbands and fathers would take too kindly to a tranny using the facilities.
Eye on the prize, Colorado, they have their eye on the prize, which is de-criminalization of pedophilia.
“I doubt those women and their husbands and fathers would take too kindly to a tranny using the facilities.”
Only on the surface. Maybe.
when some dude follows someone’s daughter into the can the creeper will get shot and the jury(even a black jury) will let him go.
word
When I was lad in high school, a cop came to our social studies classroom to talk about his job and tell us to stay off drugs. He was kind of a buffoon, truth be told, and I was soon bored. So he starts talking about high-speed pursuits and the importance of a properly maintained cruiser, and says “When you’re screaming down the road at 120 MPH, you don’t want to blow a tranny!” I helpfully piped up and said, “No, officer, you need to keep your eyes on the road.” All the Beavis & Butthead types busted up, and I got sent down to the principal’s office, a hero just for one day.
Yeah, black people sharing bathrooms with whites was a big hang-up for the last generation of haters.
You’ll get over it. Or you’ll die, and the next generation will.
http://www.infowars.com/espn-fires-curt-schilling-for-conservative-views/
No country for haters.
The times, they are, a-changing.
‘The most new inventory arrived in North Naples, nearly doubling during that span of time’
Isn’t that amazing, just when demand starts to fall and prices with it. It’s almost like these people were waiting to get top dollar. Like speculators would do.
It’s almost like these people were waiting to get top dollar. Like speculators would do ??
Yep…The nature of the beast…..
So is fraud. And it’s unacceptable.
http://mondoweiss.net/2016/04/forward-columnist-and-emilys-list-leader-relate-gigantic-shocking-role-of-jewish-democratic-donors/
But before you went to the Jewish community, you had a conversation with the lead AIPAC person in your state and they made it clear that you needed a paper on Israel. And so you called all of your friends who already had a paper on Israel – that was designed by AIPAC – and we made that your paper. - See more at: http://mondoweiss.net/2016/04/forward-columnist-and-emilys-list-leader-relate-gigantic-shocking-role-of-jewish-democratic-donors/#sthash.c0ffxpbO.dpuf
I saw a Google Earth Street View car in North Palm yesterday.
Gave me kind of an Orwellian feeling.
Google Earth Street View Car In Florida - YouTube
http://www.youtube.com/watch?v=Gt2siwj0pVM - 236k - Cached - Similar pages
Jun 26, 2015
Kind of? Screw them. Unfortunately only an EMP will fix this crap.
Now every time someone uses the street view on that street and looks your direction, you and your car will be on the picture!
Street view is nothing!
The last two evenings, which have been unseasonably hot, I spent outside in the yard, and both nights got buzzed by a drone operated by somebody one block over - it spent several minutes hovering right over the yard at various altitudes. It sounded like a giant mosquito flying overhead.
That is creepy. And this occurrence is going to become much more commonplace in the future.
And it’s now a felony to shoot them down :/
Maybe you should get a butterfly net and capture it.
But you’ll be recorded on HD video, stored in a memory card either in the drone itself and/or in the controller. Video evidence of a crime is pretty hard to refute.
Locals have already been prosecuted for shooting down their neighbor’s drones.
I’m working on a low-power directed EMP weapon that will knock them silly (of course, our military already has that at much higher power levels).
I don’t get how it is possible to know the operator of the drone in question is a “block away” or in any particular location besides being within range of radio contact.
Anti-drone drones are an unexplored business opportunity offering plausible deniability to the operator of the anti-drone.
Seems like there’s going to be a lucrative market for “non-kinetic” ways to knock down intrusive drones by hitting them with an electronic pulse or something.
http://www.zerohedge.com/news/2016-04-21/unprecedented-snub-saudi-arabia-demands-recalibration-relationship-us
“even as White House officials stressed that the leaders made progress, a prominent member of the Saudi royal family told CNN “a recalibration” of the U.S.-Saudi relationship was needed”
I couldn’t agree more.
Hmmm… aren’t the Saudis facing budget deficits and are scrambling to raise cash? With oil prices in the basement and Iran rising as a regional rival, I’d say they need us more than we need them.
Publish the 28 pages, House Resolution 14, and pass Senate Bill #2040.
When that report first came out, the media, for a very short time, was reporting that the funding for the 9/11 bombers came from Saudi Arabia, funneled through their embassies IIRC. Then those pages got redacted quickly.
The media also reported that there would be a vigorous investigation into very large, suspicious short positions taken out against the airlines shortly before 9/11. Then suddenly that line of inquiry was just dropped with no explanation. Curiouser and curiouser.
The Fed’s War on Savers has clearly been wildly successful!
The Secret Shame of Middle-Class Americans
Nearly half of Americans would have trouble finding $400 to pay for an emergency. I’m one of them.
Neal Gabler
May 2016 Issue Business
Since 2013, the Federal Reserve Board has conducted a survey to “monitor the financial and economic status of American consumers.” Most of the data in the latest survey, frankly, are less than earth-shattering: 49 percent of part-time workers would prefer to work more hours at their current wage; 29 percent of Americans expect to earn a higher income in the coming year; 43 percent of homeowners who have owned their home for at least a year believe its value has increased. But the answer to one question was astonishing. The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?
Well, I knew. I knew because I am in that 47 percent.
…
The future belongs to lucky ducky
I love my money earning 0.45% annually sitting in my savings! Pennies in the bank!
You could always blow it on a risky stock market or rapidly depreciating house.
I’m getting .8% and .95% on my savings account, and 2.25% on CDs…you need to shop around some!
since you don’t like bitcoin, which has positive gains today over 2 years, 1 year, 6 months, 3 months, 1 month, 1 week, 1 day, you could at least buy Series I bonds before May 1. You are limited to $10,000 worth in a year I think. Buy now and you will lock in 1.64% annual rate for the next six months. Buy after May 1 and you will get a predicted 0.26% annual rate for the six months starting May 1. Buy now, keep a year and you will have 1.64/2 + 0.26/2, for a year of 0.97%. Beats your 0.45 don’t it? But there is a 3 month interest penalty if you redeem before 5 years…
Bitcoin, professor, Bitcoin!
Bend, OR Housing Market Implodes; Prices Plunge 16% YoY On Cratering Housing Demand
http://www.zillow.com/bend-or-97701/home-values/
“House Prices Fall In Most Cities As Foreign Buyer Interest Declines”
http://www.abc.net.au/news/2016-04-21/quarterly-house-prices-fall-in-most-cities/7344624
“Dow Industrials Face 100-point Loss As Oil Craters On Failed Doha Talks”
http://www.nasdaq.com/article/market-snapshot-dow-industrials-face-100point-loss-as-oil-craters-on-failed-doha-talks-20160418-00056
“Oil Prices Seen Plunging To $20 Per Barrel”
http://www.philstar.com:8080/headlines/2016/04/21/1575231/oil-prices-seen-plunging-20-barrel
Considering production costs are $6-$8/barrel, oil prices have a long way to fall. A very long way to fall.
This is positive economy news.
“As Rents Plunge, So Do Luxury Home Prices”
http://www.straitstimes.com/business/as-rents-plunge-so-do-luxe-home-prices
Portland, OR: “Rents Fall”
http://portlandtribune.com/pt/9-news/301122-178947-rents-fall-protests-continue
“You gotta roll with it” — Caitlin Vestal
“Retirees Are Better Off Renting Than Owning”
http://www.huffingtonpost.com/entry/should-retirees-rent-or-buy-a-home-a-new-study-has-the-answer_us_5716cb9be4b0060ccda4caa1
*Everyone is better off renting at current grossly inflated asking prices of resale housing. Not just the ready-to-die crowd.
“Retirees are better off renting than owning, the real estate site found. The reasons? Retirees are more likely to stay in the house longer (15 years instead of the average seven), put down a 20 percent downpayment, and generally fall in a lower tax bracket (15 percent instead of 25 percent).”
Other than the tax bracket, that makes no sense. Are they saying staying in the house longer, and making a bigger down payment, make owning more costly?
“‘Single-family housing costs are beyond reach for a lot of first-time home buyers,’ said Aaron Henson, senior planner with the city of Bend.”
The next bust WILL fix that… Bend is a vacation market, therefore the swings are wild and things get real cheap REAL fast when the doo hits the fan.
What is out in Bend? It is 3 hrs from Portland. I went out to go to breweries. We hit 5 or 6, it was great. I didn’t realize there was much industry out there to drive up the market?
Mostly Tech commuters that live in NWX and hipsters that blog from downtown indie coffee shops. Otherwise it’s vacationers from Portland and Eugene.
Close to great fishing, hiking, river floating and skiing, great quality of life town.
Yes, MUCH shorter drive to those amenities than living in Denver or the Springs.
Better weather too. High desert.
There isn’t. You don’t get to prices that are 300% higher than long term trend by any means but speculation and fraud.
Bend is mostly a retirement community.
And a high crime area for that reason. Very similar to Florida’s high crime rate.
Too many golf courses.
get out before the waterfall
Japan drone footage showing landslides and seismic faults after …
http://www.youtube.com/watch?v=BjW00RXtKlk - 208k - Cached - Similar pages
3 days ago ..
Report: Greenwich home owners are in over their heads
Lidia Ryan Published 12:24 pm, Wednesday, April 20, 2016
Greenwich, CT
Average Mortgage Debt: $882,781
Median House Value: $945,500
Median Income: $51,286
Debt-to-Income Ratio: 1721%
Debt-to-House Value Ratio: 93%
Source: WalletHub
Greenwich is one of the most expensive places to live in the country. While most of the town’s residents are wealthy, a recent report shows even the richest are having mortgage trouble in Greenwich.
Financial site WalletHub compared the average mortgage debts to the median income and median home value in 2,521 U.S. cities to find the cities where people are most overleveraged on their homes. Greenwich comes in at number 10 on that list.
According to the report, the average mortgage debt in Greenwich is $882,781 and the median house value is $945,500.
Click through the slideshow above to see the 10 most overleveraged cities and some homes on the market in Greenwich listed for less than the average home value. Visit WalletHub for the full report.
Beverly Hills ranks third on the list, but in terms of actual debt, it’s the most impressive. The average mortgage debt there is $1,115,008 with the median house value at $1,000,000.
http://www.greenwichtime.com/…/Report-Greenwich-home-owners-are-in-over-their-7259732.php - 551k -
Time to put an end to the DOE. Fast.
http://www.foxnews.com/us/2016/04/21/girl-15-dies-after-assault-in-delaware-hs-bathroom.html
“Homeless” man nearly killed during trailer demolition
He had no equity, either: A 59-year-old Pontiac Michigan man is recovering in the hospital after construction workers demolished a trailer he parked on private property while he was inside, authorities report. While the demolition was underway, workers heard someone screaming from inside the rubble. A 59-year-old man was inside the trailer. The man had allegedly been told previously to stay away from the property, officials say.
Party over out of time
Prince dead at 57
Whaaaaaaaaaa? Holy Purple Rain! Thanks for the heads up, I’ll check it out.
And thanks for the tunes, Prince.
God takes David Bowie, 69, and Prince, 57, and leaves George Soros, 85. Hardly seems fair.
Don’t get me started. But, you did, so…and:
Lloyd Blankfein
Jamie Dimon
Alan Greenspan
David Rockefeller
Henry Kissinger
George H.W. Bush
George W. Bush
Dick Cheney
Hillary Clinton
Warren Buffet
Donald Rumsfeld
Aw, heck, I could go on. There are so many evil, rotten pieces of meat that need to shuffle off this mortal coil.
Glad you got Kissinger on that list. His “free market” globalism has just done wonders for this country. I used to wonder as a 6-year-old kid what he was doing visiting a communist country several times. Now I know, in hindsight.
So even in the early 1970s, they were already planning on outsourcing our manufacturing sector to China. All of those tinfoil hat trilateral commission/CFR/Davos/conspiracy theory people were right, darnit!
excessive carbon footprint ?
Apparently he hadn’t been well for a couple of weeks. The flu is nothing to fool around with when you’re older. It can morph into pneumonia really fast when you don’t take care of yourself.
It can morph into pneumonia really fast when you don’t take care of yourself.
Sometimes pneumonia kills you really fast whether you took care of yourself or not. None gets out of here alive.
RIP
ive been good friends with prince’s early publicist
https://en.wikipedia.org/wiki/Howard_Bloom
One of my friends knows a guy who’s the 2nd cousin of a girl Prince slept with back in the 80s.
How long was it going to be before our friend here got out of Chicago?
River North 7-Eleven Cab Death - YouTube
http://www.youtube.com/watch?v=dpCm6MYVlUo - 145k - Cached - Similar pages
1 day ago … WARNING: This video contains disturbing images. On February 7, 2016, in the River North neighborhood, Marques Gaines was struck by an …
What other public morality do you expect after decades of Democrat maladministration and the dependency voters installing progressively more corrupt and incompetent municipal governments?
New applications for unemployment benefits sank to the lowest level in 42 years, pointing to continued improvement in the labor market.
Initial claims fell by 6,000 to 247,000 in the seven days ended April 16, the Labor Department said. This is the lowest level since the week of Nov. 24, 1973.
why do they hire so many people who FAILED at math????? if you are freelance or 1099 you are not eligible for unemployment…plus most have run out of benefits, or have so little each week you need welfare and food stamps to survive….
not my circus, not my monkeys… plenty of jobs where i live.
The art of sign spinning - YouTube
http://www.youtube.com/watch?v=x_A4XJalsE0 - 399k -
was number adjusted for pop growth?
Data my friend. Stick with the data.
Winter Springs, FL Housing Prices Crater 12% YoY
http://www.zillow.com/winter-springs-fl/home-values/
Okay you pack of losers……..the economy is going to Hell in a handbasket because you are effing off too much on the job.
http://tinyurl.com/hvjc58y
IOW, the beatings will continue until productivity improves.
(Of course, the fact that the suits in corporate have captured 99% of the productivity improvements, while the wretched refuse get to deal with stagnant wages has nothing to do with it. Nor that the WR have figured this out.)
Back in the day, two of the guys on my crew figured out a means of reducing the man-hours required to do a Warranty service bulletin. By my calculation, they saved the company about $800K in labor costs.
How does the company show it’s appreciation? They were given a couple of coffee cups. Needless to say, after that, my guys (and I) started keeping our “Tribal Knowledge” to ourselves.
Are the sheeple finally wising up and bailing out of our rigged, broken, manipulated “markets”?
http://www.zerohedge.com/news/2016-04-21/faith-gone-middle-class-flees-market-record-low-number-americans-own-stocks
Comment by phony scandals
2016-04-21 11:13:12
How long was it going to be before our friend here got out of Chicago?
This….
http://www.chicagotribune.com/news/local/breaking/ct-chicago-shootings-20160421-story.html
In the next decade or two every Democrat-run municipality will be as dystopian as Chicago or Detroit.
Used to be only dad’s competed with dads for homes. then mom and dads both got jobs, then 2 jobs, now we compete with corrupt chinese officials for homes… what next?
Data my friend…
US Housing Demand Plummets To 20 Year Low
http://2.bp.blogspot.com/-yX5B5Hn95bQ/VYC3Wr6ihBI/AAAAAAAAj7I/alOslZa-cK8/s1600/MBAJune172015.PNG
California, meet your future as a socialist paradise.
https://www.yahoo.com/news/venezuela-ration-power-four-hours-day-40-days-190512925.html?nhp=1
I’ll enjoy it as I take distributions from my Roths and muni pal bonds and precious metals.
All my friends against government subsidies, sure like their gov mortgage subsidy. word.
what happens when all the “independents” get to vote?
“The people who cast the votes decide nothing. The people who count the votes decide everything.” — Joseph Stalin
1899. Mr. Deull: “everything that can be invented has been invented.”
There are more nonvoters of voti age than independents. In 2012 41% of the eligible voters did not vote.
Fauxahontus Warren is making a big show of blasting SEC head Mary Jo White, who has made a career of turning a blind eye to Wall Street fraud and criminality, for letting a known shyster resume his scams. Sorry, Elizabeth, writing sternly worded letters isn’t going to stop this crony capitalist racket or make our captured regulators feel bad about their abject failure to uphold the law or look out for the investing public.
http://www.marketwatch.com/story/elizabeth-warren-blasts-sec-over-approval-of-steven-cohens-new-firm-2016-04-21?link=MW_latest_news
Not to peddle fiction or anything, but the retail massacre continues apace.
http://www.businessinsider.com/r-sears-to-close-another-78-stores-5-percent-of-total-2016-4
The People’s Republic of California steps up its efforts to strip law-abiding gun owners of their Second Amendment rights.
http://www.guns.com/2016/04/20/multiple-tough-new-changes-to-california-gun-laws-advance/#.Vxiq6vSSocY.twitter
“All political power comes from the barrel of a gun. The communist party must command all the guns, that way, no guns can ever be used to command the party.”
- Mao Tze Tung, Nov 6, 1938
Massive voter fraud in the state that elected the one-woman crime spree, Hillary Clinton, to the Senate? I am shocked, shocked!
http://www.zerohedge.com/news/2016-04-21/additional-evidence-mind-boggling-fraud-emerges-new-york-primary
Before this election is over, we will see her speak while holding up Donald’s severed head, you mark my words….
I worked the polls once. During the 6 AM - 9 PM shift, no one seemed to know what to do, even though they said they had been doing it for many years. I had only the barest notion of what to do, but ended up figuring it out and took charge because it was obvious no one else was willing or able. The poll workers were easily 20+ years older than me and obviously incompetent/didn’t give a crap. I was amazed. At the end of the night they chose me (schmuck) to deliver the final results to the county (sure, that meant they went home right away.) They didn’t know me or anything about me. This was in Westchester County, NY in the 90’s. Never did it again.
According to the SEC, it’s the sheeple’s fault they were defrauded by Wall Street. If they hadn’t been greedy and stupid, they wouldn’t have made such easy marks for the Wall Street grifters. When you look at who 95% of ‘Muricans voted for in 2008, it’s kind of a compelling argument.
http://www.zerohedge.com/news/2016-04-21/these-sec-insider-emails-reveal-why-no-bankers-have-gone-jail
All these pesky fiction-peddlers challenging The Narrative….
http://wolfstreet.com/2016/04/21/retailer-bankruptcies-chapter-11-aeropostale-vestis/