Spending On Something That Isn’t Yours
A report from The Record in New Jersey. “According to the 2015 State of Hispanic Homeownership Report conducted by the Hispanic Wealth Project and National Association of Hispanic Real Estate Professionals, Hispanics were the only major ethnic or racial group to raise its homeownership rate last year. In 2015, Hispanics achieved a net increase of 250,000 owner households, which accounted for 69 percent of the total net growth in U.S. homeownership. Eleonoro Paula, 53, who has lived in the United States for nearly 30 years and works as a contractor at FedEx Ground in South Hackensack, said he has been saving for years to buy his first home. For more than two decades, Paula essentially lived in the U.S. on his own — until four years ago, when his family joined him from the Dominican Republic. ‘We’re buying now because we have the right qualifications to do so,’ Paula said in Spanish.”
“The family of six, which includes three children ages 13, 15 and 16, currently rents an apartment in a two-family home in Saddle Brook for $1,500 per month. The Paulas hope to find a one-family home in the borough, where they enjoy the quiet suburban lifestyle and where the children attend school. They hope to close on a home in the $500,000-$600,000 price range, and anticipate a 30-year mortgage and a $2,600 monthly payment. To Eleonoro Paul, the $1,100 jump is worth it. ‘Realistically, no matter how you look at it, [when you rent] you’re spending on something that isn’t yours,’ Paula said.”
WEAU in Wisconsin. “Business is good when it comes to selling or buying a home in Wisconsin; more houses were sold in the first quarter of 2016 since 2007 in Wisconsin according to the Wisconsin Realtors Association. Joe Germain, President of the Realtor Association of Northwest Wisconsin, knows the number of homes sold in Eau Claire has dropped 10% from the first quarter of 2015 to this year’s first quarter, but he says the numbers can be misleading. ‘One of the reasons it’s down is the lack of inventory,’ Germain said. ‘If we had more inventory, the prices would be up.’”
“With a relatively smaller number of houses on the market, some sellers in the Eau Claire area don’t seem to be having any trouble finding potential buyers. ‘We’ve been on the market for about 30 days now and we’ve had more than 20 viewings,’ Terry Chmielewski of Eau Claire said. ‘We’ve already had one offer that we could turn down because we know that it wasn’t good compared to what we can get. We’re pretty confident; that’s why we turned down the first offer that we got,’ Chmielewski said. ‘We’ve only been on the market 30 days; I only look to it as being very good.’”
The Sun Sentinel in Florida. “South Florida’s home prices increased in March, but sales slowed as the market settles into a steady, less-frenetic pace. ‘Things are good, but listings aren’t selling overnight anymore, unless they’re just incredibly well-priced,’ said Beverly Rothstein, an agent in Palm Beach, Broward and Miami-Dade counties.”
“Zach Finn, broker-owner of Finn Real Estate across South Florida, said he had clients who agreed to sell their three-bedroom Fort Lauderdale home with a pool for $410,000, but the appraisal came back at $400,000. A year or two ago, in a more overheated market, the buyer probably would have paid all or part of the difference out of pocket, Finn said. But this buyer held firm, not willing to pay anything more than appraised value. ‘I think we’ll continue to gain a little bit of strength, but I definitely don’t see the market allowing prices to spike anytime soon,’ he said.”
Maxim on New York. “A high-living Manhattan entrepreneur who inspired a character in The Wolf of Wall Street has once again slashed the price for his lavish 6,500-square-foot townhouse. Alan Wilzig—who introduced penny stock scammer Jordan Belfort to his second wife Nadine, played by Margot Robbie in the movie—chopped the price of his Tribeca pad from $38.5 million to $24.885 million. The opulent man cave was initially listed at $44 million in 2014.”
The Midland Reporter Telegram in Texas. “Low oil and natural gas prices continue to cut deeper into the overall Midland-Odessa economy. The February Midland-Odessa Regional Economic Index has fallen 11.1 percent below February 2015 levels and is now 11.8 percent below its January 2015 peak. The index, prepared by Amarillo economist Karr Ingham for Midland Development Corp. and Security Bank by, has fallen for 13 consecutive months. The two primary pillars of the economy — consumer spending and employment — continued their double-digit declines, according to Ingham.”
“Midland and Odessa issued a total of 67 new housing permits in February, down 38 percent from 108 last February. For the first two months of 2016, the cities have issued 127 permits, down 31 percent from 184 in the first two months of 2015. Ingham said the index’s components were just as impressive when the economy was growing, rising by double digits, as they are now, falling by double digits. ‘They just had a positive instead of a negative in front,’ he said. ‘Spending and employment are doing what’s expected, losing more with each passing month. They reflect a contraction that is entrenched, and there is no light at the end of the tunnel.’”
The Idaho Statesman. “It’s a good time to be a Treasure Valley home builder. New home sales and median home prices are up sharply from a year ago. In Ada County, demand for new homes increased in the first quarter, with February sales up 25 percent from a year earlier, thanks in part to a small increase in listings. Mike Turner, owner of Front Street Brokers in Boise, says he talks to home shoppers who see new construction springing up across the Valley and think there’s an oversupply. But inventory has not grown much, because homes are either presold or are getting snapped up shortly after reaching the market.”
“‘Everything is selling,’ Turner says. ‘Consumers think it’s getting too hot, but inventory is still low, and as long as that’s the case, the market is healthy.’”
“Coleman builds in the $135,000 to $700,000 range. CBH Homes, Idaho’s largest builder, sells mostly under-$300,000 homes. Coleman owner Thomas Coleman says he plans to increase production to 300 homes this year. Owning 4,000 vacant lots in the Treasure Valley — an eight-year supply — protects Coleman Homes from paying more if land prices rise and gives the company chess pieces to move if the market shifts, he says.”
“Coleman says he is wary of an economic recovery that ‘never felt that great,’ as well the Valley’s reliance on out-of-state retirees buying homes. ‘The Valley is a little different than other areas of the country where the entry-level market is strongest and improving,’ he says. ‘Our high-end market is really strong. If you look at our average wage, which is in the mid-$40,000s, and the number of $800,000 homes sold, it doesn’t compute perfectly.’”
Loanownership = a lifetime of incalculable losses.
“Loanownership = a lifetime of incalculable losses.”
For some, but not for all. It all depends on which end of the term you decide to place yourself.
“Eye Of The Tiger” (Donkey)
Rising up, back on the street
Did my time, took my chances
Went the distance, now I’m back on my feet
Just a man and his will to refi
It’s the eye of the Donkey
It’s the thrill of the fight
Rising up to the challenge of a short sale
And the last known survivor
Stalks new listings at night
And he’s watching us all with the eye of the Donkey
Eye of the tiger -Lyrics- - YouTube
http://www.youtube.com/watch?v=QEjgPh4SEmU - 380k -
LOL
Noice!
‘One of the reasons it’s down is the lack of inventory,’ Germain said. ‘If we had more inventory, the prices would be up.’”
I understand intuitively that realtors are dumb as a brick $hithouse but this one is a beaut.
Suzanne says these dumb statements are generated for and are directed to buyers, buyers who are definitely as dumb as brick $hithouses.
Suzanne researched this (for the nastiest wife ever).
https://www.youtube.com/watch?v=20n-cD8ERgs
“…(for the nastiest wife ever)…”
That glowering rattlesnake twitch, and Pillsbury folds like a sheet!
Suzanne’s research has revealed that only one dumb-as-a-brick-$hithouse buyer needs to show up for her (and me) to make some very big and some very easy bucks. Only one.
If more than one shows up then the dumbest of the dumb is the one who gets to buy the house. It also fun to watch the dummys bid against each other and in doing so up the price.
Life is good and the dummys of the world make it so.
How’s that socialist paradise working out for you, Venezuela?
https://www.yahoo.com/news/fridges-off-venezuela-power-rationing-hits-030240311.html
Ray K -
A repost from yesterday….don’t know if you saw it.
Cheers.
https://joelhirst.wordpress.com/2016/04/23/the-suicide-of-venezuela/
i used to work across the street at 10 hubert the owner had the last single owner house in tribeca he had a huge recording studio and an internet radio station…..11,0000 sq feet sold it a few years for 8.5 million then moved up to moringside heights and bout a similar old building 4500 sq feet for 2.5 mill cash
now making luxuurie confozes out of them
http://www.townrealestate.com/rental/id-750033/10-Hubert-Street-2/TriBeCa/Manhattan/bedrooms-3/status-closed/
that is being RICH using a high traffic ground floor commercial space as your garage
—-
slashed the price for his lavish 6,500-square-foot townhouse 3 hubert st
Are some Democrats getting fed up with voting for corruption, crony capitalism, and the enabling of ever-growing dependency classes?
http://www.breitbart.com/2016-presidential-race/2016/04/26/exclusive-data-analysis-democrat-turnout-collapses-4-5-million-nearly-20-percent-2016-versus-2008/
What happens when collectivists run out of other people’s money. Coming soon to a permanent Democrat Supermajority near you.
http://www.businessinsider.com/afp-fridges-go-off-as-venezuela-power-rationing-hits-2016-4
They start a war and say the US military represents every American, as the democide gets bloodier.
The New York Post
The $500K Brooklyn ‘pit bull flop house’
By Natalie O’Neill
Published: Apr 26, 2016 9:05 a.m. ET
A bubble grows in Brooklyn
This property has at least one window.
Room with a…screw!
The Brooklyn housing market is so hot, a slick realtor is asking half a million dollars for a glorified tool shed in Gravesend.
The faded yellow 1-bedroom “home” at 86 Bay 47th Street is a measly 12 by 26 feet and is built with aluminum siding, like some backyard sheds.
But the — shall we say cozy and rustic — abode is perfectly legal and features a small bathroom, gas, heat and hot water, according to Anothony Mussolino, the realtor who posted the listing.
“Better than a condo…asking only $499,000!” an ad on Trulia.com proclaims.
“It’s a legal, single-family home. It’s a teeny tiny house, the smallest one I’ve ever sold. There’s also partially finished basement, ” Mussolino of Ben Bay Realty told The Post.
He added, “It used to be a flop house for pets, mostly pit bulls. So it needs some work.”
…
‘The Brooklyn housing market is so hot, a slick realtor is asking half a million dollars for a glorified tool shed in Gravesend.’
I was thinking about Briny Breezes the other day. Wonder how much land is valued at in Brooklyn vs. the height of that Florida development story. Someone do the math for me. A developer was going to spend $510 million for 43 acres. Here is what I got for Gravesend’s urban oasis:
https://www.google.com/search?q=gravesend+brooklyn+real+estate&biw=1280&bih=689&source=lnms&tbm=isch&sa=X&ved=0ahUKEwih1eLw0azMAhVGQSYKHeNoAvQQ_AUICSgD
Just a random Gravesend trulia listing:
http://www.trulia.com/property/3224875893-210-Bay-34th-St-Brooklyn-NY-11214
Note the crime log included near the green map of the listing.
To Eleonoro Paul, the $1,100 jump is worth it. ‘Realistically, no matter how you look at it, [when you rent] you’re spending on something that isn’t yours,’ Paula said.”
Sure—but:
[when you buy with a mortgage] you’re spending something [money] that isn’t yours.
I wonder whether Eleonoro has considered the fact that their rented money will cost more than $1,100 in interest… I’m guessing not.
The losses are far greater than that. She’s paying a 300% premium on that run down shack.
Remember….. construction costs are $55/sqft(lot, labor, materials and profit) for residential structures irrespective of location.
Now we’ve gone over this over and over again, Housing Analyst.
You are limited to one new screen name per week.
Cheer up my friend….. cheer up.
Graham, WA Housing Market Craters; Prices Plunge 6% YoY As Housing Demand Dries Up Across State
http://www.zillow.com/graham-wa/home-values/
https://smartasset.com/taxes/new-jersey-property-tax-calculator#YswKHoypFr
Nice website.
A $600,000 house in 07663 (Saddle Brook, NJ) will have $13,000/year in property taxes.
So that extra $1,100/month just doubled to $2,200.
And property taxes NEVER go down.
See how dumb renting is?
Landlord is just going to pass the property tax bill along to the tenant.
Doesn’t work that way. Landlord expenses are never automatic passthrough costs to the end user.
If the property taxes get too high, the tenant can opt to downsize to smaller digs if the landlord drives too hard a bargain. At the end of the day, the property tax is the landlord’s liability, not the tenant’s.
Yep, my brother pays about $10,000 a year for his suburban compound. He knows there is no way he will be able to retire there based on the property tax probably eating up a stupid amount of his retirement funds. He is due to hit 59.5 in about 2 years. I hope he can line up a buyer for it in 2018.
Saddle Brook, NJ Real Estate and Homes for Sale
50 Homes
http://www.realtor.com/realestateandhomes-search/Saddle-Brook_NJ
Saddle Brook, NJ Price Reduced Homes for Sale
13 Homes
http://www.realtor.com/realestateandhomes-search/Saddle-Brook_NJ/show-price-reduced
The article includes a UHS (also Hispanic) talking about how these immigrants understand “wealth”.
‘Realistically, no matter how you look at it, [when you rent] you’re spending on something that isn’t yours,’
Far better to spend other people’s money on something that isn’t yours in order to buy.
when your on the deed u have have a shot a free equity indeed!
With central planning prices can only go up!
lol@az_donk
Who’d have thought that the Oligopoly’s chief instrument of plunder against the 99%, the Federal Reserve, would ignore the Constitution and play favorites with its .1% patrons during the 2008 financial crisis?
http://www.marketwatch.com/story/how-the-fed-ignored-the-constitution-and-played-favorites-during-the-crisis-2016-04-25?mod=MW_story_latest_news
Interesting interview presenting the basic democracy/representative republic arguments we often make here.
MarketWatch: Really? I thought the loans and the lending facilities that the Fed created were what a central bank is supposed to do when markets freeze up. The Fed stepped in and kept the system working. No question Congress was surprised. But was that insider dealing?
One could argue the Fed was performing in exactly the way the Founding Fathers had planned for when they (the FF) went to great pains in writing the Constitution to separate the voters from direct access to power. Congress was politically paralyzed, so the Fed, a board appointed by, but not really controlled by, elected officials, stepped in and did what arguably needed to be done. (Whether what they did was beneficial is a separate argument, the point is they were able to act when politicians could not or would not.)
stepped in and did what arguably needed to be done.
No, what needed to be done is what Bagehot said below:
From the wikipedia entry:
Which part of that did they do?
Lend early and freely? Check. Good job there.
To solvent firms? Nope, they rescued many firms that had solvency issues, not liquidity issues.
Against good collateral? Nope. They bought up the crappiest of mortgages, and paid top dollar for them. Further, they insisted on firms being made whole for things that they shouldn’t have been, such as AIG counterparty risk.
At ‘high rates’? Nope. They were pumping money at rates as close to zero as possible.
In other words, they did many things that should NOT have been done, and not what “needed to be done”, as you put it.
In other words, they did many things that should NOT have been done, and not what “needed to be done”, as you put it.
I certainly don’t agree with how they did it either. But what if the alternative was nothing being done? Or at least, nothing being done in a timely manner, when it was needed?
Was this not what the Founding Fathers envisioned as one of the weaknesses of more direct democracy? Political paralysis at moments of great need?
‘I certainly don’t agree with how they did it either. But what if the alternative was nothing being done?’
See, this is how you condone massive crimes while giving yourself an out. I’m going to use this interview for a weekend topic and we’ll look at it more closely.
this is how you condone massive crimes while giving yourself an out
More direct democracies had a history of condoning/committing massive crimes, too. That was one of the things the Founding Fathers feared.
But what if the alternative was nothing being done?
What if the alternative was doing it right? You are setting up a straw-man of “the alternative was to do nothing” so that you can knock it down.
Bernanke spent his entire career studying the great depression—there is no excuse for him doing such a favoritism-oriented version of a rescue. He knew the right approach, as advocated by Bagehot, all too well. Why didn’t that happen?
Engineers Backpocket Option List
#1 Do nothing
Doing nothing is always the first option to consider after reviewing all available options.
you are setting up a straw-man of “the alternative was to do nothing” so that you can knock it down
On the contrary, I believe the Fed has repeatedly said they are not the right “tool” for this job, but in the face of inaction on the part of Congress (based on political paralysis), they are doing the best they can with the tools they have.
Could be a line of BS, and the well-connected certainly seem more likely to receive bailouts, but where is Congress? What is their alternative program?
“But what if the alternative was nothing being done? ”
The alternative was to never get into this situation in the first place. Those safety nets were removed, one by one.
Implicit guarantee of Fannie, (public-private partnership at its best
)
Repeal Glass-Steagall
Trashing interest rates,
AFSB Rule 537 (or whatever those accounting rules were) that allowed booking deferred interest and marking to fantasy,
Allowing the derivative market to effectively invent quantities of debt-money which is far above the quantity of money that will ever be paid back my honest labor,
Allowing the non-rich to avail themselves of ARMs.
etc
a board appointed by, but not really controlled by, elected officials, stepped in and did what arguably needed to be done
You do comedy shows? That was some funny $hit.
“arguably”
Lola gyrates contorts like Rental_Fraud.
“Doing nothing is always the first option to consider after reviewing all available options.”
First do not harm.
That said, there is a huge political liability to doing nothing at the point of crisis. Being politically driven, it is understandable why the Fed avoided that choice.
“…the ends justified the means…”
How perfectly Machiavellian! And judging from the gigs Bernanke and Geithner landed after leaving the Fed, it appears they were right.
“Now the Fed doesn’t feel that way, because it is on its own.”
The independence comes with tacit understanding that the Fed will not engage in policies which reallocate wealth to one sector of the economy (Wall Street) at the expense of others (Main Street).
Another “mission accomplished” for the Keynesian lunatics running “our” central banks.
http://www.dailymail.co.uk/news/article-3558689/Housing-eats-income-three-million-families-soaring-property-prices-rents.html
“soaring property prices and rents”
Allowing buyers to buy with money they do not have can cause this to happen to prices directly and can cause this to happen to rents indirectly.
If these buyers actually had to fork over the money needed to buy instead of committing themselves to forking over the money needed to buy then prices wouldn’t be as high as they are because there wouldn’t be the money available to put them as high as they are.
Allowing buyers to buy with money they do not have
Should this be forbidden?
It should be promoted.
Aren’t you the one who found the chart of interest rates going back to ancient Babylon? People have been buying with money they don’t have for millenia.
Borrowing and committing financial suicide are entirely different Donk.
Babylon was a good time to buy.
Don’t be a Lola.
It was 2 shekels a square cubit.
US home prices rise at solid pace, even with flat sales
http://finance.yahoo.com/news/us-home-prices-rise-solid-130334778.html
A comment:
‘Great news…. thanks to the credit cartel known as the Fed Res, a tax code that encourages excessive borrowing for basic shelter, and a nation-wide army of bid riggers (NAR), you millennial snots can count on being price-gouged, good and hard. Hope things go well when you attempt to unload that rotting pile of bricks and pipe in five years… the marks coming behind you are even poorer.’
Bid rigging in the construction biz or any other biz will get you a multi-year ride yet NAR continues to chirp about their code of ethics while deliberately fostering a culture of deception in their own organization.
Perhaps we should push the government with regards to bidding on houses? I want to say there is some laws in place to protect the auctioneer industry that only licensed auctioneers can run auctions?
It might be a way to dork up the system.
University Park, TX Housing Affordability Skyrockets As Prices Crater 21% YoY As Economy Accelerates On Dramatically Lower Oil Prices
http://www.zillow.com/university-park-tx/home-values/
I see you are an unemployed Housing Anulyst
Banana dance :}
US Home Prices Rise at Solid Pace, Even With Flat Sales
U.S. home prices continued their steady upward march in February as buyers competed for a limited number of available properties.
The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.4 percent that month compared with a year earlier, according to a report released Tuesday. That’s down slightly from January’s 5.7 percent rise.
Prices are rising even as sales have leveled off in recent months. The number of homes for sale last month was 1.5 percent lower than a year earlier. That’s pushed buyers to act quickly, with homes on the market just 47 days in March, according to the National Association of Realtors.
Svenja Gudell, chief economist at real estate website Zillow, said the problem is particularly acute for first-time buyers and those looking at mid-level homes.
The highest year-over-year gains were in Portland, Oregon; Denver; and Seattle, three cities with rapid job gains, driven by burgeoning software and technology companies.
Home prices jumped 11.9 percent in February from a year earlier in Portland, 11 percent in Seattle and 9.7 percent in Denver.
Despite low mortgage rates and steady job gains, Americans have been cautious about buying homes this year. Sales of existing homes rose 5.1 percent in March to an annual pace of 5.33 million, partially rebounding from February’s steep fall. But purchases were just 1.5 percent higher than a year earlier.
full story
http://abcnews.go.com/Business/wireStory/us-home-prices-rise-solid-pace-flat-sales-38674318
Falling housing prices my friend. Falling housing prices.
Arcadia, CA Housing Prices Crater 10% YoY
http://www.zillow.com/arcadia-ca/home-values/
My grandmother’s sisters used to live on Turtle Creek Lane - wonder what those mid century modern jobs on large lots are going for these days?
Tustin, CA Housing Affordability Rises As Prices Plummet 22% YoY On Ballooning Housing Inventory
http://www.zillow.com/tustin-ca-92780/home-values/
Hmmm…..
http://wwwtheworldandeverythinginit.blogspot.com/2016/04/deaths-of-people-related-to-flint-water.html
Another interesting link from that site:
http://arstechnica.com/science/2016/04/drugs-we-pee-out-are-returning-to-us-in-our-salad-bowls-to-get-re-peed/
‘A group of companies including Alphabet Inc.’s Google, Ford Motor Co. and Uber Technologies Inc., are forming a coalition to advocate for safety regulations for self-driving cars and help bring them to American roads.’
‘David Strickland, a former administrator of the National Highway Traffic Safety Administration, will serve as the coalition’s counsel and spokesman.’
http://www.bloomberg.com/news/articles/2016-04-26/google-uber-ford-form-group-to-advocate-for-self-driving-cars
Google wants them, Apple wants them, Ford wants them, Uber wants them, Amazon wants them.
I suspect self-driving cars are on their way.
Well they’ve certainly got the regulatory capture going for them. I’m still waiting for the paperless office.
got the regulatory capture going for them
Exactly. And the paperless office is there for the willing. I suspect the millenials will be the first to be comfortable with the idea of no archaic papers, just as their non-interest in driving and cars will help usher in the robocars.
“I suspect”
Conjecture and speculation is what emptied your pockets Lola.
I suspect self-driving cars are on their way.
For some reason Americans seem very keen on the idea of cars driving themselves, while in Europe and other parts people don’t even want their cars to shift their gears automatically.
On perfect roads, with new cars and no ice or heavy rain. Sure it could work. How much will it cost?
Alternatively, consider it may be a get rich quick scheme in the age of Yellen bucks looking for a place to die. It’s interesting that making a profit so often eludes them. I always remind myself about Silicon Valley; they do a lot of drugs out there.
‘Apple Inc. will never introduce a branded, self-driving car, according to Richard Windsor, an analyst at Edison Investment Research, because it would never be as profitable as the company’s gadgets now are.’
‘Selling automobiles would be “catastrophic” for Apple’s valuation, Windsor said, as the margins are nowhere near the 40 percent gross profit margins Apple earns on the iPhones, iPads and other products. Since carmakers sometimes make no money on the vehicles they sell, earning profits instead from the financing they provide to customers, Windsor said that such margins on a car, even one with an Apple badge, look hopelessly unobtainable.’
‘More from Bloomberg.com: Danger Signs in the World’s Top Housing Market’
“How can you make 40 percent gross margins on pressed steel, wheels, brake pads and seats when the others who are buying all these things in much greater volume can’t do it?” Windsor said in an interview. “It’s just not feasible.”
http://finance.yahoo.com/news/apple-car-unlikely-see-showroom-122005129.html
You can count me in in as a skeptic; especially when conditions are less than ideal. What will cars do when that happens? Will they throw up their digital hands and simply refuse to move?
Americans seem to have a great deal of faith and optimism in these self driving cars. It’s one thing to create new tech, and quite another to create new tech that’s bullet proof.
Even without being bullet-proof, I strongly suspect that self-driving cars will operate far better than the average human driver today. I’m appalled by what I see on a near-daily basis.
’self-driving cars will operate far better than the average human driver today’
This reminds me of what a typical conversation would conclude when I worked on a resort island; “this place would be a lot better if there weren’t any tourists around.”
‘It’s one thing to create new tech, and quite another to create new tech that’s bullet proof’
I am impressed with hybrid cars. The gas savings is large. They are getting cheaper every year and longer lasting. Musks batteries show promise. I can see his tube travel working. On that, it would make sense to set up one tube between two metros and see how it works. This driver-less car thing is aiming at the whole enchilada before it’s been proven feasible. My phone is whiz-bang too. Ever so often I’ll look at it and it will be locked up.
Who’s going to get sued when a car’s software locks up and 5 kids go flying off a cliff?
“We’ve self-driven more than 1.5 million miles and are currently out on the streets of Mountain View, CA, Austin, TX, Kirkland, WA and Metro Phoenix, AZ.”
-Google self-driving car project
They’re already out there logging tons of miles in real-world conditions, and having accidents so rarely that it makes the news on the rare occasion they do.
The other day there was a hearing in congress about guidelines for these things. The guy in charge of regulations was asked how long they had to come up with something, paraphrasing, “they’re already operating.”
It’s sort of like airbnb; it’s not legal, but it’s worth more than the Hilton chain! Take uber; very interesting to me that it was taxi’s, now it’s driver-less cars. During the dotcom boom, “tech” companies were “re-inventing” themselves as the previous plan looked like a dead end. Square is now looking at business financing and payroll services. Now that’s innovatin’!
Uber and self-driving cars are made for each other. The driver is the weak link in their chain.
It also leapfrogs the the-people-won’t-buy-one argument. Uber will fill the streets with 24 hour cruising robotaxis, from which we’ll learn their benefits and problems.
This is why I doubt it will ever make it to mainstream.
Why self driving cars must be programmed to kill?
Uber…. the poster child for money losing failed businesses.
Who’s going to get sued when a car’s software locks up and 5 kids go flying off a cliff?
It doesn’t even have to lock up. All it needs to do is hit an untested corner case. But yeah, a kernel panic (AKA the blue screen of death in Windowsland) could be interesting at 75 mph.
“could be interesting at 75 mph.”
Doesn’t look too good at 15mph.
Volvo fail - Self driving car crashes into peoples - YouTube
http://www.youtube.com/watch?v=AsTxS6tg6xc - 316k - Cached - Similar pages
May 24, 2015
That left a mark, especially on the knees that got bent backward. I wouldn’t stand directly in front of a self driving car that’s being tested. But that’s just me.
I am impressed with hybrid cars. The gas savings is large. They are getting cheaper every year and longer lasting.
I second that in a big way.
My parents and I did the math years ago on a Pruis. The payback as compared to the equivalent all-gas car was over about a 5-year period with gas prices at something like $3 per gallon.
They have far outperformed the analysis…the car has lasted a lot longer than expected, and while gas prices are low, I suspect it would still be worth it given the longer estimated longevity.
Toyota sells 25% of all new cars in CA…50% of those are Priuses. Wow.
I’m guessing the math will be even more impressive on the new Tesla. I did the math on my partner’s Model S (85P), and we figured that the cost of “fuel” per mile was about 25% that of gasoline. When you factor in that the main maintenance cost is new tires (no oil changes, etc.), you get to real annual savings on fuel/maintenance.
If you have a starting price of $40k (let’s assume the $35k starting price will end up being fiction), with probably better “mileage” than the 85P, since there is less mass to push around, and probably a lot less acceleration, then I’ll bet the total cost of ownership makes the Tesla Model 3 looks very economical indeed.
I don’t know if it will look as good (cost of ownership-wise) as the Prius, but it will look damn good compared to a traditional gas car.
jjjjjjjjyunk like tesla is like buying a house.
Denver, CO Housing Affordability Improves As Prices Dive 6% YoY
http://www.zillow.com/denver-co-80220/home-values/
People from other states need to stop moving here:
http://www.picpaste.com/20160426_093642.jpg
Everyone wants to be the last one in, then slam the door.
Eighth most polluted city in the country, on it’s way to becoming this:
http://www.picpaste.com/20160212_084830.jpg
And in case you forgot, the Front Range isn’t some verdant alpine ecosystem, it’s the high desert, and there’s no water.
“This sucker could go down” — George W. Bush
And in case you forgot, the Front Range isn’t some verdant alpine ecosystem, it’s the high desert, and there’s no water.
Yet everyone has a thirsty blue grass lawn. Those will be the first to go when the water becomes scarce.
Do I get an exemption having grown up there and now moving back?
Or…..do I get catapulted with the rest of the Cali like folk looking for livin the dream?
In 2015, Hispanics achieved a net increase of 250,000 owner households, which accounted for 69 percent of the total net growth in U.S. homeownership.’
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.’
You don’t get to 200%+ overpricing in the absence of outright fraud.
Not content with burdening the homegrown population of the US with debt, people are imported for this purpose.
“In 2015, Hispanics achieved a net increase of 250,000 owner households, which accounted for 69 percent of the total net growth in U.S. homeownership.”
Henderson, NV Housing Prices Plunge 7% YoY; Housing Affordability And Economy Accelerates On Falling Oil Prices
http://www.zillow.com/henderson-nv/home-values/
Comment by oxide
2016-04-25
‘One of 2banana’s favorite posts is about how government meddled in housing, health care, and education, and of course ruined them all. Because they were all so much better when they were available only to the rich.’
Comment by Ben Jones
‘When I was a kid if someone went to the doctor they just wrote them a check.’
Comment by Prime_Is_Contained
‘When my MIL passed early this year, one of the things we found in her papers was a receipt for the birth of her second son, now roughly 50yrs old. The total bill (hospital stay, doctor, everything) was ~$38 and some change IIRC. My, what a 50 years we’ve had…’
But the rigged medical market and fixed prices at grossly inflated levels has nothing to do with the Federal Govt interference with delivery of medical services. It’s just coincidental to Medicare.
Right?
Inflation in the things we need. Deflation in the things we can do without.
“You think health care is expensive now? Wait until it is free.”
– some smart dude
“The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’”
– Ronold Reagan
If not to help the people, why do republicans want to be in the government in the first place?
Oh, you mean help the rich, right? Or help start wars?
What is it?
Concepts of service, preserving freedom, ensuring liberty for their grandchildren, giving back, etc. are lost on some.
If government is not giving you something - something is WRONG.
If not to help the people, why do republicans want to be in the government in the first place?
‘But Power is to blame for more than merely being a useful idealistic naif. To soldier on with her crusades in spite of so much disastrous failure indicates a staggering degree of self-absorption. To be so oblivious to the men, women, and children who have been run over (sometimes literally) by her do-gooder campaigns speaks of an overwhelming concern with her own “heroic story” at the expense of the actual impact she is having on the lives of others.’
‘Satirists have lampooned “voluntourists” who join programs like the Peace Corps chiefly for the “experience” and the photo ops with Third World villagers, and not for actually doing any lasting good. See for example the piece in The Onion titled, “6-Day Visit To Rural African Village Completely Changes Woman’s Facebook Profile Picture.” Power is a case of this kind of narcissism gone to deadly extremes thanks to her access to state power. After she learned that her motorcade had crushed a child to death en route to photo ops with African refugees, she said: “Oh, my God. I want to go see his family.”
‘Samantha Power has dedicated her life to combatting genocide, to solving “a problem from hell.” Yet she has only succeeded in turning much of a continent into a hell on earth, paved with her good intentions.’
http://original.antiwar.com/Dan_Sanchez/2016/04/25/hell-earth-paved-samantha-powers-good-intentions/
in the 60’s GOV got into the med biz
now u work 3x as many hours to pay for
HC
big gov
I bet it was make to make it “more affordable.”
In every other developed country the government plays a larger role and the cost is much lower.
Irrelevant.
Perpetually irrelevant indeed.
Not true. The cost is not lower. It is hidden and paid by the sky-high taxes.
No, the total cost, public plus private, is significantly lower. It’s been very well documented for a long time.
No, the total cost, public plus private, is significantly lower. It’s been very well documented for a long time.
We have by far the most expensive and inefficient healthcare system in the world. Why is that so hard for some to accept?
Kerry, Heinz Family Have Millions Invested In Offshore Tax Havens
Richard Pollock
Reporter
10:42 PM 04/25/2016
Secretary of State John Kerry and his wife Teresa Heinz have invested millions of U.S. dollars through family trusts in at least 11 offshore tax havens, according to an analysis by The Daily Caller News Foundation.
The revelation comes on the heels of the release of the Panama Papers, a treasure trove of 11.5 million legal and financial records documenting how some of the world’s richest and most powerful people have used offshore bank accounts to conceal their wealth and avoid taxes.
A DCNF investigation has confirmed that the former Massachusetts Democratic senator and his billionaire wife, using an elaborate set of Heinz family trusts, have invested “more than $1 million” each into 11 separate offshore accounts — mainly hedge funds in the Cayman Islands.
Read more: http://dailycaller.com/2016/04/25/exclusive-kerry-heinz-family-has-millions-invested-in-offshore-tax-havens/#ixzz46wnRWyN8
In an interview with Germany’s mass circulation daily Bild, the 38-year-old American actor said: “I am a bit drained. I’m now going to take a long, long break. I’ve done three films in two years and I’m just worn out.”
“I would like to improve the world a bit. I will fly around the world doing good for the environment,” added DiCaprio.’
http://www.nzherald.co.nz/entertainment/news/article.cfm?c_id=1501119&objectid=10860154
“He burnished his green credentials in the Bild interview, saying: “My roof is covered with solar panels. My car is electric. A normal person does not drive more than 50km a day. That can be done with a plug.”
A true better.
Plug it in “normal person” I’ll be on my jet improving the world.
Hey Leo do you know what you’re plugged into?
Mapping how the United States generates its electricity
By John Muyskens, Dan Keating and Samuel Granados
July 31, 2015
There are 511 coal-powered electric plants in the U.S. They have generated 34 percent of the nation’s electricity this year.
There are 843 wind-powered electric plants in the U.S. They have generated 5 percent of the nation’s electricity this year.
And now more from our social justice warrior pay your fair share betters.
Bruce Springsteen and Jon Bon Jovi face big tax bills after New Jersey law change
Rockers may be penalised under reform designed to get money from the state’s ‘fake farmers’
Bruce Springsteen … Prove it all night for the tax inspectors.
Wednesday 25 March 2015 04.33 EDT
“Working in the fields till you get your back burned,” sang Bruce Springsteen in Badlands. This year he may wish to change the lyric to “Owning the fields till you get your tax paid,” thanks to a New Jersey law coming into effect to claim more money for the state from so-called “fake farmers”.
Springsteen is one of several rockers – also including Jon Bon Jovi and the E Street Band drummer Max Weinberg – who could face big bills as a result of the changes to the law, which had granted a 98% tax exemption to those working agricultural land.
In 1964, trying to encourage more farming, New Jersey granted tax exemptions to anyone producing more than $500 in agricultural revenue from more than five acres of land. From August, anyone qualifying for the exemptions must make more than $1,000 from farming, submit proof and agree to regular inspections.
Though the increase is not great, it is intended to sort the fake farmers from the real ones and rockers are set to suffer. A 2010 investigation by the Asbury Park Press found that Weinberg paid just $122 tax on 34 acres of land, because he sells wood, and Jon Bon Jovi paid $104 on 7.1 acres, on which he raised honey bees.
Springsteen paid around $4,600 on the 200 acres around his home, whereas the three acres of his house itself were subject to $138,000 in property taxes.
However, the Boss has supporters. Ed Wengryn of the New Jersey Farm Bureau told New Jersey newspaper the Record: “Springsteen’s farm is a real organic farm.” He said the rocker leased land to active farmers and “if the land is being farmed, [he] should get preferential treatment when it comes to paying property taxes”.
When Bon Jovi’s taxes were first revealed, his publicist said: “Jon is scrupulous about paying his fair share of taxes. The exemption for raising honey bees existed long before he purchased that land, and he continues to employ a beekeeper and raise honeybees.”
Some of these celebs are the biggest. phonies. ever. Real a-holes preaching to their “little fans”, telling them what to do and how to think. So far, Clooney and Bono are at the top of the list, with Leo a close third. Speaking of Leo, he didn’t even know what a Chinook wind was and freaked out when the phenomenon happened during his filming of The Revenant, thinking it was due to Global Warming, when it has been happening for eons and is part of American Indian lore.
What I wants ta know is, were these guys jerks to begin with, or did their success go to their heads and now they feel qualified to preach to their audiences?
Hey Leo do you know what you’re plugged into?
His rooftop solar panels?
“His rooftop solar panels?”
Might charge his car but what powers the rest of his 7,022 sq. ft. home?
Lemme guess. He has a perpetual motion machine coupled to a windmill generator supply power to the entire street?
“State authorities say the biggest complaint by far concerns energy savings that were less than promised – or at times, nonexistent.”
As the push for solar increases, so do the scams, sketchy sales tactics
Oct. 3, 2015
The state rebates have dried up for customers of existing homes in areas served by Southern California Edison and San Diego Gas & Electric, which serve Orange County residents. Still standing is a federal program that gives homeowners and businesses a 30 percent tax credit for installing solar. That incentive is set to end Dec. 31, 2016.
Such government incentive programs have provided fertile ground for novice solar equipment and installation companies.
As the industry has grown, so have consumer complaints.
ILLUSORY SAVINGS
State authorities say the biggest complaint by far concerns energy savings that were less than promised – or at times, nonexistent.
In these cases, savings calculations – which depend on several factors – could be off. Or salespeople may outright lie to lure people into signing contracts.
Sometimes a “customer doesn’t understand what a kilowatt hour (is) and how much has to be generated … to receive substantial savings,” said Fogt, the state enforcement official.
Based on customer reviews, that was among the consumer accusations lodged against Unleash Solar, a Brea-based company that had its state contractors license suspended in September 2014.
The company’s owner, Dion Perdikoyiannis, was at one point the head of one of the highest-profile solar companies in Australia.
That business ultimately crumbled, and Perdikoyiannis left 100 subcontractors unpaid and 200 solar home projects in limbo, according to Australian media reports.
Hey, Leo, do you know your big jet airliner (or private jet?) is plugged into? Yeah, it is plugged into a big fat pipe of OIL.
Alexandria, VA Housing Market Affordability Advances As Housing Prices Plummet 14% YoY
http://www.zillow.com/alexandria-va/home-values/
Ridgewood, NJ Housing Prices Grind Lower; Prices Fall 9% YoY Driving Affordability Higher
http://www.zillow.com/ridgewood-nj/home-values/
hispos buying recently
how about folks w mba’s and engineering degrees
The gig job…..
http://www.wlwt.com/money/americas-parttime-workforce-is-huge/39202602
And yet housing is getting bubblicious again.
Gee, I wonder if I should write this down: Cause and effect.
Cause:
“Beyond job skills, some experts point to the Affordable Care Act — or Obamacare — as a reason why part-time work remains high.
“At the start of 2015, a key provision in the law stated that employers of large businesses had to offer health care coverage for employees who work 30 hours or more per week.”
Effect:
“To avoid that law, several companies like Walmart, Target, Trader Joe’s, Home Depot lowered the number of hours that employees worked to avoid paying health care. Some ended health care coverage for part-timers in 2013 and 2014. Thousands of workers were impacted.”
The problem with some of these gig jobs or project gigs is that sometimes they can be real time wasters, depending on who you’re working with. Some of the folks you work for think nothing of calling you when you’re not on the clock and overloading your inbox with all sorts of crap to read in your “free” time. You have to actually put some controls in or you’ll find yourself doing a lot of “free” work, or busy work you don’t get paid for. Some of the guys have an entrepreneurial mindset, which is good for them, but not for you, because they want you to be an “entrepreneur” along with them when you’re not a partner in their endeavor.
I don’t mind doing project work, it can be fun, somewhat remunerative and you can learn new things, but you have to keep your “employer” on a short leash time-wise and payment wise. The minute the payment thing starts going sideways, cut your losses and quit fast, because it never gets any better.
Wow! This lady owns a house in the Bay Area!? She could make bank right now!!! Sell! Sell! Sell!
Unless she cash-out refied and even selling at $1+ mill, maybe she would still be underwater?
Herding donkeys is fun.
And extremely proftable.
I’d like to buy an “i”.
profitable
since 2006
since 2007″
the bust started in 05 , it just didn’t get recorded till 07
that’s what happens in a RE bust
NOTHING
“that’s what happens in a RE bust
NOTHINGirrecoverable losses.”fixed for you.
“When Caitlin and Charles Vestal began looking to buy a home in January, the search quickly felt like a full-time job. The couple ended up with a small, one-bedroom apartment along Southeast Division street but eventually decided to buy a home – something they’d never done before – with a backyard for their dogs. ‘We just kind of had to wise up very quickly to the fact that it’s an insane game,’ Caitlin Vestal said. ‘And that list prices basically mean nothing.’”
“The reason the Vestals started to consider buying a home is ’sort of hilarious,’ Caitlin Vestal said: it was ‘how crazy the rental market is.’ Finally, they found a home: a three-bedroom, one-bathroom bungalow in North Portland’s Portsmouth neighborhood. The Vestals beat out 28 other offers with their $386,000 bid – 29 percent higher than the list price of $299,000. ‘To us, this is the game we’re playing. It’s completely insane, but that’s just how it is. You gotta roll with it,’ Caitlin said.”
http://thehousingbubbleblog.com/?p=9612
The poor donks. Poor poor donks.
http://goo.gl/018zKG
“The Vestals beat out 28 other offers with their $386,000 bid – 29 percent higher than the list price of $299,000″
Is this a recent story or 2005?
Just the other day.
Wow
“You gotta roll with it” is the epitome of millennial YOLO idiocy.
Enjoy the losses Caitlin.
‘Renters should “spring to it” and take advantage of a special rent reduction at Morristown Gateway, a new upscale, mid-rise apartment building at 12 Ridgedale Ave. in Morristown, with easy access to the Midtown New York direct trains and Interstate 287. According to Coldwell Banker Residential Brokerage in Mendham, leases now start from $2,550 per month, with two parking spots included for qualified renters who sign a one-year lease. This pet-friendly building was one-quarter leased by early April.’
“Morristown Gateway has quickly become the place to be,” said Sales Associate Jacqueline “Jackie” Rossi Greene of Coldwell Banker in Mendham. “Our residents are raving about the fact that they get more square footage than comparable area apartments, in-unit laundry, and they can bring their pet. And what’s great is that JMOC Builders, one of northern New Jersey’s most respected luxury home builders, has reduced the rents, offering as much as $200 a month in savings on some units.”
‘JMOC Builders is no stranger to the creation of high-end luxury homes, apartments and commercial properties.’
Ahem…
‘This pet-friendly building was one-quarter leased by early April’
the Jesus & Mary Chain — Virtually Unreal (1998):
https://www.youtube.com/watch?v=kOVqq2HjJO8
the Kinks — We Are The Village Green Preservation Society (entire album):
https://www.youtube.com/watch?v=NYMA-qlReg0
Existentially speaking, why are you even alive?
Just to work and pay for overpriced housing?
Think about it…
why are you even alive?
What are the other options?
CT- Win
PA- Win
MD- Win
DE- Win
RI- Win
Winning.
Apple whiffed. Tomorrow should be interesting. Of course Yellen the Felon will have her usual “dovishness” to prop up the Ponzi markets.
http://wolfstreet.com/2016/04/26/heres-apples-iphone-ipad-mac-fiasco-in-4-interactive-charts/
The brutal backlash at Mizzou after the school’s craven pandering to SJWs and snowflakes is the only way to deal with these feckless PC administrators who grovel before the cultural Marxists.
http://heatst.com/culture-wars/inside-the-fallout-at-mizzou/?mod=sm_tw_post
Venezuelans voted for a corrupt, incompetent socialist government (is there any other kind?) that would “redistribute the wealth.” Now everybody is poor and the country is going down the tubes. Paying attention, Democrats?
https://www.yahoo.com/news/venezuela-orders-2-day-week-stave-off-power-000934271.html?nhp=1
http://www.flickr.com/photos/clintjcl/69383431 -