The Housing Bubble

‘Thin housing inventory has contributed to a spike in remodeling as buyers pour money into their current homes instead of moving — often using home equity to do it. Home-improvement spending is expected to reach its highest level in a decade by early next year, according to Harvard University’s Joint Center for Housing Studies. Remodeling spending is expected to reach $325 billion by early 2017.’

‘A fundamental reason homeowners see remodeling as an attractive alternative to moving: More are now eligible to tap their home’s equity to pay for improvements.’

‘In the fourth quarter of 2015, 41% of first-lien refinances were cash-out transactions. according to Black Knight Financial Services, up from 34%, 29% and 18% in the fourth quarters of 2014, 2013 and 2012, respectively. In the third quarter, 42% were cash-out transactions, the highest on record since 2008. (Black Knight defines a cash-out refinance as one in which the amount is at least 5% greater than the balance of the original mortgage.)’

‘At 1.3 million, Heloc approvals in 2015 were at their highest since 2008, and more than double the volume of three years ago, according to CoreLogic’

More Boomers renting

http://www.tampabay.com/news/business/realestate/why-are-more-baby-boomers-who-can-afford-to-buy-a-home-renting-instead/2275185

‘The homeownership rate fell slightly in the first quarter of 2016, dashing hopes that it had finally hit a bottom.’

‘In the first three months of this year, the rate was at 63.5%, not seasonally adjusted. That is down from 63.8% in the fourth quarter of 2015, according to estimates published on Thursday by the Commerce Department. That puts it back near its 48-year low of 63.4% in the second quarter of 2015.’

‘At the end of last year, economists had said the homeownership rate appeared to have stabilized and might begin to tick upward after falling for years following the housing crisis. When adjusting for seasonality, the homeownership rate in the first quarter also fell slightly to 63.6% from 63.7% in the fourth quarter of last year.’

‘Some 363,000 new renter households were formed in the first quarter compared with the same time last year, about twice as many as the 177,000 new owner households.’

‘Another potentially worrying sign for the housing market: This was the second consecutive quarter when the number of new households formed was anemic, with the data showing just over 540,000 new households formed in total in the first quarter. In the third quarter of 2015, the number of renter households alone increased by 1.3 million.’

The Fed’s War on Savers, including their recent campaign to incentivize American households to sink their last dime into the purchase of a drastically overpriced crapshack, has been an unbridled success.

Opinion: The typical American couple has only $5,000 saved for retirement
By Rex Nutting
Published: Apr 28, 2016 8:56 a.m. ET

A perverse tax policy helps the rich to save, but doesn’t help the rest of us
The median working-age couple had $5,000 in a retirement savings account as of the most recent data. The top 10% of savers had accumulated $274,000, according to the Economic Policy Institute analysis of Federal Reserve survey data.

When American companies began switching from traditional pensions to self-directed 401(k)-like plans in the 1980s and 1990s, it was supposed to lead to a golden age of retirement security. No longer would workers be at the mercy of the company’s generosity or of Social Security’s solvency; workers themselves would be responsible for saving enough for a comfortable retirement.

Some 30 years later, the results are in: The median working-age couple has saved only $5,000 for their retirement, according to an analysis of the Federal Reserve’s 2013 Survey of Consumer Finances by economist Monique Morrissey of the Economic Policy Institute.

The do-it-yourself pension system is a disaster.
…

‘This combination is concerning because it shows a pattern where cash buyers are inflating the market above what traditional buyers using financing are willing and able to pay, even while those cash buyers are a shrinking share of the market,’

The air leaking out of the bubble is hissing loudly.

‘According to figures from the Central Virginia Multiple Listing Service, a total 1,299 existing homes were sold in Tri-Cities in the first three months of this year, with a total value of $288.9 million or an average price of $222,430. Those figures were all solidly higher than in the first quarter of 2015, but the region-wide numbers mask the fact that some localities saw declines in sales and/or prices, leaving some at or near their lowest levels since the downturn.’

‘Excluding Chesterfield from the regional total, a far more modest 273 homes were sold in the first quarter with a total value of $34.8 million, or an average price of $127,412 – the lowest average in two years, down $2,842, or about 2.2 percent, from a year ago. In Petersburg, the median price fell to $43,000, the lowest level since mid-2011, and Dinwiddie County’s median price of $119,900 was the lowest since early 2012.’

‘Prices fell despite an even steeper drop in supply. Excluding Chesterfield, there were 566 homes actively listed for sale at the end of the quarter, down 97, or about 15 percent, from 663 homes at the end of March last year.’

‘The supply of existing homes for sale has in fact been falling steadily since the market peak. Five years ago, in the first quarter of 2011, there were 945 active listings in the Tri-Cities outside Chesterfield, 40 percent more than today.’

‘The major thrust of the revelations from the “Panama Papers” is not concerned with tax avoidance and major multinational corporations. Focusing on these aspects is a diversion from far more sinister concerns. The prime function of most of the enablers working with secretive shell companies – those armies of lawyers, accountants, agents and brokers – is to aid and abet criminals.’

‘What these four groups have in common is that they are all criminals. Every enabler knows this. What they also know is that there are relatively few places in the world where the vast assets of these criminals can be invested in ways that generate a decent investment return, that are safe and secret, and that can be accessed and used by whoever the ultimate beneficial owner designates.’

‘The United States, the United Kingdom and Switzerland are probably the top three ultimate destinations for the funds that go through the crime havens.’

‘If we want to end this game, then the top priority needs involve the authorities in the United States, the United Kingdom and Switzerland. This is not easy. There are enormous entrenched interests in New York, London, Zurich and Geneva, that have successfully fought for years to prevent official interventions into their financial activities. These not only include prestigious law firms, auction houses, real estate brokers, but also major banks.’

‘For years, these operators have arranged funds related to shell companies, managed and/or banked them. Brilliant secretly filmed interviews with prominent lawyers in New York that were made by Global Witness and aired on CBS’s “60 Minutes” television show, revealed that some of the leading law firms in New York were willing to discuss arrangements to assist an unknown vastly rich African leader to invest anonymously in Manhattan.’

‘In recent years, such major international banks as BNP Paribas, HSBC and Standard Chartered have all settled cases with the U.S. Justice Department that centered on money laundering into U.S. dollar-denominated investments.’

‘Major auction houses are not currently under any obligation to make their transactions more transparent and to divulge who the beneficial owners of offshore holding companies are, whose agents buy and sell vastly expensive works of art.’

‘Miami Beach today is full of exceptionally expensive condominiums that are not owned by elderly Americans on Social Security. Rather, many of the owners come from Latin America and Russia. You can see them in the luxury shopping malls, at the airport, in the fine restaurants. But in many instances you will not find their names on the condo ownership titles – instead these are registered to foreign offshore holding companies and their agents and managers.’

‘Who are these foreign buyers? Where did they get their cash? Did they violate any of the tax and currency laws of their home countries as they invested in Miami? Everyone engaged in real estate in Miami is making huge profits today. There is no interest in asking questions and raising issues of illicit finance.’

‘And the same is true of the most expensive residential areas of Manhattan and London, alongside Monaco and the South of France and other sunny spots where the super rich vacation.’

‘About a decade after peaking in the last, ill-fated real estate boom, home values rose 5.7% in 2015, according to the closely watched S&P/Case-Shiller 20-City Composite Home Price Index. As of December, prices were up 36% from the market bottom in early 2012, although they have yet to pass bubble-era peaks in most cities. In some spots, bidding wars and home flippers have resurfaced as well. Most economists think home prices will keep climbing, albeit not as much as last year.’

‘One limiting factor may simply be what buyers can pay. Home price growth is outpacing wage growth in well above half of the 456 U.S. counties analyzed by RealtyTrac in its first-quarter 2016 home affordability report.’

‘Andres Carbacho-Burgos, a senior economist at Moody’s Analytics, sees potential easing on the inventory front: While the supply of homes for sale is tight, the vacancy rate of all housing (including homes not for sale) is actually above the 8% historical average. That hints at a “shadow inventory” that may hit the market as prices appreciate further, he says.’

‘The United States is not a “bubble economy”. That’s the official view of the Federal Reserve expressed by Chair Janet Yellen earlier this month. Yellen describes a bubble as a combination of “clearly overvalued” asset prices, strong credit growth and rising leverage. In other words, the type of financial fragility the central bank, with its vast research staff, failed to spot prior to the subprime crisis.’

‘The Fed’s definition of a bubble is too narrow. Bubbles are, in essence, illusions of wealth. The last two great bubbles – internet stocks and U.S. real estate – involved inflated asset prices. The great current bubble is centered around liabilities, or promises to make future cash payments. The owners of these claims consider them part of their current wealth. But what if they cannot be paid?’

‘Andy Lees of the independent research outfit MacroStrategy Partnership is worried that the assumptions involved in calculating pensions are as flawed as the valuations prevalent during the dot-com bubble. The present value of a pension is arrived at by discounting future cash payments. As interest rates have fallen, this discount rate has declined, increasing pension liabilities. As a result, many pensions find their liabilities exceed assets. In pensions-speak, they are “underfunded”.

‘For instance, the current deficits of U.S. corporate “defined benefit” pension plans are estimated at around $425 billion, by Citigroup. UK and European corporate pension plans also sport large deficits. The aggregate shortfall of American public-sector pension plans – state and local government – is somewhere between $1 trillion and $3 trillion, according to Citi.’

‘The true extent of the mismatch between pension assets and liabilities is greater than reported. Let’s start with the assets. U.S. corporate pensions assume a return of 7.1 percent on plan assets. The assumed rate of return for American public pension plans is somewhat higher. The retirement industry will find it difficult, nay impossible, to achieve these returns.’

‘The U.S. stock market is currently expensive by historic standards. GMO, the Boston-based asset manager (and my former employer), expects U.S. stocks to return minus 1.2 percent annualized over the next seven years.’

‘Government bonds in developed economies, sporting minuscule and in some cases negative yields, won’t make up the difference. A traditional portfolio of 60 percent equities and 40 percent bonds is likely to return a mere 2 percent over the long run, according to MacroStrategy. Given that pension plans have a higher weighting to bonds their returns are likely to be even lower.’

‘Then there’s an issue with the discount rate used to arrive at the present value of pension liabilities. American states and local governments apply an average discount rate of around 7.5 percent to value these liabilities. U.S. corporate pension plans use a 4 percent to 4.5 percent discount rate. By contrast, the current yield on the 10-year Treasury is less than 2 percent. These “discount rates are totally unrealistic”, says Lees. If realistic discount rates were applied, pension liabilities would balloon.’

‘The adverse consequences of the pensions bubble are already evident. Several municipalities and towns, including Detroit and San Bernardino, have declared bankruptcy. The Pension Benefit Guaranty Corp, the quasi-state body which insures corporate pensions, has liabilities roughly twice the size of its assets and will run out of money in the next few years. Entitlements will have to be cut, taxes raised, and public services reduced. None of these actions will be popular.’

‘Pensioners and taxpayers are not the only stakeholders in danger. Moody’s points to risks to U.S. municipal bonds should the pension crisis persist. Last year, the International Monetary Fund warned that the European life-insurance industry – which also applies above-market discount rates to its liabilities in order to maintain the appearance of solvency – poses a potential threat to financial stability.’

‘Then there’s the impact on the real economy to consider. If corporate pension deficits increase, cash flow will have to be diverted away from investment. Uncertainty about future pension payouts may undermine consumer confidence.’

‘Underfunded pensions are only the tip of the iceberg. The liabilities from unfunded government pensions dwarf everything else. Citi estimates that pension costs for 20 OECD countries will come to $78 trillion in current money, which is nearly twice their aggregate reported national debt.’

‘Ben Bernanke, Yellen’s predecessor at the Fed, liked to talk about the global “savings glut”. In truth, there’s been a dearth of saving in the United States and the UK since the turn of the century. That should come as no surprise. Interest rates, after all, provide an inducement to save. Zero interest rates diminish that incentive.’

‘Over the past decade, the net savings of Americans have averaged little more than 1 percent of gross domestic product. The collapse in the savings rate has been accompanied by declines in investment and productivity growth. All this means less money in the pot for tomorrow’s pensions. The gap between the belief in those pension promises and the ability to pay looks very much like a bubble.’

“Marfa is stuck way out in the high desert. On the map, the town measures just 1.6 square miles. Surrounding it is cattle range—an openness that seems as impossible to build on as the ocean. Because so much of the town is low, the sky so big, the streets wide, and the surrounding country so vast and empty, Marfa doesn’t feel crowded. Unless, that is, you need a place to live.”

“‘A lot of the houses here are vacation homes that have been fixed up real nice, but they just sit vacant for the majority for the year, not rented to anybody, nothing. Maybe they’re airbnb’d – but not even that, really.’”

Marfa’s Vineyard vacation homes for rent!

‘These are the eight state-owned enterprises (SOEs) that have run into some sort of repayment problem this year, exacerbating already heightened concerns over the future of China’s debt-fueled economy. It’s a point picked up with some aplomb by Bank of America Merrill Lynch’s China strategists on Wednesday, who argue that SEO-issued debt could eventually come to destabilize a much wider slew of China’s investment landscape.’

‘At issue is the degree to which the debt issued by China’s SOEs has infiltrated the country’s wider financial system, as well as the complex interplay of motives that has come to characterize its various stakeholders.’

‘The wild card in this already tangled web of financial players may prove to be in the so-called shadow banking system, where smaller investors have long been gorging on WMPs that promise juicy yields. Unsurprisingly, perhaps, some of those high returns may have been generated through the buying of—and application of leverage to—SOE-issued bonds.’

“The way that WMPs are sold in China has led many buyers to believe that these products are essentially term deposits. As a result, if financial institutions decide to pass on some of the default losses to these buyers, they may stop buying en masse, essentially generating a ‘bank’ run in the shadow-banking sector,” the BofAML analysts, led by David Cui, write in their research.’

‘Indeed, there are some early signs of this dynamic at play already, with at least one bank reportedly taking money raised from WMPs to cover a defaulting bond, according to BofAML. The repeated use of such tactics may well represent a breaking of an implicit promise embedded in the products, they warn.’

“For years, bond buyers believed that bonds issued by any government-related entity, including SOEs and [local government financing vehicles], were bullet-proof,” the BofAML analysts conclude.’

“If this perceived ‘implicit’ guarantee is broken, at a minimum, credit spreads would widen sharply and, at the worst, panic selling could develop, generating a negative spiral. Moreover, contagion risk could be high: if this ‘promise’ is broken, will the market still believe in perceived government guarantees elsewhere, including those on [renminbi], the A-share market or housing prices?”

Why do progressives and liberals hate their children?

—————-

Millennials are leaving these 10 big American cities in droves because of high home prices
Business Insider | 04/28/2016 | Akin Oyedele

Trulia data scientist Mark Uh examined how the affordability crisis is pricing out various income groups.

Using data from the 2014 five-year US Census American Community Survey, Uh looked into migration patterns away from the biggest — and often most expensive — cities.

He wrote in a post Thursday, “Millennials accounted for the largest share of out migration [by age group] at 51.1%, and they also had the highest move-away rate relative to expectation at +105.6%.

We have noted before that millennials may have reached peak urban living. Many young people flock to big cities for the big companies, nice-paying jobs, and fun social scenes.

They soon find the cost of living in these places unsustainable, however, especially if they plan to start families.

Silver Springs, MD
Orange County, CA
Oakland, CA
New York, New York
Chicago, IL
Washington, DC
Los Angeles, CA
San Jose, CA
San Diego, CA
San Francisco, CA

‘there were still 6,467 units on the market in March, up about 46 percent year-over-year. As of April 1, McDonald said the Coachella Valley had more than eight months of inventory on the market. A ‘balanced market’ generally has about five months of inventory. ‘The time to sell a house is long enough that people start getting nervous,’

Huh, just like Naples Florida. But, but, there’s a shortage. They can’t find a house to rent in Marfa, for Christ’s sake.

‘The number of houses being sold in the Northern Territory is at its lowest level in at least 17 years, the Real Estate Institute of the NT (REINT) has said. REINT chief executive Quentin Kilian said figures from the March quarter this year recorded the lowest sales volume since the institute began gathering data in 1999.’

‘The March quarter figures for 2016 — compared with the same period the year before — show house sales volumes are down 31 per cent in Darwin, 45 per cent in Palmerston, 43 per cent in Alice Springs and 63 per cent in Katherine.’

‘Mr Kilian said there were a growing number of owners keen to sell. “But without a buyer’s incentive, such as the removal of stamp duty for first home buyers in the existing property market, all that is occurring is that these people are seeing the equity in their properties disappear rapidly,” he said.’

‘Alice Springs Chamber of Commerce executive officer Kay Eade said the town always struggled to keep workers. “We don’t have many new homes here to buy, so the average price would be between $500,000 and $600,000, which means the people have to actually get about a $100,000 deposit before they can buy the home, and then there’s stamp duty on top of that, about $20,000,” Ms Eade said.’

‘Hines, the developer behind the ultra-luxury condo tower rising by New York’s Museum of Modern Art, has a new project coming to midtown Manhattan: a senior-living community.’

‘The site at 139 East 56th St. — currently home to a T.G.I. Friday’s restaurant — is in the heart of Manhattan’s office district and just a few blocks of east of the sky-piercing condominium towers of Billionaires’ Row. A senior-housing project would mark a shift for an area where ultra-luxury housing has proliferated, leading to a glut of high-end properties.’

“It’s a different conversation than what we would typically have on a redevelopment site in Midtown,” said Jonathan Miller, president of New York appraisal firm Miller Samuel Inc. “The default thinking for the last five years has been that a patch of dirt is there to inevitably be a super-luxury condo tower.”

‘More injustice in the name of justice. The Obama administration announced a settlement of $5 billion with Goldman Sachs for its role in misleading investors when selling mortgages.’

‘The government cites several personal emails from GS employees documenting the fraud, but we get no indictments of individuals. The chairman of GS during the time continues as the chairman. Half of the proceeds of the settlement are going to distressed borrowers. How stupid is that? They were part of the problem.The funds should go to investors who were misled. We need to get rid of the Department of Injustice and replace it with a department that works for all Americans.’

— Joe H, Surprise

Ponte Vedra Beach, FL Housing Affordability Surges As Prices Plummet 8% YoY

http://www.zillow.com/ponte-vedra-beach-fl/home-values/

Why is the dirt in the hood so cheap?

Precious metals hitting new highs as the Fed’s debasement of the currency shows no signs of slowing.

http://www.zerohedge.com/news/2016-04-29/gold-silver-surge-new-cycle-highs-after-china-strengthens-yuan-most-11-years

Yellen the Felon can’t print gold.

http://www.kitco.com/market/

‘Dozens of tankers with unsold crude have been amassing at sea in the past few weeks, vividly reminiscent of 2015 when a recovery in oil prices was scuppered by rising physical supply. Oil futures have rallied some 75 percent so far this year, reaching a 2016 high above $47 (32 pounds) a barrel, fuelled by the belief that nearly two years of excess has abated.’

‘Investors have poured cash into the oil market at the fastest pace on record, according to exchange data, and hold a record amount of Brent crude futures. But the physical market is flashing warning signs, setting up for a possible sell-off, much like what happened in spring last year.’

“We…see worrying parallels to 2015, when oil prices rose sharply well into May before collapsing in the second half of the year,” Commerzbank analysts said.’

‘Opposite the headquarters of Puerto Rico’s power company, Nelson Jimenez is selling lottery tickets. He’s not fooled by the shiny facade across the street, with its glass-and-metal curves.’

‘The island is “broke” and business is bad, Jimenez says, gesturing at his thick wad of unsold tickets — testimony to a public feeling down on its luck. Then he looks over to the utility building: “They made a lot of money, and there were lots of bonds. But not anymore.”

Let this be a lesson to all you kids out there.

If you find yourself being considered the top pick in the NFL you should always delete your Twitter account so those pesky gas mask bong hit videos don’t surface just before the start of the draft.

Laremy Tunsil slides after bong video surfaces

Lindsay H. Jones, USA TODAY Sports 2:07 a.m. EDT April 29, 2016

CHICAGO – Three weeks ago, Laremy Tunsil was the likely No. 1 overall pick in the NFL draft.

On Thursday, he suffered one of the most bizarre falls down the draft board in recent history after a video of him wearing a gas mask and smoking a bong was posted on his verified Twitter account just before the start of the draft.

Laremy Tunsil Smokes Weed - YouTube
http://www.youtube.com/watch?v=cF1BxjacWvg - 137k -

Unmasking the Men Behind Zero Hedge, Wall Street’s Renegade Blog:

“Colin Lokey, also known as “Tyler Durden,” is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.)

After more than a year writing for the financial website Zero Hedge under the nom de doom of the cult classic’s anarchic hero, Lokey’s going public. In doing so, he’s answering a question that has bedeviled Wall Street since the site sprang up seven years ago: Just who is Tyler Durden, anyway?

The answer, it turns out, is three people. Following an acrimonious departure this month, in which two-thirds of the trio traded allegations of hypocrisy and mental instability, Lokey, 32, decided to unmask himself and his fellow Durdens.

Lokey said the other two men are Daniel Ivandjiiski, 37, the Bulgarian-born former analyst long reputed to be behind the site, and Tim Backshall, 45, a well-known credit derivatives strategist.”

http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behind-zero-hedge-wall-street-s-renegade-blog

Wellesley, MA Housing Affordability Improves As Prices Crater 8% YoY

http://www.movoto.com/wellesley-ma/market-trends/

The Fed’s “No Billionaire Left Behind” monetary policies are destroying the dollar and the productive economy, while enriching Yellen’s .1% cronies beyond measure.

http://www.zerohedge.com/news/2016-04-29/bill-gross-worlds-central-banker-has-flatlined-us-economic-growth

Hartford, CT Housing Affordability Ramps Up As Prices Plunge 7% YoY

http://www.movoto.com/hartford-ct/market-trends/

Just got this flyer in the mail, own a new home for $1,669 a month with no down payment:

http://www.picpaste.com/20160429_083643.jpg

No thanks.

Cliffside Park, NJ Housing Affordability Balloons As Prices Crater 9% YoY

http://www.zillow.com/cliffside-park-nj/home-values/

When you realize at this moment the price of gold needs to go up only 8% to burst through its 5 year downtrend.

The market cycle keeps cycling.

http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behind-zero-hedge-wall-street-s-renegade-blog

The quotes from the Tyler Durden who is leaving Zero Hedge:

“What you are reading at Zero Hedge is nonsense. And you shouldn’t support it,” Lokey wrote in an e-mail. “Two guys who live a lifestyle you only dream of are pretending to speak for you.”

“I can’t be a 24-hour cheerleader for Hezbollah, Moscow, Tehran, Beijing, and Trump anymore. It’ s wrong. Period. I know it gets you views now, but it will kill your brand over the long run,” Lokey texted Ivandjiiski. “This isn’t a revolution. It’s a joke.”

Of the two remaining guys, one is a former Hedge Fund employee, barred by FINRA for insider trading.

‘What you are reading at Zero Hedge is nonsense’

Here’s a link posted earlier:

http://www.zerohedge.com/news/2016-04-29/bill-gross-worlds-central-banker-has-flatlined-us-economic-growth

‘In a recent interview, Bill Gross provided some further truthiness regarding the state of the U.S. economy and the unveiling of the Federal Reserve as the world’s banker.’

‘As we’ve said countless times, Gross reiterates in the interview that the Fed’s only contribution to the real economy has been to help create more jobs that aren’t adding up to any real economic growth (i.e. waiter and bartender jobs at minimum wage). He points out that U.S. economic growth has in fact flat lined.’

“I think what they have on their radar basically are the employment numbers as opposed to real economic growth. I mean goodness, this quarter for almost the second quarter in a row we’re close to the flatline in terms of economic growth.”

‘Indeed it has flat-lined, as evidenced by yesterday’s dismal .5% GDP growth in Q1.’

OK, so did Gross say this or not? Is this GDP number nonsense? I don’t see much there written by Tehran. It’s some views I would agree with.

Years ago someone recalled a persons criticism of this blog, saying it wasn’t “main stream.” This person replied, “Ben only posts main-stream media articles.” Sometimes I’ll post something from college web pages or think tanks, etc. But for the most part this blogs material could be found on any news stand or magazine rack.

ZH’s big sin to the powers that be is they are critical of central banks.

Maryland Housing Affordability Surges As Prices Fall 4% YoY Statewide

http://www.zillow.com/md/home-values/

Given Phoney’s post on solar city the other day - maybe he could apply to be a manager at solar city?

http://www.careerbuilder.com/jobseeker/jobs/jobdetails.aspx?utm_source=bizjournals&utm_campaign=biz-journal-main-feed-applys&SiteID=bizjournalfeed001&Job_DID=J3L0B95X2K358FSWD4G&showNewJDP=yes&utm_medium=partner

Been offline for a few days. I got rear-ended on sat, totaled my car. Neck and shoulders are super soar, bruises, and ears are ringing.

Now I have to put my money where my mouth is and go lease a new car vs $12k for a 2008 with 100k on it.

Guided by Voices — Motor Away (Dayton Ohio, 1995):

“You can be anyone they told you to”

https://www.youtube.com/watch?v=9J-V6AGuA2k

I’m seeing them live here tomorrow night, should be a good time…

Guided by Voices — Her Psychology Today:

https://www.youtube.com/watch?v=A7puvDIBBUM

Hillary wants your guns.

http://www.powerlineblog.com/archives/2016/04/hillary-wants-your-guns.php

Brookline, MA Housing Affordability Balloons As Prices Crater 15% YoY

http://www.movoto.com/brookline-ma/market-trends/

California. Tsk, tsk. Such a shame.