A Combo Of Falling Prices And Unrealistic Expectations
NBC 26 reports from Wisconsin. “Home sales for the first quarter of 2016 are the best we’ve seen in nearly ten years. Inventory of homes for sale is down and that means the prices are rising. But many are prepared to shell out some extra cash in this market for the right home. ‘Our neighbors across the street just sold their house and it hadn’t even been listed and they sold it above asking price,’ says Monica Merriman of Green Bay.”
“At Keller Williams Realty they’re selling nearly 30 percent of their homes in less than five days right now. And while sale prices have risen nearly 20 percent in just three years many are finding out the inventory of homes available, has dropped 20 percent over that time period as well. Housing experts predict that sales will continue to be strong throughout the summer. That is, just as long as interest rates remain low.”
From Mid-Missouri Public Radio. “Multi-family housing development downtown will be put on hold after the Columbia City Council adopted an ordinance imposing an administrative delay on approvals. The bill, which passed with a vote of 5-2 after just over an hour and a half of tense discussion and public comment, was specifically designed to target the rapidly growing number of luxury student housing complexes.”
“‘I just think the council…needs to be very concerned that we’re not inadvertently contributing to this luxury student housing bubble,’ Mayor Brian Treece said, citing concerns over declining student enrollment and issues filling some existing spaces. ‘The reality is no one makes money, whether it’s the university with their dormitories or private sector housing, when these facilities are only 80 percent occupied.’”
The Miami New Times in Florida. “New data suggests Miami’s average rental rates have already begun to dip and may experience even further drops. Abodo found that the average rent for a one-bedroom apartment in Miami fell 3 percent between April and May. It was the eighth-largest dip of any market in the nation. Another report, from Andrew Stearns of Stat Funding (via Curbed Miami), also points to the possibility of tumbling rents.”
“That means buyers who scooped up apartments for investment properties may have a difficult time flipping them for a profit, so they may put the units on the rental market instead. ‘Rents will likely tumble as preconstruction buyers unwilling to take losses on their condos flood the rental market with new units,’ the report reads. But those owners may have a hard time finding anyone to pay top-market rents for those units, meaning that some who ‘choose to rent their units will have to rent for an operating loss… resulting in negative carry/negative cash flow.’”
The Observer in New York. “No one wants to be the bearer of bad news, but for brokers it’s sometimes part of the job description. Right now is one of those times, as real estate pros laboring in the fields of New York’s highest end find themselves, in many cases, contending with a combo of falling prices and unrealistic expectations. Most sellers are willing to be flexible, said Miron Properties agent Robert Halperin. ‘I’m not really wrestling anyone [about pricing] right now,’ he said. ‘For instance, I have a townhouse listing on 55th Street between Park and Madison, and we have adjusted pricing over the past few months. But it’s just about having patience, keeping everyone informed and acknowledging that there is a slowdown. You can’t pretend like it hasn’t happened.’”
“Then again, maybe you can. Citi Habitats broker Victoria Rong Kennedy said that some of her clients are still taking a ‘wait and see’ approach. ‘They want to see how bad it can get before they really drop their price,’ she said.”
The Springfield News-Sun in Ohio. “The number of foreclosed homes in Clark County sold at sheriff’s sales is at the lowest in a decade. Although the numbers are down, Tina Koumoutsos, executive director of the Neighborhood Housing Partnership of greater Springfield said they are still significantly higher than numbers the community saw before the most recent housing collapse. Since the housing bubble burst in 2008, banks had been holding on to properties, buying them back at sheriff’s sales to not lose money from defaulted mortgages, said Koumoutsos.”
“‘One of the things that we’ve seen happen is when the bank gets these houses back, they could sit on them for years,’ she said.”
Reuters on North Dakota. “More than 80,000 people poured into North Dakota, looking to stake their future on the fracking economy. The state’s Bakken oil patch, centered here in Williston, was a magnet for oil workers, business investors and job-hungry folks. That future has evaporated. Those who haven’t packed up and left the Bakken are facing a new reality of smaller budgets, fewer residents and the physical detritus of a building boom that left behind hundreds of empty apartments.”
“In downtown Williston, near the strip club, a $15 million building with retail, residential and office space opened last March. All of the retail spots and more than half of the apartments sit empty. ‘It seems like people are on the fence, waiting,’ said Paul Russo, a vice president at The Renaissance Cos. The developer named the property Renaissance on Main, thinking it would serve as a symbol of western North Dakota’s rebirth.”
“Instead, it has become a monument to the overbuilding that continues in a region quickly losing residents. The 900 apartment units under construction today in Williston will soon join the more than 10,000 already built since the boom began in 2009, according to a study from THK Associates, an architecture firm. ‘No one has any money to spend here anymore,’ said an exotic dancer at Williston’s Heartbreakers strip club. She estimated that tips had gone down more than 60 percent since last fall. One recent evening, Heartbreakers attracted only three customers. Since then, the club’s owner has closed Heartbreakers and is planning to reopen the venue in coming days as Williston’s first gay bar.”
‘I just think the council…needs to be very concerned that we’re not inadvertently contributing to this luxury student housing bubble’
There’s the word luxury again. Hmmm, why so much luxury all a sudden? I mean, luxury apartments galore, luxury condos, huge mansions. Over the top yachts even.
I think the state of our country/economy is so p!ss poor that anything brand new with some granite and a gym on site is “luxury”. All of these new apartment complexes look exactly like new apartment complexes from 10 or 15 yrs ago, just with much higher rents. Maybe they sprinkle a lackey at the door for that extra luxury feel, but to me, it’s a word pegged to anything new now. The “luxury” student housing back in VA was loved by all students in the first yr, it had a gym, movie theater, smoothie place….then they realized it was built like $h1T and had massive security problems (hundreds of break ins). The university officially severed all ties with the mgmt. company and complex last yr.
I believe your speaking directly to the staggering losses to depreciation that housing units experience. By the time a SFR is 20 years old, it has sustained $110,000 in depreciation. It’s going to look old because it is old if that depreciation hasn’t been offset.
‘The “luxury” student housing back in VA was loved by all students in the first yr’
And why not? They are still three years from having to start making student loan payments.
I think the state of our country/economy is so p!ss poor that anything brand new with some granite and a gym on site is “luxury”.
Ben Jones, you fiction-peddling so-and-so, we were assured at the most recent SOTU address that the ‘Murican economy was doing just fine.
luxury
My girlfriend’s dorm at Football State University had cinder block walls.
For a while I rented a 4BR townhouse with a porch, fenced backyard, and off street parking for $525 a month, $131.25 per person.
Have you seen this?
https://youtu.be/yUudubg6rMY
Volume is a must.
Yes, I have fond memories of your girlfriend’s dorm room….
LMAO!
My freshman dorm, at an allegedly elite university, had cinder block walls, basic beds, two closets, two small chests of drawers, two mirrors, a lamp and a desk. There was no carpet; nor was there air conditioning. I didn’t care, because other than sleeping, I did not spend a whole lot of time there. My roommate brought a small fridge, which was sporadically stocked with inexpensive beer and Boone’s Farm.
But this was nearly 30 years ago. The dorm is slated for demolition within the next few years.
I, too, had a dorm room with nicely-painted white cinder-block walls.
The sticky putty to hold my posters on the walls worked just fine.
And the campus radio station played a wonderful variety of alternative music that never got old.
I used that putty too!
Back then the hot career path was to major in economics and go to work doing consulting.
And now those colleges will charge you $1000-$1300/mo for the privilege to live in those cinderblock rooms with bunk beds.
My freshman dorm, at an allegedly elite university, had cinder block walls, basic beds, two closets, two small chests of drawers, two mirrors, a lamp and a desk. There was no carpet; nor was there air conditioning. I didn’t care, because other than sleeping, I did not spend a whole lot of time there. My roommate brought a small fridge, which was sporadically stocked with inexpensive beer and Boone’s Farm.
Sounds familiar.
“There was no carpet”
Gray vinyl tiles. Amiright?
Yes. I vaguely remember that the tiles also had some kind of faux-marble-streak aspect to them.
And one other thing — the dorm was recognized on campus (and still is, apparently) as being a party dorm. If the spartan furnishings held anyone back from having fun, or caused anyone to wish he or she had enrolled elsewhere, it would be news to me.
The spartan, commercial quality of the tile (and cinder block walls) always reminded me of Mom and Dad’s basement. Irony?
Maybe that’s what’s driving the new luxury…the false hope that after you graduate, you won’t have to live in Mom’s basement.
My understanding from a Uni employee is that accreditation is a function of having a sufficient number of these “luxury” dorms for their students. Left is running up the bill as they drive this country off a cliff.
That sounds unlikely.
Dear paid troll, you know nothing about anything, yet refute someone’s account who was directly involved in the reaccreditation process for a Div I school? Get a life.
In Brooklyn, a “luxury condo” is one with its own toilet.
‘luxury student housing’
An oxymoron
Luxury to the banks with those federally backed student loans reaping 5-6% interest.
From the Observer link:
‘More recently, though, oversupply combined with shrinking demand from the all-important international buyer set has led to a downturn in this segment. And that, in turn, has led to an uptick in uncomfortable broker-seller conversations. “North of $4.5 or $5 million is very slow, whether you are talking about the resale market or new development,” Jonathan Miller, president and CEO of appraisal firm Miller Samuel, told the Observer.’
‘On the new development side, he said, the sluggish sales are due primarily to the large amount super high-end product that has come to market or is slated to come to market in the relatively near future. With regard to resales, sellers themselves are often the issue, Mr. Miller said. “You have a big problem with what I call aspirational pricing,” he said, “where they are just setting list prices that have no connection with reality.”
“Really, the [price] adjustments needed to start about 200 days ago,” Compass broker James Cox said. “We knew that, but the sellers at that time were still all uniformly assured in their own heads that they had the greatest apartment ever, and that the market was so strong that there was no issue.”
‘Mr. Cox and his fellow Cassandras in the broker business “tried really hard to educate sellers at the time,” he said, but, alas, how do you convince the owner of a $50 million duplex that, perhaps, in fact, their apartment really isn’t all that?’
On this:
‘oversupply combined with shrinking demand from the all-important international buyer’
Well isn’t this just typical. We build all these luxury condos because the Russians and Chinese and Malaysians and Arabs all want them. And then they stop spending. It’s like there was never a bottomless well of money there like we were led to believe.
“It’s like there was never a bottomless well of money there like we were led to believe.”
Ironically it’s a massive and growing mountain of debt with no ceiling while delinquencies and defaults mushroom.
When you do this;
“Since the housing bubble burst in 2008, banks had been holding on to properties, buying them back at sheriff’s sales to not lose money from defaulted mortgages, said Koumoutsos.”
“‘One of the things that we’ve seen happen is when the bank gets these houses back, they could sit on them for years,’ she said.”
This happens;
“At Keller Williams Realty they’re selling nearly 30 percent of their homes in less than five days right now. And while sale prices have risen nearly 20 percent in just three years many are finding out the inventory of homes available, has dropped 20 percent over that time period as well.
But you still end up with tens of millions of defaulted mortgages and houses.
I wonder how long the banks can hold on and let the properties rot?
Surely the staredown with the American consumer and their need for cash will cause them to unleash the 25+ million housing assets onto the market?
‘The nation’s housing markets may be finally getting over the foreclosure crisis, but for many Americans the anger hasn’t subsided. Take a look at this recent home sale in Florida. It may be the perfect encapsulation of the fury felt by some of the more than 5 million Americans served with a foreclosure notice after the housing bubble burst.’
‘This five-bed, four-bath Florida home in the Lake Cypress Cove suburb of Orlando was valued at $2.7 million back in 2006. The house sold last month for $433,000 after being delinquent for seven years. The 84 percent slump in value wasn’t just because of the post-bubble collapse in housing prices. The home had been trashed and graffiti’d—this one painted crimson-red on the outside and dungeon-black on the inside. A spray-painted smiling face of a devil now looms over the back of the pool house.’
“At first glance you would think this property was damaged by a fire. On closer inspection, it appears it may be vandalism caused by either the evicted homeowner, tenant or squatter. We just can’t imagine how and why the outside turned red and the inside turned black,” reads a post-sale property report prepared by data and analytics firm Webbs Hill Advisors LLC.’
“The picture on the back of the pool enclosure suggests the choice of paint colors may have been a parting gift to the servicer taking this property,” Webbs Hill added.’
‘The investor that financed the mortgage lost out too. The loan on the home, which was bundled into a mortgage-backed security sold by a Residential Capital LLC affiliate in 2006, was one of many that went into default. Whoever held this bond lost $2.1 million from their investment, according to remittance data gathered by Webbs Hill.’
The banks don’t own these houses.
The banks don’t own these houses.
Emphasizing the point, the FDIC website shows $4.7B of OREO in the 1-4 unit residential category for all US institutions.
Pick a low number per house…$100k…it’s 47k units nationally. Nothing.
RW: Exactly, banks don’t want them I worked for a large bank in Mortgage (back end) and the REO person once said they roustinely had “sales” on under $100K and over $300K properties just to try and get rid of them. REOs do NOT look good on the 10K nor the 10Q!
Correct. Considering they’re held by Fannie, Freddie, HUD, FHA and various hedge funds, they’re not going to appear on FDIC audits.
The times they are a changin’
‘In the latest example of how foreign policy no longer neatly aligns with party politics, the Charles Koch Institute — the think tank founded and funded by energy billionaire Charles Koch — hosted an all-day event Wednesday featuring a set of speakers you would be more likely to associate with a left-wing anti-war rally than a gathering hosted by a longtime right-wing institution.’
‘At the event, titled “Advancing American Security: The Future of U.S. Foreign Policy,” prominent realist and liberal foreign policy scholars took turns trashing the neoconservative worldview that has dominated the foreign policy thinking of the Republican Party — which the Koch brothers have been allied with for decades.’
‘Most of the speakers assailed the Iraq War, nation building, and regime change. During a panel event also featuring former Obama Pentagon official Kathleen Hicks, foreign policy scholar John Mearsheimer brought the crowd to applause by denouncing American military overreach.’
“We need to pull back, stop fighting all these wars. Stop defending rich people who are fully capable of defending themselves, and instead spend the money at home. Period. End of story!” he said, in remarks that began with a denunciation of the dilapidated state of the Washington Metrorail system.’
“I completely agree on infrastructure,” Hicks said. “A big footprint in the Middle East is not helpful to the United States, politically, militarily, or otherwise.”
‘Chas Freeman, a former ambassador to Saudi Arabia, decried U.S. thinking on toppling foreign governments. “One has to start questioning the basic premise of regime change, whether it is to be accomplished by invasion and occupation or by covert action or the empowerment of NGO activity on the ground or other means,” he reflected. “Frankly, it generally doesn’t go well.”
“If you want to know why our bridges are rickety … our children are educationally malnourished, think of where we put the money,” concluded Freeman, pointing to the outsized military budget.’
‘Over lunch, Stephen Walt, the Foreign Policy columnist and Harvard realist foreign policy scholar, said the presidential election is providing evidence that the military-restraint camp is starting to make progress. “On the campaign trail, both Bernie Sanders and Donald Trump have gotten receptive audiences when they questioned certain aspects of foreign policy. Really, Hillary Clinton is the only candidate defending the status quo,” he boasted. “I think those public doubts are not surprising because … our current policy has been a costly failure.”
‘Walt dubbed his own prescription for foreign policy “offshore balancing” — a middle ground between full-scale military engagement and isolationism, where the U.S. would engage diplomatically and economically first and foremost, and retain the capacity to militarily intervene only when major power imbalances occur, where one state would be able to threaten global security.’
‘Mearshiemer, Walt, and Freeman are particularly despised by neocons, and not simply for their starkly different policy prescriptions. Walt and Mearsheimer’s 2006 book The Israel Lobby and U.S. Foreign Policy was critical of the U.S.-Israel relationship, arguing that it was overly influenced by domestic interest groups. Freeman’s nomination to an intelligence post in the Obama White House was derailed by behind-the-scenes accusations that he wasn’t sufficiently pro-Israel.’
‘Bloomberg View columnist Eli Lake, a hawkish supporter of Israeli government policies, expressed horror at their appearance on institute panels in a column on Wednesday, writing that “the Kochs have stayed away from the uglier fringes that blame Israel and its supporters for hijacking U.S. foreign policy. That is, until now.”
‘Ken Silverstein, one of Lake’s primary critics, has claimed his past sources lacked credibility and have been used to manipulate the discourse on national security. Silverstein accused Lake’s reporting of supporting WMDs prior to the invasion of Iraq.’
‘In August of 2013 Lake, along with Josh Rogin, reported on a CIA intercept that claimed that Al Qaeda had a meeting of senior leaders in the form of a conference call. Silverstein criticized their work as misreporting for using the term “conference call” when a later article clarified the call as a remote meeting via internet video, voice conference and chat.[38][39][40] Speculation about to the differences in the initial reports ranged from glorification of the NSA’s abilities to protection of sources within the U.S. intelligence community.[41]‘
‘In 2011 Silverstein wrote an article for Salon claiming that Lake’s reporting on Georgia was biased because pro-Georgian lobbyists had paid for his meals and drinks in the past.[42] This report was widely derided by journalists on Twitter and rebutted by Ben Smith on Politico.[43] Silverstein implies that Lake’s relationship with these lobbyists influenced his original report of a bomb blast near the U.S. Embassy in Tblisi. That story was confirmed by The New York Times. Both pieces come to the same conclusion that a Russian military intelligence officer was implicated by Georgian and U.S. authorities in the bombing.[44][45] Lake has publicly stated he has always paid his tab whenever meeting with Georgian sources.[46]‘
‘Regarding U.S. attempts to try Wikileaks head Julian Assange under the Espionage Act of 1917, Lake has said: “I oppose the application of the espionage statute to Assange because the same kind of prosecution would make me a criminal too.”
https://en.wikipedia.org/wiki/Eli_Lake
‘I oppose the application of the espionage statute to Assange because the same kind of prosecution would make me a criminal too’
Huh. But he’s hiding out and you are on Bloomberg.
‘Really, Hillary Clinton is the only candidate defending the status quo,’ he boasted. ‘I think those public doubts are not surprising because … our current policy has been a costly failure.’
‘The latest controversy roiling the Democratic Party showed no signs of abating Wednesday, as Bernie Sanders’ campaign put the onus of the rift splitting Democrats on Debbie Wasserman Schultz’s failed leadership, accusing her of “throwing shade” on the Vermont senator from the beginning.’
‘In a statement Tuesday, Sanders condemned “any and all forms of violence” but noted that months ago shots were fired into his campaign office and a housing complex his campaign staffed lived in “was broken into and ransacked.”
‘California Sen. Barbara Boxer, a Clinton supporter who was at the state convention, said she spoke to Sanders by phone. Boxer told CNN she felt threatened by a group — 50 to 100, by her estimation — of older, red-faced Sanders supporters who shouted obscenities at her.’
Fired shots? Old, red faced? I bet they were angry too. What a clown car.
I just realized; red faced. That must mean they are white people. Old, angry white Democrats. Why would she notice they are red faced? Were they drinking? And how could they shout obscenities at her? Don’t they know she has a vagina?
Boxer told CNN she felt threatened by a group — 50 to 100, by her estimation — of older, red-faced Sanders supporters who shouted obscenities at her.’
Huh. Not a single Comrad of Proven Worth in the DNC condemned the mob violence unleashed by Soros scum and BLM thugs against Trump supporters…or “fights” as the MSM calls it when Trump supporters were attacked by violent “protesters.”
Those older, white, male Sanders supporters are reformed idiots who voted for Democrat kleptocrats who threw them under the bus as part of the Oligopoly’s “fundamental transformation.” They got exactly what they deserved for voting for corruption.
FAOM is not an ideological designation.
It’s funny now, but either outcome won’t be funny at all.
red faced?
Why do the dems hate native americans?
That’s racis
The House is trying to pass an amendment to repeal the War Authorization so the Administration has to request Congress for permission to continue fighting ISIS. The War Authorization has been a blank check for 15 yrs and justification to fight in Pakistan, Yemen, Syria, Libya, etc
The Masters of the Universe want to draft your daughters and send them off to war. What a horrific idea, yet the sheeple graze on.
http://www.reuters.com/article/us-usa-defense-women-idUSKCN0XP31F
I believe they’ve already backed off on that issue.
“The Masters of the Universe want to draft your daughters…”
They’re smarter than that… senators too.
Can you say “veto”, children?
Securing the realm:
https://en.m.wikipedia.org/wiki/A_Clean_Break:_A_New_Strategy_for_Securing_the_Realm
No “smaller government” or “less regulation” or “lower taxes” happening here.
Onward Christian Soldiers….
“Don’t vote for me if you’re tired of war” — Lindsey Graham
http://www.picpaste.com/boots_on_the_ground.jpg
Yeah, Lindsey kinda misjudged the mood of the people. Just think, a year ago Jeb! had 100 million bucks to spend. Almost every candidate was going to cram amnesty down our throats.
In Lindsey’s defense, based on the results of the 2008 and 2012 elections, 95% of the electorate would mindlessly bend over for the neocon/oligarch status quo. So he probably figured with that many brain-dead voters, he’d be a shoo-in.
‘he probably figured he’d be a shoo-in’
It shows how wrong he was, and a lot of others too. Remember that guy named Curley who arrogantly said just a couple months ago that the party chooses the nominee? Where are you now Curley? Looking for job? Scraping that Jeb sticker off your bumper?
It’s kind of funny to watch the GOP realize they’re stuck with Trump, especially since Mitt was unable to convince anyone to run as a “third party conservative”.
Not near as funny as watching the neocons cling to Clinton’s pantsuit. Proves a contention made here often enough. We’ll see who gets dah-meddle-fanger.
“Don’t vote for me if you’re tired of war” — Lindsey Graham
Or of gay politicians.
On the Dem side it’s also fun to watch Sanders not throw in the towel and really pizzing Hillary off in the process.
I’m an optimist. I’m optimistic when I read this:
‘No country has ever prospered that failed to put its own interests first. Both our friends and our enemies put their countries above ours and we, while being fair to them, must start doing the same. We will no longer surrender this country or its people to the false song of globalism. The nation-state remains the true foundation for happiness and harmony.’
Holy chit he really did say that.
http://www.realclearpolitics.com/video/2016/04/27/trump_i_will_not_surrender_america_to_the_false_song_of_globalism.html/
‘No country has ever prospered that failed to put its own interests first. Both our friends and our enemies put their countries above ours and we, while being fair to them, must start doing the same. We will no longer surrender this country or its people to the false song of globalism. The nation-state remains the true foundation for happiness and harmony.’
Nietzsche?
WIth our “choice” of a demagog or a serial influence peddler and outright criminal, I’m thinking Deez Nuts might be a viable alternative.
You heard it here first. Sanders will be Hillary’s VP choice.
The nation-state remains the true foundation for happiness and harmony.
A lot of people of think that the foundation for happiness is being in good health, having relationships with family and friends and having fulfilling work.
Irrelevant..
“I completely agree on infrastructure,” Hicks said. “A big footprint in the Middle East is not helpful to the United States, politically, militarily, or otherwise.”
With a world awash in a glut of cheap oil, and U.S. production capacity much higher than it was a few decades ago, the rationale for heavy U.S. involvement in the Middle East seems to be weakening.
“the Charles Koch Institute…hosted an all-day event”
“…took turns trashing the neoconservative worldview…”
Does not compute.
‘RealtyTrac today released its Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report13, which shows nearly 1.4 million (1,398,046) U.S. residential properties (1 to 4 units) representing 1.6 percent of all residential properties were vacant as of May 2016, up 2.7 percent from the previous quarter when 1,361,628 U.S. residential properties were vacant.’
“Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory over the past year, evidenced by 12 consecutive months of increasing bank repossessions ending in February and now evidenced by these numbers showing a sharp drop in vacant zombie foreclosures compared to a year ago,” said Daren Blomquist, senior vice president at RealtyTrac. “As these zombie foreclosures hit the market for sale they are providing a modicum of relief for the pressure cooker of escalating prices and deteriorating affordability that have defined the U.S. housing market in recent years.”
‘Among states with at least 100 zombie foreclosures, those with the highest zombie foreclosure rate (percentage of properties in foreclosure that are vacant) were Oregon (11.8 percent); Indiana (9.5 percent); Kentucky (8.0 percent); Maryland (7.2 percent); and Washington (6.6 percent).’
‘Metro areas with at least 100 zombie foreclosures that posted the highest zombie foreclosure rate (percent of foreclosure properties that are vacant) were St. Louis, Missouri (10.6 percent); Indianapolis, Indiana (10.2 percent); Albany, New York (9.8 percent); Baltimore, Maryland (9.7 percent); and Portland, Oregon (9.7 percent).’
‘States with the highest percentage of REO properties that were vacant were Oregon (29.8 percent); Indiana (29.7 percent); Delaware (28.3 percent); Michigan (27.0 percent); and Ohio (25.0 percent).’
‘Investment properties account for 75 percent of all vacant homes’
‘A total of 1.1 million (1,055,725) U.S. residential investment properties were vacant as of May 2016, 75 percent of the all vacant properties nationwide and representing 4.4 percent of all investment properties.’
‘States with the highest residential investment property vacancy rate were Michigan (11.0 percent); Indiana (10.3 percent); Alabama (7.1 percent); Ohio (6.8 percent); and Mississippi (6.7 percent).’
‘Metro areas with the highest residential investment property vacancy rate were Flint, Michigan (27.6 percent); Detroit (13.5 percent); South Bend, Indiana (12.8 percent); Youngstown, Ohio (12.5 percent); and Fort Wayne, Indiana (12.0 percent).’
‘the highest zombie foreclosure rate (percentage of properties in foreclosure that are vacant) were Oregon (11.8 percent)’
Oregon? It’s hot hot hot, right? Chinese and silly valley people are jumping to pay over asking. So why would these lenders hang on to so many shacks?
I suppose we wont see a price collapse/depreciation of housing until the banks are done making their profit and losses back. Once the bank/investors are taken care of the rug will be ripped out for the American households, maybe ?
Houses rapidly depreciate irrespective of anything.
‘Columbia County’s real estate market has grown more competitive since last year and demand is reaching a peak, the Columbia County Board of Realtors reports. Barry Murphy, a Realtor with John L. Scott and current president of the CCBR, touts the region’s close proximity to Portland and the adjacent Columbia River and mountain views as selling factors that appeal to newcomers, who’ve ventured out from areas in Multnomah and Washington counties to find more affordable property.’
“The affordable [homes] used to be up and gone and went pretty fast,” Murphy explained. “We’ve been that way for a little over a year, maybe two years. But all the sudden even the higher end homes are going pretty fast.”
‘Murphy predicts the housing market will become a little more stabilized once banks release additional foreclosed homes back on the market.’
“a little more stabilized”
A realtor acquaintance of mine has said this, that if there is a correction it won’t be more than a few percentage points. Okay.
“A realtor acquaintance of mine has said this, that if there is a correction it won’t be more than a few percentage points.”
If you drop your keys do you bend-over for them right away, or do you wait for your friend to depart first?
“why would these lenders hang on to so many shacks?”
http://www.nolo.com/legal-encyclopedia/states-with-long-foreclosure-timelines.html
Oregon was one of the states that implemented laws that dramatically slowed the foreclosure timelines. Above is a link to an article that discusses the Oregon changes. I remember looking at the foreclosure radar data on Oregon, and seeing activity grind to a halt when this law was passed.
Here’s the gist:
“In Oregon, most lenders chose to proceed judicially following the implementation of the mediation law and an unrelated appellate court ruling on lenders’ assignment recording practices. This slowed the timelines in those states significantly. However, on June 4, 2013, Oregon enacted SB 558 and closed the loophole that allowed lenders to bypass the foreclosure mediation program. The new law expands the program to cover judicial foreclosures, which takes away the incentive for banks to proceed judicially rather than nonjudicially. While it is expected that lenders will go back to using the nonjudicial process in Oregon, mediation will still slow down the process. For more information on Oregon’s foreclosure avoidance mediation program, see Oregon Foreclosure Mediation.”
And the link to the Oregon Foreclosure Mediation details:
http://www.nolo.com/legal-encyclopedia/oregon-foreclosure-mediation.html
“The report also shows that 19,187 U.S. residential properties actively in the foreclosure process were vacant (zombie foreclosures)”
20k, that’s it?
“States with the most vacant “zombie” foreclosures were New Jersey (4,003), New York (3,352), Florida (2,467), Illinois (1,074), and Ohio (1,064).”
“Among metropolitan statistical areas with at least 100,000 residential properties, those with the most zombie foreclosures were New York (3,526); Philadelphia (1,744); Chicago (857); Miami (651); and Tampa (627).”
So, of the 19,187k, 15,504 are in the states listed above PLUS Philly, PA, leaving 3,683 to be spread out among the rest of PA, and ALL the other 44 states.
Of this 3,683, Oregon has more than 100, and less than 1,064 zombie foreclosures.
Now rack up the millions in foreclosure moratoriums and forbearance in all 50 states.
1,400,000?
What happened to the other …… 23,600,000?
HA says there are 25,000,000. HA……. off my a factor of more than 10.
Whocuddanode??
Fixt for you.
HAcensus bureau says there are 25,000,000.“New data suggests Miami’s average rental rates have already begun to dip and may experience even further drops. Abodo found that the average rent for a one-bedroom apartment in Miami fell 3 percent between April and May. It was the eighth-largest dip of any market in the nation. Another report, from Andrew Stearns of Stat Funding (via Curbed Miami), also points to the possibility of tumbling rents.”
Miami, FL Housing Affordability Surges As Prices Plunge 6% YoY
http://www.zillow.com/miami-fl/home-values/
Miami, FL Real Estate and Homes for Sale-33,026
http://www.realtor.com/realestateandhomes-search/Miami_FL/radius-5
Miami, FL Real Estate and Homes for Sale, Price Reduced-11,450
http://www.realtor.com/realestateandhomes-search/Miami_FL/shw-pr/radius-5
35% of all Miami sellers reduced their price at least once
“Former partisans” of the “socialist revolution” in Venezuela are now going hungry and cursing the government. Well ain’t this rich. Their neighbors should be cursing them for their role in bringing about the present calamity. But soon we shall have our Permanent Democrat Supermajority kleptocracy, and history will repeat itself. Forward!
http://www.globalpost.com/article/6770236/2016/05/18/we-want-food-venezuela-crisis-deepens
I wouldn’t be surprised to see the blueprint that the EU applied to Greece - loan it money it can never repay, then set it up as a detention colony for all those ME/African types fleeing towards Europe - used to set up Puerto Rico in a similar fashion for those fleeing Venezuela/Brazil/Honduras, etc. for the US.
I love how the corporate media acts like the Fed is really, seriously contemplating raising interest rates, when these stenographers for the Oligopoly know full well that any such rate rise would crash the Fed’s Ponzi markets and therefore will never happen unless/until Yellen’s hand is forced by the bond market.
http://www.marketwatch.com/story/heres-what-could-stop-the-fed-in-its-rate-hike-tracks-2016-05-19
Yeah the threat of the hike just drives down the $/oz of Gold so they can stack in tons to their empty vaults
I’ll gladly pick up more at these prices, and to replenish what I lost in a recent tragic boating accident.
Are you telling me there are pieces of eight to be recovered from the bottom of a lake somewhere?
What’s hilarious is that last night the Chinese devalued the yuan as a “warning” to the Fed…as if the Fed ever had any real intention of hiking rates. What a charade.
What people still don’t want to see for themselves is that as rates went up gold prices went up and as rates went down gold prices went down. 1980 to 2000 the long term rates went down and so did gold prices.
When the Fed is behind in the race to control price inflation it will be raising rates but they will be raising them while inflation hits.
The cost of renting has gone up for many urban areas. Cost of owning of course. That is all part of CPI-U. Cost of medical care still going up. Even though wages are not going up so much, all the other things are price inflation. The Fed will be losing the battle from the beginning so precious metals will be winning the race.
$1600 per ounce in 2017.
??? Rates went down from 2000 to now…how did gold move. Your theory is lacking proper perspective.
Wall Street has a bazooka aimed at the Fed which they are certain to fire the moment liftoff plans proceed as announced.
“Look Yellen, the NASDAQ, DOW, and SP are all down 10%! Give us more heroin!!”
Whoops. Link
https://americansforprosperity.org/
Forget gop/Inc
Money from Chinese embezzlers and money launderers, er, “invesors” is drying up in Silicon Valley.
http://wolfstreet.com/2016/05/18/silicon-valley-housing-market-hit-by-china-tech-ipo-swoon-stock-market/
‘In Santa Clara County, where Palo Alto is located, Q1 sales of homes costing over $5 million plunged 35% to just 13. In Atherton, a small town in San Mateo County, and one of the most lusciously expensive pockets in the US, the 25 homes costing over $5 million have been on the market a median of 100 days.’
I picked this one randomly:
701 Tennyson Ave, Palo Alto, CA 94303
For Sale
$6,498,000
Price cut: -$1,000,000 (5/17)
http://www.zillow.com/homedetails/701-Tennyson-Ave-Palo-Alto-CA-94303/19469962_zpid/
Six million? It’s not even close to a strip club or a gay bar. $44,000 in property tax a year.
‘There were 190,000 homes worth at least $1 million in the San Francisco metropolitan area in May 2016, or 57 percent of the city’s housing stock. That’s three times the amount from May 2012, and the highest share among the 100 largest U.S. metros, according to Trulia’
‘Nationwide, the number of million-dollar homes doubled to 2.2 million over that time, driven by increasing values in a handful of big cities. As the chart below shows, 10 metropolitan areas make up two-thirds of the million-dollar homes captured by the data.’
‘In San Francisco, the median home price increased by 67 percent from March 2012 to March 2016, according to estimates from Zillow, rising to just over $806,000. (Zillow makes its historical home price data a little easier to surface than Trulia; both websites are owned by the same parent company.) Median home prices in Las Vegas, which has 6,600 million-dollar homes, increased 76 percent over the same period, landing at $203,000.’
‘You can learn a little more when you drill down within metropolitan areas, said Ralph McLaughlin, chief economist at Trulia. For instance, there are parts of San Mateo, Calif., where the share of million-dollar homes has increased by eight or nine times.’
But there’s no bubble…
And the majority of San Franciscans have to work 3 bartending jobs to afford a crappy rental in the Sunset district (beach side away from downtown) or slum in the Tenderloin and avoid being shanked by a homeless meth addict.
Hell I know folks working at various tech firms, Google, Yelp, Salesforce that cant afford a crappy rental.
….. or 6 bartending jobs to afforda a crappy depreciating shack in the slums of San Franscico.
‘there are parts of San Mateo, Calif., where the share of million-dollar homes has increased by eight or nine times’
This comes to mind; rental/jingle - how many subprime loans are there here? How many option ARM loans made with no-documentation? Because if your theory is right, there shouldn’t be any problem with these San Mateo houses. It’ll be interesting to see how your definition of a bubble works out.
I agree. There will be some distress, but many of the buyers are using all cash stock option money and have no loans.
Absolutely! I’m going to do the same when my brainchild MakeMyBed.com goes public and I become a multi-millionaire. Internet startups will prolong this bubble for another generation. You and me Jingle we are going to be Real Estate TYCOONS!
‘In downtown Williston, near the strip club, a $15 million building with retail, residential and office space opened last March. All of the retail spots and more than half of the apartments sit empty. ‘It seems like people are on the fence, waiting,’ said Paul Russo, a vice president at The Renaissance Cos. The developer named the property Renaissance on Main, thinking it would serve as a symbol of western North Dakota’s rebirth.’
‘Instead, it has become a monument to the overbuilding that continues in a region quickly losing residents. The 900 apartment units under construction today in Williston will soon join the more than 10,000 already built since the boom began in 2009, according to a study from THK Associates, an architecture firm. ‘No one has any money to spend here anymore,’ said an exotic dancer’
And guess what? These are luxury apartments too. The rents were higher than San Jose in 2014.
‘near the strip club, a $15 million building with retail, residential and office space opened last March’
But it’s near the strip club, I mean soon-to-be gay bar. Why would people without money be on the fence?
How’s that fundamental transformation working out for you, Germany?
http://www.breitbart.com/london/2016/05/18/police-migrant-background-male-kicked-teen-death-molested-girlfriend-unprovoked-attack/
You’re not allowed to post Breitbart links here.
Please stick with the New York Times and Washington Post.
I’ll immerse myself in the cleansing waters of HuffPo to atone.
Immerse yourself in the warm folds of the Triggly Puff son.
My retching noises just triggered seismic alerts at sensors all over the globe.
Right. What about your hot date with Triggly last weekend?
He can use the broken bed for firewood. All is not lost.
Also announced migrants will cost them 93 billion Euros over the course of the next few yrs.
my congressman wants 100,000 flown in immediately
After our Permanent Democrat Supermajority kleptocracy loots the nation into insolvency, will the Comrades of Proven Worth at the DNC be any less repressive in dealing with civil unrest?
http://www.theguardian.com/world/2016/may/19/venezuela-unrest-nicolas-maduro-protests
To be fair they did have a super majority back in 2008-2010 I believe. Nothing of note was accomplished, not even the ACA monstrosity.
Ran into a retired guy from one of the offices I frequent at the Post Office yesterday. He told me his older daughter and her husband, who stacks and tarps hay bales for a living (really, hehe), just bought a $68k Dodge Charger. Is that possible… for a fugg’n Dodge product? I’m beginning to feel like modern Rip Van Winkle.
I have no idea why people seem to give Dodge/Chrysler a pass. They were the worst of the Big 3 through the crash/rescue in terms of reliability and value. Total turd mobiles. A base Charger is heavier, slower, and more expensive than a base Camaro or Mustang.
Honestly, I think it’s because the Charger/Challenger/Ram trucks are just plain better looking than similar offerings from GM and Ford. Sure, it’s a really dumb reason to buy something that expensive, but when has that ever stopped anyone?
The Challenger does have a cool retro look, but (IMHO) the Charger is not cool at all.
You’ll be paying for the bailout of the bank that made that loan.
+1 That’s exactly what I said to this retied guy.
just bought a $68k Dodge Charger. Is that possible… for a fugg’n Dodge product?
It’s probably the 700 HP Hellcat model.
his older daughter and her husband, who stacks and tarps hay bales for a living (really, hehe)
Farmers like to portray themselves as poor, but more than a few who I have met make good coin.
Out in the MS Delta there is a good share of redneck millionaires with thousands of acres for farming. Do not judge a book by its cover for sure.
“Farmers like to portray themselves as poor, but more than a few who I have met make good coin.”
Betcha that old farmer up in Minnesota who got snuffed by the illegals he hired to paint his house made some pretty good coin. Probably got a real whiz-bang out of not hiring his neighbor Sven’s son to do it. “These dang college kids want too much money.”
Not only are some farmers subsidized, but so is their labor. By their neighbors.
Hence 10% ethanol in our gasoline. Big Farming is Big Govt money
Well, at least the guy’s end of life issues were resolved.
I hate to sound so nasty and bitter about it, but when you think about it, the ag industry has been responsible for so much of the immigration/racial problems in this country, going all the way back to before the Civil War. “Cheap labor” extracts a heavy price. It’s not so much the people from other lands who enter illegally or who were/are forcibly entered into the country that are the problem, but one’s fellow citizens who enslave or employ them who are the problem.
After agriculture, the building and development biz seems to be the next worst offender, along with related businesses such as landscaping and home improvement. Here’s a dandy little local story of an electrician who attacked a woman in her home:
http://www.tampabay.com/news/publicsafety/crime/electrician-attacks-riverview-woman-in-her-home/2278047
Is the guy an illegal? I really don’t know, but I do know that quite a few illegals live in his neighborhood, along with some legal immigrants who have established themselves in the area. What possessed him to attempt to rape the woman, I have no clue. I hope she sues the peewadden out of Big Daddy Electric, though. Her first mistake was hiring a company with that name.
stacks and tarps hay bales for a living (really, hehe)
It sounds like honest work. The hehe thing doesn’t reflect well on you.
Irelevant. Really. Heh.
No, but it does reflect the poor financial choices of the guy who bought the car.
Go out to Hicksville and witness:
Shack with blue tarps on the roof (can’t afford new roof) but with satellite TV dishes (can afford cable).
Jacked-up brodozer pickup (can afford lift kit, $6K tires/wheels, and 10mpg), but using EBT cards to buy food.
Personally, I’m tired of supporting other people that can’t manage their money. No additional amount of money will ever be enough.
“It sounds like honest work.”
Indeed, but he’ll wear-out well before that Charger is paid for. FWIW, “buck-n-bales” doesn’t look good on a $68k automobile loan application. My sharp pencil says… thumbs down!
More bubble anecdotal evidence.
Hope ‘n change comes to Winters, Texas.
http://www.thedailysheeple.com/working-60-hours-a-week-at-3-part-time-jobs-and-still-living-paycheck-to-paycheck_052016
Yes, this the great Texas economy that Rick Perry and the Bush’s say is the envy of the nation. Yes, everybody is leaving Portland and Seattle to move to Sh*thole, Texas.
Had an offer for a tech job in Houston, at SF wages. Was thrilled initially, but then I started looking around Houston with streetview….
SF is far worse.
Not if you are a foodie.
BBQ and fajitas. What more could you want?
I too had some offers for Houston as a marine/mechanical engineer back in 2012-2013, but all the internet and forums said was ‘run’. Concrete jungle was a phrase that came up quite often with no real city planning. Plus what about all those New Orleans gang bangers they just uprooted and dropped in there. They had to have reproduced by now.
“but then I started looking around Houston with streetview….”
Bad walk scores?
Insider trading and collusion is illegal, unless, of course, you’re Goldman Sachs.
http://www.businessinsider.com/goldman-sachs-tesla-equity-offering-2016-5
“Anyone who says the American economy is in decline is peddling fiction.”
– Barak Obama, March 2016 SOTU address
http://www.zerohedge.com/news/2016-05-19/caterpillar-retail-sales-fall-record-41-consecutive-months
Caterpillar Retail Sales Fall For Record 41 Consecutive Months
by Tyler Durden on 05/19/2016
THAT’S IMPOSSIBLE!!!
Corporate Profits Have Grown By 171 Percent Under ‘Anti-Business’ Obama
by Pat Garofalo Jan 17, 2013 9:25 am
U.S. corporations’ after-tax profits have grown by 171 percent under Obama, more than under any president since World War II, and are now at their highest level relative to the size of the economy since the government began keeping records in 1947, according to data compiled by Bloomberg.
Zerohedge, in a previous article, posted an auction on some barely used Catepillar equipment. Man it was definitely affordable/dirt cheap if you have a truck and trailer to go get it.
California Governor Jerry Brown gets a lot of things right.
Gov. Jerry Brown has proposed sweeping statewide legislation that would allow new market-rate projects with on-site affordable housing to be approved “as of right,” in potentially California’s most significant housing policy change in years.
Rental Watch, will this end the CEQA mess to which you are often referring?
More inventory with an affordable component. Everything the HBB readers have been seeking!
There’s plenty of housing inventory. It just happens to be priced 300% higher than long term trend.
Rent it for half the monthly cost.
Wouldn’t houses be a lot cheaper for the masses if you stop foreign illegal money to buy in USA?
Kind of makes sense… Let the money from decades of imports flood back in, then devalue the assets purchased with it. Japan is still on its knees from the last time we did it.
Brown has been very successful. Smart man.
Rough vigilante justice in Venezuela as law and order have almost totally broken down. The collectivist comrades of the DNC should send delegations to Venezuela to study their socialist compatriots’ methods for repressing and controlling the serfs once the productive economy has been thoroughly looted and only the Comrades of Proven Worth have reliable access to life’s essentials.
http://bigstory.ap.org/article/49be3c89fe3d4ef990a944c323dffaab/mob-burns-venezuelan-man-alive-over-5-rule-law-fails
New home sales in the Sacramento home region accelerated in April to a pace not seen in a decade.
The April figure of 470 homes sold not only eclipsed the 302 mark of a year earlier, but were higher than 452 in April 2008 and 457 in 2007. In April 2006, the number was 682, just before the housing market began a steep decline. At this point a year ago, the region had 1,262 sales, and just over 3,300 by year’s end. With 1,641 sales as of the end of April – before construction and sales typically peak during summer – this year is likely to significantly surpass last year.
See that Jingle_Fraud? Nobody is stopping contractors from slapping up more shacks. Keep in mind these are purchase agreements, not actual contracts.
Strongbowwwwww
Chief…. don’t forget Chief.
HA!
Senior housing analyst to you Jingle_Fraud.
This is fabulous! I guess all the internet startup multi-millionaires are driving ’til they qualify. VIVA SACRAMENTO.
Robert Shiller: “Housing Depreciates”
http://www.pragcap.com/robert-shiller-dont-invest-in-housing/
Reach out
Reach out and touch someone
Hire a remote worker
Part time hours
Part time pay
Full time badgering
Email and text them all day
Reach out
Reach out and touch someone
‘Our neighbors across the street just sold their house and it hadn’t even been listed and they sold it above asking price,’
And this is in WISCONISN, flyover country. Yup, no nationwide bubble here.
Sarc/
Exactly. And if it wasn’t listed, how did it sell “ABOVE” asking price. Too much hyperbole to.pass the sniff test…..
“Since then, the club’s owner has closed Heartbreakers and is planning to reopen the venue in coming days as Williston’s first gay bar.”
Ah, man; Heartbreaker’s has gone Gay! Now where will I lose my paycheck?
Now where will I lose my paycheck?
Subsidizing Triggley Puff’s Type II diabetes Obamacare treatment, would be my guess.
In a moment of passion, her rolls shifted and a Pepperidge Farm Milano cookie fell out.
Trigglypuff: SJW poster girl and future DNC VIP.
http://knowyourmeme.com/memes/trigglypuff
Do “Happy Hours” become “Gay Hours”?
“Sports Authority will close all of its 450-plus stores across the United States after the bankrupt company wasn’t able to secure a buyer, according to a new court filing.”
Let me see 450 stores x 35,000 SF each = 15,750,000 Sf of strip center vacancies. Gee, who can fill that - Amazon or Apple? Or perhaps:
1. Mega-Thrift - “thrift” stores selling the contents of the poor’s storage lockers sold at auction?
2. The Nothing Store - Big Lots type store selling retails cast-offs of stuff you really do not need
3. Mega-Urban Wig World - Really big wig shops for the new suburban populations
4. Tattoo World - 24/7 tattoo parlor and “lifestyle” retreat for the fat, ugly slobs who get tattoos
5. The Hog Tripod - Three-wheeler Motorcycle store for the really super-fat biker slobs and their old-ladies
6. Jesus World - Mega stores selling Chinese made Jesus stuff 24/7 with
Republican discount cards
7.
We live in the time of Amazon.
Just do it!
Just order it!
And then store it, “first month for free,” in your local Public Storage.
Here in VA they filled a vacant grocery store with a “Sky Zone” trampoline and foam pit park….
An indoor go-kart place would be cool. Ha!
Your 6 entries are weak sauce. #1 with a bullet:
MJ dispensary/grow facility. EBT/snap/body fluids + organs accepted.
Debt ages people prematurely. Crows feet around the eyes, hair loss, weight gain, no energy. When you sign that note that says 360 monthly payments it accelerates that feeling of dying inside…
Yes, yes it does.
Don’t forget sleepless nights.
It is worse than smoking! Look at Trump.
Especially when they go to flush their toilet and find out their pipes are clogged…oh boy call the plumber.
One of my coworkers came home from a work project once and found his water heater burst (flooded garage), and a broken fridge with all his deer/duck meat he hunted spoiled. Ahh the joys of home ownership
All solvable problems, and no different than any renter would experience.
Water heater should have been installed in a drain pan that drains to the outside (or interior floor drain), and they make temperature alarms for refrigerators/freezers that will text you an alert when things warm up.
Things fail; do you have a backup plan?
These are expenses reserved strictly for owners, not renters.
Data my friend, data.
Meat spoils just as fast in somebody else’s refrigerator.
Data indeed my friend. Data indeed.
Glendale, CA Housing Prices Crater 11% YoY
http://www.zillow.com/glendale-ca/home-values/
And remember…… Landlord expenses are never automatic passthrough costs to the end user.
Data my friend, data:
No landlord will pay for spoiled food even if the landlord’s broken refrigerator caused it.
Indeed he will my friend. It’s called a claim.
Experience yes, pay? No.
My water heater blows at 3AM. The worse thing I have to do is roll over in bend and pick up the phone and inform the LL.
“Hey, holmes, yer hot heater is busted…get on it! Chip, chop, CHIP!!!”
“New data suggests Miami’s average rental rates have already begun to dip and may experience even further drops. …
“That means buyers who scooped up apartments for investment properties may have a difficult time flipping them for a profit, so they may put the units on the rental market instead. ‘Rents will likely tumble as preconstruction buyers unwilling to take losses on their condos flood the rental market with new units,’ the report reads. But those owners may have a hard time finding anyone to pay top-market rents for those units, meaning that some who ‘choose to rent their units will have to rent for an operating loss… resulting in negative carry/negative cash flow.’”
____________________________/
Didn’t we hear this less than a decade ago? Yes, we did.
Repetition of mistakes is what happens when an obvious outcome is re-branded as some kind of six-sigma event. “No one could have seen it coming.”
Colleyville(DFW), TX Housing Affordability Balloons As Prices Crater 21% YoY
http://www.zillow.com/colleyville-tx/home-values/
On the plus side, rates of syphilis transmission dropped 16 percent statewide last year from the 2014 peak, state officials said in April.
Well, ain’t that grand?!?
Probably more likely due to fewer people being able to afford health care. At some point STDs, cancer, you name it will no longer exist according to the bureau of doublespeak.
I just got this email:
Halliburton No Reserve Real Estate Auctions
KANSAS
12 Buildings on 7.2+/- ac
• Liberal, KS
LOUISIANA
24,687+/- sf Distribution Center
• Bossier City, LA
Multiple Building Complex
• Houma, LA
44,960+/- sf in 3 Distribution Warehouses
• Shreveport, LA
MONTANA
4 Multi-Use Buildings
• Havre, MT NEW MEXICO
40+/- ac Raw Land
• Farmington, NM
NORTH DAKOTA
2 Commercial &
21 Residential Lots
• Harvest Hills, ND
PENNSYLVANIA
23.86+/- ac Complex
• Muncy, PA
TEXAS
16,500+/- sf Warehouse
• LaGrange, TX
10,311+/- sf Shop/ Warehouse
• Fairfield, TX WEST VIRGINIA
33,990+/- sf on 9+/- ac
• Weston, WV
26,788+/- sf Warehouse/
Office on 3.6+/- ac
• Elkview, WV
WYOMING
2.79+/- ac Lot w/Utilities
• Casper, WY
15,000+/- sf Truck
Maintenance Building
• Worland, WY
NOVA SCOTIA
Walton Mine
• Nova Scotia, Canada
All Sell Without Reserve June 28-30
I just saw an article on a “startup” that wants to charge millenials $50-60/night for “Pod” style dorm living in the Bay/Silicon Valley. Ha!! It was 4 to 6 bunk beds that were large enough to have a TV inside and drawers underneath, kind of like those coffin hotel rooms in Japan. They share a communal kitchen and bathroom, surely no issues will arise from that scenario. Don’t the people realize that still equates to $1500-$1800/mo rent? Trying to have that cool “hostel” lifestyle here in the US.
they use it while they look for a real place. In SF the pay is high, but you still are poor and have roommates and homeless everywhere. People under 30 dont know any better….yet
Meanwhile in Rummy’s utopian paradise called Ch*tcago……
Chicago, the only city among the nation’s 20 largest to see population loss in 2015, could be overtaken in a decade by Houston as the third-most-populous city if the trend continues, experts said. The city of Chicago lost about 2,890 residents between 2014 and 2015, bringing the city’s population down to 2,720,546, according to newly released data from the U.S. Census Bureau. Numbers made available in March showed the greater Chicago area, which includes the city and suburbs and extends into Wisconsin and Indiana, lost an estimated 6,263 residents — the greatest loss of any metropolitan area in the country. Chicago’s population decline is largely a product of residents fleeing both the city and state….
Turn out the lights…..the party’s over……they do say…..all good things must end…….turn out the lights…….
Hey my millennial friend loves living in Chicago earning minimum wage. He moved from VA to experience the magic. Haaaa
1500 is fine when you’re making 150k.
wait till the tax bills arrive
chighetto
why did rauner take the governor job
ouch !
And the piece de resistance……this….
http://chicago.suntimes.com/news/city-council-approves-emanuels-share-the-wealth-plan/
And this idiot Rummy wonders why folks are leaving his socialist utopian paradise……
9 weeks and counting folks.
Did you select a new internet handle yet? Which one of us won the contest?
Ok - a reprise - no need to comment from my post on Monday……
“And to all the HBB’ers -
Given I am moving outta here in late July - I need to change my handle here. Currently Rj Chicago - thoughts?
And don’t worry I won’t be like HA who seems to change his moniker more than his bloomin underwear here!!!”
Thanks guys - great suggestions….. AND I just wanted to let you guys know I am on the floor crying tears with laughter at the new monikers.
The thread connecting them - esp. Bill’s is - “He’s a real nowhere man - living is his nowhere land…..”
RJ Nation kinda fits but then…….
https://m.youtube.com/watch?v=JIrhcOIYfA8
‘Living In My Skull’ seems accurate.
I hope that the map pops up on this link.
Take a look at the map on all the competing interestes in South China see and the boundries that are currently there and tell me if this ends well?
http://www.bloomberg.com/news/articles/2016-05-19/two-chinese-fighters-intercept-u-s-plane-over-south-china-sea
Chuck Fina.
Just got this email from a local realtor in Phoenix.
“Home Owners have been experiencing Steady Appreciation for the past 4 years - much higher than a savings account, Bond or Stock returns!
It is official! The housing market is out of its slump. Consider this:
* We are back to steady appreciation gains in the 3% to 5% area - higher in some cities
* Current mortgages are super solid - no ARMs or No-Doc loans have been given out for the past 7 years
* We have low housing supply, so appreciation will continue
* None of the problems that caused the last “bubble” are in the market now
* The number of foreclosures is actually *below* the foreclosure rate in 2004!
The economy is improving, creating more and better paying jobs
There has never been a better time to own your home than today. The market is solid, the economy is solid and growing, and you stand the chance of being in at the bottom of a huge growth cycle!
Don’t delay, contact me today!”
Someone needs a crisp bi*ch slap…..
Lol @shady realtors
“It is official! The housing market is out of its slump.”
Yeah? Maybe that’s because the housing market is driven by fools who have access to money.
- or -
Perhaps we have truly entered a new era whereby equity really does equal wealth and anybody who produces something of value loses out to somebody who owns something of endlessly increasing value.
Yeah, maybe that’s the way it really is!
Or not; Personally I’m going with the fools-with-access-to-money explanation. I know, Old School thinking.
Always a great time to buy or sell!!
Now, watch me open the door and point to the high ceilings….
I hate Realturds.
“you stand the chance of being in at the bottom of a huge growth cycle!”
Translation: You may be on the ground floor of a massive Ponzi! Yay!
The fact that millions of ‘Muricans intend to cast their votes for a pathological liar and influence peddler tells you that “Democrat” and “broken moral compass” are synonomous.
http://www.dailymail.co.uk/news/article-3599306/13-minute-video-Hillary-Clinton-lying-goes-viral-YouTube-wizard-says-Don-t-worry-Trump-next.html#comments
“David Dayen on the epidemic of mortgage fraud and the rigged economy that sets it in motion”
https://www.salon.com/2016/05/19/it_is_happening_again_david_dayen_on_the_epidemic_of_mortgage_fraud_and_the_rigged_economy_that_sets_it_in_motion/
Falls Church, VA Housing Affordability Improves As Prices Crater 6% YoY
http://www.zillow.com/falls-church-va/home-values/
Another taxpayer bailout of another corrupt Democrat-run basket case.
http://www.politico.com/story/2016/05/paul-ryan-puerto-rico-debt-deal-223333
Armed guards for me but not for thee.
Sen. Boxer: ‘If I Didn’t Have a Lot of Security, I Don’t Know What Would Have Happened’
By Susan Jones | May 19, 2016 | 7:31 AM EDT
(CNSNews.com) - Far from the insular world of Congress, out in the wilds of Nevada, Sen. Barbara Boxer, a liberal California Democrat, found herself surrounded on Saturday by snarling fellow liberals who support Sen. Bernie Sanders (I-Vt.).
“It was a scary situation,” Boxer told CNN on Wednesday. “I was there…It was frightening. I had — I was on the stage and people were six feet away from me and if I didn’t have a lot of security, I don’t know what would have happened.”
Chaos erupted at the Nevada Democratic Party convention Saturday night, when dozens of Sanders’ supporters — angry at a system that favors the nomination of Hillary Clinton — threw chairs, shouted down speakers and even made death threats against the state party chairwoman.
Boxer, a Clinton supporter, told CNN she tried to calm the crowd when 50 to 100 Sanders supporters let their frustration boil over: “And I tried very hard to get things under control. I basically told the crowd, you know, that…Bernie and Hillary had asked for civility, and that didn’t help.
“I said, ‘Bernie is my friend, he’s my good friend,’ and they still booed. And I said, look, when you — when you’re booing me, you’re really booing Bernie because Bernie asked for civility.
“And there was no way to control what was happening. And I did fear for my safety, and I fortunately had a lot of security around me.”
“But you really did feel threatened, physically threatened?” host Kate Bolduan asked Boxer:
“Well, I said that. I said that to Bernie. I said that publicly. When you have people not listening to a word and angry, their faces red, they — they were shouting obscenities, you know. No one threw a chair at me. No one threw any object at me. I had a lot of security…It was a frightening situation. It was not under control.
“And, I mean, what I got was nothing compared to what the Democratic Party chair in Nevada got. And she has gotten vile threats to herself, to her family. This is serious stuff, and this is not what we need going into an election. It is — there is no place for this in either party, no place for this.”
Bingo. Liberals eat their own, as posted earlier above. This is prima facia evidence of that.
I’m famous
“Bill, Bitcoin Enthusiast”‘ comment
https://news.bitcoin.com/btc-enthusiasts-hit-10000-respond/
Financial Times
May 20, 2016 2:05 am
Foreign investors in race for US yields
Eric Platt in New York
The demand for yield accelerated in the past week as investors piled into high-grade US corporate bond funds, providing a big boost for companies seeking to sell debt.
US funds purchasing investment-grade company debt attracted $1.1bn of fresh money in the week to May 18, the 11th consecutive week of inflows, according to data provider Lipper. The new investments pushed inflows since the beginning of the year to more than $10bn.
The plunge in yields on corporate and sovereign bonds in Europe and Asia — the value of bonds with a negative yield is nearly $10tn, according to Fitch — has sent investors racing into the US market.
“There is money pouring into bond markets,” said Bob Michele, chief investment officer at JPMorgan Asset Management. “The hunt for yield is very high.”
Trading desks in the US have received a wave of inquiries from sovereign wealth funds, central banks and insurance groups for US credit, BNP Paribas credit strategist Mark Howard said.
Investors are looking “far and wide for yield”, Mr Howard said. He described the interest from foreign buyers as a “powerful technical dynamic. [These] non-traditional investors are becoming very invested in this market.”
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