This Is Happening Across The Entire Country
The Dallas Morning News reports from Texas. “With home prices spiking in many markets and fierce competition for houses from first-time buyers, investors are getting shoved to the side in many cities. High prices have also cut into investor profits from home rentals. Most of the slowdown has come from institutional investors that grabbed hundreds of houses in some U.S. cities. ‘All the hedge funds have gone away,’ said Don Hicks, co president of Dallas-based HomeVestors. ‘They are mostly out of the market.’”
“HomeVestors is a 20-year-old company that has franchises for investors around the country who buy and sell houses. About 800 of the company’s buys last year were in the Dallas-Fort Worth area. Hicks worries that some investors are paying ‘crazy prices.’ ‘We see average investors paying way too much for the houses they are buying,’ he said. ‘It does not look like in a short term they will have a cash flow.’”
The Real Deal on California. “For a while, it seemed like a new luxury high-rise, complete with an obligatory infinity pool and sky-high rents, was announced in Downtown Los Angeles every week. Then came the cranes. Now, Downtown’s multifamily market risks becoming oversupplied, especially on the luxury end, Steve Basham, senior market analyst at CoStar Group, said in a recent report on the submarket. The rising vacancy is hardly deterring investors. More than 10 percent of inventory — more than 2,000 units — changed hands in the past four quarters.”
“Carmel Partner’s 700-unit Eighth & Grand project, however, was only about 25 percent occupied five months after opening, with 60 percent of the available units leased while the rest of the project was being completed. ‘This [Eighth & Grand] development was highly anticipated as its ground floor is home to Downtown’s first Whole Foods, but the $3.65 [a square foot] average asking rents are near the top of the rent spectrum,’ Basham said. ‘The dense concentration of luxury development Downtown is leading to increased competition for renters, and the resulting concessions will weigh on effective rent growth.’”
“At Eighth & Grand, tenants were offered the option of two months free rent or a year of free parking at the end of the first quarter. Similar concessions are a rarity in other pockets of the L.A. market. But then again, there isn’t another pocket of L.A. seeing as much construction of high-rent properties.”
The Star News in North Carolina. “‘For Sale’ signs staked in the front yards of area luxury properties are sticking around longer as the high-end market struggles to find buyers. While the sun, sand and Cape Fear River provide plenty of incentive to purchase in the area, the luxury market in New Hanover is backed up with inventory. In the past 12 months, 86 luxury-level homes were sold in the county. To sell all of New Hanover County’s homes, Chris Livengood, Intracoastal Realty VP of sales said it would take 20 months. In Brunswick, the stock is up to 32 months (based on 90 homes on the market) and in Pender, it’s 60 months (based on 10 homes).”
“Steve Harney, founder of Keeping Current Matters, a New York-based company that tracks market trends, said in a teleconference that the problem is not unique to Wilmington. ‘I don’t want people asking, ‘What is wrong with Wilmington,’ he said. ‘There’s nothing wrong with Wilmington … This is happening across the entire country.’”
The Advocate in Louisiana. “Lafayette Parish homebuilders are feeling the financial pinch of the energy downturn, with sales of new homes from January to May this year falling significantly compared with 2015, a seasoned home seller said. ‘What we have clearly seen at this point is that demand is down,’ Bill Bacque, CEO of Lafayette real estate company Van Eaton & Romero, told members of the Acadian Home Builders Association. ‘New construction has taken the brunt of the decline.’ Why the market has hit the new home market much harder than that of existing homes, Bacque said, ‘I really don’t have a clue.’”
“Bacque said the problem is that most builders kept constructing homes that sold pretty well in the boom years — those priced $300,000 and above — and not enough of the homes that are priced in the market’s sweet spot. According to the report, homes selling for $550,000 to $599,999 have been the hardest to sell, sitting on the market for more than three years before selling.”
KTUU in Alaska. “Alaska has shed a lot of oil industry jobs in the last year, roughly 2,300 according to the State Department of Labor but the Anchorage housing market appears to be holding strong. Alaska Multiple Listing Service reports a larger inventory of homes on the market over last year, but Bob Winn with RMG Real Estate Experts says they’re selling faster. ‘The one area we’ve seen a little bit of a slowdown in is the million dollar homes,’ said Winn.”
“Michael Droege with Century 21 Realty Solutions says consumers have generally been in a panic mode, ‘While on the surface it might seem that the oil industry is melting down and the state of Alaska is going into a crisis and that we’re going to return to the 80’s that’s not likely to happen any time soon,’ said Droege. He points to the $300,000 to $450,000 market and the average sale price is down close to 1.2% but homes are still selling quickly. ‘There are some things that are changing and there are some oil executives leaving and there are some doctors coming in to replace them so it’s not all doom and gloom,’ said Droege.”
5 NBC Chicago in Illinois. “Time is running out for two federal programs designed to help homeowners who are facing foreclosure. The programs have already helped thousands of families in the Chicago area modify or refinance their mortgages, but the relief is scheduled to expire December 31. Theresa Raborn of Midlothian said she will be certainly looking into options like NHS as she fights to save her home, which also serves as a homeschool for her three daughters.”
“Raborn said she and her husband spent twelve months correcting an issue with their home’s escrow. She said since they met their obligation, the lender has put some of her recent house payments in an unapplied account, where partial payments are held until they can be applied later. Raborn said she is being unnecessarily charged late fees. ‘There was plenty of money in that unapplied (account) to make a full payment,’ Raborn said. ‘This has snowballed to the point to where we’re behind on everything.’”
“Raborn said she is spending so much time dealing with the lender, she has had to limit her homeschool teaching. She also said her family now relies on a food bank. Freedom Mortgage said it graciously accommodated its customer and responded with a viable solution when the Raborns made additional requests. However, Raborn rejected the terms, including, she said, a provision that would have required her to keep the matter private. ‘I’m willing to be open to anything that they bring before me but I will not sign away my rights to speak and to associate in order to get a resolution,’ Raborn said.”
Downtown’s first Whole Foods
That should provide some quality dumpster diving for the estimated 20,000 homeless that live on LA’s Skid Row.
Whole Foods just got pegged by the FDA for food preparation violations in their Massachusetts plant. Dirty dish water spraying near food prep lines, cross contamination, leaky pipes near food, and dirty workers. To think people pay a 20% premium for this “quality” and smug. HA
WF is great, huge variety, great butcher, amazing cheeses, yes it cost a little more…. it is only money, ya cant take it with you.
lol@lola
Precious snowflake
too easy >
don’t hate the successful people
lol@lola.
Whole Paycheck is overpriced, nose in the air, hoity toity, FAKE YUPPITY GRANOLA. In others words, it’s *worse* than a regular grocery store. At least Safeway et al don’t pretend to be more than regular grocery store.
I once went to a WP which had a chocolates counter, a section which roasted nuts to order, and Friday evening wine tastings. Yeah, all the rich yuppies would pay $5 for a special wine glass so they wander among various wine-tasting stations set up around the store, sipping and mingling as if it they were at Ascot.
No thanks. I go to a natural foods store which is about the same price, but they walk the walk.
The article goes into all that, saying “we’ve got plenty of bars but we’re going to need basics like grocery stores as families mature.” And it goes over the income needed to rent or buy these things and finds the median is something like 22k because of all the homeless.
It pays to go to your local farmers market. One new one a garter mile from where I work in a parking lot up me street every Wednesday.
Hmm…”a garter mile”…must be a skin joint there too…
I’ve been to the downtown LA farmer’s market - not the fancy one you find online, but the real one next to skid row.
You can get fresh berries and meats on one end, and all your desired pharmaceuticals on the other. It was pretty sad considering it was 8 am on a Sunday.
I’ve always wanted to pay $2500/month for an apartment within easy walking distance of LA’s Skid Row. SMH, what are these people thinking?! I guess they work downtown and now don’t have to commute but who the hell wants to live down there with THAT mess?!
I suppose it is “safe” in a certain buffer, but venture out ten feet and you are in Beirut. It’s not for me. I spent a lot of dates over downtown years ago because my girlfriend from Hong Kong liked it there so much. It did not float my boat. I like certain parts of El Lay: Santa Monica, Manhattan Beach, Redondo Beach (also Torrance Beach, it exists in a small strip of beach), parts of Pasadena are nice too. In Orange County I like my area where I live, also Corona Del Mar, Newport Coast, San Clemente. My area is one of the lowest crime areas in California.
DTLA (downtown Los Angeles) has less homeless these days, thanks to Skid Row Housing Trust, SRO, and other firms. An opportunity for a job, to pay for your nice furnished studio apt, and services on-site. Homelessness is still an issue, but they have made a dent.
Whole Foods and TJs, the places to buy fake health food and other nonsense. Selective to be effective in those two places. I assume the workforce in DTLA appreciate the option of WF.
OK, I Get it, the US is a Service Economy, but this Looks Terrible
by Wolf Richter • June 15, 2016
Recession Watch: huge brake shoe to drop on the economy.
The yield on the 10-year Treasury note fell to 1.57%, the lowest since November 2012, after the Fed got through flip-flopping today, to keep the notion of rate hikes alive without actually hiking rates. Fed officials worried about lousy job gains, terrible exports, puny investment, and Brexit, but they see inflation picking up, and they like that, though a serious bout of inflation is going to kneecap consumers, and so, the statement said, “growth in economic activity appears to have picked up.”
Just how much has that “growth in economic activity” picked up…..
http://wolfstreet.com/2016/06/15/industrial-production-auto-sector-output-declines/
At this point, the Fed not raising rates, has become a repetitive joke, much like when the actual job reports and growth come out. Everyone anticipates 1.5-2% GDP growth, only to find out after many revisions, its 0-0.2%, and that only 100,000 bartender jobs were added instead of 100,000 production jobs. Over the last 6 months its gone from 3-4 hikes, to 2-3, to a June hike, to now what, 0 hikes.
Labor Force Participation Rate Falls To 38 Year Low; Joblessness At Record High
http://data.bls.gov/timeseries/LNS11300000
Growth is growth. Inflation is just fiat sloshing around the economy making people overpay for essentials. I need to call the Fed and see if they know the difference.
the gov is not responsible for getting you a good job
and Mr Banker’s 84 month auto loans are going into default.
I recently saw an offer for Toyota Corolla, 72 month 0%.
FOR A COMPACT COROLLA with MSRP of $18,000. Yep, healthy recovery
One of the few cars that will still be running, care free after 72 mos. It cost about that same amount 10 yrs ago.
2004 Corolla here. 152,000 miles and runs like a champ (knock on wood).
Nashville grrrl
Great to hear.You have a lot of life left in your vehicle. I am no fan of car payments either. Cars are a depreciating consumable, not your image machine.
The whole thing is a lie. All of a sudden, we have a new jobs figure of 38,000 and the previous two months numbers are trimmed?
I believe the 38K number to be a total fabrication. Just as I believe the 250K numbers of previous months during the past year to be fabrications.
How we possibly can have an unemployment rate of 5% or less with 95 million people not working is beyond me. With 40 million+ on food stamps.
The general population understands it’s all a ruse, hence the rise of people like Sanders and Trump.
How we possibly can have an unemployment rate of 5% or less with 95 million people not working is beyond me.
That’s easy—you just stop counting people who have been unemployed for too long.
That’s part of it, but only a small part of it. It’s never been the case that everyone without a job, including children, are considered to be unemployed.
That’s part of it, but only a small part of it.
Supporting evidence? I thought not. It’s the largest part.
11k baby boomers turn 65 each day for the next 25 yrs and they all get soc sec (an entitlement).
Sad that 40 mill Americans have no skills and need gov food stamps to survive. Lots of jobs out there for the skilled. Just look at Monster Jobs.
CalifoH20
“soc sec (an entitlement)”
No it’s not. We’ve worked and paid into it for 40+ years. Our employers have matched our FICA. It is not an entitlement for us working stiffs. Maybe newly arrived older folks, but I resent that comment. Basic Medicare has a monthly cost, if you haven’t worked to meet your points.
I still like ya, but get real.I know your generation is screwed, don’t get me wrong.
I just think it’s amazing the word luxury being thrown around on all new construction. Is it not indicative of our economic lies? Stagnant wages for a decade, stagnant (if not negative) GDP growth, continuous bleeding of manufacturing/production jobs YoY, and the huge losses people took in the 06-08 housing crash. Yet here we are, like magic, poof, everything is OK and people can afford $800,000 - $2 million high rise condos in metro areas again, what a relief. Meanwhile every time the Fed has to speak, its dovish tone, and negative job/economic reports quell the optimism on Wall St that a recovery has or is actually happening. I wish more “journalists”, or more accurately Govt cheerleader mouthpieces, would perform their duty and report on the realities. You cant even say the “producers” akin to Atlas Shrugged titans, are the ones buying these luxury properties. It’s liars and scammers involved in the FIRE economy…
Millennials embracing debt slavery, because nesting instinct.
I’d rather watch the sunrise over the Puma Hills than spin that hamster wheel:
http://www.picpaste.com/20160616_063914.jpg
Here, here!
It was the same before. A poster asked around 2005, “is there any condo that isn’t luxury?” It’s the land. Prices have skyrocketed, doubled or tripled in big cities and small towns. Luxury is the only product that “pencils out”. We have a 30-40 year high in multi-family construction, and the media is telling us nothing is being built.
Paying too much for what is always worthless dirt, land in this case, always results in tears.
It is an attempt to force prices higher by the local government.
if the homes are luxury, the income to the city rise as the construction loans bring money into the city, the construction workers get work, the realtors make money, the prices rise.
the rising prices make it impossible for lower income buyers to buy, which allows the city to provide purchase subsidy, which money comes from the state or feds, that allow more homes to be sold as more money comes into the city.
‘then the rental market goes up, and , lo and behold, the renters need rental assistance , which comes from the state and feds, but the money comes into the local economy, so the city benefits by increased consumption of goods
But the homeless are homeless and need assistance, which, or course, allows the city to tap the state and feds to provide subsidies to take care of the needs of the homeless.
An endless loop that will benefit the city economic status, which allows more people to buy things which of course drives up prices which require more subsidies from the city, state, and feds to handle the problesm
Problem with that narrative is that housing demand is at 20 year lows….. and falling.
I was wondering when an Alaskan media would break the ice:
‘Michael Droege with Century 21 Realty Solutions says consumers have generally been in a panic mode, ‘While on the surface it might seem that the oil industry is melting down and the state of Alaska is going into a crisis and that we’re going to return to the 80’s that’s not likely to happen any time soon’
It might be worse than the 80’s Mr UHS Psychic. You guys have much less oil these days, and the cruise ships only go so far. Unless readers have been to Anchorage they may not know they’ve got California prices up there.
‘there are some oil executives leaving and there are some doctors coming in to replace them so it’s not all doom and gloom,’ said Droege.’
These realtors are real beauts.
Doctor’s who are continually rejecting to deal with Medicare and Obamacare nonsense? Yeah sounds like a good thing for the common people.
ANCHORAGE, AK
Single
$391,000
http://www.fha.com/lending_limits_state?state=ALASKA
Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1 Unit $625,500
https://www.fanniemae.com/singlefamily/loan-limits
California prices for some really battered, cheaply built 70s tract houses in an awful climate.
As for the doctors, Alaska is where doctors go when they can’t find work anywhere else.
This feels like 2007 all over again.
http://www.cnbc.com/2016/06/15/mortgage-applications-fall-despite-lowest-rates-in-a-year.html
Bankers around the globe are out of ammo, low rates failing, negative rates failing, free money to Wall St failing…
There is no shortage of ammo. There is a shortage of live targets (virgin donkeys).
That’s right.
US Housing Demand Plummets To 20 Year Low
http://1.bp.blogspot.com/-0q8fIAsczFk/VUANHEhSbnI/AAAAAAAAjRs/oANwXOUviGw/s1600/MBAApr292015.PNG
“This feels like 2007 all over again. ”
Let’s hope so. I very much want pragmatists to run business and society for a while. If a housing crash ushers in practicality on a mass scale, then bring it on.
I’m about done with funny money, funny government and millions of reckless, irresponsible individuals who do whatever they want whenever they want and expect others to suffer the conseqences and clean up the mess. Screw ‘em.
‘‘This has snowballed to the point to where we’re behind on everything.’”
“Raborn said she is spending so much time dealing with the lender, she has had to limit her homeschool teaching. She also said her family now relies on a food bank.’
‘Raborn rejected the terms, including, she said, a provision that would have required her to keep the matter private. ‘I’m willing to be open to anything that they bring before me but I will not sign away my rights to speak and to associate in order to get a resolution’
But it’s cheaper than renting and you can paint the walls, pride of ownership. And the food bank is walkable, they say walkable is important these days.
“And the food bank is walkable, they say walkable is important these days.” man, that really digs deep. 45 million American’s on EBT/food assistance these days?
When will more grocery stores come up with in-store/rewards credit cards with 30% APR, $100 grocery credit upon acct opening, and 5 points/$ spent at Kroger/Food Lion/Piggly Wiggly??? These people gotta eat…
Bahahahahaha … some stores have bank branches within their walls, food banks should do the same by offering payday stores within their walls.
And pawn shops and blood banks.
Bahahahahahahahahahahahahahahaha.
I saw a liquor store with a big banner saying “now accepting EBT cards.”
Hasnt that been the case for decades if you go to the right location? I went to a certain ethnic barbershop one time, got the sharpest cut of my life, but sitting there all the barbers and clients were talking about swapping food stamps, coupons, and buying certain things with them. It was really eye opening to the underground trading/bartering/scamming system with Govt benefits.
Most liquor stores are also deli’s which sell sandwiches or potato chips. You can use the EBT to pay for those, not for the booze. Even 7-11 has a small cooler of yogurt and other “healthy” food to meet the requirements. Never mind that much of that EBT money is just pocketed by 7-11. Yogurt at Safeway is ~ $1.00. Yogurt at 7-11 is $1.50. My tax dollars at work.
Yeah, “I’ll have some yogurt, apple slices and, oh throw in a bottle of ripple will ya? Put it on the card.”
Yeah, “I’ll have some yogurt, apple slices and, oh throw in a bottle of ripple will ya? Put it on the card.”
Oops… wrong card; here, this one should work.
I used to work in an office in the Bowery a short distance from CBGB. Every time I walked up to the street from the subway you’d have to run the gauntlet of bums asking for a quarter to buy some Mad Dog 20/20 or whatever.
I was thinking about those days and looked to see whatever happened to the company I worked for (Hoffritz for Cutlery). I also found this site:
Bum Wine
What’s the word?
Scripps Ranch(San Diego), CA Affordability Surges As Prices Crater 9% YoY
http://www.zillow.com/scripps-ranch-san-diego-ca/home-values/
‘If you think your stocks are doing poorly, check out the performance of some of the most sophisticated investors, the ones with more knowledge about what’s going on inside businesses than anyone else: Companies that buy their own shares.’
‘The companies losing money on these bets are down a collective $126 billion over the past three years, a decline of 15 percent.’
‘Many corporations would have been better off investing that cash in an index fund instead of their own stock. The overall market rose 39 percent over the same period. The companies could also have distributed that cash as dividends to shareholders, allowing them to spend what is, in the end, their money.’
‘And it’s not just a few big corporate losers accounting for all the pain. The group includes 229 companies in the Standard and Poor’s 500 index, nearly half of the companies in the study prepared by FactSet for The Associated Press.’
“Whenever you see a buyback, the company always says, ‘We think our stock is cheap,’” says Nicholas Colas, chief market strategist at brokerage ConvergEx Group.They are sometimes so confident that they take out enormous loans just to buy more and more shares. That those shares have now plunged in value is something Colas calls a “great irony” of the bull market.’
” better off investing that cash…enormous loans”
Cheap credit everywhere with no productive place to go.
YellenBucks looking for a place to die….. like melting ice cubes.
We live in a time of great ironies everywhere.
A preview of coming attractions once our DNC permanent supermajority installs its collectivist kleptocracy.
http://www.latimes.com/world/mexico-americas/la-fg-venezuela-looting-20160615-snap-story.html
Cloward-Piven is real.
since gop selected a candidate w turretes
I guess u r correct
gop may keep the house,but senate is flushed
CA lift welfare cap -unlimited go there now and H2o will pick up your tab
The Donald is living in your skull too?
Only lazy , unskilled Americans get welfare.
Undocumented immigrants do not qualify for welfare, food stamps, Medicaid, and most other public benefits. Most of these programs require proof of legal immigration status and under the 1996 welfare law, even legal immigrants cannot receive these benefits until they have been in the United States for more than five years.
“Highest Shelter Inflation Since September 2007 Means More Headaches For A Trapped Fed”
http://www.zerohedge.com/news/2016-06-16/highest-shelter-inflation-september-2007-means-more-headaches-trapped-fed
As always, there’s only one way out of a corner. Walk straight forward…….. and off the cliff.
“The index for all items less food and energy increased 2.2 percent over the past 12 months. Over 60 percent of this increase is accounted for by the shelter index, which rose 3.4 percent over the span, its largest 12 month increase since September 2007. The rent index increased 3.8 percent over the past year, while the index for owners’ equivalent rent rose 3.3 percent and the index for lodging away from home advanced 3.8 percent.”
These high rents are what the Fed points to to explain away high house prices. Mel Watt is backing a trillion bucks in loans to build luxury apartments and turn cheaper apartments into more expensive apartments. Heck of a job Mel.
This is a domestic policy error of the highest order.
The other day I drove by the modest apartment complex where I lived when I first moved to Tampa in the early 1990s. It now is gated, painted, and lushly landscaped. The name has changed from a Florida-sounding moniker to something that evokes an English manor with butlers, maids and a footman.
‘Young would-be home buyers are still sitting on the sidelines of America’s housing market, with first-time home buyers representing a decades-low share. Student loans, high prices and low credit scores have all been blamed for this, but Bank of America recently proposed a different explanation. Perhaps they’re just being patient.’
‘Young adults don’t want starter homes, the bank said when explaining the results of a recent survey; they want to wait until they can buy their dream home and perhaps the home they’ll grow old in.’
“Seventy-five percent of first-time buyers would prefer to bypass the starter home and purchase a place that will meet their future needs, even if that means waiting to save more,” the bank says. “Thirty-five percent want to retire there.”
‘When asked why they haven’t bought a home, 56% told researchers, “I don’t think I can afford a home or the type of home I’d want.”
‘California loan agent and housing expert Logan Mohtashami said he’s seen evidence of this in his own sales. Younger folks are looking for larger homes, he said, specifically “more three-bedroom detached homes. That means no condos for them.”
‘But while patience is a virtue, so is facing reality. There’s a chicken-and-egg problem with claiming that would-be buyers are simply waiting and saving: There are very few starter homes for them to buy. Would these young people feel differently if they actually had options?’
‘Sales of $200,000-and-under homes dropped the past two years, according to RealtyTrac. And many of the existing cheaper homes — often made available through foreclosure during the recession — have been snapped up by investors and turned into single-family rental units. A report last year from Harvard’s Joint Center for Housing Studies found that the recession added 3.2 million more single-family home rental units, “unprecedented” growth in this part of the market.’
‘Then there’s the new construction problem. Builders just aren’t building $200,000 homes right now for a simple reason: Larger homes mean larger profit margins. BuilderOnline.com did a great job of breaking down the math in a story last year: “Making a $200,000 home work as a home builder is junior high–level arithmetic. Solving for profit — say, 20% — land and building direct costs cannot exceed $160,000. Problem is, a 20% margin on a sub-$200,000 house has become frighteningly elusive in the past decade.”
“The lowest build cost is around a $50 a foot,” says David Goldberg, a home building and building products manufacturers analyst for UBS, New York. “If you do a 2,000-square-foot house, which is what you’d have to do to compete with existing stock, that leaves you with $100,000 of sticks-and-bricks cost. The maximum cost on the land would be $60,000.”
‘many of the existing cheaper homes — often made available through foreclosure during the recession — have been snapped up by investors and turned into single-family rental units’
I’m reminded of the hedge fund buyer that paid over asking for a Sarasota house when it was the only bidder.
Condos suck. I never would deal with that again. The little kid next door could be heard screaming at his parents every morning. The other neighbor’s dogs could be heard barking. Heck I could hear their coffee grinder on a quiet enough morning. And you get the pay extra for that privilege along with shoddy gardening work and a pool you can use 3 months out of the year.
After many of my millenial counterparts spent time in university dorms and apartments after, its no wonder no one wants to share walls, climb stairs, have 1 parking spot anymore. Bring on the SFH
why not a tiny house for 60K
Why pay 60k when you can buy them for 20k?
‘After sitting tight for four straight months, confidence among U.S. homebuilders improved in June. A monthly survey of builder sentiment from the National Association of Home Builders (NAHB) rose two points to 60. Anything above 50 is considered “positive” sentiment.’
‘Homebuilders have benefited from very short supply of existing homes for sale nationwide, but their costs continue to rise, and they are passing those on to buyers in the form of higher prices. Sales of newly built homes jumped dramatically in April, as did prices. The median price of a newly built home hit $321,100, up 9.7 percent year-over-year to the highest level on record.’
Earlier this week:
“New homes are being erected here at the fastest pace in almost a decade. Added together, builders here are on track to put up about 29,000 new homes in the area this year alone. ‘I like having this much demand,’ said Kevin Egan, president of American Legend Homes. Egan’s company is actually turning away some homebuyers there just to pace themselves. ‘Our sales people don’t like it,’ he said, but undoubtedly they do like that as demand and prices go up.”
http://thehousingbubbleblog.com/?p=9662
Student loans, high prices and low credit scores have all been blamed for this,
And, of course, no mention of getting fired from jobs every 2-3 years, forcing the kids to move. I wouldn’t buy a house in this environment, even if I had no student loans, a high FICO, and historical house prices.
I don’t think I can afford a home or the type of home I’d want.”
Was that a multiple choice answer to this survey? If so, it’s loaded as hell. Those should have been separate choices, e.g. “I don’t think I could afford even a modest home,” and “I can afford a modest home but I don’t think I could afford the type of home I’d want.”
Bring on the SFH.
+1 that was my exact reason for buying an SFH.
And you paid a massively inflated price 250% higher than long term trend when you could have had the good fortune to rent it for half your monthly expenses.
Your point?
Lemme guess.
The name of the complex now has an unnecessary silent “e” at the end to signify that it - and you - have arrived.
How about “Pointe”? That seems to be a very common spelling.
purely the fed and big gov’s smelly mel creation
“the damn rent be too high” yo
‘About 800 of the company’s buys last year were in the Dallas-Fort Worth area. Hicks worries that some investors are paying ‘crazy prices.’ ‘We see average investors paying way too much for the houses they are buying,’ he said. ‘It does not look like in a short term they will have a cash flow.’
That’s OK Don, Miami condo “owners” are subsidizing renters too. Wait until prices fall and those prices will really look crazy. Come to think of it, maybe these investors are why prices are crazy in the first place?
“15 Facts About The Imploding U.S. Economy That The Mainstream Media Doesn’t Want You To See”
http://www.zerohedge.com/news/2016-06-16/15-facts-about-imploding-us-economy-mainstream-media-doesn%E2%80%99t-want-you-see#comment-7694136
…and the saddest part is that it all could have been avoided. A little harder pain in the following years of ‘08 - ‘12 might have straighten most folks up and we could be experiencing a real recovery with real job growth. Maybe the DOW around 8 - 9K and only 10 trillion in debt but slowly widdling away at it. Instead we doubled down on everything and no better off for it in the long run.
$117.4 million of legal marijuana sales in April:
http://www.thecannabist.co/2016/06/10/colorado-marijuana-sales-april-2016/56010/
Bet all those Big Government “conservatives” in Kansas and Oklahoma would love to get their hands on some of that money via civil forfeiture, LOLZ.
They have been for decades when the public more widely supported the notion of marijuana prohibition. Stop those dirty drug dealers, seize their crops and cash!!!
LOLZ to all the “real journalists” erroneously reporting the Orlando shooter had an AR-15 when in fact it was a Sig Sauer.
Because facts don’t matter when you’re scripting a grabber narrative.
I think the grabbing is about to get real. Do what you gotta do.
Read the Gulag Archipelago to learn how this grabber narrative ends.
Hong Kong Bookseller Breaks Silence on Chinese Detention Ordeal
‘Lam was one of five detainees linked to a Hong Kong bookstore and its parent company Mighty Current, which sold books critical of the Communist Party elite.’
There was a time when we wouldn’t trade with countries that did this.
Walmart would be empty, and red staters love their Walmart.
Don’t be a lola.
I know you’re down there every Sunday, spilling over the edges of your mobility scooter, loading the basket with mega sized bags of cheesy poofs, selling off chunks of America, one plastic trinket at a time…
Only when I’m not here….. living in empty skulls.
Redsilverj Orlando
It’s the same design… The manufacturer matters only to gun stroking neckbeards.
This paid message sponsored by the Southern Poverty Law Center.
Wrong again! It’s the lizard people.
More Big Government for all the authoritarians who don’t give a sh*t about the Constitution:
http://www.salon.com/2016/06/15/surprise_surprise_sen_john_cornyn_is_using_orlando_to_call_for_increased_warrantless_fbi_surveillance/
FoxNewsHate rallies the base:
http://www.foxnews.com/politics/2016/06/15/double-digit-obamacare-premium-hikes-projected-in-2017.html
And all the money that gets sucked into the black hole of Obamacare will not be spent in the “real economy”
No way, inflation is only around 2% bwahah
. The news and lies are just so depressing.
Mainstream news reporting, especially television news, feels very manipulative to me. It’s not just the major networks, either. In our house, we sometimes watch the Spanish-language local newscast on Univision or Telemundo, and I swear the entire half hour is just one scary story after another, with “experts” advising us on rare dangers as if they were everyday occurrences. Yesterday it being vigilant so that your child isn’t snatched by an alligator, as tragically happened at the Disney resort earlier in the week.
The exception to the scary stories was sweeps week, when the lead stories all had a sexual component.
Well look at how quickly its good-doom-gloom in economic reporting. One minute you read a headline “Jobless claims down”, 5 mins later, “Less jobs added than expected, BLS reports only 50,000 jobs added to payrolls in March”. Then you read “GDP growth 2%”, then a few weeks later “Fed revises growth outlook to a modest 0.5%”
“And all the money that gets sucked into the black hole of Obamacare will not be spent in the “real economy”
The $695 annual tax penalty for not succumbing to ObamaCare - could be better spent by individuals. Let’s see…
That $695 could be spent on:
(1) A pair of decent bicycles.
(2) 4-8 night stays at a hotel.
(3) 4-8 weeks of groceries.
(4) 10-20 gallons of paint.
(5) 7-12 meals out.
(6) kitchen appliances.
(7) jewelry.
(8) landscaping.
(9) liquor.
(10) books.
(11) electronics.
(12) furniture.
(13) car repairs.
(14) utilities.
(15) artwork.
(16) surfboards.
(17) clothing.
(18) personal medical equipment.
(19) pharmaceuticals.
(20) gasoline.
(21) continuing education.
(22) haircuts.
(23) entertainment.
(24) gold and silver coins.
(25) grills/barbeque equipment.
(26) mary jane and cigarettes.
(27) camping gear.
(28) guns and ammunition.
(29) self defense classes.
(30) home services for the aged.
Of course, that’s just a smattering of things people might want to buy with that $695.
Nah, ObamaCare has nothing to do with our crappy economy. Nothing at all.
…Junk Govt bonds. Gotta stimulate!
“(5) 7-12 meals out.”
With $695, I could eat a helluva lot more than 12 meals out!! And I’m talking sit-down restaurants not McD’s, and including tips!
‘The EU’s leaders reiterated their desire for Britain to remain a member nation. European Commission President Jean-Claude Juncker, speaking to Bloomberg on the sidelines of a conference in St. Petersburg, had a simple message to voters: “Don’t do it,” he said.’
‘Jean-Claude Juncker drunk and bitch slaps leaders’
https://www.youtube.com/watch?v=XPgiI46FCDU
So far, ALL Of the people who have stated that they want Britain to remain in the EU have been Finance Ministers, central bankers, Commission members, and other suits. I haven’t seen any regular folk who want to remain.
The latest polls must show that at least 45% of the population wants to stay in. That must include a lot of ordinary people.
EU mp’s get $400,000 pounds a yr to consider the world etc
maybe UK taxpayers are bored of this abuse
I hate to say it but Brexit just got killed, along with a British MP who was pro EU and pro migrant.
Apparently the killer yelled “Britain first!” as he lunged at her.
Very timely.
http://www.nbcnewyork.com/news/national-international/UK-Labour-Party-Jo-Cox-Shot-in-West-Yorkshire-383262771.html?_osource=SocialFlowFB_NYBrand
I hope not.
She’s a modern day, wrong-headed human sacrifice killed to create hostility toward nationalism and promote the NWO. A shame, sucks to be her, even if you disagree with her beliefs.
Stockman’s Corner
STOCKMAN’S CORNER
Janet Whiffs Again——Take Cover Now!
by David Stockman • June 15, 2016
If Donald Trump has even a partial clue about the nation’s monumental economic mess one of his first acts will be to demand Janet Yellen’s resignation. And for sheer incompetence among countless other failings. She was out there again today talking in completely incoherent circles. On the one hand, Yellen robotically insisted that the U.S. economy is moving… Read on→
http://davidstockmanscontracorner.com/the-low-rate-trap-some-warnings-from-the-historical-charts/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost
Looks like the flight to quality has begun in earnest.
http://www.kitco.com/market/
Gold is within a cat’s whisker of breaking its 5 year downtrend.
Gold, silver, platinum, Ethereum, and Bitcoin. Oh my! Bitcoin up 200% in 12 months!
To Da Moon!
https://news.bitcoin.com/bitcoin-price-lift-off-might-moonshot/
So your $1000 has the potential to be $2000.
Anyone here can do that on ebay with yardsale items.
A dollar found in the street seems like a 1000% increase in your normal penny found in the street ambitions.
A dollar found in the street seems like a 1000% increase in your normal penny found in the street ambitions.
True, so what does that have to do with the price of rice in Venezuela?
So yesterday, I contacted the WASHINGTON office of one of my UNITED STATES congress critters objecting to a piece of legislation affecting a certain segment of UNITED STATES citizens, and told the staffer I was speaking with that, historically, countries that do this particular thing have become sick, twisted and desperate and eventually crumble.
Well, that took the rag right off the bush, she started hissing at me about how Israel does the same thing. Wait, what?? I told her I’m calling about a piece of US legislation affecting US citizens and I get a lecture about Israel I told her not to play the Israel card with me and she hung up.
Wowie, WTF happened? WTF does US legislation have to do with Israel, why was this even brought up? That came out of left field. Unless I dialed the wrong number and got patched through to Tel Aviv, this chick has no idea where she is or who she is working for and apparently, neither does her boss.
This congresscritter is usually somewhat sane and his staffers are usually fairly competent, so it looks to me that Washington is in the grip of some neocon induced war machine insanity, on both sides of the aisle.
/
‘ WTF does US legislation have to do with Israel’
Here’s my senator in action:
‘The cover-up of the attack began immediately. The Liberty crew was sworn to secrecy over the incident, as were the Naval dockyard workers in Malta and even the men of the U.S.S. Davis, which had assisted the badly damaged Liberty to port. A hastily convened and conducted court of inquiry headed by Admiral John McCain acted under orders from Washington to declare the attack a case of mistaken identity. The inquiry’s senior legal counsel Captain Ward Boston, who subsequently declared the attack to be a “deliberate effort to sink an American ship and murder its entire crew,” also described how “President Lyndon Johnson and Secretary of Defense Robert McNamara ordered him to conclude that the attack was a case of ‘mistaken identity’ despite overwhelming evidence to the contrary.”
‘The court’s findings were rewritten and sections relating to Israeli war crimes, to include the machine gunning of life rafts, were excised. Following in his father’s footsteps, Senator John McCain of Arizona has used his position on the Senate Armed Services Committee to effectively block any reconvening of a board of inquiry to reexamine the evidence.’
John McCain has also blocked meaningful bills for the truth on the thousands of POWs not returned from Vietnam. CIA and Pentagon had intel that downed pilots and soldiers were still alive, while maintaining an intel office with Taiwan after the war. Many eye witnesses reported seeing men transported with military escorts throughout the jungles after the war. If Nixon had given those communists the billions of $$ they requested, we would have gotten much more than 5,000 POWs back. Anytime a debate was brought up on the matter in the late 80s-90s, McCain would grow violently irrate.
I’ve seen one of the youtube videos of McCain eviscerating a sister of one of the POWs at one of the hearings, making the poor woman cry. I guess she was so stunned she didn’t know how to react otherwise. I was so disgusted I don’t even have the words.
I’ve written this before, it is never, ever a good idea to have someone in a position of responsibility who has been imprisoned and tortured by the enemy, and cracked under the torture. I don’t judge McCain for having cracked, because I don’t know if I could have held out myself had I been in the same position. But it is a sad truth that the pain and duress renders a person who has been in this position untrustworthy by nature of what they’ve been through. They will always cooperate with the enemy because they’ve been conditioned to do so and this carries through to other aspects of their life, unfortunately.
Wounded war veterans injured in the line of duty generally do just fine if they heal. A tortured POW who didn’t crack will also do well if they heal, in fact they will be the most loyal associate you could ever have. The ones who crack, not so much.
Israeli influence in US legislation? No way.
“Securing the Realm.” Just Google it.
Interesting read. It stated that Benjamin Netanyahu rejected the report, however Israel’s actions, sans a “clean break” from US aid, seem to say the report/manifesto did become policy for them and the US.
I’ve read about that incident a number of times and always feel sick to my stomach.
The legislation I was discussing had nothing to do with Israel, or so I thought. It has to do with requiring women of US citizenship to register for the draft. Apparently, if a person objects to it, they’re an anti-Semite.
I guess there’s a shortage of cannon fodder for the neocons.
Ease up there, Adolph!
Kind of a weird riposte, as you know Hitler in his last sick, desperate attempt to conquer, sent children to war. In fact that’s what I was hinting at when I spoke to staffer and instead got an earful about Israel’s conscription policies.
Too much insanity on the subject, even attempts at humor make no sense.
You should call back with a faux German accent and start ranting about liebensraum and vegetables. Once you’re through the looking glass, might as well go full speed ahead.
Better yet, I bet I could sell Paul Ryan on conscripting everyone over the age of 60. 80% of them would probably croak in basic training and that’d solve his social security problem. He’s just twisted enough to go for it.
It would make more sense to fight wars with codgers… I think you’re onto something.
Hell, no, we won’t go
Looks like my daughter will age out one month after the date planned to include women in the draft. If she has to show up at an induction station, I feel more sorry for them than I do for her. Should be a scene (not because she’s not a good person but she’s a mild aspie, has sensory disintegration disorder, and is pretty anxious even on a good day.)
Wait, what?? I told her I’m calling about a piece of US legislation affecting US citizens and I get a lecture about Israel I told her not to play the Israel card with me and she hung up.
What legislation was this?
Irrelevant
do u tweet to them ?
FB is ok if they allow posting ,but u have to friend them first
What’re you talking about? I don’t tweet or faceplant. My social media experiences are pretty limited. I recently tried to sign up with Disqus because a blog I was interested in uses it as a commenting platform. What a clunky, complicated clusterfark. I deleted my account within six hours.
I wouldn’t friend any of my congresscritters. None of them are my friends.
‘Lafayette Parish homebuilders are feeling the financial pinch of the energy downturn, with sales of new homes from January to May this year falling significantly…Bacque said the problem is that most builders kept constructing homes that sold pretty well in the boom years — those priced $300,000 and above — and not enough of the homes that are priced in the market’s sweet spot. According to the report, homes selling for $550,000 to $599,999 have been the hardest to sell, sitting on the market for more than three years before selling.’
‘builders kept constructing homes that sold pretty well in the boom years’
I’m sure these Louisianians socked away lots of cash to cover the luxury houses as they lose their jobs. But you have to wonder if these builders will stay solvent while they wait three years to unload these shacks.
LA brke after sucking20 billion from US taxpayers
same in Hungary 2012
gov free sht vanishes
$600K houses in Lafayette?
LOL
There isn’t a SFR on the planet that can’t be built for $200k or less.
Lafayette, LA Real Estate and Homes for Sale
1,568 Homes
http://www.realtor.com/realestateandhomes-search/Lafayette_LA
Lafayette, LA Price Reduced Homes for Sale
524 Homes
http://www.realtor.com/realestateandhomes-search/Lafayette_LA/show-price-reduced
The photo shows this one is under construction:
http://www.zillow.com/homedetails/122-Thames-Dr-Lafayette-LA-70508/2098469657_zpid/
06/01/16 Price change $398,000-2.7% $177
05/25/16 Listed for sale $409,000 $182
What a 1.53% 10yr means to you.
If retiring it means u should figure a 3% depletion rate, not 4%, and maybe a 2.5% rate is more realistic.
Brexit day could be fun. We’ll have exit poll numbers as our market opens
ideas?
Let it crater then buy later for less. Much less.
I’m not a gold bug at all, do hold some, but its awesome watching it dip on anticipation of good news from the Fed, only for them to say in a roundabout way “this economy sucks”, and it gets a spike $/oz, and then of course, rate hike off the table, dollar weakens, gold/silver rises…
I don’t have the link but I saw a Yellen article that interest rates are likely to remain low for the long term. I don’t expect gold to go up too much while they remain low. But in a few years you will see they will have to jack up rates to double digit, possibly even more than in 1979. That is when gold will break $10,000 per ounce.
possibly even more than in 1979 ??
I believe it was 1981….
That is when gold will break $10,000 per ounce ??
And GDP will be -3% and unemployment will break through 12%…Be careful what you wish for…
Unemployment is already at record highs and GDP in the gutter.
“in a few years you will see…gold will break $10,000 per ounce.”
And a burger flipper will be making $300,000.
Can they push this credit expansion another 1000%? I rather think it is already getting exhausted.
People don’t like uncertainty. Voting “yes” to exit the EU would create HUGE uncertainty. I think it’s unlikely that people will voluntarily choose uncertainty over current conditions.
How often do people voluntarily choose disruption?
It’s the same reason that I think Hillary is going to walk all over Trump. That said, if she’s indicted, I don’t know what will happen.
My vote is going elsewhere. Mainly because I live in CA, and my vote is less about who wins, and more about a political statement for the future.
‘I think it’s unlikely that people will voluntarily choose uncertainty’
What’s more uncertain than having unelected former Marxist Belgians and Germans deciding who and how many immigrants can move in, even if they don’t have a job? And they pay billions of Euros annually for the privilege.
It’s like being in an abusive relationship, or having a big mortgage. Staying in the situation gives certainty, but not a pleasant one.
Voting “yes” to exit the EU would create HUGE uncertainty.”
Not really, at least not among the plebes. Perhaps among globalists, who are about to reap what they’ve sown.
“How often do people voluntarily choose disruption?”
You need to get out more. People who increasingly perceive they have nothing to lose tend to willingly choose disruption with increasing frequency. Several tens of millions are experiencing, first hand, an ongoing erosion of their present and future prospects.
What do you expect them to do? Opt for more of the same?
Those now in the catbird seat need to understand - fast - that many millions of lives across the country are being destroyed economically. In all locations. And that it’s happening across ALL age brackets, not just among Millennials. And that many of them believe they will NEVER be better off that they are right now.
You need to take some time to understand what THAT means.
The disconnect that sometimes reveals itself on this board…astonishing.
Remember the Scottish independence vote? Pretty much ALL of the undecided voters ended up voting for the status quo.
There are 11% undecided and a 7 point lead for Brexit.
People being pissed enough to result in a Brexit referendum, or Trump getting the GOP nomination, etc. is different than either of those getting the majority of the people to vote in that same direction.
It’s also possible that many of the undecided might just stay home and not vote.
That is certainly possible.
It’s also possible that a large percentage of people who say “yes” for a poll change their mind when they actually vote.
According to the most recent polling, 20% of respondents said they might change their mind.
The Scots were faced with losing their pensions. What similar consequence would befall the Brits?
90% of the North Sea oil field is in Scottish waters…15+ Billion barrels of oil…they would have been just fine.
The Brits lose beneficial trading status with Europe with the Brexit…no more free trade with the EU (40%+ of the UK’s exports currently go to the EU).
90% of the North Sea oil field is in Scottish waters…15+ Billion barrels of oil…they would have been just fine.
Which is worth less and less every day.
Mortgage rates flirt with fresh lows as the flight to safety boosts housing, Freddie Mac says
By Andrea Riquier
Published: June 16, 2016 11:17 a.m. ET
http://www.marketwatch.com/story/mortgage-rates-flirt-with-fresh-lows-as-the-flight-to-safety-boosts-housing-freddie-mac-says-2016-06-16
STOCKMAN’S CORNER
Tyranny Of The PhDs
by David Stockman • June 14, 2016
The world is drifting into financial entropy, and it is going to get steadily worse. That’s because the emerging stock market slump isn’t just another cyclical correction; it’s the opening phase of the end-game.
That is, the end game of the PhD Tyranny.
During the last two decades the major central banks of the world have been colonized lock, stock and barrel by Keynesian crackpots. These academic scribblers and power-hungry apparatchiks have now pushed interest rate repression, massive monetization (QE) and relentless rigging of the financial markets to the limits of sanity and beyond. Honest, market-driven price discovery is dead as a doornail.
No more proof is needed than the “matrix” below. The very thing that financial history proves, above all else, is that governments can’t be trusted to honor their debts. And that cardinal fact is supposed to be embodied in the yield…..
http://davidstockmanscontracorner.com/tyranny-of-the-phds/
Stockman would do better to say less.
Keynesians want to do one thing: destroy the middle class.
“Honest, market-driven price discovery is dead as a doornail.”
Stockman is a bit too wordy for me, but this line is a keeper.
South Juanita(Kirkland), WA Affordability Improves As Housing Prices Crater 15% YoY
http://www.zillow.com/south-juanita-kirkland-wa/home-values/
Clinton / Warren
or
Clinton / Sanders
r u ready?
Hillaryous is unelectable.
If she is elected, she should make Jeffrey Epstein the Secretary of Statutory Rape.
Have you seen the Vegas odds? Has her at 15 mill vote ahead
What do people make of this?
http://www.cnbc.com/2016/06/14/investor-cash-levels-are-consistent-with-recession-bofa.html
Looks like it’s time for all those degenerate gamblers to pay down their margin accounts.
Santa Clara, CA Affordability Improves As Housing Prices Fall 4% YoY
http://www.zillow.com/santa-clara-ca-95051/home-values/
http://finance.yahoo.com/news/real-estate-pros-see-recession-000000571.html
‘The real estate sector is getting a little more pessimistic about the economy and a majority of professionals in the industry now see a recession ahead in the next 18 months.’
‘A survey of 400 people in the real estate business by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI) showed a drop in positive sentiment to 69% from 84% six months ago.’
‘And while a majority of those surveyed remain positive for now, more than half expect a recession by the end of 2017, notes Mitch Roschelle, a partner at PwC, who adds that two out of the last four recessions have been in part due to a slowdown in the real estate market.’
‘However, he sees a silver lining to real estate pros losing their optimism. “They’re saying, ‘Listen, maybe we need to back out. Maybe we need to not reinflate a bubble and cause another recession,’” said Roschelle. “If we don’t reinflate a bubble with housing prices and we don’t reinflate a bubble with commercial real estate prices, we may not have that bubble bursting causing another recession. So if there is a recession, real estate folks are saying, ‘It’s not going to be because of us this time.’”
Too late Mitch.
2017- why wait
it’s on now except portland and seattle
they’re kinda slow there
OK, so 18 months to unload my gypsum box of sticks. Roger that.
“They’re saying, ‘Listen, maybe we need to back out. Maybe we need to not reinflate a bubble and cause another recession,’”
Too late Bubba.
I like the headline….. “real estate pros”. Prophylactics maybe.
but we don’t do anything with this to make $$$ off of our wisdom, just whine.
Speak for yourself.
OK. I have done quite well selling my 3 homes close to the top, but cant figure out how to short it all.
I just wait and buy low again.
I did get a new car this year, too.
These guys have no fear of heights, they just don’t want to take the fall.
The terrorist tripe is over the top again.
Housing Terrorists pose a much greater threat than anything else.
Back in March, Speaker of the House Paul Ryan declared that he would speak out against Donald Trump when he saw “episodes where conservatism is being disfigured” or “comments that mislead the people as to who we are as Republicans.” True to his word, last week Ryan strongly condemned Trump’s racial attack on a federal judge as “the textbook definition of a racist comment.”
But so far, the speaker has had nothing to say about Donald Trump’s comments Tuesday night in which the presumptive GOP nominee suggested U.S. soldiers in Iraq overseeing the distribution of reconstruction funds commonly engaged in theft.
“How about bringing baskets of money, millions and millions of dollars, and handing it out?” Trump said while discussing the Iraq war. “I want to know, who are the soldiers who had that job? Because I think they’re living very well right now, whoever they may be.” The Trump campaign later claimed Trump was speaking about Iraqi soldiers, but that claim was nonsensical spin: American soldiers, not Iraqis, were the ones “bringing baskets of money” and handing it out.
Great Job Rick Scott and the AZ gov:
In the days since an Islamic radical murdered 49 people at an Orlando gay bar, the Obama Administration has admitted hundreds more Syrian refugees to the United States, including placing dozens in Florida.
Of the 49 new Syrian refugees resettled in Florida since the attack, 10 have been resettled in the greater Orlando area — with five resettled in Orlando proper and five resettled in Kissimmee. The rest of the refugees settled in Florida were placed in Clearwater (six), Delray Beach (five), Miami (five), Pensacola (five), Tampa (18).
UPDATE: Obama Is Bringing 100 Syrian Refugees Into US EVERY DAY
Jim Hoft Jun 12th, 2016
Over 100 Syrian refugees have been admitted every day in June according to the federal government’s own database from the Refugee Processing Center. More than 1,000 were admitted in May. The rate of those admitted has sky-rocketed when compared to the 3,755 accepted in fiscal year 2016.
The “vetting” process, already questioned by leaders in the country, has been fast-tracked from 18-24 months to just three months. The “refugee mill” can now go through thousands of applications every month.
The Center for Immigration Studies published concerns raised by the comments of Simon Henshaw, principal deputy assistant secretary of the State Department’s Bureau of Population, Refugees, and Migration, when he certified that 12,000 applicants were interviewed in February, March, and April.
http://www.thegatewaypundit.com/…/update-obama-bringing-100-syrian-refugees-us-every-day/ - 228k -
Hialeah Gardens, FL Affordability Surges As Prices Crater 8% YoY
http://www.zillow.com/hialeah-gardens-fl/home-values/
Rant On:
Have been waiting to buy since 2004. Came here to get a sanity check back in ‘05 or ‘06, lurked ever since. 12 years later, missed the 2011-2012 lowish prices. Husband frustrated with me because I’ve been saying prices are going to come down; fundamentals (incomes) don’t support this leverage.
Meanwhile, a house just got listed in our target area that sold for $665K a month ago; today it listed at $775K.
I am so frustrated I want to scream. If this is another top, am I waiting three more years to even think about buying? Or longer? Yes, the Fed is probably out of bullets. But three more years of my life? If I was Muggy in Fl and I was only risking $300K, I might be willing to throw in the towel a little faster, but husband doesn’t want to live on busy road, wants a safe nabe, doesn’t want anything that has to be “fixed up”, wants big backyard, and has family in foreign country that will be visiting for extended periods. That just rocketed our price way up to $750K+.
I would feel better if I was investing money, but equities are trading at 26x earnings. Am I supposed to buy in now? That seems STUPID.
When I was a kid, I went on the dragon swing with my dad at Knott’s Berry Farm. I was terrified about midway through and begged him to make it stop. But just like on this ride, we’re all trapped until it grinds to a halt. Meanwhile, I’ve got two little ones and I want to get this bubble crap over with so I can build wealth and not have it taken out by the Fed’s ponzinomics. I feel like a victim and I don’t know what to do about it, TBH and that feeling of powerlessness makes me furious.
Rant off.
Why? Rent it for a fraction of the cost. That’s empowering. You’re in control.
Show the hubby how much better stocks have done vs ‘re
Stocks are damn shaky now too.
Show the hubby that he’ll pay 1.5 million in interest.
I don’t think it’s going to take three more years. The Eurozone, China, and Japan are all starting to crumble. I expect our financial house of cards to come crashing down after the election, if Yellen can defer the financial reckoning day that much longer. The BREXIT referendum on June 23rd and the Spanish generall elections on June 26th, when an anti-EU “radical left” group is likely to come to power, could mean the central bank can-kicking/extend and pretend may finally run out of road.
The biggest bummer about renting is the possibility that the landlord decides to sell their home (or no longer rent it to you). If you were single, or married with no kids, it’s no big deal…you move. However, with kids, moving SUCKS.
One potentially good thing about the crash is that there are a lot more professional owners of SFHs. This may not mean that they are GOOD landlords, but at least they will probably let you stay as long as you pay the rent.
Have you considered looking to rent from one of these professional owners in your target neighborhood? That way while you bide your time, at least you can live in a home that you like.
Personally, I think the next home price correction is going to be hand-in-hand with a recession, so you need to mentally be preparing yourself to make a buying decision even if the economy looks weak at the time.
“a house just got listed in our target area that sold for $665K a month ago; today it listed at $775K.”
Well that sounds like 2005.
In 2006, a stupid, amoral majority of the Venezuelan electorate installed a corrupt socialist government that promised them something for nothing. Now they’re getting exactly what they voted for, and exactly what they deserve.
In November 2016, a stupid, amoral majority of ‘Muricans will elect a corrupt, crony capitalist kleptocrat and serial influence peddler, Hillary Rodham Clinton. We, too, are going to get exactly what we deserve.
https://www.yahoo.com/news/food-supplies-dwindle-venezuela-children-feel-sharp-pinch-203700710.html?nhp=1
Nope. Hillary’s goin’ down over that email server. The trumplings will have their way.
Sure, and Jon Corzine’s going down for ripping off $1.6 billion from MF Global account-holders.
“All animals are equal, but some animals are more equal than others.”
George Orwell, Animal Farm.
“Sure, and Jon Corzine’s going down for ripping off $1.6 billion from MF Global account-holders.”
Pardon Jon Corzine.
Oakton(Fairfax County), VA Affordability Skyrockets As Housing Prices Crater 19% YoY
http://www.zillow.com/oakton-va/home-values/
Neocon John McCain is beneath contempt. We can legitimately fault Obama for a lot of things, but this is a new low even for McCain.
http://bigstory.ap.org/article/58885b65cf714811964305b99ca78d93/mccain-obama-directly-responsible-orlando-shooting
McCain has no shame… a real chit.
A preview of coming attractions once the DNC has its permanent Democrat supermajority of dependency voters and nothing to block its economic mismanagement and looting of the productive.
http://www.businessinsider.com/venezuelan-hyperinflation-looks-eerily-familiar-2016-6
Sarasota, FL Affordability Surges As Housing Prices Crater 16% YoY
http://www.movoto.com/sarasota-fl/market-trends/
Renters squeezed by Fed’s “wealth effect.”
http://wolfstreet.com/2016/06/16/rent-inflation-fed-wealth-effect-owners-equivalent-rent/
Superior(Boulder), CO Housing Affordability Improves As Housing Prices Tumbled 6% YoY
http://www.zillow.com/superior-co/home-values/
Neocons gotta neocon.
http://www.businessinsider.com/state-department-officials-call-for-airstrikes-on-assad-2016-6
Frisco, TX Affordability Surges As Housing Prices Dive 5% YoY
http://www.zillow.com/frisco-tx/home-values/
http://conservativetribune.com/official-testify-against-hillary/ - 186k - Cached - Similar pages