The Problem Is The Market Always Goes Down
CBC News reports from Canada. “The population of Grande Cache was 4,319 in 2011 according to the latest census but has reduced significantly in the past two years after nearly a third of the town’s jobs were lost. Housing values have dropped by nearly half in the last year. Coun. Shawn Moulun’s home was appraised at $282,000 this year but he predicts it will be worth $140,000 by the end of the year. Though Moulun has lived in Grande Cache his whole life he is thinking about leaving. ‘I’ve always loved Grande Cache but because of the outlook right now… yeah I would like to get out because my kids are turning college age too,’ he said. ‘But there’s no way to get out.’”
“So for now, he’ll stay. ‘I would love to sell my house because of the way Grande Cache is right now, but there’s no way I’m going to lose my $140,000. So I’m going to stick it out for the long haul here, until hopefully the coal mine returns.’”
The Guardian on the UK. “Flatpack furniture, stamp duty payments and three years of free tube travel are among the sweeteners being offered to buyers of luxury flats in London as developers scramble to revive a waning market. Jonathan Hopper, the managing director of Garrington, which finds homes for wealthy clients, said it had ‘been a few years in the making, but luxury property developers are now in the midst of a perfect storm.’”
“‘The challenges are particularly acute in the new build sector, with global economic turbulence curtailing demand from the overseas buyers who for years inflated the market in the mistaken belief that any luxury property with a London postcode would automatically turn to gold,’ Hopper said. ‘With so many luxury developments now being built, there’s suddenly a danger of oversupply – and some developers fear being left with unsold stock on their hands. As a result, there are some incredible offers out there and the dynamic has shifted firmly to a buyer’s, rather than a seller’s, market.’”
The West Australian. “Perth renters are demanding landlords cut rents and buy new furniture to woo them as the number of properties on the market hits an all-time high. Emboldened by a flood of new rental stock and WA’s slowing economy, agents say renters who would have queued for a property two years ago are now negotiating for a better deal or threatening to walk away. The speed of the market shift, particularly at the more expensive end of the market, has caught some landlords by surprise.”
“Corporate City leasing consultant Luke Lee said the market was at its weakest since 2008-09 in the wake of the global financial crisis. He said some renters were asking agents to drop prices to compete with similar properties advertised for less. A two-bedroom apartment that would have been rented for $1200 a week four years ago or $1000 two years ago now had agents ‘desperately trying to rent one for $650.’”
“REIWA president Hayden Groves said 10,800 properties on the rental market was ‘unprecedented.’ He said tenants had caught on and were bargaining for better deals, particularly if they saw apartments in their complex advertised for less than they were paying. ‘As soon as their leases come up they’re asking for a rent reduction and the smart landlords are taking it,’ he said.”
The Property Observer. “Australia’s richest man, Meriton boss Harry Triguboff, has slammed the NSW government for its plans to impose higher taxes on foreign buyers of residential property. ‘It is very bad. Without the Chinese nothing would ever get built,’ Mr Triguboff told The Australian Financial Review. ‘Never mind the bullsh– stories, sales volumes have already dropped and prices are coming down steadily. The Chinese buyers are already disappearing. This is not a joke. Chinese real estate agents are already sacking staff,’ he advised.”
“Mr Triguboff labelled the new taxes ‘very dangerous,’ coming as they did on top of moves by the banks to tighten up lending to foreign buyers. He also urged caution in light of the decline of the mining sector. ‘We have nothing else except real estate. We have to be very careful,’ Mr Triguboff told the AFR.”
From Shanghai Daily on Hong Kong. “Home foreclosures in Hong Kong have been rising and are likely to pick up pace as more owners default on high-interest loans from unregulated lenders in a weak economy, according to specialists in distressed property. For a city that relies on property-related businesses for about a fifth of its economy, any major distress in the apartment market would be a body blow. Buyers have in recent years got around the bank rules by taking out loans from these other sources and borrowing up to 90 or 95 percent of the value of the property. In some cases, they are even being offered the chance to borrow over 100 percent of the value.”
“That is fine when prices are rising but it doesn’t take much of a decline to put these borrowers underwater — which has been happening as the Hong Kong economy has struggled and home prices have dropped 11 percent from a September 2015 high. The situation is made worse by the repeated use of apartments for collateral in other unregulated transactions, including loans for stock trading. ‘More people (are) using their properties as collateral,’ said AA Property Services Managing Director Tsang Kit-chun, who auctions foreclosed properties. ‘Those who suffer a loss from the stock market are unable to pay back the mortgages.’”
From Eastday. “Real estate may be the most highly regulated and taxed asset class in the US and is considerably more regulated and taxed than in China, which can be challenging even to the most sophisticated and experienced investor, Alan Pomerantz, a senior counsel with Pillsbury Winthrop Shaw Pittman LLP, recently told a panel on Chinese investment in US real estate in San Francisco.”
“‘One of the barriers to entry in doing business in the United States for Chinese investors is failure to understand the nature of the laws of the United States when things turn not so good,’ he said. ‘The problem is the market always goes down, it always has and it will again,’ said Pomerantz. ‘When it goes down what happens in China is banks and borrowers sit down and talk about it. In the United States, not only do they not do that, the law prohibits them from doing that.’”
“‘Chinese people do not use lawyers the way US people use lawyers,’ he added. ‘We’d like to say that in China the negotiation starts after the deal is signed; in the US, it’s exactly the opposite.’ It would be a ‘big, big surprise’ for Chinese investors and their US partners, US construction companies and US banks if they were not aware of when there’s a hiccup in the real estate market, Pomerantz said.”
“When making decisions, Chinese investors tend to rely on trust, according to Zhengyu Huang, chairman and founder of ImmCaptial, a Chinese immigration capital service firm. When asked why they made the investment, the Chinese investors would say ’someone I trust invested there and told me to invest,’ he said.”
“‘I’ve seen a lot of deals. I’ve never seen a projection that didn’t make money, but not every deal makes money,’ said Pomerantz. ‘It’s easy to give your money to somebody to buy something. The barrier is how to make money and how when things don’t turn out exactly the way the projection shows, which is almost always the case.’”
Savvy:
‘As more Hong Kong people are investing in overseas properties, there could be risks involved - even if the projects are located in developed countries like Britain.’
‘A group of 60 buyers protested at Wan Chai police headquarters at the weekend to demand cooperation with British police to investigate a potential scam involving unfinished presale overseas properties in Bradford and Manchester.’
‘An estimated 200 locals had bought presale flats at five projects in Bradford and Manchester, being built by a British developer - Absolute Living Development - in 2014. One of the projects was called Olicana House. The purchases were made through a local agency known as Hong Kong Homes.’
‘Some projects were supposed to be completed in the second half of 2015. However, Absolute Living Development was wound up in February, and representatives of the projects disappeared. Some buyers visited a construction site and discovered there was no building there.’
‘After the developer folded, the real estate agency suggested buyers make the remaining payments to “save” the project. The buyers then found out the developer transferred 85 percent of the proceeds to a creditor, and some people were board members of both companies. The buyers suspected a scam.’
‘Lawmaker James To Kun-sun said about 200 to 500 buyers were involved and had either paid in full or a 50 percent deposit. To estimated each buyer stood to lose around HK$500,000, with the total sum possibly reaching HK$150 million.’
‘One of the buyers said agents told them in 2014 the rental return was guaranteed to be 8 percent for the first four to five years after completion.’
‘After the developer folded, the real estate agency suggested buyers make the remaining payments to “save” the project’
They actually suckered them twice.
Thrice.
The land/assets are still in the UK.
‘overseas buyers who for years inflated the market in the mistaken belief that any luxury property with a London postcode would automatically turn to gold’
I read stuff like “one way bet”. Do people even think what they are writing?
‘When asked why they made the investment, the Chinese investors would say ’someone I trust invested there and told me to invest,’ he said’
And these guys are into garlic now.
These rental properties were in Bradford and Manchester, fer cryin’ out loud!
West Yorkshire is not London. That’s like calling Louisville, KY as being Manhattan.
Garlic?!?
I’m guessing buy now in Gilroy, CA before you’re priced out forever?
LOL
‘One of a few dozen garlic agents in Jinxiang, in China’s eastern Shandong province, 34-year-old Yang is at the center of a trade that has attracted a small group of retail investors, mainly wealthy businessmen, seeking a surer bet than China’s volatile stock and real estate markets. When prices are low around the spring harvest, investors buy as much of the crop as they can, put it into store, and release it on to the market when prices rise later in the year.’
“Manipulating the garlic market and hyping the price is pretty simple compared to the stock market and real estate. Many of my clients have stocked tens of thousands of tonnes of garlic and don’t sell it until the price rises,” another agent, Liu Yunfei, told Reuters.’
‘This year, though, may be different. The one-way bet on garlic has lured many new investors, driving prices up to a record 13.4 yuan/kg in March, much earlier than usual. Also, frosts in China at the turn of the year hit plantings and yields, and that could squeeze margins when the investors’ stored garlic comes on to the market later.’
‘Agents said there were more investors this year, and they were spending more to buy up the garlic crop. “This year, garlic prices are especially high,” said an agent named Yan Jianhua. “A lot of people have been looking for me. I know one person from Guangdong who wants to store around 5,000 tonnes. Last year, he stored less than 1,000 tonnes.”
‘As production around Jinxiang has doubled in a decade, the ‘garlic economy’ has sprouted new villas, auto dealerships and modern retail space. “Garlic has made Jinxiang richer in the last two years,” said Su Xiuling, a local grower who makes some extra money by peeling garlic at the market once the crop is in. “There’s a huge change. Our roads are wider … and even farmers now build bigger homes.”
‘Zheng invested 300,000 yuan ($45,664) in garlic last year and plans to spend up to 2 million yuan this year - hoping to recoup some of the 60,000 yuan he lost on the stock market when property shares fell. “Isn’t everybody switching from stocks to agriculture commodities now? It’s the trend. Speculating with garlic is similar to stocks, but (physical) garlic is not as unreliable as futures (trading),” he said.’
‘As more money pours in, next year’s garlic acreage is expected to increase again, potentially squeezing margins, but not by enough to deter investors. “You can buy garlic pretty much any year and still make money,” said Wang Xiaoying, an investor who owns four Jinxiang warehouses.’
“If you invest a million, you’ll make a million, it’s that simple,” she says.’
There it is again:
‘The one-way bet’
Garlic…great idea. I’m in. Bitcoin, gold (quarter ounce, tenth ounce sizes) and garlic.
When I feel the pressure in my head indicating a sinus headache I chop up a clove, let the allicin react with the air to activate the properties, then put it all in a spoon and chew it. Within thirty minutes the head pressure is gone. Don’t do this every day if you eat garlic on an empty stomach.
Don’t forget: https://www.karatbars.com/
A garlic bubble? Man, that stinks!
There’s an urban legend that you can distinguish between American garlic and Chinese garlic in the grocery store. American garlic has roots and a little dirt. Chinese garlic shears the roots clean off to save weight.
Snopes says the method is unreliable, but I’ll look for the roots and/or go to the farmers market. This is only for fresh garlic. Who knows what’s in your jar of tomato sauce.
Bill, I’ll have to try to garlic tip for sinus headaches.
Garlic bulbs / tulip bulbs…same difference.
Yeah. I reiterate not to eat raw garlic every day on an empty stomach…you will otherwise be sitting on the throne very often.
” “Real estate may be the most highly regulated and taxed asset class in the US and is considerably more regulated and taxed than in China”
Let’s also not underestimate the scam of UHS and all associated tasks gainfully employed by our ever revolving door of depreciated walls and pipes. My first and only experience in the buying and selling process left me with questions like “why do we have to pay them?”, “why do they say how much my house is worth?”, “why am I paying the other parties UHS commission?”, “how much more paperwork is there?”. I think as a logical/analytical thinker/engineer, the home buying/selling process just doesn’t make sense. If people had access to MLS, thanks to Zillow/Trulia harvesting the listings, UHS would go out of business. You don’t need someone to put decorative towels in your bathroom and fake fruit bowls to move property.
/end rant
Apologies for the ignorance. What does UHS mean?
Used House Salesman
(Can think of a few colorful acronyms too but I’ll skip over those.)
Ok thank you.
The realtors evidenltly threatened a lawsuit if the HBB crowd didn’t start using a capital “R” when using their trademarked name, so Ben started using the more descriptive UHS…..
‘How much more paperwork is there?’ No kidding….
There was an article recently about a low fee selling service. Can’t find the article but here’s the site:
http://thisisdoor.com/
I recall the article said the guy who started this site had a similar selling experience I.e. what the he’ll am I paying these people for?
The craziest part of my closing experience is how they expect you to just blindly sign the stack of papers without reading them. “Oh these are just procedural, no big deal”. The look of shock when I told them I was going to read them.
My wife and I spent at least 2 hours at the title company when we bought a townhouse for our daughter a five years ago. We read every line of every page and made them explain everything. They started to get really annoyed after a while.
As an added touch, every place we had to sign, my wife signed first and then I signed under her signature. Finally the woman at the title company asked, “Why is your wife was signing everything first?” I said, “Doesn’t everyone do that?”
My favorite is when they ask you to fill out your balance sheet and tell you to sign stating that it is accurate as of a different date than when you filled it out. ??? How in the world, when you hold securities that go up and down and you represent a net worth in the future?
Documentation is one major reason that I don’t think we’ll refinance again (we dropped our rate from 5%ish to 3.75% already). My wife is an attorney and will read every single page. It’s just too much hassle unless the rate drop is meaningful.
I did the same, spending about 1.5 hours reading through the documentation (scanning mostly). I was amazed at what is in there.
Did you know that you are not allowed to keep a can of gasoline for your lawn mower in your garage?
Redfin tried to get rid of the Realtors but the Realtors sued I believe, and won. Also they keep their MLS locked up tight, and I believe have fought off competitive listing databases. Powerful lobbyists, deep pockets, etc.
I found the article. The funny part is the comments following the article from realtors defending all their ‘hard work’!
http://www.dallasnews.com/business/columnists/cheryl-hall/20160601-highland-park-grad-s-company-door-slams-traditional-real-estate-broker-approach.ece
When I was selling, my realtor was basically just waiting for people to come to her. No actual leg work. Needless to say she was replaced. The next one was kind enough to stage my house, hold multiple open houses, ads, etc. I still don’t see why home selling cant be like any other object…Craiglist, eBay, heck even Amazon, snap a few photos, put a phone # down, and wait for some interest. Nope you gotta fork over 3-5% for some other bozoo
“Nope you gotta fork over 3-5% for some other bozoo”
Price it to move, and you’ll have earnest money within a couple of days. No realtor required unless you paid too much.
“Mr Triguboff labelled the new taxes ‘very dangerous,’ coming as they did on top of moves by the banks to tighten up lending to foreign buyers. He also urged caution in light of the decline of the mining sector. ‘We have nothing else except real estate. We have to be very careful,’ Mr Triguboff told the AFR.”
And that’s it in a nutshell. No real industry to speak of other than selling houses to each other or to Chinese “investors” who are doing nothing but parking/laundering ill gotten gains.
He’s exaggerating tremendously. Australia is one of the most prosperous countries on the planet and hasn’t had a recession in nearly 25 years.
‘Sydney’s vacancy rate increased slightly over May, but some of the city’s property markets are showing early stages of an oversupply issue after years of a building boom, data shows. “It’s a big rise in the vacancy rate over just a month, but really it’s no surprise given the extraordinary level of development there,” said Domain Group chief economist Dr Andrew Wilson. “We’ve still got the bulk [of apartment completions] to come onto the market. Numbers are accelerating rather than decelerating with a lot left in the pipeline.”
‘About 61,000 new apartments would have been completed across the city in 2015 to 2017, compared with 44,500 in 2012 to 2014, JLL research showed. Parramatta-based Just Think Real Estate agent Edwin Almeida said the apartment oversupply was “more widespread” than just Parramatta and there would be pain ahead for investors in Homebush West, Campsie, Bexley and Hurstville.’
“Rent is coming down slowly and landlords who don’t decrease their rent will stay on the market for longer,” he said.’
‘Australia is one of the most prosperous countries on the planet’
I posted a video recently where these Australian guys were marveling at an auction. One guy said, “it’s been like this for 25 years.” Don’t forget the rampant mortgage fraud that was documented on their national TV. They have something like 40% of landlords who are cash flow negative on their mortgages, which is encouraged by the tax code. And this was before rents started falling.
I sense someone is really proud of the Ponzi economy. But why? Is it the ability of magic people to keep the line at Applebee’s running, while little to nothing real is produced? Do some searches online for Australian FB’s, which I’ve posted here. “Oh why did they lend me $10 million AU pesos? Why!?”
Is today April Fools Day?
That is what they tell themselves. Canadians too. See, that “hiccup” a few years back was the GFC (great financial crisis) which was caused by the US housing bubble, which was caused by subprime loans. Never mind that the vast majority of foreclosures were prime. And they never had a housing bubble either, even though their prices are way higher than the US.
The last time I bought food or product from Australia was never.
‘Witchetty grubs
Although the sight of these may make you feel a little queasy – they are large, white, wood-eating maggots – the taste is quite delicious, with a nutty-flavour bite making them the snack of choice for Aboriginal Australians for centuries!’
‘Kangaroo
Australian’s make no hesitation of eating the country’s national animal. It is produced in the wild and is becoming rather popular worldwide; as of 2010 it was exported to over 55 countries. Another staple of the indigenous Australians, kangaroo is high in protein and low in fat and most popularly served in its simplest form as a steak, or in snags.’
‘Solo
This is a very popular Australian energy drink marketed at a masculine audience. Although there’s nothing outwardly strange about a lemon flavoured soft drink, just take a look at some of their TV adverts and you’ll understand why it’s got an inclusion. There are currently six variants of the soft drink, the latest one of which contains guarana and caffeine for even more ‘energy’. Why on earth you’d want this on top of a fizzy drink that is already 50% sugar is beyond us, but it continues to sell in droves nonetheless.’
http://englishlive.ef.com/blog/10-strange-australian-foods-drinks/
“…The last time I bought food or product from Australia was never…..”
You probably buy Chinese products all the time. Some of their products have Australian origins…. connect the dots.
Is today April Fools Day?
No, it’s just a fact.
Australia’s GDP (PPP) per capita is the 16th highest in the world, higher than Germany’s. If you exclude micro-states and Middle eastern oil kingdoms, it must be in the top ten.
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita
Its last recession ended in 1991:
http://markthegraph.blogspot.com/2012/03/dating-australian-recessions.html
Economy is growing faster than expected at 3.1%, but news is not all good
Gareth Hutchens
Tuesday 31 May 2016 21.43 EDT
However, the news is not all good. The GDP figure is only one measure of economic activity – it’s not a measure of the income Australians receive for that activity.
An alternative measure of Australia’s national wellbeing is real net national disposable income, which shows how much disposable income we have to pay for our day-to-day living expenses.
That figure fell 1.1% over the last 12 months, compared with the increase of 3.1% in GDP. It means we’re being paid less for what we’re producing.
http://www.theguardian.com/…-growth-rises-by-11-in-march-quarter-taking-annual-rate-to-31 - 651k
Yes, it’s prosperous, but the recession-free 25-year period you refer to is the direct result of Australia supplying raw materials to China during one of the most stupendous periods of malinvestment in world history.
That’s part of it. Though I know of a well-regarded Australian economist who likes to point out that mining only represents a few percent of Australia’s economy. China probably wasn’t such an important factor 25 years ago.
In any case, prosperity is prosperity. To Australia it only matters whether the Chinese and other importers pay their bills. What they do with the coal and iron ore and so forth doesn’t matter.
‘prosperity is prosperity’
You couldn’t be more wrong. Do you remember what people were saying about the housing bubble riches a few years ago? It was an illusion, it wasn’t real. Australia is discovering the same thing. The FB in Canada too. His house wasn’t worth 200k+. It’s probably not going to be 50k a year from now.
It sounds like you’re talking about the future. There may be a decline in prosperity in the future, but that’s a separate issue.
One, it’s right now. I’ve been posting the wailings of seriously F’d B’s in Australia and Canada for some time. Now it’s moving into Sydney, Melbourne and Brisbane.
‘There may be a decline in prosperity in the future’
Texas had a really good run in the 70’s and early 80’s. Phenomenal even. The two oil embargoes made it seem like it would never end. Oil crashing was one thing, the real estate bubble crashed the lenders and with it the entire economy. But it felt real at the time. We were goofy with money and expectations. When I went to Sedona in 2004, I had an idea there was a bubble in Austin and other places maybe. But in little Sedona, they had goofy coming out of their ears. So I started this blog.
What they are doing in Australia is building, buying and selling each other houses with borrowed money. Same with Canada and the US. And it feels good. New cars, vacations, bigger and better houses (like the Chinese garlic farmers). Prices are up and away, double digit for 80 consecutive months in parts of Florida.
You know what? That should never happen. It didn’t happen for houses in 600 years. If it’s a bubble, it will crash. The prosperity will be seen as an illusion. They will wonder, “how could we have been so foolish?” I heard people say that in Texas. I heard people say that 7 or 8 years ago.
BTW, read the Canada article above. These people were prosperous, now they’re devastated.
“It sounds like you’re talking about the future.”
How can we turn this down? I’m holding cash but interest rates are looking too good to pass up! Any advice?
FHA Streamline Rates Hit The Low 3s; Refinance Activity Up 205%
http://themortgagereports.com/20959/fha-streamline-rates-refinance-activity
“Any advice?”
Yeah, go re-read the post you made several posts down and then go take a walk on the beach.
Here, this one …
“Mortgage Lenders Lowering Loan Approval Standards Rapidly….”
http://themortgagereports.com/20495/federal-reserve-senior-loan-officer-survey-mortgage-quidelines-2016-q1
Think about this: If prices reflect the current insanity of lowered loan approval standards what will happen to prices if/when sanity once again raises its ugly head?
So when is the next FED meeting? Are the media clowns going to talk about the possibility of a rate hike for another 2 months?
What is the catalyst to sell off the market and leave people holding the bag again? What will be the reason this time?
“…interest rates are looking too good to pass up! Any advice?”
Buy your next car on credit before rates go back up.
84 month, 0% APR, gotta afford that loaded Toyota Corolla with MSRP of $18,000. Recession? What recession?
That is a great deal if that is true. I would buy that new Corolla if not for the fact that my 13 year old Toyota runs well right now.
It was a slight exaggeration, but I did see a 0% 72 month deal. But it went away and now the lowest APR I’ve seen is 0.9%
I’m looking at trucks and the interest rates aren’t 0% as far as I can tell unless it’s a vehicle model they’re trying to clear out.
Also, USAA’s lower interest rates are 36 months only.
I’ve gotten 16 years out of my last car, and used car prices on what I’m looking at are so high it’s not worth buying used.
Ethan VA, that’s exactly why I went for a 2015 Honda Civic to replace my 05. The 2012-2014 were anywhere from $12,000-$15,000 depending on miles/models. I ended up getting a decently loaded Civic for $17,500 w/ 10 miles on it instead of 36-40k.
Used car prices are all out of whack.
So did Liberace.
I bet they can roll all those new closing costs right into the new FHA loan as well. Spend $8,000 to save $20,000 over 30 yrs.
A two-bedroom apartment that would have been rented for $1200 a week four years ago or $1000 two years ago now had agents ‘desperately trying to rent one for $650.
That’s some haircut. Nearly 50%.
(Prices are per week not per month. Perhaps that’s the norm over there?)
Can’t wait to to see similar rental rate declines on the West Coast. It’s a matter of when, not whether.
Comment by phony scandals
2016-06-20 16:32:50
Vin Scully rarely gets political when broadcasting a baseball game. The legendary voice of the Dodgers decided to talk briefly about socialism Friday night and he doesn’t care for it in the least.
“Socialism failing to work as it always does,” Scully said. “This time in Venezuela. “You talk about giving everybody something free and all of the sudden there’s no food to eat.”
Scully continued.
“And who do you think is the richest person in Venezuela? The daughter of Hugo Chávez. Hello.”
Comment by MightyMike
2016-06-20 20:09:16
He’s wrong, which is no surprise.
https://en.wikipedia.org/wiki/List_of_Venezuelans_by_net_worth
From Wikipedia, the free encyclopedia
The following is a Forbes list of Venezuelan billionaires, based on an annual assessment of wealth and assets compiled and published by Forbes magazine in March 2015.[1]
481 Gustavo Cisneros Venezuela 3.6 billion Cisneros Group
534 Juan Carlos Escotet Venezuela 3.3 billion Banesco
690 Lorenzo Mendoza Venezuela 2.7 billion Empresas Polar
Being the ex-President’s daughter pays off: Hugo Chavez’s ambassador daughter is Venezuela’s richest woman
By Pete D’amato For Daily Mail Online
Published: 17:13 EST, 10 August 2015 | Updated: 00:43 EST, 11 August 2015
The daughter of Hugo Chavez, the former president who once declared ‘being rich is bad,’ may be the wealthiest woman in Venezuela, according to evidence reportedly in the hands of Venezuelan media outlets.
Maria Gabriela Chavez, 35, the late president’s second-oldest daughter, holds assets in American and Andorran banks totaling almost $4.2billion, Diario las Americas reports.
The figure would make Gabriela Chavez wealthier than media mogul Gustavo Cisneros, whom Forbes named the wealthiest Venezuelan earlier this year with $3.6billion in assets.
Read more: http://www.dailymail.co.uk/news/article-3192933/Hugo-Chavez-s-ambassador-daughter-Venezuela-s-richest-woman-according-new-report.html#ixzz4CDH5sRlg
Follow us: @MailOnline on Twitter | DailyMail on Facebook
That sucks for the millions of Venezuelans who just learned there wasn’t enough other people’s money to pay for their food.
Where is Sean Penn when you need him?
and danny glubber
world be free,yo
Libs leave when the money is all dried up. It becomes “someone elses problem”.
Apparently the money belonged to the Chavez family.
I just finished reading Why Orwell Matters by Christopher Hitchens.
The pigs in Animal Farm had it pretty good too…
“there wasn’t enough other people’s money to pay for their food.”
That’s what they get for caring about money.
They should be more like Chelsea Clinton.
By Cheri Jacobus | June 23, 2014 | 5:11 PM EDT
Erstwhile NBC correspondent Chelsea Clinton claims that try as she might, she just can’t make herself care about money. In an interview with the UK’s Telegraph the multi-millionaire says, “I was curious if I could care about [money] on some fundamental level, and I couldn’t.” Lucky for her, she doesn’t have to. Like her famous mother who, in 1978 managed to take a meager $1000 investment in cattle futures and magically turn it into $100,000 and not be imprisoned for insider trading, Chelsea also seems to have the “Midas touch” when it comes to acquiring enormous amounts of money with little time, training or effort.
As liberals assail the high salaries of top corporate CEOs, the liberal safe haven of broadcast television, NBC, paid former First Daughter Chelsea Clinton an astonishing $600,000 a year. But in the interview she says she has sacrificed the high-paying jobs for her current, more humble professional life which also includes working for her parents’ foundation.
The average starting salary of TV reporters nationwide is $23,300 a year. While most national network journalists rise through the ranks and/or move from small media markets to larger and then finally, only the few at the top of their game land at a network, Chelsea Clinton’s talents were apparently so spectacular, that in addition to warrant being paid nearly 26 times what other first-time journalists make, she was able to start at the top in her first “journalism” job, similar to fellow NBC entry-level celeb “journalist” Ronan Farrow, (son of Mia Farrow and either Woody Allen or Frank Sinatra).
Under such lucky circumstances, very few average Americans would have to care or worry very much about money. And we’re fairly certain purchasing a $10 million home and celebrating at a $3 million wedding did not result in sleepless nights of worry on the part of the 34 year-old Ms.Clinton.
Chelsea Clinton goes on to tell the Telegraph, “I will always work harder than anyone.” Though she has not been on the air since January — until NBC aired a story Saturday night — we take her word that she works nearly 26 times harder than other cub reporters and her colleagues at NBC.
$600,000/yr? There are successful business owners, aka producers, in this country that don’t make that. What a giant sham this elitist family is. Every person I know in the news/media industry starts out exactly like you say, regional areas, being the crappy 4 am news segment, or working behind the scenes. If they’re pretty enough, which Chelsea isn’t, they are the meteorologist. I love how the sneak the line in there about her also working at her parents ‘foundation’. Guess her income is supplemented by the Saudis also.
Google, Facebook, Reddit are all censoring any criticism of the Clinton crime family.
‘Sen. Lindsey Graham (R-S.C.) is predicting an end to budget caps next year so that cuts to military can be rolled back, and he indicated he is prepared for a fight to make that happen.’
“If you’re going to fight fixing sequestration, you’re a complete a-hole,” he said. “If you want a fight over this, whether you’re Democrat or Republican, we’re going to have one hell of a fight because I’m not going to put up with this crap any longer. Come next year, we’re going to get a resolution.”
Graham’s comments came Monday, during a conference at the Center for a New American Security, where he was joined on stage by ranking Senate Armed Services Committee member Jack Reed (D-R.I.).’
‘Both Graham and Reed said the next president must be an impetus for change on sequestration. “The next president, whoever he or she — most likely she — is going to be, needs to get these defense cuts set aside,” Graham said, referencing presumptive Democratic nominee Hillary Clinton.’
‘Added Reed: “This is not just something that has to be done. This is the first thing that must be done. And I don’t think the window is long. I think this is something where the new administration has to come in ready to go on inauguration day.”
‘Here we go again. Earlier this year, some were surprised to see Project For The New American Century (PNAC) co-founder and longtime DC fixture Robert Kagan endorse former Secretary of State Hillary Clinton for president.’
‘They shouldn’t have been. As is now clear from a policy paper published last month, the neoconservatives are going all-in on Hillary Clinton being the best vessel for American power in the years ahead.’
‘The paper, titled “Expanding American Power,” was published by the Center for a New American Security, a Democratic Party-friendly think tank co-founded and led by former Undersecretary of Defense Michèle Flournoy. Flournoy served in the Obama Administration under Defense Secretary Leon Panetta and is widely considered to be the frontrunner for the next secretary of defense, should Hillary Clinton become president.’
‘The introduction to Expanding American Power is written by the aforementioned Robert Kagan and former Clinton Administration State Department official James Rubin. The paper itself was prepared in consultation with various defense and national security intellectuals over the course of six dinners. Among the officials includes those who signed on to PNAC letters calling for the overthrow of Saddam Hussein, such as Elliot Abrams, Robert Zoellick, Craig Kennedy, Martin Indyk, Dennis Ross, and Flournoy herself, who signed on to a PNAC letter in 2005 calling for more ground troops in Iraq.’
‘For the neocons and liberal interventionists at the Center for a New American Security, the United States has always acted for the benefit of all.’
‘The paper primarily focuses on the economy and defense budget, and American security interests in Europe, Asia, and the Middle East. Supporting the Trans-pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) are considered the highest priority, as they will bind the main drivers of the US-led “liberal world order”—the US and Europe—closer together.
There needs to be a Nuremburg trial for all these neocons.
As Van Halen once sang, “hang ‘em high.”
‘If you’re going to fight fixing sequestration, you’re a complete a-hole,’ he said. ‘If you want a fight over this, whether you’re Democrat or Republican, we’re going to have one hell of a fight because I’m not going to put up with this crap any longer.’
Stamp your little feet Lindsey. Stamp em’!
Goober Graham - Surprise, Surprise, Surprise!!!
Nancy was invited to the Bilderberg meeting this year.
Lindsey Graham going to invite-only Bilderberg meeting in Germany
Emma Dumain
Jun 10 2016 3:22 pm
WASHINGTON — U.S. Sen. Lindsey Graham will travel to Dresden, Germany, this weekend to participate in the 2016 Bilderberg meeting — a private gathering of public officials, lawmakers, journalists and thinkers.
The South Carolina Republican is the only member of Congress scheduled to attend the meeting, according to an official list of participants. Among those included in the 125-person roster are former Army Gen. David Petraeus, former Secretary of State Henry Kissinger and International Monetary Fund Managing Director Christine Lagarde.
Also taking part are the editor-in-chief of Bloomberg, a history professor from Harvard University, the head of Google and the prime ministers of Belgium and the Netherlands
What a ghoulish group of warmongers we are likely to have in a Clinton Administration. I’ve seen Victoria Nuland’s name floated as a potential Secretary of State. She is Mrs. Robert Kagan.
Chelsea, et al: “Let them eat cake.”
Mortgage Lenders Lowering Loan Approval Standards Rapidly….
http://themortgagereports.com/20495/federal-reserve-senior-loan-officer-survey-mortgage-quidelines-2016-q1
‘According to the mortgage processing software provider Ellie Mae, whose software handles more than 3.7 million mortgage transactions annually, more than 75% of purchase mortgage applications are making it to closing. This is the highest percentage since Ellie Mae began tracking such data.’
I smell more mortgage bailouts ahead.
keep your home CA will be expanded guaranteed. anything to keep prices inflated.
When did they start tracking the data?
The earliest Ellie Mae “Origination Insight Report” that I can find is from February of 2012. They may have been tracking the data before that, but this seems to be the first time they report it.
Change in approval standards is less interesting to me than the absolute ease at which someone can get a loan.
Has anyone seen an update to the CoreLogic HCI (Housing Credit Index)? They track how easy credit was going back to 2001. The last reading I saw was from March of ‘16, where the reading was still under 40. Peak was 120, pre-crash trough was about 70.
http://www.corelogic.com/blog/authors/archana-pradhan/2016/03/credit-availability-trends.aspx#.V2loa_krJhE
Have you seen this update of CS?
Inflation Adjusted Housing Prices In 2009 Double Long Term Historic Price Trend; 300% Higher Than Trend In 2015
http://picpaste.com/pics/9176ac798ebf32b76d84a57e426e241d.1466548513.jpg
‘cuz there is a glut of ‘Boomerang’ buyers to score!!
So I’m going to stick it out for the long haul here, until hopefully the coal mine returns.
The coal mine ain’t returning, pop-pop!
Just like the steel mills didn’t come back to Pittsburgh.
there’s no way I’m going to lose my $140,000.
It’s already gone poof.
Of course coal will one day come back.
It is an amazing and plentiful store of energy. And very safe and “easy” to transport.
It is all about supply and demand.
One day oil is going to be $300/barrel. Could be as early as tomorrow if SA and Iran go to war. Or it could be 30 years from now.
Or governments go bankrupt is there are no more massive subsidies for the scams of solar and wind power.
People and companies will look for cheaper energy alternatives.
Coal is easily on that list - especially with new clean technologies coming out every year.
The mine may return and coal may also return but his job definitely won’t.
Robots may mine the coal.
One day oil is going to be $300/barrel.
Highly doubtful.
Keep on dreamin’, pop-pop.
Oil is far more likely to crater to $30/bbl…… Or $3.
Remember…… Production cost for a barrel of oil is $7.
HA, get out of here with your fantasy-land 1960s prices for everything. You can’t pay for the power to pump it out of the ground at $7/barrel.
It’s a fact my friend.
Here’s another fact.
Fremont(Seattle), WA Housing Prices Crater 7% YoY
http://www.zillow.com/fremont-seattle-wa/home-values/
‘More than 200,000 properties in England, estimated to be valued at £38 billion, are sitting vacant, according to new research by crowdfunding platform Property Partner. There are a reported 203,596 homes throughout England which are deemed to be vacant long-term.’
‘With nearly 21,000 homes which have been vacant for over 6 months, London has the most long term empty homes. The boroughs with the most empty homes are not the most obvious suspects either, with Newham, one of the most deprived parts of the capital, having the most, with 1,318 unoccupied properties.’
‘In total the sum of all the empty properties in London is worth an estimated £12.4 billion. Outside the capital, Bradford has more empty homes than any other town with over 4,000 sitting empty, worth nearly £400m.’
‘Two years after it promised some 400 luxury homes on its 100-acre gated community at Providence, work on the Baishanlin owned housing project dubbed the New Life Community has come to a halt and its realtor says she is no longer representing the company.’
‘The New Life Community project, where house lots start at $28 million and can go all the way to $105 million, lies at its Providence location abandoned and grass filled. And while there are about five structures in the compound, no one has occupied them.’
‘Stabroek News visited the location yesterday and it appeared the same as on previous visits over the course of the year.’
A comment:
‘They broke the record alright along with their bank book. They did not break the Chinese record however. China has been building entire cities and no one is living in these cities. Just look at the foreign mentality of the developers. The houses must look European, they must be built with only the best materials from the USA and China. That C shaped structure looks like the Roman Coliseum. This is what I keep lamenting about. These folks are rocket scientists, so every project they envision looks like a rocket to them, that needs only the best booster engines, rocket fuel and electronic parts. They are incapable of thinking outside the box. When will we ever learn, that approach is unsustainable?
The Guyanese people needs lots of housing but not luxury housing. Those who can afford luxury housing can afford to build it themselves. The building boom has now gone bust worldwide. The largest housing development company in Manhattan has recently filed for bankruptcy because their luxury apartments ain’t selling. The luxury houses on the man made palm tree island in Dubai ain’t selling. I have said this a while ago on the SN blogs that the housing industry will go belly up. It already has, several years ago but because of massive inflows of cheap printed money the developers and the banks keep trying to re inflate a burst bubble. Their attempts will fail again simply because it is unsustainable debt compilation. Economic lesson 101: A house is not worth more than the money paid to build it. When supply outstrips demand then the house is worth less than the money paid to build it.’
Maybe one day, an enterprising soul will come out with tool that fairly accurately projects the amount spent on constructing a given house, accounting for location, type of materials used and when the abode was built.
Wave a magic app at the property, and presto!
Informed consumers? That sounds too dangerous for business.
How about an app that scans the home depot website for current price info on sticks and plywood while all you have to do is input the square footage. I bet most people would be in shock to see even the retail price of the parts is a small fraction of the price. I somehow doubt the average person would make the connection that they are being robbed tho…
And let alone the deals big time builders most likely get on bulk orders of drywall, wood, nails, etc.
Even factoring in $25/hr worker costs the home price would be shocking to most. Same thing with following accounting principles and applying depreciation. Obviously homes depreciate which is why the IRS lets you write off yearly depreciation on a rental as its “used up”
HSBC has launched Britain’s first fixed-rate mortgage with an interest rate below 1%, as competition among lenders hots up and the cost of borrowing for banks and building societies falls to new lows.
The bank is offering customers the chance to lock in for two years at an interest rate of 0.99%, but they need a deposit of at least 35% and will pay a product fee of £1,499.
David Hollingworth, of mortgage brokers London and Country, described the rate as “absolutely ridiculously low … It sets a new benchmark for two-year fixed rates.” He said the fee was “big, but not the biggest” and that repayments on a £150,000 mortgage would be £565 a month.
The deal is the cheapest fixed rate on the market, and the lowest ever recorded by the financial information firm Moneyfacts. It matches HSBC’s previous lowest rate, a 0.99% discount deal it offered in 2014, but undercuts Yorkshire Building Society’s current market-leading fixed rate of 1.14%. That loan has a slightly lower fee of £1,345.
Rachel Springall, finance expert at Moneyfacts, said: “As with any deal, applicants should always work out the true cost of the mortgage to decide whether it’s right for them.”
The bank is offering customers the chance to lock in for two years at an interest rate of 0.99%, but they need a deposit of at least 35%
Clever, clever, clever.
That 35% will be going poof.
The difference in interest rates over 2 years is marginal compared to having the customer effectively pick up the bottom of the “equity tranche”.
Plus, it’s basically an ARM. After two years, if nothing happens, the loss is very small compared to the upside.
They don’t have true fixed rate mortgages in the UK. Of course, given the current ZIRP environment, they are fixed rate for all practical purposes.
The Short Fuse Mortgage
A video has surfaced online showing staff at a Chinese bank being publicly spanked for poor performance during a training session, sparking outrage.
The video, first posted by the People’s Daily, shows a trainer asking eight employees why they did not “exceed themselves” at training.
He then spanks them with what looks like a stick. Reports say he later also cut and shaved their hair.
Two executives at the bank have been suspended.
The incident took place at a training session for more than 200 employees at Changzhi Zhangze Rural Commercial Bank in northern China on Saturday.
The trainer, Jiang Yang, has issued an apology, saying the spanking was “a training model I have tried for years” and had not been instigated by executives at the bank.
http://www.bbc.co.uk/news/world-asia-china-36583486
“Coffee is for closers” taken to the next level.
NICE.
And we’re importing it.
It stands to reason that as we import it, the SJW folks will make even bigger money.
‘The $75 million price tag on Demi Moore’s palatial spread at the San Remo may have proved an “Indecent Proposal” for prospective buyers. That might explain why the “Charlie’s Angels” star has slashed the asking price by a whopping $16 million, bringing it to a potentially more palatable $59 million.’
‘Moore has owned the 7,000-square-foot pad since 1990, when she and former beau Bruce Willis bought it from “Saturday Night Fever” producer Robert Stigwood. It’s been sitting on the market for over a year. The current record sale for an apartment in the building, at 145-146 Central Park West, is just $26.4 million.’
‘Moore told the Times she was selling the property because she wasn’t spending enough time there. “This apartment is too magnificent not to be lived in full time,” she said. Moore currently pays more than $20,000 a month in combined maintenance fees for the two units.’
$20,000 a month in maintenance fees. Holy cripes.
‘Moore told the Times she was selling the property because she wasn’t spending enough time there’
When it was going up a million plus a year she was happy enough to not live there. Now it’s going down and she’s getting drained at the rate of a cosmetic surgery per month and bamm, dump this air box!
I was thinking; how much of NYC’s economy is being floated by these 20,000/month doorman and valet jobs?
You need a doorman in NYC since you cant have a nice Remington to protect that $75 million pad. I’d feel a lot safer with that piece of steel instead of a Jamaican doorman.
Yeah, shes just “over it, someone deserves this beautiful piece of NYC”. Lol she sounds like a marketing guru.
“This apartment is too magnificent not to be lived in full time,”
It’s been a long time since Demi Moore had a starring role in a movie.
She slammed into the wall some time ago. Unless she can transition into playing old ladies on the silver screen, she’s done.
She must manage her money really well. She’s a high school dropout. Millions of college graduates celebrate their 30th birthdays living with their parents.
Well I’m sure she got some money out of Willis
‘New rules caused the sharpest decline in Swedish housing market since the financial crisis.’
‘In the last 12 months, prices have risen 11 % on average in Sweden according to Svensk Mäklarstatistik. The average square meter price for an apartment in Sweden was 38 079 kronor. In central Stockholm the average square meter price was 88 344 kronor. In May however, the cost of buying an apartment in a shared building fell sharply. According to Valuegard, an index compiling data from Swedish real estate agents, prices were down 2.7 %. The prices for houses were down 1.1 %.’
‘Why now? Following much debate, on June 1 new rules forcing Swedes to pay off mortgages were introduced. The rules mandate that loans for more than 50 percent of the value of the property will have to be amortized one percent a year. For loans exceeding 70 percent of the value, the requirement is two percent a year.’
‘The new rules increased the supply of apartments, since sellers wanted to exit the market before they were introduced. The number of apartments for sale in Stockholm in May is reported to be the highest ever.’
I wonder if U.S. housing would go down if laws requiring loans to be repaid were enforced?
Oddly, the US is vastly more sane than Sweden.
There was no duration on Swedish mortgages. The average was around 140 years. (Yes, I did type that correctly.)
The latest proposal caps it to 105 years. That’s what that 1% amortization limit represents. It’s beyond crazy.
They are trying to let the bubble leak out over the next couple of decades.
Man if we had 50-100 yr mortgages median home prices would be $600,000. People would inherit a mortgage in the will
:D
You don’t inherit the mortgage in Sweden. The heirs put it up for sale. The bank takes the loss (if any.)
In any case, there’s very little difference between a 40-year amortization and a 100-year amortization. At that point, you effectively have a permanent interest-only loan.
Here’s a table for a hypothetical $100K loan at 5%. First column is years. Second column, monthly payment. There’s marginal difference after 40 years.
10 ($1,060.66)
20 ($659.96)
30 ($536.82)
40 ($482.20)
50 ($454.14)
60 ($438.64)
70 ($429.74)
80 ($424.51)
90 ($421.39)
100 ($419.52)
“When making decisions, Chinese investors tend to rely on trust, according to Zhengyu Huang, chairman and founder of ImmCaptial, a Chinese immigration capital service firm. When asked why they made the investment, the Chinese investors would say ’someone I trust invested there and told me to invest,’ he said.”
Isn’t this how sheep make up their minds?
‘It would be a ‘big, big surprise’ for Chinese investors and their US partners, US construction companies and US banks if they were not aware of when there’s a hiccup in the real estate market, Pomerantz said’
You F__ Up. You Trusted Us.
https://www.youtube.com/watch?v=JTF2j0OWUi8
One business guy next to me on a plane conducts a lot of adhesive sales overseas. He simply told me, doing business with China, is shady,untrustworthy, and they’ll do anything for a buck including crapping on whatever deal you just made with them.
One of my relatives learnt this the hard way.
After several trips to China to source stuff, they got a contract.
First two small shipments were fine. The third one which they prepaid a large amount never arrived. The phone call stopped working.
They’re lucky they lost only about $10K or so. It could’ve been worse.
China doesn’t understand anything about capitalism. Not that we should expect them to.
What is does understand is socialism and communism.
That, my friend, explains plenty.
When your money, assets, time and livelihood is forcibly taken from you and given to someone else, there is no reason to be anything but corrupt.
They don’t understand those either. They only understand fuedalism.
They didn’t do a letter of credit? They just prepaid them in cash? If so, they got what they deserved.
Yeah well, they’re not too bright. What can I say?
‘Euro zone governments have eased up on efforts to overhaul their struggling economies because the ECB’s ultra-easy monetary policy has pushed their borrowing costs to record lows, ratings agency Standard & Poor’s said on Tuesday.’
‘The European Central Bank’s 1.7 trillion euro asset purchase scheme has helped push yields lower across the euro area, with yields on German bonds maturing in eight years or less now in negative territory. “All of these (reform) efforts from the governments have really fallen by the wayside under the palliative that the ECB is providing,” Kraemer told the Forum.’
‘In a normal interest rate environment, Kraemer said, government deficits across the bloc would be 1.5 to 2 percentage points of GDP higher, which would force the issue of reform up the agenda for many states. “I’m not just talking of Italy’s deficit being close to 3 percent, I’m talking of close to 5 percent, and there would certainly not be a surplus in Germany.”
Brexit- if UK stays they should cheat as much or more than the other PU members
best of both
stay and cheat
‘The situation is made worse by the repeated use of apartments for collateral in other unregulated transactions, including loans for stock trading. ‘More people (are) using their properties as collateral,’ said AA Property Services Managing Director Tsang Kit-chun, who auctions foreclosed properties. ‘Those who suffer a loss from the stock market are unable to pay back the mortgages.’
This article is subscription and you may be able to view it temporarily here:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=1&cad=rja&uact=8&sqi=2&ved=0ahUKEwiQoNeqibfNAhULElIKHY1JAAQQqQIIHCgAMAA&url=http%3A%2F%2Fwww.shanghaidaily.com%2Fbusiness%2Fbiz-special%2FPace-of-home-foreclosures-in-HK-to-worsen%2Fshdaily.shtml&usg=AFQjCNH629P9OzzhYrOOz–CXslZ7ofGEA&sig2=0KuVGtN1fiMaK3_tZSe-dw&bvm=bv.124817099,d.aXo
The wheels are coming off in Hong Kong. The most expensive housing in the world (now that Lagos is in the crapper), and also one of the most prosperous countries on the planet.
A doubling in delinquency rates in one year.
Is 1/5th a lot?
In the next six months, this man is projecting a 15-fold increase in the number of missed payments in Hong Kong. Wow.
Prices have only really started falling in the past year, so it takes a while to be underwater/walk away. One thing about Hong Kong; the government is behind the pop. They were under pressure from the citizens who had angry protests in the streets specifically about house prices being driven up by mainlanders. When the UHS and developers started whining, they told them to go pound sand and released even more land.
But prices can’t be falling right? They just can’t be!
‘Without the Chinese nothing would ever get built,’ Mr Triguboff told The Australian Financial Review. ‘Never mind the bullsh– stories, sales volumes have already dropped and prices are coming down steadily. The Chinese buyers are already disappearing. This is not a joke. Chinese real estate agents are already sacking staff,’ he advised.’
‘Mr Triguboff labelled the new taxes ‘very dangerous,’ coming as they did on top of moves by the banks to tighten up lending to foreign buyers. He also urged caution in light of the decline of the mining sector. ‘We have nothing else except real estate.’
Formerly Australia’s richest man.
‘Without the Chinese nothing would ever get built’
We’ve been told repeatedly that the Chinese aren’t a very large percentage of Australian buyers.
When will the Chinese locusts abandon California?
Not soon enough?!
太坏,那么悲伤。 可能你生活在有趣的时代。
What does that mean?
It means “too bad, so sad. May you live in interesting times.”
飞、加州、飞! 您的家庭是我们的现在。 这是达尔文主义的。 适者生存的。 你是输给我们, 因为我们更明智和比你更好。 这里有很多的土地留给您在堪萨斯州和密西西比州。 欣赏您的新家。 我们将享受什么曾经是属于你的。 我们将继续享受您的开放边界。
…that’s what she said.
开放边界意味着你可能会失去你的家庭和文化。 字面上的解释。 或许有一天你会明白…之后发生的事情对你个人的。 是的,我知道,我知道。 超-智能、时尚精英的海岸也绝不会受到少许, 只影响该送回去。
We need to have a vote to make English the official language of the HBB.
Why?
Does that say eat sh#t and bark at the moon?
Don’t worry, ignore the doom and gloomers, Australia is very prosperous!!
“Mr Triguboff”
I didn’t realize Trigglypuff was married. Or had a father or brother. Thought it was spontaneous generation.
‘Shawn Moulun’s home was appraised at $282,000 this year but he predicts it will be worth $140,000 by the end of the year. Though Moulun has lived in Grande Cache his whole life he is thinking about leaving. ‘I’ve always loved Grande Cache but because of the outlook right now… yeah I would like to get out because my kids are turning college age too,’ he said. ‘But there’s no way to get out.’
It’s cheaper than renting Shawn. Well, maybe not anymore. But you can paint the walls any “colour” you want.
Cheetos!!!!
This……
America Curates The First Official Cheetos Museum
Reuters 6/20/2016 1:00 PM ET
Print Article
PLANO, Texas, June 20, 2016 /PRNewswire/ — Is it a dolphin, a baby T-Rex or your dad’s mustache? What do you see in your Cheetos?
A T-Rex, dolphin and mustache are only three of the thousands of Cheetos shapes fans have submitted to CheetosMuseum.com.
This summer, Cheetos, one of the flagship brands from PepsiCo’s Frito-Lay division, is searching for the next Mona Lisa of Cheetos shapes to be a part of the official online museum, http://www.CheetosMuseum.com, celebrating all of the art to be found in a Cheetos bag. Since its launch, the Cheetos Museum has already had over 15,000 Cheetos fans turned art curators submit the unique shapes they’ve found in their Cheetos bags. The 10 best shapes will be featured in the ultimate official Cheetos art collection and be awarded a total of $150,000 in prize money.
“Cheetos are like clouds – each has a unique shape that comes to life with your imagination. Since their inception, Cheetos snacks have captivated consumers with their whimsical shapes and uncanny resemblances to landmarks, animals, objects and even deities,” said Jeannie Cho, vice president of marketing, Frito-Lay. “We have seen people share, tell stories, and even sell them online— now we have an official Cheetos Museum to celebrate the creativity out there, and we want to fill it with your imagination!”
‘even sell them online’
Another one way bet.
Ben -
What have we become that this is in discussion?
I dunno. I have read recently that the multitude of TV flipping shows are at an all time high in ratings.
Will it include a mockup of HA’s basement command center?
No mockup necessary. Here’s a picture of it.
http://3.bp.blogspot.com/_LHmTFvhHnMs/S_S6e4nhqYI/AAAAAAAABdA/zrJp7Daztos/s1600/resentment.jpg
Hilarious!
By the way, where’s Rio? Where is all the promotion of Brazil’s Olympics 2016 progress?
Good thing I’m not facing a swim through raw sewage and animal carcasses.
Let the Olympic athletes have at it!
The good ones will obtain lucrative endorsements that cover the costs for ensuing decades of transfusions, cancer treatments and skin grafts.
The bad athletes? No one promised them a rose garden.
A gold medalist was just robbed in the streets of Rio I thought
Had Santiago been awarded the 2016, it may have been done right.
Alas, Chileans didn’t seek to host.
Don’t forget about Rio state’s financial crisis. Or the poor mascot shot dead. And yes, an athlete–a paralympian no less–was robbed at gunpoint. Etc.
I still don’t understand why Lebron isn’t going to Rio…
Aww… mom’s gonna put that on the fridge!
LMAO!
‘‘I’ve seen a lot of deals. I’ve never seen a projection that didn’t make money’
You’ve never been to Silicon Valley.
Considering the number of offers I get, you betcha!
I’ve no problems with taking some of that sweet sweet VC money.
Definitely dry-cleaner effect though.
LMAO.
Only Washington DC is more corrupt than Silicon Valley. Naturally, they believe themselves brilliant.
“REIWA president Hayden Groves said 10,800 properties on the rental market was ‘unprecedented.’ He said tenants had caught on and were bargaining for better deals, particularly if they saw apartments in their complex advertised for less than they were paying. ‘As soon as their leases come up they’re asking for a rent reduction and the smart landlords are taking it,’ he said.”
KR8OR.
Trump says he has ‘unlimited cash on hand’ in response to funding criticisms.
I feel so much better now. I was afraid that the banks who own him would have to send him more money.
Then, the fact that Hillary has raised more than $20 million of campaign contributions from banks ought to delight you!
Be careful not to spot the carpet and don’t squeal too loudly.
Neither is couth.
Hillary bites.
The HBB is all the rage.
http://i.imgur.com/DzZH8.gif
Will that be an Olympic sport this time around?
And with your Cheetos you can now have a complete full latte with that…..
This……
http://www.chicagotribune.com/business/ct-starbucks-under-filling-lattes-lawsuit-20160621-story.html
Data my friends.
Sarasota, FL Housing Prices Plunge 16%YoY
http://www.movoto.com/sarasota-fl/market-trends/
a HOT market near me is scheduled to go up .1%
it takes 1.5% just to cover repairs and county TAX increase abuse
Are you sure?
Alexandria, VA Housing Prices Crater 13% YoY
http://www.zillow.com/alexandria-va/home-values/
And the obama housing bubble chugs merrily along.
Will it pop before the election?
———
NY Fed Warns about Booming Subprime Mortgages, now Insured by the Government
Wolf Street | 21 June 2016
The New York Fed just warned about the ticking mortgage subprime time bombs once again being amassed, and what happens to them when home prices decline. But unlike during the last housing bust, a large portion of these time bombs are now guaranteed by the government.
Before the housing bust began in earnest in 2007, the median LTV for these subprime mortgages was around 98% and the median credit score was below 650. In the years since the government has taken over insuring these loans, more than 10% of government-insured loans had LTVs of over 101% and “one-quarter were made to borrowers with FICO scores in the low 600s and below.”
Cover your eyes Jingle, Rental Watch.
http://libertystreeteconomics.newyorkfed.org/2016/06/risky-business-government-mortgage-insurance-programs.html#.V2mYTPkrJhE
Eyes wide open. Here is the actual report that is the source of the article you posted.
The one thing that the author of the article did not note, which is are important items:
1. In 2011 (the latest year of their data), the median FICO score of these loans is the highest going back to the start of their data series in 2001;
a. 2011’s median FICO is 698, with 10% being below 642
b. During the bubble years HALF of the loans were FICO below 646, with 10% being below 566.
2. Higher FICO scores have lower default rates.
The other thing that he doesn’t note (because it’s not in the report) is that according to the NY Fed’s Household Debt and Credit Report, between approximately $150 Billion and $200 Billion of mortgages were made to borrowers with FICO scores below 660, PER QUARTER leading up to the crash.
Post crash, the total loans to borrowers with FICO scores of less than 660 has been less than $50 Billion PER QUARTER. Ruler to screen, it looks like the highest amount of lending in any quarter to these borrowers was approximately $40 Billion.
So, the government is insuring a greater proportion of subprime loans, but the total number of subprime lending is down 75% from the bubble years, and the pool of loans that is being insured by the government has the highest credit quality of any year going back to 2001.
However, even after 2011, we haven’t seen subprime lending increase to any meaningful extent.
So, with the same data, you could write at least 3 different headlines:
“NY Fed Warns about Booming Subprime Mortgages, now Insured by the Government” (although the “booming” part is BS)
“Credit Quality of Fed-Guaranteed Subprime Loans at 10+ Year High”
“Subprime Lending Down 75% from Bubble Era Lending”
Which one you choose depends on your audience, but all are important to understanding the complete picture.
90%+ of all new mortgages since 2008 are 3% down payment mortgages with 5% down payment assistance.
Remember…. 3% down payment mortgages are the definition of ’subprime’.
Nope:
“The share of low down payment loans — defined in the report as purchase loans with a loan-to-value ratio of 97 percent or higher, which would mean a down payment of 3 percent or lower — was 27 percent of all purchase loans in the first quarter, up from 26 percent in the fourth quarter and also 26 percent a year ago to the highest share since Q2 2013.”
http://www.realtytrac.com/news/home-prices-and-sales/q1-2015-u-s-home-purchase-down-payment-report/
Incorrect. The report excludes FHA, Fannie and Freddie which happens to be 90% of all new mortgage paper.
Wrong again:
“Although overall low down payment loans increased as a share of all purchase loans in the first quarter, the share of conventional loans that were low down payment loans decreased throughout the quarter, from 11 percent in January and February to 10 percent in March. Meanwhile, the share of FHA loans that were low down payment loans increased throughout the quarter, from 83 percent in both January and February to 84 percent in March.”
The 27% is the average of FHA and conventional.
The chart also shows FHA loans as part of their sampling.
http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2016/q12016_credit_summary.pdf
Page 6.
15.6% of Fannie Mae Originations for the first quarter were 90%+ LTV.
Page 8.
Loans with Origination LTV Ratio>90%, 88%.
Data my friend.
Right-hand axis of the graph, my friend.
15.6%
Worse yet on page 11;
Credit Profile Of Single Family, <620= 78.7%
Now you’re just making up numbers. 78.7% is a number that doesn’t show up anywhere in the presentation.
The percent of the entire Fannie Book of Business that is sub 620 FICO is 2.2% (page 10).
Don’t like the data? Blame the source.
Here are some more for you that all point in the same direction.
page 10;
Origination LTV Ratio>90%, 2007=65.4%
It’s worse today than it was in 2007.
http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2016/q12016_credit_summary.pdf
People can look at Page 10 for themselves, but you seem to be having problems reading the table.
65.4% is the Weighted Average Mark-to-Market LTV, the line above is for the percentage of origination >90%, which was 14% at the time.
Data my friend.
LTV ratio>90% was 64.5% in 2007. See for yourself.
http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2016/q12016_credit_summary.pdf
It’s higher today.
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lol@lola
twinkle toes lou - try to leave the house occasionally.
Not enough sunscreen in the wurld!
LOL!
Our rulers at work http://www.msn.com/en-us/news/us/longtime-philadelphia-congressman-convicted-of-fraud-prosecutors/ar-AAhoJbI?li=BBnbfcL
I was only surprised to see nothing related to real estate schemes in these charges.
He is a long term philly democrat who was once a king maker of the democrat party.
And his corruption is less than 1% of Hillary…
Someone in an earlier thread asked about Rio and where he’s been.
Maybe he was one of the investors in the Brazilian cell phone company Oi, now in bankruptcy http://www.msn.com/en-us/money/markets/oi-bankruptcy-sends-shockwaves-through-brazils-financial-system/ar-AAhoEui?li=BBnbfcN
The Ontario Teachers’ Pension Plan… somebody’s not going to be retiring.
Karen:
That was me - I had not seen Rio post in forever on this site. I wonder if he is ok? Anybody know. Seeing what is going on with the sink hole of an economy and attending violence down there - I hope he has not run into intruders.
Your fooling yourself. Lola didn’t go anywhere.
I’ve seen that pension plan mentioned in stories from quite a few different countries. They must be pretty well diversified.
Public union goon pensions will be paid.
No matter how badly their investments perform.
It is for the children
Watch and learn, Democrats. Watch and learn.
http://www.businessinsider.com/how-venezuela-went-bad-2016-6
Here we go again with the subprime mortgages. Will 95% of ‘Muricans bend over, again for another Wall Street bailout like they did in ‘08?
http://wolfstreet.com/2016/06/21/ny-fed-warns-government-insured-subprime-mortgages/
https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2016Q1.pdf
See page 6.
“Giannone sold assault rifle parts to a Bridgeport drug dealer”
I never knew Bridgeport drug dealers were also gunsmiths.
Cops: New Fairfield man found with numerous assault rifles
By Nelson Oliveira Updated 2:25 pm, Tuesday, June 21, 2016
NEW FAIRFIELD — A Merlin Avenue man was charged Tuesday with illegally manufacturing and selling assault rifles and handguns out of his home.
Michael Giannone, 44, was first arrested on March 24 after police learned he was assembling firearms in a shed behind his single-family house.
During a search of the home and his two cars, authorities found 59 complete firearms, 48 of which were legal, State Police said in a news release. The nine unregistered weapons were all assault rifles, including five AR-15 and two AK-47 rifles with no serial numbers, police said.
Authorities said they also found more than 10,000 live rounds of ammunition, 12 illegal AR-15 lower receivers without serial numbers, 65 illegal high-capacity magazines, one rifle with an illegal silencer and two additional silencers.
Connecticut banned new sales of assault weapons and high-capacity magazines months after the Sandy Hook Elementary School shootings in Newtown.
Police also seized several firearms components and parts as well as records of firearms sales. An AR-15 rifle that had been sold to a drug dealer prior to the search warrant was also seized.
The search took place about 9 a.m. on March 24, after detectives watched Giannone drop off his 9-year-old son at Meeting House Hill School, according to the release. He was pulled over after leaving the school and officers found a loaded handgun in his car, police said.
After police searched his home, they charged him with firearms trafficking, possession of assault weapons, sale of assault weapons, illegal firearms transfer and possession and sale of high-capacity magazine.
The investigation resulted in a new arrest warrant, which was served this week. Giannone was charged Tuesday with 65 counts of possession of high-capacity magazine, nine counts of possession of assault weapon, three counts of possession of a silencer and one count each of improper storage of firearms, possession of a weapon on school grounds and risk of injury to a minor.
Giannone told state police that he made weapons and sold them at gun shows and that he did everything “by the book,” according to an arrest warrant affidavit. But state police say Giannone sold assault rifle parts to a Bridgeport drug dealer and an undercover officer without any paperwork.
“If I can make, you know, money on something I’ll buy it and, you know, flip it and sell it,” Giannone told investigators, according to the affidavit. “I owned a restaurant for 10 years. I lost everything. I mean, I’m like on the verge of bankruptcy.”
Police said all firearms and ammunition found at the house were not secured. They said they found a loaded handgun on a kitchen counter.
The findings prompted police to notify the state Department of Children and Families, but it was not clear if the agency took any action.
Also during the search, police found a United States Postal Service package on the driveway with new AR-15 gun parts, according to the release.
Giannone is being held him on $100,000 bond and was expected to be arraigned Tuesday in state Superior Court in Danbury.
The investigation was conducted by the State Police Statewide Urban Violence and Cooperative Crime Control Task Force in partnership with the State Police Bureau of Criminal Investigations, the State Police Special Licensing and Firearms Unit and the Federal Bureau of Alcohol, Tobacco, Firearms and Explosives.
The Associated Press contributed to this report.
noliveira@hearstmediact.com
Bobby Sands was sent away for life for being found with three rifle bullets in NI.
Shall not infringe…the SCOTUS can’t seem understand these plain words.
But gay marriage and abortion is just so obvious…
Geez - what is going on with these bank types?
http://www.bloomberg.com/news/articles/2016-06-21/visium-s-valvani-found-dead-in-apparent-suicide-dow-jones-says
Like Hugo’s daughter….
Trump Campaign Paid $1.1 Million to Trump Businesses and Family Last Month
Ah, the power of the media to influence those with no business experience.
If Trump is utilizing assets and personnel from his businesses (that likely have outside investors) for his own personal use, then it is appropriate for him to be paying those businesses.
It would be potentially criminal if the opposite were true…he was using businesses assets and personnel without properly compensating those entities.
duh.
Like his 4 BK’s, he is playing the game…
Too Big Tool Failures played too!
moochers!
So let’s see, Trump raised $3.1MM, lent his campaign $2.2MM, and of those funds, he used $1.1MM to reimburse corporate entities (which include restaurants and a company that owns aircraft).
I’m definitely not voting for Trump, but I’m trying to find out why you think this is a story.
“Playing the game” meant he was negative $1.1MM personally on the month. If the game is supposed to get him ahead somehow, he’s playing it wrong.
This is far more offensive than Trump’s reimbursement for use of corporate assets.
http://abcnews.go.com/Politics/clinton-donor-sensitive-intelligence-board/story?id=39710624
If you think that HRC didn’t hand pick this high-frequency trader and donor to the Clinton Empire for International Security Advisory Board, I’ve got a bridge to sell you.
One Year of Silence on Hillary Clinton Uranium Deal
by Peter Schweizer
May 2016
For more than a year, the mainstream media has failed to ask Hillary Clinton some very basic questions about a series of extremely troubling deals. Why?
Last Spring, my book Clinton Cash was released and it initially set off a media maelstrom. It began on April 19, 2015, with a leaked copy of the book going to the New York Times. The copy was not sent by me or my publisher. If the Clintons leaked the book with the hope of having it prematurely dismissed, that proved to be a mistake. The paper called the book “the most anticipated and feared book” of the political season. The Times went on to note that the book was hardly a hysterical attack on the Clintons, but rather, “mainly in the voice of a neutral journalist” who “meticulously documents his sources, including tax records and government documents.”
Things got worse for the Clintons a few days later when two New York Times Pulitzer Prize-winning investigative reporters, Jo Becker and Mike McIntire, took two of the most explosive chapters in the book and did their own digging. What they found confirmed what I had reported. They ran a 3,000-word, front-page article in the paper confirming that:
–Bill and Hillary Clinton had helped a Canadian financier named Frank Giustra and a small Canadian company obtain a lucrative uranium mining concession from the dictator in Kazakhstan;
–The same Canadian company, renamed Uranium One, bought uranium concessions in the United States;
–The Russian government came calling and sought to buy that Canadian company for a price that would mean big profits for the Canadian investors;
–For the Russians to buy that Canadian company, it would require the approval of the Obama administration, including Hillary’s State Department, because uranium is a strategically important commodity;
–Nine shareholders in Uranium One just happened to provide more than $145 million in donations to the Clinton Foundation in the run-up to State Department approval;
–Some of the donations, including those from the Chairman of Uranium One, Ian Teler, were kept secret, even though the Clintons promised to disclose all donations;
–Hillary’s State Department approved the deal;
–The Russian government now owns 20 percent of U.S. uranium assets.
In short, here was what you might call a radioactive scandal. It included secret donations, the Russian government, foreign financiers, more than $145 million, and Bill and Hillary Clinton. And this was just two chapters of the book.
And yet, one year later, Hillary Clinton has never once been asked about this controversial uranium deal by the national media. It never came up during the many Democratic Party presidential debates; never during any of her media appearances on cable news or network television; never by print journalists who are covering her campaign.
The single time she was asked about the uranium deal was by a local reporter in New Hampshire. In June 2015, she sat down with Josh McElveen of local television WMUR. Kudos to McElveen, who raised the uranium deal during the interview. Hillary’s response was evasive. She tried to obscure the facts. She argued that as Secretary of State she was unaware of the deal. She also claimed that the flow of money and the transfer of the uranium were not connected because the timing “doesn’t work.” She claimed that the money flowed from the Canadians to the Clinton Foundation before she was Secretary of State.
This is flat out untrue. As I reported, and the New York Times confirmed, the chairman of Uranium One, Ian Telfer, was making donations to the Clinton Foundation at the time that the State Department was reviewing the sale to Russia. Those donations were kept secret by the Clinton Foundation. Remember: the Clintons had promised President Obama and the U.S. Senate Foreign Relations Committee that they would disclose all donations.
Ponte Vedra Beach, FL Affordability Improves As Housing Prices Tumble 5% YoY
http://www.zillow.com/ponte-vedra-beach-fl/home-values/
Let’s just file this one under DUH….
Janet Yellen: Fed low on options to handle another recession
http://money.cnn.com/2016/06/21/news/economy/janet-yellen-fed-congress-tools/index.html
Santa Barbara County, CA Affordability Surges As Housing Prices Plunge 8% YoY
http://www.zillow.com/santa-barbara-county-ca/home-values/
lol@lola!! yep, dirt cheap!!!
hey twinkle, is this cheap? The median home value in Santa Barbara is $1,078,500.
http://www.scottwilliams.com/santa-barbara-median-home-prices/
I know you are barricaded somewhere in Buffalo, NY so it is like another planet to you.
Someone is living in your empty skull, rent free.
I have zero tolerance for BS
Then you should fit in here nicely AZ_Donk.
Are you missing out on the opportunity to reap riches from owning assets when helicopter drops of cash are raining down from above?
Don’t look now! Helicopter money is already being deployed
Published: June 21, 2016 5:48 p.m. ET
Helicopter money is often viewed as a policy tool of last resort
AFP/Getty Images
Helicopter money is already here but it’s in stealth mode.
By Sue Chang
Markets reporter
Apparently Federal Reserve Chairwoman Janet Yellen didn’t get the memo but helicopter money is already at work in the U.S.
Last week, Yellen conceded that the Fed may have to “legitimately consider” resorting to unconventional measures in the event of a severe economic downturn.
But Torsten Slok, Deutsche Bank’s chief international economist, argues that the Fed has been employing measures similar to helicopter money via its remittances to the Treasury.
“The Fed in 2015 paid the U.S. Treasury $117 billion and dividing that by the total number of households (125 million) shows that the Fed is already giving money to U.S. consumers,” he said in a note on Tuesday.
…
Denver, CO Affordability Surges As Housing Prices Tumble 7% YoY
http://www.zillow.com/denver-co-80204/home-values/
LMFAO
https://www.portfoliovisualizer.com/backtest-portfolio#analysisResults
fun tool look how well REITs have done depending on when ( the year) you start the tool of course.
I initially misread the statement below to say, “Republicans’ fear candidate lacks campaign infrastructure to beat Clinton.”
Eats, shoots and leaves
The Financial Times
Donald Trump
Trump stumbles in pivot to prime time
Republicans fear candidate lacks campaign infrastructure to beat Clinton
Photographer: David Paul Morris/Bloomberg
© Bloomberg
3 hours ago
Demetri Sevastopulo in Washington
Whenever someone claimed that Donald Trump lacked the infrastructure to win November’s election, his campaign manager countered that the Republican candidate had won a record number of primary votes with roughly a tenth the staff of Hillary Clinton.
Just hours after Corey Lewandowski was fired on Monday, that lean campaign was cast in a negative light when May fundraising numbers revealed that Mrs Clinton had reeled in almost nine times the $3.1m that the New York businessman took from donors. The Democrat ended the month with a $42.5m bank balance compared with $1.3m for her Republican rival.
“It’s a further indication that the Trump campaign is not ready for prime time,” said John Feehery, a former top Republican congressional aide. “Thank God they fired their campaign manager. There is still some time, but not much.”
…