Those Years Were An Anomaly
It’s Friday desk clearing time for this blogger. “As homes continue to claw back value lost in the real estate crash, Palm Beach County house prices last month climbed to their highest level in eight years. Values have bounced back — and Jackie Ellis, owner of Keller Williams offices in Boynton Beach and Boca Raton, said rising prices threaten to create a drag on the housing market. She predicted home sales will stall after the summer selling season. ‘We are seeing a slowdown,’ Ellis said. ‘The listings that we think should be flying off the shelf have not been flying off the shelf.’”
“Chicago-area home prices no longer are climbing at the sharp pace recorded in the spring, but both prices and sales continued modest gains in June. While there is some talk of a ’seller’s market,’ Kevin Koszola with Baird & Warner in Downers Grove struggled to sell his grandmother’s home in Saddle Brook. It was recently appraised at $588,000 but sold at $539,000 a couple of weeks ago after family members had dropped the price continually since 2010. Koszola’s grandmother purchased the home for $650,000 in 2005 and spent $150,000 on improvements.”
“‘People are ignoring appraisals and comps’ for other homes in the neighborhood, Koszola said. They continue to be very cautious, afraid ‘homes will crash again’ and even afraid of the upcoming election, he said. As a result, Koszola said, many have unreasonable expectations about the prices they will pay, and they stick to them.”
“Here’s some surprising news - San Francisco rents are dropping. And the vacancy rate is up. Those in the business tell us what we’re seeing is a correction from the super high rents. ‘Usually when a cycle like this starts, it goes out over a couple year period,’ said Janan New with the SF Apartment Association. ‘We’ve noticed the rental market over the past few months that rents have been dropping across the board. Especially in the higher end market,’ she said. ‘The larger market where apartments were going for $8,000 to $10,000 dollars, there’s a high vacancy in those.’”
“A 13 unit luxury apartment building in SoMa just opened up. A lot of new construction and high end apartments are competing for tenants. Leasing agent Andrew Bryson with Berendt Properties even sees a softening in the lower end rentals. ‘The studios below $2,500 around that price point or the one bedrooms around $3,200 we’re definitely feeling a softening,’ he said. ‘Generally around five to 10 percent or so.’”
“Housing is a commodity. The law of demand and supply applies. ‘Companies have been consolidating and moving and developing out of the city,’ said New. Bryson adds, ‘The hiring we’re seeing is very slowed down if not halted as well as there’s a lot of inventory that’s coming on the market.’”
“The number of real estate transactions in the Hamptons fell 21 percent during the second quarter, adding to evidence that the high end of the housing market is faltering. The softness in the Hamptons mirrors declines in high-end real estate across the country, from Manhattan penthouses and Miami condos to L.A. mansions. Wealthy buyers have been spooked by volatile stock markets, election uncertainty and money-laundering investigations.”
“Yet Jonathan Miller, president and CEO Miller Samuel, said the decrease is no reason for panic. Instead, the market is simply returning to normal after unusually elevated levels in 2013, 2014 and 2015, he said. ‘Those three years were an anomaly,’ Miller said. ‘Even though we are down from those levels, we are still above long-term sales norms.’ Miller said he doesn’t expect much improvement in the market the rest of this year. ‘I think we’ll continue to see more of the same,’ he said.”
“Low energy prices and high unemployment have forced people out of their homes in droves, spiking housing vacancies to levels not seen in well over a decade, census figures show. Calgary’s 2016 civic census revealed that more people moved out of the city than arrived here. More than 20,800 units were empty in April, a 67 per cent spike over last year’s levels, which brought the vacancy rate for dwellings to 4.3 per cent, according to the census. The vacancy rate hasn’t been this high since 2004.”
“Owners of higher-end rentals, ranging from $2,000 per month and over, have dropped their rents by as much as 30 per cent, said Gerry Baxter, executive director of the Calgary Residential Rental Association. ‘For a tenant, it’s a great time to shop around, find a unit of your choice,’ Baxter said. ‘For the people who own the property, it’s certainly a challenging time because costs continue to increase, but in many cases most landlords are not going to pass it on, or not all of the increases, because the markets won’t allow it.’”
“Qatar-based United Development Company has seen profits plunge in the first half of 2016 amid a softening home rental market. It comes amid an overall decline in demand for luxury apartment rentals, real estate analyst Mark Proudley told Doha News. This is in large part because thousands of white-collar expats have left Qatar this year. According to Proudley many upper-end apartment towers around the country are starting to see vacancy levels in the double digits. ‘Rentals have also softened by around 5 percent to 10 percent, though a lot of landlords are offering tenants a rent-free period as an additional incentive,’ he said.”
“Prime real estate in London continues to nose dive. Penta first reported the start of the downward price trend in November 2015, when a foolish tax increase on luxury housing by the David Cameron government prompted a year-on-year 5.5% drop in £5-million-plus prime Central London house prices, and again in January of this year. In this latest round of softness, however, it’s not just Brexit, but the continuing build up of new housing inventory that is shaking confidence. More than 35,000 luxury homes are expected to be built over the next decade. Simon Rubinsohn, chief economist at Royal Institution of Chartered Surveyors says it’s not clear as to what’s going to happen next with all of these new offerings.”
“‘My main concern is one of supply,’ says Rubinsohn. ‘I was going down a train by the river and noticing how many buildings are going up.’”
“While the hoi polloi frets over housing affordability, a privileged few are taking their pick of luxe mansions, tropical hideaways and five-star penthouses. But highest-end buyers sometimes sweat over prices, with the asking figures of a few of Australia’s most prestigious properties slashed by millions of dollars over winter’s more subdued market.”
“The former Perth home of the late business scion Alan Bond has sold in swish seaside Cottesloe, but below original price expectation of $4.75 million. Bond’s 4 Hawkstone Street traded privately on June 29 for $3.95 million according to updated advertising. It had been on the market since last July. Cottesloe attracts Perth’s nouveau rich but its market has taken a whack, with house prices down 13.5 per cent over five years according to Domain Group data. In Adelaide’s upmarket Glenelg, vendors of a marina-front mansion – the city’s most expensive home when measured per square metre – have adjusted their price expectations by a whopping $1.5 million.”
“In sunny Port Douglas, a spectacular mansion is yet to find a willing buyer with deep enough pockets. The Edge, a spaceship-style home overlooking turquoise breaks, is for sale for $5 million, down from $7.4 million. Agent Callum Jones, of Tony McGrath Real Estate, said vendor Claire Graham had downsized and intended to spend more time travelling between New South Wales and Port Douglas. ‘This property represents great value and cannot be replaced,’ Mr Jones said.”
“‘Pure Island is one of multiple projects, including the Olympic Park and the 8 billion reais regeneration of Rio’s port area, funded in partnership with developers but now stalling. Developers say they have sold just 240 of the 3,600 apartments that go for between 750,000 and 3 million reais ($230,000 to $925,000). Buyers are returning apartments, a sales source said, put off by Brazil’s economic crisis and the scant appeal of being lonely occupants of a space stretching more than 100 soccer pitches in a still-remote region of Rio.”
“Mauricio Cruz Lopes, director general for the project, admitted sales are well below the target of 1,000 properties by now. ‘When this project was planned there was an optimism and growth across all of Brazil,’ said Cruz Lopes. ‘Now the situation is completely different.’”
“With Brazil in its worst recession since the 1930s, demand has crashed and Rio house prices are down 20 percent in real terms over the past year. ‘They overbuilt and they misbuilt,’ said Andrew Zimbalist, an economist at Smith College in the United States and author of ‘Circus Maximus,’ a comparative study of the economics of hosting the Olympics. ‘They built high luxury condos at a time when the market was about to go bust.’”
Second Mortgage Delinquencies are Going Up
Bocan Raton, FL Housing Prices Plummet 6% On Rising Mortgage Defaults
http://www.zillow.com/boca-raton-fl/home-values/
From your site:
Boca Raton home values have gone up 6.7% over the past year.
Prices my friend prices. Nobody cares about values.
My good friend Karen made these simple step by step instructions for you
https://snag.gy/m5EzRB.jpg
Don’t give HA, Senior HA or CEO (all the same poster) any credence. He has been telling me not to buy any real estate for over 10-years, yet my portfolio is up about $800,000 and my cash flow is over 10% today. Buying houses in 2008, 9 & 10 was the best thing I ever did.
Here is one example. Purchase from bank for $296,000 in ‘10, sold in ‘13 for $420,000 and had great cash flow in between.
http://www.zillow.com/homes/1212-Hillwood,-lincoln,-ca_rb/
No everyone loses in real estate…….and no one should listen to HA.
What was that?
Rancho Bernardo(San Diego), CA Housing Prices Crater 9% YoY On Rising Mortgage Defaults
http://www.zillow.com/rancho-bernardo-san-diego-ca/home-values/
Maybe the buyers are staying away to avoid having to help pay off $1 billion worth of capital appreciation bonds?
Education
Ousted Poway supe faced money woes, records show
Texts and real estate records reflect problems making ends meet
By Deborah Sullivan Brennan | 5:52 p.m. July 14, 2016
SAN DIEGO, February 9, 2016 | With board President Michelle O’Connor-Ratcliff sitting at right, School Superintendent John Collins speaks during a Poway Unified School District board meeting at Rancho Bernardo High School on Feb. 9.
| -Mandatory Photo Credit: Photo by Hayne Palmour IV/San Diego Union-Tribune, LLC
POWAY — Former Poway school district Superintendent John Collins was among the highest paid superintendents in the state, but money was so tight at home that he sometimes had trouble paying bills and had to sell his house after a threat of foreclosure, documents show.
The cash crunch is partly illustrated in a series of text messages to and from his wife, Lisa, sent from his district iPad and released this week as part of a district audit into Collins’ compensation.
Collins has declined to comment on the audit, but his attorney Lynne Lasry issued a statement Monday calling it “replete with errors,” and saying Collins had been denied access to witnesses and documents to defend his position.
The texts paint a picture of financial distress aimed at bolstering Poway Unified School District’s claim that Collins took $345,263 in unauthorized payments from school coffers. The district has said it plans to sue Collins to recoup the money.
…
In 2012, Collins and Poway Unified made national headlines and sparked widespread outrage over news that the district had used capital appreciation bonds, a controversial financing mechanism, to raise $105 million for school construction — bonds that would cost taxpayers nearly $1 billion to pay back.
…
Debtors need more loans… so they can make their payments.
Dumb. Borrowed money. People never learn.
‘Sales of existing single-family homes have tumbled by 4.6 percent in Sarasota-Manatee and by 7.8 percent in Charlotte through the first six months of the year…Home sales have dropped every month so far this year, but real estate agents say the market was bound to cool off after record-setting years in 2014 and 2015.’
“Buyers in the $400,000 to $900,000 range have been balking all year about the current asking prices,” said Charryl Youman, an agent with Berkshire Hathaway HomeServices Florida Realty in Venice. “Many just don’t see the value. Because if you have a listing in that price point, you are already competing with new construction, big time. And sitting on the market longer, with very few looks.”
‘Pending sales for homes and condos were down 25 percent over the year in June in Sarasota-Manatee, signaling slower sales this summer. That would be a “more typical trend,” the association said in its report, than last year when sales stayed strong through August.’
‘The stock of single-family homes for sale is 20 percent higher in Sarasota and 17 percent in Manatee, while the condo inventory is 36 percent higher in Sarasota and 17 percent in Manatee.’
Oh dear…
‘you are already competing with new construction, big time’
‘The spring-time rally in crop prices has not been echoed in buoyancy in land prices, with Corn Belt values landing investors a fourth successive quarter of losses, even factoring in income such as rents. Total returns on Corn Belt land – including both land price appreciation and rents – proved notably better in the April-to-June period than in the previous quarter, when they came in at a negative 3.3%, data from the National Council of Real Estate Investment Fiduciaries showed.’
‘However, at a negative 0.03%, “on continued depreciation”, they remained in the red for a fourth quarter, a period over which investors have seen a total negative return of 6.5%.’
‘The continued weakness came despite a rally during the April-to-June period in prices of corn and soybeans, which the Corn Belt is particularly noted for producing, amid concerns over weather setbacks.’
‘And land prices have fallen further since the end of June, according to a separate survey by Creighton University of values in major Midwest agricultural states, including Corn Belt majors such as Illinois and Iowa. A farmland price index compiled by Creighton came in at 31.3 for July, down 1.0 points month on month, and well below the 50.0 level which indicates a neutral market.’
“This is the 32nd straight month the index has languished below growth neutral 50.0,” the university said.’
‘In terms of actual prices, bankers surveyed by Creighton believe US farmland values are now down by 6% over the past 12 months.’
I remember a few articles where the farmland price bubble had reached $16,000 per acre. You can’t grow anything to justify that. $2,500 per acre, here we come…
‘Low energy prices have led to mass layoffs in the oilpatch and in downtown Calgary, where entire floors of office towers are increasingly vacant. In a period of high unemployment, residential vacancies are also on the rise in the commercial district.’
‘Nearly 1,800 housing units in the Beltline — 10 per cent of the total — were vacant in April, more than double last year’s volumes, the census figures show. Another 1,750 units were under construction in the downtown neighbourhood, home to many rental properties.’
‘Across Calgary, there were nearly 9,000 vacant apartments, with a vacancy rate of more than eight per cent.’
‘While many expect global oversupply of oil to ease in the near term, huge amounts of crude are languishing in vessels at sea and storage tanks on land as the rebalancing takes longer than some had anticipated.’
“The narrative of a balanced oil market (in the second half of 2016) has so far been an illusion,” UBS oil analyst Giovanni Staunovo said. “Supply might actually increase”
A year or so ago, people in Calgary were talking about a “bottom”.
Now they talk about tearing down perfectly good office buildings.
“WTI Tumbles To $43 Handle - 3-Month-Lows - As Gasoline Glut Deepens”
http://zerohedge.com/news/2016-07-22/wti-tumbles-43-handle-3-month-lows-gasoline-glut-deepens
And crude has a long way to fall considering production rate for a barrel of crude is in the $6-$7 range.
I think production rate for a barrel of crude is $1.44 a lot less then soda.
lol@lola
Paging Albuquerque Dan…
‘In further signs that the luxury housing market in London is starting to sag, it has emerged a sub-penthouse in the Nine Elms development has failed to attract a buyer willing to take it for its 2013 price-tag.’
‘An advertisement on property portal OnTheMarket.com showed an investor in one of the phases in the Nine Elms project is selling an 11th floor flat for less than the original purchase price.’
‘The advert suggests the investor paid £1,175,000 in 2013. According to property analysts Propcision, the price was cut to £940,000 in mid-June. The vendor denies that the price was listed below £1m, but confirms it is now listed for £1,100,000. The advert for the two-bedroom apartment reads: “Urgent sale - asking now LOWER than the original price of 2013 which was £1,175,000. Due completion - NOW.”
“With Brazil in its worst recession since the 1930s…….”
Ouch. Brazil is getting its own Great Recession, just in time for the bill coming due from hosting the Olympic Games. 2017, 18 & 19 are going to be ugly.
Where is Rio to give us an on the scene report?
‘When this project was planned there was an optimism and growth across all of Brazil…Now the situation is completely different..
.With Brazil in its worst recession since the 1930s, demand has crashed and Rio house prices are down 20 percent in real terms over the past year. ‘They overbuilt and they misbuilt…They built high luxury condos at a time when the market was about to go bust’
We don’t need rio to tell us what’s happening:
‘They overbuilt and they misbuilt’
Both. How could this happen? The artificial prices were sending an incorrect signal to the suppliers. Boy, I hope prices elsewhere aren’t sending the wrong signals.
‘the asking figures of a few of Australia’s most prestigious properties slashed by millions of dollars’
‘The softness in the Hamptons mirrors declines in high-end real estate across the country, from Manhattan penthouses and Miami condos to L.A. mansions’
‘Qatar-based United Development Company has seen profits plunge in the first half of 2016 amid a softening home rental market. It comes amid an overall decline in demand for luxury apartment rentals…many upper-end apartment towers around the country are starting to see vacancy levels in the double digits’
‘Prime real estate in London continues to nose dive…the continuing build up of new housing inventory that is shaking confidence. More than 35,000 luxury homes are expected to be built over the next decade..it’s not clear as to what’s going to happen next with all of these new offerings’
‘My main concern is one of supply…I was going down a train by the river and noticing how many buildings are going up’
It’s like a trend or something.
Happens every time (in normal real estate cycles):
Prices rise
Supply increases
Prices flatten, or fall.
Problem is there is no cycle. This is a global mania…. and it’s coming apart.
What, you are saying “It’s different this time!” Hmmm, I wonder where have I heard that before……
You say you paid a grossly inflated price for a bunch of depreciating assets with borrowed money during a lull in a global mania?
Oooooooph.
“It’s different this time!”
It’s been said so often in so many inappropriate situations that when it truly is different, there is no utility to pointing it out.
These articles are making me curious, and I would like to visit to see for myself. I’ve technically been in Brazil, but it was only in a border town with it shares with Uruguay, where you can “travel” between countries simply by crossing the main street.
From what I’ve read, Brazil represents every attribute of Latin America, good and bad, scaled to match the country’s size.
As for housing, almost the whole world is following the same deranged game plan. Houses without people, and people without houses, and a political class which is corrupt, ignorant, stupid or incompetent.
Regarding the recent collapse of the new Rio de Janeiro bike path — note the photo showing the deceased lying on the beach:
“The next morning, newspapers ran pictures of the two bodies laid out on the sand, their faces hastily covered with beach towels, waiting to be removed by emergency personnel. Nearby, between the dead men and the surf, a group of young men played a nonchalant game of pickup soccer. How, demanded middle-class Rio, could they be so insensitive? The response from the favelas was this: for you, with your bike paths and your beach chairs, this is something new. But we see this each day, bodies on the streets, waiting for the ambulance that comes too late.
The collapse of the ciclovia and the conflicting reactions that followed exposed the gaping divide between the city’s elite and those who clean its streets. It said everything about Rio in that moment—the postcard city with so much pain on its flip side.”
https://www.hakaimagazine.com/article-long/rio-olympics-and-broken-promises
Heh, sounds like Acapulco where it’s said they just kick the decapitated heads out of the way.
Back in the day, I used to work with this guy in Miami who grew up in El Paso. He used to bring Mexican tabloids to work to show us the grainy pictures of heads and burned torsos and stuff like that. One of the tabs was called “Justicia!”, I forget what the other one was.
Palm Beach County home prices rise to post-crash high
By Jeff Ostrowski - Palm Beach Post Staff
Posted: 3:39 p.m. Wednesday, June 22, 2016
http://www.mypalmbeachpost.com/news/business/real-estate/palm-beach-county-home-prices-rise-to-post-crash-h/nrkxS/
“….In another sign that the region’s volatile housing market is returning to normal, foreclosures and short sales have all but disappeared. So-called distressed deals made up less than 10 percent of Palm Beach County sales for the first time since the crash…..”
If only i had purchased a few houses in 2009, 10, & 11!!!!!
So it’s like 2004
“The median price of a house sold in Palm Beach County last month rose to $311,000, the highest level since 2008.”
“Home prices remain below their peak values of 2005 and 2006, when the typical home fetched more than $400,000, but the return to modest appreciation suits some just fine.”
Remember….. I can ask $50k for my run down 10 year old Chevy pickup but where is the buyer at that price?
So it is with all depreciating assets like houses.
The scum who vote for Hillary Clinton bear full moral responsibility for turning over America to this one-woman crime spree and hireling of the banksters and oligarchs.
http://freebeacon.com/politics/top-clinton-lobbyist-bundlers-tied-foreign-banks-governments/
No matter who wins the presidency, the American public loses.
Trump Enrages the War Party
‘He’s challenging 70 years of US foreign policy – and they hate him for it!’
‘It starts off with Times reporter David Sanger trying to bait him into attacking Paul Ryan, who, he says, “presented a much more traditional Republican, engaged internationalist view of the world.” Sanger reminds him of his previous comments on NATO: that our shiftless “allies” need to start paying their fair share of the costs of the alliance. Sanger adds in Korea and Japan, and ask: what if they won’t pay? What then?’
‘Trump’s answer is vintage Trump: “Then yes, I would be absolutely prepared to tell those countries, ‘Congratulations, you will be defending yourself.’”
‘Sanger reverts to the default interventionist argument: “Even if they didn’t pay a cent toward it, many have believed that the way we’ve kept our postwar leadership since World War II has been our ability to project power around the world. That’s why we got this many diplomats …”
‘Trump’s answer is perfect: “How is it helping us? How has it helped us? We have massive trade deficits. I could see that, if instead of having a trade deficit worldwide of $800 billion, we had a trade positive of $100 billion, $200 billion, $800 billion. So how has it helped us?”
‘Here Trump has stumbled on the dirty little secret of the post-World War II security architecture so beloved by our elites: for the privilege of paying for their defense, and in effect militarily occupying our allies-cum-satellites, we allow them to flood our markets with tariff-free goods, while they wall off their markets with trade barriers and subsidies.’
‘And here Trump lets it rip with a reiteration of his essential point: “I’m only saying this. We’re spending money, and if you’re talking about trade, we’re losing a tremendous amount of money, according to many stats, $800 billion a year on trade. So we are spending a fortune on military in order to lose $800 billion. That doesn’t sound like it’s smart to me. Just so you understand though, totally on the record, this is not 40 years ago. We are not the same country and the world is not the same world. Our country owes right now $19 trillion, going to $21 trillion very quickly because of the omnibus budget that was passed, which is incredible. We don’t have the luxury of doing what we used to do; we don’t have the luxury, and it is a luxury. We need other people to reimburse us much more substantially than they are giving right now because [they] are only paying for a fraction of the cost.”
‘Sanger, defeated, can only point to the logical conclusion of Trump’s foreign policy: “Or to take on the burden themselves.” Trump is ready for him: “In a deal, you always have to be prepared to walk. Hillary Clinton has said, ‘We will never, ever walk.” That’s a wonderful phrase, but unfortunately, if I were on Saudi Arabia’s side, Germany, Japan, South Korea and others, I would say, “Oh, they’re never leaving, so what do we have to pay them for?’ Does that make sense to you, David?”
‘Sanger is forced to concede: “It does, but …” and he falls back on the far-fetched question of how will we defend the United States – as if there’s going to be an attack on the continental US. Trump comes back at him with the rather obvious fact that we can always deploy from the US – “and it would be a lot less expense.”
‘Exhausted by the pushback, Sanger switches to “current events” – the recent coup attempt in Turkey. Shouldn’t we stick our noses in that mess, too, because Erdogan is jailing people left and right. Trump says no, and in quite a remarkable way: “I think right now when it comes to civil liberties, our country has a lot of problems, and I think it’s very hard for us to get involved in other countries when we don’t know what we are doing and we can’t see straight in our own country. We have tremendous problems when you have policemen being shot in the streets, when you have riots, when you have Ferguson. When you have Baltimore. When you have all of the things that are happening in this country – we have other problems, and I think we have to focus on those problems. When the world looks at how bad the United States is, and then we go and talk about civil liberties, I don’t think we’re a very good messenger.”
‘Trump has turned the tables on the War Party: it is they who are being put on the defensive by his relentless assault, and his willingness to say what most normal people are thinking. His disregard for the pieties of the Beltway, his contempt for the self-proclaimed “experts,” and his ability to mobilize the American people behind a foreign policy that puts them first, is the best thing that has happened to this country in the modern era.’
Just wait till he gets a little taste of the adulation that comes with being a war president…
So you think you know Trump, dooya, Russ?
That’s OK, you’re in good company, there’s millions of people, both supporters and detractors, who think they know Trump and what he will or won’t do. I can’t tell you the number of times I’ve seen people post statements on line like “I’m sure Trump would…” “I’m sure Trump would never…”
I myself didn’t realize how idiotic the premise of “I’m sure Trump” really is until these past couple of weeks. Ain’t no such thing. No one has any idea what he’ll do until he actually does it, and even then, most people have no clue what really went down and why.
And therein lies the rub. People crave predictability, understandably so. Especially during a time of great unpredictability. Even the predictability of abject misery under Clinton is far preferable to many than the unpredictability of Trump. How Trump manages to be both Brer Rabbit and Tar Baby at the same time is a complete mystery to me.
Speaking of Tar Baby, I see David Duke is once again raising his ugly head to make a run for Senate and is endorsing Trump. That should warm the cockles of the hearts of race baiters everywhere. I was right, though. The Klan was and always will be a government psy ops, crude as it was back in the day.
The one think I know for sure is that he’s an egomaniac… and glory is like crack to an egomaniac. Will he be able to put down the crack pipe before he decides to rain hell on brown people somewhere? I don’t think so… but we shall see.
You might need to put down the crack pipe yourself.
“You might need to put down the crack pipe yourself.”
+1
^^^^^^^^^^^^
We’re trumpelling in earnest now.
Establishment, RIP
http://regated.com/2016/07/gop-establishments-cold-shoulder-of-rnc-deathrattle/
‘Here Trump has stumbled on the dirty little secret of the post-World War II security architecture so beloved by our elites: for the privilege of paying for their defense, and in effect militarily occupying our allies-cum-satellites, we allow them to flood our markets with tariff-free goods, while they wall off their markets with trade barriers and subsidies.’
There’s not really any connection there. China is not an ally and they are allowed to flood our markets with cheap goods. On the other hand, we effectively play a large role providing national security to Canada, and American manufacturers face essentially no trade barriers if they wish to export to our northern neighbor.
How can Trump by against the U.S. imperialism if he 1) says he wants to go after ISIS and 2) by doing so, accepts the lie that ISIS is not really run by the U.S. / Israel / Saudi coalition?
Trump is going to outdo Obama on wars if he wins. How can you guys be so right on about the bubble yet be so naive saying Trump is not part of the crony establishment?
You guys are too weird.
Based on what the tone of Trump’s speech on Thursday night, ISTM that Trump will either bug out of a country entirely, or turn it into glass.
Either way, Trump will be DONE, quickly and cheaply. No more of that murky nation-building bullsh!t which the MIC is so good and wringing contracts out of.
Trump is hardly “crony establishment.”
Yeah Oxide,
I was thinking that whether or not Trump wins, he will be his own downfall. And I hope he wins only so that the self-labeled individualists would return to individualists and to bring back the anti war left.
“Trump is going to outdo Obama on wars if he wins. How can you guys be so right on about the bubble yet be so naive saying Trump is not part of the crony establishment?”
Spot on.
Well, I have to admit, I admire the simplicity of that plan.
Reminds me of a joke:
HRC and DT are trapped together and alone on a disabled ship in the middle of the ocean, who survives?…
America.
What do you call 150 neocons at the bottom of the ocean?
A good start.
How do you know HRC is lying?
Her lips are moving.
Hillarious’ pick of Kayne I think is a sign that she couldn’t find anyone better - e.g., with a semi-clean rap sheet who would be willing to immerse themselves in the clinton sleaze. I think most of the gems see the hillary ship going down big time in the fall. As the saying goes, no honor among thieves.
“Hillarious’ pick of Kayne I think is a sign that she couldn’t find anyone better…”
What do you expect? Mike Pence was already taken.
Politicians losing their sleaze virginity… always brings a tear to my eye.
No riots in Cleveland…what a disappointment….
Well, Alex Jones certainly gave it his best shot at starting one or two.
sing with me:
U FOUGHT THE FED AND THE FED WON!
The one good thing about our coming collectivist kleptocracy: there will be a lot fewer obese people. Forward!
http://www.globalpost.com/article/6784085/2016/07/21/big-mac-latest-casualty-venezuela-shortages
Speaking of obesity, the NY Post had a very interesting article about “fake food”. I knew about some of this, but wow, I had no idea how deep this rabbit hole goes. No wonder there’s a problem with obesity.
http://nypost.com/2016/07/10/the-truth-behind-how-were-scammed-into-eating-phony-food/
America fake economy, fake technology, fake food….
Is there anything real in this country except you are being scammed at every level?
“Is there anything real in this country except you are being scammed at every level?”
Debt?
Debt seems to be real, real enough for ignorant pukes to work so I can hang out at the beach.
Debt? Other than student loans, you can make it go poof with a BK.
Is there anything real in this country except you are being scammed at every level?
Growing waistlines?
Funny how the Soros Scum tend to be no-shows when faced with the real prospect that their would-be victims might exercise their Second Amendment rights. No wonder Soros and his fellow billionaire oligarchs are so assiduously pumping tens of millions of their ill-gained loot into “gun control” initiatives. Meanwhile, the paltry turnout of Soros Scum that oozed into Cleveland are trying to make up for their lack of numbers with the usual dirty tricks.
http://www.dailymail.co.uk/news/article-3702774/Cops-treated-skin-irritation-protests-outside-GOP-convention.html
We will see how Philly goes?
Can they still start a violence in Philly and blame it on Trump’s rhetoric?
They might try to start a conflict in Philly, using phony Trump supporters on one side. A month or two ago I would’ve said that’s what they’d try to do, but at this point I doubt it. I just hope Alex Jones stays home. His stunts are definitely not helpful.
The New Part-Time Job: “Get Paid $15 An Hour To Protest At The Trump Rally”
by Tyler Durden
Mar 30, 2016 9:29 PM
For those wondering why Trump rallies tend to devolve to pugilistic matches, where even belligerent 15-year-old protesting (or perhaps “provocative” is a better word) girls end up getting pepper sprayed much to the media’s fascination, the answer is Craig’s List ads such as the one below, in which allegedly “I’m feelin’ the Bern”-affiliated organizers provide paid positions for protesters at Trump rallies, and which provide not only shuttle buses, parking, and signs (as well as time cards) but also hand out $15/hour (as a “part-time employment”) for said protest activity “due to the economic inequality.”
This particular ad has since been removed by its author, although as the Daily Caller recently pointed out, this is a recurring pattern as anti-Trump protesters openly admit answering Craigslist ads and getting paid to protest at Trump rallies. This is what the DC said previously:
The Establishment on both the left and the right, who want to disenfranchise the millions of Republican voters who support Donald Trump, have blamed the staged riots near Trump rallies on Trump or on Bernie Sanders. That’s like blaming the Russians for the Reichstag Fire. Bernie has little to do with these manufactured protests. This is a Clinton operation, a faux protest.
False flag operations have long been common in politics, but these riots are poisonous to the electorate, intentionally designed to turn violent and stifle free speech.
This free speech-busting goon squad operation is directed by supporters of Hillary Clinton. It is paid for mostly by George Soros and MoveOn.org and pushed by David Brock at Media Matters for America. It’s also funded by reclusive billionaire Jonathan Lewis, who was identified by the Miami New Times as a “mystery man.” He inherited roughly a billion dollars from his father Peter Lewis (founder of Progressive Insurance Company).
A march and demonstration against Trump at Trump Tower essentially fizzled Saturday when only 500 “protesters” of the promised 5000 showed up. Infiltrating the crowd, I learned most were from MoveOn or the Occupy movement. Soap was definitely in short supply in this crowd. Several admitted answering a Craig’s list ad paying $16.00 an hour for protesters.
Hillary understands that Trump would lose the votes of certain establishment Republicans if he were the nominee. On the other hand, it doesn’t matter, because of his crossover outreach. In Michigan, Democrats and independents who have lost their jobs because of disastrous globalist trade deals like NAFTA are lining up to vote for Donald.
“I was given $3,500 to protest Donald Trump’s rally in Fountain Hills,” said 37-year-old Paul Horner. “I answered a Craigslist ad a little over a week ago about a group needing actors for a political event. I interviewed with them and got the part.”
Trump supporters have been claiming for weeks that the protesters are being paid for by Bernie Sanders’ campaign, but Horner disagrees.
“As for who these people were affiliated with that interviewed me, my guess would be Hillary Clinton’s campaign,” Horner said. “The actual check I received after I was done with the job was from a group called ‘Women Are The Future’. After I was hired, they told me if anyone asked any questions about who I was with or communicated with me in any way, I should start talking about how great Bernie Sanders is.” Horner continued, “It was mostly women in their 60’s at the interview that I went to. Plus, all the people that I communicated with had an AOL email address. No one still has an AOL email address except people that would vote for Hillary Clinton.”
http://www.neveragaincanada.ca/donald-trump-protester-speaks-paid-3500-protest-trumps-rally/
Women in their 60’s with AOL addresses ==> old bra-burners who want “the first woman President,” no matter who the woman is.
That said, they don’t have to be affiliated with or paid by the Hillary campaign. They could easily just drum it up themselves.
Hey Donk.
The story sounds made up. The actual Clinton campaign must employ plenty of men, as well as women under 60.
That sounds made up.
What about it sounds made up and why? Did you not read the accounts of the grumbling after Ferguson from the people who hadn’t gotten their payment yet? Do you not know that much of this sort of thing is funded by bloated foundations who have no idea where to put their money?
Does this sound made up to you?
http://equity-matters.com/category/micheal-p-scott/
There it is, the WK Kellogg Foundation. Now, I have no problem with activists involved in a worthy cause having a bit of respite. But I couldn’t help thinking, as I read that piece, that while these activists were kicking back and planning their next move, maybe some of the folks in Baltimore who had their homes blasted and their businesses looted and friends and family wounded might have liked a nice rocking chair on the porch of a resort in the Rockies and a massage to soothe their jangled nerves.
How about it, Mikey? Why not tell the good folks here on the HBB how much the Southern Perverty Lie Center gets from these foundations?
The part that sounds made up is the notion that the only people who would work for Hillary Clinton are women in their 60s.
Also, your obsession with the Southern Poverty Law Center is lame and loserish. There’s never any evidence to back up the “narrative” that false accusations of racism are a big problem in America.
If you do a little Googling, you’ll find that Paul Horner is some sort of satirist who posts fake news stories on a number of web sites.
If I’m not mistaken, he’s also an actor.
Back in the 1980s/early 1990s, I remember there was some guy by the name of Alan somebody or other, I just did a google search for him, but couldn’t get anything on the first two or three pages. Anyhoo, the guy became famous for posing as different people and going on local news shows as an “equal time” guest. In one case he posed as a citizen concerned about nude dogs and give an impassioned editorial for people to put clothes on their dogs. He gave the name of some phony organization and people actually sent checks in support of it.
Another time he pulled some prank dressed as a wealthy Arab.
In fact he wrote all about it in some advice column or book for budding actors, that if they were between gigs, they should always be doing something to hone their craft.
So if this guy is an actor, it’s totally believable that he’d do the gig. Probably delighted to get paid.
Now, what’s really lame and loserish is YOUR obsession with the HBB and certain posters here, ya creep.
If you go to the bottom of that page on that Canadian Jewish website that you linked to, there’s a link to a fake ABC News website. The guy writes in bold, capital letters, “HELLO. THIS ARTICLE IS SATIRE. THIS IS NOT REAL AND NEVER HAPPENED. DONALD TRUMP PROTESTERS ARE NOT GETTING PAID TO PROTEST.” He goes on from there to ridicule right wing websites that he tricked into posting his article.
http://abcnews.com.co/donald-trump-protester-speaks-out-i-was-paid-to-protest/
Like I said, he’s an actor. And a prankster, apparently. Fake ABC news website. Although I will say the $3500 does sound a little excessive, compared to the $15.00 that the rank and file get.
Hey, Mikey, in case I didn’t make it clear, I admit, I fell for that one. Hook, line and stinker. Thanks for clearing it up.
But now I wonder if any of the $15.00/hour guys saw it and started demanding higher pay.
“They might try to start a conflict in Philly, using phony Trump supporters on one side.”
You guys totally missed it on predicting Cleveland violence that didn’t happen.
But there is nothing to stop you from doubling down on the Dems…
George Soros leaves secret messages for me under the bird bath. He writes about you a LOT, Raymond, and from his tone, I sense he is greatly displeased.
I’d keep an eye peeled for ninja tofu assination squads if I were you…
Ivanka is a babe.
http://www.businessinsider.com/ivanka-trump-rnc-speech-2016-7
yes, yes she is. Especially when contrasted with Chelsea.
Chelsea looks alright with the $1500 makeup job. We never see Ivanka without hers.
~Trump=A superb statesman with a squad of sexy strumpets~
Melania!
“Ivanka is a babe.”
Wanna compare her wax job with Hillary’s?
Slick prefers that soft merino wool found on veal island.
Meh. If you overlook the expensive hair and makeup and the new-mother gazingas, she’s only mildly pretty, if that.
Agree. Her step-mom is super hot though.
Now, now, ladies, pull those claws back in.
No, not really claws. I’m just tired of this notion that anyone prettier than Triggly Puff is automatically elevated to babe status. Ivanka is middle-of-the-pack. Years ago I taught dozens of undergrad women who looked exactly like that.
Triggly Puff or Ivanka?
I taught dozens who looked like young Ivankas. The Triggly Puffs generally didn’t take science classes.
For references Farrah Fawcett and Jaclyn Smith are babes. The actress who played the queen from Braveheart is above average. Ivanka is middle-of-the-pack. Triggly Puff is, well Triggly Puff (I’ll leave it there).
Men’s assessment of beauty is binary. “Would I or would I not have sex with that woman.”
One of Hillary’s main pimps, JP Morgan, is frantically demanding that US taxpayers bail out Itay’s banks. Will ‘Muricans meekly bend over for a new multi-trillion dollar bankster bailout like they did in 2008?
http://wolfstreet.com/2016/07/21/taxpayer-bailout-to-stop-italian-bank-meltdown/
“Will ‘Muricans meekly bend over for a new multi-trillion dollar bankster bailout like they did in 2008?”
Probably so. Due to God’s Plan and all of that.
I don’t read that article as suggesting that U.S. taxpayers be on the hook, but it’s a bad omen nonetheless:
“Desperate times call for ’significant measures,’ says IMF economist Juan Toro. These measures include a taxpayer-funded state intervention, a practice that was supposed to have been consigned to the annals of history by Europe’s enactment of new bail-in rules on Jan 1, 2016. The idea behind the new legislation was simple: never again would taxpayers be left exclusively paying to bail out bondholders of Europe’s insolvent banks.
But even before the ink has dried, the new rules are about to be broken, or at least bent beyond recognition.”
Another bailout in this country equal or greater to what happened in 2008 will be a very destructive policy decision. And I don’t think Hillary Clinton, or anyone, could sell it.
—————–
Five of the country’s largest banks, including JPMorgan Chase and Bank of America, still do not have credible plans for winding down their operations without taxpayer help if they start to fail, the Federal Reserve and the Federal Deposit Insurance Corp. said Wednesday.
The banks, which control trillions of dollars in assets, have until October to submit new “living wills” — detailed bankruptcy plans that eliminate concerns that taxpayers could be left on the hook if they fail. If those plans still are not “credible,” the regulators could eventually force the banks to sell off units or close lines of business.
https://www.washingtonpost.com/news/business/wp/2016/04/13/regulators-reject-the-plans-of-5-large-u-s-banks-for-preventing-another-taxpayer-bailout/
——————
(remember, this is the law that the Republicans want to appeal, because rules to prevent another taxpayer bailout are considered “crushing regulations.”)
The entire apparatus of financial regulation is a joke, at least as it currently is operating. Our crony capitalist politicians will never “force the banks to sell off units or close lines of business,” and any regulator pushing for such an outcome will be out of a job.
oxide: (remember, this is the law that the Republicans want to appeal, because rules to prevent another taxpayer bailout are considered “crushing regulations.”)
The law is regulatory theater designed to provide political cover.
When the ship of the economy listed towards the brink, Wall Street discovered how the government and Federal Reserve would react. They now know they are The Untouchables, and also know the amount of control they have over the public treasury and the federal government and central bank.
Creating credible plans to wind themselves down would make them lose the power and profitably they have, which would harm themselves and their patrons/puppets.
They’re not going to do that.
ive of the country’s largest banks, including JPMorgan Chase and Bank of America, still do not have credible plans for winding down their operations without taxpayer help if they start to fail, the Federal Reserve and the Federal Deposit Insurance Corp. said Wednesday.
They don’t need to have credible plans, thanks to millions of Obama Zombies, McCain Mutants, and Romney Retards who lurched forth from Stupidville in 2008 and 2012, lobotomy scars throbbing, to vote for Wall Street water carriers who will ensure the Fed and middle class taxpayers cover any and all losses of the TBTF banks.
Despite our national descent into IDIOCRACY, maybe there’s hope yet.
http://www.theburningplatform.com/2016/07/22/trumped-a-nation-on-the-brink-of-ruin-and-how-to-bring-it-back/
Will the UK be the first central banker Ponzi market to implode as the oligarch-looted real economy tanks?
http://www.independent.co.uk/news/business/news/brexit-shock-pushes-uk-services-and-manufacturing-into-contraction-says-new-survey-a7149901.html
Housing
Foreign Interest in U.S. Homes Cools
Foreigners pulled back on home purchases and also bought less expensive homes than they did in the prior year
A strong U.S. dollar and weakening economies abroad weighed on purchases of U.S. residential real estate by foreign buyers.
Photo: Joe Raedle/Getty Images
By Laura Kusisto
Jul 6, 2016 10:00 am ET
Miami condo developers, California realtors and others in the housing industry have hoped recent turmoil in the global economy would boost foreign interest in U.S. real estate. New figures suggest the opposite is likely.
Purchases of U.S. residential real estate by foreigners who aren’t residents of the United States fell by $10 billion in the year ending March to $44 billion, the lowest level since 2013, according to a survey by the National Association of Realtors released Wednesday.
…
FINANCIAL TIMES
Sterling
Pound hit as UK purchasing managers’ data points to recession
First PMI since Brexit vote unnerves markets as Barclays sees ‘shallow and prolonged recession’
41 minutes ago
by: Michael Hunter
The pound lost its gains for the session on Friday and made losses against the dollar after one of the first pieces of economic data compiled after the Brexit vote missed forecasts and pointed to recession.
Sterling was down 0.9 per cent at $1.3121 after the Markit/CIPS purchasing managers’ index (PMI) for the services and manufacturing sectors for July both missed forecasts.
The currency had been earlier up 0.4 per cent against the dollar before the data were published.
Analysis from Barclays said the data were “consistent with an imminent recession”. It pointed out that confidence levels were likely to fall further after the Brexit vote.
“While output fell markedly across the board, even sharper drops in forward-looking components were recorded, such as new orders and business or business expectations, pointing to even more downside to come …
“We forecast that the UK is likely to enter a shallow and prolonged recession from the third quarter, contracting by on average -0.1 per cent quarter-on-quarter.”
…
Oil Rally Hopes Crushed As Inventories Hit All-Time High
By Nick Cunningham - Jul 21, 2016, 5:04 PM CDT
Cushing Oil Storage
Oil prices sank on Thursday following fresh data showing oil and product stocks rising to an all-time high.
The EIA released its weekly data on July 20, revealing a slight drawdown in crude oil inventories. Crude oil stocks were down 2.3 million barrels, posting the ninth straight week of declines and adding momentum to a slow but steady oil market balancing. Still, oil inventories stood at 519.5 million barrels as of mid-July, about 60 million barrels higher than year-ago levels.
Combined, all U.S. crude oil and refined product stocks jumped to 2.08 billion barrels, an all-time high. This comes at a time of year when peak demand is supposed to draw down on inventories.
Part of the increase came because gasoline stocks unexpectedly rose yet again, rising by 0.9 million barrels to 241 million barrels, the highest level since April. It was also the fourth weekly increase in five weeks, a sign that refiners continue to pump out more product than the market is demanding. In fact, refinery runs increased by 1 percent last week from the week before (using a four-week average), about five times higher than analysts had expected.
In other words, refiners are contributing to the drawdown in crude oil stocks, pulling oil out of storage, but they are simply spinning that into gasoline, which then ends up in storage because people are not using as much as the industry thought it would.
…
Opinion: Why Donald Trump is the Bernie Madoff of politics
By Chris Edelson
Published: July 22, 2016 4:26 a.m. ET
A presidential campaign of false promises and illusions
Getty Images/ David Becker
In this bizarre election year, many struggle to find an apt comparison for Donald Trump.
Does his authoritarian streak make him America’s Vladimir Putin? Perhaps he is a latter-day version of Huey Long, the Louisiana populist who promised to make “every man a king.” Or he could be another Barry Goldwater, an extreme candidate headed to overwhelming defeat.
There is something to each of these comparisons, but one of Trump’s rivals for the Republican nomination pointed us in the best direction for coming up with an analogy.
Marco Rubio’s presidential campaign ultimately folded, and is memorable in large part for the Florida senator’s decision to sink to Trump’s level by taunting Trump’s “small hands.” (Rubio later said his children were embarrassed by their father’s attacks against Trump.)
Rubio flailed during the primaries in a desperate attempt to land a decisive blow against Trump, but one of his criticisms did hit home then — and now. Rubio called Trump a con man running for president.
That’s a good description for Trump, and the best example to illustrate Rubio’s point is the disgraced money manager Bernie Madoff.
Madoff’s Ponzi scheme lured investors with the mirage of consistently strong returns Madoff presented his clients, and financial regulators, with the outward trappings of respectability and success.
Of course, it was just an illusion based on false promises. The impressive profits weren’t real — Madoff just shifted money from some investors to others in the hopes of fooling people into believing they were reaping the benefits of financial wizardry.
For quite a while, Madoff succeeded in making the illusion work. It took decades before his fraud was brought to light.
In this presidential election, only a few months are left to expose Trump’s con game — and the stakes, of course, are much higher.
…
Hillary is the paragon of virtue I suppose according to this idiot writer. When is he going to expose Hillary’s con game? How often did he expose Obama’s con game?
Thought so!
“Hillary is the paragon of virtue…”
Exemplar in thought and deed!
Hillary is the paragon of virtue I suppose according to this idiot writer.
The Oligopoly-controlled media would of course tout Hillary as wise and virtuous, despite the overwhelming evidence to the contrary. Sadly, certain dupes in here are willing to overlook Hillary’s decades-long trail of venality, influence-peddling, and incompetence.
“but one of his criticisms did hit home then — and now. Rubio called Trump a con man running for president.”
CBS News July 19, 2016, 7:02 AM
In an interview with “CBS This Morning” co-host Charlie Rose, presumptive Democratic presidential nominee Hillary Clinton addressed perceptions of her trustworthiness and her use of a private email server as secretary of state.
And it hasn’t been determined that there was no hacking,” Rose said.
“Well, there is no evidence of it,” Clinton said.
“But some would suggest that that’s the reason that they were very good at it, ’cause there’s no evidence of it, and that you exposed–” Rose said.
“Charlie, there is no evidence of that,” Clinton said.
“But Comey, the director of the FBI, had said, you know, ‘But we don’t know,’” Rose said.
“No, that’s not what he said,” Clinton said.
“‘Can’t rule it out,’ he said,” Rose said.
“Well, but you can’t rule it in either.”
“Let me go to what he said. He said, ‘careless,’” Rose pointed out.
“Well, I would hope that you, like many others, would also look at what he said when he testified before Congress. Because when he did, he clarified much of what he had said in his press conference,” Clinton said.
“But he said it was sloppy,” Rose said.
“No, he did not,” Clinton said.
“Correct me if I’m wrong. … Someone said, ‘What’s the definition of careless?’ And he said, ‘Real sloppiness,’” Rose said.
“Well, let me say this: There were three at– probably at least 300 people on those emails,
Good luck with this plan!
Google searches for third-party presidential candidates are up over 1000%
By Barbara Kollmeyer
Published: July 22, 2016 10:27 a.m. ET
Spike comes amid Republican National Convention
As the Republicans presented their vision of the country, Americans appeared to be hot on the hunt for an alternative presidential candidate.
Searches for “third party candidate 2016” soared by 1,150% in the past week during the Republican National Convention, according to Google Trends. The spike shown in the below chart spiked toward the end of what was at times a raucous and bizarre convention for the Republicans that ended with Donald Trump’s nomination:
…
Trump was nominated with the eighth-lowest delegate percentage in RNC history. He won with 69.8 percent of the total – meaning he failed to garner 30.2 percent of the vote, Philip Bump notes. “That’s the highest percentage of the delegate total to oppose the nominee since the last contested convention in 1976. It’s also the second-highest in a century.”
There were 17 candidates. The party openly conspired to shut him out. Remember how he won Colorado and Cruz stole the delegates? Arizona too.
Good point Ben…Did not think about that…
Remember how he won Colorado and Cruz stole the delegates?
They really believed they could just tell the voters to eff off and just accept Cruz. As a certain Mr Curley said, the party picks the candidate.
I actually heard someone defend that position. Basically, this person told me that the “voters” were mostly “uninvolved and uninformed” and that their opinion/vote shouldn’t carry as much weight as the party apparatchiks, who basically know what’s best for the party.
It’s funny how the clueless don’t get it until it’s way too late. Or as some would say “they never saw it coming”. They put their blinders on and ignore the angry masses. I can see them in their back rooms, deciding who they want to nominate. “Of course they’ll accept Ted, it’s not like they’l vote for Hillary.”
Retard GOP delegates have supported such Wall Street water carriers as McCain, Romney, and sleazeball Ted Cruz. Not winning the support of these neocon hacks is a badge of honor.
They continue to be very cautious, afraid ‘homes will crash again’ and even afraid of the upcoming election
———————
15-20 percent reduction for DC real estate overnight in November if the Man gets elected. Uncertainty with the dot gov workers and their contractors will sag the market quickly. “And I mean quickly, believe me.”
‘the dot gov workers and their contractors’
It’s something like 5 of the 6 richest counties in the country. What do they produce? These people in DC will go on and on about inequality while they are the biggest leaches on Earth.
Yah. People go on about the FSA, meaning those on EBT or Social Security, or welfare or other programs that throw a bone to the citizens. And illegals as well.
But that right there is the real FSA, many government workers, lobbyists, those who occupy the halls of Congress.
And yesterday, I learned that the FSA extends to members of NATO. In fact, during this election cycle, I’ve learned just how massive the FSA is in the corporations, banks, military-industrial complex, foreign governments, etc.
Bingo. The real FSA are paid six figure incomes, live in Mc Mansions, drive luxury cars and take cool vacations.
I have to admit, I got a little cynical watching Trump talk about jobs, jobs, jobs. Because I got the feeling that’s EXACTLY what many people DON’T want, across the entire spectrum of society today.
the gov is not here to create jobs. we want less gov, not more.
You are all absolutely correct. Example: the Hanford Nuclear Site (now being cleaned up by the Department of Energy) where I used to work - I call that place “welfare for the wealthy.”
The local economy in the Tri-Cities (eastern WA) is doing very well with the hundreds of millions of dollars annually being poured into site cleanup. With hundreds of companies that have contracts in on the take.
‘People are ignoring appraisals and comps’ for other homes in the neighborhood, Koszola said. They continue to be very cautious, afraid ‘homes will crash again’…many have unreasonable expectations about the prices they will pay, and they stick to them’
They stuck it to your granny. She got schlonged.
“They stuck it to your granny. She got schlonged.”
Some of the best sex I ever had.
‘It was recently appraised at $588,000 but sold at $539,000 a couple of weeks ago after family members had dropped the price continually since 2010. Koszola’s grandmother purchased the home for $650,000 in 2005 and spent $150,000 on improvements’
Look at the bright side Kevin; it was cheaper than renting. But I have to ask, why give in to these unrealistic buyers? Could it be you were afraid it would go down even more? $400,000, $300,000, less?
-Paid 650k
-Dumped 150k in it.
-Losses to depreciation, transaction costs in the 100k range
$900k in it, sold for 540k.
$360k loss.
Housing losses. That’s what you get when you pay double or more construction costs($50/sqft) for a used, depreciating house.
“…after family members had dropped the price continually since 2010.”
Plus 6 years of mortgage payments, insurance, taxes
Those who lost in the oil business are said to have been “Schlumbergered”.
We say “Cheneyed,” as in, shot in the face.
Or simply “fracked.”
‘We’ve noticed the rental market over the past few months that rents have been dropping across the board. Especially in the higher end market…The larger market where apartments were going for $8,000 to $10,000 dollars, there’s a high vacancy in those.’
‘…even sees a softening in the lower end rentals…we’re definitely feeling a softening’
‘Companies have been consolidating and moving and developing out of the city…The hiring we’re seeing is very slowed down if not halted as well as there’s a lot of inventory that’s coming on the market’
Oh double dear…
Wow! Yeah, companies consolidating or moving out of the city. That will do it!
Still waiting for low end rents to drop and the rents across the golden gate to drop.
‘rents have been dropping across the board…even sees a softening in the lower end rentals’
The hardest part is the step down.
For sure man! Renting is freedom!
I’m both a renter and a landlord. I can see what has gone on out there.
‘When this project was planned there was an optimism and growth…Now the situation is completely different’
The bay areans have been awash in Yellen bucks for years and are drunk as a skunk. Think of the millions of decisions that have been made based on the idea it’s never going to end. What were we saying a few years ago? Did you save any of that money when it was flowing like wine? Or did you blow it all and borrow some more?
I’m not happy about it. We’ve got a doozie of a recession coming.
The bay areans have been awash in Yellen bucks for years and are drunk as a skunk.
Oh yes. Every one I know who works at a start up over there is convince that he’ll be a millionaire real soon now.
END. IN. TEARS.
If you signed a lease in 2009-2011 (5 to 7 years ago–a not uncommon length of lease), your rental rate was probably half of current market.
Of course businesses are leaving SF in response to landlords trying to double their rent.
My partner knows of a small lawfirm where the landlord is trying to raise their rent to “market”, a tripling.
They are likely to shut down the business and retire, rather than move elsewhere.
Same thing with housing. If you required all current owners to re-buy the house they lived in the Bay Area at current market prices, a HUGE number would simply leave. This is a byproduct of supply/demand being hugely out of whack combined with Prop 13.
Presumably the landlord must have reason to believe that someone will pay triple the rent.
In West Hollywood, CA I can tell you they don’t seem to care. There are so many empty storefronts and stores going out of business as landlords continue raise rents. Businesses that do try to come in usually end up lasting less than 6 months.
Landlords seem content to sit on them rather than rent them out at a price where a business could survive.
On Sunset Blvd, huge mixed use residential/commercial towers are going up. Who is going to fill these? It’s actually funny because an empty strip mall that used to have stores across the street from these monstrosities emptied out and now is the construction office for the towers.
Thank goodness I own multiple rental properties in the global hub of culture and commerce that is the Sacramento area. Here prices will never go down and I will bask in wealth created by my financial genius.
‘We are seeing a slowdown…The listings that we think should be flying off the shelf have not been flying off the shelf’
We had a poster stamping his little feet a couple weeks ago when I mentioned this should never happen. Houses should never “fly off the shelf”. That’s speculation you have become accustomed to. Long periods of speculation end badly.
Even these 5 or 6% increases in little towns you’ve never heard of shouldn’t be happening, not when inflation is so low and wages have been down for decades.
Even these 5 or 6% increases in little towns you’ve never heard of shouldn’t be happening, not when inflation is so low and wages have been down for decades ??
I agree Ben…Its being driven by interest rates IMO…I have a friend who did a 15 year refi @ 2.75%….
There used to be a saying here; I’m not going to pay for your retirement with a 30 year loan. Point is, these house prices increases can only be paid for by someone else, with interest. There’s no net addition to the economy. The more I am paying for shelter, the less I have to spend on other things. The wealth effect is an illusion unless prices always go up.
Yeah but the GDP numbers get pumped so it is all good.
Party on.
Even these 5 or 6% increases in little towns you’ve never heard
It’s called demands, my friend. Everybody must want to live in those towns.
I guess it’s something not many see. Because I comb through the same searches every day, it became apparent about a year and a half ago this thing was spreading into the little towns and cities. Places in Wisconsin, Indiana, Michigan and Ohio started to talk about being hot, multiple offers within days, then hours. That isn’t organic demand; it’s people thinking they will either miss out on profits or be priced out forever.
Ben, don’t you know these towns are all “special” and “everyone wants to move there”?
My parents live in a small town in the flyover portion of central CA. Even there house prices have been going up 8% YoY the past few years. We’re all trying to figure out how. The two major industries are the nearby military base and farming. But the military base isn’t really growing, and the farmers are all up in arms about how they can’t grow anything because they don’t have any water.
Meanwhile rents have “only” gone up 4% YoY the past few years. No bubble there; no sir.
“We’re all trying to figure out how.”
Mortgage fraud and subprime.
I saw it when we sold my parents’ home four miles east of ground zero in Ferguson back in spring 2015, shortly after the Intifada. There were real estate investors sniffing around my parents’ 60-year-old home in a 60-year-old housing development near Ferguson.
It’s a mania, and it’s ubiquitous.
“As homes continue to claw back value lost in the real estate crash, Palm Beach County house prices last month climbed to their highest level in eight years.”
“Claw back value”???? No value, just a Ponzi scheme. After 8 years of renting here, I purchased in 2012 (toe tag house) and am enjoying every minute. I purchased at a price $80K over the original selling price in 1991. Now the bad, Redfin has my house valued at $522K over purchase price; total insanity.
What is my house really worth. Piece of mind. I can live where I want and don’t have to worry about being forced to move or landlord problems. I love to work in the yard and on other projects. Quiet secure neighborhood and beautiful views. I started with a 30yr mortgage after paying 1/3 down and am now at yr 18. More of monthly payment going to equity than interest. The interest and tax payment is less than I was paying for rent on 1300 sq.ft rental on a 1/4 acre lot in a neighborhood where many houses had two families crowed into one unit.
My daughter and SIL just found a rental after two months of looking (three bedroom, two bath on small lot in a safe neighborhood) for $2500 per month (have to notify the LL when the baby arrives). The quality of the rental is crap. Construction and layout is the pits. There are three basic models. These houses were built about 1980 and after the 2008 bust never sold for less than $500K. They are now back selling in the $800K+ range.
How could you buy in 2012 and be on “year 18?”
Made extra payments along the way with extra cash. Stocks risky and banks not paying interest. With current interest rates I may convert to a 15 yr with the same monthly payment if I can get with no points,etc.
If you have to borrow for 15 or 30 years it’s not affordable nor can you afford it.
Oh get off it, Housing Analyst. He can afford it, as I am affording my house (for less than it would cost to rent it).
Just got back recently from spending a week in Wilsonia, Kings Canyon National Park in Sequoia. Lots of dead wood. Beetle infestation. People telling me they can’t even give the wood away. A few people are setting up Alaskan saw mills to cut 2″ and 4″ slabs. Very interesting to watch. May pick up a board to two next year that hasn’t cracked. I was told it took 2yrs of drying before using for a project.
Pine bark beetles…same story in Yosemite NP.
Santa Fe, NM lost about 80% of its pines to the bark beetle over the years. too dry, not enough sap produced to fill the holes the beetles make. beetles have always been there.
Back in 2009 in Rocky Mountain NP, the pine bark beetle damage was already bad. They are spreading all over.
And all that dead wood is a monster fire waiting to happen. Bone dry wood, drought conditions and a scorching hot summer.
Household Formation Craters
http://ftalphaville.ft.com/files/2014/12/HHFGS.png
Southwest Airlines is still struggling with computer system issues and is still cancelling flights today.
I think that the average person simply doesn’t understand that bug free software is impossible. You can write test suites up the wazoo but there is always that corner case that gets missed.
Which is why I find endearing the faith people have in self driving cars, especially people who have never written a line of code in their lives and who have no idea of how computers work or how they are programmed and simply think of them as “electronic brains”.
Housing my friend.
Hampden(Denver), CO Housing Prices Crater 10%YoY
http://www.zillow.com/hampden-denver-co/home-values/
My family and I were “Stuck By Southwest” due to flight cancellations in California a couple of weeks ago. It took us another two days to get back home.
And since Southwest doesn’t partner with other airlines, you have to wait for an open seat on another Southwest flight. Or take a credit usable for one year and then pay for one-way tickets home on another airline.
Travelers beware.
If Trump won the election, would the Elites crash the system for spite?
Donnie Darko seems to be talking to the unsuccessful Americans. most of us have it pretty good, living the dream!
Does he have stock in Prozac?
You had to finance a Honda. How much of a dream are you living?
LOL!
ps. I will be mtn biking/ fly fishing in Sun Valley, ID next week, not online. Maybe just once to post a photo of a trophy trout to make palmetto sad.
Should I rent a Cadillac for the week? doh!
Meh, forget the trout, I prefer to hit the kings off of Key Largo, but if you REALLY want to make me jealous, post a pic of the river on a crisp, clear day and superimpose the temperature if it’s in the 70s or lower. I’ll instantly become a sobbing mess, I promise.
No Fly fishing this weekend, but lots of mtn biking in the Cascades. I’d rent the Jeep.
Whassamatta with you guys? Mountain biking? Fly fishing? Chit. If it was me I’d be headed for the crispest, coolest mountain stream I could find, plop my butt down in the water next to a cooler of tall cool ones and kick back and enjoy the sun on my face. Man, that’s livin’ !
LOL, just kidding. Sounds great, but the reality is slightly different. The lips turn blue and hypothermia sets in and you will seriously regret drinking alcohol if you’re at elevation.
Lease it!! never buy a depreciating computer on wheels.
life is good! i dont need a BMW to impress the ladies. They like my body!
http://www.smartsuburbansurvival.com/fat-man/#sthash.ilfvGSfT.dpbs
What’s not to love?
The GOP is over, it’s Donald Trump’s Party Now.
Get ready for higher taxes to pay for the walls, > military, deportations and tariffs, Oh, and equal wages and child care (per Ivanka)
no free lunch
Piss off.
his (GOP) platform, not mine
Trumplings getting a little touchy?
“Get ready for higher taxes to pay for the walls, > military, deportations and tariffs, Oh, and equal wages and child care (per Ivanka)”
You could always move to New Zealand and buy a unit in Ginsburg Oaks.
PS
That Ivanka sure makes anything in the Rodham/Clinton blood lines pretty hard on the eyes.
http://money.cnn.com/2016/07/22/media/trump-george-harrison-rnc/index.html
It’s pretty simple. If you don’t want your music played in certain venues or events PUT IT IN THE CONTRACT. Then you’d have grounds for a suit.
Apparently, it’s more fun to join the musicians narrative bitching train.
If it’s not in writing shut yer mouth.
One thing this campaign season has done is given me a deep contempt for some of these so-called “artists”. It’s one thing to diss Trump, it’s quite another to actively support a corrupt, criminal rotting sac of pus like Hillary.
Also bear in mind that this is the Harrison “estate”. Maybe not in this case (because I like Dhani Harrison) but unfortunately some of the family members of the artists are themselves parasitic pusbags.
It is easy to show everyone that Trump is a con-man. Getting the sheeple to listen is not so easy.
The Trump Family will save us!
Hillary is a war-monger.
Exactemundo, mon!
Gotta love the Trump attitude…I paid for this $hit and I am going to play it.
Would Bush, Romney, Cruz et all have the same fighting spirit?
We know the answer.
The artist’s music is owned by the record label. The campaign buys a blanket license to access any of the music in the label’s catalog. Then the campaign chooses the specific songs. Then the record label reimburses the corresponding artist. If the artist doesn’t like that the campaign used their song, they can request to be removed from the blanket license, and the song can’t be used in the future.
What surprises me is that these artists wait until after the fact to be removed. By then, the song has already done its job. Why don’t these artists request to be removed from a catalog in advance?
Precisely. If your tightly held convictions were so deep you’d preemptively written your license to exclude music played at any demonic Republican events.
Because it’s all virtue-signalling bluster. They want those $$. If they request removal, it’ll be temporary, believe me. I used to do music video programs back in the day. My memory is a little fuzzy, but we used to have get like three kinds of rights in order to air the stuff: one for the sound (music), one for the video and one for, get this, putting the two together, which they called synchronization rights. I kid you not.
And there’s one band that everyone loved, but you couldn’t play anything from a certain five year period of their work, because some guy from New York owns the rights to it. I’m not going to mention his name, because his organization likes to sue, but it’s a very famous case. It’s not that they wouldn’t license the rights, it’s that the fees they demanded were way steep compared to what others asked.
Origins of the EIB Theme Song
May 13, 2011
CALLER: I would like to know how you picked your theme song.
RUSH: Oh. Okay. I would be happy to tell you, but I need to ask you a question first: Why are you interested in that?
But in my case they didn’t want a piece; they didn’t want me to use it. So EMI got hold of us and said, “You can’t use it anymore! We will accept no amount of money. There’s nothing you can pay us. You just gotta cease and desist,” and the regular listeners of this program will remember that we went through a two or three week period here with different theme songs. We had to dump it. Then one day Chrissie Hynde appeared with Scott Shannon on the morning show at WPLJ, which was our FM counterpart to WABC in New York. She appeared there as a guest and Scott Shannon told her what had happened.
She was no fan of mine. You know, Chrissie is a big feminist and animal rights wacko and all that, but she had no clue that the song had been denied usage and she’s telling Scott Shannon that her parents love my show. So in the end, we played tape of that ’cause the EMI people had told us that Chrissie wanted no part of me using the song. Well, here she is saying she didn’t care. She told Scott Shannon of PLJ that she didn’t care and her parents were fans so we got that tape, that audio; we played it for the EMI people, and the song came back to the program. We pay an annual fee — which is fair, proper — for usage.
http://www.rushlimbaugh.com/daily/2011/05/13/origins_of_the_eib_theme_song - 55k -
http://www.npr.org/2016/07/21/486924253/art-of-the-deal-ghostwriter-on-why-trump-should-not-be-president
‘Art Of The Deal’ Ghostwriter On Why Trump Should Not Be President
Uh hu…given the fact that houses are waaaaay overpriced, if NPR dug hard enough they could find a ghost writer who could say various ill things about Hill as well.
A note from her doctor on the persistent cough would be sufficient for me.
rich people hire people who dont own stocks and homes to do their grunt work.All paid for by sitting back and watching prices go up.
The first real signs of distress in the market for luxury London apartments are starting to emerge, as investors who agreed to buy homes off-plan are starting to sell them on for less than they agreed to pay for them.
Property websites are now advertising many unfinished flats being offered for sale by the buyers who originally agreed deals with the developers.
Estate agents and developers are generally coy about how much sellers were expecting to pay on completion, but some listings reveal that people are selling at or below the original purchase price, hoping the “bargain” price might pull in a new buyer.
This week, estate agent LondonDom.com was advertising several properties in central London for less than the original price charged by the developer. These included a three-bedroom apartment in the Battersea Riverlight development being marketed at a guide price of £1,890,000. The listing for the flat, which will not be ready to move into until 2017, described the sale as a “Hot EXCLUSIVE deal – now asking less than the original purchase price from the developer in 2013.” The listing has now been changed to describe it as “well priced”.
Another “sub-penthouse” apartment in the Riverlight development, which is part of the vast Nine Elms development area that has sprung up on the south bank of the Thames, is ready to move into and is being marketed at £1.1m – £75,000 less than the original sale price. The agent’s description read: “Urgent sale – asking now LOWER that the original purchase price of 2013, which was £1,175,000. Due completion – NOW.”
https://www.theguardian.com/society/2016/jul/22/jitters-in-london-luxury-flat-market-as-investors-sell-for-bargain-prices
And so to bed.
Thanks frankie. That one just hit the wires. I’ll probably re-post it later.
what US city is farthest the for peak
I’m sure this is just a one-off…because anyone who says the American economy is in decline is peddling fiction.
http://wolfstreet.com/2016/07/22/foreclosure-sublease-vacancy-availability-houston-office-market-second-quarter-2016/
‘And “see-through buildings” – a term coined during the 1980s oil bust for shells of buildings whose floors weren’t built out – are showing up again on the sublease market.’
I don’t like seeing 80’s stuff again.
Except, of course, this:
https://www.youtube.com/watch?v=W8r-tXRLazs
I visited the Dallas/Ft. Worth area in 1984 (yes, I even went to Southfork! - the house looked so much smaller and plain in person) during the oil boom.
Fancy new shiny high-rises as far as the eye could see. I had no idea that some of them were unfinished - you couldn’t see into most of them, at least not during the daytime.
The usual Oligopoly media mouthpieces are cringing at any further damage to The Narrative.
http://freebeacon.com/national-security/brian-williams-munich-attack-rooting-not-isis/
Oh, the joys of living in a collectivist kleptocracy. Hey “desperate Venezuelan housewives,” I’m sure you all know someone who voted for socialism and is thus culpable for the nightmare you’re living through. So think of an appropriate “thank you” gesture next time you see them.
Watch and learn, Democrats. This is a preview of coming attractions once the Comrades of Proven Worth get their permanent Democrat supermajority and take the looting and “redistribution of the wealth” to the next level.
http://www.bloomberg.com/features/2016-venezuela-diary/
Did Ted Cruz just effectively eliminate his future chances for a GOP presidential bid?
Ted Cruz booed lustily for refusal to endorse Donald Trump; Pence accepts VP nom
Photos: Republican National Convention in Cleveland
The Republican National Convention nominated Donald Trump as the GOP’s presidential candidate in Cleveland the week of July 18, 2016.
Undercutting calls for Republican unity, Texas Sen. Ted Cruz stubbornly refused to endorse Donald Trump Wednesday night as he addressed the GOP convention, igniting thunderous boos from furious delegates as he encouraged Americans to simply “vote your conscience” in November.
In a surreal moment, Trump unexpectedly walked into the arena just as Cruz was wrapping up his remarks. Delegates chanted Trump’s name and implored Cruz to voice his support for the businessman, to no avail.
“Vote for candidates up and down the ticket who you trust to defend our freedom and to be faithful to the Constitution,” Cruz said. While he backed some of Trump’s policy proposals, including building a wall along the U.S.-Mexico border, he mentioned the GOP nominee by name only once.
Cruz’s defiance ripped open party divisions anew, on the summer’s biggest political stage. Trump allies were infuriated, including New Jersey Gov. Chris Christie, who said Cruz’s decision was “totally selfish.”
…
On the other hand, maybe Ted has a point.
Mr. Trump is a unique and present danger.
Arlington Heights(Fort Worth), TX Housing Prices Crater 7% YoY
http://www.zillow.com/arlington-heights-fort-worth-tx/home-values/
300 million people in this country and we get Trump vs. Hillary. Game over man, game over!
Always remember, it could be worse - as far as countries go, the US still has the most fingers of anybody in the leper colony.
Agreed.
Whichever candidate gets elected, I have faith we will collectively muddle through.
Either pick is a middle finger to my neighbors in the US. I guess I have to side with schadenfreude as the tie-breaker. Which nominee is going to hurt the people I dislike most?