Prices Aren’t Skyrocketing — At Least Not Statewide
The Boston Globe reports from Massachusetts. “A powerful combination of low mortgage rates, high demand, and few choices have pushed home prices in Greater Boston and across the state to record highs. The median sale price of a single-family home in the metro region was $585,000 in June, and for condominiums it was $505,000 — both records for the month, the Greater Boston Association of Realtors said Tuesday. But even at these levels, according to Warren Group’s chief executive, Timothy M. Warren Jr., the housing market is not in a bubble. Rather, Warren said, prices are reflecting strong demand and a very limited supply.”
“‘Median prices are rising slowly. We’re not in a situation where prices are skyrocketing — at least not statewide,’ he said.”
“James Gulden, a Redfin real estate agent in Boston, said he expect prices to continue rising steadily. ‘I haven’t made a bid in the past year that has sold for what it previously sold for,’ Gulden said. ‘Every time it’s for a next higher price than what the previous buyer bought it for.’”
The Providence Journal in Rhode Island. “Though the number of houses sold in Rhode Island in June went up by 2.6 percent, and the median sales price rose 3.6 percent, to $245,000, a dwindling supply of homes for sale may put the brakes on the real-estate market, according to the Rhode Island Association of Realtors. Rita Danielle Steele, broker/owner of Steele Realty Consultants International, in Providence, said investors from Boston have been winning bidding wars for multifamily investment properties on the West Side of Providence, often making cash offers on the spot.”
“As for the single-family housing market, she said, limited inventory has been pushing the spring market into summer, as many buyers, through they started a search in the spring, ‘are still looking.’ ‘When things do come on the market that are suitable, buyers need to be aggressive,’ Steele said. ‘Buyers have really needed to adjust their expectations this year.’”
“The association said condo sales were strong in June, with sales up 22 percent, though the median sales price fell 5 percent, to $207,900. The association said easier financing guidelines for condos has helped sales. About 10 percent of the house sales in June were distressed, meaning they were either foreclosed properties or short sales, and this level is nearly unchanged from a year ago.”
The Real Deal on New York. “With temperatures hitting Mars levels, Manhattan’s luxury market slid further during the third week of July with just 15 contracts signed on properties $4 million and up, according to Olshan Realty. For the week of July 18-24, the total weekly asking price sales volume was $104.5 million with an average asking price of $6.9 million and a median asking price of $5.6 million. The average discount was 6 percent, and the average number of days on market was 333.”
From The Record in New Jersey. “On Wilson Avenue in Wayne, a shady street of well-kept homes, the wood contemporary at No. 96 stands out. It’s been empty for years, thick moss grows on the roof and, neighbors say, water from a broken pipe flooded the interior and poured down the street several years ago. On Berdan Avenue in Fair Lawn, a piece of black tarp hangs off the roof of a brick Cape Cod, and two dead evergreens stand sentinel at the front steps. Get close to the house and you’ll catch a whiff of mold.”
“On Cumberland Avenue in Teaneck, weeds grow through the patio behind a vacant brick ranch; inside, paint is peeling off the walls in sheets. Neighbors call these homes eyesores. Real estate experts have another name: ‘Zombie’ houses — homes in foreclosure that stay empty and neglected for years.”
“Nancy Dyrsten lives across the street from the home at 4-03 Berdan Ave. in Fair Lawn, which was repossessed by the lender earlier this year after sitting empty for years. The landscaping is overgrown and a lamppost tilts at an angle. The roof appears to be damaged, and inside, large pieces of Sheetrock are missing from the walls and ceilings.”
“‘I’m sure the whole house is just destroyed from water damage,’ Dyrsten said. ‘It’s a very upsetting situation. It’s sad and it’s not good for our property values. There is something wrong when a house is allowed to sit like that.’”
“The house on Wilson Avenue in Wayne has been vacant for years. According to property records, it sold for more than $800,000 in 2005, as the housing bubble inflated. The home was repossessed by the lender in a Passaic County sheriff’s auction last October. It was recently for sale for $500,000, before being taken off the market last month.”
“The home, in an upscale neighborhood just blocks from a country club, has five bedrooms and 4,000 square feet, plus an indoor pool, on a lot of nearly half an acre. According to neighbors, the former homeowners left late at night, hastily packing their belongings into their vehicle. After they departed, neighbors say, a pipe inside the house broke, sending water cascading down the street. They assume the interior has water damage.”
‘even at these levels, according to Warren Group’s chief executive, Timothy M. Warren Jr., the housing market is not in a bubble’
They never ask these guys what it would take to convince them it was a bubble.
‘The association said easier financing guidelines for condos has helped sales.’
Oh, we heard about that one.
‘About 10 percent of the house sales in June were distressed, meaning they were either foreclosed properties or short sales, and this level is nearly unchanged from a year ago’
10% is kinda high.
‘the former homeowners left late at night, hastily packing their belongings into their vehicle’
“It was cheaper than renting Helen.”
“Shut up and drive Mel, before the neighbors see us.”
Metro Boston Affordability Surges As Housing Prices Dive 4% YoY
http://www.zillow.com/ma/home-values/
‘the home at 4-03 Berdan Ave. in Fair Lawn, which was repossessed by the lender earlier this year after sitting empty for years’
‘New Jersey has 34,876 foreclosure properties, just under 1 percent of the state’s housing units as of June, according to RealtyTrac.’
‘The Atlantic City and Trenton metropolitan statistical areas, census designated areas with populations more than 200,000, have the highest foreclosure rates in the nation. Atlantic City’s region has a rate of 1.85 percent, and the Trenton-Ewing region has a rate of 1.31 percent.’
‘Camden County led the state with 1,382 properties in foreclosure over the last six months, followed by Ocean and Essex counties with 1,339 and 1,279 foreclosure filings, respectively.’
‘New Jersey also has the longest turnaround time in the nation for its underwater properties, averaging 1,249 days as a foreclosure property.’
i waz outbid
http://ny.curbed.com/2015/11/5/9903554/10-bonds-12-5m-penthouse-sells-after-less-than-2-weeks
“Yet another lot on Fourth Avenue in Park Slope is set to become — wait for it — luxury condos, reports DNAInfo.”
Once ‘Blighted’ Park Slope Block Will Give Rise to New Condo Building
By Curbed Jul 27, 2016, 1:04p
Rendering of 344 Butler Street
ARC Architecture + Design Studio
344 Butler Street
fugly ugly puke what other words can we describe this….
https://www.dnainfo.com/new-york/20160726/park-slope/developer-planning-condos-for-park-slope-corner-that-was-once-slum
Highly recommend Trumps presser today. Curb stomps dems and the presstitutes.
As far as housing, I see far more inventory coming onto market than properties being sold in my neck of the woods. BTW, what is the neck of the woods anyway?
“BTW, what is the neck of the woods anyway?”
My neck of the woods doesn’t have any woods either.
neck of the woods
A neighborhood or region, as in He’s one of the wealthiest men in our neck of the woods. Originally (mid-1800s) alluding to a forest settlement, this colloquial term is now used more loosely, for urban as well as rural locales.
See also: neck, of, wood
http://idioms.thefreedictionary.com/neck+of+the+woods - 71k -
Same bs as “my little burg”. It’s elicits the same reaction when “Realtors report” and “I know a friend” is heard.
Link courtesy of the poster Palm Beach County
“The peak was in the first six months of 2009, when there were 63,336 new cases filed,”
That was just about the time TPTB put an artificial but very successful floor under foreclosures and plummeting house prices.
South Florida foreclosures down sharply from 2009
Paul Owers
July 13 2016
New foreclosure cases continue to decline across South Florida, as a robust job market boosts homebuyer confidence and low interest rates help keep monthly payments affordable.
Palm Beach, Broward and Miami-Dade counties totaled 6,485 foreclosure starts in the first half of the year, down 12 percent from the same period in 2015, according to a report from RealtyTrac Inc., a foreclosure listing firm in Irvine, Calif. And foreclosures are down 37 percent compared with the first half of 2014.
The peak was in the first six months of 2009, when there were 63,336 new cases filed, according to RealtyTrac.
“The [South Florida] filings now are basically one-tenth of what they were at the peak,” said Daren Blomquist, vice president of RealtyTrac. “That puts things in perspective.”
http://www.sun-sentinel.com/business/realestate/
Boca Raton, FL Housing Prices Plummet 6% On Rising Mortgage Defaults
http://www.zillow.com/boca-raton-fl/home-values/
The Real Deal on New York. “With temperatures hitting Mars levels, Manhattan’s luxury market slid further during the third week of July
What does that mean? It is hot and humid in NYC in July? But Mars is always cold. Luxury market now cold?
It’s always hot on Mercury and Venus. It’s a dry heat on Mercury and a humid heat on Venus.
I’m at the Woody Creek Tavern where Hunter S. Thompson used to drink.
CO Route 82 between Glenwood Springs and Aspen has an HOV lane, because nobody who works in Aspen (that actually needs to work, and whose labor actually produces something of tangible value) can afford to live in Aspen.
Dem Platform Rejects Fossil Fuels, But DNC Gladly Takes Oil Money
Democrats have echoed calls from hardcore environmentalists to investigate energy companies that disagree with them
Michael Bastach | Daily Caller - July 27, 2016
The Democratic Party’s 2016 platform may take a strong stance against fossil fuels, but the committee hosting the Democratic National Convention (DNC) has no problem taking money from the petroleum industry to pay for its presidential convention.
The non-profit DNC Host Committee responsible for raising money to pay for the convention in Philadelphia lists oil companies and lobbyists as supporters on its website. The Host Committee lists Chevron, Sunoco and Vote4Energy.org, an industry-backed advocacy group.
What’s odd is the DNC is taking money from oil interests even though the Democratic platform calls for using fewer fossil fuels and more green energy. It backs investigating fossil fuel companies questioning the “scientific reality of climate change.”
Comments
kendrick1 • an hour ago
BAITING THE HOOK!
George Soros Pledges $1.1 Billion to Fund Climate Change Initiatives
October 14th, 2009 by Beth Graddon-Hodgson
http://cleantechnica.com/2009/...
SOROS HELPS OBAMA DRIVE COAL COMPANIES OUT OF BUSINESS:
“Philanthropist and businessman George Soros announced this week that he would be the next in a line of wealthy front-runners to fund initiatives in clean technology.
SOROS BUYS FAILING COAL COMPANIES:
The Real Winner Of Obama’s ‘War On Coal’: George Soros …
August 19, 2015
http://www.newsmax.com/Finance...
I’m betting for sure that he just bought those to be able to plug up these mines until they can never, never, never, produce again! TIC
The Sock it to us, part 1
The DNC also likes to make spreadsheets matching up donors with their future political positions.
https://www.reddit.com/r/politics/comments/4un3v6/wikileaks_golden_nugget_spreadsheet_shows_that/
Amazing that people don’t see right through the corruption. Especially when you have this:
http://abcnews.go.com/Politics/clinton-donor-sensitive-intelligence-board/story?id=39710624
And this:
http://www.nytimes.com/2015/04/24/us/cash-flowed-to-clinton-foundation-as-russians-pressed-for-control-of-uranium-company.html?_r=0
And people want to bite my head off when I suggest that the Clintons are corrupt. Lol.
Boston, NYC, Sf…
‘prices are reflecting strong demand and a very limited supply’
Do these guys follow the same script kind of like how the news is passed down from the mega corps, CBS, Fox, NBC and trickle down to the local level?
rampant.subprime.mortgages.