Headlines Are Starting To Shift
The Marina Times reports from California. “Supply and demand still has the final say, even in San Francisco’s wild real estate market. Early this month, developer Trumark Urban is expected to begin selling a batch of units in its $200 million luxury condominium project, The Pacific, located in Pacific Heights. A walk or drive along Market Street in the Castro shows many new and under-construction condo projects lining the street. SoMa has been home to numerous tall cranes building even more housing units in recent years. In another part of the market, there are potentially tens of thousands of ‘in-law’ units, or accessory dwelling units, that could come onto the market in the near future if a new pact between supervisors Mark Farrell and Aaron Peskin becomes reality and boosts generation of new such units .”
“People who have wondered when all of the new construction would begin to reduce housing prices are finally getting an answer: Now. Currently it is being felt on high-end properties, and even there, it is reflected in longer times before properties are sold and some not-too-dramatic price decreases. But combined with some softness in the high-paying tech market — where hiring has taken a breather over the last year and some venture capitalists have become pickier about shoveling their millions at unprofitable startups — these developments could auger well both for people looking to buy a home here.”
“Local business headlines are starting to shift from stories about the latest eye-popping prices commanded by home sales to tales of a ‘condo glut, with massive supply and dwindling demand’ and ‘market softening, but only for super rich.’”
“What we’ve seen so far this year is a move ‘toward market normalization,’ notes real estate firm Pacific Union. It said that sales continued to be strong, albeit with longer on-sale times ‘especially in the city’s northern neighborhoods and popular Noe Valley. One main reason for this is that many sellers entertained unrealistic expectations and, accordingly, overpriced their homes. Consequently, bidding wars occurred less frequently than in the second quarter of last year, and price reductions became more commonplace.’”
The Tribune. “San Luis Obispo County’s median home price dropped in June from both the month earlier and June 2015. The overall number of home sales rose slightly. Total sales — including new homes, resale single-family homes and condos — were 465 in June, up 4.7 percent from the same month a year ago, when 444 units were sold, according to CoreLogic. The overall median home price dropped 2.9 percent to $500,000 in June, from $515,000 a year earlier.”
Rents aren’t particularly affordable in San Diego these days.
Here’s to hoping our rents soon go down the same pathway to affordability which our gasoline prices recently have gone.
While SD rents are high, it could be worse
Compared to wages, SD rent more than San Francisco
By Phillip Molnar and Daniel Wheaton | 6 a.m. Aug. 2, 2016
The downtown San Diego skyline and San Diego Bay before the Port of San Diego 2016 Big Bay Boom fireworks show on Monday.
San Diego Union-Tribune
Horror stories about rent in America’s Finest City might be bad, but there are worse tales throughout California.
San Diegans — as measured against a percentage of household income — paid more for rental housing than residents of San Francisco and even parts of Silicon Valley in the last few years, says a new report by London Group Realty Advisors that used the figure to illustrate a need for more housing.
But it’s not as expensive as Santa Barbara County, where the median rent devoured 48 percent of the median income of families who rented, or Santa Cruz County, where they paid 41 percent of median income on rent, said the most-recently available U.S. Census data from 2014.
Renters in San Diego and Orange counties shelled out about 35 percent of their incomes, whereas San Franciscans paid 29 percent and Mountain View renters, in the heart of Silicon Valley, paid 27 percent.
Employers said such high housing costs made it harder to recruit workers, said the London Group report, paid for by the San Diego Regional Chamber of Commerce.
“We’re competing for top talent for places outside California,” said Alison Phillips, chamber spokeswoman. “ . . . We’re looking at competitor cities like Austin, Denver or Boston.”
Housing is expected to be in short supply in San Diego for the foreseeable future because building is not keeping up with job growth, the London Group report said. The county is expected to add 460,462 jobs by 2050.
Even though San Diego County was not the worst off, the inability to find “reasonably priced” housing near work was the chief obstacle to recruiting and retaining workers, said a survey of 202 local employers from May 27 to June 2 by Wrentham, Mass.-based BW Research Partnership.
Real estate economists say that whenever people pay more than 30 percent of income on housing, the local economy suffers because households have less money to spend on other stuff, like food and consumer goods.
“That threshold can’t be higher for California because it just measures (money) you have left over after you pay housing,” said Alan Gin, economist at the University of San Diego.
…
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News Ticker
Even the rich can complain about high rents
Rates soar at both ends of the spectrum
By Don Bauder, July 29, 2016
San Diego rents continue to be among the least affordable for both those wanting posh quarters and those who will settle for low-end apartments.
Zillow.com published rental data July 28 on 15 major metro areas. San Diego rents are high and rising for low-end and high-end apartments. Low-end apartments generally go for $1754 a month in the county, up 21.7 percent from 2014. Among 15 top markets, only three (Chicago, Boston, and San Francisco) have higher rents.
The high end is just as bad for San Diegans. Local rents in more expensive locations are $2992 — topped only by Chicago, Boston, and San Francisco. In San Diego, high-end rents have climbed 21.9 percent since 2014, third highest among the 14 metro markets. San Francisco’s high-end monthly rents are almost double San Diego’s —$5994 to $2992.
WalletHub, a statistical aggregator, puts San Diego 119th among 150 major areas in rental affordability.
Bevy of choices:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=3&cad=rja&uact=8&ved=0ahUKEwj-xIDi4JvOAhUBXGMKHU5XDDAQqQIIISgAMAI&url=http%3A%2F%2Fwww.sandiegouniontribune.com%2Fnews%2F2016%2Fjul%2F30%2Fbevy-of-choices-for-buyers-this-summer%2F&usg=AFQjCNGGrXd45HsPG3H6WnUI1UqoPRL3YQ&sig2=8ZOz4UFIsdWqwdnS6qxDDQ&bvm=bv.128617741,d.cGc
“Prices will start from the low $1 millions.”
No thanks.
san diego- at least everyone does want to live there. You barely need clothes in that climate
That’s true, and looking at attractive people barely wearing clothes is one of the consolations to people who pay unaffordable rents.
San Diego was the location of that infamous condo real estate agent pitch about a decade ago where an adjacent building was salted, almost comically, with attractive people so as to use the “view” as a selling point: a shapely young woman doing an aerobics routine in skimpy exercise wear, and a buff shirtless man incongruously reading a book. I wish I could find the account online; it was authored, photos included, by someone who had attended the condo open house.
Ha! Back when I was young and thin I went to Black’s beach more than once. Yup, no clothes. I am too old for that now. Old people should keep their clothes on.
Come on now, tell the truth. More guys at black’s then women. Plus while there were a few good looking women now and then I did see a lot of beached whales. My wife even commented on most of the guys ’short’ comings. We still laugh at that today.
I stopped going when I was tired of seeing mostly guys. That was no fun.
Apparently there are at least some women who hang out at Black’s Beach. Like Bill, I feel a bit too old to roam such territory. I assume the unwritten rules require everyone who wanders through to disrobe.
Old people are also not allowed to take selfies, at least according to my wife and kids.
Oligarch billionaires are salivating at the thought of a Clinton plutocracy…so much so that they’re offering to drive the sheeple to the polls to make it happen.
http://www.zerohedge.com/news/2016-08-02/billionaire-warren-buffett-pledges-drive-voters-polls-november
“San Luis Obispo County’s median home price dropped in June from both the month earlier and June 2015. … The overall median home price dropped 2.9 percent to $500,000 in June, from $515,000 a year earlier.”
How many more stories like this of local price declines will it take for denial to morph into panic and a rush to the exits for Chinese investors trying to get their money out?
aren’t Chinese inWesters kind of stuck?
can they bring suit cases of cash back to china
They can bring Bitcoin easily.
It’s hard to tell from the current mix of headlines if Chinese speculation in U.S. real estate is rising or falling.
What seems most amazing is just how much Chinese cash flows out of China and directly into U.S. investments these days, in light of economic weakness and a stock market crash at home. You would think they had discovered a printing press technology that churns out unlimited amounts of cash!
“Chinese buyers paid a remarkable $936,615 per home on average during the period, up from a not-too-shabby $831,761 a year earlier…”
($936,615/$831.761-1) X 100% = 12.6% year-on-year increase in the average purchase price paid by Chinese buyers for U.S. homes. Something tells me this double-digit rate of increase is unsustainable.
Feature
Chinese Buyers Plant a Flag in the U.S. Suburbs
The Chinese were the largest group of foreign buyers of U.S. homes in the year ended March 31.
By Abby Schultz
July 23, 2016
Chinese home buyers in the U.S. are flocking to the suburbs in full embrace of the American dream, unbowed by a slowing economy and falling currency at home.
For the second year in a row, a National Association of Realtors survey shows Chinese nationals—including ones from Hong Kong, Taiwan, and the mainland—dominating the ranks of international home buyers in the U.S., with purchases of 29,195 homes totaling about $27 billion from April 2015 through March 2016. The second-place Canadians bought 26,851 homes totaling only $9 billion, preferring vacation locales to homes in pricey suburbs, in states from New York to California to Washington.
Chinese buyers paid a remarkable $936,615 per home on average during the period, up from a not-too-shabby $831,761 a year earlier, and far more than the average $477,462 paid by all international buyers, according to the NAR. U.S. home buyers, by contrast, paid only $266,683 on average.
…
==========================================================
Chinese Set New Record for US Investments
By Emel Akan, Epoch Times
July 25, 2016 AT 7:03 PM
Last Updated: July 25, 2016 7:26 pm
A sign hangs on One Chase Plaza in lower Manhattan on Oct. 14, 2014 in New York City. The iconic building is owned by a Chinese private equity firm as part of its overseas investment strategy. (Spencer Platt/Getty Images)
A sign hangs on One Chase Plaza in lower Manhattan on Oct. 14, 2014 in New York City. The iconic building is owned by a Chinese private equity firm as part of its overseas investment strategy. (Spencer Platt/Getty Images)
Chinese investments in the United States reached a new record level of $18.4 billion in the first half of 2016, up three times compared to the same period last year, and even higher than all of last year ($15.3 billion).
Strong mergers and acquisitions activity accounted for the majority of the incoming Chinese capital, said research firm Rhodium Group.
With the stock market crash in China that began in June 2015, the flow of outbound investment from China to the rest of the world soared. With growing uncertainty about exchange rates and the economic and political outlook, investors are seeking to stash away capital in safe havens like the United States.
“The rapid growth of Chinese outbound (Foreign Direct Investment) FDI in the first half of 2016 has triggered political reactions both in China and host economies,” Rhodium stated.
…
=============================================================
End of an Era as China’s Love Affair With U.S. Real Estate Fades
Lillian Chen and Jacob Gu
July 26, 2016 — 3:00 PM PDT
Sales to Chinese buyers fell for the first time since 2011
Capital controls, currency depreciation seen among drags
For David Wong, the business of selling homes isn’t as good this year as it was in 2015, and he’s blaming that on a decline in customers from China.
“The residential-property market here, especially for those priced between $2.5 million to $3 million, has been affected by China’s measures to control capital flight,” said the New York City-based Keller Williams Realty Landmark broker. “You need to cut the price, or it may take a real long time.”
Wong is not the only one who has felt the cooling in the U.S. real estate market for foreign buyers. Total sales to Chinese buyers in the 12 months through March fell for the first time since 2011, to $27.3 billion from $28.6 billion a year earlier, according to an annual research report released by the National Association of Realtors. The number of properties purchased by Chinese also declined to 29,195 units from 34,327 units.
…
Good to know. But it is about a 2.5% price cut. Still waiting…
I want to buy at least five acres of ocean view land in the area for my summers when I am away from my retirement spot which is likely Phoenix.
Getting too damn hot in SLO, and turning into SoCal.
Relax. Morning low temperatures in SLO are in the 50s and you call that hot?
Wait till 3pm.
Don’t go to Paso Robles that place fries in the summer.
SLO is driven by retired CA public safety workers as much as Chinese investors.
Cal poly SLO is harder to get into than most UC’s. hmm maybe it is Chinese investors??
I can attest to that. My uncle who retired as an LA County Fire captain got a sweet ocean view pad in Shell Beach and spends his time there and running his boat around.
dandroidz- watch out for wicked pissa pissed off new Englanders as real prices fall
In 1988 if took 6 months or so for the cape collapse to reach Bahstin
1989 NWC
then 1990 for DC
Good. Sick of all these artificially wealthy waltzing between their lake homes, Cod homes, and overpriced beat up 100 yr old suburban shacks
I told my friend who is moving near Bawston to wait at least five years for prices to reach a new trough before even thinking about buying.
Have you all caught this video?
Death By China: How America Lost Its Manufacturing Base (Official Version)
I’m wondering what it portends for the recent trend of Chinese investors driving U.S. residential housing prices through the roof as they frantically expatriate their money?
Michael Moore lists 5 reasons Donald trump will be voted in as President. Not saying I necessarily agree but I do like reason number 5, which is …
The Jesse Ventura effect
“Moore writes the voting booth remains one of the few places where there are no security cameras and where people can create anarchy.
“‘You can take as long as you need in there and no one can make you do anything,’ Moore writes. ‘You can push the button and vote a straight party line, or you can write in mickey mouse and Donald Duck. There are no rules.’
“He said it is because of this that millions will vote for Trump not because they like him but simply because they can and they feel disenfranchised and will wonder what a world with Trump will look like.
“He warned this could happen after the ’smart state of Minnesota’ voted for ex-wrestler and governor Jesse Ventura in 1999.
“‘They didn’t do this because they’re stupid or thought that Jesse Ventura was some sort of statesman or political intellectual,’” Moore writes. ‘They did so just because they could.’”
Secret Trumplings will win the day.
Link …
http://michaelmoore.com/trumpwillwin/
I don’t think the majority of woman voters (Including republicans) will vote to burn the house down…Backed up by hispanics, blacks and muslims…You are already seeing Trump cry about system being rigged against him maybe because he is sensing a loss..
One thing is for certain: If he loses in November, he will immediately complain to the press that the election was rigged.
He’s just getting out in front of the issue. Remember all the hand wringing and crying by dems regarding the voting machines being hacked in the 2000 elections? FWIW I think all voting should be done by hardcopy ballots. That way a tangible record of one’s vote is available. Cheating is still possible, but a tad more difficult.
he will immediately complain to the press that the election was rigged ??
He’s already complaining…He narcissism is so depth his core that he could never acknowledge that he lost at something particularly to a woman…I pray that he doesn’t win…I hope that he loses badly…
“FWIW I think all voting should be done by hardcopy ballots.”
Agreed. Although Florida voters figured out how to screw up that plan.
Hillary and DNC was for rigging against Bernie. Do you honestly believe they won’t try against the Donald? Good thing is Russia will hack all their plots.
–popcorn time—
“he will immediately complain to the press that the election was rigged ??”
“He’s already complaining”
scdave
What are your views on the content of the leaked DNC emails and Wasserman Schultz’s resignation?
scdave
What are your views on the content of the leaked DNC emails and Wasserman Schultz’s resignation?
Trump is narcissist, racist & sexist.
Donald Trump. A Superb Statesman With A Squad Of Sexy Strumpets.
What are your views on the content of the leaked DNC emails ??
Not surprised…Likely RNC would show the same kind of stuff if they were outed…
Wasserman Schultz’s resignation ??
It was obvious that she was “all in” for Hilary and so was the majority in the DNC…Bernie put up a good fight and tugged Hilary back to the left a bit…I would have made Bernie DNC chairman if he would have taken it…
By the way, I only donated to two politicians this cycle…Bernie & Kasich…
You threw more good money after bad? At Barney?
Not surprised…Likely RNC would show the same kind of stuff if they were outed…
With that logic are democrats as racists/sexists if they were outed?
I guess we know reading from the wikileaks stuff, don’t we?
By the way, I only donated to two politicians this cycle…Bernie & Kasich…
No reason to lie. It’s interweb..nobody knows you
Not surprised…Likely RNC would show the same kind of stuff if they were outed…
Don’t tell me it’s the old “the other side probably did it too” argument.
That’s not a justification. What we know today is that the DNC ran a biased nomination process, and was actively planning to give political appointments to donors.
Was the RNC doing the same thing? Maybe, but if they were, it was to keep Trump off the ticket–and Trump won DESPITE such efforts. Were they planning on which donors to give political appointments to in April during an election year? Based on the rather limited amount of money donated by third parties to Trump, I would seriously doubt it.
And the other sh*t done by the HRC and WJC with their foundation is one of a kind. I don’t see any comparative activity from anyone on the right.
With that logic are democrats as racists/sexists if they were outed?
I guess we know reading from the wikileaks stuff, don’t we?
Hold it. I thought that the Democrats were outed by Wikileaks.
“What are your views on the content of the leaked DNC emails and Wasserman Schultz’s resignation?”
Trump is the perfect opponent under such circumstances. He can’t stop fixating on attacking the Muslim father of the fallen serviceman who dared to question Trump’s sacrifice for long enough to allow the MSM to focus on the Wasserman-Schultz resignation story for one instant.
The not-presidential candidate risks losing his remaining support. However, his presumption that Republicans will hold their noses and vote for him rather than let Hillary Clinton back into the Whitehouse seems on target.
Politics Election 2016
New Rough Patch for Trump Campaign Roils Republicans as Defections Grow
Even strongest supporters urge him to shift gears and focus more on policy than personality
Reid J. Epstein and Beth Reinhard
Updated Aug. 2, 2016 11:59 p.m. ET
ASHBURN, Va.— Donald Trump is confronting the roughest patch of his presidential campaign, with even some of his strongest supporters urging him to shift gears and focus more on policy than personality.
Republican defections began to multiply Tuesday, including the first GOP member of Congress to endorse Democratic nominee Hillary Clinton, as Mr. Trump’s standing has dropped in recent polls after engaging in an argument with the parents of a Muslim American soldier who died in Iraq.
The New York businessman on Tuesday added to the internal party strife by refusing to endorse House Speaker Paul Ryan in his re-election contest next week. Mr. Ryan has said he will back Mr. Trump though he differs with him on several issues.
“I’m not quite there yet,” Mr. Trump told the Washington Post, echoing words Mr. Ryan used to delay his presidential endorsement.
The fast-moving developments are unnerving Republicans, even Trump insiders.
“This is the decisive moment of defining this election,” said Newt Gingrich, who was a top candidate to be Mr. Trump’s running mate, in an interview. “He’s allowed himself to get dragged down into personality politics, which are to his complete disadvantage. He has to come back to elevate the race to a much bigger set of questions.”
Mr. Trump, speaking at a rally here Tuesday, said voters would stick with him over Mrs. Clinton because of his vow to appoint conservative justices to the Supreme Court.
“They have no choice,” Mr. Trump said. “Even if you can’t stand Donald Trump, you think Donald Trump is the worst, you’re going to vote for me. You know why? Justices of the Supreme Court.”
…
“He’s allowed himself to get dragged down into personality politics, which are to his complete disadvantage. He has to come back to elevate the race to a much bigger set of questions.”
I really have to question Newt’s judgment on this. Didn’t Trump win the Republican nomination purely on the basis of personality politics?
The movement of Republicans into Hillary Clinton’s camp brings to mind the final scene of Macbeth. In case you are unfamiliar with the story line, the scene ends badly for the protagonist.
Meg Whitman, Calling Donald Trump a ‘Demagogue,’ Will Support Hillary Clinton for President
By JONATHAN MARTIN
AUG. 2, 2016
Meg Whitman, a Hewlett Packard Enterprise executive who ran for governor of California, with her husband, Griffith R. Harsh IV.
Credit Drew Angerer/Getty Images
Meg Whitman, a Hewlett Packard executive and Republican fund-raiser, said Tuesday that she would support Hillary Clinton for president and give a “substantial” contribution to her campaign in order to stop Donald J. Trump, whom she berated as a threat to American democracy.
“I will vote for Hillary, I will talk to my Republican friends about helping her, and I will donate to her campaign and try to raise money for her,” Ms. Whitman said in a telephone interview.
She revealed that Mrs. Clinton, the Democratic nominee, had reached out to her in a phone call about a month ago, one of the first indications that Mrs. Clinton is aggressively courting Republican leaders. While acknowledging she diverged from Mrs. Clinton on many policy issues, Ms. Whitman said it was time for Republicans “to put country first before party.”
…
More hispanics and blacks will vote for Trump than they did for McCain or Romneycare.
#FACT
It can’t be a fact.
irrelevant.
That’s right. The facts don’t matter.
Irrelevant
Donald Trump is no Jesse Ventura.
Jesse would have been the perfect middle finger candidate.
As ‘Muricans prepare to elect a criminal sociopath, a Plato quote on laws seems more apropos than ever.
http://www.theburningplatform.com/2016/08/02/quote-of-the-day-510/
I agree with your concern about sociopaths in the WH. Can America afford to have a callous, though thin-skinned, CIC?
Criticism grows for Trump’s assailing of Muslim vet’s family
Updated: August 1, 2016 — 9:15 PM EDT
by JULIE PACE, The Associated Press
WASHINGTON (AP) - Angry and anxious, Republican lawmakers and veterans groups hastened to disavow Donald Trump’s repeated criticism of a bereaved military family Monday, but the GOP presidential nominee refused to back down. He complained anew that he had been “viciously attacked” by the parents of a Muslim U.S. Army captain who was killed in Iraq.
…
Cindy Seehan of 2016. The poor dad doesn’t realize that Dems will pump and dump him just like they did with Cindy.
#Suckersareborneveryminute
A muslim American killed by muslims in a muslim country in a war that Hillary voted for and supported.
Remind me again what any of this has to do with Trump….
Remind me again what any of this has to do with Trump…. ??
The word “sacrifice”…
This so called gold metal dad is a ‘useful idiot’. I am a Viet-nam vet an have lost some buddies. Their dad’s would not allowed themselves be utilized like that!
Their dad’s would not allowed themselves be utilized like that ??
Yes they would….Just change ethnicity..What if it was a jewish father and Trump was saying the same thing about the jewish faith…You giving him a friggen pass…He’s a bigot big time…Trump has mercislessly attacked the Muslim faith, hispanics & woman…The dad called him out on it tell him to read the constitution because he obviously hasn’t with his “Article Twelve” quote…
Gold Star dad panics and hides website of his law firm specializing in Muslim immigration.
http://www.breitbart.com/2016-presidential-race/2016/08/02/khizr-khan-deletes-law-firm-website-proving-financially-benefits-pay-play-muslim-migration/
That’s interesting. Just yesterday I was wondering why the right wing media hadn’t gone after that guy. They probably wasted a couple of days trying to find jihadist relatives or an extremist imam at his mosque.
Like all sociopaths, Hillary drops the mask when she thinks nobody who matters is looking.
http://www.theburningplatform.com/2016/08/01/evil-bitch-reveals-her-true-nature/
You can tell by that URL how lame that website is.
Add evil-trump in your website and that will be a good factual article.
No, evil Trump would be just as lame. Of course, no one is posting links that use that expression, or include lies about Trump or rant and rave about the kinds of food that he eats.
Irrelevant.
MightyMike
What are your views on the content of the leaked DNC emails and Wasserman Schultz’s resignation?
I’m still waiting for a Clinton fan to admit that she’s corrupt and has been part of a corrupt process.
Most of the time, the response I get from probing questions based on articles written by places like the NY Times/ABC News is the equivalent of fingers in the ears, singing “la la la”.
Or, even worse, I get the deflection of “We can’t let Trump win.”
I fear the Simpsons again has properly reflected the reality here.
Kodos: It’s a two party system! You have to vote for one of us!
Man: He’s right, this is a two-party system.
Man 2: Well, I believe I’ll vote for a third-party candidate.
Kang: Go ahead, throw your vote away.
I think many admit it. My crook is better than your crook.
I’ve never really been a Hillary fan, but I used to bristle when people called her “corrupt”. I thought at the time that it was a charged word, thrown around too easily to elicit a response. I never really felt like she was telling the whole truth, but that made her similar to many politicians (who I didn’t like either).
Now however, after reading numerous accounts of shading dealings (high frequency trader and Clinton donor getting put on a national security council, Uranium One, huge speaking fees paid to Bill after beneficial treatment by the US government, etc.), I now use the word “corrupt” because I think it’s the truth.
And I don’t think it’s “my crook is better than your crook”, it’s “my crook is better than your racist, narcissistic buffoon.”
MightyMike is away at his Two Minutes of Hate rally. Please call back.
https://www.youtube.com/watch?v=t4zYlOU7Fpk
And just who did leak the info. My guess is NSA. They know just how and where to leave the right foot prints pointing to the Russians.
I didn’t really have the time to read all of those emails. The impression that I got was that some DNC people expressed a preference for Clinton over Sanders. I didn’t see much evidence that they did much about it. The Wasserman Schultz’s resignation was welcome development. I’m not sure how much it matters though, given the way that parties and campaigns actually work.
It was a bit more than a preference. They were bringing up questions of faith and allegiance to the DNC.
But that’s not what I considered the worst. I thought the e-mail string and spreadsheet trying to match up donors with political appointments was the worst.
It was a bit more than a preference. They were bringing up questions of faith and allegiance to the DNC.
Do you mean that they were discussing faith and allegiance to the DNC?
The flight to safety is accelerating as our financial house of cards built on created-out-of-thin-air Fed funny money and make-believe valuations is about to meet the long-deferred financial reckoning day.
http://www.zerohedge.com/news/2016-08-02/silver-kangaroo-coins-sales-surge-over-10-million
Got gold?
http://www.marketwatch.com/investing/future/gold
Will The Chinese Succeed Where The Japanese Failed Investing In U.S. Real Estate?
Jul. 14, 2016 8:06 AM ET
Peter Fuhrman
Investment advisor, IPOs, foreign companies, tech
China First Capital
The Chinese are suddenly the biggest foreign investors in US real estate. The flood of Chinese money is money pushing up prices, especially on both coasts.
Will the Chinese lose as much money in the US as Japanese real estate investors did 25 years ago? Many US real estate pros believe so.
China’s Anbang Insurance and others from China have quickly gained a reputation for paying far more than anyone else for prime US property.
…
The Fed can’t print (or debase) gold.
http://www.marketwatch.com/story/gold-soars-to-more-than-2-year-high-2016-08-02
The Keynesian fraudsters at the central banks are starting to lose control.
http://www.zerohedge.com/news/2016-08-02/jgb-carnage-sparks-contagion-across-global-bond-market
‘a weak debt auction underscored investor disappointment at Tokyo’s apparent shift from monetary easing towards fiscal stimulus’
Does seem to have taken the shine off the magic people. Last week somebody there said helicopter money was “probably illegal.” What? And they are issuing bonds to pay for the stimulus. What that means is no new pesos. Just taking from one area and spending it in another. Why the Japanese may abandon QE is an interesting question. Maybe 20 plus years of banging your head on the wall isn’t working.
“Japan’s 10-year bond yields rose more than 10 basis points to a 4-1/2-month high of minus 0.03 percent after tepid demand was seen for a 2.4 trillion yen ($23.42 billion) 10-year auction.”
Does anyone know how to calculate the capital loss on a 10-year bond when the yield increases from minus 0.13 to minus 0.03 percent? I’m not sure my calculation is right, but if it is, then this 10 bps yield increase only implies a loss of 1% in bond values…no big deal.
current yield -0.03%
original coupon -0.13%
term 10 years
principle $1,000
semi-annual payment -$0.65
npv $990
loss $10 / 1%
Japan
Keynesian nirvana
Do you suffer from a misguided faith in real estate? A foolishly consistent belief that one investment class is superior to all others could lose you alot of money…alot!
Read This, Spike That
The U.S. Has a Misguided Faith in Real Estate
Though Americans believe land and houses are great long-term investments, the data beg to differ.
By John Kimelman
July 20, 2016
Which is the better long-term investment: stocks or real estate?
As a litmus-test question, it’s right up there with boxers or briefs, Beatles or Stones, or even Trump or Clinton.
Apparently, if you poll Americans on this question, you’ll get an answer that deviates from the right answer.
According to a recently released national survey conducted for Bankrate.com in July, 25% of the respondents said that real estate was the best way to invest money over a 10-year period. In fact, real estate won over all other asset classes.
Were stocks the second choice? No, that honor goes to “cash investments,” which include bank certificates of deposit.
Stocks, as it turns out, were tied with “gold or precious metals,” as a third-choice investment.
According to the study, real estate’s leg up may have something to do with the fact that it’s more tangible (and in many instances more enjoyable). Stocks are merely a fractional ownership of corporate equity that shows up as a line of type on a brokerage statement.
In addition, stock meltdowns in both the year 2000 and in 2008 have left many with bad tastes in their mouths about stock investing.
And those risk-averse millennials seem to like cash a lot more than middle-aged investors, according to the survey, even though millennials are at an age where they can afford to take more risk.
But should Americans be placing that much faith in real estate?
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Why Land and Homes Actually Tend to Be Disappointing Investments
Economic View
By ROBERT J. SHILLER
JULY 15, 2016
Buy land: They’re not making it anymore. That often repeated adage sounds like good financial advice.
But over the long run, it hasn’t been. Despite solid price increases over the last few years, land and homes have actually been disappointing investments. It’s worth considering why.
Let’s start by looking at the numbers. The best long-term data on land in the United States is for farmland, which is valuable in its own right and can also be considered a great reservoir that can be converted to housing and other purposes at opportune times.
Over the century from 1915 to 2015, though, the real value of American farmland (deflated by the Consumer Price Index) increased only 3.1 times, according to the Department of Agriculture. That comes to an average increase of only 1.1 percent a year — and with a growing population, that’s barely enough to keep per capita real land value unchanged.
According to my own data (relying on the S&P/Case-Shiller U.S. National Home Price Index, which I helped create), real home prices rose even more slowly over the same period — a total increase of 1.8 times, which comes to an average of only 0.6 percent a year.
What all that amounts to is that neither farmland nor housing has been a great place to invest money over the long term.
…
interesting……what will the outcome be?
Vancouver just hit foreign homebuyers with a massive tax
http://money.cnn.com/2016/08/02/real_estate/vancouver-foreign-property-transfer-tax/index.html
China is holding massive war drills - again - to prepare for a “short, cruel” high-intensity modern war. What if these aren’t just war games, but actual preparations for a high-stakes power play in the South China Sea? And if push comes to shove, what happens if China dumps $1.3 trillion in US Treasuries and expropropriates our manufacturing base on their territory? And Wal-Mart and Amazon can no longer sell cheap Chinese crap? Bullish, right?
https://www.rt.com/news/354226-china-sea-navy-drills/
Americans will rage from their mobility scooters.
As governments get more cash-strapped, housing is going to represent low-hanging fruit for the taxman, as local governments look at that massive pool of illiquid assets and see an easy revenue stream.
Dumb ,you want people w/o kids
55% of ‘re tax is for schools
2008 redux. All we need is Jim Cramer to reassure us that Deutsche Bank is fine.
http://www.marketwatch.com/story/european-stocks-under-pressure-as-commerzbank-italian-banks-slide-2016-08-02
Remember when markets were moved by fundamental valuations instead of Keynesian fraudsters who could print unlimited “stimulus”, aka financial crack cocaine? Neither do I.
http://www.marketwatch.com/story/traders-bet-bank-of-england-will-deliver-super-thursday-stimulus-2016-08-01
Wasn’t Syrian government use of chemical weapons against its own people one of Obama’s “red lines”? They’re kind of squiggly, I realize, but doesn’t “red lines” imply actual consequences if crossed? Not that a stern note from John Kerry isn’t enough to rattle the Syrian regime to its core….
http://www.aljazeera.com/news/2016/08/syria-civil-war-chlorine-gas-dropped-idlib-town-160802083551947.html
Fools rush in.
http://www.zerohedge.com/news/2016-08-02/etf-inflows-soar-43-billion-july-most-2014
Venezuelans voted for collectivist kleptocrats who promised them something for nothing. Now they are getting exactly what they voted for. Watch and learn, Democrats. Watch and learn.
http://www.express.co.uk/news/world/695662/venezuela-food-queues-soldier-delete-video
China: the Mother of All Housing Bubbles.
http://wolfstreet.com/2016/08/02/chinas-property-bubble-echoes-subprime-crisis/
http://www.corelogic.com/research/hpi/corelogic_hpi_june_2016.pdf
I find the more interesting part the shape of the various BACKWARD LOOKING curves (reality, not projections) for each state at the end of the report. Some states had just a little bump up in prices, others were extreme.
As reported by real journalists:
“It’s nice that the rent in Denver is still rising faster than the national average but it’s nice that it slowed down a little bit,” said Andrew Woo, director of data science and growth at Apartment List. “We’re still seeing some of those crazy numbers in other cities like Seattle, even cities like Dallas are going really, really fast.”
“I don’t think rising rents are really ever a welcome phenomenon if you are a renter,” Woo said, adding that it can be particularly difficult for long-time residents who don’t have well-paying jobs. “In general, though, I think rent prices are usually a good news for renters.”
http://www.denverpost.com/2016/08/01/denver-colorado-springs-rent/
I am surprised that the Denver Post allowed the first sentence of the last paragraph to even be included in this article, because “real journalists” are nothing more than whores for the National Association of Realtors.
“It’s nice that the rent in Denver is still rising faster than the national average but it’s nice that it slowed down a little bit,” said Andrew Woo
How can they both be nice?
Because that’s the only way that real journalists can report on real estate. It’s always nice, nice, nice. Real estate ad revenue is the only thing keeping these whores solvent. They will not bite the hand that feeds.
Citizen! Your caustic criticism of The Narrative has been added to your dossier! We Comrades of Proven Worth and our plutocrat patrons have worked tirelessly with our media moguls to craft a Narrative that furthers our collectivist agenda and lulls the proles into a sense of complacency about fundamental transformation. But reactionaries like you, who clearly manifest Oppositional Defiance Syndrome and must therefore be sent to a mental institution once we Comrades of Proven Worth have our permanent Democrat Supermajority and can rule by fiat, continue to be a fly in the ointment. You have the “freedom” to agree with us under our People’s Republic of New Democracy. This is your final warning, subject, er, citizen!
The Oligopoly and its media outlets will brook no challenge to The Narrative.
http://www.breitbart.com/tech/2016/08/02/facebook-blocks-radio-host-michael-savage/
Some maintenance required?
Antique real estate: Oldest homes on the market in southwestern …
http://www.ctpost.com/realestate/article/Antique-real-estate-Oldest-homes-on-the-market-8997004.php - 375k - Cached - Similar pages
1 day ago
Our NEA indocrination mills have achieved their highest accolades: the precious snowflakes matriculating from our “Everyone’s a Winner” public education system are as morally and intellectually void as any Boomer DNC stalwart. The public union educators have fulfilled their Faustian bargain with the Democrats and can look forward to their promised gold-plated pensions earned for delivering new corps of dumbed-down dependency dolts to be lifetime Democrats. Forward!
http://www.zerohedge.com/news/2016-08-02/student-loan-recipients-blame-defaults-failure-nanny-state
And the trophy that awaits any who question the SJW narrative is a grave.
The totalitarian left hate, hate, hate free speech.
Hey Ben Jones and free thinker HBB’ers, whaddya think the Death Camps will be like in 2017-2018? Will they eliminate everyone all at once? Or let a few linger on, starving?
Bullish for Florida housing, right?
http://247wallst.com/healthcare-economy/2016/08/02/zika-threatens-floridas-67-billion-tourism-revenue/?link=mktw
But…but…tolerance!
http://www.thegatewaypundit.com/2016/08/video-leftist-mob-violently-ejects-trump-supporter-new-york-city-park/
Please export some of this #Obama to the Hamptons.
this election keeps getting better every day…..Angry Muslim Father Who Bashed Trump is Immigration Lawyer Who Specializes in Visa Programs Accused of Selling Citizenship
http://www.breitbart.com/2016-presidential-race/2016/08/02/khizr-khan-deletes-law-firm-website-proving-financially-benefits-pay-play-muslim-migration/
irrelevant
Donald Trump. A Brilliant Businessman With A Bevy Of Busty Beauties.
Did you run out of clever things to say?
Donald Trump. A marvelous manager with a menagerie of magnificent milfs.
I just read today the ultra luxury Millennium Tower in San Francisco, listed as one of the Top 10 buildings to live in the world, has sunk 16 inches and is leaning 2 inches. Planning/design engineers expected a max drop of 6″ in the foundation over the life of the bldg. The Millennium Tower owners are looking to blame the new TransBay Transit Center project dig sites as the culprit, but they built the entire mega tower on sand apparently :D.
Millennium Tower Sinking
The Leaning Tower Of LolaLand.
Foundations of sand…what a fitting metaphor for Housing Bubble 2.0.
Foundations of sand, prone to liquefaction.
The Establishment GOP RINO globalist scum are showing their true colors.
http://www.zerohedge.com/news/2016-08-02/establishment-republicans-voting-hillary-surge-obama-challenges-leaders-disavow-trum
Obamacare: the gift that keeps on giving.
http://www.zerohedge.com/news/2016-08-02/aetna-posts-300-million-obamacare-loss-warns-may-exit-altogether
“Mommy and daddy” have very distinct roles, despite what fundamental transformation would have us believe.
https://straightlinelogic.com/2016/08/02/mommy-and-daddy-by-robert-gore/
Greetings from Bratislava!
I have some bubble data for both Budapest and Bratislava. Both the average wage is about 800 Euros per month.
In Budapest a scrappy, 500 sq ft communist vintage apartment goes for 60,000 USD if it’s at the edge of the vote, and twice that much if its closer to te city center. It’s pretty much the same story in Bratislava.
Sounds like LolaLand. Hows your visit there?
KookleKhan’s sanctimonious BS is over the top.
Did Donald Trump ever answer Mr. Khan’s pointed question?
crater