It Got To The Point Where It Didn’t Matter
It’s Friday desk clearing time for this blogger. “A new report finds the Bay Area city with the highest percentage paid over asking price for homes from April through June was Oakland. In the second quarter of 2016, San Francisco-based Paragon Real Estate found that home sales in Oakland closed around 17-percent over asking on average. Oakland’s median home price has risen $400,000 in the past five years to $644,000, but still remains at about half of the price of an average home in San Francisco. ‘We’re talking about ferocious, even frenzied competition between buyers. The over-bidding has been quite dramatic,’ Paragon’s Chief Market Analyst Patrick Carisle told KCBS.”
“Carlisle said he expects Oakland’s market to cool off a little in the next year, as San Francisco’s market did in the last year.”
“Despite a slight uptick in listings, realtors said the Portland metro area is still an extremely hot housing market in the final stretch of summer. Experts did note a brief lull in the market for a couple weeks in the end of July. In this stretch, Nick Krautter of Keller Williams Portland said his team did notice some homes actually drop in price, and fewer buyers competing for the same house. ‘There’s some buyers that are not actively looking right now, and so the competitive offer situations have cooled a little bit,’ Krautter said.”
“First-time home buyer Kathryn Green said she had to increase her budget to buy a home in Portland. They’d already lost two homes in the three months they’d been looking. ‘It felt a little bit like being in a pressure cooker,’ Green said. ‘Especially being a first-time home buyer. Like you want it? Yes or no? And it got to the point where it didn’t matter. It was like say ‘yes.’ ”
“Green said she was able to offer asking price for the home she just purchased. She was also surprised there weren’t any other offers on the house, although she said she didn’t waste any time deciding. ‘We got it the second it popped up. We looked at the pictures and we were like ‘boom,’ Green said. ‘You’re writing the biggest check of your life, and you’re doing it from the internet and from pictures.’”
“The number of metro Denver homes for sale increased 10 percent from June to July, but decreases in the number of new listings and the number sold in July indicate what could be the beginning of a seasonal market plateau. Those drops in new listings and homes sold were accompanied by decreases in both average and median home prices, according to a the Denver Metro Association of Realtors. ‘It’s an affordability issue,’ DMAR Market Trends Committee member Steve Danyliw said of the cost of buying a home. ‘Prices have gotten so high. Wages aren’t keeping pace with home prices.’”
“While the fundamentals of a balloon bursting aren’t there, Danyliw said, the housing market will have to start slowing down. ‘Price reduction was a common term seen in the luxury market, as sellers made adjustments in response to an overall slowdown,’ DMAR Market Trends Committee member Jill Schafer said in the report.”
“Winter has come early for Greater Downtown Miami’s condo market. A new report from the Downtown Development Authority shows pricing for existing condos in the area has fallen for the first time in five years, marking what could be a return to stability after years of overheated sales and skyrocketing values. Integra Realty Resources report shows another 5,508 rental units are under construction and expected to open within the next two years, with 8,483 more apartments in the proposal pipeline for the greater downtown area alone.”
“Plus, resale inventory is flooding the market, with more than 3,000 acting listings as of May this year, all while sales volume is falling sharply. For the first six months of 2015, buyers picked up 750 condos in the downtown area. In the same time period this year, sales volume hit only 550 units. Landlords are already setting aggressive rents to combat the increased supply, according to the report. ‘In the balance of supply and demand in real estate, the good news is that affordability may come back in vogue,’ Integra wrote.”
“New York’s condo slowdown is upending the market for one of the most coveted assets in tightly packed Manhattan: land. Sales of parcels for development are plummeting as builders, seeing signs that a once-hot property market is cooling, offer prices that sellers won’t agree to. ‘Land is always one of the first asset classes to drop in value when a market is transitioning,’ said Robert Knakal, chairman of New York investment sales at Cushman & Wakefield Inc. It’s ‘indicative of the perspective that developers have of what the market is going to be like two or three years from now.’”
“A real estate research firm estimates that 20 percent of Las Vegas homeowners owe more on their homes than their value. Homeowner and developer Michael Hutchings said his home is still underwater even though he has paid to stay in his home for the past decade. After he decided to sell and got an offer much lower than the value of his home, he is questioning the banks’ process when it comes to selling homes negative in equity. Hutchings said his bank, Bank of America, immediately accepted an offer instead of negotiating better options.”
“‘You need to re-appraise the home or counteroffer so that we can get a little closer and they said: no we are willing to let it go,’ said Hutchings.”
“Amos Latteier, a tech worker in Vancouver, British Columbia, is talking about what everyone in Vancouver can’t stop talking about: the city’s skyrocketing property values and its seemingly endless construction boom, where one luxury condo after another has been built, is being built, will be built. It is a story that should now sound familiar to Seattleites. ‘All property holders in Vancouver literally won the lottery,’ Latteier says. ‘I missed making my million. I just did. I go to parties and I can see people looking at me and saying: ‘He missed making a million.’”
“A few minutes later, I’m in a cab heading back to my hotel. My driver, a Steve something, excitedly explains that he has a piece of land right by the Georgia Viaduct. It’s a 25-foot-wide plot just off a main street. And it’s across from a fire hall. These, in his money-mad mind, are amenities. He wants three million for the plot. But he fears he will only get a million. He is also upset about the ’socialist government’ intervening and changing things before his dream comes true. He needs the money so badly. This is the only game in town. It’s now or never. He says all of this as he turns this way and that, in the maze of condo towers.”
‘According to Redfin, it hasn’t been the best of times for luxury home sales. Even as the overall housing markets have boomed, the upper echelon of properties saw dropping prices in the first quarter of 2016 and flat sales in Q2. Over in Bellevue, average sale price of luxury homes has dropped 4.2 percent while the rest of the market has seen 12.2 percent price growth.’
I was talking to a realtor yesterday and he said that anything under $100K flies off the shelf. It frequently does not get listed. He has one guy who will buy anything under that is an area of duplexes. Exurb of Raleigh. We sold our Dad’s house in 1 day with2 offers and a 3rd person interested. (Total Rehab-Chicago suburbs)
And spoke to a title agent in Indiana who said that it is crazy how fast things are getting sold. Almost instantly. No, the insanity has not stopped yet!
“He has one guy who will buy anything under that is an area of duplexes.”
Sounds like a great strategy, so long as real estate keeps going up.
‘Realogy Holdings Corp., owner of brokerage brands Coldwell Banker and Century 21, dropped to a record low as sluggish luxury home sales hurt the firm’s earnings. Shares of Realogy fell 13 percent to $26.62, after earlier slumping 15 percent, the biggest decline since the company’s October 2012 initial public offering.’
‘Weakness at the high end of the housing market affected Realogy’s NRT brokerage. The firm’s top spots — California, Florida and the area that includes New York City — all suffered from lower volume in the three months ended June 30, and were down collectively about 8 percent from a year earlier. The three markets accounted for 60 percent of the unit’s revenue in 2015.’
There’s nothing like collapsing demand from already low housing demand to get things cranked up.
‘All property holders in Vancouver literally won the lottery,’ Latteier says. ‘I missed making my million. I just did. I go to parties and I can see people looking at me and saying: ‘He missed making a million’
About these millionaires; do they have a million in the bank? Or is it on Zillow? Because it ain’t the same thing. Just ask the people in Calgary:
‘Calgary’s housing market slump continued in July, with sales in the city down for a 20th consecutive month. The number of homes sold was down 12.6 per cent from July 2015 levels, according to the latest numbers from the Calgary Real Estate Board. Meanwhile, the inventory of homes on the market remained elevated, with 551 more for sale than there were a year earlier, a 10.7 per cent hike.’
‘Ann-Marie Lurie, the board’s chief economist said the numbers were a reflection of current economic conditions. “The number of unemployed workers keeps rising and when you combine job losses with declining net migration, the result is going to be weaker housing demand,” Lurie said.’
‘These, in his money-mad mind, are amenities. He wants three million for the plot. But he fears he will only get a million. He is also upset about the ’socialist government’ intervening and changing things before his dream comes true. He needs the money so badly. This is the only game in town. It’s now or never.’
See, Steve is the genius. While people are standing around at the party with their million, he’s out to make 3. Why aren’t these party goers all in and buying more? Some Chinese crook will make it all happen, right? Don’t sit back with your 2009 houses, refinance and buy as much as you can. It’s now or never.
Steve the cab driver has land to unload.
Quite the shoeshine moment.
elvis presley - its now or never (1960)
It’s now or never,
come hold me tight
Kiss me my darling,
be mine tonight
Tomorrow will be too late,
it’s now or never
My love won’t wait.
When I first saw you
with your smile so tender
My heart was captured,
my soul surrendered
I’d spend a lifetime
waiting for the right time
Now that your near
the time is here at last.
It’s now or never,
come hold me tight
Kiss me my darling,
be mine tonight
Tomorrow will be too late,
it’s now or never
My love won’t wait.
Just like a willow,
We would cry an ocean
If we lost true love
And sweet devotion
Your lips excite me,
Let your arms unfight me
For who knows when
Well meet again this way
It’s now or never,
Come hold me tight
Kiss me my darling,
Be mine tonight
Tomorrow will be too late,
It’s now or never
My love wont wait.
https://www.youtube.com/watch?v=QkMVscR5YOo
Also sounds like Miami in 2005. Really, it seems like every moment these days is a shoeshine moment, papered over for the time being by white noise from central bankers.
He’s a ZILLOWNAIRE!
da bear
Hey cuz’…
‘All property holders in Vancouver literally won the lottery,’ Latteier says. ‘I missed making my million. I just did. I go to parties and I can see people looking at me and saying: ‘He missed making a million’
Shades of 1999:
https://investingcaffeine.com/2009/11/12/back-to-the-future-mag-covers-part-ii/
Yep, the parties… $30k/yr millionaires strut’n like peacocks, rocking on the balls of their feet, but the moment they’re upside-down they shamelessly mail-in the keys. Fugg’n losers!
China doesn’t allow us to buy their houses but they can buy ours !
Vancouver had record closings for the two days before the tax hit - almost 15,000 - a record.
Deals are folding and droves of litigation is expected for specific performance.
Toronto is expected to receive added sales as they become more attractive to foreign buyers.
But the province of Ontario is supposedly going to enact the same type of 15% tax legislation for Toronto.
Quick - close the barn door. Bet you can’t find the horse though.
Ooh, ooh, oooh, but doesn’t the US want some of that Chinese cash? What safeguards are in place here to prevent price bubbling?
I smell fear….
http://wolfstreet.com/2016/08/04/australia-big-four-banks-housing-bubble-china-wholesale-funding/
Look no further than some of the more recent gems and gyrations on the hbb to confirm that fear.
Philly’s answer to a dumpster fire: a dumpster pool party using water from the fire hydrant. Got vancomycin?
Link: http://www.nbcphiladelphia.com/news/local/Philadelphia-Tells-Residents-Dont-Swim-in-Dumpster-Pools-389238611.html
From the photo, it looks like the party-goers got a brewing company to sponsor their event.
Evidently somebody at PBR knows their history!
——————
The Broad Street cholera outbreak was a severe outbreak of cholera that occurred near Broad Street in the Soho district of London, England in 1854 (in the area now known as Carnaby Street). This outbreak is best known for the physician John Snow’s study of the outbreak and his hypothesis that contaminated water, not air, spread cholera…[1]
…Snow later used a dot map to illustrate how cases of cholera were centred on the [public water] pump. He also used statistics to illustrate the connection between the quality of the source of water and cholera cases. … He mapped the locations of individual water pumps and generated cells which represented all the points on his map which were closest to each pump. The section of Snow’s map representing areas in the city where the closest available source of water was the Broad Street pump circumscribed most cases of cholera.[4]
There was one significant anomaly – none of the workers in the nearby Broad Street brewery contracted cholera. They were given a daily allowance of beer, and did not consume water from the nearby well. The water used in the brewing process is boiled during mashing which kills cholera bacteria.
—————-
https://en.wikipedia.org/wiki/1854_Broad_Street_cholera_outbreak
The only thing missing is a donkey to haul that cart to the next party spot.
“Wages aren’t keeping pace with home prices.’”
Now do you really believe wages are going to triple or quadruple to meet grossly inflated housing prices?
Of course not.
Housing prices will continue falling to meet wages.
Sounds about right. CRATER.
Did somebody say CRATER?
http://www.denverpost.com/2016/08/04/home-prices-drop-metro-denver-afforability-issue/
Nice find. Falling housing prices in Denver too.
In the good ol’ days a front range guy could go to church and watch football at the same time with a Tebow sermon, and his home’s value was busy climbing 24/7.
No they won’t.
House prices will fall to meet 45% DTI.
House prices will fall to meet 50% DTI if you have a non-borrower resident (HomeReady)
House prices will fall to meet the DTI of the main house + a rental in the basement.
House prices will fall to meet the flipper money.
House prices will fall to meet the buy-fix-rent hdege fund money.
And in many places, houses have already fallen to meet wages. Two teachers at $50K (or a $75K STEM and a $25K admin assistant) can afford a $300K house. And aren’t those houses the ones that are flying off the shelf? Fancy that.
And are there actually houses “flying off the shelf” know this?
US Housing Demand Plummets To 20 Year Low
http://1.bp.blogspot.com/-0q8fIAsczFk/VUANHEhSbnI/AAAAAAAAjRs/oANwXOUviGw/s1600/MBAApr292015.PNG
Demand for new houses is what it was 60 years ago. Flying off indeed.
‘Oakland’s median home price has risen $400,000 in the past five years to $644,000′
Damm, I heard it was kra kra in Oakland but that’s pretty insane.
D’you know Oakland was named oak land on acuzza all the oak trees? No kidding. They were mostly clear cut to rebuild SF after the 06 quake.
How many black folks were sent packing to clear the way for mostly whites and asians?
#Blackhomesdon’tmatter?
‘Oakland’s median home price has risen $400,000 in the past five years to $644,000′
Yellen’s watching this, she wouldn’t miss a bubble.
Can she tell a difference between a bubble and a plane?
“The Rev. Leon Kelly, a gang activist who has worked in the city for decades, attributes the problems to a racial shift and to rising home prices in the neighborhoods. Factions that traditionally were split by distance are being pushed into the same blocks.
“Now, with these changes in demographics, two gangs are going to war,” he said.
http://www.denverpost.com/2015/05/02/surging-gang-violence-in-northeast-denver-neighborhood-has-residents-on-high-alert/
“Linda, who declined to give her last name out of concern for her safety, said she has lived in the neighborhood for three decades. Although she has heard gunfire through the years, she said the recent drumbeat of shots has stood out.
‘All of the people who bought these $450,000 houses are getting freaked out,’ she said of the area’s gentrification. ‘All of a sudden, it’s just ‘boom, boom, boom.’ All of a sudden, within a month, it’s ‘boom, boom, boom.’”
‘All of the people who bought these $450,000 houses are getting freaked out,’
Maybe they figured out they could have built it new for $150k.
I’m assuming that this is a typical turf war over which gang owns the drug selling rights in any particular area. And now the gentrification is decreasing both the physical area and the number of customers. Less to fight over –> fiercer fighting.
All wars are resource wars, eh.
[maybe those enterprising gang members could capture new customers by expanding their offerings to include painkillers and heroin.]
Uber is moving their HQ there, they bought a large building. There are some other tech companies in Oakland as well.
Just wanted to check in. Still alive. Move to Denver area now complete and house an utter mess of boxes and paper. Gonna be a while to get really settled.
So happy to be out of Chicago. Drive west was great. Many sites. Stayed in Dickinson ND. Things have really slowed in the Balken. Saw a lot of new construction. Still many oil workers in area but nothing like it was even two years ago according to locals. Bottom has not fully dropped out and locals are relieved to have time to better manage things cause things were out of control up there for several years. Guys living in tents in large lots off the 94 in sub zero inwinter. Just insane what was going on. But now you can see and hear folks saying if it will come back. Not sure it will at current prices. Folks say oil needs to be around 60 per bbl to make a go of it.
More later when I have time.
Be well there HBB’ers!
Rj not in Chicago anymore! Praise God!!
Your experience in North Dakota gives you a better perspective on what to expect in your new location in Denver.
Welcome to CRATER.
And welcome to boom, boom, boom, apparently. Sheehs, poor rj, he left Chicago to avoid boom, boom, boom and there it is, in Denver, according to the post above.
great job! should’a picked Boise.
No legal weed in the Spud State. And more Mormons.
Frisco, TX Affordability Surges As Housing Prices Plunge 5% YoY
http://www.movoto.com/frisco-tx/market-trends/
College Students Protest, Alumni’s Fondness Fades and Checks Shrink:
“A backlash from alumni is an unexpected aftershock of the campus disruptions of the last academic year. Although fund-raisers are still gauging the extent of the effect on philanthropy, some colleges — particularly small, elite liberal arts institutions — have reported a decline in donations, accompanied by a laundry list of complaints.
Alumni from a range of generations say they are baffled by today’s college culture. Among their laments: Students are too wrapped up in racial and identity politics. They are allowed to take too many frivolous courses. They have repudiated the heroes and traditions of the past by judging them by today’s standards rather than in the context of their times. Fraternities are being unfairly maligned, and men are being demonized by sexual assault investigations. And university administrations have been too meek in addressing protesters whose messages have seemed to fly in the face of free speech.”
http://www.nytimes.com/2016/08/05/us/college-protests-alumni-donations.html
The opening paragraph is pretty telling:
—————
“Scott MacConnell cherishes the memory of his years at Amherst College, where he discovered his future métier as a theatrical designer. But protests on campus over cultural and racial sensitivities last year soured his feelings. Now Mr. MacConnell, who graduated in 1960, is expressing his discontent through his wallet. In June, he cut the college out of his will.”
—————
So, a libtard who graduated in a libtard major from a libtard college cut the libtard college out of his will because it was becoming too libtard even for him? Just what is going down at these campi?
“So, a libtard who graduated in a libtard major from a libtard college”
very ASSuming of you Oxide. Three logical fallacies in those fourteen words.
“For the past few years, there have been a number of incidents in which the ethos of free speech has been outright attacked. Recently an elected student official at the University of Houston who posted #AllLivesMatter on her Twitter feed was suspended from her position, forced to attend a “diversity” workshop, and required to participate in three cultural events each month. That same week, conservative pundit Ben Shapiro was banned from speaking at DePaul University because administrators anticipated protests from the liberal students. These are only the most recent incidents in a series that stretches back to similar suppressions at Yale, Wesleyan, and other schools last year… and explains why sixty-nine percent of students would favor prohibiting “intentionally offensive” speech on campuses.
Another example of the ways perceived personal slights have been used and abused is a “microaggression” tip sheet that has been adopted by many universities which labels innocuous expressions such as “America is a melting pot” as “racial microaggressions.” In higher education, programs dedicated to rooting out microaggressions, such as one instituted last year at New York’s Ithaca College, are teaching young people that microaggressions constitute grounds for punishment. The program may even be responsible for the abrupt retirement of Ithaca president Tom Rochon amid anger over improper handling of alleged racist incidents on campus. Among the charges of racism, students complained of a fraternity party’s ‘90s-inspired dress code which suggested attendees appear as their choice of either “Preps” or “Crooks.” Earlier this year, one of the authors of an influential book on microaggressions was horrified to learn that his research was being misrepresented to shame students into compliance. A co-author of the above-mentioned microaggression tip sheet was similarly displeased that it was being used to mete out punishment, rather than as a way of starting conversation.”
http://www.salon.com/2016/08/04/the_troubling_and_counterproductive_trend_of_liberals_policing_free_speech_we_cannot_silence_those_we_disagree_with/
The chickens have come to roost and the alumni have nobody else to blame. I’ll be glad when more of these institutions close or have no free dosh to dole out in the form of scholarships. The less people attending these PC palaces the better off we’ll all be.
It’s starting to look like Mao’s cultural revolution where the “students” try to out PC each other. Make no mistake, in the future they will not only be denying seats to whites wholesale but even booting whites off of the campus just because they are white. That may sound crazy to some of you but who would have envisioned students at Yale yelling at and belittling their professors on video because they didn’t make them “feel safe”?
I hate to say it but the military is now full of screaming brats demanding their “rights” as well. I watch the senior leadership apologize and try to accommodate them on a daily basis just to get them to re-enlist so this isn’t just a college phenomenon, it has spread nationwide. I retired from the Navy in 1995 and this kind of behavior would have earned you a Captain’s Mast or court martial but now it gets you a meeting with a MSGT to discuss how you feel about their decisions. No wonder my shipmates surrendered their vessels so quickly to a bunch of Iranian knuckleheads.
Clint Eastwood is right, this is the pussy generation.
well ive been saying the wussie generation so as not to get banned but its the same thing.
You remind me of woman I knew back in the ’80s. She said that everything was great in America until the 1960s when those damn civil rights protesters started demanding their “rights”.
The decline in alumni donations appears to be pretty small. It will probably reverse itself when the MSM loses interest in the things happening on college campuses, which should be pretty soon.
And Clint Eastwood is an incoherent clown.
Don’t equate me with racists. I watch you on here every day and you engage in nothing but ad hominem attacks and putting words in people’s moths.
These are crybabies in college not black people in Alabama being chased by police dogs. I grew up in the 60’s and the US wasn’t such a pretty place so it’s not something for which I long. I’m not a Democrat in a white hood so lighten up.
State
August 5, 2016 11:23 AM
MU changes how it handles complaints in post-Melissa Click era
Students make their way to class across the commons area at the University of Columbia. Shane Keyser The Kansas City Star
By Will Schmitt
The University of Missouri’s top academic office has changed how it handles complaints about faculty behavior, months after administrators received a deluge of angry emails and phone calls about a former professor’s actions during the November protests.
Now there’s an online form that allows formal complaints to be submitted.
“Once submitted, the form is conspicuously labeled and sent to multiple members of the Office of the Provost,” Provost Garnett Stokes said in an email.
Stokes said she had communicated to senior associate provosts that they could take initiative and respond to complaints rather than wait for her say-so.
…
“20 percent of Las Vegas homeowners owe more on their homes than their value.”
That’s not just Vegas. That’s anywhere.
Once interest, taxes insurance and depreciation are accounted for, the losses are massive.
‘Land is always one of the first asset classes to drop in value when a market is transitioning,’
Remember….. Land is highly speculative resulting in massive price swings entirely unfounded on fundamentals. If you’re paying more than $500-$1000/acre, you’re paying too much. That’s why land is referred to as worthless dirt. Besides, there is a globe full of land and roughly 95% of it goes undeveloped.
Robert Shiller: “Housing Depreciates”
http://www.businessinsider.com/robert-shiller-home-investment-a-fad-2013-2
Hopewell Township, NJ Housing Prices Fall 6% YoY As Housing Correction Resumes
http://www.zillow.com/hopewell-township-nj/home-values/
‘Nick Krautter of Keller Williams Portland said his team did notice some homes actually drop in price’
‘First-time home buyer Kathryn Green said she had to increase her budget to buy a home in Portland. They’d already lost two homes in the three months they’d been looking. ‘It felt a little bit like being in a pressure cooker,’ Green said. ‘Especially being a first-time home buyer. Like you want it? Yes or no? And it got to the point where it didn’t matter. It was like say ‘yes.’
‘Green said she was able to offer asking price for the home she just purchased. She was also surprised there weren’t any other offers on the house, although she said she didn’t waste any time deciding. ‘We got it the second it popped up. We looked at the pictures and we were like ‘boom,’ Green said. ‘You’re writing the biggest check of your life, and you’re doing it from the internet and from pictures’
‘We looked at the pictures and we were like ‘boom’
Click!
‘You’re writing the biggest check of your life, and you’re doing it from the internet and from pictures’
Kathryn Green, meet Caitlyn Vestal.
“You gotta roll with it”
‘You’re writing the biggest check of your life’
And to think it’s only 3% of the price.
There it is. 3% down payment. The very definition of sub-prime.
‘You’re writing the biggest check of your life’
“And to think it’s only 3% of the price.”
Q. What happens is nothing else is paid?
A. Sometimes nuttin’ happens.
When I read that quote all I thought of was why use a realtor?
If all it take is the internet and some pictures make the offer directly to the seller. Cut out the middle man.
They saw her coming a mile away. REALTWHORES are the ones who come up with all this “bidding war” crap, and the media runs with it. In reality, it doesn’t exist.
“In reality, it doesn’t exist.”
Bidding wars (real or imagined) makes for excellent marketing tools.
It’s OK; Suzanne researched it.
Posted late yesterday, re-posting for the early risers:
For those of you using the Joshua Tree Extension on Chrome, I’ve just pushed a new version, 3.0.2.
The update will cause you to lose your ‘read post’ history as it stores the data slightly differently, but will work as expected after taking the update.
The new version makes it easier to track new comments across multiple blog posts.
Thanks again. I hope more readers learn the advantages of the JT extension and actually use it. I believe it will reduce the incessant whining.
Whining about other peoples’ posts is the epitome of childish behavior. If you don’t like it, just gloss over.
‘what could be the beginning of a seasonal market plateau’
Always with the plateau.
‘While the fundamentals of a balloon bursting aren’t there, Danyliw said, the housing market will have to start slowing down. ‘Price reduction was a common term seen in the luxury market’
Is a common reduction a plateau?
On an inflation adjusted basis, housing should ALWAYS be at a plateau.
There is no inflation and hasn’t been in decades.
Stay classy, Comrades of Proven Worth (D).
https://www.washingtonpost.com/local/public-safety/fairfax-city-mayor-arrested-and-charged-in-connection-with-meth-for-sex-scheme/2016/08/05/3f1c2012-5b07-11e6-9767-f6c947fd0cb8_story.html
From the comments: “Whew! Had to read to the fourth to the last paragraph to find out this guy was a Democrat. Glad we got that out of the way up front.”
Drug and sex scandals are the product of human weakness and are non-partisan. I long ago stopped suggesting that a scandal afflicting any right-wing politician could be attributed to conservative beliefs, because sooner or later a political figure on the left would be exposed as behaving similarly.
‘Victoria’s “turbocharged” apartment boom will fall by as much as a third over the coming year as residential building drops 17 per cent, predicts BIS Shrapnel. But the biggest falls will be in the national apartment and unit market — new commencements are forecast to halve over the next four years to 53,800.’
‘BIS Shrapnel associate director Dr Kim Hawtrey said apartment and unit building would experience the greatest falls in Victoria. “Multi-residential building in Victoria has been absolutely turbocharged and has gone through the roof,” he said. “As the boom comes to an end and we now enter three or four years of decline, from high levels I must add, it’s natural that most of that decline will be felt in the multi-residential sector.”
‘Dr Hawtrey said more than 30,000 apartments and units began construction in Victoria during the past financial year — about three times the normal annual rate before the Global Financial Crisis. He said the number of new apartments and units in the state would drop below 30,000 this financial year to a figure closer to the mid-20,000s.’
‘Apartment prices in parts of the city have been falling because of oversupply. The median sale price for units in the CBD fell 4.9 per cent in the year to March 2016, according to CoreLogic RP Data.’
‘At the national level, housing construction peaked in the past year, reaching a record high of 220,100.’
“Low interest rates have unlocked significant pent-up demand and underpinned the current boom in activity, but with population growth slowing and a strong backlog of dwellings due for completion, new supply will outpace demand,” Dr Hawtrey said.’
‘But investors would no longer fuel the apartment-building boom as they had in previous years, the report said.’
They built their way out of a bubble. What’s to worry about?
Vienna, VA Affordability Surges As Housing Prices Crater 7% YoY
http://www.zillow.com/vienna-va/home-values/
Homeownership Rate Craters To 51 Year Lows; Housing Prices 300% Higher Than Long Term Trend
http://www.bloomberg.com/news/articles/2016-07-28/homeownership-rate-in-the-u-s-tumbles-to-the-lowest-since-1965
California is the most impoverished state in the country:
“Pull off Interstate 80 at Gilman Street in Berkeley, and the first thing that catches the eye isn’t the waterfront with a view of San Francisco in the distance, or nearby Golden Gate Fields.
Instead, it’s the accumulation of tents under the freeway overpass and the army of homeless people who populate them. The area has been a hot spot for Berkeley’s homeless in recent years, but this scene is about to change, as city and state officials erect new fences to keep people out.
After years of disbanding the encampment only to see it rise once again, Caltrans has begun to erect fencing that is expected to effectively keep people out of the area. The first fence went up Thursday, blocking off about half of the space that those living in the area have been occupying for several years. The other half will soon be fenced off as well.
Homeless people living there say that once the new fences are complete, they will have nowhere to go in Berkeley.”
http://www.sfchronicle.com/bayarea/article/Gilman-Street-homeless-camp-being-shut-down-9123654.php?t=c8852c289a
The homeless have also camped under the 80 on the San Francisco side for decades. My sister lived in an upscale apartment complex right next to it with a view of the trolls.
Nothing new.
Lots of homeless are those from the acid 60s or the 70s kids who repeated the drug mistakes of their older siblings or cousins.
Many people don’t want to work.
“Nothing new.”
Exactly. Berkeley and SF were both full of homeless while I lived in the area, which started two decades back…
Many people don’t want to work.
Cali is full of them and importing more by droves.
Many people don’t want to work
There are millions of them in Florida, riding around in golf carts.
It’s illegal to be poor.
Let’s see. Build a fence along the Mexican border,bad. Build a fence in SF to eliminate view and passage of homeless (most are legal), good. Gotta lov these blue cities and their elitests.
“Something is happening downtown that would shock many renters living in an increasingly expensive Los Angeles: Some landlords are letting tenants live for free.
At the recently opened 263-unit Hanover Olympic apartments on Olive Street, new residents can get a free month’s rent when they move in. So can new tenants at Sares-Regis Group’s new 240-unit Wakaba LA in Little Tokyo.
Developer Carmel Partners is offering an even sweeter deal.
“Summer savings for a limited time,” says the website for its new Eighth & Grand complex, where a studio starts at $2,300 and residents can get four to five weeks of rent free and up to 12 months of free parking.
The downtown development boom that’s transformed the region’s civic and commercial center into a vibrant residential neighborhood has been so great that it’s raising questions about how long the heady times can last.”
http://www.latimes.com/business/la-fi-downtown-apartments-20160719-snap-story.html
I posted this yesterday:
‘Concessions have been virtually nonexistent across L.A. for several years. Demand had been so high there just wasn’t any need for them,’ said Steve Basham, senior market analyst with CoStar Group Inc.’
‘The new dynamic, Basham said, can be chalked up to simple supply and demand. In the last year and a half, more than 3,700 apartments have opened downtown and an additional 6,260 are currently under construction, according to real estate firm Transwestern. When those apartments are finished, they’ll boost the number of downtown residences — both for sale and rentals — by about 15% to more than 40,000. Thousands more apartments are planned, as well.’
‘Lenders have grown more selective in the projects they fund. ‘Are there that many people that can afford the $3,000 a-month rents?’ Chris Casey, a managing director in JLL’s real estate investment banking group. ‘People are looking around and asking themselves: Are we in the seventh inning, the eighth inning’ of the development cycle?’
‘If the boom does end, it wouldn’t be the first time for downtown. Amid last decade’s housing bubble, developers focused heavily on new condominiums, only to slash prices, mothball their plans or turn the buildings into rentals when the financial crisis and recession turned boom to bust. This time developers are focusing on apartments and at a much greater scale.’
‘Amid last decade’s housing bubble, developers focused heavily on new condominiums, only to slash prices…This time developers are focusing on apartments and at a much greater scale’
There’s over 100 towers going up in downtown LA right now. A much greater scale indeed.
‘The Boom Continues: Updates on 102 Downtown Projects’
May 26, 2016
‘The most reliable field, however, may be the crane industry, as in those who make the machines that facilitate housing and other development. Just open your eyes and look up — the cranes are seemingly everywhere.’
‘How long they will remain and when the economy turns no one knows, but for now they are proof of the continuing boom in Downtown development.’
And after the first year, all those sweeteners will disappear and the LL will raise the rent to “market.” I remember the one lady in Northern Virginia who flat out said that she will have to move every year into order to afford the rent through movie-in specials.
In the meantime, rental rates continue to fall and remain a fraction of the cost of buying.
Why buy it when you can rent it for half the monthly cost?
oxide but when you see today’s people’s apartments they own very little and then its ikea so they can afford to give it way on CL instead of moving it..
flat screen tv couple of computers but they do spend money on a bed and couch…and rarely see any huge entertainment centers book case cd dvd racks, , no lifetime Ethan Allen furniture
so moving is a lot easier than 10 or even 5 years ago.
“she will have to move every year into order to afford the rent through movie-in specials.”
A decade ago in the Bay Area, this was a common activity for the young/few possession renters with tech jobs.
Move your futon to a new apartment, get a month or two free on a one-year lease, stay there for 12 months, then do it all over again.
This happens in L.A. often. I was given a 20% decrease in my rent in the South Bay a few years ago. It lasted a year but the next rent lease was slightly higher, not 25%.
It is cheaper to rent in the coastal areas of California (within five miles of the ocean) than to own. Far cheaper.
“…transformed the region’s civic and commercial center into a vibrant residential neighborhood…”
Wow. That’s extending the definition of vibrant. The place still reeks of urine.
Estimated homeless population of downtown LA’s Skid Row is 20,000.
I was reading this:
‘The hunt is on for a man accused of dousing a mother of seven in gasoline before setting her on fire in South Los Angeles. Tabitha Morton remains in critical condition at a hospital with extensive burns following the attack, which unfolded June 12th in an alley in the 500 block of E. Vernon Avenue.’
“This occurred in broad daylight in front of witnesses and she was critically injured while he simply walked away,” said Capt. Daniel Curry of the Los Angeles Fire Department.’
http://losangeles.cbslocal.com/2016/08/04/mother-of-7-doused-in-gasoline-set-on-fire-in-broad-daylight/
I looked up 500 E Vernon Avenue:
http://www.zillow.com/homedetails/500-E-Vernon-Ave-Los-Angeles-CA-90011/20616921_zpid/
Zestimate
$388,997
06/17/98 Sold $225,000+857% $130/sf
08/21/96 Sold $23,500-69.2% $13/sf
10/19/94 Sold $76,363 $44/sf
06/17/98 Sold $225,000+857%
08/21/96 Sold $23,500
This is where Mike can chime in and say this is in line with inflation, or oxide can tell us how two gang members salaries can easily cover the monthly payment.
two gang members
Not 2 gang mebers’s salaries for sure, but a Pimp and a ‘Ho can definitely afford it.
Shadow Stats says that inflation is much higher the official numbers put out by the government.
Nice try, Ben.
In 1994 and 1996, that property was empty land (or a teardown). A developer bought the plot for $23K in 1996 and built a 2-unit rental house in 1997. That’s the reason for the price increase in 1998 — not inflation, or a bubble.
For a Zestimate of $389K, four gang members (2 in each unit) making $32K each could cover the monthly payment. Actually, they could probably do it on less since I ASSume they aren’t paying income tax.
For craps and giggles, I had a google-cam look at the area. Drop your little yellow google man about a block away, in the intersection of Wall Street and E 43rd place, and pan up. I counted 5 pairs of sneakers on the utility lines.
If you had 389k, would you pay that much for this housing? Would you pay 200k? Cuz I bet you wouldn’t pay that much if the owner threatened to set you on fire in the middle of the day.
‘m not saying that this is a good price for that property. I’m just pointing out that the price increase is due to actually improving the property, not from inflation. IMO, no price is a good price for South Central LA, unless the house came with a lifetime swat team.
What’s even worse Ben, is that the houses down the street are in the $300K range and they are only one unit. It surprises me that these folks don’t up and move to a trailer in Appalachia or something.
And the price increase from $225k to 389k(assuming it’s in brand new condition) is a result of MagicDonkeyDust.
There is no “pent-up demand” for $500,000 starter homes:
“The erosion of middle class jobs – a disturbing trend of the post-recession labor market — is projected to continue, according to a report released today.
The economy is expected to add 7.2 million jobs, an increase of 5 percent, over the next five years. However, the growth in middle-wage employment is expected to lag that of both low-wage and high-wage occupations, says the report by Economic Modeling Specialists Intl., or Emsi, and its parent company, Chicago-based CareerBuilder, a global human resource company. The report, based on government data, looks at the nation’s labor force in 2016 and projects job growth through 2021.
“High-wage and low-wage occupations are each projected to grow 5 percent from 2016 to 2021, but middle-wage jobs are only estimated to grow 3 percent,” states a news release about the report. “At the same time, 61 percent of the 173 occupations expected to lose jobs over the next five years are in the middle-wage category.”
http://www.cleveland.com/business/index.ssf/2016/08/middle-class_jobs_will_continu.html#incart_m-rpt-1
Learned today that minimum wage in the Czech Republic is 400 Euros a month. Average wage is 800. Sales tax is 20%. And tiny flats cost over 100k.
Or just passed a Corp tax increase = less biz for them
More for va
No min age in Singapore = #1 for biz
“The erosion of middle class jobs – a disturbing trend of the post-recession labor market — is projected to continue, according to a report released today.
Like this is something really new? Let me guess - Obama did it. Let’s forget that the Republicans, or business class have ruled Congress for 18 of the last 22 years. Who do you think hires all of the illegal labor that floods across the borders - left-wing Chamber of Commerce members? (note: there are no left-wing chamber members)
Are the Waltons a bunch of lefties? Or the Kochs? How about the chicken and meat processors who have changed the demographics of entire southern states just to get some cheap labor? They could care less because they will take their money and move. So what if they leave a town in shambles.
Anybody knows that the only way to raise wages in the aggregate is to reduce the available workforce. It is simple supply and demand.You won’t hear Trumph explain it rationally or Clinton either (but for PC/ ethnic reasons).
“You won’t hear Trumph explain it rationally or Clinton either (but for PC/ ethnic reasons).”
Nor will you see the anti-banksters, and anti-elitists RKH and palmy bring up this
http://finance.yahoo.com/news/trump-unveils-12-person-economic-120530897.html
Donald Trump has unveiled an economic team that includes hedge titan John Paulson to help guide the GOP presidential candidate’s sometimes-inconsistent policy statements.
Other members are Steve Roth, Harold Hamm, Howard Lorber, Steven Mnuchin, Tom Barrack, Stephen M. Calk, Andy Beal, Steve Feinberg, David Malpass, Peter Navarro, Stephen Moore and Dan DiMicco.
The campaign’s policy team will be led by national director of policy Stephen Miller and deputy director Dan Kowalski.
“I am pleased that we have such a formidable group of experienced and talented individuals that will work with me to implement real solutions for the economic issues facing our country,” Trump said in a statement emailed Friday.
Paulson is the founder of investment firm Paulson and Co., and made billions betting against subprime mortgages in 2007 leading up to the financial crisis.
Roth is the billionaire head of Vornado Realty.
Hamm is a billionaire oilman and CEO of Continental Resources .
Lorber is the CEO of tobacco and real estate company Vector Group.
Mnuchin is Trump’s national finance chairman, and the chairman and CEO of hedge fund Dune Capital Management.
Barrack served in the Reagan administration as deputy undersecretary of interior, and is founder and chairman of Colony Capital.
Calk is the chairman and CEO of The Federal Savings Bank.
Beal is the billionaire founder and chairman of Beal Bank and Beal Bank USA.
Feinberg is the billionaire co-founder and CEO of Cerberus Capital Management.
Malpass is a former Bear Stearns chief economist who has had high-ranking roles in the Reagan and George H.W. Bush administrations.
Navarro is an economics professor at the University of California, Irvine.
Moore is a former member of The Wall Street Journal’s editorial board and a founder of the Club for Growth.
DiMicco is former CEO of steel company Nucor.
they need to eliminate corporate income tax and stick it to those companies who want to reverse merger into a low tax country like ireland….
we also need say a 3-5% national sales tax so everyone even drug deals and hookers pay something into this economy
A liberal, a Republican, and a Hillary Clinton supporter go into a bar.
Bartender asks…
“What will you have Mr. Trump??
Arlington Heights, TX Affordability Surges As Housing Prices Tumble 7% YoY
http://www.zillow.com/arlington-heights-fort-worth-tx/home-values/
Had dinner last night with an old friend visiting from Germany. He had just flown from Oakland. He related from conversations he had with others in his circle up in the Bay Area that Google is gobbling up Oakland real estate these days, even as the prices go parabolic. Guess it makes sense, as they aren’t making any more land in Oakland.
and watch the crime rate plummet, oakland is finally a safe place to live,
‘and watch the crime rate plummet, oakland is finally a safe place to live,’
Instant gentrification. Just create a rumor that Google wants to set up offices in your neck of the woods.
My employer is HQ’ed there. I’ve been to the HQ once, it didn’t seem like a bad area but I didn’t venture far. BART was neat.
Great polar-bear hunting, I’m told.
What there to do in Oakland? Might as well live in Kansas City for 60% less.
lock your doors
Critics Say the Fed Is Being Held ‘Captive’ by Financial Markets
Rich Miller
August 3, 2016 — 9:00 PM PDT
Citigroup’s Buiter says Fed is ‘captive’ of financial markets
Fed disagrees, saying it’s focused on Main St. and the economy
…
What’s wrong with that? - Yellon
Without Freddie and Fannie, could 30-year mortgage be a thing of the past?
http://www.miamiherald.com/news/business/real-estate-news/article93888877.html
Opinion: Will Donald Trump make it to November?
Published: Aug 5, 2016 4:50 a.m. ET
Democrats need to keep their ‘unfit’ opponent in the presidential race
Mark Wilson/Getty Images
Is this the graveyard of Donald Trump’s presidential ambitions?
By Darrell Delamaide
Politics columnist
WASHINGTON (MarketWatch) — An unprecedentedly bizarre presidential campaign turned even more so over the past week as Republican nominee Donald Trump was labeled “crazy” in headlines and media speculated openly how the party could replace him at the top of the ticket.
The dozen indications for narcissistic personality disorder listed by the American Psychiatric Association got a lot of attention because they were all — all — disturbingly apt descriptions of the behavior Trump has shown over the past year.
…
Contra Costa County, CA Housing Prices Crater 11% YoY As Price Declines Expand To Coastal Areas
http://www.car.org/marketdata/data/countysalesactivity/
Error on my part. Prices were up 11%.
http://www.theglobeandmail.com/real-estate/toronto/torontos-real-estate-mania-hits-muskoka-cottage-country/article31256572/
Mr. Crammond says that because land has become so expensive, builders need to spend a year or two building a very high-end cottage in order to make a profit.
They typically spend between $1.3-million to $2.5-million for a property with at least 300 feet of prime shoreline so that they can obtain regulatory approval to build a two-storey boathouse.
Thompson, MA Housing Prices Crater 7% YoY
http://www.movoto.com/thompson-ct/market-trends/
Nothing creates jobs and accelerates the economy like falling prices do. Nothing.
Conspiracy theory proven fact once again. Obviously you didn’t get that in mainstream news. The real criminal is Bill Clinton…when will he be punished for crime against humanity?
ICTY Exonerates Slobodan Milosevic for War Crimes
Nobody is outraged with this news? Clinton and his EU cronies lied to to put an innocent man in jail. Where o where is the outrage?
What next? Bin Laden wasn’t directly behind 911?
Obama & Hillary basically not only ordered the murder of innocent & unarmed man but also watched it in TV?
Yep Trump is the bad one, right?
Thought so!
What’s big, fat and orange AND lies every hour? Money off the plane video?? wt f? is he insane?
Hillary in her prison jumpsuit?
nice….two answers….we are doomed!!
How will we ever pay our bills?
“We” never paid for WW2 or anything since. Obviously the US is never going to pay back anything. Makes you want to loan them your money at 1.5%, huh?
“Hillary in her prison jumpsuit?”
Brilliant!
How’s Philly?
The guy that lives in your empty skull? Kind of
drunk and broke?
Data az_donk. data.
Los Angeles, CA Housing Prices Crater 11% YoY
http://www.zillow.com/los-angeles-ca-90019/home-values/
The only thing more insane is flying pallets of cash to an airport right before hostages are released, and NOT expecting Iran to call it “ransom”.
Watch Saeed Abedini’s interview on Fox. He refused to call it “ransom” (i.e. he didn’t take the bait from the interviewer). HOWEVER, he did describe their ordeal.
They arrived at the airport. Despite their outgoing plane being ready (including pilot), they were told that they were waiting on another plane to arrive. They arrived at the airport mid-day on one day, and then stayed overnight before leaving the airport.
“No quid pro quo” my *ss.
Bush wins, he did $12 bill
https://www.theguardian.com/world/2007/feb/08/usa.iraq1
The US flew nearly $12bn in shrink-wrapped $100 bills into Iraq, then distributed the cash with no proper control over who was receiving it and how it was being spent.
The staggering scale of the biggest transfer of cash in the history of the Federal Reserve has been graphically laid bare by a US congressional committee.
In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover.
doh!
By not countering my comments, it sounds like you agree with the facts as presented. Great then, we’re in agreement.
Bush sent $12B in cash without any controls. A terrible waste of resources.
Obama sent $400MM in cash as unofficial ransom to Iran, thereby putting a price on the heads of American hostages globally.
No one “won’.
point: $400 mil matters, $12 bill –eh
Bush Lowballed Us on Iraq by $6 Trillion
‘Vancouver is not unique. It is only exceptional in the speed at which it has been transformed. Vancouver is the neoliberal city we are all structured to become.”
Kinda bubbly
I like Sun Valley, ID. Uber-liberal and dripping with money while they fly fish, mtn bike, eat well, hike and ski.
lol@lola
how is Buffalo, NY treating ya? Did you get your heating oil yet?
“how is Buffalo, NY treating ya?”
Not very well, they are still waiting on the 200,000 jobs that Hillary Clinton promised to create when she ran for Senate way back in 2000.
Dont rely on the gov. They are not in the business of creating jobs. Make your own way.
lol@tapdancinglola
Big Mac likes it in the kitchen.
Portland Oregon’s narrative is “Whatever it takes…’BOOM’, ‘BAM!’ ”
“First-time home buyer Kathryn Green said she had to increase her budget to buy a home in Portland. ” …‘We got it the second it popped up. We looked at the pictures and we were like ‘boom,’ Green said.
“You gotta roll with it” - Kaitlyn Vestal, Portland OR.
Spending the rest of your adult lives outside of work at Loan Depot or Blowe’s, have at it debt donkey millennials!
P.S. you know can’t afford this fake image of a social media construct that you’ve scripted the narrative of, but don’t let it stop you now, k?
It is not a price cut, it is a $10,000 price improvement!
Realturds!
Activist and Sanders Supporter Who Served Papers to DNC on Fraud Case Found Dead
Canada loses 31200 jobs in July
Toronto Star-9 hours ago
What would be the reason?
1. No election any time soon
2. Seasonal adjustment is a foreign concept
Dont fight rising prices, just buy!
the Rolling Stones — 19th Nervous Breakdown:
https://www.youtube.com/watch?v=wU1kTuVSUOw
Just saw one of jim the realtors videos on youtube covering Carmel Valley in San Diego last night. My head still hurts. Rent for a 1 bedroom at 2450/mo, down the street from low income housing. 3-4K sq ft homes on 10K lots going for 1.8M, in a desert filled with traffic and soulless shopping malls. WTF are people thinking - do they actually think thats living?
I guess I should be thankful, less competition for me in my little corner of the universe.
‘Rent for a 1 bedroom at 2450/mo, down the street from low income housing. 3-4K sq ft homes on 10K lots going for 1.8M, in a desert filled with traffic and soulless shopping malls. WTF are people thinking - do they actually think thats living?’
Nice place to visit. I could not afford to live there. Still trying to think about how I could make a go of buying a house in the rust belt and spending the rest of my life hiking the John Muir Trail and other great trails while Rome burns.
If u live in so cal u are somebody.
It is a total sh@t show. Grossly overpriced status symbol.
once you get a little ways from the ocean its a desert.
Take a drive out towards el cajon and over the hill to elcentro.
So cal is truly nasty. The Chinese and Persians dont know any better though. Locals bailed long ago.
Soon we will have our own more unsavory and corrupt version of Frau Merkel.
http://theweek.com/articles/640943/how-angela-merkel-imperiled-europes-future
NYC well on its way to being just another corrupt, Democrat-maladministered dystopia as the resident Hillary supporters openly use and sell hard drugs in public spaces. Bullish for housing, right?
http://nypost.com/2016/08/04/crackheads-bums-and-hookers-have-taken-over-washington-square-park/
A preview of coming attractions when ‘Muricans vote in their own collectivist kleptocracy.
http://www.breitbart.com/national-security/2016/08/04/venezuela-fearing-famine-women-demand-sterilization/
Wasn’t Crackheads, bums and hookers a Warren Zevon song?
Crackheads, bums and hookers rule Washington Square Park
By Matthew Allan and Bruce Golding
August 4, 2016 | 11:21pm
Just three weeks before NYU’s newest class moves into the area, a group of junkies and crackheads has turned a leafy pathway in Washington Square Park into an open-air drug den — and the NYPD is doing nothing about it.
As many as 20 strung-out vagrants have taken over several benches in the park’s northwest corner, where they openly consume hard drugs just steps from the children’s playground, outraged neighbors said.
“I’ve lived by the park seven years and I have never in my life seen someone shooting heroin in the middle of broad daylight, literally surrounded by pedestrians enjoying an afternoon outside.”
http://nypost.com/2016/08/04/crackheads-bums-and-hookers-have-taken-over-washington-square-park/ - 357k -
Oh, that’s what it was.
Warren Zevon - Lawyers, Guns and Money - YouTube
https://www.youtube.com/watch?v=lP5Xv7QqXiM - 423k -
Residents of Flint, Michigan, who for decades have elected corrupt, incompetent Democrats (redundant, I realize) to run the city, lack the intelligence to make the link between their “D” votes and the cesspool the city has become.
http://www.naturalnews.com/054891_Flint_Michigan_garbage_collection_corrupt_politics.html
not my people in Flint. Smart ones would have left in the 1970s for greener pastures.
Yup. Everything is blamed on the Republican governor.
I have found the inspiration behind the defense of all the Democrats scandals.
But I still don’t believe it worked.
Shaggy - It Wasn’t Me - YouTube
https://www.youtube.com/watch?v=Qv5fqunQ_4I - 405k -
“THE NEW CALIFORNIA CRIME WAVE”
http://www.frontpagemag.com/fpm/261977/new-california-crime-wave-john-perazzo
too many rats in a small cage
Sonoma County, CA Housing Prices Plummet 11% YoY On Spiraling Crime Rate
http://www.car.org/marketdata/data/countysalesactivity/
Uh, learn to read a chart. Median price *up* 11.6% YTY. Sales volume was down 10.7%.
You are correct. My error.