There’s Going To Be Some Winners And Some Losers
KOMO News reports from Washington. “Would-be home buyers, burned out on the city’s hyper-competitive real estate market, may want to consider jumping back in. Analysts at Seattle-based Redfin track home buying statistics in 15 major metropolitan areas. On average, they have found a 17% drop in buyer interest since last summer. The company found less demand among buyers looking right now than in Spring 2016, when Seattle hit its last peak. ‘Back in April, I wrote a handful of offers with no contingencies, escalating ten to twenty percent over list price and lost,’ says Redfin agent Karlyn Goetz. ‘It was cutthroat. That’s the best word for it.’”
“Repeated disappointment caused some of Goetz’s clients to put their house hunting on hold. But she has noticed a difference in recent weeks. ‘Now, when we submit an offer, we’re up against two or three others,’ she says. ‘That’s opposed to 10 offers, which I experienced a few months ago.’”
WTOP in Washington DC. “The vast majority of real estate construction in the District is residential, and the majority of those that are rentals are considered luxury apartment buildings — and in places that weren’t upper-end residential neighborhoods a decade ago. But there are signs that luxury apartment developers are having to step up concessions to rent them. ‘You see things like first and second month free, free parking attached or moving costs. You are starting to see some slowness, especially at the high end,’ said Svenja Gudell, chief economist at the real estate firm Zillow.”
The Miami Herald in Florida. “Slumping sales and falling prices tell one story: downtown Miami’s condo market is headed for hibernation. A new report from Miami’s Downtown Development Authority points toward relief for a market as overheated as August temperatures. The big news: for the first time in five years, resale prices for downtown condos fell, declining 4 percent to $438 per square foot through the first half of 2016. (The analysis looked at condos built after 2001. Older buildings faced steeper price cuts.)”
“Meanwhile, inventory is rising while demand sputters: Listings are up from roughly 1,900 in May 2014 to 3,000 in May 2016. Over the same period, monthly sales fell 43 percent. But don’t expect those cranes to disappear anytime soon: Nearly 7,500 condos were under construction in the second quarter of 2016, with another 1,550 being marketed for sale.”
“Since many condos are leased out, the new inventory is shifting the rental balance in favor of tenants. ‘We’re at that point in the cycle where things are going to slow down and there’s going to be some winners and some losers,’ said Anthony Graziano of Integra Realty Resources, the report’s author.”
The Aspen Times in Colorado. “The Aspen government will move ahead with the construction of four homes at Burlingame Ranch despite a lack of interest in the employee residences that are being advertised for more than $1 million each. The Aspen-Pitkin County Housing Authority, as of Tuesday, had received two lottery bids with mortgage prequalification for the single-family homes, which are part of the second phase of development at Burlingame.”
“The cost of the homes, originally projected to be $1.3 million, have lowered since the builder, eSopris of Carbondale, lowered its bid. Another bidding period for the two remaining homes will open after the lottery winners choose their homes, said Affordable Housing Project Manager Chris Everson. Everson said he expects to see more interest upon the completion of the homes, but ‘there are no guarantees of that.’”
“The homes would be sold as resident-occupied, which are intended for residents who can’t qualify for Category housing but don’t have the means to buy a home on Aspen’s free market, where the average price for a single-family home in 2015 was $5.87 million, according to Land Title Guarantee Co. Housing authority guidelines also stipulate that buyers of resident-occupied homes cannot have assets more than $900,000, which partly explain the lack of interest, Everson and Assistant Manager Barry Crook said.”
“‘(We) believe the $900(k) asset limitation is way too low,’ Crook said. ‘It was created 20 or 25 years ago and was never adjusted.’ The housing authority is willing to raise those caps to as high as $2 million or $3 million in time to capture more interest in the Burlingame homes, Crook said.”
“Another option would be to lower the prices of two of the homes — while the two prequalified bidders would pay the current advertised price — by the city providing subsidies. As it stands, the homes are being sold at cost with no subsidies from the city. Council members expressed reluctance to subsidize the development. ‘I’m a little bit concerned about incentivizing people to wait, to think all of the sudden the houses are going to get cheaper,’ Councilman Adam Frisch said.”
“A member of one the families that prequalified told council that lowering the prices for two other homes ‘doesn’t seem fair to us. We pay full price.’”
I’ll be traveling the next 3 days, so there will be delays, etc.
‘Council members expressed reluctance to subsidize the development. ‘I’m a little bit concerned about incentivizing people to wait, to think all of the sudden the houses are going to get cheaper,’ Councilman Adam Frisch said.’
‘A member of one the families that prequalified told council that lowering the prices for two other homes ‘doesn’t seem fair to us. We pay full price.’
Insert Joshua Tree photo here. And this is an “affordable” housing program.
‘End of an Era as China’s Love Affair With U.S. Real Estate Fades’
‘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.”
Ruskin, FL Affordability Surges As Housing Prices Tank 7% YoY
http://www.zillow.com/ruskin-fl/home-values/
“‘(We) believe the $900(k) asset limitation is way too low,’ Crook said.
Classic. Housing, borrowed money, Californicators and a guy named Crook.
“Slumping sales and falling prices tell one story: downtown Miami’s condo market is headed for hibernation. A new report from Miami’s Downtown Development Authority points toward relief for a market as overheated as August temperatures. The big news: for the first time in five years, resale prices for downtown condos fell, declining 4 percent to $438 per square foot through the first half of 2016.”
heh. Look for Miami’s market to slump even further. And not just Miami, maybe all of Florida, if they keep doing this:
http://www.zerohedge.com/news/2016-08-08/zika-zone-turns-ghost-town-planes-spray-neurotoxic-insecticide-over-florida-resident
It’s interesting that there have been reports that in fact, the pinhead phenomenon is not caused by the Zika virus, but by the crap they sprayed in Brazil to get rid of the mosquitoes. Ha-ha, Florida is getting Agent-Orange’d. Wow, what a combo, toxic green sludge and toxic insecticide. That’ll drain the swamp.
Does it come as a surprise that Brazil is the ZikaZone? lol@thefreakawith zika.
https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2016Q2.pdf
Household debt and credit report released today.
So, the most interesting thing that I see in this report is that during the last run up in home prices, you can clearly see values being juiced by massive amounts of borrowing and capital flowing into housing.
You can see this on page 3 and 20. Huge run-up in mortgage debt balances and debt balances per capita (most of which is mortgage debt).
However, over the past 3-4 years, mortgage debt is increasing, but at a much lower rate than the years leading up to the bubble (page 3).
Debt balances per capita are pretty flat (page 20).
And importantly, the AMOUNT of mortgage debt going to people with low FICO scores (page 6) is much lower than the bubble years.
We can disagree on precisely why prices are rising, but it doesn’t appear to be the same reasons as before (massive amounts of debt are being shoved into the hands of people who have a poor chance of paying it back). So that explanation should be crossed off the list.
A reconstructed credit scoring system and foreclosure moratoriums tend to have that desired effect.
Even if those were true, how would either of those result in slower growth of overall mortgage debt?
Moratoriums would keep debt outstanding for longer.
And easier credit scores would result in more debt being provided to borrowers.
Correct and correct. See charts.
“the AMOUNT of mortgage debt going to people with low FICO scores (page 6) is much lower than the bubble years.”
Why is this such a bloody shock to everyone???? Since the CFPB “risky mortgage” rules kicked in, banks no longer offer I/O or neg-am nonsense. Now, Juan Lo-FICO Strawberry-picker is quickly finding out that if he cannot pay fully amortized PITI day 1, he will not receive a mortgage, from any bank. Suddenly, he is limited to looking at $150K houses instead of $700K houses. So, instead of a $700K mortgage, he gets $150K. Or, he continues to rent and instead of a $700K mortgage, he gets $0K. That will make a dent in the amount of mortgage debt going to people with low-FICO scores, and fast.
It’s not a shock.
But during the bubble years, the strawberry picker getting an Option ARM based on lies about their income artificially goosed demand, which was a direct cause of higher and higher home prices.
THAT cause of higher and higher prices is gone. And that was a biggie.
And replaced by zero down and 105% LTV mortgages.
A distinction without a difference.
NegAm and I/O was certainly a factor. But prime defaults were significantly higher than subprime: http://www.nber.org/digest/aug15/w21261.html
Today’s de facto zero down loans, and an absolute myriad of local, state and federal price support/buyer assistance programs are a factor driving prices up today. Also, low interest rates bring down the monthly payment for a higher price (200K @ 5% = $1074 monthly payment; 240K @ 3.5% = $1078 monthly payment).
Additionally, I suspect there is quite a bit of speculative demand as well, in addition to consumption demand. This is harder to quantify - it’s not just institutional investors, but individuals and small business who have seen the second price run up. So that adds to the price increases. Commercials for flipping are common on DC news radio.
When prices plateau, I expect the speculators to try and cash out, leading to another deflation, then another round of fed/government juicing, leading to another run up, but with a lower amplitude.
Now that housing is a proper fed/government-blessed speculative asset, I expect the prices to start behaving as such for a few more up/down cycles at least.
After that, who knows.
What if the FICO scores are artificially elevated like anything else? I wouldn’t discount that as a possibility. Actually I would expect them to do so.
Don’t forget about the reorganization of Countywide under a different name. A turd by any other name would smell as fetid.
Neuromance, I went through the “prime default” argument with Ben the other day. It all comes down to income. It doesn’t matter if your FICO is 860. You still can’t buy a house that is 8x income. You simply can’t.
0 down does NOT matter, IF you have the income to make the payments. Sure, you’re barely building equity, but you’re not defaulting either. As long as you keep your job, your spouse, and your health, you’ll do fine.
Even if the speculators run for the exits and the value of you house falls, as long as your income can sustain the payments, again you will not default.
Low interest rates increase prices, sure, but the PITI monthly nut does NOT change. I have given examples of this, too.
I have been through ALL OF THIS before. Repeatedly.
That’s the point. Zero down is the definition of “can’t afford it”. Worse yet, these transactions are underwater immediately.
This isn’t rocket science. It’s simply math.
“Even if the speculators run for the exits and the value of you house falls, as long as your income can sustain the payments, again you will not default.”
If you knew you could get off scot free, it would be perfectly rational to walk away from a home whose value collapsed rather than to keep making payments on a phantom value destined to never recover. Why do you think all of those payment reduction measures were put into place after the first wave of bubble collapse to bail out home owners from the contracts to which they agreed? Nonetheless, millions of people who could make payments decided to walk rather than spend a lifetime of pouring their hard-earned money down a mortgage-financed rathole.
“THAT cause of higher and higher prices is gone. And that was a biggie.”
Yet prices are back to 2006 levels in many locales, that despite lower incomes. So some other cause of higher prices is driving the Echo Bubble.
I wonder what happened in 2006 to affect bankruptcies the chart shows a strange sharp downward slope at that time.
http://money.cnn.com/2005/10/17/pf/debt/bankruptcy_law/
Major changes in the BK law making it more difficult.
Once the trap was laid, Wall Street was going to make sure it was not going to be easy to escape (and have their profits go with it).
Having said that, politicial pressure opened holes in the trap, but the big players were made whole with the bailouts.
Aspen is a joke.
These people vote 101% Democrat Party for life
I recommend that every Syrian and Iraqi and Afghani migrant refugee sex offender convicted in Europe be sent directly to Aspen (and the Hamptons) and be permanently placed in 0.1%er foster families with 5 year old daughters. Let them share the Acts Of Love that have recently graced Twin Falls, Idaho
P.S. there are HBB posters who will apologize for above referenced Acts Of Love, because cultural relativism, LOLZ.
I’ve been seeing lots of the ‘acts of love’ here in Munich, especially near the city center, where German seems to be secondary language.
Facebook CEO Mark Cuckerberg was caught on a hot mic with Angela Merkel last year assuring her that he’d “take care of” any social media criticism of immigration, LOLZ.
The details of the Twin Falls sexual assault are pretty nasty, but real journalists made sure that one disappeared down the memory hole.
There is no containment on the news site comment boards. If they publish a neutral refugee story, ALL the commenters blast the refugees. If they publish a positive refugee story, ALL the commenters blast the refugees AND the news site for having an agenda. The Refugee Olympic team narrative gained little traction.
Hey Donk.
How many commenters on message forums blast the refugees, yet voted for the neocons who caused them in the first place?
Aspen - they are safe, too expensive for refugees. Nothing wrong with being wealthy and enjoying the mtns. Chose safe cities to live in–life is good.
I met some Aspen native chick while climbing North Maroon Peak last year who boasted about working for Madeline Albright, as if that was a real point of pride.
Because the death of 500,000 Iraqi children was so “worth it” LOLZ.
Please limit your reporting to the thigh-gap.
The Maroon Bells have an intimidating reputation. I’ve considered hiking out there but was put off by the “Deadly Bells” nickname.
Don’t climb them on a weekend, weekdays are less crowded.
And if you don’t want to climb on a pile of rotten rubble, backpack the Four Pass Loop instead.
“Morgan Stanley Expects Oil To Hit $35 In A Few Weeks”
http://www.zerohedge.com/news/2016-08-09/morgan-stanley-expects-oil-hit-35-few-weeks-heres-why
With domestic production cost in the $6-$7/bbl range, oil prices have a long way to fall.
I’m saving so much cash on my gasoline purchases that I have enough left over to buy Starbucks!
You should put your left-over cash in housing. Invest!
Or I could toss it in the toilet and flush. Same difference, except there would be a better chance to recover my money with the toilet approach.
The Hot New Thing Among Billionaires: “Panic Rooms”
http://www.zerohedge.com/news/2016-08-08/hot-new-thing-among-billionaires-panic-rooms
When you’ve got cold hard caaaaaaash there’s panic rooms. When you’re a DebtDonkey, you’ve got a RageCage.
From zero-hedge:
—————-
Worse still, the elites are now bragging of their survivalist tendencies… “It becomes a competition at dinner parties,” says Jill Kargman, writer and star of TV’s Odd Mom Out and an Upper East Side native.
—————-
So wouldn’t the logical thing be to hit up these billionaires at the dinner parties instead of at home? Even if there’s a panic room at the party house, it can’t fit them all.
I bet they have a big belly laugh for the 95% of the electorate who mindlessly bend over for them election after election.
‘Now, when we submit an offer, we’re up against two or three others,’ she says. ‘That’s opposed to 10 offers, which I experienced a few months ago.’”
Funny… I’ve been seeing Seattle houses sit on zillow for months. These must be special houses.
You’re looking at “make me move” fantasy-land prices that homeowners are posting on Zillow. Of course those homes don’t sell for 20% more than their current value.
I look at Zillow for laughs instead of the funny papers, which I let my kids read.
Inventory is racking up everywhere.
Seattle is the last of the mohigans
Maybe portlandia
” the mohigans”
That tribe that interbred with the Irish?
North Texas home sales retreat in July for the first time in almost two years.
http://www.dallasnews.com/business/residential-real-estate/20160808-north-texas-home-sales-retreat-in-july-for-the-first-time-in-almost-two-years.ece
“During the first seven months of 2016, real estate agents have sold 58,865 single-family homes in the almost two dozen counties included in the month numbers. Year-to-date home sales in North Texas are up 6 percent from last year’s record.
And median home sales prices so far in 2016 are 9 percent higher than in the first seven months of last year.
With home supplies remaining tight - especially houses priced below $200,000 - buyers are having a harder time finding properties they can afford.”
isn’t that the story in a lot of places? Decent homes in the lower price range are hard to find.
Are you sure they’re telling the truth?
Here’s 5,800 houses for sale in Dallas area, all under 200k.
http://www.realtor.com/realestateandhomes-search/Dallas_TX/price-200-200000/radius-10
No “pent-up demand” for $500,000 starter homes happening here:
“Roughly 11.1% of student loans were at least 90 days delinquent, according to data released by the Federal Reserve Bank of New York on Tuesday. This elevated level of delinquencies, which is higher than in other types of debt tracked by the New York Fed, has been a constant in this data set since roughly 2011 and 2012.”
http://www.marketwatch.com/story/one-theory-on-why-student-loan-delinquencies-are-so-high-2016-08-09
Welcome the “sharing economy.” See Uber.
Found on Zero:
Houses Depreciate The Duke of New York A No.1 Aug 9, 2016 11:48 AM
Nonsense.
Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels.
And the Duke is right.
U R “Houses Depreciate” BUSY GAL
Indeed houses depreciate lola. Indeed they do.
A blatant ripoff of Kool & The Gang’s Hollywood Swinging, but funky nevertheless.
Too $hort — Money In The Ghetto:
https://www.youtube.com/watch?v=AvBjzuc_vXU
Tony Tone Toni - If I Had No Loot.
https://www.youtube.com/watch?v=wYndcYFUMxY
Raymond Supan1 month ago
5th grade I had this whole song memorized wrote it on my desk teacher got pissed
Italy and the US having a great match
in volleyball right now.
How exciting!
I think I’ll make an investment in Favela’s in Rio right now.
Could they even be in a bubble?
There is some real estate you can’t sell no matter when.
I’m still convinced raw land in choice locations is a bargain right now in the U.S. Especially if you can guarantee clean water and decent jobs nearby.
bargain right now in the U.S. Especially if you can guarantee clean water and decent jobs nearby.
Where is this magical place?
Good then get buying. If you’re paying more than $500/acre, you’re getting burned.
You can have Iowa if you want it.
500 an acre. Do you really reside on this continent?
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.
Especially if you can guarantee clean water and decent jobs nearby.
Iowa?
I just sold a 1 acre lot for $250k. The buyer is going to build a dream home. I bought the lot in 2011 from B of A.
That and a dollar gets you a cup of coffee.
“The buyer is going to build a dream home.”
In Sac!? Good luck with that plan…
Hipsters never change, the younger ones just sorta become the new hipsters and make the old hipsters feel old. The Jesus & Mary Chain — I Hate Rock ‘n Roll:
https://www.youtube.com/watch?v=0DZrLryJCnI
“Hipsters never change,”
https://www.youtube.com/watch?v=NaFlfaXJW4Y - 149k -
Did someone say Hipsters!? Topical given what’s going on today:
https://www.youtube.com/watch?v=kAO4EVMlpwM
Fresh Off Campaign to Make Socialism Great Again, Bernie Buys $600,000 Summer House
Now that comrade’s campaign is over, time to pick up a sweet new pad
Independent Journal Review - August 9, 2016 13 Comments
After losing to Hillary Clinton, Bernie Sanders is back to his day job as a US Senator for Vermont.
Sanders campaigned against the 1%, promising to bring America closer to his Democratic Socialist ideal and to take corporations and rich people down a peg or two.
But now that his campaign is over, he’s picking up a sweet new pad.
According to Seven Days, a news publication in Vermont, the Democratic Socialist from Vermont shelled out 600 grand for a lake house.
Have you ever known a collectivist to actually live by the principles they demand for others?
The Comrades of Proven Worth, whether in Venezuela or at the Clinton Foundation, will always ensure they and their offspring are generously rewarded for doing The People’s Work. Forward!
http://www.dailymail.co.uk/news/article-3192933/Hugo-Chavez-s-ambassador-daughter-Venezuela-s-richest-woman-according-new-report.html
you are not the 1% getting all the breaks
No, but I’m in the intelligent 5% that refuses to bend over for them.
then you should know their “demands”
jealous of success? He is free to buy a summer house, he has done a great job for VT. he earned it.
If you consider it great that VT is the youth heroin addiction capital of the US (at least, according to the liberal 60 Minutes), then yes, I guess he’s done a great job for VT.
On the market: Pre-foreclosure, foreclosure homes in southwestern …
http://www.ctpost.com/realestate/article/On-the-market-Pre-foreclosure-foreclosure-homes-9129499.php - 552k - Cached - Similar pages
16 hours ago … In an area like southwestern Connecticut, where luxury homes come with a big price tag, foreclosures can be a home buyer’s answer
Bad news for feminist spinsters.
http://www.breitbart.com/tech/2016/08/09/facebook-study-cat-owners-more-sad-and-lonely-than-dog-owners/
we we do have fun watching dog owners clean up poop at 6am in snowy zero degree weather…..
You bring such interesting bigotry to the blog from your armchair. Yes,you are always the hero of your own story. Too bad it is. all complaints and criticism, without any real content or solutions to offer. Just armchair editorials from you mothers basement.
“all complaints and criticism, without any real content or solutions to offer.”
How is a bit of humor about sad, cat-loving, feminist spinsters a complaint or a criticism?
Methinks RKH touched a nerve.
RKH is living rent free.
I love my cat, but am quite happy, thank you, and not a spinster, although I did swear off cigarettes, alcohol and mood altering men while I raised my kids. Just tired of comments from the woman hater. He hates women and “boomers” and used to just post over on the open forum. Now he is bringing his hate to the topic blog. Little content, lot’s of opinion. He is an e-bully. But he is better than us because he does not “bend over”. That means he is living off his mother.
This blog has been given over to trolls and multi-nicks.. and has become generally unfriendly.’ Its not the same blog as it was in years past.
Awwww. Another Knitting Club e-meeting.
80% Drop in Sales: Vancouver Bubble Bursts Spectacularly
https://www.youtube.com/watch?v=beh16OyKT8A
Sunnyvale, CA Housing Prices Crater 5% YoY As Mortgage Defaults Balloon
http://www.zillow.com/sunnyvale-ca-94086/home-values/
We must alter all of our universities so as not to offend the special snowflakes. Forward (to my safe space)!
https://pjmedia.com/trending/2016/08/08/college-removes-historical-paintings-that-might-traumatize-students/?singlepage=true
DOW 20k before the election BITCHEZ!
George Ure said the same thing last year he predicted one big melt up before the election, wonder how they are going to do it…
maybe allow people to take out a big chunk of money out of their ira or 401k tax free?
With commodities already flushed down the crapper and housing approaching stall speed, stocks will be soon to follow.
I don’t think so. Gold is calling Yellen’s bluff.
http://www.kitco.com/market/
There is nothing inconsistent with inflation driving both gold, stocks, and even bitcoin through the roof.
It’s those who stuck with cash and bonds who would get wiped out by inflation, and rising gold prices is a signal that Mr. Market expects it, due to too many pulled-away footballs on the liftoff pledge.
Financial Times
Markets
European stocks stall as gilt yields hit lows
Gold jumps and yen climbs back above ¥102 amid broad dollar weakness
Global Market Overview
Read latest:
30-year gilt yield goes below 1.30% for first time
21 minutes ago
Jamie Chisholm, Global Markets Commentator
Wednesday 12:30 BST. European stocks are soft after a mostly downbeat Asia-Pacific session as US futures hold near record levels and a weaker dollar boosts gold.
…
“US data continue to be ‘good’ but not ‘great’ enough to call for a serious Fed re-pricing. [The] market as of now is pricing 44.9 per cent chances of a rate hike from the Fed this year.”
The dollar index (DXY) is giving back some of its recent gains — off 0.7 per cent to 95.49 — as traders adjust their expectations of Federal Reserve policy trajectory.
Analysts at DBS noted that although last week’s non-farm payrolls data showed the US economy added a solid 255,000 jobs last month, “markets were not fully convinced that this would lead to a rate hike in September”.
Investors were also still considering comments from Jerome Powell, a member of the Fed’s policy-setting committee, who said earlier this week that he was in no hurry to lift US interest rates, with the economic outlook still dogged by global risks.
“The extent of the dollar sell-off may simply be a reflection of dollar long speculative positions being liquidated in relatively thin trading conditions,” said Derek Halpenny, forex strategist at Bank of Tokyo-Mitsubishi UFJ.
…
DEEP hunts for angry beaver following attack
By Katrina Koerting Published 4:33 pm, Tuesday, August 9, 2016
The state is warning people to stay away from a section of a Connecticut river following an apparent beaver attack Monday.
The state Environmental Conservation police launched a search for the animal on Tuesday and encountered an aggressive beaver, but were unable to capture it, according to a press release from the Department of Energy and Environmental Protection.
http://www.ctpost.com/ - 230k
” but were unable to capture it”
I want the body cam footage. I bet it chased them away.
“angry beaver”
Sounds unpleasant.
i really dont want to post this but we have to know how other people treat their pets……i am a cat lover and ok with dogs wouldn’t own one….but this really disgusts me…
http://www.barenakedislam.com/2016/08/09/crapistan-muslims-are-poisoning-hundreds-of-stray-dogs-in-the-streets/
If you piled up the carcasses an animal shelter generates, it would look about the same.
It’s all fun and games till a pack of them eats a toddler.
It’s ok if it’s a muslim toddler.
Taxpayers, get ready for the next Freddie Mac/Freddie Mae bailout.
http://www.reuters.com/article/us-usa-housing-agencies-idUSKCN10J27S
Fundamental transformation is taking root in all of our Democrat-maladministered urban dytopias. Forward!
http://triblive.com/news/allegheny/10927430-74/downtown-juveniles-avenue
“Repeated disappointment caused some of Goetz’s clients to put their house hunting on hold. But she has noticed a difference in recent weeks. ‘Now, when we submit an offer, we’re up against two or three others,’ she says. ‘That’s opposed to 10 offers, which I experienced a few months ago.’”
Even with only three bids, the winner wins a winner’s curse that will soon put him underwater.
https://goo.gl/NDf37X
Hilary will fill those apartments as she moves the dukes to dc. Flooding expected elsewhere.
Record high housing inventory and rising with record low housing demand.
I hope you didn’t buy a house in the last 15 years.
8-9 Hanson…House Supply Surging; All-time Highs; Toxic Trend-Change Suddenly in Focus
http://mhanson.com/8-9-hanson-house-supply-surging-time-highs-toxic-trend-change-suddenly-focus/
Are any of you begging for a loan from wall street today to buy an overpriced car or home?
I’m in low-income flyover country and the invasion of new 4-dr pickup trucks is unreal… usually one from every direction at an controlled intersection. No begging happening, IMHO.
Gold surging again as the Fed pushes us down the road to Weimar 2.0.
http://www.kitco.com/market/
The Comrades of Proven Worth will always be repressive when it comes to keeping themselves in power.
https://www.theguardian.com/global-development-professionals-network/2016/aug/10/cuba-human-rights-democracy-activist-antonio-rodiles
Fundamental transformation spreads to all 16 German states, while authorities suppress accurate reporting of an epidemic of sexual assaults.
https://www.gatestoneinstitute.org/8663/germany-migrants-rape
401(k) balances increased very little in the last 10 years
Published: Aug 10, 2016 5:05 a.m. ET
Auto enrollment without auto escalation of default contribution rate is part of the problem
By Alicia H. Munnell
Every year, Vanguard puts out a comprehensive report “How America Saves” that summarizes the statistics for the defined contribution plans that the company administers. Vanguard tends to administer larger plans, so the plans are better designed than average and participants have higher incomes. In other words, it presents the best face of the 401(k) system.
My focus here is account balances. In 2015, the average account balance was $96,300; the median was $26,400. Between 2014 and 2015, the average account balance was down 6 percent and the median down 11 percent.
…
“This decline was attributable to three factors. The first is the rising adoption of auto-enrollment, which increases participation but also produces smaller balances. That is, more people save, but – because employees are typically enrolled at a default contribution rate of 3 percent – the accumulations are small. Second, markets were essentially flat in 2015, with the average one-year participant return equal to -0.4 percent. Third, Vanguard’s business mix was changing in that new firms moving over to Vanguard had lower account balances.”
Doesn’t mention withdrawls and we know millions of debtors are liquidating 401k’s to throw more good money after bad on underwater housing.
It’s beginning to dawn on “the markets” that Yellen will never voluntarily raise interest rates, despite the incessant jawboning of the various Fed mouthpieces.
http://www.marketwatch.com/story/gold-and-silver-extend-midweek-advance-as-dollar-drops-2016-08-10?link=MW_latest_news
Boy that Julian Assange is suggesting some funny things.
Meanwhile….
http://www.express.co.uk/news/world/698305/Deutsche-Bank-financial-crisis-EU-Angela-Merkel
US foreclosures hit record low as borrowers’ performance picks up
Sam Fleming in Washington
America’s turnround from the worst debt crisis in modern times is gathering strength as new foreclosures tumble to their lowest levels since records began at the end of the 1990s and fewer borrowers fall behind on their mortgage payments.
Yet the benign picture seen in US credit markets is being marred by a persistent trouble spot and a hot-button topic in the presidential campaign: student debt, where late payments have remained doggedly high.
New data from the Federal Reserve Bank of New York reveal a sturdy performance by mortgage borrowers, as just 82,000 consumers saw their lenders begin proceedings to reclaim their mortgaged property in the second quarter — the lowest in the 18-year history of the data.
At the same time, the share of loan balances that were 90 or more days overdue declined to the lowest level since 2007 for mortgages and to a record low for credit card loans.
The strengthening record of US borrowers shows the effects of gradually rising wages, falling unemployment and ultra-low interest rates. It also reflects much tougher lending standards by banks and other financial institutions, with just under $15bn of mortgages extended to people with lower credit scores, a fraction of quarterly levels reaching $100bn during the subprime lending boom in the past decade.
http://www.ft.com/cms/s/0/b9469376-5e46-11e6-a72a-bd4bf1198c63.html#ixzz4GwD1tPOE
Irrelevant considering there are foreclosure like moratoriums in effect in all 50 states.
“The strengthening record of US borrowers shows the effects of gradually rising wages”
Shock: Americans’ Wages Dropping Fast in 2016
by Neil Munro
9 Aug 2016
Federal data released Aug. 9 shows that Americans’ wages are dropping again, seven years after President Barack Obama declared the economy had recovered from the property-bubble — and three months before the 2016 election.
The dramatic drop was buried in an Aug. 9 report by the Bureau of Labor Statistics, which said that officials have radically revised their prior claim that wages grew 4.2 percent in the first quarter, from January to March.
“Real hourly compensation decreased 0.4 percent after revision, rather than the previously-published increase of 4.2 percent,” the BLS admitted. Compensation also fell another 1.4 percent in the second quarter, from April to June, the BLS admitted in the same report. That’s 2 percent drop in wages since December.
Dropping wages and eroded purchasing power are natural consequences of letting the Keynesian fraudsters at the Fed craft our monetary policy for the exclusive enrichment of their oligarch cronies.
“craft our monetary policy for the exclusive enrichment of their oligarch cronies.”
Legendary baseball announcer Vin Scully absolutely destroyed socialism with a rant Friday night during the Los Angeles Dodgers game against the Milwaukee Brewers.
“Socialism, failing to work as it always does. This time in Venezuela. You talk about giving everybody something free and all of a sudden, there’s no food to eat. And who do you think is the richest person in Venezuela? The daughter of Hugo Chavez. Hello,” Scully said during the broadcast.
Read more: http://dailycaller.com/2016/06/18/legendary-baseball-announcer-vin-scully-absolutely-destroys-socialism-during-broadcast-video/#ixzz4GqWaynfC
Keep your eye on that statistic once prices start to seriously decline again.
Denver, CO Real Estate and Homes for Sale, 9,696 Homes
http://www.realtor.com/realestateandhomes-search/Denver_CO/radius-10
Denver, CO Real Estate and Homes Price Reduced, 3,073
http://www.realtor.com/realestateandhomes-search/Denver_CO/shw-pr/radius-10
32% of all Denver sellers reduced their price at least once.
A house is nothing more than a steaming pile of rotting depreciating building materials.
I’m lovin’ my cheap gasoline more by the day!
Markets | Wed Aug 10, 2016 9:20am EDT
Related: Saudi Arabia
Oil eases on oversupply as calls for producer talks draw skepticism
LONDON | By Ahmad Ghaddar
A man stands close to the Cardon refinery, which belongs to the Venezuelan state oil company PDVSAn in Punto Fijo, Venezuela July 22, 2016.
REUTERS/Carlos Jasso
Oil fell on Wednesday, hit by record Saudi Arabian output, improved prospects for U.S. output and a glut in refined fuel.
Analysts mostly expected no impact on actual supplies from talk of a potential producer meeting to discuss propping up prices.
International benchmark Brent crude futures LCOc1 were down 13 cents at $44.85 per barrel at 1216 GMT (0816 ET).
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $42.50 per barrel, down 27 cents from their last settlement.
Top exporter Saudi Arabia boosted its oil output to a record high in July of 10.67 million barrels-per-day (bpd), it told the Organization of the Petroleum Exporting Countries.
OPEC said in its monthly oil report citing secondary sources its crude output, including Gabon, rose to 46,000 bpd in July to 33.11 million bpd compared with June.
This comes as OPEC member Venezuela tries to drum up support for a producer meeting to decide measures that would buoy oil prices.
“Oil eased lower as another round of proposed production freeze talks by OPEC failed to excite investors,” ANZ Bank said.
When producers last held such talks in April, OPEC members failed to agree on any measures.
…
“I’m lovin’ my cheap gasoline more by the day!”
Remember…… Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.
More falling prices means more jobs and an accelerating, robust economy.
“Copper Price Falls Again Despite Monster Chinese Imports”
http://www.mining.com/copper-price-falls-despite-monster-chinese-imports/
This,
http://www.zerohedge.com/news/2016-08-10/wikileaks-assange-hints-murdered-dnc-staffer-was-email-leaker-offers-20k-reward-info
and this
http://www.zerohedge.com/news/2016-08-10/latest-hillary-email-scandal-shows-state-department-favors-clinton-foundation
make Watergate look like a ladies’ luncheon party in the 1950s.
Holy Jeebus, how is this woman even running? I hope they finger DWS also on the Seth Rich thing.
But, but, but Trump is soooooo bad!
He’s the worst!
Yeah, I mean who does he think he is, running for president without a handler three feet away with a diazepam pen at the ready - obviously he is unqualified!