The Effects Of Overinvestment And Ridiculous Pricing
It’s Friday desk clearing time for this blogger. “During the recession, Fernley was one of the hardest hit markets in Nevada, if not the entire country. But Aaron West, CEO of the Nevada Builders Alliance, stressed that the community of almost 20,000 people could be ripe for exponential economic growth. The medium new single-family home price in Fernley recently went up from $175,000 to $188,000 while Reno-Sparks on average can be around $300,000-$400,000. He also put to rest concerns over the housing price bubble bursting again or over-supply of the Fernley market.”
“‘I would remind everyone, that the bubble was really triggered by access to free money,’ West said. ‘It used to be if you had a pulse you could get a loan. That’s not the case anymore. The demand we’re seeing right now is really driven by job growth.’”
“You may have noticed more for sale signs on homes around your town, that’s because there’s more on the market. ‘The economy in Northwest Arkansas this year is red hot, and people are moving here to get great jobs, it’s not surprising that housing prices are both going up and the volume of housing sales is going up,’ said University of Arkansas Economist Kathy Deck. She says although there is no guarantee in the housing market she doesn’t see home prices falling in our area anytime soon. ‘It is a great time to buy a house right now and it’s a great time to have a house, it doesn’t mean that we wont have some bumpy years you know down the road, so folks need to be aware of that,’ said Deck.”
“Because of unfavorable exchange rates and increasing U.S. home prices, Canadian buyers have been shying away from buying homes in Southwest Florida lately, a Canadian broker said. But that’s not because they’ve lost interest in the Sunshine State, according to Brad Henderson, president and chief executive officer of Sotheby’s International Realty Canada. And while some Canadians who bought during that golden time are now selling to reap profits, ‘very few people want to invest in additional U.S. real estate at this time,’ he said.”
“Lena White, chief operating officer of Premier Sotheby’s, said the lower exchange rate has not only dampened the enthusiasm of Canadian buyers but also cut back on the number of renters, as well — particularly since some visitors are older and on a fixed income. ‘We’re hoping it all levels out,’ she said.”
“The Realtors Association of South Central Alberta reports average sales prices in the region fell 8.2 per cent over last year’s figures, with Drumheller’s average house price dropping 23 per cent, down to $200,019 compared to $259,317 from the same time last year. Re/max Realtor Ian Cassels sees the impact of jobs in the oil and gas sector contributing to the market downturn. ‘People are a little worried about their jobs and it doesn’t look like a lot is being sold,’ said Cassels.”
“The Brexit vote helped knock more than £30,000 off the price of an average property in London during July and has sent prices lower nationally, according to estate agent Haart. The month-on-month decline is one of the biggest recorded by Haart. Postcodes stretching west from Mayfair through Hammersmith and Chiswick saw prices fall by an extraordinary 12.9% on the month alone, while in north London, prices plummeted by 9.3%, knocking £60,000 off the average home.”
“‘Sellers are cutting deals to bypass the uncertainty in the wider economy and plucky buyers are taking advantage,’ said Paul Smith, the chief executive of Haart. ‘While there is still some uncertainty, it won’t be long before the market bounces back. The only thing we have to fear post-Brexit is fear itself.’”
“Real estate developers said most brokers, who used to sell as much as 10 high-end buildings in one year, ranging from N100m upwards, could hardly sell one presently. The National General Secretary of the Real Estate Developers Association of Nigeria, Mr. Akintoye Adeoye, said the stock of unoccupied luxury apartments in Lagos, Abuja and Port Harcourt had risen significantly in the last few months. He said, ‘People are more careful about how they spend money now and even those who have the money are not willing to spend it. Unlike before when one person can buy about 10 luxury houses and keep the keys.’”
“Adeoye added that the situation had forced developers to reduce the prices of such apartments to woo buyers. ‘But even with the drop in prices, people are not interested. There are some developers that can’t even sell one in a whole year because there is no mortgage for this group of properties. Those who buy them get money from other sources but those sources are no longer available,’ he said.”
“There was a study by Hass Consultants last month that laid bare the status of Kenyan property market. The property market as it stands now in heavily saturated. It is starting to feel the effects of overinvestment and ridiculous pricing. It’s a bubble that is about to burst. The rush to turn once lush, green countryside in to concrete jungle around the areas bordering major towns is myopic decision Kenya will regret later. Just like investors on the Nairobi Stock Exchange who have lost billions in the last two years, current property owners will certainly not realize full returns on their investments.”
“The latest report on the state of Phnom Penh’s property market makes bleak reading for investors and those betting on a lucrative future in the short-term. Knight Frank noted that ‘a significant [price] decrease of 35.8 per cent quarter-on-quarter is observed’ on new property launches. And Knight Frank admits that there will be an ‘imminent glut in the residential sector’ in Phnom Penh. Stephen Higgins, managing partner of investment firm Mekong Strategic Partners, said ‘the segment of the market that’s really out of control at the moment and defies common sense is the condo market.’”
“In Sacramento, and much of the media, California is enjoying a ‘comeback’ that puts a lie to the argument that regulations and high taxes actually matter. If you look at the long-term employment trends, housing affordability, inequality and the state’s long-term fiscal health, the comeback seems far less miraculous. Silicon Valley flacks may insist that the ‘landscape now has been altered,’ so prosperity is now permanent, but this view is both not sustainable and deeply flawed.”
“The state’s current budget surplus is entirely due to a temporary tax and booming asset markets. The top 1 percent of earners generates almost half of California’s income tax revenue, and accounts for 41 percent of the state’s general fund budget. These affluent people have incomes that are much more closely correlated to asset prices than economic activity, and asset prices are more volatile than economic activity generally.”
“As Chapman University economist and forecaster Jim Doti recently suggested, the California boom is exceedingly concentrated in one region. ‘It’s not a California miracle, but really should be called a Silicon Valley miracle,’ Doti noted in his latest forecast. ‘The rest of the state really isn’t doing well.’”
Morrison, CO Housing Prices Plunge 8% YoY
http://www.zillow.com/morrison-co/home-values/
Hi All,
I asked this question in a previous thread, but didn’t get the answer I was looking for.
I’m curious how we developed a system wherein a buyer’s agent benefits by a higher selling price. You would think the incentive would be for a buyer’s agent to get a price lower.
Does anyone know the background to this phenomenon (how we got here)? Is the rest of the world this way, a percentage commission for both the seller’s agent and buyer’s agent?
If anything, I would think that the buyer’s agent would get greater and greater rewards the more they move the needle down from listing price. Instead, it’s in the buyer’s agent’s best interests to close their client at a higher price instead of working on the client’s financial behalf.
(I’ve been a part of three real estate transactions in my life. So to the person who thought I was just asking about how it works, thank you. But my question is how our system of rewarding the buyer’s agent came to be.)
Trulia is better suited to answer your question.
In the meantime, rent it for half the monthly cost. Then buy later after prices crater.
never-ever buy, houses depreciate and Home Depot is crowded on Sat morning.
An even better question is why is the combined commission so big (~6%) in the USA? It’s much lower in other countries.
The answer to both questions is simple: it’s a scam. Or as a European acquaintance once told me, Americans don’t work for their money. They all want a cut, a piece of the action.
Laboring is for immigrants.
It’s called fraud. And housing is infested with it.
Lexus don’t come cheap.
The answer to both questions is simple: it’s a scam. Or as a European acquaintance once told me, Americans don’t work for their money. They all want a cut, a piece of the action.
Laboring is for immigrants.”
You nailed it
Leasing a big SUV, having water available and using a key is not something just anyone can do. And never ever saying anything negative about the mental hospital across the street, skilled!
in col- is your 401k ok? u were mighty close to the free HC countries that are snarfing private pensions
better check
I talked with the Hungarian relatives about that. From what they told me no one has private pensions to begin with, except for their version of Social Security. They also told me that you could opt out of having your private pension being forced to invest in government bonds, but that you would lose SS bennies if you did that. Also told it was a one time event, done because the EU banking clan was trying to put a Greece like squeeze on Hungary. The Hungarians do have their own currency, which the ECB has devalued to punish the Hungarians.
I asked the relatives if, in their opinion, things are getting better or worse in Hungary. They said better. Still, taxes are high (like everywhere in Europe) and wages are low. The relatives who were doing better either owned small businesses or worked for multinationals, which apparently are flocking to Hungary (a cousin works for Daimler)
Believe it or not, the ruling party is considered right of center by the locals. While not advocating for leaving the EU it is considered “EU skeptic”. There is a “far right” party that is gaining traction and that one wants a Brexit for Hungary.
Overall, Budapest looked prosperous. Lots of newish cars, though most were tiny 10,000 Euro wind up cars. Rode down their motorways, which are in much better shape than most interstates.
One thing I saw in every city I visited was graffiti, and lots of it. You’d think that the Bloods and Crips had set up shop in Munich, Vienna, Bratislava and Budapest. It was far worse than anything I’ve seen in non ghetto parts of Denver. You’d see graffiti in places where you would not expect to see it.
The Hungarian economy is a Dead Man Walking.
“One thing I saw in every city I visited was graffiti, and lots of it.”
I saw lots of busty ladies… skinny busty ladies, but all ‘em were smoking too; a huge turn-off for me.
Here’s a link with a summary of avg commissions by country, they’re all over the place.
https://tranio.com/traniopedia/tips/real_estate_agents_commissions_in_various_countries/
‘Americans don’t work for their money.’ That’s rich coming from someone who lives in a place where new hires get a standard 4 week paid vacation, and massive benefits. My friend in Italy told me in addition to salary, retirement savings paid into by employer, his employer has to pay, for every month he works, one week’s salary in to an account for his benefit. When he leaves that employer, he gets those funds. It is considered money to hold him over until he finds a new job.
While that might be true, salaries are lower over there and part timers don’t get those bennies.
But you missed the point of my friend’s remark. His point was that Americans like to work at jobs where they get paid fat commissions and cuts, even when the work they do is of minimal value. I seem to recall that there are over 1 million licensed realtors in California alone. Then there are the mortgage brokers and the title insurance people and the ones who do the actual closings (where their job is to say “sign here and here”). And as well all know all too well here, these services don’t come cheap.
I seem to recall that there are over 1 million licensed realtors in California alone.
You have to wonder how many houses were sold in California last year. Even if it was 3 million, that would only be an average of three sales per realtor.
usually a 4 way split of 1.5% each
20% of the time the listing agent is also the selling agent.
I always DYI
2008 - I tried DYI, got blackballed. Used a limited service and had it on MLS, got blackballed. Gave it to the local Realtor, it sold in 30 days and people asked “why haven’t we seen this one before”
realtors wont show if the brotherhood is not getting 6%
lol@lola
I know a few people who went the DIY way and were able to sell, though it was when the market was at it’s frothiest.
Also, a house in the nabe that went on the market a couple of weeks ago is under contract. The asking price is 450K.
For those who nag for a link:
http://www.realtor.com/realestateandhomes-detail/4241-Golf-Vista-Dr_Loveland_CO_80537_M29252-52264
I’m surprised it sold so quickly. It’s well above the FHA limit here. Of course, until it closes it isn’t “sold”
Thanks for Hungary update
Poland is starting to grab
First bonds now equities
That free hc is sure expensive
Actually, they are privatizing HC in Hungary. The old communist based HC system still exists, but is only used by the poorest people. Everyone else is going private if they have the means.
Salaries in the “free” HC system are stunningly low. Doctors make 1000 USD per month, which is why the better ones either move to places like Germany or join the new private sector in Hungary.
A tour guide was very proud of how quickly Hungary was shifting to a market based economy. Still, taxes are quite high. The VAT is a staggering 27%. Income tax is a flat 16%. Employers pay the bulk of of social security, which is 27% of wages.
Yet somehow you can get a latte at a cafe or a bottle of wine at a store for $1.50 USD.
“For those who nag for a link:”
Ah yes, Link Naggers.
“a buyer’s agent”
That’s just short for “seller’s subordinate agent attached at the jugular to a buyer”. If they worked for you they would be paid by you.
To second this, there really is no ‘buyer’s agent’. The listing agent and the buyer’s agent have their interests aligned - both want the highest price possible as both are paid more the higher the price. The only person in this threesome who wants a lower price is the buyer.
How it came to be? Probably control of information. Before the Web, it was not easy to identify the listings in a region. So someone with access to the central real estate database was the only hope for a buyer to get an idea of what was available. That would be a NAR member.
The other reality is that both agents are interested in closing the deal as quickly and efficiently as possible, so the incentives to look out for your interests in the transaction are identical for both the seller and the buyer’s agent.
So someone with access to the central real estate database was the only hope for a buyer to get an idea of what was available. That would be a NAR member.
The central database of sales listings.
Thanks, Neuromance. This was the sort of answer I was looking for.
Perhaps there was a time when a buyer’s agent really added value to a person’s home hunt.
I’ll take a swing at this. I can speak only for California, but I suspect this applies to other states as well.
The reality is that most buyers don’t have a “buyer’s agent”. That is, they link up with an agent, who drives them around, shows them properties, and pretends to represent their interests in the purchase. But the agent is being paid out of the proceeds of the sale (from the seller), and has no contractual, fiduciary duty to represent the buyer’s best interest. This is the situation for most buyers.
Unless the buyer and the agent actually execute a “buyer’s agent” contract, the agent is not actually a buyer’s agent. Such a contract would explicitly state how the agent is compensated, and the legal duty of the agent to the buyer. Such contracts exist, but few agents want to sign one - it limits how they can act and what communications they can have with the seller’s agent. In short, it cramps their style.
I read about the above by reading “How To Buy A House in California” (Nolo Press). When I bought my house, I linked up with an agent through a friend, and asked him about executing a buyer’s contract. He discouraged it, not surprisingly. We did not sign one, but as we went through the transaction, I kept in mind that he had no legal duty to me.
When one deliberately misrepresents the value of an asset and then profits from it, it’s fraud.
What do realtors do?
‘Poor economies impact countries in a number of detrimental ways including higher rates of poverty, unemployment and chronic disease. Now, a new study shows the bad economy is to blame for another unfortunate trend: the rise of #swoleness. Skim through any fitness enthusiast’s Instagram, and you’ll find allusions to being “swole” — or in Herculean shape.’
“Austerity has eroded young men’s traditional means of value-creation so they have become increasingly reliant on their bodies as a means of feeling valuable in society,” said study author Jamie Hakim, a professor at the University of East Anglia in the United Kingdom. ‘
‘The study found that the most significant increase for gym attendance from 2006 to 2013 was among 16- to 25-year-old men. Hakim denied the growing interest in bodybuilding simply reflects a new craze.’
“The rise of men going to the gym and sharing images of their worked-out bodies began around 2008, coinciding with the intensification of neoliberalism that occurred in response to the 2008 economic crash and the following austerity measures,” Hakim said. “This is no coincidence.”
‘Based on the research, experts said that fitness junkies will continue to impact capitalism. “The projection of what constitutes a ‘good life’ has become so spectacular even while the means of achieving home ownership, a prestigious career and a high income are radically diminishing,” Hakim said.’
‘The glue binding a still-aggressive global monetary policy response to a struggling world economy and almost daily record highs for world stock markets along with record low bond yields is set to remain intact in the coming week.’
‘Given the waves of central bank cash flowing from the European Central Bank, Bank of Japan - and now again the Bank of England’s purchases of tens of billions of dollars worth of securities a month - the Fed appears to be leaning into the prevailing global winds.’
‘One other somewhat inconvenient truth for central bankers is that after well over half a decade of emergency monetary policy, there is some growth, but scant inflation to speak of in most developed economies other than rampant asset price inflation.’
‘The Reserve Bank of New Zealand, facing weak inflation apart from housing markets, like Australia, threw in the towel and trimmed its interest rate in an attempt to weaken its currency and ended up boosting it instead.’
I’ll point out again, this should never be:
‘almost daily record highs for world stock markets along with record low bond yields’
And this:
‘apart from housing markets…other than rampant asset price inflation’
Oh never mind those soaring house, stock and bond prices, until they reverse.
Would it have been better to LOWER the social security retirement age than what they the FED BANKS have achieved flooding money into Assets ?
folks in their 60 are broke now so a good question
Now that the political legitimacy of many of the world’s governments, especially democratic governments, is almost entirely associated with asset prices, my guess is that anything and everything will be sacrificed to keep those prices artificially high.
The move in U.S. markets late this week makes no sense unless you factor in U.K. QE.
The U.K. Is the New Engine of Bond-Market Distortion
Britain has taken over from Japan as the world’s wildest bond market, raising new questions about the distortions being caused by central banks
By James Mackintosh
Updated Aug. 11, 2016 4:27 p.m. ET
Britain has taken over from Japan as the world’s wildest bond market, raising new questions about the distortions being caused by central banks.
…
Seriously?
“Pumping Iron” was in theaters before any “Star Wars” and body building was competing with running as a way to immorality. Girls in college wore nice revealing halter tops, but they also wore running shorts. Being fit was cool 40 years ago.
Dismiss it if you want. US shack ownership went from an all time high to a 55 year low in this period.
Hope n’ change, the gift that just keeps giving.
It was just around 40 years ago when things started going down hill for working class guys. You had the imports from Japan, the decline of the unions and so forth. On the other hand, the New York Post writer is talking about guys posting photos of themselves on Instagram as a phenomenon that accelerated around 2008. It could be that that was around the time that Instagram came online.
I have to agree with this. Men haven’t been feminized by liberalism. It’s that they chose high-pay knowledge jobs, and the case of cubicle-cush that goes with.
Meanwhile, within the immigrant community that does the low-pay manual labor, machismo is running pretty rampant and the men are chasing the ladies like no tomorrow (and catching them, if the schools are any indication).
And a wild card: with electronic UE benefits and job applications, looking for a job is at best a half-time job. Unemployed men have a lot of time to take up weight lifting as a relatively cheap hobby.
Instagram was founded in 2010, but there were plenty of precursors to show off on. There was facebook, picpaste, mass email, or uploading pix to messageboards, to name a few, as far back as 1999 and probably earlier than that.
Hey Donk.
She needs a spanking
lol@va_donk
It was just around 40 years ago when things started going down hill for working class guys.
It’s been all downhill since 1913, when the Oligopoly stood up the Fed to faciliate the looting and asset-stripping of the proles through engineered boom-bust cycles. The downward trajectory accelerated in 1971 when Tricky Dick took the US off the gold standard so he could fund the Vietnam War with printed and borrowed money. Then things really started coming undone in 2008, with the last Fed pump & dump going awry and our Keynesian central planners and their Wall Street patrons dropping all pretense that we were anything other than a plutocracy. And now in 2016, ‘Muricans will elect a criminal sociopath who will preside over a permanent Democrat supermajority-installed collectivist kleptocracy.
So yeah, the working class as well as the soon-to-be-extinct middle class is screwed, blued, and tattooed. Then again, this is what the sheeple voted for.
No, life was miserable in 1913 compared to today. The standard of living for a large majority of the population improved tremendously during the 50s and 60s.
Family peak income 1968
Read the Red Pill sub-reddit for more on this subject.
How dare they take care of themselves instead of accumulating consumer goods! Freakin’ millenials!
I’ve seen a similar argument used to explain the “wellness” craze among women. You can’t control your economic life, and apparently shouldn’t even try, so all that energy and idealism gets diverted somewhere else.
This lines up with what I’ve been seeing in my neck of the woods. Gyms popping up everywhere, but the libraries are dying on the vine - (poor) kids show up to play video games or use social media, homeless show up to nap, and the employed adults get a dvd or two. Why they still have books is a mystery where I live.
By contrast the tattoo’d folks between 16 and 35 - both male and female - are hitting the gym like crazy. I trip when I hear them plan to get together and drink some beer afterwards though. For some its probably just a social thing, but it does show the emphasis of brawn over brains where I live now.
Well I worked out at the MWR gym (for those who do not know U.S. Navy, that is “Morale, Recreation, and Welfare) from 1985 to 1996 and in my little town it was a popular place. Engineers and enlisted would crowd it. I would swim five days a week and then after work lift weights. We thought the fitness craze was universal. Then after I left civil service I joined a gym in Tucson.
My sister was into running in the late 70s and got me interested in working out. I bought weights and also biked all over the place where I lived in Fresno.
It is a sign of self hatred to not want to look your best. It is great to be humble, butitcoin is downright retarded to hate fitness when it is highly correlated to extending the quality and youthful part of your life.
We thought the fitness craze was universal.
It is a sign of self hatred to not want to look your best.
Jeez. I thought I had a lot of worries.
U.S. wholesale prices tumble in July
By Greg Robb
Published: Aug 12, 2016 9:42 a.m. ET
PPI down 0.4% after jumping 0.5% in June
Bloomberg
Empty green glass bottles at the Ale-8-One Bottling Co. in Winchester, Kentucky
WASHINGTON (MarketWatch)—U.S. wholesale prices fell 0.4% in July, the biggest drop since September 2015, according to a government report released Friday.
This was the first decline in wholesale prices in four months and follows a sharp 0.5% jump in June. Both food and energy prices slumped in July.
Economists surveyed by MarketWatch had predicted the Producer Price Index would remain flat in July.
The price of goods dropped 0.4% last month. Wholesale-gas prices sank 6.6% and food declined 1.1%. The cost of services was down 0.3% led by a substantial 1.3% drop in trade services.
Excluding the volatile categories of food, energy and trade, core prices were flat in July after a 0.3% gain in June.
…
Nothing stimulates the economy more than prices tumbling to dramatically lower levels… nothing!
good thing ACA prices are going up 5-8 times inflation
lets build on that” Hitlery
I am dreading my annual notice of premium increase. I understand it will arrive shortly before election day.
‘The economy in Northwest Arkansas this year is red hot, and people are moving here to get great jobs, it’s not surprising that housing prices are both going up and the volume of housing sales is going up,’ said University of Arkansas Economist Kathy Deck.’
Demand should decline when prices are up, unless something else is at work.
‘Reno-Sparks on average can be around $300,000-$400,000. He also put to rest concerns over the housing price bubble bursting again or over-supply of the Fernley market’
How much have incomes gone up in Fernley, Sparks or Reno?
Did they wheel out Erik Estrada to pimp Arkansas houses this time like they did right before the collapse in 2007?
Speaking of wheeling out mummies and dummies on stretchers, did anyone see Tom Selleck The Relic is out pimping reverse mortgages?
Damn, that makes me feel old. I remember when Selleck was young and hot on Magnum PI (not for me; I was partial for MacGyver and the guy from Airwolf). Old-people pimp was always something for old guys that I vaguely realized had been on some TV show somewhere but I didn’t know who they were. Usually the same crowd that shows up on the PBS begathons.
IIRC, Selleck is on a TV show these days. I think it’s called Bluebloods. Usually the pimpers pimp because they have no gigs
The Fonz, too.
“How much have incomes gone up in Fernley, Sparks or Reno?”
Zero. It’s pure speculation spilling over from the Bay Area.
Reno is nasty. One big WalMart with a side of run-a-ways.
It’s pure speculation in the Bay area too.
Reno has no employment ,they r still saving up for unemployment
‘People are more careful about how they spend money now and even those who have the money are not willing to spend it. Unlike before when one person can buy about 10 luxury houses and keep the keys.’
America’s biggest homebuilder targets boomers with a new generation of houses.
Horton has launched a new line of “Freedom Homes” for 55-plus homebuyers. Horton is building Freedom Homes in one Houston area neighborhood that start at around $256,000 for 1,600 square feet with two bedrooms and two baths.
Horton is also building the new seniors home line in Arizona, Florida, Illinois, New Jersey and the Carolinas.
http://www.dallasnews.com/business/residential-real-estate/20160812-americas-biggest-homebuilder-targets-boomers-with-a-new-generation-of-houses.ece
That is like the “freedom” the Yankee geezer’s get when they buy a $200,000.00 box in the Villages in Florida. But, free golf for life playing with the same old farts everyday!
There own personalized DebtCoffin.
Strange it is that 70 million boomers with one foot in the grave and the other on a banana peel will leave behind 35+ million excess empty houses and now a publicly traded developer is slapping up more?
Just how many mortgage defaults will there be?
Are you trying to keep me out of Del Boca Vista?!
B@)hhhhhhhhhhh
He knows where u can buy for $50 a sq ft
I know where I can live rent free too va_donk.
Here’s a story about a developer addressing a younger segment of the market.
Never Been Hotter: Millennials making the move to the ‘burbs
“some developers are courting millennials because they believe the group will drive the next big housing boom.
The generation gets a lot of ribbing, in part because studies show that the most common living arrangement for the young adults in the group is at home with their parents. But a number of people in the age group are finding their own places, and they are not all in the urban core.
Earlier this year, 33-year-old Tyson Fujikawa settled down in a new development called Light Farms in Celina with his wife, baby, and twins on the way.
the project at Light Farms, which has produced slick videos touting amenities geared for the younger set that is going through life changes, but is still clamoring to be active, local, and very connected as a community. Along with a wide selection of sports facilities, Light Farms highlights its on-site honey-harvesting operation and a regular farmers market.
They also offer a whole book of social gatherings that run the gamut from hip hop concerts to ice cream get-togethers, kids’ story times to singles nights and beer tastings.”
Honey Harvesting!
link: http://www.wfaa.com/news/local/hottest-market-ever-millennials-making-the-move-to-the-burbs/294948758
On Google Maps Celina appears to be far away downtown Dallas. Are there any jobs near Celina?
Celina is up there near Frisco and west Plano. West Plano is where the new US Toyota HQ is going to be. There are 3 - 4 fortune 500 hq’s up there I believe. So, yeah, there are jobs in that part of the area but it is still somewhat of a commute from Celina.
I was eating dinner one night at a local mexican place and the booth over from us had a realtor with some clients. He expressed that ‘he could make to downtown Dallas from Frisco in 15 minutes.’ Fortunately, I was able to contain my laughter.
Celina is 20 minutes north of me, and I’m in the most northern reaches of Frisco. 30 minutes to the most northern area of Plano if there’s no traffic (which never happens).
Everyone, its all A-ok. Clinton and Kaine are going to help Americans and prop up the housing market. No more profiling on housing purchases (was that a thing?) If youre white, black, Asian, Indian, you dont have to worry about credit scores or being turned down for home purchases, being American will be enough.
Kaine Ending Discrimination
The gov is not here to help you get ahead. DO IT YOURSELF>
I agree, my entire post was riddled with snark
well in nyc if you are a live in owner that would be fine no discrimination. you have a right to chose who you live with that applies up to a 4 unit home. now if it was investment or plain rental property then equal housing laws would apply
=====
Lorraine saw an apartment advertised in the newspaper, called the number and arranged to meet the landlord. But as soon as he saw her in person, he said, “Sorry, we just rented the place.”
Something didn’t feel right. So Lorraine asked one of her white colleagues to call and inquire about the apartment. And lo and behold — it was still on the market.
Scott Baio says now is the time to buy a home before prices go up!
https://www.bogleheads.org/forum/viewtopic.php?f=2&t=197311
interesting topic about is the economy getting better
For others here in Las Vegas:
The safest real estate investments are in underwater markets like Las Vegas
To the moon, Alice!
Forever the nomadic life for my tribe, dragging along all our Ethan Allen furniture.
“And though prices are recovering, they are still below the frenzy of 2005, when people lined up for open houses and bought homes for nothing down.”
Recovering but still below the frenzy prices of 2005.
Same thing in Jupiter Fl.
Once Hillary and the Comrades of Proven Worth (D) install their collectivist kleptocracy, they will have a free hand to take civil asset forfeiture to insane new heights…for the children.
https://www.sovereignman.com/trends/heres-how-the-government-is-stealing-more-than-ever-before-20086/?inf_contact_key=c8aa1d39922097166022095c7064c6a7382212916c208d11385ed8aa355beeae
Venezuelans voted for collectivist kleptocrats. Now they are getting exactly what they voted for and exactly what they deserve. Coming soon to a permanent Democrat supermajority collectivist kleptocracy near you.
http://www.mcclatchydc.com/news/nation-world/national/article95346812.html
stocks and homes are still working.
Libya: another Hillary-neocon success story that even the lapdog media can’t ignore.
http://www.nytimes.com/2016/02/28/us/politics/libya-isis-hillary-clinton.html?partner=rss&emc=rss&_r=2
“Peak crazy” in Canada’s RE market. Say, does anyone know what comes after the peak?
http://www.businessinsider.com/canadian-housing-market-close-to-peak-crazy-2016-8
“The most miserable country in the world” will not check its downward spiral until its amoral, stupid voters decisively repudiate the collectivist kleptocrats they installed in power. Watch and learn, Hillary supporters.
http://www.businessinsider.com/venezuela-colombia-border-reopening-economic-security-tensions-2016-8
Funny how “former” Goldmanites throwing trillions in printing press money at asset bubbles and Ponzi markets fails to prevent recessions in the real economy.
http://www.telegraph.co.uk/business/2016/08/12/construction-is-in-recession-as-uk-economy-weakens/
The Clinton crime syndicate has made a billion dollars since leaving the White House. Imagine the haul they’ll make on their influence-peddling this time around.
http://www.zerohedge.com/news/2016-08-12/bill-and-hillary-clintons-made-quarter-billion-dollars-leaving-white-house-mostly-sp
Charles Hugh Smith out with a new article on why elements within the Deep State might be willing to bilge the neocons who have been such a disaster for American power and prestigue.
http://charleshughsmith.blogspot.com/2016/08/the-ultimate-long-game-autarky-and.html
That’s very interesting, thanks for posting it.
One of the many stupid, counterproductive aspects of our current neocon-driven foreign policy is that, by isolating Russia, we are forcing that country into autarky, and the advantages associated with autarky, before we ourselves are capable of autarky.
I think the Deep State is well aware of climate change possibilities, and of Peak Oil, and of the endgame of debt expansion, but is playing ignorant so as to consolidate its position for the day when the stuff hits the fan.
“Peak” oil is a fallacy.
The Comrades of Proven Worth are not going to like this one bit, especially if their pay-to-play and patronage schemes are exposed.
http://www.thegatewaypundit.com/2016/08/update-guccifer-2-0-leaks-documents-nancy-pelosis-personal-computer/
Denver, CO Housing Prices Tank 10% As Mortgage Defaults Ramp Up
http://www.zillow.com/hampden-denver-co/home-values/
been 7 years of the same old BS.
7 years of free rent in that space between your ears az_donk.
Manipulation: The Phony Job Recovery
08/11/2016 Ron Paul
Last Friday saw the release of a bombshell jobs report, with headlines exclaiming that the US economy added over 250,000 jobs in July, far in excess of any forecasts. The reality was far more grim. Those “jobs” weren’t actually created by businesses – they were created by the statisticians who compiled the numbers, through the process of “seasonal adjustment.” That’s a bit of statistical magic that the government likes to pull out of its hat when the real data isn’t very flattering. It’s done with GDP, it’s done with job numbers, and similar manipulation is done with government inflation figures to keep them lower than actual price increases. In reality there are a million fewer people with jobs this month than last month, but the magic of seasonal adjustment turns that into a gain of 255,000.
https://mises.org/blog/manipulation-phony-job-recovery - 70k - Cached - Similar pages
1 day ago .
That’s a bit of statistical magic that the government likes to pull out of its hat when the real data isn’t very flattering.
It doesn’t work that way. The seasonal adjustment is done is performed by a certain method determined before the unadjusted data is available.
‘a certain method determined before the unadjusted data is available’
And this means what? When they decided to fix a report matters how? In the months prior, the jobs reports were terrible. Magically, just before the conventions, it a jobs bonanza! Come to think of it, stocks took off to record highs, supposedly based on these jobs reports, just when it was reported investors were bailing out of the stock market at the highest rate since 2008. Things that make you say huh?
And this means what? When they decided to fix a report matters how?
I was just responding to the assertion that I quoted in italics above. If Dr. Paul had any evidence that the adjustment was changed to make the July job numbers look better, he didn’t include it in that article.
Irrelevant
obfuscate
Honolulu, Hawaii Housing Demand Craters 16% YoY As International Demand Evaporates
http://files.zillowstatic.com/research/public/Metro/Metro_Turnover_AllHomes.csv
Not to worry…HELOC resets are fully contained!
Markets
Home Equity Loans Come Back to Haunt Borrowers, Banks
The cost of home equity lines of credit taken out before the housing bust is rising. That is leading to missed payments
Roughly 840,000 home-equity lines of credit taken out in 2006 are resetting this year, with principal payments on an additional nearly one million loans expected to hit in 2017.
Illustration: David Paul Morris/Bloomberg News
By AnnaMaria Andriotis
Aug. 11, 2016 12:30 p.m. ET
The bill is coming due for many homeowners on a type of loan that was widely popular in the run-up to the housing bust, causing a rise in delinquencies at banks.
More homeowners are missing payments on their home-equity lines of credit, or Helocs, a type of loan that allows borrowers to withdraw cash from their house to pay for renovations, college tuition or almost any other expense. These loans typically require interest-only payments for the first 10 years, but then principal payments kick in for the next 15 or 20 years.
The increased cost of the loan can become a strain for some borrowers. This is becoming an issue now because many borrowers signed up for Helocs in the run-up to the housing bust as home values kept rising. Roughly 840,000 Helocs taken out in 2006 are resetting this year, with principal payments on an additional nearly one million loans expected to hit in 2017.
Borrowers who signed up for Helocs in early 2006 were at least 30 days late on $2.8 billion of balances four months after principal payments kicked in this year, according to Equifax. That represents 4.4% of the balances on outstanding 2006 Helocs. Delinquencies were at 2.9% before the reset.
Resets can lead to payments jumping by hundreds, or in some cases thousands, of dollars a month. Consider a Heloc with a $100,000 balance and a 4.5% interest rate. It would have a $376 interest-only monthly payment, which would then rise to $632 when principal payments kick in, assuming a 20-year repayment period.
Large banks, including Bank of America Corp. , J.P. Morgan Chase & Co. and Citigroup Inc., reported higher Heloc delinquencies in the second quarter, according to securities filings this month. Unlike with most mortgages, Helocs are primarily held on banks’ books, which means lenders are generally more exposed to losses when the loans don’t get repaid.
…
“a type of loan that allows borrowers to withdraw cash from their house to pay for renovations, college tuition or almost any other expense.”
I guess Boob jobs come under “almost any other expense”.
Plenty of helocs in 05
Where’s the action ?
“Plenty of helocs in 05″
You mean the group formerly known as Robo singed victims who are back now under their new name Boomerang buyers?
Labor Force Participation Rate Plummets To 37 Year Low As Jobless Rate Skyrockets
http://data.bls.gov/timeseries/LNS11300000
Relevant
What’s lower, the labor force participation rate or the home ownership rate? Seems like they’re strikingly similar.
Could it be that one needs a job to own a home? Nah… probably no connection.
how will these buyers be made out to be victims this time around ? How will they justify the principal reductions?
Then who’s buying the damn houses?
Labor force participation rate = 62.8%
Home ownership rate = 62.9%
https://fred.stlouisfed.org/series/RHORUSQ156N
Is this amazing similarity causal or coincidental?
actually that not true…….unless you mean labor force participation of on the books taxes taken out jobs….people are working but on the side that’s why the economy hasn’t totally tanked yet
Business Day
Rise in oil prices propped up by weaker dollar
by Devika Krishna Kumar, 12 August 2016, 18:31
A view of the main deck of Tullow Oil’s Floating Production, Storage and Offloading vessel (FPSO). Picture: REUTERS
Denominating currency, the US dollar, weakens after US retail data showed sales were flat for July
NEW YORK — Oil prices rose about 1% in choppy trading on Friday, a day after its biggest gains in a month, as a weaker denominating currency, the US dollar, helped support crude.
The dollar weakened after US retail data showed sales were flat for July, against expectations of a modest rise. Against a basket of currencies, the dollar traded 0.3% lower.
Brent crude futures were 39 cents a barrel higher at $46.43 a barrel, a 0.9% gain, by 2.54pm GMT, up from a three-week high of $46.66 earlier in the day.
US West Texas Intermediate (WTI) crude rose 50 cents to $43.99 after touching its highest level since July 25 at $44.17 per barrel.
Both price benchmarks rose more than 4% on Thursday after Saudi Arabia’s energy minister Khalid al-Falih said that oil producers would discuss potential action to stabilise oil prices during a meeting next month in Algeria.
“Although we regard such an agreement, let alone its implementation, as unrealistic, it is dampening fears of a continuation of the Opec price war,” Commerzbank said in a note.
…
Did everyone see the latest news out of Silly Valley? City housing planner quits due to the absurdity of Silly Valley’s housing crisis. Her husband, a software engineer, and her as a tech worker, can only afford rent with splitting a house with another professional couple ($6200/mo)….
Palo Alto City Planner Resigns
It’s ok though, Palo Alto recently contributed $14.5 million to help keep a MOBILE HOME park open…
why cant these jobs stay here?
http://www.wkyt.com/content/news/GE-closing-Lexington-Lamp-Plant-150-people-losing-jobs-389901122.html
Probably because it was eating into GE’s estimated $2 Trillion of cash/profits hiding overseas.
Their finance HQ in CT is moving to the rejuvenated Boston Seaport district and taking their 350 or so jobs to Boston. Of course Mass had to create a lucrative tax deal to entice them to bring the jobs and potential cocktail sippin business types.
Why can’t these jobs stay here? Because 95% of ‘Muricans vote for globalism and corporate statism election after election. CEO’s are giving their employees what they voted for.
Farmland bubble is bursting.
http://www.zerohedge.com/news/2016-08-12/farmland-prices-continue-fall-central-us-farmer-credit-conditions-deteriorate