From A Fear Of Missing Out To Maybe I Should Wait
A report from the New Zealand Herald. “One of New Zealand’s most controversial citizens has cut a record-breaking deal over the $40 million assets seized as part of a money-laundering inquiry. The deal struck with William Yan - also known as Bill Liu, Yang Liu and Yong Ming Yan - is the final settlement in a civil case two years after the police raided his penthouse. More than $40m of dollars of assets were frozen as New Zealand detectives worked closely with Chinese authorities who claim Yan stole $129 million in a complex fraud.”
“Court documents allege Yan concealed the fortune in New Zealand through complex money laundering transactions, where property and shares in companies were held by trusts and companies in other people’s names. Those assets included a collection of luxury cars, the Metropolis apartment - five titles joined together on the 35th floor - an 18.8 per cent stake in Mega, millions in bank accounts, a troubled North Shore property development and a Waikato farm.”
From Caixin Online on China. “The ongoing anti-graft campaign has netted one in three suspects on China’s ‘100 most wanted’ list – mostly government officials hiding overseas – to stand trial in China as of July 15, the Communist Party’s corruption watchdog said. The party’s graft buster says fugitives hiding in 40 countries and regions were repatriated in the first half of 2016 and that over 1.2 billion yuan worth of stolen funds were recovered from overseas in the first half of the year. According to Interpol, 40 of China’s 100 most wanted fugitives were thought to be hiding in the United States, 26 in Canada, 11 in New Zealand and 10 in Australia. Other locations include Belize, Sri Lanka, and Grenada.”
“Over 40 percent of the 738 fugitives who returned to China in 2015 were ‘persuaded’ to come back rather than forcibly repatriated, according to the CCDI. Fugitives’ family members sometimes played a role in these ‘persuasion efforts,’ Li Gongjing, a Shanghai police officer, said in an interview with Xinmin Weekly magazine. ‘It’s very effective. A suspect is like a kite. Although he is in a foreign country, his line is in China and we can find him through his relatives,’ Li said.”
The Malaysia Kini. “The ‘Datuk Seri’ who was arrested by Malaysian Anti-Corruption Commission (MACC) to assist in a corruption investigation is believed to own 31 luxury condomimium units worth more than RM15.5 million, reported Utusan Malaysia. These units located in Kuala Lumpur were ‘purchased’ from five housing developers which had dealings with Kuala Lumpur City Hall. Quoting a source, the report said the MACC found that the suspect had purchased all the condominium units, each priced between RM200,000 and RM300,000, without paying downpayments when the sale and purchase agreements were executed.”
“The houses were bought using the suspect’s own name and those who are close to the suspect. ‘It is believed that the suspect would sell these units with an estimated price of RM500,000 each, once they are completed to gain profit,’ said the source. During the raid, MACC officers also seized huge amounts of cash hidden in the ceiling of a suspect’s house.”
From The Star in Kenya. “The National Youth Service scam suspects Josephine Kabura, Ben Gethi and six others were yesterday ordered to pay Sh300,000 bail each to secure their release, pending trial over money laundering. Chief magistrate Daniel Ogembo says the suspects allegedly knew the money they used to buy property, including high-end vehicles, land and houses, was proceeds of crime, namely Sh791,385,000 stolen from the Devolution ministry.”
“Some of the properties have already been frozen by the Assets Recovery Agency. Some suspects are battling to save their property and have filed cases at the High Court.”
The Richmond News in Canada. “Sales of detached homes for August are predicted to be down by as much as 55 per cent compared to the same time last year, thanks, in part, to the new foreign home buyers tax, according to Steveston realtor Sean Lawson. In fact, Lawson argues the tax, which tacks on another 15 per cent to the purchase price for non-residents, means Richmond has likely reached its high watermark for real estate prices, and the August slump may extend into the fall.”
“‘The market was already slowing and they (government) dropped this bomb on it without any real consultation with the industry,’ he said, adding it has dour consequences for the overall economy. ‘To kick out two of the pillars – construction and real estate – that along with tourism were doing well was ridiculous and foolhardy. It was a purely political move that is likely to backfire on the government.’”
“Vancouver realtor Steve Saretsky said he has been watching market trends closely since the foreign buyers tax was implemented and said it is impossible to know for sure how much the tax has slowed sales in the Richmond area where government tracking of real estate transactions showed about 19 per cent of homes were purchased by non-residents — the highest concentration in Metro Vancouver.”
“‘The implementation of the tax put an immediate halt on peoples’ plans,’ Saretsky said via email. ‘Everyone wants to see what’s going to happen next before making any decisions. It changed the mentality of locals from a ‘fear of missing out’ to maybe I should wait.’”
“‘Here’s what I see, things are clearly trending downwards,’ Saretsky said. ‘After basically hitting a 40 per cent increase in price at one point how much further can we really expect it to go up? Real estate is cyclical. I don’t want to make any predictions, but if you look at all the data and the trends over the last four months, it’s certainly not encouraging. I would expect things to continue cooling, however September is generally an active month.’”
“‘If September is another slow month, then the writing is on the wall,’ he added.”
‘The market was already slowing and they (government) dropped this bomb on it without any real consultation with the industry,’ he said, adding it has dour consequences for the overall economy. ‘To kick out two of the pillars – construction and real estate – that along with tourism were doing well was ridiculous and foolhardy’
Have you tried stamping your little feet Sean? Anyhoo, this all goes to show there certainly was a foreign influence on house prices in Vancouver, even though the REIC swore it wasn’t so and called everybody a racist for bringing it up.
I’m wagering Sean is a little more concerned with his paperwork from previous sales.
Love how these guys are pretending to be concerned for the society at large, shucks…
Precisely.
How soon is California going to start taxing foreign investors who are largely responsible for driving home prices out of reach from the few Californian citizens who work and pay taxes, but can hardly afford to live there?
Apparently the native California workforce is not responsible for driving home prices skyward. I’m guessing if one of the presidential candidates proposed a tax on foreign real estate investors like the highly-successful one in Vancouver, they could attract a lot of California votes. Why our government cares more about the investment gains of foreigners than the well being of its own citizens is a mystery.
…
California is still tied with South Carolina for the 15th highest jobless level.
Our “labor force participation rate” is near its all-time low. Just 61.9 percent of working-age Californians are either holding jobs or looking for them.
Even after adjusting for those still in school, early retirees, and stay-at-home moms and dads, millions of Californians who could be in the labor force aren’t.
Of those who want to work, California has the nation’s fourth highest rate of underemployment, 11.7 percent of its labor force. The Bureau of Labor Statistics measure includes not only the jobless, but those working part time involuntarily or “marginally attached” to the labor force.
…
Not soon enough, in my opinion! I’ll be contacting my elected officials and asking them to get something like this going here in California! House prices are too damn high!
‘Court documents allege Yan concealed the fortune in New Zealand through complex money laundering transactions, where property and shares in companies were held by trusts and companies in other people’s names. Those assets included a collection of luxury cars, the Metropolis apartment - five titles joined together on the 35th floor - an 18.8 per cent stake in Mega, millions in bank accounts, a troubled North Shore property development and a Waikato farm’
This guy spent close to 300 million New Zealand pesos in a casino over 12 years. I wonder if this is the same Mega:
‘The New York State financial regulator imposed a $180 million fine on Taiwan’s Mega International Commercial Bank for anti-money laundering failures that included links to the law firm at the center of the Panama Papers scandal.’
‘The Department of Financial Services said Friday that Mega Bank’s head office was indifferent toward risks associated with transactions involving Panama, and an investigation identified a number of suspicious transactions between the bank’s New York and Panama branches. The probe determined “a substantial number” of entity customers were formed with the assistance of the law firm Mossack Fonseca in Panama, the firm whose data was leaked in the Panama Papers scandal.’
‘Maria Vullo, superintendent of DFS, in a statement called Mega Bank’s compliance program a “hollow shell,” and said its failures are “serious, persistent and affected the entire Mega banking enterprise.”
“DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions,” said Ms. Vullo.’
‘The company apparently acknowledged the penalty in a Chinese statement posted to its website, but there was no corresponding English-language comment.’
This guy spent close to 300 million New Zealand pesos in a casino over 12 years. I wonder if this is the same Mega:
Nah, I’m pretty sure they meant this Mega:
https://en.wikipedia.org/wiki/Mega_(service)
In other words, the file-sharing service created by Kim Dotcom after the government took down his previous one.
Court documents allege Yan concealed the fortune in New Zealand through complex money laundering transactions
Yan made a mistake…he chose the wrong country. In Amerikka nobody would have noticed.
Boone, NC Housing Prices Nosedive 9% YoY As Housing Correction Expands To Coastal Areas
http://www.zillow.com/boone-nc/home-values/
Boone (college town in an area attractive to retirees) is nowhere near the coast. It is about as far from the coast as you can get and still be in NC — in the mountains next to Tennessee!
And prices are falling inland too.
Remember….. Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.
‘Boone (college town in an area attractive to retirees) is nowhere near the coast. It is about as far from the coast as you can get and still be in NC — in the mountains next to Tennessee!’
Wonder if Boone exploded with halfbacks and NY’ers ad nauseum like Asheville has.
‘British Columbia’s measures to cool off North America’s hottest real estate market are starting to have the desired effect. Early data from the Real Estate Board of Greater Vancouver suggest the 15 percent foreign buyer’s tax, which was unveiled July 25 and took effect Aug. 2, may be curbing sales and limiting price gains, adding to a slowdown that started in May amid concern a housing bubble was forming in Canada’s third-biggest city.’
‘Detached-home sales in the Pacific Coast city fell 66 percent in the first two weeks of August from the same period a year earlier, according to the data, which the board says is preliminary and may change by month-end. In the final week of July, after the tax was announced, there were only 572 sales, a 35 percent slide from the 2015 period and one of the lowest levels in the last decade, the board said.’
‘At the same time listings, which had been rising steadily since January, hit 26,048 in the 12 months to July, the highest in at least three years.’
“Neighborhoods with more expensive homes suffered more significant declines in purchase activity,” Peter Routledge, an analyst at National Bank in Toronto, said in an Aug. 7 note to clients. “Even prior to the foreign-buyer tax change, we found early evidence of cooling demand” in areas preferred by foreign buyers. “Weakening demand has translated into weakening home valuations across Vancouver.”
‘When announcing the foreign tax, British Columbia Finance Minister Michael de Jong also said he would allow Vancouver’s municipal government to tax empty homes, some of which may have been bought by foreigners as investments.’
‘things are clearly trending downwards,’ Saretsky said. ‘After basically hitting a 40 per cent increase in price at one point how much further can we really expect it to go up? Real estate is cyclical.’
No, going up 40% in one quarter isn’t cyclical. I’m thinking you might want to cancel that European vacation Steve. You might have a little less coming in from now on.
Debts on toys and exotic vacay’s start looking very spooky in these scenarios.
Indeed… for the lenders anyway. Phuc ‘em.
Love this “may be curbing sales and limiting price gains”… yeah..
‘At the same time listings, which had been rising steadily since January, hit 26,048 in the 12 months to July, the highest in at least three years.’
Wow! Makes you wonder if California could end its fictitious housing shortage overnight by levying a hefty foreign buyer tax?
Household Formation Plummets To Record Low
http://ftalphaville.ft.com/files/2014/12/HHFGS.png
Gallatin, TN Housing Prices Tank 5% YoY As Housing Correction Expands To Interior Areas
http://www.zillow.com/gallatin-tn/home-values/
Uh-oh.
“People love him in Texas, and he was one great governor,” Trump, the Republican presidential nominee, said Tuesday during a fundraiser in Austin, Texas, that Perry also attended.
https://www.msn.com/en-us/news/politics/trump-rick-perry-would-do-well-against-cruz/ar-BBw0KHK
On the brighter side, Nigel Farage will be making an appearance at the Trump rally in Jackson Mississippi this evening. I think it starts in about 30 minutes, although all these rallies start late.
http://www.zerohedge.com/news/2016-08-24/nigel-farage-cheers-anti-establishment-victory-trump-rally-live-feed
This will be interesting because apparently Farage will be addressing the issue of how the polls showed stronger support for “Stay” rather than “Leave”. Heh. Even Farage was ready to concede early on in the voting.
I remember that evening, we discussed it a little here on the blog as the results were coming in.
Here’s a link to a different live stream. I prefer this one:
https://www.youtube.com/watch?v=bRxPb7ZmLHw
I really want to hear Farage.
it was worth it, Farage was great. Go, Nigel!
Trump Twists and Twirls further down the Toilet
Headline news.
And god speaks to those Texan politicians too.
THEY WILL FIND A WAY TO MAKE U THE DUMB MONEY
Portland, OR Affordability Skyrockets As Housing Prices Plummet 15% YoY
http://www.zillow.com/alameda-portland-or/home-values/
THE NEW AMERICAN DREAM, DEPRESSING APARTMENTS!
Why rent an apartment when you can rent an entire house for the same monthly cost?
DESIRE IS NOT DEMAND!
Boca Raton, FL Housing Prices Plunge 6% YoY As Housing Bust Hits Coastal Areas
http://www.zillow.com/boca-raton-fl/home-values/
At anotehr money laundering hub:
‘Now’s your chance to buy an Upper East Side mansion at a deep discount. Extell Development, the firm behind the Carlton House Mansion, has shaved $12 million off the asking price, bringing it to $37.5 million. The firm first listed the property at $65 million back in 2014, and later reduced it to $49.5 million.’
‘The price cut comes amid declining townhouse sales and falling prices in Manhattan, on the back of lower Wall Street bonuses and uncertainty surrounding the global economy.’
Down almost 50%. Keep choppin’boys!
What the U.S. is going to have to get used to is this.
For decades it was an 800 pound gorilla, such a large part of the world economy that what happened here often had a huge effect on what happened everywhere else.
We’ve got 300 million people. And soon there will be 300 million people who are the equivalent of a United States inside both China and India. (They will also have 700 million additional poorer people each).
So what happens there is going to be a big impact on the U.S., and completely outside our control. And it’s going to be an overwhelming impact on smaller economies such as Canada and New Zealand.
Unlikely. The wheels are coming of China right now.
“US futures fall as Street turns attention to data, Yellen’s speech”
check out these numbers for gawkers condo
http://finance.yahoo.com/news/hogan-says-gawker-denton-lowballing-161004139.html
Hillary Visits West Philly’s 30 Blocks Of Squalor—–But Even There, Nobody Came!
by The Burning Platform • August 24, 2016
“As a U.S. Senator she made $174,000 per year. As Secretary of State she made $186,000 per year. Bill hasn’t had a job in 16 years. Somehow, they’ve managed to accumulate over $100 million during that time.”
http://davidstockmanscontracorner.com/hillary-visits-west-phillys-30-blocks-of-squalor-but-even-there-nobody-came/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost
Isn’t taking bribes by U.S. government officials illegal?
That’s what I asked. MightyMike says it isn’t, and he’s the world’s greatest authority.
No, you referred to “taking money from an entity that wants a favor”. That’s not bribery. But thanks for recognizing my authority. It took years to achieve.
Bribery is defined by Black’s Law Dictionary as the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or other person in charge of a public or legal duty.
Does it get down to what the definition of “is” is?
“Somehow, they’ve managed to accumulate over $100 million during that time.”
I typed most of this, then I hit the Cheryl Atkinson button and did it again in a different form.
This could have happened about 15 years ago. The organization that sells Shamrocks in the Spring for $! (could be MDA) has offices. There are girls who work in those offices who might get to know guys who are working there putting in new offices. After a few days the girls might get to know the guys and tell them… buy those Shamrocks, after we sell (somebody might not remember pick a number) 2 million we all get a cruise. At the end of the job one of the girls might have said they will never find a cure for this disease, only 2 cents of every dollar goes to research, this charity makes too much money.
Here we are almost in sept and yellen still has everyone talking a bout a rate hike. This has been going on for years.
What is the goal of all the talk and hype?
The goal is to explain the never-ending mysterious levitation of the stock market as due to an endless series of relief rallies upon learning, once more, that the Fed is not going to raise rates again any time soon.
Do u think a lot of the hype is to keep the dollar strong?
Isn’t a cratering dollar the only reason they would ever raise rates since the hole they dug is so deep?
If me and you can figure this out why are the currency speculators still betting on a rate hike? Or is that market rigged too?
“Its the international speculators” r. nixon
Paraphrasing Elaine from Seinfeld, Rigged, rigged, rigged, rigged.
Tune it out azdude. They will not raise a rate…even if they do they will do a quarter point raise every 2 years.
Can’t believe so many people waste their time & energy talking about this utter nonsense.
There must be an astonishingly vast amount of Yelled bucks thrown down the rat hole of guessing what Delphic utterances the FOMC will produce at their next meeting.
“Sears Posts 2Q Loss, Taking Debt From CEO’s Hedge Fund”
http://www.foxbusiness.com/markets/2016/08/25/sears-posts-2q-loss-taking-debt-from-ceos-hedge-fund.html
Did they already burn through all that cash they got from selling the real estate?
shld quote this morning = 14.50 Wasn’t this like a 200.00 stock when lampert took over?
They will bleed off all the company equity leaving shareholders with a big pile of dog do do.
The fact that they’re still in business at all is an accomplishment.
an accomplishment for who? How long can they keep losing money?
I guess they will keep the doors open till all the cash is burned through and no one will loan them anymore cash.They are so desperate for a loan that lamperts hedge fund has to extend them credit.
Where is the 2.?? billion they got from selling the real estate to that new company that was created? They are now leasing the stores from them.
WhoTF is stupid enough to buy stawk in this ponzi?
“The chart above shows that as money has gotten cheaper, virtually all of the gains in real estate prices can be attributed to the value of the financing. The market is completely at the mercy of a rise in mortgage rates. ”
http://wallstreetexaminer.com/2016/08/buy-theres-blood-streets-part-2-not-best-time-history-invest-real-estate/
“The market is completely at the mercy of a rise in mortgage rates.”
Since mortgage rates have achieved a permanently low plateau, this concern is moot.
they are a hostage to the stock and home markets now.
I love this song.
https://www.youtube.com/watch?v=NCIUf8eYPqA - 393k -
“I know a few people that have made a lot of money in real estate. They all had one thing in common. They made it their full time job. They worked at it every day. They bought low, and mostly never sold, using their own skills to enhance the value of their properties over time. The always bought the cheapest properties they could in the softest market conditions, and in up and coming locations, with obvious reasons for that to be so. This is not what Reeves is recommending. He’s recommending easychair, absentee investing via a few computer mouse clicks.”
http://wallstreetexaminer.com/2016/08/buy-theres-blood-streets-part-2-not-best-time-history-invest-real-estate/
You have to ignore the shillery of porcine beauticians if you want to understand where we are in the bubble cycle. God gave you a brain of your own, so why not use it?
“I know a few people that have made a lot of money in real estate.”
The ones I know got in early-on, they had dual incomes, and they had cash. When it started taking too long to sell they got out. It was a third income for them; takes money to make money.
There is a lot of desire for a 400k stucco shack but is there really and demand?
Video: Hillary Thinks A Phone Call To CNN Constitutes A Press Conference
“I’m talking to you right now.”
Steve Watson | Infowars.com - August 25, 2016
Cooper pointed out that it has been over 260 days since Clinton’s last press conference and that critics are calling her out on it.
“Will you give a press conference?” Cooper asked.
“Well, Anderson, I’m talking to you right now, and I’ve given, I think, way in excess of 300 interviews this year, so I’m going to continue talking with the press and answering questions in many different venues,” Hillary replied.
Cooper persevered and asked why Hillary just doesn’t hold a press conference where many different reporters can ask questions at the same event.
“I’ve got a lot that I have been sharing with the press, talking to the press, as I’m doing with you right now, so stay tuned,” Hillary responded.
“There will be a lot of different opportunities for me to talk to the press, as well as continuing to talk to the American public.” she added, in what many will consider to be a generic empty answer.
Cooper thanked Hillary for ‘phoning in’ and said there are “a lot of other reporters who would love the chance to address you during a press conference.”
This meme will become big in October when it becomes clear that she’s got it sewn up.
Will she still need help getting up the stairs after she gets it sewn up?
You mean she got it rigged just like against the bern.
“You mean she got it rigged just like against the bern.”
It is amazing how quickly that was thrown on the trash pile just like the other “phony scandals” and never mentioned by the MSM.
‘Mr. Brexit’ Nigel Farage Speaks at Donald Trump Rally in Jackson, MS
https://www.youtube.com/watch?v=oj4K9fr_WgY - 249k - Cached - Similar pages
13 hours ago
foreigner tax?
bring all your $ to 22151
and buy ,buy ,buy!
why does anyone care who buys what ?
NAFTA at 20: One Million U.S. Jobs Lost, Higher Income Inequality
http://www.huffingtonpost.com/lori-wallach/nafta-at-20-one-million-u_b_4550207.html - 383k - Cached - Similar pages
Jan 6, 2014 … …