It’s Not An Unrealistic Bubble
A report from Florida Today. “The median sale price for an existing home in Brevard County hit a high point for the year in July, coming in at $196,000. That’s 22 percent higher than it was the same time a year ago and more than 3 percent jump from June’s median price of $189,925 Is there anything to be made of the escalating home prices? Should we be worried about a housing bubble? ‘It’s a small bubble, but it’s not an unrealistic bubble,’ said Cyndi Jones, a manager at National Realty of Brevard Inc. ‘With rates the way they are and the quality that you can get, we’ll still keep the prices up there.’”
The Sun Sentinel. “Palm Beach County had 1,530 existing, single-family homes trade hands last month, down 15 percent from July 2015, according to the Realtors Association of the Palm Beaches. It was the sixth month in a row that home sales fell on an annual basis. Broward had 1,499 sales, off 11 percent, the Greater Fort Lauderdale Realtors said. It was the first sales decline for Broward in the past year. Single-family sales in Miami-Dade County, meanwhile, declined for the 10th straight month, falling 16 percent to 1,128, according to the Miami Association of Realtors.”
“Although the housing market remains relatively stable, a sustained slowdown in sales is bound to affect prices eventually, said Chip Rowand, an agent for Keller Williams Legacy in Weston. He pointed out that prices have increased across the tricounty region for the past four years, while salaries have not kept pace. ‘It’s not the economy; it’s the cycle,’ Rowand said of the sluggish July sales reports. ‘Wages have not gone up to support these prices.’”
“Homes listed for $300,000 and less are still in demand, but properties in higher price ranges tend to sit on the market, agents say. Housing observers say too many homes in South Florida are overpriced. Rowand said overconfident sellers aren’t being realistic and wind up having to cut their asking prices and changing real estate agents. ‘It’s best to be the first son, the second wife and the third realtor,’ he said.”
From Mansion Global. “Figures out of Miami this week showed residential sales are down almost 21% from the same time last year. But as bad as this double-digit decline may seem, it pales in comparison to what’s happening at the high end of the market. A close look at transactions for properties of $1 million or more in July shows just 73 single-family home sales, representing an annual decline of 31.8%, according to a new report by the Miami Association of Realtors. In the case of condos in the same price range, the number of closed sales fell by an even wider margin: 44.4%, to 45 transactions.”
“The Miami housing market, and its luxury segment in particular, has been softening for the past year with high-end condos sitting on the market for twice as long as they did a year ago and sellers offering bigger discounts amid an increased supply. Additionally, sellers of high-end condos will continue to face stiff competition. Inventory is up 47.8% from last year, with 2,482 units worth $1 million or more waiting to change hands.”
“Real estate appraiser and data expert Jonathan Miller said that Miami is behaving like most of the rest of the U.S. housing market, which is in fairly good shape overall ‘but soft at the top.’ In the case of Miami, like in other coastal markets such as New York and Los Angeles, the housing boom was heavily boosted by foreign buyers, who have scaled back their purchases due to the strong dollar. ‘The international component is not as intense,’ Mr. Miller said.”
The Real Deal. “The man Forbes once listed under ‘Ten Nigerian multi-millionaires you’ve never heard of’ is grabbing a lot of international headlines lately. Olajide Omokore, a Nigerian oil magnate, was recently arrested for money laundering and corruption in his home country. And now a company linked to the high-flying energy executive has offloaded a trove of lavish Sunny Isles Beach condos.”
“County records show Energy Property Development, led by Omokore, just turned over 12 units in the St. Tropez on the Bay condominium to an affiliate of the complex’s developer, J Milton & Associates, in lieu of foreclosure. Omokore’s shell company had picked up the 12 units and five more when the St. Tropez opened in 2009.”
“To support his real estate shopping spree, Omokore took out financing from an affiliate of J Milton & Associates, Beach Developers, for as high as $1 million apiece for each condo, totaling roughly $20 million. With his new units in-hand, Omokore began renting them. Trouble began for Omokore in 2011 when the developer’s affiliate sued to foreclose on a batch of the condo loans, according to county records.”
“Robert Frankel, an attorney for the developer’s affiliate, told The Real Deal that Omokore’s company had not been making mortgage payments, but the two parties eventually reached a settlement. ‘They brought all the payments current, and they continued to make the payments,’ Frankel said. ‘The principal of Energy Property found that there was not that much equity left in the units and decided to transfer them back.’”
The PanAm Post. “Mexico’s First Lady Angélica Rivera allegedly made use of the services of two law firms to pay taxes on her apartment in Miami, Florida over the course of four years — a claim that would debunk the story that she needed the financial help of Ricardo Pierdant. According to an investigation by Univision, Rivera asked Pierdant to pay her taxes on the property as ‘a favor between friends.’”
“An information request to the Miami-Dade County Tax Office revealed the actress actually hired two law firms to cover those taxes, including during the years of 2011, 2012, 2014 and 2015. Earlier this month, The Guardian reported that Pierdant paid the taxes on the apartment with an electronic check. In addition, the investigation revealed Pierdant bought an apartment through a cash payment for more than US $2 million despite facing an embargo for more than US $1 million because of his failure to pay the mortgage of another apartment in Miami.”
‘Housing prices, as Fat Joe would say, are “all the way up!”
‘Nothing can stop them, they’re all the way up!’
‘But for real, though, housing prices are the highest they have been all year. The most recent median home price in Brevard is $196,000. That’s 22 percent higher than it was this time last year.’
‘Meanwhile, everybody’s got shifty eyes thinking, “Is this another housing bubble?” Alas! It is not, real estate gurus say, because: Ha Ha! Business.’
It sure stinks of the last one…
‘Sales of single and multifamily existing homes in Florida fell in July, but prices remained positive, a new report said. And Southwest Florida followed suit, according to a report released by Florida Realtors. Closed sales were down in 18 out of the 22 metro areas the group tracks.’
‘Statewide, single-family home sales dropped 8 percent, to 24,083 from 26,265, while townhouse and condo sales were down 11.5 percent, to 8,934 from 10,099. Single-family sales in the Naples-Marco Island-Immokalee metro area didn’t see as steep a drop, falling 6.7 percent, to 378 from 418, Florida Realtors reported.’
‘Townhouse and condo sales were down 18.8 percent, to 366 from 464. But in the Cape Coral-Fort Myers metro area, single-family sales fell to 1,064 from 1,315, a 17.3 percent decline. Townhouses and condo closed sales were down 11.5 percent, to 8,934 from 10,235.’
‘Florida’s median single-family home prices rose 11.6 percent in July to $223,238 from $199,999 a year earlier. Townhouses and condo prices grew 6.8 percent, to $160,000 from $149,845. In the Naples metro area, median prices also increased, but at a much slower pace. Single-family prices were up only 1.6 percent, to $401,200 from $400,000, while townhouses and condos rose 4.6 percent, to $256,250 from $245,000.’
‘For both all types of housing, the increases were among the lowest in the state.’
‘Other signs pointed to a continued slowdown of the housing market, at least in the near future. Throughout the Sunshine State, pending sales were down 11.3 percent, to 9,273 from 10,450, while the supply of inventory grew to 5.9 months from 5.3 months.’
‘The total dollar volume of sales was down to $2 billion from $2.2 billion, and the median percent of the original list price received slipped slightly, as well.’
‘But sellers who are realistic about the current market have reason to hope, said Rick Fioretti, president of the Naples Area Board of Realtors. “Inventory appropriately priced is moving quickly,” he said.’
‘Just like Broward, its cousin to the south, Palm Beach County’s housing market had a rough month in July. Home, condo and townhomes all suffered heavy losses in sales volume last month, according to a new report from the Realtors Association of the Palm Beaches. Meanwhile, prices continued their steady rise.’
‘The report shows 1,530 homes were sold in Palm Beach County in July, marking a decrease in volume of nearly 15 percent year-over-year. Condos and townhomes fared no better, with the county recording 1,092 units trading last month, down 15.5 percent.’
‘Despite fewer homes and condos trading, median sales price soared year-over-year. The median closing price for a home hit $317,250 in July, rising 11.3 percent compared to the same month last year. Condo prices also spiked 17 percent in the same time period, reaching $143,000 per unit.’
‘Palm Beach County’s inventory also grew in July. There were 6,948 active listings for single-family homes last month, swelling the county’s supply by 6.5 percent. Condos saw a similar jump in inventory, with active listings rising 5.6 percent year-over-year to 5,651 units.’
‘The association’s report shows Palm beach is not immune from the residential market’s volatility that has stricken Miami-Dade, and to some extent Broward, since the beginning of this year. Miami-Dade in particular has suffered large reductions in sales volume in recent months, as well as some of the county’s first price reductions this cycle.’
‘Miami-Dade in particular has suffered large reductions in sales volume in recent months, as well as some of the county’s first price reductions this cycle’
And as the Miami Herald reported the other day, this is because Miami has been falling for about a year and that how long it takes to show up in the median price.
Check the figures from last time. Prices trailed the sales decline. It’s bound to happen. If the Fed’s increase in rates trickles down to mortgages as it’s sure to, buying power will be gone and prices will deflate.
The Fed has been following the BoJ’s failed policies almost to the letter, several years later. And expecting a different outcome.
http://wolfstreet.com/2016/08/29/qe-end-of-private-sector-japanese-government-now-largest-shareholder-of-474-companies/
so organic is better???? Kitty Litter Mixup Could Cost US Taxpayers Billions
https://www.youtube.com/watch?v=YTlEaqFCM8Y
Populist resistance may have derailed the oligopoly’s latest NAFTA-style shafting of American workers and further off-shoring of our manufacturing base. Guess that means Zuckerberg, et al will be having their K Street bag men push for more Third World wage slaves delivered to your community.
http://www.telegraph.co.uk/business/2016/08/28/eus-ttip-trade-deal-with-the-us-has-collapsed-says-germany/
‘In the case of condos in the same price range, the number of closed sales fell by an even wider margin: 44.4%, to 45 transactions.’
‘The Miami housing market, and its luxury segment in particular, has been softening for the past year with high-end condos sitting on the market for twice as long as they did a year ago and sellers offering bigger discounts amid an increased supply. Additionally, sellers of high-end condos will continue to face stiff competition. Inventory is up 47.8% from last year, with 2,482 units worth $1 million or more waiting to change hands.’
My calculator says 55 months of inventory.
Additionally, sellers of high-end condos will continue to face stiff competition. Inventory is up 47.8
————————-
This is why I never buy the Lawrence Yun argument of “not enough supply to sell” and “low months inventory”. That’s such a BS metric. In my neighborhood there are 4 houses for sale, between 520k and 580k. All of them sit there, no price reduction, no movement. Now let’s triple that and give you your “supply”:
1) Will the 520k-580k numbers sustain themselves?
2) Will buyers flock to these new houses?
My answers are no, and no.
Can be done within a year. 10,000 EB-5’s are available year to any corrupt oligarch or criminal from China or South America. They have money to launder.
Just came back from a visit back to the Va Beach area (heavy suburbia). Growing up there it was all traditional SFHs. Now all the new construction popping up is cardboard cookie cutter multi family units. This one massive chunk of farm that used to sit inbetween a major shopping area is JAM PACKED with a Dragas condo/multifamily community. Just around the corner from that now occupied land, 4 huge 5 story apartment buildings sprung up. It’s such an odd sight to see such building density in a sprawling suburb area like Virginia Beach…All from the “low 200s” too.
Back here in Mass, I noticed 2 more homes listed over the weekend that are neighbors. The street they sit on just had 4 or 5 other sales within the last 6 months….cashing out perhaps??
One metric to me that just shouts “housing bubble”, the number of friends I know who have become licensed realtors in the last year or so. Personally I know of 4 people who got their license and are employed in real estate…I know that’s not significant, but in a world where my peers are strapped with college debt and useless degrees, its interesting the flocking to RE.
Does the NAR compile annual RE licensing ?? *Insert radio ad* “Sell sell sell, make easy money, also get in on flipping magic!”
Realtors are liars.
No arguments from me there friend.
Last year the director of my daughters preschool left to be a REALTOR! She was divorced with a few kids and said she didn’t make enough money to support her means. (It was a small church preschool, not sure what it paid). No experience, wasn’t good running the preschool and I wouldn’t buy a cup of coffee from her let alone a house.
Gotta love the ones who get their license to do it part time. Their only clients are related to them.
Realturds just get in the way.
for the denver folks…..
A Zurich-based ground and cargo handling company is cutting 187 jobs at Denver International Airport.
http://www.businessden.com/2016/08/29/dia-to-slash-187-jobs/
Doesn’t that just mean that other contractors will be hired to do the work? It’s not like flights are decreasing at DIA.
Or will passengers now be required to load/and unload their luggage from the planes (while paying $40 for the privilege)
Colorado
How was your trip?
I hope you and your family had a good time and made lots of good memories.
It was very fun. Just me and the wife went (kids are adults)
Glad to hear it.
‘Federal Reserve policymakers are signaling they could raise U.S. interest rates soon but they are already weighing new tools they may need to fight the next recession. Fed officials at three-day conference that ended Saturday also said they need to consider new policy tools for use down the road, such as raising the inflation target or even Fed purchases of non-government-backed assets like corporate debt.’
‘Such ideas would test the limits of political feasibility and some would need congressional approval. The view within the Fed is that it could take effort to win over a public already skeptical of the unconventional policies the Fed undertook during the last crisis.’
“Central banking is in a brave new world,” Atlanta Fed President Dennis Lockhart said in an interview on the sidelines of the conference.’
‘At the center of the Fed’s discussions is its $4.5 trillion balance sheet, built up by bond-buying sprees to combat the 2007-09 recession but which has been criticized by many lawmakers. While policymakers have maintained the Fed should eventually reduce its bond holdings, Lockhart said some officials were closer to accepting that they needed to learn to live with them.’
“I suspect there are colleagues who are contemplating at least maybe a statically large balance sheet is just going to be a fact of life and be central to the toolkit,” he said.’
‘Yellen, in her speech on Friday, said balance sheets would likely swell again in future recessions as the Fed snaps up assets to stimulate the economy.’
‘The conference, attended by all but two of the Fed’s 17 policymakers as well as central bankers from around the world, also presented a menu of more exotic proposals. This included a Fed takeover of short-term debt markets and abolishing cash in order to charge negative interest rates.’
“You are seeing an exploration of how are we going to operate in a quite different world than before the crisis,” Lockhart said.’
Abolishing cash?
inflation target
For the Lucky Duck households spending more than 50% of income on rent, that target happened a long time ago.
“Central banking is in a brave new world,” Atlanta Fed President Dennis Lockhart said in an interview on the sidelines of the conference.’
Translation: the Fed is going to escalate its financial warfare against the 99% to a whole new level.
DEATH to SAVERS !
A Harvard “economist” just wrote a paper/spouted BS proclaiming the need to end the $20.
A cashless society is a total surveillance society. Big Brother is watching you.
Which is why it is wise to stock on other forms of currency, including ammo and junk silver. Get it while you can!
+1000
http://survivalcache.com/37-things-you-should-stock-but-probably-arent/
When I was in Europe a taxi driver told us that he had neither a credit nor debit card, and that when he visited the US he had about $5000 in cash on him.
This was in Germany, and the Germans are still very card phobic.
What I found interesting in Europe was that the card readers at stores and restaurants were sloooooow. None of that swipe and your transaction is instantly approved like here in the US.
In restaurants they bring a portable card reader to your table and there were times it took a minute or more to complete the transaction. I know they were chip card transactions and those take longer, but they were still way slower than chip reader terminals are here. You’d stick your card into the reader and then you and the waiter would cross your arms and wait patiently for the paper slip to come out. And you add the tip (if desired) at the beginning of the transaction, and not after the slip printed out.
And get a load of this: At the Munich airport check in had an extra bag, which was 70 Euros, IIRC. So I whip out the AMEX and the agent tells me that she will have to call for card reader. That’s right, she could not read the card at her terminal. So after a few minutes someone shows up with a portable card reader. (This was not the case last year at Heathrow)
Well if someone were to go cashless first it would definitely be Europe. Seeing how their currency isn’t “reserve status” and its relatively new. They’re also the first the institute negative rates, along with BoJ.
In Iceland, due to their 2008 collapse, they rarely issue paper currency. Getting Icelandic Krona outside of the country is difficult. When I traveled there in 2015, we used credit card for everything and its highly encouraged there.
We are far, far more addicted to plastic and consumer debt than they are.
Those “exotic proposals” were fringe, lunatic ideas not too long ago. Now being discussed seriously at a forum of unelected central bankers.
We need to end the image of the Federal Reserve as a mechanic strategically employing a toolkit so that the country’s economic engine runs smoothly. The institution likes that, of course, because it makes it seem both necessary and effective.
“While policymakers have maintained the Fed should eventually reduce its bond holdings, Lockhart said some officials were closer to accepting that they needed to learn to live with them.’
“I suspect there are colleagues who are contemplating at least maybe a statically large balance sheet is just going to be a fact of life and be central to the toolkit,” he said.’
‘Yellen, in her speech on Friday, said balance sheets would likely swell again in future recessions as the Fed snaps up assets to stimulate the economy.’”
And there you have it. Empowered, emboldened, entitled.
The collapse of the Fed’s financial house of cards is going to be epic.
http://www.marketwatch.com/story/next-time-the-world-ends-itll-be-a-bigger-shock-than-we-expect-warns-jim-rogers-2016-08-29
With an unlimited balance sheet and a printing press comes unlimited asset purchasing power.
Isn’t this special: one of the oligarchs behind Facebook is funding an astroturf pressure group that demands that the Fed keep doing what it is already doing: bilking savers and retirees out of billions through maintaining ZIRP, soon to be NIRP. So now the Fed fraudsters will make a big show of caving in to “popular pressure” by maintaining ZIRP into perpetuity. Well played, oligarchy.
http://www.marketwatch.com/story/feds-bullard-says-facebook-co-founder-behind-activists-2016-08-26?link=MW_latest_news
“Bullard said he was troubled to learn a charity supported by Dustin Moskovitz, co-founder of Facebook Inc., was behind the left-leaning Fed Up Campaign seeking to reform the central bank.”
Dianne Feinstein is “troubled” that people other than “real journalists” are allowed to post on the Internet.
Effing hate turds like Bulltard! He very well knows fed-up is an astro-turf movement solely financed by federal reserve.
The real anti-Fed groups, like End the Fed, will never get anywhere near these Fed fraudsters.
Soon the Keynesian central planners and central bankers and their disastrous monetary policies will be exposed for the frauds that they are.
https://www.armstrongeconomics.com/world-news/banking-crisis/are-central-bankers-coming-to-a-bitter-end/
Even though Hillary Clinton as nothing to fear from a press conference with lapdog media leg-humpers, such Comrades of Proven Worth are averse to anything but scripted Soviet-style “media events” in front of hand-picked synchophants. Forward!
http://www.breitbart.com/big-government/2016/08/29/hiding-hillary-day-267-campaign-changes-tune-clinton-cah-foundation/
They’re probably afraid she’ll have one of her seizures on live TV.
I just took a peek at my google news aggravator page and noticed something weird: in lieu of the shrieking monkey stories about a dab of mustard sauce on Trump’s jacket lapel and how that means he must be buds with Putin and will destroy the US, there were like five stories either mildly unfavorable to Hillary or neutral to Trump. I must say, it made me feel a bit strange.
Front and center was the story of the deviant Anthony Weiner and the shots of his crotch with his baby sleeping next to it, (I’ve said it before, these people really are full on deviants and even their own children are not safe) and Huma’s announcement of separation from him. (Good thing, because otherwise the NY Department of Health and Human Services would have had to step in for sure, even they couldn’t explain away something like that as a Hillary alt-right conspiracy smear)
Wondering if the media has exhausted itself with venting its spleen on Trump. I remember reading something that Trump wrote a couple of decades ago, about how the media loves a story of “redemption” and building someone back up after ripping them to shreds.
Tough to say. Maybe they’re taking a break because they think Ms. Clinton has this wrapped up.
The campaign thus far has been farcical. Almost every domestic political news story I’ve seen in the mainstream media lately pertains to race or gender. You’d never guess that economic inequality is as high as it has ever been, or that it’s even an issue at all.
Yup.
It’s been a real lesson on who “real journalists” are and the masters they serve.
“The press is a gang of cruel faggots. Journalism is not a profession or a trade. It is a cheap catch-all for f*ckoffs and misfits—a false doorway to the backside of life, a filthy piss-ridden little hole nailed off by the building inspector, but just deep enough for a wino to curl up from the sidewalk and masturbate like a chimp in a zoo-cage.”
― Hunter S. Thompson, Fear and Loathing in Las Vegas
Looks like Children’s Services may step in anyway. (Caution: graphic material, sort of)
http://nypost.com/2016/08/29/experts-expect-childrens-services-to-investigate-weiner/
It seems that Huma was leaving the kid with Weiner while she was doing Clinton-duty. Maybe she should step aside and let Debbie Wasserman Schultz take over.
That poor woman deserves so much better than Weiner. The guy has his shot at redemption, and he blew it.
Almost every domestic political news story I’ve seen in the mainstream media lately pertains to race or gender.
That sounds like an exaggeration, but you can thank Trump for pushing that stuff to the forefront.
Does the size of Wiener’s wiener look like an exaggeration? Did Trump push Wiener’s stuff to the forefront?
No, Trump pushed the economic grievances of people that both major political parties decided to ignore to the forefront. That’s one reason why it’s so vitally important for our feckless political establishment to dismiss him. Sanders too, although Sanders helped dismiss himself.
You have it backwards. Trump’s own words showed that he is a clown who looks down on a large portion of the population.
‘he is a clown’
Wow a reasoned statement attacked with pointless ridicule. Your side is bound to win.
Ooops, spoke too soon. I think they had to take a gargle-break, they’re back to shrieking monkey status.
no Clinton ads in VA-so she has va wrapped up
she’s offering lots of free sht
college
tax biz if they stay
tax them if the leave
leave 6 weeks-months?
One thing that tripped me out from the news I heard on the radio yesterday is how they reported that some bus driver that killed a few people in a driving accident was an illegal alien, this is top of the hour national news reporting. You would never have heard anything like this over the past 10 years - car accidents, robberies, rapes, etc. - never would the media report an illegal was the perp. You’d have to look up the names in the police reports to find out that 90% of the crime in my area was “acts of love” as Jeb! would put it.
True story: I was on jury duty with a case involving a likely illegal accused of raping an infant - I kid you not. Guy has translator, looks like what you’d expect. We’re sorted as to how much either side wants us as a juror - I think I was 61 out of 63. Anyway, judge asks if there are any questions and I get up and ask if this guy is illegal, because if he is its a big deal to me and I want to know. Chaos ensues, defending attorney strokes out, judge says it has no bearing on the case, calls recess and jurors 62 and 63 tell me “nice move”. Judge comes back about 15-20 minutes later and tells us the guy copped a plea. I was happy to speed up justice, would have liked to see the guy hanged though - right next to the lawyers and judge who didn’t want to say whether he was illegal or not.
Horrific - all around.
$300,000 is the new $200,000 which was the old $150,000
“Homes listed for $300,000 and less are still in demand, but properties in higher price ranges tend to sit on the market, agents say. Housing observers say too many homes in South Florida are overpriced”
I was chatting to an older retiree on my airplane ride home discussing the economy, cost of living, and scrutiny of younger folks. We both agreed the depreciation of the dollar and inflation of housing has caused such a strain on young people. She told me her and her husbands first house, he was a stockbroker btw, was a completely custom SFH in South Carolina on a lake for $200,000 in 1980. She said they spared no expense, top notch cabinets, hardwood, etc. Meanwhile around me, 100+ yr old shacks with rotting wood go for $350,000 with no garage.
“We both agreed the depreciation of the dollar and inflation of housing has caused such a strain on young people.”
Comment by Raymond K Hessel
2016-08-28 18:20:14
http://www.businessinsider.com/working-woman-choses-homelessness-in-san-francisco-2016-8
South Carolina is significantly poorer than Massachusetts and 1980 was a long time ago.
irrelevant
The oligarch moneybags behind the corrupt Republicrat duopoly realize there isn’t a dime’s worth of difference between the Establishment GOP and the Democrats. Both are on the make and on the take.
http://www.jpost.com/Diaspora/Republican-mega-donor-Adelsons-son-holds-Vote-for-Hillary-sign-in-tweet-466274
And 99% of the Likud Party members in the United States Congress will be re-elected this year.
Got Realm?
You can’t fix stupid.
Sponsored content “news” article provided by the National Association of Realtors:
“When I meet with new buyers, especially at certain price points and lower down payments, I tell them be prepared to write four or five or six offers before we get a house,” she said. “I have to keep reminding them that it’s a numbers game.”
Timing can also be crucial when it comes to making an offer with a low down payment, said Heather Heuer, vice president and managing broker at PorchLight Real Estate Group.
Seasonally slow times, when homes typically sit longer on the market and there are more price reductions, are the best time to be out shopping, Heuer said. That includes the late-summer lull, when many people are on vacation and kids are heading back to school.
“If the buyer is prepared and poised to buy between now and Labor Day, they’re going to have a much better shot. Their advantages are going to be in the wintertime, too, when there’s less buyers out there,” Heuer said. “They should definitely not wait until spring — they need to be out there now and be prepared and be really educated about the marketplace and be creative.”
http://www.denverpost.com/2016/08/28/down-payment-assistance-denver-housing-market/
I refreshed the article page and found that comments for the article have been closed. What are you hiding, lying liar Realtors? The Denver Post are just as bad of Realtorwhores as the City-Data forums.
‘The Denver Post are just as bad of Realtorwhores as the City-Data forums.’
I gave up on city-data forums. Reddit is less moderated and if you forget your handle, you can get a new one a second later, lol.
“Comments for this thread are now closed”
I’m guessing that was by design. Godforbid others have an opinion on the housing market in Denver.
And once again, WHY is a Realtor discussing financials with me? That’s my mortgage brokers job!
Of course the housing market in Denver is hawt hawt hawt. They opened a couple new breweries and craft beer bars, the lifeblood of any metro economy. /facepalm
Many of the microbrews here are just not very good. Just because you decide to make beer doesn’t guarantee that it will taste good. And many of the “taprooms”, “tasting rooms”, etc are not very inviting places that make you feel like you’d want to spend alot of time there.
Falling Rock Taphouse on Blake Street by Coors Field doesn’t make their own beer but their selection is excellent, only place in town you can get Russian River’s Pliny the Elder.
Im right there with you. This latest 2010- present craft beer bubble has led to so many breweries that are just “meh” and somehow exist only because its the spot to be on a Friday night w/ food trucks. I’ve been to many great beer towns for work and sometimes theres fantastic places, and sometimes you just get tasters and think, “average”. I haven’t been to Denver myself, but I know between craft beer and mary jane, their tourism has spiked.
I picked up a 6 six pack of CzechVar yesterday.
For those not familiar with it, it’s better known in the rest of the world (to Anheuser Busch’s chagrin) as Budweiser.
I like my beer made from rice: Coors Light
hope CO gets “single payer”
VA will send you our lame and chronic
Polls show it going down in flames. Not 45-55, more like 30% yes, 70% no.
It probably can’t be done at the state level, only federal. State governments are too small to negotiate with the insurance companies, Big Pharma, etc.
“A class-action lawsuit on behalf of a group of homeless citizens has been filed against the city of Denver saying their rights have been violated by what the suit calls “the homeless sweeps” by police and city workers.
The sweeps, the suit alleges, are treating homeless people like criminals and police and city employees are taking their belongings without cause.
The lawsuit says, “Defendants have engaged in a systemic evisceration of thousands of displaced persons’ constitutional rights in order to clear the way for new housing and economic development in the downtown Denver area. While gentrification may have positive benefits for a few, it is not a legal basis for treating this vulnerable class as though their civil rights were non-existent.”
http://www.bizjournals.com/denver/blog/finance_etc/2016/08/denver-homeless-file-class-action-suit-against-the.html
Rights are one thing, trespassing is another…
It’s a public health issue.
Why are America’s suburbs getting poorer?
Cities have always been crowded places, but the number of urban residences is set to double by 2050 to 3.5 billion, according to the United Nations.
In the US, 63% of the population already lives in cities. While this puts a strain on urban infrastructure there is also a large population just outside city borders struggling every day.
Sisters Sonya Underwood and Tonya Pinkston are far too familiar with the issue.
In April, the housing stipends Ms Underwood used to pay for her home ended when she completed her course in aviation management.
She and her three children were forced to move in with Ms Pinkston, her daughter and the sisters’ mother. The family of seven are now living in a two-bedroom house in Gwinnett County - part of Atlanta’s northern suburb.
“We can’t keep doing this,” Ms Pinkston says of the family’s living situation. “We need to find something else even if it’s one of those extended stay motels.”
Rising rents
But finding a place for the family is proving difficult. Ms Pinkston and the sisters’ mother are both on disability benefits leaving Ms Underwood as the main earner for the family. Few places that they can afford are large enough to accommodate them all.
Even if the family split into two houses their options are limited.
Rents, even in the suburbs, are rising and many of the best rental homes in suburban Atlanta are owned by private equity firms.
Many of these firms swooped into the market during the recession, buying up foreclosed homes and fixing them up for renters. These houses are typically well-maintained, but come with higher monthly rents and higher credit requirements.
These are standards many in the region are struggling to meet. It’s forced some to take up long-term residence in local motels that don’t check credit and others to move several generations of a family into one home.
http://www.bbc.co.uk/news/business-36957439
Born and raised in the suburbs, and in relatively low cost areas (MS/FL gulf coast, VA coast). Even in those places the rapid rise of housing costs is alarming. And now that I live in New England, renting or owning in the suburbs is a ridiculous frenzy. I’m paying almost $1500/mo for my 3rd FL place in my landlord’s multifamily, and after much hunting around it really is the best option.
It is amazing how many people you can get in a house if you need too. Something I don’t think the analysts and money men have taken into account.
And American houses are HUGE!
Its what got the Chinese ahead. From everything I read they encourage their kids to live at home until they are married and saved up enough. Here some parents have no problem saying “youre 18, go figure it out”. Also generationally they have their grandparents in the same house and such. In the US everyone needs their own 3 or 4 bdr home w/ white picket fence even after the kids leave
Here some parents have no problem saying “youre 18, go figure it out”.
I know a feisty woman who did exactly this because she was ready to “play” again.
Saw this over the weekend:
http://www.smdailyjournal.com/articles/lnews/2016-08-27/condo-plan-rejected-in-san-mateo-property-owner-to-appeal-to-san-mateo-city-council-for-new-condos/1776425167328.html
Summary:
Developer wants to replace one home + vacant lot with 15 condos.
The location has a walk score of 93.
Right around the corner is another project of 3+ stories.
The project was consistent with zoning.
The City Staff recommended approval.
City Council rejected the project.
15 fewer housing units, more expensive project (due to false start). We are our own worst enemy.
Bubble, bubble, bubble everywhere. It’s a great time to sell!
and a great time to buy before rates go up
Realtuds
A spot inspection of civil service offices by Dubai’s ruler resulted in embarrassing footage of Sheikh Mohammed standing awkwardly by empty desks which should have been occupied by high-ranking officials.
If there ever was a day not to turn up late for work, it was Sunday morning in Dubai where Sheikh Mohammed bin Rashid carried out an early morning inspection of several civil service departments, the Gulf News newspaper reports. Sunday is a normal working day in the Emirate, and Gulf News said that the Sheikh began his surprise tour at 7.30am, expecting to see senior officials already working at their desks. But as video posted to Twitter by the government’s media office shows, the Dubai ruler is the only person present, save for his own framed portrait on the wall.
http://www.bbc.co.uk/news/blogs-news-from-elsewhere-37213464
My county employees posted to Facebook 40,000 time in one day
Now that’s funny. Although it was Sunday morning; what is the workweek in Dubai?
>> ‘It’s a small bubble, but it’s not an unrealistic bubble,’ said Cyndi Jones, a manager at National Realty of Brevard Inc.
Realtor trying a new propaganda trick: Saying that having many small bubbles is the new normal.
By the way, it would seem that logically, “a not unrealistic bubble”, is equivalent to “a realistic bubble”, which is a tautology (an intrinsically false statement).
Not that realtors often let logic get in the way of a sale….
The best time to buy?
When the seller is desperate.
The best time to buy is paying cash for prices 75% below today’s asking prices.
The second best time to buy is with 20% down on a 15 year loan with a payment that is less than 20% of monthly income (one income, always assume that layoff and underemployment will happen tomorrow) at prices 75% below today’s asking prices.
Debt is slavery.
Trump did well mooching on debt.
buy when u see value
According to HA type analysis zip next to me is booming
http://www.movoto.com/annandale-va/market-trends/
Inventory down w price up
Only 14% chose to vote
http://theantimedia.org/new-york-times-elections-illegitimate/?utm_source=JS&utm_medium=repost&utm_campaign=jssep16
August 1, 2016: “(ANTIMEDIA Op-Ed) The New York Times published an interesting analysis Monday morning that showed only 9 percent of the country voted for either Hillary Clinton or Donald Trump in the primary elections. That figure counts all citizens of the U.S., including children and felons — neither of whom have the right to vote.
When counting only eligible voters, the number rises to a paltry 14 percent. This is the total between Trump and Clinton combined, which means the number of people who voted for just one of these candidates is actually much lower.”
Smart people want neither. I said before the vocal idiots and the media make it seem like 50% of the country want one and 50% want the other. You guys are fools to think either of those two tyrants is fit to be a president.
do u folks remember bumbling barney frank?
He has advised yellen not to raise rates till the election is over.
Evidently this guy claims to be a financial expert.
Barney Frank and Chris Dodd should be serving life terms for their role in creating the 2008 financial crisis and the first housing bubble.
BF and CD created the 1st housing crisis! ? lol Who is Alan G? What are unregulated derivatives?
Housing and Community Development Act of 1992?
Media?
Greed?
Fraud?
yeah, blame Barney.
Chris Dodd “Friends of Angelo”
Countrywide financial political loan scandal
From Wikipedia
The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.
In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called “FOA’s”–”Friends of Angelo”, Countrywide’s Chief Executive Angelo Mozilo. The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd (D-CT), and the chairman of the Senate Budget Committee, Kent Conrad (D-ND). The article also noted Countrywide’s political action committee had made large donations to Dodd’s campaign.[1] The largest recipient of campaign contributions from Countrywide, though, was Rep. Ed Royce (R-CA), House Financial Services Committee), who has received $37,500 since 1989. [2] Dodd has advocated that the federal government, through the Federal Housing Administration, insure up to $300 billion in refinanced mortgages for distressed homeowners.[3]
It was reported by the Wall Street Journal on 6 June 2008 that 2 former CEOs of Fannie Mae, Franklin Raines and James A. Johnson, who was also an adviser to then-Democratic presidential candidate Barack Obama, had received loans from Countrywide.[4] On July 16, 2008, The Washington Post reported that Franklin Raines had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”[5] However, Raines and the Obama campaign both allege that Raines has never advised Obama.[6] See Raines and Obama.
On 18 June 2008, a Congressional ethics panel started examining allegations that Democratic Senators Christopher Dodd of Connecticut (the sponsor of a major $300 billion housing rescue bill) and Kent Conrad of North Dakota received preferential loans by troubled mortgage lender Countrywide Financial Corp.[7]
Dodd has faced criticism for his role in this scandal from Connecticut’s largest newspaper, the Hartford Courant[8] as well as from the Connecticut Republican party.[9] Citizens Against Government Waste (CAGW) named Dodd its June 2008 “Porker of the Month” for accepting a preferential mortgage deal from Countrywide Financial which stands to benefit from a mortgage bill he is pushing through Congress.[10]
On January 6, 2010, Dodd announced that he would not run for re-election.[11]
There was plenty of blame to go around. The HBB was unsparing in calling them out.
Importing millions of Democrat-on-arrival refugees from neocon wars would be a fast-track to building our permanent Democrat supermajority and enabling The Comrades of Proven Worth (D) to establish their collectivist kleptocracy. Forward!
http://www.breitbart.com/2016-presidential-race/2016/08/29/bill-clinton-calls-for-rebuilding-detroit-with-syrian-refugees/
Detroit? Or anywhere in America for that matter? Seriously, Bill. You’re seriously divorced from everyday life you shy-theed, assweepay.
I’m sorry. I’m so upset. Tea Leoni just got end of the worlded by a giant wave (”Deep Impact” is on SyFy, just ending.) Actually might not be too bad a way to go.
Laugh (I know need one): Assweepay
Will Republican voters in Arizona finally cease to be sheep and eject the neocon corporate statist and Wall Street stooge Senator McCain?
http://www.breitbart.com/big-government/2016/08/29/john-mccain-fights-for-his-life-in-the-era-of-trump/
Good.
ACA: until Tort reform takes place, we are all gonna $$$$ pay more for less.
I am shocked, shocked! that a municipality run by corrupt incompetent Democrats (redundant, I realize) would be sinking deeper into dystopia. Especially with all those gun laws that the clever man on TeeVee would prevent “gun violence.”
http://www.chicagotribune.com/news/local/breaking/ct-august-most-violent-shootings-chicago-20160829-story.html
There seems to be a pattern in all these maladministered cities run into the ground by corrupt, incompetent Democrat administrations, but I just can’t put my finger on it.
http://www.chicagotribune.com/news/local/breaking/ct-august-most-violent-shootings-chicago-20160829-story.html
It’s about time. Comrades of Proven Worth (D) usually find their degeneracy can wreak havoc on their marriages, unless of course one spouse (cough Hillary cough) is a serial enabler for her most chaste husband.
http://www.independent.co.uk/news/world/americas/anthony-weiner-sexting-scandal-wife-huma-abedin-separate-latest-news-sexting-a7215316.html
The MSM practices its usual journalistic Omerta when it comes to self-censoring any news that reflects unfavorably on Hillary and the Comrades of Proven Worth (D).
http://www.zerohedge.com/news/2016-08-29/what-media-did-not-report-here-ignored-part-kaepernicks-speech
We must be more accomodating towards Chinese embezzlers and money launderers if we are to “grow our economy.”
http://www.zerohedge.com/news/2016-08-29/furious-chinese-envoy-slams-vancouver-real-estate-tax-local-housing-market-implodes
‘Liu, however, was undeterred and used Merkel’s favorite diversion tactic: “This is a big country with a small population,” Liu said. “It needs immigration to grow the economy.”
‘Her solution? Liu called for a more holistic approach to make housing more affordable, such as timelier data to better match supply with demand, a more extensive public transit system and taller buildings to house a growing population. In other words, China is happy to provide advice to the Canadian city of Vancouver on how to zone itself, and how to boost supply… for even more Chinese oligarchs.’
‘Many Vancouverites, accustomed to unimpeded views of mountains and ocean, are fiercely resistant to increased high-rise development. About 65 percent of the city of Vancouver is zoned for only single-family homes, according to the Urban Development Institute. Meanwhile, a C$7.5 billion plan to fund public transit was voted down in a referendum last year despite increasingly long commutes that undermine labor productivity.’
Her parting words were interesting: “Without a plan, everything is a disaster,” Liu said. “We can send people to the moon - housing is just a small problem.”
Not sure where this argument that immigration equals economic growth is coming from. Immigration makes sense when there’s a labor shortage. Without a labor shortage, all it does is push down wages and exacerbate unemployment.
The Comrades of Proven Worth, steeped in corruption and unaccountability, have a very sociopathic view of “normal behavior.” And a feckless and ignorant majority of ‘Muricans agree with them, if polls indicating a Hillary victory are to be believed.
http://www.zerohedge.com/news/2016-08-29/new-dnc-chair-says-outrage-over-clinton-foundation-pay-play-attempt-criminalize-norm
Ford Motor Co. (NYSE: F) offers a 0% annual percentage rate (APR) for six years (72 months) across its entire model line, presumably to clear out 2016 models. The deals come at a time when car finance defaults, blamed to some extent on long loan repayment programs, have skyrocketed. Ford has taken on at least some degree of trouble because of the trends. The “Ford Freedom” sales event requires buyers to use Ford Credit APR financing. Ford Credit is part of Ford. That means it takes on either the benefit or problems with the loans. To put the loans in perspective, they will be paid through 2022. According to Carfax: Don’t be fooled into thinking depreciation slows much after the first year. The
Speaking of finance, the Olympics featured heavy rotation of a General Electric ad proclaiming GE as “the industrial company.” I had to stifle a laugh at that one.
Just came back from Florida, and the bubble is blowing strong, even in areas that had not run up much before (Port St Lucie). A quick talk with a realtor and prices are indeed spiking. The realtor spoke of “building equity” as prices continue to rise was mentioned as my eyes glazed over. If I read this chart ( http://www.trulia.com/real_estate/34990-Palm_City/market-trends/ ) correctly, sales volume dropped over 50% from 201 to 92. This looks alike a collapse…
I’m the superb statesman….. with a squad of sexy strumpets.
Mr. Market is expecting you to take a long vacation in the very near future.
The stock market has already picked the next U.S. president
By Sue Chang
Published: Aug 29, 2016 6:09 p.m. ET
Market strategist says history favors Clinton; ‘investors like landslide victories’
The stock market is predicting Hillary Clinton to win in a landslide.
The GOP is traditionally known as the party of Wall Street, but this year investors, for the most part, are betting against the Republican standard-bearer.
“The market appears to have decided not only that [Hillary] Clinton will win, but that it won’t be close,” David Woo, a strategist at Bank of America Merrill Lynch, said in a report distributed Monday. “Investors like landslide victories.”
Woo noted that the S&P 500 has risen more than 4% since July 5, which marks the beginning of the 90-trading-day countdown to the election on Nov. 8. During years when presidential candidates won by a margin of more than 80% of Electoral College votes, the S&P 500 posted average returns of 8.4% in the 90 days leading up to the election, as this chart illustrates:
The last time stocks outperformed the current rally at the halfway point was when Ronald Reagan won in a landslide against Walter Mondale in 1984.
“To us, this implies that the market is expecting Hillary Clinton to either maintain or increase her already sizeable lead over Donald Trump in the opinion polls,” Woo said, citing the Iowa Electronic Markets, an indicator giving Clinton an 80% chance of beating Trump.
…
Yes, the alt-right are just a bunch of racists.
http://thefederalist.com/2016/04/04/yes-the-alt-right-are-just-a-bunch-of-racists/
What The Media Did Not Report: Here Is The “Ignored” Part Of Kaepernick’s Speech
Steve Watson - August 30, 2016
Colin Kaepernick has made headlines in recent days for his decision to sit during the National Anthem. According to the mainstream media, his reasoning is simple (because the only thing that is comprehendible to the majority of Americans is a soundbite) – police brutality and the oppression of people of color.
Implicit in that simple narrative is one thing unsaid – it’s Trump’s fault… and Hillary will fight the good fight to support black people.
However, if one took the time to actually read Kaepernick’s full interview transcript, the narrative is very different, and not at all what the mainstream would like you to hear…
Colin Kaepernick (CK): People don’t realize what’s really going on in this country. There are a lot things that are going on that are unjust. People aren’t being held accountable for. And that’s something that needs to change. That’s something that this country stands for freedom, liberty and justice for all. And it’s not happening for all right now.
Media: Does the election year have anything to do with timing?
CK: It wasn’t a timing thing, it wasn’t something that was planned. But I think the two presidential candidates that we currently have also represent the issues that we have in this country right now.
Media: Do you want to expand on that?
CK: You have Hillary who has called black teens or black kids super predators, you have Donald Trump who’s openly racist. We have a presidential candidate who has deleted emails and done things illegally and is a presidential candidate. That doesn’t make sense to me because if that was any other person you’d be in prison. So, what is this country really standing for?
Media: It is a country that has elected a black president twice…
CK: It has elected a black president but there are also a lot of things that haven’t changed.
Germany: Migrants Gang-Rape 14yo Girl, Throw Her Out in the Cold …
http://news.s3.webdigital.hu/latest/germany-migrants-gangrape-14yo-girl-throw-her-out-in-the-cold-show-up-to-court-grinning - 40k - Cached - Similar pages
2 hours ago ..