More A Picture Of The Past Than The Future
News OK reports from Oklahoma. “Renters are feeling the heat of Oklahoma City’s hot apartment market. Vacancy is generally stable, with even temporary softness from new construction around Quail Springs Mall and in Moore being absorbed into metro-area stats about as soon as new units are being absorbed by the market, according to ARA Newmark. Midyear figures from REIS Inc. show apartment rents rising faster here than in any other market in the Southwest and at a rate that is 13th highest in the country, ARA Newmark said in its second-quarter report directed by Tim McKay, senior managing director in Oklahoma City.”
“Multifamily property has lost none of its shine as an investment, the firm said, taking a long view: ‘Strong buyer interest in multifamily product continues. An affordable market coupled with low interest rates clearly affect the demand, and more equity than ever is looking for deals.’ And a broad view: ‘Foreign capital is pushing buyers to the Midwest in search of higher yields.’”
“And, for investors especially — as well as those who can afford to see past their own bills to the general health of the economy (you know who you are) — a sanguine view: ‘In terms of sales, cap rates (returns on investment, basically) have never been lower (but that’s because the quality and price of investment are high), and prices per unit are still setting records. The diversity of the economy is evidenced by the resilience of the multifamily market.’”
The San Francisco Chronicle in California. “Two new studies confirm that Bay Area rents are softening, after years of double-digit increases. The San Francisco metro area saw average rents decline year over year for the first time in more than six years last month, according to a survey by Dallas research firm Axiometrics. ‘Things are definitely slowing down,’ said Benjamin Scott, founder of Advent Properties, which manages rentals in San Francisco and the East Bay. ‘We are seeing a lot of concessions … especially in SoMa, where there has been a glut of new apartment properties coming online at once.’ Those concessions, such as reduced deposits or a month of free rent, ‘are reverberating’ throughout the city.”
From ABC Action News in Florida. “Local landlords are increasingly being replaced by big corporations, like national real estate investment trust (REIT) Waypoint Homes, which owns 30,000 houses valued at nearly $7 Billion nationwide. But local tenants tell the I-Team that bigger isn’t always better, as they struggle to get things fixed and to keep up with rising rents. The Better Business Bureau gives waypoint an ‘F’ because it has a high number of unresolved complaints.”
“‘Anytime you have a landlord who’s not responsive, you’re gonna have a major problem,’ said attorney Kirk Eason, who has sued Waypoint on behalf of multiple clients. ‘Mom and pop, they would want to fix it, because it was their asset. But when someone just buys it from a foreclosure auction or they buy it from bankruptcy, they have very little into it. They have very little motivation to fix these things, because it’s a profit machine instead,’ Eason said.”
“Waypoint’s most recent financial report shows revenue grew 6.3 percent over the same period last year and the company had a 95 percent occupancy rate. The list of local unhappy Waypoint tenants is long. Shaun Fedoris moved out of this Palm Harbor Waypoint home, after an outdated air conditioning system cost him thousands. ‘The electric bill was through the roof. It was over $500 a month,’ Fedoris said. ‘There’s a lot of places out there that are a lot cheaper.’”
The Village Voice in New York. “Forget Biggie — the real soundtrack of Brooklyn is the din of construction, reverberating up and down Flatbush Avenue as luxury condo after luxury condo springs from the ground like brushed steel weeds. But developers are starting to realize that they may have overshot their mark. The Times reports that the incredible boom in new apartments has finally saturated the market, forcing landlords to offer rent breaks and deals as a means of luring potential tenants.”
“Jonathan Miller, the president and chief executive of real estate consulting firm Miller Samuel, says the issue isn’t too many units generally, but too many that cater to the market’s upper end, above $3,500 per month. ‘The problem is that there’s a mismatch between what we’re building and the jobs we’re creating,’ Miller said.”
From Houston Public Media in Texas. “A report by apartment search website RentCafe finds 95 apartment complexes have already opened or are slated to open this year, for a total of 26,000 new units in Greater Houston. But that may be more a picture of what happened in the past than the future. ‘A lot of these projects were on the drawing board in 2011, 2012, 2013, when the economy was still booming, when we were creating 80,000, 90,000, 100,000 jobs a year,’ said Patrick Jankowski, regional economist and vice president of research at the Greater Houston Partnership.”
“He said job growth here has slowed to a trickle – in large part due to the oil slump – and the demand just isn’t there anymore. ‘From January ’13 to July ’16, we actually added 65,000 apartment units to the market,’ Jankowski said. ‘We are already overbuilt in apartments. There is already an apartment glut, and it’s only going to get worse this year and next year.’”
‘Strong buyer interest in multifamily product continues. An affordable market coupled with low interest rates clearly affect the demand, and more equity than ever is looking for deals.’ And a broad view: ‘Foreign capital is pushing buyers to the Midwest in search of higher yields.’
‘In terms of sales, cap rates (returns on investment, basically) have never been lower (but that’s because the quality and price of investment are high), and prices per unit are still setting records. The diversity of the economy is evidenced by the resilience of the multifamily market.’
Notice that the prices of the apartments are telling these guys demand is at an all time high. Yet yields from the rents have never been lower. What’s driving it? Big capital, foreign or otherwise chasing yield. Not true demand from consumers.
‘Waypoint Homes, which owns 30,000 houses valued at nearly $7 Billion nationwide. But local tenants tell the I-Team that bigger isn’t always better, as they struggle to get things fixed and to keep up with rising rents. The Better Business Bureau gives waypoint an ‘F’ because it has a high number of unresolved complaints’
‘Waypoint’s most recent financial report shows revenue grew 6.3 percent over the same period last year and the company had a 95 percent occupancy rate. The list of local unhappy Waypoint tenants is long.’
Sounds like these guys are running a little short of money.
Ben
Agreed. OR low; and growth could be additional assets. Doesn’t sound conducive to rate increases.
On your blog a few years ago this type of situation developing was commented on. Big isn’t always better.
And the huge SFR rental business model is new. Looking at this company I’d say they aren’t even trying to make it work. What I’ve learned as a landlord is, it isn’t hard to rent a place. Finding good tenants that won’t eat you up in damages and evictions is. If a company this big is trying to put up better numbers by deferring (or ignoring) maintenance, they will eventually fall on their face.
I think they were combined with Colony (and their money), so I don’t think it’s money…I think it’s trying to manage 30,000 individual properties (30,000 roofs, 30,000 addresses, 30,000 driveways, 30,000 foundations, etc.) in an efficient manner.
‘trying to manage 30,000 individual properties in an efficient manner’
I’m not buying it. Let’s take this guy with the AC problem. It cost him a bunch of money. Bad PR for the landlord and a vacancy. Vacancy is the biggest expense. Bad PR is impossible to erase. A maintenance issue is an opportunity; it’s almost always cheaper to fix now than later, especially when you consider damage to reputation. It would be cost effective to put as much money as needed into this because it will increase your bottom line. If they are failing so badly at it, I suspect it’s because they don’t have the dough after paying debts and investors.
I agree with you that fixing a problem is better than letting it fester. Landlords that allow problems to fester is a large source of our investment opportunities. Problem buildings get a reputation, rents suffer, properties under-perform, value falls, etc. You need to provide capital to turn this around.
So I totally understand the need to be on top of maintenance issues.
However, as a REIT, they are only obligated to pay investors their income. If they have operating expenses, that comes right off the top, and reduces the amount they need to pay their investors.
In other words, the money is there, it would simply reduce cash flow to their investors.
HOWEVER, if you are managing 30k individual buildings (30k HVAC units, 30k front doors, 30k of everything), chances are good that once in a while, a repairman gets hung up on another job, doesn’t show up, is missing a part, etc.
And unless you have the infrastructure in place to have fix-it guys 3 or 4 deep in every market, and are able to dispatch them quickly to fix a problem, there is a very good chance there will be some problems that fall through the cracks.
Avalon Bay owns about 75k apartment units, but in only 260 properties.
It’s a much different task maintaining 260 properties than maintaining 30,000.
You think the problems are because they are running out of money. I submit that if they were running out of money, there would be a hell of a lot more complaints.
I think the problem is quite simply growing pains in trying to manage/maintain such a large number of individual properties.
I should also add that the way these assets were acquired were through foreclosure auctions…very light on physical due diligence. So, having some in the portfolio that have massive problems is completely expected.
‘it would simply reduce cash flow to their investors’
Yeah and that keeps the stock higher in the short term. What do you bet that the management benefits from that?
‘there would be a hell of a lot more complaints’
They have an F with the BBB.
It’s just not being managed well. If I were running it, I’d tell the investors “we’re going to cut the payouts, clean this situation up, and maybe we can get back to 6% and have well maintained product.” Anything else is short term thinking. And short term thinking doesn’t have a place in residential real estate.
“Yeah and that keeps the stock higher in the short term. What do you bet that the management benefits from that?”
They are private. In most such entities there isn’t a concept of stock price. Management typically benefits from the total return generated by the portfolio, and so they have the proper incentive to manage the portfolio for a combination of total value and cash flow.
____________
“It’s just not being managed well. If I were running it, I’d tell the investors “we’re going to cut the payouts, clean this situation up, and maybe we can get back to 6% and have well maintained product.””
I agree that it is not managed well, but I think it’s more a byproduct of the complexity of trying to keep 30,000 renters in 30,000 homes happy, and not because they don’t have the money.
I’m sure that you would agree that there are a long list of enterprises in the US that are poorly run for reasons other than lack of capital.
They may still be private but they filed to go public in 2013 . Why that didn’t succeed is curious.
Time to load up on more energy shares while Wall Street is dumping?
Stocks extend losses as energy sector slumps
By Mark DeCambre and Sara Sjolin
Published: Aug 31, 2016 10:58 a.m. ET
ADP employment report shows a gain of 177,000 in August
Bloomberg News/Landov
Chicago Fed President Charles Evans signals he’s in no rush to raise interest rates
U.S. stocks on Wednesday morning traded lower amid weakness in energy shares, and following a batch of economic reports, that may potentially add more cause for the Federal Reserve to follow through with recent talk of lifting key interest rates soon.
The Dow Jones Industrial Average (DJIA, -0.33%) gave up 60 points, or 0.3%, at 18,394, dragged lower in part by a more than 1% decline in shares of Chevron Corp. (CVX, -1.35%) The S&P 500 index SPX, -0.38% fell 8 points, or 0.4%, to 2,168, led by a 1.4% decline in the energy sector—the worst performer among the S&P 500’s 10.
…
Why are people so afraid of Soros? Listen to this guy, he’s out of his friggin’ mind. Nothing he says makes any sense.
https://www.facebook.com/TheAmericanDogParty/videos/vb.267431913613674/296282264061972/?type=2&theater
“The only thing that stop me is deafth.”
The European Trump? At least he is not running for anything. The only reason anybody has heard of him is that the nut-job right-wing conspiracy media has made him a boogey man.
Brigtbart, Palin, Trump, Limbaugh, Beck (not Jeff), Newsmax, buy gold, buy guns, blah, blah, blah.
I’ve got some more phony outrage for you Palmetto:
Colin Kaepernick not standing for the national anthem
The war on Christmas
Duck Dynasty not winning the Pulitzer Prize
Darwin
Science
Oooh, someone didn’t take their happy pills today.
Lighten up, Crackie, as I said in the prior thread, who gives a rat’s patootie what some tatted up gladiator thinks? End the NFL already.
Soros is a dual citizen of the US and Israel. He’s persona non grata in much of eastern Europe anymore, due to Putin’s got a standing order for him to be taken into custody. And maybe due to his history with the Nazis.
But yer right about one thing: Jax is probably the only decent major metro left in Florida. I watched the Trump rally there and was surprised by how attractive the crowd was overall. Like going back in time. Nicely dressed, not too much overweight. A little different from what I see when I visit.
Pal- don’t be so jealous of those with more than you. You had your shot.
Soros - LSE grad MSc with 5 kids. Quantum Fund.
So Cracker Bob
Who died and made you Obama?
Be afraaaaaaid ! Soros! Boooogabooga!
After catching a load of that video, I’m not even sure he exists. More like a hologram with a glitch and scrotum skin transplants under the eyes.
“The only thing that stop me is deafth.”
Between 1979 and 2011 Soros donated more than $11 billion to various philanthropic causes.
Any you?
I have given quarters to many, MANY hobos.
What do you read or listen to?
Buy moar stawks, houses you can’t afford? The wars in Afghani, Iraqi, Libya, Syria was all Putin’s fault. What else?
The oligarch-owned media will always craft and propagate The Narrative and DNC talking points.
He does have a good rags to riches wealth story–people admire self made men.
Especially when they got their start stripping assets from people targeted by the Nazis. Heart warming.
myth
The Beaver is sailing under a false flag.
Soros owns Hillary and the DNC. He’ll be expecting a fat return on that “investment.”
Soros is 86, I dont think money is his motivator.
Yet the left believes that the Kochs are only motivated by it…and they are 76 and 80.
‘The Times reports that the incredible boom in new apartments has finally saturated the market, forcing landlords to offer rent breaks and deals as a means of luring potential tenants. Jonathan Miller, the president and chief executive of real estate consulting firm Miller Samuel, says the issue isn’t too many units generally, but too many that cater to the market’s upper end, above $3,500 per month. ‘The problem is that there’s a mismatch between what we’re building and the jobs we’re creating,’ Miller said.’
‘Two new studies confirm that Bay Area rents are softening, after years of double-digit increases.’
Going on the past instead of the future.
‘Things are definitely slowing down,’ said Benjamin Scott, founder of Advent Properties, which manages rentals in San Francisco and the East Bay. ‘We are seeing a lot of concessions … especially in SoMa, where there has been a glut of new apartment properties coming online at once.’ Those concessions, such as reduced deposits or a month of free rent, ‘are reverberating’ throughout the city’
A lot of people who thought they were going to retire, won’t. So how is it that this mismatch keeps popping up all over the world? It can’t be a coincidence. Prices are sending the wrong signal to developers. I realize we are numb to the effects of intervention in markets. But the prime culprit here has to be artificially low interest rates. Yet again these phony rates are resulting in overbuilding, building the wrong product and people left holding the bag just when they expect to stop working. When you think of it like that, it’s not a minor outcome, is it Janet?
And this: “Local landlords are increasingly being replaced by big corporations.”
Will middle class savers have any investment opportunities left if this continues? The Fed is buying up all the treasury bonds, the ECB is buying up corporate bonds, the Bank of Japan is buying up equities and ETFs. Not that people should be investing at this point anyway, but eventually any income-producing asset will be in the hands of governments or big corporations, and ordinary people will have no means of earning income on anything other than their labor - a permanent underclass.
I listen to financial radio shows geared toward the sizable retirement community in Arizona. It’s a lot of risk versus return stuff. What is striking is the picture has been completely scrambled. Later in life, when people would ordinarily move more assets into bonds, that approach no longer exists. So the discussion leads into annuities, which is basically life insurance companies. And where are these guys putting this money? Commercial real estate yielding single digits. Now the life insurance companies get a percentage (plus fees). The people selling these products get fees. The developers gotta make a buck. The property managers must be paid. Taxes. It’s getting to be thin soup out there and if estimates are off by just a bit, it’s “Welcome to WalMart” for a whole lot of people.
Of course they could always put their life savings into dividend stocks like Exxon.
Ben, what do you think of a high div stock (9.5%) like (ARCC) I put a small amount in yrs ago and wish I would have put in 4x that.
This says there is no dividend.
http://finance.yahoo.com/quote/ARCC?p=ARCC
I don’t know much about stocks. I do know Exxon is borrowing to pay the dividend. A lot of principle has gone poof in CAT.
Div: 9.46% http://www.dividend.com/dividend-stocks/financial/diversified-investments/arcc-ares-capital/
Ares Capital Corp (ARCC) is a finance company, and is a leading investment firm focused on alternative credit-based strategies, including private equity, private debt, and capital markets activities. It invests in middle market companies in the U.S. The company was founded in 1997, and is headquartered in Los Angeles, CA. As it deals with large amounts of capital, Ares Capital is largely affected by interest rates and access to investment opportunities. It operates in a highly competitive environment for investment opportunities. Ares Capital started paying its dividend in 2005, and has been increasing its dividend annually since 2011. Ares Capital pays its dividends quarterly.
I don’t know much about stocks. I do know Exxon is borrowing to pay the dividend. A lot of principle has gone poof in CAT.
I was listening to an old Podcast from the Motley Fool the other day, and they were commenting that a big part of this was that they were spending a HUGE amount of money on a couple of major projects, and those expenditures would end in the next year or two.
Investment in plants was going from something like $40B in a year to $20B (or some insane number like that), and that would flip Exxon from borrowing to keep their dividend to go back to paying the dividend from cash flow.
It’s best to be educated on how to save for retirement 20 years before one looks to retire. Retire all debt before turning 50.
Knowledge provides freedom.
Denver rents: A ’significant deceleration’ in past year:
“Denver’s year-over-year growth rate for rent fell to 3.5 percent in August after rising by 11 percent in 2015, according to California property management software company Yardi Matrix. Denver’s now below the national average for 2016 year-over-year rent growth, which stands at 5 percent in the U.S.
Rents in Denver and other tech-heavy cities like San Francisco aren’t rising as quickly. “The recent deceleration has been most pronounced in some technology-centric metros, which are coming back to earth due to the combination of waning demand and affordability issues in the face of growing supply,” the Yardi Matrix report said of Denver’s rent picture.”
http://www.bizjournals.com/denver/news/2016/08/31/denver-rents-a-signicant-deceleration-in-past-year.html
Come for the weed, stay for the heroin:
“During a study session on homelessness Tuesday night, the Boulder City Council decided directing the police department to stand down on the city’s camping ban was a mistake.
Boulder bans sleeping outdoors, but hasn’t criminalized it lately as much as it used to. Now, the Civic Area and Boulder Creek Path are popular camping spots, and the city’s elected representatives are fed up.
What remains murky after Tuesday’s 3-hour discussion, however, is where any of the people Boulder wants to stop camping are going to sleep if and when police start issuing tickets again.”
http://www.denverpost.com/2016/08/31/boulder-return-enforcing-camping-ban/
How about a KOA campground?
http://koa.com/states-provinces/colorado/
Polar bear hunting out in Denver West?
http://www.denverpost.com/2016/08/27/highline-canal-trail-assault-arrest/?obref=obinsite
They need to roll out the hobo trebuchet.
flatbush ave?
can whitey still score
It’s a good thing rents haven’t gone up 50% in the last 5 years. Oh wait…
“For the fourth year in a row, the annual pay raise awarded to U.S. employees will hold steady at 3 percent, according to a new study. It’s just another sign that companies have started to rethink the way they compensate employees.
An annual Willis Towers Watson survey of almost 1,000 organizations found that 98 percent of companies intend to give raises this year. But despite some signs of a tightening labor market, employees shouldn’t expect a generous annual bump. Multiple surveys have found that companies will stick with the trusty 3 percent raise figure this year, as in years past.”
http://www.bloomberg.com/news/articles/2016-08-31/the-3-percent-raise-is-pathetic-why-are-we-still-getting-them
Today - Clinton said international relations are more than a “photo-op” and that it takes more than “dropping in” on a neighbor to develop relationships.
“It takes consistency and reliability,” she said. “Actually, it’s just like building personal relationships. People have to get to know that they can count on you, not that you will say one thing one day and something totally different the next.”
“And it certainly takes more than trying to make up for a year of insults and insinuations by dropping in on our neighbors for a few hours and then flying home again,” she continued. “That is not how it works.”
You tell ‘em, Hillary! How it works is you target regimes for change and start dropping bombs on ‘em when they don’t give in to your demands. And then curl up with Huma.
Trump rally in Serbia:
http://www.thegatewaypundit.com/2016/08/wow-joe-biden-welcomed-serbia-massive-rally-trump-video/
Serbia has not forgotten the Clintons.
Yeah, Trump will end all these wars for oil! Then build the military to all new highs, build walls and grow the gov with deportations, ALL while cutting taxes and cutting the deficit! Magic !
He’s making his first state visit to Mexico today.
http://www.nytimes.com/2016/08/31/us/politics/donald-trump-mexico.html
Two podiums for two presidents, too funny. Love the pic. Now that’s what I call talking past the sale.
sure is fun to watch the game.
Invest accordingly… always money to be made in good and bad times.
The Mexican presser was interesting. I’m not that familiar with Nieto, but he doesn’t seem to be such a bad chap.
Ha-ha, I think Trump just discovered a mid-point between globalism and nationalism: hemisphereism.
Another thing that was interesting was the small number of protesters. Of course, it was short notice. And I’ll bet they don’t pay the protesters in Mexico like they do in the US.
Most money is made on the buy. Knowing when and how low to buy is key.
Hemispherism is one way to look at the Monroe Doctrine. Clearly there are some with far bigger designs than Monroe or his contemporaries ever could have imagined.
I still haven’t heard a convincing explanation as to why this country needs to “pivot to Asia.” In other contexts this is called megalomania.
Who is that hiding behind the Beaver?
It’s been over 263 days since Cankles last held a press conference and the Donald is touring Flood zones and standing shoulder to shoulder with the President of Mexico.
Much more of this and Hilarious is going to need more than the MSM and the left-wing late night comedians to get elected.
I can build homes for .50 cents a foot all day.
After I sell my 10 yr old Chevy.
Got Popcorn?
Who survived a bear attack?
I have a radio show.
Omg! Mr Beaver is me/us!
Mom will be thrilled to have another son in the basement!
Serbia (”bratushki”) is subservient to their “Big Brother” (Russia). That’s all you need to know about them.
Same nationalistic imperialistic attitudes, same arrogance, same propensity for war crimes, same unfulfilled longing to revive their “Empire”, by force if needed. Just on a much smaller scale, compared to the “big brother”.
So we should bomb them again, is that what yo’re saying, Neocon Boy?
Dropping bombs stimulates the flyoverland economy. Who we drop them on doesn’t matter a bit.
Yeah, I remember reading that one of their more important national holidays, similar to our Independence Day or Memorial Day, was the anniversary of a battle that they lost back in the 14th century. That’s an indication of something unhealthy in the national culture.
Any thoughts on whether Trump will drop out of the race before the election rather than face a humiliating landslide defeat? It may depend whether denial is a river in Egypt.
…
Mr. Trump’s course adjustment emerged in an atmosphere of growing urgency and alarm within his campaign. Over the last week, close associates have told both Mr. Trump and members of his family that he is in real danger of losing the race, according to a half-dozen people close to the Trump campaign and briefed on its activities, who spoke on condition of anonymity to avoid angering the nominee.
Gov. Chris Christie of New Jersey, who lobbied in favor of the trip to Mexico, has told Mr. Trump that he must make immediate changes to regain his footing, associates said. And on Monday, Mr. Trump’s son Eric met with senior officials at the Republican National Committee in Washington and heard a grim prognosis of his father’s campaign, according to people briefed on the meeting.
Without a major shake-up of the electoral map, strategists indicated to the younger Mr. Trump, his father’s already narrow path to the 270 electoral votes he needs to win could vanish. Going through the swing states one by one, party officials showed Eric Trump that his father was drastically underperforming other Republicans in the polls.
…
No Debt = Freedom.
Oh, dear. Did globalization just start to unwind for real?
http://www.zerohedge.com/news/2016-08-31/global-supply-chains-paralyzed-after-worlds-7th-largest-container-shipper-files-bank
Wow, I wonder what sort of fallout will be felt in the US? Home Depot won’t be able to deliver those shiny stainless steel LG appliances? Amazon customers will be out their crap from China?
Hey, beave, short LG!
Palmetto - are you angry because you are broke but think you deserve more? Who cares if people have a $2000 washing machines? Or $3000 mtn bikes? How is this a problem? Ferrari is almost an 80 yr old co. Lots of expensive stuff to buy that is not always practical.
Irrelevant.
Palmy’s not broke… Just a bit crotchety.
Fear Spreads Of A Housing Crash In Canada
Ruh roh, BC overbidders will be buying Pepto by the pallet!!
http://www.zerohedge.com/news/2016-08-31/fear-spreads-housing-crash-canada
I might just have to vote for this rich a-hole Donnie Darko, with no experience, what do i have to lose? Not much will change in my town, we dont need the gov.
What a weak and shy response by Mexican president @epn. Trump leaves without giving an apology & won’t change at all his immigration plan
hillary is a neo-con
The only winner here is me.
RINO POS!
Denial ain’t a river in Egypt.
Canada’s economy shrank 1.6% in the 2nd Quarter, but green shoots are assured in Q3 - the usual captured economists say so.
https://ca.news.yahoo.com/canadas-economy-shrinks-1-6-percent-second-quarter-123349049–business.html
Canadian households, among the most indebted in the world, are not going to like the number of times “plunge” appears in the latest figures on Canada’s GDP.
http://wolfstreet.com/2016/08/31/worst-plunge-in-canadas-gdp-since-2009/
The Hillary regime will have the best foreign policy foreign money can buy.
http://www.breitbart.com/video/2016/08/31/david-ignatius-outrageous-wrong-to-have-bill-clinton-raising-money-from-foreign-governments-with-foundation/
bizzare….she wont even make this her project, or make us safe on the roads bridges rails
ill tell you some cities i visit had the worst painted roads and lighting, its damn scary to drive at night or in the rain when everything is black
https://www.yahoo.com/news/let-talk-infrastructure-since-clinton-000000340.html
A preview of coming attractions once the Comrades of Proven Worth at the DNC get their permanent Democrat supermajority and install their collectivist kleptocracy. Forward!
http://www.reuters.com/article/us-venezuela-gangs-idUSKCN1162AJ
Follow the money….
http://www.thedailysheeple.com/george-soros-black-lives-matter-and-manufactured-civil-unrest-leaked-docs-prove-the-real-goal-is-federalizing-americas-police_082016
we need inflation to keep the entitlement checks going out!
Anyone who says freight volumes and supply chains are breaking down under the collapse in demand - symptomatic of our Obama-Fed-Goldman Sachs “recovery” - is peddling fiction.
http://www.zerohedge.com/news/2016-08-31/global-supply-chains-paralyzed-after-worlds-7th-largest-container-shipper-files-bank
Relax. The Keynesian fraudsters all have PhDs. That must mean we’re in good hands.
http://www.theburningplatform.com/2016/08/31/theres-nothing-more-frightening-than-rule-by-the-smart/
People who read The Burning Platform and related web sites must be mostly high school dropouts.
Irrelevant.
We know you’re proud of your GED ray ray. We’re proud of you too.
George Soros is stepping up his efforts to plant his tools in the judiciary so the DNC can take its systemic corruption to the next level. Forward!
http://www.businessinsider.com/george-soros-spending-millions-on-local-prosecutor-elections-2016-8
Japanese Keynesian central planners and central bankers need to revive the lost practice of Hari Kari to show contrition.
http://www.zerohedge.com/news/2016-08-31/i-am-frustrated-and-down-abe-advisor-admits-abenomics-may-fail
Ben, you can shut down the HBB and we can all breath a collective sigh of relief. The lapdog media has spoken, and they tell us there is no housing bubble.
http://www.cnbc.com/2016/08/31/stop-it-there-is-no-national-housing-bubble-commentary.html
Hey Raymond,
My apologies for bitchin’ at ya the other night. My bad.
Can I be a member of the Comrades of Unproven Worth?
Dear Fed: please STFU.
https://pensionpartners.com/dear-fed-please-stfu/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost
http://www.urban.org/urban-wire/squeaky-clean-loans-lead-near-zero-borrower-defaults-and-not-good-thing
Not that people believe in the data, but here is an article about how tight credit actually is today.
Yes, interest rates are low, but they are only low if you can get a loan.
Note the graph.
The way the chart works is that it is a cumulative default rate over time. So, vintages that have higher default rates (ie. poorer underwriting), have lines that go up faster. Note vintages from 2004 to 2008 as examples of bad underwriting.
Now, look at 2011-Q2 2015 as compared to 2009-2010, and 1999-2003.
The loans made in 2011-Q2 2015 are all performing meaningfully better than any of the other vintages, even 1999-2003.
Is credit cheap? Cheaper than anytime in history.
Is credit loose? Not unreasonably, no, and based on this chart, it may very well be too tight.
Very good article, thanks RW.
When I got my 1st mortgage in 2012, first-time home buyer. I had excellent 800+ credit, very good salary, and could easily afford the mortgage, but only had 10% down in cash.. Obtaining the loan was pretty challenging — it was like going through a full-body cavity search. They investigated everything about my life — where my downpayment came from, talked to my employer. They were very thorough. Over the course that I carried the loan, I never was late or missed any payments.
From the article, the last line:
“Put simply, it’s time to lend again to borrowers with less-than-perfect credit. ”
Lately, there’s been commercials on TV again advertising easy mortgage products like the online Rocketmortgage company, with the slogan, “Push Button, Get Mortgage.” Whenever I see that, I think, “Wow, that wasn’t my experience.”
As the Comrades of Proven Worth (D) consolidate their control over urban dystopias like Chicago, their endless parasitic quest for more sources of revenue to satiate the demands of their oligarch donors and Free Sh!t Army entitlement voting blocs means the dwindling base of taxpayers and homeowners are going to be taxed at ever more extortionate rates. All hail our collectivist kleptocrat rulers and their permanent Democrat supermajority!
http://wolfstreet.com/2016/08/31/sinkhole-city-chicago-better-credit-ratings-higher-bond-prices-dont-signal-better-finances/
Man on fire!
49,000 + on RSBN’s live feed from Phoenix. That’s a record, folks!
He really did knock it out of the park today, twice. It was impressive.
Posters on meds!
Oh dear
Hillary Clinton on Super Predators - YouTube
https://www.youtube.com/watch?v=eq-V8hzLna8 - 286k -
I really like the look on the face of the special snowflake in the red dress when the black girl turns around with her sign.
Black Lives Matter Activist Interrupts Hillary Clinton [2/24 … - YouTube
https://www.youtube.com/watch?v=LqLfvQfuvsA - 150k - Cached - Similar pages
Feb 24, 2016 …
But…but…recovery!
http://www.marketplace.org/2016/08/31/business/shipping-news