Prices Fall Dramatically After Years Of A Red-Hot Market
The Wall Street Journal reports on China. “Shenyang, a provincial capital in China’s northeastern rustbelt, has at times seemed desperate to do something about its glut of housing. In March, the city floated the idea that college graduates be permitted to buy apartments without making a down payment. Derision crackled across social media and elsewhere, with critics saying the plan raised the risks of a credit bubble and recalled the subprime mortgages in the U.S. that fueled a financial crisis. Now the Shenyang authorities are back at it again, with a new idea to encourage college graduates to buy homes: Let your parents pay for it.”
“In a plan announced last Friday, the Shenyang government said people who graduated from college within the past eight years could tap their parents’ housing fund, which is part of the compulsory social-insurance program. ‘In contrast to the healthy southeast, housing inventories in north China are running at stubbornly high levels,’ wrote Gavekal Dragonomics analyst Rosealea Yao in a report.”
The Daily Telegraph in Australia. “Buyers who paid millions of dollars for Harbourfront former public housing that was sold by the state government have discovered their stellar views could be blocked by a neighbouring property, also being sold by the government. The purchasers together spent more than $37 million on eight terraces on Lower Fort St, Millers Point. Eddie Younes, who spent $6.675 million on one of the Fort St terraces in December, said he will sue if the high-rise goes ahead.”
“‘I specifically asked at the time if there were plans for the site and was told nothing would happen,’ he said. ‘The only reason I paid that much was because of the views.’”
The Peninsula Qater. “Rents of most high-end residential Doha properties have fallen by 10 to 20 percent due to oversupply and relatively low demand in the market, say industry sources. Villas and flats in the middle segment have also become cheap. ‘There is a decline in building rents in the residential sector by 10 to 20 percent. Currently about 9,000 housing units are vacant in the market, awaiting customers. There is oversupply in the market and demand is low,’ Khalifa Al Maslamani, a Qatari real estate expert, told The Peninsula.”
“He pointed out that with the current supply-demand equation in the market, it is nearly impossible for landlords to impose a further hike in rents in new tenancy contracts. Landlords cannot increase rents after the contract period in the current situation. If they do, they face the risk of losing their tenants since cheaper options are available in the market. Landlords cannot keep their properties vacant for long because they will have to pay back their bank loans every month,’ said Al Maslamani.”
The News in English on Norway. “While housing prices are literally going through the roof in most areas of Norway, those hit hard by the oil industry slowdown have seen prices fall. Homes have been changing hands for millions of kroner below appraisal, but some key investors are confident the market will eventually bounce back. One villa at Olav Nilssons Gate 52 in Stavanger’s fashionable Eiganes district, for example, had been put up for sale for NOK 13 million (USD 1.6 million) in January of last year. After languishing on the market for a year-and-a-half, it ended up selling this summer for NOK 8.8 million, 30 percent less than its initial market appraisal.”
“The deal was not unusual. Another house on the same street was listed at NOK 15 million, but sold for NOK 11.87 million. Another home with an asking price of NOK 15 million ended up selling for NOK 12 million. ‘One of the biggest challenges in the market now, and in this neighbourhood in particular, is that in many cases there is a wide gap between sellers’ expectations and what the market is actually willing to pay,’ real estate broker Sjur Andre Svihus of Eiendomsmegler1 in Eiganes, told Rogalands Avis.”
“He said that some desperate sellers are setting prices higher than what the brokers recommend. Prices have fallen dramatically in some areas after years of a red-hot market, ‘and it takes time to communicate this to sellers,’ Svihus said.”
From Bloomberg on the UK. “When Scarlett Gray looked for an apartment in central London two years ago, she was practically laughed out of agents’ offices. She was told those sought-after places rarely come on the market. This summer, she had to stop herself from checking listings online, because she became overwhelmed with her choices. ‘Every single day there were more,’ said Gray, 26, a marketing manager. ‘It was sort of a nightmare—but a good nightmare.’”
“A flood of properties have hit the rental market after successive tax increases in 2014 and 2016 deterred buyers, leading would-be sellers to put their places up for rent instead. Brexit-induced uncertainty has also added to the glut. The number of prime rental properties available surged 49 percent in the second quarter from a year earlier, the largest increase in six years, according to Knight Frank.”
“Landlords in some of London’s poshest neighborhoods are finding themselves at the mercy of tenants’ demands, and some are having trouble coming to grips. An investment group that purchased a two-bedroom apartment in St. James’s Place refused to rent it out for just over £5,400 ($7,100) a month, opting instead to do a little refurbishment—against the agent’s advice. After the touch-ups, the apartment was still sitting on the market for weeks. One offer recently came in at around £4,750 a month.”
“‘It’s very frustrating,’ said real-estate agent Kim Bays, of CarterJonas, who was working with the landlord. ‘They think they can get so much more.’”
“Tenants are testing landlords by putting in low bids on multiple properties. ‘They can afford to put in cheeky offers, because at some stage there were some landlords more desperate than others for the rent,’ said Karen Carpmael, an agent at W.A. Ellis.”
‘They can afford to put in cheeky offers, because at some stage there were some landlords more desperate than others for the rent’
Karen, the shoe is on the other foot. What did you think was going to happen?
‘in many cases there is a wide gap between sellers’ expectations and what the market is actually willing to pay,’ real estate broker Sjur Andre Svihus of Eiendomsmegler1 in Eiganes, told Rogalands Avis.’
‘He said that some desperate sellers are setting prices higher than what the brokers recommend. Prices have fallen dramatically in some areas after years of a red-hot market, ‘and it takes time to communicate this to sellers,’ Svihus said.’
More desperate loan owners? I have a suggestion Sjur; go back and look at price charts for Norway. There were never “years of a red hot market” before. These sellers (and the buyers too, probably) got schlonged. Do they have a word for that over there?
We talk of Fed-enhanced bubbles, it seems its leadership lives in its own bubble.
Fed policymakers defend role of private bankers at central bank
Reuters
Tuesday Sep 6, 2016
Two Federal Reserve policymakers plan to warn U.S. lawmakers against changing the Fed’s structure to reduce the role of private bankers at the U.S. central bank, according to statements seen by Reuters.
“The Fed’s public-private structure supports monetary policy independence,” Richmond Fed President Jeffrey Lacker said in a statement for a House of Representatives committee hearing scheduled for Wednesday.
The Fed was created in 1913 to include a board of Washington-based federal officials as well 12 regional Federal Reserve banks that are technically owned by private banks.
Private bankers sit on the boards of the Fed’s regional branches, although they are not in the class of directors that help choose the regional Fed presidents, who can vote on Fed interest rate policy and must be approved by the Washington-based board. The U.S. president picks board members in Washington who are approved by the Senate.
Changing the Fed to be a wholly public institution would risk “putting more distance between Main Street and the nation’s central bank,” George said in a statement.
http://www.reuters.com/article/us-usa-fed-idUSKCN11C2C1
‘The Fed’s public-private structure supports monetary policy independence’
Yeah, yeah, you guys have been saying that for decades. How about an audit? Just one?
‘would risk “putting more distance between Main Street and the nation’s central bank”
If we tarred and feather your sorry asses and rode you around at football games on a donkey, there would be much less distance from main street. You might even get a popcorn ball up against the head.
“a popcorn ball?” … might bee the x1thing Bayer is hoping to gain from monsantoe!
MONETIZE THE DEBT!
Long time no see Highway.
likewize, Mr. Ben … bee travelin’ soon to southeast AZ, wandering amongst the shadows of ocotillo’s … hopin’ eye can yell Howdy! @ ya …
Long time no see Highway ??
No Kidding…Where you been Hwy…Check in once in awhile…
Would the corn ball be genetically modified?
Nope, it’s grass-fed.
lol@donk
Midland, TX Housing Prices Tailspin 7% YoY As Housing Correction Ramps Up
http://www.zillow.com/midland-tx/home-values/
Only 7% down in the middle of the oil patch?
Reporting comes to a halt in a down market
https://www.yahoo.com/news/u-military-ship-changes-course-iran-vessel-interaction-153632363.html
“The U.S. official said there have been 31 similar interactions with Iranian ships this year, almost double the amount from the same period last year.
“We don’t see this type of unsafe and unprofessional activity from any other nation,” the defense official added.”
–
And this is what happens when you pay ransoms.
William Kristol wants a boots on the ground invasion, overthrow, and occupation of Iran. That’s gonna cost alot of money. Alot of money.
Probably true.
That said, the money was Iran’s in the first place. Iran sued to get it back and won. The US could simply have given it back cleanly. Instead, the US leaned a little more and got four hostages out of the deal too, without using a dime of US money. This is not ransom. It’s actually some double-duty *brilliance* on the part of the State(?) Department.
Of course, the idiots who watch Fox News can’t process information this complex. And the ambitious Iranian officials (angling for a promotion) are too busy bragging about their “great victory” to realize that they basically just received their own money back while giving away four hostages for FREE. All everyone sees is “looks like ransom” and they are off to the races. So, expect to see more harassment etc until they finally get it through their thick heads that this really wasn’t ransom. [unless there's some other pile of Iranian cash that the US may have to give back]
The problem isn’t the idiots at Fox News. The problem is idiots in Iran, who now can easily have this story spun to them as ransom.
I can’t believe people who are willing argue nuance in the face of an enemy that won’t.
After holding the money for DECADES, and claiming that the negotiations were separate, the administration provided payment and obtained the release of hostages almost simultaneously.
They took something that was supposed to be unlinked, and linked it for the Iranian government to use as propaganda.
The Comrades of Proven Worth at the DNC are supposed to be able to count on the lapdog media to practice a code of silence when it comes to Democrat corruption and sleaze. Now some nasty hacker has (gasp!) upset this cozy arrangement by spilling the beans on the Democrats’ dirty laundry. With “the most transparent administration in history” just as secretive and mendacious as every other Democrat administration, only the alternative media will be purusing these internal Democrat documents and revealing the sordid tales they will tell. Comrade Pelosi is highly upset at this, and wants the subservient worthless RINO Paul Ryan to help her conceal the extent of Democrat misdeeds. Forward!
http://www.businessinsider.com/nancy-pelosi-paul-ryan-hackers-2016-9
What happens when once-vibrant nations export their manufacturing base abroad to maximise profits for greedy oligarchs.
http://theeconomiccollapseblog.com/archives/from-an-industrial-economy-to-a-paper-economy-the-stunning-decline-of-manufacturing-in-america
What we need is falling housing prices. Falling prices of all kinds.
AAA: Gas prices fell for Labor Day weekend, should fall further this fall
http://www.sun-sentinel.com/business/consumer/fl-gas-price-update-0906-20160906-story.html
U TIGHT WADS NEED TO BUY!
THE FED WILL SAVE YOUR SORRY @SSES!
DONT FIGHT THE PRINTING PRESS!
The awake and aware have figured out the end game of the Fed’s deranged money-printing: Weimar 2.0. Physical precious metals, the best antidote to the Keynesian fraudsters at the Fed and central banks, is set to soar as trillions in new printing press funny money are dumped on the Fed’s favored oligarchs.
http://www.kitco.com/market/
Push Button Get Mortgage–Rocket Mortgage.
Sssssssuuuuuuussshhhhhh, certain particular Chinese individual$ still buying!
Cash my friend. Cash.
Don’t forget the Cheetos and beer.
Hillary’s organ grinders forbid any of their minions from donating to Trump.
http://www.zerohedge.com/news/2016-09-06/goldman-bans-partners-donating-trump-campaign-minimize-potential-reputational-damage
The Clinton Foundation is still open 24/7.
And you get a tax break for every donation.
So are 7/11 stores, if ya have enough losses on lottery tickets, you might have some claims to redeem. Taxes, love ‘em!
Despite Hillary Clinton’s Goldman Sachs backing, it looks increasingly likely Trump is going to pull ahead at the end of the race.
Could Goldman Sachs support be a curse rather than a blessing?
How Donald Trump could win
By Stephen Collinson and Maeve Reston, CNN
Updated 4:49 PM ET, Tue September 6, 2016
Trump to African-Americans: What do you have to lose?
(CNN)Donald Trump is aiming to pull off one of the greatest political comebacks in history.
The Republican nominee is rebounding from a summer of repeated stumbles that threatened to undermine his candidacy, underscoring his ability to claw his way back and stay competitive despite controversies that would sink any other politician.
Trump and Hillary Clinton enter the critical post-Labor Day phase of the campaign in a dead heat. A CNN/ORC national poll released Tuesday finds Trump ahead of Clinton by two points — 45% to 43% — among likely voters. The race is also tight among registered voters, where Clinton has a three point advantage. Both findings are within the margin of error.
The narrowing of the race is a remarkable feat for Trump, who was down 10 points a month ago in CNN’s Poll of Polls.
…
Trump could win if:
He develops manners
No protectionism
Hillary strokes out
“Hillary strokes out”
It’s not too far off from a Weekend at Bernie’s campaign now.
https://www.youtube.com/watch?v=RY8kL6-Gvfg - 234k -
This seems an odd point for Ben Carson to attempt to slow down Trump’s full head of steam for the last leg of the race. How does a candidate retract a conspiracy theory?
Carson: Trump should apologize for pushing ‘birther’ conspiracy
Donald Trump greets Ben Carson as he arrives to speak at a campaign rally in Manchester, N.H., on Aug. 25, 2016.
Gerald Herbert, AP
Eliza Collins | USA TODAY
14 hours ago
If Donald Trump apologized for his role in the “birther” conspiracies in 2011, it could help him with African-American voters, according to Trump’s adviser, and former primary opponent, Ben Carson.
“I think that would be a good idea, absolutely,” the retired neurosurgeon said in an interview with CNN’s Jake Tapper Tuesday. “I suggest that on all sides.”
In 2011, Trump was one of the leading voices pushing a conspiracy theory that President Obama was not born in Hawaii. In April of that year, the White House released a long-form copy of the president’s birth certificate proving he was born in Honolulu.
…
“Let’s get all of the, you know, the hate and rancor out of the way so that we can actually discuss the issues,” Carson said Tuesday.
…
“Let’s get all of the, you know, the hate and rancor out of the way so that we can actually discuss the issues,”
A ha. Ha ha ha. BwaHaHaHaHaHaHHaHaHaHaHaHahaha!!!!!!!!!
It feels great to start the day off with a good belly laugh.
Ron Paul is the polar opposite of Donald Trump
http://rare.us/story/libertarianism-and-the-alt-right-are-polar-opposites-and-so-are-ron-paul-and-donald-trump/
Bill, read the Los Angeles Times transcript with Jill Stein posted in this thread.
Building a permanent Democrat supermajority to hasten the installation of the DNC’s collectivist kleptocracy requires millions of new Democrat-on-Arrival entitlement voters. Forward!
http://www.zerohedge.com/news/2016-09-06/illegal-immigrants-tell-san-diego-border-agents-obama-said-it-was-ok-come
The rule of law is the first casualty of a crony capitalist kleptocracy.
http://www.breitbart.com/video/2016/09/06/lawrence-odonnell-why-was-cheryl-mills-allowed-to-sit-in-on-hillarys-fbi-interview-when-mills-was-a-suspect/
Looks like we can get our stuff off those Hanjin boats now.
https://www.yahoo.com/news/u-judge-grants-hanjin-temporary-protection-u-creditors-233938851–finance.html
“”It’s a logistical mess,” Sherwood said.”
“In court papers on Monday, HP Inc, formerly Hewlett-Packard Co, said it would be willing to pay right away to get its cargo off Hanjin vessels, including ones waiting to dock in U.S. West Coast ports to avoid “irreparable harm” to its business.”
—
Preview of coming attractions?
Thank God they are letting them dock. I hope my supply of Russian ice cream isn’t melted.
It may not be enough.
Other creditors have seized their ships for non payment.
It’s good to be an oligarch gangster with friends in high places.
https://www.theguardian.com/world/2016/sep/06/russian-billionaires-superyacht-makes-waves-in-london
This scam college should’ve donated more to the Clinton Foundation.
http://www.marketwatch.com/story/employees-of-shuttered-itt-sue-over-sudden-layoffs-2016-09-06?link=MW_latest_news
TRUMP WILL FIRE YELLEN!
Who would take on a 30-year mortgage in Chicago or any other corrupt, maladministered Democrat-run urban dystopia?
http://www.breitbart.com/big-government/2016/09/06/chicago-surpasses-500-homicides-labor-day-weekend-violence/
Europeans are reaping the benefits of globalism and fundamental transformation.
http://globalguerrillas.typepad.com/globalguerrillas/2016/09/the-terrorism-tax-hits-europe.html
Wow! Hillary’s Mysterious Handler Pops Up on Plane During Coughing Fit
Jim Hoft Sep 6th, 2016 9:17 am
The man is dressed like a secret service agent but his actions prove otherwise.
In a recent campaign stop in a Union Hall in front of a sparse crowd, at about the time when some liberal protesters began to protest, Hillary Clinton suddenly froze. She looked dazed and lost. Seeing this, a group of men rushed to assist the candidate on the stage. One man however gently pats the candidate’s back and then says, “Keep Talking.”
Mike Cernovich pointed out earlier that Hillary’s handler carries what looks like a Diazepam pen.
Hillary’s mysterious handler disappeared from the campaign trail in mid-August after several reports were written about his strange appearances on the campaign trail.
Hillary also cut down on her appearances at the same time.
On Monday Hillary Clinton suffered another severe coughing spat on her plane and later during a speech in Cleveland.
Guess who popped up on the plane?
http://www.thegatewaypundit.com/2016/09/wow-hillarys-mysterious-handler-pops-plane-coughing-fit/ - 207k -
President Tim Kaine.
Hillary won’t survive one term in office.
Snopes has debunked this. The handler looks like Secret Service (they analyzed the lapel pin he’s wearing) and he’s carrying a flashlight.
It smells like another conspiracy theory from the heart of the Trump campaign.
You and your Trump obsession . . . so tell me, who is the dude - he is definitely not secret service - more than likely he is a doctor.
Fact-Checking Snopes: Website’s Political ‘Fact-Checker’ Is Just A Failed Liberal Blogger
Peter Hasson
Reporter, Associate Editor
8:57 PM 06/17/2016
Read more: http://dailycaller.com/2016/06/17/fact-checking-snopes-websites-political-fact-checker-is-just-a-failed-liberal-blogger/#ixzz4JZoy3K00
Savers and the prudent must be forced to forfeit interest income to benefit the oligarchy under the Fed’s “No Billionaire Left Behind” monetary policies.
http://www.dailymail.co.uk/news/article-3776797/On-board-King-Bling-s-225million-superyacht-Russian-tycoon-s-model-wife-poses-stunning-shots-390-ft-bombproof-floating-palace-hosted-Hollywood-list-moored-Thames.html
“What to do when the seller is a Realtor who gives you false information about the house you bought”
https://www.washingtonpost.com/news/where-we-live/wp/2016/09/06/what-to-do-when-the-seller-is-a-realtor-who-gives-you-false-information-about-the-house-you-bought/
Aren’t all housing sales predicated on false information?
Both the listing agent, and the putative “buyer’s” agent have the exact same profit motive - the higher the price, the more money they both make once the deal is completed. So it is in their interest to close the deal quickly and for the highest price possible.
So, instead of just dealing with one salesperson, as in a car sale, the buyer is dealing with two, one of whom purports to be advocating for the buyer’s interests. It’s a very dishonest system.
In this system, the only person looking out for the buyer’s interest is the buyer.
The Vancouver housing bust is going to be popcorn-worthy.
http://www.zerohedge.com/news/2016-09-06/vancouver-housing-bubble-burst-sends-british-columbia-consumer-sentiment-crashing-mo
Wow, that first chart just screams bubble. My guess is the Detached line goes all the way back to 400.
“Vancouver Housing Bubble Burst Sends Local Consumer Sentiment Crashing Most In Three Years”
http://www.zerohedge.com/news/2016-09-06/vancouver-housing-bubble-burst-sends-british-columbia-consumer-sentiment-crashing-mo
Got silver?
http://jessescrossroadscafe.blogspot.com/2016/09/gold-daily-and-silver-weekly-charts_6.html
Silver has seen huge upswings each time the PMs go up. Silver seems to rapidly go up $0.30-0.50/oz vs gold which rises slow and falls (as of late).
I wish I had bought more mapleleafs or kangaroos when they were $15/ea.
Right now only the awake and aware - an Infinitesimally small portion of the population - are buying physical precious metals. Once the herd creatures belatedly realize that the Fed is intent on inflating away all government and Wall Street debts, the stampede into the safe haven of gold, silver, and platinum group metals is going to be epic.
Subprime car loans - the next taxpayer bailout.
https://www.rt.com/usa/358472-car-loans-subprime-debt/
Furniture loan crisis
No money down
Saw an ad yesterday for 0 down, 0% for EIGHT YEARS for bed/bedroom sets. Lord have mercy, finance your bedset for longer than it will likely last???
From the Norway article Ben posted:
“He said that some desperate sellers are setting prices higher than what the brokers recommend.”
That doesn’t sound like desperation to me. More like wishful thinking. Desperation is when people are trying to sell *at any price*.
Interesting article about the helicopter money coming. Perpetual zero coupon bonds.
http://www.marketwatch.com/story/helicopter-money-may-give-fed-the-inflation-it-wants-2016-09-06
“An even stranger version of this approach is when the perpetual debt has no coupon, as the Financial Times explains. A zero-coupon bond, of course, pays no interest. It is issued at a discount to face value, and pays the principal plus imputed interest at maturity. All of its value depends on the one payment it will make on the day of maturity.
But if a zero coupon bond has no maturity, or is perpetual, the owner never receives a payment, interest or principal. In other words, it’s a worthless security.
This allows a government to spend with impunity, since it would owe no interest, or would never have to pay the bond in any way. Zero coupon, no maturity bonds held by the Fed would be some bizarre construct, conferring no benefit on their owner (lender) and no real obligation on the issuer (borrower), but allowing for an almost direct injection of cash into the economy. Presumably, the government could do anything with the cash raised, from embarking on infrastructure projects to issuing checks to the citizenry.”
–
Keep whipping that donkey.
The “debt-fueled growth model” has been the model for the past many decades. The central bankers are naturally enamored of it as it is their constituents’ business model.
I think we’re in a de facto inflationary environment right now where a good chunk of the population’s purchasing power is eroding while prices of necessities - housing (purchase or rent), medical care, education - are skyrocketing. But the products which can be made in emerging market sweatshops remain inexpensive.
I understand the affinity for inflation; I just think the policy makers are wrong about the net results. For the individual, when his purchasing power is eroded, he is less likely to consume, not more. And for corporations? If there are no investment opportunities, they will not gratuitously start burning through their cash because OMG inflation.
One of the more disturbing things that came out of the recent Jackson Hole Fed meeting, they said outright they are willing to “shock the taxpayers” into an inflationary view of the future.
I believe they will try, and succeed.
It’s almost like, they *want* to burn it all down. The house is on fire already, and they keep throwing gasoline on it, and cheering.
I heard an ex-Fed economist say at a conference a few years ago that secretly (although never stated publicly) that the Fed would really like to see inflation at closer to 4% for a little while to “catch-up” for the years we didn’t have our 2% inflation.
Do you really believe wages will triple or quadruple to meet grossly inflated housing prices?
Of course not.
Housing prices will continue falling to dramatically lower and more affordable levels meeting wages.
And if shocking us into inflation doesn’t work to stave off the deflations.
Just set the prices directly. Screw the markets.
Which simply collapses demand.
we r good at exporting dollars.
Its just insane to fathom “investors” buying negative yield or zero-sum instruments. What are they banking (ha pun), on the patriotic duty of investors to purchase these to prop up the economy?
If the general public was asked, “Hey want to buy something that will net you nothing in return, but you just lose money?” they would all answer with a resounding NO.
Another racket by the biggest racketeers of all, the central banks.
With falling prices as a result of collapsing demand as a result of fixed and rigged prices at grossly inflated levels, just how effective are they at jump starting the economy?
Our economy is addicted to trading pieces of paper around that go up in price due to a recovery that has never happened.
“Keep whipping that donkey”
A nod is as good as a wink to a blind donkey.
A Debt Donkey is something you never want to be.
Overcapacity among bulk freight haulers, coupled with the global economic slowdown, means more carriers will be going bankrupt.
http://wolfstreet.com/2016/09/07/crude-oil-shipping-rates-vlcc-plunge-to-historic-lows/
Lol. I love it. Investors thinking they dictate what its worth and market forces saying “Nah, I’ll give you $1000″. Supply and demand always seems to come through in the end. Now when will the market here respond to the lowest workforce participation rate in decades along with stagnant wages and hemorrhaged blue-collar skilled jobs ???
Hoarding cash is the new black as central banks escalate their financial warfare against the 99% by introducing NIRP in a bid to force savers and the prudent into their Ponzi markets and asset bubbles.
http://www.zerohedge.com/news/2016-09-06/swiss-begin-hoard-cash
“He said that some desperate sellers are setting prices higher than what the brokers recommend. Prices have fallen dramatically in some areas after years of a red-hot market, ‘and it takes time to communicate this to sellers,’ Svihus said.”
I know a savvy young couple who live in Stavanger. It’s been maybe three years ago that they sold the family home in anticipation of the crash which is currently playing out. I’ll be interested to see at what point they get back into the market for owner-occupied housing (hopefully not yet… don’t want to see friends make Sir Isaac Newton’s mistake).
It’s interesting to me, the whole Isaac Newton thing. How a person can be so good at one thing and terrible at another. Take math and physics. The world of numbers, the world of logic, and the abstract. Not too much emotion in it. Newton was a genius in that world. His brain was very good at those things.
Markets and finance have numbers too, but it is the world of emotion. Greed and fear. Emotional control is key. Once you step into the ring, all of your thought processes become colored by emotion. You can’t look at things objectively. It is very difficult to switch off those primal emotions and act rationally.
I wonder if the very best traders in the world that you never hear about are straight up sociopaths who have the ability of not feeling emotions.
I think part of that is what makes housing even more challenging for people to think clearly about. Housing is *all* wrapped up in emotion, way more so than stocks or other things. Or like, buying a car.
People confuse housing with the concept of “home”, and that’s a problem. The fact is, housing is a *financial asset* traded in opaque markets which you have little control. Simply being ‘in the market’ colors your emotions about it, but on top of that, it’s “your home”, where you raised your kids, etc. Way, way too much emotion to even have a chance to think clearly about it. That’s why people get ’schlonged’.
The difference is houses are depreciating assets that cost you money every day you own it.
The creative marketing instincts of some used home sellers never cease to amaze!
a href=”http://www.mansionglobal.com/articles/38809-failed-nazi-playground-sees-second-life-as-luxury-housing?link=TDimage_1″>Nazi Resort Finds Second Life as Luxury Real Estate
Adolf Hitler’s never realized holiday resort may have a future as high-end homes
By John Elliot
Originally published on September 02, 2016|Mansion Global|
Rendering: The designs for the Prora Solitaire, a luxury hotel with apartment-like residences that opened this summer in Prora, Germany
Metropole Marketing
In Rügen, an idyllic island in northeast Germany, a dark history has been replaced by luxury living with seaside views.
The area is home to lagoons, peninsulas, numerous beaches and, famously, beeches. The island, Germany’s largest, is a geological cousin to Dover, England, and shares that region’s most celebrated feature—stunning white chalk cliffs.
It was here, on a slender heath separating the lagoon of Kleiner Jasmunder Bodden from the Baltic Sea that Adolf Hitler commissioned Prora, a beachfront holiday resort for the Nazi faithful.
…
Retrying the link:
Nazi Resort Finds Second Life as Luxury Real Estate
Sounds like a perfect place for Billl Clinton’s pedo pals to set up another hook-up Island where blackmailed “friends” of oligarch Jeffrey Epstein can frolic with under-aged girls.
The Donald needs to start airing commercials about Bill and Epstein the week of the first debate that ask voters how statutory rape “empowers women” LOLZ.
Lena Dunham is a child molestor. And she is the millenial face of the Democrat Party.
Does anyone really believe it’s a good idea to have the Leering Lewd Clinton back in the WH groping everything in sight?
#MakeAmericaRapeAgain
LOLZ
Does Bubba still have it in him? He looks even worse than Hillary.
Don’t forget that Weiner guy, or the Creepy Kaine.
It seems like politicians (of all flavors) have a much higher rate of sexual degeneracy than the general population.
“Former U.S. Rep. Mark Foley, who resigned from Congress in 2006 in disgrace after sending sexually explicit messages to male teenage congressional pages, attended a rally for Donald Trump in Fort Lauderdale, Florida, on Wednesday.”
http://abcnews.go.com/US/disgraced-us-rep-mark-foley-spotted-trump-rally/story?id=41290454
From Wikipedia:
“More pages came forward, alleging a history of inappropriate conduct by Foley dating back at least 10 years. Foley had been warned about the matter in 2005 by another House Republican and the House Clerk. Through his lawyer, Foley insisted he was not a pedophile and asserted that he had not “had contact” with a minor. This implied that though he did not sexually assault any male interns, he did not explicitly deny sending them solicitous and sexually overt text-messages; thus sidestepping the question of whether he should have apologized (in public or in private) to the interns who had complained about him.”
Moar financial crack cocaine!
http://www.reuters.com/article/us-global-markets-idUSKCN11D01O
“‘I specifically asked at the time if there were plans for the site and was told nothing would happen,’ he said. ‘The only reason I paid that much was because of the views.’”
The stupid, it burns. If it’s not in writing, you don’t have a leg to stand on.
“The stupid, it burns.”
LOL. I love that phrase. And “schlonged”. We have the best words and sentences.
And another crack appears….
http://www.telegraph.co.uk/property/house-prices/uk-house-prices-slip-as-market-feels-a-chill/
While the Fed’s asset bubbles and Ponzi markets hit all-time highs, the real economy is sinking deeper into the doldrums.
http://www.marketwatch.com/story/feds-labor-market-conditions-index-sinks-back-into-negative-territory-in-august-2016-09-06?siteid=YAHOOB
Are structural change, NIRP and the China slowdown driving a labor recession in the global banking industry?
FINANCIAL TIMES
China Business
China banks shed staff and slash pay in cost-cutting drive
Sluggish top-line growth and rise of digital banking prompt lenders to trim workforce
yesterday
by: Gabriel Wildau in Shanghai
China’s listed banks have shed about 35,000 employees this year and cut average salaries as they seek to reduce costs amid stagnant revenue growth.
Bank profits were essentially flat in the first half of the year as lenders struggled with shrinking net interest margins and rising bad loans. With top-line growth sluggish, lenders have turned to cost-cutting.
Of China’s 19 listed banks, seven reported declines in total employment at the end of June, compared with six months earlier. The group, which includes five of the six largest banks by assets, cut a total of 34,691 jobs in the period, according to Wind Information, which compiles data from the banks’ quarterly financial statements. For the full group of listed banks, employment fell by a net 20,791 workers.
Employment at China’s big banks has expanded virtually uninterrupted for the past decade, so the cuts could signal a turning point. Bankers say some colleagues have left voluntarily in recent years to join financial institutions such as securities companies and peer-to-peer lenders that are seen to be on the rise.
The cuts come as western peers scale back more dramatically. Eleven of the biggest European and US banks cut almost 100,000 jobs in 2015, according to a Financial Times analysis.
“Banks are generally seeing more net interest margin and credit-cost pressure, so they need to control operating costs more tightly if they want to scrape out flat or marginally positive earnings growth,” said Hou Wei, Asia banks analyst at Sanford C Bernstein in Hong Kong.
“In the short term, they’re using operating costs as a lever to smooth earnings growth a bit. But in the long term, this is a more structural trend. Banks are investing quite heavily in ebanking service.”
…
Crooked Hillary and her enablers and apologists (cough PB cough) may soon have more ’splainin’ to do.
http://www.zerohedge.com/news/2016-09-07/assange-new-clinton-revelations-coming-soon-next-week-says-clinton-knew-meaning-c
So may Trump if he continues to rely on Russian Mafia ties to help him gain the WH.
One world government by the international Mafia, here we come. And the ignorant American electorate RKH loves to hate will gladly bend over while voting it in to power.
Security Analysts Issue Dire Warning: Trump Is The ‘Manchurian Candidate’ Of The Russian Mafia
August 2, 2016
Carolina Chávez
World
A closer look at Donald Trump’s links to the Russian mob
Respected international policy journal Global Security has officially named Donald Trump the “Manchurian Candidate”, a shocking label for certain, but one they apply with a great deal of evidence to back it up. The stunning article reveals that Trump’s connections inside Russia go far deeper than what has been discussed in the mainstream media to date, and along a much darker path.
…
Sounds like a conspiracy theory from the Clinton campaign.
Some people work, some people watch their assets go up in price.
Don’t we basically have these two groups of people?
The folks who actually have to produce and the other group that watches CNBC all day?
Where is the buyer of the asset at that price?
Remember…. I can ask $50k for my run down 10 year old Chevy pickup but where is the buyer at that price?
So it is with all depreciating assets like houses.
FOMO got u down in the dumps again today?
TINA- There is no alternative to stawks! LMFAO
Cheer up az_donk and remember…… Nothing accelerates the economy like falling prices to dramatically lower and more affordable levels. No.
September rate hike odds: zero. Ditto for October. Yellen the Felon would never pull the rug out from under her follow Goldman Sachs stooge, Crooked Hillary, by raising rates and imploding the Fed’s Ponzi markets.
http://www.zerohedge.com/news/2016-09-07/goldman-cuts-september-rate-hike-odds-40-just-days-after-raising-them-55
The Fed Is stuck in the same liquidity trap they have been stuck in since 2009. I’m not sure what if anything the election has to do with the stopped clock situation.
The European sheeple who voted for globalist Establishment parties are reaping what they voted.
http://www.dailymail.co.uk/news/article-3777632/Car-gas-cylinders-near-Paris-cathedral-Saturday-police.html
“What’s an environmental microaggression?” Ms. Marlowe asked the auditorium of about 525 new students. She gave an example. “On your first day of class, you enter the chemistry building and all of the pictures on the wall are scientists who are white and male,” she said. “If you’re a female, or you just don’t identify as a white male, that space automatically shows that you’re not represented.”
Another subset of microaggression is known as the microinvalidation, which includes comments suggesting that race plays a minor role in life’s outcomes, like “Everyone can succeed in this society if they work hard enough.”
http://www.nytimes.com/2016/09/07/us/campuses-cautiously-train-freshmen-against-subtle-insults.html
Here’s a suggestion, drop out of college chemistry, get a degree in (insert designated victim class here) Studies, and five years from now you’ll be pouring my coffee while you wonder how you’re gonna pay off $80,000 of student loans. LMFAO
“On your first day of class, you enter the chemistry building and all of the pictures on the wall are scientists who are white and male,”
Apparently a great majority of history’s famous chemists were white and male. Get over it.
https://en.m.wikipedia.org/wiki/List_of_chemists
A
Emil Abderhalden (1877–1950), Swiss chemist
Richard Abegg (1869–1910), German chemist
Frederick Abel (1827–1902), English chemist
Friedrich Accum (1769–1838), German chemist, advances in the field of gas lighting
Homer Burton Adkins (1892–1949), American chemist, known for work in hydrogenation of organic compounds
Peter Agre (1949–), American chemist and doctor, 2003 Nobel Prize in Chemistry
Georgius Agricola (1494–1555), German scholar known as “the father of mineralogy”
Arthur Aikin (1773–1855), English chemist and mineralogist
Adrien Albert (1907–1989), Australian medicinal chemist
John Albery (1936–2013), English physical chemist
Kurt Alder (1902–1958), German chemist, 1950 Nobel Prize in Chemistry
Sidney Altman (1939–), 1989 Nobel Prize in Chemistry
Christian B. Anfinsen (1916–1995), 1972 Nobel Prize in Chemistry
Angelo Angeli, Brazilian Professor of Chemistry and Pharmaceutics
Octavio Augusto Ceva Antunes (1731–1810), British scientist
Anthony Joseph Arduengo, III, American chemist
Johan August Arfwedson (1792–1841), Swedish chemist
Anton Eduard van Arkel (1893–1976), Dutch chemist
Svante Arrhenius (1859–1927), Swedish chemist, one of the founders of physical chemistry
Larned B. Asprey (1919–2005), American nuclear chemist
Francis William Aston (1877–1945), 1922 Nobel Prize in Chemistry
Amedeo Avogadro (1776–1856), Italian chemist and physicist, discovered Avogadro’s law
B
Stephen Moulton Babcock (1843–1931), worked on the “single-grain experiment”
Werner Emmanuel Bachmann (1901–1951), American chemist, known for work in steroids and RDX
Leo Baekeland (1863–1944), Belgian-American chemist
Adolf von Baeyer (1835–1917), German chemist, 1905 Nobel Prize in Chemistry, synthesis of indigo
Piero Baglioni, Italian chemist
Hendrik Willem Bakhuis Roozeboom (1854–1907), Dutch chemist
Allen J. Bard, (born 1933), 2008 Wolf Prize in Chemistry
Neil Bartlett (1932–2008), English/Canadian/American chemist
Sir Derek Barton (1918–1998), 1969 Nobel Prize in Chemistry
Fred Basolo (1920–2007), American inorganic chemist
Esther Batchelder (1897–1987), American chemist, educator and specialist in nutrition
Antoine Baum (1728–1804), French chemist
Karl Bayer (1847–1904), Austrian chemist
Johann Joachim Becher (1635–1682), Developed the phlogiston theory of combustion
Friedrich Konrad Beilstein (1838–1906), German-Russian chemist, created Beilstein database
Joseph Achille Le Bel (1847–1930), French chemist, early work in sterochemistry
Irina Beletskaya (born 1933), Russian organometallic chemist
Ronnie Bell (1907–1996), English physical chemist
Francesco Bellini (1947–), research scientist, doctor in organic chemistry
Paul Berg (born 1926), 1980 Nobel Prize in Chemistry
Friedrich Bergius (1884–1949), 1931 Nobel Prize in Chemistry
Marcellin Berthelot (1827–1907), French chemist, important work in thermochemistry
Claude Louis Berthollet (1748–1822), French chemist
Carolyn R. Bertozzi, American chemist, Stanford
Jöns Jakob Berzelius (1779–1848), Swedish chemist, coined the term “polymer” in 1833
Johannes Martin Bijvoet (1892–1980), Dutch chemist and crystallographer
Joseph Black (1728–1799), chemist
Dale L. Boger (born 1953), American organic and medicinal chemist
Paul Emile Lecoq de Boisbaudran (1838–1912), French chemist
Jan Boldingh (1915–2003), Dutch chemist
Alexander Borodin (1833–1887), Russian chemist & composer
Hans-Joachim Born, German radiochemist
Carl Bosch (1872–1940), German chemist
Octave Leopold Boudouard (1872–1923), French chemist who discovered the Boudouard reaction
Jean-Baptiste Boussingault (1802–1887), French chemist, agricultural chemistry
E. J. Bowen (1898–1980), English physical chemist
Humphry Bowen (1929–2001), English analytical chemist
Paul D. Boyer (born 1918), 1997 Nobel Prize in Chemistry
Robert Boyer, employee of Henry Ford focus on soybean use.
Robert Boyle (1627–1691), English pioneer of modern chemistry
Henri Braconnot (1780–1855), French chemist and pharmacist
Henning Brand (c. 1630 – c.1692 or c. 1710), German chemist, discovered phosphorus
Ronald Breslow, (born 1931), American organic chemist
Johannes Nicolaus Brønsted (1879–1947), Danish chemist
Herbert C. Brown (1912–2004), 1979 Nobel Prize in Chemistry
Eduard Buchner (1860–1917), 1907 Nobel Prize in Chemistry
Stephen L. Buchwald, (born 1955), American Chemist, Organic Chemistry, co-discoverer of Palladium-patalyzed C-N bond formation Buchwald–Hartwig amination[citation needed]
Robert Wilhelm Bunsen (1811–1899), German inventor, chemist, discovered the elements caesium and rubidium with Gustav Kirchhoff and invented the Bunsen burner
William Merriam Burton (1865–1954), American chemist, developed the first thermal cracking process for crude oil
Adolf Butenandt (1903–1995), 1939 Nobel Prize in Chemistry
Aleksandr Butlerov (1828–1886), Russian chemist, discovered the formose reaction
…
Racis.
If they’re so offended the best thing they could do would be to stop “culturally appropriating” all those nifty technologies that a bunch of dead male whities created, LOLZ.
White Scientist
Socks
$7.50 USD
Fit in US shoe sizes: Women = 6-10, Men = 8-13, and King Size = 13-17. To clean: machine wash cold, do not bleach, tumble dry low.
Colin Kaepernick wore socks with ‘pig’ cops
By Jonathan Lehman
September 1, 2016 | 12:52pm | Updated
Colin Kaepernick wore socks to a recent practice that show cartoon policemen done up as “pigs.”
Photos from Aug. 10 show the NFL lightning rod wearing the black socks adorned with the anti-police caricatures. Kaepernick wore the socks again on Aug. 12. One photo from the Aug. 10 practice session in San Francisco, which was open to the public, captures him walking onto the field with a raised fist.
The sartorial statement came prior to Kaepernick’s sit-down protest of the national anthem gaining attention during the 49ers’ preseason game on Aug. 26.
http://nypost.com/2016/09/01/colin-kaepernick-wore-socks-with-pig-cops/ - 404k -
Black socks matter
Grey matter matters.
He’s a has been. The 49er’s tried to unload him and there were no takers. Not even the now Peytonless Broncos would take him.
Don’t forget Walter White - Heizenburg
“Everyone can succeed in this society if they work hard enough.”
Not true. Both men and women can work very hard for those difficult STEM degrees only to find that their jobs are taken by cheaper H1-B robots, or that there isn’t enough grant money to go around.
Things might get better when all the baby boomers die off.
Here’s one for all the Big Government authoritarians:
“A prominent human rights activist who already faced up to 15 years in prison for Twitter posts has now been hit with another charge after writing publicly about his Kafkaesque case.
Detained Bahraini activist Nabeel Rajab published an op-ed in The New York Times on Sunday titled “Letter from a Bahraini Jail” (a play on Martin Luther King Jr.’s 1963 “Letter from Birmingham Jail”).
The Gulf monarchy Bahrain, a close U.S. ally, “is a country that has subjected its people to imprisonment, torture and even death for daring to desire democracy,” Rajab wrote. “No one has been properly held to account for systematic abuses that have affected thousands.”
As Salon previously reported, Bahrain is a close U.S. ally. It is home to the Navy’s Fifth Fleet and has a free trade agreement with the U.S. The State Department calls the repressive Gulf monarchy “a vital U.S. partner in defense initiatives.”
In his piece in the Times, Rajab criticized the U.S. for allying with the Bahraini regime. “Is this the kind of ally America wants?” he wrote. “The kind that punishes its people for thinking, that prevents its citizens from exercising their basic rights?”
http://www.salon.com/2016/09/06/political-prisoner-hit-with-another-kafkaesque-charge-for-writing-nyt-piece-about-harsh-repression-by-u-s-ally-bahrain/
No “smaller government” or “less regulation” or “lower taxes” happening here.
Warmist Warming Wednesday:
“We will not, at any time, debate the science of climate change, nor will the ‘other side’ of the climate change debate be taught or discussed in this course,” the professors said in their letter obtained by The College Fix.
Regarding those inquisitive students who would like to discuss the issue rather than blindly accepting the global warming dogma, the professors “respectfully ask that you do not take this course.”
Students are also forbidden from using outside sources for research in the course, and may only reference materials that have been approved by the Intergovernmental Panel on Climate Change.”
http://www.breitbart.com/big-government/2016/09/06/university-colorado-bans-free-inquiry-students-questioning-global-warming/
So much LOLZ happening here. And my unquestionably _correct_ prediction is that any proposed solution to this warmism will be authoritarian and collectivist.
Time to go read Jared Diamond’s book Collapse again.
“This sucker could go down” — George W. Bush
Americans Drive to a New Record in Gasoline Consumption:
“Americans purchased about 406 million gallons of gasoline per day, on average, in June, according to data the U.S. Energy Information Administration released last week. That just surpassed a previous record set in July 2007. Given that fuel consumption typically peaks for the year in July or August, when road-trip season is in full swing, Americans likely purchased an all-time record volume of gasoline this summer.
The thirst for fuel shows gasoline is relatively cheap and that Americans are working, vacationing and driving more.”
http://blogs.wsj.com/economics/2016/09/07/americans-drive-to-a-new-record-in-gasoline-consumption/
Alarmist warmism from the pointy headed “intellectuals” at New York Magazine:
“The deluge will begin slowly, and irregularly, and so it will confound human perceptions of change. Areas that never had flash floods will start to experience them, in part because global warming will also increase precipitation. High tides will spill over old bulkheads when there is a full moon. People will start carrying galoshes to work. All the commercial skyscrapers, housing, cultural institutions that currently sit near the waterline will be forced to contend with routine inundation. And cataclysmic floods will become more common, because, to put it simply, if the baseline water level is higher, every storm surge will be that much stronger. Now, a surge of six feet has a one percent chance of happening each year — it’s what climatologists call a “100 year” storm. By 2050, if sea-level rise happens as rapidly as many scientists think it will, today’s hundred-year floods will become five times more likely, making mass destruction a once-a-generation occurrence.”
http://nymag.com/daily/intelligencer/2016/09/new-york-future-flooding-climate-change.html
Who cares about New York City? They’re all rich enough to relocate anyway. The best LOLZ are gonna be when 200 million Bangladeshies all need a new place to live, gonna exceed today’s migrant crisis in Europe at an incalculable level.
is waterfront property going down ?
I’m 225 above sea level so I have time left.
LOLZ at this year’s Burning Man:
“White Ocean was a “plug and play” camp – a venue really only for millionaires and celebrities, pre-built by staff, complete with security and VIP areas, that cost thousands of dollars to attend.
The camp was professionally trashed one night – flooded with drinking water, power lines cut, food spoiled, the doors of the trailers glued shut.
You can be sure that the people behind trashing White Ocean will love any lefty cause du jour – they’re probably massive fans of Julian Assange, Bernie Sanders, Jeremy Corbyn and Whole Foods, and have a single tear run down their face whenever they remember that “inequality, like, exists, man”.
Of course, they’re not actually poor – most people at Burning Man are paying four hundred dollars a ticket, before they buy into a camp or get there, so these are very firmly middle class revolutionaries.”
http://www.telegraph.co.uk/technology/2016/09/07/burning-man-exploses-the-class-war-inside-silicon-valley–and-wh/
Trump camp tries to clarify his ‘I love war’ comment
By Nick Gass
09/07/16 07:52 AM EDT
Donald Trump’s campaign manager fired back Wednesday at an ad produced by the pro-Hillary Clinton super PAC Priorities USA taking on the Republican nominee’s fitness to be commander in chief.
The 30-second ad out Tuesday, titled “I Love War,” features Trump uttering the phrase, “I love war, in a certain way,” at a rally last November, while featuring snippets of him remarking that he “knows more about ISIS than the generals do” and calling “nuclear, the power, the devastation … very important to me.”
…
Jill Stein said she’d cut the Pentagon budget in half if elected.
50% less Realm secured, LOLZ.
Yeah but then she’d technically be cutting mega corporate welfare to Raytheon, General Dyn, BAE, CACI, Booze Allen, and Lockheed…tsk tsk, she would disappear real fast.
Right. I doubt any candidate who doesn’t promise to flood the defense sector with a deluge of appropriations is electable.
Realm, PB, Realm.
https://en.wikipedia.org/wiki/A_Clean_Break:_A_New_Strategy_for_Securing_the_Realm
I love the word Realm, it’s so Game of Thronesy, LOLZ.
No “smaller government” or “less regulation” or “lower taxes” happening here:
“In fact the program is actually not on a path toward success but instead on a path toward failing to deliver” the aircraft’s full capabilities, “for which the Department is paying almost $400 billion by the scheduled end” of its development in 2018, Michael Gilmore, the Defense Department’s director of operational testing, said in an Aug. 9 memo obtained by Bloomberg News.
“Achieving full combat capability with the Joint Strike Fighter is at substantial risk” of not occurring before development is supposed to end and realistic combat testing begins, he said of the F-35.
The memo provides a timely reminder of an issue that the next president and defense secretary will inherit. They are scheduled to decide in 2019 whether to let the fighter jet move into full production, the most lucrative phase for Lockheed, the biggest U.S. defense contractor.”
http://www.bloomberg.com/news/articles/2016-08-24/lockheed-s-f-35-still-falls-short-pentagon-s-chief-tester-says
Opinion piece written by Jill Stein published yesterday:
https://www.theguardian.com/commentisfree/2016/sep/06/jill-stein-presidential-debates-undemocratic-gary-johnson
Allowing all the other candidates, including Jill and Gary would be nice. The problem is whoever wins will be owned and be a puppet.
I like telling my friends with kids who support Hillary that I hope all their kids get drafted and go fight and die to enrich Lockheed, Raytheon, Northrup, etc.
Realm, Bill, Realm!
You’d be surprised at how many liberals and “progressives” work in the defense industry, including “fuzzy-headed” ones.
Very loooong transcript of Jill Stein with Los Angeles Times editorial board published yesterday:
http://www.latimes.com/opinion/editorials/la-ed-jill-stein-transcript-20160906-snap-story.html
I hope she debates w Johnson
at least
Donald Trump… An eloquent executive who easily enrages effectively.
Who allowed this to get published?
“However, the news for Colorado home owners was not all positive. CoreLogic said it believes homes in the Denver-Aurora-Lakewood metro area are overvalued.”
http://www.thedenverchannel.com/news/local-news/colorado-home-prices-jumped-9-in-last-year-according-to-corelogic-report
Denver = Debtver. Median household income here is less than $60,000. HELOCs and cash-out refis are the only juice keeping this recoveryless recovery afloat.
Why not just vote for the organ grinder, Lloyd Blankfein, instead of the monkey, Crooked Hillary?
http://www.marketwatch.com/story/goldman-sachs-bans-top-staff-from-donating-to-trump-reports-2016-09-07-91031857
Why do the DebtDonkey writers bellyache about collapsing housing demand and falling housing prices?
Could it be that 99.9% of them are debt donkeys who lose bank when home prices fall?
The losses occur the day it’s bought.
That is true, CR. From day 1, and not solely from the degradation in construction and materials.
Most people probably don’t even consider the steep transaction costs. Say 5% for the realtors and title company. From day 1, you’re automatically underwater for 5% of the total sales price. On a $500K house, that’s a cool $25,000 you just lost if you tried to sell it a month later. Normally that would take you a couple of years of sitting on it to recover. But of course we all know housing goes up 25% per year, forever.
I was speaking directly to the 200% premium paid ontop of the actual value of the house given current grossly inflated prices of resale housing. That premium is gone forever. Those losses double when interest is accounted for. Now stack on losses to depreciation.
It’s a horrific financial proposition.
Chya, the 6% for a realhore is such a joke, youre paying for an expensive social network. Given todays interconnected digital society, theres no reason you cant just list your property on craigslist or Zillow and be done with it. No no no, they have to make it feel like a legitimate transaction with “appraisers” , closing agents, titling, and little finger sandwiches for open houses. I had a realtor tell me she could get her appraiser to meet my demands. HAaha.
Lets not forget buyers are extremely cash poor and asking for closing assistance.
Realtors are so cool.
A fixed percentage for any sale is a joke.
On the commercial side, commissions are sized to the transaction size.
A small, complicated transaction might have a 5% commission associated with it.
A small, simple transaction (for example, a 20-year ground lease to McDonald’s) might be 3%.
And a large portfolio sale ($1B+) might be 1%…or less.
6% might be perfectly appropriate for a $40,000 sale of a shack.
6% is highway robbery for a brand-new, $10MM mansion on 30 acres in Portola Valley.
Have another narrative:
“Syrian government forces have been accused of dropping barrel bombs containing chlorine from helicopters on a suburb of Aleppo, injuring 80 people.
Volunteer emergency workers say people suffered breathing difficulties after an attack on the Sukkari area.
The reports could not be independently verified. A UN-led inquiry concluded last month that the government had used chlorine on at least two occasions.
The Syrian government has always denied using chemical weapons.”
http://www.bbc.com/news/world-middle-east-37291182
No “smaller government” or “less regulation” or “lower taxes” happening here.
More narrative:
“Over the weekend, President Robert Mugabe also declared “enough is enough” of the growing protests that reflect nationwide anger over a plummeting economy and alleged state corruption. Protesters have clashed with police wielding tear gas, water cannons and batons. Hundreds have been arrested.
Both sides of the political divide are increasingly fed up, an ominous sign in this country whose 92-year-old leader is showing signs of advanced age but makes no move of wanting to quit. Mugabe has been in power since independence from white minority rule in 1980, meaning any political transition will be a leap into the unknown for most people in a nation with a record of disputed and sometimes violent elections.”
http://www.nytimes.com/aponline/2016/09/07/world/africa/ap-af-zimbabwe-turmoil.html
I just finished re-reading Paul Theroux’s book Dark Star Safari (written in 2000-2001) in which he talks with farmers in Zimbabwe forced off “their” land and how the people who took over their farms don’t know WTF they’re doing and turned the breadbasket of southern Africa into a wasteland, LOLZ.
Oh look, it’s another narrative:
“It didn’t take much longer for Pozner to find out that many people didn’t believe his son had died or even that he had lived at all. Days after the rampage, a man walked around Newtown filming a video in which he declared that the massacre had been staged by “some sort of New World Order global elitists” intent on taking away our guns and our liberty. A week later, James Tracy, a professor at Florida Atlantic University, wrote a blog post expressing doubts about the massacre. By January, a 30-minute YouTube video, titled “The Sandy Hook Shooting — Fully Exposed,” which asked questions like “Wouldn’t frantic kids be a difficult target to hit?,” had been viewed more than 10 million times.
As the families grieved, conspiracy theorists began to press their case in ways that Newtown couldn’t avoid. State officials received anonymous phone calls at their homes, late at night, demanding answers: Why were there no trauma helicopters? What happened to the initial reports of a second shooter? A Virginia man stole playground signs memorializing two of the victims, then called their parents to say that the burglary shouldn’t affect them, since their children had never existed. At one point, Lenny Pozner was checking into a hotel out of town when the clerk looked up from the address on his driver’s license and said, “Oh, Sandy Hook — the government did that.” Pozner had tried his best to ignore the conspiracies, but eventually they disrupted his grieving process so much that he could no longer turn a blind eye. “Conspiracy theorists erase the human aspect of history,” Pozner said this summer. “My child — who lived, who was a real person — is basically going to be erased.”
http://nymag.com/daily/intelligencer/2016/09/the-sandy-hook-hoax.html
If it weren’t for blogs, the world would be blind.
You will eat the narrative you are fed. And you will like it.
The Narrative Writers are enraged.
“‘It’s very frustrating,’ said real-estate agent Kim Bays, of CarterJonas, who was working with the landlord. ‘They think they can get so much more.’”
More choppin’ is in order. Chip, chop chip!!
Git to slashin”!!!
how come there is no price movement in stawks?