Cash Disappeared, Sales Halted, Transactions Cancelled
A report from the Calgary Herald in Canada. “Calgary’s housing market showed signs of weakness in the face of high unemployment and sluggish population growth, as the pace of residential construction took a nosedive last month over year-ago levels. Construction began on 630 homes in the city in October, a more than 40 per cent decline from housing starts posted a year earlier, the Canada Mortgage and Housing Corp. reported. According to analyst Richard Cho, demand for new homes — especially condos — waned as Calgary’s economy was battered with job losses and sluggish income and population growth, while supply remains high.”
“The Calgary Real Estate Board said last week the 16 per cent jump in the number of homes sold in October, compared with the same month last year, may have been due in part to home buyers avoiding tighter mortgage rules, which came into effect mid-month. The surge may also be linked to falling prices and the availability of lower-priced homes, the board said.”
From The Times on the UK. “At last, some good news for renters. Or at least those looking for four- to six-bedroom family houses in the more salubrious parts of the home counties. Thanks to a slowdown in sales at the prime end of the country market — due to the limbo between the EU referendum and actual Brexit, as well as off-puttingly high stamp duty — there is now an excess of luxurious homes within commuting distance of London. Some landlords are so keen to have tenants in for the winter that they’ve slashed rents, with some offering lets as short as three months.”
“‘The balance of power has tipped in favour of tenants, with landlords showing flexibility around rents to minimise void periods,’ says Oliver Knight, research analyst .”
From Bloomberg on Russia. “Signs of a housing glut have already begun to appear in Moscow, with more newly built apartments on the market than any time in the last decade, according to IRN.ru, an analytical center that monitors the capital’s real estate market. Short of renewed state efforts — set to lapse in December — the market will likely stall as people’s ability to make the large down payments has been depleted, according to Olga Shirokova, head of consulting and research at Knight Frank LLP in Moscow.”
“‘Real estate prices aren’t going to increase given the amount of offers on the market,’ Shirokova said.”
From Firstpost on India. “As cash disappeared, sales halted, transactions got cancelled and a lot else happened ….leaving people aghast. In the real estate business, where only 30 percent payment is done through cheque and the rest through cash, the PM’s magic move to juggle away the cash has left the builders and brokers in a tighter situation than ever, and at the same time hitting the sector hard which is already in a slowdown position. Now, the move has put it in a halt mode.”
“From buyers’ perspective, hopefully, developers’ scrunched up situation may force them to do desperate selling. So, buyers should feel elated as brokers estimate that real estate prices will nosedive by no less than 10 percent within a week and hopefully 20 percent within a month’s time. Those who are sitting on large stocks of unsold units, what will happen to them? ‘I shudder to think of developers who have a huge pile of inventory, they will be in deep trouble. Eventually, they will have to reduce prices,’ Dhruv Agarwala, Chief Executive Officer, PropTiger.com said.”
The Times of Oman. “Isaaq, owner of a leading real estate company in Oman, said the lower occupancy rate has forced him to decrease the amount of rent being charged this year. ‘There is a big drop in demand for residential and industrial rental. We had to slash rents by nearly 30 per cent to match consumer demand this year,’ he said. Um Tariq, an apartment owner, said that profits from rentals will be affected if she lowers her rental price much further. ‘I used to rent out my apartments for OMR500 per month, but because of crunch I lowered it to OMR400, then again until it is now OMR 325. I couldn’t go any lower or else I’ll lose out on my profits,’ she explained, citing the high cost of maintenance and utilities.”
“An owner in Al Hail observed, ‘Last year we were renting our penthouse at OMR850 a month. Now we get OMR500 for the same place, one year on. It’s difficult for people who bought these properties as investments to go any lower.’”
“‘The rent being reduced is very good because business has been slow for a while now. If rents go down, it means people have more money to spend on purchases,’ said Manoj, a resident and small business owner.”
From Focus Taiwan. “Prices of residential and commercial property in Taipei, the most closely watched market in Taiwan, for 2016 fell about 11 percent from 2014, reflecting the government’s efforts in curbing skyrocketing home prices in the country, according to Sinyi Realty Inc. However, some analysts believe the market is still overpriced and could be headed for a much bigger drop in prices in the next few years due to the declining birth rate in Taiwan, and the relatively small number of immigrants moving here.”
“Compared with Taipei, home prices outside the greater Taipei area are more affordable, but many wage earners in the country still cannot afford to buy a home because of the low salaries here and prices hiked up by years of speculation.”
From MENAFN Press on Australia. “Mortgagee Property Ltd (HK) is offering property developers an exit strategy as the Australian housing bubble bursts. With Chinese buyers starting to rescind on apartments, a Hong Kong based real estate marketing company specialising in Australian distressed real estate is offering property developers an exit strategy for unsold and settlement risk apartments (unsettled). The company is seeking distressed apartment stock to service a mammoth client list of bargain hunting property investors.”
“‘Smaller mum and dad type property developers with unsold apartments that failed to settle or were never sold will become ‘Egyptian Stock’ when the property bubble bursts, that could send many property developers to his or hers financial tomb.’ Said Scott O. Talbot, Australian founder of Mortgageeproperty.com.”
“In recent articles, off-the-plan apartment sales that fail to settle are confirmed by the Australian Taxation Office as secondhand apartments, lowering the resale price even further.”
How about that US dollar? The 30 year treasury yield went over 3% for a time this morning.
Negative interest rates, going, going…
https://www.bloomberg.com/markets/rates-bonds/government-bonds/japan
https://www.bloomberg.com/markets/rates-bonds/government-bonds/germany
Azdude is gonna have a heart attack.
Nothing accelerates the economy and restores financial responsibility like rising interest rates to dramatically higher and more appropriate levels.
Like 1981 at >17% that recession wasn’t so bad…
And we were a creditor nation in 1981. Fiscal responsibility and stewardship my friend.
Ahhh…. the Carter years. No wars too.
1981 was the last time we had any courage,fedwise
I did some math and found that the difference between 3.5% and 4.00% interest rates on a $60,000 income is the difference between a $377,000 and a $330,000 loan on a home.
assumes Maximum loan amount, 43% DTI ratio. Taxes ins at $450, HOA at $250 and Other debt at $350
A massively overpriced depreciating asset at 6x annual income is a horrific proposition.
What about our Sacramento landlord friend? How will his highly leveraged real estate gambles fare in a rising rate environment?
A degenerate gambler never discloses his crushing losses.
Good Morning P.B.,
If your comment is about me, I am not highly leveraged. My LTV ratios are about 50%. I originally put 25% down on my purchases and with 20% appreciation and 12% principal reduction on the loans, so I am in great shape.
More importantly, the properties cash flow well, typically about 10% cash flow now on my invested equity and another 5% return when I add in the principal reduction.
I did sell two vacant lots this year which I purchased from banks in 2010 &11. Paid $108,000 total and sold them for a combined $488,000. I netted a combined $419,000 after selling costs and 5-years of carrying expenses (taxes, HOA, Ins).
Buying real estate in 2008-2011 was the best investment move of my lifetime. All that being said, I agree that we are seeing a market shift (which is why I sold the lots).
I am slowly moving into retirement and thinking of moving to San Diego in 2018. We will probably rent a condo for a year and then buy one in 2019, assuming everything works out well. We are traveling more these days and living in Little Italy with access to SAN is very appealing. I wonder if the SD condo market will offer attractive deals in 2019?
There are no deals in so cal.
Good to hear you aren’t highly leveraged. However, even with just 50% leverage, a 10% loss gets amplified into a 20% loss of principle. And after that point, you’re 56% leveraged.
Sounds great. Enjoy the retirement.
“$108,000…$488,000…$419,000″
Terrible math.
“…..after that point, you’re 56% leveraged.”
P.B., he reduction in principal loan balance is running 2.34% annually now and increases every year. That provides some comfort against a potential drop in market value. Dropping rents is a larger concern, because I like the cash flow.
We will be down in San Diego next month to look at areas where we might want to live in a few years.
“….There are no deals in so cal.”
AZ, I am patient and in retirement, renting is a viable option. I learned that here on the HBB!
Nonsense.
Why am I not worried? Never been a better time to be short risky assets, like stocks, bonds and houses, and long dollar savings. Will Donald Trump officially declare that the Fed’s War On Savers has ended?
Velocity of Trump-fueled Treasury selloff has Wall Street spooked
By Barbara Kollmeyer
Published: Nov 14, 2016 1:44 p.m. ET
Société Générale highlights the risks of a bond crash in 3 charts
10-year note yields, used to set mortgage rates and more, are at their highest in about a year.
As investors stepped on the bond-rout gas on Monday, pushing Treasury yields to their highest levels in months, concerns among strategists ramped up.
Goldman Sachs, for one, warned clients that the speed of the move has them worried about a deeper fallout in interest-rate markets, including vulnerable economies around the globe.
Bond markets, which were closed Friday for the Veterans Day holiday, resumed a vicious selloff on Monday, marking a fifth-straight session of climbing yields beginning last week after Republican Donald Trump beat Democrat Hillary Clinton in the U.S. presidential election. The latest action pushed yields on the benchmark 10-year (TMUBMUSD10Y, -2.07%) 30-year (TMUBMUSD30Y, -1.71%) and two-year (TMUBMUSD02Y, -0.77%) notes to levels not seen in around a year. Bond prices and yields move in the opposite direction.
…
$1.5tn down the flusher in one week’s time with no end in sight…
The Financial Times
Markets
Bond wipeout since Trump win hits $1.5tn
2 hours ago
by: Eric Platt
Investors in corporate and sovereign bonds have been scorched by the rout in fixed income markets.
The market value of bonds within the Bloomberg Barclays multiverse index, a broad index that includes corporate and sovereign bonds, has fallen by $1.5tn since Donald Trump unexpectedly won the US presidency in elections last week, writes US capital markets correspondent Eric Platt.
The paper losses coincide with a sharp rise in sovereign bond yields, with the 30-year US Treasury settling above 3 per cent for the first time this year. Benchmark 10-year German bunds traded rose to their highest level since February on Monday. Yields rise as bond prices fall.
Portfolio managers have bet that President elect Trump’s policies will spur faster economic growth and rekindle inflation in the US, which could prompt more aggressive tightening from the country’s central bank.
…
The Wall Street Journal
Fed’s Lacker says rates may rise faster under Trump presidency
By David Harrison
Published: Nov 14, 2016 6:48 p.m. ET
Fiscal stimulus would boost case for raising rates, Richmond Fed chief says
…
One curiosity: Why does all the equilibrium adjustment flow into bonds? Shouldn’t other interest-sensitive assets, like stocks and housing, also be crashing in sympathy?
Any thoughts on how much farther the bond rout has to run?
‘As cash disappeared, sales halted, transactions got cancelled and a lot else happened ….leaving people aghast. In the real estate business, where only 30 percent payment is done through cheque and the rest through cash, the PM’s magic move to juggle away the cash has left the builders and brokers in a tighter situation than ever, and at the same time hitting the sector hard which is already in a slowdown position.’
Can anyone explain this black money in India? Why is it black, where did it come from, why is it hidden?
My understanding is that it’s money from the underground economy that has been deliberately hidden from the taxman, which is why it is hoarded as cash. As to how it was acquired, I suppose that it varies. I wouldn’t be surprised if wealthy families own a multitude of small businesses (like corner shops) that operate on a cash only basis. I would also expect that some of it comes from illicit operations as well, while other sources could be graft and bribes.
From what I’ve read over the years, this hidden money is why there are many thousands of apartment units sitting empty in India, and the article above points out the move was intended to push the developers into selling. Often they would leave them unfinished so they couldn’t be taxed!
I just spent few minutes reading about this topic. It seems that sellers in India will report to the govt that a flat was sold for 3 rupees, but the ‘real’ price that the buyer has to pay is 6 rupees. The difference is always paid in cash, and goes unreported for tax purposes. After the demonetization, it won’t be possible to cough up that much cash, which should break the back of this tax-avoidance strategy. Is that right?
(I grew up in India, but been in U.S for decades now)
In India majority of transactions happen in cash. This allows people to hide the actual value of the monetary transaction and under report it for tax purposes. This is what is meant by black money.
When you combine this with the fact that India has some of the highest levels of corruption anywhere in the world, you end up with most of the black money being parked in sectors like real estate and gold or kept in bags in the cellar.
The government recently made higher denominations of currency illegal tender. This has essentially stopped all the real estate transactions in the country since no one wants to pay with check and pay the higher taxes that come with it. Also, every one who has been hoarding cash is now left holding the bag (pun intended).
Another important aspect is that terrorists (belonging to the peaceful religion..) from Pakistan circulate fake currency in India and this also hurts them.
http://timesofindia.indiatimes.com/india/Demonetisation-has-led-to-decline-in-separatist-instigated-violence-in-the-Valley-MHA-sources/articleshow/55419257.cms
That’s much appreciated.
That’s all true but there is more to it. India is an incredibly wealthy country but the wealth is aggregated by a small number of well-connected families in the highest castes. They control the gateways to education, jobs, internships and business loans, permits, etc. Red tape is pervasive and to cut through that tape you have to pay. It is impossible to move up based on merit. If you want to get into school you have to bribe someone. If you want to get a Ph.D. you have to pay off your professor. If you want a job you have to kick back cash. If you want a government post - more cash. A permit for a business - more cash, etc. You can’t get anything done in India without bribing multiple people. Don’t forget that India was for a long time during the cold war a “third way socialist” ally of the USSR (in contrast to Pakistan who was a U.S. ally). This is why even to this day their current president Pranab Mukherjee is allied with Russia. “Third way” means a hybrid of capitalism and Soviet socialism. In a socialist system merit doesn’t pay. The best strategy is to find a gateway job, wedge yourself into it and make loads of cash by rent-seeking. In other words find a job where you can collect bribes. Those who want access to goods, education, services, permits, etc. have to go through you. The incentives are all messed up. So you see this same thing happening in a lot of post-socialist countries. But in India you mix this paradigm with the legacy caste system that was already there before the cold war and you get a particularly heinous version of racist cronyism. For example if you open up the local daily paper in India you will see pages and pages of adds for families seeking a marriage partner for their child. You soon realize that not only are the listings sorted by caste and sub-caste because the sub-caste has to match exactly for the bride and groom but they are also sorted by a dozen shades of skin color because the skin color has to match exactly. If you apply for a Ph.D. in mathematics in India for example you have to have the cash for a bribe, the proper sub-caste and the proper skin tone. And in the school system the smartest kids are purposefully undermined in a million different ways because the professors who are gatekeepers don’t want any competition from their own graduates. The professors don’t make their primary living from innovative research – they make it by collecting bribes allowing students access. So if they let someone smart succeed it would threaten their very livelihood. The net result is a small caste of hegemonic families that not only feel they are a superior race but that also feel they are spiritually destined to control the lives of everyone around them and they make huge piles of cash rent seeking. They are surrounded by sycophants and have piles of cash, jewelry, gold, real estate and other assets. And this pile of wealth pays for government jobs and control of the whole system of government. It is a self-reinforcing cycle. Things have been changing in India the last couple of decades but there is still too much of this type of thing going on. The demonetization scheme enacted by Prime Minister Narendra Modi allows small amounts of cash can be freely exchanged for existing smaller denomination or for the new currency. But for larger amounts you need to file a form and provide ID. If you have a lot of unaccounted for cash to exchange expect a visit from the tax authority. So this will help clean up corruption to some degree but a lot of these guys will just switch to gold for example. Aside from the black market in cash there is also a lot of counterfeiting of currency so this is in part an attempt to clear out counterfeit notes. They did the same thing in 1946 and 1978. Roughly half of the old notes are counterfeit. The new replacement notes will have modern security features making them more difficult to counterfeit. The main groups of counterfeiters are the Nazalites (a communist guerrilla group), the Communist Party of India and separatist groups in Jammu and Kashmir. So it allows the state to investigate “terrorism” or politically banned activity as well. And so far it is working as planned. In the long run this will have a positive impact on India’s economy and will help cut through some of the infamous Indian “red tape” that has held the country back and will reduce corruption. It will also make counterfeiting much more difficult. This is a good move. But in the short run – until the end of this year it will present a huge drag on the economy.
“It is impossible to move up based on merit.”
And if they have brought this methodology to the USA software and high tech industry it explains allot..
Wow. Thank you for this insight.
And I can see why this drastic change was arranged in secret and announced and executed so suddenly. The power families didn’t have time to make other arrangements.
“And if they have brought this methodology to the USA software and high tech industry it explains allot..
Ding ding ding! Even American citizen Indians are known to give jobs or contracts only to other Indians. It’s observable in software/tech of course. But there are also whispers of it happening in academia, where “certain” applications are more likely to receive the precious grant money, even from gov agencies. Now I have to wonder just how much of this American “merit” was really just money under the table.
maybe thats why hill threw everything she and her foreign backers had at the Donald?
Now I have to wonder just how much of this American “merit” was really just money under the table.
From a recent discussion on this topic with a bunch of colleagues, I can offer my understanding of this black money:
Generally people working abroad (notably the middle east) earn money in foreign currency which is transferred to Indian banks to family members. When someone feels flush with money, they typically buy gold and houses/apartments. Buying property involves paying the so called “stamp duty” (or somesuch,…from the British days). It seems that this stamp duty is very high, I could not find out the exact amount. Anyway, people want to pay lower stamp duty.
If a property costs $100K the seller (developer, builder) will offer an option 30% in cash and rest in check (or cash) etc. This 30% is not shown to the government agency registering the purchase and hence the buyer does not pay the tax ( stamp duty). This unaccounted $30K on the credit side of the transaction is called “black money”. So, for a developer who builds and sells a lot of houses the black money is significant.
Apparently, since huge amounts are involved, this black money cannot come out into circulation easily. So this black money is used for bribing politicians and to buy other property for family members etc. That “underground” economy will be impacted.
As a few persons mentioned on this thread, politicians have a ton of black money. I don’t know how they launder that. I have not heard of politicians family members buying houses in the UK or the US. Maybe they can’t get their money out.
https://en.wikipedia.org/wiki/Zero_rupee_note
Steve Bannon deemed unacceptable by the SPLC, which is not a civil rights organization, it is a criminal terrorist organization. Real journalists have scripted the narrative.
The Mexican media is still losing its mind over the election results, while the peso continues to slide, falling to 21 to a USD and still sliding.
The thought of millions of paisanos being sent home is making them freak out. I’m sure that the knowledge that the first few million will be criminals isn’t giving crime weary Mexicans any warm fuzzies either.
That should free up some housing.
Workforce housing! Good news for the developers, they won’t have to build any.
Mexico should retaliate with some good old fashioned entry fees and raise taxes on Carrier and Ford.
the end result is that they’d wind up hurting their own economy more.
Isn’t it a race to the bottom with DT as POTUS? Smash it all to pieces then rebuild with the survivors.
he’s smashing the establishment to pieces, not the economy.
That should free up some housing.
Three million illegals? That’s like 17 houses.
racis
“the first few million will be criminals”
Isn’t sneaking into the country supposedly a felony?
True, all illegals are law breakers. The the first to be repatriated will be gang bangers and other thugs.
Dont hire them, dont rent to them, dont sell them bus passes, no DL’s…. then no illegals.
they come here for the jobs
Check this out:
‘Real estate firm Cushman & Wakefield is ranking Calgary with Moscow, Houston, and Aberdeen, Scotland, as the “oil-centric cities” whose downtown office real estate markets have been hardest hit by the global oil price shock.’
‘In a new report, it predicts the vacancy rate for downtown Calgary’s Class-A buildings — the best quality offices in the tallest buildings — will hit 27.5 per cent by the end of next year, the highest since the company began tracking numbers in 1985.’
‘Canadian research director Stuart Barron said the estimation will likely be revised higher in coming weeks due to slowing demand and the addition over the next year of about 2.7 million square feet in buildings under construction.’
“Right now the number is probably closer to 30 per cent that we’re comfortable with. It’s quite extraordinary,” Barron said.’
‘He said the previous high Class-A vacancy rate in the city was 17.3 per cent in 1992. The loss of 46,000 jobs in Alberta since oil prices fell below US$100 per barrel in mid-2014 has steadily emptied oil and gas head offices throughout Calgary’s core.’
‘It says 4.3 million square feet of downtown space in all classes has been returned to the market over the past two years. “The availability in downtown Calgary is almost 50 per cent sublet,” said Barron. “These are tenants bringing back space that they simply no longer need.”
‘In a separate report, Cushman & Wakefield said many landlords in Calgary are offering free or substantially reduced initial rents to tenants willing to sign a multi-year lease.’
I’m not worried about Calgary. They have a wave of American bed-wetters coming at them. Convoooyyy! Convoooyyy!
On a more serious note, sounds like a bloodbath
‘In a new report, it predicts the vacancy rate for downtown Calgary’s Class-A buildings will hit 27.5 per cent by the end of next year, the highest since the company began tracking numbers in 1985. He said the previous high Class-A vacancy rate in the city was 17.3 per cent in 1992.’
That’s a lot of Yellen bucks going to money heaven.
That’s a lot of Class A type stuff. And might that 27.5% projected occupancy rate be a tad optimistic?
I dunno, though. There’s possibility that, if ties to the Gulf are weakening, perhaps we’ll be making the Canadian energy industry great again. I’d rather they had the money. We might even do something for Venezuela, provided there’s regime change. Of their own choosing, you understand.
‘Renegade states plan to pull off their own Brexit and ditch the US for Canada’
https://www.thesun.co.uk/news/2179849/renegade-states-plan-to-pull-off-their-own-brexit-and-ditch-the-us-for-canada/
‘Tom Hall @TomHall
#CalExit
I Like #WestCoastNation!
When are we Leaving?
California, Oregon & Washington say Bye Bye! Nevada U2′
Thank Jeebus they are taking Nevada. Arizona won’t cut off your water Socal, promise.
California….. The poorest most impoverished state in the nation would collapse entirely without the US.
Our poverty rate would plummet. I was thinking, we could deport the illegals to California! They are so hard working this new part of Canada would flourish. It’s a win-win!
When-when are you leaving?
I wonder what would happen to all the “anglos” living there should Mexico annex the “California Republic”? Would they be granted Mexican citizenship, or would they be told to get their white keisters out of Aztlan?
“I was thinking, we could deport the illegals to California!”
Except as I wrote in the other thread, the plan is for CA to deport their poors to the rest of the US. Wait and see, that’s exactly what they’ll try to do.
‘get their white keisters out of Aztlan’
Wait a minute. Since all this hub-bub is about illegal immigrants from the south, isn’t this stampede into Canada kinda racist? Why automatically assume to join up with Canada when it would be much more multicultural to become part of Mexico. They could even merge with Canada too! We should help out and propose some new names: Nafta-ornia. Freetrade-ico
Isn’t Mexico’s ruling class basically full of white keisters?
Ben, if you don’t want to put this one through I understand. If you do, I’d just like to comment that the violent stuff is now starting to get real and very, very ugly. You have people like Paul Shrader and the CEO of PacketSled, Matt Harrigan, outright calling for violence and assassination. In Tampa, houses are getting sprayed with graffiti. Not to mention the calls to “Rape Melania”. And that’s just a little bit of it.
This is not good. Reminds me of the warm-up to lefty Stalinist type regimes.
Sourgrapeistan. New New Mexico.
https://twitter.com/BernieSanders/status/798192678785716224
“the CEO of PacketSled…the warm-up to lefty Stalinist type regimes.”
Relax Palmy. He must be off his meds.
This is how it starts. Doesn’t mean it has to end up that way, but this is how it starts. People are getting injured.
Isn’t Mexico’s ruling class basically full of white keisters?
It is, but they are Mediterranean white keisters, not Nordic white keisters. And they don’t want any competition.
“they are Mediterranean white keisters, not Nordic white keisters”
Well, let’s not split hairs. A white keister is a white keister. Dunno why the Aztlaners haven’t put period to them. It’s been the Hunger Games ever since the Spanish conkeisterdores set foot on Mexican shores.
The Banana Republic, British California, Hoserland, Sad Pandaland.
I like Sour Grapeistan and Hoserland. My two faves.
Butthurtistan is my contribution.
That’s the best so far.
Locals on the coast, north of Ventura call it, “no complaints”
Hong Schlonged, Costa del Schlonged, El Slchlongedavor, Schlongedelvania.
Schlongedinia.
Pandatopia.
Hoserland and Pandatopia are my faves
Choloslavia
Cholostan
Fagistan
∆
Jootopia
Don’t forget the parentheses.
Bigotopia
‘Smaller mum and dad type property developers with unsold apartments that failed to settle or were never sold will become ‘Egyptian Stock’ when the property bubble bursts, that could send many property developers to his or hers financial tomb.’ Said Scott O. Talbot.’
Now that’s a vulture!
This one is for oxide:
‘Have you ever thought about calling your landlord and politely asking to pay less rent every month? If you apply standard “you miss 100 percent of the shots you don’t take” logic, this should be a regular broke millennial practice—maybe even an annual hashtag.’
‘It turns out this actually works in Calgary. Thanks to a tumbling provincial economy and fewer migrating workers, landlords are struggling to keep tenants, and are saying “yes” to the ones who ask nicely for a discount.’
“I asked this summer, at renewal time,” one Calgarian tweeted at a Calgary Herald reporter earlier this week. “They offered a rate even lower than what I proposed.” Another tenant said she got $375 a month knocked off her monthly housing bill. “That essentially puts almost $5,000 more net income into our household that we can save,” she told the Herald. “It’s huge.”
‘They offered a rate even lower than what I proposed’
Poor Donk. Poor poor Donk
Calgary is suffering from too much inventory and an oil crash. That’s gonna break a few traditional LL rules.
BTW, RIP Gwen Ifill of PBS.
NEWT: BANNON CAN’T BE ANTI-SEMITIC — HE WORKED IN FINANCE!
__
I want to ask my landlord for new flooring. But with my rent about $500 less than the market rate, I hate to bug them. I will probably see if I can sign a 2-3 yr lease then DIY with bamboo.
Bannon for President 2024
Can he beat Michelle Obama / Steve Harvey ? Gotta have a TV personality in there from now on.
If rumors are true it’s George P Bush vs Chelsea V Clinton in 2024.
Is the bond bubble popping, with a dollar bubble to soon replace it?
The Financial Times
Election investment strategies
Global bond sell-off deepens in Trump growth bet
Dollar rallies on expectations stimulus will deliver economic expansion and inflation
Read next:
Buy dollars is the sudden Trump-era consensus trade
5 hours ago
by: Michael Hunter and Michael Mackenzie in London and Eric Platt in New York
A global bond market rout intensified on Monday while the dollar strengthened as investors bet that US president-elect Donald Trump’s commitment to economic stimulus will herald faster growth and the return of inflation.
Since Mr Trump’s surprise win in last week’s election, investors have begun to question their long-held consensus forecasts for subdued inflation and mediocre growth that underpinned a rally in bonds over the summer. Yields on US, UK, German and Japanese government debt are now rising from record lows and fixed income investors have lost nearly $1tn since the election.
“It is a sea change in thinking with Trump being elected,” said Margie Patel, a senior portfolio manager with Wells Fargo Fund Management. “We are in a new paradigm and it opens the door to the possibility that we have seen the end of 35 years of declining rates. Could we be on the cusp of seeing rates … rise? It’s too soon to say.”
The 30-year US Treasury yield jumped on Monday above 3 per cent for the first time since January, while 10-year yields rose 11 basis points to 2.26 per cent, the highest since January. Ten-year UK gilt yields regained pre-Brexit vote levels, while the yield on the German 30-year bond briefly moved above 1 per cent for the first time since early May. Yields rise as bond prices fall.
The dollar index rose back over the 100-point mark it hit last in December, rising 1 per cent on the day. The dollar has also strengthened against its major rivals on an individual basis, with the euro falling 1 per cent to $1.074 and the yen 1.7 per cent weaker at ¥108.45 per dollar. The pound dropped 0.8 per cent to $1.2497.
…
$1 trillion in one week…is that alot?
Remember the report on German 50 year bonds (a few months ago), that if interest rates rose 1% the holder would lose 50% of principle? Now think about this. These people were paying interest to loan money. And they stood to lose half of that money if rates rose 1%. These were the greatest fools of all time.
10 Boston-area communities where home prices have fallen the most
http://realestate.boston.com/buying/2016/11/14/10-boston-area-communities-where-home-prices-have-fallen-the-most/
Teslas in the Trailer Park:
A California City Faces Its Housing Squeeze
http://www.nytimes.com/2016/11/14/business/mountain-view-california-confronts-housing-crisis.html?_r=0
Mr. Callister is an engineer at LinkedIn, the sort of worker who, in most places, would own a home. But given the cost of housing in Mountain View and the brutal commute times from anywhere they could afford, a trailer makes the most sense and lets him spend more time with the couple’s two young children.
“We joke that it’s the only mobile home park with Mercedeses and Teslas in the driveway,” Mrs. Callister said. “It’s like the new middle class in California.”
I am surprised these silly valley co’s don’t relocate to Yakima, Las Cruces, or Twin Falls. If you work 70 hrs a week, might as well. Better for you mental health.
You’d think so, but my Santa Clara colleagues have no interest in leaving. They all think they’re gonna be millionaires someday.
As I’ve mentioned in the past, Californians love to complain about the Golden State, but years ago when we announced that we were leaving, our acquaintances asked us if we had lost our minds.
Most Californians have never been to visit great cities. All they do is work and drive to work.
They all think they’re gonna be millionaires someday.
Ain’t that the truth? Everyone here is plotting their big dirty. Only handful will make it. Better odds in Casino.
Interesting that these companies that create the tools for teleworking don’t make better use of them.
God did not create all men equal. That is why we have Whole Foods and the .99 CENT STORE.
This will be quite common:
BREAKING: Trump To Go Ahead With Keystone Pipeline, Owns Stock In Company Building It.
Trump vs the people
Smart man.
not if you like the great outdoors and wildlife and do not want big gov taking your land
I heard a rumor that Trump will not take a salary as President. Interesting if true.
Not a rumor.
He stated that to Lesley Stahl on Sunday night 60 Minutes show.
The pay and living quarters are not exactly a step up for him!
I heard a rumor that Trump will not take a salary as President
Interesting, but not as interesting as also foregoing the lifetime pension as well. Any word on that?
not as interesting as also foregoing the lifetime pension as well.
He knows how to make a statement, but he’s not STOOOPID!
That should make a big dent in the national debt.
How was your siesta in the RageCage?
it was a gesture, not a solution.
It’s unclear what the point of the gesture is other than to remind everyone that he’s a rich guy.
it figures you’d get it wrong.
Oh, really? So you know the intent of the gesture? Was there a statement about the gesture in the news? Maybe you spoke to him privately.
Symbols matter. Gestures matter.
mikey, i answered you but it didn’t go through. i’m not going to repeat myself.
“Trump To Go Ahead With Keystone Pipeline, Owns Stock In Company Building It.”
What will happen to the stock price of that Warren Buffett’s railroadhas been carrying the oil?
Warren Buffett Profits Hugely from Obama Keystone Decision
by Peter Brown April 16, 2012 at 2:28pm
The Keystone XL is a pipeline which would enable 700,000 barrels of crude oil to be pumped per day from Canada to Texas. What does this have to do with Buffet? With the permit denied, the only option left to transport the oil is via railroad. One of the key railroads which will be running this oil is the Burlington Northern Santa Fe, a railroad which Buffett acquired in 2009.
http://www.westernjournalism.com/warren-buffett-profits-hugely-from-obama-keystone-decision/
he musta cried a river when trump won.
“A week ago today, they thought they could fool us.”
https://www.youtube.com/watch?v=_M0q2s9hPRs
Cavuto: What a difference a week makes
they fooled ‘the oracle’. what a bumpkin.
obama bagged him once before the election too. can’t remember what it was offhand. might remember later.
trump on the new world order..
https://youtu.be/EYozWHBIf8g
or
https://www.youtube.com/watch?v=EYozWHBIf8g&t=202s
That’s a powerful speech I missed. Radical globalism, I’ve never heard that term used.
trump never knew it was this bad when he declared. he knew washington was corrupt, but he had no idea of the degree and really, the depravity. he’s learned that as he went along.
And trump is hiring all the good ol boys he calls corrupt.
he loves to hear whiners like you.
he musta cried a river when trump won.
I have a feeling that he won’t go hungry.
Hi Mike!
Lotsa change since you took a break. Looks like your talk of a landslide and such was a little off. Let’s catch up. So, do you like the Clinton’s in Federal or State prison?
I have a feeling that he won’t go hungry.
yeah, but nobody likes losin’ money. and couldn’t happen to a sweeter guy.
supermax in a shared cell.
Lotsa change since you took a break. Looks like your talk of a landslide and such was a little off.
We went over this. I never said landslide. It also appears that I was banned for the week or two before the election.
‘It also appears that I was banned for the week or two before the election’
And you didn’t keep the receipts? My gosh, you weren’t paid? Oh well, you’ve got 4 years of Trump to wake up to day after day.
It also appears that I was banned for the week or two before the election.
Dear god, I had hoped you were gone forever.
Dear god, I had hoped you were gone forever.
You can’t handle the truth!
Irrelevant
And you didn’t keep the receipts?
I’m not sure what you’re referring to.
it was a clever way of letting you know you’re posting here for free.
just one more thing you can’t figure out.
No, you’re probably mistaken. I don’t need to be told that I’m not getting paid.
$20 says you’ll be back in your RageCage by tonite.
you needed to be reminded.
why don’t you ask him if i was right or not?
Go ahead and ask yourself, tj.
what are receipts for mikey? aren’t they for proof of payment? he was asking for proof of payments that you are running the blog and/or paying for having the right not to be moderated. paying for the right to post crap he doesn’t want posted. do you get it now? nah, i’m sure you don’t..
Read it again. He wrote. “My gosh, you weren’t paid?” So the receipts might be for payments that I received, not payments that I made. I also never complained about the ban.
you left out what he lead with. he said: “you didn’t keep the receipts?” meaning if you show the receipts for payment, you might have a case. meaning you don’t have a say because you didn’t pay. meaning it’s his blog so don’t whine to him when he makes a decision about you, unless you’re paying for a specific right in decision making.
take what he says after that any way you want.
I never whined. I didn’t try to make a case.
tell you what mikey, you can have the last word. all anyone that’s interested has to do is read this thread and make up their own mind.
The first four words of the first bullet point of his energy proposals were “Make America energy independent”. So he’s going to approve a pipeline to bring in foreign oil. Whoever’s paying for that pipeline will waste a huge amount of money.
https://www.donaldjtrump.com/policies/energy
Re-posting this, I don’t want you to miss it Mike, so glad to have you back!
Hi Mike!
Lotsa change since you took a break. Looks like your talk of a landslide and such was a little off. Let’s catch up. So, do you like the Clinton’s in Federal or State prison?
What are the charges exactly?
Was it an enforced break, or was Mike on double duty for the final Hillary push?
I was just sick of his shit.
What are the charges exactly?
so you figure there shouldn’t be any charges?
No, I didn’t write that. Usually there’s a series events involving charges and trials and so forth. The sentence comes at the end.
And you can’t be pardoned until charged.
it was implied in what you wrote.
“I was just sick of his shit.”
LOLZ, attempting to post, day after day, only to be greeted with “It looks like you’ve already said that!” LMAO. Been there, but my cooling off period was a little shorter.
it was implied in what you wrote.
No, it was not.
sure it was. have any random normal person read it and chances are good they will agree. your denial doesn’t make it so.
Maybe tomorrow I’ll try to find some normal people, whatever the heck that means. You say my denial doesn’t make it so. You were the who started this dopey argument. Your insistence doesn’t make anything so either.
Ben, thanks for allowing Mikey to come back.
I’m looking forward to less snark-and-smarm.
And you can’t be pardoned until charged.
Sorry Ben, not for Presidential pardons:
” A presidential pardon may be granted at any time, however, and as when Ford pardoned Nixon, the pardoned person need not yet have been convicted or even formally charged with a crime.” (wiki)
your denial doesn’t make it so
Your insistence doesn’t make anything so either. The more important point is whether I think that there should charges in not interesting.
what you implied IS interesting. what you said isn’t.
anyone can see what you wrote and decide for themselves who is right.
You were the who started this dopey argument.
no, you started it when you asked “what are the charges exactly?”
did you blink your innocent little eyes as you typed the question?
That was only in response to the question, “So, do you like the Clinton’s in Federal or State prison?”
i think they belong in a shared cell in a federal supermax where they could live happily ever after. although sharing a toilet might be embarrassing. it would be fitting for all they’ve done, don’t ya think?
oh yeah, i forgot. you don’t think the should be charged. (yeah, i know. you didn’t say that.)
I didn’t say it, yet you read my mind.
I thought this was an interesting artcle. It talks about recent activity in Ginnie mortgages. (Some of this is over my head, but I know some of the words in this article.
)
http://www.mortgagenewsdaily.com/channels/pipelinepress/11142016-ny-fed-mbs-purchases.aspx
One of the embedded links from Freddie is good to highlight separately, you can see how fast the loan limits have grown in recent years compared to the past.
https://www.fanniemae.com/content/fact_sheet/historical-loan-limits.pdf
Some quotes:
“A big worry for Ginnie Mae’s management that has been brewing for quite some time is that Ginnie has been increasingly reliant on nonbank issuers, and those non-depositories rely on MSR sales or financings for liquidity in a way Ginnie’s traditional bank issuers don’t. If the decline in bidders or demand translates into too much of a decline in MSR values, a source of nonbank funding could be at risk. And remember that the problem isn’t small: this year Ginnie passed Freddie in terms of security issuance.
Ginnie’s Ted Tozier has stated that, “My biggest fear right now is that we might be running out of servicing capacity.” As a fix, non-depository Ginnie issuers/servicers may be subjected to stress tests. Many companies desiring to retain Ginnie servicing have had to finance the MSRs, but it is hard to say exactly how much issuers rely on MSR sales and financing. Anecdotal tales indicate that more MSR financing is secured by Fannie Mae and Freddie Mac servicing rights rather than Ginnie, and that banks favor Fannie or Freddie’s MSRs.
…
What if the NY Fed didn’t have any money to buy mortgage-backed securities? The FOMC has told us that, “The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction…” But what if principal payments go down? With the higher rates comes less chance of the Fed receiving money from rate & term refis and thus early payoffs to purchase more agency MBS. That’s a bit of a double whammy (higher rates lead to fewer refinances, fewer refinances lead to less Fed purchases, less Fed purchases lead to higher rates), although with many areas appreciating cash-outs are picking up. And there are borrowers selling their homes and moving up. “
Hey Donk.
Donk?
Anyway, at least two hedge fund / RE investment trusts recently decided to bail from the poorer-quality Ginnie mortgage market. I have no idea if that means anything though.
As long as borrowers are moving up the debt ladder everything is good, right?
Amazon loses $35billion.
http://www.bloomberg.com/news/articles/2016-11-14/trump-tech-meltdown-hits-fourth-day-as-amazon-cut-by-35-billion
I swear, Donald, I didn’t mean it. Can’t we just be friends?
http://i2.mirror.co.uk/incoming/article3388857.ece/ALTERNATES/s1200/Aleksandr-Orlov–Compare-the-Meerkat.jpg
Just a beginning. Another 700 bil to go.
Poway, CA Housing Prices Crater 6% YoY
http://www.zillow.com/poway-ca/home-values/
Nothing is better than Schadenfreude.
Youtube has quite a collection of election night coverage by the corp media.
“The Greatest Happiness is to scatter your enemy and drive him before you. To see his cities reduced to ashes. To see those who love him shrouded and in tears. And to gather to your bosom his wives and daughters.”
– Ghenghis Khan
Ode to the Special Snowflakes.
https://www.youtube.com/watch?v=RhalnCwP82s
Miami condo sales dropped 30% YOY while 14,0000 new (and undoubtedly all “luxury”) units flooded the market. Be afraid, Miami FBs. Be very afraid.
http://wolfstreet.com/2016/11/14/whiff-of-panic-in-miami-dade-condo-market-preconstruction-condos/
Don’t look now, but borrowing costs are going up. How is that going to impact corporate stock buybacks (one of the few things levitating our Ponzi markets) and new mortgage underwriting?
http://www.telegraph.co.uk/business/2016/11/14/global-bond-rout-escalates-with-volatility-set-to-continue-for-s/
More jawboning about a rate rise from Yellen’s flying monkeys.
http://www.marketwatch.com/story/feds-lacker-says-rates-may-rise-faster-under-trump-presidency-2016-11-14?link=MW_latest_news
Oh dear…
http://www.cnbc.com/2016/11/14/trump-effect-pushes-mortgage-rates-to-4.html
Buh-buh, Obama Echo Bubble…
Healthcare, Mexico-style. Where everybody pays at the time of treatment and they don’t have emergency rooms crowded with illegals with no insurance.
http://wolfstreet.com/2016/11/14/my-experience-with-health-care-surgery-insurance-in-mexico/
everybody pays at the time of treatment
That’s got to be false. The guy says that he had surgery that cost $22,000. It’s unlikely that he pulled half a million pesos out of his wallet and paid when he was released.
Irrelevant.
Maybe they take credit cards.
It’s a poor country. There must a very small portion of the population that can put $22,000 on a credit card. If you actually read the article, it says that there are two big government-run insurance funds that own hospitals.
I don’t know. In China local hospitals you pay the day before so they have time to process the payment. But even most surgery is much cheaper than that.
There is always the option to go to the international hospital for international service at international prices. They probably let you pay the international way.
Good riddance to the see-no-evil head of the worthless SEC.
http://www.businessinsider.com/mary-jo-white-stepping-down-as-sec-chair-after-obama-administration-2016-11
Globalism has enriched a corrupt and venal oligarchy at the expense of everyone else. Even left-leaning newspapers are finally being forced to acknowledge this central fact in Trump’s “shock” election victory.
https://www.theguardian.com/business/economics-blog/2016/nov/13/donald-trump-product-of-new-economic-depression
BEG FOR A LOAN ! U CANT ESCAPE THEM!
I have some pictures of a different kind of supermoon to post for our resident Hillary supporters.
http://www.dailymail.co.uk/news/article-3933994/Supermoon-2016-Stunning-photographs-incredible-sights-moon-closest-Earth-68-years.html
The election is over.
Mtg rates are going up fast.
LEVERAGE AND DEBT B@TCHEZ!
U HAVE TO JOIN THE PARTY!
Time for the scum making online death threats against Trump to get some quality time in a federal pound-me-in-the-a$$ prison to reflect on their poor judgement and inability to accept that the people have spoken.
http://www.marketwatch.com/story/tech-ceo-placed-on-leave-for-threatening-to-kill-trump-report-2016-11-14?link=MW_latest_news
Yeah, I laughed when I saw “place on leave”. How about fired?
Lock him up!
King Obama will order the Secret Service to let the guy off.
https://www.youtube.com/watch?v=zwDvF0NtgdU
Hillary is a mean drunk.
https://twitter.com/kincannon_show/status/798264132055302144
Hah, saw that posted on reddit. We’re just lucky the US hasn’t fallen quite so far as to descend into the whole dictator mode (whether communist or fascist) because that’s what this reminds me of. Cowed followers who will take any abuse as long as they are allowed to live. And death to anyone who crosses her. The rioters look like those people who take to the streets in support of Castro, Erdogan, Maduro, etc.
We haven’t yet fallen into dictator mode, but slightly over half of the electorate (a few million fewer if you subtract the illegals and dead voters) voted for probably the most corrupt and power-mad contender ever to seek the presidency, backed by the corporatocracy’s political arm, the DNC. Hillary supporters, almost all of them urban and the huge majority dependent on entitlements forcibly extracted from the productive, would have no problem imposing a Venezuela-style collectivist kleptocracy.
https://www.youtube.com/watch?v=aYlDUSEadpY
Are Soros Scum counted in the BLS employment data?
http://knuckledraggin.com/2016/11/hired-thugs/
99.4% of them have never heard of Soros. They do know who ROnald McDonald is.
Danville, CA Housing Prices Crater 5% YoY
http://www.zillow.com/danville-ca/home-values/
crushing.housing.losses.
Bolshevik faculty at UVA - the university founded by Thomas Jefferson - want a ban on quoting him. Go figure.
http://www.cavalierdaily.com/article/2016/11/professors-ask-sullivan-to-stop-quoting-jefferson
LOL—priceless.
While most homelessness is caused by addiction or other poor choices, the role of the central bankers in making housing and rent increasingly unaffordable cannot be overlooked.
http://www.independent.co.uk/news/uk/politics/shelter-anti-homelessness-helpline-every-30-seconds-rough-sleeping-figures-a7417011.html
Is it even legal for the Fed to meddle in the housing market?
They do what they want nowadays. Central planning is all about keeping prices from going down.
Housing or the RageCage my good friends….
Bethesda, MD Housing Prices Crater 5% YoY
http://www.zillow.com/bethesda-md/home-values/
Any chance that both interest rates and housing prices will return to normal levels before the Trump election rally plays out?
“Their job is to get you to pay more.”
Price controls are great aren’t they?
Buy later after prices crater for 70% less.
We are in some interesting times. I don’t think we have ever seen such much involvement by the powers that be to keep prices high.
What will change that?
Remember…Nothing accelerates the economy and restores financial responsibility like rising interest rates to dramatically higher and more appropriate levels.
Russia just launched an air and missile blitz against “terrorists” in Syria.
https://www.rt.com/news/366995-anti-terrorist-operation-carrier/
Oil set to drop further. Bad news for highly indebted shale producers.
http://oilprice.com/Energy/Crude-Oil/Iran-Surprises-OPEC-With-A-Further-250000-Bpd-Increase.html
The Keynesian fraudsters and “former” Goldmanites running our central banks for the exclusive benefit of their oligarch pals don’t like being called out on their financial warfare against the 99%.
http://www.telegraph.co.uk/business/2016/11/15/ftse-100-breaks-6800-and-pound-drops-below-125-ahead-of-uk-infla/
The market for office space in the UK is weakening. Oh dear…it must be Brexit’s fault.
http://www.telegraph.co.uk/business/2016/11/15/walkie-talkie-owner-land-securities-posts-95m-loss-as-demand-for/
Venezuelans voted for socialists who promised endless benefits at someone else’s expense. Instead (surprise surprise) they got a corrupt, incompetent collectivist kleptocracy. You reap what you vote, Venezuelans!
https://www.theguardian.com/world/2016/nov/15/venezuela-crisis-nicolas-maduro-salsa-dj-radio
Establishment politicians are now trying to masquerade as populist reformers. Nice try.
http://www.independent.co.uk/news/uk/politics/theresa-may-some-company-bosses-believe-i-am-anti-business-a7417241.html
Oligarchs who bet big on Establishment GOP clown car occupants are miffed and want their money back.
http://finance.yahoo.com/news/these-10-megadonors-blew-112-million-on-losing-candidates-in-the-presidential-election-205735432.html
The MSM has its panties in a twist because Trump called Alex Jones, a “conspiracy theorist” to thank him for his support. While Jones can be a bit sensationalist and loose with his facts, Wikileaks revealed that a lot of those “conspiracy theories” are conspiracy facts.
https://www.yahoo.com/news/alex-jones-says-president-elect-trump-called-to-thank-him-for-his-support-151320853.html?.tsrc=jtc_news_index
“a bit sensationalist”
Alex Jones - LOL
“I was just sick of his shit.”
Ben Jones - LOLZ
Congratulations Mighty!
It looks like you have moved on to Stage Five.
The Five Stages of Trump Grief
By Alexandra Petri November 11
1. Denial
Somehow you fall asleep.
“Did this still happen?” you ask Siri, when you awaken.
Yes. It has still happened. Neither this nor your subsequent three stress-naps will cause it to unhappen.
2. Bargaining
You go to Baba Yaga’s chicken-legged shack on the edge of the forest. “Please,” you say. “Take anything you want. I will make any trade. My free press? My bodily autonomy? My voice? My right to a place at the table?”
Baba Yaga looks at you, confused. “You must trade something you still have.”
3. Anger
The fear clenches into a fist deep in your gut.
Bile rises in your throat. You begin to type furiously.
Everyone seems angrier now, not just you. Some of them aren’t even grieving. They were just always this angry. Now you see them.
4. Depression
Maybe if you don’t get out of bed ever again the Trump presidency will not happen.
5. Acceptance
No. Not that. Never that.
https://www.washingtonpost.com/blogs/compost/wp/2016/11/11/the-five-stages-of-trump-grief/
No, that’s not how it went. The first stage was shock. It’s subsided for now, but it will probably return once he actually gets power.
“Shock” … another word for being completely out of touch.
Banksters are showing their true colors.
http://www.thegatewaypundit.com/2016/11/call-authorities-senior-banker-calls-isis-rape-decapitate-melania-trump/
German taxpayers must love footing the security costs of Merkel’s Marauders. Then again, the German sheeple voted for globalism and open borders.
https://www.rt.com/news/366958-germany-special-op-islamists/
Increasing tensions between NATO and Russia could put a chill on Russian oligarchs parking their ill-gotten gains in London.
http://www.businessinsider.com/wealthy-russians-research-the-uks-ww2-internment-policies-in-fear-of-a-new-war-2016-11
UK government reportedly has no plan for Brexit, despite the popular vote to exit the EU.
http://www.aljazeera.com/news/2016/11/leaked-memo-uk-government-plan-brexit-161115081621073.html
“The more fiat we create the richer we are.”
World’s Biggest Real Estate Frenzy Is Coming to a City Near You
Bloomberg News
November 14, 2016 — 11:00 AM EST
Updated on November 15, 2016 — 3:10 AM EST
http://www.bloomberg.com/news/articles/2016-11-14/world-s-biggest-real-estate-binge-is-coming-to-a-city-near-you
The article says that a 318 m2 house costs $1M in Orlando. I don’t know where they got that number from. They don’t even cost half that much in Disney’s master planned “Celebration” community.
I forgot about Ginsburg.
Celebrities who said they’ll leave America if Trump wins
Greg Keraghosian Updated 11:48 am, Monday, November 7, 2016
http://www.sfgate.com/news/article/Celebrities-who-said-they-ll-leave-America-if-10592241.php
“we are gonna need a lot more monetary stimulus to do more fiscal stimulus.”
The deplorables have spoken.