Seeing A Slowdown, Definitely
A report from the Miami Herald in Florida. “The number of existing home sales in Miami-Dade County took another plunge in October, dropping 22 percent compared to October 2015, according to the Miami Association of Realtors. Condo sales took a big hit, as developers pump new inventory into the market. Sales for existing condos fell to 983 in October, down 30 percent year-over year. October also saw a drop in home sales in Broward County. The number of residential transactions there fell 13 percent year-over-year. Brokers have warned that as sales slow down, sellers will need to lower their asking prices for luxury homes.”
The Chicago Tribune in Illinois. “Home buying in the Chicago area plunged sharply in October, continuing a downward trend in sales that began over the summer. October’s decline was the worst since an 8.5 percent plunge in November 2014. ‘We are seeing a slowdown, definitely,’ said Doug Carpenter, president of the Illinois Realtors. Yet he thinks there is pent-up demand and ‘hopefully there will be a pickup now that the election is over.’”
The San Francisco Chronicle. “After months of rents shooting up almost unilaterally across the nation, finally a slowing down. Zumper’s national rent index for November, 2016 looks back at October. The data show that almost half of all US rental markets either experienced no change or experienced a decrease in the median price for one bedroom apartments. That includes the perennial most pricey markets of San Francisco and New York (so, still pricey; just slightly less so).”
“‘Among the top ten rental markets, we saw declines in both of the most expensive markets, San Francisco and New York, a trend that continued from [September], and half of the twenty priciest saw falling rents, including cities like San Diego, and Miami, and Honolulu. The market for two bedroom apartments seems to be slowing down even faster, as prices fell in nearly 60% of rental markets.’”
The Baltimore Brew in Maryland. “Oaktree Capital Management cashed in during the U.S. housing crisis, buying up distressed assets at bargain prices. But critics say the holders of Oaktree’s mortgages are suffering because the Los Angeles-based investment firm misused a federal program to buy up the properties. One of those people, a 64-year-old nurse from the Cylburn neighborhood in Park Heights, stood in City Hall yesterday alongside of several City Council members and union and community allies.”
“When Sandra Cohen’s income plummeted after the private duty patient she cared for died in 2009, she tried unsuccessfully to get the Bank of America to modify her loan. Cohen said she was thrilled when Oaktree’s servicer, Selene Finance, bought the loan, lowering her payments to $800 a month. ‘I was excited. I thought I was back on track. I could afford $800,’ she said. ‘Little did I realize that in the year 2054, I’d have a balloon payment attached to my mortgage – $76,000. What’s my family going to do? Finance that after 40 years? I will never own this house.’”
“As of June, 40% of Oaktree’s Baltimore loans have been foreclosed, with another 20% in the process of foreclosure, according to a report by UNITE HERE Local 7, which organized the event along with United Workers. ‘This is the sheer definition of predatory lending,’ said Councilman-elect John T. Bullock (9th District).”
“In a statement emailed to The Brew, Oaktree disputed UNITE HERE’s information. ‘For perspective, more than 55% of the Baltimore loans purchased by Oaktree-managed funds were already in foreclosure at the time of purchase, and the average loan was more than two years in arrears. HUD was seeking partners capable of injecting new capital and expertise into these difficult situations and helping borrowers retain their homes, and we’re proud to have been able to do so.’”
“Sandra Cohen, meanwhile, is pushing to get some relief after what she said was deceptive behavior by a lender under a federally managed program. Seeking a lawyer, she said her experience has left her bitter. ‘When the banks got bailed out, the loans got sold, [but] our interest didn’t come down, the principal didn’t come down,’ she said. ‘Instead of anything coming down, we had fees attached, attorney fees, corporate advance. Corporate advances!’”
‘I will never own this house’
Should have paid more attention to math classes.
‘The number of existing home sales in Miami-Dade County took another plunge in October, dropping 22 percent compared to October 2015…Condo sales took a big hit, as developers pump new inventory into the market. Sales for existing condos fell to 983 in October, down 30 percent year-over year’
They are getting quiet in Miami. No detail on the luxury or super luxury segment, which was already in a free fall.
With property taxes being what they are, at least in my area, you never truly ‘own’ your house anyways - you just rent it from the county.
Our country’s founders wouldn’t even recognize this as America, if they were alive to see it today.
Well…. At this point rent it for half the monthly cost. Then buy later after prices hit bottom for 70% less. Let the bagholder take the hit.
Our country’s founders wouldn’t even recognize this as America, if they were alive to see it today.
Tell me about it. They’d have to free their slaves and everyone can now vote (even the dead!)
Kidding aside, I’m sure that the property taxes in many locales would curl their toes.
Got TABOR?
The founders were no strangers to change.
Our country’s founders wouldn’t even recognize this as America, if they were alive to see it today.
I guess that they’re lucky that they’re dead.
Are you allowed to move to a lower tax state?
Those places are full of rednecks and guns and what not.
“…and what not.”
Like the King James good-book shoved up your azz?
Isn’t Washington one of those states with no state income tax?
Yes, but with high and going higher property taxes, in the “desirable” urban areas.
NV has no income tax. Live near Tahoe.
There are no ‘desirable’ urban ghettos.
Our country’s founders wouldn’t even recognize this as America, if they were alive to see it today.
We’ve become a mobocracy as our national descent into IDIOCRACY has accelerated.
True that.
Consider the folks who took Trump’s campaign promises at face value, for instance.
Nine times Donald Trump has already betrayed the US voters who put their faith in him
Within days the President-elect has rowed back or ditched a string of his bizarre promises
Joe Watts Political Editor
Saturday 12 November 2016
…
If only Uncle Sam’s minions hadn’t worked so hard to make dumb money look smart by reflating housing prices circa 2012, we wouldn’t be mocking the latest greatest fools who are setting themselves up as the knifecatchers in the next housing market free fall.
‘The greater San Diego area remains a seller’s market, led by significant price growth and low inventories. One market segment is starting to slow down somewhat, however: luxury homes. According to the Greater San Diego Association of Realtors, properties priced at $1.25 million and above were the only sector to see an increase in inventory from August 2015 to this past August.’
‘The beach side community of Del Mar reflects this slowdown, as the majority of its properties list for well over $1 million. Luxury homes sit the longest on the market, with an average of 57 days until sale this past August, compared with just 34 days for all properties. This inventory is putting downward pressure on the percentage of the original listing prices these properties are receiving. This past August, the segment averaged 93.1% of original list price, which seems relatively healthy until compared with the 97.1% that overall properties received.’
‘Del Mar is currently trending toward a buyer’s market because of increasing inventory. This past August, the town had a 5.6-month supply of inventory for single-family homes, a 21.7% increase over August 2015. Although the condominium/townhouse supply was just three months this past August, that represented a whopping 57.9% increase over August 2015.’
The median price in Del Mar is $1.5M. At those prices it’s amazing that they only have a 6 month inventory.
I read on another message board that SD is considering an airbnb ban or somesuch. It seems like its only 5-10% of them that are a problem in their neighborhoods, but as usual a few bad apples ruin it for everyone. They should just have airbnb hire some no necked thugs in porkpie hats with pushbroom mustaches to “persuade” the miscreant owners of the offending rentals to change their behavior.
I dont think the SD vote would affect Del Mar, thought it was its own separate city, but maybe that changed since I left that retarded state 10 years ago. I lived in Del Mar for a couple years, too many of the people sucked - obnoxious and entitled. By comparison adjacent Solana Beach isnt nearly as bad. Its like having that zip code gave you an ahole card to play, and play it they do.
Also interesting to note on that other message board where I read about this pending vote on a ban - which has nothing to do with housing - is back to being flooded by correct the record types after that lull pre election where I suppose they were “getting out the vote” in cemeteries, kind of like certain people here. They’re just a handful of people but theyre losing their minds, and accounting for ~80% of the posts. Theyre going to go insane when they see this, lol!
http://theweek.com/speedreads/663775/donald-trump-selling-make-america-great-again-christmas-ornaments-149
Ocean is going to deteriorate due to the dangerous levels of salinity from all those regressive tears. Hell, they might have to check in to an emergency room to get an IV due to dehydration from crying so much. I wonder if Obamacare covers that? No matter, cuz its toast come January! Doh, more tears over that too! They just. cant. win.
They should just have airbnb hire some no necked thugs in porkpie hats with pushbroom mustaches to “persuade” the miscreant owners of the offending rentals to change their behavior.
It would be a lot easier for AirBNB to simply drop them from the website.
Cool. Maybe by 2020 or so, we will be able to afford to relocate to Del Mar.
any sign that mort lenders are tightening beyond the up move in the 10 yr rate?
How about that US dollar?
There is no greater gift to everyone than an increasingly valuable dollar driving prices ever lower accelerating the economy like nothing else can.
Trump- CHECK
Falling Prices- CHECK
Rising Borrowing Costs- CHECK
Rising Dollar- CHECK
The HBB is one bad-assed blog.
I told you Hillaryous is unelectable.
Hillaryous probably got more votes in total, thus proving that a slight majority of ‘Muricans are as amoral as they are stupid.
Zuckerberg is globalist scum:
http://mobile.nytimes.com/2016/11/22/technology/facebook-censorship-tool-china.html?referer=
Yah, he’s a pig, but why are you still on Faceplant?
+1
The Southern Poverty Law Center is not a “civil rights” organization:
http://www.breitbart.com/big-government/2016/11/23/immigration-reform-group-sues-splc/
The SPLC will be all over this story…NOT!
http://www.al.com/news/birmingham/index.ssf/2016/11/pair_charged_in_explosive_devi.html
“Sandra Cohen, meanwhile, is pushing to get some relief after what she said was deceptive behavior by a lender under a federally managed program. Seeking a lawyer, she said her experience has left her bitter. ‘When the banks got bailed out, the loans got sold, [but] our interest didn’t come down, the principal didn’t come down,’ she said. ‘Instead of anything coming down, we had fees attached, attorney fees, corporate advance. Corporate advances!’”
So much for those cram downs.
Wah. Caveat Emptor, bagholder.
Buy now, or be priced out forever. Forever.
http://www.cnbc.com/2016/11/23/mortgage-applications-up-as-fear-of-rising-rates-triggers-homebuying-surge.html
“The increase in purchase activity was driven by borrowers seeking larger loans, with applications for purchase loans above $417,000 increasing 16.8 percent for the week,” said Michael Frantantoni, MBA’s chief economist. “
So that means it’s come off 20 year lows to 19.5 year lows?
Imagine for a moment - the image of Hillary and Bill (Hillbilly for short) looking at each other over Thanksgiving diner.
Both now are retired. What to do other than look at one another?
Suddenly, I am ravenous! Bring on the vittles!
Let’s eat!
I think your idea of retirement is not what the 1% think.
Veal Island likely has great weather ’bout now.
WOW!!! Holy sh*t.
Trump just now appointed a charter-school advocate (Betsy Devos) as Secretary of Education!
I guess the guy is serious. Big Government = Titanic.
Have an fantastic weekend, everyone! I know I will.
2017 Hope and Change!!
DeVos played a key role in pushing a 2000 ballot proposal to create a school voucher system for Michigan students. She served as a Republican National Committeewoman in the 1990s, and chaired the Michigan Republican Party from 1994 to 2000 and again from 2003 to 2005. A billionaire powerbroker, DeVos has been a huge donor to and fundraiser for the Republican Party. A 2014 Mother Jones profile on the DeVos family referred to them as “the new Kochs.”
expanding the swamp
Rent free.
Trump owes back rent, offered .60 on the dollar to settle.
Yeah, Mother Jones is unbiased and all public schools are great!
And her brother, David Prince, is the founder of BLACKWATER USA!
Draining the swamp, indeed!
Sorry, make that Erik Prince.
“Have an fantastic weekend, everyone! I know I will.”
Happy Trumpsgiving, Mac. Best to you and the family.
Betsy Devos opposes Common Core. Abolishing this abomination would be a huge step in the right direction. The NEA indoctrination mills will bitterly resist any attempts to give our kids a quality education instead of preparing them to be lifelong dependency voters incapable of original or independent thought or functioning as useful citizens.
http://www.zerohedge.com/news/2016-11-23/education-association-slams-trumps-anti-common-core-nominee-education-secretary
Well, the NEA and its drones are very much against diversity of thought.
People who “can’t get with the program” are a problem.
Does the NEA sponsor street rioters, too? Or is it just Soros and Obama?
Do charter-schools have a “nutritious” free lunch and dinner before ‘ya go home?
How good is Zumper’s rental price data? Is their data mostly for corporate-owned large complexes (more expensive) or do they include stuuf like Zillow and Craigslist?
https://www.zumper.com/blog/2016/11/zumper-national-rent-report-november-2016/
Last night was dinner and a movie, yes on a Tuesday. We renters can afford too go out every night! Doctor Strange is a good flick!
Will Alabama’s Sessions support states’ rights – when the issue is marijuana?
WASHINGTON
After winning big at the polls only 10 days ago, backers of marijuana legalization fear their movement took a major hit Friday when President-elect Donald Trump chose Alabama Republican Sen. Jeff Sessions, a staunch legalization opponent, as his attorney general.
At a Senate hearing in April, Sessions called marijuana “dangerous” and said that “good people don’t smoke marijuana.”
And in a speech on the Senate floor earlier this year, Sessions criticized President Barack Obama for not being tough enough on marijuana, saying the U.S. could be at the beginning of “another surge in drug use like we saw in the ’60s and ’70s.”
“You have to have leadership from Washington,” Sessions said. “You can’t have the president of the United States of America talking about marijuana like it is no different than taking a drink. . . . It is different. And you are sending a message to young people that there is no danger in this process. It is false that marijuana use doesn’t lead people to more drug use. It is already causing a disturbance in the states that have made it legal. I think we need to be careful about this.”
Read more here: http://www.mcclatchydc.com/news/politics-government/white-house/article115643188.html#storylink=cpy
How much has he collected from Big Pharma?
and big Alcohol.
Colorado collected almost $70 million in marijuana taxes during that time, nearly double the $42 million collected from alcohol taxes.
From what I’ve read, those MJ taxes are pretty stiff. The voters did approve them and made a TABOR exemption for them.
Ray, I need to invest in pharmaceuticals.
Demand on the coasts undoubtedly is on the rise already, with much demand in store come 2017.
What’s wrong with these states? They shouldn’ta made marijuana legal, they shoulda made quaaludes legal. Lordy knows there’s pent-up demand for sedatives!!
10-year US Treasury hit a 52-week high today. Looks like the bond vigilantes are going to force Yellen’s hand at the next FOMC meeting.
http://www.marketwatch.com/investing/Bond/TMUBMUSD10Y?countrycode=BX
How does the market re-pricing Treasuries force the Fed to do anything? I’m not seeing any mechanism.
Agreed. The Fed could stand pat and let its banker constituency pocket the full spread between the short end of the market, which is reflected in rates paid on savings accounts, and the long end of the market, which is highly correlated to the rates at which banks make loans.
I’d go so far as to suggest the Fed may be under considerable political pressure from its constituents to keep its rates right where they are.
For nine years the Fed has been bilking savers and the prudent out of an estimated $500 billion a year in interest income. What possible excuse will Yellen the Felon trot out this time around if she punts yet again on an interest rate hike?
http://www.zerohedge.com/news/2016-11-23/fomc-minutes-confirm-rate-hike-imminent-preserve-credibility
WASHINGTON
After winning big at the polls only 10 days ago, backers of marijuana legalization fear their movement took a major hit Friday when President-elect Donald Trump chose Alabama Republican Sen. Jeff Sessions, a staunch legalization opponent, as his attorney general ??
Hey Sessions, why you take your Federal righteousness and shove it up your a$$.
Expanding the swamp!
Hey Trump, we want less gov, not more!
We need a cage over here.
La Cage Aux Folles ain’t a bad movie. Pretty funny, actually.
A shame that our resident progressives can’t bring that kind of humor to the table.
Dem grapes are really sour.
On a brighter note, the mood of the country is improving quite nicely. Consumer confidence is up since Trumps’ win.
http://www.businessinsider.com/umich-consumer-confidence-november-23-2016-2016-11
B-b-but I needz muh drugz, else I get all cranky and write mean postz on hbb!
Bet you didnt have a problem with federal righteousness throwing out the results of the MAJORITY of states that voted to make gay marriage illegal.
Stage 2
‘Little did I realize that in the year 2054, I’d have a balloon payment attached to my mortgage – $76,000. What’s my family going to do? Finance that after 40 years? I will never own this house.’”
Someone should’ve paid closer attention in math class. Imagine the shocking realization all the graduates of our NEA indoctrination mills are going to have when they realize the world does not recognize their status as entitled special snowflakes, and when the freebies they are promised in exchange for their “D” votes fail to materialize.
From the comments: “According to Maryland Land Records, Ms. Cohen started out with a mortgage of $67k in 2005 and then did cash-out refinances on multiple occasions, the last being with HUD for $172k . . . and she originally bought it from HUD after a previous foreclose). Would have been nice if The Brew had done a little independent research, rather than just being part of the press release. The surreal world of the financial crisis is on full view when the “victim” pocketed a cool $100k. As a taxpayer, I wish HUD had never lent her the money and victimized her, either.”
The man, the legend. RIP Ronny.
Keeeeeeeyrank it up to the US anthem.
https://youtu.be/6GxWmSVv-cY