Not Long Ago, Things Were Different
A report from Q13 Fox in Washington. “Seattle is the hottest housing market in the country according to new numbers released by the Case-Shiller Indices. Home prices across Snohomish, Pierce and King Counties are up and Seattle prices are rising twice as fast as the rest of the country. Derek Parkhurst purchased a home in Kitsap County, learning to get used to the longer commute. ‘We couldn’t afford Seattle,’ Parkhurst said. The influx of buyers going further out of Seattle is also driving prices up outside King County. Zillow says Pierce County’s median home price is $281,000, up 10 percent. Snohomish County is $377,200 - up 11.2 percent - while King County’s median price is $518,000. ‘That’s crazy, but look at all the cranes - you know it’s exploding here,’ Parkhurst said.”
“‘It seems like Seattle’s great renaissance,’ said Joe Paganelli, who recently moved to Seattle from L.A. Paganelli said Seattle has yet to reach the height of the market, so he believes buying in now will still be a good investment. ‘We better get buying right away,’ Paganelli said.”
From CBS Sacramento in California. “Housing prices across the country and in Sacramento County are back to where they were when the market peaked nearly 10 years ago. Today’s buyers and sellers haven’t forgotten about the housing meltdown and some are worried we’re on the brink of another bubble. ‘Are you kidding? I’m not going anywhere,’ said Ty Smith, who bought his home back in 2008, just as home prices across the country hit rock bottom. Less than a decade later, he thinks history is coming full circle. ‘The bubble is close, if it’s not here already,’ he added.”
“Sacramento State Finance Professor Sanjay Varshney doesn’t think we’re there just yet. ‘If history repeats itself, the best real estate market and the worst real estate market of our lifetime is behind us,’ he said. ‘If you’re still sitting on the fence, thinking that ‘I’m going to wait a little bit more because chances are the market might crash like it did in 2008,’ you might be waiting forever because it may never happen.’”
The Mercury News in California. “Repeat, repeat, repeat: The Bay Area housing market is showing definite signs of cooling. That message — heard again and again in recent weeks — is amplified once more by a report from the California Association of Realtors, showing pending sales across the region down 11.6 percent in October on a year-over-year basis. The report shows pending sales for October were down year-over-year in San Francisco by 21.2 percent, in Santa Clara County by 12.5 percent, and in San Mateo County by 5.0 percent.”
“‘Prices have risen to a point where they’re starting to eat into demand,’ said Jordan Levine, an economist for C.A.R. Given the dramatic size of the regional decline, Levine said, ‘You can extrapolate that this is something we’re seeing in the East Bay, as well. It’s not just a San Francisco and Santa Clara phenomenon.’”
“Levine emphasized that buyers are suffering from sticker shock and therefore feeling less competitive. ‘It’s a question of finding the funds you need for a down payment,’ he said. ‘When prices get to the levels that we’re seeing, you’re still having to come up with a pretty decent down payment — even if you’re a first-time home buyer getting an FHA loan for 3.5 percent down.’”
“Levine did some quick math: In Alameda County, where the median price of a single-family home is $780,000, that FHA loan would translate to ‘more than $27,000 cash you’ve got to put down, not counting other closing costs …’ he said. ‘I just think that affordability is becoming an issue on the demand side.’”
From Bloomberg on New York. “Some Manhattan apartment owners trying to sell their homes have big dreams these days: They’re seeking about 40 percent more than they paid for the properties, even if they were bought within the past five years.”
“This year through September, sellers listing apartments priced at $3 million or less that were bought in 2010 sought a median of 47 percent more than their purchase price, data compiled by StreetEasy show. Owners who bought in 2011 have returned homes to the market for a median 42 percent markup, and buyers from 2012 listed for 35 percent more, according to the real estate website.”
“‘That detachment from the market, from what the value actually is, is a big part of why sales are down,’ said Jonathan Miller, president of appraiser Miller Samuel Inc. ‘In my experience, it takes sellers a good one to two and a half years to believe in the new market. The buyers are with the program immediately.’”
“Not long ago, things were different. Apartments for less than $3 million were scarce, the result of a post-recession development boom that focused on ultra-luxury condos aimed at investors. Resales in general were also in short supply, as owners refrained from listing their units because they couldn’t trade up. Sellers who did put their homes on the market were reaping large returns from buyers fighting each other for what little was out there.”
“In Manhattan as a whole buyers aren’t feeling the urgency they once did. Of the apartments listed for $3 million or less at the end of September, 58 percent had gotten price cuts at some point while on the market, according to a StreetEasy analysis. The median decrease was about $46,000. People interested in bidding on homes may still hesitate to make an offer for fear coming in too far below what an owner might agree to, said Scott Harris, a broker with Brown Harris Stevens. But that’s starting to change.”
“‘Buyers are getting more confident in making lower offers,’ he said. ‘I don’t know that sellers are happy to accept it yet.’”
‘It’s a question of finding the funds you need for a down payment,’ he said. ‘When prices get to the levels that we’re seeing, you’re still having to come up with a pretty decent down payment — even if you’re a first-time home buyer getting an FHA loan for 3.5 percent down.’
‘Levine did some quick math: In Alameda County, where the median price of a single-family home is $780,000, that FHA loan would translate to ‘more than $27,000 cash you’ve got to put down, not counting other closing costs …’ he said. ‘I just think that affordability is becoming an issue on the demand side.’
Isn’t it interesting that prices ran all the way up to unaffordable, even with these low down loans? And this economist probably missed the part where higher prices mean lower demand. As long as the credit was there, it was going to put money in their pocket every day:
‘It seems like Seattle’s great renaissance,’ said Joe Paganelli, who recently moved to Seattle from L.A. Paganelli said Seattle has yet to reach the height of the market, so he believes buying in now will still be a good investment. ‘We better get buying right away,’ Paganelli said.’
It’s always a fairy tale on the way up with these bubbles.
Realtors are liars.
I just cannot imagine borrowing $700,000+ if I did not have enough cash on hand for a $27,000 down payment. The next wave of defaults will be devastating and is almost here.
30 year treasury over 3% today. They’ll be remembering that 700k is a lot of money soon.
My eyes bugged out like a cartoon looking at that number. Why do people choose debt slavery over a life of freedom so often?
Once rates hit 4% again, the new greater fools will be paying more per year in interest on their $700K McMansions than we pay in rent. Mean reversion after QE3 is gonna be a bitch.
Not if they borrowed when rates were lower, assuming they took out a fixed rate mortgage.
Of course, they’ll have a heck of a time selling that McMansion should the need arise.
new greater fools
he inserted the word “new”…
Who is buying these $800K homes? In addition to the $27K down payment, you would have to pony up a PITI of $4000/month. And remember, even if they had down-payment assistance and the like, these buyers have to pay the full PITI that first month, and every month, for 30 years. No interest-only grace periods and neg-am nonsense. Is the median income really $200K+ in Alameda?
Who is buying these $800K homes?
Snowflakes
Alameda California? Possibly. Friends out that way who have been there a while could afford it easily. Another friend that moved to NorCal not that long ago has already made more than half that in stock profits alone. It’s a lotto that some win, some don’t. But obviously enough do. I got a phone call from a heahunter, Mountain View job. He immediately said “$180K a year before benefits.”
My employer that is in Oakland isn’t quite that good but my coworker probably pulls $140-150K a year before stock. He’s the main reason I’m leaving though, newbie manager. Has been looking at houses locally in the $700K range. Stay at home wife to boot.
As a midwesterner, I would NEVER buy a house at that price point on that salary. Maybe $400k. They’ll have almost nothing left over to live on.
Have you moved to Oakland CA then? Or are you working remote from NoVA? I would think that if you’re working remote, you could buy your little ranch house with the big garage and walk-out basement anywhere in the country for under $150K.
“As a midwesterner, I would NEVER buy a house at that price point on that salary. Maybe $400k. They’ll have almost nothing left over to live on.”
A lion in the grass doesn’t bother with the strongest in the herd… not while that veal on wobbly legs is easier.
‘Levine did some quick math: In Alameda County, where the median price of a single-family home is $780,000, that FHA loan would translate to ‘more than $27,000 cash you’ve got to put down, not counting other closing costs …’ he said. ‘I just think that affordability is becoming an issue on the demand side.’
—————-
Levine isn’t so bright. The max FHA loan in Alameda County is in the range of $625k, and so someone would need to come up with ~$150k plus closing costs to get an FHA loan. At $150k on a $780k home, you are essentially talking about 20% down.
$780,000 mortgage and requires only $27,000 down? What kind of financial wizardry is going on in this country? No wonder why people default. If you can afford 780K, you better have more than 27K…..
‘Some Manhattan apartment owners trying to sell their homes have big dreams these days: They’re seeking about 40 percent more than they paid for the properties, even if they were bought within the past five years.’
Sometimes I think these Bloomberg guys are reading here because I made this observation yesterday.
what remains unsold is not recorded so…………..
seattle still getting CA refuge
DC area awaits the human tornado
Townhouse near me, bank owned, $500K listing. Recent comps from immigrants overpaying have it around that. Wonder if it will sell? I rent for $2150, smaller unit but after taxes and PMI the loan @ $500K @ 5% wouldn’t cash flow as a rental at all if I have to move. It might just be that they’re all willing to pay whatever to build their own little Bangladesh in Chantilly or whatever.
Hold on in n va bro
Trump can chop lots of heads and dc area ‘re would dive
Kinda like how Soviet tanks in the streets of Berlin were a significant concern to German leaders in WWII?
—-
6 million Americans have stopped paying their car loans, and it’s becoming a ’significant concern’
Business Insider | 11/30/2016 | Matt Turner
Hedge fund manager Jim Chanos has said the auto-lending market should “scare the heck out of everybody,” while the auto-lending practices of some used-car dealerships has been given the John Oliver treatment on TV.
Now the New York Federal Reserve is taking a closer look at the market. In a blog published Wednesday on the New York Fed’s Liberty Street Economics site, researchers highlighted the deteriorating performance of subprime auto loans and set off the alarm.
“The worsening in the delinquency rate of subprime auto loans is pronounced, with a notable increase during the past few years,” the report said.
There are, however, signs of stress in the subprime market segment, which has seen rapid growth. Here are the key numbers from the report:
* The subprime delinquency rate for the trailing four quarter period moved to 2% in the third quarter. The only other time it was 2% or more was in the aftermath of the financial crisis.
* Subprime auto loan originations hit $31.3 billion in the third quarter, down from $33.6 billion in the second quarter. Bank and credit unions originated $9.5 billion in subprime auto loans in the period, a record high.
* Outstanding subprime auto loan balances now stand at $280.2 billion, a record high. For perspective, the pre-crisis high was $249.5 billion, in the fourth quarter of 2007.
some good used car deals coming-I’m a buyer next year
Not to mention the cheaper cars coming. How bout that US dollar?
I really like my 2016.5 Mazda CX-5! 30mpg and room for all the camping gear. Quiet ride and power to climb mtns.
Where is it made? Japan or Mexico?
Japan. VIN J___ The only way to go. Mexico is making the 3’s I think.
“The CX-5 remains the best-driving CUV in the segment by a country mile. It’s legitimately fun to drive,” said Motor Trend editor Scott Evans, who applauded the linear power from the 2.5-liter four-cylinder engine as having “plenty to give at both the bottom and top end.” The Skyactiv inline-four bangs out 184 horsepower and 185 lb-ft of torque.”
Thanks. I’m looking at buying one for my wife.
“some good used car deals coming-I’m a buyer next year”
Me too… fingers crossed.
“In a blog published Wednesday on the New York Fed’s Liberty Street Economics site, researchers highlighted the deteriorating performance of subprime auto loans and set off the alarm.”
“Anyone claiming that America’s economy is in decline is peddling fiction.” —President Obama
hasnt crashed yet
Longtime listener, first time poster. Professional RE investor here. The froth in Sacramento is still at a fever pitch. Deals are trading immediately once listed. This is clearly a bubble bath, but, I must say, there is no sign of a slowdown yet. Even lagging indicators like days on market etc. are red hot. I wish I could say things are slowing down but they are not sadly. May be a while…don’t kill the messenger.
It’s always craziest at the top. How’s the apartment market looking?
Thanks for asking. I’m a multi-family investor. Rents are obviously fluffed like crazy and valuations are pie in the sky. Nothing makes any economic sense whatsoever. Since I’m no longer a broker I honestly don’t if there is sales volume at the moment.
Anyone who has purchased Sac multi-family in the last several years overpaid like crazy. What’s even worse is that these rents IMHO are not sustainable. These ‘investors’ that bought on these fluffed rents will have operational issues when that changes. Sac gets crushed during downturns, it is largely a ghetto government town that might as well be in the midwest but gets bid up when there is a flight for affordability from the Bay Area.
SFR’s are flying off the shelf, you could put a comp shingle roof on a pile of dog excrement and it would sell.
“Sac gets crushed during downturns, it is largely a ghetto government town that might as well be in the midwest but gets bid up when there is a flight for affordability from the Bay Area.”
Yup, that’s Sacramento alright. BTW, welcome aboard.
thank you
“Sac gets crushed during downturns, it is largely a ghetto government town that might as well be in the midwest but gets bid up when there is a flight for affordability from the Bay Area.”
That’s why they call it “Excremento.”
I can’t argue with that!
Sac is always late to the game. What’s currently happening in SF is far more telling and interesting.
How can you flip and make a profit with that kind of market?
Typo–’Leading’ indicators, like days on market…
Palin under consideration to head Veterans Affairs.
Best and brightest swamp monsters.
How about hiring people who have had real jobs?
Trump can’t possibly be this nuts. NBC says only that Palin “wants” to be in the administration, and that Bristol’s husband (yeah
) produced a video pitch for her.
I think she’s be a good recruitment poster girl. Someone else suggested that she could be the Official Turkey Pardoner, because we all know how *that* went, up in Alaska. I think she has time to do both.
She couldn’t possibly any worse than some of the hags in the Obama administration. She might even be better.
Sally Jewell has been stuffing the Department of the Interior with LGBT candidates especially in the red states.
MSNBC LAUGHS AT TRUMP WHEN HE RUNS AND THEN MELTDOWN WHEN HE WINS!
https://www.youtube.com/watch?v=v4zwsvMJ5uQ
WATCH The Biggest Media Meltdowns to Trump’s Win
https://www.youtube.com/watch?v=o8IvxDBVNMk
Like Obama?
https://www.youtube.com/watch?v=BBZ7AfZR9xs
Trump knows enough to spot junk politicized “science” and shut it down
NOVEMBER 30, 2016
“If this had happened ten years ago, the world could have been saved billions (probably trillions) of dollars.”
(Excerpts from joannenova.com) –
“Can you imagine if the head of NASA had got out three of the guys who walked on the moon, Harrison Schmitt, Buzz Aldrin and Charles Duke and held a press conference saying that the links between the sun and our climate were recorded all over the planet.”
“Imagine if NASA rolled out its prizewinning former employees John Christy and Roy Spencer to tell us how satellites showed the models were abject failures. If that had happened ten years ago, the world could have been saved billions (probably trillions) of dollars.”
“Trump said “he has an open mind” on the Paris deal. (As if he would say his mind was closed.) But having an open mind is not an uninformed mind. He already knows enough to spot junk politicized “science” and shut it down.”
“Hallelujah.”
See entire fantastic article:
http://joannenova.com.au/2016/11/trump-total-skeptic-has-open-mind-on-climate-and-wants-to-shut-down-politicized-research-at-nasa/
Yeah, his uncle was some sort of bigshot scientist or engineer or something. So he naturally knows all about that stuff.
Actually Mike, you don’t have to have a smart uncle to embrace politicized science, or not. It’s only a question of holding your nose, or not.
Trust me, he only calls it politicized because he doesn’t like it.
“Trust me”
LMAO
Like I trust the CBS Morning News “Climate Scientists” who tried to exploit this once in 70 year occurance by calling it a “so called supermoon” while trying to make people believe the unusually high tides were caused by cough choke Climate Change.
If it was what they said they wouldn’t have to lie.
We’re about to see a record-breaking supermoon - the biggest in nearly 70 years
The closest full moon in the 21st century.
BEC CREW 2 NOV 2016
http://www.sciencealert.com/we-re-about-to-see-a-record-breaking-supermoon-the-biggest-and-brightest-in-nearly-70-years
Heard more color on the woman in adjacent county who is selling her condo because property taxes ramped up. $700 to 4K! Her local pol wrote the tax board and was told there was nothing they could do. Estimate is something like 22K property owners are getting hit in a similar fashion. Ouch!
Yes, I once read a post on city data by guy who was involved in RE law. I don’t think he was an attorney, more like a paralegal. He said that people shouldn’t get complacent living in states like Florida with no income tax, because owning (or holding title to) a property makes them sitting ducks when RE taxes get raised. Nothing they can do about it, short of walking away.
His advice was to buy a decent sized RV, park it somewhere nice and live life. If things go downhill where you’re parked, you can move on. The idea being, it’s a way to avoid the ongoing property tax lien and the whims of landlords.
Somehow living out of an RV doesn’t appear to me. Chick magnet factor aside….
Nor me, but then again, I’ve never tried it. I can see how it might work, though, for someone who wants to minimize their exposure to local government.
I agree - living in a luxury RV is the way to go, assuming that you can find a cheap place to park it. If you don’t like it, unplug and drive to the next best place. Nobody has you hostage, like counties do with property owners.
Heard more color on the woman in adjacent county who is selling her condo because property taxes ramped up. $700 to 4K!
She could really use some TABOR
So this is how the DNC intends to recapture aliened blue collar white male voters….
https://www.gatestoneinstitute.org/9460/keith-ellison-the-wrong-man-at-the-wrong-time
The shorts are moving in on insolvent Spanish banks. Will these zombie banks ever be allowed to fail?
http://wolfstreet.com/2016/11/30/banco-popular-bailout-spain/
In other news, looks like The Donald subreddit is going to get shut down.
http://www.zerohedge.com/news/2016-11-30/apology-letter-reddit-users-huffman-calls-donald-users-%E2%80%98toxic%E2%80%99-%E2%80%98behaving-badly%E2%80%99-thre
It’s a shame, in many ways it’s been a great source for the info from Wikileaks, and there are some great, dedicated folks who post there who helped get out the vote, etc. OTOH, what did they expect, when they also had jerks slagging the CEO all the time. Huffman may be a mealy-mouthed little cuck like the grubhub guy, but if you’re using the service for free, slagging the management is a lousy idea. So is getting into it with leftards.
There’s also a rumor going around on Infowars that Twitter may actually ban Trump himself.
https://www.youtube.com/watch?v=IICTm0Qr8Yw
WASHINGTON
Federal prosecutors have pursued hundreds of thousands more cases against immigrants in the country illegally under President Barack Obama than they did under the previous two White House administrations combined.
Almost 680,000 federal immigration charges have been filed in the last eight years, up from about 287,000 under President George W. Bush and fewer than 100,000 under President Bill Clinton, according to figures compiled by a university research center that tracks federal law enforcement.
It’s about time Soros Scum, and their evil bankroller, start getting kicked to the curb.
http://theantimedia.org/state-senator-protesters-economic-terrorists/
There’s been housing inflation the world over and it got me to thinking, ‘What’s really going on here?’
Is it consumption demand due to ever increasing populations? I looked at Japan:
1) Japan population: https://www.google.com/#safe=active&q=japan+population
2) Japan house prices: https://fred.stlouisfed.org/series/QJPN628BIS
Japan has had little-to-no official inflation to speak of, and a steady, if declining population number.
==============
Same trick can be done with Spain:
1) https://www.google.com/#q=spain+population
2) https://fred.stlouisfed.org/series/QESR628BIS
==============
• List of countries’ data can be found here: https://fred.stlouisfed.org/categories/32264
• Populations can be found on Google by typing in “[country name] population”
==============
American cities can also show this. This pattern holds true for Baltimore City, and in fact, back in the early 2000s, it showed me something was amiss with Baltimore losing population and increasing house prices.
It’s curious.
I can’t speak for Japan. But in Baltimore some areas near the center are gentrifying, making the more valuable, while areas farther to the east and west continue to be abandoned and become worthless.
Since the abandoned houses don’t sell, they don’t show up in the statistics. But if they were recorded as selling for “zero,” the decline in the population would reflected in housing prices.
Bailouts aren’t just for Wall Street anymore: Chicken industry gets a little love for nearly 140 million pounds of chicken: http://www.huffingtonpost.com/paul-shapiro/the-chicken-industry_b_3947857.html
So why does the New York Fed think insanely overpriced apartment rentals slowly drifting back to earth is “troubling”?
http://www.businessinsider.com/manhattan-real-estate-market-comments-from-feds-beige-book-2016-11
Because someone, most likely their cronies, is going to lose money
Liberal Media MELTDOWN after Trump’s Victory
https://youtu.be/ya3EsjXKjgQ
Can someone give me a sad trombone?
Anyone?
He wanted it more.
Do we want a spineless suck-up negotiating with Putin?
Newt Gingrich goes in on Romney, accuses him of ’sucking up’ to Trump for secretary of state job
Rent free.
Easy target, good times.
Trump, Pence Kick off ‘Thank You Tour’ in Ohio on Thursday
http://www.breitbart.com/2016-presidential-race/2016/11/30/trump-pence-kick-off-thank-tour-ohio-thursday/
Thank you Mr. Trump. God bless you and God bless America.
Reporters Share Articles They Prepped for Hillary VICTORY
http://clashdaily.com/2016/11/alternate-universe-reporters-share-articles-prepped-hillary-victory/
#schlonged
Donald Trump Won 2,600 Counties Compared To Clinton’s 500, Winning 83% Of The Geographic Nation
Read more at http://www.inquisitr.com/3748311/donald-trump-won-2600-counties-compared-to-clintons-500-winning-83-of-the-geographic-nation/#bR5df5joWuUS4o4b.99
Now, that’s truly irrelevant.
It’s condensed cheese in the land of dead and illegal voters.
“Both Barack Obama and Hillary Clinton received their substantial popular vote tally while receiving an all-time low percentage of U.S. counties. Barack Obama set the record for the lowest number of counties won for a successful presidential candidate.”
irrelevance with a lot of detail, exposing the standard anti-urban sentiment
It’s not anti-urban sentiment it’s anti Big Government sentiment, the same sentiment that blindsided and steamrolled Hillary, the MSM, the Democratic Party, the globalists and left behind a lifetime supply of crying Special Snowflake Social Justice Warrior videos on YouTube.
Maybe you’re right. It’s unclear what they’re getting at when they say that Obama won with a small number of counties. I made the assumption that the writer was effectively pointing out that he must have relied on counties with high populations, i.e. urban counties. It’s possible that he’s not even trying to make that point. He may think that the number of counties won by a candidate is significant in itself.
But most of these dopey, angry right wing websites frequently express anti-urban emotions. They just hate cities and the people who live in them.
Also, your rant about snowflakes is not correct. Very few voters would even know what you’re talking about when you rant about SJWs and so forth.
“Also, your rant about snowflakes is not correct.”
Are you saying there is not a lifetime supply of crying Special Snowflake Social Justice Warrior videos on YouTube?
From the article:
Clinton has absorbed 25 years of relentless and frequently crazed hate directed at her husband
The conveniently forget all the hate she generated for herself without Bubba’s help. They also forget that Bubba easily won his election and reelection, so perhaps he was never hated as much as she was.
she benefited from facing the least popular major party nominee in history, and that a normal Republican could have defeated her
I think they got that backwards. Had the Dems fielded someone else, someone younger and less despicable and with a mere smattering of charisma, they probably would have won.
Her policies would have been pretty similar to her husband’s and Obama’s. What you’re saying shows that certain groups active in politics have distracted a large portion of the population, so that they’re more concerned about things like charisma than actual issues.
The “issues” that Mrs. Clinton championed did not resonate with middle America. That she was also a condescending harpie who called those folks “deplorable” didn’t help either. As I’ve said before, even clueless Mitt Romney knew that it was best to keep those sorts of remarks behind closed doors.
As has already been said on this blog, the Dems seem more concerned with getting men into the ladies room than with what people in flyover were enduring.
As for her policies being similar to Obama’s and prior presidents, well, I guess she didn’t get the memo that a lot of people don’t want more of the same.
I highly recommend that the DNC double down with their failed strategy in 2018.
You’ll LOVE What Trump Says About The OSU Terrorist – Finally A Leader With BALLS
http://clashdaily.com/2016/11/boom-youll-love-trump-says-osu-terrorist-finally-leader-balls/
gee, talk about rent free
Carrier Employee Issues Heartfelt Thank You To Trump For Helping 1,000 American Workers Keep Their Jobs [VIDEO]
CHRISTIAN DATOC
Reporter
10:16 AM 11/30/2016
Read more: http://dailycaller.com/2016/11/30/carrier-employee-issues-heartfelt-thank-you-to-trump-for-helping-1000-american-workers-keep-their-jobs-video/#ixzz4RYlGueo5
Be thankful for the end of yet another experiment with Socialism
http://sonorannews.com/new/2016/11/29/thankful-end-yet-another-experiment-socialism/
Heckova job, Yellen the Felon.
http://wolfstreet.com/2016/11/30/subprime-auto-loan-delinquencies-surge-to-ny-feds-attention/
Yellen the Felon is going to have a tough time punting on yet another interest rate hike as the bond vigilantes have finally reappeared.
http://www.marketwatch.com/investing/Bond/TMUBMUSD10Y?countrycode=BX
If someone can find out what mental institution Sweet William is being held in due to being overcome by his horror at at Trump presidency and delusions that pure Libertarianism is the answer, perhaps we can smuggle him some ’schrooms.
http://www.independent.co.uk/life-style/health-and-families/health-news/magic-mushrooms-ease-anxiety-depression-cancer-patients-studies-a7449186.html
Will Fed-up Italians reject continued austerity and crony capitalism this Sunday?
http://www.businessinsider.com/afp-the-economy-stupid-how-growth-woes-shape-italy-referendum-2016-11
they will load u up with debt created out of thin air and then claim they have a loss when u default.
“Sacramento State Finance Professor Sanjay Varshney doesn’t think we’re there just yet. ‘If history repeats itself, the best real estate market and the worst real estate market of our lifetime is behind us,’ he said. ‘If you’re still sitting on the fence, thinking that ‘I’m going to wait a little bit more because chances are the market might crash like it did in 2008,’ you might be waiting forever because it may never happen.’”
How is it possible to say so much while saying nothing?
blowing hot air as usual.
I met someone the other day and they said a house across the street went on the market after the owner died. Listed for 400k and he said it sold for 600k. I just had to laugh.
A couple of articles…
Sacramento predicted to be one of the hottest markets in 2017.
http://www.sacbee.com/news/business/real-estate-news/article117952053.html
Australia’s reserve bank getting ready to blame Trump for everything.
https://www.theguardian.com/australia-news/2016/dec/01/as-australias-housing-bubble-gets-bigger-the-reserve-bank-prepares-to-blame-trump
China’s richest guy admits there is a housing bubble, but don’t worry, it’s not going to collapse.
http://usa.chinadaily.com.cn/epaper/2016-12/01/content_27541109.htm
Sacramento will be one of the ‘hottest’ markets in 2017, no doubt. Of course, like many of you, I shudder at the term ‘hottest’ as a reference to sales volume and unsubstantiated price jumps, but it is true.
There is also a land rush happening around Sacramento right now of epidemic proportions. Since prop 64 passed (legal ganja) VC firms and midwestern dreamers and everyone else on the planet is buying up rural land in the Sacramento foothills. The foothills here are beautiful but are already to home to meth and BHO labs and huge outdoor cannabis grows so that situation will only get worse now.
I’d hate to be seller of that dirt when the cannabis market craters from oversupply and your stuck around a bunch of disgusting dreadlocked patchouli oil drenched idiots living out of broken down vans. Sorry, it’s true, that is what the Sierra Nevada foothills have become. That and transients everywhere.
Higher interest rates crush mortgage application volume, down 9.4%
Diana Olick | @DianaOlick
Wed, 30 Nov ‘16 | 7:00 AM ET
CNBC.com
The highest interest rates in well over a year are putting a dent in the mortgage business.
Total mortgage application volume fell 9.4 percent last week versus the previous week, on a seasonally adjusted basis. The Mortgage Bankers Association adjusted the weekly reading to account for the Thanksgiving holiday. Volume was 0.5 percent lower than the same week one year ago, the first annual drop in total volume since January.
“Mortgage lenders have been very thankful for a strong 2016 in terms of origination activity. However, mortgage application volume in the Thanksgiving week dropped sharply to the lowest level since early January, as mortgage rates increased to their highest point since July, 2015,” said Michael Fratantoni, chief economist for the MBA.
…
“Refinance volume has been falling steadily as rates rise, but it took another sharp drop, down 16 percent for the week, seasonally adjusted. Refinances are most rate sensitive and are now down 3 percent from a year ago, when rates were not much different than they are today.”
…
“Purchase volume last week was essentially flat, falling 0.2 percent and volume was just 2.9 percent higher than one year ago.”
————-
Completely unsurprising. I looked to refinance probably 3 or 4 months ago, but my rate reduction would have only been 1/8 to 1/4 point. While it was enough of a possibility for me to do the math, ultimately, the combination of hassle, dealing with extra payments to keep the payoff date the same, etc., I decided it just not worth the hassle. Now I won’t even bother to look.
More notable will be when purchase applications decline meaningfully.
Va. school system pulls ‘Adventures of Huckleberry Finn’ and ‘To Kill a Mockingbird’
By The Associated Press
December 1, 2016 6:30 am
ACCOMAC, Va. (AP) — Two classic American novels have been temporarily pulled from bookshelves in Accomack County Public Schools.
Media outlets report that earlier this month, a parent filed a complaint about “To Kill a Mockingbird” and “The Adventures of Huckleberry Finn” for their use of racial slurs.
http://wtop.com/virginia/2016/12/va-school-system-pulls-adventures-of-huckleberry-finn-and-to-kill-a-mockingbird/
Those who fail to learn from history are doomed to repeat it.
Let’s all put our fingers in our ears and sing la la la.