December 6, 2016

It Went From Very Hot To Very Cold All Of A Sudden

A report from the Wall Street Journal. “Home builders say they are fairly upbeat about housing conditions. The stock market suggests otherwise. A gauge of home-builder sentiment in recent months has hovered near its highest level in 11 years. But the housing recovery has sputtered in recent months following a strong start to 2016. And luxury builder Toll Brothers Inc. has felt the pain, with shares down about 9% this year. This comes after Toll cut its gross profit margin guidance in August, when it cited delays in delivering units for its New York luxury condo market. That is problematic for a company like Toll, which depends on the higher-end market more than competitors.”

“The company maintained over the summer that it hadn’t seen a change in buying appetite from foreign buyers. ‘In New York City, specifically Brooklyn and Manhattan, the market has been relatively flat,’ Toll chief Douglas Yearley said on an earnings call in August. ‘Given all the gloomy sentiment, this was acceptable.’”

The Alaska Dispatch News. “In the past year, departing oil company executives and employees have bumped up housing inventory in Anchorage, creating a state of stiffer competition among sellers. ‘Shell was the biggest player and had the biggest impact with the number of people that they moved out because they shut down their office here completely,’ said Bethany Stamper, a realtor at Coldwell Banker. ‘We went from very low inventory last year until that announcement was made. Then we saw prices going down and days on the market going up. That was because the amount of inventory available was up.’”

The West Fargo Pioneer in North Dakota. “The White House isn’t the only piece of real estate seeing changes after this year. A divisive election is affecting the Fargo-Moorhead housing market. Some may call it a ‘buyer’s market.’ After eight years in the Woodhaven neighborhood the family is soaking up some final memories in the house Mike Wolsky helped customize from scratch. They’ve already found a new home. In that process, they could be spending this Christmas paying two mortgages. ‘Really haven’t had a lot of interest so far,’ said Wolsky.”

“Now more than 45 days on the market, they’ve slashed the price by $20,000 and still not a single bite. The Wolsky’s aren’t alone after three especially robust years, realtors say the market is cooling down. ‘I’m not sure what’s going on with the Fargo market, but it went from being very hot to being very cold all of a sudden,’ said Wolsky.”

The Philadelphia Inquirer on New Jersey. “The neighborhood’s zombie has, at long last, made it through foreclosure and is on the market. A quick tour of the house, which was vacant for nearly 30 months, revealed few surprises. When water and electricity have been turned off for more than two years at a property, you always assume the worst. The good news is that the raccoon family living in the attic has moved. The bad news is that no one has yet dared to open the refrigerator in the kitchen, perhaps waiting until the Ghostbusters have a free moment.”

“The state’s number of zombie foreclosures is among the nation’s highest. The reason is simple: It now takes an average of 1,262 days for a foreclosure to make it through New Jersey’s congested legal system, the longest time in any state, according to Attom Data Solutions (formerly RealtyTrac). In September, for example, one in every 691 properties in New Jersey was in foreclosure, even as the national number was one in every 1,600 homes. In Atlantic City, the ratio was one in every 375 houses, Attom Data Solutions reported, a result of the decline of the casino industry and the effect it has had on other employment.”

“‘There is a tripling effect,’ said Patricia Hasson, president and executive director of Clarifi, the financial-counseling and education nonprofit, which has begun counseling troubled Atlantic City borrowers. ‘Casino employees lose jobs, they don’t go out to eat, restaurants lay off employees,’ she said.”

The Dow Jones Newswires on Texas. “Dallas Mayor Mike Rawlings filed a lawsuit to halt exits from the city’s police and fire pension fund following more than $500 million in withdrawals since early August. The retreat by the city’s police officers and firefighters is heightening the risk that a major U.S. pension could run out of money. Pension officials say the fund could be insolvent in 10 years.”

“Officers say they are pulling their money because of concerns about the financial standing of the Dallas Police and Fire Pension Fund following a series of investment blunders that produced more than half a billion dollars in losses. The fund made an ill-fated foray into real estate that included luxury homes and shopping centers in Hawaii, student housing in Texas and raw land in Idaho and Colorado.”




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86 Comments »

Comment by Ben Jones
2016-12-06 09:51:01

‘they could be spending this Christmas paying two mortgages’

And away we go!

‘A quick tour of the house, which was vacant for nearly 30 months, revealed few surprises. When water and electricity have been turned off for more than two years at a property, you always assume the worst…The bad news is that no one has yet dared to open the refrigerator in the kitchen’

This says a lot. Every lender and mortgage field service company has rules to get health hazards out of a house first thing and food is considered a health hazard. That they haven’t opened the fridge means this house has been abandoned.

 
Comment by Ben Jones
2016-12-06 09:54:13

‘Dallas Mayor Mike Rawlings filed a lawsuit to halt exits from the city’s police and fire pension fund following more than $500 million in withdrawals since early August…The fund made an ill-fated foray into real estate that included luxury homes and shopping centers in Hawaii, student housing in Texas and raw land in Idaho and Colorado.’

We’ll be seeing a lot more of this.

Comment by palmetto
2016-12-06 10:05:04

At some point, too big to fail hits the wall when it reaches critical mass. We’re gettin’ there, and it seems that, like a rock rolling downhill, it’s picking up speed.

 
Comment by Avg Joe
2016-12-06 10:22:18

Maybe they can invest in AirBnB houses.

Comment by Ben Jones
2016-12-06 10:35:52

‘Airbnb, New York City, and Hosts: What Happens Now?’

‘In July, Skift spoke to Bradley Tusk, founder and CEO of Tusk Ventures and Tusk Strategies. Tusk is the ex-Bloomberg aide who helped Uber navigate New York City’s regulatory hurdles and the Taxi and Limousine Commission. He specializes in helping disruptive companies like Uber, FanDuel, and Tesla handle political challenges.’

‘Tusk said, at the time, that should the new advertising law pass, it wouldn’t be catastrophic for Airbnb. But it might hurt is valuation. “I don’t think it changes their ability to operate in most places in the world,” Tusk said. “It may just mean that instead of being a $30 billion company, they’re a $20 billion company. It’s just a question of pricing.”

‘Goldman, also seemed to suggest the same: “Yes, those listings [affected by the new advertising law] are illegal anyway, so Airbnb isn’t losing anything they should have had in the first place, you could say. But they will have to adjust their revenue projections down.”

Easy come, easy go:

‘instead of being a $30 billion company, they’re a $20 billion company’

Comment by drumminj
2016-12-06 10:40:31

‘instead of being a $30 billion company, they’re a $20 billion company’

A 33% drop in valuation is a pretty big loss!

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Comment by Ben Jones
2016-12-06 10:46:12

‘As Quartz, the New York Times, and Thrillist have pointed before, Airbnb’s practices tend to grate against local housing regulation in many destinations. Those markets include New York, Los Angeles, San Francisco, Washington, DC, and more. Miami Beach, part of Airbnb’s fourth-largest U.S. market, cracked down on short-term rentals to the tune of $1.6 million in fines in just five months earlier this year.’

‘The company in turn has fought for its right to rent, with mixed results. The company sued New York City in October, electing to drop and settle the suit last week. Per the terms of the settlement, which goes into effect today, New York City “enforces the new law only against hosts and does not fine Airbnb.”

‘Airbnb is looking out for itself, in other words, with the company valued at $30 billion and an IPO looming. That puts the onus on hosts everywhere to know what kind of bargain they’re striking. Is renting out your pad for $200 a night worth a $300,000 lawsuit?’

 
Comment by YellenBux
2016-12-06 10:51:26

Vaporizing YellenBux. Do any of these companies actually earn a profit?

 
Comment by Karen
2016-12-06 13:10:25

‘The company in turn has fought for its right to rent, with mixed results. The company sued New York City in October, electing to drop and settle the suit last week. Per the terms of the settlement, which goes into effect today, New York City “enforces the new law only against hosts and does not fine Airbnb.”

There we go again, like I said yesterday. The company encourages the little guy to break the law, and it’s the little guy who will be left to twist in the wind.

‘Airbnb is looking out for itself, in other words, with the company valued at $30 billion and an IPO looming. That puts the onus on hosts everywhere to know what kind of bargain they’re striking. Is renting out your pad for $200 a night worth a $300,000 lawsuit?

A lawsuit or maybe a criminal conviction, as well saw from the article yesterday.

 
 
 
 
Comment by In Colorado
2016-12-06 10:24:39

So Dallas police officers and fire fighters are opting for lump sums over lofty annuity promises before the cash is all gone? Sounds like they don’t believe that the taxpayers will make the pension whole.

And Ben is right, this is going to repeat, a lot.

Comment by Ben Jones
2016-12-06 10:30:04

‘Corona, Calif.— Roughly a year and a half since celebrating its grand opening, Palisades at Sierra del Oro landed a new owner. Berkadia recently announced the sale of the 288-unit community in a $89 million deal that translates into $309,027 per unit. The buyer was Jackson Square Properties, a real estate investment company based in San Francisco.’

“This deal represents the highest price-per-unit in the Inland Empire to date, which was well deserved considering the high-quality construction, design and location of the asset,” said Ed Rosen, Berkadia managing director.’

‘The sale was funded with a $58.11 million loan provided by First Republic Part.’

‘According to property data collected by Yardi Matrix, rents at Palisades at Sierra del Oro start at $1,717 for a one-bedroom unit, $1,999 for a two-bedroom unit and $2,552 for a three-bedroom apartment.’

‘Community amenities include a resort-inspired pool and spa, community gathering areas and barbecues, an outdoor lounge with a fireplace, a fitness center and a tot lot and playground for children and families. Palisader at Sierra del Oro also features a conference room, Wi-Fi in common areas, a clubhouse with full kitchen and TV, a package delivery system, as well as a covered parking garage with 573 spaces.’

Comment by In Colorado
2016-12-06 10:53:00

that translates into $309,027

The “Inland Empire” has to be one of the smoggiest places I have ever seen. It’s the location of last resort for southern Californians who can’t afford to live anywhere else in the southland. Now a “luxury apartment” there fetches 300K.

Unbelievable

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Comment by Ben Jones
2016-12-06 10:58:15

And it doesn’t even have a bocci ball court.

 
 
Comment by Ben Jones
2016-12-06 11:03:44

‘community gathering areas and barbecues, an outdoor lounge with a fireplace’

Example

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Comment by palmetto
2016-12-06 11:12:16

Oh, jeebus, that’s just..just…too. good.

 
Comment by scdave
2016-12-06 11:19:13

LOL…Good one Ben…

 
Comment by new attitude
2016-12-06 11:45:59

Inland Empire

Where the poor from the OC end up, trying to stay close by. Awfull place to live. Smog is better than it was. Traffic is crazy and lots of crime.

 
Comment by Karen
2016-12-06 13:24:23

I live in an apartment community that has ‘amenities’, such as a pool, fitness room, clubhouse. The problem is the people you end up having to share them with.

Even if the amenities themselves look very nice, your neighbors in these sorts of complexes may not be people you want to hang out at the pool with.

The website for my complex shows this lovely upper-middle class couple sipping wine by the pool, and I think I could make a pretty good case for fraudulent misrepresentation if I took a pic of some of the actual residents by the pool and took it to court.

My first summer here I went to the pool one evening. It was very crowded and I sat next to a man watching his adorable young daughter in the pool, while he sat there pounding beer after beer from the 12-pack he brought. Each time he finished one, I heard the clang as he let the empty drop onto the concrete.

I have nothing against people who work in the trades, but some of them can be kind of rough, and they are the ones filling up these rental complexes, at least here in N. Texas. And as soon as the boom ends, they’ll be gone. Then who will they rent to?

 
Comment by MightyMike
2016-12-06 13:33:29

Many of those guys are very generous. If you would have struck up a little conversation with him, he might have offered you a beer after knowing you for only a few minutes.

 
 
Comment by MightyMike
2016-12-06 13:39:33

speaking of amenities

Secret Service advertised as hot ‘new amenity’ at Trump Tower

By TARA PALMERI 12/06/16 12:08 PM EST Updated 12/06/16 12:35 PM EST

The U.S. Secret Service is the hot, new “amenity” in the Trump Tower, where desperate brokers are trying to lure well-heeled clients into the building on Fifth Avenue that has served as President-elect Donald Trump’s home as well as his campaign and transition headquarters.

Less than a week after Trump was elected, prominent New York real estate agency Douglas Elliman blasted out an e-mail with the subject: “Fifth Avenue Buyers Interested in Secret Service Protection?” to advertise a $2.1 million, 1,052-square-foot condo in the tower on 721 Fifth Avenue.

“The New Aminity [sic] – The United States Secret Service,” screamed the flier sent in an e-mail on Nov. 13 for a one-bedroom apartment on the 31st floor, represented by brokers Ariel Sassoon and Devin Leahy.

“The Best Value in the Most Secure Building in Manhattan,” it stated.

While there’s been a great deal of attention to how Trump plans to divest himself from his conflicts of interest, less attention has been applied to how business associates — including owners and marketers of his properties — may seek to profit from his new job in the White House.

http://www.politico.com/story/2016/12/trump-tower-secret-service-amenities-232216

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Comment by somedewd
2016-12-06 14:31:14

How does that deal possibly pencil out at $310k a unit with those rents?! Breakeven is almost 13 years assuming 100% occupancy at avg $2k month for 288 units. That excludes maintenance, taxes, declining rents, <100% occupancy, finance charges, etc. Is the plot of dirt these “luxury” apartments were poorly built upon worth that much? Am I screwing up the math?

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Comment by Rental Watch
2016-12-06 17:38:51

In round numbers, Operating Expenses are probably $5,000-$6,000 per year per unit.

So, basic back of napkin, you’ve got $24k per annum of revenue, take off 5% for vacancy factor, so you’ve got $22.8k per year of revenue, subtract $6k of expenses (after all, $3k is going to be property taxes), so you have, in round numbers $17k per unit, per year of net operating income.

Cost of $310k?

Going-in cap rate of about 5.5%. Ballpark. If you can squeeze expenses to $5k per door, because you have enough units to have a lower salary expense, then you get all the way to a whopping 5.8% cap.

How does it pencil? Call Ms. Yellen–perhaps she can explain. Personally, I don’t get it.

 
Comment by The Enrager
2016-12-06 17:52:03

Figure depreciation to be roughly $2.50-$3/ft per year.

 
 
 
 
Comment by Paid Minion
2016-12-06 10:24:42

Yeah, we’ll all see how well it goes when public sector employees start taking the screw jobs that the rest of the wretched refuse has been forced to endure. While at the same time handing out even more “incentives” to the bootstrapping business owners.

But I digress.

What kind of idiot signed the city up for a plan with fixed 4%/year COLAs and 8% raises? Unless of course, someone ran the numbers and figured that is the REAL inflation rate, not the BS number generated by the Feds.

Comment by taxpayer
2016-12-06 12:21:36

in my county they can retire w 75% of pay at age 55

Comment by In Colorado
2016-12-06 12:32:32

Only if their pension fund is solvent.

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Comment by palmetto
2016-12-06 10:02:50

Ben, my buddy thanks you for that Blind Willie McTell song you posted last night.

 
Comment by Ben Jones
2016-12-06 10:19:11

‘GOP Readies Cuts to Federal Workforce Under Trump’

Comment by palmetto
2016-12-06 10:28:38

Excellent. Hopefully they also get around to Public Broadcasting and outfits like Catholic Charities that receive billions from the government. Shouldn’t be a problem, they can apply to organizations like Kellog’s and the Ford Foundation for grants that are currently funding street agitators. Surely the “charities” and “public” outfits can demonstrate that their causes are more of a benefit to society.

 
Comment by taxpayer
2016-12-06 12:23:21

why not use a spread sheet w each fed agency’s “mission statement
overlap= chop

they all claim to save the chillens
promote world peas etc

 
Comment by Professor Bear
2016-12-06 17:23:20

In other news…

The Financial Times
Donald Trump
Top US bankers look to Trump administration to help big finance
Chief executives raise hopes at conference of lower taxes and lighter regulations
3 hours ago
by: Alistair Gray in New York

US banking chiefs on Tuesday flagged their enthusiasm for a Trump administration, hoping it will introduce an easier environment for big finance with lower taxes, lighter regulations and higher interest rates.

Wall Street has cheered the election victories of Donald Trump and Republicans in Congress, with investors welcoming the possible dismantling of parts of the post-crisis Dodd-Frank regulations and an end to rock bottom interest rates that have hurt lending margins.

US banking stocks have leapt 20 per cent since the election on expectations that the new administration will be more friendly to banks than has been the case under President Barack Obama.

On Tuesday the heads of JPMorgan Chase, Bank of America and Wells Fargo spoke at a conference hosted by Goldman Sachs, whose former partner Steven Mnuchin is set to be the next Treasury secretary.

While the executives were cautious in much of their language, they left little doubt that they were looking forward to a more agreeable political backdrop.

“It doesn’t surprise me that people have taken a much more optimistic view,” said Brian Moynihan, chairman and chief executive of Bank of America.

“Investors have been sceptical about the ability . . . [of] banks to get capital out and return that capital. And the election reshaped the thinking among all of those dimensions.”

Comment by Professor Bear
2016-12-06 18:54:45

We’re sure lucky to not have Hillary Clinton in office with all of her nasty ties to Goldman Sachs.

Oh wait…

 
 
 
Comment by Ben Jones
2016-12-06 10:25:22

‘In New York City, specifically Brooklyn and Manhattan, the market has been relatively flat,’ Toll chief Douglas Yearley said on an earnings call in August. ‘Given all the gloomy sentiment, this was acceptable.’

An NYC has gone into the tank since.

 
Comment by palmetto
 
Comment by Palm Beach County
2016-12-06 10:31:10

Mark Hanson ‏@MrMarkHanson 24h24 hours ago
Mark Hanson Retweeted Diana Olick
Good story on RATE SURGE impact to housing. Says purch power $16k less. My research shows PURCH POWER DOWN ~$27,000. http://mhanson.com/2396-2/
——————————————————————-

Mark Hanson ‏@MrMarkHanson Dec 5
HANSON (HOUSING BUBBLE 2.0 GUY): Purchases by those with 740+ credit - largest segment - hurting ahead of Spring. Rate Surge will make worse

 
Comment by new attitude
2016-12-06 10:38:44

Finally a fiscal conservative like me in the WH.

“The plane is totally out of control,” the president-elect told reporters. “It’s going to be over $4 billion … and I think it’s ridiculous. I think Boeing is doing a little bit of a number. We want Boeing to make a lot of money, but not that much money.”

Tightwads are not good for the economy though.

Comment by MightyMike
2016-12-06 10:53:03

It was not clear what Trump’s source of information was for the cost. The budgeted costs for the Air Force One replacement program are $2.87 billion for the fiscal years 2015 through 2021, according to budget documents.

A March 2016 report from the Government Accountability Office, a watchdog agency, estimated the total cost of the two 747’s, which have to be extensively modified so they can function as an airborne White House, was estimated at $3.2 billion.

http://www.reuters.com/article/us-usa-trump-airplane-idUSKBN13V1S5

Comment by palmetto
2016-12-06 11:26:02

“It was not clear what Trump’s source of information was for the cost”

Translation: “We at Reuters are clueless and have no idea about overruns, how reality can diverge from estimates and that sort of thing. We, along with the rest of the lying press, cut off our noses to spite our faces, thereby cutting ourselves off from access. Therefore, we have no one to go to for clarification.

However, give us a few days to pretend to root around while our “journalists” surf the porn sites and we’ll publish something about how he got his figures from Putin.”

 
Comment by Rental Watch
2016-12-06 13:28:49

So, the budgeted cost went from $2.87B to now $3.2B.

A quote from an AP related article:

“The contract for the planes was to be about $3 billion, but costs have been reported to be rising.”

I’m shocked, shocked that a contractor is trying to get more money from Uncle Sam. Shocked.

 
 
Comment by Karen
2016-12-06 13:28:46

Tightwads are not good for the economy though.

In your little birdbrain degenerate gamblers and hopeless debtors and spendthrifts are good for the economy.

Where do you think capital for investment comes from?

 
 
Comment by new attitude
2016-12-06 10:52:52

not my words:

Welcome to America, where the reality show star in charge of the military just put a surgeon in charge of housing.

Comment by Rent Free
2016-12-06 10:59:35

And both are living in your head rent free.

 
Comment by palmetto
2016-12-06 11:10:10

“a surgeon in charge of housing.”

As opposed to an amateur golfer in charge of the military.

I like the symbolism:

“Nurse, scalpel please” To the press: “Now watch this cut!” (ht to GWB’s “Now watch this drive.”)

https://www.youtube.com/watch?v=Z3p9y_OEAdc

 
Comment by Rental Watch
2016-12-06 11:26:01

So, Julian Castro > Ben Carson?

lol

Comment by palmetto
2016-12-06 11:34:25

The jokes just write themselves.

A little too much Owsley.

 
 
Comment by Michael Viking
2016-12-06 11:35:52

And a “community organizer” can be worshiped as a nobel peace prize-winning president! Says more about his followers/worshipers, though.

Comment by new attitude
2016-12-06 11:42:44

“It’s the economy, stupid.” James Carville.

4.1% unemployment in my county. And this is the poorest state in the nation, CA.
Record DOW
Record corporate profits
OBL killed

I give him a B grade.

Comment by Rent Free
2016-12-06 11:46:53

You’re going to love the next 8 years.

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Comment by new attitude
2016-12-06 12:53:50

Should be some good times, easy targets from Harvard and Goldman Sachs.

Bring on the debt crash, I am in cash!

 
Comment by Rent Free
2016-12-06 13:08:45

Love it! :-)

 
Comment by Professor Bear
2016-12-06 19:50:26

“…easy targets from Harvard and Goldman Sachs.”

New gubmint workforce = Old Goldman Sachs workforce

Trump Administration Welcomes Goldman Sachs
The investment bank shunned Donald Trump as a businessman and candidate — now, some of its top executives could hold prized positions in the White House.
(Richard Drew / Associated Press)
Dec 6, 2016

Goldman Sachs became the country’s punching bag following the 2008 financial crisis — and the White House went from filling top jobs with veterans of the firm to being wary of hiring anyone connected to the bank.

Now, the bank is making a comeback when it comes to high-profile government jobs.

Although Goldman Sachs shunned Donald Trump as a businessman and candidate, the president-elect is filling key positions of his administration with former employees from the firm. His chief strategist, Steve Bannon, spent many years at the investment bank; Steve Mnuchin, Trump’s pick for treasury secretary, spent 17 years at the bank; and Gary Cohn, a top Goldman executive, has been reported to be in the running for a top job.

William D. Cohan, author of the book “Money and Power: How Goldman Sachs Came to Rule the World,” spoke to WNYC’s Richard Hake about the Trump’s embrace of the bank.

 
 
Comment by Rental Watch
2016-12-06 11:56:04

I love how Bush’s build-up of special forces gets no credit when it comes to OBL, but Obama’s two signature laws (ACA and Dodd frank), aren’t on your list?

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Comment by phony scandals
2016-12-06 12:09:32

“4.1% unemployment in my county.”

You must live in one of the 487 counties HRC won.

I don’t think it’s that low in the 2,626 counties President-elect Donald Trump won.

DID YOU KNOW? Trump Won 2,626 Counties. Hillary Only Won 487

BY EREN MORENO DECEMBER 1, 2016

Aside from her popularity in the ultra-liberal strongholds California and New York, the final election breakdown of the numbers shows what an ass-kickin’ Hillary received from the American people.

http://truthfeed.com/did-you-know-trump-won-3084-out-of-3151-counties-hillary-only-won-57/38971/

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Comment by new attitude
2016-12-06 13:22:53

HRC is a neo-con, war monger.

I like Trump, I too am called a jerk almost everyday.

 
 
Comment by Karen
2016-12-06 13:30:56

Record corporate profits

As measured by the same folks who brought us the pension crisis. Fraud at every level. Lying with numbers.

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Comment by new attitude
2016-12-06 14:33:31

Stomp your little feet, if the reports do not fit your kool aid team. I see prosperity all around.

 
Comment by SFBayArea
2016-12-06 15:43:52

“Stomp your little feet” is that the way we talk to each other when we have a meltdown Lola? So nice to have you back with your personal attacks.

 
Comment by Karen
2016-12-06 15:50:05

Personal attacks are all one can resort to when there’s no actual argument to be made, and someone touches a nerve.

After all, this is someone who thinks they “see” prosperity because they are surrounded by homedebtors living in overpriced shacks and loanowners driving cars they neither own nor can afford.

 
 
 
 
 
Comment by phony scandals
2016-12-06 11:55:51

MIKE HUCKABEE GUTS ELITIST PELOSI IN SAVAGE VIRAL TWEET

“Is she racist or just dumb?”

Dan Lyman | Infowars.com - DECEMBER 6, 2016

Carson formally accepted the position offered by President-Elect Donald Trump yesterday, prompting a predictable backlash from leftists like Pelosi, who reminded us yet again that despite endless virtue signaling for ‘diversity,’ party ideology always comes first.

“Dr. Ben Carson is a disconcerting and disturbingly unqualified choice to lead a department as complex and consequential as Housing and Urban Development,” she said in an official statement. “There is no evidence that Dr. Carson brings the necessary credentials to hold a position with such immense responsibilities and impact on families and communities across America.”

Huckabee responded with a delicious blend of ice cold logic and sardonic mockery, “Ben Carson is first HUD Sec to have actually lived in gov’t housing. Fancy Nancy Pelosi says he’s not qualified; is she just racist or dumb?”

Carson’s rags-to-riches life story is well-known, and as a proponent of individual accountability over reliance on the state, he may threaten the as-yet unchecked expansion of the ‘New Democratic Plantation’: the American urban nightmare.

Comment by MightyMike
2016-12-06 12:46:34

So Huckabee is engaging in what the right wing crackpot media claims is a big problem in America. He’s yelling “rayciss, rayciss” with absolutely no justification.

LOL

 
Comment by MightyMike
2016-12-06 12:49:33

Ben Carson did not live in public housing
By Eugene Scott, CNN

(CNN)Some supporters of President-elect Donald Trump have praised his choice of Ben Carson to lead the Department of Housing and Urban Development, noting that the retired neurosurgeon had lived in public housing himself.

Except he didn’t.
Former Arkansas Gov. Mike Huckabee, in an attack on House Democratic leader Nancy Pelosi Monday, inaccurately claimed that Carson lived in “government housing.”

“Ben Carson is first HUD Sec to have actually lived in gov’t housing. Fancy Nancy Pelosi says he’s not qualified; is she racist or just dumb,” Huckabee tweeted.

The New York Times issued a correction Monday after saying that Carson aide Armstrong Williams originally told the paper that Carson was raised in public housing.

“Using information from a close friend of Ben Carson, the nominee for housing secretary, an earlier version of this article misstated that Mr. Carson spent part of his childhood in public housing,” the Times wrote. “The friend, Armstrong Williams, said Monday that Mr. Carson had never lived in government housing.”

Huckabee later apologized for tweeting the inaccurate information and said he had been relying on the Times — which he jabbed as a “fake news” site.

http://www.cnn.com/2016/12/06/politics/carson-public-housing/

Comment by phony scandals
2016-12-06 16:48:11

“The New York Times issued a correction Monday after saying that Carson aide Armstrong Williams originally told the paper that Carson was raised in public housing.”

Outrageous!

Is he even black!

I think that guy living in Mighty’s skull rent free should be impeached over this!

Give Pelosi back her huge gavel!

If you like your doctor you can keep your doctor!

NOT MY PRESIDENT! NOT MY PRESIDENT!

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Comment by MIke in Carlsbad
2016-12-06 17:56:15

I like the cut of his jib:
“”These government-engineered attempts to legislate racial equality create consequences that often make matters worse,” he wrote in an op-ed in June 2015. “There are reasonable ways to use housing policy to enhance the opportunities available to lower-income citizens, but based on the history of failed socialist experiments in this country, entrusting the government to get it right can prove downright dangerous.”
-Ben Carson

Anything the government gets involved with causes their prices to rise.

 
 
Comment by taxpayer
2016-12-06 12:16:50

The good news is that the raccoon family has moved. ”
sounds racis

 
Comment by palmetto
2016-12-06 12:46:04

Trump is priceless. First he speaks with the President of Taiwan. Red China gets its boxers in a wad. Then he tweets about Japanese investment in the US. Beijing must be swallowing its tongue right about now.

http://www.zerohedge.com/news/2016-12-06/trump-tweets-japans-softbank-will-invest-50-billion-us-create-50000-new-jobs

 
Comment by new attitude
2016-12-06 12:51:10

DOW 20,000!! coming soon!

Darn, I bailed too early!

Comment by Professor Bear
2016-12-06 19:53:51

So did Donald Trump.

Finance Donald Trump
Donald Trump Has Sold All His Stocks Including Apple and Google
by Lucinda Shen
December 6, 2016, 2:01 PM EST

Donald Trump has ditched his stakes in Apple, Google, J.P. Morgan Chase, Nike, and Microsoft, a spokesperson for the president-elect said Tuesday.

 
 
Comment by new attitude
2016-12-06 12:56:31

Ben Carson as HUD master…. gotta love this episode of The Apprentice.

It was not long ago ago, on Nov. 15, that a spokesman for former pediatric neurosurgeon Ben Carson told reporters that Carson was not qualified to accept a position in President-elect Donald Trump’s administration because Carson “has no government experience” and has “never run a federal agency.” At the time, Carson was reportedly being considered for the secretary of Health and Human Services position, which, lack of governmental experience aside, at least seemed relevant to Carson’s professional history.

Comment by palmetto
 
 
Comment by taxpayer
2016-12-06 13:00:03

I hope Carson likes that job
it’s going to sck
king of welfare ,section 8 housing
whoof

 
Comment by new attitude
2016-12-06 13:04:19

SANTA FE, N.M. (AP) — New Mexico’s grinding budget crisis is taking a toll in courtrooms where overburdened attorneys have denied legal counsel to poor defendants, at museums reeling from layoffs and admission hikes, and at state universities and colleges grappling with steep spending cuts.

A prolonged downturn in oil and natural gas markets continued to ripple through New Mexico’s economy over the summer and into the fall, undermining state tax revenues.

Employers across the state have shed thousands of jobs since October 2015, as more than a third of New Mexico’s oil rigs shut down.

more taxes in 3, 2, 1…

and the Texans are not visiting…too poor.

Comment by In Colorado
2016-12-06 14:21:16

My experiences in the Land of Disenchantment have been poor in the past.

 
 
Comment by MightyMike
2016-12-06 13:32:09

Trump again hires foreign workers for Mar-a-Lago — little change in pay

BUSINESS By Jeff Ostrowski - Palm Beach Post Staff Writer

PALM BEACH — President-elect Donald Trump is driving a hard bargain for the foreign workers who will staff The Mar-a-Lago Club this winter.
He’s paying some of them less than they made last year, and most get just a 1 percent raise.

As the presidential campaign heated up, Trump won approval to hire 64 foreign workers through the federal government’s H-2B visa program, according to newly released data from the U.S. Labor Department. Last year, Trump was allowed to hire 69 foreign workers at Mar-a-Lago.

While wage growth finally has begun to accelerate in the nation’s slow-to-recover job market — annual raises reached 2.5 percent for the 12 months ending in November — Trump is holding firm on pay.

The U.S. Department of Labor gave Trump permission to hire 19 cooks at $12.74 an hour, down from $13.01 an hour last year.

Mar-a-Lago also plans to hire 30 waiters and waitresses at $11.13 an hour (up from $10.99 an hour last year) and 15 housekeepers at $10.17 an hour, up from $10.07 an hour last year.

In one nod to rising wages, Mar-a-Lago is offering a more generous rate of overtime pay this year.

http://www.mypalmbeachpost.com/news/business/trump-again-hires-foreign-workers-for-mar-a-lago-l/ntKHy/

Comment by phony scandals
2016-12-06 16:59:54

The election is over Hillary lost.

 
 
Comment by tj
2016-12-06 13:42:35

in the news, the leader of japan visits pearl harbor to honor the dead.

scenario..

in the early nuclear days it would have been easy to know where and by whom an attack originated.

these days, it’s more difficult.

suppose a nuclear attack on both coasts originated from submarines whose country is not known.

both russia and china decry the attacks and offer assistance.

what should we do?

Comment by In Colorado
2016-12-06 14:19:05

We should make it clear that if such an attack were to occur, that we would retaliate against both.

Comment by tj
2016-12-06 14:25:32

so you’d be willing to wipe out 100s of millions, maybe billions of innocent people to get revenge.

in the mean time, don’t you think they’d each launch a full scale attack on us in retaliation? and how many would join them? france? others? we can’t beat the whole world you know..

 
Comment by palmetto
2016-12-06 14:31:54

Wisdom of Solomon. Much like splitting the baby.

 
 
 
Comment by The Enrager
2016-12-06 13:56:56

Remember…… Nothing increases salaries and accelerates the economy like falling prices to dramatically lower and more affordable levels. Nothing.

Newport Beach, CA Housing Prices Crater 7% YoY

http://www.zillow.com/newport-beach-ca/home-values/

Comment by azdude
2016-12-06 14:21:53

I dont want you serfs to miss the next housing boom. Do as I say!

 
Comment by new attitude
2016-12-06 14:34:33

YES, see Houston!

 
Comment by The Enrager
2016-12-06 14:46:47

Borrowing costs are escalating so cheer up my friends. Cheer up.

 
 
Comment by azdude
2016-12-06 14:19:00

housing.debt.serfdom

 
Comment by Senior Housing Analyst
 
Comment by txchick57
2016-12-07 03:30:14

I still have the emails from 2007 between me and the Dallas pension fund guy where I sent him data from this very blog and telling him to cut back the RE investments and the naked put selling in the stock market. Oh well … who was I, just some nut that didn’t want people to make money or something ….

Currently very long VIX, very short markets and can wait this nonsense out.

 
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