Prices Have Taken A Hit Due To A So-Called ‘Glut’
A report from the Australian. “The direction of interest rates next year is in question, as house prices grow at the slowest rate in more than three years and business conditions remain uncertain. During the past year, Darwin property values slumped by 7.2 per cent while Perth fell by 4 per cent after the mining boom. There are now 9.755 million residential dwellings in Australia that house an average of 2.5 people per property. The data showed the average median house price in the capital cities was now $631,000, a record high and an $8000 increase on the previous quarter.”
“‘We are becoming increasingly concerned about the underlying momentum in the economy as evidence mounts that the non-mining economy is losing steam,’ said National Australia Bank chief economist Alan Oster. ‘Soft outcomes for employment conditions are a concern, and suggest that the labour market is only barely generating enough jobs to keep the unemployment rate steady.’”
The Daily Mercury. “From the great heights of building 72 homes worth a combined $22.33 million in one year, Mackay builder Paul Steven Zammit has confirmed he failed to steer his company clear of a ‘cash crisis.’ In a statement emailed to the Daily Mercury, Mr Zammit revealed River City Homes had run out of funds, despite ‘pouring every cent I have and every cent I could’ into it. ‘I have no excuses for what has occurred beyond my genuine belief that we could have traded through this,’ he wrote.”
“In his statement, Mr Zammit apologised to those creditors to whom the company still owed money and wrote ‘it (was) with deep regret that creditors have been hurt in the process.’ He wrote that he faced ‘the worse economic climate (he had) seen, with the crashing of the mining industry leaving an oversupply of housing in the region, increased unemployment, the tightening of the lending policies from bank(s), devaluations of properties and the length of the downturn has made it extremely difficult to trade through it.’”
From The Age. “No government ever asked the people of Melbourne if they wanted their city to become a high rise metropolis. No plan set such a goal. Governments decided for us. Halfway through its term, Victorian Labor has joined the big-city development camp. Labor’s strategy is to side with vested interests while pretending to listen to rising resident concerns about rampant development. One explanation for Labor’s approach is its addiction to land-related tax revenue – currently at about $7.6 billion annually – and its desperation to maintain the construction industry share of 7 per cent of state production.”
“The construction industry wields enormous influence through its multi-layered development, business and service elements. Peak development groups lobby effectively. Unions are a powerful lobby group with Labor. There is no lack of infill land and other development sites. In the central city, apartment supply equals projected residential demand until 2031. By early 2016, about 100 high rise apartment buildings were under construction, planned or had gained recent permits, potentially doubling the number of high rise buildings in the central city. Some densities are over four times those of Hong Kong and Tokyo.”
From SBS News/AAP. “Brisbane home prices have taken a hit as a slide in demand and a flood of new units impact the city’s property market, according to the latest data from Real Estate Institute Queensland. Property analysts have been warning of price falls in unit and apartments for months due to a so-called ‘glut’ of new buildings coming onto the market.”
From Domain News. “A Sydney buyer looking for a holiday home has snagged a bargain on the Gold Coast, settling on one of the most exclusive addresses in Queensland for $4.8 million — $1.9 million cheaper than what the vendors paid almost 10 years ago. Selling agent Tolemy Stevens said the situation could have been much worse. ‘If we had sold this property two years ago it would have only been half of what the seller paid for it in 2007,’ he said. ‘We’ve made significant ground in the past few years.’”
“The global financial crisis was to blame for the cheap sale price, Mr Stevens said. The market was at its peak in 2007 when the penthouse was bought and property owners on the Gold Coast suffered greatly during the crash, he said. ‘We genuinely believe that it’s a great result for the area,’ he said. ‘The property is only 29 per cent away from the peak from the market in 2007. No one has a crystal ball, I don’t know if we’ll be able to recreate the boom time that we had at the moment; a lot of things have changed.’”
“The recession we’re already in”
Stop peddling fiction, you Russian marionette.
I am entertaining all offers on my house!
You guys bought your Dow 20k swag yet?
I got a hat at walmart. Do not miss the bull market of a lifetime!
JAPAN TSUNAMI - THE HARDEST VIDEO I’VE SEEN
https://www.youtube.com/watch?v=NpsFn2yK3a4
Note the guy in a dark coat running from the water near the end.
What makes you think the Fed won’t do everything within its power to keep up the value of azdude’s assets?
Northampton, MA Housing Prices Crater 10% YoY
http://www.zillow.com/northampton-ma/home-values/
“In his statement, Mr Zammit apologised to those creditors to whom the company still owed money and wrote ‘it (was) with deep regret that creditors have been hurt in the process.’ He wrote that he faced ‘the worse economic climate (he had) seen…the length of the downturn has made it extremely difficult to trade through it.’”
Dammit, Zammit! We creditors want our money back, not excuses!
Halfway through its term, Victorian Labor has joined the big-city development camp. Labor’s strategy is to side with vested interests while pretending to listen to rising resident concerns about rampant development.
Labour, like our own Democrats, is a patronage and graft racket masquerading as a political party. They will ALWAYS favor those “vested interests” controlled by their oligarchy donors and partners in crime.
At least their parliamentarian leader is an decent man, Corbyn. What did dems do? They reelected Pollo-si and Choomer.
This story is about the Australian Labor Party. I wonder when it is that Ray became so knowledgeable about the ALP.
Do you think UK Labour party is different?
Or the democratic party in USA?
Or the Social or Christina Democrats in Western Europe?
They’re not all exactly the same. In the 80s and 90s the Australian Labor Party had a couple of prime minister called Bob Hawke and Paul Keating who pushed through a bunch of reforms that deregulated many parts of the Australian economy. Those kinds of reforms would generally be opposed by the British Labour Party.
In Europe parties that are called Christian Democrats are usually on the conservative side of the political spectrum, while those called Social Democrats are on the left.
You almost said socialist.
Democrats are usually on the conservative side of the political spectrum, while those called Social Democrats are on the left.
distinction without a difference
Yeah, every party everywhere is the same as every other.
Do you think there’s any difference between republican establishment and their democratic counterparts?
Please don’t give bs about abortion, gay marriage and other meaningless $hit.
Of course there are differences. There’s been talk lately of the Republican idea of turning Medicare into a voucher program, partially privatizing it. The Republicans also want to eliminate the estate tax. They want to take care of the rich and businesses, large and small. That also includes rolling back environmental protection and worker safety, weakening the unions, never again raising the minimum wage, etc.
You’re not so low energy tonight, I like it.
In Europe parties that are called Christian Democrats are usually on the conservative side of the political spectrum, while those called Social Democrats are on the left.
Both owned lock, stock, and barrel by the globalist oligarchs and banksters.
I like the substance over smarm.
We genuinely believe that it’s a great result for the area,’ he said. ‘The property is only 29 per cent away from the peak from the market in 2007. No one has a crystal ball….
Call me Nostradamus, but I can foresee one each FB hating life severely when his “great result” turns to “personal financial Waterloo” as housing bubble 2.0 implodes.
things are still robust in ca.
Remember….. If you have to borrow for 15 or 30 years, you can’t afford it nor is it affordable.
‘The global financial crisis was to blame for the cheap sale price, Mr Stevens said. The market was at its peak in 2007 when the penthouse was bought and property owners on the Gold Coast suffered greatly during the crash’
This is that peculiar thing about Australia and Canada. Prices fell 50% but they never had a bubble. It was the GFC that caused it.
This time they can blame the silly oil/steel/copper/coal crisis.
94% of black women voted for Crooked Hillary? I bet not a single one of them could articulate how they or Black America in general are better off after eight years of “Change Goldman Sachs can Believe In.”
http://www.breitbart.com/big-hollywood/2016/12/12/chelsea-handler-shames-white-women-voted-donald-trump/
Well, the Medicaid expansion probably helped poor women a lot. Even if the Obama record wasn’t great, things would have been worse under McCain or Romney.
Why don’t. you save your e-bully bigotry for the open board? The discussions. here are otherwise informative.
The banksters are running out of road for can-kicking.
http://www.telegraph.co.uk/business/2016/12/13/imfs-row-greece-shows-bailout-plan-fraying/
Police officers are going to quit in droves when they belatedly realize their promised pensions were never funded or were looted by the DNC’s Wall Street cronies.
http://www.breitbart.com/texas/2016/12/13/dallas-pd-loses-99-officers-75-days/
No they wont. They will steal from you to make up the loss.
Let Hillry steal the election. Let the new dawn begin, Civil war 2.0.
Oh please let Mike get his hopes so high! Screech got schlonged twice in Wisconsin. I was sitting down for another delightful couple of hours of wailing and crying on youtube and this popped up:
Volvo fail - Self driving car crashes into peoples
https://www.youtube.com/watch?v=AsTxS6tg6xc
These guys just stood there.
These guys just stood there.
LOL..the world’s fool of idiots..more so with the “highly educated” ones. Can he sue and get rich? Maybe that was the plan all along.
I’d pay money to see the video he was shooting on his phone.
The Youtube comments are saying that these cars only have “driver assist” where the driver can still take over the controls. What good does that do? You still need to pay the driver whether he’s actually driving or just on standby. I thought the goal was to get rid of the expensive humans altogether.
another delightful couple of hours of wailing and crying on youtube
LOL you are cruel, man. Although I have been guilty of same. Schadenfreude, what a drug! Who needs viagra?
BTW I just read that Iowa Electronic Market says Hillry has 80% chance of stealing the election.
Newt just came out and said what has been the absolute truth, the Propaganda Media. These people are worse than Pravda and Xinhua.
He probably says that because his nonsense has been exposed by the media so many times. When he was running for president in 2012 I was listening to a Friday radio show where they talk about the events of the week. This one old Washington journo said that Newt called himself a Rockefeller Republican when he first arrived in DC in the late 70s.
Please try to hang on, sir. We’ve dispatched a wambulance to your location.
https://www.theburningplatform.com/2016/11/19/the-wambulance/
You must be angling to the commander of the non sequitir brigade.
Ben, man, where are you getting the new wailing and crying material? The youtubes I’ve seen all show the same SJWs. Ambulance girl. The “people are going to die” protestor. The fake protester/CNN cameraman who has been to Clinton’s hospital in Rwanda. Miley Cyrus. Megyn Kelly’s dead stare (when did she turn SJW??) The young brunette feminist who rattles off enough SJW buzzwords to win a year’s worth of bingo. Rachel Maddow’s “you haven’t died and gone to hell” clip (which btw isn’t from election night — it’s from November 1, you can see the Hurricane Matthew footage in the corner). The nail-biter, the sobbers, and the middle-aged meddle fanger at Clinton’s election HQ. Same folks over and over again.
Donald Trump’s Top Best Moments of his 2016 Campaign
https://www.youtube.com/watch?v=6ATS7k_LKEc&t=72s
Aliso Viejo, CA Housing Prices Crater 6% YoY
http://www.zillow.com/aliso-viejo-ca/home-values/
Trump must be a gangsta or something. The transition office must have sent messages to all these cucksters…if you don’t hire Americans, you will be cut off from the federal contracts or something like that. My project at SalesForce is ending in soon….I hope to be able to keep few people in there if it works out. We’ll see.
IBM unveils plan to hire 25,000 in US on eve of Trump meeting
Making American great again. Amen.
May God bless President Trump. May God bless America.
TRUMP IS BULLISH FOR HOUSES AND STOCKS!
Slashing costs and falling prices is bullish for the entire economy. Not just housing.
Sending 15 million illegals home is gonna free up lots of jobs.
NA GA HA
And about 1,347 houses.
‘pouring every cent I have and every cent I could’ into it. ‘I have no excuses for what has occurred beyond my genuine belief that we could have traded through this’ ‘it (was) with deep regret that creditors have been hurt in the process.’
Paul could you make and post a video of this statement. And give it feeling.
Goon, Palmy and I can supply the background wailing and keening chorus, while stamping our little feet.
Speaking of stamping our little feet, did you check out that Podesta twitter feed?
https://twitter.com/johnpodesta/status/808398457140609024
Scroll down and check out the picture of Podesta “hands-up, look at me” with the number 14 written on one palm and the fish drawn on the other palm. Then read the mythical interpretation of the symbology. In other words, Podesta is sending a message that he’s the man with the golden winky.
You can’t make this stuff up. No wonder he has some “serious questions” about the Russians, lol.
How does a builder “trade through” something? Is he referring to day trading, or to “the trades” like plumbing/electrician etc?
I took it to mean selling the overpriced stuff he’s built to keep the Ponzi rolling.
You guys are just cracking me up this morning!
‘In the central city, apartment supply equals projected residential demand until 2031. By early 2016, about 100 high rise apartment buildings were under construction, planned or had gained recent permits, potentially doubling the number of high rise buildings in the central city. Some densities are over four times those of Hong Kong and Tokyo.’
Somebody wrote recently that three cities in Australia have more cranes working than places like Toronto and San Francisco. I guess they are talking about Sydney, Melbourne and Brisbane.
Yes. Cranes everywhere in and around downtown Brisbane.
Do you really believe wages will triple or quadruple(inflation) to meet grossly inflated asking prices of resale housing?
Of course not.
Housing prices will continue falling back to the long term historical trend to meet wages.
u have said that for 6 -7 years dude. EAT SOME D@M CROW BRO.
Are you sure?
Waldport, OR Housing Prices Crater 5% YoY
http://www.zillow.com/waldport-or/home-values/
What is Becoming of Syrian Families Fleeing East Aleppo?
“Events as of December 11 are unfolding fast here while the shelling of East Aleppo continues unabated despite the repeated assurances of Russian Foreign Minister Sergei Lavrov, including yesterday on the sidelines of a European foreign ministers meeting in Germany: “I can tell you that today, combat operations by the Syrian army have positively been halted in eastern Aleppo because there is a large operation underway to evacuate civilians.” The oft-promised ceasefire is to allow for the evacuation of civilians trapped in the battle zone according to Mr Lavrov who claimed some 8,000 people would be taken out on December 8-9. Few here had much confidence in his words given all the false starts that produced nothing over the past year. Rebels in East Aleppo have also called for a truce to allow civilians to leave but both parties believe the other will use any pause to regroup for another round of fighting…
http://www.counterpunch.org/2016/12/13/what-is-becoming-of-syrian-families-fleeing-east-aleppo/
But…but…”moderate rebels”!
http://www.independent.co.uk/voices/aleppo-falls-to-syrian-regime-bashar-al-assad-rebels-uk-government-more-than-one-story-robert-fisk-a7471576.html
I heard on the radio yesterday that it was “over”. Today it’s not over.
Seems like the Iranians said “Hey, we’re not done fighting yet.”
Podesta password -
H!11ryMyM@alTix
Are you a rushing hakker?
why r u so enraged by a bull market?
iF YOU NEED TO BUY A HOUSE OR A CAR U BETTER BE PREPARED TO KISS SOME BANKER BUTT!
Why buy it when you can rent it for half the monthly cost? Buy later after prices crater for 70% less.
Listings have full foliage and are below estimates.
Same forecast of +2% next year even though the human tornado has yet to arrive
Zestimates
Our ever-vigilant regulators and enforcers, stalwart guardians of the public interest, will surely prevent a systemic financial crash, just as they did in 2008.
Oh, wait….
http://www.businessinsider.com/wells-fargo-failed-living-will-test-second-time-near-sanctions-2016-12
12:09
“It it it’s looking like a Trump victory.”
ABC News Election Night 2016 Coverage - 12am Hour (Hillary R. Clinton vs. Donald J. Trump)
https://www.youtube.com/watch?v=RxlOykhNzEI
Bill Kristol, he calls you up tomorrow morning and says “what should I do”?
“After I withdraw my application to Canada …”
30:00 “The crumbling world order…That is being rejected. This is a rejection of the neoliberal world order. That has been the consensus across across the governments and across the west for a generation.”
Oh dear. The cost of being a profligate borrower and spender just got more expensive.
http://wolfstreet.com/2016/12/13/treasuries-melt-down-junk-bonds-boom-yield-spreads-collapse/
The shape of things to come. Get ready to pay more property taxes, homeowners, to pay for your police protection as pension funds sink into insolvency.
http://www.zerohedge.com/news/2016-12-13/dallas-police-resignations-soars-insolvent-pension-system-implodes
Wut, you sheeple don’t want to pay for Oligopoly propaganda masquerading as entertainment?
http://www.breitbart.com/big-hollywood/2016/12/12/gun-control-movie-miss-sloane/
That great human rights proponent and champion of women, Hillary Clinton, will surely raise her screechy voice in outrage at the medieval treatment of women by her Saudi benefactors.
Crickets….
http://timesofindia.indiatimes.com/world/middle-east/saudi-police-arrest-woman-for-posting-photo-without-veil-on-twitter/articleshow/55952015.cms?from=mdr
A preview of coming attractions once the Fed debases the dollar into worthlessness.
https://www.theguardian.com/world/2016/dec/13/venezuela-100-bolivar-bills-sudden-ban-colombia-nicolas-maduro
Can the average Venezuelan own firearms?
What the Fukushima is going on?
Blah-blah-blah-Trump-blah-blah-blah-Putin-blah-blah-blah-Russians did it-blah-blah-blah-Rex Tillerson-blah-blah-blah-CIA sez-blah-blah-blah.
If they scream loud enuf, maybe no one will notice the pizza behind the curtain.
That’s the problem. You scream loud about everything then when a potential real conflict of interest occurs (Tillerson), the bark doesn’t mean much.
But let’s at least be objective. If Obamsky had appointed someone with strong Russian biz ties, you know the chatter would all be about how the Socialist devil was selling out this country.
Exactly. I was thinking about this issue yesterday. It’s starting to look like everything he does, the over the top moaning and screaming starts. So even if there is an issue, it starts to look like just more harassment and people just roll their eyes.
And Obamsky did appoint someone with strong Russian biz ties, Hillary Clinton, who sold off, what, 20% of US uranium to Russia? Not to mention that Johnny the Golden Winky Podesta has some pretty strong Russian ties himself, along with his brother.
http://www.wsj.com/articles/john-podesta-and-the-russians-1477262565
Meanwhile, not a peep about the Clinton Foundation and pay for play.
Will Greece mark the end of the banksters’ extend-and-pretend can kicking?
https://www.theguardian.com/world/2016/dec/13/greece-eu-imf-war-of-words-debt-relief-plan-tsipras-austerity
Have Yellen’s Goldman handlers gone massively short on this Ponzi market? We’ll know if she hikes rates more sharply than expected and tanks these rigged, broken, manipulated “markets.”
http://www.cnbc.com/2016/12/13/fed-expected-to-raise-interest-rates-but-wont-tell-market-what-it-wants-to-hear.html
Maybe a former bus driver-turned-socialist Comrade of Proven Worth wasn’t the best choice as president, Venezuelans. What a perfect object lesson for what happens when the takers overwhelm the makers. Forward!
http://fusion.net/story/375649/venezuelans-fight-to-protect-their-savings-as-government-pulls-bills-from-circulation/
What if Schiff is right this time?
http://www.marketwatch.com/story/peter-schiff-sheds-no-tears-as-a-trump-rally-hammers-gold-stretches-dow-to-20000-2016-12-13?link=MW_latest_news
I’m not very excited about dow 20k.
Why not? I thought you’d be happy. Russians got ya down?
Boy are these people smart.
People Who Laughed at Trump and said he would never be President Trump - Donald Trump Compilation
https://www.youtube.com/watch?v=PyEXshBOwEU
MORONS REACT TO TRUMP WINNING
Paul Joseph Watson
https://www.youtube.com/watch?v=BXpi3F0E5ro
It’s a Wonderful Life (1946)
The Biggest Media Meltdowns to Trump’s Win (2016)
https://www.youtube.com/watch?v=UtJvYdX4GKM
So what is China saying, exactly? Buy our crap or we’ll kill you?
“
So what is China saying, exactly? Buy our crap or we’ll kill you?”it’s china’s version of obamacare.
Obama Encourages Illegal Immigrants To Vote
https://www.youtube.com/watch?v=WCLO0WBvhF8
Fact-check: Did 3 million undocumented immigrants vote in this year’s election?
By Allison Graves on Friday, November 18th, 2016 at 10:58 a.m.
So is there any truth to it?
Well, we don’t know for absolute certain.
Our ruling
Reports claim 3 million “illegal aliens” cast votes in this year’s election.
If Phillips does release a more detailed report, we will consider that information. But for now, this claim is inaccurate. We rate it False.
http://www.politifact.com/punditfact/statements/2016/nov/18/blog-posting/no-3-million-undocumented-immigrants-did-not-vote-/
T. Rex
https://www.youtube.com/watch?v=bOjCjXfG9yg
many re listing pics show green leaves and less than 30 days on zillow
re-list reset magic or time machine ?
Trump Says He Expected to Lose Election Because of Poll Results
by Jennifer Jacobs and Billy House
December 13, 2016, 8:04 PM MST
The president-elect said he was planning on concession speech
Trump said he figured he’d thank guests and ‘I’m out of there’
Donald Trump was just as surprised as the rest of the country.
The president elect said publicly on Tuesday that he expected to lose the election to Democrat Hillary Clinton, based on polls showing him behind in several critical states.
“I went to see my wife. I say, ‘Baby, I tell you what. We’re not going to win tonight,”’ Trump said in West Allis, Wisconsin. “The polls are coming out — I always used to believe in those things. I don’t believe them anymore.”
Trump made the comments during a victory rally at the Wisconsin State Fair Exposition Center, where he appeared in public with House Speaker Paul Ryan for only the second time this year. Since Thanksgiving, Trump has visited several states that were key to his victory, calling it a “thank you tour” to his supporters. He abandoned much of his prepared remarks on Tuesday to recount his election-night tale.
Small Room
He said that he had intentionally rented a smaller hotel ballroom, expecting to make a brief concession speech after losing to Clinton. Instead, the concession turned into a celebration, and Trump delivered a speech in which he was unusually gracious to his opponent and promised to unite a divided nation.
“I said if we’re going to lose I don’t want a big ballroom,” he said. He said he figured he’d thank the guests and then “I’m out of there, right?”
But as the night progressed, TV stations kept announcing Trump had won another state.
“The map — bing bing bing, you know — that map was getting red as hell. That map was bleeding red,” Trump said.
He still thought he might lose when reports initially indicated Texas, a state that even “lousy” Republican candidates win, he said, might be in play, and that Clinton might win the traditionally red state of Georgia, too.
He said he told his wife: “This is going to be a disaster.”
https://www.bloomberg.com/politics/articles/2016-12-14/trump-says-he-expected-to-lose-election-because-of-poll-results?utm_content=politics&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social&cmpid%253D=socialflow-twitter-politics
How is the recount going?
It’s a reschlonging.
Careful Mighty you don’t want to end up like this.
https://www.youtube.com/watch?v=O_1ruZWJigo
Everyone knew Trump was going to win.
Even Hillary.