The Specials Are Getting Bigger And Bigger And Better
A report from KSHB in Missouri. “Luxury apartments in the heart of any downtown are becoming quite the craze. In Kansas City, there’s River Market, Columbus Park, One Light, Two Light, to name a few. According to one research firm, the number of apartments nationwide may jump more than 25 percent in 2017. But the Wall Street Journal predicts the building surge will outpace suitors, leaving many units vacant and forcing rent prices to drop. Those numbers may reflect the national trend, but local housing experts predict the opposite in the Kansas City metro. Harold Phelps, president of the Home Builders Association of Greater Kansas City agrees with Wilson. He doesn’t see any slowdown, any time soon. ‘We’ve seen growth in the 20 to 30 percent range since 2014. Will we continue to see that growth? I think we will.’”
“Local experts say we’ve learned a lot from the housing crisis of 2008, and in Kansas City, they won’t build unless there’s a strong demand. So if you’re waiting for the prices to drop on luxury rentals in the metro, keep waiting.”
From KOAA 5 in Colorado. “2016 was a good year for the local housing market. In El Paso County, there were more than 3,200 new builds. That’s up 18 percent over last year, and the most since 2006. There was a 30 percent increase in home builds in December alone. But homes weren’t the only thing going in — apartment builds were up 55 percent over last year. ‘Every time I turn around we’re adding a new apartment complex,’said Roger Lovell with the Pikes Peak Regional Building Department.”
“The other big question that comes with an increase of this size is whether or not the housing bubble is about to burst. ‘No way,’ Long said. In fact, he thinks 2017 is going to be another busy year. ‘If I had to just throw a dart, I’d say 10 percent,’ said Mark Long with Vanguard Homes.”
From Multi-Housing News. “On the last day of 2016, Hamilton Point Investments closed its HPI Real Estate Fund IV LLC (HPI Fund IV). Altogether, the Reg D private equity fund raised $85 million through 27 independent broker-dealers and registered investment advisors. Thus far, the fund has acquired seven multifamily properties. A further four apartment acquisitions are scheduled to close in January and February of the New Year. HPI expects to fully deploy the remainder of the fund’s equity in one additional acquisition during the first quarter of 2017.”
“HPI’s strategy, explained co-founder Matt Sharp, is to buy post-2000 construction apartment properties in secondary growth markets for below replacement cost. Then the company does modest common area and unit interior upgrades to increase revenue. ‘We’ve avoided the super-expensive, tier-one markets that have become overbuilt and overpriced,’ he noted.”
The Boston Herald in Massachusetts. “Rents in Boston have fallen for the first time in six years, according to a new report, as housing supply is finally starting to catch up to demand, analysts say. ‘My guess is that is from the upper end of the market, just because that’s what we’ve produced,’ said Greg Vasil, chief executive of the Greater Boston Real Estate Board. ‘There’s a lot of people on the development side, a lot of the bigger developers are taking a pause right now.’”
“Even as prices decline, Boston is the fourth most expensive city in the country, after New York, San Francisco and San Jose. All four cities were among more than a dozen where rents fell last quarter. These markets, Vasil said, may have just hit their peak. ‘It’s slowed up, it’s changing, but it’s not something that’s unhealthy,’ Vasil said. ‘It’s part of the cycle.’”
The New York Times. “Cracks in the rental market became evident to many brokers last spring, when the typically brisk rental season felt lackluster. By fall, some brokers said the market felt as slow as the holiday season. ‘Last summer, things were definitely a lot different,’ said Christophe Tedjasukmana, a salesman for Citi Habitats. ‘Some of the concessions are like out of the ordinary, extraordinaire.’”
“David J. Maundrell III, the executive vice president of new developments in Brooklyn and Queens for Citi Habitats, thinks the market started flattening out almost three years ago, and since then ‘we’ve been Band-Aiding everything with concessions.’ In September 2015, ‘the rental market went off a cliff. It just went crazy quiet. That’s where we turned on two months’ free rent,’ he said. ‘That was, in my opinion, the beginning of the downturn.’”
“Landlords would rather offer a few months of free rent than lower the base rent, because when base rents fall, the building’s value falls too. But come March or April, when the rental season moves into high gear, landlords will be pressured to move apartments. ‘Rents have got to come down,’ Mr. Maundrell said. ‘That’s the only way to get the absorption rates back.’”
From KHOU in Texas. “All over Houston, you’ll find apartments complexes trying to lure new tenants through their doors. Places, like Willowick Park near River Oaks, are offering 2 ½ months free rent, plus a $1,000 gift card for those who sign a lease within 24 hours of looking. Experts say you’ll find deals like that at roughly 500 complexes in town right now.”
“Realtor Spencer Moore specializes in helping people relocate to Houston. ‘The specials are getting bigger and bigger and better, so it’s a great time to be a renter in Houston,’ said Moore. ‘A lot of properties are giving away iPads, cruise ship tickets, TV’s. This luxury apartment in Downtown Houston was offering six months of rent half off.’”
“‘Last year was one of the worst years on record for job growth. We only added about 15,000 jobs, but we added 21,000 apartment units. That math just doesn’t work,’ said Patrick Jankowski, Senior Vice President, Research for the Greater Houston Partnership.”
“In addition, another 16,000 apartment units are currently under construction, with 12,000 of those units expected to open in 2017. ‘If you walk into your manager’s office and you need to resign a lease, you should ask for something. You should ask for some sort of deal, because if not, you could go down the street and get a better deal,’ said Jankowski.”
‘Wonder why everyone is talking about a rental market downturn even though rents are close to record highs? The explanation: landlords are hiding weakening demand behind concessions.’
‘Take Ben Shaoul, landlord to around 1,200 rental units in Manhattan, who said he has been offering concessions throughout 2016 and plans to offer one or two months free rent or pay tenant’s broker fees in 2017 as well. Sometimes he throws in a $500 American Express gift card.’
‘Meanwhile, the new rental development 7 DeKalb Avenue in Downtown Brooklyn has been offering dry-cleaning gift cards and waived storage fees. But almost a year after the building hit the market, its 50 market-rate units still aren’t fully leased.’
‘The idea behind offering concessions as opposed to just lowering rents is that higher face rents keep up a building’s value in the eyes of lenders and potential buyers. But it’s hard to avoid lowering rents indefinitely, as the high price tag can still discourage renters.’
Ahem:
‘keep up a building’s value in the eyes of lenders and potential buyers’
Where’s our Mr Professional to wave all this off?
As I said earlier, concessions are only for the first year. Wait until the tenants get the first renewal notice. I predict loads of apartment nomads who move every year for the concessions. As long as the tenants do the work of moving, LL’s never have to lower the official rent.
A few months of empty apartment units will begin the race to lower rents.
Landlords would rather get 80% of x than 0% of x.
Fixed costs are fixed costs…
Maybe we need a web site where desperate landlords can vie for the shrinking pool of creditworthy tenants.
‘As I said earlier…’
Yeah, you’ve been saying that and it keeps getting worse. Note that in all these markets, thousands or tens of thousands of units are under construction. The NYT article says renters are going from complex to complex carrying arm loads of brouchures on deals and using them to pressure landlords. You don’t think they could do that with their current landlord?
Anyway, the real deals will come when the foreclosures roll in and the new owners seriously undercut the market. Of course, that means some people aren’t retiring.
“the foreclosures roll in and the new owners…”
The accounting fraud of the previous flippers will not matter to them one little bit.
Tenants could certainly pressure their LLs because of the supply. But for every tenant deal that the LL turns down, there’s probably another tenant who got turned down by *his* LL. It may be cheaper for the LLs to attract a new tenant than to keep a persistent existing tenant. Let the tenants do the rotating, LLs say. That’s the tactic they used on me in the past, and they’ll probably try it again.
But you’re right. The sheer volume of inventory can overwhelm those old tactics.
“The sheer volume of inventory can overwhelm those old tactics.”
And will this time too. You can hide 25 million empty housing units for only so long.
There’s also quit a bit of value in a tenant that pays on time and doesn’t trash your place. A new tenant is always a gamble.
“….You can hide 25 million empty housing units for only so long…..”
Well, you’ve been hiding them for several years now, HA.
Show us, please! Vacant lots in Finley ND don’t count.
Why pay to repeat a class you know you can’t pass?
“The NYT article says renters are going from complex to complex carrying arm loads of brouchures on deals and using them to pressure landlords.”
I did something similar the last time I bought a new car. I had the exact price a rival dealer would sell me the same car. When the dealer started negotiating, I showed him the paper with the other offer on it. Game over.
I did that with a freezer too. But it’s another matter for a tenant to make good on the threat and actually pack up and move, changing all the addresses.
But LLs are soon going to find themselves on the losing end of that. It’s much easier to move now that most of our records are portable through phone and email. Not to mention that most household goods are throwaway items (I’m talking to you, IKEA).
you forget oxide people today have a fraction of stuff they had 5-10 years ago. no more huge bookcases or records, cds, dvd& vhs racks, huge 35″ 200 lb tube tv they give those away for free in nyc
even surprised at wireless speakers, how decent they sound for being so small.
ps ikea use once give it away for free on cl, only those poang chairs with a leather cushion and couches with no pets no smokers really have any resale value
“I predict loads of apartment nomads who move every year for the concessions.”
Moving is expensive and the best way to offset it is to stiff the landlord for a couple of months before skipping in the night. Smart landlords know when the deals are out there, so they lower the rents for their better tenants. The big syndicate types operate on leverage and tight margins, i.e., can’t lower the rent.
Q. If it were optimal to continually offer concessions, then why do we only see them show up at the onset of a rental price downturn?
A. As Ben suggested, it is to hide the onset of a downturn. Once the downturn is common knowledge, it will prove cheaper for the landlords to simply lower the rents, rather than employ the deception of concessions.
10 months of rent from a 12 month tenant is not a vacancy or a rent reduction, as far as they’ll tell the investors.
“David J. Maundrell III, the executive vice president of new developments in Brooklyn and Queens for Citi Habitats, thinks the market started flattening out almost three years ago, and since then ‘we’ve been Band-Aiding everything with concessions.’ In September 2015, ‘the rental market went off a cliff. It just went crazy quiet. That’s where we turned on two months’ free rent,’ he said. ‘That was, in my opinion, the beginning of the downturn.’”
He pretty much says loud and clear, in plain English, that concessions are something that happens at the onset of a downturn.
Do you have any counter-evidence to back your theory that concessions will henceforth be available in all future years to a migrating army of apartment nomads, even as the rental downturn gathers steam? I’m highly doubtful.
“The explanation: landlords are hiding weakening demand behind concessions.”
Is there any public disclosure of concessions? Obviously statistics based on rents alone are going to miss the onset of a rental downturn.
Similar things happen in the purchase market:
1) Many will recall how free new cars and other deal sweeteners that were clearly separate from the structure were included in the deals to keep new homes moving without reducing the sticker price during the onset of the last crash;
2) Stubborn sellers may refuse to lower their asking prices, even if the market price has fallen below it, resulting in longer times on the market or delistings which don’t show up in new home sales statistics.
‘Boston is the fourth most expensive city in the country, after New York, San Francisco and San Jose. All four cities were among more than a dozen where rents fell last quarter. These markets, Vasil said, may have just hit their peak. ‘It’s slowed up, it’s changing, but it’s not something that’s unhealthy,’ Vasil said. ‘It’s part of the cycle.’
They always fall back on this “it’s still really expensive”. Uh, that’s a problem, not a virtue. And losing everything and going bankrupt is part of the cycle too Greg.
‘He doesn’t see any slowdown, any time soon. ‘We’ve seen growth in the 20 to 30 percent range since 2014. Will we continue to see that growth? I think we will.’ Local experts say we’ve learned a lot from the housing crisis of 2008, and in Kansas City, they won’t build unless there’s a strong demand. So if you’re waiting for the prices to drop on luxury rentals in the metro, keep waiting.’
‘apartment builds were up 55 percent over last year. ‘Every time I turn around we’re adding a new apartment complex,’said Roger Lovell with the Pikes Peak Regional Building Department.’
“The other big question that comes with an increase of this size is whether or not the housing bubble is about to burst. ‘No way,’ Long said. In fact, he thinks 2017 is going to be another busy year.’
Yeah, 20-30% increases year after year mean, more 20-30% increases! This is how the REIC gets into trouble every time. Oh, but we aren’t building any housing. There’s a shortage! That’s why prices are down in every major market at the exact same time.
“That’s why prices are down in every major market at the exact same time.”
The silver lining right here as we all know that nothing will get this moribund economy back on its feet like falling prices to dramatically lower and more affordable levels.
my banker said folks like u r real debbie downers.
Your muffler bearings are noisy again Post.
He should be grateful for the American taxpayer’s willingness to bail him out in a pinch.
“‘He doesn’t see any slowdown, any time soon. ‘We’ve seen growth in the 20 to 30 percent range since 2014. Will we continue to see that growth? I think we will.’”
One of my predictions for 2017 was that everyone will “talk their book”.
It’s right up there with “the sun will rise in the east” - it’s universally true.
Same bubble story, new cycle.
Lather, rinse, repeat…
http://www.bizjournals.com/houston/news/2017/01/06/renowned-real-estate-economist-the-downturn-seems.html
we I need cash for bills My equity is hard to resist.
‘We used the rules they gave us now all of the sudden they’re going to go back on the rules and say hey you don’t get any of that. That’s not fair…It’s acting like it was an underhanded Ponzi scheme that we pulled. It’s not fair.’
“The rules they gave us” were written by the same corrupt bastards who have been fleecing taxpayers and the public for decades. You turned a blind eye because you thought your gold-plated retirement was in the bag. Corruption has consequences, Bitchez….
“…cash for bills My equity is hard to resist.”
Just swipe that card with a picture of a piggy-bank house. Hehe.
Just cash in some of the contents of your Bitcoin purse
Opinion
Bitcoin Quietly Rages on While Global Currency Markets Implode
By Nicolas Cary On 1/7/17 at 3:00 AM
It’s been a year since I argued that bitcoin was too big to fail, but it has only got stronger. And yet, you don’t have to look far to find a new death knell for the digital currency.
These prognostications may be loud and frequent but each is more wrong than the last. For instance, December found many asking whether bitcoin was dead only to be faced with a rally that saw the digital currency cross the $1,000 mark. We saw similar rallies following the Brexit vote and U.S. election when bitcoin became a safe haven in the face of geopolitical risk that brought the security of our most trusted fiat currencies into question.
Over the course of 2016, bitcoin’s value grew by over 122 percent. Closer to home, we saw our most impressive quarter to date in Q4 2016, with our number of wallets crossing the 10 million mark and transaction volume doubling. Now is a perfect time to reflect on why that’s the case.
Some pretty strong language has been used to describe the past 12 months, including “roller coaster,” “catastrophic,” “dangerous,” and “volatile.” Amazingly, these words do not apply to bitcoin, but rather to the implosion of global currency markets.
…
FINANCIAL TIMES
Bitcoin
Bitcoin passes $1,000 but only number that matters is zero
Cryptocurrency trading not even a rounding error in the world of modern finance
January 3, 2017
by: Dan McCrum
In case bitcoin crept into your consciousness during a quiet first week of the year, because the price of the so-called cryptocurrency has passed a notable round number in dollars — $1,000 — most questions about the technological curiosity can be answered with another easy to remember figure: zero.
For instance, the Bank for International Settlements estimates the amount traded daily for the world’s 180 or so recognised currencies. Last year this ranged from $4.4tn in dollars, down to $1bn for the 37th most actively traded, the Bulgarian lev. In this context, the sum of bitcoin transactions rounds to zero.
Another measure might be the collective value of bitcoins, which stood at $16bn on Tuesday according to Bitcoin Info. Currencies aren’t normally discussed in terms of their overall worth, as they are supposed to be mediums of exchange rather than some absolute store of value. Still, for context, the Central Intelligence Agency put the planet’s stock of broad money — notes, coins, and various forms of bank account — at $82tn as of the end of 2014.
On the CIA figures, the value of bitcoins hashed into existence is similar to the broad money total for Uzbekistani soms. With apologies to Tashkent, the value of soms and bitcoins, and the number of people for whom they are relevant pieces of information in the world of modern finance, both round to zero.
…
Capital flight from China.
A problem I found with bitcoin is that it cant conduct all that many transactions per second - I forget the number, but its a pretty small amount compared to what a credit card company can process. There are ways to mitigate this somewhat, but I’m not all that confidant in accuracy and precision.
‘Bernie Madoff. It’s a name now often bandied about when talking about the failing Dallas Police and Fire Pension fund. “The reality of it is that it was a Bernie Madoff type scheme,” says Lee Kleinman, a city council member and former pension board trustee.’
‘The city has agreed to put in an additional billion dollars over 30 years, but they’re proposing a series of bitter pills to make up the rest of the nearly $4 billion shortfall. The bitterest pill: A proposal to take back all of the interest police and firefighters earned on Deferred Option Retirement accounts, or DROP. That would amount to an additional billion dollars saved.’
‘The city is calling it an “equity adjustment.” Retirees call it an illegal “claw back.”
‘The excessive interest paid on those DROP accounts, along with years of bad real investments made by past fund leaders, are a major reason for the fund’s looming insolvency.’
‘News 8 spoke to angry retirees last week who packed the pension board meeting. “We used the rules they gave us now all of the sudden they’re going to go back on the rules and say hey you don’t get any of that,” said Charles Hale, a retired police officer. “That’s not fair.”
‘Retirees promised they’d be suing if anybody tried to take back money they feel they’ve earned. “It’s acting like it was an underhanded Ponzi scheme that we pulled,” said Joe Dunn, a retired police officer. “It’s not fair.”
‘years of bad real investments’
A big chunk of the money behind these apartment deals is pensions and life insurance.
“We used the rules they gave us…”
After being the largest political donors of all time.
After using threats and violence.
After making sure only candidates endorsed by you could get elected.
After extraction of sweetheart deals as payback once elected.
These public unions goons are going to get hammered.
If they were smart they would cut their losses and renegotiate a pension the city could afford. NOW.
But public unions are pure greed. They will fight any cut until the city declares bankruptcy. Then they will lose it all.
And they deserve that. And THAT would truly be for the children.
Here Come A Lot Of Angry Teamsters: One Of America’s Largest Pension Funds Demands A Taxpayer Bailout
http://www.zerohedge.com/news/2016-05-12/here-come-lot-angry-teamsters-one-americas-largest-pension-funds-demands-taxpayer-ba
DJT says no.
God bless DJT.
I wonder if any of the teamsters connect ZIRP with their lousy returns?
Hope and change.
Democrat-maladministered urban dystopias like Baltimore that are in a terminal downward spiral are going to have an increasingly difficult time attracting quality police officers who have to deal with incompetent, corrupt authorities as well as feral Hillary supporters on the streets, especially as budgets get increasingly tight as the productive tax base is strangled or moves away.
http://baltimore.cbslocal.com/2017/01/05/union-baltimore-city-police-in-crisis-due-to-officer-shortage/
I bet their tears are delicious….
—-
Live Stream: Kentucky Senate Right to Work debate, vote
KET - Live Stream of Kentucky Senate | 1/7/2017
Live Stream of debate / upcoming vote on bill to enact Right to Work and repeal of “prevailing wage” law. Union members can be heard screaming in protest in the background.
What if unions went back to the original guild-type system: apprentice, journeyman, master. The union only allows you in if you earned real skillz. And if you don’t maintain, the union is quick to throw you out.
Would you object to that type of union?
I have no issues with a private union that is voluntary to join and voluntary to collect dues.
And FYI.
I have been in a few unions in my life. Even a shop steward.
The best was an Engineer Union.
They were all volunteer yet had a 92%+ membership rate.
They fought management when needed and kicked idiot union members in the balls when needed.
“The best was an Engineer Union.”
Pharmacists have a good one too.
If that applied to government workers it would be a miracle.
But i did notice the last time i went to motor vehicles they had 2 people standing at the entrance they gave you a ticket based on your reason to be there, , instead of standing in the information line for a half hour or more just to get that same ticket. still took 45 minutes to be called but at least we were sitting down.
Customer service at its finest!
In CA, I can go on-line and make an appointment. The open times are often several weeks out, but it beats waiting in line……Sitting or standing.
Even fdr hated gov unions
So at my job I find my new company shares an office building with a company that specializes in human trafficking. Specifically, they get hired by Monsanto, Pioneer, BASF, etc. (Franken Foods Inc.) to shuttle people all over the US to do farm work. These arent skilled people from what I can tell, just hard up dudes from all over the planet - meheecans, somalis, 400lb white trash, even a smattering of europeons and asians. I’m guessing its all under the table and more than a few, especially the ‘muricans are dodging outstanding warrants and child support. Since the management are smokers they conduct most of their meetings outside the building where its legal to destroy your lungs and I overheard them talking about moving people around to avoid ICE. A friend who used to work in the same building but for a different company said he talked to a management goon and the companies pay this human trafficking company $25/hr of which the employee gets about half. I’m betting the employee doesnt pay taxes, get health insurance or any other benefits, just cash on the barrelhead.
Guess who’s dropping a dime to ICE once the magnificent bastard is sworn in? #MAGA
ICE doesn’t care. They won’t care until their top ranks are purged of all officials committed to building our permanent Democrat supermajority via the mass importation of Democrat-on-Arrival entitlement voters from south of the border and every Third World cesspool.
IKE controlled the BOR-i-do border w 1/10 the number we have today
how?
live rounds
Did you grow up in East Germany?
Make that call on January 21th!
I have heard similar stories of the massive ignoring and evasion of laws at all levels.
The fish does rot from the head down.
It is almost like a fog will be lifted on January 20th…
My prediction is that we are going to the massive corruption of the obama years out in the open.
And it will be breathtaking.
And WikiLeaks will do a booming business.
banana - seriously, your rage is in need of meds.
4.7%
Rage IS the medicine.
It makes him feel good about himself, which is the best feeling.
My dad was addicted to it… would get himself all angry watching news and ruminating, bursting out with political randomness at weird times, often involving our Dark Lord Soros. He’d get mad and afraid of stuff that was supposed to happen in a future he was never going to see, and just stay that way for days at a time. Mom got to where she’d just sit there and say “shut up, shut up, shut up” calmly until he’d stop ranting about whatever the problem of the day was.
It all raised hell with his blood pressure, and his blood pressure ended up killing him. I think there’s a die off just starting in his demographic, and we will see it affect the ad revenue of the angry channels.
Wow, thanks for on-the-ground info, jerzdebil! I suspect this has gone on a lot longer than Obama’s been in office.
Hey Mighty-Mike, why don’t we fill these unskilled jobs with American citizens, preferably “troubled youths” who will be so busy working and moving around that they won’t have time to kill each other? Then we would have a lot less need for your precious universal income.
The economics of these types of stories fascinate me. Think about this: its economic for a fortune 500 company to pay another company 25/hr to get this labor (likely seasonal) while insulating themselves from the risks due to skirting various laws. Then the trafficking company takes half that and socks it away probably overseas so they can bail at a moments notice if things hit the fan. Its still cheaper than paying the benefits, taxes and any other nicks and cuts the governments impose on the simple act of picking a crop, including a fat minimum wage in a lot of states now. And to tie it into RE, plenty of locals look the other way because they get to rent to these workers and make a little extra on the side - while also probably not giving uncle sam his cut.
I used to work alongside braceros during the summers in high school, great wage for a kid and taught me a lot - more about what I didnt want to end up doing later in life, lol! Kids need to get off their phones and get out in the fields again, send these clowns and especially the vampire companies back to hell.
Yeah, that $25 figure surprised me too. Does it really cost $25 to pay someone $12/hour?
It’s probably nonsense. The guy claims that he overheard it from people on a smoke break.
‘ I’m betting the employee doesnt pay taxes, get health insurance or any other benefits, just cash on the barrelhead.’
Drop a dime calling the IRS, too.
Lots of bag holders and knife catchers in China this morning. Who’d have thought that “investing” in a make-believe “currency” mined by computers could ever end badly?
http://www.zerohedge.com/news/2017-01-07/china-launches-bitcoin-crackdown-pboc-will-probe-investor-behavior-and-rectify-misbh
Investing in that make belive currency is a God send for Venezuelians…
There are plenty of make-believe currencies out there used by people around the planet as an investment and a medium of trade on a daily basis. What makes Bitcoin concerning as an investment is its lack of any fiat backing. China is currently demonstrating what happens when governments decide to intervene in alternative make-believe currencies. “Thou shalt have no fiat before me!”
What we need is an options market to enable gambling on Bitcoin volatility.
Bitcoin
Bitcoin tumbles further after PBOC warning
Fast FT
yesterday
by: Nicholas Megaw
Bitcoin suffered another day of big losses on Friday, falling more than 9 per cent for the second day in a row after China’s central bank warned about the risks of investing in the virtual currency.
…
Earlier today the People’s Bank of China issued a notice on “risks associated with bitcoin”.
The notice reminded investors that bitcoin “does not have real meaning as a currency” and encouraged a “rational” approach to investing with the currency, according to a translation provided by BTCC, the world’s second-largest bitcoin exchange.
…
buy post-2000 construction apartment properties
Post-2000, eh? Sneaky sneaky, HPI! They know that post-2000 properties are cheap to “update.” No nasty surprises like asbestos or lead paint. No expensive items like new windows. 2000- era appliances have probably already gone through the first round of replacement. Pool probably ok.. utilities are already individually metered, etc. Just tack in some value-added carpet and “50 shades of” trendy gray paint and you’re good-to-go.
Built buy illegals who had no idea what they were doing…?
Probably yes. But it’s the peripheries of a house — windows, appliances, HVAC — which are wearing out quick, while the structures appear to be remaining intact.
Remember all those Tool Brother houses? They were supposed to fall apart after 5 years. Yet here they all 10-15 years on and nothing is falling apart yet.
I hope not! 10-15 years is hardly an endorsement of lasting value. Are there really issues with windows and HVAC? That would really suck.
“there is no greater feeling than getting free money for buying something.”
Said by every FB
Said by every student with massive loans
Everywhere…
Especially when you buy with borrowed money things you do not need. Cash back clown.
That’s the bubble-runup mantra, soon to be replaced by, “Nobody could have seen it coming!” and “I’m a victim!”
“there is no greater feeling than getting free money for buying something.”
I guess you never really had to take a piss.
Things you will never hear from rabid neocons who never met an open-ended military conflict they didn’t want to send someone else’s kids to fight.
http://www.zerohedge.com/news/2017-01-07/trump-only-stupid-people-or-fools-want-war-russia
Boulder, CO Housing Prices Crater 7% YoY
http://www.zillow.com/boulder-co/home-values/
Another Putin narrative:
http://mobile.nytimes.com/2017/01/06/us/politics/donald-trump-wall-hack-russia.html
I’m more interested in the content of the hacked emails than any allegedly illegal activity that led to their disclosure. The Democrat Party is corrupt to its core, and Hillary Clinton deserves to be in prison for life without parole.
P.S. Correct The Record pays people to post on this blog.
Give the Russians credit for one thing: they helped Obama achieve his stated promise of being “the most transparent US administration in history.”
How much do they get?
We only had two Christmas letters returned this year… both from California with no forwarding address provided.
Try Texas.
The ones who cant make it all head to Texas, where it is easy for them to be big dogs.
Did your friends fall off the edge of the continent into the deep blue sea?
Drowning in red was my initial thought.
Just got off of the phone with a friend in the San Jose area. He said they have high employee turn-over at his job because the area is simply too expensive. He’s tired of constantly training new hires.
Yep, newbies from the midwest cant believe they are offered $80k, then cant believe all the credit card debt they have after the first yr. High COL and crazy traffic. Yipeeee.
Salem, OR Housing Prices Crater 10% YoY
http://www.movoto.com/salem-or/market-trends/
Hmmm, not so much. YoY stats show:
Inventory down 28%
Price/SF up 10%
Crater? HA!
And price going south. Waaaay south.
Evictions by Wall Street mega-landlords soar; financialization of rents causing “housing instability.” Heckova job, Federal Reserve.
http://wolfstreet.com/2017/01/07/evictions-by-wall-street-mega-landlords-soar-financialization-of-rents-cause-housing-instability-atlanta-fed/
Great comments too, LOL.
“Luxury apartments in the heart of any downtown are becoming quite the craze. In Kansas City, there’s River Market, Columbus Park, One Light, Two Light, to name a few. According to one research firm, the number of apartments nationwide may jump more than 25 percent in 2017.”
Everything’s up to date in Kansas City!
EXCEPT in southern California and bay area California! Lack of inventory, flood of foreign investors and price keep going up in spite of what is happening in the rest of the country.
With housing demand at record lows and a state full of foreclosures, defaults in addition to record high crime, it is very doubtful.
Yep. San Diego led the downturn last time, but it seems like we are lagging in the present cycle.
Not as sure about the foreign investor flood at this point, and seriously doubtful after January 20.
We’ll be watching San Diego closely. We’re thinking of moving to Little Italy in a year or two and renting for a while. It is such a fun place to live and close to SAN for travelling.
Just make sure you’re not too close to the flight path. It can get a little noisy.
We’re thinking of moving to Little Italy in a year or two and renting for a while.
Wait—you’re thinking of being a _long-distance_ landlord???
May sell it all and cash up for the next downturn.
Ah; I would say that’s a smart move. It’s not the plan you had outlined when you were buying, but oh well, plans change. I still give you credit for good timing on both ends if you do.
Mission San Francisco, CA Housing Prices Crater 8% YoY
http://www.zillow.com/san-francisco-county-ca/home-values/
After looking at pictures of the snowstorm in my hometown I went looking for something I couldn’t find.
(There is also a NASA article saying children in Boston would only hear about snow from their parents that I can’t find anymore either)
One of the longest running climate prediction blunders has disappeared from the Internet
Anthony Watts / November 12, 2015
Readers of WUWT and millions of climate skeptics have read this article before, and in fact it is likely one of the most cited articles ever that illustrates the chutzpah and sheer hubris on display from a climate scientist who was so certain he could predict the future with certainty. Dr. David Viner of the Climatic Research Unit who famously said:
From the Independent’s most cited article: Snowfalls are now just a thing of the past by Charles Onians:
However, the warming is so far manifesting itself more in winters which are less cold than in much hotter summers. According to Dr David Viner, a senior research scientist at the climatic research unit (CRU) of the University of East Anglia,within a few years winter snowfall will become “a very rare and exciting event”.
“Children just aren’t going to know what snow is,” he said.
It seems however, that after over 15 years, the Independent has removed that article, and the URL now comes up like this:
Page not found…
Sorry - we can’t find that page
https://wattsupwiththat.com/2015/11/12/one-of-the-longest-running-climate-prediction-blunders-has-disappeared-from-the-internet/
The liberal fake legacy news media of today is very much like Pravda in the times of the Soviets.
If someone fell out of favor - they were literally erased from history.
I remember muslims around the world and in AMERICA celebrating after 9/11 being reported in the news.
Go try to find those stories now.
Into the dustbin. May the Globalist agenda cheering on such nonsense also go into the dustbin.
A generation from now old people will be telling their grand kids they remember when there was supposed to be Global Warming. Catastrophic, tipping point and all that.
The Frigid 48: U.S. Average Temperature 11 deg. F
January 7th, 2017 by Roy W. Spencer, Ph. D.
ren says:
January 7, 2017 at 6:36 AM
“Coldest air since at least 1996 to raise risk of frozen pipes, water main bursts in southern US”.
http://www.drroyspencer.com/2017/01/the-frigid-48-u-s-average-temperature-11-deg-f/
I’m of the generation that will be able to tell my grand-kids that I remember the Global Cooling scare as well as the Global Warming scare…
THIS TIME IS DIFFERENT.
On October 26, 2006, U.S. President George W. Bush signed the Secure Fence Act of 2006 (Pub.L. 109–367) into law stating, “This bill will help protect the American people. This bill will make our borders more secure. It is an important step toward immigration reform.”[1]
The bill was introduced on Sep. 13, 2006 by Peter T. King (R-NY). In the House of Representatives, the Fence Act passed 283 -138 on September 14, 2006. On September 29, 2006 – the Fence Act passed in the Senate 80 -19.
rampant.mortgage.defaults
Stamford’s “Trump” tower draws protest (from 3 people)
By Neil Vigdor Published 12:00 am, Saturday, January 7, 2017
His name was meant to bring a certain cachet to the property.
But now that Donald Trump is just days away from assuming the presidency, it’s bringing more unwanted spotlight to Stamford’s tallest building.
Trump Parc, a 35-story luxury condominium tower downtown is being targeted by Fairfield County Democrats as part of a Jan. 15 protest of the president-elect, complete with a papier-mache likeness of Trump.
http://www.thehour.com/local/article/Stamford-s-Trump-tower-draws-protest-10840977.php
WHY LET YOUR EQUITY SIT WHEN YOU CAN USE IT TO BUY MORE CASH COW HOMES?
If the sheer stupidity of your comments here does not upset anyone, does it make you feel empty and useless?
I knew a Debbie downer like you would show up.
ya cant spend it until you cash out.
sell now
He’s trying to be the next HA. He doesn’t realize that HA is irreplaceable.
Hey Donk
Hi hon.
HA, Ha, ha….Funny. and precious!
Rent free.
Here is something for the car driver with a hole burning in his pocket:
http://money.cnn.com/2017/01/05/luxury/gm-book-cadillac/index.html
“GM’s new Book by Cadillac service takes leasing a few steps further. With this new service, people can pay a monthly fee to keep a car, but they can swap that car at any time for a different Cadillac model. Users can switch cars as often as 18 times a year.”
when my hose falls in value I will let one of you guys have it.
65,990,000 people on Soc Sec or SSI Nov 2016
Wow. Link?
That’s about 20% of the population.
OMG…Found the link
https://www.ssa.gov/oact/progdata/icpGraph.html
So that leaves only ~30 million of the those “95 million out of the workforce” are really available to work. Discounting SSDI fraud.
but it is still Obama’s fault.
4.7%
Here is a cool little video, a couple guys on motorcycles taking a tour of a Chinese Ghost City, and talking about how these ghost cities came to be. They arrive at the city around the 7 minute mark, if you want to just skip to that part.
http://www.poetv.com/video.php?vid=158056
It is simply mind boggling, especially when one considers that there are many more ghost cities like this.
I also wonder how long these buildings will last. Will they survive the next big earthquake or will they come crashing down?
The final tax payer hosing.
Looks like Barry and Moochelle spared no expense.
Inside the Obama’s final star-studded party: Bash goes on until 4am with Meryl Streep, Tom Hanks and SJP on the dance floor and chicken and waffles for breakfast
Read more: http://www.dailymail.co.uk/news/article-4097492/Inside-Obama-s-final-star-studded-party-Bash-goes-2am-Meryl-Streep-Mccartney-SJP-Chance-Rapper-dance-floor.html#ixzz4V7P3n4i4
Follow us: @MailOnline on Twitter | DailyMail on Facebook
hosing will only get worse….
Protecting Donald Trump costs New York City more than $1 million a day
by Chris Isidore, Shimon Prokupecz and David Shortell @CNNMoney
“Protecting Donald Trump costs New York City more than $1 million a day”
Isn’t it great, cut in half from protecting Obama and Hillary.
Obama Visits New York For Fundraiser After Stumping For Clinton In Philadelphia
September 13, 2016 9:27 PM
NEW YORK (CBSNewYork/AP) — President Barack Obama was in New York City Tuesday evening for Democratic Congressional Campaign Committee fundraiser.
Obama attended the fundraiser at the home of hedge-fund founder Jim Chanos.
Earlier Tuesday, Obama was in Philadelphia stumping for Democratic presidential nominee Hillary Clinton.
“This is not just me going through the motions here,” President Barack Obama said at a campaign event in Philadelphia. “I really, really, really want to elect Hillary Clinton.”
Obama also aimed his fire at Donald Trump.
Obama praised Clinton as the most qualified candidate ever to seek the office and mocked her opponent Donald Trump as “not fit in any way” to lead. He suggested Clinton was again the victim of unfair treatment and a scandal machine that has dogged her throughout her long political career.
(a Russian scandal machine no doubt)
http://newyork.cbslocal.com/2016/09/13/obama-new-york-philadelphia/
He suggested Clinton was again the victim of unfair treatment and a scandal machine that has dogged her throughout her long political career.
Hillary IS the scandal machine with her serial influence-peddling and crony-capitalist deals.
NY is not DC
Mirror, mirror on the wall who is the most useless of them all? Obama rated WORST president since WW2 in embarrassing poll
Read more: http://www.dailymail.co.uk/news/article-2678005/Obama-rated-WORST-president-World-War-II-embarrassing-new-poll.html#ixzz4V8HinNWQ
Follow us: @MailOnline on Twitter | DailyMail on Facebook
‘Hard to believe, this story. I’ve been fortunate to have been inside the White House. It’s a special place for us Americans. Surely it is appropriate for the First Family to throw a final party. But what a guest list? A First Family with class would have honored those who served in the White House, in Government, and served our nation. Even a last chance to “reach across the aisle”, to unite the nation. It will be nice, after these eight years of confrontation, to once again have someone familiar with management of people, motivation, dignity and respect for the nation and our sacred places, such as the White House, in less than two weeks.. ‘
Do you mean the Tweeter in Chief? The most crass person to ever exist.
Surely you gest!
And he’ll live rent free in your skull along with yours truly.
Enjoy.
“The most crass person to ever exist.”
I wouldn’t call Obama the most crass person to ever exist.
https://www.youtube.com/watch?v=_T8tMk-ZOx8
Definition of the word crass when used by liberals: pointing out things they don’t want mentioned. Failing to pay obeisance to the current power structure.
A First Family with class would have honored those who served in the White House, in Government, and served our nation. Even a last chance to “reach across the aisle”, to unite the nation.
That’s just more nonsense. The party is the most insignificant event of the Obama presidency. A different guest list would not unite the nation.
crushing.housing.losses
Hi Ben,
I left your a question a day or so ago and didn’t get to your response until now. This was the question:
“What do you think of designating residential areas as “must be owner-occupied”? In my view, that could correct many real estate markets.”
Your answer was simply, “Enforce the laws.”
Are you saying that we have good laws in place to keep real estate markets healthy, but they’re not enforced? (I’m fairly certain that’s the case, but just want to be 100%.)
Please let me know. Thanks.
I was in a hurry. We have a system that lets locals determine these things. I grew up in a town that didn’t have zoning. But we did have deed restrictions. The problem of absentee owners is more of a lending thing. Why is the government guaranteeing loans for second houses and investment properties? As for airbnb, it’s illegal in many places it operates. IMO, these people are speculating and when the market is falling they’ll rush to sell.
Copy that. Interesting.
My concern is also the all cash people. Between the reits and other investors, the rental percentages could grow and grow over time. Basically, it’s conceivable for the reits to become the landlords of America.
But maybe the reits don’t always buy with cash.
Hillary must be so proud of her supporters.
https://www.yahoo.com/news/latest-parents-sent-texts-beating-video-found-151004047.html
“Public defenders say 24-year-old suspect Tanishia Covington is the mother of two children, ages 11 months and 2 years old.”
They didn’t mention welfare… she must be an structural engineer?
Gee, you must be so disappointed that that detail was left out. The victim certainly must have cared about such matters as he was being tortured.
how long will central banks keep propping up stocks?
I’ve been watching the supply + demand of some of the large stocks in recent months — the detailed data of the volume and counts of every order at every price level for the ask and bid sides of the market, during the trading day.
It’s strange. Most of the time, there’s like 5x the amount of stock being offered for sale, versus what is being bid for. One would think that a large imbalance on the supply-side would cause prices to retreat, and sometimes that is true, but it is the exception. Most of the time, it’s been the exact opposite. Somebody comes into the market and takes up ALL the supply being offered, in increasing amounts, and as a result, the prices keep going higher. No matter how much supply is being dumped on the market, the buyers don’t care. They just keep taking it all up. This bull (or pig?) has an *enormous* appetite. It’s quite impressive to watch. I don’t know if it is central banks or crazy people or what. Also, I’m not sure where all this extra supply is coming from either. Somebody’s been dumping a lot of it though. If they are short sellers, they’ve been getting crushed but they still keep doing it.
Off-topic, but things could be worse. You could go in for an appendectomy and find out you have an extra brain growing inside of you.
http://gizmodo.com/miniature-brain-and-skull-found-growing-inside-teen-s-o-1790851617
‘Incredibly, the mini-brain was capable of transmitting electric impulses between neurons, just like a normal brain.’
David Stockman calls BS on the suckers’ rally in response to Trump’s supposed massive fiscal stimulus (that a broke America can’t afford).
https://dailyreckoning.com/91423-2/
WARNING: There is a picture
California Funds 1st US Inmate Sex Reassignment
POSTED 4:41 PM, JANUARY 6, 2017, BY AP WIRE, UPDATED AT 04:38PM, JANUARY 6, 2017
SACRAMENTO (AP) — A 57-year-old convicted killer has become the first U.S. inmate to receive state-funded sex reassignment surgery.
Shiloh Heavenly Quine has been living as a woman in a California men’s prison. The surgery had been scheduled for Thursday, and her attorneys told The Associated Press on Friday that it was performed.
California prison officials agreed in 2015 to pay for the surgery for Quine, who is serving a life sentence for murder, kidnapping and robbery.
The state also became the first to set standards for other transgender inmates to apply for sex-reassignment surgery.
Quine’s case prompted a federal magistrate to require California to provide transgender female inmates housed in men’s facilities with more female-oriented items such as nightgowns, scarves and necklaces.
Quine will be transferred to a women’s prison.
http://fox40.com/2017/01/06/california-funds-1st-us-inmate-sex-reassignment/
An insult to honest taxpayers.
well if its state funded ok….. then we should apply it to sanctuary cities pay your own welfare food stamps medicaid cost from local funds….tax your own people for the privilege…….local control is what everyone is clamoring for, less federal involvement, so lets start here.
“well if its state funded ok”
Not according to the victim’s family.
APNEWSBREAK: CALIFORNIA FUNDS 1ST US INMATE SEX REASSIGNMENT
BY DON THOMPSON
ASSOCIATED PRESS
Jan 6, 3:20 PM EST
The daughter of Quine’s victim said she objects to inmates getting taxpayer-funded surgery that is not readily available to non-criminals, regardless of the cost.
“My dad begged for his life,” said Farida Baig, who tried unsuccessfully to block Quine’s surgery through the courts. “It just made me dizzy and sick. I’m helping pay for his surgery; I live in California. It’s kind of like a slap in the face.”
http://hosted.ap.org/dynamic/stories/U/US_CALIFORNIA_PRISONS_SEX_REASSIGNMENT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2017-01-06-14-46-34
RIP to the rarest of the rare: a principled liberal.
https://www.washingtonpost.com/local/obituaries/columnist-nat-hentoff-dies-at-91/2017/01/07/b738a1a2-d54f-11e6-9651-54a0154cf5b3_story.html?utm_term=.1d5d57e92c57
Shanghai suspends sales of commercial office projects
Reuters
Sat Jan 7, 2017
Municipal authorities in Shanghai suspended sales of commercial office projects from Jan. 6, in the latest move to crack down on irregularities in the property market amid concerns about soaring prices.
The suspension came after the municipality’s housing and urban-rural development committee received increasing complaints about “illegal sales and unauthorized alterations” to commercial housing projects, it said in an online statement published over the weekend.
The country’s first- and second- tier cities have rolled out a slew of measures over the past few months, including higher mortgage down payments and tighter real estate-related loans, in an attempt to cool their housing markets after a rally in housing prices.
http://www.reuters.com/article/us-china-property-shanghai-idUSKBN14S02W?il=0
http://maine.craigslist.org/etc/5945517816.html
So are rents going up anywhere ?
Will be going down when the human tornado arrives in dc
Milwaukee is still going up.
http://milwaukeerecord.com/city-life/heres-how-much-milwaukees-rent-went-up-in-2016/
“On average, rent for a one-bedroom Milwaukee apartment increased 1.64% every month in 2016. The entire state of Wisconsin, meanwhile, saw a 1.7% monthly increase. The national average was .67%, or an $85 increase.”
–
Reminds me of that Wayne’s world part with Alice Cooper:
“Wayne Campbell: So, do you come to Milwaukee often?
Alice Cooper: Well, I’m a regular visitor here, but Milwaukee has certainly had its share of visitors. The French missionaries and explorers were coming here as early as the late 1600s to trade with the Native Americans.
Pete: In fact, isn’t “Milwaukee” an Indian name?
Alice Cooper: Yes, Pete, it is. Actually, it’s pronounced “mill-e-wah-que” which is Algonquin for “the good land.”
Wayne Campbell: I was not aware of that.”
At first I thought this was a joke, but it looks real. One of the big landlords in the UK says — No battered women, no single parents, no poor people, and no plumbers! (what’s up with plumbers in England, they got a bad rep or something?)
He looks like a mean guy. Hehe.
http://www.independent.co.uk/news/uk/home-news/kent-landlord-bans-domestic-violence-survivors-and-single-mothers-from-renting-properties-a7515296.html
“Single mother” is usually synonymous with poor judgement and lack of morals or responsibility.
I want to flip a lot of houses this year.
It won’t stop snowing what are we going to do?
We’ll have to change the name.
To what?
Global Warming Alt Cooling.
That won’t work but save the Alt we can use that somewhere else.
Climate Range?
That’s closer.
Let’s not get all hysterical over a week of cold weather here in January. The important point is that our government has sponsored a colossal fraud in order to extract monies from us by yet another route. The fraud about Russia, Russia, Russia is probably due more immediate attention. Then the sleazy con game that is the Federal Reserve. The “Global Hysteria” game will fall with the Globalist agenda that sponsors it.
everything old is new again.
It can be boring, but some things haven’t changed.
good morning to all.
Where is raging ray this morning?
Miss me?
Who is the G in the LGBT who hosts Face the Nation?
He is about to wet himself because Reince Priebus won’t bite on his Spies Like Us talking point.
Uh oh, next guest Cory Booker wants Trump to admit Climate Range is real and is vowing to fight the repeal of Obamacare with his fellow Democrats.
https://www.youtube.com/watch?v=_T8tMk-ZOx8
To some people, any guy who read a book at one time in his life is probably gay.
Is that what you bubble people talk about in a bar?
https://www.youtube.com/watch?v=vKOb-kmOgpI
“Just a few months ago I attended Than Merrill’s training event and since then I have sold two properties, have six properties that are under construction right now, and three more under contract. In fact, the house you see behind me I just sold and made $38,000 on. I am providing a better lifestyle for my daughter and absolutely loving life.”
- Jenna Rouse
http://www.findandflipevent.com/facebook6/
Hey Everyone,
It’s been ten years since I’ve posted on this blog. I stopped posting because we sold at the top of the market in Tampa before leaving Florida for an academic position in a small university. I own my home outright at this time. Now I’m back here, and I have warning about housing - again.
I’ve been wanting to retire, and am canvassing a good locale in … wait for it… Florida! Always loved that weird-ass place. Anyway, looking over Greater Tampa, Greater Fort Myers, Greater Tallahassee, I’ve noticed three things: 1) lots of houses for sale. Lots. Especially in Tampa. 2) Greater Fort Myers has some pretty ok houses for around $200k. Lots and lots in this range. 3) These prices are doubled from 2010 when most of these places were last sold. Many went for $60k to $70k at that time.
Conclusion: Investors are getting out. Many of these houses are for sale with a current tenant who is renting. Standard loan for these will require about $650 to $750 / month for 30 years. Tenants seem to pay about $900 to $1200 / month. If the investors are getting out, then they understand that they need to get while the getting is good. Florida market should soften this year. Sales ought to slow and may have already done so.
Regards,
Roidy
P.S. You may already know this but FEMA has some very good flood zone maps.
URL: http://fema.maps.arcgis.com/home/webmap/viewer.html?webmap=cbe088e7c8704464aa0fc34eb99e7f30&extent=-82.22109829833948,26.46152657044953,-81.67796170166051,26.664201236517233
Click on Modify Map in the upper right. Go to the left and click on Add. Select Search for Layers. Select NHFL by clicking on add. You can then get maps with the flood zone and elevation.
Hiya Roidy.
Hey!
NOAA Fiddles With Climate Data To Erase The 15-Year Global Warming ‘Hiatus’
Read more: http://dailycaller.com/2015/06/04/noaa-fiddles-with-climate-data-to-erase-the-15-year-global-warming-hiatus/#ixzz4VBxyxouS
We got Climate Schlonged
Worst Deal In History: $1.5 Trillion A Year To Reduce Global Warming By 0.048°C
by JAMES DELINGPOLE10 Nov 2015
Bjørn “Skeptical Environmentalist” Lomborg has been doing the math on global warming – and it’s worse than we thought.
Even if every nation in the world adheres to its climate change commitments by 2030 the only difference it will make to “global warming” by the end of this century will be to reduce the world’s temperatures by 0.048°C (0.086°F).
That’s 1/20th of a degree C.
Let’s put this into perspective.
Earlier this year, Climate Change Business Journal calculated that the annual cost of the global warming industry is $1.5 trillion.
If you want to know what that looks like in numerals it is:
$1,500,000,000,000
To put it another way, even if you’d spent $1 million a day every day since the birth of Jesus, you’d still be less than half the way to reaching $1.5 trillion.
http://www.breitbart.com/big-government/2015/11/10/cost-climate-change-1-5-trillion-year-reduce-global-warming-0-048c/
Earlier this year, Climate Change Business Journal calculated that the annual cost of the global warming industry is $1.5 trillion.
explain that
“explain that”
Is Climate Change Now Its Own Industry?
By Don Jergler | July 30, 2015
Interest in climate change is becoming an increasingly powerful economic driver, so much so that some see it as an industry in itself whose growth is driven in large part by policymaking.
The $1.5 trillion global “climate change industry” grew at between 17 and 24 percent annually from 2005-2008, slowing to between 4 and 6 percent following the recession with the exception of 2011’s inexplicable 15 percent growth, according to Climate Change Business Journal.
The San Diego, Calif.-based publication includes within that industry nine segments and 38 sub-segments. This encompasses sectors like renewables, green building and hybrid vehicles.
That also includes the climate change consulting market, which a recent report by the journal estimates at $1.9 billion worldwide and $890 million in the U.S.
Included in this sub-segment, which the report shows is one of the fastest growing areas of the climate change industry, are environmental consultants and engineers, risk managers, assurance, as well as legal and other professional services.
Figures for the climate change consulting market are expected to more than double in the next five years, and the report’s authors believe the climate change industry as a whole will have an even steeper and faster growth trajectory than the environmental consulting industry – an industry that in 1976 had billings of $600 million and today generates $27 billion.
“We see another firm coming out with a dedicated practice area every two or three weeks,” Ferrier said.
http://www.insurancejournal.com/news/national/2015/07/30/377086.htm
As DeplorableghostofThomasPaine said…
1.5 trillion dollars is a small price to pay if we want to save the unicorns.
Takoma Park, MD Housing Prices Crater 15% YoY
http://www.movoto.com/takoma-park-md/market-trends/
http://www.zillow.com/homedetails/4402-W-Dengar-Ave-Midland-TX-79707/59870600_zpid/
Zillow predicting 75$ oil
What it would take for Midland to go up 4%+
Don’t be a DebtDonkey.
I guess I should’ve kept my mouth shut
When I started to brag about my Donk
But I can’t back down now because
I pushed the other guys too far
She makes me come alive
And makes me want to drive
When she says “Don’t worry baby”
Don’t worry baby
Don’t worry baby
Everything will turn out alright
https://www.youtube.com/watch?v=ZR_DYt_9a6Q
Tesla would love that.
There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know
John Kenneth Galbraith
Then theres falling prices.
Oakton, VA Housing Prices Crater 8% YoY
http://www.zillow.com/oakton-va/home-values/