Exorbitant Prices And Ultra-Competitive Market Will Fade Away
A report from the Madison Park Times in Washington. “All real estate is local, goes the saying. Then this last presidential election happens, and that rule goes out the window. However you feel about the election of Donald Trump, it’s immediately affected the Seattle real estate market. Sales fell off, fast. A lot more dramatically than November and December of the previous year. I’m working with a seller who has what, in any other time in the last few years, would be the perfect home for this market. Asking $899,000, it’s a trophy listing that has everything going for it. Property in the same price range in similar condition were under contract within a matter of days, with few or no contingencies, and achieving the asking price or above mere months ago.”
“We had more than 50 showings in 70 days of market time without an offer, but also without a complaint about the price. In fact, several brokers told me the price was spot-on and they were shocked it was still an active listing. This same experience is playing out across the market — good houses that would have moved quickly in the previous months of the year aren’t getting offers. After talking with my sellers, the decision was made to pull that $899,000 sweet-spot property off the market and re-strategize in early spring of next year. Meanwhile we’ll see what market does, analyze the data, and be ready when buyers regain their confidence, take themselves off the bench, and get back in the game.”
The San Mateo Daily Journal in California. “Following months of sluggish growth and expected interest rate hikes on the horizon, local real estate professionals believe the new year may bring a calmer home sales market to the Peninsula. Realtor Chuck Gillooley said he believes the slow growth trend will extend into 2017, as the exorbitant listing prices and ultra-competitive buying market will fade away. ‘I think we’ll return to a more back-to-basics approach to selling and sellers will be more realistic so these far-fetched prices will come back to Earth a bit,’ said Gillooley, who specializes in selling San Carlos and Redwood City properties for Dwell Realtors.”
“The result of a market losing momentum is some properties potentially languishing longer on the sales block, presenting those purchasing a chance to seek lower prices. ‘The more days on a market, that means more opportunity for negotiation,’ said Peter Aiello, a broker associate with Coldwell Banker in Burlingame.”
“To that end, Aiello said he believes it will become increasingly important for sellers to list properties at a price closer to the neighborhood median value should they hope to find a buyer in short order. Aiello said the diminished purchasing power of those who rely on loans could make it harder for cheaper homes to sell and noted a reduction in the amount of all-cash purchases and foreign investment as a counterforce pushing down the top of the market. ‘For people that want to sell properties, pricing is really critical,’ he said.”
“Should the housing market begin to take a more significant slide though, Aiello said he does not anticipate property owners acting erratically to sell their homes because the local real estate market will likely regain its value in short order. ‘If the market declines, they’ll just wait for the real estate cycle,’ he said. ‘If you hold on long enough, look how quickly property values rebounded last time. They’ll just leave it there and wait until the economy turns.’”
The Sierra Sun in Nevada. “To understand the future of the housing market, we need to understand the housing data through the end of November 2016. In the last six months, the median price has gone from $310,000 to $318,000, and is now back to $310,000. The number of days that houses are actively marketed before they are sold has gone from 79 days to 97 days in the same six months.”
“For northern Nevada, houses priced $300,000 and below equal 55.4 percent of all sales in November (some very limited Lake Tahoe numbers are included). That percentage has been consistently high all year long. The $300,000-$600,000 range equals 39 percent. Adding those two price ranges together make up over 94 percent of our entire market. Currently, we have more than a 45-month supply of homes in the $1.5MM and above price range. I believe prices may come down based on the absorption rate in this price range but also by the changes in buyers’ tastes and lifestyles by the end of 2017.”
The Amarillo Globe-News in Texas. “The city’s newly built houses were valued at an average of $18,057.62 less this year than those constructed in 2015, according to City of Amarillo permits. By no small coincidence, there were also more houses built in 2016 than in any year since 2012. Amarillo is currently stuffed with houses valued at $500,000 or more, which Keller Williams realtor Carol Whittenburg said usually receive little interest.”
“Nineteen homes registered through Multiple Listing Service organizations were sold for $500,000 or more in Amarillo and Canyon between June and November, including six for $700,000 or more. Selling the remaining $700,000 homes on the market would take 82 months at the current rate. ‘People who are buying bigger homes were holding onto their money to see what the economy would do, what would happens politically,’ Whittenburg said. ‘We have really seen that the larger homes have not been showing.’”
The Real Deal on Florida. “The former publisher of a defunct Spanish-language newspaper in Miami and three other South Florida residents were charged in a $10 million mortgage fraud scheme. Marco Laureti, former publisher of ‘El Popular’ and CEO/broker of Network Real Estate Advisors, Felix Mostelac, Michelle Cabrera and Pedro Melian were allegedly involved in the scheme tied to a Fort Lauderdale condo complex and other properties, according to the U.S. Attorney’s Office for the Southern District of Florida.”
“The U.S. Attorney’s office also said that Laureti and Mostelac allegedly used the same fraud process for home purchases in Miami Beach. More recently, a group of multimillion-dollar properties in South Florida was tied to a massive fraud ring in Mexico.”
The New Jersey Law Journal. “A mortgage holder has filed suit against a number of real estate appraisers in the District of New Jersey, claiming they provided inflated property valuations. Christiana Trust, a division of Wilmington Savings Fund Society, filed nine suits against appraisers Friday in its capacity as trustee for Stanwich Mortgage Loan Trust. The suits concern appraisals performed more than five years ago, most on homes in Newark and nearby communities, that fell into foreclosure and saw their mortgages acquired by Stanwich.”
“The suit includes one naming Liberty Appraisal Services of Metuchen, citing an appraisal that company performed on a four-bedroom Cape Cod-style house in Roselle in 2007, estimating its value at $330,000. But the plaintiffs say the actual value at the time of the appraisal was much less. The house was foreclosed on, and sold to pay off the mortgage balance, but the funds received from the sale left a deficiency balance of $218,175, for which the plaintiff seeks judgment in full.”
“Vivian Garzone, the principal of Liberty Appraisal Services, said the suit appears to blame the appraiser for mistakes made by mortgage lenders, like issuing mortgages for 120 percent of the appraisal. ‘It’s almost like they are holding us accountable for the economy falling down,’ Garzone said.”
‘Should the housing market begin to take a more significant slide though, Aiello said he does not anticipate property owners acting erratically to sell their homes because the local real estate market will likely regain its value in short order’
Or maybe it will be like last time when they ran like whiny b****** to throw the keys away and blamed everyone but their greedy selves?
BTW, I was driving a lot this weekend and heard that Quicken ad for cash out refinancing almost every hour.
Jay Farner(?) from quicken loans?
I believe they have have been there for a long time…..
Rocket EQuity program!
once we let the currency be printed at will the bankers took over.
‘Government-backed mortgages are about to get cheaper’
‘Last year, the government reduced these premiums by 0.50%, which it said would save homeowners an average of $900 a year.’
These non-bank lenders have quietly taken the majority of the market with Mel Watt’s blessing. See, because they aren’t banks they aren’t held to the higher standards Pocahontas is always going on about. And we all know that refi appraisals (if there is even an appraisal) are very generous.
https://www.quickenloans.com/blog/great-reasons-refi-2017
This Post Has 2 Comments
Mary H. Boyd says:
December 29, 2016 at 1:05 pm
‘We just Refinance with Quicken loans love u guys and thanks for everything’
‘Reply Kevin Graham says:
December 29, 2016 at 1:15 pm
‘Thanks, Mary!’
Kevin took all of 10 minutes to thank Mary for her love.
I thought all the morts wind up backed by taxpayers
smell dat mel
“oak tree you’re in my way”
‘will likely regain its value in short order’
I’ve been thinking about this a lot lately. The psychology on investments (and in particular real estate) has morphed into thinking that even a dip of, say, 5% makes people think that they are contrarians, making smart purchases as this new “sale” price.
What happens if there are massive layoffs in all the unprofitable app companies (twitter and such)? What happens to Facebook if companies cut advertising AND people get tired of FB? What happens if people finally get tired of Apple’s tired style (they’re a luxury fashion company after all)?
And then what if there’s no more “next big thing” in Sillicon Valley - I think the “cloud” and “IoT” hype is already getting old.
Something along those lines will happen some day. Though you may not live to see it.
Yeah, I think I’ll live to see it, since Gov Moonbeam & co are hard at working following Detroit’s lead
“what if” is what crazy people say who are very afraid.
Ignorance is crazy.
Knowing history is sanity; it’s all happened here before, see dot-bomb crash.
‘Amarillo is currently stuffed with houses valued at $500,000 or more, which Keller Williams realtor Carol Whittenburg said usually receive little interest…Selling the remaining $700,000 homes on the market would take 82 months at the current rate. ‘We have really seen that the larger homes have not been showing.’
Well Carol, how many people in Amarillo can afford these pricey shacks? I guess we can’t expect an answer as her communications have likely been knocked out by the recent ice storm.
$500K-$700K in Amarillo, Texas. Those words actually came out of her mouth.
And no one see a problem with this?
I drove through that forsaken place once. 100K is too much to pay to live there, but $500K? I’m sure the local doctors want something nicer, but unless those are 6,000 sq ft with an indoor pool and six car garage …
Amarillo’s got a lot of sub-$100K decent Oil City houses. And wow, no shortage of land. Flat and treeless. Great spot for a garden if you like irrigation and sunglasses.
Amarillo, TX Real Estate & Homes for Sale
1,365 Homes
http://www.realtor.com/realestateandhomes-search/Amarillo_TX
Amarillo, TX Price Reduced Homes for Sale
366 Homes
http://www.realtor.com/realestateandhomes-search/Amarillo_TX/shw-pr/show-price-reduced
It’s not just the expensive stuff that’s getting a price cut. Chosen at random:
http://www.zillow.com/homedetails/14901-Xit-Trl-Amarillo-TX-79118/55656825_zpid/
‘For Sale
$245,000
Price cut: -$15,000 (1/6)
Zestimate®: $227,849′
01/06/17 Price change $245,000-5.8% $88
12/10/16 Listed for sale $260,000 $93
Over $3,000 a year in property taxes.
Texas has crazy, high prop taxes. Perry grew the size of the gov.
Texas doesn’t have a state income tax. It has to come out of somewhere.
Between December 2007 and last June 2011, private-sector employment in Texas declined by 0.6 percent while public-sector jobs increased by 6.4 percent, according to the federal Bureau of Labor Statistics. Overall, government employees account for about one-sixth of the workforce in Texas.
we dont need no stinkin gov!
“Texas doesn’t have a state income tax.”
Neither does Washington state… just sales and property taxes.
If you’re smart like a buddy of mine who retired there, you live in Washington then drive over the bridge to Oregon for all your shopping… no sales taxes. He sold his San Diego home at the last peak and never looked back, early retirement.
$3000/year for a $260K property? That’s about the same as commie MD. So much for don’t-tread-on-me Texas. (maybe they tax by land size and not by dollar assessment?)
As I mentioned above, there is no state income tax in Texas
The only “no income tax” state I know of that has low property taxes is Wyoming.
They get theirs from sales tax…and oil/coal when that’s going well. They are pretty good about saving money when lots is coming in from oil and coal so that they can survive the downturns without creating too many new taxes. They have NOT gone the way of Alaska and starting cutting everyone checks during the good times.
got deferring pension payments?
“The only “no income tax” state I know of that has low property taxes is Wyoming.”
Grant County, Washington with the city limits with street lights, all underground utilities and sewer system is 1.62% and some school levies. I pay roughly $2,200/yr for $145k assessed value. No income taxes. Hydro-power means residential rates of $0.037/kw-hr. The Columbia Basin.
Read: “within the city limits”
$3,000 is actually reasonable at less than 1.5% of $200,000 in value.
In parts of New Jersey, the property taxes on a $200,000 house will be $10,700/year. Yes, 5.35%. Even if you own your home free and clear, you get the same effect as having a 5.35% mortgage!
That is why we moved our parents to California and rented a place for them. Saving $10,000/year in property tax! Medicare supplemental insurance went down from $9,000/year to $2,016/year and that is waived by Kaiser Senior Advantage. New Jersey health insurance is outrageous.
Bottom line: California is much cheaper for seniors than New Jersey.
Paying quadruple long term prices and construction cost isn’t cheap.
Except you’re comparing homeownership in New Jersey to living in a rented place in California.
Good point MM, but at the age of 84, who needs to own a home? They live in a tax credit financed housing complex with very reasonable rent.
They can’t afford $700k anywhere else either. Not without a suicide loan.
“They can’t afford $700k anywhere else either.”
+1 Most of these folks have one thing in common, no accrued wealth.
‘good houses that would have moved quickly in the previous months of the year aren’t getting offers. After talking with my sellers, the decision was made to pull that $899,000 sweet-spot property off the market and re-strategize in early spring of next year’
This is amateur hour. Everybody knows that if you had listed it at $899,999 it would have flown off the market.
Should have gone for 1.6 mil, to show the buyers how much value is here.
The Realturds need to point out the ceiling fans, dammmit!
I’m seeing price reductions in several places like Ballard and the northern part of town above the UW, which is a pricey area.
I suppose this is where I pop in with my schtick, that new loans require payment of full PITI, no I/O nonsense like 10 years ago. I guess Seattle finally ran out of buyers with $300K household income.
Donk,
3% down payment mortgages which the majority of all new mortgages are since 2008 are the definition of subprime.
I guess Seattle finally ran out of buyers with $300K household income.
Which is why they keep raising FHA limits, so borrowers can get a 3% down loan.
Like spending $900k is an everyday occurance…. amazing how desperate wimmin are to get a nest. never understood that type of desperation.
i understand desperation of getting a 2nd or 3rd job because your car was totaled and you are sick of riding the bus.
——————-
and be ready when buyers regain their confidence, take themselves off the bench, and get back in the game.”
For gods sake, down payment doesn’t matter. Even at 0% down, *someone* still has to pony up $4800/month, every month, for 30 years. You need INCOME FOR THAT.
WHY does HBB seem to have such trouble distinguishing between down payment and monthly mortgage payment?
‘down payment doesn’t matter’
It does but you have to have lived pre-QE to know why. The down payment was to protect the lender. And it signified the borrower had the means to take on the loan. Now with Mel Watt handing out loans backed by the guvment, anything goes!
If they don’t matter, let the market decide how much it wants to loan you with how much down. I’d bet it would matter a great deal. These apartment and condo developers are finding out they need a lot more skin in the game these days, if they can get a loan at all.
“Even at 0% down, *someone* still has to pony up $4800/month, every month, for 30 years.”
And toss in your student loan (maybe hers too), a couple of sprogs, a mini-van and four-door pickup in the driveway, and you’re just like the stars in the sky… dead, but you can still see the light.
“…asking price or above mere months ago”
That’s why it’s called a crater.
‘If you hold on long enough, look how quickly property values rebounded last time. They’ll just leave it there and wait until the economy turns.’”
How much was he paid to say this and who paid?
“wait until the economy turns”
I’m confident these fools are going to be a waitin’ a whole lot loooonger than they expect to “give away” the falling knife to the final bagholder.
Neil, please pass the popcorn.
Failed in 2006. Cratered through 2010. Flat lined in 2011, 2012. Some recovery in 2013. Substantial appreciation in 2014, 2015, 2016.
So yes, look how quickly…………..only a decade to get back to 2006 prices and that is nominal pricing. Inflation adjusted prices are still below the levels of 2006.
Jingle, I’d say the SFBA hasn’t had a real correction in over 20 years…prices started to drop a bit after the dot-bombs, but were rescued by the housing bubble.
Prices started to drop (but not fully correct IMHO) after the housing bubble finally burst in 2007 (peak of market 2005), but were rescued again.
There was a correction, but your point is valid, it was not as severe as other areas, because housing production is limited on the peninsula. My son was looking for a house to buy 3 years ago, but gave up when we determined $2,150 in rent was much better than $180,000 down and $5,500/month for purchasing costs.
I researched many of the homes he viewed and the ones for $850-900,000 often sold for that price in 2007, then dropped to $400,000 or so by 2010 as REO. So I do know there were some distressed SFBA properties available after the Great Recession.
A newspaper article coming out and saying Seattle is in the toilet? Now we have seen the beginning of the end!
And Nashville last week. That was surprising!
Bend, OR Housing Prices Crater 6% YoY
http://www.movoto.com/bend-or/market-trends/
Correction:
Bend, OR Housing Prices Crater 26% YoY
http://www.movoto.com/bend-or/market-trends/
inventory 87?
movoto is broken
And don’t be a DebtDonkey.
“After talking with my sellers, the decision was made to pull that $899,000 sweet-spot property off the market and re-strategize in early spring of next year. Meanwhile we’ll see what market does”
LOL.
We know what it’s doing. It’s cratering. Good luck.
“Sweet spot property”
“Re-strategize”
“Analyze the data”
Quit acting like you are important.You aren’t curing a disease, you are selling a house. Lower the price and it will sell.
‘the exorbitant listing prices and ultra-competitive buying market…these far-fetched prices will come back to Earth a bit’
When the cheerleaders start talking like this you have to wonder what Joe Schmoe is thinking.
‘the diminished purchasing power of those who rely on loans could make it harder for cheaper homes to sell and noted a reduction in the amount of all-cash purchases and foreign investment’
Oh dear…
now u really have to document your life when you beg for a loan for a house so bankers can cover their @ss in court.
“the amount of all-cash purchases and foreign investment”
I’d like to see the Venn diagram of where all cash purchases come from. Outside of foreign investment, what other options are there?
(1) People who sold at the top and either relocated (equity locusts), rented, or downsized, or all of the above.
(2) Households with enough saved income in addition to recent housing gains to pay cash.
Perhaps there’s enough critical mass of all of the above to make it happen, but I don’t buy the all-cash meme. How much has mortgage debt increased in the past 5-6 years?
Are you forgetting hedgies and companies like American Homes For Rent etc.? They borrowed *poof* money from Uncle Ben’s Discount Window, bought up the houses cash, did a quick fix, rented them out, and sold the rental-backed securities up the food chain.
yeah, thinking about it some more:
(3) BlackRock or Blackstone, etc, investment in homes (though i’m sure they’re in Portland, I can’t say I know where).
(4) Bank of Mom/Dad/Grandma/Grandpa bringing old money from the East Coast and California.
The trend will turn only when the inventory increases. With the historical low demand, the extremely low inventory keeps prices elevated. Here, in Seattle metro, we have 1 - 1.5 months of supply. I do not see any changes until this changes to at least 4 - 6 months of supply. The prices are outrageous, but the inventory makes it only worse.
P.S. before HA bothers to respond, the 25 mil of empty houses only live in your empty skull. They are nowhere to be found.
I am wondering how many trillions of treasuries the FED will have to buy so bailouts can be handed out in the next round?
Why are homeowners entitled to all this free money?
The real answer? Banks are entitled to free money because they are holding everyone’s 401K and/or credit cards hostage. Oh, and they bought off the Senate.
Sleepless, the “25 million empty houses” came out of a blog article from years ago. However, that 25 million figure was calculated to include every house which was “distressed.” In this blog article, “not distressed” meant that a FB could afford to sell the house, pay the fees, and buy the next house with 20% down. In other words, any house with less that 25% equity was considered “distressed” and therefore counted as “empty.” That’s how they arrived at 25 million.
….and I bought a vacant foreclosure, so now it is only 24,999,999 houses anyway.
No borrowed and overpaid. Omitting info is still fraaaaaaud.
Rental rates and prices are already falling. That’s what happens with record low demand and skyrocketing inventory.
P.S. before HA bothers to respond, the 25 mil of empty houses only live in your empty skull. They are nowhere to be found.
They’re mostly in places where no one wants to live, like Flint and Detroit, though I doubt there are actually 25 million of them. There sure aren’t in any in my neighborhood.
Are you sure?
Boulder, CO Housing Prices Crater 7% YoY
http://www.zillow.com/boulder-co/home-values/
“…aren’t in any in my neighborhood.”
Just a suggestion, but I suspect you cannot literally see an excess house with a superficial glance. Houses inhabited by FBs are empties waiting to happen.
Seattle, with house prices 10 x household income is FB central.
Yes, but once foreclosed, it is highly likely that the family occupying that house will move to another residence. It may not be a home they own, or as large, but they will likely take up residence at another address.
That home is not vacant, or excess.
When a family gets foreclosed and moves somewhere else, it’s simply a game of musical chairs. It doesn’t add to housing supply relative to demand one bit.
That has nothing to do with the massive record pile of empty housing inventory.
Try again.
When a family gets foreclosed and moves somewhere else, it’s simply a game of musical chairs. It doesn’t add to housing supply relative to demand one bit.
I know a woman with a toddler who is going to be going through foreclosure soon. She’s going to be moving in with her mother.
What you describe is effectively the loss of a household (consolidating 2 households back into one).
Of course this happened in some cases. That’s why I use the phrases “highly likely” and “will likely” when it comes to their plans after foreclosure. Not everyone went to live somewhere else, but most did.
The surge of renters came both from both household formation, and “owners” turned renters.
From Q1 2008 until Q3 2016 (most recent data), we went from 110.8MM occupied housing units to 118.6MM ocupied housing units. Total household formation of approximately 7.8MM.
6.8MM of those 7.8MM were added as renters (36.4MM in Q1 2008 to 43.2MM in Q3 2016). My guess is that a lot of the net gain in renters was folks who lost their homes to foreclosure.
And added another 6 million excess empty housing units.
Always tell the whole story.
so now you claim there are 31 million vacant empyt foreclosed houses somewhere we cannot see them? You funny…HA!
The whole story is that the total number of vacant housing units (all types) was 18.563MM as of Q1 2008 and 17.084MM as of Q3 2016.
Table 8:
https://www.census.gov/housing/hvs/data/histtabs.html
And then look at the definitions so you understand what the categories mean.
Which excludes 7 million excess empty houses held by various entities.
It doesn’t work.
+1 or maybe +25 million……thanks
“I know a woman with a toddler who is going to be going through foreclosure soon. She’s going to be moving in with her mother.”
Who helped to create the toddler… deadbeat dad?
Houses inhabited by FBs are empties waiting to happen.
But until that happens they aren’t empty.
During the 2008 crash I saw 2 or 3 empties (and not at the same time) in the nabe (while walking the dog), with the foreclosure papers taped to the front door. There were two houses on our street for sale in 2016. Both were put on the market in September. On sold in a week for 470K. The other one, which was smaller and on a postage stamp lot, sold in three weeks for 390K. Since bubble 2.0 started I have not seen a house in the nabe that didn’t sell in a just a few weeks. The cheaper, sub 300K house sold in a few days. Every single one.
Now, 2017 will probably be a very different story.
Not empty until they are empty, check.
Still possibly an even bigger potential downward force than empty houses masquerading as Pleasantville. They are a grey supply that will come on the market after the onset and recognition of price declines from bubble levels, accelerating the decline. Unless the banks are prepared for another massive round of Hide the Foreclosure.
Still possibly an even bigger potential downward force than empty houses masquerading as Pleasantville.
Perhaps. But it didn’t happen last time. There were 3 that I saw empty over a 2-3 year period. They also didn’t stay empty too long, just 3-4 months each.
And the banks may very well play the hide the foreclosure game like they did last time. I recall some on this board talking about acquaintances who bragged about not paying for years, and even saying it was very common. FWIW, I never encountered that in my neck of the woods. What I did hear in polite conversation was that so and so lost his job and was foreclosed after 6 months of not paying. Your mileage may vary.
It will be interesting to see if we get any reform of fraudulent banking practices.
And fraudulent appraisals.
I know of several foreclosures around me in which the occupants were allowed to stay for several years, with the bank keeping the property taxes current. Maybe empty for a couple of months once they left, but then resold and quickly occupied again.
“months of supply”
The world viewed through the realtor lens.
Your colleague says that wishing prices can no longer be realized.
Better look again.
https://www.census.gov/housing/hvs/data/histtabs.html
Read.Study.Learn.
Beacon Hill Seattle Housing Prices Crater 12% YoY
http://www.zillow.com/beacon-hill-seattle-wa/home-values/
I am waiting for San Diego housing prices to drop.
Too many illegals in SD, too much traffic, too close to MX.
Yeah, I like to keep my distance from SD too.
We will be in SD this week, looking at the housing market, mostly around Little Italy. We may want to move there in 2018, but will rent for a year before deciding if we like it. We will be relying on Professor Bear to tell us when to buy!
when prices are 50% off @ least.
rockin out to some crater tater with a natty lite today?
https://www.youtube.com/watch?v=yWB2GtxCpn8
the only market trumpf could effect is DC area
nothing yey
no ACA repeal
no wall
no draining of the swamp
no rounding up muslims
but asking china and Putin to help…
uhg
U.S. Small-Business Optimism Index Surges by Most Since 1980
Bloomberg
Vince Golle
BloombergJanuary 10, 2017
Optimism among America’s small businesses soared in December by the most since 1980 as expectations about the economy’s prospects improved dramatically in the aftermath of the presidential election.
http://finance.yahoo.com/news/u-small-business-optimism-index-110000763.html
May God bless Mr. President Donald J Trump. May God bless America.
That optimism will soon turn to disappointment.
1) The anger
The early 1980s recession in the United States began in July 1981 and ended in November 1982.
2) continues
Alameda, CA Housing Prices Crater 16% YoY
http://www.movoto.com/alameda-ca/market-trends/
Wow, a semi-valid post, although the $/SF drop is 7%, not 16%. The Days on Market (DOM) is 60 days, so don’t get your hopes up yet and move fast if you are a buyer (or sit it out)! HA!
It is the falling transaction price that is important here. $/sq ft will fall as demand plummets and transaction prices continue to crater.
The economy is booming according to potus.
Scientists now warn of new ice age as temperatures plummet - 80°F in Russia
Pierre L. Gosselin
Tue, 10 Jan 2017 15:03 UTC
Some impressive winter events have been taking place all across the northern hemisphere lately. Especially eastern and southeastern Europe have been pounded by massive snowfalls and tremendously cold temperatures. Turkey has been buried by heavy snows and extreme temperatures have gripped the entire USA and vast areas of Russia.
The global warming climate appears to have been hacked by natural factors.
In Russia Moscow celebrated the coldest orthodox Christmas in 125 years.
Snowfall paralyzed the city of Istanbul, Turkey.
Massive snow falls across the Balkans, Italy and Greece.
Dozens of Europeans have since frozen to death.
Northern Albania villages have been cut off by 120 cm of snow.
A temperature of -62°C (-80°F) was recorded in Chanty-Mansijsk (Russia).
Arctic conditions spread deep into the Mediterranean
These are all odd events when considering the “consensus” forecasts made 15 years ago, which warned that snow and ice would become rare.
In fact many scientists warned that Mediterranean conditions would spread into northern Europe. Lately, however, just the opposite has happened: Arctic conditions have plunged down into the Mediterranean!
Even worse, there is no end in site for the harsh European winter conditions, German mass circulation daily Bild writes here.
Warning of an impending ice age
https://www.sott.net/article/339176-Scientists-now-warn-of-new-ice-age-as-temperatures-plummet-80F-in-Russia
It is unreasonable to get hysterical about one week of severe cold in some places in January.
BTW, the weather is going to break here tomorrow and temperatures will be rather more like spring.
It is also unreasonable to “adjust” historical data to fit the narrative, but that happens too.
That’s why we need more government involvement!
sarc/
Why do the sheeple use the word, “narrative” so much these days?
turn off your tv
Instead of “narrative”, shall I call it the government’s bullsh*t story? Is that better?
That’s got a nice ring to it, RW—I like it!
“It is unreasonable to get hysterical about one week of severe cold in some places in January.”
I know, I heard that in 2008
Saving Parking Spaces in Boston
Uploaded on Jan 16, 2008
https://www.youtube.com/watch?v=DgQ1mWKSiZ8
And 2009
Saving Parking Spots with Furniture | Apartment Therapy
http://www.apartmenttherapy.com/saving-parking-spots-with-furn-73725 - 264k - Cached - Similar pages
Jan 13, 2009 .
And 2011
Boston, city of savers
Despite ban, Southie custom of claiming parking spaces is spreading
By Peter Schworm
Globe Staff / January 19, 2011
The squatters’ tactic of claiming ownership of snow-cleared parking spots, once confined mainly to the street-rules universe of Southie, has become common practice throughout the city, despite a widely known prohibition.
http://www.boston.com/news/local/massachusetts/articles/2011/01/19/southie_custom_of_claiming_parking_spaces_spreading/
Just Because You Shoveled a Parking Spot Shouldn’t Mean You Own It
And 2013
11.8K Alex E. Weaver - Lifestyle Editor
2/11/13 @12:29pm in Lifestyle
Charlestown.
Shoveling out your parking spot means you own it – a time-honored code marked by littering the sides of streets with debris. Should your beach chair, or traffic cone, or recycling bin be removed and replaced with a viciously intruding vehicle, well, let’s just say that car might be a little light in the tires come morning.
This is tradition across Boston. And it is ridiculous.
Residential snow removal in Boston is cutthroat. After Nemo did its business, my quiet street in Medford bursted with activity–throngs of children, parents and elderly folks hitting the streets with shovels, picks and snow blowers to remove that which did not belong there. All weekend the snow removal continued, a competition to see whose walkway would be manicured most magnificently.
And true to form, recently cleared parking spots all around were marked with flimsy folding chairs and other junk to signify that, Hey, I did the work so this spot belongs to me. Now piss off.
http://bostinno.streetwise.co/2013/02/11/just-because-you-shoveled-a-parking-spot-shouldnt-mean-you-own-it/
And 2015
4 Things To Know About Space Savers In Boston | WBUR News
http://www.wbur.org/news/2015/01/28/space-savers-boston - 373k - Cached - Similar pages
Jan 28, 2015 … … furniture to peculiar objects and signs to claim a parking spot they’ve shoveled out. … Following Tuesday’s massive blizzard, Boston’s parking ban was lifted ..
And 3 days ago and everywhere in between
Connecticut storm causes 30-car pileup; snowfall could reach 8 …
http://www.masslive.com/news/index.ssf/2017/01/connecticut_storm_causes_30-ca.html - 117k - Cached - Similar pages
3 days ago … No one was seriously injured in the crash involving at least 20 cars, three tractor trailers and a tanker, according to Connecticut State Police.
More Fake News Meryl
Media Hoax: Reporter NOT Spastic
https://www.youtube.com/watch?v=baUuXQ443fA
Just rented an AirBNB for an upcoming trip. Here’s a snippet of the confirmation email:
“Our organization has received exclusive permission from the apartment complex to rent this unit to guests on a short-term basis. However, we have been asked by management not to mention this to other neighbors of the complex. Therefore, in the unlikely event that a neighbor asks you, please do not mention Airbnb.”
Speaking of AirBnB, anybody have any experience with them in London?
I’m thinking of doing that, but worried that I’ll end up in one of those Sharia controlled neighborhoods.
If it’s just for a vacation, it shouldn’t be too bad. Your wife might not mind wearing a veil for a week if you saved a lot compared to a hotel.
As a frequent visitor to London there is No strictly Sharia controlled neighborhood. Having said that, avoid most of The Tower Hamlets district of London (east end) as if you are white you would very conspicuous. Almost all food outlets are Halal.
What, you don’t want to be an infidel in a Muslim neighborhood? Remember, Islam is the religion of peace.
If you’re still worried, you could wear one of those Safety Pins or the Don’t Rape Me bands people wear to protect themselves. Those seem to work pretty well. Hehe.
Wow, that sounds pretty shady.
It’s like — ‘Don’t tell anyone we do business here’.
I would call the apartment complex to make sure they have permission, not just take AirBNB’s word for it. Also, they could very well be giving you this warning because of backlash against AirBNB customers — like customers their cars getting vandalized, or worse.
Definitely smells fishy.
It’s in one of those areas that’s … well, let’s call it “sensitive to the lack of affordable housing” places in the bay area.
I suspect it’s legit because there are more than one unit available and it’s right near a bunch of high-tech firms who have people coming and going.
I think the complex management just wants to keep a low profile and not stir up protests.
“Therefore, in the unlikely event that a neighbor asks you, please do not mention Airbnb.”
Heck of a business model. Have to do business on the down low.
“…..charged in a $10 million mortgage fraud scheme.”
Looking at the article: “…charged with making false statements to Washington Mutual and redirecting the funds to other companies”
More shenanigans from 2007. WaMu was sold to Chase in 2008.
Who thought we would still be cleaning up the mess a decade later? Amazing.
The 1:23 video speaks volumes
MTV Host Mocks Jeff Sessions’ Asian Grandchildren
KEVIN DALEY
Legal Affairs Reporter
11:21 AM 01/10/2017
Read more: http://dailycaller.com/2017/01/10/mtv-host-mocks-jeff-sessions-asian-grandchildren/#ixzz4VOE90WPT
You can only make that assertion if you know what the host’s intent was.
MTV Host Mocks Jeff Sessions’ Asian Grandchildren
Daily Caller ^ | January 10, 2017 | Kevin Daley
Posted on 1/10/2017, 12:38:53 PM by grundle
Ira Madison III, an MTV News culture writer and host, mocked Sen. Jeff Sessions’ Asian-American grandchildren on Twitter Tuesday morning.
Sessions appeared before the U.S. Senate Committee on the Judiciary Tuesday to give testimony in connection with his nomination by President-elect Donald Trump to serve as attorney general. Sessions was accompanied by many members of his family, including his four Asian-American grandchildren. The senator’s daughter, Ruth Sessions Walk, is married to John Walk, an Asian-American man.
Madison accused Sessions of stealing his grandchildren from Toys “R” Us for the hearing. He went on to call his grandchildren a “prop,” brought to mitigate accusations of racism.
http://209.157.64.201/focus/f-news/3512591/posts
I wouldn’t put it past the Sessions marketing team, given his past.
The host wasn’t mocking the child, but her grandfather, in an extremely offensive way, much like guests on Melissa Harris-Perry’s MSNBC show joked about Mitt Romney’s grandson. He then tried to justify his comments with the suggestion that Sessions is a hypocrite on matters of race and ethnicity. Yeah, that’s why you wrote that. At least Ms. Harris-Perry apologized.
What if Trump had written a thing like that?
its expected.
Same old new
with 3 million people commenting online, ya cant get buttthurt over everything they say. Watch what the people in charge do. not some hack with a mic.
Is it too late to short the MX Peso?
“There is no question that Russia attacked us,” Senator Ben Cardin, the top Democrat on the Senate foreign relations committee, told a news conference.”
Democrats seek 9/11-style commission to investigate Russian hacking
https://www.theguardian.com/us-news/2017/jan/09/democrats-911-style-commission-investigate-russian-hacking
Attacked by the truth. It isn’t much different than being in a rage that your neighbor dropped a dime on you. Not that I believe the email leaks weren’t an inside job. In some circles, the truth teller is considered a hero.
Here is one from today about problems with PACE loans, supposedly the fastest-growing type of finance in the US. Just more ways to screw people.
http://www.msn.com/en-us/money/realestate/loan-boom-echoes-subprime-crisis/ar-BBy7eg1?li=BBnbfcN
‘Her loan is part of a booming corner of the lending industry called Property Assessed Clean Energy, or PACE. Such loans, set up by local governments across the U.S., are designed to encourage homeowners to buy energy-efficient solar panels, window insulation and air-conditioning units.’
‘About $3.4 billion has been lent so far for residential projects, and industry executives predict the total will double within the next year. That would likely rank PACE loans as the fastest-growing type of financing in the U.S.’
‘As the loans spread, so do problems that echo the subprime mortgage crisis. Plumbers and repairmen essentially function as loan brokers but have scant training and oversight. They often pitch PACE loans to help land contracting jobs and earn referral fees from lenders, according to loan documents and more than two dozen borrowers, industry executives and employees.’
‘Creditworthiness matters little to lenders, because loans are based on the value of a homeowner’s property. PACE loans typically require no down payment, and the debt is added to property-tax bills as an assessment. Ms. White’s annual property taxes soared to $6,500 from $1,215.’
Jeeze. This PACE stuff is all kinds of bad:
‘Michael Gardner, who runs Mediterranean Heating & Air Conditioning, which lined up the loan, says he has been recommending loans for about two years and got “an hour or two” of online training from Renovate America.’
‘The program “is real nice because there are no FICO score requirements or anything like that,” says Mr. Gardner.’
Crooked Green Contractors selling Government Loans, what could possibly go wrong?
“These new tools will help homeowners make smart choices for their pocketbooks and for the environment,”
OBAMA ADMINISTRATION TO PROVIDE GUIDANCE FOR FINANCING RENEWABLE ENERGY UPGRADES IN SINGLE FAMILY HOMES
FHA to Incorporate DOE Home Energy Score Program
HUD No. 15-112
George I. Gonzalez
FOR RELEASE
Monday
August 24, 2015
WASHINGTON – As part of the White House’s National Clean Energy Summit, the Obama Administration and the Federal Housing Administration (FHA) announced its intent to issue a set of guidelines supporting borrowers seeking to make energy efficient improvements to their homes. In today’s announcement, FHA expressed the intent to allow borrowers to use Single Family FHA financing for properties with existing Property Assessed Clean Energy (PACE) loans that meet certain conditions.
“These new tools will help homeowners make smart choices for their pocketbooks and for the environment,” said HUD Secretary Julián Castro. “HUD and the Obama Administration are proud to invest in American families and in the future of our planet.”
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2015/HUDNo_15-112
Pretty high interest rates too:
”PACE loans range in size from about $5,000 to more than $100,000, with an average of about $25,000, and charge interest rates of 6% to 9% over a repayment period of usually five to 25 years.”
‘Instead of making monthly mortgage payments, PACE borrowers pay what they owe once or twice a year along with their property taxes. Cities and counties collect the loan payments and pass along the money to lenders.’
‘Another quirk of PACE loans is that the debt usually goes to the front of the line, ahead of the homeowner’s mortgage. Like a typical tax assessment, that means if a homeowner defaults on the PACE loan, the property can be seized as collateral and sold to repay the lender.’
…
And then, it looks like you can get these PACE loans for more than clean-energy improvements, but for regular repairs like when pipes break:
‘Cindi Ventura, 65 years old, says she was urged last summer by her plumber to apply for a PACE loan after sewer pipes eroded underneath her three-bedroom house in San Jose, flooding the property.’
‘Ms. Ventura, a receptionist, says she was confused about the loan’s terms because it was called an assessment. She says she called and emailed Ygrene several times with questions about her loan documents and never heard back. “I still don’t really understand what the program is,” she says.’
they can foreclose on your @ss if u dont pay. My sister was almost duped by these folks. It is some how attached to your property taxes. It is total bs.
You dont even have to have a job to qualify. all you need is equity in the home they can later go after.
Typical financier con game.
Damn these people are evil.
We’ve been approached from a commercial standpoint for PACE loans. The only thing that is appealing to me to include them in the capital structure of a project is that they are 1) very long-term (20+ year), fixed-rate loans at a pretty reasonable rate, and 2) it has been represented to us that unlike many other commercial fixed rate loans of 7+ years in length, they can be prepaid at any time without defeasance/yield maintenance costs. The combination make a PACE loan a potentially interesting way to partially finance a project.
I think providing this kind of debt to consumers at a rate higher than a traditional mortgage is stupid. Traditional loans are lower priced, and have no prepayment penalty anyway.
“The former publisher of a defunct Spanish-language newspaper in Miami and three other South Florida residents were charged in a $10 million mortgage fraud scheme. ”
A mortgage fraud case in Florida??? I’m not sure how to respond to this outrage! Florida is a very, very special state. I’ve lived there twice and visited many times. Housing in Florida is a solid, robust market. Rock solid it certainly is. The sink holes, contaminated Chinese drywall, shoddy construction, radioactive gypsum ponds, flood-prone coastal areas, sky-high insurance rates, sub-optimal education system, hurricanes, hurricanes, hurricanes, gangs, drugs, bubble areas like Tampa, should all be ignored and looked past to see the core truth of housing in Florida: caveat emptor. Caveat emptor, my friend.
Love,
Roidy
P.S. We were living in Tampa when the last bubble started to pop. Ten years it’s been since that time. Much has changed, and nothing at all. Hard to tell which.
Based on that description, it sounds like a party! I’m packing my bags now.
I have lived in Florida for 71 years (all I have had).
You are full of sh**.
However, if your lambasting will help to keep any more snow birds from moving here then good.
Winston Churchill bust set for Oval Office return by Donald Trump
Barney Henderson, new york
7 JANUARY 2017 • 1:40AM
Mr Obama replaced the Churchill bust with one of Martin Luther King in the Oval Office in 2009, soon after he took over the presidency, causing outrage on both sides of the Atlantic.
http://www.telegraph.co.uk/news/2016/11/24/winston-churchill-bust-set-oval-office-return-donald-trump/
Thousand Oaks, CA Housing Prices Crater 8% YoY
http://www.movoto.com/thousand-oaks-ca/market-trends/
Nice to see at least one country moving to deal with Soros-backed subversion.
https://www.bloomberg.com/news/articles/2017-01-10/trump-s-win-prompts-hungarian-call-for-crackdown-on-soros-groups
grow some stones and short this market!
Be careful. They let the pig out of its cage again today. That thing eats everything you throw at it. You just want to steer clear when the pig is loose.
Hungary Plans to Crackdown on All Soros-Funded NGOs
by Zoltan Simon
January 10, 2017, 11:44 AM EST
Hungary plans to crack down on non-governmental organizations linked to billionaire George Soros now that Donald Trump will occupy the White House, according to the deputy head of Prime Minister Viktor Orban’s party.
The European Union member will use “all the tools at its disposal” to “sweep out” NGOs funded by the Hungarian-born financier, which “serve global capitalists and back political correctness over national governments,” Szilard Nemeth, a vice president of the ruling Fidesz party, told reporters on Tuesday. No one answered the phone at the Open Society Institute in Budapest when Bloomberg News called outside business hours.
“I feel that there is an opportunity for this, internationally,” because of Trump’s election, state news service MTI reported Nemeth as saying. Lawmakers will start debating a bill to let authorities audit NGO executives, according to parliament’s legislative agenda.
https://www.bloomberg.com/news/articles/2017-01-10/trump-s-win-prompts-hungarian-call-for-crackdown-on-soros-groups
Glad to see this walleyed carpetbagger being rejected. Got rope?
Can we finally say goodbye to Obama?
Yes We Can!
“As of January 2017 the administration responsible for Chinese foreign exchange regulation is now requiring its citizens to provide added information and sworn pledges that their personal funds will not be directed toward property investments.”
https://dailyreckoning.com/china-barreling-toward-economic-crisis/
“All real estate is local, goes the saying. Then this last presidential election happens, and that rule goes out the window. However you feel about the election of Donald Trump, it’s immediately affected the Seattle real estate market. Sales fell off, fast. A lot more dramatically than November and December of the previous year.”
If sales fell off after the election, then it had to be Donald Trump’s fault, just like everything that ever went bad while Obama was in office was Obama’s fault, at least in 2banana’s universe.
Post hoc, ergo propter hoc.