A Return To Less Aggressive Market Conditions
A report from The Signal in California. “Real estate may still be the best long-term investment, but first-time homebuyers are finding it more difficult than ever to grab onto the first rung of the ladder, partly because owners simply are not selling, opting instead to stay put. Ultimately, that may yield what is known as a ‘European model’ of homeownership, where children inherit a home from their parents and property stays within a single family over multiple generations. The California market isn’t there just yet, but that could be what the future looks like here unless more homes are built, said Leslie Appleton-Young, the chief economist of the California Association of Realtors.”
“‘Seventy-one percent of Californians over age 55 have not moved since 1999,’ Appleton-Young said. This creates a ‘huge problem for first-time buyers who want to move into one of those properties.’ With little new construction underway and fewer chances to buy, former residents of California are gobbling up properties elsewhere. Seventy percent of home sales in Austin, Texas, 40 percent in Raleigh, N.C., and 30 percent in Portland are completed by folks from, guess where — sunny California.”
The Austin American Statesman in Texas. “Central Texas home sales and home prices hit record highs in 2016, the Austin Board of Realtors said Wednesday. It was the sixth straight year of record sales and prices in the Austin metro area. ‘The Central Texas housing market is slowly beginning to align with long-term historical trends,’ said Brandy Guthrie, president of the Austin Board of Realtors. ‘Homes are spending more time on the market and the pace of both home sales and price growth is slowing. This normalization does not necessarily mean a weakening housing market, but a return to less aggressive market conditions.’”
“In recent months, some agents said they felt the market had cooled some from its feverish pace in the past few years. But Robin Rhoads, an agent with JB Goodwin Realtors in Austin, said homes that are priced right and in desirable locations are still getting multiple offers. If a home is sitting rather than selling, she said, ‘it’s usually because it’s overpriced.’ ‘I think some sellers are overzealous, or they tend to not really understand that all houses are not created equal,’ Rhoads said.”
The Denver Post in Colorado. “Average apartment rents in metro Denver fell for the second quarter in a row in the fourth quarter of 2016 as the market struggled to absorb a record number of new units, according to the Denver Metro Area Apartment Vacancy and Rent Report. Average apartment rents fell from $1,371 in the third quarter to $1,347 in the fourth quarter, marking the largest quarterly drop in the 36 years the report has been conducted. Median rents stayed flat at $1,329 per unit.”
“As average rents fell, the apartment vacancy rate shot up from 5.1 percent in the fall to 6.2 percent. While apartment vacancies tend to rise in the fourth quarter, the rate is now its highest since 2010, said Mark Williams, executive vice president of the Apartment Association of Metro Denver, in the report. ‘In 2010, only 498 new apartment units were built in the entire city. Fast forward to 2016 and we’re seeing that same number being delivered every three weeks in Denver,’ Teo Nicolais, a Harvard University instructor who specializes in real estate, said in the report.”
From Fox 17 West Michigan. “Grand Rapids first got its name from the rapids of the Grand River. Now, the city is becoming more known for beer and its rapid growth. Housing options are growing faster than ever before, creating an inventory of thousands of units near downtown Grand Rapids that will eventually need to be filled. But will the demand arrive as quickly as the supply? FOX 17 spoke with several downtown developers about the growth in the downtown area, but it turns out that adding to the city’s skyline doesn’t always mean success at ground level.”
“‘There is concern in the market place for the high-end market rate apartments,’ said John Wheeler, president of Orion Real Estate Solutions, ‘especially the bigger ones the big two- and three-[bedroom apartments] — you know, at $2,500 or $3,000 a month. People say I’d rather by a $350,000 house.’ What happens if the apartments don’t fill up? ‘My theory is apartments will always fill,’ Wheeler said. ‘It’s just how low you have to lower the rent to get the people in.’”
The Real Deal on New York. “Which asking price will get whacked this week? Two adjacent co-ops belonging to ‘The Sopranos’ creator David Chase received one of the biggest price reductions in the city’s over-$10 million market during the past week. The penthouses at London Terrace were listed last year for $16.5 million, but are now asking a more subdued $14.9 million. In total, 13 ultra pricey pads received reductions of more than 5 percent in the period between Jan. 9 through 15, according to data from StreetEasy.”
“795 Fifth Avenue, 2204 - Previous Price: $25.9M - Current Price: $22.5M - Percentage Drop: 13 percent. Back in May 2014, this four-bedroom co-op hit the market for an ambitious $33 million. But that was back when ultra-luxury pads were selling like hot cakes, and sellers had high hopes for what their apartments could (and often would) fetch. In October 2014, the asking price was shaved back to $29.9 million, where it sat for nearly 18 months. In March last year, the price was slashed to $25.9 million. Last week, it was dropped again by 13 percent, and is now asking $22.5 million.”
“12 East 13th Street, Penthouse - Previous Price: $20M - Current Price: $18.5M ($3,243 per square foot) - Percentage Drop: 8 percent. This 5,700-square-foot triplex apartment at DHA Capital and Continental Properties’ 12 East 13th Street hit the market in November 2013 for $28.4 million. Seven months later, the asking price was lifted to $30.5 million, and then dropped last November by $10 million to $20 million. It’s now on the market for $18.5 million. DHA Capital and Continental Properties paid $32 million for the 45,000-square-foot property in 2012. Apartments in the building hit the market in 2013, ranging from $7.5 million to $28.5 million for the top triplex.”
“Steven Fisch, of Continental Properties, told the Wall Street Journal at the time that the companies were seizing on the limited supply of ultra luxury properties in the city. ‘It’s a very different market now,’ said Compass’ Herve Senequier. ‘Properties above $15 million have received pricing adjustments, and the price now makes more sense.’”
I had intended to post this article:
3 staggering stats to illustrate Miami’s luxury condo nightmare
https://miamiagentmagazine.com/…/3-staggering-stats-illustrate-miamis-l…3 days ago - Miami is one of America’s great cities, but it has some problems – its luxury condo market being one of the biggest. And a recent report from …
This is what the page says now, and I can’t find it re-linked:
‘Error 404: page not found
Ooops, I cannot find the page you are looking for. You may try to search using another keyword or use the navigation at the top to browse this site.’
I think this is the article you’re referring to.
It’s interesting that the article simultaneously complains about rising prices and rising inventory. At 33 months of inventory and rising one would expect prices to fall. Perhaps if they did there wouldn’t be 33 months of inventory.
‘Ultimately, that may yield what is known as a ‘European model’ of homeownership, where children inherit a home from their parents and property stays within a single family over multiple generations.’
Ah so, the old Robert Toll theory from 2005. You forgot that young-uns would live with their parents into their 40’s to save up a down-payment.
‘‘Seventy-one percent of Californians over age 55 have not moved since 1999,’
So much for the baby boomers all downsizing. I see the multi-generational thing happening already. Not necessarily kids living with parents but adding additional living space on the same property since the kids can’t buy in that area.
Doesn’t mean they didn’t all double down on depreciating assets. How many “investment/vacation homes” are out there? It’s in the millions.
Californians like to talk about selling the overpriced house, pocketing the equity and moving somewhere cheaper, but in my experience those that bought when it was cheap would rather stay put, especially those who were born there. I sometimes encourage old friends to pull the ripcord and bail out. But that often involves leaving family behind. It sometimes means quitting a job they’ve had 20 years or more, and they just aren’t so inclined. Some are afraid of the snow belt for some reason (those ones might move to Arizona or Nevada)
I think the ones most likely to leave are the younger ones who get fed up with the high cost of living and believing that they’ll never own a place in California.
This is what I hear…
Often CA house prices go up so fast the ones that sold and bought a extra large house in Flyover can’t sell it and can’t afford to move back. Stuck in flyover.
Maybe just a urban legend people tell each other here ? IDK
How much you want to bet that they *can’t* move? They likely all did cash-out refi’s in 2005, and are still barely above water if at all. In 10 years they’ll be lucky to have enough equity to pay for the nursing home. Kids are get zippo.
The model of kids living in and inheriting the family homestead goes back for millenia. Problem is, nowadays the jobs and houses are hundreds or thousands of miles apart. Boomer parents have a 60’s ranch house in union/rust belt MI or PA, kid finds job and spouse in Austin or Denver or San Fran or DC and wants a luxe condo or a McMansion. Now what? Much intergenerational middle-class wealth-building gone to waste.
And that will continue as long as the jobs keep moving to a different place every generation. Does that have to happen? Is it normal?
The reason they haven’t moved is simple: Proposition 13.
I have elderly relatives in the same boat down in the South Bay area of SFO.
I’m guessing there’s a reason why there is no equivalent to Silicon Valley in Europe…and why the more like Europe it becomes in California the more difficult it will be to remain the center of innovation.
“I’m guessing there’s a reason why there is no equivalent to Silicon Valley in Europe…”
People calling the shots did not want the fledgling tech world to unionize, and the South Bay Area also has venture capitol right there in Los Altos Hills, etc., and a huge tech educated workforce thanks to California’s education funding that outpaces the rest of the country, IIRC. DARPA style programs and funding were also likely illegal in post WWII Europe.
DARPA is definitely the most important reason why America was at the forefront of the computer industry. Of course, does have some similar things. Toulouse, which is where Airbus is headquartered, is probably similar to Silicon Valley in some ways.
Don’t make the mistake of thinking that funding helps the kids. It goes straight to pay and bennies. Outcomes in CA suck when controlled for parent income.
“‘Seventy-one percent of Californians over age 55 have not moved since 1999,’ Appleton-Young said. This creates a ‘huge problem for first-time buyers who want to move into one of those properties.’
Translation:
“This creates a huge problem for my sub-human parasitical brethren, Realtors.”
‘Previous Price: $20M - Current Price: $18.5M ($3,243 per square foot) DHA Capital and Continental Properties paid $32 million for the 45,000-square-foot property in 2012. ‘Steven Fisch, of Continental Properties, told the Wall Street Journal at the time that the companies were seizing on the limited supply of ultra luxury properties in the city.’
Well that getting close to half. Still no bubble pop? Steve forgot the bit about safe deposit boxes in the sky, Manhattan will always hold its value, rich foreigners parking money, etc.
…tax incentives where Bill Ackman pays the same property tax on his $100mil penthouse as his neighbor in a $1mil 1-bedroom…
Camarillo, CA Housing Prices Crater 6% YoY
http://www.zillow.com/camarillo-ca/home-values/
Apparently, houses in Denver sell faster than anywhere else in the country.
http://www.denverpost.com/2017/01/18/denver-sells-homes-the-fastest-in-nation/
Across the nation a home that sold in December sat on the market for 62 days, according to a RE/MAX National Housing Report released Tuesday.
But homes in the Denver metro area averaged just 36 days on the market before they sold, a pace matched only by Omaha.
Omaha?
Interesting they only tell half the story. Convenient. Take a look under the neighborhoods tab. Cratering prices.
http://www.zillow.com/denver-co/home-values/
There’s a huge bubble in Omaha. This thing got into a spooky stage when residential land prices in Omaha, Bozeman and Perrysburg tripled in around three years. On top of that, Omaha suddenly got house construction costing 5 times the lot price instead of the usual 3.
I just sold a house in Omaha, for about 10% more than I bought it in 2010. It’s been a good market for the last couple of years, but it’s pretty muted compared to national markets, especially for existing homes. Essentially an infinite supply of land it can expand into. Markets with the best school districts may be doing better than we did.
Where we really saw it was in trying to get repairs done, hard to get service people there because everyone is going gangbusters building. Took that as a sign that it was time to sell, before all the new homes come online.
Don’t move to Denver, you’ll be really disappointed if you do.
http://www.zerohedge.com/news/2017-01-19/oil-tumbles-after-unexpected-crude-inventory-build
Oil Tumbles After Unexpected Crude Inventory Build
Not to worry! The windiest state in the country is fighting back!
https://insideclimatenews.org/news/12012017/wyoming-coal-wind-energy-solar-energy-climate-change-denial
love that cheap usa energy! no need to bomb the sand.
I read there are more solar jobs than oil jobs in the USA now. Energy from the sun sounds better the energy from the Saudis.
Rex Tillerson, Exxon CEO and our new secretary of state, would beg to differ.
He can beg all he wants.
https://www.bloomberg.com/news/articles/2016-05-25/clean-energy-jobs-surpass-oil-drilling-for-first-time-in-u-s
The number of U.S. jobs in solar energy overtook those in oil and natural gas extraction for the first time last year, helping drive a global surge in employment in the clean-energy business as fossil-fuel companies faltered.
Employment in the U.S. solar business grew 12 times faster than overall job creation, the International Renewable Energy Agency said in a report on Wednesday. About 8.1 million people worldwide had jobs in the clean energy in 2015, up from 7.7 million in 2014, according to the industry group based in Abu Dhabi.
Falling energy prices my friends. Falling energy prices.
Renewable Energy = Negative EROEI.
It’s hard to say which is more destructive of our environment and wasteful of our resources, the building mania or the green mania. Both are buoyed by cheap credit and rivers of government subsidy. Neither would have stood this long on their own merit.
Rex Tillerson approves of this message.
own merit
What stands alone on soly “its own merit?”
Crooked Hillary has trouble standing on her own unassisted.
At this point I don’t much care which fuel the energy jobs come from, so long as there are jobs. I remember HBB posting an article about a 2-year associates degree in wind turbine maintenance, with a 100%(?) placement rate. If there’s going to be “free college,” THIS is where the money should go. Not for four-year party-degrees in obamastudies.
“If there’s going to be “free college,” THIS is where the money should go. Not for four-year party-degrees in obamastudies.”
Hear, hear!
I’m not against free college, since college (tuition) used to be nearly free not so long ago anyway. But at the same time, we can’t be going into more debt and using free college as a way to postpone adulthood yet *again*. Simply offer two years of free tuition for selected in-demand majors like trades or IT-type technology. For the smart students with merit, offer a scholarship for room and board too. Not the luxury-apartment crap, but something minimal.
This is something I hope DJT and the GOP in Congress can get behind. The Dems will definitely be on board.
Donk, Nothing worthy is free.
Oxy! You seem to be getting more politically and fiscally conservative these days. Is this the result of home ownership and achieving the American dream?
If itd going to be free, like it was up until the mid 70s in cali, you cant let everyobe in. Equality or efficiency: can’t prioritize both.
Um, once the solar is installed, there ARE no solar jobs, except maybe washing the panels every year or two.
Senate confirmation hearings on Mnuchin, Trump’s Treasury Secretary pick.
https://www.youtube.com/watch?v=gidcc5Rwtac
He probably will not be confirmed. Plus he seems to suffer from disconcerting facial tics.
However, I do get the distinct impression that he doesn’t really expect to be confirmed. In fact, I’ve been wondering if the Trump camp is running the Jack and Bobby scenario. For those not familiar, years ago there was a great show, I think on the CW, called Jack and Bobby. There was an interesting episode about Senate confirmation on a Supreme Court pick.
‘Some of liberal Hollywood’s most recent forays into electoral politics clearly backfired. Joss Whedon, creator of “Buffy the Vampire Slayer” and director of such hits as “The Avengers,” produced a video for his pro-Clinton Save the Day super PAC last fall, featuring a raft of stars like Robert Downey Jr…and Rosie Perez insisting that the country was facing “one of the most important decisions in its history,” with Downey cheekily saying, “The only way we can prove that to you is by having lots of famous people” repeating just how important it is. The video was meant to be a hip, ironic outreach to wavering voters, including millennials. But in the cold light of defeat it can be read as just smug.’
‘Still another prominent entertainment industry leader, who over the years was a major fundraiser for both Bill Clinton and Barack Obama, believes it’s time for fresh blood—not only among national Democratic candidates and office-holders, but in the Hollywood donor community that was dominated this cycle by people like Spahn and his longtime client Katzenberg, a co-founder of Dreamworks. There is at least some feeling that a Hollywood community that once held itself out as new and hopeful has become just as entrenched and guilty of analog thinking as the Washington establishment that Clinton represented and Trump railed against.’
“I’ll tell you one thing people are thrilled about is, they’re not going to hear from Jeffrey Katzenberg every four minutes,” this person says, referring to the tireless efforts of fundraising bundlers like Katzenberg who prevailed on Hollywood colleagues to cough up not just the hard-money maximums of $2,700 each for Clinton’s primary and general election campaigns but to tap their personal networks again and again for more. “I think people kind of feel that there should be a new group of people in the forefront, not the same old people the Democrats have been pushing— including Nancy Pelosi. You’re certainly not going to have any change with people who don’t look like change.”
I’ve read and watched some stuff online about the Hollywood “talent” crowd. Many of them are told what to say and what to think and even if they don’t agree, they do it, if they want to keep their gigs.
Early on in Trump’s campaign, Brett Easton Ellis (Less than Zero, American Psycho) gave an interview where he attended a luncheon, mostly of writers and stylists and other lower level Hollywood participants and said that most of those at the luncheon were secretly supporting Trump.
The talent, however, are mostly compromised, as evidenced by Cory Feldman’s reluctance to name the names of those involved in pedophilic activity. They will do as they’re told.
Is Corey Feldman even an actor anymore? What does he have to lose?
His family.
In every election I remember the same people trot out to tell us it’s “the most important election of our lifetimes”. And of course “if [republican candidate] wins I’m moving to Canada”. All from the people least affected by presidential policies. Can these folks even tell who’s in office from within their gated estates?
It’s not a new message, regardless of how “hip” or “ironic” the current packaging is.
Another Goldman Sachs partner for the freshly cleaned swamp.
Like I said, his confirmation is in doubt. And again, I think he knows this.
But, I am waiting to see if the Jack and Bobby scenario plays out. You’ll know it if he is not confirmed and the next batter up is John Allison.
Trump picked him.
Trump picked Marla Maples, too, but last I looked, there’s a different missus occupying the Tower.
Palmy: Trump didn’t un-pick Mnuchin, congress is trying to.
Ben: You’re in denial because of your man crush on trump. Why was Goldman Sachs bad for Hillary to associate with, but just fine for Trump? Hope and Change, 2.0.
I’m not the one calling him “daddy” all the time.
He’ll be calling his Goldman Sachs masters “daddy” for the next 4 years.
I’m your daddy. For the next 8 years.
Sachs masters
Some have not figured out why we threw Hillary out. They hope and dream that the new admin will be as corrupt and bought as she. It is not impossible, but it is unlikely. If it were to come to pass, we’ll take out the trash again.
Unlikely? It’s happening right in front of you.
“You’re in denial because of your man crush on trump.”
Y’know, Russ, there’s really only one beef I’ve got with Ben, and that is that he gives people like you the latitude to insult and belittle him and the blog. He does this in the interest of letting everyone have a say. He’s a lot bigger person than I am, because I wouldn’t stand for it. You’d last about two seconds on most other venues on the internet, and yet you feel free to come here and vomit on the host. Why is that? Are you really that small as a being?
Why don’t you take it elsewhere?
“Unlikely? It’s happening right in front of you.”
I dunno what time line you’re travelling in, but we’ve still got a few hours yet until the Trump administration takes office, so not a whole lot is happening right in front of us, except for a lot of bed-wetting over stuff that hasn’t even happened yet, and probably won’t.
Now, I do understand Trump is signing some executive orders tomorrow and deleting some that are already on the books. Save the nattering for tomorrow.
“Y’know, Russ, there’s really only one beef I’ve got with Ben, and that is that he gives people like you the latitude to insult and belittle him and the blog. ”
That was in response to being insulted and belittled… you’ll see that if you scroll up. Ben will take it as well as dish it out, which is admirable.
“I dunno what time line you’re travelling in, but we’ve still got a few hours yet until the Trump administration takes office, so not a whole lot is happening right in front of us,”
Except for the cabinet appointments of a bunch of vile creeps none of us would piss on if they were on fire.
How did it happen that hard headed, straight thinking people that hang out on a real estate bubble blog for years, heck over a decade, get all googly eyed over a sheister real estate developer with a compulsive lying problem? If he were a democrat, he’d be evil incarnate! I swear, pointing this stuff out here is like pointing out the housing bubble to the general population… no amount of information can overcome that emotional bias. Is this a symptom of Obama trauma?
We didn’t ‘win’ this election. We lost slightly less badly.
‘he gives people like you the latitude to insult and belittle him’
Nah, I was just letting the ass-hole have the last word.
Word!
“Y’know, Russ, there’s really only one beef I’ve got with Ben, and that is that he gives people like you the latitude to insult and belittle him and the blog. ”
I dunno, I’d say Ben gives as good as he gets in the insult department. And I have to agree with posters who point out that appointing “former” Goldman Sachs officials to key positions seems to be at odds with draining the swamp. I’m giving Trump the benefit of the doubt, and it’s indisputable that he’s a vast improvement over Crooked Hillary, but he is not shaping up to be the populist-nationalist champion of America’s beleaguered middle and working classes that millions of Trump supporters might have hoped he would be.
“This is the true joy in life – being used for a purpose recognized by yourself as a mighty one: being thoroughly worn out before you are thrown on the scrap heap; being a force of nature instead of a feverish, selfish little clod of ailments and grievances complaining that the world will not devote itself to making you happy.” ~ George Bernard Shaw
“I’m giving Trump the benefit of the doubt,”
I’m sure he’ll be properly grateful and humbled by your magnanimity.
“he is not shaping up to be the populist-nationalist champion of America’s beleaguered middle and working classes.”
I’m waiting for his actions on illegal immigration and TPP/NAFTA.
“The greatest joy for a man is to defeat his enemies, to drive them before him, to take from them all they possess, to see those they love in tears, to ride their horses, and to hold their wives and daughters in his arms.” — Genghis Khan
“I’m waiting for his actions on illegal immigration and TPP/NAFTA.”
Exactly. Waiting for his actions. Unlike people who expect him to wave a magic wand and bring world peace and prosperity before taking office. Oh, wait, we already had that.
Apparently we’ve gonna have some action on illegal immigration toot sweet.
“The greatest joy for a man is to defeat his enemies, to drive them before him, to take from them all they possess, to see those they love in tears, to ride their horses, and to hold their wives and daughters in his arms.” — Genghis Khan”
Just so ya know, tough guy, the quote I posted above wasn’t aimed at you. The one about the benefit of the doubt, however, was.
LOL, as a matter of fact, I was going to say something about I don’t care if he has Genghis Kahn in his cabinet at this point, as long as they get the jobs done that need to be done.
“The greatest joy for a man is to defeat his enemies, to drive them before him, to take from them all they possess, to see those they love in tears, to ride their horses, and to hold their wives and daughters in his arms.” — Genghis Khan
This what Spook was trying to make clear… that failure is not an option for a man.
Well, I do hope Trump settles a few scores, and soon, so I can take vicarious enjoyment.
Well something happened this weekend that will start to change history: Trump gave a joint interview with British and German newspapers saying he was going to do a trade deal with England first thing to make Brexit work, and encouraged other countries to leave the EU. Contrast this with Obama going over there prior to the Brexit vote and telling them they would “go to the back of the line” on trade if they voted Leave. In this he is linking anti-globalists forces together economically.
He means to destroy globalism. If France votes for Le Pen, the EU is done. If Italy votes Five Star, the EU is done. If the EU is done, globalism is done for good.
“He means to destroy globalism.”
Brexit night was one of my fave moments on this blog. Really, that was the first score we got on the board. Even Trump bent the knee to Nigel Farage, who is to me the foremost hero. These are brave men and women, Farage, LePen, Wilders, Trump and his family.
As to destroying globalism, it seems to get easier every day. Even people I talk to around here, just ordinary folks, are getting how bad it is.
The British people were brave. They were called every nasty name in the book. They had “project doom” unleashed on them. The media lambasted them. They were told they would create their own economic collapse. They were told they were outnumbered. And we watched them come out of their little towns and villages and overpower the urban voters, just like in the US. Now Trump has put them at the front of the line for trade.
I mentioned before that taking down globalism might just be low-hanging fruit. It looks more that way every passing day.
‘Donald Trump vs the Media Ultimate Compilation’
https://www.youtube.com/watch?v=zmam18LVT-M
One of my favorite moments last year was watching Nigel Farage address the European Parliament after the Brexit vote and tell them none of them had worked a proper job in their lives. Say what you will about European politics, but it seems a lot more entertaining than American politics.
A new day starts tomorrow.
We live in amazing times
He’ll get confirmed. He had his Government Sachs hall pass already issued.
That DeVos lady though - what a disaster. If there was a ‘Bait and Switch’ type nomination, it’s her.
“It makes no sense that [Fannie Mae and Freddie Mac] are owned by the government and have been controlled by the government for as long as they have,” Steve Mnuchin, the Treasury Secretary-designate, told Fox Business on Nov. 30, adding, “We gotta get them out of government control.”
‘Mnuchin, a former partner at Goldman Sachs who ran the bank’s mortgage-backed bond trading desk, also told Fox Business this is a top priority for the Trump administration.’
“And in our administration, it’s right up there in the list of the top ten things we’re going to get done, and we’ll get it done reasonably fast,” Mnuchin said.’
I told yous guys before things are going to change and change in a hurry. And there’s gonna be a whole lot of lighter wallets as a result.
“We gotta get them out of government control.”
… and under Goldman Sachs control.
Yep. With any and all losses to be covered by the Fed’s printing press and middle class taxpayers.
Does trump want to stop gov backed mortgages!?
That’s going to have to be hashed out in congress. The NAR is the biggest trade group in the country and they will fight that tooth and nail. But if we can get the GSE’s out of our hair it will hopefully keep us from picking up the majority of the bubble tab. It’s been over 8 years and not one thing has been done about this.
NAR and their adherents are akin to Scientology.
Ben, you put it perfectly. Regardless of anyone’s politics, we all share sort of a “the enemy of my enemy is my friend” feeling regarding the GSEs.
What we’re talking about here is crime.
Uh, the guy that became president is a REAL ESTATE DEVELOPER. Who do you think he favors?
There are many people who have worked at Goldman Sachs. Not all of them are crony capitalists.
Some people on this blog are broken records. So what if someone used to work at GS if they are now advocating dismantling the GSE’s? You’ve got to be kidding with this stuff.
Oh, I know. It’s all part of an elaborate conspiracy for Goldman Sachs to take over everything. They’re only TRICKING us into believing they’re against these things, when we’ll find out later it was just an elaborate maneuver to gain control.
“Does trump want to stop gov backed mortgages!?”
A better question: Do you want a 10-yr or 30-yr mortgage?
Realize that a lot of socialism comes bundled in that thirty years of purgatory. Look in your phone book at all the “services” your county provides, which is paid for when the local assessor taps your wallet.
There are many people who have worked at Goldman Sachs. Not all of them are crony capitalists.
Trump himself is a crony capitalist.
Sean, I read an analysis about DeVos and political scores. One of the Gilded Age Presidents (Harrison, maybe) complained that he couldn’t even choose his cabinet because all the seats had already been sold to pay for his election. For DeVos, the theory is that Education had been earmarked and sold to the evangelical wing long ago, so Trump had to nominate an evangelical to the post. My guess is that DeVos was a Party choice (or possibly Pence), not Trump’s.
Prop 13 in CA (tax subsidy) keeps the moochers from moving.
keeps the moochers from moving ??
It also keeps the local government and all their union needs out of our F#%King wallet…
your new neighbors have to subsidize you. mooching needs to end.
It’s completely unfair. Why should one house be paying one tax rate, and another something entirely different? Talk about picking winners and losers…
Why should the government be allowed to increase property taxes on people at a rate exceeding inflation? In CA, they cannot. In NJ, property taxes are 5.35% annually. THAT is the crime.
Kalaheo, HI Housing Prices Crater 15% YoY
http://www.zillow.com/kalaheo-hi/home-values/
I think my house might go up 50k in value this year. If so I will buy a new chevy.
Chevy Spark?
Camaro all the way.
Sounds like Bill’s Mustang.
He’ll never buy a Mustng. When his beater Corolla finally gives up the ghost he’ll just buy another beater.
His heirs will enjoy the money they’ll inherit.
Sadly, I’d probably do the same, but for survival reasons. There’s no reason to have a fast car if you don’t drive it fast.
gotta love the new mustang owners leaving the lot and crashing after their first burnout, see youtube.
You haven’t truly driven your car until you’ve had all 4 wheels off the ground simultaneously.
You haven’t truly driven your car until you’ve had all 4 wheels off the ground simultaneously.
Ehhh…there are lots of dirt farm roads with rises and
sudden drops. Just drive the right speed and don’t do anything stupid and you can do that. I like the power to spin all 4 on dry pavement on takeoff.
Tomorrows thin-skinned-snowflake-party includes, Caitlyn Jenner Responds To Rumors Of Inaugural Dance With Trump.
Now THAT would get me to watch the inauguration. A freakshow within a freakshow!
invest accordingly. Bring on the Trump Crash! the butthurts will get wiped out.
I would lose all respect for Trump if he dances with that freakshow “Caitlyn.”
What does she have for him to grab?
Keller, TX Housing Prices Crater 9% YoY
http://www.zillow.com/keller-tx/home-values/
What do you do in an environment of record high supply and collapsing housing demand?
Build more.
“Housing Starts Beat On Jump In Rental Units, Single-Family Permits Rise To Highest Since 2007″
http://www.zerohedge.com/news/2017-01-19/housing-starts-beat-jump-rental-units-single-family-permits-rise-highest-2007
Ever spend any time in Douglas County, CO? Lone Tree, Castle Pines, Castle Rock. There’s no limit to how far the Front Range blob can expand.
First timers flying into Denver always ask, “where are the rocky mtns?”
They’re visible from just about anywhere in Denver, except maybe in Downtown (the high rises can block the view). They are definitely visible from the airport.
Now, many visitors are surprised to learn that Denver isn’t in the mountains, probably because they think “mile high” == “in the mountains”
For anyone who is interested, live feed of the pre-inaugural celebration at the Lincoln Memorial. God bless ya, DJT and thank you for giving enuf of a crap to save the USA.
https://www.youtube.com/watch?v=HG-X_PEiqgA
Awesome!
Thanks for posting
If you want to watch the protesters doing their stuff, here is a search-link on periscope for the live streamers in the crowd. There’s a few of them going on now.
https://www.periscope.tv/w/1ynKONwymlZxR?q=protest
The streams can come-and-go — they are just random people in the crowd streaming video. All this year, every one of the BLM riots have all been streamed by people in the crowds on Periscope.
Earlier they burned some trashcans and lit fireworks just outside the Deploraball event, and harassing people going to the event. But, good news, they haven’t started smashing windows and looting yet. It looks like there’s quite a few cops in riot gear protecting it.
Got popcorn?
Magnolia Seattle, WA Housing Prices Crater 14% YoY
http://www.zillow.com/magnolia-seattle-wa/home-values/
Jack Ma has a point. Thanks for nothing, neocons.
http://www.cnbc.com/2017/01/18/chinese-billionaire-jack-ma-says-the-us-wasted-trillions-on-warfare-instead-of-investing-in-infrastructure.html
Straight from the horse’s mouth. 马 = “horse”
Yes and no. Much of that defense money went to jobs at defense contractors. Not just the high-flying CEOs, but thousands of worker bees. So the money itself was not lost — except it could be put to better use than killing people and breaking things.
The money was not lost…why, because it gets recycled back into the economy? So then, is welfare free? Isn’t the CEO pay free too because the money stays here? Why, we should all be on welfare or be CEOs. No need to work anymore.
Another Donkism.
What was it that natty was saying about California’s budge surplus?
http://www.zerohedge.com/news/2017-01-19/california-governor-jerry-brown-admits-15-billion-math-error-state-budget
Oops! ROFL.
Those aren’t ‘oopies’. They have been intentionally cooking the books, for a long time. It’s what happens when you keep re-electing representatives of this caliber, instructing people to:
““I said ‘If you have to lie, cheat and steal, do it,’” Ms. Kuehl said. “Take federal money and just tell them you are going to do whatever they want.”””
“Those aren’t ‘oopies’.”
Oh, I knew that, and you knew that, but natty was all over the place blithering about California’s fake news budget surplus.
At what point does the state completely blow up? Can a whole state go bankrupt? I was curious, and it turns out a state currently cannot declare bankruptcy. It is not allowed by Congress. Here is an interesting little summary of it:
http://www.csg.org/pubs/capitolideas/enews/issue65_3.aspx
Looks like austerity is the only path, then. Good luck, CA!
This is the same sort of thing that got Davis recalled!
Obama Leaves U.S.A $9,335,000,000,000 Deeper in Debt
By Terence P. Jeffrey | January 19, 2017 | 5:45 PM EST
(CNSNews.com) - President Barack Obama will leave the federal government approximately $9,335,000,000,000 deeper in debt than it was when he took office eight years ago, according to data released today by the U.S. Treasury.
The increased debt incurred under Obama equals approximately $75,129 for every person in the United States who had a full-time job in December.
The $9,334,590,089,060.56 that the debt had increased under Obama as of the close of business on Wednesday is far more debt than was accumulated by any previous president. It equals nearly twice as much as the $4,889,100,310,609.44 in additional debt that piled up during the eight years George W. Bush served as president.
Turning out millions of parasitic bureaucrats to find living-wage jobs in our Obama-Fed-Goldman Sachs “recovery” could serve as a much-needed re-education for these useless toads who have perpetrated decades of misrule by the Republicrat duopoly and its corporate statist masters. Drain the swamp!
http://thehill.com/policy/finance/314991-trump-team-prepares-dramatic-cuts
I want to wean my friends off of crow this year.
Have the HBB’s resident progressives donned their pink p*ssy caps?
https://www.theguardian.com/world/2017/jan/19/womens-march-washington-occupy-protest
Once again, Yellen the Felon is trying to jawbone up the dollar with her incessant blather about raising rates, while always coming up with creative reasons why the Fed can’t raise rates just yet. In 2017, however, the bond vigilantes look set to force her hand - with disastrous consequences for the housing and stock market bubbles.
http://www.zerohedge.com/news/2017-01-19/janet-yellen-speaks-again-live-feed
“Dow 20,000″ and “Debt $20,000,000,000,000″ accomplishments will belong to Trump.
Hey, Hollywood, you’re China’s cow now. And you’ll be finding out what freedumb of spitch is all about.
http://deadline.com/2017/01/paramount-pictures-china-shanghai-film-group-huahua-media-one-billion-dollar-slate-financing-1201889562/
Hollywood, RIP. Well, it was a good 100 year run, right?
I think that Sony or some other Japanese company purchased a Hollywood studio a few decades ago. It didn’t really have much of an effect on anything.
Soros must be writing a bunch of checks.
http://www.breitbart.com/texas/2017/01/19/anti-trump-protesters-get-rough-police-deploraball-event/
Lots of white privilege in that crowd.
the old adage,”how do you turn a liberal into a conservative? raise their taxes!”
I wish that were true, but they scatter like turds off a lawnmower and come to states like Florida and try to bring everyone down to their skanky level. The best way to drive them nutz is to enjoy yourself and have fun, it makes them go into orbit. Also they’re a testament to the ineffectiveness of psychiatric drugs.
LMAO!!
Didn’t you move to Florida from a high tax state?
The one that I heard was they turn conservative after their first mugging.
Yeah, the line is “a conservative is a liberal who’s just been mugged” and “a liberal is a conservative who’s just been arrested.”
I like what Michael Savage used to say “Q:What do you call a communist with 4 kids? A: a Republican.”
That reminds me of the original neoconservatives who were liberals who became Republicans back on the early 70s.
Inflation only affects the little people. Print (debase) with reckless abandon, Yellen!
http://www.marketwatch.com/story/yellen-not-worried-about-surge-of-inflation-2017-01-19?link=MW_latest_news
asset is inflation is good for consumers! You get free money and free stuff.
Live feed, split screen between Deploraball and the twisted freak protesters outside. Pathetic, violent skanks.
https://www.youtube.com/watch?v=SjxV44KjTbc
ha-ha, the protesters set a dumpster on fire. How appropriate and symbolic.
And they got teargassed.
sick the bikers on them!
Well now I HAVE to watch the Inaguration. This is must see TV, and I wanna see it live! Trump is goooood television, if nothing else.
I’m glad y’all are enjoying it, and I apologize for messing up the moment with my uncontainable disgust. I’ll grant that there’s some small probability that you’re right and everything is gonna be sunshine and kitten farts from here on out. I’ll eat my crow, battered and fried, if it is.
But if it isn’t, I’m gonna give you guys hell until you eat your portion.
As I predicted…Chinese burned by Bitcoin and real estate are piling into gold.
http://www.zerohedge.com/news/2017-01-19/chinese-investors-exit-bitcoin-flood-gold-etfs
get on board the property ladder! That 500k stucco shanty is a great place to start. LMFAO
Godspeed Donald Trump
Amen, brothah.
And at this time I would like to thank him from the bottom of my heart, and his family, too, for what they have done and the sacrifices they have made.
I remember one time early on in his campaign, I watched his plane land at an airport on the way to a rally. People were lined up as the plane taxi-ed down the runway, it was a beautiful shot, with late afternoon sun glinting off that bird.
And all I could think of was that Trump so loved the country, he was willing to go through all of this crap, at his own expense and suffer the slings and darts to try to do something about it.
He is not a perfect human being. He is, however, one of the greats.
Time will tell if he is one of the Greats. But Allah be praised, HillaryJeb will not be occupying the White House and are politically washed up. That right there is a mammoth win for middle America.
How about the cabinet picks serving for free. Wilbur Ross giving up 100s of millions for his last job.
Local radio announced this evening that the NY AG (I think) is offering local police departments training on how to subvert, skirt, avoid, work against Federal immigration law enforcement efforts. I guess we are one step behind California’s “rebellion”, cause Trump (who now is Draco incarnate)!
http://www.msn.com/en-us/money/companies/how-deutsche-bank-made-a-dollar462-million-loss-disappear/ar-AAm2w8P?li=BBnbfcN
The fraud is unending and world wide and goes straight to the top.
Word Cloud
Financial instruments; interest rates; Italian banks; hiding losses; lying on year-end reports; “the 2008 credit crisis”; deceiving investors; unpredictable consequences; making losses disappear; financial sleight of hand; global financial system; DERIVATIVES; money laundering; rigged markets; quantifying risk…
That’s a good article.
Ben, curious what you think about this statement:
The slow growth in housing starts kills any notion that we are in over investment cycle like we were during the housing bubble. Housing as a contributor to the economy has been choppy to be kind.
http://linkis.com/loganmohtashami.com/Hy490
I saw a 1970 crewcab chevy 4×4 go across the block and sell for 85k last night @ barret jackson. Some people have a lot of money right now.
burt reynolds is unloading another bandit this weekend. He must need to pay some bills.
I saw a 2017 Shelby F-150 up on the ramp facing North Lake Blvd in Region IV yesterday with a price tag of $101,595
“Some people have a lot of money right now.”
http://www.ziemsfordcorners.com/2016-shelby-f-150.htm
“With only 500 Shelby F-150s available in five distinct colors, this is a truck that passionate motorists won’t want to miss out on. To learn more, be sure to contact Ziems Ford Corners at (888) 375-9581 today.”
OK, I don’t get, what’s so special about a 1970 pickup truck? Do people actually collect those things? Did it belong to Steve McQueen?
Pretty reasonable compared to a 1967 Corvette for $3.5 Million
1967 Corvette L88 Sells for $3.5 Million at Barrett-Jackson Scottsdale
https://www.youtube.com/watch?v=HHaHYGDrn6k
OK, I don’t get, what’s so special about a 1970 pickup truck?
People have a soft spot for that generation, they looked good. But I think the critical item must have been “crew cab”. I’ve never seen one of those in person older than about 76? I suspect it’s pretty rare. Kind of like Suburbans before Americans decided SUVs were cool.
OK that’s just un-possible! We have a long-time poster here who keeps asking who is going to pay $50K for his 30-year-old pickup.
I am still enjoying the heck out of my 1990 F350 crew cab 4×4 (which only gets driven when needed for hauling duty). And I only paid $5500 for it with under 100K original miles. The kids love riding in the back seat too.
45
Hopefully it’s juvenile detention for chunky privilege and charges for Mom and Dad.
The Next Generation: Kid Says He Lit Fire At Protest, Says ‘Screw Our President’ On Live TV (Video)
Ryan Saavedra Jan 19th, 2017 11:28 pm 180 Comments
http://www.thegatewaypundit.com/2017/01/liberalization-children-kid-says-lit-fire-protest-says-screw-president-live-tv-video/
PS
I thought I had seen that kid before.
https://www.youtube.com/watch?v=Db6vGo7QJ9M