From HousingWire:
Foreclosure activity hits 19-month high on rise in REOs
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 126,868 U.S. properties in May 2015, up 1% from the previous month and up 16% from a year ago to a 19-month high, according to the latest report from RealtyTrac.
The U.S. foreclosure rate in May was one in every 1,041 housing units with a foreclosure filing.
The increase in May was driven primarily by a jump in bank repossessions, which at 44,892 were down 1% from the previous month but up 58% from a year ago, and a 5% year-over-year increase in scheduled foreclosure auctions.
REOs increased on a year-over-year basis for the third consecutive month, and scheduled foreclosure auctions have increased on a year-over-year basis in four of the last eight months. May REOs were 56% below the peak of 102,134 REOs in September 2013 but still nearly twice the average monthly number of 23,119 in 2005 and 2006 before the housing bubble burst in August 2006. (Also see special methodology note on REO data collection below.)
“May foreclosure numbers are a classic good news-bad news scenario, with the number of homeowners starting the foreclosure process stabilizing at pre-housing crisis levels but the number of homeowners actually losing their homes to foreclosure still well above pre-crisis levels and on the rise,” said Daren Blomquist, vice president at RealtyTrac. “Lenders and courts are pushing through stubborn foreclosure cases that have been languishing in foreclosure limbo for years as options to prevent foreclosure are exhausted or left untapped.”
Following the national trend, 38 states and the District of Columbia posted year-over-year increases in REOs, including New Jersey (up 197%), New York (up 116%), Ohio (up 114%), Georgia (up 108%), Pennsylvania (up 106%), Florida (up 63%), Michigan (up 63%), Maryland (up 62%), and California (up 31%).
Atlantic City metro area takes the cake as highest foreclosure rate in large US metros – one in every 230 housing units.
Seems that talking or planning about an AC recovery is premature, seeing as it hasn’t even come close to hitting bottom yet.
Gonna get really ugly. Without casino exclusivity AC is Asbury Park, c. 1980.
Continued from yesterday’s FED hiking discussion. The FED’s seven and a half year long policy of ZIRP has created distortions in markets worldwide. Cheap money leverage is now applied in nearly every market, some emerging markets rushed to prevent foreign investment but alas there were ways around that too. Don’t take my word for it, when rates go up othet yhan some symbolic 1/8th the punch bowl will be taken away. Don’t take my word for it read the IMF paper or the BIS paper.
Meh. I think their perspective is that they have to hike in Sept unless there is some very serious p00p hitting the fan domestically or internationally. They’ll put all the exculpatory language they need around it, ‘glide’ path, etc.
Then they go on autopilot and let the economy seriously overcorrect before action number two. Especially since we are in an election year and there is the unwritten rule that it is verboten to raise rates then.
Throw all that in a blender and I get a market UP on the back of a well advertised, priced in, and soft landed hike number one and then a further UP as they let the economy run through summer 2016 unfettered. Not the conventional wisdom, but a trade I will set up on the next pullback.
That also allows housing prices to run through Spring 2016 which she made eminently clear was a good thing. Re: housing, FedCo is on the side of building equity for existing homeowners, not putting more butts in those seats.
And, as an added bonus for the first female Fed chairman nominated by the outgoing President, it provides robust production and employment numbers going into Election 2016.
Anyone buckling up for Armeggedon on the back of a 9/2015 hike is going to be disappointed.
Waiting for train but I can tell you the number of houses in foreclosure/pre foreclosure in upper Bergen towns out number qualified listings. And a majority of the listings are 40 year dated estate sales.
@JohnCassidy: MT @mckaycoppins Here it is folks! The casting call for extras to cheer on Trump at his announcement. Paid $50.
by Aaron Couch, Emmet McDermott
6/17/2015 2:53pm PDT
Donald Trump’s big presidential announcement Tuesday was made a little bigger with help from paid actors — at $50 a pop.
New York-based Extra Mile Casting sent an email last Friday to its client list of background actors, seeking extras to beef up attendance at Trump’s event.
“We are looking to cast people for the event to wear t-shirts and carry signs and help cheer him in support of his announcement,” reads the June 12 email, obtained by The Hollywood Reporter. “We understand this is not a traditional ‘background job,’ but we believe acting comes in all forms and this is inclusive of that school of thought.” (Read the full email at the bottom of the post.)
The pay was listed as $50 for less than three hours of work. According to the email, Extra Mile was reaching out to potential extras in partnership with Gotham Government Relations and Communications, a New York-Based political consulting group that has worked with Trump in the past. Gotham GR had no comment.
Questions as to whether the Trump campaign had hired extras were first raised Wednesday by anti-Trump activist Angelo Carusone, who came across an Instagram photo showing a man he recognized as a background actor posing at the Trump event. Carusone screengrabbed the photo of the actor, Domenico Del Giacco, and published it in a blog post. The photo shows Del Giacco with a woman, identified in the now-deleted Instagram post as actress Courtney Klotz. (Del Giacco has since deleted his entire Instagram account.)
When reached for comment about the Trump casting call, a person who answered the phone at Extra Mile said, “We don’t know anything about that.” When pressed about whether this response was a denial of the story, the person said she couldn’t comment further and hung up. Additional calls to Extra Mile went unanswered.
Asked if Trump paid anyone to attend the event, campaign manager Corey Lewandowski said “no,” and that he had never heard of Extra Mile or Gotham GR.
“Mr. Trump draws record crowds at almost every venue at which he is a featured speaker,” Lewandowski told The Hollywood Reporter. “The crowds are large, often record-setting and enthusiastic, often with standing ovations. Mr. Trump’s message is, ‘Make America great again.’ ”
In politics, “astroturfing” is when people are hired to attend a rally or event in order to lend the appearance of grassroots support. They are typically contracted out to political consulting firms, much like Gotham GR. The practice is unsurprisingly considered bad form.
Here’s the full email from Extra Mile, with contact information redacted.
This is an event in support of Donald Trump and an upcoming exciting announcement he will be making at this event.
This event is called “People for a Stronger America.” The entire group is a pro-small business group that is dedicated to encouraging Donald Trump and his latest ventures. This event will be televised.
We are looking to cast people for the event to wear t-shirts and carry signs and help cheer him in support of his announcement.
We understand this is not a traditional “background job,” but we believe acting comes in all forms and this is inclusive of that school of thought.
This event is happening LIVE and will be from 8:45AM-11:30AM. LESS THAN 3 HOURS
This will take place inside / interior.
The rate for this is: $50 CASH at the end of the event.
We would love to book you if you are interested and still available.
Please let us know and we will get back to you with confirmation.
I know the general consensus is to villify bankers. Wanted to note the unexpected passing of Jimmy Lee, Vice Chairman of JPMorgan. Extraordinary man and one of the good guys. One of the first managers I had, left an indelible impression. Big loss.
@FiveThirtyEight: The long history of musicians telling Republicans to stop playing their music:
Springsteen objected to Reagan’s use of the song “Born in the U.S.A.” during the 1984 election.
Reagan also got dinged in 1984 by John Cougar Mellencamp for “Pink Houses.”
Bobby McFerrin objected to George H.W. Bush using the song “Don’t Worry, Be Happy” in 1988.
Sam & Dave objected to Bob Dole using the song “Soul Man” in 1996.
Springsteen objected to Dole using “Born in the U.S.A.” in 1996.
Mellencamp didn’t grant any more leeway to George W. Bush than to Reagan.
Mellencamp complained when Bush used “R.O.C.K. in the U.S.A.” in 2000.
Tom Petty objected to Bush using the song “I Won’t Back Down” in 2000.
That same election, Sting objected to Bush using “Brand New Day.”
In a rare bit of bipartisanship in 2000, Sting also objected to Al Gore using “Brand New Day.”
John Hall of the band Orleans objected to Bush using the song “Still the One” during his re-election campaign in 2004.
Boston objected to Mike Huckabee using “More Than a Feeling” in 2008.
Van Halen objected to John McCain using “Right Now” in 2008.
Mellencamp is back! He complained about McCain using “Our Country” in 2008.
In the same election, Mellencamp had a problem with McCain using the song “Pink Houses.”
Heart objected to McCain using “Barracuda.”
Jackson Browne objected to McCain using “Running on Empty.”
Bon Jovi objected to McCain using “Who Says You Can’t Go Home.”
The Foo Fighters stopped McCain from playing “My Hero.”
Tom Petty objected to McCain using “I Won’t Back Down.”
ABBA complained about McCain using “Take a Chance on Me.”
Sam Moore of Sam & Dave objected to Barack Obama using “Hold On, I’m Coming” during the 2008 election.
Survivor objected to Newt Gingrich using the song “Eye of the Tiger” in 2012.
Gingrich also was dinged by The Heavy for “How You Like Me Now.”
Also in 2012, Dee Snider of Twisted Sister objected to Mitt Romney using “We’re Not Gonna Take It.”
Silversun Pickups stopped Romney from playing “Panic Switch.”
K’Naan objected to Romney using the song “Wavin’ Flag.”
Survivor objected to Romney using “Eye of the Tiger.”
Tom Petty complained about Michele Bachmann using “American Girl” in 2012.
Katrina and the Waves objected to Bachmann playing “Walking on Sunshine.”
And finally, now we have Young’s complaint about Trump’s use of “Rockin’ in the Free World.”
I bet it comes out that those Cali balconies were originally on the prints and built as Juliet style balconies. Based on the way they broke, I bet they sistered those stub joists out to extend them because someone thought it would be nicer to have a full balcony.
You can’t bolt a balcony to a building like you would a deck to a house. We are talking cantilever here.
“@FiveThirtyEight: The long history of musicians telling Republicans to stop playing their music”
Says more about the musicians than the politicians.
And yes Trump is a buffoon, joke, caricature, and the antithesis of anything thoughtful or intelligent. But he is exactly what the populace deserves, and is. Park his fat, loud, coiffeured @ss in a leased BMW 5-series outside any Queens or NJ hot dining spot on a Friday and he fits right in.
Nom – we built our deck as free standing for exactly your reason. Not attached to the house (but abutting) and 12 footings. I’ve seen similarly sized decks with 3 footings, rim attached, and like a 12 foot span.
3-
Agree. “Rate hike” has had way more than its share of news cycles, all the rate hike sellers have already sold, and many of the trend followers and idiots as well. Everybody heard. Rate hike coming.
Now we’re going back into the “mass murder” news cycle for awhile. That’s a shame, I thought we were gonna stick with “global instability” for awhile.
Trump on morning Joe calling it a bubble a financial bubble worldwide. Also says real unemployment is 25 %. Glad to see somebody going off script, hope he does not die in a place crash before the debates.
[10] grim,
My current deck is huge but free-standing. It is ledgered to the house but that isn’t bearing much weight. It also isn’t up very high (3 feet at the highest point). It was build over an old patio, and where the deck goes over the patio, there are short footers and braces.
A few days ago, I was under the deck with a contractor and we both remarked that we didn’t see any lag bolts. But he pointed out that the ledger board was covered so the lag bolts would be behind it. When we had the place inspected, the deck got inspected twice and the seller had an engineer report done on it.
We plan to redo the entire deck, pool and pool enclosure. The deck will have an outside bar/grill/storage/workspace that will be heavy but the contractor will make it free-standing by footing it directly to the ground under the deck (its only about 18 inches).
Shocked Anon hasn’t tweeted (copied and pasted tweets anyhow) about Charleston yet.
Anon is too busy reading Rachel Dolezel’s tweet archive. He doesn’t even know anything has happened yet.
anon (and for good reason)
Ordinarily, I try to ignore your mental masturb@tions, but you raised an interesting legal issue, one that I was curious about in the past.
But (surprise!) your reporting is a bit incomplete. This, from one of your favorite publications (so it has to be true, right?)
“Charlie Crist: The Talking Heads song, “Road to Nowhere,” was used by Crist’s Senate campaign in attack ads against Republican Marco Rubio in 2010. David Byrne filed a $1 million lawsuit, and as part of a settlement Crist had to publicly apologize for using the song.” [Crist was running as a democrat]
“Barack Obama: Both Cyndi Lauper and Sam Moore of Sam & Dave asked Democrats and the Obama campaign to stop using their songs. However, unlike most of the examples above, neither objected to their use on philosophical grounds. In the 2012 campaign, Lauper’s “True Colors” was used in commercials to go after Mitt Romney. Lauper, who supported Obama, was upset she was not asked for approval . . . ”
Politics aside (and musicians tend to hew closer to the classes that find many of our societal norms to be infringements on their personal tastes, and, thus are derisive of conservatives), there seem to be a number of issues at play. Or they just want to stay out of politics–Sam Moore reported that while he liked Obama, he considered his support to be a private thing and did not want to be seen as endorsing him. Others felt it was copyright infringement–they want to be paid–and it may have been or not (complex area of law).
And finally, from another publication with bias issues, but they are your kind of bias issues, there is this thought:
” 3. They want to get caught. It’s a cynical thought, but some might gamble that picking a fight is good for business. “It’s a way to get attention,” Stroud says. Some candidates might consider it a positive “if they’re in a fight with liberal Hollywood.”
[14] D-FENS
Sadly, I thought the same thing.
[5] anon
I wouldn’t go for $500.
Besides, there’s a reason republicans don’t go to these things: we are all at work.
Finally, Trump can’t bus in union members or empty a homeless shelter to get folks to go, like the democratic candidates and organizers do.
Even presidents pack the south lawn with federal workers for big announcements–I was in one of those crowds for a Clinton photo op.
[15] nwnj
“Anon is too busy reading Rachel Dolezel’s tweet archive. He doesn’t even know anything has happened yet.”
And then you have to allow more time while he cleans up all of his splooge. . .” (okay, perhaps that won’t take too long).
Too much sharing……save it for Mrs. Nom…..
Comrade Nom Deplume, speaking from the Cone of Silence says:
June 18, 2015 at 8:40 am
[10] grim,
My current deck is huge but free-standing.
[20] banco
“Too much sharing……save it for Mrs. Nom…..”
You have a dirty mind.
And you are obviously confusing me with JJ. Understandable but incorrect.
Anyway, the whistle has sounded and the salt mine beckons. . . .
7- Who gives a rat’s butt Bruce’s voice sounds like gravel anyway.
My cock is transracial. Can I work for NAACP?
Chai Latte,
Pretty interesting take on the value of a financial advisor. Thought you might find it interesting.
http://www.mymoneyblog.com/value-of-real-human-financial-advisor.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+Mymoneyblog+%28My+Money+Blog%29
“You can’t bolt a balcony to a building like you would a deck to a house. We are talking cantilever here.”
Someone ought to look at the balconies in the new tinder boxes they erected along the garden state parkway around mile 150 on the southbound side of the highway in Bloomfield. I’m pretty sure they are only wood framed. Though, I doubt 13 people will want to squeeze on to them to watch traffic on the GSP.
As for decks. Ours has 9 footings, when 6 would have passed code. Plus, it’s bolted to the foundation of the house. The deck should be there long after the house rots away.
Kool – I hope the nukes are still running on Solaris.
“At 11:59 UTC on June 30, 2015, clocks will count all the way up to 60 seconds. This is called a leap second and is inserted so that atomic time will exactly match the spin of the earth.
In previous instances of leap second insertion, this has caused kernel crashes and system hangs in Red Hat Enterprise Linux. In order to avoid these potential issues, we strongly recommend updating to the most recent kernels. “
I can’t even imagine a $10k mortgage payment.
Chris And Jacqueline Laurita’s Home In Foreclosure Again
Here we go again… Former Real Housewives of New Jersey stars Chris and Jacqueline Laurita are facing foreclosure on their Franklin Lakes mansion, according to new reports .
If you recall, back in April of 2013 Jacqueline and Chris faced foreclosure on their home but worked things out with a mortgage modification and saved their home – for another two years at least. Now NJ.com reports that the Lauritas are in foreclosure again – and not just on this home, but on another one, as well.
According to court documents, Chris and Jacs stopped making payments on their mortgage (that were reported as $10,846/month) in October 2014.
http://www.realitytea.com/2015/06/17/chris-jacqueline-lauritas-home-foreclosure/
Move along, nothing to see here. This isn’t going to affect us.
China’s economy is hitting a wall — and it’s going to affect everyone
For years, Chinese growth rates have been a byword for extremely fast economic development, and the phrase is still used that way.
Unfortunately for China, the country doesn’t actually have “Chinese growth rates” anymore. And pretty much nobody is expecting them to return.
China grew 7.4% last year, missing its own 7.5% target and notching its slowest expansion since 1990. Some analysts think even that is a massive overestimation.
This is unlikely to be a temporary setback — the slowdown is the new normal for the world’s second-biggest economy. Within the next decade, China is very likely to be recording growth rates less than half of what it did in the 1980s, 1990s, and 2000s.
That may not seem like such a bad thing. After all, the growth rates that are projected for China are still stronger than pretty much any Western country is expecting for itself.
Read more: http://www.businessinsider.com/data-and-statistics-on-the-china-economy-and-the-chinese-stock-bubble-2015-6#ixzz3dQBRimWf
Six banks fail to comply with consent orders related to foreclosure-processing mistakes
Federal regulators have imposed restrictions on the mortgage businesses of six banks. The restrictions were announced on Wednesday by the Office of the Comptroller of the Currency (OCC) against JPMorgan Chase, Wells Fargo, US Bank, HSBC, Santander and EverBank.
The Office of the Comptroller of the Currency (OCC) imposed restrictions on the mortgage-servicing operations of six banks who failed to fully comply with enforcement orders related to past home foreclosure abuses.
The penalties on the six banks involve restrictions on mortgage-servicing operations, including limits on the banks’ ability to acquire residential mortgage-servicing rights or outsource their existing mortgage-servicing rights.
A chart issued by the OCC showed that the restrictions are tougher for Wells Fargo and HSBC than for the other banks.
The federal regulators said that the banks haven’t fully complied with requirements of the 2011 enforcement orders issued by the government. They abused the foreclosure process after the collapse of the housing market.
The 2011 orders sparked a controversial investigation into big banks’ foreclosure practices to gauge how many borrowers should be compensated. The case was known as the robo-signing scandal, which prompted a government investigation and eventually an $8.5 billion settlement between the OCC and 15 banks.
The regulators found that some lenders rushed the foreclosure process without carefully reviewing documents.
Simultaneously, the OCC lifted its enforcement orders against Bank of America, Citigroup and PNC as they found that they were in compliance with the orders. At the same time, the agency lifted its enforcement orders against Bank of America, Citigroup and PNC, finding them to be in compliance with the orders.
Any violent crimes should not be tolerated but when it is cowardly and heinous like this, there should be a fast track to the electric chair.
UPDATE: Charleston Shooting Suspect Named As Dylan Charles Roof
Very little information has released about the details of the attack, though the photo of the attacker suggests that he was not armed with a long-gun (rifle or shotgun). The suspect was in the church for an hour prior to the shooting without anyone expressing alarm, so we’re going to make the educated guess that the attacker concealed a large caliber handgun or handguns. The photos hint that the attacker may have been carrying a slung bag of some kind over his right shoulder as he entered the church, which may have concealed the weapon or weapons.
Concealed carry is illegal in churches in South Carolina without “express permission” of the church.
Three men and six women were among the victims. There are three survivors, including a child.
Authorities are treating the attack as a possible hate crime.
http://bearingarms.com/police-release-suspect-photos-manhunt-continues-charleston-church-attacker/
Back to herding cats…
[29] FKA,
Back for a moment on that story. Another site called him “Dylan Storm Roof” and had a picture of a mugshot, complete with that f’ed up haircut. Makes me wonder why the mugshot and how did he legally get handguns.
I’m going with neo-naz1 for this POS. Seems to fit the bill.
Back to the salt mine.
“foreclosure-processing mistakes”
mistakes, haha
“how did he legally get handguns”
Probably didn’t. Which is why gun laws continue to persecute the law abiding.
FKA 2010 Buyer [26],
I just posted a response to this link as one of the reasons why I can’t find a house but my post fell into the black h0le. In essence, it’s those types that are the reason I can’t find a house. I’m talking about the @assholes who overpaid, extended and refinanced and can’t sell without writing a check. I really have no empathy and do not blame the banks at all. The f.ucking house agents pushed them but the buyers should have known better. As I tried to say in my original post, pragmatism and patience has no place when it comes to swindling yet another f00l.
Tool [5];
Asked and answered: No one with two brain cells bouncing into one another considers Trump a serious candidate. That you see fit to treat him like one confirms your status as rube or liar.
Public Service Announcement (jj Edition):
authentic…not a joke…
https://www.youtube.com/watch?v=vrO3TfJc9Qw
Tool [7];
They just LOVE cashing those royalty checks, though.
War on the horizon?
http://www.americanthinker.com/articles/2015/04/seven_reasons_china_will_star_a_war_by_2017.html
http://www.americanthinker.com/articles/2015/03/why_china_will_lose_the_war_it_is_planning.html
FKA 2010 Buyer says:
June 18, 2015 at 10:24 am
Move along, nothing to see here. This isn’t going to affect us.
China’s economy is hitting a wall — and it’s going to affect everyone
For years, Chinese growth rates have been a byword for extremely fast economic development, and the phrase is still used that way.
Unfortunately for China, the country doesn’t actually have “Chinese growth rates” anymore. And pretty much nobody is expecting them to return.
China grew 7.4% last year, missing its own 7.5% target and notching its slowest expansion since 1990. Some analysts think even that is a massive overestimation.
This is unlikely to be a temporary setback — the slowdown is the new normal for the world’s second-biggest economy. Within the next decade, China is very likely to be recording growth rates less than half of what it did in the 1980s, 1990s, and 2000s.
That may not seem like such a bad thing. After all, the growth rates that are projected for China are still stronger than pretty much any Western country is expecting for itself.
Read more: http://www.businessinsider.com/data-and-statistics-on-the-china-economy-and-the-chinese-stock-bubble-2015-6#ixzz3dQBRimWf
27- War on the horizon?
http://www.americanthinker.com/articles/2015/04/seven_reasons_china_will_star_a_war_by_2017.html
http://www.americanthinker.com/articles/2015/03/why_china_will_lose_the_war_it_is_planning.html
Juice Box / Leftwing,
Haven’t we heard hints of interest rate hikes each and every year since ZIRP/QEx started? What makes you think it’s actually imminent in the next few months (even if it’s a token 1/8th)?
[3] There will be p00p. (not just in Punkin’s diapy)
I think their perspective is that they have to hike in Sept unless there is some very serious p00p hitting the fan domestically or internationally.
Token 1/8th? I wouldn’t be surprised if they moved it a 16th (or a 32nd).
Joyce [32];
“Mistakes,” as is mistakenly expecting a payment check every month.
If you have time – take a look at the 4th photo in this listing. What is that ladder thing in the middle of the kitchen? Is that the only way upstairs? I don’t see a staircase in any other photos. I am very confused by this – I can’t imagine a more poorly designed kitchen.
http://www.zillow.com/homedetails/24-Chestnut-Rd-Cedar-Knolls-NJ-07927/39420077_zpid/?utm_source=email&utm_medium=email&utm_campaign=emo-propalert-hdp
Stairs to attic/crawlspace I would presume. I’ve seen old houses have them in the kitchen before. The bedrooms in that home are entirely too small.
Not to rehash discussions and debates from years ago… but yes people stopped paying and should be foreclosed upon; that is the solution. However, is it too much to ask the foreclosing party to follow the law?
Anon E. Moose says:
June 18, 2015 at 11:16 am
Joyce [32];
“Mistakes,” as is mistakenly expecting a payment check every month.
They caught the Charleston shooter.
Lib – Interesting, I’ve not come across that. Yes – the bedrooms are way too small, that is just one of about two dozen issues with this house. Most troubling is the fact that it has been for sale for 5 years with a price that fluctuated between 649,900 and the current 550,000.
Joyce – I wanted to post a comment about the Seidle shooting this morning….but I decided to check the older threads, because somehow I knew you would be all over that.
And yes, if he weren’t a cop, he would have been shot dead before he could fire again at his wife.
homeboken,
What do you see as issues with the house? Just asking. If this house was in Bergen County, tack another $200,000 onto it as the price would be “warranted.”
“Massachusetts’s performance isn’t a big surprise, because it’s been a leader in technology and work-force education. It’s home to Harvard and the Massachusetts Institute of Technology, among other top schools.
Education seems to be a common thread among the top states, says Robert Atkinson, president of Washington’s Information Technology & Innovation Foundation, a research group that promotes innovation.
“One factor is that their university systems are all above average,” Atkinson says. Massachusetts was ranked first by the group last year among states poised to benefit from technology innovation.
“Massachusetts has four key elements for high-growth startup success: venture capital, great research universities, a high concentration of college-educated workers, and an existing base of tech-based companies in a variety of sectors,” he says. “This ecosystem is to some extent self-reinforcing.”
Entrepreneurs tend to locate next to one another, which is one reason why you get so many startups in Silicon Valley—and now the Boston area, too.”
http://www.bloomberg.com/news/articles/2015-06-18/this-map-shows-where-u-s-businesses-are-being-created-the-fastest
“Let’s not mince words: a U.S.-China war would be hell on earth. It would likely start World War III. Millions— maybe billions— of people would die if nuclear weapons were ever used in such a conflict. The global economy would likely face ruin— that’s what happens when the world’s biggest economic powers start shooting at each other. Thankfully the chances are remote it will ever happen. Yet, the threat of such a conflict remains thanks to the many different pressure points in the U.S.-China relationship. Forget the challenge of ISIS, Ukraine, Syria or whatever the flavor of the moment is. The U.S.-China relationship— and whether it remains peaceful or not— is the most important challenge of our time. Period.”
http://www.nationalinterest.org/feature/revealed-why-china-would-lose-war-against-america-12288
9:
“Park his fat, loud, coiffeured @ss in a leased BMW 5-series outside any Queens or NJ hot dining spot on a Friday and he fits right in.”
So true, I can just see him at Roxanne’s on Franklin Turnpike on a Friday night. He’d fit right in.
And there it is. Dear Leader not letting a crisis go to waste.
“The Greeks seem likely to exit. It is obvious that the Greek people have been bled dry by their bankers and, in desperation, are ready to bite the bullet.
The reason the Troika will not compromise is that there is no way they’re going to give money to Greece if they have to restructure the debt.
They do not need Greece to restructure.
As for the reduced recovery they’re going to receive if Greece pulls out and resumes the use of the drachma, the Troika will no doubt be looking at the rest of their portfolio and looking to minimize losses elsewhere. My guess is they’ll bail themselves out, voice dire warnings to others (e.g., Spain) not to emulate the Greeks, and then set about making Greece pay a high price for having the temerity to act like a sovereign state.
Everything the Troika does will backfire. Greece will make deals with other parties, e.g., Russia and China, restart the drachma, and absent the burden of its totally unserviceable, recover.
I just finished loading up my position in Greek stocks this morning, so, I’m putting my money where my mouth is, as always.
As for the euro, it rallied on the news of the deal failure and is set to move even higher. The reason is that euro bonds will lose the illusion of safety and interest rates will rise further, having already spiked higher in anticipation of the Greek exit.
Gold is up because both the dollar and the euro now look like weak currencies. The central banks are finally set to get that inflation they wanted…”
http://krugman.blogs.nytimes.com/2015/06/18/thinking-about-the-all-too-thinkable/?gwh=0C33CE31E5C1913ABFE8A3D95C4D008C&gwt=pay&assetType=opinion#commentsContainer
Eddie –
We mentioned price and the odd attic access in the kitchen.
–Common rooms size are way too small for my taste.
-Bedrooms (save master) are way too small, they barely fit a bed let alone anything else.
-There is no yard, front or back.
-The driveway is long and steep, which offers privacy but I picture that being hellish come winter/snow/ice season.
-The are lots of windows and natural light which is great but I get the feeling that this house has a lot of insulation issues. Just a hunch.
-Close to the train but not close enough. Personal preference is that if I have to get in a car to drive to a station and pay to park, then I might as well get some land and a better house. To me a 3 mile drive or a 10 mile drive to train station is the same thing.
With all the recent events, this one was begging for a “justified shooting” from the police. The suspect had ALREADY fired at people and was waiving it around, etc.
NJGator says:
June 18, 2015 at 11:50 am
Joyce – I wanted to post a comment about the Seidle shooting this morning….but I decided to check the older threads, because somehow I knew you would be all over that.
And yes, if he weren’t a cop, he would have been shot dead before he could fire again at his wife.
@VOICEOFCHID: Obama made the #CharlestonShooting about the availability of guns. What a joke! He didn’t say ‘terrorism’ or ‘white supremacy’ once.
Hmmmmm the Charleston shooter was described as a heavy prescription drug user and an introvert and his father gives him a .45 for his 21st birthday. What is wrong with people?
Charleston shooter father gave him a 45 for his birthday.
Talk about a kick in the balls. You finally get some equity back in your property, probably bailing some people out and you get a higher tax bill.
Property values go up, as do assessments
Property values have been skyrocketing throughout the region, and it’s not a surprise that the assessor is close behind.
Of the county’s 415,000 owners of single family homes and condominiums, 36,000 can expect a bump, and the majority of those will see a double-digit increase. The tax hikes reflect the latest gains in the market value of homes that sank below their purchase price during the Great Recession, resulting in temporarily lower taxes.
Wednesday’s announcement “confirms the continued strength of Silicon Valley’s economy,” Stone said. “For the first time in years, every city in Santa Clara County experienced a year-over-year increase in market values.”
He called the new round of assessments “good news for property owners, because the market is restoring equity they had lost. For every $1 of additional property tax they pay, they receive an additional $100 of equity that was lost during the recession. The way I put it is, ‘You give me a dollar, I’ll give you a hundred.’ ”
http://www.mercurynews.com/business/ci_28332338/property-values-go-up-do-assessments
“The way I put it is, ‘You give me a dollar, I’ll give you a hundred.”
love being taxed on unrealized gains!!
Protests in AC
http://www.pressofatlanticcity.com/business/local-protests-icahn-s-taj-mahal-takeover-on-the-boardwalk/article_cb0de3d0-153a-11e5-9bba-3f0dd7f06c53.html
grim says:
June 18, 2015 at 7:27 am
Atlantic City metro area takes the cake as highest foreclosure rate in large US metros – one in every 230 housing units.
Seems that talking or planning about an AC recovery is premature, seeing as it hasn’t even come close to hitting bottom yet.
Balconies, I had read that the balconies in Berkeley were considered “decorative”, for use by a person wanting to go out and get fresh air for a minute or two…
In Europe some countries tax homeowners with no mortgages as taxable income the difference between their current monthly carrying cost and what market rent is.
Curious if it’s a 1911. They only hold 8 – 9 rounds. No proposed Assault weapons ban or magazine capacity limit would have helped. He’d have passed a background check too.
It is against the law to concealed carry in Churches in SC….he walked right past that law. Then again, murder is against the law too.
FKA 2010 Buyer says:
June 18, 2015 at 1:21 pm
Charleston shooter father gave him a 45 for his birthday.
@SenSanders:
The Charleston church killings are a tragic reminder of the ugly stain of racism that still taints our nation.
I think it is actually against the law.
But on a moral basis you never bring a gun into a church
And most churches, even my church prohibit guns on church property. I went to a whole thing there after Sandy hook. The front desk lady is in a bullet proof area with a direct dial 911. There are ‘Man traps” in main hallway, she can autolock all doors even class rooms doors, every room has a panic button and a old fashioned phone to call cops.
The church has a big parking lot and restrooms and coffee brewing. They have cops in and out all the time and the police station is nearby and it is on the regular patrol list. It is what the FBI calls a Hard Target. Meaning if one was scoping out to do a mass shooting there are a lot easier targets.
No guns by parents and that was ok and the FBI agent with Cop who gave speech said they are normally lone shooters. If the panic buttons are hit, lock down engaged and we have a live shooter and we are coming with SWAT hyped up with guns going the last thing you want to be is a civilian parent in the hall with a loaded gun.
D-FENS says:
June 18, 2015 at 1:52 pm
Curious if it’s a 1911. They only hold 8 – 9 rounds. No proposed Assault weapons ban or magazine capacity limit would have helped. He’d have passed a background check too.
It is against the law to concealed carry in Churches in SC….he walked right past that law. Then again, murder is against the law too.
FKA 2010 Buyer says:
June 18, 2015 at 1:21 pm
Charleston shooter father gave him a 45 for his birthday.
Damm I like that guy’s chicken
anon (the good one) says:
June 18, 2015 at 2:20 pm
@SenSanders:
The Charleston church killings are a tragic reminder of the ugly stain of racism that still taints our nation.
It’s usually over way before any of the SWAT guys get there. Sorry but the FBI guy and the cop are wrong. If I were them I wouldn’t want civilians with firearms protecting themselves either. It makes it harder for them to figure out who is the bad guy and who is the good guy. But who cares what they think. If I’m in church and somebody is blasting away I want to get to the nearest exit and I want a chance to shoot back if I’m cornered.
JJ says:
June 18, 2015 at 2:22 pm
I think it is actually against the law.
But on a moral basis you never bring a gun into a church
And most churches, even my church prohibit guns on church property. I went to a whole thing there after Sandy hook. The front desk lady is in a bullet proof area with a direct dial 911. There are ‘Man traps” in main hallway, she can autolock all doors even class rooms doors, every room has a panic button and a old fashioned phone to call cops.
The church has a big parking lot and restrooms and coffee brewing. They have cops in and out all the time and the police station is nearby and it is on the regular patrol list. It is what the FBI calls a Hard Target. Meaning if one was scoping out to do a mass shooting there are a lot easier targets.
No guns by parents and that was ok and the FBI agent with Cop who gave speech said they are normally lone shooters. If the panic buttons are hit, lock down engaged and we have a live shooter and we are coming with SWAT hyped up with guns going the last thing you want to be is a civilian parent in the hall with a loaded gun.
“The Charleston church killings are a tragic reminder of the ugly stain of racism that still taints our nation.”
I really hate comments like these.
Sanders is right. The guy is not a lone nut…he’s a racist domestic terrorist. Call a spade a spade.
And Fried Chicken is delicious.
Libturd in Union says:
June 18, 2015 at 2:37 pm
“The Charleston church killings are a tragic reminder of the ugly stain of racism that still taints our nation.”
I really hate comments like these.
i wish that preacher had been strapped. Things woulda been different.
[69] D-FENS
I called him a neo-naz1 before. I think I may have been off. Judging by the name, the haircut, and the affectation with pre-aparthe1d South Africa and Rhodesia, I’d guess that this guy’s parents were Afrikaaners.
But I am also thinking head case as so many of our mass shooters seem to fit that particular straightjacket.
And he got a .45 on his birthday after he was locked up for a trespass violation. Apparently he freaked some people in a mall so badly, they took out a RO on him. I bet he was sizing up targets back then. Parents better be hitting the HELOC right now.
You live in a richer neighborhood then me. Lots of cops at church and the church lets law enforcement folk carry guns. Plus the church is private policy and has employees. Many have a “no guns in the workplace policy” We have it at work. Cant bring a gun to work a visitor cant bring a gun in. But by me the guards are all armed and ex cops or FBI. Last thing we need is several security guards with guns and cops running up the steps with guns and someone like me with a gun.
My old company had a STK HSO policy Shoot to Kill Head Shot Only in their security guard manual. A nut trying to do a murder suicide with a semi automatic weapon and wearing a bullet proof vest under coat you got one shot period.
D-FENS says:
June 18, 2015 at 2:35 pm
It’s usually over way before any of the SWAT guys get there. Sorry but the FBI guy and the cop are wrong. If I were them I wouldn’t want civilians with firearms protecting themselves either. It makes it harder for them to figure out who is the bad guy and who is the good guy. But who cares what they think. If I’m in church and somebody is blasting away I want to get to the nearest exit and I want a chance to shoot back if I’m cornered.
Does the existence of Islamic terrorists in the US also “taint our nation”? Or do only certain categories of murder “taint our nation”? Do inner-city murder rates also “taint our nation” or is that exempt from nation-tainting?
[71] redux
From a former classmate of the suspect:
“”He was quiet, strange, very unsocial and everyone thought he was on drugs”
He was also arrested with suboxone, prescribed for dependency. As for the head case, I am going with Aspergers and addiction, and probably Borderline Personality Disorder.
Sometimes, I worried that if I were in school today, I’d be in a lot of trouble. But at least I was too loud, brash, and too much of a troublemaker to be considered a head case. My high school prophecy had me in an Italian motorcycle gang. Closest I got was living in New Jersey.
[73] ragnar,
Just as I am supposed to help leftwing with his compulsion to disabuse and abuse Pumpkin, I feel the need to help you with your Sanders fixation.
Let it go. He is going nowhere, and this run will help bring his kind of wingnut out of the woodwork where they will be seen and castigated for the travelers that they are. Relax, by running, he shows up Hillary and that is the Lord’s work.
“You live in a richer neighborhood then me”
Yeah I highly doubt that. That’s why parishioners should be able to protect the churches themselves from mass murderers. My church….and plenty of others can’t afford to be hiring private security.
Believe it or not, in most counties in NY, you can still get a carry permit. Not so in Jersey. 3 years mandatory jail time without it too.
In 2007 in Colorado, a volunteer concealed carry parishoner…designated by the church to perform security, did exactly that…she shot and killed a gunman who came to the church to kill because he “hated christians”.
https://en.wikipedia.org/wiki/2007_Colorado_YWAM_and_New_Life_shootings
JJ says:
June 18, 2015 at 3:00 pm
You live in a richer neighborhood then me. Lots of cops at church and the church lets law enforcement folk carry guns. Plus the church is private policy and has employees. Many have a “no guns in the workplace policy” We have it at work. Cant bring a gun to work a visitor cant bring a gun in. But by me the guards are all armed and ex cops or FBI. Last thing we need is several security guards with guns and cops running up the steps with guns and someone like me with a gun.
Yes, No, Yes, and No.
Ragnar says:
June 18, 2015 at 3:07 pm
Does the existence of Islamic terrorists in the US also “taint our nation”? Or do only certain categories of murder “taint our nation”? Do inner-city murder rates also “taint our nation” or is that exempt from nation-tainting?
God forbid the legal drugs and their side effects shoved down many kids throats get a second look
Comrade Nom Deplume, the anon-tidote says:
June 18, 2015 at 3:08 pm
[71] redux
From a former classmate of the suspect:
“”He was quiet, strange, very unsocial and everyone thought he was on drugs”
He was also arrested with suboxone, prescribed for dependency. As for the head case, I am going with Aspergers and addiction, and probably Borderline Personality Disorder.
Sometimes, I worried that if I were in school today, I’d be in a lot of trouble. But at least I was too loud, brash, and too much of a troublemaker to be considered a head case. My high school prophecy had me in an Italian motorcycle gang. Closest I got was living in New Jersey.
After protests in front of his house, NJ Senate President Steven Sweeney pressures local town council to ban protests in his hometown
http://www.philly.com/philly/news/breaking/20150618_Protests_near_Sweeney_s_home_spur_proposed_restriction_in_W__Deptford.html
Anon, can you do us all a favor, quit hiding behind other people’s tweets. Say what you feel in your OWN words.
Pretty sure anon is a professional troll, paid for by a government operative. Other than sociopathy, there doesn’t appear any other logical explanation – and I don’t think he’s smart enough to be a sociopath.
Joyce 56- I believe he got a hug in the back of the squad car instead.
I think you’re giving him too much credit saying he is getting paid by a government operative. He’s just a gullible sap who’s been thoroughly indoctrinated over time.
Uhh – why would you do that Jason?
That’s like saying, “We know what you’re doing with that Glamour Guys magazine behind the dumpster there. Why don’t you just come on out and show us what you’re doing.”
Jason says:
June 18, 2015 at 3:33 pm
Anon, can you do us all a favor, quit hiding behind other people’s tweets. Say what you feel in your OWN words.
84-Good point
Does Dylann Roof look like a young Caitlyn Jenner?
http://www.wcpo.com/news/national/shooting-in-downtown-charleston-sc
http://www.nytimes.com/interactive/2015/06/17/upshot/100000002894612.app.html?smid=fb-nytimes&smtyp=cur&_r=0
Nothing to rob in my town or church. The food bank is free. Plus with my lightening fast reflexes bullets cant hit me
D-FENS says:
June 18, 2015 at 3:12 pm
“You live in a richer neighborhood then me”
Yeah I highly doubt that. That’s why parishioners should be able to protect the churches themselves from mass murderers. My church….and plenty of others can’t afford to be hiring private security.
Believe it or not, in most counties in NY, you can still get a carry permit. Not so in Jersey. 3 years mandatory jail time without it too.
In 2007 in Colorado, a volunteer concealed carry parishoner…designated by the church to perform security, did exactly that…she shot and killed a gunman who came to the church to kill because he “hated christians”.
https://en.wikipedia.org/wiki/2007_Colorado_YWAM_and_New_Life_shootings
JJ says:
June 18, 2015 at 3:00 pm
You live in a richer neighborhood then me. Lots of cops at church and the church lets law enforcement folk carry guns. Plus the church is private policy and has employees. Many have a “no guns in the workplace policy” We have it at work. Cant bring a gun to work a visitor cant bring a gun in. But by me the guards are all armed and ex cops or FBI. Last thing we need is several security guards with guns and cops running up the steps with guns and someone like me with a gun.
Blumpkin,
Another fluffer article for real estate wh#res. Check the comments. That tells majority of opinion.
Are these lyrics from the movie Frozen?
Comrade Nom Deplume, the anon-tidote says:
June 18, 2015 at 3:11 pm
[73] ragnar,
Let it go. He is going nowhere, and this run will help bring his kind of wingnut out of the woodwork where they will be seen and castigated for the travelers that they are. Relax, by running, he shows up Hillary and that is the Lord’s work.
In other news…..Smith & Wesson beats earnings projections…..
Some comments are good, like this one.
“I just returned from Vancouver where foreign investors have inflated prices to New York levels. Canadians, like myself, whose grandparents and parents, built the country, can’t afford to live or even park there, while foreign millionaires park their (likely) ill gotten in real estate they don’t live in and decimate the communities, because they don’t shop there or anything else. The same thing is happening in my adopted city, which I have to leave because the rent is too damn high. I had to sell my house after being laid off and being replaced by an H1-B worker. The NYT doesn’t even ask the right questions anymore. For those of us in the middle class, trying to survive without commuting four hours, there is no affordable housing.”
Bystander says:
June 18, 2015 at 5:39 pm
Blumpkin,
Another fluffer article for real estate wh#res. Check the comments. That tells majority of opinion.
That comment looks like it could have come straight from this blog.
I was reading an article on the pension issue and something came to mind. You know who is really getting screwed. The youngest workers. If you started working in 2007, you have been robbed beyond belief. You have missed double digit gains almost every year. Some of those years were 40% gains. Talk about robbery, even if the state could return their money, no way they could afford the interest lost on that capital. Doing the math long term(compounding), this is robbery of epic proportions. They stole a lot of money from these young teachers. Still think these people have it so good?
NJ senate president turns the sprinklers on Gun Rights protestors.
http://www.nj.com/politics/index.ssf/2015/06/nj_senate_president_turns_his_sprinklers_on_gun_ri.html#incart_river
Comment is hilarious, but def gets the point across.
“This story is a LIE. It did NOT happen.
It is illegal to carry guns in public in New Jersey, therefore this could not have happened.
#LiberalLogic”
http://www.nj.com/passaic-county/index.ssf/2015/06/armed_robbery_suspects_caught_after_swat_responds.html#incart_river
93- a lot of interesting comments
“I would like to make two comments, based largely on several postings here. First, unless you can believably assert some credentials such as having won a Nobel Prize in Economics, or having successfully managed a large investment fund, a simple comment that the article is lousy and/or the writer is mentally challenged isn’t really that informative to the rest of us.
More important, some people seem to be confusing housing costs with house prices. As the article describes in detail, housing costs include mortgage interest, which is extremely low, even for long-term investments. The long-term bond rate represents an expectation by some obscenely successful people that inflation is unlikely to balloon for some time to come. As some commenters have pointed out, we are skating much closer to a deflation trap than a region of runaway inflation.”
“This may be true in Florida.. But come to the Bay Area in California.. It’s totally out of control, I’ve seen ads to rent a corner of someone’s living room for $ 350.00 a month. I don’t want to leave California, but it seems as though I am being slowly pushed out. If you want to buy a house here now you have to rent rooms or turn the garage into a rental unit It’s crazy. At 66 years old I am is looking for a room in someone’s house. I can no longer afford rent. And I have a good pension. Really good. Housing is a real problem and it will get worse. Wonder why there are so many homeless people.”
“Clearly this article is based on national Averages. The Real Estate Business (for that is what it is). Is very Site Specific. Where the advice has always been get the worse house in the best neighborhood for the best price. This advice still holds true. When I got my RE license in 2001 the market was way up like a shark feeding frenzy. Money (loans were easy to get) but everything was overpriced.
In my experience RE prices have “calmed down’. Not excessively over-priced or under. This is all this author is saying. Why is every-one so up in arms?
Not everyone everywhere will be able to buy a house. That’s a solid fact. I for one am extremely impressed by the young couple who choose to forgo the exotic honeymoon and put their money into a down-payment on their first home! We need more of these people. Everybody is ready to whine and complain about prices but not many young people are ready to put off wants for needs.”
“The writer should visit Miami. It’s basically an all cash market driven by Latin Americans and Russians. The average, everyday American has no chance. If you have to borrow money to buy, you are looking at long delays, endless dithering and paperwork, and cash buyers getting in front of you.”
“Come down to the Dallas, TX area for sky-rocketing home prices. I witnessed the Florida prices in early 2000’s, but I believe what we are seeing here in North Texas may equal those days.”
“Karen L. Illinois 9 hours ago
I really thought perhaps I was getting senile as all the economists and talking heads keep telling us the economy is getting better. Thankfully, reading the comments here, I can see I’m not alone in the perception that life for most of us isn’t all that better. Property taxes keep rising (yes Bruce, let’s give those tax breaks to the corporations), cost of meat and milk keep rising, utilities keep rising, and yet our services like road maintenance are non-existent.
I keep working when I should be retired because I’m worried that I will outlast my money or that when health problems hit and I can’t work, the money will dwindle quickly. Yes, I have peers who are happily retired, but most of them inherited from their “greatest generation” white collar parents who also funded their grandchildren’s college educations and braces. I was not born to similarly endowed parents, unfortunately.”
“If the housing market is not unduly influenced by speculative bindings, and follows the demand-supply principle, it’s assumed that it reflects the real state of economy; however, since it’s simply a modest recovery yet registered by the US economy with not adequate growth in jobs and wages, how’s it that the US housing market has come to a new normal for the middle class reach? Or, Does it point to a trend towards the distress sale- the only option left to the highly indebted ones to lighten the mortgage burden?”
“Sometimes I want to get a masters in real estate just to do a study to see what bay area real estate prices would be without foreign or tech money. The SF bay area is a very desirable place to live apparently. Also, if all real estate industry hype were subtracted, what would prices be? Of course it is in the best interests of brokers and agents to say there is a tsunami of 20 something tech millionaires and hordes of foreign buyers who will buy anything decent in cash on the spot. There is also a pervasive narrative that new college grads make $150K starting salary which I think is heavily skewed due to stock options that may or may not be in the money when it is time to vest. There is plenty of inventory in the SF bay area, it is just not what affluent college educated buyers think they deserve. Despite the old saying, God is making more land, just not where rich people want to live.”
“With each boom bust cycle, the rich get in first after the crash. The poorer later. So it is the poorer who lose when prices crash again. Now we have China in on the act too reducing the total amount of housing stock at a high rate.
Really the Fed has to do more about stability and equality. It is so simplistic with it all being about inflation.”
This one is for fast Eddie!
“MetroJournalist is a trusted commenter NY Metro Area 1 day ago
Here we go again. A reporter for The New York Times writes such utter nonsense about a topic he barely understands.
Housing prices have started to rise, but in some areas, that means little other than possibly a new bubble. Job creation is still low, and incomes are still stagnating or declining, regardless of what the government reports. Many people are still not counted as part of the workforce because their unemployment benefits expired. The rate of inflation has nothing to do with the cost of living, which in some areas includes rising property taxes, rising utility rates, rising food rates, and rising oil and gas prices. The quote by Thomas O’Bryant, Jr. sounds more suitable for an advertorial than a well-researched article. And the comment that Donte and Anjoli Hill are “helping the United States housing market return to normal pricing” is simply laughable. Any editor worth his salt should have removed them.
In New York City, the price of some condos and co-ops are more than most couples will ever earn in a lifetime. In the “affluent” New York City suburb of Stamford, there are scores of foreclosures and short sales of houses that are priced from $475K to $750K – hardly luxury properties in this area, and many need repairs or are sitting on wetlands. I know this first-hand because my husband and I are considered financially secure and we are looking to buy a modest house in cash.”
“I’m not the only one who disagrees with the rosy economic picture here.
While Mr. Irwin may have sound reasons for concluding that “home prices return to sanity” — many would disagree as well.
Yes, location, location matters. Practically any urban area where the job market is good, is where housing costs are a bad deal. Many families need a stabile home where the good jobs are, and must pay the crushing prices. The zero-sum game of a profitable real estate market in these areas has to extract profits from someone. So if there big exceptions please proclaim it to the winds so that many can flock there.
I do hope that politics is not creating an echo chamber here such that the incumbent party is biased in favor of painting a rosy picture of the American economy. — Especially when financial stability & security seems to feel further away and harder to obtain for many.”
“From the responses I’d say there isn’t too much irrational exuberance in this market. Most people seem to be expecting a crash. Denver and Seattle, of which I’m slightly familiar, seem pretty hot, but so they should be and so they always have been. These are nice cities. You can buy a nice fairly new, little house 20 minutes from Denver for $300K and similar in Seattle for less than 400K (Seattle has Lake Washington hemming things in). These are decent houses close to jobs that will easily pay the mortgage if you’ve got the education and down payment. It’s hard to buy but so it always has been and should be. If it’s easy, that’s when you should be scared.”
I have to agree with the individuals pointing out that not everyone is supposed to be able to afford a house. It’s not supposed to be easy. The fact that people expect housing to be affordable tells you how much the housing bubble psycologically messed them up in the head. They think it should be easy to come up with a down payment and to qualify for a mortgage to buy a home. People just had it too good, for too long. Obviously, this type of mindset had been building over the years, reaching its peak during the bubble.
Yup, the boom is just beginning. By 2025, it should be totally out of control.
“I have made millions in real estate in the U.S. and England. I have taught real estate investment and management at 5 colleges. My course Landlording is trade mark registered in the state of Illinois. In my last job I served as Assistant Coordinator for New Housing Development for Chicago Housing Authority. I continue to mentor young investors and make them rich. In my observation, real estate prices are always “normal”, it is everything else that goes out of kilter. Houses don’t buy themselves. People make a market “hot” or otherwise. But most of all, the banks do. We are entering a boom period now, and will continue to do so until interest rates hit 8%. Keep your parachutes handy, and buckled to your ejection seat.”
“Interest rates are the key. In 1983 I bought a nice home in West Hartford, CT for $95k with an variable interest rate of 10% which was considered normal. Today that same home sells for just under $300,000, but interest rates are 3%. And of course, people’s salaries have risen.
One factor that makes home ownership difficult today is that people get laid off “left and right”. Corporations have no loyalty toward their employees. Corporations are “merger crazy” and at a whim slash their workforce and send the jobs to India, China or some Central American country. Also, they hire H1B temp visa immigrants to do the work of American citizens and the American citizens get canned.
Rarely, will we ever hear again of anyone working 30 years or more for a company and ending up with a nice pension. Social Security isnt what Republicans like to call, “an entitlement program that needs to be privatized”. Its a survival program and thank God we have it. If it weren’t for Social Security millions of elderly parents would be living with their children at the very time their children are getting laid off.
Before 1990, the word “foreclosure” was a word that one rarely, if ever, even heard mentioned. It was unheard of.”