Year of the Household

From DSNews:

New York Fed: Expect a Boost in Household Formation in 2016

Speaking on the country’s economic outlook and monetary policy at the Economic Leadership Forum in Somerset, New Jersey, Federal Reserve Bank of New York President Bill Dudley said the U.S. economy has its strengths and weaknesses—but he expects household formation to receive a boost in 2016.

“Housing starts are still well below the rate consistent with the nation’s population growth rate, and the fundamentals of housing demand remain positive,” Dudley said. “Rising employment is likely to boost the household formation rate and low mortgage interest rates should keep housing relatively affordable, despite the ongoing recovery in home prices.”

Dudley pointed to the moderate expansion of consumption and housing activity as strengths for the economy, while pointing to weak GDP growth in the fourth quarter as a negative—though the weak Q4 GDP growth should be weighed against the evident strength of the labor market, he said.

“I continue to expect that the economy will expand at a pace slightly above its long-term trend in 2016,” Dudley said. “In other words, I anticipate sufficient economic strength to push the unemployment rate down a bit further and to more fully utilize the nation’s labor resources.”

This entry was posted in Demographics, Economics, Housing Recovery, National Real Estate. Bookmark the permalink.

73 Responses to Year of the Household

  1. Comrade Nom Deplume, back at sea level says:

    Frist, bitchez

  2. Juice Box says:

    Brrrr!

  3. Ben says:

    Hey, is anybody thinking shiny again? It’s actually rising in most other currencies. I’m thinking of nibbling at PHYS and PSLV in IRA accounts.

    I’ve got my eye set for $1000 gold and $10 silver. I think they hit their psychological barriers then rebound. Surely, some future economic turmoil is likely to coincide with the future rise. Unless of course, we believe Bernanke fixed everything.

  4. All Hype says:

    RIP Glenn, you were a stubborn SOB but you had real talent.

    https://www.youtube.com/watch?v=WeNBspJGVko&index=2&list=RDO7hmF_IX9Ic

  5. chicagofinance says:

    crank the heat….the sh!t is cheap as hell…..fuk Al Gore….

    Juice Box says:
    January 19, 2016 at 7:03 am
    Brrrr!

  6. nwnj3 says:

    Been a great week so far.

    Bernie apparently defeated Hillary on Sunday, the Oscars are going to self immolate, and today twitter has crashed. Things are certainly looking up.

  7. Libturd supporting the Canklephate says:

    And expect Shoprite to be out of bread and milk shortly.

  8. FKA 2010 Buyer says:

    I don’t care how much it costs, just make it go away!

    Goldman Sachs Agrees to $5 Billion Mortgage Settlement

    Goldman Sachs on Thursday said it reached an agreement in principal to resolve a long running government investigation into its sales of residential mortgage bonds in the run up to the financial crisis.

    The total settlement is just over $5 billion, and will include $1.8 billion in consumer mortgage relief. Goldman ( gs ) said the consumer relief will include among other things principal writedowns for homeowners who are either behind or underwater on their mortgages, as well as financing for affordable housing.

    http://fortune.com/2016/01/14/goldman-sachs-mortgage-bonds-settlement/

  9. FKA 2010 Buyer says:

    Price it right and they will come.

    The Long Road Back For Connecticut’s Housing Market

    The soaring number of Connecticut home sales in 2015 should be cause for celebration heading into the new year, but a critical component to the state’s housing recovery is late to the party: the selling price.

    Corey and Sarah Cusick know that all too well.

    The couple put their 1930s Tudor in West Hartford on the market last April for $384,900. Over the next seven months, the Cusicks cut their price six times and finally agreed to sell their home for $317,000 in November, kicking in another $10,000 to cover the buyer’s closing costs.

    “We felt like we were giving the house away,” Sarah Cusick said.

    As Connecticut enters the fifth year of a housing recovery, experts say sellers like the Cusicks — forced to drop their asking prices — are a part of the reason overall home sale prices are still slipping. But the circumstances are far more complex, cutting across demographic shifts — baby boomers looking to leave high taxes behind and millennials putting off home purchases — and the one thing that most drives the housing market: jobs

    http://www.courant.com/real-estate/property-line/hc-connecticut-home-prices-20160117-story.html

  10. leftwing says:

    splat! time value.

    trying to get out whole.

    point you this time, chi.

    real busy day. had to throw in a limit order which i hate…..

  11. Libturd supporting the Canklephate says:

    limit orders bad!

  12. Ragnar says:

    RIP Dan Haggerty,
    You taught a lot of hippies how to commit suicide by playing with bears and rabid raccoons while avoiding the same outcome yourself.

  13. Alex says:

    Twitter is experiencing sporadic outages rendering anon in fetal position shaking and sweating.

  14. Essex says:

    My childhood heroes…..tough month.

  15. Libturd supporting the Canklephate says:

    The Eagles never did it for me. Too soft I guess. Very repetitive too. Reminded me too much of ZZ Top at times.

  16. Libturd supporting the Canklephate says:

    Bowie hurt. But I blame mainly Ziggy Stardust.

  17. Libturd supporting the Canklephate says:

    http://www.northjersey.com/news/police-in-9-north-jersey-towns-report-threats-at-schools-1.1494700

    I wonder if the threat came from those retired policemen looking to work in the schools?

  18. Essex says:

    I listened to the Eagles in the seventies, dad brought home On The Border and once I hit college it wasn’t a go-to band. But I did play in a cover band with a guy whose Uncle produced Hotel California. He knew a bunch of Eagles songs and people liked to drink to them…..Bowie on the other hand was pretty cool. A lot of his music is ambient/nonsense, but he kept experimenting relentlessly and made at least of couple of amazing songs each album. Miss em all…..Life is short!

  19. Comrade Nom Deplume, screwing around at work says:

    [10] FKA

    Who da fcuk wants to live in Connecticut? It’s the void between Boston and New York.

    I’d love to see Fabian’s company relocate him to Hartford. It would give him a nervous breakdown. But at least he’d be able to consider himself the smartest person in town and have a slightly more plausible claim to the title.

  20. Libturd supporting the Canklephate says:

    This Saturday storm is looking to be the real deal. Every single model is in agreement. There will be a full moon high tide on Saturday morning and winds are projected to approach hurricane strength. I don’t mean to scare people because it’s still over four days out, but if I had a house at the shore that wasn’t up on stilts, I’d be weather proofing it the same way one would for a major hurricane. Inland, definitely fill your cars up with fuel on Thursday and test your generators, heavy winds and heavy snows are the recipe for power outages. If the storm hits as it’s projected to hit right now, there could be a widespread area of snow of 18-24″ with DC approaching 36″ and Philly somewhere in between. There’s also a heavy spot along the southern Jersey shore (think LBI).

    Will start looking at the storm surge maps in a day or two to see if we should prepare to pay for new PATH and NJTransit trains again. :P

  21. Libturd supporting the Canklephate says:

    This is from the former Winter Storm expert at TWC. He wrote the book on Winter Storms.

    “TO PUT THIS SYSTEM IN CONTEXT…THE POTENTIAL SNOWFALL
    DISTRIBUTION HAS SIMILARITIES TO SEVERAL MAJOR EAST COAST STORMS
    IN RECENT PAST INCLUDING THE 5-6 FEBRUARY 2010 SNOWSTORM/THE
    JANUARY 1996 BLIZZARD OF 1996 AND THE PRESIDENTS DAY OF FEBRUARY
    2003. JANUARY 1996 IS LIKELY TO BE MORE WIDESPREAD/HEAVY BUT ONLY
    TIME WILL TELL. THE MECHANISMS COMING TOGETHER FOR A MAJOR
    SNOWFALL ARE TEXTBOOK.”

  22. 1987 Condo says:

    Eagles- very first concert, ever, Giants Stadium (1980-81?) Little River band, Heart and then Eagles…..pretty good initial concert!!!

  23. Raymond Reddington formerly Phoenix says: says:

    18. Libturd,

    Your starting to sound like Joyce….

  24. Libturd supporting the Canklephate says:

    I know. I was cutting her off at the pass.

    Really. It always seems like these bomb threats occur on the coldest days of the year. I remember that pattern from when I managed a dorm at Montclair State.

  25. Raymond Reddington formerly Phoenix says: says:

    18 Libturd,
    Maybe you are right…..

    The St. Paul Police Department has put an officer on leave while it investigates allegations that he made a post on Facebook urging drivers to run over protesters who rallied against the police killings of two black men in the Twin Cities last year.

    The social media message said, “Run them over,” and told people how to avoid being charged with a crime if they struck someone during the Martin Luther King Day march

    http://news.yahoo.com/st-paul-officer-leave-over-facebook-post-protesters-064105824.html#

  26. Libturd supporting the Canklephate says:

    Lots of fires have been lit by deranged firefighters over the years.

  27. Comrade Nom Deplume, screwing around at work says:

    [21] libturd

    I think I will top off my gasoline containers and bring in more firewood. My primary concern would be power loss. We’ve been pricing standby generators but it hasn’t been an especially high priority.

    At least getting around isn’t a problem. Got the plow mounted, chains on the tractor and at lease one vehicle with AWD and clearance. Maybe we finally get some decent skiing out east.

  28. Libturd supporting the Canklephate says:

    I also heard on Fox (in the break room as I was walking by) that some teacher in Nashville locked three kids in her trunk. I could almost get behind that.

  29. Libturd supporting the Canklephate says:

    I put the winter tires on our two cars. Not sure how I did it, but did two switchovers and a partial synthetic oil change at Firestone yesterday for $24 all in. I swear, they lose money every time I go in there.

  30. Ragnar says:

    I’ll see if my one-year-old snowblower starts.

  31. D-FENS says:

    I haven’t done anything. Who cares.

  32. D-FENS says:

    I may put a bottle of wild turkey in my glove compartment in case I’m stuck somewhere.

  33. 1987 Condo says:

    I’m banking on global warming..or summer…whichever comes first…

  34. Libturd supporting the Canklephate says:

    I’m warming on global banking.

  35. NJT says:

    33 [DF]

    “I may put a bottle of wild turkey in my glove compartment in case I’m stuck somewhere.”

    Pulled a guy out of a snowbank once using my HD F-150. He gave me a bottle of Jim Beam (not my fav. but free is).

    Best though (kinda related): about ten years ago I’m driving down a rugged dirt road (shortcut to the Rockaway mall – Snake Hill road via lake Denmark road via Mt. Hope) in the F-150 again to fish a stream there when I come across three teenage girls standing in the road and crying. Their boyfriends were in the woods trying to get a brand new Lincoln out (no way).

    Threw ’em chains and told them to hook them up to the axle. Never saw kids (except in the military) move so fast!

    Pulled it out in a couple minutes. Drivers side fender was slightly dented, that was it! (Lucky they went off in a soft spot, missed the big trees and didn’t reach the stream).

    Told the driver (it was his father’s car) “get a car wash and when you go home – at the regular time – tell your dad you came out of the mall and there was the dent”.

    Got kissed by the little chickies and Richie-rich gave me a $100 bill.

    *They drove the road because they read about it in the ‘Strange New Jersey’ magazine. They only thing strange about the road is people speed, and around one lane tight blind curves! Duh, it’s a DIRT road!

  36. NJT says:

    Sorry, the Mag. is ‘Weird NJ’.

  37. Bystander says:

    #20 Nom,

    Hey now, watch it. I am the board’s Nutmeg state authority. Will probably be Nut-twister state soon. I also just moved into that town that GE is pulling out of. This, on top of the 10% property tax increase I just got in mail, makes me feel like I got mandigoed in the new year. That said, the article is right that asking prices are flat but Hartford in not Fairfield County. We are special and bleed wealth. GE was going to leave anyway no matter the taxes. Once GE capital was spun off they had no reason to stick around NYC suburbs. Conagra doing same thing by moving to Chicago from Omaha. Companies want hip, urban centers to attract young global talent. Boring burbs are out of style,

  38. Comrade Nom Deplume, screwing around at work says:

    [22] lib

    weather.com shows 8-12 inches for my area. But that is easily subject to change.

    Back to the salt mine. Can use some for roads.

  39. Libturd supporting the Canklephate says:

    Whatever happens…I love tracking a storm.

  40. chicagofinance says:

    https://www.youtube.com/watch?v=4gwokoZhv0A

    Libturd supporting the Canklephate says:
    January 19, 2016 at 12:02 pm
    This Saturday storm is looking to be the real deal. Every single model is in agreement. There will be a full moon high tide on Saturday morning and winds are projected to approach hurricane strength. I don’t mean to scare people because it’s still over four days out, but if I had a house at the shore that wasn’t up on stilts, I’d be weather proofing it the same way one would for a major hurricane. Inland, definitely fill your cars up with fuel on Thursday and test your generators, heavy winds and heavy snows are the recipe for power outages. If the storm hits as it’s projected to hit right now, there could be a widespread area of snow of 18-24″ with DC approaching 36″ and Philly somewhere in between. There’s also a heavy spot along the southern Jersey shore (think LBI).

    Will start looking at the storm surge maps in a day or two to see if we should prepare to pay for new PATH and NJTransit trains again. :P

  41. Raymond Reddington formerly Phoenix says: says:

    NYT.
    Totally familiar with Snake hill Rd up by the helicopter pad.
    Here is video of what can be done with your F150….

    https://www.youtube.com/watch?v=f0AcfVQNzYE

  42. Raymond Reddington formerly Phoenix says: says:

    Good for this kid. Hope he wins. Turned tables of company that prices differently in different areas (charge what market will bear).
    Hope he wins this lawsuit also.
    Funny thing is years ago (won’t name car company) was searching for vehicle, if you put in different zip codes, you will find the incentives are different from state to state. In some instances it may be worthwhile to purchase in a different state than you live.

    In shopping, using different browsers, logging in vs guest, vpn vs non-vpn I have found price differences all of the time… Lets not even get started on drug prices..
    Free market my buttocks…..

  43. Marilyn says:

    Frank Zappa did it for me.

  44. Marilyn says:

    44. Redux mean Utopia to me!!

  45. joyce says:

    In other bizarre news

    The drunk driver wasn’t behind the wheel of the vehicle when it struck and killed Officer Joseph Olivieri

    By Frank Eltman
    Associated Press

    MINEOLA, N.Y. — A New York man is about to go on trial in vehicular homicide case that tests the limits of criminal consequences. He wasn’t behind the wheel when a police officer was struck and killed — he was leaning against the guardrail.

    Prosecutors say James Ryan was charged because his drunken driving on the Long Island Expressway set in motion a series of events that ended in the officer’s death. Nassau County Police Officer Joseph Olivieri was struck and killed after arriving to investigate a pair of accidents Ryan allegedly caused in October 2012.

    The crashes have already been the subject of vigorous court battles, including an appeals court decision supporting the 16-count indictment. But Ryan’s attorney believes prosecutors have overreached.

    A state judge initially dismissed the charges, finding Olivieri’s death was “solely attributable” to the SUV driver, who was never charged.

    A state appeals court later reinstated the charges, saying it was “reasonably foreseeable that the defendant’s conduct would cause collisions and that the police would respond and be required to be in the roadway, where they would be exposed to the potentially lethal danger presented by fast-moving traffic.”

    Leonard R. Stamm, a Maryland attorney and dean of the National College for DUI Defense, did not agree with that ruling.

    “It appears that the appellate court took a much broader view,” Stamm said in an email. “It is not reasonably foreseeable that driving drunk would cause that kind of fatal accident.”

  46. homeboken says:

    In shopping, using different browsers, logging in vs guest, vpn vs non-vpn I have found price differences all of the time… Lets not even get started on drug prices..
    Free market my buttocks…..

    Hmm, I would think that the situation you described above is exactly how a free market operates.

  47. joyce says:

    48
    Yup, minus the drug re-importation ban.

  48. jcer says:

    44, I used to do that in college. I knew it was of dubious legality but I used to sell books on ebay and then have them drop shipped from a bookstore in india. I found out about this by noticing an indian classmate having the low price edition of the books and found out where he bought them(he was buying them at home but gave me the contact for a large bookseller), even with $15 dollars in shipping costs the same books that were $100 in the US were $5 in india, I could sell these books for $40 and pocket $20 on each sale. Sometimes I’d cut ebay out entirely and sell directly to the class and save on shipping as well. I easily made a few thousand doing it, good bar money at the time.

  49. Lib [7];

    expect Shoprite to be out of bread and milk shortly.

    And toilet paper. Can’t chance getting snowed in without that.

  50. FKA 2010 Buyer says:

    I didn’t know ppl are still buying into time shares. I know I would never buy into one unless I can use it at multiple properties.

    Disney begins bypassing courts with time-share foreclosures

    The Walt Disney Co. has begun using a new system of handling foreclosures on its time-share contracts that is faster and more efficient, but could make it tougher for outsiders to bid on the memberships at auction.

    Nonjudicial foreclosures, also called trustee foreclosures, circumvent a lengthy court-system process. Time-share memberships still go to public auction. But trustees designated by lienholders can act as auctioneers. So some of Disney’s auctions are taking place at a law firm representing the company, rather than online through Orange County’s clerk of court.

    Disney said it began using the system for convenience.

    “This would seem to be a quicker and cheaper way,” said attorney Justin Moorefield, who helps people undergoing foreclosure obtain surplus funds from sales and whose wife used to bid on foreclosed Disney Vacation Club memberships. Still, he said, bypassing the court system could give Disney more control over the process by making it difficult for competitors to submit bids.

    Hundreds of Disney Vacation Club deeds go to foreclosure auctions each year through the clerk’s office.

    Disney, which provides financing for its time-share loans, typically wins back foreclosed properties for nominal bids. Still, it has faced competition from people who win deeds and then flip them, rent out the points or use the memberships themselves. Some bidders said they’ve seen more competition for the properties recently.

    With Disney’s new system, “it would certainly be more difficult to bid on those properties, especially looking at the people involved in it right now who are mostly out of state or in South Florida,” Moorefield said.

    http://www.nationalmortgagenews.com/news/servicing/disney-begins-bypassing-courts-with-time-share-foreclosures-1070099-1.html?site=default_msn&utm_medium=email&ET=nationalmortgage:e5940177:4504474a:&utm_source=newsletter&utm_campaign=mortgage%20servicing%20news-jan%2019%202016&st=email

  51. Nom [39];

    Back to the salt mine. Can use some for roads.

    After my bitching about snow, buying a 2-stage snowblower and last year’s salt shortage, God bless my BIL this Christmas he got us a palate of ice melt in 40-lb. boxes from Home Depot. It came on a box truck. I honestly think I’ll move before I use it all. If anyone needs, get in touch with me — I’ve got extra.

  52. Libturd supporting the Canklephate says:

    I don’t use salt. It eats up cement. Stains my hardwood floors and makes my dogs paws go ow.

  53. Its done a number on my driveway in just 3 winters. I would use salt or calcium carbonate, depending on availability. My driveway is 10% grade, so no f&*%ing around – down to the blacktop after every storm. After clearing the snow I would often just salt two 1.5 ft. parallel paths for the tires to reach the pavement. Now I see the asphalt coming undone, particularly in those two paths.

    Joys of homeownership…

  54. Libturd supporting the Canklephate says:

    The machine is trying so hard to suppress Bernie. They can’t stand the fact that he’s not owned. It’s really obvious to see. Love how all of the NBC polls have Cankles with the biggest lead. The WSJ is putting out hit piece after hit piece. And now NBC comes in with this trash.

    http://www.nbcnews.com/politics/2016-election/does-bernie-sanders-actually-want-be-president-n499236

    He’s totally Larry David. And even the gun nuts should like him.

  55. Libturd supporting the Canklephate says:

    We had a driveway like that in the house we grew up in. It was hard to get out of the car on the hill. We used to but chocks behind the tires when it snowed. One year, mom’s station wagon ended up in the street due to gravity. Rather than salting, we had the manpower of 7 kids to clear it down to the asphalt.

  56. Statler Waldorf says:

    No sympathy for drunk drivers.

  57. NJGator says:

    Lib – Re snowstorm – did you book that room at the Four Seasons? You told me for what it cost to have a whole house generator, we could just stay at the Four Seasons. If it’s cold and we lose power, I want to stay at the Four Seasons.

  58. Re: [58]

    No sympathy for drunk drivers.

    Yes, but it wasn’t the drunk driver who killed the cop; it was some sloburbanite in an SUV.

    No big deal. Lots of people have been pretending that we still live in a country governed by the rule of law. This is just another example that we don’t.

    I recently re-watched Godfather III. Taking all three movies as a whole, Michael Corleone spends his entire adult life attempting to take his family business legitimate. What he/we learn is that even at the highest levels (corporate; government; Vatican) , there is no such thing as legitimate business distinguishable from anything his father did.

  59. Gator [59];

    Would you accept Caesar’s? :-D

  60. Year of the Household ? Maybe Dems are sabotaging (taxpayer paid) birth control to produce more voters?

  61. How funny would that be? Kind of state-induced Idiocracy: Privately purchased birth control works, government provided bc – not so much?

  62. Anybody who locks three kids in their trunk is a patriot. Just to prove we are not racists, let’s start in Garfield.

    I also heard on Fox (in the break room as I was walking by) that some teacher in Nashville locked three kids in her trunk. I could almost get behind that.

  63. I think Bernie is crazy, but I like him. To me, he is the last fading flame of true Democrat, un-purchased, ideology. The kind that hasn’t been around since Carter and we all know how that worked out. Nobody is lusting after anyone in their mind anymore…publicly.

    The machine is trying so hard to suppress Bernie. They can’t stand the fact that he’s not owned.

  64. Essex says:

    65. He makes em nervous.

  65. joyce says:

    By the government’s logic, Henry Ford’s mother should be convicted of murder for what happened. But so what, right?

    Statler Waldorf says:
    January 19, 2016 at 3:49 pm
    No sympathy for drunk drivers

  66. CT is like NJ with lots of uptight WASPs. Only good thing there is New Haven-style pizza.

    High taxes, liberal weenie politicians, soci@l climbing white trash.

    Pass.

  67. bystander, you should change your handle to Mandingoed.

  68. Disney doing sidewalk foreclosures. We are all well and truly fuct.

  69. Were I to ever vote, I’d pull the lever for Bernie.

    However, I have lots of family in so-called ‘democratic soci@list’ countries. People here are gonna have an aneurysm when they find out what all Bernie’s great ideas are really gonna cost. And it ain’t just gonna cost rich people.

  70. Also gonna be a lot of pissed off people (if Bernie gets elected) when they find out having a little spot of skin cancer removed requires a 9-12 month sweat on a waiting list.

  71. Ben says:

    I used to do that in college. I knew it was of dubious legality but I used to sell books on ebay and then have them drop shipped from a bookstore in india. I found out about this by noticing an indian classmate having the low price edition of the books and found out where he bought them(he was buying them at home but gave me the contact for a large bookseller), even with $15 dollars in shipping costs the same books that were $100 in the US were $5 in india, I could sell these books for $40 and pocket $20 on each sale. Sometimes I’d cut ebay out entirely and sell directly to the class and save on shipping as well. I easily made a few thousand doing it, good bar money at the time.

    Back in 1999, there was a Pokemon craze for those playing cards. Packs were going for 9 to 11 bucks in the stores due to a shortage. Weird thing was, you could order straight from the website and get them at retail $2 a pack. A box was 36 packs.

    I bought a box and sold it on ebay a week later for a little over $200 profit after shipping to me and then them. The next one I listed, it sold for the same price. I just went on the site and set the shipping address to the buyer. Lasted for about 6 weeks and made quite a profit. At one point, one of the buyers realized what I did when they saw the return address and sent me an email threatening to send me to the “better business bureau”. I got a good laugh out of that one.

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