From the WSJ:
U.S. New Home Sales Rise to Highest Level Since 2007
Sales of newly built homes rose in July to the highest level in nearly a decade, a sign of solid momentum in the U.S. housing market.
Purchases of new single-family homes rose 12.4% in July from a month earlier to a seasonally adjusted annual rate of 654,000, the Commerce Department said Tuesday. That was the highest level since October 2007.
“New home sales soared again,” said Ralph McLaughlin, economist at real estate website Trulia. “This is a continued sign that demand for new homes remains solid in a low interest rate, low unemployment environment.”
Economists surveyed by The Wall Street Journal had expected home sales in July to slow to a pace of 580,000. Sales in June were revised down to a pace of 582,000 from an initially estimated 592,000.
Through the first seven months of the year, new home sales also rose 12.4%, compared with the same period in 2015.
The housing market has been a bright spot in the economy this year. Historically low mortgage interest rates, improving income growth and steady job creation have supported buying of both new and existing homes.
The average rate for a 30-year fixed rate mortgage was 3.48% at the end of July, down a half-percentage point from a year earlier, according to Freddie Mac.
Northeast clocks in at an astounding 40% increase.
Mr Pumpy was right
Should delete that comment, it will yield an outcome worse than the epic septic spam yesterday.
BLM types are the p@lestinians of the US. Footrest and the Twitiot doubtless approve
https://www.yahoo.com/celebrity/cancer-patient-beaten-death-outside-040650141.html
All is not lost on the education front. Google “Welcome to the 4th grade dwayne reed”
Just wanted to say thank you. It was not easy at times with all the name calling and put downs(started to doubt my self at times), but I stuck my ground and I’m glad I did. Thank you for a little respect.
Mike says:
August 24, 2016 at 6:12 am
Mr Pumpy was right
Ok, up to 50 new items in the blacklist filter.
Don’t bitch at me when posts disappear for random reasons.
6 – Should we all vote for Hillary too? Just want to make sure we all do the right thing.
Not saying that democrats won’t support the democratic candidate, but Hillary appears to be everything the democrats stand against.
Recent news is even more disconcerting, she’s whored herself and the government out in far greater ways than most other politicians. She’s taken it to a whole new level. One cankle on the west coast, one cankle on the east cost. The
State DepartmentClinton Foundation is open for business, from sea to shining sea.Grim,
Evidence to support your comments on the e-commerce space. Looks like Bed Bath & Beyond picked up One Kings Lane for a mere $30mm after it was valued at nearly $900 mm a few years ago. Think the next tech shakeout happens after the elections should the market tank?
http://www.recode.net/2016/8/23/12588428/one-kings-lane-flash-sales-acquisition-price-bed-bath-beyond
I strongly maintain that Walmart’s acquisition of Jet is strongly negative, and indicative that Walmart completely lacks any ability to develop an effective competitive strategy in the online space.
Walmart has spent an absolute fortune with the Ecom team in San Fran with nothing to show. Clearly the best and brightest that SF has to offer are not interested in working for Walmart. Suspect that to be the same with the new team. Imagine there will be an exodus from Jet once corporate shackles them. Corporate was largely behind the idiotic innovations and strategies, and will be in the future.
Walmart is becoming Sears/Penny’s.
Nothing I’ve heard from the latest email releases is new information. The criminality of the Clinton slush fund has been known. The MSM has been ignoring it and the admin has been doing it’s best to cover for her but it will be public eventually so they might as well release it all now.
In addition ot
I remember being in SF a few years back with their leadership, when they revealed their huge game changer. They would put lockers in all the stores and you could buy online, you would get an email a few days later that you could drive to the store and pick up your package from the locker.
Yep. It was going to change everything, and they would kill Amazon.
There was noticeable laughter during the announcement.
13-
In terms of market cap, amazon is already 50 percent larger than walmart.
Which is absolutely telling of what they feel the real end-game is, the retail store is king, and internet is a distraction, a fad, and if they just stay the course they’ll win.
The whole idiotic locker idea was predicated on two things, reducing shipping costs through the locker pickup scheme – the only way they could reduce fulfillment/logistics costs compared to Amazon, and driving additional in-store revenue, because they believed the ecom shoppers would go in-store and shop more.
I also really believe there is a huge rift, where they believe ecom competes with store, there is no real internal alignment.
It remains to be seen what the under 35 crowd will demand as they suburbanize……Walmart has barely any urban element to their footprint…..once the iShit generation becomes their core 30-55 year old customer, then we will see how fuct they are….
grim says:
August 24, 2016 at 9:17 am
Which is absolutely telling of what they feel the real end-game is, the retail store is king, and internet is a distraction, a fad, and if they just stay the course they’ll win.
The whole idiotic locker ideal was predicated on two things, reducing shipping costs through the locker pickup scheme – the only way they could reduce fulfillment/logistics costs compared to Amazon, and driving additional in-store revenue, because they believed the ecom shoppers would go in-store and shop more.
I also really believe there is a huge rift, where they believe ecom competes with store, there is no real internal alignment.
Meanwhile, I routinely receive Amazon packages on Sunday now, delivered to my doorstep.
Comrade Nom Deplume, the Deplumiest. says:
August 24, 2016 at 7:16 am
BLM types are the p@lestinians of the US. Footrest and the Twitiot doubtless approve
Comrade, Please explain how the article you posted a link for in any way relates to BLM or Palestinians?
Why would a guy who holds himself out to be smart and well educated post things that make him appear to be a racist moron?
Uhhh…Pumpy Squeezy Douchenozzle thinks that “inflation will make me money” in RE(a flawed thought to begin with). This is exactly the opposite. Deflation and $13 Trillion of global bonds at NEGATIVE interest rates has lowered interest rates post Brexit, fooling a few more bagholders into thinking that RE is “cheaper” because their payments are lower. Prices are going down, only city RE markets are hot, taxes are going up, and the douchenozzlettes all have no equity. I can’t wait to unload my place for double the 2002 price I paid in 6 months and then tune in here for the next couple years while Pumpfalse posts every day what a “mistake” I made walking away with $45oK in equity and renting an expensive place.
Just wanted to say thank you. It was not easy at times with all the name calling and put downs(started to doubt my self at times), but I stuck my ground and I’m glad I did. Thank you for a little respect.
Mike says:
August 24, 2016 at 6:12 am
Mr Pumpy was right
grim – I think several people heard me laugh very loud. Twice. I’m glad I had no coffee in my mouth.
Should delete that comment, it will yield an outcome worse than the epic septic spam yesterday.
That gives me an idea. Shouldn’t we all just tell Pumpy how smart he is? How all his posts are so welcome and we would love, Love, LOVE so many more of them, if only they were longer? I’m thinking this would be the only thing that would drive him away. He would quickly find another place to hang out where people demean him and tell him he’s worthless, just like his parents did.
[19] 30
No.
if you follow world events and have half a brain, the analogy is easy.
If you don’t get it, Google.
If you disagree, no bandwidth on my part is going to convince you.
On the way to the Walt this morning, I saw everyone passing a nosebleed in a VW meandering up the middle of I-95. People passing on both sides, clearly annoyed by this human clot.
When I got close, I saw a DE vanity plate that read “PUMPKN”
[24] Nom – If I understand correctly, this particular person seemed completely disconnected from their immediate environment?
On the way to the Walt this morning, I saw everyone passing a nosebleed in a VW meandering up the middle of I-95. People passing on both sides, clearly annoyed by this human clot.
When I got close, I saw a DE vanity plate that read “PUMPKN”
Comrade,
Was this cancer patient a cop or relative of one?
Expat, yes
Joyce, no idea.
30, go fcuk yourself
Comrade,
Maybe you should go back to reminding everyone not to respond to people that you always find a way to reference in your posts, and that your time is too valuable to respond yet do so anyway. It’s your strength.
The only question that remains is not if but when does Hellary and Bill get indicted.
[28] Joyce
Or I could simply ignore those with agendas and/or a lack of critical thinking skills.
Not easy but I’ll try
Can Obama pre-pardon them before January? If not, maybe fast-track a conviction with a guilty plea, then he can pardon? My belief is that they can bring so many down with them with what they know that they are Teflon….or due for a plane crash.
The only question that remains is not if but when does Hellary and Bill get indicted.
Seeing (or reading) what you want to see is the opposite of critical thinking.
ExPat,
It’s epic! I don’t know why the media isn’t wall to wall with this! It’s oozing from every nook and cranny! How the f.uck this woman is still polling is beyond me! Think about what Nixon resigned over and think about the destruction the Clinton cartel has left in its wake from Arkansas to deleted emails.
Hypocrisy, thy name is liberal. . .
“Grad students at private universities can unionize;
National labor board overturns 2004 ruling
KAREN MATTHEWS; Associated Press
NEW YORK The National Labor Relations Board ruled Tuesday that graduate students who assist in teaching and research at private universities are employees and have a right to union representation. . . .
Tuesday s decision in a case involving graduate students at Columbia University potentially affects graduate students at hundreds of private colleges and universities throughout the U.S. Graduate students at many public universities, which are covered by state labor laws, are already unionized.
Columbia said in a statement that it disagrees with the ruling because it believes that the relationship between students and academic departments is not the same as the one between employee and employer. First and foremost, students serving as research or teaching assistants come to Columbia to gain knowledge and expertise, and we believe there are legitimate concerns about the impact of involving a non-academic third party in this scholarly training, Columbia said. . . .
I don’t support Hillary. Only reason I will vote for her is to prevent trump from turning our country into a soap opera/reality show. Guy has no business being a president. Love the people that compare him to Reagan. He’s nothing like Reagan, not even f’n close. Reagan took politics and his love for this country seriously.
D-FENS says:
August 24, 2016 at 8:37 am
6 – Should we all vote for Hillary too? Just want to make
I never said “inflation will make me money.” I stated that if you understand inflation and the impact of it on the economy, you will profit from this knowledge. Remember, if inflation raises the price of an asset, you don’t want to be sitting there with zero dollars in said asset.
Obviously, I don’t agree with your sentiment below. We shall see if you end up being right,but you might be making a big mistake by selling.
The Original NJ ExPat says:
August 24, 2016 at 10:09 am
Uhhh…Pumpy Squeezy Douchenozzle thinks that “inflation will make me money” in RE(a flawed thought to begin with). This is exactly the opposite. Deflation and $13 Trillion of global bonds at NEGATIVE interest rates has lowered interest rates post Brexit, fooling a few more bagholders into thinking that RE is “cheaper” because their payments are lower. Prices are going down, only city RE markets are hot, taxes are going up, and the douchenozzlettes all have no equity. I can’t wait to unload my place for double the 2002 price I paid in 6 months and then tune in here for the next couple years while Pumpfalse posts every day what a “mistake” I made walking away with $45oK in equity and renting an expensive place
Pumpsh!t ….repeat after this video…..
http://youtu.be/Xr2WVZ26HmU?t=59s
[36] Douchenozzle – We’ll see how far your “intuition” takes you, just another indication you have no significant education. Congratulations. Enjoy your Cold Market. If any houses are actually selling in your town, I imagine they are on less busy streets. Hahahahahahhahaa
http://www.zillow.com/wayne-nj/home-values/
“I did what my intution told me to do with the free money available for 3o years, take advantage, and get as much as they would allow you. Buy depressed asset with unbelievable rates combined with an unbelievable time period(30 years). If they let you take it, you take it, and as much as they will give you.”
Pumpy rulez
Another “outlier” from a “fake” poll.
FAU Poll Finds Trump Edging Out Clinton in Florida
http://www.fau.edu/newsdesk/articles/fau-poll-finds-trump-edging-out-clinton-in-florida.php
-Apple- latest corporate tax dodge
Unsecured WiFi at Trump rally named ‘Clinton Email Server’
CHICAGO — Gov. Bruce Rauner’s administration says a pending move by Illinois’ largest public-pension fund would increase the state’s required payment by hundreds of millions of dollars, potentially leading to higher taxes or massive cuts to education and social services already suffering amid a budget crisis.
The board of the Teachers Retirement System, which serves more than 400,000 teachers outside of Chicago, is scheduled to vote Friday on whether to lower its expected rate of return on investments. A reduction would trigger a larger contribution from the state, where the Republican governor and Democrat-led Legislature have gone more than a year without agreeing on how to close a multibillion-dollar budget hole or address a $111 billion unfunded pension liability.
The retirement system won’t make public the recommended change or its impact on Illinois’ payment for the next fiscal year until Friday’s meeting, spokesman Dave Urbanek said Wednesday.
When the system last changed its assumption – from 8 percent to 7.5 percent in 2014 – it cost Illinois an additional $200 million. That’s almost the total combined state funding for six public universities last year, Rauner’s senior adviser for revenue and pensions warned.
“Unforeseen and unknown automatic cost increases will have a devastating impact on the state’s ability to provide adequate resources to social service programs and education,” Michael Mahoney stated in a memo sent Monday to Rauner’s chief of staff. He also called the lack of public discussion ahead of Friday’s vote “troubling.”
The possible board action comes as pension systems nationwide are reporting lackluster returns for the most recent fiscal year, and analysts and credit rating agencies are increasingly pressuring them to lower assumptions to ensure there’s enough money to pay benefits. While retirement systems set their estimated rate of return based on 20 or 30 years of projections, some analysts predict the coming years won’t meet many systems’ expectations.
Several funds already have dropped their projections, including the $185 billion New York State and Local Retirement System, which lowered its assumed rate from 7.5 percent to 7 percent in September. Other major pension systems have also said they’re considering it.
Illinois’ Teachers Retirement System reported a 4.6 percent return for the 2015 fiscal year. It will release preliminary returns for the fiscal year that ended June 30 on Friday, Urbanek said.
Grim [17];
Meanwhile, I routinely receive Amazon packages on Sunday now, delivered to my doorstep.
If they are using the FedEx/USPS partnership for their ‘last mile’ logistics, USPS has a lot of people staffed for Sunday delivery of Express Mail where it probably isn’t needed. Having them do something (like getting ahead of the non-Sunday deliveries) rather than nothing makes sense to me.
Perhaps the term “Steamturd” brought in the septic spammers?
re # 11- Walmart. They are losing the ecom battle big time. They do only 13 Billion online, and have a Billion dollar payroll to support it.
They have a staff of 8,000 + just for ecom, between Bentonville and their other offices including their campus Walmart Labs they opened up in Silicon Valley three years ago.
My self driving car fleet will pick up Uber fares for me and deliver Amazon packages and pizza too. I will lounge by the pool and the money rolls in.
Clinton is getting beaten like a ginger stepchild this week. Even the fair and balanced HuffPo is giving her a slap.
re # 35 – Grow a spine pumps. IF you don’t support the candidate write in none of the above.
Yeah I’ve been to the labs location, more than once.
It’s great. I mean, the small army of food trucks that roll in around noon, it’s great. The food trucks rival any location, anywhere.
Like I said…
I’d place a hefty wager that they end up being wrong about the low growth environment in the next 10 years.
“While retirement systems set their estimated rate of return based on 20 or 30 years of projections, some analysts predict the coming years won’t meet many systems’ expectations”
Awesome comment. I share the exact same belief and this is why I place so much emphasis on demographics instead of anything else. This is why I stated numerous times on this blog that the 2008 crash was inevitable for the simple facts of demographics. The largest segment of our population, the boomers, went from prime spending years, to the complete opposite, cutback in spending due to coming retirement. This is exactly why 2020’s will be boom years, the largest segment of our population will go into their heavy spending years.
“Wasn’t the current economic condition predicted decades ago? Where I work baby boomers are retiring in droves. This is a major brain drain that has to be putting a downward pressure on overall productivity. Also, all the advice is as one nears retirement, start moving investments to safer havens, so that explains lower interest rates as people are moving into more govt bonds along with sluggish pressures on stock markets.
I know I read predictions about this decades ago…. so why is this all a mystery now?”
http://econlog.econlib.org/archives/2016/04/once_again_the.html
52- Another gem of a comment from that same blog page. These guys are thinking the same way as me. There is no risk taking investment going on(Joyce refuses to agree that money is being hoarded, but it def is). So people focused on savings are completely not understanding the current situation. There are plenty of savings/capital to go around, but the people that have it, refuse to risk it. They rather have negative rates, then risk losing it all. This will all change in the 2020’s though, people will be investing hard, and you will see major growth. It’s why I would def make that bet stated in post 51. No way in hell do you have slow growth in the next decade. Demographics won’t allow slow growth, esp in the boom part of the cycle.
Thank the lord for the Internet, as we get to share in the beautiful thinking process below. Only place you would be able to read and discuss theories like this a 100 years ago would be in some exclusive university classroom .
“On the low rate of monetary expansion depressing real growth – I agree that it is strange that after 8 years we would still be seeing this effect. But I can’t help feel that it is related. My take is that perhaps low inflation reduces risk taking – I wonder how much of capital investment is not because of a desire to “become rich” but to protect capital? In previous high inflation times, there was large financial repression, with interest rates significantly below inflation, so you had to invest. With today’s interest rates you are only a percent or so below inflation so the penalty for keeping the money in the bank and waiting for a good opportunity seems less. This is true of individuals, but also firms. So capital investment is less and productivity lower.
There is also the opposite theory, when there is high inflation people see real assets increasing in nominal terms at high rates and then they want some of that nominal increase, so they go and invest.
Related issue to the one above – investments returns are calculated in nominal economics, if you see that your product prices are going to rise in nominal terms, even if zero in real, you can still get a positive IRR in nominal dollars.
Final issue is the opposite of the sticky wage – people maybe are more willing to stick at their current job in a low inflation environment – in an inflationary environment if you see your wage declining in real terms you would be more vigorous in looking for a new job, even if nominally it was being held. Or you form a union and agitate for higher wages. Owners see this which means more productivity increases are needed to offset increasing wages.
I do wonder then if we did see a significant inflationary expectation increase (to say 4%) whether we would soon see increasing productivity and then higher GDP/capita increases.”
GRIM – Walmart a few months back announced a merger between Bentonville and their Silicon Valley labs, I think they even used the term synergy. It apparently is going over about as well as moving Wall st to Jersey city.
Headless [52];
Only one problem with your theory, Einstein: Worker productivity has been going up. Relentlessly. For decades. Despite flat earnings. Go look it up. Hint: its not in any comment section. Workers are being asked to do more with less, for no extra pay — the reward is you get to keep your job.
Moose, but not all jobs have had flat earnings. High skilled jobs have been seeing gains, low skilled has not. And I think we are at the point where you can’t eliminate that many low skilled American jobs anymore. Not on the scale it was happening for the past 40 years. The jobs that they were able to get rid of, they did. Think we are on the verge of getting pass that transition in our economy. So the things you speak of below will not be the norm for the next 40 years.
Anon E. Moose, Second Coming of JJ says:
August 24, 2016 at 7:29 pm
Headless [52];
Only one problem with your theory, Einstein: Worker productivity has been going up. Relentlessly. For decades. Despite flat earnings. Go look it up. Hint: its not in any comment section. Workers are being asked to do more with less, for no extra pay — the reward is you get to keep your job.
54 – Honeymoon over
Like I said, they’ll f@vk Jet all up, and everyone with talent will leave.
The Jet acquisition was admission that labs was a failure.
It’s a cultural basket case.
55- Thought this was worth sharing, since you stated the same thing. Like I said, think this era is coming to a close. Better times ahead.
“If economists are puzzled by mediocre wage growth, they must be lacking in critical thinking skills or basic intelligence. Government policies since the Reagan administration have worked to keep wages low by breaking unions and pitting the American middle class against desperate low-wage workers in third world countries. With no bargaining power to negotiate raises, working people have not benefited from their own increased productivity; indeed, they live in fear of losing the jobs they have if they rock the boat.
This is not rocket science. Capital has all the power, and capitalists are keeping the fruits of labor’s labor for themselves because they can.”
I like the new Chris Christie. Where the fcuk was this guy 5 years ago?
Shall Issue
http://www.nj.com/politics/index.ssf/2016/08/christie_vetoes_gun_bills_presses_to_make_nj_shall.html#incart_2box_nj-homepage-featured
#57 – kid running Walmart means well, he just doesn’t know Allen & Co. I bet the back slapping over that deal will be going on for weeks.
This is cool. I’m classified by Facebook as a moderate and they are dead on.
http://www.nj.com/trending/2016/08/see_what_facebook_says_about_y.html#incart_river_home
Re: go outside and scrape off you car the Feel the Bern sticker, and put on I’m with Her sticker already, you aren’t middle anything.
Re:#59 – with voters like Pumps, Christie cannot deliver NJ’s 14 electoral votes to Trump on Election Day, Christie will perhaps get a job in 2017 driving a desk at some law firm in NJ specializing in grift.
61-
Pumps, don’t kid yourself. Your love of higher property taxes puts you firmly in the liberal camp.
They haven’t laminated the car registrations cards for years; they stopped perforating it 1-2 years ago; the cop’s computer has all this information in it anyway (which will always ‘win’ when pulled over even if there’s a mistake in the database)… so remind me, why do I have to carry this around in my car?
Pretty sure dmv records are garbage.
Turned in the plates from the BMW a few weeks ago, got questioned by the cop hanging out at the front booth of the dmv. Said the vehicle was reported stolen two years ago in South Orange. Asks me how I got the plates and why I’m turning them in.
HOLY…FUKING….SHIT
Donald Trump Not Listed on Minnesota Ballot
http://www.thegatewaypundit.com/2016/08/gop-fail-donald-trump-not-listed-minnesota-ballot/
http://www.everynewshere.com/obamas-nobel-prize-was-a-mistake-committee-now-says/
Re:57 – no worries Potus said election fraud does not exist.
Pumps you are many things but moderate is not one of them. I don’t know what you are! You don’t know what you are because your thought process is jumbled to say the least. And your thought process much of it at least is seen through the prism of how it affects your real estate. The only thing that can be said for sure about you is that your thought process away from your real estate is incredibly inconsistent!! And I am being kind!!
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