What bust?

From HousingWire:

CoreLogic: Home prices continue upward trend in March

Home prices, to no surprise, continued their upward trend in March, increasing both year over year and month over month, according to the Home Price Index from CoreLogic, a global property information, analytics and data-enabled solutions provider.

Home prices nationwide, including distressed sales, increased year over year by 7.1% in March 2017 compared with March 2016.

On a monthly basis, home prices increased by 1.6% in March 2017 compared with February 2017.

“A potent mix of strong job gains, household formation, population growth and still-attractive mortgage rates in the face of tight inventories are fueling a continuing surge in home prices across the U.S.,” said Frank Martell, president and CEO of CoreLogic. “Price gains were broad-based with 90 percent of metropolitan areas posting year-over-year gains. Major metropolitan areas were especially hot with CoreLogic data indicating that four of the largest 10 markets are now overvalued

Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 4.9% on a year-over-year basis from March 2017 to March 2018, and on a month-over-month basis home prices are expected to increase by 0.6% from March 2017 to April 2017.

Frank Nothaft, chief economist for CoreLogic, explained what this means for the future of home prices.

“Home prices posted strong gains in March 2017, and the CoreLogic Home Price Index is only 2.8% from its 2006 peak,” said Nothaft. “With a forecasted increase of almost 5% over the next 12 months, the index is expected to reach the previous peak during the second half of this year. Prices in more than half the country have already surpassed their previous peaks, and almost 20% of metropolitan areas are now at their price peaks.”

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39 Responses to What bust?

  1. grim says:

    State Level
    NY – Up 7.1% YOY
    NJ – Up 3.1% YOY
    PA – Up 3.0% YOY
    DE – Up 2.4% YOY
    CT – Up 0.9% YOY

    Metro
    New York-Jersey City-White Plains NY-NJ Up 2.3% YOY

  2. grim says:

    From Curbed:

    Report: Philly’s home prices jumped 5 percent in early 2017

    The numbers are officially in: Philly’s real estate market got off to a big start in 2017, with home prices rising an average of 5 percent.

    That’s according to economist Kevin Gillen’s latest “Philadelphia Housing Report: Q1 2017,” which found that despite usual trends this time of year, home prices increased and sales were “both exceptionally and unusually strong.”

    As usual, Gillen pulled data from the city’s recorder of deeds and Trend MLS for his report, and stuck to single-family home sales. Based on the first quarter of 2017, the citywide median house price actually dipped from $140,000 to $137,000. However, the average price jumped from $169,833 to $175,042.

    This increase in housing values varied extremely depending where in Philly homebuyers are looking. Not surprisingly, homes rose 10.5 percent in the Kensington/Frankford, an area that real estate agents have previously dubbed as a neighborhood to watch and where a wealth of building permits have been pulled.

    A separate Trulia report found that housing inventory in Philly has dropped to 32 percent over the last five years. And as Curbed Philly previously pointed out, homes are selling at a rapid clip (these days it’s not uncommon to see a home under contract one day after listing).

    At this pace, all of Philly’s housing inventory could theoretically sell in four months, according to Gillen. “Typically, 5 to 7 months is considered a ‘balanced’ market,” Gillen wrote. “The last time that current inventories were so low was during the bull market of 2004.”

    Another factor is that homes on the higher price range are steadily increasing by price more than homes on the lower end. That means the average home price in Philly is growing faster than the median price.

  3. grim says:

    Oh bother, what idiots.

    https://www.nytimes.com/2017/05/02/business/infosys-hire-10000-american-workers.html?_r=0

    Infosys to hire 10k US workers? So everything they were saying about H1B being a scam to hire cheaper foreign workers was true? If Infosys can hire 10k, they’ve essentially admitted to fraud.

  4. Mike says:

    Like to hear any ideas keeping squirrels off the property

  5. Xolepa says:

    Got a German Shepherd?

  6. D-FENS says:

    Depends on where you live Mike. If your neighbors aren’t close…then Airsoft…

    Won’t kill them but scares the krap out of them.

  7. Juice Box says:

    Google squirrel catapult

  8. Xolepa says:

    My dear old dog two decades ago cleared out all the squirrels and groundhogs, too. And back in the 70’s, I had a German Shepherd that cleared out all the moles in the yard. I would point at the mole diggings, the dog would scratch through the tunnel, stick it’s big old snout in the ground and take a deep breath. Then it would walk 10 feet in each direction and do the same. Within 5 minutes the mole was pulled from the ground and made an instant meal.

  9. Fast Eddie says:

    Fabius,

    Did you see the link above from Grim on Infosys? Thoughts? Opinions?

  10. D-FENS says:

    Also works on squirrels.

    https://www.youtube.com/watch?v=ux8L7hyIWVE

    Please check local laws.

  11. Steamy Cankles Foundation says:

    “Like to hear any ideas keeping squirrels off the property”

    Cut down the trees. Unfortunately, you missed the best day to do it. Arbor day was last week.

  12. Mike says:

    Googled Airsoft thought is was something in a spray bottle lol

  13. Juice Box says:

    Channeling JJ – time to invest in NYC “membership only” Everhard bathhouse chain?

    http://www.dailymail.co.uk/health/article-4467840/Scientists-completely-eliminate-HIV-living-animals.html?ito=social-facebook

  14. chicagofinance says:

    saw this in related link
    https://youtu.be/7zPnTtF0Wk8?t=3m

    D-FENS says:
    May 3, 2017 at 8:45 am
    Also works on squirrels.

    https://www.youtube.com/watch?v=ux8L7hyIWVE

    Please check local laws

  15. Juice Box says:

    Yeah definitely no on the Airsoft in New Jersey. The use of this “toy” can and has been considered a crime if used in an unlawful manner, as in brandishing in public or committing a criminal act such as shooting a squirrel aka “animal cruelty”, you could be prosecuted for possession of an imitation firearm for an unlawful purpose.

    Not worth the legal headache.

  16. D-FENS says:

    The hillbilly shotgun trap is the preferred method.

  17. D-FENS says:

    You could be arrested and prosecuted in NJ for the most ridiculous things. For instance, its illegal to “frown” at a police officer.

    Also, thanks to Florio…it’s actually illegal to eat an egg that’s not fully cooked.

  18. dentss dunnigan says:

    Just put up signs for the squirrels …keep off the grass ,it works great keeping dogs from pooping on my lawn ….

  19. grim says:

    Would imagine you’d go to jail for using a kill trap?

  20. chicagofinance says:

    From: xxx clot
    Sent: Tuesday, May 2, 2017 8:40 PM
    To:
    Subject: Re: nj report post

    Tell those bastards I’ll be back. Just extremely busy. Will be in Europe May thru June 9.

    Best,

  21. grim says:

    Europe has Internet these days, just saying.

  22. Juice Box says:

    kill trap.

    Yeah another no.

    “PARSIPPANY – A township homeowner who says he’s struggled for years with a squirrel invasion is due in court after he allegedly killed one of the animals with a trap about a week ago, police said.

    Mark Paul Slaughter, 52, has been charged with needlessly killing an animal and not providing food, water or protection to an animal, police said.”

    http://www.nj.com/news/local/index.ssf/2010/04/parsippany_man_accused_of_kill.html

  23. Juice Box says:

    Here is another cautionary tale even if you are rich, don’t kill the squirrels they will even perform a necropsy on the critters to convict you.

    “What he should have done after trapping the animal was call a professional so the animal could be relocated. This is no way to take out an animal,” Amato said, adding that a necropsy was performed on the animal by the Cornell Medical Institute, which confirmed it died by drowning. After a three- or four-year struggle with her husband over the trapping and killing of squirrels at their Spring Lake home, Patricia F. Colrick called police on Oct. 17 to report his transgressions, according to a written statement she provided to the Monmouth County SPCA in October. “I witnessed my husband capturing a squirrel in a ‘Have A Heart’ (sic) trap on the floor of our exterior side porch, carry the cage with the live animal in it, and put the cage with the squirrel in it into the small pool at the foot of my antique fountain in our backyard,” she wrote. “When I saw what he was doing, I immediately tapped loudly on the kitchen window but my husband ignored me,” she explained in the statement detailing the animal cruelty incident.”

    http://www.fieldandstream.com/blogs/hunting/2010/11/new-jersey-wife-turns-husband-trapping-and-drowning-squirrels

  24. Juice Box says:

    Here is a suggestion get some “Have A Heart” traps and relocate the squirrels to a nice 50 mph road in Wayne NJ…

  25. D-FENS says:

    New Jersey Real Estate is a human kill trap.

  26. grim says:

    nice

  27. yome says:

    Fresh data from real-estate website Trulia show that just 34.2% of homes have returned to the peak levels registered before the onset of the recession in 2008. What’s more, Trulia estimates it could take until 2025 for a true national recovery in home prices.

    “We are absolutely not out of the woods as far as home-value recovery is concerned,” Trulia’s chief economist, Ralph McLaughlin, told MarketWatch. “The housing-market crash was pretty monumental. The scarring of the housing market has not gone away and will be visible for the indefinite future.”

    http://www.marketwatch.com/story/only-one-third-of-american-home-values-have-recovered-pre-recession-peaks-2017-05-03

  28. 3b says:

    Yome don’t panic pumps sorry his friend lurks will come around and explain to you how wrong this article is. He will call them out!!

  29. STEAMturd says:

    Can we just put an end to this comparing RE to investing in the stock market. Unless you are a deep pocketed developer, it is a terrible investment vehicle regardless of where you purchase.

    http://sc.cnbcfm.com/applications/cnbc.com/resources/files/2014/12/08/dianachart.png

    Or there’s this?

  30. STEAMturd says:

    The truth is, there are pockets of time when RE is a better investment than stocks. Same with gold, wheat and pork belly futures. But over a long period of time, the stock market beats them all and it’s not even close.

    Is owning better than renting? Over a long period of time, it absolutely is. So is buying a car vs. leasing.

    Not sure how anyone can even try to argue this.

  31. Fabius Maximus says:

    Gary,

    Good luck to them trying to fill those 10,000 jobs. I suspect not great pay and who wants to move to Indiana. The bigger issue is that there is a massive shortage of applicants. All new grads are getting sucked up by cyber security. All gvmt departments are hiring and cyber jobs are exempt from Trumps proposed cuts.

    If only there was a program where we could bring in talent from overseas?

    My advice to any HS senior today is skip college. Take a year out, spend the summer hitting the books and a boot camp for a cert like CISSP. In September, hit WS to find an entry level job. If it doesn’t work out, you can still go to college. Spend the first few years building experience and certifications. If there is a Tuition Policy at the job use that to put yourself through an online school. In 5 years you’ll be set for management while your buddies are still packing up their Beer Pong trophies.

  32. Fabius Maximus says:

    Clot was spotted in Europe!
    https://tinyurl.com/k5mt3hv

  33. STEAMturd says:

    Best $200 you’ll ever spend. Captain Cheapo Special. Have had mine since 2011. Still starts, first pull, every month.

    https://www.walmart.com/ip/Champion-Power-Equipment-46596-3500-Watt-RV-Ready-Portable-Generator-Not-for-sale-in-CA/22288670

  34. 3b says:

    Steam depends on how you look at it. I would say it’s not perhaps as advantageous as it once wss. And more downside now owning than renting. I speak from having done both.

  35. chicagofinance says:

    Of course this advice comes from a person who is steadfast in believing that personality and social skills are optional.

    Fabius Maximus says:
    May 3, 2017 at 4:13 pm
    My advice to any HS senior today is skip college. Take a year out, spend the summer hitting the books and a boot camp for a cert like CISSP. In September, hit WS to find an entry level job. If it doesn’t work out, you can still go to college. Spend the first few years building experience and certifications. If there is a Tuition Policy at the job use that to put yourself through an online school. In 5 years you’ll be set for management while your buddies are still packing up their Beer Pong trophies.

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