From the NYT:
Whatever Happened to the Starter Home?
As recently as the 1990s, when Jason Nageli started off, the home-building industry was still constructing what real-estate ads would brightly call the “starter home.” In the Denver area, he sold newly built two-story houses with three bedrooms in 1,400 square feet or less.
The price: $99,000 to $125,000, or around $200,000 in today’s dollars.
That house would be in tremendous demand today. But few builders construct anything like it anymore. And you couldn’t buy those Denver area homes built 25 years ago at an entry-level price today, either. They go for half a million dollars.
The disappearance of such affordable homes is central to the American housing crisis. The nation has a deepening shortage of housing. But, more specifically, there isn’t enough of this housing: small, no-frills homes that would give a family new to the country or a young couple with student debt a foothold to build equity.
The affordable end of the market has been squeezed from every side. Land costs have risen steeply in booming parts of the country. Construction materials and government fees have become more expensive. And communities nationwide are far more prescriptive today than decades ago about what housing should look like and how big it must be. Some ban vinyl siding. Others require two-car garages. Nearly all make it difficult to build the kind of home that could sell for $200,000 today.
“It’s just become where you can’t get to that number anymore,” said Mr. Nageli, now the operations manager for the Utah builder Holmes Homes.
Nationwide, the small detached house has all but vanished from new construction. Only about 8 percent of new single-family homes today are 1,400 square feet or less. In the 1940s, according to CoreLogic, nearly 70 percent of new houses were that small.
First
As long as the value of the dirt is 3-4x the value of the sticks above it, there will never be an economically viable way to build starter homes. In addition, the fixed cost of construction is so high, it simply doesn’t make any sense to build small.
Building a brand new “starter home” in a middle-of-the-road NJ town? You are looking at spending $600k to build 1,500 square feet, maybe even more depending on the lot. Everyone along the way will be looking at you for the idiot you are. Why wouldn’t you spend another $150k more to build a house three times the size and easily worth 2x from a market price perspective?
The starter home exists. It called a condo.
The clown show continues
https://nypost.com/2022/09/26/california-gov-newsom-signs-bill-allowing-illegal-immigrants-to-obtain-a-state-id/
Grim: Understand. But, why continue to make these oversized and in many cases outlandish homes, if the demand is not there?
Facebook is going to take some serious shit over the fatalities in Wildwood at the H2oi pop up event.
Apparently, authorities were pleading with Facebook to take down pages in the days leading up to the event, which they did not.
Once footage of the accident started being shared, nearly everything related to H2oi was stripped off the platform.
“Since a human’s nature didn’t change much throughout history
All technological advances are merely new means of achieving old ends:
– the acquisition of goods
– the pursuit of sex
– the overcoming of competition
– the fighting of wars”
2Y 424
10Y 376
There was also Irish Weekend in Wildwood as well as the Fall Classic Car Show. The racers just crashed it.
Doubtful that Facebook will be held to account. Facebook is now one of the propaganda arms of the establishment and democrat party. Allying with the establishment grants you broad leeway to act negligently and break the law.
Fauci funded banned research and contributed to the death of millions and he’s feted by the left and has been provided cover for his crimes in exchange for his political activity.
Given the money at the shore, and the history of these pop-up events annoying rich people, I suspect the state is going to take a fairly hard stance against FB and the use of these platforms to not only plan these events, but to promote them in a way that shields the organizers from any real liability.
For example:
https://www.insidernj.com/press-release/10th-district-legislators-call-on-governor-and-attorney-general-to-assist-local-law-enforcement-with-future-pop-up-parties/
My brother has been laid up with Covid was very sick for the last 4 days, and now his wife is now sick too. Kids seem ok.
One of the soccer parents just recovered said it was the worst week of his life, he works in NYU Medical and thinks he caught it there.
The new bivalent boosters are finally out for Pfizer and Moderna Omicron BA.4/BA.5 subvariants are covered in this formulation for blocking spike proteins.
Variant cases in NJ are as follows… (mostly BA.5 variant)
BA.4 3.6%
BA.4.6 11.4%
BA.5 83.1%
https://www.nj.gov/health/cd/documents/topics/NCOV/COVID-19_Variant_Report_Week_2022_35.pdf
I scheduled my bivalent booster for CVS this week, as I have a feeling we will see a huge spike. There are plently of appointments available by me at CVS even today.
Social Media won’t do anything unless there is federal legislation, they have regulatory capture as in way too many lobbyists and lawyers down in Washington to prevent any significant legislation from passing.
What happened down here recently with the last pop-up party planned on Social Media in Long Branch for the June 19th was a judge issued a retraining order against six defendants and got them to agree to take down their social media posts. Three of the six were in court and it was implied straight to jail for you if you do not take down the social media. Point Pleasant did the same, perhaps Wildwood will learn a lesson from this don’t expect the Governor or Legislature to help out here in NJ or the Feds, drag them into court with the tools they have now and put an end to the pop up parties before they happen.
I would not expect our governor to do anything, he is too busy raising his national profile to even comment on the car theft gangs or heck a pop up parties. Remember he is is 100% for this social justice movement and the no-bail, no arrest laws we have now.
The State Police don’t even chase the car thieves anymore. The local police relay to the State Police stolen cars on the Parkway and Turnpike nearly every day but we never hear of a successful apprehensions by them. They are told to stand down, it’s too dangerous etc. They could easily block the highway. They won’t do it.
“I suspect the state is going to take a fairly hard stance against FB and the use of these platforms to not only plan these events, but to promote them in a way that shields the organizers from any real liability.”
Runs directly into S230, no?
Specifically shields from liability the platforms, while preserving liability for content producers (event organizers).
Laws/remedies would need to be focused on the promoters using the platforms, not the platforms themselves….
BTW – Just try and drive down governor murphy’s street or even Kayak on the river in front of his home, you will be chased away by the state police for sure.
I wonder if the cops would ignore someone peeing on the grave of a police officer.
The Orangetown, New York police said there was nothing they could do because there were no specific threats of physical violence.
Juice Box says:
September 25, 2022 at 10:55 am
Phoenix – Your hero…
https://www.dailymail.co.uk/news/article-11247055/Man-caught-PEEING-grave-ex-wife-divorced-48-years-ago-womans-stunned-children.html
lol, at least give the ahole a urinating in public ticket.
I spoke too soon, the cops are on the case now.
“Local police have beefed up patrols around Gov. Phil Murphy’s upscale Middletown neighborhood after there was an attempted car theft Sunday “in close proximity” to the governor’s private home, police said.”
“The attempted theft near Murphy’s mansion along the Navesink River comes as the state has seen a double-digit increase in stolen cars last year compared to 2020, according to the state Attorney General’s Office.”
Here is the Governor’s comment.
Murphy, meanwhile, called the rise in car thefts “serious stuff” Wednesday evening on News 12 New Jersey.
“Sadly, this is all over America right now. Certainly, it’s all over New Jersey,” Murphy said on his regular call-in TV show, adding, “I can’t believe these guys were stupid enough to come close … given the security on our street.”
https://www.nj.com/news/2022/09/increased-police-patrol-around-gov-murphys-home-after-attempted-car-theft-at-neighbors-house.html
That is almost a 50 year grudge. The guy should get a made for TV movie at least. What did she do cheat on her marriage while babysitting a widowers kids and then marry that Senator from Delaware?
Well this isn’t good…
https://www.dallasfed.org/research/surveys/tmos/2022/2209.aspx#tab-comments
From the pee article…priceless.
“the video and pictures…recorded indicated that the man drove to the cemetery almost every morning at about 6:15 a.m. specifically to pee on the grave. ‘I can’t get my wife to go out to dinner but this guy gets his wife to go along with him to desecrate my mom’s remains every morning!’ [the son] said angrily.”
LOL.
I scheduled my bivalent booster for CVS this week, as I have a feeling we will see a huge spike. There are plently of appointments available by me at CVS even today.
Traveling a bunch over the next month, was thinking of getting it as well. A bit hesitant given the shitshow that booster 2 was for me.
2Y 429
10Y 385
Chicago says:
September 26, 2022 at 9:19 am
2Y 424
10Y 376
I’ve done more mandatory commodity flow surveys from the census dept/commerce dept in the past year than I’ve done in the past 8 combined.
I’m guessing it’s all eyes on leading economic indicators.
2Y 433
10Y 387
Chicago says:
September 26, 2022 at 12:28 pm
2Y 429
10Y 385
Chicago says:
September 26, 2022 at 9:19 am
2Y 424
10Y 376
Interested in your view/experience but no idea what this is…translation?
“I’ve done more mandatory commodity flow surveys from the census dept/commerce dept…”
chi, VIX 32+….
Hey, does anyone know when that Inflation Abduction Act kicks in?
Interested in your view/experience but no idea what this is…translation?
Occasionally, I’d get contacted by mail to participate in a survey led by the Census Department, which was focused on trade and transport. These surveys were always focused on shipping quantities, inputs and outputs. In aggregate, I’m sure they would be providing a lot of insight into the flow of raw materials and finished products.
I’m guessing we’re included in these because our NAICS classification falls within manufacturing.
https://www.census.gov/programs-surveys/cfs/about.html
Translation? I doubt I’m being picked as representative of anything individually, so I have to assume they’ve scaled up the volume and frequency of this survey to get a better view of trade and specifically changes in trade/shipping/volumes.
Bivalent Boosted Saturday.
The next stop for the 10Y is 400-area.
Does this translate to 6.75% 30Y Fixed?
6.875
https://www.mortgagenewsdaily.com/mortgage-rates
7 percent soon to follow.
grim, thx.
funny, spent a good part of after lunch pulling apart JB Hunt and XPO….
No One – 10 ft storm surges coming your way?
Bivalent Boosted Saturday
Is this a Depeche Mode song?
4:40 I like the way you’re thinking today.
JB, We will see but I’m in NJ with wife who is sick with Covid despite getting bivalent booster 10 days earlier. Coughing and fever started yesterday. Pavloxid today. I got same shot same day, will probably catch it from her anyway.
Costco gas down to $3.23 today
Cathie Wood
@CathieDWood
The yield curve “suggests” that US monetary policy has not been this restrictive since the ‘80s. As measured by the 2-year Treasury yield relative to the 10-year Treasury yield, it has inverted by 50 basis points, the 10-year yield at 3.75% compared to the two-year at 4.25%.
Someone’s begging for her bubbles to be reblown.
No One – Hope she feels better soon, the antibodies can take a while to develop in sufficient concentration hopefully the symptoms won’t be too bad.
As far as Florida and Longboat Key they make it seems like it will be gone if this one hits directly. They might even cut the water supply there tomorrow, perhaps to get people to leave etc.
https://www.yourobserver.com/article/county-could-cut-longboat-water-supply-before-storm-chief-says
BRT, She is not the only one BRT, Elon was complaining too. Anyone that needs to take out a car loan will be paying allot more.. What are new car interest rates now? I see 8% if you have prefect credit score and if you don’t 14%.
They didn’t know what it would cost?
https://www.cnn.com/2022/09/26/politics/biden-student-loan-forgiveness-cost-cbo/index.html
I feel like this math shouldn’t be challenging.
Straight up fucking lie.
BRT says:
September 26, 2022 at 6:30 pm
Cathie Wood
@CathieDWood
The yield curve “suggests” that US monetary policy has not been this restrictive since the ‘80s. As measured by the 2-year Treasury yield relative to the 10-year Treasury yield, it has inverted by 50 basis points, the 10-year yield at 3.75% compared to the two-year at 4.25%.
Someone’s begging for her bubbles to be reblown.
Some crazy stories coming out of Russia from their people just drafted. No food rations, no medical kits, rusted broken weapons, no training and being sent in to fight right away.
Grim – They don’t care they were told it was not inflationary and needs to happen before the election.
I Keep reminding people where we stand with the money printing, it’s almost 31 Trillion now in UST floating around with 17 trillion held by foreign interests.
Juice, I heard they are definitely cutting the water and definitely evacuating tomorrow. Hoping for no direct hit. Would take years to rebuild and repair that island, even in normal times contractors are super slow to show up.
Hoping it goes further north to Cathie’s office.
A teacher friend got poison ivy all over and ended up having to take steroids that reduced his immune system. The next week he got covid – with not so mild symptoms. Two weeks off, all his classes were distributed away to a sub. No hybrid of course..
I got my booster and flu on the same arm soon after I heard the news.
“Cathie Wood…Someone’s begging for her bubbles to be reblown.”
This morning she was on CNBC shilling her new….drumroll….venture capital fund for private investments.
Because she did so well picking public speculative companies…..
And, wait for the punchline, it is specifically structured so that one does not have to be an accredited investor. Sidestepped securities practices to put newbs with lower incomes and wealth into one of the highest risk investment classes out there….Perfect…
Even she knows anyone with a modicum of investing experience wouldn’t touch her, so she needs to target (fleece) the beginners.
She really ought to be charged.
Lib, quick hit and run for me on GNRC…dumping half now, likely out of balance by EOD depending on price action….