From CNBC:
Housing recovery slower than I thought: Buffett
Warren Buffett told CNBC he’s surprised that housing is not that strong yet.
“The pickup in housing has been slower than I would have anticipated,” the Berkshire Hathaway chairman and CEO said in the interview that aired Friday. “It’s [also] true in the secondary market for houses. The prices have recovered some.”
In February 2012, Buffett told “Squawk Box” he thought single-family homes were a very attractive investment. If held for a long period and purchased at low rates, he said, houses can be a better investment than even stocks.
Fast forward to spring 2014, Buffett said that housing is better than it was a couple of years ago, “but if you look at transactions and pending transactions in March, it’s not booming.”
The States People Want To Get The Hell Out Of [Infographic]
http://www.popsci.com/article/technology/states-people-want-get-hell-out-infographic
Warren Buffett told CNBC he’s surprised that housing is not that strong yet. “The pickup in housing has been slower than I would have anticipated,” the Berkshire Hathaway chairman and CEO said in the interview that aired Friday.
People got duped, then they got slaughtered on top of no jobs and flat wages. They had nothing to begin with and now they have more than nothing. Why is he surprised?
Urban areas are finally seeing the much anticipated influx of REO. Currently I have several properties in Paterson. The single family market in Paterson is DEAD! A 1600 square foot 3/4 bedroom single family home is decent condition, in a better than average neighborhood can be purchased for under $120,000 and there are few if any takers. This is only the beginning of the slide. Inventory is only starting to build
lol, I’d be surprised too. For god sakes, the fed and US government have poured trillions in trying to jump start it.
“what the hell did we achieve by printing $4T?”
We transferred by we I mean the private corporation the federal reserve transferred $4t of tax payer money to the chartered members of that private corporation to recapitalize themselves for the money lost committing unpunished crimes on society of selling fraud as AAA, Money laundering, fixing interest rates commodity and electricity markets, currency manipulation and on and on.
Ben says:
May 4, 2014 at 9:47 am
lol, I’d be surprised too. For god sakes, the fed and US government have poured trillions in trying to jump start it.
Fast Eddie, this is what you are talking about. Problem is, you keep focusing your real estate search where the top 5% of the population want to live. The crash has already hit. It hit all the places where poor people live. 30 year realtor provides all the evidence you need in this post. The top of the market is only going up, that’s where people still have excess money to push up prices. You want your fire sale deals, there are plenty of properties worth less than 50-80% of peak value in 2006 for sale in Newark and Paterson. Too bad you won’t touch it.
Truth is, this is probably going to be a golden opportunity to buy property in these areas. You can buy them dirt cheap, and charge a good return on rent based on price. There is nobody in Paterson that can afford to buy a house, hence, there is no market to support prices. This means no competition in purchase price and basically a name your own price, since sellers will take whatever they can get, since their properties are essentially worthless with no market to sell to. Economic conditions will change, and the market will return to Paterson real estate. That’s when you sell your properties, that you bought at a time when no one wanted them, at a nice profit.
30 year realtor says:
May 4, 2014 at 9:00 am
Urban areas are finally seeing the much anticipated influx of REO. Currently I have several properties in Paterson. The single family market in Paterson is DEAD! A 1600 square foot 3/4 bedroom single family home is decent condition, in a better than average neighborhood can be purchased for under $120,000 and there are few if any takers. This is only the beginning of the slide. Inventory is only starting to build
The only way places like Ridgewood or Woodcliff lake go down is if sh!t hits the fan, and you have a revolution. These are wealthy people that are the last one’s to feel economic pain. So if they are feeling the pain, it means it’s over for everyone.
Look at this. Bought for 300,000 in 04 and sold in February for 50,000. Now for sale at 105,000. Fast eddie, you see your real estate theories are being applied to the wrong area. Ridgewood is not going down anytime soon. Wealthy people are doing way better than they were in 2008. So keep waiting for golden deals in the affluent towns.
263 Carroll st Paterson, nj
05/02/14Price change$105,000-8.7%
04/16/14Listed for sale$115,000+130%
02/20/14Sold$50,000-75%
11/08/07Sold$203,220-32%
05/14/04Sold$300,000
yep
Michael says:
May 4, 2014 at 9:58 am
“what the hell did we achieve by printing $4T?”
We transferred by we I mean the private corporation the federal reserve transferred $4t of tax payer money to the chartered members of that private corporation to recapitalize themselves for the money lost committing unpunished crimes on society of selling fraud as AAA, Money laundering, fixing interest rates commodity and electricity markets, currency manipulation and on and on.
Ben says:
May 4, 2014 at 9:47 am
lol, I’d be surprised too. For god sakes, the fed and US government have poured trillions in trying to jump start it.
@conradhackett: People in jail per 100k people
US 710
Chile 266
Mexico 210
Turkey 179
UK 147
Canada 118
Sweden 67
Japan 51
Iceland 47
http://t.co/X35uTA8rlk
Fast Eddie,
I agree, Buffett is either a real crook (which I would not be surprised), or he is really stupid. I guess age has taken a heavy toll on his wisdom.
Michael,
Inventory is hurting in the haughty areas. Why is that? It’s because the wannabes needed to belong, got their v1rginity taken and they’re hanging on by a song and a prayer? They’re not qualified to sell. They’re f.ucked. Big hat, zero cattle. You still don’t get it. It’s not that I don’t want to pay a particular price, it’s that I don’t want to pay somebodies dream price for their dogsh1t of a house. How many f.ucking times do I have to explain it? I’m not paying 600K plus just to have to replace a roof, siding and redo a bathroom and a kitchen. Show me the pocket listings or the exclusive listings.
Michael #6 – Please don’t put words in my mouth. Middle tier communities are also being impacted by the influx of REO. Prices remain soft in many areas. The top end is not on a meteoric rise. Strength in the market is for mid priced homes in top condition in desirable communities. This is not a typical or healthy real estate market.
I showed a 2 family in Hawthorne yesterday, 3100 square feet, 6 bedrooms/2.5 baths with an asking price of $525,000. House was built around early 1970’s. Updated kitchens, original baths, original siding, roof near end of life, original heating systems, original windows, wood floors in desperate need of refinishing and in need of a variety of other minor repairs.
In the last 2 years only 6 two family homes have sold for over $400,000 in Hawthorne. The highest price paid was $495,000 for the 2 most expensive closed sales. Currently there are 12 two family homes listed above $400,000 in Hawthorne. Based upon sales volume the past 2 years that is 4 years worth of inventory currently on market above $400,000.
I expect I will be presenting an offer on this property for about $450,000 cash. This would be an outstanding offer. Think the odds of it reaching a successfully negotiated meeting of the minds on price are exceptionally low.
I believe this is exactly what Fast Eddie is talking about.
I should have worded my post better. I don’t think the top is on some meteoric rise, I just don’t think it’s coming down, like fast Eddie wants to happen. I stated the reasons why. He believes the market was due for a big drop, and I’m showing him that he is correct, that it did happen, just not in the haughty towns that he is looking in. He bases his theories on such criteria as avg wage growth and avg unemployment, but applies his theory to not so avg areas. He forgets that the places he is looking are also the places where the top 5% income earners are looking.
What is a “normal” real estate market? There is none. The current slow growth economy is making real estate localized more than ever. This might be the highest division of winners/losers in real estate in a long time. There are places killing it, and places being killed. That seems to be one characteristic of the current market. It’s not one broad national market heading in the same direction. It’s a market being effected by inequality in the income levels. The income inequality is beginning to correlate to a housing recovery that reflects that. The market has more than recovered in certain areas, it’s on fire. In other areas of the country, it might not ever come back.
So this is a lot of people’s problems with real estate right now, they are using data based on national avgs (you listening fast Eddie?). Data using national avgs does not matter when applied to a state with major inequality.
30 year realtor says:
May 4, 2014 at 11:32 am
Michael #6 – Please don’t put words in my mouth. Middle tier communities are also being impacted by the influx of REO. Prices remain soft in many areas. The top end is not on a meteoric rise. Strength in the market is for mid priced homes in top condition in desirable communities. This is not a typical or healthy real estate market.
Here is my take on that. A house that has an unrealistic asking price is not a part of the “market”. They are not real sellers. They are not really selling, since no one will pay that price. I don’t pay attention to this crap.
It’s no different than me going on ebay and putting my wedding ring for sale for 100 million on the notion it holds personal value to me.
30 year realtor says:
May 4, 2014 at 11:44 am
I showed a 2 family in Hawthorne yesterday, 3100 square feet, 6 bedrooms/2.5 baths with an asking price of $525,000. House was built around early 1970′s. Updated kitchens, original baths, original siding, roof near end of life, original heating systems, original windows, wood floors in desperate need of refinishing and in need of a variety of other minor repairs.
In the last 2 years only 6 two family homes have sold for over $400,000 in Hawthorne. The highest price paid was $495,000 for the 2 most expensive closed sales. Currently there are 12 two family homes listed above $400,000 in Hawthorne. Based upon sales volume the past 2 years that is 4 years worth of inventory currently on market above $400,000.
I expect I will be presenting an offer on this property for about $450,000 cash. This would be an outstanding offer. Think the odds of it reaching a successfully negotiated meeting of the minds on price are exceptionally low.
I believe this is exactly what Fast Eddie is talking about.
Anyone able to get data on the percentage of homes in a town carrying a mortgage? Or even the % that are delinquent?
I’m telling you right now, people living on crest or north Murray or any street on the right side of the tracks in Ridgewood, live there, because they can afford to live there. The carrying costs are way too high on these homes to be in them if you are behind on your mortgage. If you can’t afford the mortgage, no way can you afford the 50,000 in taxes.
Fast Eddie says:
May 4, 2014 at 11:31 am
Michael,
Inventory is hurting in the haughty areas. Why is that? It’s because the wannabes needed to belong, got their v1rginity taken and they’re hanging on by a song and a prayer? They’re not qualified to sell. They’re f.ucked. Big hat, zero cattle. You still don’t get it. It’s not that I don’t want to pay a particular price, it’s that I don’t want to pay somebodies dream price for their dogsh1t of a house. How many f.ucking times do I have to explain it? I’m not paying 600K plus just to have to replace a roof, siding and redo a bathroom and a kitchen. Show me the pocket listings or the exclusive listings.
I believe this is exactly what Fast Eddie is talking about.
Michael, this is someone who gets it. On that note, I’m going now to enjoy the day. :)
That 4 trillion of money printed was Obama’s “trickle down economics” designed to flow through the limousine liberals on Wall St.
Obama cares about the big banks, unions, government planners and increasing the size of the welfare class. But he has no favorable interest towards the largest group of productive people, what he would call the bourgeoisie in his Marxist studies papers.
The fetid, bloating cadaver of a housing market is officially dead.
Let the 50-100 years’ of gnashing teeth begin.
Yes, but at least we’ll have whiskey.
[2] gary – I think I finally get what’s going on. The “authorities” on housing are not home-owners, they are mortgagors. Consciously or sub-consciously they fear losing money on a leveraged asset. You can see it in grim’s sudden turn. He’s no longer an objective observer.
Stagnant wages are a fact.
Rising taxes are a fact.
Interest rates that can’t go any lower are a fact.
Unfunded public pensions are a fact.
The much smaller population of those starter home aged is a fact.
The ever growing debt burden of the young before they even attempt to finance a major purchase such as real estate is a fact.
The ever growing US debt is a fact.
Medicare and Social Security – JC this is the hugest headwind and barely known or reported, but still a fact.
These facts are not factored into anyone’s calculations because the people who write about same are all
mortgagorshigh debtors or so far removed from the boots on the ground view from those who make less than $200K as a family that they can’t see the forest for the trees. These same people probably can’t even comprehend that there are families who make under $75K per year, which is not only most of the US, but also a fact.22 – spending more building a distillery than I did on a house.
My bread is buttered with corn and rye.
Drink more whiskey
[23] Has the accommodative town been made public knowledge?
grim – re:whiskey
My wife and I had to be in downtown Boston all day yesterday due to our daughters’ performance schedule in their “Spring Showcase” for their studies at Boston Ballet. It’s really just a minor NJ style shakedown where we have to A.) Pay for them to attend classes, B.) Pay to attend their performances , C.) Pay for them (our daughters) to have seats after intermission to the grander performance (This year, Alice in Wonderland) and finally D.) Pay all of that times two because one daughter was in both the afternoon performance and the evening performance and our other daughter was in just the evening performance. So 8 tickets bought for the 4 of us just so we could exit at intermission of the 2nd performance. No matter if you can follow this but the afternoon result was that my wife and I had several hours to kill between 4PM and 7:30PM in Boston on a rather nice day. While picking out our dinner spot in the South End we stumbled on this quote written on a chalk board out sited a restaurant which I thought you might appreciate if you haven’t come across it yet:
“Too much of anything is bad, but too much of good whiskey is barely enough.”
(Mark Twain)
Hey “Michael”….I’ll see your $200k and raise you……
Markets More: 1 Percent Marketplace Marketplace.org Income
Here’s How Much Money Someone Has To Make To Be In The 1%
Marketplace.org
Krissy Clark, Marketplace.org
May 4, 2014, 4:05 PM 69,751 38
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Marketplace
How much you have to earn in order to make it into the “1 percent” by year.
The “1 percent” and the “99 percent” have become household phrases in the last few years.
But in the course of moving discussions of income distribution percentiles beyond economic text books and in to the popular discourse of sound bites and protest signs, the nuances can get lost. Which brings us to some interesting new research about the 1 percent, discussed in a recent book called “Chasing the American Dream.”
Back when the Occupy Wall Street movement was fond of chanting “We are the 99 percent” the book’s co-author, Mark Rank, got curious about some of the assumptions buried in that chant. Who exactly is the 99 percent? What’s their relationship to that remaining, increasingly notorious 1 percent?
The whole debate struck Rank as very us versus them. “There’s this image out there that those two groups do not cross over — that they’re static groups,” he says.
Rank is a professor of social welfare at Washington University, and so he had the tools to see if this static image of the 1 percent versus everyone else was true. He and his co-author, Thomas Hirschl of Cornell, combed through four decades of survey data that followed the lives of thousands of Americans to see how much money they made each year. And what they found surprised them.
The top-earners club isn’t quite the bastioned, unreachable world it’s been painted out to be. “There actually is this really strong sense of fluidity in terms of folks entering the top income percentiles,” Rank says. According to Rank and Hirschl’s research, one in five Americans are in the 2 percent at some point in their lives. And one in eight spend at least a year in the one percent.
So who are these visitors to the 1 percent? Some might be your neighbors.
Barrett Yeretsian, 34, lives in the southern California suburb of Glendale, CA in a totally non-descript condo — the same one he grew up in. Yeretsian says growing up, he was solidly middle class. His mom, a widow, owned an Armenian book store in Los Angeles, and money was sometimes tight. Scholarships and help from family got him through college at UCLA.
When he graduated, he turned down acceptance at two top law schools in favor of trying to make it in the music industry, as a song-writer and producer. After years almost making it, a few years ago, a song he wrote in his bedroom, became this smash hit, Jar of Hearts, after it debuted on the reality show “So You Think You Can Dance.”
Literally over night, “everything changed,” Yeretsian says. Including his income. That year he catapulted in to the 1 percent. But, he says, tries not to live like he has. “Keep the overhead low. Enjoy life,” is his philosophy. (He was a philosophy major in college, and traces his non-lavish lifestyle back to reading Thoreau’s Walden.)
“Don’t get me wrong, I go to Hawaii every year,” he says. And he’s bought several rental properties as investments. “Financially, I’m in a comfortable position. I think that’s the big difference is you have that comfort.”
Jason Laan is another recent arrival to the 1 percent, who made the leap after his iPhone app made it big. For him, the surprising thing about being at the top is that it doesn’t always feel like the top.
“The 1 percenters we think of spend $10,000 on a commode,” Laan says. “If you make $340,000” — the approximate household income needed to break into the 1 percent in the last few years — “you’re not going to waste money on something like that.”
Laan says the year he made enough to qualify as a “1 percenter,” he asked his accountant about whether he should consider trying to take advantage of tax loop holes or off-shore accounts, to protect some of his money. His accountant laughed and told him he wasn’t rich enough.
“You’re not connected enough to try to hide your assets in such a way,” Laan recalls his accountant saying. “You can’t afford the overhead.”
Another thing about the latest research on the 1 percent from Rank and Hirschl: While one in eight Americans might visit the 1 percent for a year, only one in a hundred stay there for a decade or more.
Read more: http://www.marketplace.org/topics/wealth-poverty/making-it-1-percent-more-common-you-think#ixzz30pR040Uq
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Housing has Buffett stumped | New Jersey Real Estate Report
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