From HousingWire:
Credit Suisse: Homebuyers discouraged by rising prices
Homebuyers held off purchasing homes in June due to rising home prices, Credit Suisse reported in their monthly traffic survey of real estate agents.
“Comments from agents in June suggest that buyers are growing increasingly discouraged by economic and employment conditions, and as a result, have made the decision to hold-off on purchases—particularly at current prices,” the company reported.
Out of the 40 markets surveyed, 32 saw lower than expected traffic, five were in line with expectations and three saw better than expected traffic. Those numbers were all a decline from May, when only 28 were below expectations and five saw better than expected traffic.
The only three markets that saw better than expected traffic last month were Columbus, Ohio, Ft. Myers, Florida, and Dallas. Some of the weakest markets were San Diego, New York/Northern New Jersey and Phoenix, which all saw Buyer Traffic Index levels below 30 (50 is neutral, where the traffic met expectations).
…
New York/Northern New Jersey (traffic index at 23) — “Stalemate. Buyers expect deal and sellers expect rebound in market pricing.”
Good Morning New Jersey
God only knows, God makes his plan
The information’s unavailable to the mortal man
We’re workin’ our jobs, collect our pay
Believe we’re gliding down the highway, when in fact we’re slip sliding away
What’s that saying again? Buy now or be priced out forever?
Who wants a depression?
“I’ve written a number of times about the phenomenon of “sadomonetarism,” the constant demand that the Federal Reserve and other central banks stop trying to boost employment and raise interest rates instead, regardless of circumstances. I’ve suggested that the persistence of this phenomenon has a lot to do with ideology, which, in turn, has a lot to do with class interests. And I still think that’s true.
But there’s also a much more direct reason for those defending the interests of the wealthy to complain about easy money: The wealthy derive an important part of their income from interest on bonds, and low-rate policies have greatly reduced this income.
It turns out, however, that using monetary policy to fight depression, while in the interest of the vast majority of Americans, isn’t in the interest of a small, wealthy minority. And, as a result, monetary policy is as bound up in class and ideological conflict as tax policy.”
6 more months baby!!!
Coming to a blue state near you.
http://www.hpm.com/pdf/blog/ZOHYDRO%20ER%20-%20Zogenix%20PI%20Decision.pdf
Putting aside Massachusetts putative interest in combating opioid abuse, there is a blueprint here for how obamacare states will deal with drug companies: give us the drug at cost or it might be difficult for doctors to prescribe or pharmacists to dispense your drug. It’s a losing argument in the main but it us quite ironic to see blue states arguing for less federal interference.
[4] anon
I’ve no doubt you can find pundits as deluded and/or partisan as you, but it’s not nice to fail to attribute your sources.
New York/Northern New Jersey (traffic index at 23) — “Stalemate. Buyers expect deal and sellers expect rebound in market pricing.”
Wave your pom-poms all you want. Sellers are underwater and most buyers don’t have six digits worth of cash to bring to the table. If they did, then they’re smart enough to realize the sellers are smoking dirt. You bought too high? You were duped? Can’t afford the place? Not our problem. Let the fat, f.uck muppet sellers keep waiting for a s.ucker.
I’ve been to a number of open houses since Memorial Day and not one other soul was present at any of the houses. Not one! And what about interest rates? What happens when they rise? No affordability now? What happens then? We don’t have to state the case. For those not falling for the line of sh1t, it’s quite evident; 12 grand plus in taxes and 550K plus for a piece of sh1t is not normal and not acceptable.
Who do you think’s going to win that tug of war? Sellers demand “their” price and buyers are saying, “F.uck you.” Solvency beats financial ruin. The price has always been dictated by the buyer, not the other way around. If there’s one house and a thousand buyers, the house will still drop in price if no one wants it.
Nom, it’s somebody you know well
Comrade Nom Deplume, Guardian of the Realm says:
July 15, 2014 at 8:40 am
[4] anon
I’ve no doubt you can find pundits as deluded and/or partisan as you, but it’s not nice to fail to attribute your sources.
The law is clear (all of it) or This law is clear?
A lot of things have been ‘against the law’ over time; some of them so reprehensible it’s amazing that people could justify them at the time. Our current situation is no exception.
Comrade Nom Deplume, a.k.a. Captain Justice says:
July 15, 2014 at 12:12 am
[87] Joyce,
Whether or not you like the law, it’s clear. I don’t like it but I know it. And I know hat happens if I break it.
I guess no wealthy people own stocks that are up 150%. I guess no middle class/govt people have money invested in pension funds that rely on fixed income instruments for duration match (that are being destroyed by ZIRP).
go back to playing in the sandbox
anon (the good one) says:
July 15, 2014 at 8:27 am
But there’s also a much more direct reason for those defending the interests of the wealthy to complain about easy money:
Are all wealthy people greedy? Seems like the progressives are in support of profiling.
Which state will control the water?
http://www.foxnews.com/politics/2014/07/15/california-billionaire-claims-juice-to-put-scheme-to-carve-out-six-states-on/
What a nighttmare it would be to live in the state of Central California.
Fast,
Another story that gets lost due to stock bubble relates to the sh*tty earnings at most banks. There are millions impacted by this regionally. Desks being cut, huge regulatory costs, pay freeze, no bonus, job attrition without backfill. You can make money consulting but it is unstable. Might get 6 mos. to year. I am reaching my 2 year limit soon and most decent paying jobs are myths and fairytales told by recruiters, never to be heard from again.
Are all wealthy people greedy? Let’s ask science–
“Call it the asshole effect. That is the term coined by US psychologist Paul Piff after he did some stunning new research into the effects of wealth and inequality on people’s attitudes.
… He found that as people grow wealthier, they are more likely to feel entitled, to become meaner and be more likely to exploit others, even to cheat.
…The reason, it turns out, is that even thoughts of being wealthy can create a feeling of increased entitlement — you start to feel superior to everyone else and thus more deserving: something at the centre of narcissism. They found this was true of people who were, in real life, better off. Wealthier people were more likely to agree with statements like “I honestly feel I’m just more deserving than other people” and place themselves higher on a self-assessed “class ladder” that indicated increasing levels of income, education and job prestige. This had straightforward and clearly measurable effects on behaviour.
…”There’s this idea that the more you have, the less entitled and more grateful you feel; and the less you have, the more you feel you deserve. That’s not what we find,” Piff said. “This seems to be the opposite of noblesse oblige.”
Outside the lab, Piff found that the rich donated a smaller percentage of their wealth than poorer people. In 2011, the wealthiest Americans, those with earnings in the top 20%, contributed 1.3% of their income to charity, while those in the bottom 20% donated 3.2% of their income. The trend to meanness was worst in plush suburbs where everyone had a high income, and never laid eyes on a poor person. Insulation from people in need, Piff concluded, dampened charitable impulses.”
Exhibit A — the mental patient regulars on NJ RE Report who use roads they didn’t personally pay for and claim capital gains tax rates and mortgage interest deductions while decrying the poor as moochers.
http://www.theguardian.com/commentisfree/2014/jul/08/the-age-of-entitlement-how-wealth-breeds-narcissism
Ottoman,
As I see it, my income and property taxes and SS contributions *are* mostly charity. No kids in school. Two properties, no mortgage, no deductions. Marriage penalty. Never been unemployed.
I’d be happy to loan you a new cardboard sign if it might help with your panhandling. What would you be willing to give in return? How about an 80/20 split on your proceeds?
Ottoman,
This study is flawed on so many levels. What you have is a college professor who know how to market himself well. Outside of the brief interview on Bloomberg, all of the media carrying his story are left leaning. Heck…this guys a psychology professor at UCI, a very liberal school. Mr. Piff is very smart to create experiments that yield results which are both predictable and marketable to the demographic he belongs to. But his overall body of work lacks any credibility or variety.
I am not surprised you posted it.
Baa. Baa.
re: # 17 I have met plenty of marxists assholes too.
Bystander,
Tried to post regarding your take on jobs/housing but it keeps getting lost in cyber land. Basically, I was saying that there was a 2 year window where invest0rs came in and scooped up bargains. The window is closed and we’re left with hopeful muppets demanding a dollar amount that doesn’t apply. I am starting to see some sizeable reductions on sh1t dumps. The minute the FED ups the rate to even 25 basis points is going to make things interesting.
Ottoman,
… He found that as people grow
wealthierlazier, they are more likely to feel entitled, to become meaner and be more likely to exploit others, even to cheat.Juice,
I have met plenty of marxists assholes too.
Oblama the clown?
Ottoman,
What percentage of your revenue goes towards payroll for your workers?
Anyone remember the youtube video that had that lady that was screaming that Obama was going to pay for her gas and her mortgage after he was elected?
https://www.youtube.com/watch?v=bUHoAaDlhDo
Pension funds are loaded with stocks and alternative investments they invest a lot less in bonds nowdays and when they do it is hold to maturity. The bonds they bought in last 30 years are way way up in value which somewhat offsets the fact todays bonds are pricey and have low coupons.
12.joyce says:
July 15, 2014 at 10:00 am
I guess no wealthy people own stocks that are up 150%. I guess no middle class/govt people have money invested in pension funds that rely on fixed income instruments for duration match (that are being destroyed by ZIRP).
go back to playing in the sandbox
anon (the good one) says:
July 15, 2014 at 8:27 am
But there’s also a much more direct reason for those defending the interests of the wealthy to complain about easy money:
Yes, I’m greedy and proud of it. I create value in what I do, and expect value in return.
http://capitalismmagazine.com/2002/08/franciscos-money-speech/
“You stand in the midst of the greatest achievements of the greatest productive civilization and you wonder why it’s crumbling around you, while you’re damning its life-blood–money. You look upon money as the savages did before you, and you wonder why the jungle is creeping back to the edge of your cities. Throughout men’s history, money was always seized by looters of one brand or another, whose names changed, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, deprived of honor. That phrase about the evil of money, which you mouth with such righteous recklessness, comes from a time when wealth was produced by the labor of slaves–slaves who repeated the motions once discovered by somebody’s mind and left unimproved for centuries. So long as production was ruled by force, and wealth was obtained by conquest, there was little to conquer, Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as slaves, as traders, as shopkeepers–as industrialists.”
Street. That’s pretty good stuff. Reminds me of the work of that obese Michael Moore. I wonder what he’s working on besides a bacon double cheese Whopper.
26
What does the market value of the bonds matter if they hold to maturity? Care to take another swing (and miss)?
And they were forced to take on more alternative (i.e. risky) investments due to zirp, etc.
Phoenix [14];
Wow, what a pipe dream. That’s even more ambitious than the left’s effort to make PR and DC into 4 permanent Democratic Senate seats.
Only one problem — U.S. Const., Art. IV, Sec. 3
No daylight there to shine on this scheme.
Could be some tornados this afternoon and some microbursts. Commutes home should be nasty. Unless you are unemployed. In which you may want to tie down your cardboard box.
Watch these storms pop up out of nowhere. Weather geeks are going crazy over this afternoon’s setup.
http://weather.cod.edu/satrad/nexrad/index.php?type=DIX-N0Q-1-12
Moose,
Did you forget to read until the end of the sentence? “…without the Consent of the Legislatures of the States concerned as well as of the Congress.”
I think splitting up California would not guarantee x number of more democratic senators… but rather give rise to a better chance of republican senators. Just like splitting Texas into 4 wouldn’t guarantee 6 more republican senators.
baa
Joyce [32];
Full text of the section:
Note the semicolon separates the “erected within” clause from the “Junction of two” clause. Permission of the states and congress is separated by a comma, and falls within the “Junction of two” clause. My reading of that is that “Consent of the Legislatures of the States concerned as well as of the Congress” is only sufficient for a Junction of two states, while the “erected within” clause is an unequivocal prohibition. Note also the plural in “States concerned”. Only one state would be concerned in the “erected within”, plural is superfluous if it applied to the “erected within” clause.
As for the real politik, I see two of the new states converging at the Bay area, plus the LA ‘state’ and the San Diego ‘state’. meaning at least 8 gerrymandered safe Democratic senate seats. Only on pure R area, the rural inland along the Eastern border.
You different reading than mine is fair. I believe the plural is referring to the whole compound sentences. I also think semi colons and commas were used a lot in what we’d consider run on sentences in the Constitution.
I think you two are smoking crack. It’s merely nothing more than a publicity stunt. To take it further than that, for example, to argue the merits of it is simply absurd and a waste of time.
Baa.
Let’s eject the DC metro area from the union and declare war.
The Chinese are coming…
A modern-day Chinese emigration wave is already underway, but a tsunami may soon hit America’s shores. This month, U.S. real estate Web site Zillow begins publishing its entire U.S. real estate property database in Mandarin on the biggest real estate Web site in China. This means Chinese buyers can surf the Net to find properties near family and friends in their price range. “The fact that Zillow is going there is huge,” says Hall Willkie, president of New York real estate firm Brown Harris Stevens Residential Sales. “The Chinese may just overwhelm the United States with purchases.”
http://www.washingtonpost.com/posteverything/wp/2014/07/15/the-chinese-are-coming-and-theyd-like-to-buy-your-house/?hpid=z4
Very Spacious 2 Bedroom Condo With Amazing Storage, Makes You Feel Like You Are In The Penthouse Suite With Amazing Views Of The City, Owner Motivated, Deal Just Died, Bring All Offers!!!!!!!!
MLS# 2600263
LOVE it the Ad for this Lido Beach Condo cracks me up. Can realtors really write stuff like this?
Grim for your consideration, for your usual daily post
http://uk.reuters.com/article/2014/07/15/uk-jpmorgan-results-mortgages-analysis-idUKKBN0FK29D20140715?feedType=RSS&feedName=GCA-GoogleNewsUK
If JPM is pulling away from mortgages when everyone else is rushing in with sub-prime lite equivalent, what gives? One of their excuse is the prohibited cost of pursuing foreclosures, so they prefer to prevent it. Preventive action. I can now see why the Clinton have the Asset Management Account with JPM.
@SenSanders:
Income and wealth inequality is the great moral, economic and political issue of our time.
Solved by encouraging small business creation.
anon (the good one) says:
July 15, 2014 at 6:42 pm
@SenSanders:
Income and wealth inequality is the great moral, economic and political issue of our time.
Won’t need no stinking Constitution soon. Alls you’ll need is a good variety of personal firearms.
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