From Zillow:
Fall Housing Market Cools, Revealing New Top Metros for Buyers and Sellers
U.S. home values rose more slowly in August than they have in a year, and the cooling market offered a clear view of local markets that favor either buyers or sellers.
The nation’s hottest markets on the West Coast continued to favor sellers with quick sales and high asking prices. But some still-recovering markets remained a bargain for buyers as more homes went up for sale.
According to the latest Zillow analysis of buyers’ and sellers’ markets, sellers in the Bay Area, Seattle and Dallas have the most negotiating power, with final sale prices largely at or above asking. For those looking to buy a home, the Northeast and Midwest offer the most favorable conditions, as buyers are less likely to be faced with the fierce bidding wars seen across the West Coast and in larger cities across the country.
In this analysis, a sellers’ market is not necessarily one where home values are rising, but rather one in which homes are on the market for a shorter time, price cuts occur less frequently and homes are sold at prices very close to (or greater than) their last listing price. In buyers’ markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.
…
Top 10 Buyers Markets1. Providence, RI
2. Cleveland, OH
3. Philadelphia, PA
4. Milwaukee, WI
5. Chicago, IL
6. Pittsburgh, PA
7. Tampa, FL
8. New York/Northern NJ
9. Chincinnati, OH
10. Jacksonville, FL
The great exodus continues, from the Record:
Ultimate leaving New Jersey online gambling market
Ultimate Gaming, the Internet gambling partner of the Trump Taj Mahal, says it is leaving the New Jersey market.
Ultimate is alleging “multiple breaches” of its contract by the Taj Mahal.
The company says it will keep offering Internet gambling in the United States through its operation in Nevada, UltimatePoker.com.
The company did not say when it would end operations in New Jersey.
Trump Entertainment Resorts has threatened to close the Taj Mahal on Nov. 13. It had no comment on Ultimate’s allegation.
Even though I’m now a devout fan of die hipster, I got to admit I get a laugh out of the high five guy. It’s not a new video, so I have no idea why it’s making it’s viral rounds again. He does leave most of the people laughing, and those that are pissed probably deserve to be pissed. I’m just saying I’m not quite sure that guy’s a hipster, I mean, what’s he doing all the way out in Manhattan anyway.
It doesn’t surprise me that our area is sort of being recognized as a buyer’s market; even though everything is still way over-priced. The property taxes are just crushing people to death. But, it will drift further down until people can afford to buy. The fake interest rates and juicing the cadaver will end eventually.
I’ve had three realtors call me in the last four days that I met at open houses the last few years. They came out of the woodwork. I don’t know what it means. I’ll let the board interpret it. Please, don’t wave your pom poms, give me a legitimate analysis.
In buyers’ markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.
How long does a muppet wait before it throws in the towel and swallows the loss? And don’t tell me they’re cutting into the principal now because we know that’s a load of bullsh1t as well. And you HELOC’d on top of it. F.ucking ouch! Refinanced? Nope, not qualified. And even if you did, you just reset the 30 year timer back to year one. The price you paid is there forever, no matter how hard you try to bury it.
Tick… tick… tick… tick…
4 – Swallow the loss is easy, the question is, once you do that, where do you go? Rent and pay the same in rent as you would in PITI? The alternative is just as painful.
Yes, I’m right again. We made the list for top 10 markets for BUYERS, but don’t mind me, I’m just an idiot. People that are first time buyers, buy now. If you wait till 2020 or later, you will have a ton of competition.
Fast Eddie, I finally realized it. No wonder you don’t buy. You really are just trading real estate. You have to sell to buy. So what difference does it make to you if prices go up or down. It doesn’t matter to a person in your situation.
Fast Eddie says:
September 20, 2014 at 7:45 am
It doesn’t surprise me that our area is sort of being recognized as a buyer’s market; even though everything is still way over-priced. The property taxes are just crushing people to death. But, it will drift further down until people can afford to buy. The fake interest rates and juicing the cadaver will end eventually.
I’ve had three realtors call me in the last four days that I met at open houses the last few years. They came out of the woodwork. I don’t know what it means. I’ll let the board interpret it. Please, don’t wave your pom poms, give me a legitimate analysis.
5 – Sometimes they may not have a choice. You could rent something cheaper. If you’re forced to cut expenses, you’re going to find something cheaper if you really need to move. Otherwise, you keep making payments. But yeah, there really are no alternatives so, they’re stuck. They’re throwing money into a depreciating asset with no escape.
Remember I said that my second floor tenants of 18 years were leaving (buying a home). Damn I’m happy that they are leaving. I just hit 1350 from the dirt cheap 1075 I was charging them (had not raised their rent in years). Not losing a months rent or anything. Life is good.
grim says:
September 20, 2014 at 8:06 am
4 – Swallow the loss is easy, the question is, once you do that, where do you go? Rent and pay the same in rent as you would in PITI? The alternative is just as painful.
Michael,
You sound like a real estate agent. lol! Whatever works for you in your Michael mind is fine but you have trouble deciphering reality from fantasy.
Not true, it will appreciate in time. What incentive do you have to sell if you are underwater? You waited this long, mine as well refinace and bunker down till prices rise.
” They’re throwing money into a depreciating asset with no escape.”
Nah, real estate investor.
Fast Eddie says:
September 20, 2014 at 8:32 am
Michael,
You sound like a real estate agent. lol! Whatever works for you in your Michael mind is fine but you have trouble deciphering reality from fantasy.
Btw, my tenants are first time buyers. They are older, but have finally achieved their dream. The young first time buyers are coming. By 2020, they will be here due to a major improvement in our economic outlook.
12- and conditions
Whatever sweetie. Click your heels together and say, “There’s no place like home.”
I love investment strategies like ‘it’s going to go higher, cause it has to, eventually’
It’s an inflation hedge asset that generates income, if bought for investment purposes. Inflation says the price will be higher 20 years from now. Price and value are two different things. One of my guiding principles of investments, if you are not keeping up with inflation, you are losing money. That’s why so many lottery winners go broke. They have no understanding of this.
joyce says:
September 20, 2014 at 8:48 am
I love investment strategies like ‘it’s going to go higher, cause it has to, eventually’
I CANNOT WAIT to hear the rest of Passion Fruit’s guiding principles of investing
if you are not keeping up with inflation, you are losing money.
Since salaries are flat for over a decade, what percentage of the population is losing money?
Yea, but that’s about to change. You know how many people at my wife’s company have been leaving for higher salaries, who just a few years ago were happy to have a job. Nobody left a few years ago. Now in the past 6 months, 7 or 8 have left. I know I’m right. The signs are around. This is a dead sign for me.
Fast Eddie says:
September 20, 2014 at 9:25 am
if you are not keeping up with inflation, you are losing money.
Since salaries are flat for over a decade, what percentage of the population is losing money?
19-* were happy to just have a job
She is also getting calls for jobs from recruiters that are offering salaries that are a lot higher than a few years ago. Saw one for a job starting at 200k, which was not happening a few years back.
re: #2 – It was a Daily News feature 3 days ago. He is a hipster for sure from New Haven to Crown Heights all on mommy and daddy’s dime, and NO TALENT.
When I see them and their subculture of “non-conformity” and how they say it’s “authetic” I just want them to all go back home to their cul-de-sac.
The real New York subcultures were the Skateboarders, Goths, Club kids, Punks, Steampunks, Beatboxers, Breakdancers, Roller Bladers, Hip Hop Heads, Deadheads, Phishheads, Slam Poets, and even the Jedis in Washington Square Park.
The Hipsters buy and display their non-conformity as a piece of fashion and sponge off mommy and daddy for far too long.
I hope the Russian company that wants to buy PBR is the end of their subculture.
I have British Hipsters in my family. Cousin who was living in London and was a “stylist” to the stars. Her and her husband moved to Ibiza a few years ago. For the last few years loads of Facebook pics of them and their friends trying to be original and partying it up, no work to be done for sure. Well their meal ticket my uncle up and died.
They are no back in London and will do their best to sponge off of mommy and what remains of her money.
@Edmism:
Two hipsters walk into a bar. The first hipster did it before it was cool. The second hipster did it ironically.
turdblossom (12)-
Is their dream financial suicide? Did you cheerlead them into buying a property in the modern day version of Gom0rrah?
“Btw, my tenants are first time buyers. They are older, but have finally achieved their dream.”
joyce (15)-
Evidently, you didn’t get the memo. Hope IS a strategy.
joyce (17)-
You don’t have to wait; just go here:
http://www.youtube.com/watch?v=K853GykeGH0
“I CANNOT WAIT to hear the rest of Passion Fruit’s guiding principles of investing”
Too bad the Gooners showed up to play today v. Villa instead of laying down against BvB.
Meat [27],
LMAO!
Today
http://m.youtube.com/watch?v=P8W23wn1828
clot: circa 2008-9
RE/MAX
OUTSTANDING AGENTS/OUTSTANDING RESULTS
DREAM WITH YOUR EYES OPEN
Liberate Tutteme Ex-inferis
http://www.youtube.com/watch?v=xuJnIJHgQ44
“Thinking some more about John Boehner’s resurrection of the notion that we’re suffering weak job growth because people are living the good life on government benefits, and don’t want to work. It has long seemed to me that the issue of unemployment benefits is where the debate over economic policy in a depression reaches its purest essence. If you’r on the right, you believe — you more or less have to believe — that unemployment benefits hurt job creation, because you’re “paying people not to work.” To admit that depression conditions are different, that the economy is suffering from an overall lack of demand and that putting money into the pockets of people likely to spend it would increase employment, would mean admitting that the free market sometimes fails badly. And of course disdain for the unemployed helps a lot if you want to oppose any kind of aid for the unfortunate.”
Anon…when my wifr got on unemployment for 99 weeks, we decided to have a kid instead of having her getting job.
Anon wants full blown communism. He doesn’t even try to hide it. There’s no reasoning with him.
I just love the blind defenders of food stamps and unemployment. The reality is, every store in blighted neighborhoods accepts food stamps for items like cigarettes. And most people on unemployment don’t look for a job until its up. People like Anon don’t know that because they’ve never been to the ghetto.
When my wife got laid off, we were basically presented with 99 weeks of unemployment which was prime opportunity to have a kid and to get paid while she remained at home. My brother was the same way recently. He got laid off, goes to work for a roofing company under the table during that period. The day the unemployment runs out, he magically has a new full time job.
This is a real easy solution but the damn progressives will never even consider it. Unemployment benefits should but cut $20 a week down from the $600 or so it is. That gives the person plenty of time to find a job before the well runs dry… The countdown is enough to force them to look for a real job.
Why do you even feed irrelevant? I Acknowledge him only to belittle him.
[24] irrelevant
That was actually funny.
“Evidently, you didn’t get the memo. Hope IS a strategy.”
And the basis for a Nobel Prize.
Ben, dont be absurd. Youre the only person that could possibly have used the 99 weeks of UE as an excuse to get pregnant. What a reach!! Only 26 weeks was ever guaranteed.. The other 73 were only if extensions were approved. And besides, it’s capped at $450/wk or whatever
Ben – anon is from the Buggie down. Pulled himself up and now is conflicted because the rest of those he left behind cannot.
Just lost a good tenant. 70 year old (looks 60 works like 30) single woman with a great government pension. Husband had passed away and she decided to live her dream of building a Victorian garden (and pond) without the type of house that goes along with it.
Bought three acres a block away from one of my two family units and rented the upstairs place (balcony view of her property).
Paid in cash on time all the time and complained about nothing.
A few months ago she notices a small house on the lot contiguous to hers that seemed abandoned and inquired about it (the old gal has no problem knocking on doors and asking about anything and everything – nicely).
Turned out an old man lived there and recently died. Kids live out of state and were estranged. She contacted them. Got the joint (and a acre of land) for $25,000 cash AS IS.
She showed it to me. Yeah, needs some work but it’s a structurally sound two bedroom with ‘city’ water and sewer.
Goes to show deals are out there if you’re determined.
BTW – The old man was PIG and a hoarder. No big deal. Nothing my son, a friend of his and a dumpster couldn’t handle. She also wants the boys (teenagers) to do some spackling, painting ect. Cheap labor and good experience (for the boys).
Me? I lost a great tenant but gained another (place rents quick) that’s even a better fit.
Everybody won! (whew).
Michael says:
September 20, 2014 at 8:25 am
Yes, I’m right again. We made the list for top 10 markets for BUYERS, but don’t mind me,I’m just an idiot.People that are first time buyers, buy now. If you wait till 2020 or later, you will have a ton of competition.The Passion of the Fruit just cracks me up. He has decided the future and economic growth along with dates and future asset prices while showing no evidence, nay, evidence to the contrary of an education beyond 7th grade. Sure, his wife is seeing some movement of employees from her McDonald’s workplace to Wendy’s for 50 cents more an hour, but that is anecdotal income growth.
I’ve suspected this was coming for some time.
http://www.bloomberg.com/news/2014-09-20/global-crackdown-on-tax-avoidance-in-place-from-2017-oecd-says.html
Will be interesting to see what shakes out . . .
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