From HousingWire:
CoreLogic: Home prices rose 6.9% in July 2015
Home prices nationwide, including distressed sales, increased by 6.9% in July 2015 compared with July 2014, according to CoreLogic.
On a month-over-month basis, home prices nationwide, including distressed sales, increased by 1.7% in July 2015 compared with June 2015.
“Home sales continued their brisk rebound in July and home prices reflected that, up 6.9% from a year ago,” said Frank Nothaft, chief economist for CoreLogic. “Over the same period, the National Association of Realtors reported existing sales up 10% and the Census Bureau reported new home sales up 26% in July.”
Including distressed sales, only Colorado has more than 10% year-over-year growth. Additionally, only 10 states have experienced increased growth in the last year that matched or surpassed the nation as a whole; those states are: Colorado, Florida, Hawaii, Nevada, New York, Oregon, South Carolina, South Dakota, Texas and Washington.
Fifteen states reached new price peaks since January 1976 when the index began including Alaska, Arkansas, Colorado, Hawaii, Iowa, Kentucky, Montana, Nebraska, New York, North Carolina, North Dakota, Oklahoma, South Dakota, Tennessee and Texas.
Only two states experienced home price depreciation: Massachusetts (-2.1%) and Mississippi (-0.8%).
Frist
Trumped!
Moving my daughter to Chicago this week. Real job, real company real bennies, minimal student debt.
Miracles still happen.
[3] splat
In the city or onto the nearby campus of a certain pharma giant?
rahm emanuel
“The Fed is beginning to recognize that 6 years of zero bound interest rates have negative influences on the real economy – it destroys historical business models essential to capitalism such as pension funds, insurance companies, and the willingness to save money itself. If savings wither then so too does its Siamese Twin – investment – and with it, long-term productivity, the decline of which we have seen not just in the U.S. but worldwide.”
Nicely said, Bill Gross.
https://finance.yahoo.com/news/bill-gross-fed-tightening-cycle-115040897.html
[3] I can’t believe I’ve been around here so long that HS kids I’ve never met are now done with college. Congrats.
U.S. will reach 400 Million Private Firearms by end of Obama Presidency
http://gunwatch.blogspot.com/2015/09/us-will-reach-400-million-private.html
House prices up, stock market down.
This is also sure to get footrest into reflexive name calling mode:
http://www.cnbc.com/2015/09/02/report-more-than-half-of-immigrants-on-welfare.html
[8] dfens
If I were the NRA director, I’d offer Obama a job for post presidency. Director of Sales or something.
[8] dfens
Funny how that chart resembles the expat chart in a way.
So wealthy expats are renouncing citizenship and the bag holders are buying guns. Nope, nothing to see here. Move along.
[3] Splat
Congrats to her and you!!
3/Clot, congrats. It’s what really matters, take pleasures in your children. Good luck to her.
7/Ex, not sure of the exact date of my entry here but it was likely when my youngest began first grade. He is starting HS this year and my other will graduate this year. Promise when the youngest is done in four I’ll leave you guys alone for good ;)
Serious question:
Why was peak housing prices cause for alarm circa 2004-2008, yet in 2015 it is just another news cycle?
Double-dipping still rampant in Essex County, report says
ESSEX COUNTY – Double-dipping – the time-honored New Jersey tradition of drawing income from multiple public jobs or pensions – continues to earn a number of high-ranking county officials hundreds of thousands of dollars each year.
According to a report by New Jersey Watchdog, the biggest dipper is County Executive Joseph N. DiVincenzo, who is paid $230,476 annually. Nearly $69,000 of that is from a pension after he quietly retired from the position in 2010, only to be reelected months later.
Behind him is longtime county Sheriff Armando Fontoura, who brings home a combined $207,289 after pulling a similar move in 1990, one year before he began his run as sheriff.
Fontoura’s second-in-command, John Dough, also brings home better than $200,000 annually through a pension as a retired Newark police captain and his current salary of $121,861.
Both DiVincenzo and Fontoura have defended their past “retirements” as decisions that were best for their families, according to NJ Watchdog. The website reported that along with Dough, their annual pensions increase by $210,000 each year.
I would have her dress every day with her lax headgear……she’ll need it…..also buy her a gas powered coat…….in other news CONGRATS!
Splat What Was He Thinking says:
September 2, 2015 at 7:36 am
Moving my daughter to Chicago this week. Real job, real company real bennies, minimal student debt.
Miracles still happen.
In honor of clot’s daughter…..
15 – Clotluva
I’m going out on a limb here, but the primary reason I see is as follows:
Not every house is back to peak prices. Houses that are maintained, clean, in a good location, with a good school system have regained prices.
Houses that are average with basic maintenance done and no glaring defects are going for a price that, while high, is at least attainable.
And finally, the POS down the street that still has the chalk outline from the last owner is not selling.
what neighborhood?
Because in 2004-08 the market makers affected mortgages in such a way so that house prices then were artificially inflated and did not reflect underlying value.
This time, markets are operating efficiently without distortion to underlying fundamentals such as interest rat…..
Hey, wait……….
If the Cubs win the World Series the entire city will end up burned to the ground……
It is still difficult to get a mortgage…..a lot of people are still out of the market….or else are forced into price levels below their preference……
leftwing says:
September 2, 2015 at 8:57 am
Because in 2004-08 the market makers affected mortgages in such a way so that house prices then were artificially inflated and did not reflect underlying value.
This time, markets are operating efficiently without distortion to underlying fundamentals such as interest rat…..
Hey, wait……….
Chi, feels like a huge black/red bet coming up.
I’ll likely take most chips off the table and invest elsewhere. More liquid, point and click type saleability. I was correct, eventually, on the last cycle but ‘markets can stay irrational longer than you can stay solvent’.
Real estate just has too many extraneous variables. As others here have pointed out very rational economic decisions and many personal finances were thrown into chaos a decade or so ago when at what appeared to be the peak an entirely new wave of ‘fog the mirror’ mortgages (wish I knew who coined that term) originated a wholly unprecedented level of price appreciation.
Buying shortly with a four year time frame. Will be a condo priced on FCF so when I exit if market isn’t favorable just toss it out for rent. No reason to take ST RE capital risk in this environment.
Wordsearch for some legal resources and found this interesting read on one of NJ’s bright, shining lights. Not a word about bike paths though . . .
http://www.unz.com/ldinh/postcard-from-the-end-of-america-champ-ali-in-camden/
Inspiring….
http://www.shutterstock.com/pic-299526011/stock-vector-smiling-unicorn-pooping-a-rainbow-on-the-sky.html?src=YNERBkomtrydfXZGdyhM4g-1-5
26. Wish I had an eight year old daughter whose room I could decorate LOL.
@BernieSanders:
Politicians who deny climate change is real, despite an overwhelming scientific consensus, are morally bankrupt.
Canada is officially in recession and is showing signs of a housing bust, due to the decline in oil, seems the Saudis are getting their way and destroying oil production here in North America.
http://news.yahoo.com/canada-officially-recession-first-half-2015-131114485.html
Anecdotal to oil, my neighbors son is now home (unemployed) from his job, he was a Navigator on a oil exploration ship. Seems the Capex cuts are hitting hard there, his old man wanted him to move out, get married to his long time GF and buy a two family home. Guess that won’t be happening anytime soon.
Politicans who deny flying around in a 747 causes climate change are morally bankrupt.
I’m officially not prestigious until the closing, right?
Aren’t we saying that it’s still difficult to get a mortgage ONLY in comparison to fog a mirror standards?
chicagofinance says:
September 2, 2015 at 8:59 am
It is still difficult to get a mortgage…..a lot of people are still out of the market….or else are forced into price levels below their preference……
I don’t have an issue with views on climate evidence. But to draw the conclusion that the science is settled and then attacking people’s character suggests the attacker could not care less about the issue.
Joyce. You are not wrong but consider some of the stories you see posted in these threads. It is more cumbersome and less satisfactory than you would expect at this juncture.
Speaking of mortgages, I can only tell you now from my experience of these past weeks that the amount of scrutiny, hoops, paperwork and follow-up to obtain a mortgage commitment has been beyond dizzying. In my two previous house purchases, it was not this arduous.
I’m exhausted and the official commitment is STILL a few days away. This, with stellar credit, no other debt but current mortgage. The mortgage companies could care less about investments/assets; they simply want to know the debt to income ratio.
And all of this doesn’t include the other snags, obstacles and hold-ups. Again, be careful what you wish for.
Clot,
Congratulations. For the sake of both our daughters, I hope the world doesn’t collapse into militias and squirrel trapping. For people with marketable skills, there still seem to be some good opportunities out there. For people without that, there are plenty of websites and twitters where they can endlessly spout nonsense about how the Waltons took away all their money.
21 leftwing
It seems like this market is less centered on speculators and flippers (unless you take into account all the folks from Hong Kong, Taiwan, and mainland China buying apartments in Manhattan).
Also, I wonder whether the fact that Fannie/Freddie have assumed most of the default risk (rather than private mortgage lenders and institutional purchasers of MBSs) is responsible for removing that particular end-of-the-world scenario from the equation.
But I agree – I feel like people are a little too complacent regarding the rate issue.
If it wasn’t for the Waltons of the world, I wouldn’t be buying a house. Nor would I hire a painter or buy a lamp and a chair and drapes or hire a moving company or… hey wait a minute, I see a correlation here. You mean, by having a job with a corporation that has a need, I earn money to buy goods and services that allow other’s to make a living as well? Is there a name for this model?
re: # 37 – “Also, I wonder whether the fact that Fannie/Freddie have assumed most of the default risk ”
No need to wonder private MBS issuance is only a blip around 1 Billion a quarter. The GSEs are issuing 100 x that amount, with the FED still the primary holder and buyer.
We are also headed for a “liquidity” crunch in Agency MBS trading. The big banks have begun to pull back on trading MBS and the Fed was supposed to be tapering down their purchases.
Looks to me like they are increasing their purchases.
See slides 65, 66 etc
http://www.freddiemac.com/investors/pdffiles/investor-presentation.pdf
Bingo!
A Home Buyer says:
September 2, 2015 at 8:56 am
15 – Clotluva
I’m going out on a limb here, but the primary reason I see is as follows:
Not every house is back to peak prices. Houses that are maintained, clean, in a good location, with a good school system have regained prices.
Houses that are average with basic maintenance done and no glaring defects are going for a price that, while high, is at least attainable.
And finally, the POS down the street that still has the chalk outline from the last owner is not selling.
40- Anything pos sold during the bubble for asking price or more. Not now. Only the good properties.
*Any pos sold
re # 38 – Eddie the Waltons aren’t buying your mortgage, a desk on 9th floor of 33 Liberty Street is.
Now do you realize that we won’t be running in the wilderness for the next 50 years. People are making money. It’s just all the people there are not enough jobs for that are the problem.
Splat What Was He Thinking says:
September 2, 2015 at 7:36 am
Moving my daughter to Chicago this week. Real job, real company real bennies, minimal student debt.
Miracles still happen.
Wtf? What the hell do they have to do with you buying a house? It’s more like the role you play in helping them build their wealth. You have it all backwards. Enjoy their crumbs.
Fast Eddie says:
September 2, 2015 at 10:26 am
If it wasn’t for the Waltons of the world, I wouldn’t be buying a house. Nor would I hire a painter or buy a lamp and a chair and drapes or hire a moving company or… hey wait a minute, I see a correlation here. You mean, by having a job with a corporation that has a need, I earn money to buy goods and services that allow other’s to make a living as well? Is there a name for this model?
Plumpkin – you voting for Bernie?
46- I’m voting for Bernie or Trump. Refuse to vote for anyone else.
Pumpkin [45],
Wtf? What the hell do they have to do with you buying a house? It’s more like the role you play in helping them build their wealth. You have it all backwards. Enjoy their crumbs.
You’re right. I think I’ll quit and join some Occupy movement.
Eddie, what debt:income ratio are they using these days?
Clotluva, feels like a catch-22 to me. Rates stay this low/QE4 says the economy in the cr@pper, bad for housing. Rates move appreciably on flattish economy you get an initial bump from fence sitters but then less affordability, bad for housing. Only scenario that seems to work is big economic move supporting/initiating rise in rates and I just don’t see that on the horizon. Housing market dead money near term.
[45] gourd
I’d rather Walton crumbs than Maduro gruel.
I think Yoodint Bilthaht
Fast Eddie says:
September 2, 2015 at 10:26 am
Is there a name for this model?
Chicago…a great place to lose yourself and your career.
leftwing,
I believe it’s 51% for non FHA commitment. Which means, your total monthly debt including PITI, car payments, credit cards cannot exceed 51% of your monthly gross income. And if you go FHA, you must pay mortgage insurance regardless of the amount you put down.
Europe gets cholesterol drug for 50-60 percent of U.S. price
http://www.reuters.com/article/2015/09/01/us-health-heart-amgen-europe-idUSKCN0R13VI20150901
fknFNf mbrqyuzixlcw, [url=http://jcctbgqimxze.com/]jcctbgqimxze[/url], [link=http://eylshwukbtzz.com/]eylshwukbtzz[/link], http://djinvtvukttp.com/
Mom takes a drug where the generic is no longer available in the U.S.
After Medicare and all the gap and donut nonsense, they are telling her it’s $3000 a month.
They sell the generic in Canada, Europe, and India for less than $85 a month.
What’s this nonsense all about?
re: “What’s this nonsense all about?”
You are paying to make sure it isn’t counterfeit.
@DineshDSouza: NOW WE WATCH: Here’s the Hillary campaign, caught red-handed arranging a straw donation in violation of election laws http://t.co/Pw91kzOLRg
54, 56
“The fact that U.S. drug prices are often significantly higher than those in other markets has led to persistent complaints that Americans effectively subsidize the rest of the world in paying for drug development.”
The re-importation ban prevents arbitrage.
The generic is only made by one company, is no longer available in the US. It’s still made and is the one being sold abroad. It’s actually still sold in the US, but only for veterinary label uses.
Can you just go to a vet then?
60 – you could probably buy it at a bodega in the Bronx.
Tom Gresham @Guntalk
Ben Carson on semi-autos: “depends on where you live. I think if you live in the midst of a lot of people…I would rather you not have
Grim,
Send her on a cruise to Mexico. Not sure if you still can but last time I went I met up with some seniors who stated the whole cruise was paid for with drug savings.
They knew all of the places to go to get what they needed. They did this every year.
Whoopsy daisy..,
@Breaking911: Army Searching for Missile That Fell from Apache Helicopter Over New York – UPDATE – http://t.co/WO0rM3l2Ec http://t.co/GIfBguz7Dq
“I’m voting for Bernie or Trump”
Sounds schizo — these two couldn’t be more different.
Juice (39)
Thanks for the link. It is interesting that most recent housing market low (2010-2011) coincided with the decrease/cessation of Fed purchases (ref slide 66).
Also, I assume the few securities that are purchased by private banks are cherry-picked based on their inherent value (similar how Michael Burry cherry-picked which ones would be most doomed to fail).
Do you have any insight into how precisely the MSE’s themselves would be impacted by an increase in interest rates?
67 correction
*MSE’s should be GSE’s…
Grim (56)
It’s called capitalism, big pharma style.
Those $750K Union County capes and splits don’t pay for themselves.
Mom takes a drug where the generic is no longer available in the U.S.
After Medicare and all the gap and donut nonsense, they are telling her it’s $3000 a month.
They sell the generic in Canada, Europe, and India for less than $85 a month.
What’s this nonsense all about?
I still have my Technics turntable in my attic. And my rappers delight long version 12 inch DJ version with no words and my plug in large mike. The absolute best. F the IPhone. YOOOOO is Bronx in da house
Hey Mr. DJ: Technics turntables are coming back
By Takashi Mochizuki
Published: Sept 2, 2015 2:39 p.m. ET
Panasonic plans to bring back popular analog devices by March 2017
Responding to longtime calls by fans and disk jockeys, Panasonic Corp. said it is reviving Technics turntables — the series that remains a de-facto standard player supporting nightclub music scenes.
The new analog turntable, which would come with new direct-drive motor technologies that Panasonic says would improve the quality of sound, would be released sometime between April 2016 and March 2017, the Japanese electronics company announced on Wednesday.
Panasonic last year relaunched the high-end music brand that was discontinued in 2010 as a part of the Japanese company’s strategy to unify its corporate brands. Since its birth in 1965, the brand earned a good reputation for its accurate playback of original sound, attracting music aficionados, especially in Japan and Europe.
Depeche Mode was MADE for Turntables!!!
If Sanders doesn’t smarten up and play his part, The Donald might not add him to the ticket. Bernie knows he’s supposed to be the straight man.
Politicians who deny climate change is real, despite an overwhelming scientific consensus, are morally bankrupt.
Rosie O’Donnel and Donald Trump for President only if Rosie Marries Hillary to maker her first lady again
Grim, joyce nails the pharma in 59. Effectively the US subsidizes the ROW.
No different than the cold war when reagan spent the ussr into dissolution. We hit 7% of GDP IIRC. Western europe didn’t come close and took a free ride from us.
Nice to be able to brag on a friend:
http://us11.campaign-archive2.com/?u=7e7c03dbdb1f68af782f06eb0&id=f873a5412a
I wonder if the folks at Fulbright know her nickname is Scooter?
nice
#70
Technics turntable, Absolute Sound magazine, colored vinyl albums, British New Wave, embarrassing hairstyle – those were the days!
Too bad I just sold my old turntable for what I thought was a good price, I should have hung on to it longer, might have been my best investment.
Yeah but did you have the Maxell poster hanging, or a Nagel print?
Plume (4)-
Living in city, reverse commute to burbs.
Chi (20)-
Andersonville.
Punkin (44)-
Oh, there will be blood. Beginning to think we may skip the 50 years in wilderness and get straight to the old ultra violence.
My kid did well in kolledge, but she did so thanks in part to a massive academic scholarship that was really given based on her ability to play lacrosse. Never let anyone tell you D3 skools don’t have sports scholarships…you just have to make good grades once you’re in to keep that disguised scholarship.
Punkin, when the old ultra violence gets really jiggy, that’ll be my daughter delivering a right cross to your glass jaw.
LOL. Punkin Thumpin.
Maxwell – Nagel just seemed too gay.