From Reuters:
U.S. data points to moderate fourth-quarter growth
U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter.
Anemic consumer spending did little do change expectations that the Federal Reserve will raise interest rates next month as other data on Wednesday showed a surge in business spending plans in October and a drop in new applications for unemployment benefits last week.
“As far as fourth-quarter GDP goes, that is likely to keep estimates close to 2 percent. That’s enough to justify a rate hike as long as next Friday’s employment report is not a disaster,” said Chris Low, chief economist at FTN Financial in New York.
The Commerce Department said consumer spending edged up 0.1 percent after a similar increase in September. That suggests consumer spending, which accounts for more than two-thirds of U.S. economic activity, has slowed from the third quarter’s brisk 3.0 percent annual pace.
…
Economists say rising rents and medical costs are diverting money from discretionary spending. While consumer sentiment increased in November from October, households continued to fret over their financial prospects, another report showed.But as the labor market continues to tighten, there is optimism that wage growth will pick up and encourage consumers to loosen their purse strings and boost spending.
…
Strengthening labor market conditions are gradually lifting income. The Commerce Department said personal income increased 0.4 percent last month after rising 0.2 percent in September. Wages and salaries shot up 0.6 percent, the largest gain since May.Savings increased to $761.9 billion, the highest level since December 2012, from $722.9 billion in September. Higher savings could over time buoy consumer spending.
There was still no sign of inflation, which has persistently run below the Federal Reserve’s 2 percent target.
It’s been a while since I did a search on Trulia for some comedic relief. It appears that the pipeline has finally started to clear. All those pre-foreclosures are now listed as foreclosures. G0d only knows the hidden truth regarding the number of housing deaths that have occurred and are still waiting to die.
It’s been about five weeks since I closed on my house. I used to talk about those post-closing costs in the weeks following that can’t be estimated. Clot is correct when stating that it’ll be decades of roaming the lost housing desert before things resemble something normal. I really don’t know where I would be if I didn’t save and invest for the last decade and a half. It only verifies the number of muppets that have mailed in the keys or are in housing purgatory.
Started at 819K, currently at 700K. Another 50K drop should begin to show some movement. Suffering from the pudgy muppet disease doesn’t mean you get to ask any price you want. You f.ucked up so pull up your big boy muppet pants and deal with the pain:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1544494&dayssince=&countysearch=false
Started at 995K, now at 850K with another 100K to go:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1545604&dayssince=&countysearch=false
40 years old and never saw a paint brush, a can of Pledge, a bottle of fantastic nor a decorative mind:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1545243&dayssince=&countysearch=false
3 – You’d be an idiot to even pay $650k for that.
Watch and learn.
3b says:
November 27, 2015 at 8:27 pm
#3 for the love of God please stop!! You seem to be really losing it.
7- Can’t see the forest for the trees. The writing is on the wall. Just remember, people laughed at me during the bubble, stating that I was an idiot for saying not to buy. You just might be doing the same thing right now, so be careful at laughing at my predictions.
Eddie – I side with Grim, I am no expert in Woodcliff Lake, but I would expect that first listing, the ranch, to trade with a 5 handle. This seller got his/her teeth kicked in.
Just like I stated in post 3 from yesterday, it’s slowly starting to build. OPEN YOUR EYES.
“U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter.”
The writing on the wall. It’s up to you if you can see it for what it is. Yes, no inflation yet, but we aren’t Japan, it’s coming. It’s going to be strong too.
“But as the labor market continues to tighten, there is optimism that wage growth will pick up and encourage consumers to loosen their purse strings and boost spending.
…
Strengthening labor market conditions are gradually lifting income. The Commerce Department said personal income increased 0.4 percent last month after rising 0.2 percent in September. Wages and salaries shot up 0.6 percent, the largest gain since May.
Savings increased to $761.9 billion, the highest level since December 2012, from $722.9 billion in September. Higher savings could over time buoy consumer spending.
There was still no sign of inflation, which has persistently run below the Federal Reserve’s 2 percent target.”
These listings support my view on real estate. They are homes owned by people that have been retired and are very old. In the next 10 years, these older people will leave. They have been holding out for better prices (for at least 7 years), but time is not on their side. They will be ready to sell in 5 years and the millennials will be ready to buy. A storm is coming, it’s the perfect conditions for it to occur.
Fast Eddie says:
November 28, 2015 at 7:55 am
40 years old and never saw a paint brush, a can of Pledge, a bottle of fantastic nor a decorative mind:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1545243&dayssince=&countysearch=false
I think that most of us are here because we love real estate. Eddie achieved what many of us strive for.
On the original post, Keynesian short-termism has turned most “economists” into blathering idiots babbling about consumers spending habits determining economic conditions. Savings, investment, and productivity are the long run drivers of economic trend growth. Which most economists are blind to, and have no interest in supporting.
1% inflation is still inflation. Anyone remember which central planners decided that 2% is the ideal amount of devaluation? There’s nothing wrong with 0% theft annually.
I wonder what anon and Otto had for Thanksgiving? Oh, right, it’s an oppressive, racist, white supremac1st holiday
http://www.dailywire.com/news/1337/left-stop-eating-authentic-ethnic-food-you-racist-amanda-prestigiacomo?utm_source=facebook&utm_medium=social&utm_content=112415-news&utm_campaign=dwbrand
Damn autocorrect. Tidbits?
D’oh!
I agree, inflation is inflation. and 0% is ideal. You know how the game is played though, they have built up enormous debt loads which can only be held in check with inflation. It’s theft, but this is what they will do. Some people think that inflation won’t come, but they have no understanding of how the game is setup. They will get inflation somehow, one way or another. It’s the only way to keep the ship from sinking under debt loads that are not serviceable without the help of theft by inflation.
Ragnar says:
November 28, 2015 at 12:08 pm
1% inflation is still inflation. Anyone remember which central planners decided that 2% is the ideal amount of devaluation? There’s nothing wrong with 0% theft annually.
This support my notion of a big boom in the next decade. The economy is already ultra PRODUCTIVE and efficient, some of the gains are starting to be sent to the workers,which will lead to SAVINGS. With savings will come demand for INVESTMENT. With demand for investment there will be growth aka boom cycle of the economy. With most of the initial savings being invested in homes, real estate should boom. This Great Pumpkin will come.
Ragnar says:
November 28, 2015 at 12:05 pm
On the original post, Keynesian short-termism has turned most “economists” into blathering idiots babbling about consumers spending habits determining economic conditions. Savings, investment, and productivity are the long run drivers of economic trend growth. Which most economists are blind to, and have no interest in supporting.
#7 watch and learn!! Oh grasshopper! So young so silly. And your posts are all over the place again. But that’s not surprising!
Wow. The prevarications of this administration are without precedent in my lifetime. You cannot simply skim this; you have to ponder what each point means because they mean a lot.
http://www.cnbc.com/2015/11/28/france-bows-to-obama-and-backs-down-on-climate-treaty.html
That’s the problem with the pace of our tech-fueled global society. In the past, it would take much longer for a soc1@list regime to collapse.
http://www.cnbc.com/2015/11/28/venezuelas-revolution-ailing-even-in-chavezs-hometown.html
19.
So fact, not thoughts or cuts and pastes, what were the top three performing asset classes during the last inflationary spiral?
My asset classes are kale, liberal guilt, and insip
Venezuela has been collapsing since around 2000. It took the recent oil price decline to accelerate the collapse. It takes a lot of extra effort to cause even a semi-free economy to truly collapse.
[26] Ragnar
Not to mention a society swimming in a coveted asset. That truly takes talent
Posted without comment though it makes a compelling counterpoint to news as of late
http://www.cnn.com/2015/11/29/us/los-angeles-county-abandoned-baby-found-under-asphalt/index.html
Burger King Manager: Police Erased Video of Chicago Shooting
http://abcnews.go.com/US/wireStory/burger-king-manager-police-erased-video-chicago-shooting-35465023
A Burger King manager who accuses Chicago police of erasing surveillance video in the case of a black teenager shot last year by a white officer says he has testified before a federal grand jury investigating the shooting.
…
The Burger King is just yards from where 17-year-old Laquan McDonald fell when the first few rounds struck him. It took just minutes for police to demand to see the restaurant’s password-protected video, Darshane said.
“I was just trying to help the police with their investigation,” Darshane said. “I didn’t know they were going to delete it.”
He said that when the officers left, almost two hours later, there was an 86-minute gap in the recording, including the time surrounding the shooting.
…
At a news conference announcing the charge, State’s Attorney Anita Alvarez said forensic testing found no evidence that anyone intentionally erased the Burger King video.
——————————————
As long as it wasn’t intentional.
Back from NJ. It’s a nice place to visit and buy gas.
[29] Joyce
Cops in large, dem cities are the most corrupt though corruption exists in many places.
Our cops aren’t. They know we will disband their department in a heartbeat. Everyone around here carries and doesn’t get hassled for it.
#20 pumpkin nobody even the most optimistic are expecting a big boom. Slow and steady at best. Where do you get this stuff from?
pump’n’dump gets all his information from a single source. His ass.
#20 pumpkin nobody even the most optimistic are expecting a big boom. Slow and steady at best. Where do you get this stuff from?
[29] I don’t blame the cops, I blame the parent(s). When you write Darshane or Laquan on a birth certificate you are complicit in that infant’s demise. Once conscripted, the only thing left for debate is how many years until they die tragically and penniless.