From HousingWire:
CoreLogic: Fewer buyers paying cash for properties
Cash sales made up 33% of total home sales in March 2016, a decrease of 2.4 percentage points annually, according to a recent report by CoreLogic.
Monthly, cash sales fell by 2.8 percentage points from February. For the first three months of 2016, cash sales averaged 34.7%, the lowest start to any year since 2008.
Though below the peak of 46.6% in January 2011, cash sales are up from the pre-crisis average of 25%. If cash sales continue to fall at the same rate it did in March, they could hit the pre-crisis level by mid-2018.
Real estate owned sales had the highest percentage of cash sales at 57.2%. Resales came in second with 32.9%, followed by short sales at 30.6% and newly constructed homes at 14.4%.
While REO sales have the highest percentage of cash sales, REO transactions accounted for only 6.8% of all market sales in March. When cash sales hit their peak in 2011, REO sales made up 23.9% of market sales.
Resales, while having less of a percentage of cash sales than REOs, make up more of the market share at about 80%, and therefore have a larger impact.
Pandemonium.
Brexit = Good for America?
Brexit = J6P respect my authority = Trump wins
Cameron already fell on his sword.
KPMG says its bad for (UK) housing. (See yesterday’s thread)
Finance jobs move from London to NY?
Or does another EU city take the lead? Berlin? Paris? Frankfurt? Warsaw?
Hold onto your butts.
Cmon kids, in crisis the almighty dollar comes home for protection.
#5 – nope, London was the clearing house for the EU. I would say Paris, Frankfurt etc will take over, lots and lots of jobs gone elsewhere and bad for London’s sky high real estate for sure. My cousin an expat living here just sold their flat a few months ago..
All major index futures down >3% this AM. Has BOE spoken yet? I read GBP was off 11%?!?
hmmm….guess I’m goin’ in early this morn…….
Seems to me that the Brits have thrown off a layer of bureaucracy they neither want nor need. They are capable of running their own show.
The times, they are a changin.
Crooked Hillary must be shaking, this all points to Trump taking the election.
Trump in UK today?
Re: # Trump just tricked CNN into broadcasting a 15 minute speech of him talking about his new golf course in Scotland.
@MMFlint
Brits continue their stupid spiral downward.
Iraq War collaborator, privatized crappy trains, adopts US system of student debt, now Brexit.
Cameron came out hard again Trump and his anti illegal immigration stance, build the wall etc.You can expect Trump to perhaps gloat that Cameron is stepping down.
16 – the timing was on purpose, no doubt.
If remain passed, he would have quietly flown back.
#9 – BOE pledged to buy buy buy about 350 billion to protect their currency. It will really get interesting when the Central Bankers no longer collaborate, how many GBP is Yellen’s FED buying right now?
The Fed will be busy today. They have to keep the S&P propped up and try to beat gold back down below $1300.
country breaking apart with Scotland leaving
pound lower in 30 yrs
european headquarters of conglomerates moving out
stupid people fukcing up their country in a the name of RACISM
Outofstater says:
June 24, 2016 at 7:39 am
Seems to me that the Brits have thrown off a layer of bureaucracy they neither want nor need. They are capable of running their own show.
@gilliantett
Key question for markets now:
is Brexit a Lehman moment (long, painful crash)
or LTCM moment (sharp crash followed by a rapid rebound)?
Anon – since when is ISIS a race?
Re: [20];
stupid people fukcing up their country in a the name of RACISM
It always comes back to this, doesn’t it? To disagree with the left is to be inferior, stupid, PACIST! (you throw the word around so much, you broke the “R”)
Obama stepping down on this too?
US markets looking pretty tame.
@BreakingNewsUK
Scotland First Minister Sturgeon says she intends to take ‘all possible steps’ to secure place in EU;
2nd independence referendum possible
I see anon and Oblamer have been busy pouting about having their vision of the US and UK as human dumpsters put on hold.
The desperation and hysterics will escalate from here. Censorships and doctoring transcripts will just be the beginning.
Obama having a shit week, for sure.
@maryannemarin
Fear mongering has set the stage for this wave of isolationism.
So, yeah, the terrorists are kinda winning. #brexit
Juice Box says:
June 24, 2016 at 8:04 am
Anon – since when is ISIS a race?
Of course the terrorists are winning. Both sides are making sure of that.
#28
His entire legacy is teetering. If Blamercare is rolled back he will end up being one of the most ineffective and weakest presidents ever. His 8 year list of accomplishments will fit on a fortune cookie.
Not to mention the foreign policy disaster that he, Hill and co. orchestrated. It’s no wonder that he’s become a campaign lackey for her. Very unbecoming of a two term president IMO but they are desperate.
I honestly don’t care who wins the Presidency, but the same people laughing off the idea of Trump are the same people laughing off W in 2000……the parallels are there…..Gore had the office gift wrapped for him, and he was so thoroughly unlikable that he blew it……
nwnj3 says:
June 24, 2016 at 8:27 am
I see anon and Oblamer have been busy pouting about having their vision of the US and UK as human dumpsters put on hold.
The desperation and hysterics will escalate from here. Censorships and doctoring transcripts will just be the beginning.
Lotsa Euro money gonna be coming to the safe haven. Impetus for our market to finally break through Dow 18 cap? How this favors one party over the other I don’t know. But the US definitely comes out ahead.
Trump just needs to get back on message after his blunders with the judge and he’ll be fine. As long as he continues to point out the massive damage Hillary has done to the working class with her open borders and free trade deals he’ll start to gain on her. He’s tracking even with her in many of the battleground states, it doesn’t matter how many millions he loses CA by.
Lib [33];
the US definitely comes out ahead.
“Winning!” -Charlie Sheen
There’ll be enough sh!t to spread around. Not looking so hot at the moment.
Fri, Jun 24, 2016, 8:44AM EDT – US Markets open in 46 mins U.S.
S&P 500 futures
2,039.75
-66.25 (3.13%)
Dow futures
17,441.00
-474.00 (2.65%)
Nasdaq futures
4,314.50
-148.00 (3.32%)
The only good reason for Trump to get elected is to see the DNC and their Pavlovian followers (like Otto and Anon) cringe when they realize that they should have felt the Bern and that they blew their load on HER twice.
Initial market reaction tends to be wrong and at the least exaggerated.
Back in April I laddered cash in brokered CDs at Ameritrade within an IRA account. I bought 3 month, 6 month, 9 month, 1 year CDs at about .3%, .4%, .6%, .7%. The best rates right now are .6%, .6%, .75%, .9%. All are FDIC insured and sellable on the secondary market without penalty.
So you’re buying SPXL on the open?
Initial market reaction tends to be wrong and at the least exaggerated.
@Business
“This is a lose-lose result for both — Britain and Europe,” said Chief Executive Officer Thomas Enders of Airbus Group SE, which makes wings for its aircraft in the U.K. “We will review our U.K. investment strategy, like everybody else will.”
Thanks for admitting that I affect you so much you comment about me even when I’m barely here. Perhaps you missed my tirade a few weeks ago against Clinton as a warmonger who’s done as much as any republican to make poor people poorer. What a shame since you usually hang on my every word. I’m voting Jill Stein and I’m fine with a Trump presidency, the revolution will come quicker. As for brexit, the EU and its austerity measures deserve to be dismantled. As does all capitalist control of people and resources.
Libturd still Chopping says:
June 24, 2016 at 8:49 am
The only good reason for Trump to get elected is to see the DNC and their Pavlovian followers (like Otto and Anon) cringe when they realize that they should have felt the Bern and that they blew their load on HER twice.
@ReutersBiz
BREAKING:
Morgan Stanley has begun moving 2,000 investment banking staff from London to Dublin or Frankfurt: report
Two questions
1. Are the brexiters very much like the Trump core (middle class tax payers)?
2. Scotland and Northern Ireland voted bremain because they are lower income and absorb a lot of services/transfer payments?
#40
Don’t worry, I’m sure Hillary is on a conference call right now reassuring her billionaire and wall street backers that she’ll do anything she can to remove impediments to the global corporate governance.
Individual empowerment or maintaining a national identity? That’s a joke to her.
Billionaires/Wall Street for Hillary 2016
[43] expat,
At first, I thought that sounded right, but in hindsight, I cannot see it. Not without a greater understanding of the more nuanced, or granular, aspects of policy, economics, and regulation in the U.K.
I got smack (duh) from a liberal colleague over my assertion that Obama essentially admitted he would have won the immigration issue had his nominee been appointed.
I don’t know what you all think, but here is the complete statement, copied verbatim from the WH website. Read it for yourself:
“Today, the Supreme Court was unable to reach a decision. This is part of the consequence of the Republican failure so far to give a fair hearing to Mr. Merrick Garland, my nominee to the Supreme Court. It means that the expanded set of common-sense deferred action policies — the ones that I announced two years ago — can’t go forward at this stage, until there is a ninth justice on the Court to break the tie.”
I’m not buying anything at the open, but In not panicking and bailing like the average sheep.
[41] otto
” the revolution will come quicker”
Sounds good to me. I’ve got lots of ammo to use up.
Otto. Interesting. Thanks. I do, unfairly at times, group you in with the Twittiot.
Add in the Russell rebalance and this is going to be a fun day on the markets.
I locked 3.375 on a 30yr yesterday as a hedge, looks like I will be reshopping today.
The reason for the vote is complicated, lots of different micro stories, but I think the answer is that JSP didn’t care that they are voting against their own interests. They view it as “I am getting trampled today, I might as well take the change, in some ways it can’t be worse.”
Why is this statement bothering you?
Captain Nom Deplume, Besotted Rummy says:
June 24, 2016 at 9:20 am
I got smack (duh) from a liberal colleague over my assertion that Obama essentially admitted he would have won the immigration issue had his nominee been appointed.
I don’t know what you all think, but here is the complete statement, copied verbatim from the WH website. Read it for yourself:
“Today, the Supreme Court was unable to reach a decision. This is part of the consequence of the Republican failure so far to give a fair hearing to Mr. Merrick Garland, my nominee to the Supreme Court. It means that the expanded set of common-sense deferred action policies — the ones that I announced two years ago — can’t go forward at this stage, until there is a ninth justice on the Court to break the tie.”
I don’t think we define capitalist the same way, that said… what would you replace it with?
Ottoman says:
June 24, 2016 at 9:06 am
As does all capitalist control of people and resources.
Moose,
From last night. I agree that Americans are looking more third world than ever. If there is anything that strikes me about Europeans versus Americans, it is their civility. Except perhaps their football fans. And if you don’t wear a scarf, they won’t bother you so really it’s no different than our gang wars.
52 – No way would his appointee ever have been confirmed on time anyway. It’s a lie.
Warrants Required to Test Blood, but not Breath, Supreme Court Rules
http://www.nytimes.com/2016/06/24/us/politics/warrants-required-to-test-blood-but-not-breath-supreme-court-rules.html?_r=0
Orlando shooter looks to be just your plain old run of the mill murderous terrorist. The narrative that he was a ‘self loathing gay’ does not hold water.
FBI investigators say they have found no evidence that Orlando shooter had gay lovers
http://www.latimes.com/nation/la-na-orlando-gay-fbi-20160623-snap-story.html
re # 55 – Yes but it is now election season just a short 135 days from now. All 435 congressional seats are up for a vote and as well as the Democrats need to defend 10 seats in the senate as well. The politicians will take every opportunity to lie, grandstand and pander between now and then.
Next stop…. #PRexit ?
https://mobile.twitter.com/SharylAttkisson
Little known fact: UK Cameron’s campaign adviser was Jim Messina who was Obama’s campaign adviser & heads biggest pro-Hillary super PAC
I bought a sh1t-ton this morning. Aflac, Regional banks, Domestic Retailers, and one UK company, ARMH(Semiconductors). It just so happened that I sold a lot of industrials yesterday so I had a lot of dry powder.
I’m not buying anything at the open, but In not panicking and bailing like the average sheep.
Brexit is a victory for England and Western Civilization.
In the EU, if you are allowed into one country, you have legal access to all EU member nations. So Merkel’s “refugee” flood into Germany (and therefore England) just got the kibosh.
Obama’s threat that America would put England at “the back of the queue” was soundly rebuked by the British people.
http://www.breitbart.com/big-government/2016/06/23/brexit-britain-votes-trump-hillary-obama
Buy on the panic. It’s the only way we can compete.
Ameritrade’s alert system was sh1t today. I just got four alerts at 10:18 that should have triggered on the open. I knew where everything was, so it was no big deal, but definitely note to self about depending on them during big crush days. OTOH, I was moving some tight stops looser this morning and had to call them because 5 of them were stuck at pending/replace and got through on the phone easily (private client services, not the regular number).
[64] I just checked, my Ameritrade accounts have a different toll free contact number than the very substantial account I manage for my MIL. They also spend a lot less time vetting you. They only asked me two questions:
1. My SS# (I have power of attorney, so I’m on record with them)
2. The “approximate size of the account” – those very words.
The automated answer bot didn’t even hassle me.
1. Press 1 to speak to a representative (the first choice offered, not the last one)
2. So we can better serve you please enter either either your social security number or the 9 digit account number followed by the # key.
Did the market open? This is such a non-story for the US market. And if the Euro collapses, we win anyway. Really, outside of minor European chaos that really only applies to the banksters, this is such a non-event.
What kind of idiot would sell at open on a day like this?
That’s a complete SUCKER move.
Dow going to finish green today.
I mean, c’mon, the volatility would have been expected either way. If you were risk averse to loss you would have hedged or gotten out of the high risk positions a week ago. Heading into summer nontheless? Come on.
Retail pigs getting slaughtered after turning on MSNBC this morning.
I would guarantee to you that 95% of retail sellers this morning had NO IDEA ABOUT THE BREXIT REFERENDUM AT ALL.
Not to mention that the implications are potentially 2 years out. Cameron was clear that he will not be negotiating BREXIT, and will leave it to the newly elected, which ain’t happening until SEPTEMBER. You are talking about 3 months of cooling off before exit negotiations would even start.
Nom [47];
I don’t think you’re off-base; your liberal counterparts are merely sensitive and deflecting. His O’ness clearly says ‘9 on the court == my plan goes forward’. Well, 9 on the court could uphold the lower court, as well. But Obama doesn’t even give Garland the courtesy of holding open the possibility that his appointee might rule against him.
5 Dublin . English speaking country right across the water.
Footstool [41];
[A]ll capitalist control of people and resources [deserve to be dismantled].
So where have you deposited all your worldly goods in furtherance of this goal?
You say you want a revolution
Well, you know
We all want to change the world
You tell me that it’s evolution
Well, you know
We all want to change the world
But when you talk about destruction
Don’t you know that you can count me out….
Revolution indeed…
Trump inspires N.J. Dem mayor to go GOP; more may follow
http://www.nj.com/camden/index.ssf/2016/06/borough_officials_switch_parties_in_democratic_str.html#incart_river_home
http://www.nj.com/politics/index.ssf/2016/06/heres_who_sanders_is_backing_for_president.html#incart_river_mobile_home
Didn’t take long, sell out
@PaulKrugman
Brexit: The Morning After
Yes, Brexit will make Britain poorer. It’s hard to put a number on the trade effects of leaving the EU, but it will be substantial. True, normal WTO tariffs (the tariffs members of the World Trade Organization, like Britain, the US, and the EU levy on each others’ exports) are low and other traditional restraints on trade relatively mild. But everything we’ve seen in both Europe and North America suggests that the assurance of market access has a big effect in encouraging long-term investments aimed at selling across borders; revoking that assurance will, over time, erode trade even if there isn’t any kind of trade war. And Britain will become less productive as a result
uhm….which ones r the Donald supporters?
@leedrutman
Like the US, UK has a real divide between highly-educated cosmopolitans
and poorly-educated nationalist-populists.
Or down 600
Re: [76];
Nice to know the city college lauriate has weighed in. And on the side of the elitists. Quelle suprise.
Speaking of boot-lickers, that Barry-ass lip gloss wearing outfit called VOX has weighed in to say, much like our own A-none, that the leave faction are just Pacists. I mean who are you going to believe, the “smart” people or your own lying wallet?
https://pjmedia.com/instapundit/237073/
lol – a British version of John Oliver would be a nightly BBC show with Larry the Cable Guy talking about how bad Britain sucks
anon is just hurt because he and his hero are being rebuked at every turn. Persona non grata.
81 cousins in England having big leave party tonight!! And they are all professionals. The street and houses are decorated in st. George flags. Bye bye Europe and bye bye u.k.
OMG this is too funny. Our state legislature is so dysfunctional, Democrats can’t even get the votes for a bill they asked for!
State legislators eye each other with suspicion ahead of gas tax vote
http://www.politico.com/states/new-jersey/story/2016/06/dems-reps-eye-each-other-with-suspicion-ahead-of-gas-tax-vote-103249
But you bet your ass…if they put a gun control bill up for a vote…they would all fall over themselves to vote for it.
Grim, don’t quit your day or night jobs. ;) This forecast not looking good with 48 minutes left. Unless Yellen’s fat finger hits a button real quick.
grim says:
June 24, 2016 at 10:53 am
Dow going to finish green today.
@justinamash
Democrats are staging a sit-in on the House floor. They refuse to leave until our Constitution replaces due process with secret lists.
At mid-day I noticed all of my Consumer staples and Utilities were up a ridiculous amount for what today is, so I sold them all, figuring that anyone who bought these early would be tempted (or intended) to sell them today as well. It looks like that is happening.
Brilliant. See…she is the most qualified. What a genius.
Clinton camp on Trump, Brexit: ‘Britain and the United States are different countries’
PPT on holiday?
Yellen out sick and she’s having problems with her home server.
PPT on holiday?
grim (28)-
Boo fcuking hoo.
“Obama having a shit week, for sure.”
Two words:
gold
bitchez
stu (33)-
Too bad it’s actually a race to the bottom.
“Lotsa Euro money gonna be coming to the safe haven. Impetus for our market to finally break through Dow 18 cap? How this favors one party over the other I don’t know. But the US definitely comes out ahead.”
stu (48)-
Today was a great day to sit pat, pour a fruity drink and watch grown men shit themselves. It’s a great time to be alive.
“I’m not buying anything at the open, but In not panicking and bailing like the average sheep.”
Bought GGN today to keep my PHYS and NEM company. GGN – who says gold doesn’t pay a dividend?
gold
bitchez
[95] Today was a fun day. I bought at the open sold at noon, drinking by 12:05.
[33]Lib – It’s all about S&P 2135. I figure margin calls today, continued selling next week, probably a lot of flopping about until the Fed meeting. Rate cut?
Lotsa Euro money gonna be coming to the safe haven. Impetus for our market to finally break through Dow 18 cap? How this favors one party over the other I don’t know. But the US definitely comes out ahead.
This constant market meltdown crap is really becoming a drag. Baby.
100 bichez
The market rallied all week expecting a maintain. It gave it all back today. Before today, many of my stocks had just hit record highs. We’ll be flirting again with record highs in a week or two. Unless of course, Europe collapses. Then it may take quite longer. But certainly, nothing to panic about. This reminds me of SARS.
Go long ammo and defense contractors. Won’t be long before were dragged into some sort of armed conflict in Europe.
At least we know we can safely launch the first wave of the liberation of Europe from the UK again.
If there is going to be a war, can we just make it a point to destroy the manufacturing capacity.
We need another golden age of manufacturing here.
“We need another golden age of manufacturing here.”
We sure could. I have a feeling that all of the current anti-immigrant sentiment would immediately disappear in that environment.
I think we need to think of manufacturing differently, but still manufacture. My company manufactures tiny medical devices in a West-of-Boston office park. The building looks like any expansive two story office building, but the first floor is entirely manufacturing, chock full of hourly workers that start at, ironically, $15 per hour(with full benefits). Every night a thousand or so shoe-box sized boxes are picked up by Fed-Ex or UPS and sent out to our customers. After decades of being a tech-guy, tech manager, etc., creating “platforms” and “services”, I really, really enjoy seeing manufactured, tangible, goods ship.
Unfortunately…my Fortune 500 employer is now striving to outsource this hi-tech manufacturing to foreign markets. Assh0les.