From the WSJ:
Home Price Growth Showed No Signs of Slowing in November, Case-Shiller Says
Home prices climbed strongly in November, as price growth showed no signs of slowing even after mortgage rates began to tick up during the month.
The S&P CoreLogic Case-Shiller Indices, covering the entire nation rose 5.6% in the 12 months ended in November, up slightly from the revised 5.5% year-over-year increase reported in October.
The 10-city index gained 4.5% over the year, up from 4.3% in October and the 20-city index gained 5.3% year-over-year, up from a 5.1% increase in October.
The rise matched the expectation of economists surveyed by The Wall Street Journal, who expected the 20-city index to rise 5.3%.
The hottest markets in the country remain concentrated in the Northwest, as many buyers priced out of the Silicon Valley area flee to secondary tech hubs. Seattle led the way with a 10.4% increase, Portland reported a 10.1% year-over-year gain and Denver had an 8.7% annual increase in home prices.
Home prices set a record in September and have continued climbing by more than 5% year-over-year since then.
“One can argue that housing has recovered from the boom-bust cycle that began a dozen years ago,” said David Blitzer, managing director at S&P Dow Jones Indices.
The volume of sales has cooled in recent months, as rising mortgage rates have collided with higher prices and a shortage of inventory. Purchases of previously owned homes slid 2.8% in December from a month earlier, the National Association of Realtors said last Tuesday. U.S. new home sales dropped by 10.4% in December, the Commerce Department said Thursday.
Case-Shiller offers a lagging indicator of the housing market and November’s numbers reflect only the beginning of a sharp increase in mortgage rates that began around the U.S. presidential election in November. Average rates for 30-year fixed mortgages rose from roughly 3.5% around Election Day to 4.32% at the end of December, according to mortgage company Freddie Mac. In the past week they averaged 4.19%, Freddie Mac said Thursday.
From the Record:
Home prices edge up 2.4% in region
Home prices in the New York metro area continue to edge up, but are rising at less than half the national pace, the S&P CoreLogic Case-Shiller home price index reported Tuesday.
Single-family home values were up 2.4 percent over the 12 months ending in November – the weakest growth in the nation and well below the national rate of 5.5 percent, the index said. The local increase is close to the inflation rate of 2.1 percent.
National home values have returned to the peaks they reached a decade ago, before the worst housing crash since World War II, according to Case-Shiller.
But in the New York area, which includes North Jersey, prices arel at the levels of December 2004, and still about 14 percent below the peaks of mid-2006. New Jersey has seen slow job growth recently, adding only an estimated 13,600 jobs last year, down from more than 80,000 in 2015.
The Garden State is also grappling with a high level of foreclosure distress.
Case-Shiller does not measure home prices by county, but according to the New Jersey Realtors, single-family prices were up 0.7 percent in Bergen in November over the previous year, to a median $448,000. Prices dropped 6.8 percent in Passaic, to a median $292,500.
Turns out The Donald may have punked the press on Hardiman. Leftists in MSM castigated him for turning the nomination into a game show. And then this
http://www.cnn.com/2017/01/31/politics/gorsuch-supreme-court-hardiman/index.html
Makes me wonder if he isn’t trying to induce TDS Fatigue.
Good, no reason to create a bubble and make prices more unaffordable than they already are.
“Single-family home values were up 2.4 percent over the 12 months ending in November – the weakest growth in the nation and well below the national rate of 5.5 percent, the index said. The local increase is close to the inflation rate of 2.1 percent.”
I’m getting my news from BBC now. Amazingly balanced, or what appears balanced relative to CNN.
Curiously, gluteus gets all his news from alt-left sites instead of the broadcasting jewel in his native land. I guess it wasn’t feeding his confirmation bias
@paulkrugman
Given the rate at which things are coming to a head, “President Trump” — the sort-of legitimate head of a republic — won’t last long 1/
@paulkrugman
Either he or the republic, in any meaningful sense, will be gone quite soon. I have a hard time seeing one year, let alone four 2/
Shocker…..On the supreme court nomination, democrats hate him, and repubs love him, and the game never ends. Do these clowns ever find a common ground? Don’t they get bored of this same old game of back and forth.
AG of Mass
@maura_healey
Tomorrow, we will be joining in a lawsuit challenging Trump’s immigration order. What he did was unconstitutional & harmful to MA. #MaPoli
@maura_healey
There are other state AGs ready and willing to act. 16 of us sent a clear statement just yesterday.
Trump is proof that even if the guy is trying to help you, you will hate him just for the fact that he plays for the other team. What a joke.
Hillary won by 3 million votes
I Love Lamp!
Johnny Depp — leading economic indicator.
8:14 …she had friends in all the wrong places….
@nytimes
The White House and Harley-Davidson canceled President Trump’s visit over fears of protests
” The White House’s decision to call off a trip to Milwaukee rather than face protesters will quite likely embolden the burgeoning protest movement.”
Pu$$y [8:14];
Hillary won by 3 million votes
What exactly did she win? Quote a nother prediction from Krugman again. He’s got a sterling track record of accurate prognostication.
TDS is real.
PS – No new Tweets from Jon Farveau about dignity and respect for women that you’d like to share?
Anyone else notice that all the big real estate price gains are in states where marijuana is legal?
9:41 – you must be smoking something
Maybe the administration should castigate CNN for running a shoddy, unprofessional “news” operation? Oh…that’s right, President Trump has been saying that for a while now. I can just imagine the CNN flyover country flunky on the phone to his boss:
“He didn’t go to the airport, he’s driving! I can’t follow him all the way because I only have half a tank of gas and no money plus I have to get back to Pittsburgh for my shift at Starbucks.”
Turns out The Donald may have punked the press on Hardiman. Leftists in MSM castigated him for turning the nomination into a game show. And then this
http://www.cnn.com/2017/01/31/politics/gorsuch-supreme-court-hardiman/index.html
Makes me wonder if he isn’t trying to induce TDS Fatigue.
But in the New York area, which includes North Jersey, prices arel at the levels of December 2004, and still about 14 percent below the peaks of mid-2006.
I still think the sellers are 1diots and dreaming for some illusive price despite the fact that I bought in those locations that I’m skewering.
Jesssss! Say hello to my leedle friend.
BTW, that’s the real reason I moved to a SFH…I have to start a garden. I might even buy a home if there was a farm subsidy in MA;-)
Anyone else notice that all the big real estate price gains are in states where marijuana is legal?
I find it interesting that bubbles in the rear-view mirror become “previous highs” or “peaks”. The Nasdaq took 14 years to get to 2000 peak. It’s 380 years now and tulip bulbs still haven’t reached previous highs.
But in the New York area, which includes North Jersey, prices are at the levels of December 2004, and still about 14 percent below the peaks of mid-2006.
Deplume, why is it just CNN that you state is biased? They are all biased. News is no longer reporting it is entertainment. The evolution of news into entertainment over the last few decades has resulted in the reality TV presidency.
I was kind of pulling for Hardiman. He wrote the dissenting opinion in Drake v Filko.
John Drake is from NJ and restocked ATM machines with cash all over Northern NJ. He was denied a carry permit.
http://www2.ca3.uscourts.gov/opinarch/121150p.pdf
Question about this H-1B thing.
Does this mean that there will be hundreds of thousands of US citizens (programmer / tech types) who are currently unemployed get $130K jobs in the next 6-12 months.
Thanks
Odds on Trump pulling legal weed from the states?
10:18am
Not likely, but job opportunities and pay should increase dramatically as H1B shops start pairing down and replacing people or closing up as contracts dry up. They are not going to pay some guy from India 130k minimum by law (vs 60k previously), when they can get a recent grad for $80k.
9:41
30 yrs, of course. If you have a crappy Starbucks job, crappy future. At least being legally stoned and not being harrased by the fuzz and seeing a future in jail is a big plus.
You hit on a big dilemma that I have noted before, that of economic life in future and the elixir or opiod needed to make it tolerable or even acceptable.
In comparison to today – few will be the stars, fewer will have meaningful financially rewarding employment, fewer might have any steady employment. You got to make it bearable for these people and make them feel whole/complete otherwise you are going to end up in Elysium movie like world and of course some sort of revolution/civil war. Legal weed is one of those things that will make it bearable.
I think he will go the other way and keep the DEA away from pot in states where it is legal so the business can grow organically (pun intended).
Odds on Trump pulling legal weed from the states?
@paulkrugman
Either he or the republic, in any meaningful sense, will be gone quite soon. I have a hard time seeing one year, let alone four 2/
Remember this Tweet King of all Simpletons (Anon). Now you will understand how his Nobel has ruined it for all those deserving winners much like Biden’s medal of honor was little more than a participation trophy and thank you for keeping his stupid mouth closed for eight years.
Bill Clinton lost the “popular vote” by 14,606,999 in 1992 and lost the “popular vote”by 1,451,216 in 1996.
Any other questions?
I wonder what regulations need to go away to enable Starbucks to start serving coffee enemas?
Back from Mexico.Beautiful fun and Sun! Not a word about Trump and walls. Like it never happened. Oh and Americans are cheap!! They don’t tip the staff. These people work hard. Just saying.
You are arguing with a simple-minded pea-brain. I know it’s hard to resist, but we are all best to ignore the continued lies his liberal heroes continue to tweet out as they refuse to accept any responsibility for Trump’s rise to power. Elitism is tough to admit. Even after you lost to P.T. Barnum.
How do you like Cankles now sh1t-for-brains?
Go ahead and ignore me just like you ignore the facts. Who’s the FAUX news believer now? We all know it sucks to be wrong. But is sure pales in comparison to having spent the last eight years copying and pasting loser’s tweets on uninterested ears. You remind me of those Original Jews who used to setup outside of Herald Square. Where are those guys now? In the same place as your heroes. Heck, even SNL has become irrelevant.
Legal weed = bread and circuses.
C’mon, we all know it. You’re not alpha successful nor will you be, vegged out with your mouth hung open.
3B. I figured the same. We are about to book a cruise and I plan to stop in two Mexico ports. If you think our dollar was valuable before the wall. Wait until after it’s built.
Sessions approved by party line committee vote, 11-9. Al Franken was a long-winded stooge.
I have a question about property tax I’m hoping someone could help with. I just got my 2016 property assessment in the mail, so I went to zillow just to get a ballpark. Zillow has my place listed for around $100,000 less than what I paid in 2014. Could Zillow be off that much? I’m hoping it’s not and I could have a shot at reducing my $9,200 tax bill. I’m in Rockaway. Thanks!
Steam: you will be fine. Enjoy the trip. 200 pesos was worth less than 10 bucks! Place we stayed at was all inclusive. But we tipped waiters bartenders and they were incredibly grateful. And we were treated like royalty. Like I said they work hard harder than many Americans in those types of spots and without the attitude. Just saying.
CNN makes me laugh more than Comedy Central. All of their game show hosts are hilarious.
GOD BYPASSES DEMOCRATS, APPROVE TRUMP NOMINEES
I seriously thought that was the big banner on CNN right now at our trading desk. On second glance I realized I misread it. It was “GOP”, not “GOD”.
Ted Cruz: “Elections have consequences…bitchez!” …he didn’t use exactly those words.
ANGER ERUPTS AS SENATE CMTE VOTES ON TRUMP ATTY GENERAL
It’s either SoCal or outside of Philly. Pluses and minuses to both areas.
Michael Moore cautions Senate Dems: Filibuster Trump’s Supreme Court pick or face primary challenge
Michael Moore better calm down or he might accidentally lose a couple hundred pounds. I don’t know what he’s thinking when he threatens flyover Dem Senators in states that Trump won YUGELY. I guess he thinks that they can be replaced with cowboys who who are even further left and that will be a winning move in Montana and other similar states?
http://www.washingtontimes.com/news/2017/feb/1/michael-moore-cautions-senate-dems-filibuster-trum/
Cape Cod is gonna kill the Jersey Shore this summer – Hamptons too.
Staycation will change to Smokation.
Glen, 11:25
Zillow could be off by a ton, and almost guaranteed to be of no relevance in a property tax dispute. You have to find out how your town appraises home values. On what basis do you think you could appeal your tax value? The Zillow estimate? Normally you would need comparable sales with adjustments for differences between those homes and yours. And it would need to be significant to justify the effort.
11:44 Martha’s Vineyard last summer….lot’s Obama-wanna bes….that’s over.
But yeah. Good point Grim.
Always considered myself a blue dog Dem, but geez the Liberal hand wringing is too much to take these days. It’s un-nerving and embarrassing.
Maybe Christie will change his mind after that.
Hillary Clinton to Reflect on Election Loss to Donald Trump in New Book
11:58 Christie with the munchies? Too dangerous.
I agree, now you understand why I jumped ship?
Essex says:
February 1, 2017 at 11:54 am
Always considered myself a blue dog Dem, but geez the Liberal hand wringing is too much to take these days. It’s un-nerving and embarrassing.
Zillow is def off in your area if it dropped 100,000 since 2014. I don’t know the price that you paid, but that’s doesn’t make sense if you payed less than a million for the property.
Glen says:
February 1, 2017 at 11:25 am
I have a question about property tax I’m hoping someone could help with. I just got my 2016 property assessment in the mail, so I went to zillow just to get a ballpark. Zillow has my place listed for around $100,000 less than what I paid in 2014. Could Zillow be off that much? I’m hoping it’s not and I could have a shot at reducing my $9,200 tax bill. I’m in Rockaway. Thanks!
12:06 I opt out of understanding any motives you may have…
Always considered myself a blue dog Dem, but geez the Liberal hand wringing is too much to take these days. It’s un-nerving and embarrassing.
The party doesn’t exist any longer. It’s a bunch of malcontents, lay-a-bouts, misfits and oddballs.
Good one Essex. And Choose SoCal.
Also back to giving paid speeches. A girl’s gotta eat.
Essex says:
February 1, 2017 at 12:00 pm
Hillary Clinton to Reflect on Election Loss to Donald Trump in New Book
Zillow is completely inadmissible for a tax appeal and will often be way off based on someone either winning a lowball or drastically overpaying for a home near yours. Ours has fluctuated by 100K within the past year due to this. You must compare your home to other assessments. I think you can only appeal your own purchase price. Not others. Gator knows more.
Zestimate is largely nonsense.
Incredibly emotional, but nonsense nonetheless.
The biggest gap is that it makes no attempt to normalize for quality. It makes an assumption that local housing stock is largely homogeneous, which means it misses major changes like remodels, new homes, major quality differences in older homes. Every 4/2 of 2200 square feet in a neighborhood is exactly the same.
My town didn’t allow me to challenge based on my own purchase price. When I moved in back in 2010 I paid $875k, town assessed at about $1.1m, I disputed but I had to use comparables, not my own price. Seems pretty stupid, but true. In the end I talked with my town tax guy on the phone, and he offered me a deal in between, which I took because I didn’t really want to go through all the bureaucracy of the official challenge. It helped for a while, but we’ve already had a couple of tax re-appraisals upward since then, and we’re back up above $20k/yr now, as it would have been in 2010.
SoCal is in the lead! Will know more within 10 days.
Puzzy, Otto and gluteus;
We found a day care teacher for your kids!!!
NSFW
http://hotair.com/archives/2017/01/31/epic-sjw-rant-we-need-to-start-killing-people/
Essex,
SoCal beckons.
@StephenKing
Imagine a hooligan pouring sugar into the gas tank of an expensive and well-maintained car.
Trump is that hooligan.
America is that car.
Thanks all. No, I wasn’t going to use zillow for an appeal, lol. But since I don’t keep up with fluctuating prices too much, I had no idea if there was any truth to it. House was sold in 2013 for $135,000, then gutted and re-done. I bought it in 10/2014 for $355,000 and now zestimate has it at $262,000
Yes, nothing to worry about, esp at that price point. That’s prob one of the highest in demand price points in nj. Has absolutely no shot to see regression at that price point. Very limited inventory, combined with high demand at that price point, and a turn key home means you have absolutely nothing to worry about.
Glen says:
February 1, 2017 at 3:04 pm
Thanks all. No, I wasn’t going to use zillow for an appeal, lol. But since I don’t keep up with fluctuating prices too much, I had no idea if there was any truth to it. House was sold in 2013 for $135,000, then gutted and re-done. I bought it in 10/2014 for $355,000 and now zestimate has it at $262,000
For now: https://www.youtube.com/watch?v=dN3GbF9Bx6E&feature=share
Zestimate loves to be wrong in transitional neighborhoods, neighborhoods of significantly differing housing stock, completely blows it for any renovation.
Works great in places like Texas where you have a housing development of 300 nearly identical new homes, there the delta between homes nearly irrelevant, and where nobody dramatically improves housing stock.
This is not meant to be snarky, but serious. How is he ruining our country? Wtf are people even protesting? He didn’t ban anyone, all he is asking is that they go through a process of investigation before you let them in? So why the hell are people crying in the street like it’s the end of the world?
The left is sick in the head, they want to continue down the road we have been on for the past 30 years. They see no problem with a corrupt establishment in bed with big business and turning a blind eye to the rape of the American worker. Someone finally comes in and has the balls to say this is not right, I’m going to change this, and people call him Hitler. Wtf is wrong with these people? Give the guy a got damn chance before you accuse him of being the second coming of Hitler.
Grab them by the puzzy says:
February 1, 2017 at 2:47 pm
@StephenKing
Imagine a hooligan pouring sugar into the gas tank of an expensive and well-maintained car.
Trump is that hooligan.
America is that car.
Couldn’t have said it any better.
grim says:
February 1, 2017 at 3:42 pm
Zestimate loves to be wrong in transitional neighborhoods, neighborhoods of significantly differing housing stock, completely blows it for any renovation.
Works great in places like Texas where you have a housing development of 300 nearly identical new homes, there the delta between homes nearly irrelevant, and where nobody dramatically improves housing stock.
http://chicago.cbslocal.com/2017/02/01/donald-trump-ohio-pastor-chicago-gangs-violent-crime
Chicago Gangs Want To Work With Trump To Fight Crime
February 1, 2017 10:09 AM
The founder and pastor of a megachurch in Ohio told President Donald Trump he has spoken to gang leaders in Chicago who want to work with the White House to reduce violent crime.
Dr. Darrell Scott, senior pastor of New Revival Center in Cleveland Heights, Ohio, was a guest of Trump’s at an African-American History Month meeting at the White House. He said he is a “black Trump supporter,” and claimed he was “contacted by some of the top gang thugs in Chicago for a sit-down.”
Taking a swipe at former President Obama, who began his political career as a community organizer in Chicago, Scott said the gangs “want to work with the administration … they believe in this administration; they didn’t believe in the prior administration. They told me this outta their mouths. … I said we’ve got to lower that body count. We don’t want to talk about anything else; get that body count down, and they agreed that the principals can do it – these are guys straight from the streets, no politicians, straight street guys – but they’re going to commit that if they lower that body count, we’ll come in and we’ll do some social programs.”
Trump said, “I think that’s a great idea, because Chicago is totally out of control. If they’re not going to solve the problem — and what you’re doing is the right thing — then we’re going to solve the problem for them.”
And why is everyone getting crazy over a constitutionalist for the Supreme Court pick? The conservative side, should have the advantage. Conservatives are not quick to change. This is a good thing, you don’t want the supreme law of the land to start going on a changing spree without thinking things through. So this acts as a check in balance from changing the system too quickly which could lead to major harm in our society. If a major change is needed, then convince a conservative that the change will indeed be good for American society.
In support of my post at 3:56. Funny stuff.
https://m.facebook.com/story.php?story_fbid=1305974309437661&id=133646306670473&_rdr
Oops, meant 3:47.
I think that BLM rant was in the park outside the US embassy too.
Action Park’s notoriety as a water park where visitors in the ’80s and ’90s suffered slips and more serious injuries — some called it “Class Action Park,” “Traction Park” and “Accident Park” — is now reportedly bound for the big screen.
Johnny Knoxville (“Bad Grandpa,” “Jackass”) is set to star in an “Action Park” movie based on the Vernon water park. He’ll produce the film via his company, Dickhouse Productions, for Paramount Pictures.
The report says the movie will be “in the spirit” of “Bad Grandpa,” Knoxville’s last collaboration with Paramount.
“Curiously, gluteus gets all his news from alt-left sites instead of the broadcasting jewel in his native land. ”
As usual “Facts not in evidence”
I do find it funny that you deride me and my European heritage, but embrace it as the only source of unbiased news.
I do have my list of media that I trust and follow. BBC is fair and moderate for me, but not one I rely on. It went through a bad spot, but has gotten better.
Are we great yet Gary? You own this!
“No one is more conservative than me.”
“No one is stronger on the Second Amendment than me.”
“No one respects women more than me. No one reads the Bible more than me.”
“There’s nobody more pro-Israel than I am.”
“There’s nobody that’s done so much for equality as I have.”
“There’s nobody who feels more strongly about women’s health issues.”
“Nobody knows more about taxes than me, maybe in the history of the world.”
“I have studied the Iran deal in great detail, greater by far than anyone else.”
“Nobody’s ever been more successful than me.”
“Nobody knows banking better than I do.”
“Nobody knows more about debt than I do.”
“Nobody’s bigger or better at the military I am.”
“I am the least racist person you’ll ever meet.”
“Nobody knows the system better than me.”
“Nobody knows politicians better than me.”
“Nobody builds better walls than me.”
“Nobody knows more about trade than me.”
“There is nobody more against Obamacare than me.”
“Nobody has better toys than me.” And:
“I can be more presidential than anybody. I would say more presidential, and I’ve said this a couple of times, more presidential other than the great Abe Lincoln.”
I’ll let ExPat and others comment on Pharma.
https://www.washingtonpost.com/news/wonk/wp/2017/02/01/big-pharma-depends-on-immigrants-it-kept-quiet-about-the-travel-ban
I will say that that the H1B BS coming out of Trump will have consequences, just not the ones you expect. It will all continue, but it will all be moving to Canada.
Holy sh!t. LA is a cesspool. People are so stupid and shallow I am actually laughing right in people’s faces.
12:55 something tells me that they were laughing right back atcha…..