From CNBC:
Pending home sales drop unexpectedly to lowest in a year, down 2.8% in January
Higher mortgage rates and near record low supply resulted in disappointing home sales to start the year.
House hunters signed 2.8 percent fewer contracts to buy existing homes in January compared with December, although December’s read was revised slightly higher, according to the National Association of Realtors. The group’s so-called pending home sales index is now just 0.4 percent higher than January 2016, and this is the lowest reading since then. Pending home sales are an indicator of closed sales in February and March.
“The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay,” said Lawrence Yun, chief economist of the NAR. “Buyer traffic is easily outpacing seller traffic in several metro areas and is why homes are selling at a much faster rate than a year ago. Most notably in the West, it’s not uncommon to see a home come off the market within a month.”
…
“January’s accelerated price appreciation is concerning because it’s over double the pace of income growth and mortgage rates are up considerably from six months ago,” said Yun. “Especially in the most expensive markets, prospective buyers will feel this squeeze to their budget and will likely have to come up with additional savings or compromise on home size or location.”Regionally, pending home sales in the Northeast rose 2.3 percent month to month and were 3.6 percent above a year ago. In the Midwest sales fell 5.0 percent for the month and were 3.8 percent lower than January 2016. Pending home sales in the South gained only barely, up 0.4 percent for the month and up 2 percent for the year. The biggest drop was in the West where sales plunged 9.8 percent for the month and were 0.4 percent lower compared with a year ago.
Good Morning New Jersey
Good Morning Mike.
Looks like it’s time for the northeast to take over. Slow and steady.
“Regionally, pending home sales in the Northeast rose 2.3 percent month to month and were 3.6 percent above a year ago. In the Midwest sales fell 5.0 percent for the month and were 3.8 percent lower than January 2016. Pending home sales in the South gained only barely, up 0.4 percent for the month and up 2 percent for the year. The biggest drop was in the West where sales plunged 9.8 percent for the month and were 0.4 percent lower compared with a year ago.”
For what it’s worth, the Northeast is always the last to recover, therefore the last to drop as well when the sine wave of sales dips elesewhere. But rest assured, it will follow the leader. I stopped worrying about such things as it makes no difference unless you plan on leveraging or selling. Both of which are not in my near or even mid-term future.
Said it many times before. 2011 to now. Echo bubble, just like 1991-1995 or so.
The early 90’s echo-bubble was shorter and smaller than present one, because a combination of the late 80’s RE bubble was smaller than the 2007 one. Add that the Resolution Trust Corp way of getting rid off zombie REO and the 5,000+ arrested for financial & control fraud took away a lot of the big speculators. So only the medium and small speculators repeated the wash/dry cycle and a lot of them got their clock cleaned and had to hold on to their losses all their way into the ’00.
In the 2007 bubble, those big speculators were not touched and got away clean and free and restarted again. Look up the big Black Rock and other Wall Street sponsored single family homes REIT. So expect this wash, rise, dry cycle to close up soon, but another smaller one to start in a few years.
The caveat is Trump. In the positive side – If Trump does magic with massive income/job growth. Possible with all those illegals, and H1B going away and Border Taxes and rush to build factories in the US. In the negative side, if Fannie & Freddie get privatize, than the traditional 30yr mortgage as we know it disappears (except for GNMA backed VA/FHA,etc loans). Loans would be amortize over 20+ yrs, but they would have a 5-7 yr balloon that you re-qualify or re-finance for. Also any tax changes could be positive or negative.
What early 90s echo bubble?
Maybe 1991 was somewhat hopeful, but the market didn’t even barely see recovery begin into 1995.
what about neo-nazis? is that the negative or positive side of trump
i’d assume that tax relief for billionaires is a positive, no tax relief for billionaires is the negative
Not Nomas Nomad says:
February 28, 2017 at 8:14 am
Trump. In the positive side – In the negative side
Also any tax changes could be positive or negative.
The auto industry ran north of 17mm units last year and many considered it peak. Some early stage cracks in sub-prime auto, rates ticking up a bit. Large numbers of off lease vehicles will drive down used car prices and new car residuals the latter which adversely impacts monthly new car lease payments.
Any auto mfg capacity added in this country comes at the expense of production leaving another country. Good for US but make no bones about it, no way are the big 3 increasing production solely for US market and even if they did, by the time they figured out what they needed to add in terms of capacity and built a plant, it would take years. Same with steel. Now if there is idle capacity or mothballed pants to be brought back on line, that time frame obviously shorter. Every jobs helps but in aggregate, how many jobs are we really talking about in mid + to heavy manufacturing? 300K?, 400K? Automation has adversely impacted and will continue to do so. BTW Wendy’s automating ordering at like 6000 locations. Target got killed this am, Wal-Mart pushing suppliers for more price concessions, reduced out of stocks and another $1B in supply chain efficiencies from vendors and if your daughter tells you she wants to work at Signet Jewelers, you might steer her in another direction. Retail deflation. If the man in the big house forces pricing concessions from big Pharma and PBMs to pay for healthcare, more layoffs in that sector too. Will GPD growth positively impact job growth or are we so efficient and automated that job growth will be muted for everyone but tech.
i’d assume that tax relief for billionaires is a positive, no tax relief for billionaires is the negative
That is correct. It translates to growing investments and more competitive jobs for those of us who have no time to wallow in misery.
good write up.
it goes without saying that current leadership is precisely the most inept and incompetent to tackle these complex issues
Nomad says:
February 28, 2017 at 8:41 am
The auto industry….
Hey liberals, any questions?
https://www.yahoo.com/news/trump-sign-measure-bolster-u-historically-black-colleges-100624138.html
it goes without saying that current leadership is precisely the most inept and incompetent to tackle these complex issues
Your side had eight years and a trillion dollars which resulted in “I guess we’re not as shovel ready as I thought we were.” Who’s inept again?
Grim,
Roughly within a year of the RTC being created, there was a lot of speculative activity with middle and small sharks nipping at anything of value that the RTC or foreclosures threw their way. A lot of those people ended up holding the bag for 5+yrs. Roughly about this time the Carlton Sheets & Tony Robbins type started showing up in TV infomercials. I had a RE license at that time, remember the BS.
By the way, if Fannie & Freddie get privatize – than everything changes. Take a look at how Jumbos get handle, with much higher down payments. Or if it goes the other way expect Canadian style amortization with 5-7 yrs balloon payments and requalification.
I had a roommate in Clifton who tried the Tony Robbins system. He might have been successful if he wasn’t such a chronic pothead draining all of his motivation. He was completely convinced. Today he lives off his wife’s earnings. I am both disgusted and impressed by this.
“what about neo-nazis?”
Anyone here see any? I haven’t.
Lib,
When do we get the 10% correction?
9:11 … bandaide meet bulletwound
How’s the song go…..cause I got high, cause I got high, cause I got high…..lol
If he would have laid off the weed and hung in there, he could have made a killing in the bubble (I’m assuming he was your roommate in the 90’s).
I have a friend that lives off his wife, at times I feel sorry for him, and at times I feel jealous.
Steamturd, Part Time Orientalist and Full Time Mysoginist says:
February 28, 2017 at 10:16 am
I had a roommate in Clifton who tried the Tony Robbins system. He might have been successful if he wasn’t such a chronic pothead draining all of his motivation. He was completely convinced. Today he lives off his wife’s earnings. I am both disgusted and impressed by this.
He would have made a killing during the bubble, but he also would have gave it all back in the crash. Same story, different faces.
Tony Robbins = Trump University
What’s the difference? One guy is a hero, the other a crook. Guess it is really all about perception.
9:11 … bandaide meet bulletwound
So, you admit that a problem still exists. The same problem the jug-eared f.uck had no intentions of addressing as long as the left’s broken promises resulted in a steady flow of votes.
Perception is everything.
grim says:
February 28, 2017 at 10:55 am
Tony Robbins = Trump University
What’s the difference? One guy is a hero, the other a crook. Guess it is really all about perception.
Anyone know why my I phone keeps downloading old e mails as new? Got about 5000 thousands now sitting in my in box. Just happened very annoying!
Thank Pumps now I’ll be humming that song all day
10:55 you are mentally ill. Seek help. It’s annoying Orange’s turn now….
11:57:
Shut up, the adults are talking.
big difference. much cheaper buying a monthly subscription Tony Robbins newsletter to every unmotivated fat fukc supremacist to get them get off their ass
as opposed to having supremacist bloggers running the greatest most powerful nation on earth to destroy western civilization for the benefit of said unmotivated, lazy republicans
grim says:
February 28, 2017 at 10:55 am
Tony Robbins = Trump University
What’s the difference?
12:06 – ur the assistant regional manager…. u drive a dodge stratus
Sorry, I meant that Tony Robbins was the crook.
1:08
Care to translate?
Sure: https://www.youtube.com/watch?v=P2uUDkMYtrQ
Consumer Confidence at 15 year highs, highest since 2001. Consumers naturally become more confident whenever they can be assured of a Clinton-free White House, I guess? Put that in your puzzy and smoke it.
Hahahahahahahahaha
https://www.bloomberg.com/news/articles/2017-02-28/u-s-consumer-confidence-rises-to-highest-since-july-2001
you have your characters mixed up.
ur the assistant regional manager…. u drive a dodge stratus
Essex,
I watched it, still not getting it. I guess I don’t understand your disability.
In The Walking Dead wouldn’t virtually all of the gas be bad by now because of ethanol?
1:50 I have dunlop’s disease eddie.
My belly dun lopped over my belt.
My belly dun lopped over my belt.
Given your political affiliation, I believe it.
Eddie…your guess is really as good as any. Like I stated last week, a 75/25 split right now is probably a safe bet. I’m gambling that we see 21K on the DOW and then the FED will perform another symbolic increase and then the market will correct minorly. Though, of course, there is a chance it doesn’t correct at all.
Don’t encourage the doofus ExPat. His DNC sploogefest retread tweets are annoying enough. We don’t need to hear any more.
Drop in corporate tax rate/tax holiday? Possible announced tonight?
Steamturd, Part Time Orientalist and Full Time Mysoginist says:
February 28, 2017 at 2:10 pm
Eddie…your guess is really as good as any. Like I stated last week, a 75/25 split right now is probably a safe bet. I’m gambling that we see 21K on the DOW and then the FED will perform another symbolic increase and then the market will correct minorly. Though, of course, there is a chance it doesn’t correct at all.
Drop in corporate tax rate/tax holiday? Possible announced tonight?
Oh man, that’s a delicious thought!
Trump presidency is already over – what’s the point of a speech?
Depends on if it’s the Bannon-loving Trump or the independently-minded Trump. He could just as well announce the need for everyone to cut eyeholes in their bed sheets.
Eddie hopes he’ll start a youth movement call it Young Amerika. You know….
Should be a good campaign speech.
Essex,
Maybe in four years from now the sun will shine in your warped world again. In the meantime, up your meds and drink some alcohol.
Nj did not do bad at all…#14. Expat going to be patting himself on the back with his States rankings.
http://patch.com/new-jersey/wayne/s/g1nhp/u-s-news-world-report-releases-state-rankings-how-did-new-jersey-do?utm_source=alert-breakingnews&utm_medium=email&utm_term=politics%20%26%20government&utm_campaign=alert
* state’s ranking
Colorado ranked #1 economy and we all know why. Legalization of pot has done wonders for them.
3:02 you seem to sincerely believe you understand any thing.
3:02 you seem to sincerely believe you understand any thing.
You have a funny way of enlightening people. You speak in tongues and expect everyone to interpret your deep and complex understanding of the world through your eyes. If I’m so void of all that you mention, go ahead and embellish. Let’s see the stroke of your genius using words in simple terms. I won’t hold my breath.
and here i am just marveling at Kellyanne’s casual couch sitting….
durrr: http://fortune.com/2017/02/28/kellyanne-conway-couch-photo/
Should be interesting to see if ICE will be at Trump’s speech tonight as well.
“The audience for President Trump’s speech in the House chamber Tuesday night will include undocumented immigrant students who face an uncertain future under his administration.
A growing number of Democrats are bringing young undocumented immigrants as their guests to Trump’s address to a joint session of Congress.
More than half-dozen House and Senate Democrats so far are hosting immigrants who came to the U.S. as children and are temporarily shielded from deportation under an Obama-era program known as Deferred Action for Childhood Arrivals (DACA).”
Ice dragging away guests of Democratic lawmakers….That would complete the circle of outrage…..Here we are offering up these innocents. Oh look how the authorities are taking them….oh no, children….oh nooooes.
and Scene.
ICE should concentrate their efforts rounding up the domestic help of Democrat Congressmen and whatever you call Pelosi and Waters.
Rep. Maxine Waters, D-California, the ranking member on the House Financial Services Committee, told House Democrats at a caucus meeting this morning that she will not attend the speech because she doesn’t think she will be able to control herself, according to Democrats who attended.
She should just pretend that she’s at the movies…oh yeah, that won’t work either. When my wife and I were dating we used to sometimes go to a discount movie theatre in Teaneck. I don’t know what it was, but there was a lot of talking to the the screen going on;-)
http://abcnews.go.com/Politics/senior-house-democrat-plans-skip-trumps-speech-congress/story?id=45805743
ICE would empty out many an institution in these here towns I tell u wut.
“More than half-dozen House and Senate Democrats so far are hosting immigrants”
More than half-dozen? Is that how one tries to make an insignificant number appear significant.
Anon’s c0ck is less than a half-dozen inches when fully erect.
Was reading some comments on an article about fixing schools, and this guy hits the nail on the head.
“Most public schools don’t need fixing and throwing money at lousy performing schools is a waste of time and money”
Check out this incredible public school:
http://tinyurl.com/You-wish-this-was-yours
Now check out the report card:
http://www.state.nj.us/education/pr/1415/13/133570690.pdf
Republicans in Congress should send some boats off the coast of Miami and try to scoop up some Cuban illegals on their way to Florida. The Republicans can have them as guests tonight (prior to deporting the) so America can see the faces of a class of people that Obama started a “travel ban” against and decided should now be deported, all in the closing hours of his administration.
http://www.usatoday.com/story/news/world/2017/01/12/obama-ends-wet-foot-dry-foot-policy-cubans/96505172/
It wasn’t just me, our success is a direct result of a lot of smart New Jersey people who realized a life lived never having left Passaic County is not really being the best you can be.;-) BTW, I was christened by the Bishop of the Paterson Diocese. While he dripped the holy water on my perfect cranium I read his lips…”Don’t stay here.”
Nj did not do bad at all…#14. Expat going to be patting himself on the back with his States rankings.
This is what $22,000 per year per student gets you.
Where the white people at?
Now check out the report card:
http://www.state.nj.us/education/pr/1415/13/133570690.pdf
I was talking to my wife about this the other night. If you gave me $660,000 and 30 first graders to educate, I’d make sure they received one of the best educations possible and I wouldn’t even have to show up to do it. I would spend my time going around to those 30 households and either help them correct what was wrong in their home environments or have the kids removed.
This is what $22,000 per year per student gets you.
LOL, the Uber CEO. Watch this dick (and also his thumbs).
https://www.youtube.com/watch?v=gTEDYCkNqns
My gawd it’s full of stars
comment3, http://lisinoprilwww.click can lisinopril cause hair loss, wgpcel,
Patriots Haters? Check out Real Sports coverage of Bob Kraft. Very very good story. Make you a fan at least give perspective.
So he just said something along the lines of
“Merit based Immigration like Canada and Australia. Immigrants that can financially support themselves. ”
So what exactly is the problem with H1Bs?
Day 31 Gary, Are we great yet?
https://twitter.com/jptrib1/status/835268288380878850/photo/1
Finally it all becomes clear!
https://www.youtube.com/watch?v=Y0cF2piwjYQ
Are we great yet Gary?
https://www.washingtonpost.com/news/post-politics/wp/2017/02/28/trump-passes-blame-for-yemen-raid-to-his-generals-they-lost-ryan/
comment1, http://azithromycin.space azithromycin online, 5701,
Prima facie evidence is that POS such as you are allowed into our country……
Fabius Maximus says:
February 28, 2017 at 9:45 pm
So what exactly is the problem with H1Bs?
Chi,
If they let Albanian Goat Herders in, then why not me?
And just for the record I did not come here on a H1B.
Finally we have a job you are uniquely qualified to staff, AND you can return from whence you came (pun intended)……
An Irish postman has expressed his “enormous shame and regret” after he was discovered performing sex acts using a mailbox.
Last August, a man who was having work done on his late mother’s home in Monea, Northern Ireland, noticed a “puddle” on the ground near his front door, which his mailbox was built into.
Suspicious of the mess, he installed a CCTV camera above the door to catch the culprit.
Footage revealed a van from the global mail company Parcelforce pulling up outside the house one lunchtime, the Belfast Telegraph reported.
The postman walked to the door, put his gen!talia into the mailbox, and appeared to mast^rbate using the opening.
On a second occasion, the offender noticed the camera while he was carrying out the sex act.
The postman was later identified as 52-year-old David Camblin. He pleaded guilty last week to three counts of damaging a door and floor over a six-month period from February to August last year.
When police interviewed Camblin, he could offer no explanation other than to describe the act as “spontaneous.”
Initially, the man who owned the home sought $6,709 in compensation, claiming he paid over $1,250 for a new front door.
He also cited the cost of the CCTV camera, services of a professional cleaner, and his inability to rent the property out over the six-month period as further compensation claims.
The judge questioned this amount, and in the end ordered the offender to pay $620 in compensation.
The offender was suspended from work, and he later resigned. He is now being financially supported by his wife of 17 years.
He has been placed on 12 months’ probation and ordered to do 100 hours of community service.
Nancy Pelosi has never been less moist.
Watching the Dems while Trump hit it out of the park informed me of what I probably looked like when Schilling pitched the bloody sock game. I should have appreciated the incredible effort and success, but my intense hate just wouldn’t allow it.
Are we great yet?
https://mic.com/articles/169964/here-are-the-biggest-lies-mistruths-and-alternative-facts-from-trump-s-joint-address
The Fact checkers are in overdrive.
http://abcnews.go.com/Politics/fact-checking-president-donald-trumps-address-joint-session/story?id=45801701
Most disappointing line of the night. “These companies (sprint, Walamart etc) are creating tens of thousands of jobs. ” So 100K upper limit, this needs millions of jobs to be created if this is not going to end in a train wreck.
That needs to to
MSNBC and CNN talking heads look like chickens with their heads freshly separated. They don’t know what to do, but they’re certainly running around doing it.
Hahahahahahahahahaha
Observations by a Yankees fan:
Watching the Dems while Trump hit it out of the park informed me of what I probably looked like when Schilling pitched the bloody sock game. I should have appreciated the incredible preparation, effort, execution, and success, but my intense hate just wouldn’t allow it.