From HousingWire:
Home prices hit yet another new all-time high
Home prices increased in the second quarter of 2017 to yet another all-time high due to low levels of housing supply, according to the latest quarterly report from the National Association of Realtors.
The national median existing single-family home price increased 6.2% in the second quarter to $255,600. This is up from the second quarter of last year when home prices came in at $240,700, and surpassed the third quarter of 2016’s $241,300 as the new peak in quarterly median sales price.
Home prices increased in 87% of measured markets during the second quarter, or 154 out of 178 metropolitan statistical areas, the report showed. Only 23 areas recorded a decrease in median home prices from last year.
“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” NAR Chief Economist Lawrence Yun said. “Listings typically flew off the market in under a month, and even quicker in the affordable price range, in several parts of the country.”
“With new supply not even coming close to keeping pace, price appreciation remained swift in most markets,” Yun said. “The glaring need for more new home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments. An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth building benefits of homeownership.”
And the market shouldn’t expect new waves of inventory anytime soon. A new joint report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development shows housing starts and building permits decreased in July.
However, NAR’s report shows less metros are seeing double digit growth in home prices at 23 metros in the second quarter, down from 30 metros in the first quarter. But while less metros are in the double-digit range, more metros are seeing increases as only 85% of measured markets saw an increase in home prices in the first quarter.
@ArmyChiefStaff
The Army doesn’t tolerate racism, extremism, or hatred in our ranks.
It’s against our Values and everything we’ve stood for since 1775.
Fab – I especially liked the link with the photo of the white supremacist that had the Chinese character tattooed on his shoulder.
Jobless claims 232k – 6 month low.
What $150k buys you in real estate in each of N.J.’s 21 counties
http://www.nj.com/entertainment/index.ssf/2017/08/what_150k_buys_you_in_real_estate_in_each_of_njs_2.html#incart_river_home
Noam Chomsky: Antifa is a ‘major gift to the Right’
#1, correct. The Army only tolerated r@pe.
If only major news outlets would cover it properly….Good recap of the first day of NAFTA if anyone is interested.
An important sticking point is “rules of origin”. The US is trying to close these loopholes…Mexico and Canada are trying to keep the status quo (they benefit…we lose). If NAFTA dissolves…Mexico and Canada are positioning themselves to blame the US (and Trump?).
“Currently, China ships a massive amount of Chinese manufactured component parts into both Canada and Mexico. Those parts are then assembled and shipped into the U.S. This process subverts the intent of NAFTA in that the agreement for manufacturing is supposed to encompass products actually manufactured within North America; as in manufactured within Canada, Mexico and The U.S.
The entire premise for “free trade” among the three North American nations is that products generated by, and manufactured by, the NAFTA partners would be “duty free”.
China has essentially subverted U.S. trade tariffs within the Auto Sector by using Mexico (mainly) as a destination for auto parts that are then merely assembled and shipped into the U.S. “duty free”. If the end product came from China directly they would have to potentially pay an import tax as part of the U.S. China trade agreement.
Inside Canada and Mexico the assembly of Chinese parts to deliver a finished ‘end product’ destined to the U.S. market is a sector of their jobs and economy they wish to retain. The U.S. is seeking to close the “rules of origin” loophole to ensure that only products actually manufactured within Mexico and Canada are part of the process.”
https://theconservativetreehouse.com/2017/08/16/nafta-day-1-recap/#more-137297
I imagine it isn’t just the auto sector affected by this practice…..
To no one’s surprise…these are Canada’s priorities:
“Canada, as expressed by foreign Minister Chrystia Freeland, appears determined to use NAFTA as a tool for Justin Trudeau’s social justice endeavors. Gay rights, transgender rights, cultural sensitivity and climate change are at the very top of their priority list.”
This is why I really don’t give a krap that Trump’s manufacturing council broke up. Small and medium sized businesses who manufacture domestically and are trying to grow and export products are who should have been on it in the first place.
Social justice my a$$. The big guys benefit from the status quo. It really helps me understand the motivation of a progressive Democrat.
A friend just sold his place in Rutherford. He purchased this dump, built in 1902, five years ago for $210K and just sold for $22K above listing @ $406K.
I am stunned.
D-fens
I think Mexico has quite a few kitchen appliance factories. I wonder if the components come from china and are assembled in Mexico and shipped to the US.
Abiez, was friend’s house short walk to train station? If yes, then I’m not surprised by that value increase. Houses close to train stations in close in suburbs with good school districts are hottest real estate right now.
What is a retailer anyway? Someone who takes another’s hard work, markets it, and gives themselves a cut of the profit. A middleman.
Why is Trump not as concerned with the origin of items sold by Amazon?
What makes one middleman more valuable than the other?
It is the product that is important. The USA has transferred its product making capabilities elsewhere so middlemen can make more of a profit.
Respect should be given to those who make things, invent things, fix things vs those that just resell items and utilize those individuals for their own gain…
And before this becomes a Trump vs Hillary. No, they are both in the same camp.
I
“Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!” Trump tweet
Yes and if you read the comments..some folks talk about stone from Iran thats shipped to Italy as raw material…then to Mexico…then made into finished product. Circumvents tariffs and sanctions!
JJ fanboy says:
August 17, 2017 at 11:21 am
D-fens
I think Mexico has quite a few kitchen appliance factories. I wonder if the components come from china and are assembled in Mexico and shipped to the US.
It’s a shot across Amazon’s bow. Bezos owns the Washington Post…which does nothing but write unflattering articles about Trump. Trump uses money and economics as a negotiating tool internationally…he’s doing it to Bezos too…showing he has leverage.
Phoenix says:
August 17, 2017 at 11:46 am
What is a retailer anyway? Someone who takes another’s hard work, markets it, and gives themselves a cut of the profit. A middleman.
Why is Trump not as concerned with the origin of items sold by Amazon?
What makes one middleman more valuable than the other?
It is the product that is important. The USA has transferred its product making capabilities elsewhere so middlemen can make more of a profit.
Respect should be given to those who make things, invent things, fix things vs those that just resell items and utilize those individuals for their own gain…
And before this becomes a Trump vs Hillary. No, they are both in the same camp.
I
“Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!” Trump tweet
TUESDAY, AUG 15, 2017 08:00 AM EDT
What if the DNC Russian “hack” was really a leak after all? A new report raises questions media and Democrats would rather ignore
A group of intelligence pros and forensic investigators tell The Nation there was no hack— the media ignores it
http://www.salon.com/2017/08/15/what-if-the-dnc-russian-hack-was-really-a-leak-after-all-a-new-report-raises-questions-media-and-democrats-would-rather-ignore/
Today will the MSM demand that President Trump explicitly denounce Islamic Terrorism, or should it be the other way around?
“Respect should be given to those who make things, invent things, fix things vs those that just resell items and utilize those individuals for their own gain…”
Respect? Sure, they should get respect. I think they’d rather make money. I’ll stop quibbling. Inventing something useful, something desirable is very difficult… but that’s only part of the equation. It needs to be packaged, marketed, shipped, sold, and accounted for. [Are UPS and Fedex just middle men?] Sometimes middle men are just that… sometimes they add value. Grim had a great post a long time ago. He made a sarcastic comment that everyone in marketing/strategy/etc was a crook. Not sure if I’ll be able to find it.
Some in the democrat news media would like to convey the notion that liberal protestors are incapable of violence. What a giant pile of horse Puzzy.
‘Today will the MSM demand that President Trump explicitly denounce Islamic Terrorism, or should it be the other way around?’
International, possibly Islamic attack? He’s not going to wait two days for facts. He’s already Tweeted.
Wolf Blitzer just said that Barcelona might be a Charlottesville copycat.
@BarackObama
Michelle and I are thinking of the victims and their families in Barcelona. Americans will always stand with our Spanish friends. Un abrazo.
10:46 – the council hadn’t done a single thing in 6 months. Status quo?
Our current international trade agreements = status quo
Might explain why nothing has been done
ex-Jersey says:
August 17, 2017 at 5:23 pm
10:46 – the council hadn’t done a single thing in 6 months. Status quo?
It was a photo Op and Trump is an empty suit. Other explanation.
Just like the pumps stated. NYC spillover evidence right before your eyes. Remember, it’s all a cycle. It’s no coincidence that Manhatten prices peaked a year or two ago, and now you are seeing the outlining regions that were stagnant see huge gains. A few people laughed at me when I said places like Wayne are a sick bargain, just wait till they start seeing the gains in a few years as these properties become a value in comparison to the areas that have already had price run ups.
Trick is finding towns that haven’t seen price gains yet, have good school systems, and bus/train access along with commutable driving distance to city by car. Find these towns and you will make a killing in the coming years. I would be hitting up places like Paramus\Wayne to gamble on price appreciation if I was gambling on this market.
It’s all happening like I predicted, and quite honestly, I can’t believe how on point my predictions have been. Pretty craxy.
abeiz says:
August 17, 2017 at 11:06 am
A friend just sold his place in Rutherford. He purchased this dump, built in 1902, five years ago for $210K and just sold for $22K above listing @ $406K.
I am stunned.
When we hit peak bubble in the 2020’s, you won’t be able to find a home in desirable towns with good school systems for under 800,000/900,000.
Prob more like 1 million if you think about how bad the supply is to demand.
Adults are hurting themselves while shaving, applying lotion, waxing and even plucking their pubic hair — a practice that 76% admit to doing. But a quarter of them also said that their pruning practices resulted in an injury, according to a recent survey from JAMA Dermatology. A small number (1.5%) even went to the hospital.
The survey was conducted by a team of urologists at the University of California San Francisco after they noticed that about 3% of their emergency room patients were there because of pubic hair grooming-related injuries. The doctors were not surprised that their survey revealed that people who experienced these injuries also groom more frequently and extensively than their uninjured peers.
“One lesson to take from this is that if you have had significant grooming injuries, or keep getting injured, you should reconsider the areas you groom, how frequently you do it, and the extent to which you do it,” co-author of the survey Dr. Benjamin Breyer told Time.
Funny how Obama doesn’t care enough to tweet about all the victims in Burkina Faso.
Psst…
NJ Officials Supply Voter Data to Trump’s Commission
http://observer.com/2017/08/nj-officials-supply-voter-data-to-trumps-commission/
Raw video of Charlottesville
https://www.reddit.com/r/The_Donald/comments/6togcn/massive_cover_up_youtube_deleted_this_video_to/?st=J6CW5GXY&sh=2d1c9322
Judge for yourself
Pumps 800/900 thousand!! You are delusional. There are houses on my blue ribbon top Bergen county school town that are asking the same or slightly more than what they paid 10 plus years ago.