From Fortune:
Average Home Values See First Monthly Drop in 7 Years
In uncertain times, rising housing values have been one thing keeping our collective spirits up. But, as they say, nothing increases forever, and the U.S. real estate market may be about to downsize.
In April, national home values dropped a tenth of a percent from those in March, according to data from real estate information company Zillow. That’s not much, and zigzagging patterns in economic performance are hardly unusual. Except, it’s the first such downward motion in seven years, says senior economist Sarah Mikhitarian.
“A lot of the slowdown has been driven by some of these really large West Coast markets, where we have seen home values likely peak,” Mikhitarian said. That’s right, in Los Angeles, Seattle, San Diego, San Jose, Portland, and even San Francisco, prices have begun to creep back a bit. That’s been true in some other markets scattered around the country: Philadelphia, Pittsburgh, Houston, Miami, Boston, St. Louis, Tampa, and Baltimore.
Martin Eiden, a real estate broker with Compass Real Estate in New York City, has seen the pattern. “The cities with down markets are generally plugged into finance, media, high-tech and international buyers,” he said. “The buyers in this market are at an all-time high level of anxiety due to the politics of the executive branch of government.”
Mike Pappas, CEO of The Keyes Company, a large real estate business in south Florida, sees a number of factors playing part. “The last year with the rising interest rates and higher prices, we’ve seen a slowing of that growth [after the Great Recession],” he said. Miami, part of his market, has seen high condominium construction, helping to create some oversupply as well.
In other markets, the reduction of the state and local tax, or SALT, deductions on federal income tax have meant an effective increase in the total cost of a home in some markets—particularly in such states as California, New York, New Jersey, and Connecticut.
“And incomes haven’t grown during the recovery,” Mikhitarian adds. Many people that might have previously afforded a down payment are now priced out. “Buyers are forced to reconsider whether it’s possible for them to buy,” she said.
Finally, there has been the dynamic of the lower third of the housing stock. “Throughout the recovery we saw homes in the bottom third grow as a much faster rate,” Mikhitarian said. Those were exactly what the lowest economic third of the population would look for something to buy, as well as an important source of housing stock for those moving from a first to a second house.
Good Morning New Jersey
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Kind of get humbled when your daughter invites her new friend for a play date and the mom drops her off in an Aston Martin.
maybe working hourly is the way to go. Was catching up with a good Cnc machinist this weekend. He told me he went to an interview at a pharma company. As an exempt I interviewed there with 4 different managers, hr recruiters etc and they could not commit to hiring. Similar to bystander the position just keeps piping up every three months for the last year. I asked him how his interview went and he said they hired me in the spot. Told me to quit my job now and would get him started in a week. Pay and built in overtime at time in half would be right at $105k . No bad for working 10 hours a day and not putting any weekend time in, late night emails, presentations etc. the kicker he is in his 50,s and that is considered a plus
re: Aston Martin.
I grew up near Alpine and dated a girl from there. She picked me up in her mom’s Red 560SL convertible and took me to meet her parents at their home. Car was like $60k back in the day. Too bad she looked more like her big and burly dad than her smoking hot mom. Did not work out anyway her parents really did not want her to date the landscaper. LOL!
Juice. Always fought the same battle. Plus, I was raised Jewish to boot. Their loss.
“I learned me a new one……. LGBTQIA+”
Running out of keys on the keyboard.
Facebook jumping the shark and launching their own ICO now?
Is this the only real-world use, hey let’s give people control of their content with block chain
https://www.bloomberg.com/news/articles/2019-06-01/block-one-launches-social-media-app-as-facebook-preps-own-coin
Anyone remember millionaires tax that Murphy said he wouldn’t sign the budget without?
https://twitter.com/FlanaganNJTV/status/1135555406623858688
Yeah no…he was just kidding guys…
For those keeping score…that’s a win for Sweeney and South Jersey Democrats. Murphy is more of a political eunuch day after day.
Murphy strikes back?
https://www.nj.com/politics/2019/06/report-grand-jury-issues-subpoena-to-nj-state-agency-that-awards-corporate-tax-breaks.html
Most presidents would go out of their way to avoid such sensitive topics at a moment of extreme political stress. In Trump’s case they may deepen his already intense unpopularity in Britain ahead of his arrival for a three-day stay on Monday but enhance his global reputation as an unpredictable, disruptive influence.
Bloody Christ……
The NBA may be backing down from using the word “owner” due to racial insensitivity.
After Golden State Warriors star Draymond Green argued against using the term on LeBron James’ HBO show “The Shop” late last year, the issue gained steam, per TMZ Sports, and at least two teams have already stopped using it.
“You shouldn’t say owner,” Green said, saying it should be changed to CEO, chairman or majority shareholder.
The Sixers have since changed the title of their owners to managing partners, and Steve Ballmer of the Clippers is listed as chairman on the team’s website.
“When your product is purely the labor of people, then owner sounds like something that is of a futile nature,” Jon Stewart said on “The Shop.”
However, TMZ notes that there isn’t pressure coming from the NBA to change the titles.
“We refer to the owners of our teams as Governors,” the league told TMZ in a statement, “each team is represented on our Board of Governors.”
Chi – re: + All I have to say is good luck with that.
The left’s is trying to knit together very disparate groups based on claims they are all oppressed and should stick together hence the + sign. Their assumption is that the world can be divided neatly into YES you are oppressed or then NO ok then you are the oppressor. This social construct will fail, people are simply too complex to fit into as they would put it “binary” construct.
Strange. 15 years ago, all the Libs were crying “Don’t you DARE label me!”
Now, labels are all they’ve got. Their labels define them, which in turn defines you.
The NBA should call the players owners, because they force everyone, the coaches, the “majority shareholders”, the refs, and the fans to cater to them.
There are signals suggesting economic recession in 2020. Inverted yield curve plus declining freight volumes.
Just in time for election.
I think they should rename the NBA the Plantation League.
Yeah, but instead of picking cotton in the fields, the players pick wallets in the stands……
stunning entitled pricks….. I’m getting numb to it all…..
Libturd, seen crazy things done with ping pong balls. says:
June 3, 2019 at 2:35 pm
I think they should rename the NBA the Plantation League.
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Here is a Burger King….. notice the owner of the location is considered an “owner”…… I guess they should rename the place Burger Plantation….
https://www.youtube.com/watch?v=40kJWPW3Yx0
ChiFi, like they say, BK uses the term owner, until they don’t……….
I wonder what White Castle will go with? I already cringe whenever I read their slogan, “Grab a sack.”
For White Castle. Why not White Plantation Owner’s Burgers?
Slogan. Hangin’ Sac
Wayne NJ’s new tourist slogan. Let’s Ping Pong with Kielbasa and Ching Chong.
Lots of price changes on listings in my town. As in asking price declines. And a few that went under contract and are now back on the market. Just saying.
Except Hudson County
And Wayne.
One in Wayne…
https://www.trulia.com/p/nj/wayne/23-robin-hood-way-wayne-nj-07470–2006558243
lol, Robin Hood way? That’s Pump’s ideal street name. Rob from the rich and give to the poor.
Why does it say the taxes are $528/mo? Can’t possibly be true.
Fast Eddie says:
June 4, 2019 at 9:32 am
One in Wayne…
https://www.trulia.com/p/nj/wayne/23-robin-hood-way-wayne-nj-07470–2006558243
I am seeing more young college grads going into the civil service state and federal. When I ask why, they reply pension good health benefits and stability. Interesting.
Joyce,
I’m sure the taxes are higher.
Joyce,
taxes show as $18,900 on Tax search.
I see this often on Trulia, I think they are using some algorithm for taxes, it may be a useful estimate in other parts of the country, but not here!
19,000 is no big deal we are swimming in money here!
Trump protests in London?? You would think with Brexit they would have more important things to worry about!
3b,
I wouldn’t expect rapid depreciation. You will get price swings depending on the mindset of the owner, but these current prices are probably as stable as they come in our area. I just can’t see them going down much further after being supported for over a decade. Just not happening, this is the bottom.
Other parts of the country, that’s another story. We didn’t run up prices over 100% in the past 10 years. Places that did, well, this is what happens when you go chasing the lemmings. Better hope people keep moving there, or you are going to take a haircut in these locations (hudson county applies to this).
Looks like the meant for the taxes to be $1,528/mo
1987 Condo says:
June 4, 2019 at 10:11 am
Joyce,
taxes show as $18,900 on Tax search.
I see this often on Trulia, I think they are using some algorithm for taxes, it may be a useful estimate in other parts of the country, but not here!
LOL. Can you grab a puzzy too? Pretty soon Nimfy will have more white balls than he can handle.
I wonder what White Castle will go with? I already cringe whenever I read their slogan, “Grab a sack.”
Problem with this home, imo, it just hasn’t been updated. Therefore, it’s not really desirable. Sure, it’s livable, but you have to dump money into it to make it turnkey. The owner has to do the renovation themselves (adds risk) if they want to sell this or sell to a flipper at a discount. Current price is meaningless in its current state.
Fast Eddie says:
June 4, 2019 at 9:32 am
One in Wayne…
https://www.trulia.com/p/nj/wayne/23-robin-hood-way-wayne-nj-07470–2006558243
Market up on Powell being open to rate cut. And the economy is supposed to be so strong yet we need a rate cut?
Borrow against your house everyone’s doing it…
First we gotta get those pesky student loans
Covered by Bankruptcy. I understand our fearless leader knows a thing
Or two about bankruptcy.
or 6.
Inflation, it’s going down again… that’s what this rate cut is about. Not a person in the world can make sense of the current predicament with inflation. Blows my mind trying to make sense of it….
3b says:
June 4, 2019 at 11:42 am
Market up on Powell being open to rate cut. And the economy is supposed to be so strong yet we need a rate cut?
Does anyone want to live next to Pumpkin? We can play ping pong together? House next door just went on the market.
We are in a new economic territory….high rates are gone for the time being and may never come back. The economy can’t handle it. Rates can’t be justified if inflation can’t pick up. They will lower the rates to a point that can spur inflation.
The Great Pumpkin says:
June 4, 2019 at 12:46 pm
Inflation, it’s going down again… that’s what this rate cut is about. Not a person in the world can make sense of the current predicament with inflation. Blows my mind trying to make sense of it….
You mean, no more wage inflation?
Lib but we can still have high housing prices?
Great..when it rains it pours. Our food services was canned by management team abruptly. We used to have $6 deli sandwiches, salad, pizza etc. Being replaced by somesome foody vendor company who brings rotating local restaurants. While it sounds good, they have no items but $10 and most in $12 range Ridiculous. I try to bring my own lunch but now a must.
They’ve also heard that you can hang with ping-pong and post on the internet all day. Some even believe that their grandmother with sell them an apartment building too.
3b says:
June 4, 2019 at 10:00 am
I am seeing more young college grads going into the civil service state and federal. When I ask why, they reply pension good health benefits and stability. Interesting.
Are the prices really out of control in nj? Get serious. They are not.
3b says:
June 4, 2019 at 1:02 pm
Lib but we can still have high housing prices?
Fast Eddie…. how good is this? fried onions, cabbage, pickles….. ping-pong special
The next open house grim has, I will bring this with a nice stale Rheingold…..
https://www.youtube.com/watch?v=DfKUwr2gJyk
There are sectors experiencing sweet wage inflation, while others are experiencing deflation. The question is how does every worker get wage inflation? It’s def a unique time…
Libturd, can’t say I didn’t warn you. says:
June 4, 2019 at 12:56 pm
You mean, no more wage inflation?
Not trying to humblebrag or sound whiney, just that our building location is easily a 10m walk from to any restaurant. This is not NYC. There is nothing around here unless you want to eat DND egg sandwich at the bus station. In cold weather, you have zero options except our old cafeteria. Sad that these people lost their jobs too. All from MX and South Am who worked hard everyday for min wage.
ChiFi,
Everyone needs to smoke Chesterfields at the open house to enhance the aroma. A few pets doesn’t hurt as well.
It’s been a while since I’ve been in a 650K fat, f.ucking Mary special. I can hear her ignorant, fat, f.ucking mouth screeching how she deserves top dollar for her shit dump of a hovel. It’s almost as good as the fat, post-menopausal house tour guide screaming that the price is warranted
Bystander,
What town are you working in?
The fed, ecb, emerging markets, and boj all need low interest rates to maintain the debt load the government keeps rolling forward. Raising rates will blow up their government budgets due to the increase in interest rate expenditures.
I think the economy in the US is strong enough for higher rates. It is governments that can’t handle it.
Joe,
Good point. The U.S. economy is def strong enough to handle it, but not other countries, and def not govts.
In all honesty, keep the rates low, do not destroy this world economy….it will not end well and just kill the economy for no reason whatsoever.
The world’s central bankers have a confession to make: They’re not sure whether the tools they’ve been using for decades work anymore. That uncertainty has become increasingly clear since the dramatic U-turn by the U.S. Federal Reserve in January, when it set aside plans to continue with a steady ratcheting up of interest rates. The persistence of economic fragility and stubbornly slow price increases, sometimes called lowflation, has central bankers wondering if they need a new toolbox — or a new compass.
https://www.washingtonpost.com/business/why-the-feds-rethinking-its-toolkit-its-broken/2019/06/01/f34aba8a-843a-11e9-b585-e36b16a531aa_story.html?noredirect=on&utm_term=.a96eeec711e7
“There’s been a growing suspicion it’s now lower than it used to be, for reasons that are unclear. A downward drift could mean a greater risk that when a central banks taps the brakes by raising interest rates — as the Fed did nine times since late 2015 — the impact might be bigger than it intends. That could mean slowing growth unnecessarily or even risking recession.”
I work in lower Fairfield County, Ed. CT is a funny state. It could feel like the boondocks right next 95. We have major corporate buildings but no food joints close by.
The feds never had a toolbox. 1 trick pony…
Unions def are a piece of the puzzle….glad the hate for unions worked out so well.
So obsessed with low wages/shipping jobs and then they wonder why it’s so tough to get inflation.
“13. Is inflation dying?
That’s the question. No one really knows why it has failed to return. Possible causes include globalization, which has brought millions of low-wage workers into labor markets, along with market concentration and the decline of labor unions, both of which undermine the power of workers to demand higher wages. Some critics worry that central bankers preoccupied with lowflation will keep interest rates too low for too long and fuel bubbles in financial markets. Others think central banks are being too timid, and should be cutting rates to goose growth enough to produce the wage gains that are inflation’s fuel. One such critic lives in the White House.”
Illinois Does a Connecticut https://www.wsj.com/articles/illinois-does-a-connecticut-11559601920
“The persistence of economic fragility and stubbornly slow price increases, sometimes called lowflation, has central bankers wondering if they need a new toolbox — or a new compass”
Well once the government decided to bail out Wall Street by printing money in droves, the interest rate changes lost much of its muster. I mean, who would ever invest in bonds again when equities will never be allowed to crash. There is no reason to chase yield anymore. Uncle Sam’s got your back. And if you are an institutional investor, he’s got your back even it’s on margin.
blue two tricks, lowering rates and printing money for direct asset/market support(i.e QE). There isn’t too much else they can do that has any meaningful effects. Biggest thing is they cannot raise rates because all governments pretty much everywhere are hooked on cheap credit. The fed is considering lowering rates because Trump is rattling the sabers with our largest trade partners and they too rapidly raised rates.
Lib at the moment the markets are awash with cash, the rates being so low are a limiting factor in the bond markets, the spread is too thin to warrant the risk why not buy equities which will continue to outperform so long as the credit markets provide an infinite amount cheap money. They need to get the FFR up to around 4% in order to make rate cuts an effective tool.
At some point it all comes tumbling down.
Lib maybe they just need to count the items that really matter and they will get all the inflation they need!
The ECB will probably be stuck doing Quantitative easing forever. Who could be dumb enough to buy a bond from the government with low to negative rates? I’m staying long good dividend paying equities.
I’m staying long good dividend paying equities.
Shhhhhh!!! What’s wrong with you? Do you want precious metals and bond peddlers to come after you?
Ahhhh, Ummmm, sorry, I meant to say buy gold, silver, and negative yielding bonds.
Oops. My bad.
Blumpkin as confused as ping pong balls in the lottery bin. We have the most stable economy but Fed does not know what they are doing. Wages are deflating but inflating in his industry . House prices are declining in NJ but that is good but they will increase over time. The US economy is super strong but world is not therefore don’t do a thing. We are the proverbial ‘cat above the bath’ economy. It is about housing and rates, period. They want appearance of chaos to drive down government rate policies yet talk about strong economy and stock valuations that are justified. We have reached inflection point. Inflation is racing forward and wages are not. Work for a US subsidiary of foreign parent and they don’t give a sh$t about Trumps tax break. More money back to head office, not to US employee
Bystander,
You are lying to yourself if you don’t think certain industries are experiencing wage inflation.
Just look at the wage inflation at the ground level. it’s insane, you don’t even need min wage right now….no one will work for cheap. Go hire a Mexican, and guess what, they want 20 dollars an hour now. That’s immigrants demanding this much.
Your field is getting slaughtered….let’s not forget how good IT field had it. Anyone that was fortunate to have worked in IT field during glory times should have seen this coming. Corporate executives took a hammer to IT once they realized they were overpaying.
Preaching to me about my field..that’s rich. I have advice for you, try licking all of the jelly out of a donut without stretching the dough hole. Make sure you get the area above dough hole thoroughly. Practice Blumpy..your marriage, I mean economic lifestyle depends on it
Pumps, it wasn’t over payment. They have realized they can do it cheaper, and it is mostly places that weren’t good at tech. Being a software developer, you would see projects where your firm would save millions of dollars via automation. If you’re willing to work for 100k there are more jobs than bodies. If you want to make more than that it is a challenging market. The visa abuse has been huge in putting a hard ceiling on tech wages.
The ground level is now a combination of the higher minimum wage in NYC, and Trump’s crackdown on the illegals. The demand for manual labor outstrips the supply.
Bystander,
Don’t even give him the time of day. It wasn’t too long ago he was innocently and sincerely inquiring as to what happened in the tech field. After you, jcer and others explained it to him multiples times, now he has the gall to regurgitate it back to you with authority (“Let’s not forget…”).
4:14 Gooood loooord. What a visual.
The internet has ruined me .
It was certainly descriptive!!
True story.
I was not trying to be a d!ck to bystander. I was only repeating what he taught me.
PumpkinFace says:
June 4, 2019 at 5:01 pm
Bystander,
Don’t even give him the time of day. It wasn’t too long ago he was innocently and sincerely inquiring as to what happened in the tech field. After you, jcer and others explained it to him multiples times, now he has the gall to regurgitate it back to you with authority (“Let’s not forget…”).
Jcer,
That’s all that I was trying to point out…there is wage inflation out there, it’s just not across the board.
I could have said chocolate filling but that assumes too much
You wonder why everyone, and I mean everyone, thinks you’re a f!cking idiot? When did Bystander ever say something like overpaid? He and others here have said it was a well coordinated effort to this day by big business and government. Aren’t you supposed to be against that?
The Great Pumpkin says:
June 4, 2019 at 5:41 pm
True story.
I was not trying to be a d!ck to bystander. I was only repeating what he taught me.
PumpkinFace says:
June 4, 2019 at 5:01 pm
Bystander,
Don’t even give him the time of day. It wasn’t too long ago he was innocently and sincerely inquiring as to what happened in the tech field. After you, jcer and others explained it to him multiples times, now he has the gall to regurgitate it back to you with authority (“Let’s not forget…”).