From HousingWire:
Annual home-price growth reverses course, finally rises
After 14 months of slowing home-price gains, the pace of growth finally picked up speed in May, increasing by 3.6% on an annual basis, according to the latest from CoreLogic.
And, it seems things may pick up steam, with CoreLogic’s forecast predicting home prices will rise 5.6% by May next year.
On a month-over-month basis, home prices rose 0.9% in May, with the forecast predicting a 0.8% increase in June. That would bring single-family home prices to an all-time high, CoreLogic said.
…
“Interest rates on fixed-rate mortgages fell by nearly one percentage point between November 2018 and this May,” said Dr. Frank Nothaft, chief economist at CoreLogic. “This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home-price growth accelerated for the first time since March 2018.”
A recent CoreLogic survey revealed the dual nature of rising home prices, as it can be both a benefit and a drawback.
According to the homeowners surveyed, 28% said they were concerned they would be unable to afford the purchase of a new home. And, 40% of homeowners who are thinking of selling said they’d have to move outside of their current market to afford another home.
NJ clocks in at a dismal 1.7% year over year in May.
Property taxes finally taking it’s toll .
ADP Jobs: +102k
Ding! Ding! Ding! We have a winner!
Property taxes finally taking it’s toll .
Tesla lives to see another day.
If you put $10,000 into Tesla five years ago you would still have the same $10,000 today. Yes, for the price of funding Elon’s dream you would have made nothing. Next capital raise should keep them going for another year or so then what?
Property taxes are killing Essex, inventory is good for the first time in a long time. In my hood avg home price is 1m, avg property tax bill is 28k. People have taken note that homes are actually selling for decent prices and are hitting the exit button. I expect with the increase in inventory prices will trend down a bit, the early movers have gotten their price and now buyers can be picky with multiple nice homes available. Not scientific but just the observation, It seems like every few days for the past month a for sale sign was added.
Property taxes in Essex are justified. They go towards battling inequality. It’s unfair that some have had success handed to them while other’s live around the poverty line. Just because some can’t read or write with a level of proficiency or don’t show up for a job doesn’t mean they should suffer. Distribution is the compassionate thing to do!!
Eddie – I am sensing sarcasm there.
Me? Sarcastic? lol.
The open borders crowd thinks the detention centers here are tough. They should visit them in Libya where oblama liberated everyone. They will light you up with a guided missile when you’ve overstayed your welcome.
Eddie someone has to pay taxes so Newark can give tax credits, abatement, blood money et al to get companies to move there…..I know I work there, no tax credits nobody would be there it’s a hole.
People in Haiti would kill to live in the detention centers, at least they’d have something to eat there as opposed to dirt cookies……
Up to 45,000 bourbon barrels ablaze:
https://www.cnn.com/2019/07/03/us/jim-beam-warehouse-fire-kentucky-trnd/index.html
Each of us a cell of awareness….
https://youtu.be/thMm9GELnck
Interesting that 9 of the 22 towns in Essex count have a lower effective tax rate than that of lowest town in Passaic county.
RE”Up to 45,000 bourbon barrels ablaze”
Grim cornering the market?
https://nypost.com/2019/07/03/this-fourth-of-july-why-have-we-lost-our-patriotism/
The facility is owned by Beam Suntory, which said in a statement that approximately 45,000 barrels “of relatively young whiskey” were lost in the flames.
https://www.accuweather.com/en/weather-news/smell-of-bourbon-fills-the-air-as-massive-fire-at-a-jim-beam-warehouse-burns-in-kentucky/70008726
Above Beverly Hills in the ultra-exclusive enclave of “Billionaires Row,” one of the last empty lots has sold for $30 million. The buyer, sources told The Times, is music and movie mogul David Geffen.
The one-acre property listed in May 2018 for $39 million but was trimmed to $35.995 million a few months later, public records show.
Jobs + 224k
UE: 3.7
wages +3.1 yoy
Not a bad read, participation rate continues to improve at a good clip.
July interest rate cut or at least a big cut is in question now.
David Geffen – 76 years old and reportedly worth 8 billion. Still he negotiated the 39m asking price down to 30m. Then he will still have to wait to build the house. Assuming he lives long enough for that to happen I’m sure he and his cabana boys will enjoy the last few years of his life there, viewing his ugly modern art collection and hosting fancy Democratic party fund raisers while various supple young men go to work for a place in his will.
Ocean Resort Hotel and Condos opens in Asbury with NYC pricing.
Shooting in Asbury at the fireworks.
Hurry the $6 million penthouse is still available.
We were at Asbury yesterday. Great day
On the beach and great restaurants. But we left before fireworks same last year. They draw a bad element. You can just feel the atmosphere changing. AP will never completely regentrify. A few blocks by the beach and that’s it. You can see and feel it changing as you drive away from beach. By the time you cross railroad tracks it’s full blown ghetto.
Wow, who would of thought that a strong domestic labor market could drive an economy. Keep crying about the 15 min wage, it seems to be doing significant hurt to the economy.
When will the people at the top get it? Huge profits at the expense of your labor market are fine short term, but long term, it’s economic suicide. You have to maintain capital growth in your consumer base to maintain strong long term growth. It’s so simple, but greed gets in the way every time.
“U.S. Economy Added 224,000 Jobs in June; Jobless Rate Ticked Up to 3.7%
U.S. employers added jobs at a robust pace in June, easing fears of a hiring slowdown and showing a strong labor market could propel the domestic economy facing threats from abroad.
Nonfarm payrolls rose by 224,000 in June, the Labor Department said. The jobless rate last month ticked up to 3.7% in part because more Americans entered the labor force. Wages advanced 3.1% from a year earlier, consistent with the prior month’s pace.”
We were at Asbury yesterday. Great day
On the beach and great restaurants. But we left before fireworks same last year. They draw a bad element. You can just feel the atmosphere changing. AP will never completely regentrify. A few blocks by the beach and that’s it. You can see and feel it changing as you drive away from beach. By the time you cross railroad tracks it’s full blown ghetto.
I park in Ocean Grove and walk over to the first beach. It has the best sandbar where I don’t have to worry about the ocean swallowing my kids. I like what they’ve done…but I would say there is always some jerk off smoking a joint on the beach. Last week, some girl was on some sort of drugs and alcohol and was about ready to die of dehydration on the beach. Some woman nursed her back over the course of two hours giving her water and food. Then the girl went back to drinking again so the woman had to get the cops and they carted her off the beach.
10:16 I love a $30M acre. In the face of the last shake it’s all temporary anyhow.
Wow, who would of thought that a
strong domestic labor market could drive an economydouche with no self control could stay away for even a weekend? People who quit school usually lack discipline so it becomes their lifestyle to quit everything, even quitting itself.BTW, if you completed English you would know that it’s “would have thought”.
Get a GED before you start lying to your daughter about your degrees you don’t have.
In China, the world’s largest burner of coal, half of all coal power plants are losing money. And now something once unthinkable has started happening: In the last 7 months, two coal-fired power plants in China have declared bankruptcy and shut down. These plants were built in 2003 and 2005, respectively. They were shut down after operating for less than half of their expected lifetime. As China starts to introduce market-based reforms into its electricity market, coal plants will suffer further. This is the very beginning of what’s likely to be a wave of early coal power plant shutdowns in China.
http://ieefa.org/second-struggling-chinese-coal-plant-files-for-bankruptcy/
It’s not just China where coal companies are going bust. We’ve had more than a dozen coal mining company bankruptcies in the US in the last 5 years, and have shut down half of the US’s coal power plants in the last 10. And despite Donald Trump’s stated aim of supporting coal, the coal death spiral has continued at the same pace during his administration.
From the article: “Although Trump has touted coal’s rebirth, 51 coal plants have closed and eight coal companies have filed for bankruptcy since his election, CBS News reported last month.
Coal’s share of the U.S. electricity mix fell from 48% in 2008 to 27% in 2018 and is projected to be 22% in 2020, according to the Department of Energy.
“We’re retiring a coal plant every month. Coal will all be gone by 2030,” said Bruce Nilles, a managing director at the Rocky Mountain Institute, a think tank in Colorado that focuses on energy and resource efficiency.””