From CNBC:
Home prices cooled at a record pace in June, according to housing data firm
Rising mortgage rates and inflation in the wider economy caused housing demand to drop sharply in June, forcing home prices to cool down.
Home prices are still higher than they were a year ago, but the gains slowed at the fastest pace on record in June, according to Black Knight, a mortgage software, data and analytics firm that began tracking this metric in the early 1970s. The annual rate of price appreciation fell two percentage points from 19.3% to 17.3%.
Price gains are still strong because of an imbalance between supply and demand. The housing market has had a severe shortage for years. Strong demand during the coronavirus pandemic exacerbated it.
Even when home prices crashed dramatically during the recession of 2007-09, the strongest single-month slowdown was 1.19 percentage points. Prices are not expected to fall nationally, given a stronger overall housing market, but higher mortgage rates are certainly taking their toll.
The average rate on the 30-year fixed mortgage crossed over 6% in June, according to Mortgage News Daily. It has since dropped back in the lower 5% range, but that is still significantly higher than the 3% range rates were in at the start of this year.
“The slowdown was broad-based among the top 50 markets at the metro level, with some areas experiencing even more pronounced cooling,” said Ben Graboske, president of Black Knight Data & Analytics. “In fact, 25% of major U.S. markets saw growth slow by three percentage points in June, with four decelerating by four or more points in that month alone.”
Still, while this was the sharpest cooling on record nationally, the market would have to see six more months of this kind of deceleration for price growth to return to long-run averages, according to Graboske. He calculates that it takes about five months for interest rate impacts to be fully reflected in home prices.
First.
Now back to sleep.
When your premise is to restrict voting to ensure those who can vote do so responsibly and then you elect Donald Trump President.
House on corner sold, ask was $799, waiting to hear was close was.
Kashkari on TV yesterday morning, says Fed is committed to get to 2 percent inflation, but it will be a long road. He acknowledged recession, but said it won’t stop Fed. He said part of the problem is the Fed keeps getting surprised! Really, pump trillions into the economy for years and then you are surprised when inflation finally blows up.
August is the Sunday of Summer
CNBC just said Pelosi is going to Taiwan tomorrow night?
Hopefully, Pelosi knows the difference between Taiwan and Thailand. With that said, I hope she gets stranded there permanently.
Juice Box says:
August 1, 2022 at 9:01 am
“CNBC just said Pelosi is going to Taiwan tomorrow night?”
Unfortunately, this appears to be the end of the line for Taiwan. If Pelosi goes, I could see the Chinese doing something like a full or partial naval blockade and eventually starving Taiwan into submission. If she doesn’t go then we’ll effectively have ceded control to China and it’s game-over right now. In any case, whether or not dingbat Pelosi had scheduled this trip, I think the Chinese would have moved on Taiwan before Biden left office, recognizing the golden opportunity presented by the USA being led by a feckless, incompetent buffoon.
Lib: It looks like an FU to Biden on Pelosi s part. You would think of deference to the fact that Biden is President, and has not supported her trip to Taiwan, that she would not go. Says a lot in my mind how senior Democrats view Biden.
Out-Of-State Gas Station Owner Nabbed In Bergen With $175,000 In Suspicious Cash: Prosecutor
Was really 500k……..
China will act on Taiwan when it feels it can handle it.
Patience on their part is a strong move. Make America waste it’s resources and send it’s military to deliver one old prune for a visit while Americans suffer at home.
Repubs would love to see her plane shot down, however. Not gonna get that wish.
China keeps posting threating stuff on their WeChat platform and one of the few social media platforms allowed in China, it has 1.26 billion active users mostly Chinese phone numbers, every smartphone user in the country already has an account. They all know and disapprove of what we are doing with Taiwan as there is no opposition allowed to the official partly line of chat anyway. They will cheer if something happens. We don’t need to go to DEFCON 2 over this….there is now video of them sending anti-ship ballistic missile launchers to the coast…
Trying to understand what Pelosi’s motivation is. What are the odds she runs for President?
Cannot believe I’m typing this on here as it has the potential, no probability, to turn into the Animal House cafeteria scene but….Vornado, at current price, buy, sell or hold?
That’s a big bet on NYC and to a lesser extent the nyc metro area.
Understood. Future interest rate pause play as high and strong correlation there, bunch of refis from floating to fixed, REITs have traditionally outperformed SPY going into new cycle, and among the dozen or so REIT subsectors office has performed most consistently coming out of the cycle. On price action shares are almost exactly where they were at COVID low in 3/2020 and GFC low in 2009, which is also 20 year low. Is the outlook for this company now less certain or optimistic than at the depths of the GFC or COVID?
What a busy weekend.
Friday night, went to the Keith Urban concert at PNC. Lots of people dressed up as cowboys but that’s not real country music at all. More like pop/rock with country-ish lyrics. Whatever, I was basically there to drive the women. Too many people smoking pot, it smelled like skunks were spraying everywhere.
Saturday. Pretty crappy round of golf followed by a trip into NYC. 3pm the traffic into Lincoln tunnel was awful, almost as bad as what I remembered rush hour to be like. And then I got there and its full of losers. Street traffic is worse than ever because bums are randomly urinating on subway riders or worse. Went to a sichuan restaurant that is pretty authentic.
Sunday: went to the LIV golf thing. Some people were there to cheer for Trump. Some were there for the golf. Some were there for both. Looks like a nice course and club, but I didn’t see the entire course. People were making fun of the small crowds but the crowds were still often too big to get a good view of the action. Guys hitting accurate 320+ yard drives are pretty good. I think I’d rather watch pros on TV where it’s easier to follow what’s going on. If you try to follow the leaders on foot, you’d better be six and a half feet tall to see over everyone. The crowd cheered every time they got a view of Trump. I didn’t see or hear any protestors.
grim,
Nobody seems to know Pelosi’s motivation is. Not just for Taiwan but for the whole trip.
She can’t be so stupid as to think she can win the nomination or presidency, or that this even helps, but then again is she as dumb and vain as Phil Murphy? I guess so.
Maybe she wants a photo of a Chinese jet fighter buzzing her airplane?
Maybe she really doesn’t like the PRC and wants to give them a finger.
Interesting because I thought liberal democrats didn’t really mind the PRC. Getting both parties more actively against China should an event occur would really cement the negative perception that US people deservedly have of that government.
Nah no way Pelosi runs for POTUS in 2 years, Should would be 84 when elected and 85 two months into her term. She just wants a funeral and burial at the capitol. She has been in Congress 35 years now. She is running this time again for election in November in California’s 11th district across the bay. She was in the 12th before which is San Fran proper, but it was redistricted in December but no issue for her to buy a new home across the bay for sure. She won the primary and will be going against a no-name California real estate developer John Dennis was born in Jersey City, New Jersey and went to Fordham.
99 days now until the election, the spending will increase and so will the madness as we get closer.
No one: I was at the Keith Urban concert, my wife is a big fan. I was not really familiar with him. But, he is very talented, but would put him more on the rock/ pop side than country. It was not sold out, but good crowd, well behaved. I enjoy music , so I did enjoy it. Urban attracts all age categories from what I saw Friday night.
2 Things,
– If anyone wants to track Pelosi’s plane tommorrow from Singapore to Taiwan the site to see it is flightradar24.com .
Yesterday’s flight from Guam to Singapore had over 6000 people tracking it and it was her lone plane. You might see other aircraft with her, keep an eye out for refueling tanker planes. If you look in the area south of Ukraine, you’ll see a lot of activity of those planes, they are usually in the most tracked list.
Most people tracking is around 1000+/- and it increase with an aircraft declaring emergency. International recognize Squawk codes to look for is 7500 (Hijack) 7600 (Radio Failure) 7700 (Emergency).
2nd – Yesterday’s last post asking?
Do you believe your votes ought to all be ‘equal’ and that such situation is more likely to lead to a ‘better’ Republic?
As always the problem is who decides?.
Alito gave a speech at Notre Dame talking about lack of piety in people. In his world if you are not pious enough you get no acces to power. Of course the cleric class ( whether the Pope, an Iranian or Saudi) gets to decide the supersticious mumbo jumbo that they decide who is worthy enough.
And all clerics like misery, is the only way they become viable and have meaning as interpreters of the universal suffering. Alito is doing to the US of A, what the catholic racket has done to Latin America, Ireland, Franco’s Spain and the like. That is the reason all pious countries are hell holes of one type or another.
3b,
Yes, Keith Urban definitely is talented, and he left the crowd happy. And I was happy that the rain held off other than an early sprinkle. Funny to hear a guy speak in an Australian accent then sing with a “country” accent. I didn’t know he was also skilled with the guitar until I saw him play and looked up his history.
Photo op today for the new $1.56 billion Portal Bridge today to keep the Bergen County shit barge flowing…..Gov Phil, Menendez, Booker, Buttigieg and the cast of characters all there….
Don’t expect to have a faster ride into Midtown anytime soon the portal bridge won’t be finished for 5 years!!!
The lowest unemployment in history and NJT commuter ridership isn’t even 50%. They probably should be reducing train service. Not expanding it. I suppose on the bright side, less people will be impacted by the delays from construction so now would be the ideal time to build it. Will be interesting to see when ridership returns to pre=pandemic levels.
Does that rail bridge really cost $2 billion (by the time it’s done)?
Wasn’t the entire tunnel project projected to cost between 6 and 7 billion under Christie?
Lots of crypto scammers getting nailed by the Feds now. Too bad they don’t lock up the crypto scam celebrity endorsers.
https://www.bloomberg.com/features/2022-crypto-celebrity-endorsements/
Lib the Gateway Program which includes Portal Bridge and new Hudson River Tunnels is around $33 Billion now. No worries New Jersey is bonding for it’s portion of costs.
BTW they will probably break the existing old bridge again. The Bergen county turds were being trucked a few miles down the road for the last several years to the Newark facility so they could be flushed into NY Bay as to not have to open the portal bridge anymore, but the old bridge has resumed opening and closing again four times week because well they don’t want the trucks on the road as it might stink up the place.
Here is the latest presentation from July.
http://www.gatewayprogram.org/wp-content/uploads/2022/07/22-07_GDC-BoardMeeting_PPT_vF2.pdf
Lib – re: “They probably should be reducing train service. Not expanding it.”
Part of the deal to get the Feds to pitch in is we had to expand capacity and for NJ Transit to buy loads of new Double Decker trains to increase theoretical ridership. Those trains don’t fit down here on the electric rail lines we have, so you can bet they will spend even more down the road on that..
Lib: I don’t it will return to pre- pandemic levels, and you know why.
No One: Glad on the rain too , we were sitting just under the edge of the roof, partially covered. It is funny how he can switch back and forth between accents; I guess he had been doing it for years. It was an enjoyable evening.
Lib – hit me up at portmanteau69 (at) Gmail
That goes for the rest of you psychos too.
ChiFi – my kiddo went to see that show where Moz was recorded.
Great line-up that day.
Of course 3B.
Lefwig. I’m good with hanging out with the master race.
I’m just not showering at your place.
This article is dedicated to the teachers:
https://wesleyyang.substack.com/p/yes-things-are-really-as-bad-as-youve?r=u0rd&s=r&utm_campaign=post&utm_medium=web
“Yes, Things Are Really As Bad As You’ve Heard
A Leftist Schoolteacher Struggles To Say Aloud the Things He Regularly Witnesses That Are So Outlandish They Sound Made Up By Right-Wing Provocateurs”
It most definitely is that bad in my Uber liberal district. They e been given the green light and encouraged by the board and the super. They even pay the worst ones extra money and named the 5k stipend ” equity warrior”.
Being in the schools as an adult, especially in title 1 type places can have a devastating effect on some folks ability to reason. I find the best thing to do as a teacher is to stay in your lane. Offer up various examples, but remember what you are there for. That being said there are many kids who struggled to get through high school for one reason for another but might be much better college students. It’s a toss up. But when you
Create a sense of entitlement or even the idea that the world owes you, you are setting kids up for difficulty.
“… Immediately, I was informed of something truly absurd: The district is not allowed to remove any student from the program on the basis of non-attendance. A child remains enrolled in my classes until a parent explicitly states they’d like them removed, even if they have never once actually shown up…”
This is one reason that so much learning loss occurred
In less than great school districts. Kids either didn’t show up or
they just failed to do much work.
Yea, fatman f’ed us good. This is the equivalent of a future tax hike thanks to Christie. Could have got the project done while wages were low and commodities were low, but politics had to f it all up. Christie had to look like a hot shot on his presidential run that never came. F’ing loser.
Those tunnels would have been completed already. Pandemic has bought some time, but only a matter of time before people get sick of WFH and start going into work again.
Libturd says:
August 1, 2022 at 1:55 pm
Does that rail bridge really cost $2 billion (by the time it’s done)?
Wasn’t the entire tunnel project projected to cost between 6 and 7 billion under Christie?
“I’m good with hanging out with the master race.
I’m just not showering at your place.”
Cute, but as usual you (and others here) misread my comments given the strong predisposition you bring to any debate.
My direct statement was do you believe your votes ought to all be ‘equal’ and that such situation is more likely to lead to a ‘better’ Republic?
‘Your votes’ specifically referenced 30yr realtors vote vs. deranged homeless or meth head hillbillies.
I was arguing that 30yr’s vote – likely diametrically opposed to mine on nearly most topics – should matter while the others’ shouldn’t. In other words defending and supporting one of the more liberal poster’s here.
There is no predisposition by me to ‘exclude’ any specific demographic, race, or political persuasion…to the contrary, clean, clear eyed objective criteria is what I seek.
It is the province of Liberals who are so arrogantly wed to the righteousness of their own beliefs who regularly step out of bounds specifically and solely to engineer their desired outcomes…don’t like the Supremes decisions, stack the Court. Can’t muster the votes to pass the Senate, eliminate the filibuster.
Changing rules specifically to disenfranchise people solely because they disagree with your beliefs is disreputable at least.
So I’ll offer the following to address the overtly political motivations of yours that you continue to project on me…let’s agree objective criteria to raise the bar of the eligible voting population and we’ll do it in an ‘equitable’ way to keep current political balance…for each disenfranchised illiterate urban poor we’ll trade one uneducated hillbilly meth head.
Deal?
Oh sorry, were you talking to me?
Sometimes this life feels like a big old dream
I’m floating around on a cloud inside
When my cloud starts coming apart at the seams
Oh Sarah, that’s when I slide
https://youtu.be/CByeY0yeQeU
“Resuming student loan payments would be a somewhat effective and distributionally progressive anti-inflation policy and it’s remarkable that not only is Biden not doing it, but Republicans in congress aren’t pushing him to do it either.”
Shocker. Monkey see, monkey do. Sesame Street effect…people need to get a life!
“WAYNE, New Jersey (WABC) — A family is speaking out after they say a character at Chuck E. Cheese in New Jersey ignored their 2-year-old and the apology they received fell short.
“In the video there were a bunch of Caucasian children who were there on stage that received a high five,” mother Natyana Muhammad said. “My Black child was the one being ignored.”
There are two videos that appear to show Chuck E. Cheese ignoring Safa Muhammad. The 2-year-old was invited to a birthday party at the Chuck E. Cheese on Route 23 on Saturday.
One video shows the character give three high-fives to other kids, but leaves Muhammad hanging.”
Lmao.
“I was ignored by Bruce Springsteen at a concert
I waved he did not wave back
Can I sue him”
So how long before teachers are getting sued for calling on one student to answer a question instead of the other students with their hands up?
Inflation begins to strain finances of young, low-income Americans
https://www.reuters.com/business/finance/inflation-begins-strain-finances-young-low-income-americans-2022-08-01/
Timber!! This economy is beyond f’ed up right now. Low unemployment rate, but people slowly being tapped out.
“NEW YORK, Aug 1 (Reuters) – As high inflation forces Americans to spend more on gas and bills, young and low-income consumers are starting to feel financial pressure.
Generation Z consumers and those with low credit scores are falling behind on credit card and auto loan bills and accumulating credit card debt at a pace not seen since before the pandemic.
For instance, credit card balances for people ages 25 and younger rose by 30% in the second quarter from a year earlier, compared with an increase of just 11% among the broader population, according to a random sampling of 12.5 million U.S. credit files compiled by credit score company VantageScore. Balances for non-prime borrowers, or people with credit scores below 660, rose by nearly 25% over the same period.”
And those with savings have been raiding them. Heard it on Bloomberg radio. Will try to find a source.
Uh oh!
https://tradingeconomics.com/united-states/personal-savings
Click on ten year time span for a real treat.
Ruining the stock market with this bs. Greed sucks.
“Interesting story on how a duo of traders at Goldman developed a system to front-run index inclusions that generated $700m/year and then they left for a HF which really pissed off Goldman bc they think they stole the code. bloomberg.com/news/features/…”
Yea, lib….the axe is cutting away at the bottom of the tree. See what happens, but prob not good.
Lmao..
“I’ve worked in finance for over 125 years and have helped manage over $50 Trillion at Pelosi Capital.
Here are 10 one-sentence lessons I learned during my career:”
https://twitter.com/stockmktnewz/status/1553856323326021634?s=21&t=TV-43fmDRk8GeD0BT71LsA
“There are real concerns that our productivity as a whole is not where it needs to be for the headcount we have,” he said.
https://www.businessinsider.com/google-productivity-sundar-pichai-improved-ceo-2022