From Yahoo Finance:
U.S. Home Prices Reach Record High Despite Slow Market
Amid a broader market slowdown, U.S. home prices reached a historic peak in April, with the median sale price rising to $433,558, a 6.2% increase from the previous year, according to data issued by Redfin.
The rise in home prices suggests a lack of housing inventory coupled with the reluctance of homeowners to list their properties. Even as new listings slightly increased, they remained about 20% below pre-pandemic levels, Redfin said, leaving potential buyers grappling with high prices and the additional challenge of rising mortgage rates, which continue to hover near a two-decade high.
“It’s not all bad news for homebuyers,” Redfin Economics Research Lead Chen Zhao noted in the report. “Mortgage rates are already inching lower in response to this week’s inflation report, which signaled that the Fed may cut interest rates this summer — a possibility that just weeks ago many thought was off the table.”
The demand and constrained supply continue to drive the U.S. housing market to a landscape where even a slow trend does not deter the ascent of home prices.
In regions like San Jose, California and Rochester, New York, a competitive fervor remains, with a high portion of homes selling above the asking price. In April, 75.8% of homes sold in San Jose fetched more than their listed price, indicating a market that is defying broader slowdowns.
The trend is similar in Rochester, where 72.8% of homes sold above asking.
…
April saw a modest increase in new listings, rising 1.7% month-over-month and marking a 10.8% increase year-over-year; yet the figures still trail behind pre-pandemic levels. The reluctance to list is often attributed to homeowners being “locked in” by low mortgage rates obtained during the pandemic, disincentivizing them from selling in a higher rate environment.
Active listings, which reflect the total number of homes available for sale, also suggest that tension exists between supply and demand. While they increased by 0.3% from March to April and were up 7.5% from April last year, the total count remains markedly below the levels seen before the pandemic.
( ) ( )===D –ffffirst–
You, are an idiot. Second oo=====)
Would an “idiot” have two floor seats to Pearl Jam tonight??
Wait, don’t answer that.
Technically, this house should sell for 600K; however, the asking price is 825K. It’s madness. It’s a raised ranch which is 10 times worse than a bilevel in livability, design and ambiance. It’s a few doors from commercial property and a one way street:
https://www.trulia.com/home/20-john-st-closter-nj-07624-37865249
I’ve been looking at houses from Fort Lee up through Englewood Cliffs, Tenafly, Demarest, Closter, etc. and the only thing I can say about these eye-popping prices is that it will keep out the riff raff for decades to come.
700K, no interior pictures and a description that says you’ll need to renovate. The prices are insane. I was ready to commit murder looking at one dump after another a decade ago, I can’t imagine the pain if it was today:
https://www.trulia.com/home/322-summit-st-norwood-nj-07648-37977765
Who designed this monstrosity? And why? Look at the street view and look at the house they leveled to build this thing. They should have updated the house that was there. This new modern thing is hideous! $2.3 million? Get bent. The design is a disaster in the wrong neighborhood:
https://www.trulia.com/home/399-high-st-norwood-nj-07648-37977748
Fast: Bad locations next to commercial properties or busy streets don’t matter anymore.
At some point they will again, but right now they don’t matter.
I think the ship is a turning. For the first time in nearly a decade, I am seeing for sale signs in our area without an under contract sign on the hooks.
I think the ship is a turning. For the first time in nearly a decade, I am seeing for sale signs in our area without an under contract sign on the hooks.
That’s because there’s no unicorns in your area. Here in outer white-landia, children love to play with the alicorns when the fabled beasts are not noshing on the fauna.
Another bidding war in our neighborhood and a new price record!!
$170,000 over ask. Listed for $980,000 Sold for $1,150,000
House is dated.. but hey just borrow another $200,000 against the 401k and get to remodeling.
Economy very hot for 3rd year in a row.
Top 25 wealthiest pay single digit tax rate.
Guy in Bloomberg’s surveillance said
Economy will skyrocket if Biden wins.
Economy will skyrocket if Trump wins.
Funny.
Only thing I see skyrocketing is my 401k
Lib: There is one in my town, totally renovated and an addition about 15 years ago with separate living area with own entrance. All done about 15 years ago. Listed for 650k. On the market about a month now, and not under contract. I am surprised this one did not go under contract yet.
The ship hasn’t turned yet, but I think the rudder is in place. The impact of the higher interest rates appear finally to be doing what they were meant to do. Between inflation, the impact of higher interest rates on borrowing and the end of free money from Uncle Sam, people are finally beginning to feel the pain Powell predicted.
Our neighborhood curmudgeon sold and moved out this week. No one has moved in yet. School year ends this week so I’m guessing new buyers will move in this weekend or next week.
Everyone has their breaking point in inflation. Neighbors just had a sewage backup. It’s all fine and dandy blowing all your cash until a $5000 problem shows it’s face. Then reality hits.
Or your kid gets brain cancer and it will cost you half a million over the next five years. And that’s with decent health insurance. I had a 6 figure rainy day fund. Before I knew it, I was borrowing from my 401K and taking out the principal from my ROTH IRAs. You never know when, where and to whom it’s coming. Everyone thinks it will always happen to the family next door, until you are at that family. Live frugally, save often.
Tax breaks on investment gains exist because the ethos of this country and the incentive that government builds into the tax code is putting capital in motion for the good of society. It creates dynamism and unlocks creativity.
If you want to spin a new narrative, it is fine, but don’t make up something that sounds plausible and allege institutionalized corruption.
Libturd says:
May 21, 2024 at 12:37 pm
These loopholes exist because the government is in bed with our rich corporation owners. And as Prof G. alluded to, our politicians really are cheap whores.
Kids don’t, but boomers have socialist universal healthcare.
And boomers vote against anyone else getting it.
Libturd says:
May 22, 2024 at 11:45 am
Or your kid gets brain cancer and it will cost you half a million over the next five years.
That’s how we get to afford socialist universal healthcare, and universal socialist income for the over 65 crowd.
Chicago says:
May 22, 2024 at 11:57 am
Tax breaks on investment gains exist because the ethos of this country and the incentive that government builds into the tax code is putting capital in motion for the good of society.
The best song written about wearing a mask during COVID.
https://m.youtube.com/watch?v=Cv_eI50cUaU&pp=ygUqZGVwZWNoZSBtb2RlIG15IGZhdm91cml0ZSBzdHJhbmdlciBib290bGVn
( )( ) ==D — AI —
afford?
End of free money from Uncle Sam? If you are Ukrainian the check is mailed monthly.
And it’s a biggie!
Another day another escalation.
Brits now say China is supplying Russia help or even weapons to use against Ukraine.
“UK defence secretary Grant Shapps has accused China of providing or preparing to provide Russia with “lethal aid” for use by Moscow in its war against Ukraine.
“Today I can reveal that we have evidence that Russia and China are collaborating on combat equipment for use in Ukraine,” Shapps told a defence conference in London on Wednesday.”
Juice,
Are they WMDs?
Chicago,
“Tax breaks on investment gains exist because the ethos of this country and the incentive that government builds into the tax code is putting capital in motion for the good of society. It creates dynamism and unlocks creativity.”
God darnit, Mr. Chicago, you use your tongue prettier than a twenty dollar whore. Too bad you are wrong about this. Explain the purpose of the corporate lobbyist? Or the SUPER PAC or nearly every other vehicle that is used to purchase favor from our government. I’m sure UBS (a Swiss Bank) was just feeling awfully philanthropic towards HRC just ahead of her demands to see thousands of US citizens bank accounts. If I recall at the time, the number of accounts were in the tens of thousands, if not more. But those donations sure lowered that number almost at the same rate as the UBS donations to the Clinton Foundation increased. This is one example among millions.
Here is an honest question I have for you Chicago.
When a local municipality, which is supposed to have a balanced budget, ends up with so much debt service that they can’t afford to pay it, Wall Street will allow them to renegotiate the borrowed money on a longer term, so that they can afford to continue to accrue more debt in the future. Of course, the local taxpayer, who does not know a damn thing about finance, is honkey dory over it. Of course, five years down the road, the towns debt service again is unserviceable and the can is kicked down the road again for future generations to pay for mistakes made in the past. This, all made possible, by Wall Street alchemists. Of course, one day, the shits gonna hit the fan when the town can no longer afford to extend the terms of their current debt load.
Do you think Wall Street is providing a valuable service to the local municipality?
Libturd,
Originally meant for 9:40, but applies to 1:23.
We have had 20 yrs of bail out. That is a generation. Everyone that was careful and frugal got punished. The reckless got rewarded. I think that the economy is going to be going for a while past the point painful of interest/inflation because everyone will be expecting a bail out and odds are they will get it.
Yes, the valuable service of Wall Street is the magic of extend and pretend until the moment that sending in the collection goons makes sense. For a municipality is taking over public services and it become a rentier toll collecting apparatus either by financing the expansion of the provided services or doing a trade of debt for property.
Three example of the top of my head. The Chicago Public Parking Meter income was traded for debt. Public Highways toll income in Indiana and Texas. In the future I expect to see many municipalities and counties losing their Water and Power public owned utilities. I think Los Angeles has one of those. Around here you got a couple of cities that have their own Water Department and some sold it off already to pay for debts.
What’s really crazy is when all the debt comes crashing down, the one’s who provide it will continue engorging themselves with greed right up until the end. Fear not, they will certainly blame the government for their problems. When ultimately they should point to the mirror.
Everyone ready for the NVDA earnings?
I can’t remember a time that one company had this much influence over the entire market since AOL (You’ve got mail).
In other news, DNA hit a new record low of .69! SIXTY NINE!
Explain the purpose of the corporate lobbyist
Subsidies
Expect 7 yrs of fat cows
Libturd says:
May 22, 2024 at 2:18 pm
Everyone ready for the NVDA earnings?
I can’t remember a time that one company had this much influence over the entire market since AOL (You’ve got mail).
Dick Cheney once said, Ronald Reagan proved that in politics, “deficits don’t matter”
At the time of Cheney’s famous nostrum about deficits, in 2002, he was lecturing a skeptical Treasury Secretary Paul O’Neill that the expensive war in Afghanistan was no reason to scuttle a push for new tax cuts. An unmoved O’Neill was fired. President George W. Bush got his tax cuts. A bitter O’Neill fed Cheney’s quote to author Ron Suskind (the Michael Wolff of Bush’s first term). The deficit exploded. And Cheney was proven right—nobody cared.
Honestly, what do you expect in this inflationary/rate environment? The company will survive, the market just hates unprofitable companies right now. Just because a company isn’t profitable at the moment doesn’t mean they are a bad company that will never be profitable. Right now, they are aiming for 2026 to be profitable. Longer these rates stay high, the longer it will take. You know this…
End of the day….this country needs Gingko to be successful. They will get govt support. They can’t let china win this….america will be the cutting edge of biotech. I promise you. Biotech is going to be the biggest industry in the not too distant future….it’s still a baby, but growing.
Libturd says:
May 22, 2024 at 2:18 pm
Everyone ready for the NVDA earnings?
I can’t remember a time that one company had this much influence over the entire market since AOL (You’ve got mail).
In other news, DNA hit a new record low of .69! SIXTY NINE!
Wow…….. Gym owner of Atilis Gym who Governor Murphy sent his goons to shut down during Covid by won in court.
“ALL OF THE 80+ municipal citations of violations of a governor’s order, public nuisance, disturbing the peace, and operating without a license against us have been dropped by the courts WITH prejudice. This means the State has NO ability to revist or refile these charges. ”
https://x.com/iansmithfitness/status/1791875792827240949
Credit Card debt approaching $1.2 Trillion.
Carry on.
Libturd says:
May 22, 2024 at 6:41 am
“You, [LAX] are an idiot…”
Stooge-on-stooge violence. Perhaps an indicator of what we can expect at the Dem convention in Chicago this summer…
Libturd says:
May 22, 2024 at 11:45 am
“Live frugally, save often.”
Simple, sage advice. This is the way things should be.
PayingThePiperWillBePainful says:
May 22, 2024 at 1:54 pm
“Everyone that was careful and frugal got punished. The reckless got rewarded”
Unfortunately, this is the way things are.
Come on SGC,
You were laughing! Admit it.
BREAKING NEWS!
Nvidia reports a 262% jump in sales, signals continuing AI boom
PUBLISHED WED, MAY 22 202412:00 PM EDTUPDATED 2 MIN AGO
Fast: 1.2 trillion? Who cares! All these people are making huge salaries and have massive investment income. They are also availing themselves of 0 interest credit cards and taking cash out to buy NVDIA stock. Plus, spending 150k on a kitchen thats rarely really used, but it will add another 300k to the value of their house. It’s all good, inflation does not matter for most, and recessions are a thing of the past.
Stu: You mentioned the preferential rate on capital gains and dividends. WTF is the rest of that blather? Either I misunderstood your point or you have indulged with LAX.
LAX is in da hoooooouse.
Pearl Jam FTW
Or maybe a little of both.
Just let me be mad!
It’s not just the preferential gains. It’s the lack of fairness in taxation. Why are we taxing labor at such a high rate and invest income at such a low rate. It’s completely fucking the lower classes. I keep hearing reports of how rich people don’t pay any taxes. Bezos, Trump, Musk, Bloomberg, etc. It’s simply wrong. The poor fucker who works his ass off in NJ, working two jobs to make 75K a year is taxed 23% and his marginal tax rate is 34%. There is simply something wrong with this. The concept of the small business owner is going to disappear. Entrepreneurship will be reserved for only the tippy top. At least that’s how I see it.
Here’s an example. I know I can smoke BBQ with the best of them. I’ve been to the best BBQ joints in the country and my ribs are simply better than theirs. My brisket is close. Everything else is simple to make good, but few understand the science to do it or are just not learned enough. I can make Pastrami that rivals Katz too. It’s not rocket science, but it is science and I’ve been experimenting for ten years on it. I also smoke a mean turkey, but everyone is sick of turkey. I have wanted to open a BBQ joint for multiple reasons. First, there isn’t a single decent BBQ joint in NJ. And if there is, it’s not among the hundred’s I’ve tried. It gets worse as you head north. Second, BBQ is dirt cheap to produce and yet it sells like it’s some sort of delicacy. Down in Texas, you can get all you can eat, ribs, brisket and sausage, that is infinitely superior to anything up here, for $30 for adults and $10 for kids. At Dinosaur or Mighty Quin’s a rack of Ribs is $33! Do you know what it costs me, for the ingredients to make a rack of spare ribs? $10 a rack with scraps for burnt ends. Brisket too. I can get them for under $4 a pound. The marinade might add a dime per pound as well as the spices in the rub. Most people can’t eat more than 1/2 a pound of it. Big dudes, maybe one pound. Mighty Quinn’s sells it for $54 fucking dollars for 2 pounds.
So there is no doubt that I can turn a huge profit. Heck, during Covid, with 2 electric smokers, I prepared (7) 20+ pound briskets, (40) pounds of chicken and (20)+ full racks of ribs in one night. I sold it to my neighbors at cost as a nice thing to do when everyone was going fucking crazy during the lockdown. And here is the other thing about most BBQ joints. There aren’t any waitstaff. You order at the counter and pick it up at the counter. So minimal labor. A cashier, a cook(smoker), and a preparer. From 9pm to 9am, you only need one cook. But health insurance is simply to critical to my family, so I continue to work for the man. Having the multi was nice and I found some nice write-offs, so I am getting absolutely murdered in taxes right now. So a restaurant would help right now. But no way, no how could I take a risk. Of course, the smartest thing I’m doing is letting my money make me money in the market. I make more there than from my labor these days.
My son beat his school record today for the 800 meter at the county wide all star event for middle school track. He came in third however. Two 16 year olds who are still in 8th grade came in 1st and second. I would say putting 16 year olds in that race is a dick move, held back for 2 grades? The kid who came in fourth also shoved my son from behind in the second lap, well at least my son is happy his name will be enshrined in the school’s sports trophy case.
Lol, that’s three grades.
BRT – October birthday so my son is 14 one of the older 8th graders. He excels in everything he does except for saxophone which he wants to give up when he goes to high school as it’s not cool and all. Heck I get it I played Trumpet with braces on, totally not cool but I also played football and baseball and was an honor roll and AP student. Best thing about football was when I made Varsity I did not have to do marching band on game day….
Time is flying four more years and he will hopefully be off to college…our 529 plans are fully funded too. My son has no idea how easy it will be for him, he won’t have to work and go to school at the same time, bonus would be a nice scholarship too.
If Nvidia can pivot into AI-PC for 2025, they’ll keep this train running.
The current NPU trend, embedding “neural bullshit” into existing CPU – this is Childs play, and can handle AI workloads from 5 years ago, not much but the most pitiful modern models.
AI PC requires NVIDIA GPU.
Gaming PCs are AI PCs.
Nvidia already won that war, they’ll win the AI PC war.
I don’t see qualcomm, arm, intel, amd,. winning this space. They couldn’t win gamers, why on earth would they win in AI PC?
Grim Microsoft announced today their AI PC
is gonna be built on QUALCOMM
Totally, a mobile phone processor.
My AI pc runs dual nvidia a6000, 96gb of vram, 256gb of ram, dual Xeon, like 9x as many cores.
And I can run a crippled 70b parameter llm, which sucks in comparison to ChatGPT in the cloud.
This beast rips at 1.4kw of power when doing it.
$20 a month ChatGPT kills it, despite this being $10k in hardware.
Neverending quest for AI superiority, I have acquired 2 Supermicro 6x GPU servers, they may have fallen out of a truck NJ style.
This will be 12 GPUs, total of 4 2000w power supplies, 8kw total power. Hell, these run 240v power, not 120v.
Maybe this gets me a half step closer.
I don’t see how anyone is going to get high quality AI on a local device in the next 5-10 years.
Grim – I have read that OpenAI requires 3,617 HGX A100 servers (28,936 GPUs). Each server is around $80,000. The consumed power alone would run a town, just to load loaded the pretrained model into gpu memory otherwise it would probably take days to generate some usable text.
Just to be clear here the electric bill is in the millions per month. GPT-3 was trained on a cluster of 285,000 processor cores and 10,000 graphics cards, equivalent to about 800 petaflops of processing power.
Sure, but for inference, one API call in their architecture is routed to 1 server, which are typically 4x or 8x gpu. Ideally, 1 api call is routed to 1 GPU for processing.
LLM calls so not gracefully scale beyond a single GPU due to the extremely low bus bandwidth compare to vram. Within a single server of 4x or 8x gpu, they can batch multiple API requests together to fully utilize the vram. This is slower than 1 to 1, but scales more efficiently due to batching.
Spanning across multiple servers is archaically slow, however this is required for training due to the sheer volume of data. My supermicros are 2x 10gbe fiber each pizza box, which was SOTA a few years ago, it’s piss poor compared to the insane interlinks on DGX machines.
Not to mention, 16/32gb of traditional ddr4 or ddr5 ram is worthless in AI land. You are talking about 50 gb a second or less on that fancy AI Qualcomm box.
The A6000s are 768gb/s within the GPU, and about 120gb/s between GPUs on NVlink.
Realistically, 15x slower just on memory bandwidth, probably 15x slower on compute. All in, maybe 100x slower?
Grim,
Why the rush to do AI on PC? It seems so cost prohibitive vs. the power a farm would offer. It kind of reminds me of the early 80s when you had to choose the expense of PCs with expensive hard drives vs. terminals to powerful computers offsite.
Lib – Microsoft has big plans and big pockets.
https://www.wsj.com/tech/personal-tech/microsoft-ceo-satya-nadella-interview-ai-laptops-76eef1e1
Lib-
An electric smoker is cheating. Real men use a stick burner.
Real stupid men.