From Mansion Global:
U.S. Home Price Growth Is Finally Slowing Down
U.S. house prices rose 6.8% annually in July, marking the lowest annual increase since January, according to a report from Redfin on Tuesday.
Though home value growth is slowing, prices still remain close to all-time highs amid a shortage of supply relative to buyer demand. And while mortgage rates have notably decreased over the last several weeks, the rate cuts have not yet translated into a large increase in buyers, curbing prices from spiking more quickly.
“There aren’t enough sellers listing their homes to cause prices to fall and there aren’t enough buyers to create competition to drive prices up significantly,” said Redfin senior economist Sheharyar Bokhari. “Relatively low sales and gradual price increases will remain the status quo each month until one of those things changes.”
Additionally, home prices were up 0.2% on a monthly basis, equal to the smallest month-over-month increase since January 2023.
Of the 50 most populous metros in the U.S., 20 recorded a seasonally adjusted monthly drop in prices in July.
Austin, Texas, saw house prices drop the most, falling 1.6% monthly. San Francisco followed at a 1.1% decrease, and Nassau County, New York, ranked third for price drops at 0.7%.
As for monthly price increase, Indianapolis and Miami came out on top, both with a 1.2% uptick in home prices. San Antonio, Texas, closely followed with prices up 1.1% from the month before.
First!
Michelle Obama, the former first lady and one of the most popular figures in the Democratic Party, delivered one of the Democratic National Convention’s most emphatic takedowns of former President Donald J. Trump on Tuesday night and turned one of his most controversial campaign lines against him:
“Who’s going to tell him that the job he’s currently seeking might just be one of those ‘Black jobs’?” she said.
Michelle’s speech was one for the ages.
Did she have anything to say about the millions of third worlders that have been dumped into their communities under Kamala.
https://youtu.be/KpRVAR_emBY?t=698
Interesting. Biggest Federal Government investment?
Sounds like chump change to me.
Actually, they sent them to her community in Martha’s Vineyard. They shipped them out about a day and a half later.
“Fabius Maximus says: August 20, 2024 at 9:46 pm
Left, So you see Donnie is losing and are now trying to Frontrun the inevitable.
I wasn’t expecting that from you for at least another month.”
So, jackass…again another case of your projection bereft of fact. I’m not chasing down a rebuttal, much better things to do, but if you go back to the Presidential debate here you’ll see similar commentary from me, including when all the libs were gnashing their teeth that DJT was a lock.
“Admittedly was in Amagasset…This is my last blast of the summer before I head back to the Corporate Life.”
Who trash posts from the Hamptons on holiday? What the serious fuck is wrong with you? And Amagansett has an ‘n’ BTW…lol.
Phoenix,
The Port Authority just dumped 8 billion into La Guardia. – 31 million passengers
Penn Station – 16 billion – 34 million passengers
I heard a good bit of M.O.’s speech last night. What I found interesting is how she tried to marry words related to aspirational self-help and determination about people and families, and yet her politics of ressentiment can’t help but attack those who actually succeed very well. I think it’s good that she praises the hard work of her mother, her self, to sacrifice temporary pleasures for the long term benefits of studying, saving, working long hours to make your life better and make the lives of your kids better. She literally praised that, which is good, and which I wish would be a guiding principle of poor families hoping to make their lives better. But then, if it’s good for her mom to help her get a leg up in life, and it’s good for Kamala’s mom and communist professor of economics dad to help her get a better start in life, why was she so critical of Donald Trump’s dad giving him a better start in life?
Democrat narratives always love to hear about a dad who worked hard as a janitor so that his son/daughter could go to a good college and then get some reasonably well paid jobs in law and government with pretty good pensions. But they hate stories about a poor kid who’s parents worked hard, spent what little they had to put the kid to college, and then that kid went on to start some company that created huge economic value, and that kid grew up to lead a huge economically productive enterprise making their customers’ lives better, employing many people, and getting rich in the process. (That’s not Donald Trump by the way, but their general resentment of “the rich” means that they believe all the rich are like him). It’s as if all that work is great if you stop at some level they call “middle class” but if you really succeed and surpass that, then you’re supposed to redistribute that success back to the community.
She talked about how her family disliked people “who take more than they give”. And as is usual for the left, suggested that “the rich” are just such people. As is running productive business enterprises are all about “taking” when in fact they are the only true “givers” of economic value into the economy. The typical envious leftist voter is exactly who takes more than they give to the economy. And the typical highly wealthy person is someone who gave more value than they take – and profit is the residual.
Neitzsche wrote about the psychology of ressentiment, which lives strongly in the Democratic party. https://en.wikipedia.org/wiki/Ressentiment
“Ressentiment is a reassignment of the pain that accompanies a sense of one’s own inferiority/failure on to an external scapegoat. The ego creates the illusion of an enemy, a cause that can be “blamed” for one’s own inferiority/failure. Thus, one was thwarted not by a failure in oneself, but rather by an external “evil.””
Right now, the left’s main target of ressentement is “the rich” . The MAGA target foreigners for their ressentiment.
The other thing I’ve noticed for a long time at Dem party conventions is that they resemble the cast of the South Park episode “Freak Strike”. The Dems claim to love people for their weaknesses and their oddities, and so those people come.
U.S. house prices rose 6.8% annually in July, marking the lowest annual increase since January, according to a report from Redfin on Tuesday.
In other words, we’ll continue to strangle you but a bit slower than usual. As I mentioned, I was curious about a weekend getaway in the Poconos or Upstate NY. Forget it. The prices are not that far off from the NJ/NY metro area. It’s insane. Tack on blood-gushing credit card debt trying to keep a head above water and I really don’t know how people are surviving.
Lib, from the Barron’s article on CW/ARKK in the last thread.
I did the exact same analysis – returns to buy and hold shareholders by VWAP – here nearly three years ago when all the Twidiots were noting that ARKK/CW and BRK/Buffet had identical returns since ARKK’s inception.
She really ought to be prosecuted for what she did…not because she is singularly one of the worst money managers ever, but how she got there.
Me:
Although the two stocks’ percentage returns over this period are similar the return for the buy and hold shareholder could not be more different.
Arriving at a destination – seven year returns – matters.
How you get there matters more.
During the life of ARKK the amount of wealth destruction under CW is extraordinary. Buffet on the other hand generated great wealth for the vast majority of his shareholders.
Barrons:
Cathie Wood’s ARK Innovation exchange-traded fund has had big ups and downs. Its investors, though, have mostly missed out on the gains and swallowed a big chunk of the losses, new numbers show.
But the average ARK investor has seen results far worse than the fund itself, according to data from fund research Morningstar.
Morningstar calculates the investor return by tracking money moving into and out of a fund to see what share of the fund’s annual return is actually captured by fundholders.
Ptak put the numbers in context: “I think it’s fair to say it’s one of the largest-scale failures we’ve ever seen in the fund industry.”
“That’s a major fail,” he added.
https://imgur.com/a/brk-v-arkk-lt-shareholder-value-creation-j7AfNtO
Ressentiment is a reassignment of the pain that accompanies a sense of one’s own inferiority/failure on to an external scapegoat. The ego creates the illusion of an enemy, a cause that can be “blamed” for one’s own inferiority/failure.
I’ve been saying it for years. Common sense. I can’t fit in, don’t know who I am, don’t have guidance, have poor mental and physical posture so my anger needs an outlet. Mama-La will care for me. Unfortunately, she won’t nor will the democrats because dependency means attachment and attachment turns into captivity. You might as well plead guilty to a crime and have someone serve you three meals per day behind bars. What’s the difference? For the weaklings? This is no difference. For the demons who coerced you? It means more control and power.
ARK still only has one CFA actually covering stocks. https://www.ark-invest.com/our-team/ Most of their team seems to be junior “Research Associates”. This was the same several years ago, so it’s clear that ARK isn’t encouraging these junior people to complete the CFA program. Tasha Keeny head of analytics and modeling developed a mathematically fancy monte carlo simulation model, because she was a math girl, but it’s disconnected from real world economic logic. I suspect these kids have their ideas pushed down to them by CW and their “Chief Futurist” and they just build the models they are told to build, to reach the conclusions they are told to reach.
If they were smart, after raising all that money from clients due to marketing and momentum, they would have tried to keep those assets by reducing tracking error vs their key benchmarks, and just try to be mediocre, while keeping CW’s face on TV to keep bringing in the flows. Instead, they actually believed in their ability to see the future and got crushed.
You might as well plead guilty to a crime and have someone serve you three meals per day behind bars.
Or just stop by one of your Chex Mix dispensing neighbors. Then scurry off back into the woods.
Hehe.
10:14 nonsense.
Still a drop in the bucket compared to Ukraine. 60 Billion plus and counting.
Up to 175 Billion in the approved pipeline.
That sure buys lots of infrastructure.
might as well plead guilty to a crime and have someone serve you three meals per day behind bars.
But enough about Melania.
Instead, they actually believed in their ability to see the future and got crushed.
The way to see the future is through the lens of Pegasus.
You can’t miss.
Hehe.
Fast: Market watch article on Home Depot/ Lowe’s people are putting off home renovation projects. I guess the cards are maxed, or people can’t afford one more minimum payment bill a month.
No One: Isn’t Michelle one of those rich people now? Perhaps, she considers herself a giver not a taker. I wonder if she wrote the speech from her home in Nantucket?
Harris plan to solve the housing crisis is a disaster.
Time for a poll.
When is the next wave of foreclosures expected to crest? 3 years?
Could it be time for a limerick?
3b says:
August 21, 2024 at 10:31 am
No One: Isn’t Michelle one of those rich people now? Perhaps, she considers herself a giver not a taker. I wonder if she wrote the speech from her home in Nantucket?
On Nantucket, Michelle takes a break,
In a house that’s a bit of a stake.
With her oceanfront view,
She’s in luxury too,
While we’re stuck with our budget and cake.
Hehe ChatGPT humor.
Isn’t Michelle one of those rich people now? Perhaps, she considers herself a giver not a taker.
She graces us all with her appearance, beauty and wisdom.
Let us all bow down and pray to the goddess, as her subjects we should be grateful for her presence, and for her to allow her husband to serve us so well as President, saving us from destruction by sparing all of those greedy bankers jail time.
Hehe.
Michelle also used to complain about white flight in Chicago. Now she’s part of it.
I told Pumpkin years ago, they had all their faces on the website. It looked like a rainbow coalition of kids who never saw a bear market in their lives. And guess what, they still haven’t seen one.
“Instead, they actually believed in their ability to see the future and got crushed.”
In only a way the deeply religious can….
Recall, of all the trillions sloshing around the market looking for a long term home and with her CV as a Wall Street woman she should have had institutional money pouring in for her (Noah’s) ARKK seed funding…
Instead the only seed money came from Bill Hwang, through her connection with him as a member of her congregation…everyone else took a pass…and then Hwang himself was subsequently charged and convicted on ten counts in his own fund related to fraud and market manipulation.
As more than one of us remarked when she was all the rage, stay away she has red flags all over her.
Maybe Joel Olsteen will be starting up a VC fund soon….
BRT says:
August 21, 2024 at 10:47 am
Michelle also used to complain about white flight in Chicago. Now she’s part of it.
Hehe.
That’s cause the only color that matters is GREEN.
Green is the color of Kumbaya. Nirvana. Happiness.
Like finding the Holy Grail. But not that carpenter made wooden one, the one made of Gold.
Ms. O spoke quite clearly and loud,
to an overly eager Left crowd.
I tuned in to Fox
where they focused on her crotch
and claimed she is quite well endowed.
Big revisions down in the BLS jobs numbers created from March of 23 to 24; 818 less jobs created.
Ha ha.
10:51 sure. But isn’t that egalitarianism?
Trump’s plan to reduce oil prices is without detail, and likely completely ineffectual if executed.
3b says:
August 21, 2024 at 10:31 am
Harris plan to solve the housing crisis is a disaster.3b says:
Chgo: The adults are supposed to know better. Just saying.
BREAKING:
818,000 jobs overstated. Labor Department issues correction. That’s 68,000 fake jobs per month from a 12 month period from 2023 to 2024.
chicagofinance says:
August 21, 2024 at 11:42 am
Trump’s plan to reduce oil prices is without detail, and likely completely ineffectual if executed.
Trump’s plan: “Those arabs, they love me. Vote me in you will have oil, so much oil. More oil you won’t even know what to do with it. And jobs, more jobs, more oil. I’ll make a deal, a phone call, and you will have all of the oil for practically nothing. “
Hulk Hogan vs Kamala.
Hehe.
https://www.reddit.com/r/PublicFreakout/comments/1exp3ys/im_gonna_get_heat_for_that_one_brother_drunken/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
Fast: Some estimates were saying as many as 1,000,000 less jobs created. Either way, this will give the Fed more cover for cutting in September. I think they should be raising rates.
In more important news, J Lo has filed for divorce from Ben Affleck on the anniversary of her 2 year marriage to Ben Affleck. Very not romantic.
Pretty funny M O attacking the rich. Her family must be worth over 100 million from book and netflix deals and speeches and has multiple mansions.
3b says:
August 21, 2024 at 12:45 pm
In more important news, J Lo has filed for divorce from Ben Affleck on the anniversary of her 2 year marriage to Ben Affleck. Very not romantic.
No matter how hot she is there is a man who has had enough of her antics.
Hold my beer says:
August 21, 2024 at 1:01 pm
Pretty funny M O attacking the rich. Her family must be worth over 100 million from book and netflix deals and speeches and has multiple mansions.
Bet she is out there right now helping the poor ladling soup into the mouths of the poor down in the soup kitchen in Nantucket. Hehe.
In her Gucci booted feet that is…
Then there’s the Logan Act.
The Logan Act (1 Stat. 613, 18 U.S.C. § 953, enacted January 30, 1799) is a United States federal law that criminalizes the negotiation of a dispute between the United States and a foreign government by an unauthorized American citizen.
Haha. Hehe, WOOhoo. This line, classic, really, really tells it all.
“As our United States Representative, Bill fought to his last breath to return to the job he cherished and to the people he loved.”
Every one of these fuccs “fight to their last breaths” to remain in power. Its one hell of. a drug.
Democratic congressman Bill Pascrell has died at the age of 87.
The New Jersey lawmaker served 28 years for the state’s 9th congressional district in the House of Representatives and was hospitalized after an incident last week.
He recently spent 28 days in treatment and needed ‘breathing assistance’, but then suffered a setback which forced him back into a rehabilitation facility.
Hold: Ironic, that Michelle Obama talks about givers and takers. Her and her husband are multi millionaires as you noted, just by books and speaking engagements. Seems to be a lot of taking there. Not years of hard work and building a business and providing jobs . I voted for Obama the first time, but I grew tired of his lecturing and condescending tone. I also don’t think he accomplished much, and was very much a divider than a unifier.
I sold the last of my Amazon shares yesterday for $178. Paid between $93-$130 for most of the ones I had left during the big tech sell off and early rebound. and bought about 5% more for $167 a few weeks ago. Put the bulk of it into a mutual fund run by Mohnish Pabrai. Didn’t have enough cash in the account to put all the Amazon proceeds into the . fund. I think unlike stock sales and buys, the sale has to fully settle before you can buy mutual funds with the proceeds.
3b
Gotta love people talking about equity who are probably worth over 9 figures, have federal officers guarding them 24 hours a day and own multiple mansions staffed with domestic help. Not to mention their global warming speeches as they travel on private jets to their beachfront mansion.
Hold: And in the case of the Obama s didn’t do much to get all that money. A little self awareness on the part of the Obama s is called for.
Hold: Why did you dump your Amazon shares?
Their party platform is open hypocrisy on every issue.
As Gomer Pyle would say, Surprise, Surprise, Surprise.
Capitalism at it’s finest.
Major US pharmaceutical companies have been running clinical trials at hospitals affiliated with the Chinese army and may have tested drugs on prisoners in China’s illegal concentration camps.
3b
I felt how long can a 1.8 trillion company compound faster than the market and after reading Pabrai’s book The Dhando Investor and watching him for hours on youtube I thought a small fund with 40 million in it was likely to beat amazon performance over a few years. Could be wrong on that though. I also reread parts of Christopher Bloomstran’s last 2 annual shareholder letters and just didn’t feel comfortable owning any of the mag7 at their current valuations. Bloomstran’s letters are book length 140 pages and more and go into detail on the stocks he owns and why he doesn’t own the market darlings.
The Obammys are a product of the modern democrat party; prey on the lesser muppets with chants of hope, happiness and joy while the currency counter churns away. It takes a lot of effort to jot down your thoughts on the penurious masses while you gaze out the window of your Martha’s Vineyard mansion.
Big pharma has jumped the shark. They view humans no different than the animals they rest their products on. Im sure everyone involved in the Vioxx fiasco still thinks they were helping people.
Hold; Interesting. I will have to do some research on him.
Phoeni: Shocking if true.
3b, I’m not shocked.
Just watched a video with a couple standing on the street. Guy sticks his hands down the back of her pants. Pulls them up, she turns around to sniff his fingers.
Tells me all I need to know about humans.
https://vidmax.com/video/190640-dude-sticks-hands-down-a-lady-s-pants-and-makes-her-smell-it
https://www.reuters.com/business/healthcare-pharmaceuticals/us-clinical-trials-china-questioned-by-us-lawmakers-2024-08-20/
3b
He won one of the first auctions to have lunch with Buffett. He called Guy Spier another value hedge fund guy and asked him if he won the auction would he pay 1/3rd to join them. He wound up becoming friends with Charlie Munger who introduced him to Li Lu. Munger had them meet at least once a month for lunch to talk stocks.
There are a few videos on youtube of Li Lu giving talks about his philosophy and his thinking on stocks he bought and resold. He went to Columbia and got 3 different degrees at the same time while making enough investing in the stock market to pay off 100k in debt. He was one of the Tianamen Square organizers and had to flee China. He’s interting but has a tic where he’s constantly clearing his throat. As fas as I know Li Lu is the only person Munger placed money with to invest in stocks for him.
Phoenix
That hand sniffing video is nasty. We’re doomed as a society.
It’s strange how right wingers always have issues with wealthy politicians on the left but it is no different from their own political leaders. I suppose Barrack Hussein Obama should have taken an oath of poverty after serving two terms. Maybe joined the convent too. Correct me if I’m wrong, but I think the last non-rich Republican leader was Nixon. I know W made 20 to 40 million in speeches and another ten million off his book deal. George senior was rich already so he was actually philanthropic. I actually thought he was a decent President and person although his popularity was in the toilet at the end of his term. Reagan couldn’t speak anymore. Trump, would sell his children if he could. For the record, Obama donated 2.5 million WHILE in office including his Nobel Peace prize. Again, it’s a silly argument you are all trying to make. Trump, who donates his salary as President technically gave more, but the majority of it was a write off on some forest land he owned and promised to preserve. You don’t even want to look at Trump’s crooked foundation which was court ordered dissolved. Obama has a foundation which receives top grades for it’s governance. But those pesky niggers are takers.
Lib: I am not a right winger, just to remind you. My problem with the Democrats and people like the Obama’s and John Kerry is the hypocrisy on their side. Multi millionaires condemning multi millionaires, and how they are just simple people who care about the middle class and the poor, and it’s all the fault of these rich people and we will fight for you. It’s a bunch of crap and you need it.
Support low income housing, but certainly not in Nantucket or any other rich enclave, support for public education, but their children go to private schools. I could go on , but you get the point. The Republicans engage in their own crap, no argument there, but the Democrats claim they love the middle class and the poor. They don’t. So to listen to Michelle Obama talk about givers and takers and her disdain for the rich, is well just that rich. Barack and Michelle have done extraordinarily well in America by writing books and given speeches for big bucks. Not a whole lot of hard work in that.
Glad to see the Pabrai’s Wagons reached to this wonderful blog. Mohnish is a great guy and a long term guru.
Libturd
Nixon was worth around 15 million.
I agree with 3b. Dem leaders are hypocrites. Travel on private jets and have beach front property while warning of global warming and talking about equity.
Shrub was a moron. He broke the Middle East and trashed the governments finances. He actually made me almost miss Clinton..
I’m not a right winger.
No one loves the middle class. They just love their votes.
https://www.epi.org/productivity-pay-gap/
No, the Obama’s can make as muchiney as they want. And they could have a shred of self awareness and not lecture people on being too wealthy.
Funny. I stayed up and listened to both Michelle and Barack’s speeches and that is not at all what I took from it. I guess it depends on what you are looking for. And when it comes to relative richness, two lawyers, whose pedigree includes Princeton, Yale, Columbia and Harvard, 70 million is hardly a nest egg. Cathy Wood is worth 200-300 million and all she’s done is make a lot of people poor. Which is not surprising as all she has is a BS from USC and her mentor was no one else but Arthur Laffer.
But I digress. Show me where in Barack’s speech millionaires were condemned? Or even wealthy people.
Here’s the transcript.
https://abc7chicago.com/post/barack-obama-dnc-speech-read-full-text-former-presidents-address-night-2-democratic-convention/15211564/
Barack and Michelle have done extraordinarily well in America by writing books and given speeches for big bucks. Not a whole lot of hard work in that.
Then why can’t Trump or many of his minions give a coherent speech?
4:48 D students, nepo babies….just plain stupid.
SomeOne,
Is tough for coherency or anything other than grunts when your crew has these requirements.
https://youtu.be/fLpmswBKVN4?si=Ko77YoXDFi2e3qXC
“She (Harris) knows, for example, that if we want to make it easier for more young people to buy a home, we need to build more units, and clear away some of the outdated laws and regulations that have made it harder to build homes for working people in this country. And she’s put out a bold new plan to do just that.”
Love it!
Barack and Michelle have done extraordinarily well in America by writing books and given speeches for big bucks. Not a whole lot of hard work in that.
A lot more work than inheriting it.
LAX says:
August 20, 2024 at 10:46 pm
“Emhoff hits it out of the park”
Anyone else not surprised that a cuck that brags about living off his wife’s income — and most certainly worries more about being kicked to the curb than he lets on — would have a man crush on the putz that wants to be First Cuck? Embarrassing and pathetic — both of them!
Oc1: Will they building those houses in Nantucket, or are the rich special and entitled to their ocean views?
Oc1 : Yes, build lots more apartment pods for the young people.
Oc1: A lot more than inheriting it, does that apply to the Obama s children as well when they inherit their parents wealth?
Left,
Did I touch a nerve there? You post things like “clinical, academic socioeconomic lens” that doesn’t really cover the fact you hate Dems. I’m still waiting for this Cycles version of; The Dems wouldn’t nominate some that could get my vote, I would’ve voted for Bernie. I think many in here would agree that the chances of you ever voting for him is Zero,. If they had bypassed Harris for Newsom, you would still be complaining.
As for Mellody Hobson, wasn’t she just dumped out of Starbucks for the Burrito guy. But hey, would make a great POTUS. I was listening to Talk Radio and the host broke down her Starbucks Drink. $12 a day, every day. How do you get dumped with a customer base like that.
As to, when, where or what I post. If you don’t like it scroll on.
So the Obamas make it to the top, make some scratch and should give up the values and causes that got them there. They are not Clarence Thomas who kicked the Affirmative Action ladder off the wall when he got to the top.
LAX: Emhoff sounds like a great guy, extramarital affair with his child’s teacher.
Fab: No one said they should, and no one begrudges them making money ( your dating yourself with scratch), it’s the demonizing and fake outrage at the rich.
Oc1: Will they building those houses in Nantucket, or are the rich special and entitled to their ocean views?
The rich are no more entitled to their views than somebody in Westfield is entitled to be surrounded only by SFHs on half acre lots.
Oc1 : Yes, build lots more apartment pods for the young people.
I think most people (young and old) would be happy to spend less money on rent. And if there’s enough cheap rentals, so that renting is cheaper than owning, that will take pressure off SFHs too, and SFHs will become cheaper.
Oc1: A lot more than inheriting it, does that apply to the Obama s children as well when they inherit their parents wealth?
Yep. I’ve always thought that inheriting wealth was no different than winning the lottery, and should be taxed the same way!
3b,
I’ll give you two examples. Adele hit the big time and immediately started complaining about how much tax she had to pay on it. I think she moved out of the country to avoid further payments.
JK Rowling on the other had said that she was happy to pay as it supported the services she relied on when she was unemployed.
Cumon boys….
https://www.youtube.com/watch?v=gMdcE8jdz70
6:38 ooookay.
6:41 pray for me cocksucker.
6:00 imagine having a spouse. Let alone having one you brag about.
Old Realtor. Keyword Tracey Meares, she was valedictorian at a little high school in my midwestern hometown, she was in my friend group and happens to be black. An administrator at the local high school made sure she did not get that award.