patrick.net

curious2 says

The trophy effect explains much of the inflation in trophy destinations like Nantucket, where the rise of the 1% has lifted the price of trophy housing dramatically. It also explains some of the effect in the RSFBA, but proportionally less as you look beyond the 1% neighborhoods. Realtors might tell you that every shack has the potential to lure the 1%, e.g. if a dot-con CEO moves in next door and decides to buy the whole neighborhood, but the actual likelihood of that happening trails off to lottery probabilities.

I think it's more widespread than that. There are CEOs in every area that want to live near other CEOs or high income people. And even if you can't afford to live with the 1%-- someone making $100K/year wants to live with other people making $100K... It might not be the top neighborhood, but it's in the next tier, and so on...

bgamall4 says

Straw Man says

Should illegal alien be allowed to practice law?

In this particular case with the young man granted a law license, his dad was a legal alien, and applied for that status for his son. Apparently that was accepted, but the government is so shorthanded it didn't process the application.

Boo-fuckin-hoo: millions of people wait for years (or even decades) to get their status adjusted legally. But this guy can't wait - he's special. Because, apparently, we don't have enough sleazeball lawyers.

sbh says

And food , once consumed, has no store of value and is never resold.

tatupu70 says

And even if you can't afford to live with the 1%-- someone making $100K/year wants to live with other people making $100K... It might not be the top neighborhood, but it's in the next tier, and so on...

That is an interesting point, perhaps Americans want to pay as much as they can for housing, to live among others similarly situated and avoid the riff raff. The availability of mortgage debt enables them to bid up prices, which buyers choose to do so they can dwell among a higher socioeconomic class, and send their kids to public school with those kids. It might explain why many people accept current Fed policy, i.e. they think the privilege of living among others with good credit is worth incurring a lifetime of debt. Money (via credit) is merely the medium of exchange, while exclusivity is a perceived value.

If you're not too kooked out about Big Data, then very often, the discounts that accompany filling out a survey with a few benign questions can save you big.

edvard2 says

Congratulations. The "stupidity alarm" has been tripped, which triggers the ignore function. Adios!

Do you print out your shit list out, and go over it late at night with a Scotch and rocks and make drunken comments on each one on your list, into a tape recorder?

Hey that gives me an idea for an app. "The Shit Lister".
You can put all of the social network pariahs on it, and manage them share them with other like minded haters.

Pissed off at every body? There's an app for that!

Among the increasing costs to raise cattle is a doubling of corn prices due to its demand for use to produce ethanol. The use corn ultimately results in better barbecue if it is mixed into the cow’s diet, Early said. “That’s what they feed to the cows for the white fat, which is what we want,” Early said. ”If they feed them $8 corn, that’s going to run our prices up.”

This sounds like bullshit. The leftover mash from distilleries (silage) makes excellent animal feed. The demand for ethanol should DECREASE the cost of animal feed as there is very little else ethanol producers can do with this waste product.

Call it Crazy says

Thanks to persistent unemployment and low availability of low-skill jobs....

and dairy subsidies and the fact that sugar is addictive so people buy ice cream and get fat....

Don't all these 1600 people have houses? Why do they need to work, they can just use the houseATM card and pay themselves while they sleep. Working is for fools in this country.

Obligatory: More people applied for that job than signed up for Obamacare.

See this aint so hard? I don't see what all the fuss about John Stewart, Steve Cobert and Bill Mahr is about, it's easy when your President is a fucking Moron.

article says.....
The survey of AFIRE members said that the United States is the most "stable and secure" country for real-estate investment "by a wide margin." Survey respondents also said that the United States is also the best market in terms of capital appreciation and for real estate purchases in 2014.

strategist says......
If that won't turn you into a bull, nothing will.
The top 5 were all tourist attractions, commercial centers, sun belt, coastal. This is where the future is my friends.

RentingForHalfTheCost says

Don't all these 1600 people have houses? Why do they need to work, they can just use the houseATM card and pay themselves while they sleep. Working is for fools in this country.

They need to work to pay the rent that keeps going up.

Most of you are acting like the Fed's creation of 15 Trillion dollars has not been the largest factor in prices of real estate.

The derivatives nightmare that began with the RE crash will take decades to unwind. bit by the Fed's own admission, it's already found its way into the stock market. It will find its way to main street and the result will be inflation.

You are betting everything on the manager of Kmart living in a 900 square foot home with two other families rather than pressing for higher wages or higher prices of goods.

Didn't anyone notice all of the money that flowed into shorts-coverage the day the Fed announced a future decrease in QE? The actual equities did nothing to justify that huge jump in the index.

I would predict huge crashes in common consumer-oriented stocks to be the catalyst more than steadily decreasing living standards and wage pressure. The stock market is based on nothing but faith in derivatives at this point. The amount the US consumes on behalf of the world is leveraged 50 to 1.

What is happening in Spain can happen anywhere.

Well,of course there's no one thinking about how many ways they could use small recreational drones to FUBAR the homeland as in unsecured infrastructure.

"Many current renters have financial, credit and mobility constraints," said Luis Mejia, CoStar's director of multifamily research, adding he isn't as worried about apartment oversupply as some of his peers.

Luis found a polite way of saying that renters are drug-dealing loser deadbeats who can't move because they're registered sex offenders.

This jibes with the general image of renters in the media.

deepcgi says

Most of you are acting like the Fed's creation of 15 Trillion dollars

actually $3T and counting:

http://research.stlouisfed.org/fred2/graph/?g=qHw

has not been the largest factor in prices of real estate.

and that had nothing to do with rents, which are also up a lot and supporting the home prices, since specuvestors are such a large portion of the market now.

The stock market is based on nothing but faith in derivatives at this point.

that and:

http://research.stlouisfed.org/fred2/series/CP

which is the power of:

http://research.stlouisfed.org/fred2/graph/?g=qHx

($24,000 of gov't spending per adult in the US)

I guess. Conservatives say this gov't spending "crowds out" the job creators, but that's bullshit. This spending keeps the 99%ers in the game of our crooked economy.

Strategist says

RentingForHalfTheCost says

Don't all these 1600 people have houses? Why do they need to work, they can just use the houseATM card and pay themselves while they sleep. Working is for fools in this country.

They need to work to pay the rent that keeps going up.

No, what they need to do is get another NINJA, default and squat for another 3-5 years.

Tough crowd. That many people wanted a job and applied, and still no respect.

aint no food inflation, i can still get two delicious tacos at jack in the box for 99 cents, same as when i worked there when i was in hi skoo !

casandra says

aint no food inflation, i can still get two delicious tacos at jack in the box for 99 cents, same as when i worked there when i was in hi skoo !

Judging by your grammar you are in your 6th senior year...

Well that should motivate builders to build even more residential housing. Hopefully it might even motivate citizens to protest against space squandering #$^&@ sport stadiums in favor of more housing.

beetles says

Tough crowd. That many people wanted a job and applied, and still no respect.

It they really wanted the job badly, they would have applied harder.

Capital gains tax rates are so high that the wealthy can't afford to hire that many people.

Strategist says

That's scary in itself....

What's scary is that you would take seriously anything published by the NAR. Foreign buyers have been buying 7-10% of US real estate for decades.

Should dual citizen of US/Israel be vice chair of our Federal Reserve Bank?

Gentiles are not part of the appointment process.

Strategist says

If that won't turn you into a bull, nothing will.

Much of this is commercial property, NYC and Chicago, as was the case
with Saudi, Japanse and recent with Chinese state run investment firms.

They certainly are not talking about rinky dinky eichler in Palo Alto.
That wouldnt be Bullish.. that would be laughable....

HydroCabron is Kochel 271 says

Many current renters have financial, credit and mobility constraints

= buncha low-rent subhuman scumbags

Call it Crazy says

Is it possible they're trying to move their money OUT of their country before that economy crashes and burns... Then, with Bennie printing his 85 Billion a month of QE, they feel their investment is "safer" here??

Strategist says

The survey of AFIRE members said that the United States is the most "stable and secure" country for real-estate investment "by a wide margin."

That's scary in itself....

I'm sure they would start getting their money out when their economy sinks or political problems like they have in the Middle East which is always in a mess. I do know a lot of Iranians fled their country with bags full of greenbacks when the Shah of Iran got overthrown in 1979 and early 1980's.
No matter what, you have to ask yourself why is it America that is the most favored destination not just to immigrate, but also to invest in. How many want to go to Russia or Africa?

thomaswong.1986 says

Strategist says

If that won't turn you into a bull, nothing will.

Much of this is commercial property, NYC and Chicago, as was the case

with Saudi, Japanse and recent with Chinese state run investment firms.

They certainly are not talking about rinky dinky eichler in Palo Alto.

That wouldnt be Bullish.. that would be laughable....

I think they are buying everything. Commercial, residential, and corporations.
Every one but Americans have faith in America. Sad.

New Renter says

Well that should motivate builders to build even more residential housing. Hopefully it might even motivate citizens to protest against space squandering #$^&@ sport stadiums in favor of more housing.

The builders barely built anything in the last 6 years. Even today with a sharp jump in construction new homes being built is well below historic norms. It will take years to get back to equilibrium and in the meantime prices of homes and rents would have to increase.

casandra says

jack in the box

Whoah..? Jackass in the Box has never been delicious.

Strategist says

I do know a lot of Iranians fled their country with bags full of greenbacks when the Shah of Iran got overthrown in 1979 and early 1980's

That would be a small share of people, from the top that went to France. The other 80-90 percent were not that rich. "A Lot " is an overstatement.

Strategist says

I think they are buying everything. Commercial, residential, and corporations.

Every one but Americans have faith in America. Sad.

Well so much for thinking its safe or legit purchases... "They" being members or former members of the CCP are banned from being in the USA. And certainly in due time they will be found and sent back to China.. their property if they have any will get confiscated. Once again, our laws are not being enforced by the administration.

Beijing goes hunting for overseas real estate bought with dirty ...
qz.com/.../beijing-goes-hunting-for-overseas-real-estate-by-corrupt-offic...‎
Nov 5, 2013 - Now the Chinese government is embarking on a worldwide hunt to seize the properties with help from foreign governments, according to asset ...

Strategist says

No matter what, you have to ask yourself why is it America that is the most favored destination not just to immigrate, but also to invest in. How many want to go to Russia or Africa?

It isn't. Investors have the whole world. Some are investing in the US, but plenty are going with Europe, South America, and Asia. The US actually is 40th in the world for immigrants.

http://www.thedailybeast.com/articles/2013/05/18/u-s-is-just-average-as-a-destination-for-immigrants.html

This one's easy....This puts me over 100...
Hey Foxman...does I get to live in 'merica now??

Call it Crazy says

Find out who is hungry for U.S. real estate

It's all Governor Omalley's fault!!! He might even be worse than Obama.

Maryland state legislature opens today for their annual 90 day session where they will pass yet still more laws encouraging businesses to relocate elsewhere. Western MD where this plant is located should try to become part of West Virginia or Pennsylvania.

zzyzzx says

It's all Governor Omalley's fault!!! He might even be worse than Obama.

Um, no - Obama is THE worst, he HAS set a new standard for worst.

Call it Crazy says

Nonetheless, both Republicans and Democrats in Washington continue to
maintain that America requires more unskilled, cheap labor via immigration,
despite the loss of 6 million factory jobs between 2000 and 2009. That has been
the pitch from immigration reform advocates, who insist that the cure-all for
the American economy is an endless supply of less educated migrants to fill “do
the jobs Americans won’t.”

Yeah this is the problem with both parties. if one looks at the last depression, immigration slowed down to a trickle and the pipes weren't opened up until the economy was on sounder footing.

mmmarvel says

Um, no - Obama is THE worst, he HAS set a new standard for worst.

You obviously do not live in Maryland.

Bill:

Thank you for the correction. I was referring more to the global central banks in total than the Fed alone (although they are the facilitator to be sure).

I think the 15 Trillion is underestimated. And the amount of "liquidity" created (at risk) via the derivatives is easily 10 times that number.

Without the Fed buying up the biggest mortgage-backed security failures real estate prices AND rents would be down 75 percent. It has everything to do with the money in the hands of foreign speculators. Especially the Chinese.