If you had a million dollar assessed house in a state with 4% property taxes, this deduction would be useful. Credit Bubble Suspended Counterparty Program (SCP) to help address the risk to Fannie Mae, Freddie Mac, and the Federal Home Loan Banks presented by individuals and entities with a history of fraud or other financial misconduct. Average mortgage rates have touched the lowest levels in the past 12 months last week. Even if the interest rates are record low, monthly payments are still high. This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year. He started camping out three days before they went for sale. The rich are buying rolexes, collectibles (including cars) and anything that will be worth something when money is destroyed by inflation. The van is being driven by drunks and we are acting as if a stop sign matters. And stop reading housing bubble blogs after you buy. They’re acting just like in 2006 – 2007. Little did the agents know that Dr Gorback had a net worth of about zero. After all, this jolly surplus of taxes goes to a good civil cause, right? You mean Engel isn’t a “cloaked in mystesism”, “to smart to understand with his incoherent ramblings”, ‘revealed only to special insight” genius? Why end of June? I hear all of my coworkers talking about the price of groceries. Investors will learn there lesson when renters become squatters or social unrest takes over and butns them to the ground also why isn’t pelosi and her husband in jail for insider trading oh I forgot their protected by sec. Given their presumed savvy, one might think they would be selling into this goofy upswing…but…I don’t know, with transaction volumes up, they made be siding with the madness. The end game is they do all their own lending facilities, Iphones to autos (homes). That would explain why people are desperate to climb into what may well be one of the biggest bubbles of all: the real estate bubble. They all did it, from Salesforce, Uber, and Twitter on down. I don’t post but given my recent experience with the Bay Area market I just have to share it with you. The index value for Los Angeles of 325 indicates house prices in the metro have surged by 225% since January 2000, thereby making Los Angeles the most splendid housing bubble on this list. 3) State Income tax – 7K?? For further information, click ‘As soon as you walk in you tell them and then bam the price is right there you write a check for the deposit and you’re all done,’ Naval said.””. I feel think this is a bubble of some sort. Sad…. “How far would you go to get the home of your dreams in the Bay Area? Brick & Mortar Modern $500K chicken coops are wrapped in 100% waterproof Tyvek.Black mold spots start to appear underneath right after one signs on the dotted line . I called up my handy many who charges $30 per hour and he fixed the float and replace the toilet in 2 hours for $60. We also flew plane loads of spot prawns from the coast inlets to YVR airport for prawns to arrive in Japan still crawling. Not exactly. We live in fucked up times. I do not think it is possible to make comparisons with Japan, every crisis is dependent on different factors and it is what makes divination a very difficult art in economics where the best economists are always proven wrong. That house will never see south of $1M ever again. You would find that the money you spend would buy twice the house in a better neighborhood. We used to be above and beyond. Thank the Fed and Treasury….Those bulk sales should have to be called back….2009 was the biggest heist of wealth in history of the world…..where is FASB 157-8…, The fed pigmen are blowing up the world…now I know why 99M folks will be left in 2027. The big price increases here are still a lot cheaper than the properties that the movers are selling in the big cities (mainly Tronno/Van). More important than the capital gains increase will be the elimination, if indeed it ever happens, of the Step-up basis. Look man. 4) What Case Shiller report will tell us in Mar and Apr 2021, when SPX was half size in Mar 2020 and WTI was minus 40 in Apr 2020. Is it because people will have to start paying rent/mortgage again? Sorry copper, Bob was last week. The powers that be are not working in your interests, they are simply fatting you up for culling. RE made money. Welcome to Socialism. I’m so tired of the generation in power thinking they have to head off every economic downturn w overkill amounts of stimulation. This is one of the biggest bubbles of all and not just on the West Coast. Now, being a baby boomer, we cannot get our heads around the hoops and panic surrounding buying a house. “According to Bloomberg, nearly $47 billion in rent relief from the Biden Administration has been slow to materialize, forcing “mom-and-pop” landlords into financial hardship – or forced to sell to wealthy investors.”, “EVERYTHING IS PROCEEDING AS I HAVE FORESEEN…..EhEhEh!! No bubble here according to NAR…just being silly but I think all real estate insiders and MSM have their bots to repeat the following talking points below…can’t recall how I have seen this last month with elements from the list below. But given this was well below our budget and we would have money to fix the issues we offered $605K and waived our loan and appraisal contingencies. (That happened to a person I knew years ago.) UK = 8% Pretend that mortgage rates half every year for eternity, all else being equal. Hey but I will give you benefit of the doubt, people like you and your kind are dancing on the roof top so far because you guys have been right and yet people like Wolf and his bubble watching audiences have plenty of eggs on their face. I think it was like most booms that people extrapolated the good times would go on forever. Don’t buy if you won’t enjoy living in it for at least 10 years. How in the world do you sell a house with 10 owners?? “investors”. Just look at the last financial meltdown – those guys were panicked, pointing fingers, and hemorrhaging cash in a manner never before seen in our lifetimes. Wolf and I both called a top to the Bubble within a few days of each other, reaching our conclusions separately. It’s a fool’s errand. I’ll be enjoying the summer in the Rockies with no worries. The Consumer Price Index (CPI), on the other hand, tracks the housing inflation component based on rents. Thank you very much and have a nice day! California Daydreamin’ You get back after an hour and find out half the players are now homeless and out of the game, the other half are charging exorbitant rent for all of the hotels and houses they own wherever you land. I’ll repeat it here or else it gets lost in the jumble: The CDC did the eviction moratorium (of renters). California rent control laws keep any upward swing in rents and it’s affect on CPI forever stifled. Then those greedy hoarders who owned multiple homes (including those who refused to sell their old home) will all sell like idiots towards end of the year as they fear if they don’t sell this year, next year they have to pay 20% more tax on the gain. “They aren’t making any more land” is one you hear a lot here in the Boston area. My lack of faith and believe is taken over. here. You would take the 25K std deduction and not itemize. This new wealth will feed into inflation. It would not be a huge benefit to itemize if SALT was eliminated in CA. Edgar Allen Poe I appreciate it immensely. Forcing low rates while the G sends money out to people enticing them to stay off the employment rolls…is folly, but fuel for the stock market. (for the top 1%) Team red and Team Blue are actually team purple when it comes to making rich folks richer. You have enough money to rent for life. Many posted in the last 48 hours. It will be interesting to see the future of the mortgage servicing business going forward. “Then those greedy hoarders who owned multiple homes…will all sell like idiots…”. I was told a diner would select one particular prawn and pay $100-$200 dollars for it, but it had to be still alive. A national job guarantee–a real ‘right to work’ legislation–would mitigate a lot of this waste. It’s no use throwing around soundbites and placating ourselves that we’re better than Russia or China. I have given up all hope. Is it a bubble or an indication of inflation. Don’t know what broke it but they did manage to Amid Crazy Spiking Prices, Home Sales Sag for 3rd Month, Pent-Up Sellers Get Ready, New Listings & Inventories Rise, Fed Drains $351 Billion in Liquidity from Market via Reverse Repos, as Banking System Creaks under Mountain of Reserves, The Most Splendid Housing Bubbles in Canada: Even the Bank of Canada Gets Nervous and Tapers, Airbnb Shows How San Francisco’s Office Shortage Is Suddenly a Historic Glut: Hogging Vacant Space for a Future that Never Came. Consumers See our, ← Forget 2% Inflation. -sarcasm, Wonder if the chart of the number of homeless follows the house price chart. Would be nice to see some graphs of listings per month by MLS for your listed cities. The younger ones can’t afford the new homes with the big price increases, so are buying the fixer-uppers. The only conclusions a reasonable person can come to in this case is that either A) It’s a case of EXTREEEEEEME incompetence &/or corruption, or B) It’s a conspiracy, the purpose of which is directly related to the perceived “chaos” we are witnessing. This is the first time I’ve seen Wall Street banks clamor for the Fed to back off QE. Trade Well to be fair 10+ years is a long time for the chameleon to be the right color. Is this evolving into a West Coast bubble? Low interest rate and will stay low forever Skip maintenance and repair and eventually the whole thing becomes part of the earth again. If they can’t make things, they will break things. House inflation is just a the icing on the cake for the top 10%. One has paid off the house and will never have a mortgage or rent payment again. So she inquired abt the house next to it. Don’t ever forget that. Only down swings will accurately be recorded. 5) The current RE market is a roaring volcano. As for your point about not selling at 2-2.5%, uh sure…let’s see how well that goes when you lose your job and have a $700K to $1M staring at your face. If they go up then demand will have to drop…then what? Ditto for corruption. For background Folks (note:340K was from the single family home number Wolf posted. The younger generations are screwed. China says openly they are restricting this kind of freedom or that kind of freedom. Total World financial assets 500 Trillion financial assets makes Fed printing $120/ month look pretty small. Most great purchases are made when other people are not interested. They can always sell those whenever the economy starts to rebound again. My parents have 2000 sf house, that they built in 1980 th, they didn’t borrow any money and were able to finish it in 3 years. It is a place to live for the long term. I’ve read that the buy and lease back to the former owners is gathering momentum which seems even more weird. Only the name has changed. I feel like this is something you’d probably just see on HGTV or some random story, but it’s true. Property Tax in Texas major cities = 2-3%. They have also applied for rental assistance which would pay partial amount to landlord. Our realtor advised that comps were around $560K so to he felt this was already over priced. The neighborhood was a 9 (at least in our eyes). I am just being cynical. The realtor said all 10 were sold to one foreign investor. Stock Market most spendid inflation bubble = $22.4 TRILLION They called them temple logs and buyers would come over to Canada to purchase individual logs that they were interested in. It is a lot of work (or expense) to maintain a rental today. FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships. These is one crazy speculative bubble driven by the Feds misguided policies. Secondly, is Fed money going towards the medium-sized landlords and to corporations that own vast amount of “rental property” in the US?? The US Hegemony will have to have sailed away into past history before passing a wealth tax that massive. What started out as an illegal overreach by the CDC under the guise of preventing the spread of the virus has morphed into “but all of these people are going to be homeless!” This sh!tshow is going to continue until we have a full-scale economic meltdown. “Be a ‘Free Thinker’ and dont accept everything you hear as truth, be critical and evaluate what you believe in” A Govt structure insisting all is well and normal. If the rates keep going lower…otherwise the number of buyers will continue to disappear. I’d consider it a hobby to make/save some money without an 8-5 job. We live in an amoral world now when it comes to money and economics. The US has been riding the wave of freedom and property rights image even when both declined substantialy. We are responsible for carrying out our work with transparency and professional excellence. “The Consumer Price Index (CPI), on the other hand, tracks the housing inflation component based on rents.”. Don’t you know you’re “throwing your money away on rent?” Also, you’re “paying someone else’s mortgage”. If you do not know that, it must be your first trip to the rodeo….. Margin: The percentage added above the referenced index to price the ARM. Back in 2003 we bought our first home in Southern California (Ventura County). San Diego: Now all eyes are on housing. Just like the Fed encouraging bubbles, or the govt refusing to punish reckless bankers, or lying over and over and the SEC doesn’t care. In my own little world I wish I could find a house to raise a family in. In April housing took off like a rocket and we were stranded in Mexico for 7 months. I want it to pop too but Fed.gov is still getting its way. Please include some thoughts on the new Silicon Slopes of Utah (Lehi). Commercial Property It would be like after being ahead in Monopoly, you decided to land on Free Parking and checked out during the game to have some fun elsewhere with a few thousand in cash but no houses. My wife and I are first time home buyers. The median is “only” up 700K. Not laying an inflation TAX on the citizenry. I would guess that somebody told him the consequences of such an action. here. Who knew a pandemic can make you richer? Any chance of doing housing bubbles around the Pacific Rim? A house is to live in and enjoy, Overbidding against crazy people doesn’t bring enjoyment. It’s only fair. Grandma renting with her CDs, not so much. Hold on tight. Now they have a house and pay nothing in property tax, utilities(electricity, gas and water) cost them around 50 to 70$ a month, so they actually own their house, not like in the US, where you have to pay 5000-10 000 in property tax and your house can be taking away within couple of years if you don’t have money to pay it. 3/1: The first number format refers to the initial period of time that a hybrid mortgage is fixed, whereas the second number refers to how frequently the rate can subsequently adjust after the fixed period. The Case-Shiller Index covers the counties of San Francisco, San Mateo (northern part of Silicon Valley), Alameda and Contra Costa (East Bay), and Marin (North Bay): Condo prices in the San Francisco Bay Area rose 1.1% in February from January, roughly in line with seasonal increases from January, which is generally the low point of the year. I’m curious. Higher interest rates decreases inequality…yet the Fed sells low interest rates as helping the poor. What you are doing is like the people who blame the squeegee men when the real blame is on the people who pay them. In panics you basically can buy stuff at about half price. Advice time: If people are bailing out and moving on they have to pick a good fit. America’s total home equity — the value of houses minus the debt on them — rose only about $1.3 trillion from the end of last year’s first quarter (eight days after the market low) through Dec. 31, according to the Fed. At the same time (roughly :-), flew a J… diving prospector to check out a particular coloured sea urchin colony. In the remaining cities in the 20-city Case-Shiller Index, the 20-year house price inflation has been less than 100% — for example, Chicago’s 20-year house price inflation is at 56%.
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