That’s great. They knew full well that it would all go bust, but they didn’t care because they would sell the loans a month later, oftentimes selling the same loan multiple times. An article today suggested that banks are starting to put foreclosed properties back on the market in California as well which may add to inventory. Maybe if we enter another recession, there will be some decline in average home prices, but if you take a look at the market activity in the prime LA neighborhoods, there is a severe shortage of inventory. – Doing the same damn thing and expecting different results… It never ceases to amaze me how clueless people are. Longer term chart on 10’s right here, story line is that the housing cycles in the past has had a 2% to 2.5% move lower in rates in each future cycle, For that to happen in the future that means 10’s have to reach at base 0.95%, Milked this cow for as much as you can… maybe one more lower level cycle left, http://loganmohtashami.com/2015/06/09/10-year-yield-having-a-2nd-taper-moment/, Something is starting to look fishy about how these properties are being sold, http://www.trulia.com/homes/California/Los_Angeles/sold/1077670-1213-S-Muirfield-Rd-Los-Angeles-CA-90019#photo-6, 05/18/2015 Sold view detail $865,000 Public recordsPublic records, 12/04/2012 Sold view detail $570,000 Public recordsPublic records, 06/14/2012 Sold view detail $494,313 Public recordsPublic records, 09/19/2007 Sold view detail $900,000 Public recordsPublic records, 07/26/2004 Sold view detail $520,000 Public recordsPublic records, 01/03/2002 Sold view detail $1,186,181 Public recordsPublic records, 11/08/1999 Sold view detail $280,000 Public recordsPublic records. I can tell you for sure that all the low unemployment numbers and highest numbers of jobs posted are all BS, Most of the jobs are low paying jobs , temp jobs, low/no benefits. And that right there answers your question. All Legal Q&As. I feel really bad but have to let it go. Blert- Are you saying there is no debt bubble nor a credit bubble? Of course, these changes happen over years. I think a number of commenters have hit upon it, but it is the Chinese and huge pools of hedge fund money that have predominantly driven the market for the last 5 years in California! When the 2008 was half over we were at 4%+ interest rates, more over, we were coming from 5.5% a few months earlier, at that time it was already too late. The housing became an investment machine after “Greenspan Put” during dot.com bubble era. Employers have no reason to pay more when there are more job seekers than there are jobs. Will it make a difference, as a pointed out many times, mortages go up to 5.5% and pay will go up to meet the balance needed. If I type in all caps, is my point more important? I guess they have no choice and cannot wait. “Bottom line is the banksters defrauded both home buyers and the investors who bought the loans.”. I agree that prices seem like they are high, but I can’t really imagine a scenario where prices drop significantly from here. it’s now worth 275,000. he should have walked away a long time ago. Existing Home Sales Rebound. Neil, it’s not just neocons, it’s also neoliberals, like Hillary. It is interesting to see the justifications today for why prices are high. Yet momentum is shifting but the question is, what will come about this change? It always starts with taking an inch. It is certainly warranted, but I think this new bubble may have further to run. •Is the middle class dream an illusion for Californians? Average Condo Price vs Inventory 7. ... C.A.R. In 2011 the Zestimate on this place was $366,000. More to the point, price-to-income ratios are incredibly out of whack. As I said in 2024 early rates will go up 1/4 % in June. Stocks are up and real estate follows. Before then, I hope that the bond market forces the Fed to finally raise interest rates and burst the bubble. Hilary is even a bigger fascist than Obama. No industrialist or banker who bought a 30 million apt in NY is making decisions based on what is best for overall America? Ron Paul is not part of the establishment and for that reason he had zero chance for winning. I suggest that the last tool the bankster government is using to prop up prices is the open border. http://variety.com/2015/dirt/real-estalker/sam-nazarian-flips-bel-air-manse-back-on-market-1201518635/, Most relevant (to us small players) in this article: “Is this spectacular increase in desired value for the Grey/Nazarian estate simply emblematic of a still exploding top-end real estate market or is it an overt signpost that the current real estate bubble is about to burst?”. •The monster lurking in the shadow inventory, •The true picture of the California Housing Market, •Short sales and foreclosure made up 52 percent of all recent SoCal home sales, •Corona Del Mar most expensive zip code foreclosure examples, •Global housing bubbles collapse like dominoes. Not an ATM. Sold crap-shack in 2012 and put $150,000 down on a $285k house with a private loan. The Santa Monica Daily Press reported today that the SM City County intends to follow L.A.’s lead in enacting a $15 minimum wage law. There is also the issue of long term care. You forgot about the taxpayers. But the weather is so perfect! Leo, is buried under the Civic Arts Plaza. I guess you just have one big happy mafia family and the AG and the president are part of it. Infested with asbestos, needs a new roof, unpermitted additions, and just 1100 sq/ft. So how do you justify a $240,000 (a 65% jump) price move in a mere 3 years. They’re ALL bought and paid for. In the greater Los Angeles region, single detached homes rose $22,000 to a new price of $553,000.. San Francisco Bay Area, home prices jumped $35,000 or 3.6% over last month to a new average price of $1 … In the next few years, many Economist and analysts predict that the housing market will continue to decrease because of employment, income, and quality of life. Up and downs happen but people who profess a total tank job can’t and won’t happen, America principles of not printing money went out the window years ago as long as America is the dollar currency of the world the funny money will be printed forever Unfortunletly but true. While this has got housing market bulls all charged up for a stronger 2020, one shouldn’t forget that a crisis could be just around the corner . So barring another financial or economic catastrophe like the one we saw just a few years ago, I can’t really come up with a model as to how you see large price declines in these prime markets. I have a good job and $ for a down payment but cash buyers have grabbed everything. You know why? Yellen and the fed are too wed to the oligarch hedgefund market shapers. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. Average Detached Home Price vs Inventory 6. As our doc has noted, incomes do not support these prices but our beards grow long (you too ladies) waiting for real estate in so cal to tank hard. In 2008 I owed $400,000 on a $150,000 house at 7% interest with a 40 year loan. And the crash is already part of the thinking in Washington. You were underwater because the Banks were granting loans to just about anyone who could breathe, in order to create high demand and run up the prices. The Fed Funds rate will be comfortable for them at 2.5 maybe 3% in 2016. I was reading all your articles, going, “bahahhaha!” when the economists were saying prices were gong to rise. Home prices are falling from 350 to 300/sf, inventory is increasing in the last 6 months. I need my own place. Maybe eliminate oo change 1031 exchange would be a start: http://apiexchange.com/index_main.php?id=8&idz=26. Another 5 years of this 10% plus inflation and we’re looking at not being able to afford to eat (as a country), so the question is what is the FED going to do about it? We’ve already highlighted that 2.3 million adult Californians are living at home with their parents. 3. the reason in number (2) most likely will lead to their unemployment or they will be so scared of loosing the job that they will still not buy. The current list price is $599,000 (in other words, $600,000). Its going to be interesting if we have another plunge. These factors will militate against a huge run up in inventory like what we saw in the previous down turn. Inventory is going up. The Bible says that Moses lived to 120, not 150. In 2015, the first $5.43 million is exempt from federal estate taxes . Perfect! It's why today's American people are as much to blame for the housing bubble/crisis as banksters and realtards. 1) QE consists of the Federal Reserve CASHING OUT T’ bond and T’ note holders — in a loopy way — ELIMINATING the national debt. Today it’s hot and humid with June gloom even near the beach. So the solution these people want is to prevent any new residential development. Please check your download folder. Rs and Ds are just pupets representing the policies of the FED and CFR. If the 1% can get away with robbing the country and taxpayers I don’t see why the 99% can’t do the same thing on a smaller scale. Mortgage Stress Test Impact 8. There are some delightful misapprehensions in your missive. http://www.latimes.com/local/politics/la-me-prop-13-20150610-story.html. And to have a place to land with $ bought citizenship. No way in hell am I buying a POS house in Orange County for $550k. The last time I checked we are still at 0…. IT is the opposite here, on the Eastside (Bellevue, WA). If you see a candidate who was part of CFR (Council of Foreign Relations), stay away from them. Real estate funds do have to answer to investors who many not withstand severe economic shocks. What’s still propping up the market is the fear for an imminent rate hike, but I don’t think that’s happening because the Fed has simply printed too much cheap money in last few years AND the govt has too much debt to allow even the smallest interest rate increase. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial or any other purpose. The common people getting jobs are not that well paying jobs. Their fear is justified and understandable because how in the world can you call price tripling of one’s biggest purchase in a short 20 years NORMAL. Looking to buy? Does that count? The FED has proven to be a failure, it will fail again. On top of that, you have foreigners from China, Latin America, Eastern Europe and the Middle East trying to park their cash in the safest markets on earth, and Los Angeles real estate certainly qualifies. There was no inventory to for anyone to have to compete for sales. Decisions are made on both coast as to how to keep Ca and East Coast property from being valued and that subprime never affects them again in this century. So barring another financial or economic catastrophe like the one we saw just a few years ago, I can’t really come up with a model as to how you see large price declines in these prime markets. With the current run in prices no one is going to help you unless you help yourself when home prices drop by 50% again. Had the banksters done business prudently, home prices would have been much lower when you bought, and you would not have wound up underwater. With Zolo's real estate market trends, you'll get current data on London's housing market. You can say its a moral question, but I have a family to take care of. Inventory is all but down in King County, WA. Also, incomes in NYC are simply better than in L.A. and Orange County. Who knew the Obama Admin. Enjoy living in it. The demographics is changing for the worse. Whether its Zillow value rises or falls should not concern you. Wages are simply not keeping up with price gains or even rent increases. Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Let’s take a house in California that was bought for $100,000 in 1975 by a 40 year old couple and is now worth $1,500,000, not unusual at all. I wouldn't want to live there. Even with the trend to higher prices, people have the choice to buy or rent. There’s much more to this story. Because unlike New York City, the LA/OC market is one giant urban sprawl that isn’t land locked. The rest of the country just accepts it and hope they come along for the ride. Their well-being comes way before any bank. They can’t raise interest rates. The doc of course has spoken of the adult children living at home phenomenon at length. I dunno. Just think, you’ll enjoy this bright colored home and you’ll have the privilege of paying property taxes 3.5 times higher than the current Prop 13 rate. can you elaborate on the economy in the US as a consequence of all these? On top of that, consider the open border policy. This page provides - Canada New Housing Price Index - actual values, historical data, forecast, chart… This means that — with each month that passes — the nation’s money supply MUST SHRINK. I don’t what the limit on assets one can have to qualify for medicare paid nursing home care but it is considerably below what a California house costs so many properties will have to be transferred before death to pay for long term care or avoid have the estate bled dry at a $8000 plus per month clip. Pray for QE4…. Keep voting the same pupets pushed by MSM and you’ll get the same type of policies forever. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Housing starts in the US jumped 4.9 percent to a seasonally adjusted annual rate of 1.53 million units in October of 2020, from an upwardly revised 1.459 million in the previous month and beating market expectations of 1.46 million. When did preferred stockholders ever run anything?). This young group of future buyers is unlikely to materialize, at least with current incomes. And irrigation — and housing — can always spread eastward, if water is available. “2) best weather , everyone wants to live here”. It could grow at a 2.55% pace in the next six months faster than the national 1.59 report from Mercury News. The USA has 20 Trillion Dollars in debt. Which is why he never had a chance. What if I take out more in loans that I paid for it to begin with, then walk away? Washington does not care about the people…. I would have been willing to work with the bank on a reasonable solution to the first house that they literally convinced me to buy by guaranteeing home values would never fall in Southern California (yes the lender not the real estate agent). Demand: Immigration into Toronto 5. Another 40 years as a shepherd in Midian. you can’t make the payments you give the house back and ruin your credit for a few years. If there are so many jobs posted, why isn’t there an insane amount of hiring going on right now? You can see the recent big bounce up. 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