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The Housing Market Is Still Coming Off The Sugar High

A report from CNBC. “Low rates, combined with more moderate home prices and more desperate sellers, are all bringing buyers back to the market. Dallas real estate agent Kelley McMahon said she is seeing a stronger fall but a pickier buyer. ‘I feel like there’s more inventory than there has been in the past. Usually in the fall I’m a little slower, but I have not slowed down at all,’ said McMahon. ‘I feel like there are a lot of homes hitting the market, but if they’re not priced right they’re going to sit for a bit.'”

From Fox 5 in Nevada. “The housing market in Las Vegas is stabilizing for the first time in decades, according to the Greater Las Vegas Association of Realtors. According to the new figures from the realtors association, the number of homes up for sale at the end of August without any offers is up 33 percent from last year. However, experts said that is likely because buyers are not jumping at the initial listing price. Many are starting to negotiate the price and try to get a better deal. Yet another sign of a normalizing housing market.”

From Bisnow on Washington DC. “When sales began at the Westlight condo building in November 2016, people lined up overnight to sign the first contracts. Now nearly three years later, 30% of the units in the building are unsold, and its developer says it will be his last condo project.Eastbanc founder and CEO Anthony Lanier, who has been one of D.C.’s most prominent condo developers for the last 30 years, said he is no longer bullish on the for-sale market and is shifting his focus to apartments.”

“‘This will definitely be my last condo project,’ Lanier told Bisnow . ‘I said, ‘Shoot me if I build another one.’ I just think it’s an overvalued business model and the D.C. market doesn’t provide enough margins for the condo developer.'”

“Westlight Sales Director Mei-Mei Venners said the high-end condo market has slowed down in D.C. and across the country. ‘Everything over $1.5M, which is a lot of the Washington luxury inventory, has quieted,’ Venners said. ‘People are sitting in the wings and not pulling the trigger as quickly. They don’t have to purchase. Maybe they rent for a period of time until we figure out what the stock market is doing and what the economy is doing.'”

“George Mason University economist Stephen Fuller said there has been an oversupply of luxury residential properties in the D.C. region and not enough demand to match it. ‘In the McLean, D.C., Bethesda or Arlington markets for condos or single-family detached homes over $2M, there aren’t enough customers,’ Fuller said. ‘There are condos waiting to be built and they’re still waiting to get enough buyers to build them.'”

From Mansion Global on New York. “A 6,000-square-foot apartment at the famed Dakota building on Manhattan’s Upper West Side was relisted Monday for $25 million, a $14 million price cut from its first listing in 2016. It was first listed for $39 million in March 2016, according to records. It was removed later that year, only to reappear with another brokerage for just under $29 million in May 2017. The listing was removed later that year.”

The News Tribune in Washington. “In the NWMLS news release with the August numbers, OB Jacobi, president of Windermere Real Estate, said: ‘Pierce County is now experiencing what King County did 24 months ago where a surplus of buyers and lack of supply are pushing up home prices.’ ‘The Seattle area housing market is still coming off the ‘sugar high’ that we saw last summer,’ Jacobi said, ‘but homes sales and prices are stabilizing.'”

The Seattle PI in Washington. “Year-over-year, Seattle experienced more sales, closings and listings compared to August 2018 with one exception. The citywide condo median sales price dipped YOY by 10.8% to $450,000. In respects to inventory, the number of active Seattle condo listings for sale remained in the high-600’s.”

“However, not all condo listings available for purchase are listed in the NWMLS such as to-be-completed new construction units. Therefore, the true number of listings is slightly greater than indicated. By MLS neighborhood areas, all areas noted more listings and most saw improved sales activity, many by double-digits compared to August of last year. Though, all areas with the exception of Northeast Seattle experienced lower median sale prices for the month.”

The Orange County Register in California. “Buzz: California economy cools, especially in the Inland Empire. The Federal Reserve Bank of St. Louis created regional economic indexes for 68 major metropolitan areas across the nation. Compiled from a dozen variables, these indexes track the change in the region’s business output. The economy of Riverside and San Bernardino counties grew at a 1.6% annual pace in the 12 months ended in March, by this math.”

“It isn’t a mixed picture across California. How bubbly? On a scale of zero bubbles (no bubble here) to five bubbles (five-alarm warning) … THREE BUBBLES!”

“Californians please note: 75% of the eight markets tracked statewide by these indexes were in a cooling mode vs. 60% of the other 60 tracked in the rest of the U.S. So this chill, regionally and nationally, is now pretty well established … just a tad more pronounced in this state. That’s unnerving enough before layering on a major pile of political uncertainty, domestic and global. How everybody reacts to the accompanying angst — from corporations to consumers to policy makers — now becomes the big question.”

The Village News on California. “I published a similar article to this one a few weeks ago. After receiving interesting questions and comments, I decided to elaborate. Why then am I writing on this topic again? I want to make sure you understand the urgency at hand. Year over year, Fallbrook had a price reduction of 3% and over the same time period, interest rates dropped 1%. It is reasonable to surmise that the scenario I provided could become a reality by this time next year. If you’re a buyer sitting in the wings waiting for the big drop, I think you will be disappointed, because financially not much will have changed in the overall purchasing power you have, but that home you’re holding out on, will probably be sold to a buyer that understands their buying power today versus waiting.”

“Sellers, on the other hand, have already seen price decreases over the past year; 38% of all homes sold in California over the past 12 months had a price reduction, before receiving an accepted offer. Moving into late 2019 and into 2020, the National Association of Realtors and the California Association of Realtors, Chief Economists both expect prices to mirror that previous 12 months, until the third quarter of 2020, when an adjustment is expected.”

So, if selling is in your plans in the next few years, it would seem to make sense to do it during this somewhat stable period. Prices are still strong and interest rates are low, which means that a larger pool of buyers can afford to purchase your home. Seems like a good time to catch lighting in a bottle, right?”

“I’m not an economist, but I’m sure that many of you reading this understand that this lack of disparity between a 2-year note and a 10-year note is not a harbinger of good news. Since 2011 the U.S. economy has been experiencing a historically long and steady growth cycle. All up cycles eventually lead to a down cycle. Economists believe the timing of this recession will be late 2020 and last for approximately 18-24 months.”

“I’m not spelling doom and gloom. I believe I’m sounding the alarm, to get off the fence and get into the game. If you are a buyer who is reading this, now’s a great time to take advantage of low interest rates and reasonably priced properties. You could wait until the end of 2020, but interest rates will not stay this low forever, so even a 10% drop in prices will easily be absorbed by a .6% increase in interest rates.”

“If you are a seller, put your best foot forward, price your home correctly and take advantage of stable prices and the larger buyer pool available to you. In the hands of an experienced, knowledgeable, professional Realtor, you will be able to maximize your selling price. If you’re a homeowner and are planning on selling, now is the time. If you think you have the luxury of waiting it out, remember 2008. If the economists are correct, and if we have additional price adjustments, we are potentially looking at a drop in price and an increase in interest rates.”

“The housing market peak was the second quarter of 2018. The adjustment in pricing has started. By lowering the interest rate, Federal Reserve is attempting to prop the economy up. Take advantage of lower interest rates and serious buyers.”

Related Posts

Home prices are FALLING FAST

https://www.youtube.com/watch?v=FbmCxgJxyWc https://www.youtube.com/watch?v=SSgmeUqvYSs https://www.youtube.com/watch?v=w5afsrMtFAU

This Post Has 95 Comments

  1. Taxpayer is gonna be a sad panda.

    ‘‘The Seattle area housing market is still coming off the ‘sugar high’ that we saw last summer,’ Jacobi said, ‘but homes sales and prices are stabilizing’

    Hey OB, check out the table at the Seattle PI link. Oh dear…

  2. ‘Sellers, on the other hand, have already seen price decreases over the past year; 38% of all homes sold in California over the past 12 months had a price reduction, before receiving an accepted offer. Moving into late 2019 and into 2020, the National Association of Realtors and the California Association of Realtors, Chief Economists both expect prices to mirror that previous 12 months, until the third quarter of 2020, when an adjustment is expected’

    So these lying liars want people to stick their head into the buzz saw.

    2. Unless this time is different, we should be near the bottom of the ginormous roller-coaster hill by 2024 or so.

      Enjoy the ride, crow diners!

    1. $282k in July 2018, $305k in July 2019. How does that equate to a 20% price drop? I must be looking at the Zillow links wrong or something because each one I look at shows rising prices, not falling.

        1. scjimbobjohn in the house! he only see’s what he wants to see. if you click on list price it definitely is crater 20%+, even if it wasn’t, it will be! CR8R time is now and beyond, hold on tight, its gonna be a hell of a downward ride!

  4. “I’m not spelling doom and gloom. I believe I’m sounding the alarm, to get off the fence and get into the game. If you are a buyer who is reading this, now’s a great time to take advantage of low interest rates and reasonably priced properties. You could wait until the end of 2020, but interest rates will not stay this low forever, so even a 10% drop in prices will easily be absorbed by a .6% increase in interest rates.”

    Isn’t it better to buy when interest rate is high but prices are low? You can always refinance if the interest rate drop. You can’t renegotiate the purchase price if interest rate goes up? But wait, NOW IS THE BEST TIME TO BUY AND SELL…

    1. It depends on how long you are going to make payments and how badly you want the property I suppose. If you think you might have to sell the property in the next few years, you definitely don’t want to buy at the peak of a falling market regardless of interest rate.

      But, if you’re not selling anytime soon, a higher purchase price at a lower interest rate can end up being cheaper when it’s all said and done. Rates might climb and never come back to historically low levels, offsetting any gains made by waiting for a lower purchase price.

      Plus, if you’re not happy with your current housing situation, there is value in getting to live in a place that you enjoy more. Every day that passes living in a place that you don’t want to be is another day that you’ll never get back.

      Kind of like buying a new vehicle. Paying a premium for a new vehicle makes no sense to some people and some people get a lot of enjoyment owning a new vehicle every couple years so it is worth it to them, even though their old beater could get them around town just fine. Everyone’s priorities are different.

      1. “But, if you’re not selling anytime soon, a higher purchase price at a lower interest rate can end up being cheaper when it’s all said and done. Rates might climb and never come back to historically low levels, offsetting any gains made by waiting for a lower purchase price.”

        This is debt-donkeyism. Anybody who has cash for a down-payment would be foolish to buy when prices are at their pinnacle peak. Rising interest rates favor the solvent. Buying now favors debt-junkies who don’t have two nickels to rub together.

        1. Or just people who want to buy a property and can afford it. Some people are fine spending money on things they want and don’t worry themselves too much about whether the resale value is going down in the future.

          Heck, some people buy perfectly good houses and bulldoze them just because they like the view from the lot and want to put a nicer house on the place.

      2. If rates rise significantly off of lows on a permanent basis (i.e. we never see these rates again), prices will fall, at least on an inflation adjusted basis. Therefore the waiting argument you just made is invalid.

      2. “In the hands of an experienced, knowledgeable, professional Realtor”

        After being touched by that, I’d want to spray myself down with an entire can of Lysol, get tested for STDs, and burn the clothing I was wearing when REALTOR touched me.

        1. Rumor has it, the recent Los Angeles leprosy outbreak was determined as starting in one of the main realtor camps. Eye witnesses also reported spotting Mr Yun and his sidekick Thornberg roaming the camp. Wear gloves and a mask when interacting with a realtor. They have been known to carry typhus, tuberculosis and many other medieval diseases.

        2. After being touched by that, I’d want to spray myself down with an entire can of Lysol, get tested for STDs, and burn the clothing I was wearing when REALTOR touched me.

          There there. Can you show me on the doll where the Realtor touched you?

      3. “If you think you have the luxury of waiting it out, remember 2008. If the economists are correct, and if we have additional price adjustments, we are potentially looking at a drop in price and an increase in interest rates.”

        At least a half-truth. I know housing prices fell (a lot!) in 2008. Did I miss the interest rate rise during that year?

    3. buy or sell, NOW is the best time! dont sit on the sidelines, call Kim
      at Murphy & Murphy Southern California Realty ASAP!!!

  5. So the DJ is less than 2 percent off its all time high, what does that say about the chance for an imminent recession.

        1. I’m beginning to think that much of what is posted here is just propaganda. False information posted with the hope of assisting the eventual correction of the real estate market.

          Every one of those “crater” posts is evidently just made up. I don’t understand why Mr. Jones would allow it unless it benefits his purpose somehow.

          1. “I’m beginning to think that much of what is posted here is just propaganda. False information posted with the hope of assisting the eventual correction of the real estate market.”

            Actually most of what you’ll find here is Main Stream Media propaganda that is debunked by other commentators without financial gain.

          2. “The red pill, together with its opposite, the blue pill, is a popular cultural meme, a metaphor representing a choice between the “red pill”, representing a life of harsh knowledge, desperate freedom, and the brutal truths of reality, and the “blue pill”, representing a life of luxurious security, tranquil happiness, and the blissful ignorance of the harsh realities of life, basking in an (essentially dishonest) illusion. The terms, popularized in science fiction culture, are directly derived from a scene in the 1999 film The Matrix.” —wiki

          4. Here’s an idea. Buzz off. I don’t care if you visit here ever again. What do I get out of it? This blog is indispensable. Not because I put it together, but no one else does.

            (Please BTW, one of you start getting up at 5 AM and search for housing news all day. I’ll read it and save about 10 hours a day.)

            Someone asked me around 2010 how the housing market was doing and I didn’t know. I was working on foreclosures 7 days a week 30 days straight. All I had on this blog was a bit bucket every day. So I make myself put this together so I know what’s going on.

            Not for you. For me. So I know what’s happening. And this thing is just about done. We’re almost at the end. I won’t have to post anything anymore. So quit yer bitching and go fudge off, cuz you don’t matter or mean sh!t to me. I was right, this is a bubble and it has done popped.

    2. Please $tay/maintain yer expo$ure to equitie$ aqdan, in fact, please purcha$e more ba$ed on your enthu$iasm!

      1. I am hedged as previously explained. Please leave all your money in Yuans and the Chinese stock market. Since you think China will win the trade war you must have backed the truck up.

    3. You’re right…the stock market is way too noisy to provide a reliable recession indicator. I’d go with the bond market yield curve instead.

      1. CNBC TV
        Top Stories
        US Economy
        How the yield curve predicted every recession for the past 50 years
        Published Thu, Sep 12 2019 3:16 PM EDT
        Andrew Davis
        This simple chart can predict recessions and tank stock markets

        The yield curve was once just a wonky graph for academics and policymakers. But in recent years it has become a way to forecast looming recessions.

        The curve has helped predict every recession over the past 50 years. That means the curve accurately predicted even largely unforeseen downturns like the dot-com bubble of 2001 and the Great Recession in 2007.
        …

  7. On a recent weeknight, Dahlia and Adam Brown came home to a spacious Colonial on a quiet cul-de-sac in Marietta, Georgia. The Browns both work demanding jobs and have two young sons. They bought the house in June using Knock, a company that’s trying to revolutionize the real estate industry with a “home trade-in platform” making it easier to buy and sell at once. That solution was ideal for the Browns, who are just as busy as most couples, but are more introverted, making the idea of prospective buyers tramping through their private space seem excruciating.

    Across town, Martha Seay was overseeing movers in a rambling brown ranch-style house nestled among tall hickory trees. The day before, she had closed on the sale of the house, where she and her husband had raised their family, to Zillow, the massive real estate company. The next day she would leave for Florida’s Gulf Coast, where they had just bought a retirement home.

    Seay had wanted to move for years, but the idea of selling was daunting: “I said, maybe next year, maybe next year, maybe next year, because I didn’t want to go through all the crap you have to go through.” Selling to a company took just a few clicks and one visit from an appraiser, and Seay was delighted. “I cannot tell you how much the stress was relieved,” she said.

    The Browns and Seay are the consumer faces of the disruption that’s currently roiling residential real estate. As different models — home trade-in companies, “iBuyers,” partnerships between new upstarts and old stalwarts — clamor for attention, lots of attention is focused on trying to determine what’s here to stay and what’s just an awkward rough draft: the Pets.com of the housing market….

    https://www.marketwatch.com/story/how-buying-and-selling-a-home-could-soon-be-as-simple-as-trading-stocks-2019-09-11

  8. How buying and selling a home could soon be as simple as trading stocks

    On a recent weeknight, Dahlia and Adam Brown came home to a spacious Colonial on a quiet cul-de-sac in Marietta, Georgia. The Browns both work demanding jobs and have two young sons. They bought the house in June using Knock, a company that’s trying to revolutionize the real estate industry with a “home trade-in platform” making it easier to buy and sell at once. That solution was ideal for the Browns, who are just as busy as most couples, but are more introverted, making the idea of prospective buyers tramping through their private space seem excruciating.

    Across town, Martha Seay was overseeing movers in a rambling brown ranch-style house nestled among tall hickory trees. The day before, she had closed on the sale of the house, where she and her husband had raised their family, to Zillow, the massive real estate company. The next day she would leave for Florida’s Gulf Coast, where they had just bought a retirement home.

    Seay had wanted to move for years, but the idea of selling was daunting: “I said, maybe next year, maybe next year, maybe next year, because I didn’t want to go through all the crap you have to go through.” Selling to a company took just a few clicks and one visit from an appraiser, and Seay was delighted. “I cannot tell you how much the stress was relieved,” she said.

    The Browns and Seay are the consumer faces of the disruption that’s currently roiling residential real estate. As different models — home trade-in companies, “iBuyers,” partnerships between new upstarts and old stalwarts — clamor for attention, lots of attention is focused on trying to determine what’s here to stay and what’s just an awkward rough draft: the Pets.com of the housing market….

    https://www.marketwatch.com/story/how-buying-and-selling-a-home-could-soon-be-as-simple-as-trading-stocks-2019-09-11

  9. So now we know that Ahsa Nateef Tribble shares a lot of the blame for corruption of the Puerto Rico hurricane efforts. Just Google her name and see her role in the Obama administration. No corruption, in that administration says Biden. No it is a case of no MSM investigations and thorough corruption in the DOJ and the FBI protecting the corrupt officials.

    2. Who was President and in charge of FEMA when this crime occurred in 2017?

      Somehow, we suspect Obama was in charge when the crime occurred?

      This sounds like a Trumpism. Obama killed Lincoln also.

  10. Sorry, this is just whack. I’m starting to wonder if he’s refinancing all of his properties, or plans to. It’s not passing the sniff test and is outrageously reckless in terms of monetary policy. I’m tired of the central bank shenanigans of punishing savers while grandma eats cat food and the debt-junkies set prices on everything. It’s time for higher rates.

    “The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet…..”

    https://twitter.com/realDonaldTrump/status/1171735691769929728

    1. This is about the currency war therefore the trade war. Everybody is cutting rates to gain a currency advantage, notably China and the EU.

      1. Exactly but as I stated earlier he knows he will never get negative rates. He is just jawboning for a half point cut.

      2. So, just because the EU (peeyuu) and China are doing it, we should do it, too? We were taught as children that’s never an excuse for poor behavior, which, consequently, this is. Once you get to zero, then what? Negative? Then what? This is absolute Keynesian nonsense and you have been saying so yourself for years.

        1. Not it’s not. This is the first president to stand up to China in decades. This is a trade war that if we win can put China back in their box. No more stealing billions in intellectual property – every – freaking – year. No more unfair trade, no more fentanyl. If you can’t see what’s at stake, not my problem.

          Now I told you not to talk to me and I mean it. I just added that because people don’t understand the issue and not to engage you, crank.

          1. I voted for him. I am in favor of the trade war. Perhaps since I am a crank who doesn’t understand how going to zero or negative rates is not Keynesian eCONomics and will somehow win a trade war without the continued destruction of our own economy through credit/debt bubbles, somebody can help me out here. Not Ben, who I will no longer talk to (never saw the request in the first place, but will certainly honor it), but somebody who apparently understands these ultra-loose monetary policies better than I.

          3. “somebody can help me out here.”

            1. don’t $ign Mr.banker dotted $ …____…____… line$
            2. An Amish/ Taoist $uggestion:
            “Therefore having and not having arise together.
            Difficult and easy complement each other.
            Long and short contrast each other:
            High and low rest upon each other;
            Voice and sound harmonize each other;
            Front and back follow one another.”

            3. Beware “True.Believer$”

      3. Chao$, Chao$, Chao$, … The Hou$e own$ the green $pot on the roulette table$! … (Unle$$ you $hadow.thee.hou$e!)

        Oct 17th: Brexit arm wre$tling in Bru$$els
        Oct19th: Trudeau to$$es Canadian bacon to the ma$$es
        Oct 31$t: “All.Hallow$.eve” … In the UnUknighted.Kingdom

        “God.$ave.thee.Queen.of.Scotland!”

        U.$. Dollar to Euro $pot Exchange Rate$ for 1975 to 2019 from the Bank of England

        https://www.poundsterlinglive.com/bank-of-england-spot/historical-spot-exchange-rates/usd/USD-to-EUR

    2. The Federal Reserve

      In addition to battling the currency and trade wars, I think DJT is spotlighting the Fed. As we’ve noted on here before, the average Joe doesn’t understand that the Fed is neither federal nor a reserve and that its actions aren’t in the interests of the general population.

  11. Once Again, Climate Warriors Rescued From Their Ship Trapped In Polar Ice

    by Tyler Durden
    Tue, 09/10/2019

    The conviction that global warming is melting ice in the polar regions has once again led climate warriors into danger and the need for rescue. The MS Malmo, a Swedish-registered ship, was just rescued after being trapped in ice, and its passengers airlifted to safety. Get a load of what it was doing, via Maritime Bulletin (emphasis added):

    Arctic tours ship MS MALMO with 16 passengers on board got stuck in ice on Sep 3 off Longyearbyen, Svalbard Archipelago, halfway between Norway and North Pole. The ship is on Arctic tour with Climate Change documentary film team, and tourists, concerned with Climate Change and melting Arctic ice.

    All 16 Climate Change warriors were evacuated by helicopter in challenging conditions, all are safe. 7 crew remains on board, waiting for Coast Guard ship assistance.

    Haven’t we heard of something like this before?

    Oh, yeah – I wrote this five and a half years ago:

    Warmist dupes and true believers in the media are having a very hard time with the hilarious spectacle of a ship of literal fools who were so deluded by the warmist cult as to believe it was safe to venture into the Antarctic waters in a vessel that was not an icebreaker. The “scientific expedition” was intended to document the comparative paucity of ice in the area first explored by Douglas Mawson a century ago.

    As nearly everyone connected to the media on the planet now knows, the Spirit of Mawson voyage, as the organizers dubbed their chartered Russian ship the MV Akademik Shokalskiy, became stuck in ice and needed rescue. Adding to the comedy, the Chinese icebreaker that rescued them is now itself stuck in the ice that was supposed to be melting.

    https://www.zerohedge.com/geopolitical/once-again-climate-warriors-rescued-their-ship-trapped-polar-ice

      1. “justa wondering… you see lots of ice ahead but dont turn around?’

        What a fool believes, he sees. If a fool believes there is no ice then what he sees is that there is no ice.

        Same goes with a loan document. Show a fool a loan document that clearly denotes that the current interest rate being charged is temporary and is destined to be variable, which means the TRUE COST of whatever it is he is buying (which is most likely an expensive item such as a house) is totally unknown to him, unknown to me, unknown to any other person on the planet.

        If this unknown and unknowable true cost does not cause him to hesitate in placing his signature on the dotted line then the term fool rightly applies. What the fool sees, what the fool believes he sees, is an excellent opportunity to get in on the incredible money-making wealth-creating bandwagon that everyone he knows say is the sure road to riches.

        As for the pending “adjustment” of interest rates? No matter; He can always refinance. At least this is the way he sees it, which brings us back to the observation that what a fool believes, he sees.

  12. Real estate fraud is old school. There’s a new scam in town: payroll processing fraud!

    MyPayrollHR, a now defunct cloud-based payroll processing firm based in upstate New York, abruptly ceased operations this past week after stiffing employees at thousands of companies. The ongoing debacle, which allegedly involves malfeasance on the part of the payroll company’s CEO, resulted in countless people having money drained from their bank accounts and has left nearly $35 million worth of payroll and tax payments in legal limbo.
    https://krebsonsecurity.com/2019/09/ny-payroll-company-vanishes-with-35-million/

    **
    A payroll processing company based in Elkhart made a $122-million overdraft by initiating wire transfers without having the money to cover the transactions and still hasn’t paid the money back, according to a federal lawsuit filed in Ohio.

    Interlogic Outsourcing, Inc., or IOI, processes payroll for over 6,000 clients across the country, its website says.

    Since the lawsuit was filed last week, restraining orders have been issued to freeze Khan’s personal assets and direct Berkshire, Wells Fargo and JPMorgan Chase to set aside the money transferred to them, except for amounts that are “specifically identifiable and traceable to transfers from Interlogic’s customers … and earmarked for payroll services,” legal documents say.

    “KeyBank has lost, or is in immediate jeopardy of losing, approximately $122 million as a result of the wrongful conduct of Khan and Interlogic,” the lawsuit says.
    https://www.southbendtribune.com/news/business/elkhart-payroll-company-accused-of-fraudulently-wiring-million-it-didn/article_47a83152-829f-5896-928e-0ba21367ef33.html

  14. You can put measuring stations near asphalt or by where air-conditioning units are blowing hot air to raise the temperature records and these attempts have been documented. However once you get into the country we have essentially flat temperatures for twenty years at a time co2 concentrations have soared. A logical person would see the disconnect. However the AGW crowd has substituted AGW for God and they are even willing to fabricate data to prove AGWs existence.

  15. You should see Commercial construction in the Dallas area. It’s nuts!
    Malls, stadiums, resorts, stores, hospitals, schools, parks… all being built all over the place. It’s insane! Not to mention streets widening and new overpasses to relive traffic. We had a demographic boom. Waaaaaay too many people moved here when Toyota and other companies relocated here.
    It’s a nightmare for those of us who have been here for decades. Everything changed way too fast.

  16. Report from Anaheim and Disneyland. Was there last week with my family. We were 3/4 mile from the park. Within a 1/4 mile of us was at least 1500 rooms under construction. Park was a ghost town and so was our hotel.

    1. July 2018, average sale price, $217k. July 2019, average sale price, $235k. What buttons do you need to push on the calculator to make that add up to an 18% drop YOY?

    1. Way overdue! Sour patch candy flavored nicotine… yeah sure, lots of adults seeking that flavor nicotine fix

    1. It will be a thing of terrible beauty when foreclosed “luxury” shacks and skyboxes go under the auctioneer’s hammer, but end up going bid-less.

  26. ‘I feel like there’s more inventory than there has been in the past.

    Why do realtors always tell us how they feel about the market, when there’s hard data available?

    1. Housing is largely an emotional affair for the end users. If housing was a rational thing there never would have been a bubble because it wouldn’t make sense. Same goes for starting a family. Very few guys would voluntarily give-up their friends and forsake their outdoor sports for a “paycheck to paycheck” lifestyle. The reality for most is that they get baited, and find themselves trapped.

  27. “A 6,000-square-foot apartment at the famed Dakota building on Manhattan’s Upper West Side was relisted Monday for $25 million, a $14 million price cut from its first listing in 2016. It was first listed for $39 million in March 2016, according to records.

    Of the original trillions of Yellen Bux lavished on the Wall Street grifters, I wonder what percentage are still sloshing around the globe looking for a place to die?

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