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This Glut Of Real Estate Is Going To Have To Be Dealt With

A report from Bisnow. “A strong jobs report, the stock market performing at record highs and low interest rates continue to fuel U.S. commercial real estate’s prolonged growth cycle. But overall economic growth has fallen as the year progresses, raising commercial real estate’s favorite question: How much longer can it all last? ‘I still, to this moment, don’t get it, other than there’s still a significant hangover from the financial crisis,’ Walker & Dunlop CEO Willie Walker said. ‘You’d think people would stretch lending standards, but they haven’t.'”

From Education Dive. “Luxury student housing properties, complete with rooftop swimming pools and opulent lobbies, have been a hallmark of the current development cycle. Indeed, with capital flooding the sector, the post-Great Recession student housing boom has been held up as the category’s coming-of-age party, when it shed its mom-and-pop image to emerge as a true institutional asset class. As some evidence of that, student housing property prices hit an all-time high this summer.”

“But now, the converging trends of increased supply and declining enrollment at institutions across the country, paired with rising defaults on student housing-related commercial mortgage-backed securities (CMBS), are casting a shadow on the asset class. Student housing accounts for 40% of defaults in the multifamily sector, despite representing less than 6% of loans, according to Moody’s.”

“‘Following a decade where everybody was anxious to build, build, build —​ and not just dorms —​ this glut of real estate is going to have to be dealt with going forward,’ said Jean Close, an accountant and partner at The Bonadio Group, which performs audits for higher education institutions. ‘Is it going to be a problem? Absolutely. And it’s a little frightening.'”

From Brownstoner in New York. “Sales of apartment buildings have slowed in Brooklyn and beyond following the passage of new tenant protections in the state legislature, PropertyShark reported last week. Most dramatically, unit volume fell 74 percent in Brooklyn in September compared to a year earlier.”

The Commercial Observer in New York. “‘What we saw in 2014, 2015, 2016 was just unprecedented historically,’ said Nishant Shah, an associate director at Cushman & Wakefield. ‘Those were some of the biggest years commercial real estate has ever had. I don’t think the pace we saw in those years was sustainable.'”

“‘The multifamily market is as shot as I have ever seen it,’ said Andrew Sasson, a managing director at Ackman-Ziff, noting that, previously, rent-regulated buildings ‘were the ones that were flying off the shelf because they were what was seen as having the biggest opportunity. They had really low rents and you could go in there and either buy a tenant out or, if they moved, take the apartment over and increase the rent.'”

“One event on the horizon that could help break up the current logjam is debt coming due on properties purchased at high prices during the hot market of several years ago, said Victor Sozio, an executive vice president at Ariel Property Advisors. ‘If you look at how active the market was in [2015] and [2016], the pricing was pretty frothy, and a lot of those purchases were secured with five- to seven-year debt that will be coming up in the next one to three years,’ he said.”

From Westword on Colorado. “Almost everyone involved in affordable housing and real estate agrees that a massive shortage in stock is one cause of the affordable-housing crisis in Denver. But according to the U.S. Census Bureau’s 2017 estimates (the most recent available), there are about 19,452 unoccupied housing units in the city. At the same time, according to the 2019 Point in Time Survey, there are approximately 3,943 people experiencing homelessness in Denver on any given night.”

“That’s a whopping five empty housing units for every homeless person in Denver.”

The Post and Courier in South Carolina. “A Charleston-based rental housing giant has sealed its biggest investment pool to date, lining up another $2 billion for apartment acquisitions. It marks the 10th in what Greystar Real Estate Partners calls its ‘value-added series’ of funds, which collectively have raised more than $5.4 billion since 2011. The funds committed to Greystar Equity Partners X will likely be locked up for five to seven years, from the acquisition phase to the eventual sales of the properties, said CEO Bob Faith.”

“‘This is what we use to go buy things that are maybe mismanaged or need a little capital,’ Faith said. ‘We go in and spruce them up, apply our technology and people, and increase the cash flow.’ While some markets are showing signs of oversupply — downtown Charleston included — rental housing trends remain mostly favorable for investors, he added.”

From Curbed on Texas. “Houston will test what the market can bear in the next 12 to 18 months, as more new projects come online and open to renters. Todd Marix, an analyst at JLL expects the Inner Loop markets will see increased competition, which will result in amenity arms races and concessions to get tenants into new buildings. ‘It’s going to be especially competitive in 2021, when that second wave of buildings starts to hit,’ he says. ‘Our big issue now is jobs; we’ve had 80,000 new jobs over the last 12 months, which is great, but we need those higher-end jobs to fill those luxury apartments.'”

From Sparefoot. “Although new supply has tamped down rents, it isn’t deterring self-storage owners and operators from mining for new opportunities in the sector. New deliveries continue to weigh on street rates, according to Yardi Matrix, producing a 2.5 percent year-over-year decline in street rates for standard 10×10 non-climate controlled space. ‘In terms of a long-term investment strategy, we feel very comfortable with self-storage,’ said Matt Burk, CEO of Fairway America, ‘as it has demonstrated resistance to downturns. Like any investment in real estate, it comes down to whether you can withstand the market pressures. If you aren’t over-leveraged and you are in at the right basis then I love the asset class as an investment.'”

From Commercial Property Executive. “As self storage deliveries remained elevated, rent rates continued to decline in September. Nationally, projects under construction or in the planning stages accounted for 9.4 percent of total inventory, a 10-basis-point increase over the previous month. Despite the lingering rent decline, development activity is still elevated in several top markets. Nashville is leading the way, where projects under construction or in the planning stages represented 21 percent of existing stock. The top three is rounded out by Portland (20.6 percent) and Seattle (18.4 percent).”

“Although New York City is dealing with strict zoning regulations and has limited land available for new construction, the metro’s development pipeline is one of the highest in the country (17.7 percent)—there were 52 projects under construction and an additional 100 in the planning stages as of September.”

The Wall Street Journal. “Some pension-fund managers are venturing further into unusual investment territory as this year’s plunge in bond yields makes it even harder to find decent long-term returns. Funds are dabbling in riskier asset classes, including private markets, real-estate projects, infrastructure financing and direct lending. Some are making riskier fixed-income bets, buying volatile assets such as 100-year Argentine government bonds. Others are going farther afield, investing in greenhouses and waste management.”

“One U.K. pension-fund client placed a sliver of its assets in the 100-year Argentine bond sold in 2017, according to Con Keating, head of research at Brighton Rock Group, an insurance provider for pensions. The bond currently offers a 27.712% yield, according to FactSet. In August, the value of those ultralong bonds fell by nearly half because of political uncertainty.”

“‘This stuff really doesn’t belong in a pension fund,’ said Mr. Keating. Because of the search for better returns, ‘you see all sorts of deals being done for all sorts of credit that wouldn’t ordinarily be touched,’ he said.”

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This Post Has 86 Comments

  1. ‘Our big issue now is jobs; we’ve had 80,000 new jobs over the last 12 months, which is great, but we need those higher-end jobs to fill those luxury apartments’

    Todd here is an example of why some people who thought they’d be retiring will be collecting shopping carts instead.

    ‘This stuff really doesn’t belong in a pension fund…Because of the search for better returns, ‘you see all sorts of deals being done for all sorts of credit that wouldn’t ordinarily be touched’

    1. A pension uses other people’s money.

      “Because of the search for better returns, ‘you see all sorts of deals being done for all sorts of credit that wouldn’t ordinarily be touched’”

      You wouldn’t be seeing “all sorts of deals being done for all sorts of credit that wouldn’t ordinarily be touched” if the money being used TO GENERATE HUGE FEES FOR THE MONEY MANAGERS did not belong to somebody else.

    3. “Our big issue now is jobs; we’ve had 80,000 new jobs over the last 12 months, which is great, but we need those higher-end jobs to fill those luxury apartments”.

      The way I see it, there are a couple of ways this plays out:

      1) The pay on those jobs goes up to make these lux apartments semi affordable. This is possible, though not likely. However, in the past couple of years pay increases have been the strongest for the lowest paid positions. So we are starting to see labor shortages lead to the lower paid workers having some sort of bargaining power. I am seeing Amazon run ads everywhere for warehouse workers that start at $15/hr.

      2) Prices on these lux apartments comes down. I would say this is somewhat likely, but it will bring problems as it will mean it will mean that these projects don’t pencil out or that the rosy analysis that got them going in the first place is seriously impaired.

      3) Renters pay a bigger chunk of their income just to rent a place. I see this as the most likely outcome. This is because delivering housing units is much harder than delivering widgets. There is less competition in markets due to consolidation and input costs have gone up. It is structurally difficult to build naturally-occurring affordable. So I think the new normal, until we get to a hard crash, will be more and more rent-burdened households along with those who are house poor because they buy a house in desperation at 6x-10x their income.

      1. Unlikely with 90 million unemployed adults out there with 25 million excess, empty and defaulted houses and housing prices cratering.

    4. but we need those higher-end jobs to fill those luxury apartments

      The economy only needs so many Javascript brogrammers.

  3. “Student housing accounts for 40% of defaults in the multifamily sector, despite representing less than 6% of loans, according to Moody’s.”

    We’re not helping these bashturds one bit. We have four kids pursuing higher education degrees, and none of them are living in overpriced student housing.

    I wonder how many others are just saying no to this dimension of the real estate scam that is being perpetrated on us from the top?

  4. ‘with capital flooding the sector, the post-Great Recession student housing boom has been held up as the category’s coming-of-age party…student housing property prices hit an all-time high this summer’

    Readers of this blog have known for years this “flood of capital” was going to generate massive foreclosures.

    ‘Student housing accounts for 40% of defaults in the multifamily sector, despite representing less than 6% of loans’

  5. From Westword on Colorado. “Almost everyone involved in affordable housing and real estate agrees that *** a massive shortage in stock *** is one cause of the affordable-housing crisis in Denver. But according to the U.S. Census Bureau’s 2017 estimates (the most recent available), there are about 19,452 unoccupied housing units in the city.”

    – Massive shortage in “affordable” stock. There, fixed it!
    – When one builds mostly luxury units, there can be a huge disconnect between the actual market and what’s available. It’s a mix problem…
    – I’m still having a hard time wrapping my brain around luxury student housing. It makes no sense in the real world, and yet here we are.

    – The most distorted markets ever. Courtesy of your friends at the Fed. I’m sure this will end well…

    1. All of the defaulted real estate will be very conveniently sold off for pennies on the dollar to insiders in bulk transactions. If you were able to look at the LLCs which buy them, you might even find they’re run by the same people who defaulted. But who’s counting, right?

  6. Meanwhile:

    ‘Wisconsin leads the nation in farm bankruptcies this year, and dairy farmers are carrying the brunt of the burden. According to NPR, nearly 10% of Wisconsin dairy farmers may go out of business in 2019. And Wisconsin has seen an increase in suicide rates over the last few years. According to the Wisconsin State Journal, experts are attributing many of those deaths to farmers facing economic challenges.’

    “You look at the weather, you look at the crops you can’t get off the field, you look at the bills you can’t pay,” Patty Edelburg, vice president of the National Farmers Union, told Yahoo Finance. “Bankruptcies are up. Wisconsin is attributed as the No. 1 bankruptcy in the nation right now, when it comes to dairy farmers. That number is up, I think, 24% from last year already. We’re losing two farms a day.”

    ‘Over the past 15 years, there has been a 49% decrease in the number of dairy farms in Wisconsin. U.S. Courts data reveals that the Western District of Wisconsin had the highest number of Chapter 12 farm bankruptcies in 2017. And between 2016 and 2018, Wisconsin lost almost 1,200 dairy farms. (The USDA saw a 6.8% decrease in farms across the country in 2018.)

    “Farming is such a stressful occupation by itself,” Edelburg said. “When you start adding financial stress on top of it, it’s just going to add more stress. Farmers can’t pay their bills, they have no extra money, they have people honing down their neck looking to pay bills. They’re going to banks and they can’t get loans. They’re literally being denied loans.”

    ‘She explained that the USDA farm agency trains its farm loan officers in how to look for warning signs as part of suicide prevention. “The bankers are the first and the forefront to see a lot of these things,” Edelburg said. “They’re delivering the bad news, and these farmers are dealing with it on that level.”

    https://finance.yahoo.com/news/wisconsin-crisis-dairy-farmers-135448774.html

    1. I said this was going to happen when farmland prices exploded. Recall when QE started, lead by China. Commodities soared, land prices followed. 80 million acres were converted into agriculture. China shrunk, commodities crashed, oversupply lingers. This is what’s killing dairy. Observe, Yellen bucks going to money heaven, covered in the blood of Wisconsin farmers.

      I read posters say, “I wish this crash would get here sooner.” It’s coming, and your wishes might be different by then.

      1. I read posters say, “I wish this crash would get here sooner.” It’s coming, and your wishes might be different by then.

        Fair enough. I think the original wish was based on the assumption that “then things will get back to normal”. Not sure that’s even possible in our lifetimes now.

          1. 40 years up, 40 years of descent. You can do it Carl!

            Not sure I want to live through 40 years of descent even if I could.

      2. “…It’s coming, and your wishe$ might be different by then.”

        $ame Sentiment$ can be said of using farmer$ as pawn$ in a 19+ months “Trade.War$.are.ea$y!” gubermint policy that has/is co$ting all U$ taxpayer$ 40+ Billion$ in bailout $ubsidies & placing farm income$ in dire $traits.

          1. Thank you! … Eye realize you could knot anticipate$ current gubermint$ policy approache$

            (Why would one $oak themselves in ga$oline, before they run into re$cue people from a burning “Trade.War$.are.ea$y” $tructure?)

        2. 40+ Billion$ in bailout $ubsidies

          Farm subsidy has been going on for a very long time. What is it, $100 per capita? I don’t know if it’s a good thing or not, but I think it’s far worse we jacked up farm land and grain prices and such in a frenzy of easy credit. That is what is bankrupting farmers. The commodities boom has been costing me a tad more than $100/year for a while.

          1. Ye$ on $ubsidie$, aka x1 example: $ugar

            The 40+ Billion$ eye refers to i$ this: MFP

            The Market Facilitation Program (MFP) provides a$$istance to farmers and ranchers with commoditie$ directly impacted by unju$tified foreign retaliatory tariff$, resulting in the lo$$ of traditional export markets

    1. I wonder what the percentage of reductions was among those that didn’t sell? Wa happened to my shortage Denver?

      1. What was that article from less than a year ago saying: the best way to make $100K in equity in Denver is to buy a house and wait four years?

        LOL real journalists actually take themselves seriously when they write this sh*t.

  8. ‘What we saw in 2014, 2015, 2016 was just unprecedented historically…Those were some of the biggest years commercial real estate has ever had. I don’t think the pace we saw in those years was sustainable’

    You don’t say.

    ‘The multifamily market is as shot as I have ever seen it’…noting that, previously, rent-regulated buildings ‘were the ones that were flying off the shelf because they were what was seen as having the biggest opportunity. They had really low rents and you could go in there and either buy a tenant out or, if they moved, take the apartment over and increase the rent’

    Wow Andy, who knew that being a greedy feck could cause you to get your face ripped off? Is that your nose over there?

  11. Looks like a trade deal is pretty much a done deal. Oil up 2 percent, gold down 2 percent and interest rates higher.

    1. It’s time to get these interest rates back in to the normal range of 12%-15% and get these tariffs firmly in place and get this economy going again.

      God Bless President Donald J. Trump and God Bless America!

    2. “Looks like a trade deal is pretty much a done deal.”

      U$ Companie$ are now “free” to pour into Chine$e con$umer market$ of 1,600,888,888.86 people$

      Pha$e 1 v19.0 (knot $igned) = aqdan $till wearing his $1 store ro$e.colored economic$ tinted gla$$es

      1. Better rose colored glasses Highway than being a Stevie Wonder of politics and economics. So now China is going to have to rebuild it’s soybeans stores and pork supplies and will have a strong incentive to buy American. The tariffs more than paid for the relief for the US farmers. As the sage says, God Bless Trump.

        1. aqdan = 1$t cou$in to jack.$hasta

          ” …have to rebuild it’s soybeans stores”

          They”ve lo$t 45+% of their $nouts, why do they “need” + more American $oy? ( al$o, they learned to reformulated their protein feed$ from 30+% to 22% )
          Good thing Canada doe$ knot $upply $nout product$ to China!

          “…will have a $trong incentive to buy American”

          Yes, because the $tupid Chine$e have never heard of that faraway $hipping di$tance + lower price$ Continent: $outh America
          (+ a $trong U$Dollar doe$ wonder$ for exporting high priced good$!)

          P$: 2 year$ “Trade.War$.are.ea$y = (- 60 Billion$ in lo$t trade, knot to mention lo$ing year$ of hard fought market $hare to “foreigner$”
          +
          The $mall amount$ of grain$ they are buying are tariff$ free, $ad!

          M.A.G.A = Make.Agriculture.Great.Again! Hwy50

  12. Heheehee …
    (+ 4Trillion$ in bond$ due in the next 4 years) … Quantitie$ & Qualitie$ Di$location cometh!

    Economy & Politic$:
    U.$. Treasury says it is exploring i$$uing 50-year bond$

    MarketWatch | Greg Robb

    “The Treasury announced Wednesday it is exploring a range of possible new products including a new 50-year bond. No timetable was given for the decision. The department said it is also mulling bringing back the 20-year bond and a new one-year floating rate note tied to the Secured Overnight Financial Rate (SOFR) an alternative to the U.S. dollar”

    “$oft.Landing$” + $trong U$ Dollar$ = ab$olutely!

    1. Good news for you Highway. Michael Bloomberg looks like he is running for President. Now you can vote for someone who loves Xi as much as you do. You both are on the Chinese side in the trade war.

      1. Bloomberg is an improvement over the rest of the Democrat field. He may be a globalist oligarch, but I’d rather have one running the show directly than being a puppet-master for the empty suits the Democrats are giving us as “choices.” The man is indisputably brilliant and capable, unlike the other Democratic contenders.

        1. Satan is brilliant. The only thing I see positive about his candidacy is that it shows the Democrats’ desperation. First Steyer and now him with just a few months before the Iowa caucus. They would not have jumped in but for true polls which the public will never see showing the Democrats losing. We only see push polls designed to shape opinion not to measure it in the MSM.

          1. “They would not have jumped in but for true polls which the public will never see showing the Democrats losing.”

            The Iowa Electronic Markets 2020 US Presidential Election Vote Shares Market Futures show a Democratic candidate slightly edging out the Republican in the 2020 election, which is quite troubling in light of the current candidate field. However, the Winner-takes-all Market Futures are much more widely spread. (Note the Winner-takes-all figure is mislabeled, which is confusing at 6am before coffee…)

      2. Don’t put yer thought’$ in my mouth aqdan, by the way, Eye’ll take yer black.blind.man Stevie Wonder (bad metaphor) as a compliment!

        Eye think $tevie is doing fine eCONomically & Politically!

        Here’$ a song just fer you & your $elf un$upported fal$e Progno$tication$:

        https://m.youtube.com/watch?v=Ji2ma2mfyhU

      1. “I’ve put NYC behind me.” dtRumpsis Chaoticus Tantrumoisis …( $erial loan$ defaulter), come kid$, follow yer supposed father to Thee $outh.of.America …

    2. “While Secretary of Education Betsy DeVos addressed the Summit on Combating Anti-Semitism at the Department of Justice in Washington, D.C., on July 15. On Sunday, former Department of Education official A. Wayne Johnson criticized the Department of Education for being the most “irresponsible” lender in the world.”

      Haha…there are priorities.

      1. “$ecretary of Education Bet$y DeVo$”

        Fact or urbane fiction: doe$ $he own a “Eye.Don’t.Care” hoodie?

  14. “‘This stuff really doesn’t belong in a pension fund,’ said Mr. Keating. Because of the search for better returns, ‘you see all sorts of deals being done for all sorts of credit that wouldn’t ordinarily be touched,’ he said.”

    Bought a couple CD’s for my mom and yields not so great, again.

    Watched “the laundromat” on Netflix pretty amusing story, told kinda like “the big short”

  15. Warmists gonna warm:

    “Homes that are projected to be underwater due to climate change sold for 7% more in “denier” neighborhoods as compared with “believer” neighborhoods. Denier neighborhoods are those in which the share of people who believed in climate change was below the national median, using the data from the Yale Program on Climate Change Communication, whereas people in believer neighborhoods were more likely to think that global warming is happening.”

    https://www.marketwatch.com/story/climate-change-deniers-are-propping-up-home-prices-in-waterfront-communities-research-suggests-2019-11-07

    1. “believer neighborhoods”

      Them believer hoods be all pissed off at them deniers on the next block with their 4 x 4s parked out front while they grillin steaks on a charcoal grill. 🙂

    2. If one is a “true believer” why would one even own a waterfront home, or one close to the ocean, like say the house Obama purchased in Martha’s Vineyard?

  16. Fearer$, gotta fear!

    “Home$ that are projected to be underwater due to climate change $old for 7% more in “denier” neighborhood$ as compared with “believer$ neighborhood$. ”

    There are NO waterfront communitie$ in Denver, why are YOU worried?

  19. Shortage or glut? Me so confused!!!

    How California Became America’s Housing Market Nightmare
    By Noah Buhayar and Christopher Cannon
    November 6, 2019

    California, the land of golden dreams, has become America’s worst housing nightmare.

    Recent wildfires have only heightened the stakes for a state that can’t seem to build enough new homes.

    The median price for a house now tops $600,000, more than twice the national level. The state has four of the country’s five most expensive residential markets—Silicon Valley, San Francisco, Orange County and San Diego. (Los Angeles is seventh.) The poverty rate, when adjusted for the cost of living, is the worst in the nation. California accounts for 12% of the U.S. population, but a quarter of its homeless population.

    How did we get here? Simply put, bad government—from outdated zoning laws to a 40-year-old tax provision that benefits long-time homeowners at the expense of everyone else—has created a severe shortage of houses. While decades in the making, California’s slow-moving disaster has reached a critical point for state officials, businesses and the millions who are straining to live there.

    This fall, as President Donald Trump blamed Democrats for the situation on his swing through the state to raise money for his reelection, lawmakers in Sacramento passed some of the most sweeping legislation in years to address housing affordability. Google, Facebook Inc. and Apple Inc. are throwing billions of dollars at the issue. But nobody’s kidding themselves that it’s enough.

    “Broadly speaking, there is no solution to the California housing crisis without the construction of millions of new houses,” said David Garcia, policy director for the Terner Center for Housing Innovation at the University of California, Berkeley.

    McKinsey & Co. estimated in 2016 that California needed some 3.5 million more homes by the middle of next decade—a figure that Governor Gavin Newsom made a central part of his administration’s goals. A more recent analysis suggests it may take the state until 2050 to meet the target.

    As severe as this sounds, the rest of the country is becoming more—not less—like California. During the longest economic expansion on record, the U.S. has been building far fewer houses than it usually does, pushing prices further out of reach for a vast portion of the population that has barely seen incomes rise.

    “California is not alone,” said Chris Herbert, the managing director of Harvard’s Joint Center for Housing Studies. “It’s just more extreme.”
    …

        3. “The Spanish-style home built in 1935 also boasts a nice backyard with a hot tub, sitting area and wooden deck.”

          We live in a 35-year-old fixer-upper, which Zillow says is worth about $650,000. Is it generally understood that the termites come as part of the deal, free of charge, when you buy one of these?

          1. Is it generally understood that the termites come as part of the deal, free of charge, when you buy one of these?

            That, and the pesky Argentinian black ants, is something I do not miss from my time in San Diego.

    2. “Broadly speaking, there is no solution to the California housing crisis without the construction of millions of new houses,”

      How about reducing the population through outmigration?

      Business
      California outmigration jumps 38% as departures rise for 7th straight year
      Census figures show 691,145 Californians last year left for other states — the largest loss nationally and up 4.6% in a year
      STAFF GRAPHIC
      By Jonathan Lansner | jlansner@scng.com | Orange County Register
      PUBLISHED: October 31, 2019 at 9:38 am | UPDATED: November 4, 2019 at 7:53 am

      California had 190,122 more residents move out to other states in 2018 than arrived — a 38% jump in a much-discussed outmigration benchmark, new Census Bureau data shows.

      More ins than outs — or what experts call “net domestic migration outflow” — is frequently blamed on California’s high cost of living, from housing to high taxes. And the state’s liberal politics have soured some conservatives on Golden State living.

      Census figures show 691,145 Californians last year left for other states — the largest loss nationally and up 4.6% in a year. It was the seventh consecutive annual increase.
      …

      1. Business
        Bubble Watch: California’s outmigration gap to Texas doubles to 48,354
        Texas has become a popular destination for Californians due to its cheap housing, a strong job market .. and conservative politics
        STAFF GRAPHIC
        By Jonathan Lansner | jlansner@scng.com | Orange County Register
        PUBLISHED: November 4, 2019 at 8:36 am | UPDATED: November 4, 2019 at 8:36 am
        “Bubble Watch” digs into trends that may indicate economic and/or housing market troubles ahead.

        Buzz: California had 48,354 more residents move to Texas than those who came from the Lone Star State last year — a gap that is more than double 2017 and almost double the historical trend.
        …

      2. Census figures show 691,145 Californians last year left for other states

        I’m sure illegal immigration and anchor baby births will offset that number. And interesting trade, that is for sure,

        1. Yes, interesting trade. So how many illegals do you think are buying $500000 plus houses? California is the Titanic about to hit the iceberg. Like the Titanic it is really arrogance which is going to sink the ship. A state with its own foreign policy, trying to dictate to other states, it cannot end well.

    1. Economy & Politics
      Trump says he’s considering attending parade in Russia in May

      MarketWatch | By Robert Schroeder

      President Donald Trump said Friday he is considering visiting Russia in May. Speaking to reporters at the White House, Trump said President Vladimir Putin invited him to a May Day parade and that he is thinking about going. “I would love to go if I could,” said Trump.

          1. The optics of this story seem rather bad in light of other circumstances. But…honey badger gotta eat.

    1. Stock market skids to day’s low as Trump says he hasn’t agreed to roll back China tariffs
      By Chris Matthews and Mark DeCambre
      Published: Nov 8, 2019 10:26 a.m. ET
      Disney shares up after earnings beat
      Getty Images
      Bullish or bearish?

      U.S. stocks deepened a slide lower Friday morning after President Trump cast doubt on earlier reports that the administration would agree to roll back import duties on China as part of a “phase-one” trade deal.
      …

      1. I said the markets were saying it was a done deal, if gold recovers it is not. Like always I do not care what the talking heads say I do care how people invest their money. Whether is is Obama discrediting AGW with his home purchase or gold being pummeled.

        1. Albuquerquedan
          November 7, 2019 at 11:58 am
          “Looks like a trade deal is pretty much a done deal.”

          no mention of Market$ $peaking, look like another true aqdan “eye.know.everything” known.known$ progno$tication$!

          1. Conveniently leaving off me saying gold down 2 percent oil up 2 percent which is the market talking.

  24. One type of loan can bee included in per$onal bankruptcie$, verses, the federal government’$ ability to deduct payment$ from the students $ocial $ecurity … 45 years later.

    1. If phase one is not signed Winnie the Poo will see the December tariffs placed on China. Not a problem for this country but a big problem For the dogs and cats of China. I do feel bad for them but not the communist party. We will be selling pork to Europe and Canada as they send their pork to China. Just a shell game which means very little. Meanwhile cheap Chinese manufacturing will be devastated.

      1. “We will be selling pork to Europe and Canada as they send their pork to China.”

        Trade leakage in action!

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