Posts tagged housing
Time to sell? Greenspan says there’s no bubble in the stock market
He says he didn’t see the housing bubble emerging 7 years ago and that regardless the bubble wasn’t his fault anyway.
Now Greenspan doesn’t see a bubble in stocks. Valuations are increasingly out of whack. The Fed has held rates at 0% for a half decade, but there’s no bubble.
I think this thing runs a bit more but to say that the market isn’t bubbly ignores the obvious.
Click here for the article.
Image credit: http://www.againstcronycapitalism.org
Lies of the Banks/Politicians/Media – Las Vegas Proves it! Vegas Underground City of Homeless while thousands of houses empty
The amount of lies that come out of banks, politicians and the media is enormous!
Las Vegas is a perfect example that proves the lies.
Here is an article from May, saying how Vegas has bounced back and how the property prices have risen and there is lots of building going on.
Portions From article:
Home prices in Las Vegas and Phoenix, two of the hardest-hit cities when the housing market collapsed, are outpacing improvement in overall U.S. prices by a significant margin.
In Las Vegas, prices have soared as the supply of available houses lags behind demand.
Dennis Smith, president of Las Vegas-based Home Builders Research, said in his Las Vegas Housing Market Letter that the median price of April new home closings climbed 19.2% to $238,820. Home sales totaled 2,279 during the first four months of the year, an 86% increase that Smith called “an unbelievable change.”
Utility data showed nearly 64,000 vacant homes in Las Vegas at the end of last September, only 8,000 of which are on the market. Meanwhile, new home sales are up 87% and new building permits are up 52% this year.
“It has been a nightmare,” says the 37-year-old U.S. Air Force officer. “There are plenty of empty houses, but they’re just not for sale.”
Among the nation’s 30 largest metro areas, Las Vegas had the highest share of loans that were 90 days or more past due but not yet referred to foreclosure as of April, according to the most recent data from Lender Processing Services.
How has society gotten so far down? How is it the banks are so callous, not to even rent the house for a dollar a day or something as that…and instead allow the houses to deteriorate and the people homeless?
Phen, from GLP forum contacted me and let me know they (GLPVC – Raw Feed) will be going to Las Vegas and doing shows about the homeless in the tunnels.
The Raw Feed’s team of investigative journalists, who host a net radio show, is taken there show on the road and will be going to Nevada onMonday Aug 19 thru Aug 22 2013 to report LIVE on the underground cities and the homeless who live beneath, and in the rain tunnels.
They will be doing two things. Shining the light on the people’s situation more and trying to raise money for them.
I remember how Las Vegas flooded last year and I wondered about the homeless there. Imagine how they lost everything last year during the floods.
We the People need to have more compassion for those who have not been able to stand up for themselves and to try and help, however we can.
When we bring truth out together and bring others up, we not just help them but we help ourselves and our world. When we begin to truthfully face what is happening to others we can add light to the situation and try and make our world better.
On Monday, Ron Paul continued his examination of failed Fed policies in his latest “Texas Straight Talk”.
Dr. Paul said:
Although many were up in arms when the Fed said it would buy $600 billion in government debt outright for the previous round, QE2, all seems quiet about the magnitude of QE3 because it doesn’t come with huge up-front total price tag. But by year’s end the Fed’s balance sheet could hit $4 trillion.
With no recovery in sight, where’s all this money going? It is creating bubbles. Bubbles in the housing sector, the stock market, and government debt.
The stock market has been hitting record highs for the past two months as investors seek to capitalize on the Fed’s easy money. After all, as long as the Fed keeps the spigot open, nominal profits are there for the taking. But this is a house of cards. Eventually, just like in 2008-2009, the market will discipline the bad actions of the Fed and seek to find the real normal.
Here’s the full broadcast:
Even a fiat currency and the casino game of fractional reserve standards are not enough to cover the never ending greed. Banks use your deposited money plus imaginary reserve policy funds to make bad bets, and lose. But who really lost? The banks get bailed out by Washington D.C. criminals, you get foreclosed on and then you are responsible for the cost of the bailout.
Part 1 of 4. To view complete please follow the link provided above. Bernie Madoff and other smaller fish got constant mainstream media coverage while the big ponzi scheme rolls along with white glove treatment, as it seems only the Wall Street thieves approved by D.C. are officially too big to fail.
Your thoughts appreciated below.
Plans to build nearly 100 homes for veterans in Santa Clarita and Sylmar advanced this week as the California Department of Veterans Affairs said it would fund the project and released new details.
The so-called Habitat for Heroes veterans village would be built by Habitat for Humanity San Fernando/Santa Clarita Valley using a $21-million award from the California Department of Veterans Affairs, plus private donations, agency officials said. The announcement was marked at a ribbon-cutting ceremony in Santa Clarita on Monday.
Eighty-seven three- to four-bedroom homes measuring 1,450-square-feet each would be built in Santa Clarita. At least nine would be designed for adults with disabilities, said Donna Deutchman, chief executive of Habitat for Humanity San Fernando/Santa Clarita Valley. An additional 12 homes would be built in Sylmar. Advocates are seeking additional donors to help fund the project.
Deutchman said the green energy-efficient properties would be priced lower than their market value–$276,000 or less in Santa Clarita and $256,000 or lower in Sylmar.
To qualify for a home in Santa Clarita, a veteran’s family income must range between $52,000 and $83,000 a year, and between $45,000 and $83,650 for a home in Sylmar. If there is more than one applicant per home, the decision to award the home would be based on need, Deutchman said.
CalVet home loans would be available to eligible veterans in addition to a Habitat SF/SCV second loan, according to information published about the project. In the case of the Sylmar homes, a deferred silent third loan would be available from the California Department of Housing and Community Development, CalVet officials said.
Veterans would be encouraged to provide “sweat equity” to help reduce the costs of building the homes, officials said.
Deutchman said that about 11,000 veterans live in Santa Clarita, and about700 of them — mostly young people — had served in Iraq and Afghanistan.
Purchasing these new properties would allow the ex-service members to “acquire a piece of the American Dream,” CalVet Secretary Peter J. Gravett said in a statement.
“These planned veteran communities will not only bring veterans together but will also offer them a neighborhood that promotes self-sufficiency,” he added.
Veterans wishing to participate in this program must first apply to Habitat for Humanity SF/SVC at www.HabitatSCV.org.
Austrian Economics Would Save Europe: Nigel Farage Debunks Keynesians
It’s a royal irony that if Brussels somehow found a way to impose political union on the people of Europe, anti-EU iconoclast and UKIP leader Nigel Farage would be its most popular candidate. His speeches regularly become YouTube hits. Widely scorned by British pundits as a xenophobic right-winger, scrolling down through the comments you see that ordinary citizens from Poland, Greece, Ireland, and right across Europe are thanking Nigel Farage for being the only one to speak truth to power.
In a world of grey civil servants, his speeches are rather like the hand that lifts the boulder to reveal the lice (or more accurately… lies) beneath. His latest, addressing the aptly-named Spanish “failout,” Nigel points out the folly of mutual indebtedness.
In this remarkable situation, Farage points out that bailing out Spanish banks makes things worse not better: ”A hundred billion [euro] is put up for the Spanish banking system, and 20 percent of that money has to come from Italy. And under the deal the Italians have to lend to the Spanish banks at 3 per cent but to get that money they have to borrow on the markets at 7 per cent. It’s genius, isn’t it?”
“Ron Paul invented the notion of a populist, activist, modern movement thats transpartisan” says Reason’s Brian Doherty
Brian Doherty sat down with ReasonTV to talk about his new book and how Ron Paul has changed politics in America. Doherty wrote about the evolution of the libertarian movement in his 2007 book “Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement”. He has been following and writing about Ron Paul and his movement since then. Doherty examines Ron Paul’s influence in a new book out May 15, “Ron Paul’s rEVOLution: The Man and the Movement He Inspired”.
Brian Doherty “documents the meteoric rise of Paul from relative obscurity to national prominence, and examines the fanatically devoted political movement that has arisen around him.”
Doherty spoke with ReasonTV in January while covering the Iwoa caucus to talk about Ron Paul’s campaign and the movement that has been built around him primarily over the past four years.
Approximately 3:30 minutes.
Produced by Sharif Matar
The time is NOW to take back our personal liberties and freedoms!
Ron Paul 2012: Restore America Now
Please visit Ron Paul’s official campaign site by following the link below and donate today!
By Steve Forbes
This article originally appeared int he Feb. 27, 2012 issue of Forbes magazine.
You thought socialism was dead, other than in miserable countries such as North Korea and Cuba? Think again. It’s alive and well at the Federal Reserve, and we and the world are paying a price for it.
Our central bank tries to manipulate our economy in ways befitting a Soviet commissar. Take interest rates. Fixing the price of money is a form of price control, pure and simple. Until Ben Bernanke our central bank was content to fix short-term interest rates, which he announced would be kept at virtually zero through 2014. But in the aftermath of the financial crisis Bernanke is, in effect, dictating the price of all money, regardless of duration.
By owning so many long-term government bonds, Bernanke has created an artificial shortage of these financial instruments. Like a good central planner, Bernanke is using his policies to subsidize the still rapidly growing, gargantuan debt of the U.S. government. He also holds a huge stash of mortgages so that mortgage rates can be kept low in order to revive the battered housing industry. Big companies also find credit abnormally easy to get.
All of this means the government is picking winners and losers. And in this case the losers are savers. Bernanke & Co. want to effectively force Americans to put their cash in riskier assets, such as stocks.
Another category that’s hurting is small business. Bernanke pays a nominal interest rate on reserves that banks leave at the Fed—a totally risk-free return. On paper an institution would do well lending to a local restaurant or dry cleaner, where rates are significantly higher. But if it does, it had best be prepared to undergo a regulatory third degree.
Ben and his apologists say that one of the Fed’s mandates is to bring about full employment; therefore, it must engage in these statist actions. History, however, shows us that the best thing a central bank can do to create prosperity is to keep the currency stable in value. Whenever the dollar veers in value, as it’s done chronically since the link to gold was severed 40 years ago, market distortions result and capital is misallocated.
The Fed’s socialist tendencies, as one would expect, ride roughshod over property rights. If you sold a bottle of wine for five loaves of bread and Washington came along and confiscated two of those loaves, that would be “takings.” The Constitution guarantees that the government would have to pay you for that seized property. Yet the Federal Reserve routinely confiscates people’s property when it undermines the value of the dollar.
One inconvenient fact Bernanke and his acolytes ignore is that before the creation of the Fed the U.S. economy grew at an average rate of 4%. Since then the average is just about 3%. But in this hyperactive Bernanke era we’ll be lucky to get a long-term average of 2%.
By Jack Hunter
If there’s one thing I’ve been ticked off about in the last few weeks it’s the the lack of media coverage of the massive crowds Ron Paul continues to draw each stop he makes. I’m sorry, but even for reporters who’ve written Paul off–this is a story. Why does Ron Paul continue to attract such a vast audience? Why are his audiences so enthusiastic? What’s his secret? A few local news affiliates have asked these questions. The national media has ignored the entire phenomenon.
And make no mistake, it is phenomenal. What we’re witnessing with Ron Paul and his movement is an ideological and generational shift from the politics of old to a true message of liberty, prosperity and the promise of a better future. The other candidates in this race represent a broken status quo that many are still willing to endure, while Paul represents a new electorate that rejects that system wholesale. What Ron Paul is doing right now will continue to bear fruit for years to come, gauged not only by the various Ron Paul Republicans running for House and Senate seats (this year’s crop alone is shaping up nicely) but in Americans’ attitudes about government in general. Paul’s ideas have already shaped this race, something even his critics will admit.
The GOP establishment represents the past. We represent the future. Mitt Romney is running a campaign. Ron Paul is spearheading a revolution.
Coming off of victories yesterday in Colorado and Minnesota, the April 15th money bomb will give us the resources to take the revolution all the way to Tampa where our voices will not be ignored. The following grassroots video expresses well much of what I’ve said here. Dr. Paul really does have the best supporters in the world:
This is only the beginning.
Now more than every we need the Champion of the Constitution! Please visit Ron Paul’s official campaign site by following the link below and donate today!