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US House Price Data : Philadelphia, NYC & Other Cities

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Borrowing Our Way To Prosperity: Non-Housing Debt Up 60% to $4 Trillion Since 2009

Millennials continue to face the struggles of living in a world where they are deep in debt and the idea of buying a home is becoming more of a farfetched pipe dream.  As recently as 2009 non-housing debt stood at $2.5 trillion.  Today it is over $4 trillion, a 60 percent increase in 10 years.  Of course, it is no surprise that 2009 is the official end of the Great Recession and much of the recovery has come at the expense of going into massive debt.  Millennials continue to face struggles in purchasing homes because they are saddled with $1.46 trillion in student debt.  Non-housing debt is already creating deep pressures on the balance books of Millennial households.

Toxic debt

There is a big problem with the amount of non-housing debt floating in the economy.  Much of this is tied to non-wealth building areas:


Read more: WHAT REALLY HAPPENED | The History The US Government HOPES You Never Learn! http://www.whatreallyhappened.com/#ixzz5lzIxxw2B

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Young homebuyers scramble as prices rise faster than incomes...

SALT LAKE CITY (AP) — For millennials looking to buy their first home, the hunt feels like a race against the clock.

In the seven years since the housing crash ended, home values in more than three-quarters of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry data provided by CoreLogic.

That gap is driving some first-timers out of the most expensive cities as well as pressuring them to buy something before they are completely priced out of the market.

The high cost of home ownership is also putting extreme pressure on 20- and 30-somethings as they try to balance mortgage payments, student loans, child care and their careers.

SALT LAKE CITY (AP) — For millennials looking to buy their first home, the hunt feels like a race against the clock.

In the seven years since the housing crash ended, home values in more than three-quarters of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry data provided by CoreLogic.

That gap is driving some first-timers out of the most expensive cities as well as pressuring them to buy something before they are completely priced out of the market.

The high cost of home ownership is also putting extreme pressure on 20- and 30-somethings as they try to balance mortgage payments, student loans, child care and their careers.

“They do want all the same things that previous generations want,” said Daryl Fairweather, chief economist for the brokerage Redfin. “They just have more roadblocks, and they’re going to have to come up with more creative solutions to get the homes that they want.”

A Redfin analysis found these buyers are leaving too-hot-to-touch big-city markets — among them, San Francisco and Seattle, where the tech boom has sent housing prices into the stratosphere. The brokerage found that many millennials are instead buying in more reasonably priced neighborhoods around places like Salt Lake City, Oklahoma City and Raleigh, North Carolina. That, in turn, is driving up housing prices in those communities.

Jake and Heather Rice, both 35, moved to Utah last year from Mountain View, California, where the biggest employers are tech giants such as Google, Symantec and Intuit and the median home price is a dizzying $1.4 million or so.

The couple and their three children settled into a 4,500-square-foot house in fast-growing Farmington, just far enough away from Salt Lake City to feel rural but minutes from a major shopping center and Heather’s sister. They did not disclose the purchase price for the sake of privacy, but they said their monthly mortgage payments will be $3,000, roughly the same as the rent for their former two-bedroom, 1,000 square-foot apartment in Mountain View.

“We didn’t expect to stay in California because of how ludicrous the prices had become,” said Jake, a mechanical engineer who works in the medical device sector.

Nationally, home prices since 2000 have climbed at an annual average rate of 3.8%, according to the data firm CoreLogic, while average incomes have grown at an annual rate of 2.7%. And in the metro areas with the strongest income growth — for example, parts of Silicon Valley — home prices have risen even faster.

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Wealthy New Yorkers are ditching city’s high taxes for Miami

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Call it fight and flight.

Affluent New Yorkers, financially distressed by recent changes to the nation’s tax laws, are bucking the Big Apple’s high costs and heading for an economic paradise — Florida’s Miami-Dade County area.

The famed resort is luring the disgruntled urbanites with the prospect of a considerable annual tax and cost-of-living savings of between $20,000 and $120,000 for high earners.

One tongue-in-cheek sales campaign for 5,000 residential units and other properties in a tony Miami suburb has even posted the letter of resignation New Yorkers can sign and deliver to family.

“After careful thought and consideration, I’ve officially decided to leave the Big Apple to move to the true apple of my eye: Downtown Doral in Florida,” states the boilerplate letter on the Unhappy New Yorkers website of Downtown Doral.

The federal Tax Cuts and Jobs Act signed into law in late 2017 brought with it sweeping changes that limited deductions on state and local taxes — with taxpayers particularly hard hit in New York, New Jersey and Connecticut, which are among the states with the highest income and property taxes.

According to US Census Bureau data, Florida had the highest number of migrants from other states, with New York contributing the most — 63,722 people during the 12 months ended in July 2018.

Miami-Dade is catching particular interest from dissatisfied New Yorkers. A local executive says New York’s tax woes have been as positive for business as Venezuela’s socialist government, credited for thousands of Venezuelans who have fled to Florida.

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LOW RATES are having an impact

BOOM: New Home Sales Fastest Pace Since 2007…

Sales of new single-family homes in the U.S. soared much higher than expected in August and sales data for the previous two months were revised upwards as well.

The Census Bureau said on Wednesday that new home sales rose 7.1 percent to a seasonally adjusted annual rate of 713,000 units in August. July and June’s sales pace were also revised up.

The three-month moving average, which many economists consider a more reliable indicator of the health of the housing market because it smooths out month-to-month volatility, climbed to 703,000, the fastest pace in nearly 12 years.

Economists polled by Econoday had forecast an annual pace of 662,000 new home sales, a 3.5 percent climb.

Compared with a year ago, sales were up 18 percent.

New home sales appear to be benefitting from the strength of the labor market and lower interest rates. The Fed cut its interest rate target by a quarter of a percentage point at the end of its July meeting and mortgage rates are down by more than a percentage point from last year’s high.

Although new home sales account for only 11.5 percent of total housing market sales, they have bigger spill-over effects on the economy. Home building increases demand for labor and new homes need to outfitted with furniture and appliances.

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Miami Real Estate Is About To Collapse…


Miami has a highly cyclical property market where the magnitudes of the booms and busts dwarf anywhere else in the country.  In my experience, trends in Miami real estate also tend to lead national trends by a few quarters. Therefore, smart guys always watch Miami. Roughly a year ago, I noticed that Miami property prices started to decline after a two or three-year period ... Read More

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Manhattan housing prices in near 'free fall'...

The Manhattan real estate market stumbled in the third quarter of 2019, new reports show, as prices plunged and fewer buyers were willing to purchase higher-priced properties in the wake of two recent tax increases.

The median sales price for properties fell 17 percent from the same quarter last year, to $999,950, according to new data from CORE. The average sales price dropped 12 percent, to $1.64 million.

Condo sales fell 8 percent, logging 946 transactions. Co-op sales, on the other hand, were up a modest 2 percent year over year.

“The third quarter of 2019 was undoubtedly the most challenging quarter in recent memory, especially for condo sales,” Garrett Derderian, managing director of market analysis at CORE, said in a statement. “Market prices have gone from what was once described as the kindest, gentlest correction to a near free-fall. The last time conditions were described in such a way was in the height of the recession.”

Consequently, nearly 30 percent of the inventory on the market was priced above $3 million.

MORE REAL ESTATE COVERAGE FROM FOX 5

It’s worth noting that many buyers rushed to purchase properties before an increase in the city’s mansion tax and transfer tax took effect in July.

. . .As previously reported by FOX Business, more than 25 percent of new condos that have been built in New York City since 2013 remain unsold. In terms of units – of the 16,242 condos built since 2013, about 12,133 have sold. That means more than 4,100 have not.

Experts have said the trend could be indicative of a potential future recession.

Falling real estate prices come as concerns mount over the new tax law’s impact on high-tax states – particularly a $10,000 cap on state and local tax (SALT) deductions. Some people have begun fleeing states like New York and New Jersey, headed for lower-tax areas like Florida and Texa

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THERE is a Cheaper way... but CA Dems cannot find it

Sure, most of us can't afford a $600,000 condo in a trendy neighborhood, in one of the most expensive places to live in the country. But if you're homeless in Los Angeles, a condo can be yours!

The new condo development is the first of 118 projects to be built over the next six years to house the homeless and other needy people in Los Angeles, California, according to the mayor's office.

There are studio apartments and one-, two- and three-bedroom apartments with decent-sized kitchens.

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The first recipient of a $600,000 condo was a family with five children

Last summer, USA Today reported that between the costs imposed by regulations and real estate prices and spiffs, such as fitness centers and homeless services, the costs for these homes are prohibitive:

"[The homeless] will receive keys to one of 72 new apartments,complete with a fitness center, in the heart of trendy Koreatown, built at a projected cost of $690,692 for each unit, according to the city controller's office. Two additional projects in the pre-approval phase are expected to top $700,000 per unit in total costs.

"This kind of cost is utterly unacceptable," Controller Ron Galperin said. "I believe we need a fundamental course correction."

The median cost of housing in LA is $618,000, less than most of the units are costing taxpayers.

But at the rate the city is building and with droves of homeless people making their way to California, there's a problem.

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BREAKOUT in West Philly Valuations??

This is a pretty hefty price for a property WEST of 49th street.

Looks like the gentrification is spreading stiill

3 bd; 1,320 sqft: $259,000

5531 Catharine St, Philadelphia, PA 19143

Est. payment: $1,244/mo

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Breakout in Valuation??

Everything is new in this over the top, totally renovated home - new insulation, windows, siding, roof, HVAC, fence, plumbing, flooring, and electrical provide years of maintenance free living. This 3/2/2 home boasts a modern floorplan with a large, open area kitchen, dining, and living room - the heart of the home. Natural light pours in the space allowing the white kitchen, new granite, and stainless appliances to shine.Find a relaxing master suite upstairs with an attached spa bathroom complete with rain head ... read more

> https://www.zillow.com/homedetails/5531-Catharine-St-Philadelphia-PA-19143/10454196_zpid/

  • Type:Townhouse
  • Year built:1925
  • Heating:Forced air
  • Cooling:Central
  • Parking:No Data
  • Lot:1,062 sqft
  • Price/sqft:$196

 

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