Free Republic

The Census Bureau report New Residential Sales Report shows sales of new single-family houses in March 2014 were at a seasonally adjusted annual rate of 384,000. Sales are 14.5 percent below the revised February rate of 449,000 Sales are 13.3 percent below the March 2013 estimate of 443,000 Median sales price was $290,000 vs. $260,900 in February, $257,500 in March of 2013 Average sales price was $334,200 vs. $318,900 in February, $300,200 in March of 2013 Median sales price was up 11.5% from last month, 12.6% from year ago Average sales price was up 4.8% from last month, 11.3% from...

Most people include home ownership as one of the basic elements of the American Dream. It stands not just for independence, but also in most minds an investment in tangible and significant property. It’s not a universally-held goal — some people prefer to rent even with the means to own — but home ownership is usually seen as one of the building blocks to middle-class wealth.As I noted, some people prefer to avoid home ownership, but not usually on the basis of it being a lousy investment. See if you can pick out the huge, gaping flaw that the Washington...

Liberals advocate many wonderful things. In fact, I suspect that most conservatives would prefer to live in the kind of world envisioned by liberals, rather than in the kind of world envisioned by conservatives. Unfortunately, the only kind of world that any of us can live in is the world that actually exists. Trying to live in the kind of world that liberals envision has costs that will not go away just because these costs are often ignored by liberals. One of those costs appeared in an announcement of a house for sale in Palo Alto, the community adjacent to...

The 3D printer has been revolutionizing everything from art to medicine to accessories, and its latest foray has been into the field of architecture. Peter Ebner, architect and UCLA professor, tasked his architecture students with a homework assignment for the ages: develop a 3D-printed apartment that’s easy to transport and manage. The class rose to the challenge and then some, constructing mini mobile homes that measure 50 square feet and are equipped with thermal insulation, electricity, water, heating, and sewage systems (which are also 3D printed). The living area comes with a collapsible counter, a foldaway toilet, a pullout bed,...

America’s foreclosure crisis has been over for more than a year, if it ever really existed. But the government/activist/media blob is still trying to convince the public that there is an epidemic of bad borrowers who need public relief. At Harvard Law School, a student group called Project No One Leaves recently concluded its fourth annual conference aimed at creating what one attendee called “a multi-faceted, national housing justice alliance.” Milwaukee mayor Tom Barrett recently gave $200,000 to a community organization called ACTS Housing to fight the foreclosure crisis by buying up bank-owned properties — even as the number...

Housing markets have remained relatively weak in many areas of the U.S., with two notable exceptions: Washington, D.C. and Texas. Overwhelming evidence suggests that while the federal government, one of the nation's largest employers, is responsible for the ever-increasing housing demand in D.C.--the private marketplace is behind Texas' boom. The Lone Star State's pro-business environment, low taxes and reliable regulation have caused businesses to flock to the state. The result has been a bountiful job market, which draws individuals and families to Texas from around the world--many are eager to purchase homes upon arrival. Fresh statistics released by the federal...

From Oreos to body parts, 3D printers have been cranking out some pretty unbelievable stuff lately. But in Shanghai, WinSun Decoration Design Engineering Co. has been using a monstrous printing device to build homes at a breakneck pace — 10 homes in 24 hours. Measuring out at roughly 105 feet long, 33 feet wide, and 21 feet tall, this clearly isn’t your average retail printer. Unlike most 3D printers, this printing giant is fed with cement rather than plastic, making it especially well-suited for home construction. The best part is the houses are super cheap to make and they’re made...

International homebuyers are attracted to the United States for a number of reasons. These include favorable housing prices, good weather, the country’s relative economic stability and an attraction to America in general. As the housing market improved and home prices rebounded, the interest of foreign buyers in U.S. properties has soared. Interest in U.S. property increased dramatically in a number of countries between 2009 and 2013. In all, interest in home buying, according to housing market firm RealtyTrac, increased by 95% or more in 10 countries, and at least doubled in nine of these nations. Interest in U.S. property by...

The U.S. Department of Justice sued the Town of Oyster Bay and Town Supervisor John Venditto Thursday for allegedly discriminating against black people in two affordable housing programs -- one aimed at first-time buyers, the other at senior citizens. In a complaint filed in federal court in Central Islip, prosecutors said both programs violated the federal Fair Housing Act because preferences were given to residents, or their children, living in the town, which has few black residents. To ensure that black people were not discriminated against in the selection process, the town should have given equal treatment to prospective occupants...

In many circles -- including advocates for cleaner air, safer streets, public transit -- it's a major policy goal to get people out of cars. Reduce car use, and you reduce pollution. Reduce car use, and we'll need fewer costly roads and parking garages. Reduce car use and shift more people onto bikes and trains, and maybe we'll all spend less of our lives idling in traffic. That line of thinking, however, seldom considers a group of people for whom more car use might actually be a good thing: the poor. A group of researchers at the Urban Institute, the...

As home prices have soared in cities around the country, sales have cratered. The weather has been blamed, though the weather has been gorgeous in California where sales have crashed too, even in temporary boom town San Francisco. The “lack of inventory” and other excuses have been dragged out as well. In reality, homes have gotten too expensive.... Even for hedge funds, private equity funds, REITs, and other forms of Big Money with access to the Fed’s limitless free juice. They’d become powerful buyers over the last two years, gobbling up vacant homes sight-unseen by the thousands, in order to...

The rising insurance rates on Federal Housing Administration mortgages are putting home purchases “increasingly out of reach” for many qualified buyers who rely on FHA financing, National Association of REALTORS® President Steve Brown wrote in a letter to FHA Commissioner Carol Galante. In the letter, Brown urged FHA to lower its annual mortgage insurance premiums. Brown acknowledged the significant losses that FHA’s Mutual Mortgage Insurance Fund faced during the housing crisis. FHA increased its premium structure as one way to reach a required 2 percent capital reserve ratio. But now that the agency is on the path to recovery, NAR...

Sometimes success creates a problem. That's what happened in New York City with housing and homelessness. New York's housing market is very strong. The median price for a new condo in Manhattan rose to $1.73 million during the first quarter of 2014, up more than 30.6% from the first quarter of 2013, according to a market report from the real estate firm Douglas Elliman. Across the East River, the median price for a Brooklyn home reached $570,110, up 11 percent from a year earlier. The average monthly rent in Bushwick, a central Brooklyn neighborhood, which as recently as the 1970s...

Last Sunday, The New York Times published a front-page article about the heartfelt need of California farmers for more illegal aliens. The first tip-off that heinous public policy ideas were coming was that the Times introduced farmer Chuck Herrin, owner of a farm-labor contracting company, as a "lifelong Republican." That's Times-speak for "liberal." Herrin admitted that he employs a lot of illegal aliens and bitterly complained that they lived in fear of "Border Patrol and deportations." (But, apparently, he doesn't live in fear of admitting he's violating our immigration laws.) Sorry that running a country inconveniences you, Chuck. He said...

The liberal dictatorship of Richard Cordray at the Consumer Finance Protection Bureau (CFPB) came under fire this week when the head of the House Financial Services Committee (HFSC) called for the agency to open up its four advisory council meetings to the public and press. “Instead of operating behind closed doors, it’s time for the CFPB to live up to its oft-stated commitment to transparency and openness ... Wielding the power of the Dodd-Frank law, the CFPB has become an instrument for liberal tyranny focused against banks, mortgage companies, realtors, and other consumer credit professionals. The agency has been holding...

<p>Hell hath no fury like a woman scorned or, it seems, like a Chinese real estate speculator who is losing money. After four years of talking (and not doing much) about cooling the hot-money speculation that is the Chinese real-estate bubble (mirroring the US equity market bubble since stock-ownership is low in China), the WSJ reports that the people are restless as the PBOC actually takes actions - and prices are falling. With new project prices down over 20%, 'homeowners' exclaim "return our hard-earned money" and "this is very unfair" - who could have seen this coming?</p>

I have been under constant barrage of unsolicited phone calls recently. The phone calls typically begin with the same lie: "Mr. Shedlock you told a colleague of mine a few months ago to call you back when we have a really good investment opportunity". Given that I never ask anyone to call back, they are known liars from the start. Depending on what kind of mood I am in, I may hang up immediately or listen long enough to hear what kind of nonsense they are peddling. I asked one of the liars the name of his colleague that called....

The last time JPMorgan had an investor day, Jamie Dimon explained to Mike Mayo why he is richer than him (and pretty much anyone else). This year, Jamie will be more focused on explaining to 8,000 JPM workers why after firing 16,500 people in consumer and mortgage banking, the bank will now let go another 2K and 6K in those same two groups (which will bring total mortgage and consumer banking headcount reductions between 2013 and 2014 to at least 17K and 7.5K, respectively). This may be tricky especially in the context of, you know, the housing and economic...

Few taxpayers realize it, but some local Michigan assessment departments are taking liberties when they reassess the value of private property. Generally, the practice involves posting a public notice of "canvassing" and sending a worker — in some cases part-time college students — to knock on doors. If no one is home, the assessors measure the house and inspect the yard for structures they suspect are not listed on the assessment card. The only thing that will stop them is a "no trespassing" sign or a verbal rejection from citizens who answer the door. Assessors began this practice after the...

It hasn't been a good week for the housing market. Sales of previously owned homes fell 5.1% in January -- the fifth drop in the past six months -- to a seasonally adjusted annual rate of 4.62 million, the lowest level in a year and a half. New home construction fell 16% in January compared to December -- the biggest percentage drop in almost three years -- and permits slipped by more than 5%. Homebuilders reported a 10-point decline in their confidence index for February to 46 -- below the key 50-point level which separates a growing market from a...