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Case-Shiller Beats: Bankrupt Detroit Among Top 5 Fastest Appreciating Housing Markets
If yesterday's collapse in September existing home sales was indicative that Housing is tumbling and it means the Fed will not taper until mid 2014 sending the S&P to a new record high, today's August Case Shiller, which beat expectations of a M/M increase of 0.65% with a 0.93% print, and an increase of 12.82% Y/Y, probably means that the economy is very strong and will send the S&P to an even newer recorder high, since both bad and good news send only one signal to algos: buy. What is amusing is that while the NAR's September fiasco was attributed to "concerns" over a government shutdown, the two month delayed Case Shiller print, which was for August, will be spun as no fears of a government shutdown in August, or something.
Listing the Top 5 cities in order of Y/Y price increase: Vegas +29.22%; San Francisco +25.4%; Los Angeles + 21.66; San Diego +21.5%; and....
Detroit +16.4%
That's right: America's biggest bankrupt city is among the Top 5 highest appreciating housing markets.
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I hear the deals in Detroit housing are fabulous...ground floor type opportunity...as long as you get there before the bulldozer does.
This type of articles are stupid, we know that if the economy takes off, velocity of money will increase and inflation, alonside with nominal earnings and saless will explode up. Similarly if there are more bad news and the FED keeps on pushing its current policies, as it will, then there will be more money to leverage the market even more.
It is also obvious that the only events that will change market direction are either a revolution, which won't happen thanks to Cannabis being distributed massively, or a FED direction change, which won't happen either, so it is a USA version of hyperinflation, for which you can just scaled down Zimbawe or Argentina or Weimar Republic Germany, etc.
I would say Detroit demonstrates how REAL markets work and how capital flows come in once a dysfunctional organization is finally allowed to FAIL.
Once all the bad news is priced in to any asset, sophisticated investers begin depolying capital.
There's a lesson here for national markets.
The house in Detroit that you paid $5,000 may sell for $5,800, but it's still a piece of shit.
better yet don't sleep and scoop up a rape me murder me special. nothing like waking up in your new home with a cock in your ass shortly before you get your throat slit and the robbers leave behind a few fresh 'welcome to the hood' turds in your living room...but your violated corpse would RIP knowing you got such a great fucking deal on a fine Deetroit home.
Sounds like you have some unresolved personal experiences.
Oh, come on, Ignatius- have a sense of humor. It might be a bit early in the day for that kind of language, but it's still funny. The "turds in the living room" thing was the hook for me. I actually did LOL.
And here I am, wondering where the humor has gone.
I'm choking here on soda. Cut it out!
And.....you get awesome neighbors who think they are entitled to anything you own.
It is a shame that you can't point those neighbours in the right direction. All that wasted resource.
Chuck 'em in a bus and send 'em to DC, so they can thank their PTB entitlement buddies personally ...
A market out of favor is a market worth investigating.
The down-voter is right... bubble markets should be bought at the top.
How can one argue with a cogent argument like "-1"?
My son in law bought with his brothers a hunting hut for 2000 in the region. Apparently, hunting laws are right now pretty lax. :)
So, hunting what, two-legged beasties?
Jesus, they never learn. Double digit increases in RE is not good as what goes up fast also goes down faster when the time is right. I would have felt a lot more comfortable with single digit increases YOY.
good news is good news
bad news is good news
Yellen is in the house
and she is one rich person
accoding to her financial disclosure PDF file
http://online.wsj.com/public/resources/documents/Yellen-finrpt2010.pdf
Remind me again: how do you calculate the rate of change from a base of zero? Math is so hard for me.
Dead cats are alive and well, I see.
well...
THAT MYTH IS DEBUNCKED!!!
I hit a cat with my car last week...
and when I got out of the car, I kicked it to the side of the road
(I might have been a cat from a kid and maybe they wanted to stuff it or something)
AND THE CAT DIDN'T BOUNCE!!
Good for you Sudden Debt! These myths need fact checking ! Keep up the good work. Try a kitten next time; do dead kittens bounce? We need to know.
All I want to know is, does this mean the spooz is going up a little, a lot, or to da moon?
And my pinko lib stats prof told me numbers never lie....
Numbers don't lie.
People do.
I have seen some car dealers give vouchers for a shotgun when you buy a new car. Realtors in Detroit ought to be giving vouchers for AR-15s.
I am reminded of the movie I am Legend.
It would be so nice to sleep in your bathtub curled up with your M4 hoping that the hordes didn't smell your presence.
Toss in some claymore vouchers and you can really move houses.
pods
Here is a press release from hantz farms.
http://www.hantzfarmsdetroit.com/images/CLIENT%20JRH%20FARMS%20NM%20UPDA...
The city has already approved it and they are going ahead with it. 150 acres of wood land and orchards in inner city Detroit. Don't know if it will work but if you give private industry a chance they can do more with Detroit than any Government ever could.
150 acres is nothing but there is a possibility for 10000.
Sounds fun at night. Save the gangstas a trip out of town.
Lol...The mongrels will name it "rape woods"
Imagine how much it would have increased if they had police protection, street lights and garbage collection.
I bought a house in Detroit for $1 and sold it two weeks later for $2. 100% price apprication :) (Actual results may vary, well actually you'll never get these results but we'll pretend anyway)
Yep... IT NOW COSTS 6 BUCKS TO BUY A HOME IN DETROIT THAT USED TO COST 5 BUCKS!!
THE REASON YOU ASK????!!!
IT'S SOON WINTER AND DEMAND FOR FIREWOOD HAS INCREASED!!!!
Excellent.
http://www.realtor.com/realestateandhomes-detail/8096-Georgia-St_Detroit_MI_48213_M45096-12765?row=5
That house is only a dollar. Of course, you will need to put SOME work into it.
What's the amortization over 30 for a dollar of principal if I finance the entire purchase price?
People are fucking idiots expecting a renaissance in Detoilette.
Plenty of homeless people could afford that. And they wouldn't give a shit. They'd happily do it up over the next 20 years, grow their own food in the back yard ... of course, we have two problems. One being the neighbours, what are they like? Sure you can improve your home, but would your neighbours let it stay that way? And the other is the back taxes - does this house really cost a dollar? What are the total costs after everything? It makes me sick that such deterioration was allowed to happen in the first place, while others are homeless.