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Housing Permits Print At Highest Since June 2008 Entirely On Surge In Rental Units
Call it the last hurrah for Private Equity and hedge funds as they scramble to "telegraph" that there is still some interest in rental property conversions. Despite ever louder cries that the REO-to-Rent and the general surge into rental properties is over (see our report on RealtyTrac's latest data due out shortly), as many PE firms seek to cash out and to flip their existing exposure, today's Housing Permits number for October showed just the opposite. Because while permits for single-family housing units was virtually unchanged month over month, barely rising from 615K to 620K on a seasonally adjusted annualized basis, it was the structures with 5 units or more, aka rentals, that exploded by the most in the past two months going back all the way to 2008.
Whether this is merely an attempt to game the system and buy virtually zero-cost permits by the boatload, thus engineering a last-minute momentum push in the rental market, offloading existing properties to the last and dumbest money around, remains to be seen. However, one thing is clear: the rebound in the conventional, single-family housing market is over, and the only variable remains rental. The variable will become a constant once it becomes clear that increasingly fewer Americans can afford all time record high rent payments.
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"The staff need to be hosed housed somewhere." - Jamie Dimon
I wonder why weak manufactured houses specially in inner northamerica counts for this data...then when tornados appear, all cities annihilated, normal.
House needs bricks to be considered a house.
huff and puff that fucker away.
trailer trash and the people that buy it.
den of low life meth dealing scum bags, wife smackers and kids that go duh.
dig a fucking hole for christ sake...
>> trailer trash and the people that buy it.
Bro, really? I live in a trailer. I've lived in some of the finest neighborhoods in America (middle class finest, to be more precise). I wouldn't trade my trailer life for my upper middle class suburban life, no way.
I'm not saying there's not shit that lives in trailers, but so be it with stick and bricks also. Judging people base on what they live in? Don't be so supercilious.
@hugovanderbubble
The standard for most residential construction is the "stick house," i.e. wood framing. Most "brick" houses are really just brick veneer, not brick construction. Once the termites are done, just a pile a bricks are left.
Not if you live in an earthquake zone. Sticks beat bricks when the ground starts to shake.
'Tent-up' demand.
'Tent-up' demand.
That's first thing in the morning...........for most men!!
good analysis
ECHO, eCHO echo echo bubble over and back to lower prices to income reset.
rates must come down to keep this shit show going.
but that gets back to the feds conundrum.
lol'g to the fucking front row seat with popcorn all buttered up and lightly salted.
Peak insanity in all markets..reality is due to return at some point. When it does those asleep may not be happy.
For any of you thinking about becoming a landlord millionaire in the next few years.....take a good long look at that chart. The supply is going up, the demand is about the same.
on a long enuf time line income and property values(rents) will merge.
interest rate meddling can only distort and bring fwd demand, hence the mess is sorting out
real values.
patience.
raw land is where the bargain are to be had.
low taxation
cash to phyzz asset...
In this corner...wearing the the dollar bill green shorts is real estate guru Carlton Sheets...and in the other corner...wearing nothing but a chainsaw for a penis...is Tyler Durden...let's get ready to ruummmmmbbllllle!
Yippie. nation of Slaves in full force.
ODUMBA ODUMBA ODUMBA
And the fucking liar Steve LIESman said on CNBC not 30 minutes ago that the print reflected the majority of the new permits are for single-family dwellings.
They want you to pay first world prices for a third world economy. All I see are crumbling infrastructure, dollar stores and for sale signs and a persistent bearded begger I call the "prophet" who holds a cardboard Find your G.d sign. Prices need to reflect this 3rd world reality and when it does..
This is why they brought Obumber in the Who House.. to usher this in as quickly as possible. Some vintage Canned heat to express this view..
http://www.youtube.com/watch?v=3doBiU6nN0k
I see a lot of for sale, or for lease properties...lots of vacancies.