Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-58920 Fri, 05 Feb 2016 22:44:28 GMT HSBC Reaches $470 Million Accord Over Foreclosure Abuses http://implode-explode.com/viewnews/2016-02-05_HSBCReaches470MillionAccordOverForeclosureAbuses.html iehi-feed-58914 Fri, 05 Feb 2016 15:46:14 GMT New York's New High-End Rentals Multiply Above As Homeless Youths Do Below http://implode-explode.com/viewnews/2016-02-05_NewYorksNewHighEndRentalsMultiplyAboveAsHomelessYouthsDoBelow.html A slew of high-end, high-profile rental buildings are poised to open across Manhattan and Brooklyn this year, adding more than 8,000 units at a pace not seen in years, and in the process, redefining what rental housing in the city can be... Prices, too, are lofty, with studios in some of the buildings renting for about $5,000 a month.

While any softness in the rental market -- new leasing activity has slowed in recent months, and vacancies are up -- could spell challenges going forward, most developers say they are undeterred.

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"We have apartments with a lot of character to them," said Jonathan Drescher, a Durst senior vice president. And those apartments seem tailored to younger, unattached renters, as 85 percent are studios, starting at $2,770 a month, or one-bedrooms, starting at $3,880. In contrast, the median price of a studio in Manhattan in December was $2,562 a month, while that of a one-bedroom was $3,375, according to a market report from Douglas Elliman Real Estate.

... Traditionally, in New York, the dividing line between a robust and not-so-great market is a 2 percent vacancy rate. Since June of last year, the rate has been higher, with November's at 2.87 percent, the highest in nine years, Mr. Miller said. In December, the rate was 2.74 percent.

Meanwhile, the young homeless are multiplying and underserved...

They are sitting on the floor at the Port Authority Bus Terminal and charging their phones as if they were college students awaiting a bus home. They are huddled on the sidewalk, hanging out. They sleep on friends' couches and in strangers' beds. They stay with "Uncle A.C.E.," code for the long route of the A train, where they can spend hours unbothered and unnoticed.

Mostly, they just blend in, people in their late teens or early 20s, navigating a treacherous path into adulthood... groups serving young homeless people said recently that the efforts fell far short of the need. The problem, they said, is how "homeless" is defined.

Young people staying temporarily with friends and extended family are "technically homeless, but they are not sleeping under a bridge," said Douglas O'Dell, the executive director of the SCO Family of Services, a nonprofit focused on ending homelessness and helping low-income people and troubled young people.

Last year, the total number of sheltered and unsheltered homeless people in the city was 75,323, which included 1,706 people between ages 18 and 24. The actual number of young people is significantly higher, according to the service providers, who said the census mostly captured young people who received social services. The census takers were not allowed to enter private businesses, including many of the late-night spots where young people often create an ad hoc shelter by pretending to be customers.

Suggestion: fake your documents and bounce from luxury rental to luxury rental on a 2-months-free deals...

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iehi-feed-58894 Wed, 03 Feb 2016 16:44:57 GMT Wells Fargo to pay $1.2 billion in FHA-related settlement http://implode-explode.com/viewnews/2016-02-03_WellsFargotopay12billioninFHArelatedsettlement.html iehi-feed-58885 Tue, 02 Feb 2016 14:15:06 GMT Hong Kong Property Slump Worries Investors http://implode-explode.com/viewnews/2016-02-02_HongKongPropertySlumpWorriesInvestors.html iehi-feed-58870 Sun, 31 Jan 2016 20:35:18 GMT The zero down mortgage is back and it starts in San Francisco with "Poppyloan" http://implode-explode.com/viewnews/2016-01-31_ThezerodownmortgageisbackanditstartsinSanFranciscowithPoppyloan.html iehi-feed-58841 Thu, 28 Jan 2016 21:47:33 GMT Millennials continue to be priced out of the housing market http://implode-explode.com/viewnews/2016-01-28_Millennialscontinuetobepricedoutofthehousingmarket.html iehi-feed-58839 Thu, 28 Jan 2016 15:56:22 GMT Pending home sales flat in December (EVEN WITH GOOD WEATHER) http://implode-explode.com/viewnews/2016-01-28_PendinghomesalesflatinDecemberEVENWITHGOODWEATHER.html iehi-feed-58827 Wed, 27 Jan 2016 14:13:38 GMT Look at All The Famous Wall Street Shills Who Got (ARE STILL GETTING) The Housing Market Dead Wrong http://implode-explode.com/viewnews/2016-01-27_LookatAllTheFamousWallStreetShillsWhoGotARESTILLGETTINGTheHousin.html if Housing is so affordable then why do we have this data line showing, with the lowest interest rate curve post WWI, we still have the worst demand for existing homes on record.  And new homes are much more expensive.

...

Keep in mind that the affordability index used by nearly everyone is terribly flawed. It assumes all Americans have 20% down, starting debt to income ratio of 25% and no credit card revolving debt. Does that seem to you to be a realistic expectation for our average American? This is why we haven't seen Nirvana in new homes.

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iehi-feed-58821 Tue, 26 Jan 2016 19:45:10 GMT Americans are trapped in a ‘cycle of financial insecurity' (Keeping homeownership rates low, renters distressed) http://implode-explode.com/viewnews/2016-01-26_AmericansaretrappedinacycleoffinancialinsecurityKeepinghomeowner.html iehi-feed-58816 Tue, 26 Jan 2016 17:25:05 GMT Home Prices in 20 U.S. Cities Climb by Most Since July 2014 (While Luxury Fizzles) http://implode-explode.com/viewnews/2016-01-26_HomePricesin20USCitiesClimbbyMostSinceJuly2014WhileLuxuryFizzles.html The Surge in U.S. Mansion Prices Is Now Over. That article has a nice chart that shows gains in both the top 5% as well as bottom 95% slowing. The non-top-5% of the market really seems to be a low-mortgage-rates story more than anything else.]]> iehi-feed-58783 Fri, 22 Jan 2016 17:23:19 GMT US home purchases rebound; 2015 had most sales in 9 years (LOOKS PEAK-EY TO US!) http://implode-explode.com/viewnews/2016-01-22_UShomepurchasesrebound2015hadmostsalesin9yearsLOOKSPEAKEYTOUS.html Last month's rebound concluded a year that produced the highest annual sales total since 2006. Steady job growth and low mortgages drew more buyers into the market, causing both sales and prices to climb.

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Despite greater demand, the housing market continues to recover slowly from the bursting of the housing bubble more than eight years ago. Sales remain well below their peak of 7.08 million in 2005, when adjustable-rate mortgages with no money down and other risky loans fueled a buying frenzy that eventually fizzled and triggered the worst downturn since the Great Depression.

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iehi-feed-58781 Fri, 22 Jan 2016 15:39:13 GMT China Is Moving Mountains For The New Silk Road - Literally http://implode-explode.com/viewnews/2016-01-22_ChinaIsMovingMountainsForTheNewSilkRoadLiterally.html Like most other cities in China, Lanzhou found a need to expand and create new areas for development. Urban construction land is one of the most valuable commodities in modern China, and the building of new cities, districts, hi-tech zone, logistics centers, and infrastructure is what keeps the fiscal wheels of this country's local municipalities spinning. In this climate, running out of new development land can be akin to a financial travesty, but this is exactly what once happened in Lanzhou -- a city that's built on a 50 kilometer strip of land that's wedged down into the Yellow River Valley, hemmed in by mountains.

So what was Lanzhou to do? The answer was evident: the city would simply remove the barriers to its expansion. If it was the mountains that prevented the city from achieving its full economic potential then the mountains would need to go.

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iehi-feed-58763 Wed, 20 Jan 2016 16:47:20 GMT U.S. housing starts slip in December; annual gains solid (STILL ON MULTIFAMILY) http://implode-explode.com/viewnews/2016-01-20_UShousingstartsslipinDecemberannualgainssolidSTILLONMULTIFAMILY.html Over the course of 2015, ground breakings climbed 10.8 percent to 1.1 million. But multifamily complexes were 34.6 percent of all starts last year, compared to just 20.5 percent in 2007.

The change reflects a dwindling share of home ownership. That figure now rests at 63.7 percent, down from a high of 69.2 percent in 2000... Permits for new construction are still running at roughly half their 2005 peak. But permits for remodeling have fully recovered... Remodeling has surged in some of the priciest markets where housing costs have climbed. The index reported a 29.4 percent jump in San Jose, California and a 5.9 percent increase in San Francisco.

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iehi-feed-58665 Mon, 11 Jan 2016 13:58:46 GMT UK house price crash looms as global asset prices unravel http://implode-explode.com/viewnews/2016-01-11_UKhousepricecrashloomsasglobalassetpricesunravel.html iehi-feed-58604 Mon, 04 Jan 2016 20:24:01 GMT Most Dubai towers built before 2012 ‘have non fire-rated exterior panels' (OOPS!!) http://implode-explode.com/viewnews/2016-01-04_MostDubaitowersbuiltbefore2012havenonfireratedexteriorpanelsOOPS.html iehi-feed-58592 Sat, 02 Jan 2016 16:58:06 GMT A closer look at the fire damage sustained to The Address Hotel, Dubai (PICS) http://implode-explode.com/viewnews/2016-01-02_AcloserlookatthefiredamagesustainedtoTheAddressHotelDubaiPICS.html iehi-feed-58574 Wed, 30 Dec 2015 15:45:38 GMT Pending Sales of U.S. Existing Homes Unexpectedly Plunge http://implode-explode.com/viewnews/2015-12-30_PendingSalesofUSExistingHomesUnexpectedlyPlunge.html Contracts to purchase previously owned U.S. homes unexpectedly fell in November, confirming earlier figures that showed the industry lost momentum toward the end of the year. The index of pending home sales dropped 0.9 percent... The median forecast of 28 economists surveyed by Bloomberg called for an increase of 0.7 percent.

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The pullback underscores concern raised by the slump in sales of existing homes last month, weakening the real-estate agents' group argument that new mortgage-lending rules caused the slowdown. Rising prices and a limited supply of properties on the market have restrained buyers, making for a slow recovery in housing.

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"Home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months," NAR chief economist Lawrence Yun said in a statement. "Available listings that are move-in ready and in affordable price ranges remain to come by."

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iehi-feed-58565 Tue, 29 Dec 2015 20:49:21 GMT San Francisco housing market reaches highest levels of unaffordability; Avg. condo price hits $1.1m http://implode-explode.com/viewnews/2015-12-29_SanFranciscohousingmarketreacheshighestlevelsofunaffordabilityAv.html iehi-feed-58563 Tue, 29 Dec 2015 20:22:44 GMT Home Prices in 20 U.S. Cities Rose at a Faster Pace in October, But Short of Expectations http://implode-explode.com/viewnews/2015-12-29_HomePricesin20USCitiesRoseataFasterPaceinOctoberButShortofExpect.html The S&P/Case-Shiller index of property values climbed 5.5 percent from October 2014 after rising 5.4 percent in the year ended September, the group said Tuesday in New York. The median projection of 21 economists surveyed by Bloomberg called for a 5.6 percent advance. Nationally, prices rose 5.2 percent year-over-year.

A limited supply of properties for sale has helped prop up home values, boosting the household wealth levels of U.S. homeowners in the process. Faster wage growth and continued low borrowing costs will be needed to keep low-income and first-time buyers in the market and provide the next leg of growth in the housing recovery.

So prices probably rose just about at inflation (especially at the median level). In other words, we're not in another housing crash ... yet.

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iehi-feed-58543 Sat, 26 Dec 2015 15:47:05 GMT Huge leap in number of people cashing in and moving out of London in 2015 http://implode-explode.com/viewnews/2015-12-26_HugeleapinnumberofpeoplecashinginandmovingoutofLondonin2015.html