tag:blogger.com,1999:blog-1110014885778996459.post6395006515030522789..comments2024-03-29T00:15:52.716-07:00Comments on Idiosyncratic Whisk: Housing: Part 137 - Financialization = Closed AccessKevin Erdmannhttp://www.blogger.com/profile/07431566729667544886noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1110014885778996459.post-77562585568870019232016-04-22T23:58:46.657-07:002016-04-22T23:58:46.657-07:00Good point Simon. That reminds me of this interes...Good point Simon. That reminds me of this interesting post at SlateStarCodex:<br />http://slatestarcodex.com/2016/03/19/book-review-the-art-of-the-deal/Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-79266449656594728392016-04-22T22:41:36.262-07:002016-04-22T22:41:36.262-07:00I would not be so reassured about the real estate ...I would not be so reassured about the real estate developer thing - the more politically connected a developer is, the more they may stand to benefit from politicizing the development process to keep out their competition.Simonhttps://www.blogger.com/profile/17873668468552493772noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-45450385214019971542016-04-21T12:13:17.611-07:002016-04-21T12:13:17.611-07:00Well, he and Sanders both seem to tap into broad a...Well, he and Sanders both seem to tap into broad anti-trade populism. But, I would agree that while Sanders has a specific, relentless pattern of demonization that he seems to get a pass on, Trump is sort of all over the place, and the worst things he says are repeated and exaggerated.Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-47704792407058399742016-04-20T20:27:14.087-07:002016-04-20T20:27:14.087-07:00Isn't Trump a real estate developer? And doesn...Isn't Trump a real estate developer? And doesn't he support low interest rates? So what's dangerous about Trump?pithomhttps://www.blogger.com/profile/13997094225496018110noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-85158893511516719942016-04-20T16:40:41.293-07:002016-04-20T16:40:41.293-07:00Great post. Kevin, I think you will get a kick out...Great post. Kevin, I think you will get a kick out of my latest offering at Historinhas, on bank bailouts are good.Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-49985401473746912602016-04-20T11:28:06.799-07:002016-04-20T11:28:06.799-07:00This is one of the surprising conclusions I am com...This is one of the surprising conclusions I am coming to concerning the 2003-2006 period. Since everyone attributes rising prices everywhere to excess demand, always, every attempt at capital repression is seen as a victory. So, all the books about the "bubble" are full of facts about how the government undermined the conventional mortgage market, but they are presented as positive developments, with an attitude of "it's about time". But, when you remove that filter from the interpretation, what you see over that period is a relentless series of negative policy shocks to the housing finance market. It is kind of amazing that it held on for as long as it did. In the article we see this sort of thing happening again. Rents are so high in the closed cities that it would be very difficult to buy a home using conventional mortgages, so mortgages are pushed into private securitizations, jumbo loans, etc. Since everything everywhere is excess demand, everyone interpreted the rise of subprime as demand side excess, but really it was a last-gasp stop-gap attempt to simply finance homes in any way, given that the federal government was systematically removing standard financing options and the Closed Access cities were pushing market rents up.Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-41787037480567641942016-04-20T11:13:32.107-07:002016-04-20T11:13:32.107-07:00http://www.wsj.com/articles/in-silicon-seattle-hig...http://www.wsj.com/articles/in-silicon-seattle-high-home-prices-1461163535<br /><br />'Some determined buyers will employ aggressive tactics to get a seller to pick them, Ms. Hill says. She has seen bidders win out by upping the nonrefundable earnest money (usually 1% to 2% of sales price) to as much as $50,000 to $100,000 on a $500,000 to $800,000 home. One buyer paid an additional $20,000 to walk away from an accepted offer, she adds.'susupplyhttps://www.blogger.com/profile/14712328565035046516noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-14612382780716222552016-04-20T11:10:55.396-07:002016-04-20T11:10:55.396-07:00This comment has been removed by the author.susupplyhttps://www.blogger.com/profile/14712328565035046516noreply@blogger.com