Digging In Can Be The Best Housing Defense
I’m taking a little time off in the great U.S. tourist mecca of Detroit this week, visiting family but I still have a few things to share.
This is intriguing.
Real life rocket league pic.twitter.com/b06RFiA9Kk — Sweaty Palms & That Tingly Feeling. (@sweatypaIms_) July 12, 2019 
But I digress…
Elliman Report released: 7-2019 Manhattan, Brooklyn & Queens Rentals
Because life is obviously a chart, here are two charts that chronicle the results of the Elliman Report: 7-2019 Manhattan, Brooklyn & Queens Rentals .
Wall Street Journal :
Credit Rating Agencies Enabled The Financial Crisis…Without Getting Credit For It
In the aftermath of the housing/credit bubble, I have always marveled how the rating agencies got off scot-free, rating tainted mortgage pools as triple-A. The gist of agency complicity is that they are paid by the investment banks for their rating services. If the ratings make the investment bank unhappy, the agency gets no future business. I always related this relationship to the housing bubble because appraisers were selected by mortgage brokers on behalf of the banks but the mortgage brokers were only paid if the loan closed. H/T to Barry Ritholtz  on this big Wall Street Journal  piece.
Sharp Drop In Mortgage Rates Having Muted Impact On Housing Sales
From my friend Dan Alpert, a good Twitter follow:
So 10 year rates fall to 1.6% and, wadda-ya-know, mortgage lending skyrockets. Hooray! We've saved the housing sector!— Dan Alpert (@DanielAlpert) August 14, 2019 
Well, kinda not. The purchase index barely budged. But refinance heaven and mortgage equity withdrawals are with us again!@jonathanmiller  pic.twitter.com/6SPLvaVThd 
(For earlier appraisal industry commentary, visit my old clunky REIC  site.)
Still on summer hiatus – but there are a lot of good reads in the links below!
OFT (One Final Thought)
Bubble bursting analogies on steroids.
historians on twitter pic.twitter.com/GiRPosFS0T — Jess Dweck (@TheDweck) August 12, 2019 
Brilliant Idea #1
If you need something rock solid in your life (particularly on Friday afternoons) and someone forwarded this to you, or you think you already subscribed, sign up here for these weekly Housing Notes . And be sure to share with a friend or colleague if you enjoy them because:
- They’ll find another use for their cars;
- You’ll get more credit;
- And I’ll rent.
Brilliant Idea #2
You’re obviously full of insights and ideas as a reader of Housing Notes. I appreciate every email I receive and it helps me craft the next week’s Housing Note.
See you next week.
Reads, Listens and Visuals I Enjoyed
- Buying a Home, No Matter the Market [Wall Street Journal] 
- Blame the Credit Rating Agencies – The Big Picture [Ritholtz] 
- Inflated Bond Ratings Helped Spur the Financial Crisis. They’re Back. [Wall Street Journal] 
- In Boise and Grand Rapids, the Housing Market Looks Red Hot [Wall Street Journal] 
- Who Says New Yorkers Are Rude? Survey Shows Big Apple Is Friendliest City In Nation [Forbes] 
- Lower Mortgage Rates Aren't Boosting U.S. Housing [Bloomberg] 
- What Negative Interest Rates Mean for the World [Bloomberg] 
- Tenants of 6,000 Downtown Apartments May Be Owed Back Rent [The City] 
- 3. The big homeownership trend [Axios] 
- Facing A Retail Vacancy Crisis, Is NYC Ready To Take On Rent Control For Small Businesses? [Gothamist] 
- New study finds reasons for storefront vacancy are as varied as NYC neighborhoods themselves [6sqft] 
My New Content, Research and Mentions
- Manhattan rent surged 6.5% in July — here's why: report [Fox Business] 
- Manhattan Rents Jump Most Since 2015 [Bloomberg] 
- Manhattan, Brooklyn Rents Soar to New Highs [Wall Street Journal] 
- Report: Brooklyn median rent hits new record high of $3,000 [Brick Underground] 
- Brooklyn rents hit a record high in July: Elliman report [The Real Deal] 
- Median Rent in Manhattan Rises for 47th Straight Month [Mansion Global] 
- Manhattan apartment rents rise as New Yorkers delay home purchases [Housingwire] 
- How this New Yorker saved to buy her first Brooklyn apartment at age 25 [CNBC] 
- Wealth of Jeffrey Epstein’s Brother Is Also a Mystery [Wall Street Journal] 
- London’s Famed Grosvenor Square on Verge of a Residential Renaissance [Mansion Global] 
- Here's just how good a slow Hamptons market has been for buyers [The Real Deal] 
Recently Published Elliman Market Reports
Appraisal Related Reads
- Common Questions Agents Ask The Appraiser [Birmingham Appraisal Blog] 
- Competitors on State Appraisal Boards – NSAO Supports HR 3619 [VaCAP/AppraisersBlogs] 
- Appraisers Should Never Do Evaluations [Mike Ford/AppraisersBlogs] 
- A massive garage & paying too much attention to prices [Sacramento Appraisal Blog] 
- Voice of Appraisal E230 A Board Competitor? [Phil Crawford/Voice of Appraisal] 
- Zillow in Crosshairs – Zillow Has the Most Flawed Business Models [Appraisers Blogs] 
- Text – H.R.3619 – 116th Congress (2019-2020): Appraisal Reform Act of 2019 [Congress.gov] 
- VaCAP & NSAO Supports HR 3619 [Vacap Online] 
- Language Barrier… What We Got Here is … Failure to Communicate [Appraisers Blogs]