News: Real Estate, Risk, Economics. Jul. 27, 2016

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Table of Contents
(Click to sections below.)

1) Looking to Accelerate Your Wealth in Real Estate Investing? Try a 'Flip-and-Hold'

2) 5 Apps Your Renters Use and You Should Too — The New School Landlord

3) Greenland Lost 1 Trillion Tons of Ice Between 2011 and 2014, Study Finds

4) 8 Clever Ways to Save Big Bucks on Your Next Fix & Flip

5) With the First Airbnb Landlord Conviction, Should Vacation Owners Be Worried?

6) ABODO National Apartment Report: July 2016

7) Will digital platforms replace traditional markets? – YouTube

8) Tax Research UK – John McDonnell is right: we do disagree on macroeconomic policy

9) Can States Stop Man-Made Earthquakes?

10) Iowa Governor Issues Disaster Proclamation for 3 Counties

11) Minnesota Towns Continue to Struggle with Flood Damage

12) Pilot killed, Joliet home set ablaze when Wisconsin-bound plane crashes – Naperville Sun

13) Abingdon police issue scam alert regarding rental properties – HeraldCourier com: News

14) Washington CAN! And Seattle City Councilmembers Unveil Move-­in Fee Cap Legislation | The Seattle Medium

15) Seattle rents increasing faster than in any other US city

16) Rick Haughey: The New Renter – YouTube

17) Utah Law Enables Authorities to Crash Drones at Wildfires

18) Alabama Releases Insurance Guide for Coastal Residents

19) United States GDP From Construction | 2005-2016 | Data | Chart | Calendar

20) United States GDP From Manufacturing | 2005-2016 | Data | Chart | Calendar

21) 'Meritocracy' Is Just Another Way to Put You Down – Bloomberg View

22) President Erdogan may be democratically elected, but his Turkey is modelled on the Third Reich | Voices | The Independent

23) Link between rig count, oil production is breaking – Houston Chronicle

24) Jefferson City program fixing up rundown rental properties | Local News – Home

25) How To Safely Senior Proof Your Home

26) A Homeowner's Guide to Deck Construction | Michael Roberts Construction

27) IMF calls for more government spending as rate cuts lose their impact | Business | The Guardian

28) Erdogan's Coup: Purging Domestic Critics, Gaining External Allies | Global Research – Centre for Research on Globalization

29) UK explores multi-billion pound free trade deal with China – BBC News

30) Zionism goes from bad to worse, taking Judaism with it — Redress Information & Analysis

31) Colorado Springs' hot housing market isn't without its problems | Colorado Springs Gazette, News

32) We love real estate, but does it really pay? – Bankrate com

33) What Smart Property Managers Need to Know Now | Think Realty | A Real Estate of Mind

34) How secular stagnation spreads and how it can be cured | VOX, CEPR's Policy Portal

35) That Brexit apocalypse? It just isn't happening

36) Labour is fighting for its life … and Jeremy Corbyn has never looked happier | Andrew Rawnsley | Opinion | The Guardian

37) Calculated Risk: The Future is still Bright!

38) Michael Hudson: 2016 Is Wall Street and the Corporate Sector (Clinton) vs. the Populists (Trump) | naked capitalism

39) Fethullah Gulen: I Condemn All Threats to Turkey's Democracy – The New York Times

40) Portrait of a terrorist leader famous for his coup praisals: Fetullah Gülen – Daily Sabah

41) Experts: Hard to prove Russians behind DNC hack

42) NATO's bid for global dominance could lead to new Cuban missile crisis – top Russian senator — RT Russian politics

43) China Bans Internet News Reporting as Media Crackdown Widens – Bloomberg

44) Sand Fire Burns 52 Square Miles, Destroys 18 Homes; 10,000 Residences Evacuated | KTLA

45) Clinton's [Sanders'] costly college plan: Our view

46) Japan's "Helicopter Money" Play: Road to Hyperinflation or Cure for Debt Deflation? | WEB OF DEBT BLOG

47) 10 Photo and Video Tips to Showcase Your Vacation Rental Property

48) Earth's Record Heat Sticks Around Despite El Nino's Departure

49) Louisiana Man Gets 10 Years for Arson Fire That Destroyed 3 Homes

50) One Thing Both Parties Want: Break Up the Banks Again – The New York Times

51) New-Home Sales in US Jump to Highest Level Since February 2008 – Bloomberg

52) The sky's the limit: FAA approves commercial drone use, real estate industry rejoices

53) Properties to be sold for delinquent taxes

54) SOMETHING'S GOTTA GIVE: NEW BUILDINGS ARE TOO EXPENSIVE FOR THEIR TARGET AUDIENCE

55) How Much Do Shady Financial Practices Cost You, Exactly?

56) SMU Study Links Oil, Gas Wastewater Disposal to Texas Quakes

57) Citizens Implements $1.8M Estimate Review Program for Florida Water Loss Claims

58) Pittsburgh-area Woman Admits Setting House Fire then Defrauding Insurance Company | USAO-WDPA | Department of Justice

59) The Council's Vacant Properties Group Keeps Canceling Its Meetings

60) I worked on Wall Street. I am skeptical Hillary Clinton will rein it in | Chris Arnade | Opinion | The Guardian

61) United Stag-Nations — the decayed decade for GDP per head — Prime Economics

62) The Daily Shot; July 27 – Global Macro Currents

63) FRB: Press Release–Federal Reserve issues FOMC statement–July 27, 2016

64) The Lowdown on US Core Inflation | iMFdirect – The IMF Blog

65) The insurance sector and systemic risk | VOX, CEPR's Policy Portal

66) Why Dropping the Trans-Pacific Partnership May Be a Bad Idea – The New York Times

67) Climate-Warming Airliner Pollution Targeted by EPA

68) West Virginia Offering Millions in Minigrants to Flood-Damaged Businesses

69) Olin woman charged in insurance fraud scheme involving arson | The Gazette

  1.    Looking to Accelerate Your Wealth in Real Estate Investing? Try a 'Flip-and-Hold'

    … build up your investing portfolio with the quick cash from your fix-and-flip properties and apply this money to a longer-term buy-and-hold rental investment. This gateway into buy-and-hold from fixing and flipping is a strategy that Andrew Syrios of BiggerPockets.com has dubbed as "flip-and-hold." This is where you "use the profit from the first flip to live off of, and the profit from the second flip for the down payment on a property to hold." By following this method, you can take advantage of the benefits that a fix-and-flip short-term cash generator can bring, coupled with the long-term advantage of a buy-and-hold property that'll hopefully grow in value over the coming years, along with your wealth.

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  2.    5 Apps Your Renters Use and You Should Too — The New School Landlord

    I haven't tried any of these. Have you? If so, what was your experience like?

    I always wonder about how well different services/providers are vetted.

    Add your comment. Including the article/link number will help.


  3.    Greenland Lost 1 Trillion Tons of Ice Between 2011 and 2014, Study Finds

    Global warming is not a hoax!

    A new study has given us more insight into just how much ice Greenland has lost in recent years, and it's not good news.

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  4.    8 Clever Ways to Save Big Bucks on Your Next Fix & Flip

    Add your comment. Including the article/link number will help.


  5.    With the First Airbnb Landlord Conviction, Should Vacation Owners Be Worried?

    Let's be honest and fair here. I'm not saying the author is being dishonest. I'm saying let's cover the issue a tiny bit more journalistically, which is, admittedly, not BiggerPocket's focus.

    Vacation rentals aren't a problem until they are, as in when renters are way to noisy or obnoxious in other ways for the neighborhood.

    Moral of the story? Buy to rent short term where that's what the community wants.

    Add your comment. Including the article/link number will help.


  6.    ABODO National Apartment Report: July 2016

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  7.    Will digital platforms replace traditional markets? – YouTube

    Nick Johnson and dad (Rob):

    With the power of modern computing being harnessed into increasingly small and portable devices, what do digital platforms mean for the entrenched global economy?

    To time stamp 7:44, this video explains exactly, and I mean exactly, why I've said that we don't need human beings to decide the money supply. Technology is already capable of doing it better. All we need to do is decide what we want. The algorithm(s) will work out the planning and execution better than the Hayekian market-system and better than the Fed and the Congress, etc. We don't need lending, interest rates, or taxes. All three are, at best, antiquated bottlenecks. Money is nothing but a way to keep track. We don't even need it in the traditional sense.

    A little later in the video, it turns to the ownership issue, which is very much a question of democracy, though not necessarily in the form I want to see, which is real democracy with employee/community ownership, with full transparency, with equal-voting rights, etc.

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  8.    Tax Research UK – John McDonnell is right: we do disagree on macroeconomic policy

    Richard Murphy:

    I also argued against the fundamentally neoliberal concept of an independent central bank that takes control of key aspects of economic management out of democratic control and which was Ed Balls idea. But John bought into it.

    And as a result he backed off from People's QE : he was advised that a central bank cannot create money to help ordinary people, job creation or the building of social housing. Instead John accepted that central banks can only use that power for the sake of saving bankers.

    I'm sad to learn that about John McDonnell, but I'm not surprised.

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  9.    Can States Stop Man-Made Earthquakes?

    The sooner we get beyond oil and gas, the better. That's for a whole host of reasons, not just this one.

    Add your comment. Including the article/link number will help.


  10.    Iowa Governor Issues Disaster Proclamation for 3 Counties

    Add your comment. Including the article/link number will help.


  11.    Minnesota Towns Continue to Struggle with Flood Damage

    Add your comment. Including the article/link number will help.


  12.    Pilot killed, Joliet home set ablaze when Wisconsin-bound plane crashes – Naperville Sun

    Add your comment. Including the article/link number will help.


  13.    Abingdon police issue scam alert regarding rental properties – HeraldCourier.com: News

    … never provide banking, credit card or personal information to callers.

    Add your comment. Including the article/link number will help.


  14.    Washington CAN! And Seattle City Councilmembers Unveil Move-­in Fee Cap Legislation – The Seattle Medium | The Seattle Medium

    Rent should be better subsidized.

    Landlords should be pressing governments to vastly increase subsidies to all low-income renters, not just some who win a lottery.

    It would be excellent for the industry and the poor.

    Subsidies should be indexed to market-rate inflation: local-rent inflation (including move-in fees).

    Tenants should be grandfathered in. They should not be forced to move out but granted indexed subsidies.

    All the other rules and laws would still apply concerning tenant screening, etc. Just because a tenant is poor does not mean that he or she is a criminal or doesn't take good care of rental property.

    Add your comment. Including the article/link number will help.


  15.    Seattle rents increasing faster than in any other US city

    Well, we certainly have conflicting data coming out about rents in Seattle. We have an article above saying they've gone down by 9%. This one says they've gone up by over 9%. What's up, or is that down?

    Add your comment. Including the article/link number will help.


  16.    Rick Haughey: The New Renter – YouTube

    I found this good and troubling at the same time.

    The National Multifamily Housing Council's Rick Haughey sits down with MHN TV to discuss the results of a recent association study comparing the wants of Millennial and Baby Boomer renters during the National Association of Real Estate Editors' 2016 Real Estate Journalism Conference.

    I'm glad the Baby Boomers will be taken care of better as they age. However, what I'm concerned about is that the trend will increase building for the high-end, leaving the bottom to needlessly suffer due to very poor public policy on housing for all.

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  17.    Utah Law Enables Authorities to Crash Drones at Wildfires

    Add your comment. Including the article/link number will help.


  18.    Alabama Releases Insurance Guide for Coastal Residents

    Add your comment. Including the article/link number will help.


  19.    United States GDP From Construction | 2005-2016 | Data | Chart | Calendar

    GDP From Construction in the United States increased to 761.20 USD Billion in the first quarter of 2016 ….

    Compare that to manufacturing (next below).

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  20.    United States GDP From Manufacturing | 2005-2016 | Data | Chart | Calendar

    GDP From Manufacturing in the United States decreased to 2159 USD Billion in the first quarter of 2016 ….

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  21.    'Meritocracy' Is Just Another Way to Put You Down – Bloomberg View

    Oh, I like this article very much! Justin Fox is quite smart, but he's no snob!

    You know, my father always used the expression "late bloomer" about some people. All that early testing done in the schools that peg some kids as slow, etc., are actually using test for stupid outcomes. Some people do very well early in school, and then turn out to be much slower than the ones who were "slow" back in the day.

    Let's just educate everyone at the rate they absorb it. If they don't do that early on, so what? Keep the doors wide open. You never know when genius will strike at 50+.

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  22.    President Erdogan may be democratically elected, but his Turkey is modelled on the Third Reich | Voices | The Independent

    I've found it amazing how so many US "liberals" decried a coup against Erdogan as being anti-democratic.

    Erdogan is anti-democratic and has been for many, many years.

    When his corruption was revealed via leaks, he went ballistic. He went after the liberals who publicized that corruption.

    The only thing that explains US so-called liberals backing Erdogan's anti-coup, anti-revolution, anti-democratic activities is foreign-affairs ignorance. They take all their "news" from mainstream sources that are loaded with false propaganda.

    One must read far and wide to even begin to get a glimmer of reality.

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  23.    Link between rig count, oil production is breaking – Houston Chronicle

    When the industry's drilling activity recovers, more efficient oil companies will need fewer than half the number of rigs used at the height of the oil boom to keep the nation's fleet of hydraulic fracturing pumps busy ….

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  24.    Jefferson City program fixing up rundown rental properties | Local News – Home

    The program pays accepted property owners half of the cost to renovate the exterior of the buildings up to $5,000 for single-family units and $10,000 for duplexes.

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  25.    How To Safely Senior Proof Your Home

    Plenty of food for thought in this article.

    Rentals set up this way can attract seniors and their family members looking for a rental for them.

    The list is not exhaustive.

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  26.    A Homeowner's Guide to Deck Construction | Michael Roberts Construction

    Would you add a deck to your rental?

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  27.    IMF calls for more government spending as rate cuts lose their impact | Business | The Guardian

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  28.    Erdogan's Coup: Purging Domestic Critics, Gaining External Allies | Global Research – Centre for Research on Globalization

    "Erdogan's intelligence operatives within the military command encouraged or even provoked his critics in the General Staff, who were fed up with his bungling and disastrous policies, to mount a coup." If you have credible links to substantiate that, I'd love to see them. That's not sarcasm. I simply haven't seen any such links but have been busy and would appreciate anyone pointing out any such links.

    Add your comment. Including the article/link number will help.


  29.    UK explores multi-billion pound free trade deal with China – BBC News

    There's not a word in this article about China's lack of democracy. The BBC is in the hip pocket of monied, anti-democratic forces. It's such a tragedy that the special private and personal estates of the elites come before the rights of billions of others to enjoy basic freedoms.

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  30.    Zionism goes from bad to worse, taking Judaism with it — Redress Information & Analysis

    Proper geopolitical-risk analysis necessitates knowing the other side of the story on the Palestine/Israel issue.

    Bernie Sanders (himself an ethnic Jew) is to be highly commended for having taken the issue to the Democratic Party's platform committee and beyond.

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  31.    Colorado Springs' hot housing market isn't without its problems | Colorado Springs Gazette, News

    … bidding wars, delays in getting appraisals, a tight supply of homes in the $300,000-and-under range and an oversupply of half-million-dollar-and-up properties are among problems ….

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  32.    We love real estate, but does it really pay? – Bankrate.com

    Is it harder to pick winners in stocks or real estate?

    Here's an important question. If you had invested in dog stocks that once had "promise" versus Detroit real estate (which everyone knew was going down due to the auto industry moving out), which would have lost you more money?

    Plus, which one offers a better come-back scenario?

    All of that doesn't even begin to compare active investing versus just buying land or a home to live in.

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  33.    What Smart Property Managers Need to Know Now | Think Realty | A Real Estate of Mind

    Millennials, for example, tend to be smartphone-savvy. Today, it's possible for potential tenants to find a listing online, send a text expressing interest to the property management company and, if the company uses a self-showing service, get a code that allows the potential tenants to check out the rental on their own.

    Practically the entire process could be handled via smartphone. The tenants might not deal with another human face-to-face until they're ready to move in.

    Of course, some Millennials prefer human contact. And some 50-plus renters are as handy with an iPhone as anybody.

    So ask clients how they want to communicate with you, Birdy said. "Give people options for how they do things."

    Never forget to think about liability exposure though. Always ask yourself what could go wrong.

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  34.    How secular stagnation spreads and how it can be cured | VOX, CEPR's Policy Portal

    In a world of secular stagnation, the presumption of an automatic return to 'normal' is unwarranted as the natural rate of interest can be persistently or even permanently negative. While seemingly a somewhat far-fetched theoretical hypothesis only a few years ago, the possibility of secular stagnation now looks increasingly plausible. Average long-term interest rates around the industrial world are now lower than they were five years ago in the immediate aftermath of the Global Crisis. As this is written, financial markets suggest that inflation is expected to remain well below its 2% target for well over a decade in the US, Europe and Japan, and that real interest rates are likely to remain well below 1% into the indefinite future. Last month we learned that Germany has followed Japan into negative 10-year rates. The US is only one recession away from joining the club. Even more disturbingly, our recent research suggests that large capital inflows to 'safe havens' such as the US, Germany and Switzerland are likely to create important headwinds in these economies going forward.

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  35.    That Brexit apocalypse? It just isn't happening

    It's a bit early, but who took seriously anyone predicting "apocalypse"?

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  36.    Labour is fighting for its life … and Jeremy Corbyn has never looked happier | Andrew Rawnsley | Opinion | The Guardian

    The problem with this article is that it shows an author, Andrew Rawnsley, who doesn't care about why Labour was created in the first place.

    If they think Jeremy isn't a team player, maybe they should try joining Jeremy's team first.

    If you're all about money, money, money for yourself rather than people's lives without it, why the hell are you a member of the Labour Party?

    Anyone who claims to be Labour who doesn't realize that Tony Blair was the worst thing that ever happened to Labour, simply doesn't understand how to fight for what's right rather than cave into money for money's sake.

    Anyone who claims to be a Democrat who doesn't realize that Bill Clinton was the worst thing that ever happened to the Democratic Party, simply doesn't understand how to fight for what's right rather than cave into money for money's sake. Did I just publish that? You bet I did, and I stand by it.

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  37.    Calculated Risk: The Future is still Bright!

    Yes, brighter, but it's taking a long, long time.

    It wouldn't have to except for the plutocrats holding the People down (in their place).

    Let's not forget that housing starts are skewed to the upper class.

    Add your comment. Including the article/link number will help.


  38.    Michael Hudson: 2016 Is Wall Street and the Corporate Sector (Clinton) vs. the Populists (Trump) | naked capitalism

    This is absolutely amazing by Michael Hudson. He takes the thoughts right out of my head.

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  39.    Fethullah Gulen: I Condemn All Threats to Turkey's Democracy – The New York Times

    I hope he's telling the truth and have no reason to think he's not.

    SAYLORSBURG, Pa. — During the attempted military coup in Turkey this month, I condemned it in the strongest terms. "Government should be won through a process of free and fair elections, not force," I said. "I pray to God for Turkey, for Turkish citizens, and for all those currently in Turkey that this situation is resolved peacefully and quickly."

    Despite my unequivocal protest, similar to statements issued by all three of the major opposition parties, Turkey's increasingly authoritarian president, Recep Tayyip Erdogan, immediately accused me of orchestrating the putsch. He demanded that the United States extradite me from my home in Pennsylvania, where I have lived in voluntary exile since 1999.

    Not only does Mr. Erdogan's suggestion run afoul of everything I believe in, it is also irresponsible and wrong.

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  40.    Portrait of a terrorist leader famous for his coup praisals: Fetullah Gülen – Daily Sabah

    This doesn't refute Gülen's coup-leadership denial. Also, there are times when military takeover is better than not.

    This publication is in the hip pocket of Erdogan, and the article fails to express the old military-coup's focus against sharia. Erdogan is for hardline sharia, anti-democratic.

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  41.    Experts: Hard to prove Russians behind DNC hack

    This is a halfway-decent article.

    Add your comment. Including the article/link number will help.


  42.    NATO's bid for global dominance could lead to new Cuban missile crisis – top Russian senator — RT Russian politics

    Just because it's on RT doesn't mean it's not reasonable and sensible.

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  43.    China Bans Internet News Reporting as Media Crackdown Widens – Bloomberg

    Do you remember the story pushed in the US by the elitists that if we open China, China will become democratic?

    I didn't believe then and still don't.

    The rich get richer while the dictators continue ruling.

    Will the system crack? Yes.

    President Xi Jinping has stressed that Chinese media must serve the interests of the ruling Communist Party.

    The party has long been sensitive to the potential for negative reporting to stir up unrest, the greatest threat to its decades-old hold on power. Regulations forbidding enterprise reporting have been in place for years without consistent enforcement, but the latest ordinance suggests "they really mean business," said Willy Lam, an adjunct professor at the Chinese University of Hong Kong's Center for China Studies.

    … outlets have recently published investigative stories on official corruption cases, and covered sensitive social issues from demonstrations to human rights. For instance, NetEase ran a feature in April after the party announced an investigation into a senior Hebei provincial official, Zhang Yue. The story was later removed from the internet.

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  44.    Sand Fire Burns 52 Square Miles, Destroys 18 Homes; 10,000 Residences Evacuated | KTLA

    The Sand Fire has destroyed 18 homes and left one person dead since it first broke out Friday afternoon near Highway 14 and Sand Canyon Road.

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  45.    Clinton's [Sanders'] costly college plan: Our view

    Know-nothing editorial on a know-nothing plan:

    The college plan, and other new spending programs, would be financed with an array of new taxes targeted at the wealthy.

    Politicians already have all the leverage they need to force universities to cut through bloat and hold the line on costs. They could make Pell Grants, Stafford loans and other forms of aid conditional on freezing or cutting tuition. Only when they've done that should they consider flooding more money into the system.

    That approach would finally break the cycle of ever increasing college costs. It would also show that Clinton is interested in solving a real-world problem, not just trying to entice Sanders voters with free stuff.

    Taxes are not necessary to pay for anything! They never have been. Money doesn't come from taxes. Taxes are on pre-existing money. Money comes from two sources: coins and credit creation. We don't need credit to create money, and money doesn't have to be in the form of coins.

    We don't need to fear inflation either. Education is part of sustainable productivity that returns more in GDP than it costs.

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  46.    Japan's "Helicopter Money" Play: Road to Hyperinflation or Cure for Debt Deflation? | WEB OF DEBT BLOG

    Nice job by Ellen Brown:

    Legislators steeped in flawed monetarist theory are more comfortable borrowing from banks that create the money on their books than creating it themselves. To satisfy these misinformed legislators and the bank lobbyists holding them in thrall, governments must borrow before they spend; but taxpayers balk at the growing debt and interest burden this borrowing entails. By borrowing from its own central bank with "non-marketable perpetual bonds with no maturity date," the government can satisfy the demands of all parties.

    Critics may disapprove of the helicopter money option, but the market evidently approves. Japanese shares shot up for four consecutive days after Abe announced his new fiscal stimulus program, in the strongest rally since February. As noted in a July 11th ZeroHedge editorial, Japan "has given the world a glimpse of not only how 'helicopter money' will look, but also the market's enthusiastic response, which needless to say is music to the ears of central bankers everywhere." If the Japanese trial balloon is successful, many more such experiments can be expected globally.

    I sure hope Japan does it because it will work! All they need to do is spend it on really productive projects, monitor inflation, and tax any excess out of the system. They must not be knee-jerk about it but wait for inflation to really run a while before taxing. That's because there is always a lag in sourcing and obtaining products and services for major projects. Now, if they plan ahead well enough, they won't even face such inflationary bottlenecks.

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  47.    10 Photo and Video Tips to Showcase Your Vacation Rental Property

    Good for all real estate, not just vacation rentals:

    When you list your vacation rental property on the various marketplace websites (Airbnb, HomeAway, FlipKey), you need to describe the property thoroughly using text, but also share several photos. Most of these marketplace websites also allow you to add video tours as well.

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  48.    Earth's Record Heat Sticks Around Despite El Nino's Departure

    … 2017 will likely be a bit cooler than 2016. When scientists look at long-term warming since pre-industrial times they don't look at one year….

    It will really shake things up if 2017 is even hotter than this year.

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  49.    Louisiana Man Gets 10 Years for Arson Fire That Destroyed 3 Homes

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  50.    One Thing Both Parties Want: Break Up the Banks Again – The New York Times

    Glass-Steagall would not hamper recovery but do the exact opposite. The big banks are not lending to the right people in the right way. They are too busy messing around with making money in non-banking.

    As for Warren's statement, it's taken out of context. Glass-Steagall not being repealed would have meant a different regulatory climate and spirit prevailing, which would have meant no crash. It was the "free market" nonsense that caused/allowed the crash.

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  51.    New-Home Sales in U.S. Jump to Highest Level Since February 2008 – Bloomberg

    Purchases of new U.S. single-family homes rose in June to the highest level in more than eight years, indicating a firm and resilient housing market.

    Not really. Sales to whom and for how much? That's all that matters.

    Nevertheless, we'll take what we can get.

    The gain reflected more purchases of homes valued between $400,000 and $500,000. Eighteen percent of the homes sold in June, the biggest share since September, were in that price range.

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  52.    The sky's the limit: FAA approves commercial drone use, real estate industry rejoices

    The FAA's new "Small Unmanned Aircraft (sUAS) Rule" lifts previous restrictions that required drone operators to have an FAA-issued pilot's license and a Section 333 waiver before flying a drone for commercial purposes, making it easier for real estate agents and other businesses to utilize drones.

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  53.    Properties to be sold for delinquent taxes

    Owners of 58 properties on the current sale list that have not paid the delinquent property tax, County Treasurer Beverly Calaway said. All delinquent taxes must be paid in full to remove the item from the public auction ….

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  54.    SOMETHING'S GOTTA GIVE: NEW BUILDINGS ARE TOO EXPENSIVE FOR THEIR TARGET AUDIENCE

    Across the country, developers have been racing to deliver new, highly amenitized urban apartment buildings aimed at the growing population of Millennials looking to rent.

    … "If they're not making $100k a year, they're not living in those apartments," Craig says. "They're living in 25- to 30-year-old, rent-controlled apartments."

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  55.    How Much Do Shady Financial Practices Cost You, Exactly?

    We can bring back Glass-Steagall and rein in shadow banking too.

    "In the past, we had strict regulations on banks by the New Deal coalition, but they fell apart in part because the bankers themselves were never happy with it. They did ok, but not so much better than, say manufacturers. They made respectable incomes, but not mega profits. So they pressed very hard to get rid of the restrictions, and they eventually got their way. By 1999, with the repeal of Glass-Steagall, it was a fait accompli."
    Financiers and bankers still have enormous political power through the revolving door and they've managed to poke enormous holes in Dodd-Frank. In Epstein's view, the next president has to make breaking up the biggest banks a priority if the wild horses of finance are to be corralled.

    The banks are too big to fail, too big to manage, too big to jail. Our results suggest that they use subsidized government funds in the form of bailouts to do risky, destructive speculative activities. That's the number one priority. Number two is to bring the shadow banking system, which includes like hedge funds and private equity funds, under strict regulation, which they aren't now. Number three is to make the regime of regulation of derivatives much stronger.

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  56.    SMU Study Links Oil, Gas Wastewater Disposal to Texas Quakes

    … disposal and fracking "plausibly" set off the earthquakes that caused minor damage in Dallas, Irving and Highland Park.

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  57.    Citizens Implements $1.8M Estimate Review Program for Florida Water Loss Claims

    … will examine whether claim invoices associated with water damage are reasonable and adhere to industry standards.

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  58.    Pittsburgh-area Woman Admits Setting House Fire then Defrauding Insurance Company | USAO-WDPA | Department of Justice

    The law provides for a maximum total sentence of 40 years in prison, a fine of $500,000, or both.

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  59.    The Council's Vacant Properties Group Keeps Canceling Its Meetings

    There are nearly 7,500 vacant or abandoned properties in Louisville spanning across each of the council's 26 districts, according to a March 2016 report from Develop Louisville. Such properties plague neighbors, and fines levied against the properties total more than $40 million.

    "Unless you live in an affected area and you have to drive by vacant properties every day, you may not fully digest how it's not only an aesthetic issue, a quality-of-life issue, but that it's also a public safety issue," she said.

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  60.    I worked on Wall Street. I am skeptical Hillary Clinton will rein it in | Chris Arnade | Opinion | The Guardian

    A must read:

    Chris Arnade:

    I owe almost my entire Wall Street career to the Clintons. I am not alone; most bankers owe their careers, and their wealth, to them. Over the last 25 years they — with the Clintons it is never just Bill or Hillary — implemented policies that placed Wall Street at the center of the Democratic economic agenda, turning it from a party against Wall Street to a party of Wall Street.

    That is why when I recently went to see Hillary Clinton campaign for president and speak about reforming Wall Street I was skeptical. What I heard hasn't changed that skepticism. The policies she offers are mid-course corrections. In the Clintons' world, Wall Street stays at the center, economically and politically. Given Wall Street's power and influence, that is a dangerous place to leave them.

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  61.    United Stag-Nations — the decayed decade for GDP per head — Prime Economics

    There are two indicators we can use for comparing trends in GDP per head. The first is simply to take real GDP (assessed in constant US dollars or in Euros), and the second is to look at GDP per head in purchasing power parity (PPP). I have taken both indicators, using data from the World Bank's "TheGlobalEconomy" website — the first in GDP per head in constant 2005 US dollars, and the second in PPP [1].

    In short, we have seen a sustained period of stagnation in this key indicator of economic well-being, in Europe but also across the Atlantic. Taken with the falls in real wages, we can see why so many are demonstrating discontent in the political arena.

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  62.    The Daily Shot; July 27 – Global Macro Currents

    1. We begin with the United States where house price inflation eased somewhat but remains above 5% per year. As discussed before, with wages growing at roughly half that rate, housing appreciation needs to slow further to be on a sustainable path.
    2. US new home sales rose to an 8-year high in June, materially beating consensus.
    New home sales growth was uneven, with a big spike occurring in the $400k-$500k price range.
    3. Shares of US homebuilders outperformed over the past couple of weeks on tight housing inventories (as discussed yesterday).

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  63.    FRB: Press Release–Federal Reserve issues FOMC statement–July 27, 2016

    They didn't change the rate but issued a highly cautious, slightly optimistic statement.

    Frankly, I think they are simply amazed, and have been all along, at how their efforts have not moved the economy off stagnation.

    Granted, I've said all along that the Fed's primary concern has always been saving the banksters. Only after doing that do jobs matter. Keeping inflation down still matters more than do jobs to them.

    They have it all backwards. Jobs are the most important, followed by keeping inflation below say 3 to 4%, and finally followed by saving not banksters but honest business people who happen to have fallen into the dreaded and inherently immoral business of lending at usury (interest; not high interest but interest period).

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  64.    The Lowdown on U.S. Core Inflation | iMFdirect – The IMF Blog

    I don't see this report as refuting that the Phillips Curve is damaged goods. It simply explains why the curve has been so flat.

    We knew that. We knew why. It's intuitive: obviously so.

    Anyway, thank you for the report. It's better spelled out.

    Using a disaggregated approach to forecast inflation reveals that the United States is likely to face challenges getting inflation back to the Fed's medium-term goal of 2 percent. Indeed, it would take the combination of a depreciation of the U.S. dollar, a continued decline in the unemployment rate (which is already quite low), a pick-up in house price inflation, and rising wages in the health sector (which has a large weight in core inflation) to generate inflation much above 2 percent ….

    That's if nothing else changes.

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  65.    The insurance sector and systemic risk | VOX, CEPR's Policy Portal

    … the systemic risk contribution of the life insurance sector has risen since the Global Crisis, as common exposures within the industry and to the rest of the economy have increased. Nevertheless, the sector's systemic importance remains below that of the banking sector. By contrast, the systemic risk contribution of the non-life insurance sector has generally not increased.

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  66.    Why Dropping the Trans-Pacific Partnership May Be a Bad Idea – The New York Times

    Eduardo Porter gets it wrong.

    The counterfactuals cited are only alleged counterfactuals. They are not necessarily the real counterfactuals.

    If the US had held out for higher standards, nobody is able to say that things would be worse now. My view is that they would be better and better globally.

    Higher standards simply should have been the price to join. As for who would have been able to afford those higher standards in undeveloped nations, well, that's were foreign direct investment could still have come into play, that is if those nations weren't willing or able to create their own money (but they could have done that had the bankers not hidden that fact from them).

    As for the rest of the TPP concerning standards, I don't care about any of that if the horrendously bad arbitration method remains in the agreement.

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  67.    Climate-Warming Airliner Pollution Targeted by EPA

    "People should not have to choose between mobility and a healthy climate," said Marcie Keever, legal director for the environmental group Friends of the Earth.

    And then there're these: noise pollution and hazy skies!

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  68.    West Virginia Offering Millions in Minigrants to Flood-Damaged Businesses

    Gov. Earl Ray Tomblin announced Monday that grants up to $10,000 will be awarded to small businesses ….

    Those are grants, not loans. That's good.

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  69.    Olin woman charged in insurance fraud scheme involving arson | The Gazette

    Beth Galloway, 41, of Olin, on Monday was charged with one count of mail fraud in U.S. District Court. She is accused of participating with James Plower, 51, of Olin, who admitted to burning down his house in Martelle in 2013 in order to collect $150,000 in insurance money. He was convicted of mail fraud and use of fire to commit a felony last year and is serving 13 years in federal prison. He also was ordered to pay more than $152,000 in restitution to the insurance company.

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