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Sellers Have Started To Panic A Little

A report from Fortune Magazine. “Zillow has temporarily stopped its home buying operations in 24 states due to the outbreak. ‘Given the concerns for public safety and rapid developments by governments that restrict local real estate activities, we determined it was prudent to pause our home buying to preserve our capital,’ said Zillow Group CEO and co-founder Rich Barton. The company put a stop to open houses last week in all markets—and says it had already slowed its pace of acquiring homes over the past month. It currently has an inventory of approximately 1,860 homes, it says, down from 2,707 at the beginning of the year.”

From Fox 10 in Arizona. “It’s uncharted territory for the U.S. housing market as the pandemic changed how business is done. Usually, Airbnb rentals are being used in the valley but with reservations being canceled, realtor Julie Tate says these properties could just go up for sale. ‘Were gonna see more and more of these vacation rentals coming up on the market …,’ said Tate.”

“Overall, Tate believes the average buyer can start to compete and not worry about being blocked by investors if there is more inventory. But how home values are impacted is yet to be seen. ‘We were a seller’s market, I’m not sure it’s gonna stay that way. This is unknown territory for us, we haven’t been down this road and we really don’t know what to expect,’ Tate said.”

From Seattle PI in Washington. “According to local real estate agents and experts, people are still buying and selling houses in what continues to be a strong housing market in the Seattle area. ‘It does appear at this time that it is, while perhaps not quite business as usual, but we’re not in any kind of a crisis or any kind of a downturn yet,’ said John Manning, Managing Broker of RE/MAX On Market. ‘I get the sense that some people are hoping that they’ll get a bargain — but there’s definitely still enough buyers in the market that we think that there won’t be an undue disruption at this point of time.'”

“For sellers, he said, there’s some different dynamics at play. He said agents are working closely with sellers to have realistic expectations. Sellers have started to panic a little, he said, as buyers have become aggressive about negotiating. ‘We’re working with our sellers to really be pragmatic about what can happen,’ he said.”

From Inside Nova in Virginia. “Local Realtors have experienced various effects, with more maybe to come, on the real-estate market from the COVID-19 virus situation. Natalie Roy, Keller Williams: ‘It is affecting the market. I have had two situations where buyers have backed out of deals, one because of the travel ban because they live in the Netherlands.’ Dean Yeonas, Yeonas and Shafran Real Estate: ‘Nobody is untouched by this. I’ve had two contracts back out because of concerns about the buyers’ job uncertainty. Traffic is low at open houses. The uncertainty in the air is the biggest issue.'”

“Casey Samson, Samson Properties: ‘The local market has made a slight correction due to the coronavirus. However, it was so strong, even with the correction, homes are still selling first weekend. In our market, February 2020 contracts were up 20 percent over 2019, but the first two weeks of March, we were down nine percent from 2019. Our main adjustment for everyone’s safety is to cancel open houses, which has had little effect on sales. The buyer pipeline is growing due to anticipated lower [interest] rates. This is definitely going to have a wide-ranging negative effect on everyone, but we will have to see if the strength and demand of the local real-estate market can withstand it. Stay tuned, because this looks to be a marathon, not a sprint.'”

The Orange County Register in California. “The California Association of Realtors told its members Friday to stop all face-to-face sales activities including showings, listing appointments, open houses and property inspections due to coronavirus concerns. This order is another blow to the suddenly troubled housing market. The buying pace that recovered in 2019’s second half looks to be short-lived. Massive layoffs are projected for many industries following numerous virus-related limitations. The bleak employment picture likely will cut the number of qualified house hunters and scare off potential buyers.”

From Forbes. “‘Where are we in the real estate cycle?’ This is the No. 1 question I am asked by family offices when it comes to real estate investing. Unfortunately, as an industry, we don’t tend to learn from our past mistakes. We went into a recession because there was excess supply from overbuilding. Why? The rates were low, and lenders kept lending to developers who kept building because that is how they make their money, and they didn’t think it would ever end. After all, properties were selling at record highs. Also, lenders had loosened lending guidelines to the point where people started to overleverage (hold too much debt). People traded properties at record highs, and everyone wanted to get into the real estate game. Well, guess what happened then.”

“We went into recession. In a recession, we have record inventory. And because of that, rents in multifamily, for example, start to go down in value because there have been so many multifamily properties built, and so many multifamily properties are coming to the market. Class A (luxury) properties start to lower their rents, which affects class B properties’ rent prices. These decreases in rents decrease the value of the properties. Lenders and banks start to see defaults because many of the owners of these new and existing multifamily properties can’t make the payments on their loans because they are overleveraged, and with the decrease in rents, they have problems with cash flow.”

From Rochester Magazine in New York. “In the business ecosystem of Rochester, a once infrequent visitor has become a regular: Cranes, standing over the skyline, are pulling new buildings up from nothing. In the last five years, it seems cranes are more common than crows in the heart of the city. Since 2015, a significant amount of this new construction has focused on large, multifamily apartment buildings, and it has continued at a pace unlike anything Rochester has seen before.”

“After five years of sustained, fast-paced building in the multifamily housing market, Rochester and its many onlookers are beginning to wonder: How long can the apartment building boom continue? Suddenly, in 2015, new multifamily building permits shot back up to 33 new permits issued. The planned projects included an astounding 1,156 new units and projects valued at more than $142 million. The frantic pace of apartment and multifamily building that started in 2015 has continued, with the five-year period from 2015-2019 representing an all-time high in terms of new units and the valuation of new projects.”

“Nick Pompeian has been involved in real estate in Rochester for years through Realty Growth Inc. and family holdings. ‘I remember maybe four years ago, once the whole DMC thing really took off, there started to be … we’re not talking just local interest, we’re talking international interest. It was very exciting,’ Nick Pompeian says.”

“The influx of market-rate units to Rochester’s apartment stock has some in the industry feeling that a modest slowdown in building might be on the way. ‘I think it’ll be interesting to see how the market absorbs everything,’ Pompeian says. ‘I do think that we will begin to see a little bit of a slowdown. Probably not an absolute halt—I don’t see that happening—but I do see maybe not as much happening in regards to the apartments.'”

The Gothic Times in New Jersey. “NJCU’s West Campus development continues to grow as new buildings appear on the 21-acre site. The first building constructed was the West Campus Village dorm in 2016. Since then, new luxury apartment buildings were built. However, there are questions about who will benefit from this project, how it’s being funded, and where the money will go.”

“Creating income streams from non-academic sources like real estate development seems to be a trend with several New Jersey colleges due to shrinking state aid for public schools. Montclair University was the first New Jersey college to use a P3, forming a 40-year lease agreement with Provident Resources Group to build a dormitory worth $211 million through tax-exempt bonds. Montclair will own the dormitory once the bonds are paid or the 40-year lease agreement is over.”

“The first luxury building to open was Rivet I (Block 3). The apartment building has been open since 2019The average rental rate is about $2,000. According to a May 2019 presentation given at an NJCU town hall meeting, Rivet is expected to bring the university $209,000 annually. However, the university will not receive money until 2022. In an email interview with Chief Operating Officer Aaron Aska, he said, the $1.4 million ‘income will be earned between FY22 – FY26.'”

“As a follow-up, The Gothic Times asked Aaron Aska to explain why there is a delay in income given that some of the apartment buildings are already open. At press time, the Gothic Times did not receive a response.”

“In a phone interview with President Sue Henderson in early March, she said there is a delay in the money coming in based on the contract with the developers. Henderson said: ‘The way that it is written you give them a year to fill the apartments and if they don’t fill them, the developers will still have to pay. It’s standard policy.'”

The Idaho Press. “Nearly 3,000 new housing units have been built in the city of Boise since the beginning of 2018, surpassing the city’s goal for its affordable housing strategy. According to an internal memo obtained by a records request, 1,461 new housing units were built in Boise during 2019 after 1,402 were constructed in 2018. This is well over the city’s goal for 1,000 new housing units built in the city every year in order to keep up with demand from the Treasure Valley’s booming population.”

“‘I haven’t seen a lot of pricing data, but every piece of pricing data I’ve seen has said housing prices and rents are increasing, but we’re hoping at some point the excess supply is going to lower rents and could somehow at least reduce the percentage increase on single family (homes),’ said Mark Lavin, Boise’s director of planning and development services.”

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This Post Has 153 Comments

  1. ‘Montclair University was the first New Jersey college to use a P3’

    These are the student housing set-ups that have been blowing up.

  2. ‘‘The local market has made a slight correction due to the coronavirus…this is definitely going to have a wide-ranging negative effect on everyone’

    Eat yer crowz taxpayer.

  3. ‘This order is another blow to the suddenly troubled housing market. The buying pace that recovered in 2019’s second half looks to be short-lived. Massive layoffs are projected… The bleak employment picture likely will cut the number of qualified house hunters and scare off potential buyers’

    Eat yer crowz Thornberg.

  4. They aren’t going to bail out the rich and keep asset prices inflated again are they?

    Is it too much for potential stock investors to ask of richer and older sellers to get an S&P 500 dividend yield of 3.0% (including the dividend cuts that are happening) when the historic average is over 4.0%?

    Is it too much for possible homebuyers to ask older home sellers to pay no more than three times their state incomes in price, and no more than 25 percent of their stable incomes for mortgage payments — the situation when many older home buyers bought — often with only one spouse in the labor force?

    We’ve had decades of upward income redistribution on a grand scale. It might help if there were some decision makers under the age of 70 who actually thought for themselves.

    1. “It might help if there were some decision makers under the age of 70 who actually thought for themselves.”

      The decision makers get their orders from the deep state.

    2. some decision makers under the age of 70

      Well gosh, there are! I’m under 70. I decided not to pay more for a house than what was in my checking account. I decided to invest in things other than the overpriced stock market! Maybe other deciders need a better education. Some of them might be getting one now.

  5. ‘I haven’t seen a lot of pricing data, but every piece of pricing data I’ve seen has said housing prices and rents are increasing, but we’re hoping at some point the excess supply is going to lower rents and could somehow at least reduce the percentage increase on single family’

    Shortage, shortage, GLUT!

  6. ‘we determined it was prudent to pause our home buying to preserve our capital’

    Wa? But making money is irrelevant Rich! Where’s your vision? You gotta keep losing many millions every month flipping shacks or some people are going to think you were bonkers all along.

    1. A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.

      ― Mark Twain

    1. Gold is rising because the smart money is figuring out that one day the proles will look at the Federal Reserve Notes in their wallets and have a dawning realization that they have less value than toilet paper.

    1. “The ‘end of restaurants’ title is semi-clickbait; I don’t think restaurants as an industry are going to disappear. But given the narrow profit margins of a typical restaurant, I do think the industry will be severely changed after this pandemic abates.”

      There was a restaurant bubble based on cheap labor, cheap real estate (as retail sank), cheap financing, and customers running up credit cards.

      The commercial real estate industry is begging for a bailout. These are the folks who forsake Mom & Pop for national chains because they were “credit tenants.” To heck with that.

      I hope in the end there will be enough locally owned restaurants for singles and couples to eat out once a week, and families once a month. More than that is absurd.

      1. And a lighter wallet after you pay the check.

        I don’t go out that much anymore (actually not at all since the Governor closed all the restaurants and bars) but when I do I find myself disappointed more often than not, especially considering that I can have a filet mignon dinner at home for the price of a burger at Red Robin.

    3. “We’re gonna have a shutdown in the housing market because people aren’t out there seeing the houses, and also because generally economic activity is contracting in almost every sector of the economy,” said Tendai Kapfidze, chief economist at LendingTree.’

      ‘In the meantime, said Kapfidze, the government should extend lines of credit to lenders, so they can, in turn, grant relief to homeowners unable to make mortgage payments. As of March 23, the U.S. government has granted a moratorium on federally-backed mortgages, and banks such as Bank of America, Capital One, JPMorgan Chase, Goldman Sachs, TD Bank, Wells Fargo and others are offering mortgage payment relief — but currently there is not a total national pause on mortgage payments. “For a lot of people, their housing costs are the highest cost that they face each month… by putting this moratorium on mortgages, you help out a lot of people who are having interruptions in their stream of income… And the way that would work is to protect the financial markets, you still want those payments to flow to investors,” said Kapfidze.’

      ‘Despite a pause in the housing market, homes and other real estate assets will likely retain their value compared to stocks and other invisible assets, he said, adding that the value of illiquid assets is safer than those of liquid assets. “Home prices I think are just kinda gonna get frozen into place. And then once the public health crisis is over, the housing market can kind of restart,” said Kapfidze.’

      https://finance.yahoo.com/news/economist-were-gonna-have-a-shutdown-in-the-housing-market-154833204.html

      ‘the value of illiquid assets is safer than those of liquid assets’

      ‘Home prices I think are just kinda gonna get frozen into place’

      Tendai is a comedian!

      1. ‘the government should extend lines of credit to lenders, so they can, in turn, grant relief to homeowners unable to make mortgage payments’

        Give you money so you don’t have to cover the loans you threw around? A big F-you Tendai!

        1. My property taxes climbed swiftly during bubble #1, and they descended to lower than when I purchased, albeit slowly. They’ve been climbing again making a hearty leap this year due to K-12 bonds for upgrades. Our roads are awful the past few years, so they’re spending our gasoline taxes on something else, somewhere else.

          1. I’m now seeing spam calls spoofing (I assume) their numbers to area codes+exchange of some number that I’ve called a month or two ago, but otherwise have no connection to.

          2. spoofing (I assume) their numbers to area codes+exchange of some number that I’ve called a month or two ago

            Ruh roh…so now they have access to our call records?

          3. About a third I get are my exchange, which isn’t actually local. Another third are the area code of the HQ of my former employer. Coincidence?

          4. Coincidence?

            I bet they know enough to associate your old work number with your current cell number.

  9. Were gonna see more and more of these vacation rentals coming up on the market …,’ said Tate.”

    Initially, I thought, ‘Great! A buying opportunity!’. Then I remembered you’ll have to compete with bailed out Wall Street corporate welfare pimps flush with bail out cash if you want to buy one of these things.

    1. You won’t even be competing with them. The mass foreclosures during the last meltdown were bundled in groups of thousands of houses and sold off to the likes of Blackstone, etc. for pennies on the dollar, literally.

      2. ‘for pennies on the dollar, literally’

        No they weren’t. I was following NPL loan sales back then and they were a rip off, which rarely sold. They would throw out a group of maybe a hundred shacks, located in multiple states giving you almost no way to even look at them before the auction. They’d be 100 years old, that sort of junk.

        You said this earlier:

        ‘It takes a bigger pair to not be a partisan and go against the grain than it does to join little pow-pows. Wake up’

        You have joined the little pow-wow that big ol’ mean wall street wins every time, resistance is useless, no point in trying. You know what that is? An excuse to not act. I’ve seen it for years in posters here.

          1. Ben Franklin said 6 months after the revolution that so many falsehoods had been written that future generations would never know what really happened, and it’s the case with the housing bubble. A casual recall of the time was that Blackstone, and other “institutional” buyers, were buying one by one – and overpaying! They were outbidding everybody, not getting some secret sly deal from the guberment. That was only big news for years.

            Remember the institutional buyer that paid $25k over asking on an REO in Florida, and they were the only bidder? The guys in the Inland Empire that paid over asking because they owned 5 shacks nearby?

        2. “resistance is useless, no point in trying.”

          After watching what happened to Occupy Wall Street, it’s easy to see how people are discouraged from acting.

          2. Occupy wall street only ended because of a freak Halloween snow storm, then Blommberg got everyone to move out of the park with police help.

        3. That reply was to Mafia Blocks who told me to “grow a pair” because of my comment that I’m “in the middle.”

          The “pow-wows” I’m talking about are these partisan political groupies who bicker every day with people who don’t agree with and adhere to their ways of thinking. They’re the lunatic fringe – Hwy on the left, Jeff on the right. I don’t subscribe to it.

          Your assessment of me is completely off. I don’t have any excuses in life, and I always act. I’ve done pretty well for myself, and I picked up a foreclosure in 2012 for $24,000 cash, Bargain and Sale Deed. It had been on the bank’s books since 2007. The borrower had defaulted on the $137,000 loan.

          1. well…. Housing prices are falling.

            Vancouver, WA Housing Prices Crater 19% YOY As Vancouver, BC And Seattle Housing Markets Meltdown Under Weight Of Toxic Mortgages

            https://www.zillow.com/vancouver-wa-98684/home-values/

            *Select price from dropdown menu on first chart

            As a noted economist stated so eloquently, “A house is a rapidly depreciating asset that empties your wallet it every day you own it.”

          2. “grow a pair”

            How come no one ever tells a woman to “grow a pair” ?

            Or that would be a set right, and that would be sexist wouldn’t it?

            OK, never mind, carry on.

          3. That reply was to Mafia Blocks

            Why haven’t you blocked him with the Joshua Tree Extension? I have a few other posters blocked and it’s interesting to see how the uselessness of their posts is in direct proportion to their frequency.

          5. ‘I picked up a foreclosure in 2012’

            Yeah, and I danced with 3 different girls at a sock hop in high school, but you are still all wet on how the institutional buyers got their shacks.

          7. How come no one ever tells a woman to “grow a pair” ?

            They don’t need them. They have yours. Every woman knows this. 🙂

          8. Yeah, and I danced with 3 different girls at a sock hop in high school, but you are still all wet on how the institutional buyers got their shacks.

            Here’s a copy of the purchase and sale agreement. In private I’d be happy to share all the details. I have no reason to lie. I also tried to buy the adjacent bank-owned property but they caught a second bid and I wasn’t willing to pay what he did.

            https://imgur.com/a/gxfuNbh

          9. I’m not doubting you, and I really did dance with 3 different girls in 1 night. (Man I was too sexy for my shirt that night!) I just thought as long as we were regaling readers with ancient history, I’d throw one in. I think I was a freshman, after that year I was too cool for sock hops in the gym.

    2. The Times has a big article on how Wall Street bought up all the single family homes, turning would be home buyers into renters and getting all the benefit when prices rebounded by jacking up rents.

      https://www.nytimes.com/2020/03/04/magazine/wall-street-landlords.html?ref=oembed

      “Hundreds of thousands of single-family homes are now in the hands of giant companies — squeezing renters for revenue and putting the American dream even further out of reach.”

      That was true then. Will the renters be able to squeeze back now, or will the giant companies be bailed out?

      1. ‘Hundreds of thousands of single-family homes are now in the hands of giant companies — squeezing renters for revenue and putting the American dream even further out of reach’

        I don’t think it added up to much more than a couple hundred thousand shacks. That’s not material in the US. Where is the NYT on Mel Watt’s big subprime push? Why were people lining up for open houses all over the country? The average Joe’s greed is more responsible for the cattle call.

        This is narrative building. A telling sign is using words like ‘squeezing renters…putting the American dream even further out of reach.’ What ever, look at the dreamers scramble for loan moratoriums now.

  10. Bothell, WA Housing Prices Crater 11% YOY As Vancouver, BC And Seattle Housing Markets Post Double Digit Price Declines In 2018 And 2019

    https://www.zillow.com/bothell-wa/home-values/

    *Select price from dropdown menu on first chart

    As one broker conceded, “Everyone in our business lawyered up due to all the mortgage and appraisal fraud.”

  11. Seems like a good time to own physical.

    The Financial Times
    Gold
    Gold bars in short supply due to coronavirus disruption
    Retail investors buy up bars and coins to protect money during market rout
    FILE PHOTO: Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. REUTERS/Neil Hall/File Photo
    © Reuters
    Henry Sanderson in London 2 hours ago

    Traders have reported a growing global shortage of gold bars, as the coronavirus outbreak both disrupts supply and stokes demand, with one business comparing the frenzied buying of the yellow metal with the consumer rush for toilet roll.

    Retail investors in Europe and the US have bought up gold and silver bars and coins over the past two weeks in an effort to protect their money from the collapse in global stock prices and many currencies.

    But Europe’s largest gold refineries have struggled to keep up because of the region’s widening shutdown. Valcambi, Pamp and Argor-Heraeus are all based in the Swiss region of Ticino, near the border with Italy. Local authorities announced in recent days that production in the area was to be temporarily halted.

    The gold price hit a seven-year high on March 9 of more than $1,700 a troy ounce as the deepening economic impact of the coronavirus outbreak sent investors scurrying for haven assets. But gold has since been swept up in the selling frenzy, with some investors needing to offload their holdings to free up cash, pushing the price down to about $1,530 on Monday afternoon.

    Most of the selling has been in gold futures or exchange traded funds backed by the metal. During the same period, retail demand for physical gold bars has surged.
    …

    1. Up, up and away…

      Is the Fed backstopping gold now, too?

      Gold gains more than $80 an ounce to mark largest daily dollar climb on record
      Published: March 23, 2020 at 1:55 p.m. ET
      By Myra P. Saefong

      Gold futures rallied on Monday, sending prices up by more than $80 an ounce, or 5.6%. That marked the biggest daily dollar climb for the most-active contact, based on records dating back to 1984, and largest one-day percentage rise since March 2009, according to Dow Jones Market Data. Weakness in the dollar, which dropped in the wake of the Federal Reserve’s decision to purchase an unlimited amount of Treasurys and securities to support the financial market, provided a boost for the precious metal. April gold (GCJ20, 5.234%) rose $83, or 5.6%, to settle at $1,567.60 an ounce.
      …

  12. Buy what the Fed buys.

    Fed to buy as much government debt as needed to aid economy
    By CHRISTOPHER RUGABER Associated Press 2 hrs ago
    FILE – In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. The Federal Reserve says it will buy short-term loans from banks and companies to support the flow of credit as the economy grinds to a halt amid the viral outbreak. The Fed is reviving a program that it first used during the 2008 financial crisis to unclog a short-term lending market for what is known as “commercial paper.” (AP Photo/Jacquelyn Martin, File)
    Jacquelyn Martin

    WASHINGTON — In its boldest effort to protect the U.S. economy from the coronavirus, the Federal Reserve says it will buy as much government debt as it deems necessary and will also begin lending to small and large businesses and local governments to help them weather the crisis.

    The Fed’s announcement Monday removes any dollar limits from its plans to support the flow of credit through an economy that has been ravaged by the viral outbreak. The central bank’s all-out effort has now gone beyond even the extraordinary drive it made to rescue the economy from the 2008 financial crisis.

    “The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the Fed said in a statement. “Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus. While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.”

    Financial markets sharply reversed themselves after the announcement but then fell back again after the market opened. By mid-morning, the Dow Jones Industrial Average was down about 1.5%. The yield on the 10-year Treasury bond fell, a sign that more investors are willing to purchase the securities.
    …

      1. The problem with this structural tower of debt is that there is no redundancy, e.g., remove one member, and it collapses.

      2. When you talk about bail outs, you talk about those jerks in Washington DC picking the winners and losers.

        I would like prices to track with wages and that includes housing, medical care, college, and any other fake pricing. If it means the price of my house goes down, so be it.

        Since this is maybe a medical emergency, maybe short term relief is warranted, like you would apply in a hurricane. But you can’t make up for all the poor. choices people have been making for years now.

        1. It was only a year ago that the media was posting sob stories government workers needing food stamps during the government shutdown. Ah, those were the days…

        2. And the situation imposed on them.

          https://www.wsj.com/articles/families-go-deep-in-debt-to-stay-in-the-middle-class-11564673734

          “Unadjusted for inflation, home prices rose 188% from 1987 to 2017, average tuition at public four-year colleges rose 549% and health-care expenditures rose 276% from 1990 to 2017. An earlier version of this article and an accompanying chart, based on incorrect inflation-adjusted data provided by Adam Levitin, a Georgetown Law professor, said home prices rose 290%, tuition rose 311% and health-care expenses rose 51%…Meanwhile, household income from 1987 to 2017, not adjusted for inflation, rose 135%.”

          We won’t even talk about stock prices, the bubble in which depressed future returns for later-born generations of savers.

          This whole thing could unravel. They are determined to stop it.

  13. Own a $helter.$hack.home.moaner.loan?

    $imply a$k for 12 month$ of free.rent! (Tell them you member of “Thee.UNLIMITED” club!

    Per$onal Finance / Real E$tate

    Fannie Mae, Freddie Mac in$truct $ervicers to offer 12-month moratorium$ on mortgage payment$ if borrower$ $uffer hard$hip

    MarketWatch / Published: March 21, 2020
    By Jacob Passy

    Consumer$ can get relief from payment$ and fee$ during the public-health cri$is — but they will likely need to ask first

    Freddie Mac and Fannie Mae have also said they would provide forbearance options to borrowers who were affected by the pandemic. Forbearance allows mortgage payments to be suspended for up to 12 months because of economic hardship that was caused by the coronavirus outbreak.

    1. How are the GSEs going to provide this kind of largesse when they are leveraged 500:1 on their loans. They must be counting on another bail out.

  15. Anyone notice that Israel hasn’t been in the news lately? Wonder if they’ll get their N95 masks and Ventilator machines, first?

    1. The latest update on the Hopkins tracker shows a 5000+ jump in US cases. I guess testing has finally arrived as promised.

    2. “…Anyone notice that Israel hasn’t been in the news lately?..”

      Ditto for North Korea. Even with sealed off borders, is it possible to *really* control a virus at the border?

      They certainly don’t have the medical technology.

    1. The FED’s role needs to be shrunken, not increased. The other day I was listening to a podcast of Chris Martenson, from Peak Prosperity, and it was either he or one of his guests who was pointing out that the FED is essentially drunk on their own power and image.

    2. And the ‘buyer of last resort’ as well.

      Lend from left hand, buy from right hand….How does that work?

  17. Oh my, they’$ want it delivered in ca$h!!!

    (Eye’d like cash too, but alas no ca$h for Hwy)

    REAL E$TATE

    Potential wave of mortgage delinquencie$ could bankrupt the payment $ystem

    CNBC / PUBLISHED MON, MAR 23 2020 / By Diane Olick

    KEY POINT$:

    The Mortgage Banker$ A$$ociation estimate$ that if about a quarter of all borrower% reque$t and are granted loan forbearance for six months or longer, demands on servicers could exceed $75 billion and could climb well above $100 billion.

    That would easily bankrupt the mortgage finance system.

    The MBA sent a letter late Sunday to Federal Reserve Chairman Jerome Powell and Trea$ury $ecretary $teven Mnuchin, a$king for ca%h to $upport mortgage servicer$.

    While mortgage servicers were under pressure during the subprime mortgage crisis, and several did go out of business, the losses came over a much longer period of time. The effect of COVID-19 will be swift on borrowers. With millions losing jobs and income, the mortgage delinquency numbers will likely spike in April and get worse in May.

    The federal government is working on a plan to send cash to consumers, but it is up to the consumers as to how they spend it. A family is more likely to use the money for food and other physical necessities than they are for the monthly mortgage payment, especially when they are being offered a delayed payment plan.

    1. “…but it is up to the consumers as to how they spend it…”

      A big problem is the government assumes that there is a rational mind on the other end of the cash handout.

      Remember that between 40-60% of all households (depending on which stats you use) have less than $1K cash available for emergencies.

      Wouldn’t be too much of a stretch to imagine that a large fraction of all this free cheese will be wasted… (TV news yesterday noted that the pot shops here in SoCal are doing very well.)

      Sometimes I really wonder if (as a society) if we are going to make it.

      1. It is in doubt at this point. Every move the master planners make to “fix” the fragility only make it more so. 3rd crash in 2 decades and I maintain we never really corrected our behavior properly after the first one. A society gone manic.

        1. “… A society gone manic…”

          A bigger threat than any virus floating around out there, IMO.

      2. Wouldn’t be too much of a stretch to imagine that a large fraction of all this free cheese will be wasted…

        Still beats what the bankers will do with it if we give it to them first…

      3. TV news yesterday noted that the pot shops here in SoCal are doing very well

        City of Denver going into lock down. Liquor and pot shops to close. I guess the ones in the suburbs will do brisk business until the Governor makes the lock down statewide.

        1. I’m working at the airport this week, heard this on the radio driving out of there. Will find out tomorrow if our work there is essential or not. We also have a contract to swap out transformers at Denver Public Schools this summer, if the schools are already closed, no reason not to start this project sooner.

          1. Yes, this is a great window for infrastructure work at schools. I have a bunch of E-Rate projects ready to kick off and it seems the hardware is mostly in the country already so “why not”? If the kiddies have to go back for an extended school year they’ll at least get some decent wireless infrastructure to use. Some of the schools I’ve seen are limping along on craptastic home-gamer WiFi APs…

  18. The Forbes article is complete BS written by a REIC Shill. Probably eating ramen noddles to survive.

    First of all, is this an article or an ad?
    “DJ Van KeurenForbes Councils Member
    Forbes Real Estate Council COUNCIL POST| Paid Program”

    Who is DJ?

    “VP for Monfort Family Office | Top 10 Family Office RE Professional | Top 30 Family Office RE Investor | Harvard Graduate.”

    Hey DJ, how are those investment offices doing?

    “Historically, the real estate market runs in 18.5-year cycles, and this holds when you examine as far back as 250 years in Australia, the U.S. and the U.K. If you consider that America came out of our last recession in 2012, that should mean that we again see an economic recession around 2029.”

    Do you know what “average” means? Also the recession ended in 2009, not 2012.

    “As we come out of a little downturn (and when I say downturn, I mean slight pullback), the next part of the cycle will start to take off again very soon, and we will experience more significant growth in real estate than we have since 2012. That means we will go into a recession around 2029 or 2030. Because of that, there are three critical things you should take into consideration:

    1. Things are about to take off, so don’t sit on the sidelines. In fact, with the little pullback, you may be able to get somewhat of a better price today than if you wait.

    2. Look to go into a cash position around the end of 2028, or make sure any investments you have can weather the upcoming storm. Be sure to check your debt levels and occupancy levels, and make sure you can cash flow through the recession. If you do that and you can get through the downturn, it won’t matter if your property value goes to zero as long as you are cash flowing.

    3. Be prepared to take advantage of buying excellent properties at a discount when the recession hits. Don’t be afraid, and remember this advice: The time will come, and the opportunity will present itself to create real wealth in real estate.”

    DJ, if you have a crystal ball that can predict every recession, you’ll be a zillionaire by now.

    Point (1) – from any “expert” in REIC, Now is the best time to buy!!!

    Point (2) – “it won’t matter if your property value goes to zero as long as you are cash flowing” WTF!!!!! I’m pretty sure it matters to me! Wouldn’t the cash flow be better if you paid $0? Also who on earth on will paying rent when they can buy the property for $0?

    Point (3) – So now is the best time to buy but later is the best time to buy too. You can’t lose! You only lose if you don’t buy!

    1. It’s possible that we could continue on our debt cycle upwards for another ten years. Don’t you think, though, that we could see very high inflation starting next year, or the end of the year? And that could throw things off kilter even more.

      1. This covid-19 might well thin the herd of sickly “olds” with expensive complications. Could even nudge Medicare and Social Security projections into the green. Italy is now ignoring those 60 and older!

        1. Italy is now ignoring those 60 and older!

          Best to get it early or late. Get it on the hump and your odds are not good.

  19. Duterte is going all Czar Putain!

    Do as eye say, or $uffer.my.power$! … ($ad)

    Philippine pre$ident $eeks power$ over firm$, supplie$, fund$ to avert cri$i$

    By Martin Petty and Neil Jerome Morales
    Reuters / March 22, 2020

    Duterte’s bill seen by Reuters seeks a “unified national policy” that would, if required, allow the government to temporarily take control of private utilitie$, telecom$ and tran%port operator$ or busine$$es in the public intere$t, and force hotel$, venue$ and rental propertie% to accommodate medical workers or quarantine facilities.

    It could also control road$, price$, supplie$ and di$tribution of power, fuel and goods like food, water, cleaning products, clothing and medical supplies, imported or made domestically.

    It would also grant the trea$ury the ability to take back departmental fund$ to $pend on critical or e$$ential $ervices.

    Duterte’s has a $upermajority in both chambers, so the bill is expected to pass, although the opposition is concerned about the %cope of the power$ and potential for abu$e.

    The government is playing down the extent of the powers that Duterte would have, wary of public unease over emergency decrees and draconian measures dating back to the 1970s, under the late dictator Ferdinand Marcos.

  20. “The more you eat, the more you … shate.” Woody G.

    Arizona, do you know where your toilet paper comes from?

    HELENA WEGNER | ARIZONA REPUBLIC | March 22, 2020

    Arizonans are seeing shelves emptied of tissue paper products as COVID-19 spreads to all 50 states and panic buying continues. But people shouldn’t worry about the supply ultimately running out — the companies that manufacture toilet paper say they are doing so at a normal to high capacity.

    Arizona stores get popular toilet paper brands like Charmin, Angel Soft, Quilted Northern, Scott and Cottonelle from different manufacturers across the country.

    “This situation is highly dynamic and changing daily, and the industry is working diligently to respond to the spike in demand for tissue products due to coronavirus purchases,” said Heidi Brock, president and CEO of the American Forest and Paper Association, in a released statement.

    “Rest assured, tissue products continue to be produced and shipped — just as they are 52 weeks each year as part of a global market.”

    So, where does your toilet paper come from? It’s likely from one of these companies:

    Georgia-Pacific
    The Atlanta-based company is behind Angel Soft and Quilted Northern brands and owned by Koch Industrie$. The company says it’s manufacturing toilet paper without interruption.

    Those who are panic-buying toilet paper have caused orders to significantly rise. “These increases have been as high as two times our normal demand,” Fernando Gonzalez, president of Georgia-Pacific’s consumer business

    2. “The company says it’s manufacturing toilet paper without interruption.”

      I took that to mean that they’ve stopped putting the sheet perforations in the rolls. I guess that’d speed production…

      1. they’ve stopped putting the sheet perforations

        I doubt that very much. The paper machine produces rolls 10 ft long. That is Converted to small rolls in a separate operation which unwinds the parent roll slicing it into smaller ribbons and winding them up on the little cardboard tubes. The perforations are put in at the same time. Skipping the perforations would not speed things up at all.

        My first job out of school was at the Charmin mill in PA.

  21. The Tokyo Olympics has been postponed, probably until next year.

    I wonder why they haven’t already died off. I remember as a kid that everyone’s eyes were glued to the TV when the games were on. Now I find them boring and don’t bother watching, and I doubt that the younger demographic, the one advertisers care so much about, watches it at all.

    1. “…younger demographic, the one advertisers care so much about, watches it at all…”

      With some bit of exaggeration, (but not much), I can’t remember seeing kids either at the shopping center or walking home from school not staring at their smart phones.

      The Olympics still have appeal to those interested in specialty sports (ie. archery, crew, etc)… Otherwise, nobody cares anymore.

      I am amazed that the are still around, given the incredible costs.

      1. I am amazed that the are still around, given the incredible costs.

        I think that once upon a time, they were a tourist draw. The well to do would travel to the host city, pay top dollar for airfare, overpay for the hotel and restaurants, and catch a few events. It was cool to say you went to see the Olympics. Also, the expectations were lower. Cities used to be able to host the games without bankrupting themselves. I saw some of the venues that were built for the 1968 games in Mexico City. They were spartan by today’s standards.

        Now you hear how they give tickets away to schools so the venues don’t look empty.

    1. Your betters of the HBB say that you’re not allowed to post these kind of posts anymore. Listen to your betters. The reason they’re betters is because their better than you.

      Regards,
      Management

    1. No way the MIC and financial oligarchy is going to let it say that low. I bought more USO today.

    1. That gives me a chuckle, too. I have been expecting some type of crash again. But didn’t think it would happen like this. I’m on Facebook way too much the past couple weeks, but I see a certain percentage of people who think this virus is overblown hype and they believe that this is going to be over by next month and things are going to go back to normal. Just talk to one person who is mad that the governor would warn people that this could go on for more than a month. Even with the stock market going up the past so many years, we have these recurrent issues –student loan debt, lack of emergency savings from a large percentage of Americans, health care/insurance costs, rising rents and housing costs, and the one that we’re probably going to start hearing about again in a few months …. pension liabilities. I remember what things were like during the housing bubble, How people tried to hold out for high prices through 2007, while a lot of homes sat on the market for years …. just holding out. And then within a couple of months, the stock market took a big dip, and prices dropped about 15% almost instantly. Things can change quickly with housing .. and stocks. I wonder if at some point we’re going to see the hedge funds (was it Blackrock, blackstone?) selling off homes they bought in the housing bust, as rentals become less profitable.

      I had a conversation with our realtor last year when we sold a rental. He believed that the housing market and economy was going to go strong through 2023. Unemployment is at lows, housing and rent prices are up, wages are going up. To which I said, “Yes, you are describing conditions that preceded every recession, even the Great Depression.” The great depression saw housing and rents double within ten years, they saw very low unemployment, etc. Housing prices and rents were cut in half afterwards and lagged for decades. And never saw such rapid inflation again until decades later when we went off the gold standard.

    1. Too early to tell but right before the jobs sent people home it sure wasn’t down.

      I’m hoping there will be large price reductions but I don’t know if that will happen.

      Plus with the 1 year mortgage payment moratorium the inventory might not increase.

      1. A 14% decline is a good start. Still grossly overpriced with a long way to fall but a good start.

      2. What is this moratorium? I’ve heard about it but there are no details at all. For example, are all the 30-year mortgages just paused and they’re now 31 years? Are you expected to balloon pay the full amount at the end of the year? Do you get a little bonus if you DO pay your mortgage? Do you have to prove you lost your job, or is this open to everyone?

  26. The Financial Times
    Federal Reserve
    Federal Reserve’s full firepower fails to arrest slide in markets
    Historic pledge to buy corporate debt and securities backed by consumer loans

    James Politi and Brendan Greeley in Washington, Colby Smith in New York and Joe Rennison in London
    33 minutes ago

    Global stocks fell on Monday, despite the Federal Reserve unleashing its full firepower to support the economy through the coronavirus outbreak when it pledged to buy government bonds in unlimited amounts.

    The new moves, which include a historic step to buy corporate debt, add monetary heft to the effort to save the US economy, which is expected to contract sharply in coming weeks.
    …

  27. ‘It does appear at this time that it is, while perhaps not quite business as usual, but we’re not in any kind of a crisis or any kind of a downturn yet,’ said John Manning, Managing Broker of RE/MAX On Market.

    Whistling past the graveyard, are we, John?

  28. Sellers have started to panic a little, he said, as buyers have become aggressive about negotiating. ‘We’re working with our sellers to really be pragmatic about what can happen,’ he said.”

    Translation: hungry realtors are telling FBs the schlonging only gets more brutal from here on out.

    1. I was browsing Zillow yesterday on some local ZIP codes.

      There’s nothing out there I want to buy at those prices.

  29. The buyer pipeline is growing due to anticipated lower [interest] rates.

    Liar liar pants on fire. Any benefit from lower interest rates pales in comparison to the fallout from the implosion of the Fed’s Everything Bubble.

  30. Massive layoffs are projected for many industries following numerous virus-related limitations.

    I guess those mortgages are just going to have to pay themselves.

  31. Henderson said: ‘The way that it is written you give them a year to fill the apartments and if they don’t fill them, the developers will still have to pay. It’s standard policy.’”

    Hey Sue, what happens if the developer declares bankruptcy?

  32. “‘I haven’t seen a lot of pricing data, but every piece of pricing data I’ve seen has said housing prices and rents are increasing, but we’re hoping at some point the excess supply is going to lower rents and could somehow at least reduce the percentage increase on single family (homes),’ said Mark Lavin, Boise’s director of planning and development services.”

    Hey Mark, were you hoping that at some point a nasty virus that first infected bat-eaters would spread globally and be the pin that burst the central bankers’ Everything Bubble? Excess supply won’t lower the rents, but a pandemic and 30% unemployment rates certainly will.

  33. There’s a reason gold shot up almost $80 today: the smart money knows the Keynesian fraudsters at the Fed have lost control, and their con games are no longer enough to keep their Ponzi markets and asset bubbles levitated. They have been exposed as the charlatans that they are. And now the cratering is going to get real.

    1. “There’s a reason gold shot up almost $80 today…”

      Jeremiah Babe is gonna be on a roll tonight!

  34. Key Words
    ‘Third wave’? Hong Kong thought it had a handle on coronavirus — it doesn’t
    Published: March 23, 2020 at 4:29 p.m. ET
    By Shawn Langlois
    Is Hong Kong ready for another wave? Getty

    ‘The first wave was the worries of transmissions from mainland (China), so we have put in a lot of measures. The second wave was the local transmissions, with those clusters arising from dinners and other things. Now we are facing the third wave.’

    That’s Hong Kong Chief Executive Carrie Lam talking about the “most difficult and challenging wave” of the coronavirus pandemic: Surging numbers abroad and returnees bringing the disease back home.
    …

    1. Lockdowns are just kicking the can. There is NO way people can lock down for 12+ months waiting for a vaccine. There is NO way a country can wall off and hope to never get it. They’d have to wall off for 3+ years, and it’s too late for that anyway. At some point, the entire world is just going to have to burn through the cycle. Either you get it and recover, or get it and die. Even slowing it down seems impossible.

      Right now the only hope appears to be the hydroxyquinoline/azithromycin treatment. Get the hospitalizations down, possibly alleviate the symptoms of moderate cases. And then just go for herd immunity.

      1. Odd thing happened here in OH the last 10 days. Pharmacies suddenly got a large number of new prescriptions written for Chloroquin & OH-chloroquin. Apparently OH doctors were writing RX’s for themselves, family & friends, just in case the drug proved helpful for COVID-19. Patients who had legitimate needs for these drugs suddenly couldn’t refill their RX. State Board of Pharmacy contacted other state authorities & standards for filling prescriptions were altered. Docs now have to specify the diagnosis they are writing the Rx for. Implications of fraud if that is not the case. State board did allow the diagnosis of COVID-19 disease to be a reason for the drugs to be prescribed, even though these are not FDA approved. I guess this is what physicians can do instead of hoarding toilet paper. 🙂

      2. hydroxyquinoline

        For the second time, it’s hydroxychloroquine. Hydroxyquinoline is used to maintain healthy acid pH levels in the vagina to prevent bacteria from growing and causing odor.

      3. Even slowing it down seems impossible.

        I agreed with you except that line. Controlling it to exactly the curve we want is impossible. But slowing it down enough to save some lives should definitely be possible, just by doing what we’re already doing if nothing else. Big difference between most people trying to socially distance versus business as usual.

  35. Is the dollar rally over?

    Dollar rampage may need intervention to shield U.S., global
    Economy: Goldman Sachs
    Published: March 23, 2020 at 4:57 p.m. ET
    By William Watts
    Dollar rally pauses after latest Fed action, but will it resume?
    Time for an intervention? Getty Images

    The soaring U.S. dollar is acting like a wrecking ball in financial markets and the global economy as investors and governments deal with the economic fallout of the COVID-19 pandemic.

    If the greenback doesn’t stabilize soon, the Trump administration and others might need to take action, a Goldman Sachs analyst warned Monday.

    “If the dollar were to continue rising, we would see a reasonably strong case for coordinated and targeted intervention,” said strategist Zach Pandl in a Monday note.

    The dollar’s surge echoes a similar jump during the most acute stage of the financial crisis. Firms around the world have dumped assets in a bid to raise cash. Outside the U.S., firms are in desperate need of the currency to serve a rising tide of dollar loans just as dollar revenues dry up.

    The pain of a much stronger dollar can be particularly acute in emerging markets, where businesses and households have ramped up borrowing via dollar loans.

    Meanwhile, Goldman’s own trade-weighted measure of the dollar has jumped nearly 8% over the past two weeks, Pandl noted. Goldman’s economists estimate that’s enough to subtract nearly half a percentage point from U.S. gross domestic product growth.
    …

  36. Don’t count too heavily on the “boomer remover” thing.

    Woman in her 30s from St. Louis dies from coronavirus
    A man carries a bag of groceries through downtown Kansas City, Mo. Sunday, March 22, 2020. Officials in Missouri’s largest cities are ordering a mandatory stay-at-home rule to residents starting next week in an effort to slow the spread of the coronavirus. St. Louis and St. Louis County authorities first announced the order, which is to begin Monday, before Kansas City officials followed later Saturday with a similar order. The order in Kansas City and surrounding areas is set to begin Tuesday. (AP Photo/Charlie Riedel)
    Posted: Mon 3:40 PM, Mar 23, 2020

    O’FALLON, Mo. (AP) — A St. Louis woman in her 30s died from COVID-19, and officials said Monday that they are still trying to figure out how she got the disease caused by the coronavirus.

    The death was the fourth in Missouri from COVID-19, and her relative youth “is a cause for concern for us,” Dr. Fredrick Echols, the city’s health director, said at a news conference. He said the woman was hospitalized on Sunday, though he declined to provide further personal details about her.

    The woman hadn’t recently traveled and health officials were still trying to determine how she got the disease, though Echols said it was too early to consider it a case of community spread, in which it’s not clear how an infected person contracted the virus and its origin can’t be traced.

    The announcement came hours before a stay-at-home edict was to take effect for the combined 1.3 million residents of St. Louis city and county.

    “This should be a wake-up call for all of us, particularly anyone who may still question whether or not this is a real thing,” Mayor Lyda Krewson said at the news conference.
    …

  37. Is the statement accurate that says the number of cases doubled in one week to 330,000? A couple of more weeks at this rate would push the global case count to over 1 million, which I believe is considerably above the SARS total for 2002-03.

    1. Health News
      Can We Learn Anything from the SARS Outbreak to Fight COVID-19?
      Written by Shawn Radcliffe on March 11, 2020 – Fact checked by Jennifer Chesak New
      Officials in China are battling a new coronavirus disease outbreak 17 years after the SARS outbreak. Getty Images

      After being criticized for a slow response to SARS, China is once again facing global scrutiny for its handling of the new coronavirus.

      By the time the global SARS outbreak was contained, the virus spread to over 8,000 people worldwide and killed almost 800.

      The new coronavirus, SARS-CoV-2, which causes the disease COVID-19, has already surpassed the 2003 SARS outbreak.
      …

      1. Yes, we have!:

        (But ya have to lean to the scientists ideas in the article, does knot mix well iffin’ ya have faux.new$ on in the background)

        The coronavirus isn’t alive. That’s why it’s so hard to kill.

        Sarah Kaplan, William Wan, Joel Achenbach / 7 hrs ago

        Viruses have spent billions of years perfecting the art of surviving without living — a frighteningly effective strategy that makes them a potent threat in today’s world.

        That’s especially true of the deadly new coronavirus that has brought global society to a screeching halt. It’s little more than a packet of genetic material surrounded by a spiky protein shell one-thousandth the width of an eyelash, and leads such a zombie-like existence that it’s barely considered a living organism.

        But as soon as it gets into a human airway, the virus hijacks our cells to create millions more versions of itself.

        There is a certain evil genius to how this coronavirus pathogen works: It finds easy purchase in humans without them knowing. Before its first host even develops symptoms, it is already spreading its replicas everywhere, moving onto its next victim. It is powerfully deadly in some but mild enough in others to escape containment. And, for now, we have no way of stopping it.

        As researchers race to develop drugs and vaccines for the disease that has already sickened 350,000 and killed more than 15,000 people, and counting, this is a scientific portrait of what they are up against.

    2. It’s too bad they don’t report the number of tests administered during these time frames. Of course the number of tests given is spiking, probably much faster than the number of + results.

  38. The top losers today, Monday, 3/23:
    MITT-PB = -69.68%
    MITT-PA = -64.47%
    MITT-PC = -63.96%

    This is an REIT Group that invests in a variety of mortgage securities in Agency RMBS, Residential and Commercial properties.

  39. The Financial Times
    Coronavirus latest: 28% of tests in NYC coming back positive
    NEW 17 minutes ago

    1. 1. Are the tests now conducted randomly, or should we expect a different case rate in the untested population
      2. How many people live in NYC!?

      1. I haven’t heard of any random tests begin given. Patients have to be highly suspected of having COVID-19 before they get the tests. The only truly random test I have read about is that town in Italy where they tested every single resident, some of them more than once. Those who were + were isolated from the community. Those who later turned + were also isolated. The town itself was isolated from the rest of Italy to prevent new cases wandering in from elsewhere. The pattern showed that 50% of the + patients had no symptoms at all.
        It would be nice if some place like that Italian town could be found in the USA & the same saturation testing done there. I think a place like Telluride CO might work, or maybe Beaver Island out in Lake Michigan.
        The severe shortage of test materials in the USA is a major roadblock in dealing with the virus.

    2. Eye’s taken “precautions” … but since eye’m a wandering nomadic taoist.pilgrim, i.e., (BLM camp.host) eye’ve orientated me.self towards peaceful “resignations” of being attached by thee: “door.knob.death.germ.bug”

      👾 … corona.NO! 🙅‍♀️ …🍷

      1. Po$t.$cript:

        Eye’$ hope’s no on Mr. Ben’s HB.B ll blog gets it, & iffin’s ya do, eye’s hope’s ya don’ts suffers to awful like. 🖖✌, sincerely, Hwy.

  41. “If you paid more than $500 for an acre of land, you got ripped off.”

    Well, iffin’$ ya believe’$ that, you ought to just make out with that “eCONomi$t & rent.forever.

    1. One learns a lot about investing and human nature at times like this.

      Next time a virus strikes I’m going to buy toilet paper stock. Screw housing or gold.

Comments are closed.