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A Combination Of Anxious Sellers And Not-So-Anxious Buyers Looking For Bargains

A few reports from Domain News in Australia. “If you were counting on a pre-approval to secure your new property, looking to refinance, or shopping for a home loan, things have changed in the wake of the coronavirus outbreak. ‘Generally where a customer is in a severely affected industry such as tourism, hospitality or retail, then their loan is declined unless we can prove that their income is unaffected,’ says Otto Dargan, managing director at homeloanexperts.com.au.”

“Dargan says casual income in particular is seen as extremely high risk and only a few lenders are accepting it at all. For investors, rental income may be discounted if a property lacks a paying tenant. ‘We’ve had some customers with three or more properties where the tenants aren’t paying rent and so lenders are cautious where someone is overly reliant on rent income,’ says Dargan.”

“Some lenders have also dropped the maximum loan-to-value ratio (LVR) they will consider. ‘It makes sense to not offer 95 per cent loans if the property market may fall,’ he says. ‘They’re being conservative because everyone is a higher risk than they were just a month ago. Some have put in place minimum credit scores so that they’re just approving the lowest risk people.'”

“The amount of homes still sitting on the market after four weeks has jumped, new figures show, as the economy weakens amid the coronavirus pandemic. Listings that have been on the market between 30 and 60 days surged 74 per cent in March from a month earlier, suggesting sales activity had slowed in the month, according to SQM Research.”

“‘Residential property listings are starting to increase and accumulate,’ SQM Research managing director Louis Christopher said. ‘I note the surge of stock that has been on the market between 30 and 60 days. This may reflect the start of a capital city housing market downturn due to the health and economic impact of COVID-19.'”

“In Sydney, there were nearly 4000 homes on the market between 30 and 60 days, up from about 1800 a month earlier. Melbourne’s 30 to 60 day listings increased to 5280 in March, from just over 2100 in February. Sydney recorded a 10.5 per cent jump in listings in March, from February, while Melbourne rose 5.7 per cent, Brisbane 3.9 per cent, Perth 8.5 per cent and Canberra 11 per cent, SQM found.”

“New rental listings are rapidly rising in inner Melbourne, a sign of things to come. The inner city and Stonnington areas had 94 per cent and 76 per cent” more new listings over the two weeks just gone when compared to the same time last year.”

“‘At any point in time they used to be between 900 to 1100 properties up for rent in the city and the last time I checked there were close to 2000 properties,’ Belle South Melbourne head of property management Loic Mamet said. ‘It’s supply and demand, there are too many properties available in one area. If you’re in Parkville, Princes Hill and share house areas with lots of students, students are nowhere to be found.'”

“Mr Mamet said he used to use properties rented out a few weeks in the past to give a rental estimate to landlords, but no longer could because of how rapidly things had changed. ‘Now we’re comparing three days behind, because two weeks is too long ago,’ he said. ‘Just in the past week there’s already been a massive drop, and at the end of April you’ll see prices have dropped.'”

“Together with the shutdown of immigration into the country, that could now lead to rent falls by as much as 10 per cent, predicts AMP Capital chief economist Dr Shane Oliver. In the three weeks to April 5 this year, new Domain Group figures show that Hobart saw a staggering 60 per cent more listings coming onto the market compared to the same period in 2019, with Melbourne seeing them jump by 20 per cent, and Sydney 18 per cent. Adelaide saw a rise of 8 per cent, and Brisbane 7 per cent.”

“Domain senior research analyst Dr Nicola Powell says that’s a result of homes being listed on short-term letting platforms like Airbnb now moving to regular residential lets after the collapse in the domestic and international travel markets, and renters giving up their leases to move back in with family, friends or into share houses because of financial concerns.”

“The earlier boom in the market also led to an increase in construction, and now many of those homes are also coming onto the market to increase supply. Dr Oliver says as the economy falters, people lose jobs and take rent holidays – and that will have a negative effect on rents. ‘It’s almost certain that rents will fall,’ he said. ‘New supply is still coming onto the market too, particularly in Sydney, and to a lesser degree in Melbourne.'”

“‘No one knows how many of the estimated 120,000 Airbnb properties will convert to residential, while there are also some completions of new housing coming on. That decline in demand and increase in supply means one thing: falling rents,’ said SQM Research managing director Louis Christopher.”

“Pockets of Sydney’s rental market have been flooded with vacant properties. Sydney has seen a surge of new rental properties listed in the past two weeks, jumping 18 per cent compared to last year, Domain figures show, with asking rents expected to drop in coming months as a result.”

“But Sydney’s CBD has seen the biggest increase in rental properties on the market in the same period, rising a whopping 114 per cent. It was followed by the eastern suburbs, which saw a 57 per cent increase in rental properties, and the inner west, which recorded a 37 per cent rise in vacant rentals. ‘Some of those short-term leases in the CBD would have now gone onto the long-term market because tourism is now non-existent,’ said analyst Dr Nicola Powell.”

“Small business owner and landlord Fabienne Phillips said after her motorbike training business for women took a hit from the social distancing measures, she was heavily reliant on her rental income and needed to ensure there was still some money coming in. ‘After the federal government announced the moratorium that you can’t evict your tenant, I was experiencing anxiety about how they were going to meet their obligations,’ Ms Phillips said.”

“After the tenants left her Paddington terrace, she decided to drop her asking rent from $1675 to $1000 per week. ‘I’d rather bite the bullet and really slash the weekly rental … because for me something’s better than nothing,’ she said. ‘We’re all in this together. We all have to work together … it’s unreasonable if a landlord is expecting someone to pay their rent as it would be in a normal climate.'”

“‘Like the tenant is requesting the landlord to give them a break, the landlord needs to speak with the bank, their insurance. I still have bills to pay,’ she said, adding that she had asked her bank for a freeze on her mortgage repayments.”

From West Australia Today. “The coronavirus pandemic has put property at the back of mind for much of the population, leaving the market full of bargain hunters and those desperate to sell, a leading West Australian property analyst suggests. Property valuer and forecaster Gavin Hegney said the pandemic had created never-before-seen conditions in WA and with bigger fish to fry, real estate had dropped down the priority list for many households.”

“‘Generally speaking I don’t think it is on their minds as much as what it was three or six months ago,’ he said. ‘In the Perth market, if it’s not on peoples’ minds then sales activity tends to drop away and we are already seeing evidence of that.’ In the last week of March the Real Estate Institute of WA revealed home sales had plummeted, leading to a huge drop across the month, down 23 per cent at 2205 transactions. There were 12,294 properties listed for sale on REIWA’s website.”

“Mr Hegney predicted a lot of genuine sellers would take their properties off the market which would soften to a combination of anxious sellers and ‘not-so-anxious’ buyers looking for bargains. ‘I don’t think you’ve got anything to gain by selling today,’ he said.”

“Housing Industry Forecasting Group chairman Steven Rowley also predicted downward pressure on house prices thanks to a lack of appetite and a potential surge in investment properties for sale. ‘It is going to be pretty difficult to sell your home now unless you’re really desperate … if you are desperate you’re going to have to discount,’ he said. ‘If you’re an investor who lost your job the bank might give you a break but it may be the case you might think about selling. If you get a massive surge in sellers it has negative implications for supply. If there is no demand around there are going to be serious price impacts.'”

The Property Observer. “Developers must change their business strategies and pricing for off-the-plan units to avoid insolvency, according to RiskWise Property Research. RiskWise CEO Doron Peleg said the selling price of most off-the-plan units should be far more attractive to investors, the majority of off-the-plan buyers, and developers should not expect high property prices. ‘In the past three years a few big events have had a major impact on developers and have resulted in bankruptcy,’ Mr Peleg said.”

“‘These events include oversupply, credit restrictions, the potential introduction of changes to negative gearing and capital gains tax, construction defects and now coronavirus. The entire business model of developers is based on meeting pre-sales and sales targets and for that they simply need buyers. Therefore, the risk assessment for each project should also address the potential events with a material impact on home buyers and particularly investors.'”

He said the best case scenario in areas of oversupply was they simply underperformed the market, but the worst case scenario was they were actually losing money. And these days investors are well aware of these risks. ‘For example, while Domain’s House Price Report shows in the 2019 December quarter prices rose 4.3 per cent, this was not the case in suburbs with high oversupply and particularly those affected by construction defects, such as Mascot where prices fell 4.6 per cent to $880,000. In Homebush West, where the Centenary Park building is located, prices also fell 9.3 per cent to $565,000.”‘

“‘These areas not only have the risk of being in the Danger Zone due to oversupply but also the construction defect risk – and the reputational damage from the construction defects has also carried through to high-rise towers across Australia. The number of transactions, which is a key factor when assessing the risk of not meeting pre-sales and sales targets, is often very low. For example, the number of apartment sales in Sydney Olympic Park fell dramatically by 75 per cent following the defects identified in Opal Tower with buyers showing little interest for apartments across the suburb.'”

“‘What we are seeing is that new units in high-supply suburbs either resulted in a loss or underperformed the market, even during periods of strong price increases,’ he said. Mr Peleg said the introduction of credit restrictions in 2017 completely altered the landscape of the housing market with investors demonstrating their responsiveness to the changes.”

“‘The Brisbane unit market is a case study in poor risk management. When a developer pays inflated prices for the land, the risk will be realised, and you will have loss. Even as early as June 2016 in Statistical Area Level 4 (SA4) Brisbane Inner-City, price growth was -1.8 per cent with a massive oversupply of units (17,417 in the pipeline – an addition of 24.5 per cent to the current stock). As a developer when you are paying for a piece of land based on the potential selling price of the end product, you must factor in the risks rather than base it on optimistic scenarios.'”

“‘We need to identify and assess the key risks. There are some very obvious and common risks that must be addressed by developers and these are oversupply and inflated selling prices that are included in the financial models of the developers when they make their decision to develop the property,’ Mr Peleg said. ‘Then if they see the discounted pricing, including the risk aspects, is too low – and that others are willing to pay more inflated prices for a lot – they should move on.'”

This Post Has 98 Comments
  1. ‘For example, while Domain’s House Price Report shows in the 2019 December quarter prices rose 4.3 per cent, this was not the case in suburbs with high oversupply and particularly those affected by construction defects, such as Mascot where prices fell 4.6 per cent to $880,000. In Homebush West, where the Centenary Park building is located, prices also fell 9.3 per cent to $565,000′

    In other word, the REIC lied to the suckers.

  2. ‘After the tenants left her Paddington terrace, she decided to drop her asking rent from $1675 to $1000 per week. ‘I’d rather bite the bullet and really slash the weekly rental … because for me something’s better than nothing,’ she said. ‘We’re all in this together. We all have to work together … it’s unreasonable if a landlord is expecting someone to pay their rent as it would be in a normal climate’

    ‘Like the tenant is requesting the landlord to give them a break, the landlord needs to speak with the bank, their insurance. I still have bills to pay,’ she said, adding that she had asked her bank for a freeze on her mortgage repayments’

    We’re all in this together Fabienne, except you’ve got an alligator to wrestle, and I don’t.

  3. This is the Victoria Advocate in Texas:

    ‘Johnny Longoria was in a Terravista home on Tuesday installing electrical lines. He said he’s lucky to still be working and employed by a company. As an employee of Hall Electric Inc., he said he would be eligible for unemployment benefits if he were laid off because of the market downturn.’

    ‘He knows that isn’t an option for some construction workers, such as contractors and subcontractors who are considered self-employed. Nor are those benefits an option for undocumented workers, who account for about half of the state’s construction workforce, according to Workers Defense Project.’

    ‘Jacob Castillo, another Hall Electric employee working at Terravista, said he’s also happy to be making money.’

    “I have a friend in Pecos who got laid off, and he’s got twins coming in June. I have friends in Houston who work in offices there, and they’re furloughed,” he said. “Hearing them talk, it’s not too good.”

    https://www.victoriaadvocate.com/covid-19/as-economy-stalls-construction-work-remains-on-solid-foundation/article_c425730c-78f5-11ea-998c-d313b5c14949.html

      1. Oil is very volatile.

        I hope all the geologist and engineers pulling down $200K saved their nickels and pennies, cause I have a feeling they are going to need it.

        Back in the 80’s I was stunned that Petroleum engineers were getting laid off right and left as well as not getting hired after graduation ( offers were revoked for both geologists and Petroleum engineers). In fact, I had 2 PE’s in my accounting classes after the oil industry died.

        Probably happening soon if not already.

      2. “Check out these impressive foreclosed Houston homes…”

        For each one of those houses there is likely an attractive woman who is miserable and makes her feelings known every day.

    1. “Nor are those benefits an option for undocumented workers”

      Go home. America is closed. We have enough problems here without having to solve the social and economic problems of counties incapable of self-governing.

      1. Get ready for the price of salad to sky rocket if undocumented workers decide to leave. Also, a big part the “Texas Miracle” was fueled by the productivity and spending of undocumented workers.

          1. Years ago Grandma said to me “Always wash your vegetables. Always!”

            That’s no way to treat Biden supporters.

        1. Oh here we go. Lemme guess: who’s going to mow my lawn, who’s going to take care of the kids, who’s going to clean my house, who’s going to pick my strawberries. Well, who did all that work before, say 1995? Obviously someone did it, and similar someones can do it again. Like, African Americans and Ceasar Chavez’s H2A.

          Been to a grocery store lately? A lot of those vegetables are a Product of Mexico anyway. If salad skyrockets, I’ll do without.

          1. As a kid, my brothers and I, and most of our friends, earned money by raking leaves, bailing hay, mowing lawns – whatever people would pay us to do. We were hard-working and conscientious, and earned our money. Now a lot of sluggos sitting in mommy’s basement need to tear themselves away from the X-Box and Internet porn and go looking for ways to help mom and dad (or more often than not, just mom) pay the bills and keep a roof over their heads.

          2. tear themselves away from the X-Box

            I hear professional gaming is a career choice now.

        2. the price of salad depends on where it’s grown. I have these seeds, you know, a bag of seed starter & some little black plastic trays left over from the last time I planted a garden. In a few weeks I’m going to sneak into my back yard & steal me some free salad greens.

      2. “We have enough problem$ here without having to $olve the $ocial and economic problem$ of countie$ incapable of $elf-governing”

        repubican$ + Dick.”eye shoots.lawyers&ducks”.Cheney $pent $4+ Trillion$ ” Nation.Building” (+Blood) in foreign countrie$ of sand & caves … still poppie$ in thee.fields, still RPG’s & IED’s & $and.straw$ $ucking oil.

        (Military.Industrial.Complex. monie$ to be expen$ed this year: $717+ Billion$)

        $ad.

  4. i have said this with respect to Toronto – but also applies to cities like Melbourne

    Educated, experienced folks left their productive careers to join the real-estate sales industry. A distant cousin in Melbourne left his engineering career about 6 years ago to sell houses with his (not-formally educated) mom. Listing and selling upper scale (equivalent of town homes), she was making twice what he was making working >40 hours per week as an electrical engineer.

    My parents (not me) have stayed in touch – so hopefully they saved their Auz$s for a downturn

    In any case what a waste of human skill

    1. A distant cousin in Melbourne left his engineering career about 6 years ago to sell houses

      I personally know a dude in SoCal who quit being a coder to sell houses, about 15 years ago.

        1. Per his linked in page, he’s still a realtor, and has been since 2007, though I know he dabbled in that before then. His profile says he was the VP of R&D at some small firm I’ve never heard of prior to 2007. There are a lot of those in SoCal, and most don’t know where their next meal is coming from, which is probably why he became a realtor. Anyway, there’s no way he can go back to the old career.

          1. Yeah, in retrospect 2007 was the time $hit started getting weird in-house. My VP of Intellectual Property “unexpected retired” in the beginning of 2008, followed by a divorce and falling off the face of the planet nowhere to be found for a reference.

          2. falling off the face of the planet nowhere to be found for a reference. Have you checked any vans down by the river? 🙂

    1. But has anyone else noticed how much it has reinvigorated the careers of sign language interpreters?

    2. “Demand$.De$truction” in China has little effect$ for “bidne$$e$$” in U$A

      Go Netflix!

  5. Globalists gonna globe:

    “Wells Fargo’s sprawling back offices in India, struggling to process residential mortgage deals amid a coronavirus lockdown, may be the next black eye for America’s beleaguered third-largest bank, mortgage lenders familiar with the matter told The Post.

    “Wells’ back office in India is essentially shuttered, so it can’t check off the boxes and process documents from the US it would normally handle,” said one lender, a Wells client. “As a result, Wells is not clearing the loans for funding to US clients in its mortgage purchase transactions with the US lenders who originated the mortgages.”

    https://nypost.com/2020/04/11/wells-fargo-mortgage-offices-in-india-may-be-black-eye-for-bank/

    1. 3M is promising to ramp up production of N95 masks – the gold standard for medical masks – to 50 million a month. That’s a fraction of the amount needed. Heckova job, globalists, outsourcing our PPE to China.

      1. That’s a fraction of the amount needed. 3 masks per capita in the USA would be about a billion of them. That’s what should have been in the national stockpile back in January. But noooo, our “top men” had other priorities to spend their attention, time, and money on.

    2. Wasn’t it Wells Fargo’s Indians who were doing “virtual appraisals” by way of Google Earth or something? Just die, Wells Fargo. It couldn’t happen to a more deserving company.

  6. Denver Realtors should consider getting a real job:

    “Not every state viewed buying and selling a home as a critical activity, but Colorado did under an executive order that Gov. Jared Polis issued on March 26. Open houses were banned, given that a large number of unrelated people might gather in a confined space. But showings were allowed with proper safety measures, like social distancing.

    Showing a home in-person is no longer considered a critical activity.

    “Elements that are fundamental to the real estate transaction are deemed essential to support market activity. However, showing a property or conducting an open house in-person during the COVID-19 pandemic shall be avoided as it violates the specific mandates of recently issued executive and public health orders”

    https://www.denverpost.com/2020/04/11/coronavirus-colorado-real-estate-division-bans-in-person-home-showings/

  7. “The latest surge in government debt sales comes after levels had already risen in 2019 when global debt across all sectors bulged by over $10 trillion to exceed $255 trillion.”

    “By the end of 2019, global debt stood at 322% of GDP – 40 percentage points higher than at the onset of the 2008 financial crisis, the IIF said.”

    https://www.reuters.com/article/global-debt-iif-idAFL8N2BV42M

    April 2020 Global Debt Monitor: COVID-19 Lights a Fuse

    https://www.iif.com/Publications/ID/3839/April-2020-Global-Debt-Monitor-COVID-19-Lights-a-Fuse

  8. This seems like a potential way to shorten the duration of societal house arrest, if only antibody tests could quickly be widely implemented. (I requested one at my doctor’s and at the local blood bank, and they are not locally available.)

    Health Care
    How Antibody Tests Can Inform Public Policies To Mitigate Coronavirus Pandemic
    April 12, 2020 7:20 AM ET
    Heard on Weekend Edition Sunday
    5-Minute Listen

    Stanford is testing for coronavirus antibodies so they can determine who has been exposed and who could potentially go back to school or work. NPR’s Lulu Garcia-Navarro speaks to Dr. Jay Bhattacharya.

    1. Seems like good “Logistics” might bee u$eful.

      But, like dtRumpsis.chaostic.tantrumious, thee.deeth.👾.knob.handle.killa.germ$ like$ chao$, … 👾munch, 👾munch, 👾munch, …

    2. PB,

      I’m a little nervous that this is going to morph into a requirement for immunity cards or proof. What if they order that you have to have a C,-19 vaccine when they come out?

      I don’t like vaccines myself and I hate the concept of forced vaccines.

      1. “I don’t like vaccines myself and I hate the concept of forced vaccines.”

        Injuns + blankets circa 1686, & no vaccines, forced or otherwise.

        (Did knot work out to swell fer the 1st Nationeers.)

        1. Nice try on the ole infected blankets canard. No one had a clue how diseases were transmitted in 1686.

          This was nonsense propagated radical college professor who just made it up.

          There was no “first nations” as well. What a dumb term.

          1. Feeling $ad for being eliminated in the 1$t round of “is you’s smarter then a 5th Grader?”

            $ad.

          2. Hey, “she.who.calls.herself.out”
            (aq.dannyboy in a nom de plume suit?)

            Don’t worried, bee happy!

            (Promi$e$, promi$e$ … FOUR!)

            FUTURE TEN$E:

            The Solace of Playing Golf in the Navajo Nation Amid the Pandemic

            The Navajo Nation is being disproportionately hit by the coronavirus. But rez golf offers a little comfort.

            By TERRY GREENE STERLING, JAKE GOODRICK, and MARIE BARONNET / Slate

            It takes his mind off the coronavirus outbreak pummeling the Navajo Nation, killing at least 22 and infecting 558 victims as of Friday. Like many Navajo people, Benally wonders whether the dead and afflicted are undercounted. He wonders if the virus had anything to do with the deaths of his 82-year-old uncle and 66-year-old cousin, who both recently died from “heart attacks.” He worries about elders, toughing it out in remote areas without enough food or water or medicine. He thinks about his daughter, Katelyn Rae, huddling in her Northern Arizona University dorm room in Flagstaff. She’s so alone, but he can’t bring her home. There’s no internet in his house in Steamboat, a remote community on the Arizona side of the Navajo Nation.

            Rez golf is embedding itself in the Navajo sports culture, one course at a time. There are at least three rez golf courses on the nation’s 27,425 square miles spanning swaths of Arizona, New Mexico, and Utah. The gritty courses, set amid red and gray sands and wind-sculpted cliffs, share the landscape with livestock, coyotes, and rabbits. They hold special meaning to many Navajo golfers because they wind through clumps of sagebrush, a plant thought to have physical and spiritual healing power.

            So Donald Benally plays golf, and the worries diminish for a little while. “I feel like I totally forget about what’s going on with this pandemic,” he said. “It helps.”

            But their sovereignty goes only so far. It’s limited by a mi$hma$h of hi$toric treatie$, federal court action$, and overriding national policie$. And now the federal government, which is largely re$ponsible for health care on the Navajo Nation, is $low in delivering nece$$ary fund$ to deal with the pandemic. The Coronaviru$ Aid, Relief, and Economic $ecurity Act promise$ $8 billion to Native American government$ for “preventing, preparing for, and responding to coronaviru$,” according to the Bureau of Indian Affairs.

            The law took effect March 27. At this writing, the Navajo Nation still awaits its share.

            In Arizona, the coronaviru$ is killing disproportionately in the Navajo Nation. Thirty-nine people have succumbed to the virus in Maricopa County, which includes the Phoenix metro area and has a population of about 4.3 million people. In the Navajo Nation, where close to 174,000 people live, 22 have died.

            But no one really knows for sure how many have died of the virus on the Navajo Nation. Myron Lizer, the Navajo Nation’s vice president, said in an April 2 phone call with Bureau of Indian Affairs and U.S. Treasury Department officials that he’s getting texts that indicate people are dying of the coronavirus but it is not “attributed” to the virus.

      2. An antibody test is not a vaccine. It could be used to give permission for people to return to school or workplaces without becoming a coercive requirement to leave home. It would also be very useful to know how many are immune, to gauge future risk of reopening society.

        1. And how long does this immunity last? 3 months? 6 months? Will people with immunity passes need to be tested quarterly? What the safeguards against fraud? Can I buy one on the Internet?

          It will also lead to people deliberately contracting the virus and toughing it out, for the sole purpose of obtaining said immunity pass. That’s somewhat discriminatory against workers with co-morbidities like obesity, who shouldn’t risk contracting this virus. If that’s not enough, guess where a good chunk of obesity and other pre-conditions sits? That’s right, with the POC community. I’m guessing someone will scream racial discrimination before the ink on the immunity passes is dry.

        2. And how long does this immunity last? 3 months? 6 months? Will people with immunity passes need to be tested quarterly?

          Do you even understand how the immune system works? We’re not tested periodically for anything. Where do you get this ridiculous nonsense?

        3. An antibody test is not a vaccine.

          I think Housing Wizard understands that. He’s worried about what happens if you don’t have antibodies. Will vaccinations be mandated at that point? No one in my family will be taking a vaccine using unproven mRNA technology skipping animal models and being rushed through clinical trials. No f*ing way!

        4. It would also be very useful for me to find a 5 ton solid gold nugget in my backyard when I start gardening this week. We’ll get a useful antibody test for COVID-19 when we get it and not a second before. All this media / internet talk about things that don’t exist yet is a waste of our attention and energy.

  9. Went to fast food breakfast drive window. Pulled up and a sign on window said that you won’t be served without a mask, with a code stated on the sign.

    I had a mask in the car, so no problem. But, it official where I live that you must have a mask. Went to the donut shop after I ate breakfast in the car. 2 people didn’t have masks on and 4 did in the donut shop.

    I don’t know who is going to hand out these fines , but the donut shop owner didn’t deny the unmasks customers their donut purchase. The masked customers didn’t care either

    But I envision some pretty big fights from people who don’t like non-complying people in the near future.

  10. Burning Platform article published today:

    “I really don’t care how this Chinese virus was released into the world, but I do care about how it has been exploited by authoritarians to gain more control and power over our economy, our pathetic excuse for a free market financial system, surveillance technology, and our daily lives. This is the worst time in history for libertarian minded Austrian economic theory believers, as government is violently repressing our liberties and freedoms, while unelected fascist bankers make a mockery of financial markets by bailing out and enriching their corporate benefactors.

    The infringements and outright destruction of our Constitutionally guaranteed freedoms, along with our ability to earn a living, over the last month, is mind boggling to anyone with a functioning brain. Luckily for the Deep State overlords running this country, decades of public-school indoctrination and tens of thousands of hours of media propaganda drilled into their brains have left the vast majority of the nation dumbed down and infantilized. They need to be told how to think and what to do.

    The combination of bureaucrats, who suffer no consequences for being unprepared, slow to react, incompetent, and consistently wrong in predicting the future, with politicians and central bankers who overreact by throwing trillions of dollars into a bottomless pit of corruption, fraud and recklessness, has caused and will cause unintended consequences that will bring the entire edifice of embezzlement crashing down. Just as the 300-page Patriot Act was sitting in a drawer waiting for the right crisis to come along, the 800-page, again ironically named, $2.2 trillion CARES Act was already written by corporate lobbyists waiting for the next crisis.

    It’s a potpourri of mega-corporation goodies and bailouts for terribly run companies who spent the last decade wasting trillions of dollars buying back their stock with cheap debt provided by the Fed. The crumbs for the little people and dying small businesses is being distributed in a sloth-like manner, while the corporate and banking pigs have been gorging themselves at the government/ Fed trough for a month.

    The Federal Reserve has destroyed our financial markets, eliminated price discovery, rewarded the most reckless scumbags with bailouts, sold their black souls to propping up the stock market, crushed the savings of senior citizens, and have pushed income inequality to such extreme levels, they have ensured the hangry citizens of this country will eventually be coming for them with pitchforks and torches. Lampposts will be decorated with the carcasses of bankers once this financial scam implodes in a spectacular final liquidation.”

    https://www.theburningplatform.com/2020/04/12/the-road-to-perdition-is-paved-with-evil-intentions/

    1. “Lampposts will be decorated with the carca$$es of banker$ once this financial $cam implode$ in a $pectacular final liquidation.”

      (Mr.banker, iffin’ ya split$ town now, @ least you’ll have a lil’ head.start on these “angry.mob$” a comin’ fer yer hide!)

        1. Best grabs a pitch forks then, you’s a stand out just holding a writing implement. (ink.pen)

        2. There’s probably plans online for improvising a mask out of $100 bills. That would be perfect!

      1. You guys are making me think my unmasked days are soon to end. Masked vigilantes are far scarier than the virus.

    2. You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.

      — Rahm Emanuel

    3. With a few tweaks, these “coronavirus tracking apps” being foisted on the sheeple by the oligarchy’s creepy tech companies would be just the ticket for surveillance and monitoring of Les Deplorables whose social credit scores leave something to be desired. Not that our globalist overlords have any ulterior motives or anything.

      https://edition.cnn.com/2020/04/10/tech/apple-google-contact-tracing-technology/index.html

      Apple and Google are partnering to help authorities track exposure to the coronavirus using Bluetooth technology.

      The two Silicon Valley giants will work on a platform to enable contact tracing, a measure that identifies people who have been exposed to the virus and who they have been in contact with, the companies announced Friday.

      1. I’ve been leaving my phone at home for most of the past few weeks, especially when leaving the Region VIII Denver Containment Zone to go hiking in the mountains.

        Google’s homepage currently features a picture of an Easter egg with no caption. Google is a globalist company with a globalist agenda, and they hate Christianity. If some #LiteralWho historical asterix had a birthday today, Google would be celebrating that with a custom illustration and a link to their conflated biography of achievement.

        I (reluctantly) use Gmail and Google Maps, but I’ve never owned an Apple product.

        1. Same here, my phone has not left my house in weeks. In Colorado (and I assume all states) the phone companies are providing at least meta data to see if people are actually staying home.

          It’s nice not being tethered to the phone. Once they role out that Orwellian app I’ll just leave it off all the time.

          1. “Once they role out that Orwellian app I’ll just leave it off all the time.”

            Maybe it will be in the new vaccine.

            Anthony Fauci sets stage for mandatory — lucrative! — vaccine

            By Cheryl K. Chumley – The Washington Times – Wednesday, April 8, 2020

            Anthony Fauci, America’s most-listened-to medical professional on the coronavirus, and apparently on all the political, economic, cultural and social precautions every man, woman and child in the nation should take on the coronavirus, has just warned what cooler-head coronavirus watchers have suspected all along: that this country may never, no never, go back to normal.

            Never, that is, Fauci suggested, until a vaccine is developed. And by logical extension, that’s to say — never, until a vaccine is developed that must then be included on the required list of shots for all children to attend school.

            What great news for Bill Gates who just announced his foundation is going to spend billions of dollars to help build factories for seven possible coronavirus vaccine makers. “Spend” is probably the wrong word here. Invest is more like it.

            https://www.washingtontimes.com/news/2020/apr/8/anthony-fauci-sets-stage-mandatory-vaccine/

          2. Orwellian app

            Rhetorical question: Rather than collaborating on an Orwellian app why not collaborate on anonymized big data and big data analytics to assist the medical community in identifying and helping at-risk populations?

    4. The Federal Reserve has destroyed our financial markets, eliminated price discovery, rewarded the most reckless scumbags with bailouts, sold their black souls to propping up the stock market, crushed the savings of senior citizens, and have pushed income inequality to such extreme levels, they have ensured the hangry citizens of this country will eventually be coming for them with pitchforks and torches.

      +1000

    5. The FED should have been neutered long ago. Instead, they are enjoying the most freedom they’ve ever had. They answer to nobody.

  11. ‘It makes sense to not offer 95 per cent loans if the property market may fall,’ he says.

    Let’s pretend the property market can only fall 5%.

  12. “‘Residential property listings are starting to increase and accumulate,’ SQM Research managing director Louis Christopher said.

    Looks like some sawin’ and slashin’ may be in order.

  13. The inner city and Stonnington areas had 94 per cent and 76 per cent” more new listings over the two weeks just gone when compared to the same time last year.”

    Is that a lot?

  14. Dr Oliver says as the economy falters, people lose jobs and take rent holidays – and that will have a negative effect on rents.

    “Rent holidays” – what a quaint expression for stiffing your landlord.

  15. ‘We’re all in this together. We all have to work together … it’s unreasonable if a landlord is expecting someone to pay their rent as it would be in a normal climate.’”

    No, Fabienne, we’re most certainly not all in this together. Landlords have been charging exorbitant rents because they could, but now the shoe is on the other foot. A “normal climate” means rents don’t eat up more than a third of a tenant’s income. Sorry, but that’s gonna require some serious sawin’ and slashin’ on your part, greedy landlords.

  16. ‘I don’t think you’ve got anything to gain by selling today,’ he said.”

    Today is as good as it gets, greedheads. It’s all downhill from here. But you stick to your guns on that wish pricing if you must…surely a Greater Fool will be along any day now.

  17. For example, the number of apartment sales in Sydney Olympic Park fell dramatically by 75 per cent following the defects identified in Opal Tower with buyers showing little interest for apartments across the suburb.’”

    How are those skybox investments working out for you, speculators?

  18. Scientists attempting to train dogs to sniff out coronavirus report mixed results, with many false positives. However, a curious phenomanon asserted itself: 100% of the dogs tested to date were able to determine that realtors are liars.

  19. Do homeowners that took out Jumbo loan mortgages get forbearance relief too? Or is most of Southern California’s market in deep doo doo?
    Seems prices are staying steady. No distress.

  20. Imagine how much better off we would’ve been if we’d have immediately banned all visitors or travelers from coronavirus hotspot countries like China, Italy, and Iran when it became clear they were dealing with viral outbreaks. Instead, the Administration deferred to the WHO, which groveled before China, and let globalism rather than public health dictate our response.

    https://www.vice.com/en_us/article/m7qykb/the-us-will-soon-have-more-coronavirus-deaths-than-any-other-country

    1. Administration deferred to the WHO

      Then why did the WHO criticize the Administration as Racist for the China travel ban?

    2. the Administration deferred to the WHO

      No, Trump deferred to “the experts” trotted out each day for press conferences lest he be called anti-science yet still is.

      1. The “experts” Trump is forced to rely on are guys named Larry, Moe and Curly. Then there is this really old guy with a face like a ferret who just loves Hillary Clinton. That kind of experts.

      2. Americans need to hear.see “thee.🍊.jesus” come & speaketh, “every.single.day.”

        Especially, this day.

        Hail, the cameras are “alive” …
        Kneel …

        1. Americans need to hear.see

          I am watching less. It is better for the mind. Let me know when it is allowed for me to put my boat in the water, OK?

          1. Eye$ am amish.taoist pilgrim, radio is a stretch (now that thee.🍊.jesus has demonized those VOA deep.state.folks), faux.new$ is poi$onou$ to ears, eyes, brain & heart … wanders on.in.to.the.mystic eye’s go … in the background playing is Guy Clark & Prine … & nice glowing oak fire ✌ 🍷

          2. Eye know knot yer condition nor yer boat … you decide, or flip.a.coin., best.of.luck.

            Sincerely, Hwy50

    3. banned all visitors or travelers I read somewhere that in the month before Trump stopped direct flights from China to the USA, about 500,000 Chinese came here from the mainland.

      1. They’$ did.knot swim here, (well @ lea$t 99.8% of ’em) eye reccomend$ $uing the airline$ … they had deep pocket$.

        (Is it ha$ or had? Eye’$ cornfused these day$)

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