Desperate Owners Are Letting Go Of Their Property With Discounts And Losses
A report from Postmedia in Canada. “Calbridge Homes knows that people are still looking to buy right now. With the current climate of uncertainty, the builder has introduced two programs to help support people during this time. The Price Drop Guarantee means that if, after your deal goes firm, there are any changes to the model price of the home you purchased, or an incentive is introduced that would have applied to your home, they will write you a cheque for the difference.”
“The second program is Job Loss Protection, meaning if you lose your job within 90 days of your deal going firm, Calbridge will offer to cancel the agreement and refund all of your deposits. These deposits are normally non-refundable. ‘These programs began on March 18 and have been applied to all purchase agreements written since,’ says Ariana Kelly, marketing manager.”
From Barbados Today. “One real estate operator who has been in the market for close to a decade, told Barbados TODAY he was concerned that things could go further south if the pandemic drags on for several more months. Speaking under condition of anonymity, he reiterated that in addition to a dramatic slowdown in new property sales and rentals, several businesses that were renting have started to negotiate for an ease.”
“‘A lot of the businesses that use rental space are not opened because of the curfew. So they no longer have the kind of revenue coming in that they were getting before the COVID-19 pandemic. A number of those companies have also let go staff because they are trying to remain in business,’ he said. ‘It is not just the real estate industry that is impacted. This pandemic has thrown a spoke in the wheel for every sector. So you have to understand that we are depending on company ‘A’ for example, to bring in income so they can in turn pay their rent. It is difficult,’ he said.”
The South China Morning Post. “Hong Kong’s weekend home sales flopped for the fourth time in six weeks, in another sign that the residential property industry’s worst slump in a decade has some ways to go before recovering. CK Asset Holdings sold 11 of the 170 Seaside Sonata flats on offer in Sham Shui Po at 7pm, as buyers shrugged aside the 29 per cent average discount offered by one of Hong Kong’s biggest developers. The slump in the primary market of new abodes has also spilled over to the secondary market, where desperate owners are letting go of their property with discounts, and losses in some cases.”
“An unidentified homeowner sold two houses at the Casa Marina community in Tai Po this week for a combined loss of HK$6.18 million, according to data by Centaline Property Agency, one of the biggest network of agents in Hong Kong. One of them, measuring 1,896 sq ft, was bought in 2015 for HK$23.44 million and recently sold at HK$18.88 million.”
“Another flat at Meridian Hill in Kowloon Tong that measures 1,542 sq ft changed hands at HK$22.8 million this week, landing the owner with an estimated HK$4.9 million loss after taxes and fees, agents said. ‘Some property owners were desperate to cash in by selling their units, so prices continued to be under pressure,’ said Martin Wong, associate director of research and consultancy of Greater China at Knight Frank.”
From Domain News in Australia. “Prices for some of Melbourne’s most highly sought properties are tipped to ease after the city’s median auction price dropped more than $100,000 in two months amid a ban on physical auctions and a weakening economy. Houses sold at or prior to auction in Melbourne during April fetched a median price of $905,000, Domain figures show. This is down from $972,500 in March and $1,017,750 in February.”
“Fletchers Canterbury director Tim Heavyside has seen a 5 per cent to 8 per cent price fall in his patch so far, but warned buyers looking for bigger bargains had another thing coming. ‘If the buyer’s thinking, ‘You know what, I’ll buy that at a reasonable price,’ and the vendor says, ‘That’s reasonable,’ then there’s a deal to be struck,’ he said. ‘I’m not seeing many vendors that are desperate to sell and will take any price.'”
From ABC News in Australia. “Louis Christopher, the founder of SQM research says the rental markets in the nation’s biggest capitals will take a big hit. SQM Research’s weekly data on asking rents has already recorded a 5 per cent fall in rents in Sydney and a 2 per cent fall in Melbourne. ‘We’re going to see a significant rise in rental vacancies and a fall in rents,’ he said.”
“Mr Christopher says the drop in net migration, as well as short-term holiday rentals being transferred to the residential market, will see a surplus of around 100,000 dwellings for rent. ‘That should translate into a doubling of rental vacancies across the country, which will be great for tenants but won’t be so good for landlords.'”
“Christopher says the leading indicators are pointing to an imminent decline. Over the past few weeks, auction clearance rates have plummeted. They were at the start of the year averaging between about 65-75 per cent,’ he said. Last weekend, the auction clearance rate fell to 30.2 per cent across the capital cities, the lowest on CoreLogic’s records.”
The Australian Financial Review. “Domain data showed a significant increase in the proportion of homeowners dropping their asking prices. In Sydney, 14 per cent of vendors lowered their asking price in March compared with just 5 per cent of listings in late 2019. In Melbourne, asking prices were cut on 12.6 per cent of listings in March.”
“‘What that shows is one of two things. The market is slowing down and it shows that vendors are becoming cautious and what they are wanting to do is actually reduce their price to achieve a timely sale because obviously there is lots of fear around what lies ahead,’ Domain senior data analyst Nicola Powell.”
From Mortgage Introducer in the UK. “Brightstar Group has called for the immediate and indefinite suspension of all house price indices until a meaningful number of property transactions are able to be processed. The Group said this would guard against unnecessary panic and knee jerk policy decisions. Rightmove recently suspended its house price report and said that: ‘Given the lockdown and pausing of key activities in the housing market, statistics on the number of properties coming to market, new seller asking prices, and new sales agreed are not meaningful.'”
“Rob Jupp, CEO at The Brightstar Group, said: ‘It is crucial that all house price indices are paused with immediate effect and continue to be suspended until the housing market is able to produce any meaningful data. To continue to produce house price indices in this situation is very dangerous. It will lead to sensationalist headlines and create panic, which could impede the return of the market when the lockdown is lifted. It may also result in knee jerk policy decisions, which could have a lasting and negative impact on the market.'”
The Tide News on Nigeria. “As the economic lockdown enters its third week, the housing sector is already counting losses as experts express fear that the built industry may witness more slumps. Former chairman of the Nigerian Institution of Estate Surveyors and Valuers Rivers State, Mr Emmanuel Mark stated that already demand for properties is going down because a lot of investors are not willing to invest in the sector, but will rather have liquid cash to stay afloat.”
“On her part, Principal Manager of Custom Realities, Mrs Oriaku Hanson Oyet-Ile submitted that the housing sector was seriously hit by the economic lockdown. ‘Construction costs will go up, leasing will not go up and so landlords will be willing to bring their rents down so they can survive,’ she said. She further stated that, ‘more empty properties will persist, because rent and buying of properties are no longer active. But those doing their own jobs will not be much affected. Wisdom requires that you be as liquid as possible now.'”
‘If the buyer’s thinking, ‘You know what, I’ll buy that at a reasonable price,’ and the vendor says, ‘That’s reasonable,’ then there’s a deal to be struck…I’m not seeing many vendors that are desperate to sell and will take any price’
Good to know Tim, I’ll check back when you go hungry.
‘To continue to produce house price indices in this situation is very dangerous. It will lead to sensationalist headlines and create panic, which could impede the return of the market when the lockdown is lifted. It may also result in knee jerk policy decisions, which could have a lasting and negative impact on the market’
‘Sir, this is a Wendy’s’
For a long time after 2008, the NAR simply dropped metro Detroit from its price report.
Meanwhile, once things finally moved really, really low prices were reported locally.
Wonder if they will even release a report on mid-May. How can you have a median price if nothing sells?
God forbid the used home sellers to honestly report on cratering prices!
‘The Price Drop Guarantee means that if, after your deal goes firm, there are any changes to the model price of the home you purchased, or an incentive is introduced that would have applied to your home, they will write you a cheque for the difference’
This is the second price drop guarantee we’ve seen in two days.
“The second program is Job Loss Protection, meaning if you lose your job within 90 days of your deal going firm, Calbridge will offer to cancel the agreement and refund all of your deposits’
‘‘These programs began on March 18 and have been applied to all purchase agreements written since’
If they bought before March 18th, they’re fooked, right Ariana?
Once the most expensive residential real estate on the planet:
LOCKDOWN: Panic as hoodlums reign in Lagos
‘There was panic in some areas of Lagos State, yesterday, following reports of attacks by street urchins and cultists on residents. The hoodlums, who initially carried out their nefarious activities at night, since the lockdown directive aimed at preventing the spread of Coronavirus pandemic, have been brazen to attack their victims in broad daylight in some parts of the state.’
‘Already, residents of the affected areas have resorted to forming vigilante groups, where they take turns to keep vigil on their areas. Unfortunately, the hoodlums, who are called No Salary Boys, One million Boys, Omokesari and Awawa boys, took to the streets in their numbers, dispossessing residents of cash and valuables.’
‘At the Iba low-cost housing estate along the LASU-Isheri expressway, residents narrated how the One Million Boys attempted to invade their houses but were repelled. A resident of the estate, who spoke on condition of anonymity, said: “They left when they saw that we were also ready for them. They left and threatened to return at night.”
With oil prices in the toilet Nigeria’s welfare state is in trouble.
Agege residents keep vigil as hoodlums attack homes
This is the kind of place that expats are lucky to flee with just their shirt on their back. The ravenous hoards will loot anything that’s left after the police have made-off with the cash, jewelry and paintings.
“dispossessing residents of cash and valuables”
sounds like the real estate establishment
Empty resorts spell long crisis for Caribbean as coronavirus hits
‘No one is swimming in the turquoise Caribbean waters of Cuba’s Varadero beach resort, nor lounging on its white, palm-fringed beaches. Its hundreds of hotels, shops and restaurants stand empty and eerily quiet. The nearby airport, the lifeblood of Varadero’s economy, closed after Cuba shut its borders two weeks ago to protect against the spread of the new coronavirus. Now, undisturbed by tourists, lizards scamper around the grounds of the luxurious hotels, on the hunt.’
‘Across the Caribbean, similar scenes of desolation are playing out as the most tourism-dependent region in the world reels from a pandemic that has shut borders, grounded airlines, berthed cruise ships and sent much of the planet into isolation since mid-March.’
‘From the historic towns of the Dominican Republic to the isolated coves of Tobago, tourism employs an estimated 2.5 million people and generates – directly and indirectly – nearly one-third of the region’s economic output, according to the Caribbean Tourism Organization.’
‘As a result, there are few places where the economic impact of the pandemic may be as immediate as the archipelago’s 26 small island states and dependencies, many of them already heavily indebted.’
“Almost all my family, all my cousins, work in tourism,” said Maria Elisa Torres, who rents rooms in her home in Santa Marta near Varadero. “My cousin is a shopkeeper. She is out of a job. Her husband works in rent-a-car (company). He is out of job. My brother works with tourists on the beach and is also out of job.”
‘So far, the Caribbean region of 45 million people has reported only about 7,000 coronavirus cases and 300 deaths, the majority in the Dominican Republic. Yet millions have already lost their jobs or revenues due to the outbreak.’
‘Prices for some of Melbourne’s most highly sought properties are tipped to ease after the city’s median auction price dropped more than $100,000 in two months’
Yes, I’m here Ben. Re: Melbourne
1) Very far from where I call home – so not applicable / important to me. Same with anything you post on ‘China’, ‘Canada’, and anywhere else that is thousands and thousands away from where I live. Nothing personal against any of the fine folks from these areas…I just don’t care. Mainly, re: resi housing, I care about the most expensive / biggest bubble U.S. markets / cities. San Francisco, Orange County, San Diego, L.A., NYC, Seattle, etc.
2) The $100,000 drop is nominal and a % would be more impactful to know…i.e. on a $3 million home that could be (only) 3.33% drop…not exactly cratering.
I welcome the price drops more than anyone here, likely. I’d wager I may have a larger short position in housing than anyone on the blog (yes, I’m proud of it; worked a long time to establish the position).
P.S. Instead of going after me humble Tom the Turkey (a huge housing bear) you guys should put your resources together and go after housing BULLS and the MSM. I am just making sure that the data is getting a fair shake…i.e. if not cratering or anecdotal, then it is worth me pointing it out. Also, given my situation, I am not driven by emotions or what I ‘want’ to happen…I’ll benefit more from prices dropping, by far, but I don’t ‘need’ them to…and from a kind of like ‘zen’ perspective, don’t care. I’m here because I consider you an aggregator of bearing housing data…but personally I’m not interested in anecdotes, opinions (in the articles or of posters), and exaggerations to the downside. But the worse the actual data is (PRICES falling), the larger my smile will be when I’m on your blog. Take care.
s/b ‘bearish’ not ‘bearing’
‘Instead of going after me’
Nobody is going after anybody. The proof is in the pudding: is it a bubble or not? That’s the only thing I care about, that and making a sh$t load of money with foreclosures. But I have to have some fun with this. People like you come and go, I’m always here working.
Smile my good friend.
Fairfax, VA Housing Prices Crater 10% YOY As Northern Virginia/Washington DC Emerges As Ground Zero For Mortgage Fraud Epidemic
*Select price from dropdown menu on first chart
A distinguished economist quipped, “Why buy a house when you can rent one for half the monthly cost. Buy it later after prices crater for 70% less.”
“Same with anything you post on ‘China’, ‘Canada’, and anywhere else that is thousands and thousands away from where I live.”
All Real Estate Is Local: What You Need to Know to Profit in Real Estate – in a Buyer’s and a Seller’s Market
thousands away from where I live
As if NY and California were next to each other.
Melbourne should have never gotten that insane. Prices need to get cut in half throughout the whole lucky country to even get close to normal levels of affordability. Weather varies depending on what street youre walking on in the CBD. Its cool and bohemian, granted. I’ve worked a little in Oz, but not for an aussie company. When I looked into skilled migration, the salaries were a joke to what I could make in the US and there was likely no way I could get in – they didnt want smart people moving in and gaining power, only slaves from the third world. Quality of life there is still much better than a dump like Clownifornia (dont kid yourself you chumps, there are much better places).
This is well worth your listening time in my opinion.
Indian Shores, FL Housing Prices Crater 12% YOY As Gulf Coast Housing Market Shrinks On Rampant Mortgage And Appraisal Fraud
As one Tampa area broker conceded, “If you’re a buyer, the broker is lying to you. I know a liar when I hear one. I’ve been lying my entire life.”
Wouldn’t this be the ultimate Irony……. Shukan Gendai subsequently detailed how the surgeon in charge of Kim’s operation was not used to dealing with obese patients and was too nervous during the operation, leading to delays that left Kim in a “vegetative state.”
Never heard of this rag before. Looks like the National Enquirer.
“Blaze Media is an American conservative media company. It was founded in 2018 as a result of a merger between TheBlaze and CRTV LLC. The company’s leadership consists of CEO Tyler Cardon and president Gaston Mooney. It is based in Irving, Texas, where it has studios and offices, as well as in Washington, D.C.
TheBlaze was a pay television network founded by Glenn Beck. CRTV LLC, which operated Conservative Review and CRTV (Conservative Review Television), was an online subscription network.”
This would not be “real journalists” as defined by Dianne Feinstein. See also: Washington Times, Washington Examiner, World Net Daily, Breitbart, which are all “conservative” news websites, but the word conservative doesn’t really mean anything anymore.
I like Townhall dot com because their columnist Kurt Schlichter is irreverent and hilarious.
It’s in multiple papers, though unclear whether independently confirmed at this point.
CK Asset Holdings sold 11 of the 170 Seaside Sonata flats on offer in Sham Shui Po at 7pm, as buyers shrugged aside the 29 per cent average discount offered by one of Hong Kong’s biggest developers.
I love it when these developers shamelessly throw their previous customers under the bus.
‘That should translate into a doubling of rental vacancies across the country, which will be great for tenants but won’t be so good for landlords.’”
Die, speculator scum.
Over the past few weeks, auction clearance rates have plummeted. They were at the start of the year averaging between about 65-75 per cent,’ he said. Last weekend, the auction clearance rate fell to 30.2 per cent across the capital cities, the lowest on CoreLogic’s records.”
Is that a lot?
To continue to produce house price indices in this situation is very dangerous. It will lead to sensationalist headlines and create panic, which could impede the return of the market when the lockdown is lifted.
Oh, so let’s try to keep the sheeple in the dark about the true situation. The MSM does that on its own, but the word is getting out anyway even if you try to suppress the data, Soviet-style. The Everything Bubble is toast, REIC shills, and there’s nothing you or your media shills can do about it.
Former chairman of the Nigerian Institution of Estate Surveyors and Valuers Rivers State, Mr Emmanuel Mark stated that already demand for properties is going down because a lot of investors are not willing to invest in the sector, but will rather have liquid cash to stay afloat.”
Jobless scammers in Iowa need to start calling these Nigerian investors with pitches that sound too good to be true.
‘Some property owners were desperate to cash in by selling their units, so prices continued to be under pressure,’ said Martin Wong, associate director of research and consultancy of Greater China at Knight Frank.”
I keep hearing about this fear, panic, and desperation on the part of RE investors. Try as I might, I just can’t relate as I sit serenely in my humble rental abode, munching on popcorn and watching the floor show unfold.
Easy come, easy go
You got the everything Bubble, now enjoy the Bust.
“On the video chat, the founders announced that a third of the startup’s Austin-based employees would be terminated. Munro was one of them.
“No one enjoyed it. It was pretty rough for everyone because we’re a pretty small company and everybody knows each other really well,” he said.
Munro had to put his home up for sale. He also let the world know he was looking for a new job by changing the name on his Twitter account to “dan is interviewing.”
Dan, dont count your IPO chicken before they hatch.
“Condra said many tech jobs will never come back in the post-pandemic world. And firms are going to emerge leaner in the wake of the virus.”
“Companies will be used to operating on a shoestring, also. So they’ll have found ways to potentially automate things or do something with fewer employees, and those practices will linger, because it’s all about efficiency,” he said.
Wait #LearnToCode??? No no, just short MBS like Tom
Condra said many tech jobs will never come back in the post-pandemic world
Because a lot of those jobs had nothing to do with “tech”.
Companies will be used to operating on a shoestring, also
So startups are going to actually become startups again, beginning in someone’s garage? Since when do startups have branch offices in other cities?
Will COVID-19 accelerate the outflow of wealth creators and taxpayers out of Democrat-maladministered urban centers as their death spiral goes terminal?
Wherever they go, they bring their voting behavior with them.
I’m just happy I don’t pay property taxes to the sh*thole sanctuary City/County of Denver.
I don’t expect brogrammers nor their employers to leave. Maybe the HVAC guys, plumbers and electricians will, or maybe not as Apt 401 says, there’s money to be made. Most local job opening emails I get are in downtown Denver.
A preview of coming attractions: Lebanese protesters are shouting “Down with the rule of the banks!” as their currency goes into a death spiral after 30 years of a corrupt elite plundering the economy in collusion with Lebanon’s central bank and corrupt policymakers and regulators. Sound familiar?
Protesters Block Highways, Roads as Lira Continues Downward Spiral
Anti-government protesters on Thursday blocked the vital Dbaye and Jiye highways and the road outside the central bank in Hamra and started gathering in Tripoli’s al-Nour Square, as Lebanon’s currency continued its downward spiral against the dollar and reached a new low.
“Down with the Rule of the Bank”, chanted the protesters outside the central bank and demanded the sacking of Central Bank Governor Riad Salameh.
Protesters in Tripoli and Jiye were also denouncing the deterioration of the Lebanese lira’s value.
The Dbaye highway was swiftly reopened according to the Traffic Management Center.
The currency crash came as hundreds of Lebanese — most of them wearing face masks but few keeping a safe distance — crowded outside money transfer offices Thursday, the last day that authorities allowed dollars to be dispensed to customers following new Central Bank rules.
Gosh, I sure hope Turkey doesn’t default on all those massive Euro-denominated loans it took out from faltering Eurozone banks to finance a speculative construction spree. Cuz if they stiff their EU lenders, that will push them even deeper into insolvency, potentially bringing the ECB’s 11 years of Extend and Pretend to a screeching halt.
In the excess time I’ve suddenly got in my hands I have started to trawl round the internet looking at the effect of coronavirus. I saw this quote in an Indian Paper.
A sense of fear prevails in the unorganised sector, which includes street vendors, electricians, homepreneurs, artists and the self-employed. Like Delhi-based electrician Ram Singh from Nepal, who is struggling for cash in absence of work. “I foresee a bleak future,” he says.
I suspect Mr Singh’s “bleak future” will be a reality for many.
The same is happening in Mexico.
An honest judge in California has stood up to the globalist oligarchs and their Democrat henchmen by tossing a People’s Republic of California law requiring a background check for ammunition purchases. Rest assured, the collectivist Comrades of Proven Worth will find a way to replace this judge with a corrupt and pliant black-robed stooge.
Read the writing on the wall.
Globalists will implement a social credit score system in the U.S. because they hate free people with national sovereignty.
The plantation of thought already exists in America, it’s curated by “real journalists” and social media.
Globalists will implement a social credit score system in the U.S.
I thought they already did, and it’s called Facebook.
It happened years ago, it’s called FICO.
This is an article about real journalists:
“The woman who has accused Joe Biden of a sexual assault in the early 1990s says she’s disappointed that CNN anchor Anderson Cooper failed to ask the presumptive Democratic presidential nominee about the allegation when he had the chance — not once, but twice.
Tara Reade, a former staffer for then-Sen. Biden, told her story about the former vice president over a month ago with progressive podcast host Katie Halper. Since then, Biden has done nearly a dozen TV interviews with news anchors including NBC News’ Chuck Todd, ABC News’ George Stephanopoulos, and twice with Cooper — all of whom failed to ask Biden about her public claim.
“I think it’s shocking that this much time has passed and that he is an actual nominee for president and they’re not asking the questions,” Reade told Fox News. “He’s been on ‘Anderson Cooper’ at least twice where he was not asked.”
“I guess my question is, if this were Donald Trump, would they treat it the same way? If this were Brett Kavanaugh, did they treat it the same way?” Reade said. “In other words, it’s politics and political agenda playing a role in objective reporting and asking the question.”
And regarding the Kavanaugh reference in that last paragraph, here a screenshot of a Donald Trump Jr paraphrasing Nancy Pelosi:
Rape and sexual assault is not a joke. But when it concerns an anointed Deep State nominee, real journalists don’t give a f*ck.
How does this relate to housing, and the economy? The Democrat Party wants to destroy the economy, not just to defeat Trump, but to create a permanent underclass of serfs dependent on big government for their existence.
The Denver Post is trash, article published yesterday includes obligatory Lawrence Yun quote and reference to pent-up demand:
“Anyone wanting to buy or sell a home in metro Denver this year needs to buckle up and prepare for a wild ride in the months ahead.
“Our forecast suggests the housing market recovery will look like a “flying W,” with an initial sharp drop this spring, a noticeable rebound in the summer followed by another dip in the fall, and on a final solid road to recovery by spring 2021,” predicts Ralph McLaughlin, chief economist with Haus, a startup that co-invests in homes with individuals.
The housing market in Denver and many metro areas started the year on a strong footing, with a lot of younger households looking to buy and older households looking to upgrade or downsize. Now metro Denver is among several areas in the country looking at sales declines over the next several months.”
“Declines that large will mean reduced commission income for agents”
REALTOR, have you considered getting a real job?
Can’t code and don’t have h1-b. Realwhores will be in same position as the presstitutes.
Something interesting is going on. Friday, homebuilding stocks, as a group, did quite well. The five leading price gainers were:
Hovnanian, up 9.93%
Beazer, up 9.77%
KB Home, up 9.37%
Pulte, up 7.42%, and …
M/I Homes, up 7.36%.
This observation meshes well, IMO, with what is going on with lumber futures in that lumber has come off of its low.
My mistake, I meant to say that the strongest looking chart is the one for KBH.
The company with the strongest chart seems to be (IMHO) Hovnanian. Here’s what it looks like …
If the price continues to gain strength I just may slightly delve into my stash of fun money and buy a few shares.
If the WFH were to be somewhat ‘normal’ due to the coronavirus, I see a bleak future ahead for those currently ‘working’ from home and thinking they are over the hump as far as layoffs go. If you can’t collaborate in person, does it really matter whether the person is in the suburbs or in Pune. Pune guy will be one fourth cheaper and no pesky h1b/l1b visas to consider.
Kiss you 500k starter homes goodbye as 401 says.
I had to look that one up:
“Pune (Marathi pronunciation: [puɳe]; English: /ˈpuːnə/; also called Poona, the official name until 1978) is the second largest city in the Indian state of Maharashtra, after Mumbai. It is the ninth most populous city in the country with an estimated population of 6.4 million.”
Globalists gonna globe. They’re maggots feeding on the corpse of the U.S. economy. We need another civil war or revolution to purge these parasites.
The less challenging work has been in the process of being offshored for decades. This is why when you interview today for a local job that you are run through a wringer unlike any seen before. The competition is fierce. Past: you might be asked to write some pseudo code on a white board. Present: you will be given a take home “exercise” that will take 20 or more hours to write in a hurry and has to compile, run and execute without any bugs.
A former colleague tried to recruit me to join his team at NetApp. Problem was I would have to do one of those exercises. And for those who aren’t familiar with NetApp, it’s a hire and fire data storage company. I politely declined. A year later, my friend is now looking for a new job as are layoff rumors are roiling NetApp.
I got a new boss and then laid off a couple months later right as Netapp was taking over my old group at LSI. They are the ones that moved to downtown Boulder after acquiring SolidFire. The ones that are left after all that seem to be happy to still be able to work in Boulder but all seem to miss the old days, too. Mylex in Boulder was a great place to work prior to the Mylex->IBM->Engenio->LSI->Netapp transitions. I’m not surprised to hear that the interview process for Netapp sucks these days.
Article published today discusses reopening the economy:
“Across the country, businesses are confronting a patchwork set of regulations that vary from state to state, and industry to industry. Government officials are sending mixed messages about who should open. The thousands of companies that never shut down — like pharmacies, grocery stores and auto repair shops — are using different techniques to promote social distancing and ensure good hygiene. And some businesses that could be getting back to work are declining to do so, fearful that reopening too soon could fuel a new wave of infections and lead to another round of closings.”
Related article, Washington Post — We are nearing the end of the beginning of the covid-19 crisis. Bigger challenges lie ahead:
Archive dot is link provided to bypass adblocker/subscriber paywall.
This one was authored by the Editorial Board, the policies of which are globalists first, America last.
The government locked down the whole country…but failed to protect the nursing homes….which was probably more critical….
You think that’s funny?
My father died last year after spending two months in assisted living. This is morbid, but I’m a bit relieved he died when he did. My siblings and I were able to visit every day, that’s not an option now, and many people in nursing homes are living with no visitors, or dying alone…
It’s one of those ironic, “isn’t the world messed up” kind of laughs.
but failed to protect the nursing homes
They were all in denial and only closed the barn door after the cow got out. It must have been the staff who brought it in.
I do no recall local city councils or health departments raising a warning about this. They were too busy worrying about racism and COVID being called the Chinese Virus.
Yup — TDS uber alles.
And they still are obsessed with racism repercussions of COVID. From the Denver Post 2 days ago:
Democratic state lawmakers say hate and bigotry are on the rise during the COVID-19 pandemic and they’re asking Coloradans to join them in condemning it.
“Tragically, some have used this pandemic as a cover and an excuse for abhorrent behavior,” lawmakers wrote in a letter released Thursday. “Hate crimes against Asian Americans, conspiracy theories denigrating immigrants, statements that compare actions taken by the state’s first Jewish governor to the Gestapo — none of these are acceptable, none of it is Coloradan, and none of it will get us through this crisis any safer or any faster.”
Yeah, never mind coming out with a concrete plan and schedule to get things back to normal, and instead only easing things piecemeal in an erratic way because citizens are getting restless and angry.
It’s OK if 300K+ people lose their jobs in the state in just a few weeks and they have to wait weeks, if not months, to get their first unemployment check. But if some Korean guy is called a chink and is taunted for bringing the virus into the country, well by golly, the Democrat Party won’t stand for that and something will be done right away!
“It must have been the staff who brought it in.”
To be expected since they’re mostly low-wage minority staff.
Virus? What virus? He tore down a $1M home to build a $3M one.
This desperate owner in Laguna Niguel listed their property for $900K in October. Now they’ve just dropped it a whopping $4 after not getting any takers after the last $1 drop.
Awkward and bad location.
State Unemployment Fund are in danger of being wiped out.
-The current real unemployment rate is 20.8%, the highest since the Great Depression.
-Many states’ unemployment funds aren’t robust enough to meet growing demand.
-Typically states can apply for help from the Federal Unemployment Account, but even that could run out, experts warn.
-“No system is designed for [this] level of unemployment,” former North Carolina budget director Lee Roberts told Business Insider.
Roberts said it was “highly likely” states would begin limiting the duration and dollar amount of payouts to prevent the coffers from running dry.
Funny how no politicians seem to be addressing this ticking time bomb that’s about to go off. Instead, they condemn people for calling COVID-19 the “Chinese Virus”.
Unfortunatelt, many of those who lost their jobs and had to wait an eternity to get their first unemployment check in their deep Blue state will dutifully pull the D levers on election day.
It’s just expected that the Feds will bail them out. Illinois is so desperate that they’ve already made their play. But if you’ve got to panic, be first.
In the meantime, everybody else is whistling past the graveyard.
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