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It Comes Down To Whether A Home Is Priced To Sit Or Sell

A report from the Center Square on Florida. “Florida home sales have declined between 30 percent to 40 percent statewide since mid-March, with new listings for single-family homes down 3.6 percent and condo-townhouse properties down 10.4 percent compared with a year ago, Florida Realtors said. ‘The prices won’t fall as much as they did last time when there were so many houses to choose from,’ Florida Realtors Chief Economist Brad O’Connor said. ‘We haven’t seen a bunch of people leaving their houses on the market and selling for a lower price. What they’re doing is pulling their houses off the market for a couple of months and waiting for all this craziness to go away, and then they will try to put their homes back on the market and sell for a similar value to what they have it posted for now.'”

The Real Deal on Florida. “A condo at Zaha Hadid’s One Thousand Museum is heading to auction next month without a reserve. W. Bruce Lunsford owns the unit, a half-floor condo at 1000 Biscayne Boulevard. It was previously listed for $7.1 million. Lunsford paid $6.3 million for the unit in 2019.”

The Miami Herald in Florida. “South Florida Airbnb hosts have been particularly hard-hit. According to a 2019 study by financial advisory firm IPX 1031, Miami Beach is the per capita leader of Airbnb in the entire United States, with 3,416 listings per 50,000 people. Miami was No. 6 with 1,034 listings, Fort Lauderdale ranked No. 8 with 1,016 and Hollywood was No. 10 with 984. This, even though Airbnb and other short-term rentals are illegal in many parts of the area.”

“‘We’ve tried to be as accommodating as possible to the guests, but on the host side, there’s a pinch being felt because a lot of these folks rely on this income to pay their mortgage and everyday expenses,’ said Tom Martinelli, Policy Director for Airbnb. ‘They’re not exempt from these difficulties. That’s the hardest part for us, to make sure our community can stay afloat.'”

From KOAA in Colorado. “Julie Hernandez, a landlord who founded L & J Home Improvement, says in her case, 25% of her tenants have stopped paying rent and she wishes there were more resources out there. ‘It’s not right for landlords to have to carry the burden of the community,’ she pointed out.”

“Just like an ecosystem disrupted, when rent payments stop it ends up affecting a lot of people. ‘When residents don’t pay their rent, we can’t pay our employees who have families and maybe mortgage payments or rent of their own,’ Michelle Lyng, a landlord and spokesperson for the Apartment Association of Southern Colorado explained. ‘That could put us in jeopardy of foreclosure which would mean that location may not be available for housing at all.'”

The Crozet Gazette in Virginia. “At quarter’s end there were a total of 48 sales in Crozet, down 14% from the same period the year before. But what also dropped were prices, with the average sales price for all homes in the quarter dropping 6.5% to $419,000. Average days on market for resale properties rose to 78, an increase of 30% over last year. This could be from initial listing prices being too high, which can stifle demand.”

From Seattle PI in Washington. “There are sectors of Seattle’s housing market that seems to be riding out the pandemic wave with competitive buying activity, but condo sales was not one of them. At least not in April. Seattle’s condo market took a whopping across the board in April with year-over-year (YOY) slumps in inventory, sales and prices. Citywide, the median sales price for Seattle condos dipped 5.25% YOY, and 3.3% from the prior month, to $469,000. If there was one bright spot, at least for buyers, condo inventory continued to seasonally trend upwards, increasing 11.9% over March to 422 units.”

The Houston Chronicle in Texas. “A sprawling modern Houston home is on the market for nearly $5 million less than its original listing price. The 21,738-square-foot home located at 9030 Sandringham Drive is now available for $19,950,000, according to a listing on the Houston Association of Realtors. It went up for sale at nearly $25 million in Dec. 2019 and was the second-most expensive residence listed for sale in the Houston area, the Houston Chronicle reported.”

From KRON in California. “Zillow economist Skylar Olsen says the nation is seeing more high-end homes listed on the market than any other kind.​ Possibly a sign sellers believe more buyers are looking to make a purchase.​ Last week in San Francisco, there was a 12.4 percent increase in high-end home listings and a 13.3 percent increase in more affordable listings.​ During that same time period in the South Bay, there was a 76.7 percent increase in expensive listings, compared to a 25.1 percent increase in more affordable homes.​”

“‘From frustrated years, home shopping seasons with low-low inventory, there were probably enough buyers reaching major life stages of home ownership, that it behooves them to look at this time,’ Olsen said. “

From Palm Springs Life in California. “Home prices and inventory appear stable in the Coachella Valley, and indicators — such as leads, showings, and offers — suggest the COVID-19 pandemic is having little effect on the local real estate market, experts said Tuesday during an industry webinar. ‘Ladies and gentlemen, we are not in a real estate crisis,’ Brady Sandahl of Keller Williams told the audience.”

“In the Coachella Valley, Michael McDonald of Market Watch beamed, ‘Inventory remains contained. There’s no rush to sell or put homes on the market.’Inventory is not increasing, yet,’ he explained. ‘If it doesn’t rise, it’s a good sign.’ Likewise, the price per square foot appears stable — $244 a year ago and $238 on May 1.”

“‘It comes down to whether a home is priced to sit or sell,’ Sandahl says. Someone who’s motivated to sell will likely get the asking price in or around the unchanged average length of time on the market. But a seller hell bent on fetching a premium price might need to be more patient.”

From Mortgage Orb. “The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.36% of all loans outstanding at the end of the first quarter of 2020, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. ‘The mortgage delinquency rate in the fourth quarter of 2019 was at its lowest rate since MBA’s survey began in 1979. Fast-forward to the end of March, and it is clear the COVID-19 pandemic is impacting homeowners,’ says Marina Walsh, MBA’s vice president of industry analysis. ‘Mortgage delinquencies jumped by 59 basis points – which is reminiscent of the hurricane-related, 64-basis-point increase seen in the third quarter of 2017.'”

“‘The major variances from the fourth quarter of 2019 to this year’s first quarter are tied to the increase in early-stage delinquencies for all loan types,’ she adds. ‘For example, the 30-day FHA delinquency rate rose by 113 basis points, the second-highest quarterly ramp-up in the survey series. The 30-day VA delinquency rate rose by 78 basis points – the highest quarterly increase.'”

“‘Mortgage delinquencies track closely with the U.S. job market. With unemployment rising from historical lows in early 2020 to a record 14.7 percent in April, it is inevitable that mortgage delinquencies would increase as well,’ Walsh says. ‘33.5 million U.S. workers applied for unemployment benefits in the past seven weeks, and with signs of economic distress continuing into the second quarter, mortgage delinquencies will likely further increase.'”

“According to Walsh, there may be a flattening in foreclosure starts in future quarterly surveys due to COVID-19-related foreclosure moratoria and borrower forbearance guidelines under the CARES Act. Almost four million homeowners are on forbearance plans as of May 3, but MBA’s survey asks servicers to report these loans as delinquent if the payment was not made based on the original terms of the mortgage – in the same manner that delinquency data is collected during natural disasters.”

“‘Once foreclosure moratoria are lifted and forbearance periods end, borrower repayment and modification options, combined with year-over-year equity accumulation and home-price gains, may present alternatives to foreclosure for the millions of distressed homeowners affected by this unfortunate pandemic and economic crisis,’ Walsh says.”

This Post Has 93 Comments
  1. ‘We haven’t seen a bunch of people leaving their houses on the market and selling for a lower price. What they’re doing is pulling their houses off the market for a couple of months and waiting for all this craziness to go away, and then they will try to put their homes back on the market and sell for a similar value to what they have it posted for now’

    Ahem…

    ‘A condo at Zaha Hadid’s One Thousand Museum is heading to auction next month without a reserve’

    1. ‘In San Francisco, there was a 12.4 percent increase in high-end home listings and a 13.3 percent increase in more affordable listings.​ During that same time period in the South Bay, there was a 76.7 percent increase in expensive listings, compared to a 25.1 percent increase in more affordable homes’

      1. Sounds like speculators are racing for the exits before the theater burns to the ground.

    2. This is a repost from yesterday …… saw this in marketwatch….This does not end well. Rj

      ‘It used to be that working class folks could reasonably aspire to buy a house. And now I think buying a house has really become a privilege.’
      — Glenn Kelman, CEO of Redfin

      Linky here…https://www.marketwatch.com/story/vacation-real-estate-markets-are-toast-because-of-the-pandemic-as-airbnb-owners-rush-to-offload-their-homes-redfin-ceo-says-2020-05-11?mod=home-page

  2. ‘Seattle’s condo market took a whopping across the board in April with year-over-year (YOY) slumps in inventory, sales and prices. Citywide, the median sales price for Seattle condos dipped 5.25% YOY’

    And look at the chart of what prices did last year in April:

    DONG!

  3. “says in her case, 25% of her tenants have stopped paying rent and she wishes there were more resources out there”

    Those “resources” are called jobs. When people have one that they can go to every day they’ll have money to pay their rent.

  4. ‘the 30-day FHA delinquency rate rose by 113 basis points, the second-highest quarterly ramp-up in the survey series. The 30-day VA delinquency rate rose by 78 basis points – the highest quarterly increase’

    These are pretty much all subprime. And they are defaulting in the millions.

    BTW, I’ve never seen such bed-wetting in my life. You are more likely to die from a medical error that this virus. Are there any activities that you are “allowed” to do today? Why not “allow” us to do it tomorrow, or next week, or a week ago?

    1. But 6 feet. Not 7. Not 3… Not 49. 6 feet.

      But yeah… Pedal to the metal subprime starting in 2009 all the way through until last year is gonna create some problems for a bunch of people. Especially home”owners”.

      1. 6 ft is a magic number….why do you think we bury the dead 6 ft underground? So we don’t catch zombie-itis

          1. A neighbor learned the hard way not to bury a goat 3 ft under. The carcass was strewn all over the place the following morning.

    2. In NY, Gov Cuomo has laid out the plan for reopening the state. It is a crazy complex matrix of micromanagement. The state is separated into ten zones and each is graded on seven exact success factors. This is just for Phase 1 of 4. Four zones qualify for Phase 1 this Friday at the moment. The qualifications include a little army of “tracers”.

      forward dot ny dot gov

      The potential for sudden falling in and out of qualifying for the different phases is staggering.

      Thank you Andrew “European Flu” Cuomo for your brave leadership.

    3. Just got off a telecon with a coworker. He said 10% of the people coming down with the beer flu are DYINGGGG! He pointed me to a website that had various charts in soothing colors (to offset the doom I guess). Source of some of the stats: Chi-NA, WHO, and John Hopkins – I laughed. On the Hopkins tables you cant even make out what defines a “case”, but a whole lot of cases are DYINNGGGG! BTW, this same guy decontaminates his mail and doesn’t go outside, too afraid. Smart guy, no common sense. A fellow coworker went to the dentist yesterday, first time you could do so. The state refuses to open libraries. All state workers still getting their pay, even if many of them don’t work. Barely over a dozen deaths in the entire state, and at least a few of those are suspect and no active cases in most of the state in weeks.

      Yes, it is a libtard state.

  5. Another fear narrative, published today:

    “In recent weeks, the nation has been treated to an unsettling sight: angry men with assault rifles protesting various state lockdowns in response to the coronavirus pandemic. These demonstrations reached an ugly peak in Michigan last month—though they may yet worsen as the pandemic persists—when armed protesters rushed into the capitol building, and put on a chilling display of fury and intimidation. They claimed to be exercising their democratic rights of free speech and gun ownership. But there is something profoundly undemocratic about this form of demonstration.

    Under real tyranny, you don’t reveal your weapons at all—and you don’t identify yourself as a threat. A real tyrant will dispatch armed threats out of hand. That the protesters were so brazen suggests they knew full well that they live in no tyranny. They were respected, and left unharmed, because we have the rule of law. Put otherwise: These men could angrily shake their weapons in the air, and play the role of armed insurrectionists—costumes and all—because their government actually protects them.”

    https://www.theatlantic.com/ideas/archive/2020/05/guns-protesters/611560/

    Protects them, protects them from earning money to buy food and pay rent. The article author is a Professor of philosophy at the Maryland Institute College of Art, about as non-essential job as you could get.

    When your college runs out of money and closes, #LearnToCode.

      1. And they absolutely did not angrily shake their weapons in the air, and play the role of armed insurrectionists

      2. The 2nd Amendment is the ultimate check on tyranny. The collectivists and their globalist masters know that better than anyone.

        1. Most people think the 2nd Amendment is about hunting…thus the AR-15 argument.

          1. Most people are stupid and trust their betters far more than their peers. If they were smart they wouldn’t trust anyone, especially those with power.

    1. Had a guy in California bopping around the grocery store with a swastika taped to his mask. I’m not sure if he was pro nazi or what, but it seems most probable that he was making a statement to the effect of ‘being forced to wear this mask is my personal holocaust’. Seemed a bit over the top, though, and he probably should have gone with the star of David to clarify the metaphor.

      1. swastika taped to his mask

        I would interpret it as his disagreement with the order to wear a mask but complying with the order nonetheless. Modern day civil disobedience. I wouldn’t go so far as to think someone would liken it to a personal holocaust.

        1. Civil disobedience is not something the nazis tolerated. A confederate flag would have probably been more appropriate for that.

          People have killed and beaten security guards over masks, so some do feel pretty strongly about it.

          1. His intent was exactly how I interpreted it. From the NBC 7 San Diego article: “‘It was 100 percent intended to be a peaceful protest,’ he said. ‘The only Nazi thing was trying to say, is the governor is acting like one up on his podium gloating his power.'”

        1. They don’t call it Klantee for nothin’. At least his didn’t have a day of the week printed on it.

      2. Had a guy in California bopping around the grocery store with a swastika taped to his mask.

        He was a complete douch. There’s legit ways to show displeasure with mandatory mask orders, but that’s not the way to go about it. Also, the grocery stores don’t make the rules, but they have to abide by them, and enforce them. So misplaced anger at them is unwarranted.

    2. As reported by Real Journalists:

      “The groups walk a thin line between civil disobedience and political street theater in a way that has caused a split within the anti-lockdown movement, some of whose proponents oppose such brazen challenges to the authorities.

      Gun control supporters have their own concerns about such tactics.

      “People are nervous enough as it is, and then to see people walking around with AR-15s in public places, gathered together like that, is unnerving and upsetting,” said Ed Scruggs, the board president of the group Texas Gun Sense. “The entire goal is intimidation and attention.”

      https://www.nytimes.com./2020/05/13/us/coronavirus-texas-armed-militias-reopening.html

      Not having money to buy food is unnerving and upsetting.

    3. I’m sorta questioning whether these protests can be considered “peaceable” assembly. I’m no Constitutional scholar, but I’m pretty sure you can only assemble if you’re peaceable, and openly waving weapons doesn’t look very peaceable to me.

  6. ‘It’s not right for landlords to have to carry the burden of the community,’ she pointed out.

    Hmmm. I can see her point. But is she right? If you make a relatively easy living by rent seeking in the local community during the good times is it reasonable that you would pay a higher price during hard times? Maybe even have to produce something to get by?

  7. Housing prices were cratering long before CoronaScam

    Tampa, FL Housing Prices Crater 17% YOY As Guf Coast Housing Market Turns Toxic On Rampant Appraisal And Mortgage Fraud

    https://www.zillow.com/tampa-fl-33617/home-values/

    *Select price from dropdown menu on first chart

    As a leading economist advises, “Mortgage debt is the most toxic and damaging debt of all. Avoid it at all costs.”

  8. OK – were these ‘owners’ covering all their expenses or were they losing $s each month and counting on long term appreaction
    ————————–
    Miami Beach is the per capita leader of Airbnb in the entire United States, with 3,416 listings per 50,000 people. Miami was No. 6 with 1,034 listings, Fort Lauderdale ranked No. 8 with 1,016 and Hollywood was No. 10 with 984.

    1. Oooh… 3,416 listings per 50,000 people. That’s only 6.8 percent, right?

      But let’s look a little closer.

      Average size of household is 2.6 people, so 19,230 households. That’s 17.8% now…

      but. according to the census, 36.6% of people are just renting, so reduce households by 7,038. That puts AirBnBs to non-renting households at about 25% (26.7) .. i.e. it could be a safe guess that 1/4 of all ownable residences in Miami Beach were being AirBnB’d…

      And we’re nowhere near done with this virus. I think in paces like that, the bloodbath is no where near gotten started yet…

  9. Article published an hour ago:

    “Former Vice President Joe Biden, the presumptive Democratic presidential nominee, on Wednesday backed rent and mortgage forgiveness for those struggling to get by during the coronavirus pandemic.

    “There should be rent forgiveness and there should be mortgage forgiveness now in the middle of this crisis,” Biden said when asked if he supported a “federal rent bailout.”

    “Forgiveness. Not paid later, forgiveness. It’s critically important to people who are in the lower-income strata”

    https://thehill.com/homenews/campaign/497581-biden-backs-rent-mortgage-forgiveness-during-coronavirus-pandemic

    1. Did Joe mention who would pay for the forgiveness? Would the hit land on landlords and lenders, or be redistributed across the monetary base through Fed intervention, or will some kind of magic prevent anyone from losing a dime?

    2. If there is a debt jubilee, it has to be for everyone

      Not gonna happen. Remember those who predicted that “cram downs are coming?” There were no cram downs.

    3. There is rent and mortgage and forgiveness. It’s called unemployment. Somebody is giving you money for no work, so that you can pay your rent and mortgage. That’s effectively forgiving rent and mortgage. Now I don’t object to increasing or extending unemployment, not at all. But not permanently.

  10. “What they’re doing is pulling their houses off the market for a couple of months and waiting for all this craziness to go away, and then they will try to put their homes back on the market and sell for a similar value to what they have it posted for now.”

    Got it. Don’t buy anything for the next 2 months or even until 2021.

  11. Today’s Trump hate:

    ——————–
    Doctors express glimmers of hope as they try out new approaches against coronavirus

    May 13, 2020 at 12:29 p.m. EDT

    The menu of treatment options, tried singly and increasingly in combination, includes the
    … blood plasma of covid-19 survivors, a rich source of antibodies that may help neutralize the virus;
    … Various combinations of anti-inflamatory drugs and blood thinners
    … heartburn drug that contains the active ingredient in Pepcid.
    …combination of three antiviral drugs — separately used to treat HIV, hepatitis C and multiple sclerosis — appeared to hasten recovery in some patients.

    While the status of certain drugs has been elevated, numerous others — including those with toxic effects that could have been hurting patients — have been largely ruled out. This includes the use of hydroxychloroquine — the anti-malarial drug touted by President Trump and given to coronavirus patients at many medical centers, even by doctors skeptical of the evidence but who had nothing else to offer.
    —————

    Notice how quick the Washington Post was to discount HCQ. Never mind that HCQ is working in Australia, France, Costa Rica, Korea, and other countries. There’s already more “anecdotal data” than there is for Remdesivir. Double blind studies are on the way to use HCQ properly; that is, within 10 days, not when the disease has progressed to the hospital. The heart studies were rare, no more common than for many ther drugs. And those heart conditions could have been due to the COVID, not the HCQ. I’m still optimistic that this treatment is either going to be disproven, or proven beyond all political manipulation, before the second wave in the fall.

  12. “In the San Jose metro area, the threshold for higher-end homes is $1.9 million.​

    Last week in San Francisco, there was a 12.4 percent increase in high-end home listings and a 13.3 percent increase in more affordable listings.​

    During that same time period in the South Bay, there was a 76.7 percent increase in expensive listings, compared to a 25.1 percent increase in more affordable homes.​”

    Affordable housing? Anything less than $1.9M LOL

    BTW, there are alot of for sale in Milpitas. I decided to rent a SFH for only $150 more per month. 1 extra BR and a back and front yard for the kids (not to mention drive way with 2 car garages vs stupid tandem garage). 2 BR townhouse was getting too small now with the new 6 month baby. Wife hated the stairs. There’s a ton of rentals now too. Some priced below 2018 prices when I moved up here to the Bay Area. Those that priced at wishing asking prices just sit empty for many months.

    1. “Affordable housing? Anything less than $1.9M LOL”

      If Tesla were to move to Texas you’d see Fremont and Milpitas go t!ts-up just like 37-yrs ago when Ford closed their plant.

  13. “Julie Hernandez… … 25% of her tenants have stopped paying rent”

    The new Julie Hernandez landlord normal:

    Tenant does pay rent – I’ve got mine, so go away and FU

    Tenant does not pay rent “It’s not right for landlords to have to carry the burden of the community”

    1. Julie Hernandez did hit on one important thing though – the velocity of money through the hands of the 99%. If the bailouts only save the investors at the end of the money circulation chain, the ~0.01% is going to say “hurray, the day is saved!” while the “lower 90%” of Townsville is going to be decimated.

      1. Landlords would do well to remember which politicians gave deadbeat renters a free pass to stiff them, and invalidate a signed contract they weren’t a party to. This sets a terrible precedent.

    2. Maybe Julie should lower the rents, while being more discerning about who she rents too.

    1. This is not uncommon since 2005 was the year before the peak. I was looking at houses in FL that are over $1M and $2M. Some of the prices are back to the same values as 2003 or even 2002. Now yes, this is Florida and a $1M house is completely different than houses in California. But this show you invest the differences in stock markets and the gains will be much greater 🙂

      BTW, when is the Powell buying stocks directly.

    2. “Asking price now same as last selling price 15 yrs ago”

      Sounds like they may need to reduce the price to sell it.

      1. “Druckenmiller also revealed he’s a big fan of Amazon AMZN, +0.46%, saying he gets emotional when the online services giant is attacked.”

        Bet he gets mad when their delivery guys net more than $5/hr.

    1. This is the most expensive time to buy stocks in 20 years
      By Matt Egan, CNN Business
      Updated 2:28 PM ET, Tue May 12, 2020
      In this Thursday, April 23, 2020, photo a Pulaski County (Arkansas) Sheriff’s officer gives out numbers as people wait in line at the Arkansas Workforce Center, in Little Rock. Payouts from the state’s Unemployment Insurance Trust Fund soared last week to nearly $17.6 million.

      New York (CNN Business)
      The US stock market stands 4% higher today compared to a year ago, despite the death and destruction unleashed by the coronavirus pandemic.
      Although more than 80,000 Americans have died and over 33 million have lost jobs, Wall Street has swiftly recovered from the initial shock delivered by the health crisis. The S&P 500 has spiked 31% since the March 23 lows.

  14. I have thoroughly enjoyed the ACTIVE blog for years. Any recommendations on similarly-minded blogs covering the present R.E./Financial Meltdown in general? i.e. what is happening to retail, school, tourism. Thanks

  15. Shady Habash, 24, didn’t have anything to do with housing. An independent filmmaker, he died in an Egyptian prison for the “crime” of mildly satirizing the corrupt U.S.-backed dictator who is detested by most of the population. Orwell said, “In a time of universal deceit, telling the truth is a revolutionary act,” and speaking truth to power can have grave consequences. RIP, Shady…your death will probably be in vain, but your courage in standing up to an autocratic control freak and his criminal regime is an inspiration to decent people everywhere.

    https://www.independent.co.uk/news/world/middle-east/shady-habash-death-egypt-prison-warning-a9496476.html

  16. her case, 25% of her tenants have stopped paying rent and she wishes there were more resources out there. ‘It’s not right for landlords to have to carry the burden of the community,’ she pointed out.”

    the nerve on this Biatch… It’s a business! When you make money and raise the rents on tennants yours to keep. When you’re about to lose your sh!te then it’s a community and need help from tax payers. well F**k you Julie. you bought you keep it…. if you can.

      1. “we’re all in this together.”

        That’s MSM code for “privatize the profits, socialize the losses”

        1. … “privatize the profits, socialize the losses”

          I am behind this one hundred percent.

  17. Looming California nightmare:

    COVID-19 social distancing measures + wildfire evacuation protocols

    1. Pandemic And Wildfire: California Is Preparing For A Crisis Within A Crisis
      Ezra David Romero
      Wednesday, April 15, 2020 | Sacramento, CA | Permalink
      Noah Berger / AP Photo
      A Pacific Gas & Electric worker passes a home on Merrill Dr. in Moraga, Calif., as firefighters work to contain a wildfire burning behind it on Thursday, Oct. 10, 2019.
      Noah Berger / AP Photo
      Updated April 16, 5:35 p.m.

      California is bracing for what could be a crisis within a crisis — that’s if a wildfire, flood or other emergency takes place during the coronavirus pandemic.

      CapRadio listeners are wondering about how this could impact people that live in wildfire zones. Gillian Biedler, from Sacramento, asked CapRadio: “We are supposed to have a fierce and early fire season this year. How can we contain the virus while evacuating people?”

  18. “South Florida Airbnb hosts have been particularly hard-hit. According to a 2019 study by financial advisory firm IPX 1031, Miami Beach is the per capita leader of Airbnb in the entire United States, with 3,416 listings per 50,000 people.

    Die, speculator scum.

  19. The Centennial State is wooing Tesla:

    https://www.msn.com/en-us/autos/news/polis-suggests-elon-musk-should-“look-no-further”-than-colorado-if-he-wants-to-move-tesla-out-of-california/ar-BB142dX7

    Gov. Jared Polis has thrown Colorado into the running should Tesla decide to move its headquarters out of California — and the company’s bombastic CEO, Elon Musk, mused that the Centennial State could be a great option.

    “We want you @elonmusk in Colorado, we are the best of all worlds,” Polis wrote in a tweet late Tuesday night. “We’re very pro-business, low taxes, also pro immigration, pro-LGBT, globally minded.”

    LOL! A Democrat bragging about low taxes. While he works feverishly to repeal TABOR.

    1. “…pro-LGBT, globally minded.”

      You forgot the Q. Please report to conditioning for a training module before the week is over.

    1. The Financial Times
      Coronavirus business update 30 days complimentary
      Oil futures
      CFTC warns on return to negative oil prices
      US regulator urges market infrastructure providers to brace for future sub-zero drops
      The CFTC fears a repeat of the chaotic final two trading days in the May oil contract for the US benchmark, which settled at minus $37.63 a barrel
      © FT montage
      Gregory Meyer in New York
      8 hours ago

      The US commodities regulator has issued a rare warning to brokers, exchanges and clearing houses, urging them to be ready for the risk that oil prices could again drop below zero.

      The Commodity Futures Trading Commission advised exchanges to monitor their markets and remind them to “maintain rules to provide for the exercise of emergency authority”, including the power to “suspend or curtail trading in any contract” if markets become disorderly, according to an advisory notice released on Wednesday.

      The alert comes after the US benchmark West Texas Intermediate oil contract plunged below $0 a barrel last month for the first time, as buyers searched for places to store a glut of crude.

      Clearing houses “should prepare for the potential that certain contracts may experience significant price volatility, and that negative pricing is a possibility”, the notice said.

      The WTI contract for June delivery is scheduled to expire next Tuesday, raising the prospect of a repeat of the chaotic final two trading days in the May oil contract, which settled at minus $37.63 a barrel on April 20.

      The move caused losses for traders and at least one futures broker, and sparked widespread criticism of an oil benchmark referenced by drillers, refiners, consumers and investors.

      “We are issuing this advisory in the wake of unusually high volatility and negative pricing experienced in the May 2020 West Texas Intermediate (WTI), Light Sweet Crude Oil Futures contract on April 20,” said the eight-page advisory signed by the CFTC’s heads of market oversight, clearing and risk, and swap dealer and intermediary oversight.

    2. Does it seem like oil is bumping along the bottom?

      No. It seems like the massive spike in oil prices since the crash- an effective $65 per barrel – is delusional and based on magical thinking. I’m on the 2 tanks per year plan.

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