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In Many Cities Around The World, Owners Are Feeling Pressure To Somehow Off-Load Their Homes

A report from the Vancouver Sun in Canada. “The advertised rent for a two-bedroom apartment has plunged by 15 per cent in the city of Vancouver, one of the biggest drops in Canada, as COVID-19 makes its bewildering way through the economy. The average rent demanded for a two-bedroom apartment in the city of Vancouver dropped by almost $450, to $2,478 a month. Rohana Rezel, a housing advocate, is part of a group monitoring Craigslist and other real-estate forums. They’ve discovered short-term rentals are ‘collapsing’ and hundreds of units are now switching to long-term rentals.”

“‘People offering their places for rent on Craigslist are now blatantly saying it used to be an Airbnb. They’re boasting it was rated five stars,’ says Rezel, who adds that many such landlords started off charging outlandish long-term rents, which they were forced to slash.”

“As in many cities around the world, many owners in Vancouver and Toronto are also feeling pressure to somehow off-load their homes, either because they have lost wages or are going into deeper debt. But they’re in a bind, because it’s no longer a house-seller’s market. Some would-be sellers are trying to wait out the downturn by renting their places, thus also increasing supply.”

From Blog TO in Canada. “Rent prices continue to plummet in Toronto as the global pandemic wears on, both hampering demand among those who’d rather not move for financial or safety reasons and boosting supply as Airbnb-lords transform their short-term rental units into permanent, long-term housing. A new report shows that the average rental price across all property types in the city fell significantly, dropping 5 per cent both month over month and year over year.”

“Broken down by unit type, size and region, however, we can see even steeper declines. Purpose-built rental apartments within the City of Toronto, for instance, fell a whopping 11.2 per cent between March and April of this year to reach a current average of $1,945. Size-wise, larger units experienced the most significant price drops across both the rental apartment and condo apartment markets. Suites rounded to 1,300 square feet in real estate listings were found by Bullpen to have dropped 20.2 per cent between March and April of this year.”

“Within Toronto proper, condo apartments in areas known to be flush with short-term rental units (read: Airbnbs) have shown the largest price declines per square foot, month over month. ‘Some major developments experienced noteworthy declines including Three Hundred on Front Street and Massey Tower on Yonge Street at -13% monthly, as well as Smart House Condos on Queen Street at -11%, and 87 Peter at -7%,’ reads the torontorentals.com report.”

The Globe and Mail in Canada. “As Canada’s manufacturing and resource industries declined, governments looked to the real estate sector as an engine of economic growth. That made the Bank of Canada deathly afraid of removing the punch bowl of abnormally low interest rates, creating a property price bubble. The coronavirus pandemic looks like the pin.”

“Now, most of those investor-owned condos in Toronto, Vancouver and Montreal that once fetched $200 a night or more on Airbnb are generating negative cash flows. Many of the 740,000 mortgage holders who have deferred payments face grim prospects in the coming months.”

From Insauga in Canada. “A report from Zoocasa has found that the average housing price has dropped in 13 of 20 regional between February and April. According to the findings, every market experienced a decline in sales during this timeframe—the most densely-populated areas experience the most significant sales declines. Further, Ontario’s regional markets experience the most significant decline when it came to average prices.”

“In ascending order, they were Hamilton-Burlington, the average price decreased by five per cent—$32,255—to $614,412; Ottawa, the average price decreased by 6.3 per cent—$34,652—to $510,139; and the GTA, the average price decreased by 10 per cent—$88,898—to $821,392.”

The Daily Mail on Australia. “Now is the time for potential home owners to enter the Melbourne property market and snap up a bargain for thousands less than the asking price. Bargain hunters are taking advantage of ideal buyer’s market conditions during the coronavirus crisis, with prices slashed by up to $100,000 on average in some suburbs. There’s even better news for those with the cash to splash on a luxury mansions with an opportunity to negotiate millions off the asking price.”

“Prices could be slashed even further following the heavily discounted sales of homes earlier this year before the pandemic hit. A Chirnside Park mansion in the city’s Yarra Ranges which hit the market in late 2018 finally sold in January at a steal for $2.55million – half the $5-$5.5 million asking price.”

The Australian Financial Review. “One in three renters face housing stress and are at risk of defaulting their rental payments, while more investors are selling their rental properties before prices drop even further. The number of tenants who are struggling to pay rent, mostly due to a loss of income as a result of the lockdown, has climbed by 4.3 per cent to 1,796,216 nationally in less than two months despite the JobKeeper and JobSeeker assistance, a new report shows.”

“As the risk of rental arrears rise, Digital Finance Analytics principal Martin North said more investors are likely to offload their investment property. ‘Despite record low interest rates and mortgage reprieve by the banks, almost one in eight investors (12 per cent) are seriously considering selling up before prices and rents fall further,’ he said. ‘In April, only 8 per cent of landlords were thinking of putting their rental homes for sale.'”

“Mr North said as more investors struggle to cover their costs as rents fall and vacancies rise, more rental properties are set to come into the market, which could put downward pressure on property prices. ‘I think the rental sector is facing a major shock, now, but one which will reverberate down the next couple of years and adversely impact the financial status of many households,’ he said. ‘From those renting, caught by cash flow issues, through to property investors who are waking up to the fact the property investing is hard work.'”

The Property Observer in Australia. “A Melbourne residential unit has been listed with a price guide which could trigger a loss of up to $96,000 on its 2014 purchase price. Located at 4310/80 A’Beckett Street – within the MY80 building – the apartment features two bedrooms, two bathrooms, and a car space. It comprises 57 square metres of internal floorspace. It sold in 2014 for $786,000. The current listing gives a price guide of $690,000 to $720,000.”

This Post Has 79 Comments
  1. ‘As Canada’s manufacturing and resource industries declined, governments looked to the real estate sector as an engine of economic growth. That made the Bank of Canada deathly afraid of removing the punch bowl of abnormally low interest rates, creating a property price bubble. The coronavirus pandemic looks like the pin’

    But rates are low? Turn those machines back on!

  2. ‘But they’re in a bind, because it’s no longer a house-seller’s market. Some would-be sellers are trying to wait out the downturn by renting their places, thus also increasing supply….Rent prices continue to plummet in Toronto…boosting supply as Airbnb-lords transform their short-term rental units into permanent, long-term housing’

    Wa happened to my shortage Canada?

  3. ‘Prices could be slashed even further following the heavily discounted sales of homes earlier this year before the pandemic hit’

    Before the CCP virus? But REIC said to the moon Alice?

    ‘A Chirnside Park mansion in the city’s Yarra Ranges which hit the market in late 2018 finally sold in January at a steal for $2.55million – half the $5-$5.5 million asking price’

    There’s that unrealistic half – again!

  4. Tampa, FL Housing Prices Crater 17% YOY As Gu.f 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.”

    1. Still trying to figure out how you are coming with your numbers. Could you explain your math? From what I can tell, it is up YOY…

        1. What I’m asking is from what price to what price? Again, from what I can tell, the number is higher than one year ago. Could you please explain?

          1. Prices fell 17% and cratering fast.

            It is what it is my good friend…. It is what it is.

            Fairfax, VA Housing Prices Crater 10% YOY As Northern Virginia/Washington DC Emerges As Ground Zero For Mortgage Fraud Epidemic

            https://www.zillow.com/fairfax-va-22031/home-values/

            *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.”

      1. You say to select “price” in the dropdown. There are two prices listed there.

        I see that the median list price has dropped. But the median sale price went up.

  5. Would appreciate more us-based Articles. It feels like 90% of articles are about Canada or Australia. And the ones in the US are all NYC. I am worried I’ll never be able to afford my own house, and these articles aren’t helping since they are so distant from me.

    1. Keep in mind these locations (Sydney, NYC, Toronto, Vancouver, etc.) were, not that long ago, the hottest real estate markets on the planet.

      Now, they are imploding.

      You think San Francisco or Seattle will be any different?

    2. Nick most people will just inherit mom and dads house….then you can sell it and have a good down payment on your own home.

    3. Ben just posted a thread starting with Virginia. Don’t worry, plenty of American crater to go around.

  6. The Left is eating it’s own …

    Youtube censorship gone wild removing Michael Moore’s documentary « JoNova
    http://joannenova.com.au/2020/05/youtube-censorship-gone-wild-removing-michael-moores-documentary/

    (snip)

    Michael Moore’s Planet of the Humans racked up 8 million views in a month, then when they extended the free views for another month, YouTube finally found a reason to shut it down. Apparently 4 seconds of video isn’t “fair use” in a documentary any more, and thus for copyright reasons, the video got pulled. If Youtube took down every 4 second violation of copyright there’d be no Youtube. Which may be about to happen anyway, when the young hip revolutionary teens realize the conglomate power is heavily censoring their access to “news” in order to fool them into obedience for corporate profit.

    It’s so predictable. A month ago, Myron Ebell, CEI, said “Quick. Watch it before it’s banned”.

    Everytime Youtube does this it makes it easier for a competitor to take their top spot. Bring it on.

    Moore put it on Vimeo, but searching there finds nothing too. Has Vimeo been “got to”?

    Doesn’t matter, because Moore’s now moved to Bitchute. https://www.bitchute.com/video/KQnVEMOOYuJd/

    Long live Bitchute.

    The documentary was banned by the film distributors right from the start, but when people started tweeting “now that it’s banned, I want to see it” they reversed their decision. But there are many ways to ignore something without actually banning it. So a big Thank You to Youtube for being so cack-handed. This will make both the documentary and Bitchute more popular.

    For Michael Moore, this must be an eye opening transition as he falls from Green-Left Grace to become just another of the unspoken untermensch. For him, it might be the first time he really wakes up to the weapons grade corporate power that may have thought he was fighting previously. A Red Pill day. At this point he either does something grovelling to claw back to his former position (but they won’t trust him), or this move pushes him far into skeptic-land. Many a great skeptic is borne from the claws of Censorship.

    It may also open some eyes among other namecalling lefty editors, like those on Deadline who still use the petty “deniers” label.

    (end of snip)

    I suggest you guys/gals read the entire article. Also, watch the movie.

    1. Sorry, he cast his lot with them years ago. Some of us have known this about the environmental extremists for decades. It isn’t about clean air and water; it never was. Anyone and everyone who supports them is never going to be anything more than a useful idiot.

      Rand was way ahead of all of this, calling them out in the 1960s and additionally putting forth the concept of suppression of independent thought through the philosophical “package deal”, but she was labeled a kook and ridiculed also.

    2. So where are those shovel ready jobs? Highways didn’t get fixed, we still dont have real high speed trains on the NE corridor. The MetroNorth time table from 60 years ago is about the same as today.

      1. “So where are those shovel ready jobs?”

        Bibi said we didn’t need ’em. Phuc your bridges and highways.

    3. Mr Banker,
      OMG, thanks for posting that movie. It really shows the so called Green Movement for what it is. I don’t think a lot of people know that bio-mass is burning trees.

      Bloomberg is a part of this scam.

      1. I did have a chuckle when the guy described burning firewood to heat his home as “sustainable”.

        1. I don’t think there is a greater evil than the greedhead money powers that are running this World today. I think they might be more evil than the Robber Barrons of the 1850 to 1910 period.

          The fact that they want to replace workers with robots to get the most cheap labor, without paying taxes, is the. next wave. One wonders who is going to buy their stupid products if so many people become unemployed by the robot takeover.. Oh that’s right, the stupid Government will give you a thousand dollar a month income that nobody’ could live on. I say double tax the robot for displacing a human.. Does the dumb government think about how they are going to survive when robots replace humans?
          And the monopoliy powers such as health care that’s breaking the back of the ave. Citizen isn’t addressed for the price fixing monopoly it is.

          A Oligarchy is what we have now with the Government being the pasty for those powers. They have also gotten in bed with the Communist to divide and conquer no doubt.

    4. Thanks for the tip on the film
      The part about how Silicon is made is interesting . The part about green energy needing fossil fuels to be made yea knew that. Best part IMO is Al gore and billionaire buddies taking over Green energy to virtue signal and I think that really pissed them off.

  7. Stock market HODLers needn’t worry about my next post. The markets are working off an entirely new model, where economic reality on the ground is fully decoupled from share prices.

    1. The Financial Times
      Hong Kong politics
      China hits back at US move over Hong Kong security law
      Beijing presses on with bill after Washington signals city’s trading status could be revoked
      The US has exempted Hong Kong from restrictions that it applies to mainland China, helping the city maintain its status as a leading financial centre since the handover from British to Chinese sovereignty in 1997
      © AP
      Yuan Yang in Beijing
      2 hours ago

      China has hit back at a US declaration that Hong Kong is no longer autonomous from Beijing as lawmakers in the Chinese capital met to formally approve a plan to impose tough national security laws on the city.

      China’s National People’s Congress, the country’s annual gathering of lawmakers, is discussing a proposal for the new security law that would target “splittism, subversion, terrorism, any behaviour that gravely threatens national security and foreign interference” in the Asian financial hub.

      The proposal is expected to be passed by the rubber-stamp parliament this afternoon and the draft of the law will then follow in the coming months. If the bill is enacted, it would represent the first time Beijing had introduced a law that imposed criminal penalties into Hong Kong’s legal code, bypassing the city’s legislature.

      The NPC deliberations come a day after Washington said it would no longer treat Hong Kong as entirely autonomous from China because of the bill. The decision by Mike Pompeo, US secretary of state, threatens the city’s special trading status with Washington, under which Hong Kong is not subjected to the same tariffs and restrictions as mainland China.

      “No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,” said Mr Pompeo.

      1. Stawks up again today! Yes, Wall Street is in a parallel, separate universe.

    2. Popular YouTuber Graham Stephan posted a video yesterday about what to do with this high stock market. For a few minutes, I was afraid he was going to advise his 2 million subscribers to sell out of equities and buy precious metals and farmland, which would wipe out both of those asset classes.

      Instead, he advised everyone to dollar cost average the stock market for the long haul, and then, to emphasize his point, he bought $50K of an index fund live on screen. With the DOW ant 25K+ and S&P at 3000. Good for you, Graham. 🤔

  8. Here’s something Redpilled Readhead posted yesterday that I believe deserves a read …

    Thread by @TESLAcharts: 1/ A few reflections from the lake. As someone with a couple decades of corporate experience that only recently developed a network of conne…
    https://threadreaderapp.com/thread/1261629374731862018.html

    1/ A few reflections from the lake. As someone with a couple decades of corporate experience that only recently developed a network of connections on Wall Street, I am surprised by how little crossover there is between the two groups.
    2/ Almost nobody on Wall Street has true industrial experience, and even fewer real-world executives understand Wall Street. I am not passing judgement here, just observing. I believe this has led to two profoundly different interpretations of the impact of COVID-19.
    3/ The Wall Street “top-down” view is the Fed has our back and so all dips should be bought. It is unquestionably a winning strategy since 08/09. When I speak with my Wall Street friends, they knew intuitively that things are bad “over there in the economy” but they BTFD anyway.
    4/ There are bears and skeptics for sure, and many of them are here in $TSLAQ, but on average people on Wall Street are looking at the response to the crisis, with less emphasis put on the impact of the crisis. It’s an important distinction.
    4/ When I speak with my friends in industry for the “bottom-up” view, they are like shell-shocked soldiers in the trenches after a barrage of shells just went off. Dead bodies and limbless zombies are everywhere. Unprecedented carnage.
    5/ My industrial friends see an epic wave of insolvencies, unemployment, economic pain and despair. They understand that we’ve not yet seen the second- and third-order consequences of the initial shock. This is game-over, system-reset type stuff.
    6/ They see a doom-loop of credit crunches. They see no ability to return to the way things were. They don’t see the to capital to retool for the post-COVID-19 economy. And mostly importantly, they see our government as hopelessly corrupt and therefore utterly ineffective.
    7/ Not surprisingly, I side with my industrial friends. We’ve not yet reached the end of the beginning. The numbers we will see in the next two years will be staggering. What Wall Street is currently calling green shoots are nothing more than weeds in the graveyard. Good luck.
    *most importantly

    1. Time for a WPA work for your government check, everybody can do something. Even if its getting your GED and learning to read, write and speak fluent English.

      1. and learning to read, write and speak fluent English

        Could state and local governments then stop producing forms, etc. in an array of languages?

        1. Especially voter registration forms! I looked in several libraries for a voter registration form and they only had ones in Spanish. Seems to defeat the idea of citizenship. 🙄

          1. Curiously, south of the border you have to jump through hoops and prove that you are a citizen to register to vote. They even take your picture which can be checked at the polling place, and you also get a voting ID card with your photo on it. No voting by mail, and the various parties send reps to each polling place to verify that no ballot box stuffing happens (the ballot boxes are see through).

    1. In-unit laundry has been a dream a for a lot longer than COVID. I structured my life around doing laundry at 6 am every other Sunday morning for 18+ years. Tossing in a load is such a luxury now.

  9. I think I see your problem.

    ““As Canada’s manufacturing and resource industries declined, governments looked to the real estate sector as an engine of economic growth.”

  10. Six years of “growth” wiped out?

    In the most bubblicious of times?

    “It sold in 2014 for $786,000. The current listing gives a price guide of $690,000 to $720,000.”

  11. I have the feeling that today is going to be another very good day for stock HODLers.

    Remember: Bad new$ for the real economy i$ mu$ic to Wall $treet’$ ear$.

    1. Better than expected?

      Durable-goods orders plunge 17.2% in April vs. forecasts for 18.2% drop
      Published: May 28, 2020 at 8:43 a.m. ET
      By Victor Reklaitis

      Orders for durable goods tumbled 17.2% in April, the government said Thursday, offering a fresh sign of how the coronavirus crisis has hammered the U.S. economy.

      1. vs. forecasts for 18.2% drop

        It was better than expected! So this totally justifies stawks going up again. /sarc

    2. Note that only the last twelve or so days of the first quarter’s 90 days were under quarantine orders (e.g. March 20-31), suggesting a recession was already in full swing before the coronacrisis struck.

      U.S. GDP contracted 5% in first quarter instead of 4.8%
      Published: May 28, 2020 at 8:39 a.m. ET
      By Greg Robb

      The U.S. economy contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data show. A downward revision to inventory investment mostly accounted for the downward revision, the Commerce Department said. Looking ahead, economists surveyed by MarketWatch predict GDP will plunge at a 27.7% annual rate as people stayed home to try to stem the spread of the coronavirus.

    3. Not a financial cri$i$:
      All i$ contained.

      1,805 views|May 26, 2020, 12:02pm EDT
      Argentina’s Debt Showdown Between Wall Street And Rockstar Economists Goes Down To The Wire
      Agustino Fontevecchia, Contributor
      Markets
      Former Forbes staffer, now Digital Director for Perfil in Argentina
      Economy Minister Martín Guzmán has garnered the support of the global academic community.

      Argentina’s sovereign debt restructuring has once again put the South American nation and serial defaulter center-stage on a global scale. As the coronavirus pandemic rages on, policymakers and intellectuals have tried to rationalize the dichotomy between extending lockdowns and quarantines and ameliorating their inevitable and painful economic impact. It is in this context that President Alberto Fernández instructed Economy Minister Martín Guzmán to renegotiate Argentina’s large and unserviceable sovereign debt, leading to a tense showdown with some of the world’s most powerful players in international finance, pitting divergent interests against one another in a scenario of absolute uncertainty in which the sovereign has already defaulted. The battle lines are drawn – Guzmán has rallied an impressive amount of intellectual firepower to Argentina’s side, with some of the world’s top economists and several Nobel laureates arguing for a successful and fair deal that would allow the nation to quickly come out of the current selective default and work towards sustainable economic growth. In the opposing corner are global investment funds with BlackRock BLK — the world’s largest asset manager with US$6.84 trillion under management — at the helm, asking creditors to pay their legally acquired debt in its fullest form. A true global duel between the academics and the so-called “Masters of the Universe.”

    4. Market Snapshot
      Stock-index futures edge higher after Dow retakes 25,000 even as jobless toll tops 40 million
      Published: May 28, 2020 at 8:44 a.m. ET
      By William Watts and
      Andrea Riquier
      U.S.-China tensions over Hong Kong remain in background
      Getty Images
      Referenced Symbols
      TWTR
      -2.33%
      FB
      -1.17%
      DG
      0.19%
      ANF
      -8.58%
      UA
      -0.82%
      UAA
      -1.35%

      Stock-index futures were mostly higher Thursday, as traders shrugged off another dismal U.S. weekly jobless claims report, a day after optimism over ending lockdowns to control the spread of COVID-19 pushed stocks to their highest levels since early March.

      Still, traders said concerns over rising U.S.-China tensions, which have been largely ignored so far, remain in the background but could cap gains.

    5. The Financial Times
      Coronavirus business update 30 days complimentary
      Hong Kong politics
      China approves plan to impose national security laws on Hong Kong
      Beijing presses on with bill after Washington signals city’s trading status could be revoked
      Xi Jinping votes on a proposal to draft a security bill on Hong Kong during the closing session of the National People’s Congress on Thursday
      © Nicolas Asfouri/AFP/Getty
      Yuan Yang and Christian Shepherd in Beijing and Kathrin Hille in Taipei
      3 hours ago

      China has formally approved a plan to impose national security laws on Hong Kong, despite a US declaration that the move would signal that the city was no longer autonomous from Beijing.

      Mike Pompeo, US secretary of state, on Wednesday issued the Trump administration’s most serious response yet to Beijing’s plan to impose the laws.

      China says the laws are intended to target “splittism, subversion of state power, terrorism or interference by foreign countries or outside influences” in Hong Kong. But the move has raised concerns about the city’s future as a global financial centre.

    6. Dismal Earnings, Bullish Stock Investors and the Fed’s Invisible Hand
      First-quarter profits shrank at the fastest rate in over a decade. Analysts don’t like what they see coming down the pike. Investors keep pushing stocks higher.
      By Matt Phillips
      May 27, 2020

      Wall Street analysts have grown increasingly pessimistic in recent weeks about the outlook for corporate profits, even as investors have pushed markets steadily higher, breaking the link between analyst forecasts and the direction of stock prices.

      Most companies in the S&P 500 stock index have reported their first-quarter earnings, and the impact of the coronavirus pandemic on profits is becoming clear, at least for January through March. On a per-share basis, profits of S&P 500 companies fell by 13 percent, making it the worst slump since 2009.

      Analysts think things will get worse before they get better. At the end of March, the consensus among analysts was that profits at companies that make up the index would sink a modest 1.8 percent in 2020. But after digesting the financial reports of companies from Agilent Technologies to Zions Bancorp, they now think 2020 profits will tumble more than 20 percent.

      Any finance textbook’s section on equity prices holds that the direction of the stock market is determined, to a large extent, by the profits and dividends that shareholders expect companies to produce in the future. And academic research has repeatedly shown that when Wall Street analysts revise their forecasts for a company’s profits, it can move share prices.

      Close observers of stocks won’t be surprised. After all, market sentiment has grown increasingly detached from the abysmal outlook for economic growth, another supposedly fundamental building block of market prices. Instead, stocks have climbed even as the consensus expectation among Wall Street economists forecasts a 30 percent annualized rate of decline for gross domestic product this quarter, according to FactSet.

      Plenty of explanations have been offered to help explain the market’s blasé approach to a bleak reality facing corporate America. Some say the bad economic news was already priced in during the March collapse. Others argue that markets are simply “discounting” — that is basically betting — that the U.S. will enjoy a V-shaped, or robust, economic recovery. Another argument is that investors, who tend to be forward-looking, are simply setting their sights on a future where the pandemic is a distant memory.

      The most powerful reason is simpler: It’s the actions of the Federal Reserve.

      Since March 23 — the day the stock market rally began — the Fed has done its best to ensure that the returns on bonds are quite low by signaling its willingness to buy unlimited quantities of Treasury and government-backed mortgage bonds. It has also ventured into buying corporate bonds, which helped push yields on such bonds lower too. The goal, in part, is to push investors away from the safety of the bond markets and into riskier assets, like stocks.

      In a recent note, analysts at JPMorgan argued that these programs by the Fed “likely has a bigger positive impact on equity valuation, compared with the negative impact of the temporary earnings loss.”

  12. Georgetown, TX Housing Prices Crater 11% YOY As Austin Area Housing Market Turns Toxic On Rampant Mortgage Fraud

    https://www.zillow.com/georgetown-tx-78628/home-values/

    *Select price from dropdown menu on first chart

    A noted economist stated, “A housing ‘recovery’ is falling prices to dramatically lower and more affordable levels by definition.”

  13. ‘Mackenzie Wilson, with the Sacramento Tenants Union, said the May 31 expiration date for the city’s moratorium is going to have residents making decisions they otherwise would not have to make if they had the assistance.’

    “We’re having to decide to put on our air conditioning in the summer or come up with the rent debt,” Wilson said. “We know that June 1 is the deadline where the rent debt clock starts.”

    ‘That’s why Wilson moved and downsized to cut costs instead of owing money to a landlord after her business took a hard financial hit.’

    “I should not starve myself. I should not allow to have my family get heat stroke this summer in an attempt to come up with money I never had the opportunity to make,” Wilson said.’

    https://www.abc10.com/article/news/local/sacramento/eviction-moratoriums-set-to-expire-as-people-struggle-to-pay-rent/103-636e2c4e-9371-4161-9818-ce57ab68301a

    1. GruesomeLeadership strikes!

      That’s it…. shut her down! Make’em pay! Extended the moratorium! F$$king idiots.

      1. Will landlords be the bagholderz, or is there an effort underway to spread losses to people who had no part in minimogul investment schemes?

    2. Running the ac or paying the rent.

      Pretty easy decision.

      And FYI, it wasn’t that long ago that most people had no ac, even in the south.

      They lived. Without the drama.

      1. And FYI, it wasn’t that long ago that most people had no ac, even in the south.

        All over the world. Of course people came up with ways to deal with the midday heat. In Spanish speaking countries they call it the Siesta. Everything shuts down midday for hours while everyone naps.

      2. I grew up in the south and we had a plug in fan by our beds. I always looked at those with AC as the really well to do family’s . Most people in my neighborhood were in the same circumstances as me. It wasn’t bad all year and you get used to it.

    1. “In the video that’s been viewed more than 40 million times, Amy approaches Christian and asks him to stop filming her or she’ll call police.”

      Filming her. He was filming her and she knew he was filming her but nevertheless she said this, said this while he was filming her …

      “’I’m going to tell them there’s an African American man threatening my life,’ she says while dialing and holding her cocker spaniel halfway off the ground by his collar as he thrashes around, trying to break free.”

      Bahahahahahahahahahahaha … what a dummy.

      1. Like many of these “tried in the press” stories, a lot is missing. The man conveniently did not record her dog running off leash or his words to her. Why would he begin recording once she already had the dog by the collar? It should have been drama over. We can’t know if he already had threatened her.

    2. The article mentions the crazy woman is white about half a dozen times.

      Amazing how the press can do that when it fits the narrative.

      1. Victim Olympics is a complex event. Had she been a Hispanic, lesbian woman, or better yet a trans, what would the press have done? At least we now know that Karens are near the bottom of the diversity totem pole.

      2. ‘Amazing how the press can do that when it fits the narrative’.

        Nobody rioting and burning down cities for this lady.

        INDIANAPOLIS (WTHR) – There are new details about the death of an Indianapolis postal worker and a possible motive for the crime.

        According to union officials, mail to the home had been cut off because of a vicious dog. In that undelivered mail were two long-awaited federal stimulus checks.

        https://www.wthr.com/article/possible-motive-uncovered-shooting-death-indianapolis-letter-carrier

  14. how do you make $ on renting new homes?
    AMH and Invitation homes are now putting up new homes for rent?
    por que es?

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