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To Walk Away And Not Make Anything, It’s Devastating

A report from Mortgage Professional America. “A new study by Clever Real Estate surveyed homeowners, renters, and prospective buyers to get a sense of their financial situation, and their plans to sell or buy. The findings suggest that the economic downturn will be longer, and maybe deeper, than experts currently project, and that a disproportionate amount of the pain may hit mortgage servicers. 27% of sellers had dropped the price of their listing in March, in hopes of attracting a quick buyer; in April, only 11% had bothered to cut their price, possibly because there simply aren’t any buyers out there to attract.”

“However, only 53% of renters were worried about their future ability to afford a house. On the other side of the coin, 63% of homeowners were worried about the value of their investments.”

“The problem is, the government didn’t make any accommodations for the loan servicers who are no longer receiving payments. It’s the domino effect; just as rent-striking tenants endangered landlords who had to make mortgage payments, suspending homeowner mortgage payments has endangered the mortgage servicers who process those payments.”

“A huge portion of the market could be impacted by widespread forbearance; in 2019, two-thirds of mortgages were originated by non-bank lenders like Quicken Loans or Freedom Mortgage, up from less than 40% in 2013. Since these nonbank lenders are, well, not banks, they don’t have deposits to draw on to pay investors, and they aren’t required to keep as much capital on hand to make their payments. That means that they could be seriously cash strapped, just as their cash flow dries up. It’s the equivalent to someone living paycheck-to-paycheck—but on a billion-dollar scale.”

“But some government officials think the industry is exaggerating. FHFA chief Mark Calabria told Housing Wire that industry estimates of forbearance ‘just don’t match anything we’re seeing at all,’ and said industry calls for help were just a way to avoid selling assets at low prices to generate liquidity. Even more worrisome, he added that the federal government doesn’t consider any nonbank lender ‘too big to fail,’ and implied that a bailout might not come if one of them began to go under.”

The Commercial Observer on New York. “Tavros Holdings founder Nicholas Silver has waited more than four years to finish The Dime, a 23-story tower in the heart of Williamsburg’s lively south side neighborhood. Before the coronavirus pandemic swept across the region, a multifamily complex with a massive retail space in Brooklyn’s hottest neighborhood was considered a lucrative asset. But some amenities that were must-haves in luxury housing complexes as little as two month ago have suddenly become passé.”

“The glut of housing supply could benefit tenants who may find their landlord is more willing to offer concessions or renegotiate a lease than risk keeping the unit vacant in the coming months. ‘People will be making downwardly mobile decisions,’ architect Gene Kaufman told CO. ‘They’re pairing up, moving to smaller places, and moving out of the city or moving to a more distant location that’s less expensive. And the impact of people who did not pay their rent is still unknown.'”

The Los Angeles Times in California. “‘Landlords are always going to try to keep their rent roll looking good,’ said Evan Raciti, executive vice president of RentHop. ‘So they won’t want to drop the prices right away.’ Instead, the prevalence of ‘concession offers’ — such as a lower security deposit or free first month’s rent — has increased, especially in dense metropolitan areas. ‘But if that doesn’t do the trick,’ Raciti said, ‘you’re going to see a glut of supply the next couple months, and I would imagine we’re going to start seeing actual gross rent start dropping, along with the incentives increasing.'”

From Patch Brentwood in California. “Consolidation is hitting the market for short-term home rentals as the coronavirus pandemic has curtailed travel dramatically this year. Small landlords and venture-backed companies that collected properties to rent out as short-term vacation rentals are offloading them in an effort to cut their losses. Sandra Jones has been in the short-term rental business for six years, renting her properties in Los Angeles , California. After the coronavirus hit in March, Jones said she lost most of her bookings. That made things particularly difficult for the Venice Beach property, which gets most of its business in the summer.”

From CNBC. “Lynn Prehm has been in the short-term rental business for six years, renting her properties in Cave Creek, Arizona, and La Porte, Indiana. After the coronavirus hit in March, Prehm said she lost most of her bookings. Facing uncertainty as to when the vacation market would resume, and with looming mortgage, utilities and maintenance payments, Prehm and her husband decided to put the property up for sale. The home was sold within a week, along with the furniture Prehm used to house guests. Though the sale was quick, Prehm and her husband lost money on the sale.”

“‘We put a lot of work into making it perfect,’ Prehm said. ‘To walk away and not make anything, it’s devastating, but at some point you have to be happy that you’re walking away and not losing a ton.'”

From WTVF in Tennessee. “Thousands of Nashville short-term rentals have sat empty for month as COVID-19 has put the city on pause, forcing some rental owners to sell their properties. ‘It has been tough, I guess, I don’t know how else to sum it up,’ Megan McCrea, the president of the Nashville Area Short-Term Rental Association (NASTRA), said. McCrea said her five rental units have only had a handful of guests since stay-at-home orders first went into effect in mid-March. While she decided to keep her properties, she said other NASTRA members have had to sell.”

“‘On some of my properties my property tax would be far more than my mortgage,’ McCrea said. ‘This isn’t like its impacting out of state people, 80 percent are within the state, these are your neighbors, these are your friends.'”

From My Panhandle in Florida. “Companies like Airbnb and VRBO have changed the short-term rental game. Real estate attorney Brandon Burg said that a lot of individuals rely on revenue from their rental properties in a major way. ‘They rely on fitting people in those homes and they paid premium prices for those homes to be able to rent them out to a lot of people,’ Burg said.”

The Houston Chronicle in Texas. “Houston’s apartment market, which would normally be thriving this time of year, is in a pandemic-induced slump. Apartment occupancy has dipped to about 89 percent, falling about a half percentage point in May, according to new estimates from Houston-based ApartmentData. ‘We would normally see bumps in April, May and possibly June, and it’s just not there,’ Bruce McClenny, president of the apartment data firm, said. ‘We’re seeing this same situation in every market we cover.'”

“In the Class-A apartment category, generally considered to be the newest properties with high-end amenities, the average rent has fallen 3 percent since the end of March to $1,497, the biggest decline among all classes of buildings. A bumper crop of new units could exacerbate the slowdown. Seeking to avoid a flood of empty units, some landlords have waived late fees on rents and offered payment plans to their tenants.”

The Post and Courier. “The coronavirus plunged the economy into what many consider a recession as more than 30 million people are out of work, a level not seen since the Great Depression. Property information service CoreLogic predicts the delinquency rate will soar by next year unless government intervention occurs.”

“‘The pandemic-induced closure of nonessential businesses caused the April unemployment rate to spike to its highest level in 80 years and will lead to a rise in delinquency and foreclosure,’ said CoreLogic’s chief economist Frank Nothaft. ‘By the second half of 2021, we estimate a four-fold increase in the serious delinquency rate, barring additional policy efforts to assist borrowers in financial distress.'”

“States with already high negative equity share, including Louisiana, Connecticut, Maryland and Illinois, are most at risk for increases in delinquencies. ‘After a long period of decline, we are likely to see steady waves of delinquencies throughout the rest of 2020 and into 2021. The pandemic and its impact on national employment is unfolding on a scale and at a speed never before experienced and without historical precedent,’ said Frank Martell, CEO of CoreLogic.”

The Wall Street Journal. “Andy Posner was standing smack in the middle of the great decimation of Americans’ household finances. His tiny nonprofit lender was flooded with loan applications from the out of work and out of money. Hundreds of other borrowers had stopped making their monthly loan payments. Many Americans have spent years barely getting by—going deep into debt to afford their homes, cars and other necessities. Nearly one-quarter of Americans had no money socked away for a rainy day heading into the coronavirus pandemic, and less than half had more emergency savings than credit-card debt, according to surveys from Bankrate.com.”

“For Mr. Posner, the crisis has exposed a weakness in the U.S. financial system: the overextended U.S. consumer. A debt burden that seemed manageable when everyone had a job became unbearable in a matter of weeks. Many of those obligations are on hold for now. In the meantime, jobless Americans are falling further behind. ‘Americans don’t want to admit how tenuous their financial position is,’ he said.”

“The crisis was a rude awakening for Kevin Smith’s family of seven, which moved to the U.S. from Africa in 2016. In good times, his steady income made it possible to cover the loans on three cars—including a BMW X5—and the occasional Friday dinner out. Now, groceries would have to come from Target or Walmart instead of Whole Foods. Mr. Smith put some of his bicycle equipment for sale on eBay and listed his son’s leather jackets on Poshmark to raise cash. He maxed out his credit card to cover the bills, bringing his credit score down to about 590 from 640.”

“‘I said, ‘This is where we are at,’ he said. ‘You build a lifestyle around an income.'”

“Michele Hamed contacted the firm in early April after her adult son came across the loan program online. Her income dried up in March when the restaurant where she waited tables closed its dining room. Her son, a cook at the same restaurant, wasn’t working, either.”

“With two young children also living in their Jacksonville, Fla., home, their finances immediately hit the skids. They ate ramen noodles and picked up canned goods and cereal at food banks. They drove as little as possible. They loaded up on toilet paper from the restaurant. ‘We are not even middle class,’ Ms. Hamed said. ‘We basically live check to check.'”

This Post Has 181 Comments
  1. ‘FHFA chief Mark Calabria told Housing Wire that industry estimates of forbearance ‘just don’t match anything we’re seeing at all,’ and said industry calls for help were just a way to avoid selling assets at low prices to generate liquidity. Even more worrisome, he added that the federal government doesn’t consider any nonbank lender ‘too big to fail,’ and implied that a bailout might not come if one of them began to go under’

    Sux to be you. One of them? They’re all going down.

    1. IIRC, in the 2007-2009 financial crisis, the subprime mortgage lending outfits were allowed to go up in flames. Further, Fannie and Freddie were put on life support, while a heroic effort to bail out Lehman Brothers fell through, leading to the financial markets analogue of an EF5 tornado hitting the asset markets.

      It should be interesting to see which firms are deemed too-big-to-fail this time around, and the consequences of allowing other non bailout-worthy firms to go belly up.

    2. The only honest man in the Trump Administration?

      “Industry calls for help were just a way to avoid selling assets at low prices to generate liquidity.”

      Why did that not apply to corporate bonds and stock prices too? Or housing prices after 2008? Used car prices at the retail level right now?

      1. Why did that not apply to corporate bonds and stock prices too? Or housing prices after 2008? Used car prices at the retail level right now?

        Exactly. If the government and the FED would just allow price discovery, the pain would be less and the prudent would be rewarded as they should.

          1. It does. Making shelter as costly and untenable as possible is not only sick, it’s almost criminal.

        1. If the government and the FED would just allow price discovery, the pain would be less

          People Who Matter beg to differ.

        2. Trying to guess which assets the Fed will prop up and which they will cut loose from the life line adds an interesting risk factor for HODLers to confront.

          1. Trying to guess which assets

            You can spot them. Look around the banks of the river of money. You’ll notice tubes stuck into the river to siphon off the skim called interest. That is how you will know.

        3. and the prudent would be rewarded as they should

          I think we know the the PTB don’t give a whit about the prudent.

  2. ‘On some of my properties my property tax would be far more than my mortgage…This isn’t like its impacting out of state people, 80 percent are within the state, these are your neighbors, these are your friends’

    ‘‘They rely on fitting people in those homes and they paid premium prices for those homes’

    ‘To walk away and not make anything, it’s devastating, but at some point you have to be happy that you’re walking away and not losing a ton’

    As I’ve long said, these people were gambling with borrowed money.

    1. these are your neighbors, these are your friends’

      ‘‘They rely on fitting people in those homes and they paid premium prices for those homes’

      They may be my neighbors. But it doesn’t sound like they were my friends. Sounds to me like they were screwing me for their own benefit.

      1. They borrowed premium prices. Wrong way Mel strikes again. Notice how many times these FB’s mention a mortgage.

        ‘these are your neighbors, these are your friends’

        Yeah, we’re all in this together. Better get some boxes.

        1. Hey Jonesy! Got open that pneumonia hole so I can give this junk the heave-ho…. Heads up!

      2. They may be my neighbors. But it doesn’t sound like they were my friends. Sounds to me like they were screwing me for their own benefit.

        They looked at you like that gal who you haven’t seen since high school who sends a connect request on facebook only to find out she is selling ‘essential oils’

        1. I have never had Fakebook or any social media. The only downside is that some women from my youth cannot find me or contact me. A friend recently told me of a few who have been asking about me. I am contemplating setting up a basic account with my picture so they can, but am not quite sure yet. I really despise the company.

          1. The only downside is that some women from my youth cannot find me or contact me.

            That could be a positive.

          2. That could be a positive.

            I suppose in certain instances, but not the ones he mentioned.

            I mostly keep a safe social distance from the women of my youth.

            It makes sense since you’re married. When single, it’s an entirely different story.

          3. If you want people to find you but not contact you in droves, get an account with LinkedIn. You can post basic info, but if the ladies do contact you, you have a legit excuse to ignore them: it’s business contact only.

    2. “‘We put a lot of work into making it perfect,’ Prehm said. ‘To walk away and not make anything, it’s devastating, but at some point you have to be happy that you’re walking away and not losing a ton.’”

      Well, if you followed the rule of not putting money into a property higher than the neighborhood comps will support, then that should never become an issue.

  3. Is your city feeling the bern? Does your ‘equity’ lay on the ground smoldering?

    1. I’m wondering if the riots + COVID-19 + the recent increase in remote teleworking represent the end of the new golden age of urban living in the U.S.?

      For one thing, what’s the advantage of living in the city if cultural amenities such as theaters, sports venues, concert halls, and restaurants are shut down? And who wants an enraged rioter smashing the window of your car?

        1. Honestly it seems pretty limited in San Diego County, to La Mesa. Living in Rancho Bernardo or Poway seems pretty removed from the unrest. Our neighborhood is peaceful and calm as ever.

          1. Bummer.

            Looking at the front page of the San Diego Union-Tribune, I am struck by the headline photo of twenty-something white female SJWs on the march in La Mesa angrily glaringinto the camera from behind their style-conscious COVID-19 facemasks. How are these people connected with the event in Minneapolis that sparked the unrest? Are they paid mercenaries, or do they act on personal empathy with the victim in what seems like an isolated crime incident thousands of miles from here that was amplified by a media spotlight?

          2. I remember living off of Black Mountain Road 92129 during the Rodney King riots and many of our neighbors were out on their front drives cleaning their guns. Them was different days.

          3. Up north too. I had to detour around downtown Santa Rosa on surface streets last night because of “police activity” but otherwise my drive home was uneventful.

          4. Are they paid mercenaries, or do they act on personal empathy with the victim in what seems like an isolated crime incident thousands of miles from here that was amplified by a media spotlight?

            Probably both. Though given that the laid off are being paid $1000/week to not work, they could just be crazies with time on their hands.

          5. We just got back from our weekly Encinitas trip. The huge gathering of protesters we saw at the intersection of Twin Peaks Rd and Pomerado Rd in Poway around noon was down to a handful of people. Another protest was scheduled for the intersection of Community Rd and Poway Rd. Walmart, Sprouts and Grocery Outlet on Poway Rd are boarding up according to people on Nextdoor.

          6. FWIW, not too far up Community Rd from where the protest is there are a handful of houses that proudly display large Trump/Pence flags.

        2. The LaMesa people are peeved about a local event that happened a couple days ago.

          1. I lived in La Mesa for over a decade but saw the writing on the wall and bailed to a red state. It is actually a good example of a number of issues we are facing.
            1) The majority of young people have no hope of ever having even a tiny shack of their own and have nothing to lose.
            2) La Mesa is tiny but they voted to raise the sales tax to over 9% in order to fund the new police palace they built. There was a perfectly good police station that they tore down to build that monstrosity that towers over the area.
            3) There is a trolley that shuttles the jogger set between downtown La Mesa and Spring Valley. There are far too many instances of crime near the trolley.
            4) With everything shut down, even bird watching is a crime and they are broke.
            5) People are tired of the police state that is rising around them to shake them down for the status quo in these places. People with 100k/year pensions etc. This is why no one is counter protesting the protesters. It is all a losing battle.
            6) Interesting Factoid: a couple blocks from there is the gas station that one of the 9/11 terrorists worked at.
            La Mesa is more relevant than you would think but I was still surprised to see it wind up on Gloomtube last night next to the other hot spots.

          2. Regarding the police palace I mention in my other post, they also tore down a perfectly good fire station and built a fire palace. The fire palace and police palace are one block from the 2 banks that burned to the ground. The fire palace even has a little lookout tower they could see the fire from. These useless tards couldn’t even put out a fire one block away and the police couldn’t stop a bunch of children from smashing windows all around them. I used to use the Chase bank a couple times a week when it Washington Mutual which failed in the crash. At some point it is all going to burn.

          3. La Mesa is tiny but they voted to raise the sales tax to over 9% in order to fund the new police palace they built.

            By they, do you mean the voters, or was it the city council?

    1. Speaking of the Dems.
      Apparently Bidens campaign staff is donating to bail out rioters, along with the Hollywood crowd .

      We are living in strange times.

        1. I have to click on the video twice, first time it says video can’t be played, second time takes me to the twitter feed. Once there scroll down about 3 videos to see and hear a black girl yelling at a couple of what looks to be white bused in masked college girls spray painting up businesses with BLM graffiti.

          1. “…white bused in masked college girls…”

            That’s the part of the unfolding story that I find most mysterious. What do white SJWs wearing fasion COVID-19 masks see as their stake in the situation? Are they for hire protesters?

          2. Maybe they have a problem with police murdering people, despite being white and female.

          3. Maybe they have a problem with police murdering people, despite being white and female.

            Or maybe they think that their chances of being a top tier influencer would be better under a new form of government.

          4. Second video down shows the “protesters” throwing rocks at the dude protecting his business. It sounds like one misses and hits something made of aluminum before he is hit and decides to charge. The video finishes with a “protester” spiking the business owner in what looks like the head with a rock from point blank range as he laid motionless on the street.

            I guess because the POS cop was only charged with third-degree murder in Minnesota. So far.

          5. Maybe they have a problem with police murdering people, despite being white and female.

            How do they feel about hundreds of black males murdered by other black males, every year? Somehow, black lives don’t seem to matter if the killer is black.

          6. What do white SJWs wearing fasion COVID-19 masks see as their stake in the situation? Are they for hire protesters?

            I think so, because when the Denver PD let them know they meant business the hired antifa crowd downtown collapsed like a house of cards. I conclude that their convictions are weak and they weren’t paid enough.

          7. Or maybe they think that their chances of being a top tier influencer would be better under a new form of government.

            If that were to come to pass the new bosses would surround themselves with their cronies and not a bunch of losers who live in their parent’s basements. Of course, they don’t understand that.

          8. I guess because the POS cop was only charged with third-degree murder in Minnesota. So far.

            Maybe the “justice” they’re looking for is reparations, as in trees and ropes.

        2. Defending your business with a sword? Against a mob of feral looters? That turned out very predictably. Somewhere, Darwin is chuckling.

          Reasons for owning, and being proficient in the use of, assault rifles with 30-round magazines have never been more clear.

          1. I have similar thoughts. But we’re dealing with a pretty large number in the downtown areas that are so feral they are running toward danger. At a certain point there aren’t enough full 30 round magazines in the world if you’re all by yourself and they swarm on you. If I was a business owner in an affected downtown area I might have to write it off this time and save the ammo for defending my home.

          2. “Defending your business with a sword? Against a mob of feral looters?”

            The poor b@stard looks like he was probably a registered Democrat before this happened.

          3. At a certain point there aren’t enough full 30 round magazines in the world if you’re all by yourself and they swarm on you

            Sure. But if you can cut down 25 or 30 before they get to you, that’s an excellent result. These idiots aren’t even prepared for battle. If you had an AR-15 along with two smaller sidearms as well as a couple military knives and some body armor, you’d be extremely hard to kill. You might even be able to fend them off.

          4. These idiots aren’t even prepared for battle.

            Most of them don’t even know how to throw a punch.

          5. use of, assault rifles with 30-round magazines may not be of much use against Molotov cocktails coming from several different directions at the same time.

        3. Like the people who beat this guy after he made the mistake of trying to protect his business with a sword

          Jeff, it WAS a mistake. What the hell was he doing with a sword? It should have been a pump shotgun or at least 2 .45 revolvers for close combat. He instead brought a big knife for defense of property that someone else intended to take. Evidently he didn’t believe in the 2A.

        4. Dallas Police: “We are trying to obtain information, but have very little at this time. The victim was transported away before officers arrived. The call came in as a stabbing call at the House of Blues. I just learned he is in stable condition.”

          The police will be looking through time stamped cell GPS phone records very carefully starting with incidences like this where a bludgeon murder occurred. They will have their killer(s) soon enough. And, this was in Dallas, not San Francisco or Seattle. The guilty will be polishing miles of dark meat before they’re executed in the capitol punishment state of Texas.

  4. My Little Martin guitar was delivered last week. I recommend it to anyone who wants to get a high-end sound for a few hundred dollars. And it will easily fit in overhead. I was happy to be able to put some of our stimulus money to immediate good use.

    On another note, I went to the local guitar center to pick up some accessories yesterday. After seeing a line of fifty people outside, I went home and ordered myself a guitar strap and humidifier on Amazon.com.

      1. I’m way too boring for that.

        On a sidenote, an old friend reached out to me last fall to let me know he had played a gig with Pete Townsend, and got his autograph afterwards. So I guess that leaves me only two degrees of separation away from Pete…LOL!

    1. My Little Martin guitar was delivered last week. I recommend it to anyone who wants to get a high-end sound for a few hundred dollars.

      Cool. I’m not really an acoustic guy but that sounds interesting.

      1. As lead guitarist in a rock band, my daughter’s boyfriend isn’t really an acoustic guy either. But he kindly purchased my 50-yo Gibson LG-0 from me last year for a very fair price. He fell in love with it when I would let him try it out during visits to our place.

        1. Do you guys think it’s worth the trouble to pick up a guitar for the first time in your 50s?

          Mrs Spiffy plays bass, and wants me to consider joining her using Rocksmith.

          I seriously wonder if my old age would make it a lot harder to make progress.

          1. I restarted about three years ago after a four decades hiatus, and play much better now than I did as a youngster. But I had four intervening decades of violin playing experience.

            My sister had a friend who started piano in his forties. By allocating maybe an hour a day practice time, he reached an advanced level within a couple of years. I believe he had played the cello growing up.

            My wife has also had some very good adult piano students through her years of teaching, though I don’t have full detail on their backgrounds.

            So I would say it can be done, but the results may depend heavily on music background, investment of practice time, innate talent, and the teacher’s ability to work with adult learners.

          2. Do you guys think it’s worth the trouble to pick up a guitar for the first time in your 50s?

            What kind of time do you have? I think most players including myself only got over the hump into “good enough to enjoy myself” territory due to lots of time as teenagers before social media with nothing better to do but play badly for a long time. I’m trying to improve my singing now and finding it impossible to get people living in my house to leave me alone enough to work on it consistently. But I admit I’m much worse than average at dealing with interruptions. I like to really focus on one thing at a time.

          3. I just started playing piano about 4-5 months ago. Play @ 1/2 hour every night. Been playing guitar for 30+ years, but reading a book on music theory I decided to go for it and old dogs can learn new tricks. Plus there are tons of videos online that show you techniques. I like Rick Beato’s channel, really cool stuff.

          4. Professor Bear – So I would say it can be done, but the results may depend heavily on music background, investment of practice time, innate talent, and the teacher’s ability to work with adult learners.

            Carl Morris – What kind of time do you have?

            My problem is that I have minimal music experience and (i think) a horrible ear. My mother tried to force piano lessons on me as a child, but I shut that down quickly – I can see in retrospect that my “instructor” – a neighborhood lady that gave lessons was rather horrible as a teacher.

            After that I avoided joining band in school, as my my brother took up Music as “his thing” – so I countered by making computer programming “my thing”, until the 2008 crash, my brother, with his PHD in Music, was on track to eventually become conductor of a large city orchestra (like Atlanta, etc) – it’s a lot like academia apparently. I did dabble a bit with sight reading piano on my own as a teen, but discovered I have zero ability to sync my left and right hands. They have different CPU clocks.

            I’d probably be investing an hour a night or so – friends suggest using a Yamaha Pacifica as something to start with. Mrs Spiffy was a band nerd when younger, and from time to time has dabbled with her bass guitar to pick up various songs for her own amusement. She promises she would be patient with me.

            There are no other houses within a 100+ ft sphere around Casa Spiffy, so I hope we wouldn’t be like the house we passed while out walking when quarantine first started – where you hear clearly from the road a young child had just been issued a recorder and was attempting to play the starting stuff they give to torture parents with.

          5. I played trumpet for about 6 years as a kid. Took up piano in my 20s and played for 20 years before I hurt my hand and took up guitar. The effort vs. results was super frustrating and I hated the molasses improvement, but stuck with it. Progress was nothing like it would have been if I had been young, but music is great and it should be about the journey and not what destination you reach. Be patient with yourself and go for it! Despite there being great youtube videos, I think at first it’s worth finding a teacher to get a solid foundation. Use trial lessons if you can. You don’t want to feel obligated to stick with somebody you don’t like. Hand is fine now and I play both instruments (piano well, guitar mediocre).

          6. “… music is great and it should be about the journey and not what destination you reach.”

            This!

          7. “…until the 2008 crash, my brother, with his PHD in Music, was on track to eventually become conductor of a large city orchestra (like Atlanta, etc) – it’s a lot like academia apparently.”

            Conducting a big city professional orchestra is kind of like rock star or major league sports territory for Western classical musicians: Pay and prestige are much higher than average for professional musicians, but opportunities are very limited compared to the size of the talent pool.

            And regarding what old dogs can learn, I recently ended a roughly three year stint as a church choir conductor, something I never before had tried or even imagined myself doing until three years ago. It went reasonably well for me in terms of personal satisfaction and community appreciation for my efforts. With COVID-19, I have to wonder whether and how choral singing will ever resume.

          8. I have zero ability to sync my left and right hands. They have different CPU clocks.

            That can be an issue on guitar as well. My initial dream was to play like the fast guitar players of the 80s. But it turns out I have difficulty synching my hands for that kind of playing. So what I’m best at turns out to be David Gilmour type playing rather than guitar hero playing. Luckily for me that suits my more mature tastes these days reasonably well, although I still wish I could play like John Mayer. What is your target that you wish you could play? Will your limitations allow that? An hour a day is enough to make major improvements if you stick with it.

          9. “… music is great and it should be about the journey and not what destination you reach.”

            The journey would likely be using Rocksmith so we could practice playing some of our favorites. If you’re not familiar with it, it’s like the old “Guitar Hero” game, except with real instruments and a library of about ~1500? songs licensed for it.

            Mrs Spiffy and I are avid concert-goers and have rather larger and diverse musical tastes. I’m also looking at the stuff offered by Rick Beato (videos/Betao Book/Ear Training/etc) to learn theory at the same time. I’ve been watching his channel for a while now, I think I would have fared much, much better as a child if I had been able to learn the technical theory.

    2. What specific model?
      I always dread checking in my guitar on domestic flights even with a hardwood case. You never know if someone did a soft drop. I like Singapore Air, about 15 years ago they were considerate enough to put my sitar in the pilot’s cabin. I was really grateful for that.

      1. Mrs. Chino has an LX1 — she was starting out on playing again a couple of years back after a lengthy time away from it, and the shorter scale helps with reaching some of the stretchier chords up at the top. We got a good deal on it, and the included gig bag is really nice.

        I did have to put .011 on it to get the intonation correct, but the truss rod still set the action low enough to be comfortable.

      2. I was hanging out on Vine St in Hollywood and we went to some guy’s place and he had the real thing, an old Martin 00? Not sure but I think the body was a little bigger. I’ve wanted one ever since.

    1. “This Recession Will See a Faster Race to the Bottom for Prices, Analyst Predicts”

      ‘In the COVID-19 downturn, the buyer pool is getting smaller more quickly, he wrote. The eventual floor for prices will be driven by the status of property income, investor perceptions and economic fundamentals, he wrote.’

      “A senior vice president at Real Capital Analytics says the drivers in the current economic downturn are different than the ones that spurred the global financial crisis more than a decade ago.”

      – We’re in housing bubble 2.0, which follows housing bubble 1.0. I don’t think that there’s much debate on this point. This includes RRE + CRE. The Fed is the serial arsonist, pretending to be working for the fire department.

      – Asset bubbles tend to by roughly symmetric in time on the way up and on the way down. Housing bubble 1.0 was interrupted by price-supporting interventions before it could complete the process. Assuming no further Fed and Government/GSE/Agency interference in the housing markets, which is a big assumption going forward, housing fundamentals will again assert themselves , just as they always have. Cap. rates, price-to-income, DTI, FICO scores, down payment, etc. are beginning to matter again.

      – Housing bubble 2.0 is similar to 1.0, including a large cohort of subprime “buyers” from reduced lending standards, etc. History doesn’t repeat, but it does rhyme.

      – The Fed was focused on reinflating stock and housing prices; they know the fundamental drivers of asset bubbles and essentially applied the same principles as before, with maybe some variation on a theme. One-trick pony.

      – Asset bubbles form for one set of fundamental reasons (including cheap credit/low rates) and burst for the another set of fundamental reasons (running out of “greater fools”). The timing isn’t likely different on the downside this time, nor will be the economically very destructive after effects. The bursting of “The Everything Bubble” was already “baked into the cake” by the Fed blowing another bubble in the first place, and while the pandemic served to pull its collapse forward in time, housing is a still largely an illiquid asset class. Think battleship. It doesn’t turn on a dime. Also, house prices are “sticky” to the downside, since the loss can be substantial and “owners” will try to avoid it by every means until it’s impossible to do so. Price is set at the margin (comps.), so once prices start falling the momentum keeps it going. The most likely outcome then, is that it will take several years to deflate the bubble, again, assuming no further interventions.

      – Housing bubbles are very damaging to the economy because so many people own RE, esp. SFH. In this cycle, it’s even worse, as we have massive bubbles in CRE, including “lux”/Class-A, college student apartments, Airbnb/VRBO/STRs. This is truly “the mother of all bubbles.” The bigger they are, the harder they fall.

      “Ladies and gentlemen, the Captain has turned on the fasten seat belt sign. We are now crossing a zone of turbulence. Please return your seats and keep your seat belts fastened. Thank you.”

        1. Yep. I wonder if this bubble is historically long in duration, thanks in part to central bankers’ ongoing efforts to kick the can further down the road?

    2. The riots may serve to flush what is left of urban housing markets in the U.S. down the toilet.

  5. I have been wondering for a long time who votes for these nut cakes that have blown into the political system like a virus.

    Just hearing the pandering to the mod of protesters from certain news stations is outrageous.

    1. Just hearing the pandering to the mod of protesters from certain news stations is outrageous.

      It’s what they’re paid to do. Don’t think for a New York Minute that they care about this country,

      1. I’ve similarly noticed the spread of the riots into smaller urban areas, such as Santa Rosa, Poway (mentioned above), and Grand Rapids.

        Like COVID-19, the riots seem to spread anywhere and everywhere, respecting no boundaries. There’s no place left to hide.

        1. Why that uppity little Rosa Parks, who she think she bee, wantin’ to sit in thee front of a city bus.

        2. There’s no place left to hide.

          My little burg is quite peaceful, no need to hide. Of course, it might have something to do with local populace being well armed. Outside of Denver city limits the centennial state is quite calm.

          1. My little burg is quite peaceful

            Mine too, and we’re in the middle of nowhere. Word in town this afternoon is that we’re getting one of these protests tomorrow.

          2. Word in town this afternoon is that we’re getting one of these protests tomorrow.

            So far the bused in Antifa weenies are sticking to focusing on the state capitol building in Denver.

          3. Also, it is interesting what the protests look like from above. When the camera from the Denver 9News helicopter zooms in it looks like the zombie apocalypse, but when it zooms out you can see that there aren’t really that many protesters, that you could carry them all away on a few dozen buses, they are concentrated within just a few blocks, and that a few blocks away it’s business as usual.

          4. Not peaceful in my burg, sadly.

            Riots/looting hit Bellevue WA, police just pushed them all down towards my neighborhood (thanks police!). Some armed folks in the area are visibly defending their neighborhoods, which is good.

          5. Riots/looting hit Bellevue WA, police just pushed them all down towards my neighborhood (thanks police!). Some armed folks in the area are visibly defending their neighborhoods, which is good.

            Kirkland and Mercer Island going under curfew in a few hours. There’s a significant element (many elements) out to exploit the situation and sow chaos.

  6. “A debt burden that seemed manageable when everyone had a job became unbearable in a matter of weeks.”

    A typical moronic statement uttered by a fool. Any puke that thinks that a debt burden seems manageable unless people are without a job FOR A FEW WEEKS is an idiot.

      1. When I think back on the protests of the 60s, those were real. Protests against war in Viet Nam and the Civil Rights movements and were justified at the time.

        People at the time didn’t want this War and Civil Rights needed advancement.

        For the life of me these riots seem so fake and not really justified that I’m witnessing today. These riots are a excuse to unleash mod anger, while they loot to get free stuff.
        These morons have been brainwashed for years while the real culprits of their discontent are taking their liberty and laughing all the way to their Global Banks.

        They don’t even know who the true culprits are.

        China who unleashed a virus on the World is good, Orange Man is bad.

        Always be suspicious of entities that have to change words to advance a agenda. You see these aren’t riots, these are peaceful protests over a just cause.NOT

        1. Hoodrats coordinating with the DNC, simple as that.

          Orange man needs to authorize deadly force, then the rioting will disappear faster than the fake pandemic.

          1. Hoodrats coordinating with the DNC, simple as that.

            I assume all these fine folks are rioting with masks on and politely staying six feet apart, yes?

        2. For the life of me these riots seem so fake and not really justified that I’m witnessing today. These riots are a excuse to unleash mod anger, while they loot to get free stuff.

          I think they are real. Just maybe not for the reasons being stated. To me it feels like the start of a serious attempt at a communist revolution. The antifa types seem to think that they are on the edge of reaching critical mass in the cities and maybe can take over the electoral process and gain access to an army. I think they are wrong, but it’s interesting that they are getting so bold. I think they know what awaits them outside the city centers if they can’t disarm the population and can’t get an army behind them.

          1. get an army behind them

            Who’s army would that be? I don’t think they’d like to have our army behind them.

          2. I don’t think they’d like to have our army behind them.

            If they could take power in this country I think they’d love that part. That’s the only way they can disarm their opponents.

          3. There are real grievances here. The civil rights struggle is far from over. When my seven year old grandson asks “are the police going to kill me?” — and I can’t answer no we still have a problem.

          4. There are real grievances here.

            I agree. And BLM seems to have a really good opportunity to get people to see their grievance right now. But Antifa seems to be working hard to steal that attention and use it for their political purposes, IMO.

          5. When my seven year old grandson asks “are the police going to kill me?” — and I can’t answer no we still have a problem.

            Just tell him he’s more likely to be killed by a drunk driving, unlicensed illegal.

        3. The civil rights struggle has not yet achieved its goal as the never ending list of black folks killed by police attests.

          1. Martin Luther King, Jr. made his mark on history with peaceful protest. But the enraged looters appear to have lost sight of his vision.

          2. The civil rights struggle has not yet achieved its goal as the never ending list of black folks killed by police attests.

            For every “black folk” killed by police, there are dozens (hundreds?) killed by other black folks.

            Do you honestly believe that not one single police shooting has ever been justified? To start with, the DOJ couldn’t find enough evidence to charge the Ferguson cop with Civil Rights violations.

          3. “…the DOJ couldn’t find enough evidence to charge the Ferguson cop with Civil Rights violations.”

            What got lost in the endless repetition of the ‘unarmed black man’ rhetoric is that the details of the story suggested Michael Brown was not submitting or acting respectfully to the cop, but rather may have been posing a physical threat. Any American male who survived junior high school or middle school knows that a lot of physical damage can be inflicted with bare hands.

          4. Martin Luther King

            The riots after he was shot in the spring of ’68 were not so peaceful.

          5. Number of people shot to death

            Black shooting deaths in Chicago those years? White or Hispanic shooting deaths by police covered by the MSM those years? The Narrative.

          6. After the Civil rights, the PTB in cahoots with the monied interests, decided to reduce the education standard and African Americans were disproportionately affected in that, the family unit was broken. No father or reliable adult man in the household to guide the young men. Couple that with the loss of decent paying manufacturing jobs, these high-school educated essentially did not have any means of earning a livelihood. Welfare has condemned them to a life of poverty. Hence the looting. Although, misguided, most of these people think that they have nothing to lose and if they do this in a group they can get away with it. Just my humble opinion.

    1. It must be on a different planet out here in the Roseville-Rockhill area. Open houses getting tons of visitors, and some houses even getting multiple bids. Buyers generally seem to be in a full-blown panic mode. A realtor said it could be because of the lower interest rates. Jeez!

      Very disheartening to see the market has not come down – not even a little bit. If anything, it has got even more crazy! People are lecturing me that I was really foolish not to buy last year. The buying frenzy is making me look like a clueless idiot. It is so discouraging! I am just looking to wake up from the nightmare.

        1. Prices fell 16% and cratering fast.

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

        2. You should buy then. Make sure you come in as high as possible. Wouldnt want to miss out since there are no more houses going up for sale ever.

  7. It feels like 1968 again.

    The Financial Times
    Coronavirus business update 30 days complimentary
    US race relations
    US cities torn by violent protests over Floyd killing
    National guard on the streets across the country following another night of chaos
    A woman carries a ‘Black Lives Matter’ sign past National Guard troops in the Fairfax district of Los Angeles on Sunday
    © Getty Images
    Lauren Fedor in Washington 31 minutes ago

    The National Guard was on the streets of more than a dozen US cities and the national capital on Sunday, after protests following the death of George Floyd gave way to another night of violence.

    Crowds have clashed with law enforcement in major cities, with fierce battles in Los Angeles, Philadelphia, Washington and New York, in an explosion of anger at the death of Floyd, an unarmed black man who died in police custody after an officer held him down with a knee to the neck as he shouted: “I can’t breathe”.

    About 5,000 members of the National Guard have been called up in at least 16 states and the District of Columbia, with another 2,000 prepared to deploy if called. The unrest mirrors the protests in Ferguson, Missouri in 2014 and Baltimore the following year, but on a scale that has led to some comparisons with demonstrations in the 1960s.

    The killing of Floyd — the latest of many black men to die at the hands of white police officers — has returned long-simmering tensions over race to the boil just months ahead of the presidential election. It comes as the country struggles with the coronavirus pandemic, which has taken the lives of more than 100,000 Americans and disproportionately affected people of colour.

    1. “…to the boil just months ahead of the presidential election. ”

      Yes, the timing of all this is quite intriguing.

      I thought the election of DJT was in large part due to the near-anarchy we were seeing leading up to 2016. What is he going to do about all this now?

      1. As much as I despise the orange menace in the White House I have to admit he’s a master of creating and using chaos to his advantage. My prediction is that he’s going to continue to fan the flames with truckloads of gasoline.

        1. ” … using chaos to his advantage”

          dtRumpsis chaostica trantrumois = all thumbs except when it comes to $elf.promotion$.

        2. As much as I despise the orange menace in the White House I have to admit he’s a master of creating and using chaos to his advantage. My prediction is that he’s going to continue to fan the flames with truckloads of gasoline.

          Eh? It appears to me that the other side of the political equation is the one fanning the flames.

        3. I don’t believe that Trump is purposely creating chaos. He’s just naturally terrible at PR. It’s probably a good thing that he’s not making any (more) statements; it’ll just make things worse. And even if he said something passable, the media would just twist it anyway.

          Btw, I’m pretty sure that “l**ting leads to sh**ting” was not a deliberate incitement. It sounded more like a historical statement.

          1. He’s just naturally terrible at PR.

            On the contrary. It wasn’t the Russians that got him elected.

          2. Terrible at PR? So a non pol who kicks everybodys azz (including the media) to become leader of the free world is bad at PR? Dumbest thing I’ve heard in a while.

    2. held him down with a knee to the neck as he shouted: “I can’t breathe”.

      Does this seem contradictory?

      1. It seems like a serious training issue, at a minimum. I don’t normally like to second-guess cops in stressful situations, but whatever happened to using the minimum amount of force to resolve the situation? Obviously the suspect died at the hands of the police, and it was a completely unnecessary death. I understand the anger, and think there needs to be full accountability and consequences, but rioting and mob violence should be met with whatever force is necessary to quell it and restore order.

          1. The medical examiner didn’t find evidence of asphyxiation or strangulation. The family is bringing in the autopsy whore, Michael Baden.

          2. Exactly how did he die?
            What I read of the existing coroner’s report did not mention the cause of death.

  8. With riots ranging across U.S. cities, over forty million unemployed U.S. workers, and a major international confrontation over Hong Kong in play, the first week of June should offer a continuation of the stock market rally to new heights.

    Remember: Bad news for the real world is good news for Wall Street.

      1. Woe$er & woe$er … T$k, T$k.

        $ynchronized Global $lowing is a $ocial.media digital di$tributional di$informational myth!
        Long.live.$oft.landing$!

        “Coming.$oon!”: un.$ynchronized Global $oft.landing$

        1. In my own mind I’m tracing the major mistake years ago was the creation of the welfare State. This isn’t social justice because true justice would of been for all races to have good jobs and ability to work up the ladder based on merits.

          Just giving minorities money that created gang infested people that didn’t integrate with the greater society was a mistake.
          Now you have a couple of generations of people demanding the free stuff who were put in some welfare box years ago by a greater Society they hate.

          Just look at the evils the welfare State created.

          Giving people stuff doesn’t work. Maybe a certain percentage uplift themselves by help from the Government, but if you can’t afford that gov, backed loan, wishful thinking isn’t going to take you out of foreclosure.

          1. “Giving people stuff doesn’t work. Maybe a certain percentage uplift themselves by help from the Government …”

            $ad poor.folk can’t buy back $tock in themselve$ like Corpooration$, then they could always bee $elf.profitable!

          2. IMHO, the welfare state is part of the problem. In addition, we have an unruly society where various forms of law-breaking are common. Laws at every level are openly violated.

            More and more, I wish I could live somewhere with a more peaceful and orderly society. I’m not sure where I can find that in the US anymore, perhaps in some very rural setting? Even then, such settings have plenty of drawbacks.

    1. “Bad new$ for the real world is good new$ for Wall $treet.

      (Is Wall $treet getting ANY of the (0%) a$ in Zero%?, ANY of thee x$9+ Trillion$?, ANY of thee unlimited, “UNLIMITED!”?)

      👀 … [in$ert a Cata$trophe] …🆘 🌊💰💲💰💲💰💲💰💲💰💲💰💲+💉📈↗📈↗📈↗📈↗📈↗📈⬆📈🎉🎡🎪🃏♻

  9. “‘On some of my properties my property tax would be far more than my mortgage,’ McCrea said. ‘This isn’t like its impacting out of state people, 80 percent are within the state, these are your neighbors, these are your friends.’”

    As progressive-maladministered cities fight losing battles to placate the Gimme Dats and pay for the soaring costs of the Democrats entitlements-for-votes demographic, plus the occasional riot now and then, property taxes are going to become untenable for more and more shack-owners.

  10. Thee.🍊.jesus does knot want his flock cult members to know how thee Trillion$ of fi$h got$ into thee net$, but Mr. Munchin & “punch.bag” Powell know exactly how that happened.

    White House punts economic update as election draws near

    AP News / By ANDREW TAYLOR, JOSH BOAK and AAMER MADHANI / May 28, 2020

    WASHINGTON (AP) — The White House has taken the unusual step of deciding not to release an updated economic forecast as planned this year, a fresh sign of the administration’s anxiety about how the coronavirus has ravaged the nation just months before the election.

    The decision, which was confirmed Thursday by a senior administration official who was not authorized to publicly comment on the plan, came amid intensifying signals of the pandemic’s grim economic toll.

    The U.S. economy shrank at a faster-than-expected annual rate of 5% during the first quarter, the Commerce Department reported Thursday. At least 2.1 million Americans lost their jobs last week, meaning an astonishing 41 million Americans have filed for unemployment benefits since shutdowns intended to prevent the spread of the coronavirus began in mid-March.

    Trump argues that the economy will rebound later this year or in 2021 and that voters should give him another term in office to oversee the expansion. But the delay of the updated midyear economic forecast, typically released in July or August, was an indication that the administration doesn’t want to bring attention to the pandemic’s impact anytime soon.

    “It’s a sign that the White House does not anticipate a major recovery in employment and growth prior to the election and that it has essentially punted economic policy over to the Fed and the Congress,”

    1. “…it has essentially punted economic policy over to the Fed and the Congress,”

      That makes very good sense: from now on, anything that goes wrong will be the fault of Congress and the Fed.

        1. On the contrary: If not driving and the bus crashes, then it’s some other driver’s fault.

  11. Is Los Angeles and CA is going to be broke after this Virus and rioting they will no choice but to cut pay and raise taxes ?

    1. They are screaming at the top of their lungs for a federal bailout, so they see the writing on the wall.

  12. “from now on, anything that goes wrong will be the fault of Congress and the Fed.”

    + O’Bammy

    Imagine that.

      1. thee de$crpitive adjective is “Black” shadow

        Unlike thee🍊.jesus long bidne$$ $hadow:

        – (8,500+ bidne$$ lawsuit$ & bankruptcie$)

  13. x9 Trillion$ for Wanker.Banker$ & Wall $treet $elf.repurchase master$ = Ea$y.Pea$y lemon squeasy!

    Helping peon Main.$treeters = lemon, lemon Difficult!

    Associated Press:

    Powell: Fed to soon begin ‘challenging’ Main Street lending

    CHRISTOPHER RUGABER
    May 29, 2020

    WASHINGTON (AP) — Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression.

    The Fed’s Main Street Lending is geared toward medium-sized companies that are too large for the government’s small business lending program and too small to sell bonds or stock to the public. The individual loans, which could reach $600 billion, will technically be made by banks. But the Fed will buy 85% to 95% of each loan, thereby reducing the risk to banks and freeing them to do more lending.

    Powell said that Main Street will make its first loans in a “few days.” He has previously set June 1 as the target, or soon after.

    He noted that the complexity of the program goes far beyond the Fed’s usual lending efforts, which typically involve buying bonds. The Main Street program will consist of unique loans to individual businesses.

    “It is far and away the biggest challenge of the 11 facilities we have set up.

    “A second wave would really undermine public confidence and might make for a significantly longer and weaker recovery,” the chairman said.

    Addressing the Main Street Lending program, Powell said its primary goal is to help preserve jobs or make it easier for workers to find new ones. Companies with up to 15,000 employees or $5 billion in revenue are eligible.

    “That’s the point of this exercise,” he said.

    Yet unlike with the government’s small business lending program, borrowers from Main Street won’t be required to keep their employees. Instead, they will be required to make “commercially reasonable” efforts to hold onto their staffs.

    Powell said Friday that the Main Street loans are intended for companies that were healthy before the pandemic hit and that will likely remain viable. But many Fed watchers have argued that the program won’t be very effective unless it is willing to make risky loans that might fail. The Treasury Department has provided $75 billion to offset losses.

    Mnuchin had initially indicated that the Treasury wanted all that money to be repaid, which could have forced the Fed to be too cautious. But earlier this month Mnuchin reversed himself and said the Treasury was willing to take losses on the Main Street loans.

    The Fed has reacted to the sharp downturn in the economy by slashing short-term interest rates to near zero and buying $2 trillion in Treasury securities and mortgage-backed bonds to keep credit markets functioning. It has also announced 11 separate lending programs that are intended to support borrowing by businesses, banks and households.

  14. Thee dtRumpsis Chaostica tantrumois “Trade.War$ i$ ea$y!” mini.phase1 v7.6 keep$ $mashing into unfore$een ob$tacles. $ad.

    Capitol Report:

    Revoking Hong Kong’s $pecial $tatus is Trump’s ‘nuclear option’ that could trigger irrevocable U.S.-China $plit

    Published: May 30, 2020

    Secretary of State Mike Pompeo declared Hong Kong no longer autonomous from mainland China

    Secretary of State Mike Pompeo declared Hong Kong to be no longer autonomous from China Wednesday, a move that further increases tensions between Washington and Beijing and could pave the way for changes to U.S. policy toward Hong Kong that could have large ramifications for the global economy.

    Pompeo is required by legislation passed last year to annually certify Hong Kong’s autonomy from mainland China, and that law also asserts that such autonomy is necessary to “justify treatment” under U.S. law that is “different to that accorded” mainland China.

    It remains to be seen what policy changes, if any, will result from the declaration, but if the Trump administration does move to fully revoke special economic and legal privileges granted to Hong Kong since the territory came back under Chinese control, it could devastate the Hong Kong economy and hasten a division of the global economy into a U.S. economic sphere and a Chinese one

    “The Hong Kong economy would basically be gone,” if the U.S. were to end all privileges afforded it by the United-States Hong Kong Policy Act of 1992, Diana Choyleva, chief economist at Enodo Economics told MarketWatch.

    The 1992 law allows fore easier travel between U.S. and Hong Kong and exempts the region’s exports from most U.S. tariffs, while allowing companies based there to access “sensitive technologies” made by American firms, which face export restrictions to the mainland.

    Most important, Choyleva said, is that the law mandates the free exchange of Hong Kong dollars for U.S. dollars. If the U.S. moves to restrict the Hong Kong Monetary Authority’s access to U.S. dollars, “that would be an extreme nuclear option” that could devastate the region’s banking and shipping and logistics sectors, while triggering widespread capital flight.

  15. Lincoln, CA Housing Prices Crater 10% YOY As Double Digit Declines And Mortgage Defaults Surge Across Sacramento Area

    https://www.movoto.com/rio-linda-ca/market-trends/

    As one Sacramento 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.”

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