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Lenders Are Tightening The Screws And The Number Of Qualified Buyers Is Really, Really Small

A report from the San Francisco Chronicle in California. “The cost of renting an apartment in the Bay Area plummeted in May, as layoffs and the increased flexibility of working from home drove a double-digit drop in some of the nation’s most expensive housing markets. Rents for a one-bedroom apartment dropped most in the cities richest in high-paying tech jobs, falling 9.4% in San Francisco compared with May of 2019. In Mountain View, home to Google, rents fell 15.9% year over year, while in Apple’s hometown of Cupertino rents dipped 14.3%, according to the rental search engine Zumper. In San Bruno rents tumbled 14.9%.”

“‘It’s a dramatic drop in San Francisco and the South Bay,’ said Zumper CEO Anthemos Georgiades. ‘This is real. We have never seen anything like it.’ While rents are down across the country, the drop was more severe in high-priced coastal cities that over the past decade have been most attractive to tech entrepreneurs and their investors, Georgiades said.”

“Georgiades said there has long been an unsupported myth that Bay Area residents are leaving the city in droves because of high cost of living, steep taxes, snarled traffic and homeless issues. It was a narrative that was not supported by the facts, he said — until now. ‘I’ve lived in the Bay Area for eight years and I’ve heard that story for eight years,’ he said. ‘This is the first time ever the narrative is actually real.'”

The Dallas Morning News in Texas. “Rents are flat in many of Dallas’ surrounding suburban areas. And on a month-to-month comparison, rents in Dallas have declined slight during each of the last two months, according to ApartmentList. Apartment rents have declined slightly from a year ago in previously hot markets including San Francisco, Portland, Los Angeles and Boston. Apartment analysts warn that the industry could face declining rent payments as unemployment caused by the pandemic grows and federal support is scheduled to expire for unemployed workers in July.”

The Las Vegas Sun in Nevada. “Demand for houses has remained robust through the first months of the coronavirus crisis, with bidding wars on many properties, some Las Vegas area real estate agents say. But with the tourism industry upended and unemployment at a record 28.2%, some experts are questioning how long that can continue.”

“‘Regardless of what’s happening in the physical market, the lenders are tightening the screws and the number of qualified buyers is really, really small,’ said Vivek Sah, director of the Lied Institute of Real Estate Studies at UNLV. ‘I feel that the market is going to shift to a buyer’s market over a period of time.'”

“Sah said he thinks the shift toward a buyer’s market is already underway. ‘People are just looking at the number of listings and saying there’s less supply and, yes, that’s correct, but what is the demand?’ Sah said. ‘The question is who is buying?'”

“Las Vegas Realtors reported the sale of pre-owned homes in April dropped 31 percent from the same month in 2019. The sale of condominiums and townhouse was down 42%. The median price of a house — $310,000 — was also down 2.8% from the previous month, while the median price of a condo or townhouse — $180,000 — was down 3%, according to the real estate group. ‘We’re starting to see how this crisis is hitting our housing market,’ said Tom Blanchard, president of Las Vegas Realtors.”

The Los Angeles Times on Georgia. “Jason Heyward hasn’t played for the Braves since 2014, but he’s still wrapping up some business in Atlanta. The All-Star outfielder just put his home on the north side of the city up for sale at $2.8 million, records show. He bought the property in 2014 after inking a two-year deal with the Braves but was traded to the Cardinals shortly after with one year left on his contract. It’s not the first time he’s tried to sell the place; he floated it for sale at $3.25 million in 2016 and trimmed the price to $3 million a few months later, but eventually took it off the market.”

The Alabama News Center. “According to the Baldwin Realtors, April condominium sales decreased 51.8% year-over-year from 164 to 79 closed transactions. Going against seasonal trends, April sales decreased 47.7% from March. Sales are down 11.6%% year-to-date, and future demand is likely to soften because of the growing economic impact of the COVID-19 pandemic.”

“Months of supply increased from 4.6 months to 9.4, reflecting a shift toward a buyer’s market in the area. The Baldwin County condo median sales price in April was $295,000, a decrease of 15.1% from one year ago and a decrease of 16.9% from March.”

The Aspen Daily News in Colorado. “Operators of Pitkin County’s many unique lodging options are evaluating what a May 27 public health order permitting short-term stays means for them. As long as they have submitted their guidelines, and are keeping occupancy below 50%, Aspen’s many short-term rental options are all now allowed, including hotels, lodges, motels, developed campgrounds, bed and breakfasts, condo-hotels, Airbnb, VRBO and retreats. The only short-term lodging that remains banned in the county are privately managed rental units.”

“City councilmember Skippy Mesirow is the managing director of Sky Run Aspen property management. He said unlike restaurants, which could still operate to-go menus, or retail which could pivot to online sales, the lodging industry had no other option but to go completely dark. ‘It was a complete hit. We were mandated zero revenue by the government,’ Mesirow said.”

“There are more than 1,000 units available for booking through rent-by-owner websites within Aspen city limits. Just 50 of them have filed for their free permit with the city. As the liaison to the lodging sector, Councilmember Ward Hauenstein has checked in with operators, who have reopened this week. Anecdotally, most of the current guests are from out of state, and planning on longer stays.”

“‘People that are open now are losing money. Most people will say it’s about 35% occupancy to break even, and nobody is anywhere close to that,’ Hauenstein said.”

This Post Has 259 Comments
  1. ‘falling 9.4% in San Francisco compared with May of 2019. In Mountain View, home to Google, rents fell 15.9% year over year, while in Apple’s hometown of Cupertino rents dipped 14.3%, according to the rental search engine Zumper. In San Bruno rents tumbled 14.9%’

    How are those 5% cap rates looking now?

  2. ‘It was a complete hit. We were mandated zero revenue by the government’ …There are more than 1,000 units available for booking through rent-by-owner websites within Aspen city limits’

    That’s going to leave a mark.

  3. ‘the lenders are tightening the screws and the number of qualified buyers is really, really small’

    The media let these REIC dogs tell everybody the market is awsum. There wasn’t any way Las Vegas was going to hold up.

    ‘People are just looking at the number of listings and saying there’s less supply and, yes, that’s correct, but what is the demand?’

    Now we find out if it was a bubble.

  4. “Sah said he thinks the shift toward a buyer’s market is already underway. ‘People are just looking at the number of listings and saying there’s less supply and, yes, that’s correct, but what is the demand?’ Sah said. ‘The question is who is buying?’”

    Erm… no, that’s not “correct”.

  5. Ben I would like to change my username (formerly Apartment 401).

    Yes I remember your post a while back about not changing it repeatedly, and there are posters here who do so regularly. This blog has saved me thousands and thousands of dollars and I can’t thank you enough except for making periodic donations.

    And regarding looters, they’re only doing what the taxpayer funded public education system has indoctrinated them their entire lifetimes to do.

    Working?
    Being honest?
    Not stealing?

    Forget all that. America isn’t a country, it’s a game.

    1. Working?
      Being honest?
      Not stealing?

      You ought to review the 16 $eason$ & 486 episode$ of American Greed.

      Quite educational, including the higher education merit$ of many of the perpetrator$ of their financial looting$.

      1. Burn a bank, you’re a looter. Steal from thousands with a bank, you’re a titan of industry.

        1. I’ve always thought bank robbers were rather stupid in using a gun to do a robbery. I’ve learned that a ball-point pen is much easier to employ, the rewards are vastly greater, and the penalties for getting caught range from minimal to non-existent.

      2. That’s a discussion that warrants its own thread.

        Regarding our blog host’s post below, looting Target, Foot Locker, Apple Store, CVS, Louis Vuitton etc will not bring justice for George Floyd and it won’t make racis cops less racis.

        The video clips on Twitter don’t lie. The windows aren’t breaking themselves. The fires aren’t starting themselves. The merchandise isn’t carrying itself out of the looted stores.

        Real Journalists can not, and will not, be able to re-script the narrative on this. George Floyd is dead. And soon, so too will be their business model of attempting to force feed lies to the American public just to scrape a few advertising dollars from it.

        I’ve posted in previous threads a few weeks ago that this country doesn’t have a future, prior to George Floyd being murdered by police.

        June 1st 2020: this country doesn’t have a future.

          1. Where does it lead?

            1. Further decline in Bricks and Mortar retail outlets, at a point of severe contraction in demand.

            2. More success for Amazon, provided they can keep the looters away from their warehouses and delivery vehicles.

          2. “Where doe$ it lead?”

            life.time losers laugh @ grabbing beanie babie$ & mannequin$, … whil$t in un$een maneuver$, 10% of x$11+ Trillion$ from Mr. Munchin & “Punch.bag” Powell go mi$$ing.

            How much i$ 10% of x$11+ Trillion$?

            Oh, & tho$e well $uited looter$ I$ “INDEMNIFIED! ” from ANY pro$ecution.

            $ad. Federal.Re$erve.$ad

          3. I watched a looter KO a female Amazon driver in Long Beach, then him and others emptied the van. Live youtube last night.

          4. Dudes robbing the Amazon delivery truck don’t look like white supremacists…or any other flavor of white.

        1. Twitter videos are indeed shedding light on a lot of issues. Police brutality being a primary one.

    2. My daughter is trying her best to remain calm amidst the unrest in Long Beach.

      Can’t we all get along?

      — Rodney King

      ‘I gotta believe in hope’: Black leaders say change can come without violence
      Tim Grobaty
      Editor’s note: In the column, the president of the NAACP describes some of the history of racism in graphic language, including the use of a racial slur. We’ve chosen to include the quote unedited.

      Is this it? Is the peaceful protest-turned-ugly Sunday in Long Beach the beginning of a new era in which racial discrimination is finally throttled to death?

      There is hope among some in the black community, however slight, that the protests, largely peaceful but accompanied by fire, violence and looting all across the country in the days since the killing of George Floyd, are going to be the catalyst for changing the way police deal with young back men in this country.

      There is hope, again a tenuous one, that the events will spark, finally, a positive move toward true equity and equality and an abandonment of hatred. The question is, does the healing start right now, or are we going to have to wait, yet again, for the fire next time?

      Many African American city and community leaders have seen this before over the past 55 years, and yet they have hope that something good will come of the protests this time. And, for the most part, they disregard the looters and arsonists who have been systematically destroying inner-city communities and businesses as mercenary outliers and opportunists.

      “I gotta believe in hope,” said 6th District Councilman Dee Andrews, who saw firsthand the damage that had been done to the neighborhoods in his district Sunday night.

      “I’ve been through all 3 riots—Watts, Rodney King and all down the line,” said Andrews, 75. “I know that this violence and looting isn’t going to benefit anyone.”

      Andrews got up at dawn Monday to help sweep up broken glass and otherwise assist in the rebuilding of the neighborhoods in his district.

      “I hate to see things being torn down,” he said. “We have small businesses here and we can’t be burning them down or tearing them up. People have just started getting back on their feet again from COVID, and now people are tearing things down.”

      1. “And, for the most part, they disregard the looters and arsonists who have been systematically destroying inner-city communities and businesses as mercenary outliers and opportunists.”

        And I view these disregarded types as primary evidence that the rule of law which undergirds our society is at grave risk.

        Not to suggest that we haven’t all seen this movie before…

        1. Next up: “Discrimination” by companies against areas where their stores were destroyed and delivery trucks were robbed.

        2. When the people loot and destroy property it’s deemed criminal, when governments loot and destroy property it’s called Mission Accomplished.

    3. Speaking of which, are fjm and MFJM the same person? Awfully similar usernames that started posting about the same time.

  6. Bellevue, WA Police
    ‘Please do not call 911 to report looting. We are aware of the situation and are actively working it. @NORCOM911 is getting inundated with calls about looting and the lines need to be left open for emergencies. Thank you.’

    Governor Jay Inslee
    ‘Saturday’s disheartening events in Seattle – carried out by a smattering of the thousands of protesters on hand – will not deter the cause of justice. Hundreds of public servants and volunteers are already helping clean up the property damage done.’

    https://twitter.com/BvuePD/status/1267259938155290629?ref_src=twsrc%5Etfw

    1. Love your new name 401.

      I guess we know now who Bidens people are. Any mindless corrupt looter intent on destroying America. But, the Globalist , the China alignment, and the Commie pigs are his people also.

    2. Anarchy doesn’t have anything to do with “justice”.

      Who’s responsible for the rioting and lawlessness?

      It’s White men:
      https://twitter.com/MayorJenny/status/1267244230730113024

      Russians:
      https://www.zerohedge.com/political/susan-rice-goes-full-conspiratorial-madness-cnn-russians-behind-race-protest-mayhem

      +White Nationalists:
      https://twitter.com/AshaRangappa_/status/1266752853554667520

      In reality it’s these pr*cks that created the reasoning behind most of this social justice sh*t years before many of us were even born:
      https://www.bitchute.com/video/dDklcIx7eAZN/

      This happened, last night, a little over a mile from my old neighborhood.
      https://twitter.com/atqueo/status/1267319509960048640/photo/1

      1. steadykat,,

        Gotta say that the tape you posted on the Frankfurt School of Marxism was excellent.

      2. Its true, the <80IQ types are not behind the planning and coordination of this civil war, that's just not possible with their limited mental abilities. Its once again, the (((usual suspects))) in their ivory tower bubbles that are behind this with the pavement apes acting as their shock troops. Both groups need to be exterminated – its them or us. Everyone on this board knows deep down those thugs would kill any of us if given half the chance – just for kicks. They've been fed lies their entire lives to blame their failed lives on everyone but themselves. Who constructed that course curriculum? Why (((them))) and their fellow travelers in the media, pumping out mindless narratives in tv, movies, music and fake news.

        This is for all the marbles – the fate of this country and millions of peoples lives depends on crushing this and the scum behind it.

        1. Watch this before it’s taken down: Former Black Lives Matter Ferguson Organizer, Chaziel Sunz exposed BLM, Democrats, ANTIFA, etc. In 2017, Chaziel Sunz shined the light on who pays for ANTIFA, Black Lives Matter, what the plan is of the Democratic Party using the groups.

    3. Bellevue 98004 reporting in.

      Yep, it was great of the local police to not prepare for this and not do anything to stop the rioters + looters. Had a bunch of them parking in my neighborhood and walking up in groups to do their thing. Can’t post pics here, but have photos of a group of 3 walking down my street with bags full of looted goods, getting in their car (I observed a mix of races, btw – not going down that rabbit hole).

      Love that our police aren’t working to keep the peace or enforce laws, and those of us in the area are on our own to keep ourselves safe.

      Lotsa “gimme-dats” out there and folks who don’t understand all the time, money, and effort that local business owners have put into things, just to have it all destroyed. And apparently the police are more interested in placating the PC folks rather than protecting its citizens and enforcing the rule of law.

      I’ve seen posts/posters on twitter where folks talk about “time to move this into residential areas and take back whats ours”. If that happens its sure gonna get ugly.

      1. folks who don’t understand “…all the time, money, and effort that local business owners have put into things, just to have it all destroyed.”

        And this is perhaps a historically bad time for this to occur, given how businesses are already struggling with a recession and a pandemic in progress.

      2. And apparently the police are more interested in placating the PC folks rather than protecting its citizens and enforcing the rule of law.

        Or in other words, your civic leaders decided to let them loot.

        1. Or in other words, your civic leaders decided to let them loot.

          And destroy property, yep.

      3. There are too many soyboys in the greater Seattle area. A neighborhood of gun-totin’ good ole boys would never allow burnin’ and lootin’.

        1. A neighborhood of gun-totin’ good ole boys would never allow burnin’ and lootin’.

          Hah, have a look at the tweets about Snohomish yesterday. They did just that – gathered in the city with their trucks and guns.

          1. Here’s one

            Haha, what? A couple of snowflakes driving around a backwater town, complaining about the residents?

          2. “Good Ole Boys always seem to posture where danger isn’t — just sayin.”

            Hilarious!

          3. Good Ole Boys always seem to posture where danger isn’t The ones who are out of sight and laying in wait are where the real danger is.

      4. Finger Lakes 14527 reporting

        We actually had our demonstration today in full light. 20 or so white folks with signs in front of the pharmacy. Drivers passing honked, smiled and waved at their neighbors.

    4. and the lines need to be left open for emergencies

      So, your store being looted isn’t an emergency?

      If the cops are that overwhelmed, the NG and maybe even federal troops need to be on the ground. (I’m not following all the news intently, perhaps those resources ARE on the ground or on the way.)

      1. The globalists and their Democrat minions tell us only police need guns. Tell that to business owners who are seeing their property looted and burned while cops are nowhere to be found.

        1. Except that if you brandished or used a deadly weapon to defend your business, then YOU would likely be prosecuted.

    5. Yea, I got an automated call yesterday notifying me of a curfew starting at around 5pm on my land line. I assume everyone in Bellevue received one on all land lines.

    6. If its only a smattering then why not just respond to the call and arrest them? In the next sentence are you going to wonder aloud why no one trusts the police while the lie is still ringing in the air?

  7. ‘Months of supply increased from 4.6 months to 9.4, reflecting a shift toward a buyer’s market in the area. The Baldwin County condo median sales price in April was $295,000, a decrease of 15.1% from one year ago and a decrease of 16.9% from March’

    Good thing everybody is putting 20% down.

  8. How can anybody buy right now when you don’t know how far the arson and looting will go.

    II heard one of the Protestors in summary saying they were coming for the surburbs next.

    For years I have been hearing about the coming Civil War, or the Revolution as some call it. Who ate these people? What do they want?

    1. I think the common thread for the protesters (aside from the looters, that just want stuff) they’re just tired of being stomped on and exploited by the powers that be.

      They want not to be stomped on. They want to know some random rhoided out cop isn’t going to take a dislike to them and ruin their life or kill them.

      … along with some mix of:

      To be able to earn the basic components of the American Dream without going into debt forever and becoming a slave to your job because to do otherwise for even a month will lose you everything.

      To be able to go to the hospital without being bankrupted.

      To be able to get a college education without going into debt forever.

      To not be lied to constantly by the people in government.

      To not have their jobs shipped out overseas, and have the foreigners use those earnings to price us out of our own homes.

      …same as anybody else. The protests and the riots they enable are about a lot more than killer cops. They’re about accumulated rage at being screwed over by the government, with a controlled slate of candidates to vote for, none of which are on their side.

      We are witnessing the result of multiple systemic failures and massive corruption in our government. I don’t think it’s going to get better.

      1. Get interest rates up into the market range of 12%-15% and all these problems solve themselves.

        1. Oh boy won’t people be howling then! Lol! Even if prices came way down.

          Most of them have never lived in a high interest rate environment.

          1. I’ve never lived in a high interest rate environment, but I think I could manage. Cash savings would actually grow!

          2. High interest rates would be devastating to consumers trying to buy houses. Even if house prices dropped, the interest portion of PITI would be so high that the howmuchamonth wouldn’t change. So people couldn’t afford the house anyway. We already saw this from 2009-2012. Interest rates were relatively low and house prices dropped like a rock, and people STILL couldn’t get the credit to buy, leaving an opening for cash-rich outfits like Blackstone to snap up assets.

          3. The howmuchamonth part of housing costs is tightly constrained by paychecks and loosely constrained by lending standards, unless those happen to be tightening up, as they are presently.

            Given the same incomes and lending standards, the adjustment to higher interest rates would be lower purchase prices (“values” in Mr Banker’s language), in a reversal of the dynamic that underpinned the bubble’s creation. An additional factor is the collapse in speculative demand which would accompany rising rates; the subsidence of this source of lift would hasten the declines driven by rising rates.

          4. Higher savings rates for savers? Yep that’s good.

            Lower principal / higher interest rates for the same monthly payment? Yep, that’s also good – it would also reward those who save (and thus have larger down payment) and those who get their houses paid off.

          5. That also means less taxes

            I’m sure that states lacking a constitutional restriction on taxation will quickly find a workaround for that.

        2. This is the correct answer. See my previous comment in response to mfjm for step 1.

      2. I think the common thread for the protesters (aside from the looters, that just want stuff) they’re just tired of being stomped on and exploited by the powers that be.

        FWIW, when I watched the Denver protests on the 9News website I didn’t see a single sign protesting the issues mentioned above. What I did see where “End White Supremacy”, “BLM” and other similar signage, which were all carried by white antifa types who were vandalizing everything they could touch.

        I’m not saying that people aren’t fed up with the system being rigged against them, but I think those people were busy trying to be productive.

      3. Well, it’s true that the American Dream has been stolen inch by inch. And the only way to bring back what was stolen is a Political overturn of the traitors that sold out to these Globalist and big money interest , along with the Commie movement.
        In everyway the Communist have for years been trying to break down American Society so they can usher in the Communist Government.
        Make no mistake that Communism is evil and anti life, and it kills the human spirit and incentive.

          1. So you’re rooting for Antifa?

            All of the Cubans cheered for Castro when he overthrew Batista, and look what that got them.

          2. Political overturn of bad Politicians. Biden is a example of a corrupt Politician.

      4. How is rioting and looting going to fix any of those problems you listed? It will simply harden attitudes.

        1. In the words of Lebowski… “thats like, your opinion man”.

          Maybe this in fact puts a share of the shit sandwich onto everyone elses plate so something has to actually be done about it.

          1. Yeah, including the plates of the vast majority of Americans who work hard and play by the rules and had ****-all to do with any of this.

            People need to start solving their own problems instead of blaming others for them like the whining crybabies they all are.

      5. … along with some mix of:

        And somehow destroying local business and demonizing business that are growing/hiring people accomplishes any of this?

        Looting and terrorizing the folks who are currently keeping the economy afloat and building/distributing the goods they’re stealing somehow accomplishes this?

        If one is fed up with the system, then go protest your government. Go to Olympia, Washington, or the representative’s houses. Maybe vote for someone with different ideals (or maybe just vote).

        Just causing general destruction isn’t going to accomplish anything good.

        We were already planning to leave the area. This may well have accelerated our plans.

        1. So maybe your house will be more affordable for them to live in when you move out. Mission accomplished.

          1. Mission accomplished.

            If that’s one’s goal, just go move to Detroit. Plenty of cheap housing!

            Oh, you want to live somewhere with businesses and amenities, bus service, etc? Maybe chasing out the people building and running those businesses (and paying the taxes) wasn’t such a good idea…

      6. Man. I’d settle for not having to pay exorbitant dues for health insurance before I even walk into a hospital or urgent care.

        Every time my 4 years rides her bike or runs, I shake thinking she’ll fall and break something, and my family deductible is 6K and 3K each member.

        Just trying to keep my head above water here in SillyCon valley. buying here is a pipe dream. I hope to move to Albuquerque, Tucson, or San Antonio and actually afford to buy a SFR and raise my two kids with my lovely and beautiful wife… away from all these mighty Elites!!!

        1. Parents in other developed countries don’t worry about their kids’ healthcare. Our system is truly messed up. We pay more for less.

          1. Parents in other developed countries don’t worry about their kids’ healthcare. All generalizations are false. Most of all, this one.

          2. Parents in other developed countries don’t worry about their kids’ healthcare.

            My relatives in the UK have private insurance because of problems with the NHS.

          3. Also, my relatives in Mexico avoid “el seguro social” (IMSS) at all costs. The quality of care is abysmal.

          4. In China everybody takes advantage of the socialized medicine for the simple stuff, but people with money use other options if they need a procedure that might kill them. I watched a guy die in the hallway of a local Chinese hospital in the normal course of a day. They don’t bother putting them in a room to die in privacy if there’s no hope.

      7. Black and brown folks just want to enjoy the kind of life available to everyone in other developed countries. Not really too much to ask for.

        1. Not really too much to ask for.

          Psst! It’s not something one gets to just “ask” for — you need to work for it. And this also goes for the people hoping to just sit and build their AirBnB empires, collecting the $$$ as rentiers!

          1. A little hard to “work” for when you have a knee on your neck for 8 minutes killing you for allegedly passing a fake $20.

        2. Black and brown folks just want to enjoy the kind of life available to everyone in other developed countries.

          The ones who keep their noses clean and apply themselves get to go to the front of the line for scholarships, government and corporate America jobs, etc. And Asians have shown that success can be achieved without affirmative action, even though they are minorities.

          As terrible as everyone says we are, there is no shortage of people who want to come here, both legally and illegally. Almost a million green cards are granted every year, and the waiting list for one can be decades long.

    2. I heard one of the Protestors in summary saying they were coming for the surburbs next.

      They might find a less than warm welcome by the locals.

    3. “I heard one of the Protestors in summary saying they were coming for the surburbs next.”

      It will never happen; recall the Rodney King riots.

    1. If it still exists, it just infected hundreds of thousands of asymptomatic carriers at the 140+ (most recent reporting) protest locations around the country, and can now be spread to the elderly and people with underlying health conditions, by all of the protesting youth who will probably never realize they’re infected.

    2. That was soooo March 2020…sorry Murica only have 5 mins attention span so we have collectively decided CV19 is done and the stock market rally and the strength in home prices is all reflection that this is all over…although reality tells a different story, then again when did Murica ever not let Hopium rule over reality?

    3. What are the implications if the African American community has a higher than average coronavirus rate, and their members are also disproportionately overrepresented among BLM protesters?

      1. Coronavirus outbreak
        Black Americans dying of Covid-19 at three times the rate of white people
        New figures from non-partisan APM Research Lab show staggering racial divide in coronavirus death rate across US
        Ed Pilkington in New York
        Wed 20 May 2020 12.50 EDT
        Last modified on Wed 20 May 2020 16.57 EDT
        People wait for a distribution of masks and food in the Harlem neighborhood of New York City.

        The racial wound at the center of the coronavirus pandemic in the US continues to fester, with latest data showing that African Americans have died from the disease at almost three times the rate of white people.

        New figures compiled by the non-partisan APM Research Lab and released on Wednesday under the title Color of Coronavirus provide further evidence of the staggering divide in the Covid-19 death rate between black Americans and the rest of the nation.

        Across the country, African Americans have died at a rate of 50.3 per 100,000 people, compared with 20.7 for whites, 22.9 for Latinos and 22.7 for Asian Americans.

        More than 20,000 African Americans – about one in 2,000 of the entire black population in the US – have died from the disease.

        1. Ok, I understand that the death rate is higher with blacks. But, it’s a well known fact that Blacks have a higher rate of vitamin D deficiency because they require a lot more Sun than the whites do. The medical people have known this.

          Is this racism, or is it the fact that the medical Cartel doesn’t push preventive medicine as much as the magic Pharma pills?

          1. It was black people living in crowded urban conditions refusing to follow lockdown and social distancing protocols while the virus was at its height of propagation.

            “The rules don’t apply to me” is a double-edged sword.

          2. A few days ago, someone posted a link from Massachusetts. Indicating 98% of the people in that state who died from the coronavirus had underlying conditions such as obesity, heart disease, diabetes, etc.

            Correct me if I’m wrong, but I believe those maladies affect black Americans disproportionately. So that might be part of the reason for the disparity.

      2. Associated Press
        Concern grows that weekend protests in wake of George Floyd death will lead to spike in coronavirus contagion
        Published: May 31, 2020 at 12:08 p.m. ET
        By Associated Press
        ‘We have two crises that are sandwiched on top of one other,’ says Minneapolis Mayor Jacob Frey
        Associated Press

        LOS ANGELES (AP) — The mayor of Atlanta, one of dozens of U.S. cities hit by massive protests, has a message for demonstrators: “If you were out protesting last night, you probably need to go get a COVID test this week.”

        As more beaches, churches, mosques, schools and businesses reopened worldwide, civil unrest in the United States over repeated racial injustice is raising fears of new coronavirus outbreaks in a country that has more infections and deaths than anywhere else in the world. And it’s not just in the U.S. — London hosted a large anti-racism protest Sunday that certainly violated government social distancing rules.

        Atlanta Mayor Keisha Lance Bottoms warned that “there is still a pandemic in America that’s killing black and brown people at higher numbers.”

      3. the African American community has a higher than average coronavirus rate, and their members are also disproportionately overrepresented among BLM protesters?

        Nonsense. I just read the looters are “white supremacists.” You can’t make this sh!t up.

        1. I just read the looters are “white supremacists.” You can’t make this sh!t up.

          It’s hilarious how the “real journalists” in the field say this with a straight face, while non whites throw rocks and bottles at them.

          1. It’s all at once sad and laughable how far up their own asses these media tools will shove their heads to reinforce the belief in their own narrative over the actual truth they’re in denial of and can’t handle.

          2. Well, I’m pretty sure they know that it isn’t white supremacists who are looting, but their paycheck hinges on them pretending to believe what they say on air.

          3. Anyone else notice how the globalists and their Real Journalist lapdogs are turning up the volume on The Narrative to 11? Even though anyone with a pair of eyes and one brain cell talking to another can see for themselves what’s really going on. But I guess we need more virtue-signaling celebrities to tell us what to think.

          4. Wouldn’t be surprised if some of those “real journalists” are in on the insurrection and are helping to coordinate some of the activities.

            I also expect we will find that the Marxist Universities are heavily responsible for the recruitment and planning of this civil war.

          5. bergera, they are.

            We fight back by not giving them money. No subscription TeeVee service, no pay for streaming, no online or paper periodical subscriptions, no movie tickets, no corporate social media, and use ad-block on phone and home PC browsers. We eliminate their revenue (and donate to the HBB).

            Supply and demand will solve the university problem. Young people are waking up and realizing it’s a broken business model. I learned more in the university library reading on my own than in any classroom. The articles posted regularly on this blog about the collapse of student housing are proof of this collapsing demand.

          6. nyone with a pair of eyes and one brain cell talking to another can see for themselves what’s really going on

            I’m seeing people on Nextdoor who honestly believe Antifa is really anti-fascism.

        2. Nonsense. I just read the looters are “white supremacists.” You can’t make this sh!t up.

          I keep adjusting the color on my TeeVee, but the overwhelming majority of the looters I’m seeing are black or brown.

          1. I know. The desperation of the left to pin the violence and destruction on “white supremacists” is beyond pathetic. Nobody believes their BS anymore. The mere idea that white supremacists would be joining large hordes of angry blacks is knee-slapping hilarity.

    4. To your question, the coronavirus pandemic doesn’t magically disappear when mass protests suck up all the oxygen in the MSM. The virus is still opportunistically engaged in community spreading among those who ignore social distancing measures, such as the masses who took to the streets over the weekend in 140 or so U.S. cities.

      And I have some new anecdotal evidence on whether the SJWs’ fashion masks will protect them from community spreading. The ophthalmologist I visited over the weekend said his brother is a doc who works with COVID-19 patients. The medical providers in his circle have a 10% infection rate, despite wearing mandatory N-95 masks.

      My hunch is that while the fashion masks look good on camera, they are just for show, and confer little or no protection against infection.

    5. Wait a couple weeks. I’ve been watching my little corner of Alaska, (opened early, was never all that locked down) and cases are ticking up. If I were to sensationalize, I could scream ALASKA COUNTY CASES MULTIPLY 7 FOLD!!!!! OMG!!!! like CNN and MSNBC like to do.

      … but thats from 1case to 7. Might just be noise, or increased testing.

      Global numbers from wikipedia are noisy as heck (and suspect for many reasons), but going by that, it doesn’t look like it’s dying out.

        1. Meanwhile, Maryland is still plateaued a little below peak, even though masks have been required. I don’t know why, maybe because we have had targeted testing. Or because we have a lot of POCs with high-contact jobs. They catch it at work and then spread it to their unmasked families? I don’t have a good explanation.

          1. Oh this is great news:

            ———————–
            Maryland finishes May with more COVID-19 testing, lower positivity rate

            Overall, Maryland has seen a 117% increase in testing, finishing the month of May conducting over 228,305 tests. It completed a short-term goal of 10,000 tests per day before June.

            Even with the number of tests being performed, the state’s positivity rate continues to drop. After reaching its peak in April at 26.9%, it has dropped down to 10.8%.

            Prince George’s and Montgomery counties [the counties that border the DC city limit] — two jurisdictions heavily affected during the pandemic — have seen large drops in their positivity rate as more residents get tested. More than 5% of residents in both counties have been tested.
            ———————-

            Maybe we’ll get a summer reprieve after all? Possibly the sunlight and the Vitamin D? But I’m not letting my guard down. I’m treating this as a temporary gift, a time to prepare for a second wave. It’s time to get to the dentist, do the dry cleaning, take some stuff to goodwill, get the piano tuned, the car maintained, possibly a house project. Maybe we’ll even ramp up some N-95 masks. But this fall is going to be a doozy.

        2. Got my first real haircut this morning.

          “His hair was perfect” – Warren Zevon

  9. “‘It’s a dramatic drop in San Francisco and the South Bay,’ said Zumper CEO Anthemos Georgiades. ‘This is real. We have never seen anything like it.’”

    Sure you have. San Francisco’s residential rents and population fell significantly, and its office rents plunged, after the dot.com bubble burst in 2000. Without a ridiculously high-paid job the in-migrants can’t afford to stay there, and are forced to flee — until rents plunge back to something like normal.

    https://granolashotgun.com/2020/05/24/what-if-youre-right/

    “There are many people who long for the city that existed before the tsunami of stock options, leveraged buy backs, foreign real estate investors, and Internet wealth transformed it. What if the city did depopulate and decline to a poorer more run down condition? For some folks it would present a fantastic opportunity to thrive in a far more forgiving and affordable milieu. That’s not the worst thing in the world – at least for the people who love cities warts and all. The people who demand a pristine suburban environment never mattered to the city anyway.”

    These bubbles have changed my views on rent regulations. What is the point of market signals when they can get so out of whack, and drive out longstanding, steady paying people and businesses who are part of a neighborhood, and their descendants, in favor of — eventually — vacant properties in foreclosure?

    1. “That’s not the worst thing in the world – at least for the people who love cities warts and all.”

      Yeah, I might be able to repurchase the house in Oakland I bought with my ex for 160K in 1999.

      1. If somebody gave me a house in Oakland for free, I’d immediately sell it. If the agreement was that I had to live there, I’d decline the house.

        1. I was actually quite nice. Very convenient. Biggest problem was we we’re in an area that pizza delivery drivers wouldn’t serve for the first few years. Then the area gentrified.

    2. What is the point of market signals when they can get so out of whack

      Identifying that issue is step 1. Step 2 is thinking about why they get so out of whack. Once you’ve drilled your way all the way down to root cause then we can think about an actual solution. Until then it’s just reactionary whack-a-mole that might be orchestrated by someone hostile to your best interest. Best to not play their game if possible.

    3. That absolute BS Zumper CEO quote caught my eye too, also remember the exodus and rent drops in S.F. following the dot com crash in 2000…am a native of S.F. myself a few years before that in order to buy an affordable house and did so 100 miles north. Have read a few other articles that claim S.F. has always been expensive, not the case when I was growing up there in the 60’s and 70’s…

    1. Did you see their stock today? It’s over $900 per share and up over $100 per share since May 28. Unreal.

    1. So wadda u think …..after the riots the “V” shaped recovery is toast?

      Was never gonna happen anyway, IMHO.

      1. When the extra unemployment cheese runs out in July, it’s gonna get interesting.

    2. It will take a decade for half of the lost jobs to come back, and the other half will never be coming back.

      The 0.1% have not and will not lose a penny, because it’s illegal for rich people to lose money in this country.

      Welcome to the recoveryless recovery.

    3. “Recovery”?

      As a noted economist said, “A housing recovery is falling prices to dramatically lower and more affordable levels by definition.”

      He’s right.

      San Diego, CA Housing Prices Crater 20% YOY As One Broker Shared, “Rent A House For Half The Monthly Cost. Buy It Later Because Prices Are Plunging.”

      https://www.zillow.com/san-diego-ca-92109/home-values/

      *Select price from dropdown menu on first chart

        1. Prices fell 20% and cratering fast.

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

        2. Link to the houses you bid on and final bid price. Otherwise, you’re a shill. FOAD.

      1. The financial advisors I’m watching on YouTube are saying nope, this is going to need 8-12 months to shake out. History also says that the stock market returns over the next decade will be 0, which is what happened to the housing market over the past decade. Their strategy is to pile up your powder, keep it dry, and wait for a big dip in the middle.

        1. My powder has been so dry for so long I’m wondering about its potency. I’m starting to think maybe I should just blow some of it on good times and forget about ever buying real estate.

          1. forget about ever buying real estate.

            Just never pay more than its utility, and never more than you actually have.

          2. Just never pay more than its utility

            Which is far, far less than the prices right now. Like 1/3 at most, meaning it needs to drop 2/3. I might be dead by then!

          3. I really really hear you, brother. I have done the same as you and now, the rising prices and multiple bids have made me look like a damn fool and a total idiot. I hope the market crashes soon – everywhere. I don’t enjoy going around with a face that looks I have been force-fed castor oil… 🙁

          4. made me look like a damn fool

            Be patient. Every dog got a day.

            Better to be ridiculed for a short time by puffed up debt donkeys (who don’t care about you) than to lie by the side of the road with their broken down debt riddled corpses forever.

  10. “The cost of renting an apartment in the Bay Area plummeted in May, as layoffs and the increased flexibility of working from home drove a double-digit drop in some of the nation’s most expensive housing markets.

    Love to see words like “plummeting” making their way into articles as trying to deny the existence of a bursting RE bubble is becoming an exercise in futility.

  11. “Georgiades said there has long been an unsupported myth that Bay Area residents are leaving the city in droves because of high cost of living, steep taxes, snarled traffic and homeless issues.

    Let’s not dance around cause and effect, Anthemos. The honest and productive portion of the population are leaving in droves because of progressive malgovernance. The high cost of living, steep taxes, snarled traffic, and encouraging and enabling social parasites are all symptoms, not the disease: liberalism.

    1. “high cost of living, steep taxes, snarled traffic …”

      Seem like symptoms of a very rapidly growing economy. In depressed areas everything is cheap and there’s no traffic.

  12. ‘I feel that the market is going to shift to a buyer’s market over a period of time.’”

    No need to rely on feelings, Vivek. The data, unlike realtors, doesn’t lie.

  13. “According to the Baldwin Realtors, April condominium sales decreased 51.8% year-over-year from 164 to 79 closed transactions. Going against seasonal trends, April sales decreased 47.7% from March.

    Is that a lot?

  14. ‘It was a complete hit. We were mandated zero revenue by the government,’ Mesirow said.”

    Maybe you should just skip town, Skippy.

    1. It’s time to call off the so called peaceful protests. They are providing cover for the thugs.

      1. Problem is its impossible to “call off” spontaneous protests. Once a tipping point of anger and frustration is reached there’s no going back.

    2. While the private autopsy stated that Floyd had no underlying health conditions contribute to his death, the HCME report listed arteriosclerotic and hypertensive heart disease, in addition to fentanyl intoxication and recent methamphetamine use as contributing factors.

        1. we still dont know if he was just a baby daddy or a real father to his 6 year old..did he pay his child support or did it go up his nose?

        1. he was resisting arrest.

          You would think, but I haven’t seen any evidence of that. There’s a video up where he is just being arrested. He looks all doped up and not resisting. Skip from that to him being pinned to the sidewalk. Skip to that and the police are struggling to get him into the patrol car. Yet supposedly he had already been killed. Lots of missing stuff.

          1. It’s very hard to get an objective explanation for what actually happened in this politically charged environment.

          2. You would think, but I haven’t seen any evidence of that.

            Supposedly there’s more video of it. I seriously doubt this guy was being peaceful but they decided to slam him on the ground and kneel on this neck for nothing. That’s not how these things go down.

          3. That’s not how these things go down. Thats why my first thought was these guys knew each other and there was some bad blood between them. That would indicate why a 3rd degree murder which to me is still an overcharge

          4. looks all doped up

            Fentanyl intoxication and recent methamphetamine use according to county ME.

            3rd degree murder which to me is still an overcharge

            Will likely be upped after both the county ME and autopsy whore Baden concluded asphyxiation. Heard an argument last night for 1st degree murder with premeditation satisfied by the 9 minutes pinning him down. That’s a stretch, IMO.

          5. that couldn’t be found by autopsy

            That wouldn’t surprise me. My late FIL, a well-known and respected criminalist hired by OJ’s “Dream Team,” thought Baden was a buffoon.

          1. I’d suggest that you take that up with mayors of our progressive cities, as the killer cops work for them. Just don’t hold your breath. The cops will continue to get their six figure paychecks and other than some lip service nothing will be done to weed out the bad cops.

          2. Well, I can’t condone what I saw on that tape. It looked like that cop was taking the breath of that man Mr Floyd.

            That being said , the thugs that are looting and sitting the Cities on fire are breaking the law and deaths have occurred already, along with a lot of injuries to law enforcement.

            I was at the local donut shop when a Cop walked in and told the Donut owner that the Protestors were going to be coming his way, and that Target was going to close and it was his choice what he wanted to do.

            Apparently the thugs are going to the surburbs now to reek their destruction on the small business owners in those areas.
            The so called peaceful are aiding and abetting the scum looters and it’s all a bunch of BS that they are innocent.

          3. What?!?!

            I’m talking about the large metro areas. Pay is much lower in podunkville, though in my little burg officers average 90K without overtime and Sergeants get $125K.

          4. Apparently the thugs are going to the surburbs now to reek their destruction

            I suppose that in states (blue) whose citizens have mostly been disarmed and where it’s effectively illegal to defend yourself that they will encounter little resistance. But in other states, especially ones with well defined Castle Doctrine on the books, they will get their heads shot off.

          5. Of course not, they phucked up. The guy they were trying to control died while in custody and they are responsible. But, the bigger picture is there are are a myriad of websites and gov. sites that list police arrests and stats showing the exact opposite of what you are asserting. U.S. Police make over 10 million arrests per year, of those, 425 die while in police custody. I’d wager less than half of those are black. The vogue notion that white cops are running around killing black people is nothing but progressive liberal BS.

      1. So what? Most Hollywood elites are always all coked up, shooting up H, smoking somethin’ and aways drunk…

        Not to mention the elected pedophile in government.
        They won’t get a knee to their neck until they stop breathing…
        most people are not Angels!

  15. Heard of a van that is loaded with weapons,
    Packed up and ready to go
    Heard of some grave sites, out by the highway,
    A place where nobody knows
    The sound of gunfire, off in the distance,
    I’m getting used to it now
    Lived in a brownstone, lived in a ghetto,
    I’ve lived all over this town
    This ain’t no party, this ain’t no disco,
    This ain’t no fooling around
    No time for dancing, or lovey dovey,
    I ain’t got time for that now
    Transmit the message, to the receiver,
    Hope for an answer some day
    I got three passports, a couple of visas,
    You don’t even know my real name
    High on a hillside, the trucks are loading,
    Everything’s ready to roll
    I sleep in the daytime, I work in the nighttime,
    I might not ever get home
    This ain’t no party, this ain’t no disco,
    This ain’t no fooling around
    This ain’t no Mudd Club, or C. B. G. B.,
    I ain’t got time for that now
    Heard about Houston? Heard about Detroit?
    Heard about Pittsburgh, P. A.?
    You oughta know not to stand by the window
    Somebody see you up there
    I got some groceries, some peanut butter,
    To last a couple of days
    But I ain’t got no speakers, ain’t got no headphones,
    Ain’t got no records to play
    Why stay in college? Why go to night school?
    Gonna be different this time
    Can’t write a letter, can’t send no postcard,
    I ain’t got time for that now
    Trouble in transit, got through the roadblock,
    We blended in with the crowd
    We got computers, we’re tapping phone lines,
    I know that that ain’t allowed
    We dress like students, we dress like housewives,
    Or in a suit and a tie
    I changed my hairstyle, so many times now,
    I don’t know what I look like!
    You make me shiver, I feel so tender,
    We make a pretty good team
    Don’t get exhausted, I’ll do some driving,
    You ought to get you some sleep
    Burned all my notebooks, what good are notebooks?
    They won’t help me survive
    My chest is aching, burns like a furnace,
    The burning keeps me alive

    1. Some Black man named Bob Johnson is on the boob tube saying that in summary that Black people need to be given money to make up for slavery.

      The welfare State has handed out trillions for a half Century yet there is never enough.

      On May 4,1970 at Kent State the National Guard killed 4 white students. This was in spite of a peacefull protest on Campus against the Viet Nam War.

      But, basically the Great Depression rendered the Greater population in the USA poverty stricken. So what’s this BS about the white population having all this wealth from slavery days. I didn’t enslave anybody and neither did my kin folk. I won’t vote for such a idea to give unearned . money to a race of people based on their great, great, great, great, great grandparents being slaves. It’s my belief that a high percentage of the population had horrible struggling lives. If they want money sue the Plantation owners.

      1. I hear a lot of “would-have” type arguments. For example, if the bank hadn’t red-lined my grandfather from buying a house, our family “would have” been rich, so now we are owed the money we would have had. And then I guess they can name the amount they would have had. How do you answer that kind of reasoning?

      2. What’s even more fun is when the Dems start waxing poetic about the DACA kids whose parents dragged them into the US illegally. “You can’t punish the children for the sins of the father,” they say. Unless, of course, your great great great great grandfather sinned and owned people. Then you can be punished until you’re black and blue. Heck, you can be punished even if you aren’t even related.

        1. You can be held personally accountable even if your ancestors entered the U.S. after the Civil War and the end of slavery.

          All whites are accountable for slavery reparations based on the color of their skin.

      3. By design the New Deal excluded blacks from most benefits (especially housing loans). It really couldn’t have been otherwise since FDR need the support of southern Democrats to get anything done.

        1. Fjm,
          You are correct that FDR did what you said. But again, the bulk of the white population was in abject poverty along with the minorities.

          I don’t get how the Blacks think that going thru the Great Depression and World War 2 created all this great wealth for white people. In other words , every body was screwed, starting from scratch basically.

          1. My parents grew up dirt poor during GD1. Mom has passed on stories of subsisting on baked squirrel that Grandpa bagged with his shot gun and wearing underwear fashioned from burlap flour sacks.

            Dad’s dad had a sideline to his day job as a school teacher selling granite tombstones to his neighbors. And Dad’s brother developed his AAA pitching arm by spending hours in the backyard throwing a baseball through a tire suspended from a tree by a rope.

            White privilege? No.

          2. I don’t get how the Blacks think that going thru the Great Depression and World War 2 created all this great wealth for white people. In other words , every body was screwed, starting from scratch basically.

            Not everyone. But most white people don’t know much about who profited from the war either. I suspect their descendants are part of our problem now, though.

          3. The post war period created unprecedented wealth for ordinary white families. Blacks did not fully share this prosperity (not even close). While conservative elites have been clawing back wealth from ordinary families of all colors for the last forty or so years what has got passed down intergenerationally is enough to greatly skew family wealth distribution between races.

          4. Blacks did not fully share this prosperity

            How odd, whenever I go into a .gov office, it’s chock full of well paid black employees.

          5. who profited from the war either

            IIRC, someone (Mr. Banker?) posted a link to (Google Books?) a very interesting read on this subject some time ago.

      4. None of my ancestors were in the country until after the Civil War. (I’d imagine many, possibly most, Americans could say the same thing). So am I exempt from contributing to these reparations?

          1. How many days are these so called peaceful protests going to go on? They will continue until no building is left standing, no police are brutalizing anyone and until racism ends once and forever.

      5. How many of them grew up in a house with a married mom and dad? 5% maybe? That’s the source of the problem. More money won’t fix that; it could actually make it even worse.

        1. More money won’t fix that; it could actually make it even worse.

          Could? It will make it worse. If there ever are reparations, pimps, drug dealers and liquor stores are gonna make bank.

          1. Everybody forgets AFFIRMATIVE ACTION and the trillions doled out in welfare to these people by the Government for the last 60 years.

            On TV a protester in essence said that they were going to take back what was theirs

            To me it’s all about free shit and give me give me Big Government. The hard working private sector that is keeping everything afloat is suppose to be taxed to support these parasites, which include the Globalist parasites and oligarchy that has replaced Government for the people .
            It’s all about controlling the narrative so no true discovery of the true culprits of the now rigged markets are made.

        2. Sounds like you’ve been reading, “The Moynihan Report.” The nuclear family that works, pays taxes and prays is so post war twentieth century. Now it’s tinder dates, interracial babies and civil disobedience, and some code slinging soy-boi is supposed to pay for it.

          1. and some code slinging soy-boi is supposed to pay for it.

            Am I a “code-slinging soy-boi”? Crap……

          2. I doubt you fit the profile.

            I think in the context of the original rms statement all 3 of us do. But that’s ok. Sometimes it’s easiest to hide in plain sight.

    1. It’s all true. Real Journalists will try to brainwash you with words but you can’t un-see images.

      Watching Unicorn Riot footage from last night in Minneapolis of black locals trying to stop outsider white communist Antifa violence from destroying their neighborhood.

      The narrative is slipping…

      1. Problem is that the MSM and social media bury those stories while trumpeting that the protesters are future doctors and astronauts.

  16. https://twitter.com/nardotrealtor/status/1267520703307280389?s=20

    Lawrence Yun calls the bottom of the real estate market at about 2:20 seconds in (right after the video slide pronounces what attitude Realtors should evoke). It’s been a difficult year to develop confidence in pronouncements made by those who plant flags on the largest stages.
    “You have 15 people, and the 15 within a couple of days is going to be down to close to zero,” (Trump) Feb 26th pronouncement on Covid.

  17. Fjm,
    You are correct that FDR did what you said. But again, the bulk of the white population was in abject poverty along with the minorities.

    I don’t get how the Blacks think that going thru the Great Depression and World War 2 created all this great wealth for white people. In other words , every body was screwed, starting from scratch basically.

  18. I just heard this song today for the first time probably since 1990. My wife wasn’t my wife yet but she loved it, me not so much. By 1990 I had been sober for a year but my wife was my most of the time girlfriend for a few years before that. Colleen I finally listened to the lyrics, I miss you.

    Concrete Blonde- “Joey”

    https://youtu.be/UwiXtHHTzl8

  19. The Financial Times
    Coronavirus business update 30 days complimentary
    Capital markets
    Delinquency rate triples in US commercial mortgage market
    Investors in securities backed by $1.3tn of property loans fear worse is to come
    Travel bans and social distancing have impinged on the revenues of hotels and retail properties, leading to a rise in unpaid mortgages
    © Bloomberg
    Joe Rennison in London yesterday

    The percentage of commercial property loans left unpaid by borrowers in the US more than trebled last month, in a sign of a deepening crisis in the $1.3tn market for bonds backed by the mortgages.

    The delinquency rate on loans underpinning commercial mortgage-backed securities rose from 2.3 per cent in April to 7.4 per cent in May, according to the data service Trepp. Borrowers are considered delinquent when they fail to make a payment within 30 days.

    A further 8.6 per cent of mortgages were in that 30-day grace period after missing a payment.

    The sharp rise in delinquencies is a sign of the growing stress in commercial mortgages, where borrowers have been squeezed by lockdowns imposed to limit the spread of coronavirus. Travel bans and social distancing have impinged on the revenues of hotels and retail properties; corporate bankruptcies have caused borrowers to default on office leases; while pressure on consumers has resulted in widespread requests for deferral of rent payments on apartments.

    “Everyone is holding their breath to see what will happen,” said Gunter Seeger, a portfolio manager at PineBridge Investments.

  20. The grim prospect of military force being deployed against U.S. citizens should result in higher stock prices today.

    So far as Wall Street is concerned, bad news is sweet music to traders’ ears.

    1. It seems like the stock market is actually going up on the riots news.

      Economy
      Published 2 hours ago
      Riots put brakes on US economy’s coronavirus recovery
      There’s ‘no situation where this is a good thing’
      By Jonathan GarberFOXBusiness

      The civil unrest erupting across America following the death of George Floyd is likely to slow the U.S. economy’s comeback from the COVID-19 pandemic.

      Violent protests and looting have left a trail of destruction from New York to Chicago to Los Angeles, stressing already frazzled business owners who now have to clean off graffiti, sweep up shattered glass and replace pilfered merchandise and furnishings.

      “This is a net negative, both in the short term and in the long term,” Sri Kumar, president of the Santa Monica, California-based Sri-Kumar Global Strategies, told FOX Business.

      The rioting will probably add “a couple of percentage points” to the sharp drop in gross domestic product that was caused by stay-at-home orders intended to slow the spread of the COVID-19 pandemic, he said.

    2. The Tell
      The Fed has made relative value ‘cheating off the F student,’ strategist says
      Published: June 2, 2020 at 9:51 a.m. ET
      By Steve Goldstein
      The current method of investment modeling.
      iStockphoto

      David Rosenberg, chief equity strategist at Rosenberg Research, has been saying for some time the market is running on a Federal Reserve-induced high.

      In a note to clients on Tuesday, he said relative value in the current environment doesn’t make any sense, with the S&P 500 (SPX, -0.01%) up 37% from its March lows. “Relative value becomes meaningless when the Fed is buying everything but equities — it’s all cheating off the proverbial F student,” he said.

      The Fed has lowered interest rates to nearly zero and snapped up not just Treasurys but also corporate bond exchange-traded funds.

    3. being deployed against U.S. citizens

      No, being deployed against infiltrators and insurgents.

      JFK Secret Societies Speech (full version) beginning at 6:36

  21. Vancouver, WA Housing Prices Crater 19% YOY As Portland, OR And Seattle Housing Markets Meltdown Under Weight Of Toxic Mortgages

    https://www.zillow.com/vancouver-wa-98684/home-values/

    *Select price from dropdown menu on first chart

    As a noted economist stated so eloquently, “A house is a rapidly depreciating asset that empties your wallet it every day you own it.”

    1. The looter protestors are coming for commerce near where I live tonight. I heard a Cop tell our local Donut Store Owner this information.

      I got rid of my guns about 5 years ago because of my eyesight going downhill. So, I guess I just get killed by the looters if they start invading houses because the Cops are standing down against these peaceful protestors,NOT.

      1. I got rid of my guns about 5 years ago because of my eyesight going downhill.

        Speaking of hiding in plain sight, I gotta remember that one. Kind of like how if I drive a sleeper and I’m at the street races now I can just tell the cops I’m there looking for my son and they believe me. Cops are always nicer to old people who look like they might have a lawyer.

      2. “I got rid of my guns about 5 years ago because of my eyesight going downhill.”

        Red Dot or laser

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