skip to Main Content
thehousingbubble@gmail.com

Investors Face A Further Cash Flow Crunch As Empty Homes Languishing On The Market Starts To Surge

It’s Friday desk clearing time for this blogger. “In the city of Los Angeles, where Greta Arceneaux’s property is, tenants who have been impacted by the virus will have up to 12 months from the end of the city’s emergency declaration to repay their back-rent without late fees. ‘My retirement is going down the tubes because of this,’ she says.”

“We have vacation rentals in Kona. We have lost about $100,000 in income due to the shutdown. We do not think it is fair that hotels are allowed to operate but we face fines and jail time if we rent. We went through the expensive and arduous process to rent legally. We were only allowed to rent a few weeks after being licensed and then we were shut down with no hope in sight. We have mortgages to pay for our houses.”

“With short-term rentals reopening in Grand County, some operators are adapting to regulations for the summer while other are reconsidering their investments. For Charles Phanumphai, the uncertainty caused by the pandemic meant he chose to convert his STR at the base of Granby Ranch to a long-term rental. Cancellations were a double whammy because he’d lose the money from that visit, and it’d be to short of a notice for a new booking for that same time period. ‘Pretty much every week that a new booking came in, two were canceled that were closer to the date,’ Phanumphai said. ‘It was like one step forward, two steps back.'”

“Daisy Maldonado knew she was behind on her homeowners association dues. But when a collection agency mailed her a notice recently, she read a dire message. ‘WARNING!’ it declared. ‘IF YOU FAIL TO PAY THE AMOUNT SPECIFIED IN THIS NOTICE, YOU COULD LOSE YOUR HOME, EVEN IF THE AMOUNT IS IN DISPUTE!’ Around 230 notices of default were recorded with Clark County from March 30 through May 26, largely by homeowners associations, a county database indicates.”

“Heather Kolb, a teacher, bought her south valley house last year. She’s not worried about losing her house, but it seems a little ‘ridiculous’ that a $250,000 home would face foreclosure over a default a fraction of that size, she said. ‘But I don’t know,’ Kolb said. ‘Maybe that’s what they do.'”

“Home sales in Houston fell for the second straight month in May, according to the Houston Association of Realtors. The steepest declines were seen at the low and high ends of the market. Sales of homes priced below $100,000 fell more than 37% while homes priced above $750,000 dropped more than 56%. Prices were also down in May. The average price for a single-family home fell 7.4% to $289,199. The last time a decline in prices was seen occurred in January 2018.”

“Pop star Ariana Grande has bought a newly built home in the Hollywood Hills’ Bird Streets area for $13.7 million. On paper, it appears Grande got quite a bargain. The contemporary home, which sold off-market, first came up for sale two years ago for $25.5 million, records show. More recently, it was offered for $17.495 million. The property is one of 138 properties tied to Sherman Oaks investment firm Woodbridge Group. Sound familiar? It should.”

“Last year, Woodbridge’s owner, Robert H. Shapiro, pleaded guilty to orchestrating a $1.3-billion real estate fraud scheme that stole money from thousands of investors — many of them retirees — nationwide. Shapiro was later sentenced to 25 years in prison for his role in the sham.”

“The developer of a 43-storey luxury condo building in Manhattan’s Tribeca neighbourhood has sued Malaysia’s biggest bank for reneging on agreements to provide more than $162 million in syndicated construction loans and ‘effectively thwarting’ the project. Over a decade ago, Sharif El-Gamal drew controversy with a proposal to build an Islamic cultural centre and mosque on the site. In 2011, he shelved that plan. He instead decided to build a 203m condo tower with financing from a consortium of international lenders still eager to back such projects, even as domestic banks were retreating amid signs that the city’s luxury real estate market was becoming over-saturated.”

“The residential units at the building have been priced at an average of over US$3,000 per square foot. The syndicate filed a foreclosure action on the property in March.”

“A former Cresford Developments property has officially hit the market. Located at 33 Yorkville Avenue, the zoning and site plan have already been approved by the City to construct approximately 912,700 sq. ft. of residential and retail components. The project, which was previously owned by Cresford Developments, one of Toronto’s luxury condo developers, entered into receivership on March 27, according to documents filed by the receiver, PricewaterhouseCoopers Inc. 33 Yorkville is one of three Cresford Developments buildings to enter into receivership.”

“Property investors already struggling with falling rents and rising vacancies face a further cash flow crunch as the number of empty rental homes languishing on the market starts to surge. An analysis conducted by industry data provider Suburbtrends for The Australian Financial Review showed more than half (53.8 per cent) of all rental listings have been on the market at least three weeks.”

“Most investors only factor in two weeks of vacancy when calculating their cash flow buffers and the growing number of rentals still vacant after three weeks of advertising is creating a significant strain on many landlords, said director Kent Lardner. ‘Property investors who are experiencing vacant properties are faced with serious cash flow pressures, especially those that rely on weekly rents to support mortgage repayments,’ Mr Lardner said.”

“More than 60,000 rental properties nationwide sit empty for more than 21 days – a 46.1 per cent jump compared with a month ago. Despite lower interest rates on mortgages, many investors were not covering their costs because of falling rents and rising vacancies, said Digital Finance Analytics director Martin North.”

“‘I think many property investors are being caught by cash flow issues,’ Mr North said. ‘Normally, around two-thirds of investors never make a positive return on their investments other than from tax breaks, so a lower rental income will make it even more difficult to hold on to an investment property. As such, one in eight investors are now seriously considering selling up.'”

“‘It’s actually still a pretty depressing scenario.’ These are not the words of some fringe economic blogger: they are from Reserve Bank of Australia Governor Philip Lowe as he described the economy last week to the Senate Select Committee hearing into Australia’s response to the COVID-19 pandemic. For most sober and impartial economists, there is no surprise in this description of the Australian economy.”

This Post Has 156 Comments
    1. Of course not Ben. It’s the epidemic’s fault. The bubble was an error ad has since been corrected by a drone in the Ministry of Truth.

  1. ‘Pretty much every week that a new booking came in, two were canceled that were closer to the date’

    Where’s gullible griz, the airbnb believer? Don’t tell me the REIC would deceive people with statistics!

  2. ‘Normally, around two-thirds of investors never make a positive return on their investments other than from tax breaks’

    An objective observer would say this is insanity.

    ‘so a lower rental income will make it even more difficult to hold on to an investment property’

    Alligator wrestling: Australia’s national sport.

    ‘‘It’s actually still a pretty depressing scenario.’ These are not the words of some fringe economic blogger: they are from Reserve Bank of Australia Governor Philip Lowe’

    Hey Phil, how smart was stampeding people into shacks they couldn’t afford?

    1. The central banking establishment will never acknowledge the folly of encouraging foolish risk taking activities that resulted in an extreme level of financial fragility which is currently being exposed by COVID-19.

      1. Central banks exist for one purpose: to facilitate the transfer of wealth and assets from the 99% to the financier oligarchy. What you view as “folly” is a brilliant success in the eyes of central bankers and their oligarch cohorts.

    2. “stampeding people into shacks they couldn’t afford?”

      Haha…seven words describing years of worldwide housing manipulation. Well done!

  3. ‘She’s not worried about losing her house, but it seems a little ‘ridiculous’ that a $250,000 home would face foreclosure over a default a fraction of that size, she said. ‘But I don’t know,’ Kolb said. ‘Maybe that’s what they do’

    It happened to thousands of loanowners in Florida Heather.

    1. Florida, the state with the lowest state and local government tax burden in the country.

      Not counting the dues for these private developments. They are nothing like property taxes, and HOA rules are nothing like government regulations, right?

      Freedumb.

      Not that NY, at the opposite extreme, is any smarter.

    2. a little ‘ridiculous’

      Sorry, you signed up to be a little money making machine when you took out the loan. Make them money or you’re fired.

  4. “In the city of Los Angeles, where Greta Arceneaux’s property is, tenants who have been impacted by the virus will have up to 12 months from the end of the city’s emergency declaration to repay their back-rent without late fees.”

    – Virtually all of the current economic/financial problems today are due to massive government interventions in formerly semi-free markets: corporate bonds, U.S. Treasury bonds, real estate in various and nefarious forms, and of course the stock indices.

    – City government has no right or authority to cancel legal contracts between landlords and tenants. This is yet another break from the rule of law in this nation.

    – Does the city government really think that the tenants are going to be able to come up with 12 months (a full year’s) rent at the end of the emergency period to pay back the rent in a lump sum payment? What are they thinking? Pandering to their base is all I can think of. The lump sum rent payment in a year flat out ain’t gonna happen.

    – The farther we deviate from free markets, the more screwed-up everything is going to be. History has shown that centrally-planned, command-and-control economics doesn’t work, and for obvious reasons. None of this is going to get better until the parasitic government is extracted from the host. I have no idea how this is all going to work out, absent true reforms, but my current outlook is definitely “unfavorable” for a healthy outcome currently. Oh, the insanity!

    1. So what happens when those rental properties are foreclosed? Will the bank become the new landlord? Auction them off? Who will buy a rental property where tenants are eviction proof?

      Of course, there is a flip side to this: who will maintain said properties? Oh dear, the roof is leaking, the water heater is broken, the space heater doesn’t work, etc. Who’s gonna fix it?

      1. Can’t Unlimited Quarantinive Easing monies be injected to bridge the gap between tenants who can’t pay and landlords who have lost their rental income stream? Unlimited means unlimited, right?

        1. A good friend of mine told me this old joke of German origin:

          Three candidates are competing for public office. The first candidate promises that every man will have a car. The second candidate promises that every man will have a house. The third candidate promises that every man will be a millionaire. The third candidate wins, and has no trouble keeping his campaign promise.

          1. With the Fed printing us down the road to Weimar 2.0, we will all be millionaires all right. Just like they were in Zimbabwe and Venezuela. Read “When Money Dies” for a preview of coming attractions when the Fed debases the dollar into worthlessness.

          2. I recall the near hyperinflation days in Mexico. We used to joke that we were all going to be millionaires. And it came true, as 9000 pesos was eventually equal to 1 USD, until they lopped of three zeros and called them “Nuevos Pesos” for a few years.

          3. I had a work trip to Vietnam back in 2008. I clearly recall the thrill of payin $60 into the ATM machine, and recieving 1,000,000 in their paper currency units (dong) in exchange. And 200,000 dong covered the cost of a delicious meal at a French-Vietnamese restaurant.

            What is $60 worth now? 1,395,930 Vietnamese dong, according to Google.

          4. “What is $60 worth now? 1,395,930 Vietnamese dong, according to Google.”

            They’re just like us, i.e., working for nothing.

      2. The cocaine and heroin enthusiasts that will occupy these houses don’t really care about such ephemera.

    2. “Does the city government really think that the tenants are going to be able to come up with 12 months (a full year’s) rent at the end of the emergency period to pay back the rent in a lump sum payment? What are they thinking?”

      Bailouts / extended forbearance / refinancing plans / further kick-the-can measures can be adopted after twelve months are up.

      1. “…rent at the end of the emergency period …”

        Suppose that an “end of the emergency period” is never declared?

        (Kinda like undeclared war. It could last for generations)

        1. I was thinking along similar lines. It’s like the bill one of the Democratic Congressmen wrote: something like “$2K/month until the unemployment rate reaches pre-COVID levels.” Yeah, 3% unemployment. That was backdoor for a permanent UBI and everyone knew it.

          1. “…That was backdoor for a permanent UBI and everyone knew it…”

            Same idea here. A backdoor for permanent, ‘legalized’ squatting.

            Quite a deal for the free sh*t army.

            1) Rental unit owners foreclosed on by banks. Paper is sold by banks to Federal Reserve. Free rent to squatters.

            2) $2K/mo UBI to squatters.

            3) Free healthcare, ‘social services’, ‘lifeline’ utilities to squatters.

    3. Pandering to their base is all I can think of

      I think this is it.

      And when the property owners are foreclosed on, the big boys will buy up all that property for pennies on the dollar. Serfdom, here we come!

      JMHO, of course.

    1. It’s a payday loan dressed up in fancy buzzwords. It was going on long before COVID hit, but that’s not stopping them from using the COVID angle to attract new business. Never let a crisis go to waste, Visa!

  5. “In the city of Los Angeles, where Greta Arceneaux’s property is, tenants who have been impacted by the virus will have up to 12 months from the end of the city’s emergency declaration to repay their back-rent without late fees. ‘My retirement is going down the tubes because of this,’ she says.”

    The market doesn’t give a SH*T about your retirement

    1. Greta Arceneaux “…My retirement is going down the tubes because of this,’ she says….”

      The new normal for Greta: Life begins at 90. Enjoy!

  6. – Hi Ben,
    Your blog post today is unusual in that it’s absent the typical REIC positive spin BS on the otherwise mostly negative, but factual RE news and data.

    – I’m sure this is just a sample of the RE cratering info. out there.

    – Many are still in denial as to the true magnitude of the economic crisis unfolding in the U.S. and globally, and a large part of that is due to housing markets “adjusting” to the new normal. Translation: The Fed and other central banks blew another round of asset bubbles after the GFC (2008-9) in their attempt to generate “growth”. However, this wasn’t organic growth, but rather artificial growth, largely due to massive debt increases and unnaturally low interest rates. Yet they are somehow expecting a different outcome than last time? The only difference is that this time will be worse, since “The Everything Bubble” is much larger vs. the last bubble of the GFC. The Fed can print $ to buy virtually everything (and they are), but everyone else has to use the rapidly depreciating fiat currency, since counterfeiting is illegal for everyone but the Fed.

    – Debt growth in this cycle has been enormous, but we’ve reached “debt saturation” again, which limits any future growth prospects, since demand was pulled forward, but most have reached their credit limit. Once debt reaches such extreme levels, it actually slows economic growth due to debt service payments. ZIRP can delay, but not prevent this outcome. NIRP only compounds the problem. There are no good outcomes from here without a wholesale clearing of the system, IMHO. Embrace the suck.

    “Denial ain’t just a river in Egypt.” – Mark Twain

    “Insanity: doing the same thing over and over again and expecting different results.” – Albert Einstein (misattributed) – Narcotics Anonymous

    “the speculative episode always ends not with a whimper but with a bang.” – John Kenneth Galbraith, A Short History of Financial Euphoria

    “Those who cannot remember the past are condemned to repeat it,” – George Santayana

    1. It’s still out there. Jonathan Miller said many years ago the UHS spin was cartoonish, which describes it pretty well.

      I’ve been really busy researching pre-foreclosures in California. Thousands upon thousands of these things.

  7. At the end of March, 2020 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $8.919 trillion.

    In the 1 year period from the end of March, 2019 to the end of March, 2020 it increased by $557 billion. This is an increase of 6.6%.

    Update on the total (household, business, and all levels of government) debt numbers in Canada and the size of the Bank of Canada’s balance sheet

    https://owecanada.blogspot.com/2020/06/at-end-of-march-2020-total-debt.html

    1. I’m assuming you need to provide documentation that you were laid off, etc. That was true in NV. But who knows in CA, the Dems running the place will stop at nothing to buy votes from their base.

  8. The pre-liberal idea of settling disagreements with coercion has made a comeback in the United States.

    ‘In the past week, the editorial page editor of the New York Times, the editor of the Philadelphia Inquirer and the editors of Bon Appétit magazine and the young women’s website Refinery 29 have been forced out by the staff and owners of their publications for offenses regarded as at odds with the beliefs of the current protests.’

    ‘It is impossible not to recognize the irony of these events. The silencers aren’t campus protesters but professional journalists, a class of American workers who for nearly 250 years have had a constitutionally protected and court-enforced ability to say just about anything they want. Historically, people have been attracted to American journalism because it was the freest imaginable place to work for determined, often quirky individualists. Suddenly, it looks like the opposite of that.’

    ‘The idea that you could actually lose your job, as the Inquirer’s editor did, because of a headline on an opinion piece that said “Buildings Matter, Too” is something to ponder. It sounds like a made-up incident that one might expect in a work of political satire, such as George Orwell’s “Animal Farm.”

    ‘The issue here is not about the assertion that racism is endemic in the U.S. The issue is the willingness by many to displace the American system of free argument with a system of enforced, coerced opinion and censorship, which forces comparison to the opinion-control mechanisms that existed in Eastern Europe during the Cold War.’

    ‘Some will object that it is preposterous to liken them to a communist party. But social media has become a partylike phenomenon of ideological and psychological reinforcement. It avoids the poor public optics of China’s Cultural Revolution in the 1960s and ’70s, when dissidents were paraded in dunce caps. Today, endlessly repeated memes on social-media platforms, such as “silence is violence,” reduce independent thought to constant rote reminders. Instead of the Stasi, we have Twitter’s censors to keep track of dissidents.’

    ‘The Marxist philosopher Herbert Marcuse argued in 1965 that some ideas were so repugnant, which he identified as “from the Right,” that it was one’s obligation to suppress them with what he called “the withdrawal of tolerance.” Marcuse is a saint on the American left.’

    ‘The ingeniousness of this strategy of suppression and shaming is that it sidesteps the Supreme Court’s long history of defending opinion that is unpopular, such as its 1977 decision that vindicated the free-speech rights of neo-Nazis who wanted to march in Skokie, Ill. But if people have shut themselves up, as they are doing now, there is no speech, and so there is “no problem.”

    https://www.wsj.com/articles/the-medias-self-censors-11591829694

    1. This really is incredibly scary stuff. I feel like we’re on the tipping point because clearly we’ve reached a point where the populace votes people like this in power. But what’s the solution? I have no idea what anybody can really do. Where’s the house un-american committee when you need it. It was torn apart in the 60s but all the protesters and disbanded in the 70s, but its roots were all about ensure that things like communism does’t sprout up like it did in Russia and the China. And now, here we are…It really is 1984.

      1. I feel like we’re on the tipping point because clearly we’ve reached a point where the populace votes people like this in power.

        Indeed. Despite all that has transpired I have no doubt that the leadership in places like Minneapolis and Seattle will easily win re-election. Sure, some (or even many) will pull up their stakes and leave, but those who remain will dutifully pull the D lever in November.

        1. Sure, some (or even many) will pull up their stakes and leave, but those who remain will dutifully pull the D lever in November.

          From what I see of people who pull up stakes in these types of cities, they continue vote the same way they did and eventually create the same situation.

          1. From what I see of people who pull up stakes in these types of cities, they continue vote the same way they did and eventually create the same situation.

            Because the only reason they’re really leaving is expensive shelter and cost of living.

      2. What is needed is a purge of all these nuts by political vote, as in throw the Commies out.

      3. It’s serious, but I’m not getting too worked up. We always have to fight for the right to party. I prefer to concentrate on things I can control like taking advantage of these foreclosures. As far as these looters, they are a bunch of tough talking thieves, ganging up on a handful of businesses. It’s easy to steal when you outnumber people. They’ll be crying that they got no grocery stores in a month.

        1. “They’ll be crying that they got no grocery stores in a month.”

          Who’s to blame? Racist business owners, of course.

        2. They’ll be crying that they got no grocery stores in a month.

          Exactly. These azzwipes burn down all their local businesses, then bellyache about how they have nowhere to buy alcohol, groceries, etc. I remember during the Ferguson burning and looting that they torched a local BBQ joint, and it was owned by some blacks.

      1. Considering the DNC chose Trump over real leftism TWICE, the party is due for a replacement. If the Greens can’t fill that need then it might as well be BLM. Anything is better than no representation at all.

          1. They screwed Sanders twice when he was clearly what their base wanted. They would rather Trump is president than Sanders is their nominee.

        1. I’m skeptical about Trump being re-elected. The Dems know that they don’t have the luxury of staying home or protest voting for Jill Stein. Even the Bernie Bros will turn out in unity for Biden’s VP pick. Biden himself is almost forced to choose a POC woman for VP now. A POC man isn’t much good because we already had Obama. And he certainly can’t choose anyone white. Can’t wait to see what the DNC comes up with.

          The libertarians must be appalled. They may not like Trump, but they don’t have the luxury of protest voting either. If they want to avoid a decade of UBI, free rent, and cancel culture, they would be smart to not field a candidate this year to give Trump a 3-5% boost.

          The real question is what the independents are going to do. What do they think of all this? Even if they hate Trump, would they shift to Biden and the VP pick? Will they brave the second wave to vote at all?

          1. Can’t wait to see what the DNC comes up with.

            If only Tulsi weren’t a Russian agent.

          2. Biden is an even weaker candidate the Shrillary. I have a hard time imagining Trump losing, especially if Biden chooses somebody like that fat black heifer from the south, whose name evades me.

          3. Stacey Abrams, who lost the governorship of Georgia.
            I normally don’t like the fat shaming, generally because the actual way to lose weight is still a bit unknown. But since the libs have no problem commenting on Trump’s size…

            Another VP hopeful is Val Demmings, a second term Congresscritter from Florida, who was appointed Impeachment Manager for the Senate trial. She’s someone to watch. Her background is… law enforcement, including Chief in Orlando. Hmmm… maybe by November it won’t matter.

          4. Biden is an even weaker candidate the Shrillary.

            True.

            I have a hard time imagining Trump losing

            That’s a tougher one. Normally it’s almost impossible for the incumbent to win under these conditions (assuming the economy isn’t roaring back in November). It’s hard to imagine either of them winning except we know one will.

    2. which forces comparison to the opinion-control mechanisms that existed in Eastern Europe during the Cold War

      The US is feeling more and more like this every day.

    3. Great post, Ben. This is why I’ve been reading the HBB for over a decade now. And I’m going back to my old nickname, there’s no need to dwell on the events of the past few weeks. It’s all about the present, and the future, and how much cash I am banking by renting and not overpaying for a used house…

    1. cdc will be met by the rooftop koreans and red neck roof top
      and every other armed rooftop-ee

      1. I was thinking about the rooftop Koreans during the recent rioting. Maybe I missed something, but it seems like no one shot back this time. The Koreans in LA were forced to defend themselves, since LAPD wouldn’t. Are people that much more wimpy now?

        1. Many of those Koreans are protesting this time. They’re tired of being profiled by the police too.

          1. those Koreans

            Are the Korean retail business owners not burning and looting their own shops?

    1. where are all the used cars?

      Stashed away in stadium and dead mall parking lots, or so I have read. They do have a limited shelf life. After a few years they’ll be worthless.

    2. where are all the used cars?

      I’m certain the fed.gov is working on an anti-capitalist solution.

      1. I’m certain the fed.gov is working on an anti-capitalist solution.

        ^^This. Can’t have those rich pigs who bought all the subprime auto loans take a bath.

  9. Nothing showcases the epic incompetence and utter lack of accountability of libtard “public servants” like a riot and unopposed Antifa takeover of public property. The female mayor and police chief both deny giving orders to abandon the police precinct – c’mon ladies, it shouldn’t be that hard to figure out who gave the order. I wish Trump would STFU about intervening in Seattle, because few things in life are as entertaining as watching progressive cities stew in their own juice.

    https://www.foxnews.com/politics/seattle-mayor-says-neither-she-nor-police-chief-will-resign-despite-calls-from-protesters

      1. I think he mumbled something about “reparations,” then burped out “corn pop” before they wiped his chin and wheeled him off to change his diaper.

  10. I made one innocuous comment about Airbnb. Their bookings for Memorial Day were higher this year than last. In states that opened first, like Georgia and Texas, bookings are off about 10% from 2019 at the same time period.

    Overall Nationally bookings are still down because in much of the country it is illegal to rent out Airbnb still. And if people choose to buy and or live in those totalitarian states, no sympathy for me. Where I live you wouldn’t know Corona ever existed in anyone’s daily life. Which is also why people are moving here by the thousands every year out of blue city chit holes run by imbeciles.

        1. “Cherry picking facts…”

          Fact: I’ve never ever picked a fresh cherry; always had to settle for used, or after college, certified pre-owned.

  11. In the city of Los Angeles, where Greta Arceneaux’s property is, tenants who have been impacted by the virus will have up to 12 months from the end of the city’s emergency declaration to repay their back-rent without late fees.

    Yeah, that’ll happen. What’s the Democrat (deadbeat) percentage of the LA population – 80%? Freeloaders gotta freeload, Greta. Such is life in the People’s Republic of Klownifornia.

  12. We do not think it is fair that hotels are allowed to operate but we face fines and jail time if we rent. We went through the expensive and arduous process to rent legally. We were only allowed to rent a few weeks after being licensed and then we were shut down with no hope in sight. We have mortgages to pay for our houses.

    No f*cks given. STR speculators ruined neighborhoods and helped make housing unaffordable. Have fun paying those mortgages you clearly couldn’t afford.

    1. “We do not think it is fair that hotels are allowed to operate but we face fines and jail time if we rent.”

      They could always try opening legal hotel business operations. Not to suggest that whole industry isn’t dead in the water…

      1. Many hotels are not opening because with the quarantine in place (2 weeks), hardly any tourists are coming. Plus the unions which control the state are saying they want protections from the beer flu for their members – they don’t seem to eager to get back to work, they love the sweet unemployment money. I heard this hotels are losing something like 150M a month with the quarantine. Restaurants are closing, I’m guessing a third or more will close before the year is out. The predictions are tourism will not reach pre covid levels for 6 years. Anyone who bought RE in the past year or two has a long wait – there are plenty of properties that are selling nowadays for less than the peak in 2007ish.

        1. I saw a headline proposing a federal tax credit, of up to $4000, for taking a vacation. I seriously doubt it will get off the ground.

  13. Around 230 notices of default were recorded with Clark County from March 30 through May 26, largely by homeowners associations, a county database indicates.”

    Ante up, deadbeats. You signed a contract. Now either honor your financial obligations or GTFO.

  14. An analysis conducted by industry data provider Suburbtrends for The Australian Financial Review showed more than half (53.8 per cent) of all rental listings have been on the market at least three weeks.”

    Oh dear. Lots of dreams of effortless riches from endless appreciation just died in the arse.

  15. “More than 60,000 rental properties nationwide sit empty for more than 21 days – a 46.1 per cent jump compared with a month ago.

    Time to get serious with the sawin’ and slashin’, greedheads.

  16. “‘It’s actually still a pretty depressing scenario.’ These are not the words of some fringe economic blogger: they are from Reserve Bank of Australia Governor Philip Lowe as he described the economy last week to the Senate Select Committee hearing into Australia’s response to the COVID-19 pandemic.

    I’m not depressed. I’m quite enjoying the slow-motion implosion of the Everything Bubble.

  17. Ring Ring

    Mrs. Channon: Hello

    Police: Mrs. Channon

    Mrs. Channon: Yes

    Police: The good news is we found your daughter alive and well.

    Mrs. Channon: Oh thank God!

    Police: The bad news is she was torching five Police cars at a protest when we found her.

    Woman reported missing in Texas arrested in Washington for setting 5 Seattle Police Department vehicles on fire during protests

    Mathew Richards
    Jun 11, 2020

    SEATTLE, Washington — A missing Texas woman was arrested in Washington on five federal counts of arson for allegedly setting fire to five Seattle Police Department vehicles during protests in May.

    This morning, police arrested 25-year-old Margaret Aislinn Channon without incident at her now-Tacoma, Washington, residence.

    Channon had been reported as a missing adult out of Brewster County, Texas, in 2019. Details in that missing persons report, including descriptive tattoo information, one of which details a tattoo of the letters “W-A-I-F” on her fingers, provided federal investigators with a name and identifying information to cross reference with other video and photographic images in the case.

    https://www.mytexasdaily.com/west-texas/woman-reported-missing-in-texas-arrested-in-washington-for-setting-5-seattle-police-department-vehicles/article_dd5f4e2a-ac2f-11ea-9bc8-57074fbf9307.html

      1. I just assumed without bothering to follow the link. But you made me curious. So…yeah.

      2. “Margaret has the crazy eyes.”

        I thought she had far away eyes.

        I was driving home early Sunday morning through Seattle
        Listening to gospel music on the colored radio station
        And the preacher said, “You know, you always have the
        Lord by your side”
        And I was so pleased to be informed of this
        That I burned 5 police cars in his honor
        Thank you Jesus, thank you Lord

        So if you’re down on your luck
        And you can’t harmonize
        Find a girl with far away eyes

        The Rolling Stones – Far Away Eyes

        https://youtu.be/VyK1bZZ7E-s

  18. Are you kidding me?!

    “Bankrupt Hertz granted approval to sell up to $1 billion in shares”

    Hertz was granted approval Friday by the U.S. Bankruptcy Court for the District of Delaware to sell up to $1 billion in stock.
    The potential sale is highly unusual for a company going through Chapter 11 bankruptcy.
    Hertz said it is a last ditch effort for the company to cash in on its volatile stock price as it fights with the New York Stock Exchange to not be delisted

    https://www.cnbc.com/2020/06/12/hertz-granted-approval-to-sell-up-to-1-billion-in-shares.html

        1. Seems like a small revolution against the Democratic party’s campaign to divide America by race has a foothold at UC Berkeley.

      1. Of course, if everybody saw through the ruse and declined to buy, the fix wouldn’t work. There’s a quote about not underestimating stupidity. We have so much these days that not only can you not underestimate it, you can count on it.

      2. Is it the judge’s responsibility to protect financially illiterate Robinhood users?

      1. ‘MLK would likely be called an Uncle Tom if he spoke on our campus today. We are training leaders who intend, explicitly, to destroy one of the only truly successful ethnically diverse societies in modern history.’

        1. I had a thought earlier today – what are these rioting and looting fools thinking? “Lets take what we want from the people who have stuff – they’re old anyway”. Don’t they think they might be old and have stuff too some day? Maybe they understand communism better than we give them credit for – because under communism, they aint gonna have any stuff and they aint gonna make it to old age either.

          1. Don’t they think they might be old and have stuff too some day?

            Dude they aren’t thinking beyond tomorrow’s high, much less “getting old.”

          2. Don’t they think they might be old and have stuff too some day?

            I think a riot is an expression of loss of hope in that area. Justified or not. Some of us are losing hope in the system ever getting fixed too…we’re just coming at it from a different angle.

          3. Yeah, many are overweight, lazy, addicted to drugs, have who knows how many stds and are ticking time bombs of ignorance.

            Time to thin the herd.

          4. Some of us are losing hope in the system ever getting fixed too…we’re just coming at it from a different angle.

            We need someone to come along who is capable of engaging the masses and helping them see past partisanship, race-baiting, pandering, media manipulation, culture wars, etc. Otherwise, yeah, there doesn’t seem to be much hope.

          5. “Otherwise, yeah, there doesn’t seem to be much hope.”

            Problem is they’re mired in debt, so the ability to change course means losing everything.

      2. That’s quite a read. Have to make time later.

        But glad at least one Cal professor is willing to call BS on “blame whitey” approaches to all of the myriad problems of blacks.

        1. at least one Cal professor

          Interesting enough opinion, but I’m not convinced it is a (black) Cal professor. There is something off in the post. High vocabulary, very low punctuation… Afraid of losing job, yet says he works in the history department. In such close settings, colleagues instantly recognize the writing style and vocabulary of each other.

          I’ve got $5 that says he’s not black, not a history professor at Cal. Besides, he sent an email to people in his same office? How does one do that at a “dot edu” without your own email address showing?

          Sorry, I just don’t like to be manipulated.

          1. “Afraid of losing job, yet says he works in the history department.”

            And cites economists, and uses $0.25 economist buzzwords, like exogenous

            The thought that I might be reading the words of a white economist in a black historian’s clothes did cross my mind as I read that. Remember the author is afraid of being fired. Acknowledging himself as a black history professor would seem to narrow the range of possible authors, unless the author’s true identity was something else.

          2. “How does one do that at a “dot edu” without your own email address showing?”

            There are plenty of temp (10-min) email sites that people use to register anonymously for social medial sites.

          3. “Sorry, I just don’t like to be manipulated.”

            Bret Weinstein, a liberal tenured Jewish professor, was forced out of his job at Evergreen State in Washington for standing his ground. See the URL above.

          4. High vocabulary, very low punctuation…

            I noticed that too. Stream of consciousness, perhaps?

    1. If black lives really mattered, there wouldn’t be the horrific number of black on black, first degree murder. This whole thing is a fawking sham.

      1. Or at least the big elephant in the room, orders of magnitude bigger than white police killings of unarmed blacks, would be acknowledged.

    2. I didn’t write this, but some of my recent posts include data analysis that provides statistical support for the point:

      The vast majority of violence visited on the black community is committed by black people. There are virtually no marches for these invisible victims, no public silences, no heartfelt letters from the UC regents, deans, and departmental heads. The message is clear: Black lives only matter when whites take them. Black violence is expected and insoluble, while white violence requires explanation and demands solution.

      Please look into your hearts and see how monstrously bigoted this formulation truly is.”

      Who knew what a bunch of bigots the UC Regents are?

      1. This is strong material. Is it true?

        “As a final point, our university and department has made multiple statements celebrating and eulogizing George Floyd. Floyd was a multiple felon who once held a pregnant black woman at gunpoint. He broke into her home with a gang of men and pointed a gun at her pregnant stomach.
        He terrorized the women in his community. He sired and abandoned multiple children, playing no part in their support or upbringing, failing one of the most basic tests of decency for a human being. He was a drug-addict and sometime drug-dealer, a swindler who preyed upon his
        honest and hard-working neighbors.

        And yet, the regents of UC and the historians of the UCB History department are celebrating this violent criminal, elevating his name to virtual sainthood. A man who hurt women. A man who hurt black women. With the full collaboration of the
        UCB history department, corporate America, most mainstream media outlets, and some of the wealthiest and most privileged opinion-shaping elites of the USA, he has become a culture hero, buried in a golden casket, his (recognized) family showered with gifts and praise. Americans
        are being socially pressured into kneeling for this violent, abusive misogynist. A generation of black men are being coerced into identifying with George Floyd, the absolute worst specimen of our race and species. I’m ashamed of my department. I would say that I’m ashamed of both
        of you, but perhaps you agree with me, and are simply afraid, as I am, of the backlash of speaking the truth. It’s hard to know what kneeling means, when you have to kneel to keep your job.

        It shouldn’t affect the strength of my argument above, but for the record, I write as a person of color. My family have been personally victimized by men like Floyd. We are aware of the condescending depredations of the Democrat party against our race. The humiliating assumption that we are too stupid to do STEM, that we need special help and lower requirements to
        get ahead in life, is richly familiar to us. I sometimes wonder if it wouldn’t be easier to deal with open fascists, who at least would be straightforward in calling me a subhuman, and who are unlikely to share my race.”

      2. “However, no real discussion is possible in the current climate at our department. The explanation is provided to us, disagreement with it is racist, and the job of historians is to further explore additional ways in which the explanation is additionally correct. This is a mockery of the historical profession.”

        Universities convey what to think, not develop how to think.

  19. TV did a short interview of one of the people inside the Seattle new taken over territory.

    The young guy in summary said he wanted a fair shot at housing. He went on to say that he didn’t want to work.
    Who raised these misfit loser’s who have nothing to give but want all the free stuff in the World.

    1. I can’t blame him for wanting a fair shot at housing. All the new apartment inventory is expensive luxury, and any existing inventory halfway affordable is being taken off market and value-added for luxury. It’s like taking every car off the road except Lexi and Beemers. You could get by with a Corolla but you’re stuck with a high car lease payment because it’s either that or the bus.

      Ironically, these younger Millenials and GenZ might be saved by work at home. You might need to move to Peoria for it, but you will have a fair shot at affordable housing.

    2. “The young guy in summary said he wanted a fair shot at housing. He went on to say that he didn’t want to work.”

      But work will set you free.

      1. Biden comes out and goes on about Trump not leaving the White House when he loses and CNN runs with it.

        As usual this is a projection of the Dems party and deep State refusing to give up ,even when they lost the election. The evidence shows the Obama/Biden adminstration used the FBI to spy on Trump and they launched false narratives of Russian collusion to take out a President.
        I have never seen so many false narratives launched against a President in my life.

        For me Biden represents the mindless Globalist left wing crooked Politician that’s in bed with the Deep State force that refuses to give up their Political power. The President sets Foreign Policy not these swamp creatures that refuse and resist the Authority of the President’s office.

        I have never seen so many deep State. government workers come out with how their opinions are important. You had fired CIA and FBI operatives on CNN fanning the Russian Hoax for over 2 years when they knew Trump was innocent.
        Using 45 million of public funds to conduct a fake investigation. This slander no doubt got them the house of rep back.

        It’s such a insult that Biden is picking a VP based on identity. politics.

        The Dems Party has shown their true colors for 31/2 years now and they have no regard for Trump and his voters. The welfare State , ilegals , Deep State Government workers, and the Globàlist and China are Bidens people. Now add looters for Biden.
        These left wing nut jobs that want to demean America are Commies . How did you feel about Nancy and her gang kneeling like Cult members that demeaned the White race ,again on a false narrative of racism.

        What were Trump’s crimes. Wanting to bring back jobs to Americans, get Border Control, put China in its place, get people off welfare, and do what the people that voted for him mandated.

        Impeachment was another absurd attack. Really absurd when actually Joe Bidens Son was getting kick backs from China and the Ukraine.
        The DNC was in collusion with Russia to produce false information on Trump to steal the election, while Comby absolved Clinton of computer crimes that would normally disqualify a person to run for President.
        It’s such a insult that the senile corrupt Biden is their canadate , which no doubt is a ploy to get a unelectable person as VP in that seat

        The rioters and looters being glorified as peaceful protesters, while calls to defund the Police are taken seriously . The career criminal George Floyd’ was killed wrongfully, but it’s false to spin that into a racism false narrative

        Now they have the mob they can incite , that are no different than the Brown Shirts that Hilter unleashed to insure his rise to power.
        Free speech attacked and the banning of words is another sign that the USA is being hijacked from within
        Only thing to do is to vote out these treasonous nuts, even if Trump isn’t ideal in everyway, the resistance needs to be purged .

        1. “the resistance needs to be purged .”
          pretty sure this was how Nazis felt back then, too. And Jesus Christ talk about stream of consciousness and grammar.

      1. Look how much Government has corrupted and rigged markets.

        Firstly, Government back price fixing monopolies are killing this Country. Any area where the gov backs the loans is now corrupted.

        It’s like making the people pay for their own demise financially.

        The Universities charged outrageous prices for degrees that weren’t marketable in the real World.
        Basically they were centers for Commie and identity politic brainwashing.

        The Commie Obamacare was basically propping up a price fixing medical care monopoly that used IRS penalty to charge health care prices based on your income.

        The backing by Gov on real estate loans only served to prop up faulty lending and transferred the risk of false markets to the tax payers.

        The corrupted Welfare State. When a Political Party uses public funds to capture a populas of voters , which includes welfare for ilegals, the corruption in that system is obvious as well as pandering. The conquences of this are gang infested cities of long term welfare recipients. Absurd promotion of Open Borders for more loyal welfare receivers loyal to the Dems party.

        I’m just saying of course Trump’s election would be a affront to the long term corrupt actions of the Dems party.

  20. Stalin hid all the murder required to usher in and maintain the Communist regime in Russia. You know what Mao did killing millions. Now China unleashed a Virus on the World, and CNN and the Dems spin this harm by China as being racism calling it a China virus.

    The Dems Globalist want China to have all these jobs and manufacturing that America lost to China, who basically wants to take over the World.

    And the fact that China bought some major movie studios doesn’t influence the Hollywood crowd does it?

    I hope it isn’t to late to restore the USA to it’s former glory, but a Dem party vote this election would insure the demise of anything that the USA once represented.

    1. Agree on China. It’s a hard truth, but they already own most of the country, anyway. Who do you think is eventually funding and reaping interest payments from the 6 trillion stimulus money being filed out this year? I bet the saudis are helping, too. It’s not just our own banks lol.

      1. ‘already own most of the country’

        That’s a bunch of BS. Where do people get these ideas?

Comments are closed.

Back To Top