Some Will Just Exit The Market, While Others Will Go Bust
It’s Friday desk clearing time for this blogger. “Not being able to pay rent is a big stressor as thousands of Washingtonians remain unemployed. It’s causing stress not only for tenants but also for small mom and pop landlords. ‘My husband and I invested in three rental properties as a source of retirement income,’ KING 5 viewer Jo wrote. ‘We understand times are tough, but our tenants have become unemployed and unable to pay rent. It will force us into bankruptcy.”
“Thousands of landlords across California are now facing severe financial strain. ‘Me and my husband own a block of apartments in Los Angeles,’ said Susan Chang, a Los Angeles landlord. ‘Out of the 12 units, currently 5 are not paying any rent. Our income has literally been halved. This was supposed to be our retirement.'”
“For homeowners who face financial hardships due to the pandemic, lenders cannot move ahead with foreclosures until at least Aug. 20, under an executive order issued by Gov. Andrew M. Cuomo. ‘If I lose the house I’m completely homeless,’ said Darcy Avolin, 59, who suffers from ailments that include emphysema, chronic obstructive pulmonary disease and depression. ‘I’m on every conceivable list for senior and disability housing. But I’ll tell you something, there is not a lot out there and these [waiting] lists are two or three years long.'”
“In the first quarter of 2020, compared to the same period a year earlier, the median price for upscale condos dropped nearly 21%, while inventory grew by 12% in Miami’s barrier islands, according to a report by Miller Samuel and Douglas Elliman. When the coronavirus seized the U.S., weakening the already wobbly luxury housing market, developer Gil Dezer revisited a concept he had tried out during the Great Recession more than a decade ago. He rolled out a rent-to-own program for one of his crown-jewel projects in Sunny Isles Beach in south Florida.”
“If there is one city where the effects of Covid-19 have reverberated severely, it’s New York. And the glut of upscale condos has endangered a market whose pace has slowed in the last several years. As a result, rent-to-own proposals started to pop up long before the coronavirus hit. ‘We were basically responding to the market,’ said Christina Medina, director of sales for One Manhattan Square. ‘There’s an abundant inventory of condo availability in New York City.'”
“A pandemic panic may be settling into Metro Vancouver’s once robust condominium market. Some buyers of pre-sale condos are now trying to unload their investment on Craigslist before the building opens. A telling example is a new two-bedroom, two-bathroom condo apartment in Burnaby’s Metrotown that completes this October. ‘Originally purchased for $841,800 but now assigning for $784,900,’ the July 1 Craigslist ad reads.”
“London room rents fell by 7 percent in May 2020, compared to May 2019. Rents in west central fell by 16 percent, east central by 15 percent, and the north west by 11 percent. SpareRoom data shows that rooms in W10 (North Kensington) have seen the largest drop in room rents, falling by 23 percent to £763 per month, while rooms in WC1 (Bloomsbury and High Holborn) have fallen by 19 percent to £878. North London also saw a drop, with rents in NW8 and NW1, St. John’s Wood and Camden respectively, falling by 13 percent.”
“At the beginning of the lockdown, rental properties flooded the London market as a result of a decline in holiday let usage. With lockdown rules prohibiting people from staying overnight in Airbnbs, many Airbnb landlords put their properties on the market for short-term rents to help reclaim lost income.”
“When Jessica Boylan started looking for somewhere to rent in Dublin at the start of the coronavirus pandemic, it did not go the way she was expecting. ‘We were getting so many replies and so many more places – we could really pick and chose,’ she told BBC News. The glut of short-term holiday lets coming onto the market has driven down costs in other high-rent cities. The trend can also be seen in Canada and the United States, as well as in cities across Europe.”
“The lockdown in France has forced many aristocrats and other families to put their chateaux on the market, often for knockdown prices. French estate agents reportedly have more than 1,500 of them on their books — more than double the number ten years ago. Some prices have dropped by an enormous 40 per cent.”
“Over two-thirds of the advertised properties that experienced a price change in the first quarter of 2020, saw a reduction in the asking price when the COVID-19 pandemic hit, according to a new in-depth report on the Maltese market. Djar CTO Keith Galdies said: ‘This downward shift started in the last quarter of 2019 – due to changing demands, an increase in supply, and prolonged political uncertainty that dented Malta’s reputation with foreign investors – has been further compounded by the coronavirus.'”
“With many residential rented properties in Chennai lying vacant for the last three months, house owners are approaching real estate brokers saying they are ready to further slash the rent. Even then there were no takers, brokers said. V. Veera from Kodambakkam, who has been in the house brokering business for 18 years, said earlier he used to get 10-15 calls per day from people looking to rent a house. ‘Post lockdown, I hardly get one call a week,’ he said.”
“Shanghai-based Zhenro Properties plans to build up its land bank this year by acquiring plots during distress sales by smaller companies. The top-tier developer believes underperforming smaller property companies will be forced to offload projects in the second half of the year, with some filing for bankruptcy, and will not buy all its land at expensive government auctions. ‘About 20 per cent to 30 per cent of home builders will be gone [in the next couple of years]. Some will just exit the market, while others will go bust,’ said Kenny Chan, Zhenro’s chief financial officer.”
“About 230 property developers have already gone out of business this year, according to state-owned publication People’s Court Daily. More are expected to follow as smaller developers are wrongly betting on a recovery in mainland China’s housing market, observers said. ‘The risk of going bust is huge in the second half, as small developers are gambling. They have actively been buying land at high prices these past two months, betting on the market staying hot. If the market turns sour in the coming months, they will face a liquidity crunch and the worst scenario for them will be bankruptcy,’ said Leif Chang, head of China property research at Nomura.”
“Auckland real estate agency Barfoot & Thompson says sales numbers returned to normal in June while prices held stable. But Kelvin Davidson, an economist at Corelogic, said a survey of users of its Property Guru platform, largely real estate agents, was a reality check on some of the positive stories emerging about the property market. He said there were quite a few vendors listing for ‘wrong’ reasons. Almost 20 per cent of properties had come on to the market because of financial distress, respondents said, and 16 per cent because of the worry of prices falling. Another 10 per cent were because vendors wanted to sell an empty property.”
“In Sydney’s inner west and eastern suburbs alone about 551 apartments failed to settle, as did 457 in Melbourne’s inner suburbs during the same period. Off-the-plan values have dropped between 10 and 15 per cent during the past 12 months on average, higher than the previous year, Digital Finance Analytics principal Martin North said. ‘Values are likely to fall further, given the oversupply in the sector,’ he said.”
“The proportion of off-the-plan apartments racking up large losses in values at settlement has surged over the three months to May, CoreLogic data shows. More than half (52 per cent) of the 3389 off-the-plan properties across Sydney had a lower value at settlement compared to the contract price. Values fell by more than 10 per cent for one in four (26 per cent) Sydney apartments since the contract was signed, which is likely to have been in 2017 before the bank regulator tightened the lending rules on property investments.”
“Across Melbourne, more than one in two (51 per cent) of the 4173 off-the-plan apartments were worth less at settlement compared to their purchase price. Values plunged by at least 10 per cent for one in five (20.9 per cent) apartments since the contract was signed. In Brisbane, 41.7 per cent of off-the-plan properties have lost value since being purchased, 49.4 per cent in Perth, 25.4 per cent in Canberra and 20.7 per cent in Adelaide.”
“CoreLogic research analyst Eliza Owen said these trends were not just a result of COVID-19 but the pandemic had made it worse. ‘Undervaluation of off-the-plan apartments across Sydney and Melbourne has been rife over the past two years, averaging 46.4 per cent in Sydney and 42.7 per cent in Melbourne,’ Ms Owen said.”
“The bigger risk is for buyers who have lost their jobs or had their income reduced in the last few months and no longer qualify for a loan, says Rise High Financial Solutions Marissa Schulze. ‘If you can’t proceed with the purchase, you risk not only losing your deposit but also paying up for damages if the developer can’t sell it for the same price,’ she said.
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‘Out of the 12 units, currently 5 are not paying any rent. Our income has literally been halved. This was supposed to be our retirement’
How’s that 5% cap rate looking now?
Realtors are liars.
Let’s ask Jo and Susan who they voted for. Imma guess it’s the “compassionate” party that supports rent scofflaws.
What the central planners give you, inflated housing prices, they can also take away, economies imploded by mandated shutdowns.
Even worse, they can destroy your home willfully and unnecessarily and provide you with little or no compensation.
https://reason.com/2020/06/29/swat-team-police-leo-lech-supreme-court-5th-amendment/?itm_source=parsely-api
The Fed exists for one reason: to facilitate the transfer of wealth and assets from the middle and working classes to a corrupt and venal .1% in the financial sector.
‘The lockdown in France has forced many aristocrats and other families to put their chateaux on the market, often for knockdown prices…Some prices have dropped by an enormous 40 per cent’
But UHS says you can just sell?
“…The lock down in France has forced many aristocrats and other families to put their chateaux on the market…”
‘Aristocrats’ living beyond their means? No. That can’t be.
How does one become an ‘Aristocrat’ anyway? Do you have to take some sort of online exam? Know somebody important? Drive around in an expensive car? Have lots of max out credit cards?
Remember about 2016, Chinese were snapping these shacks up? Johnny Depp had one too.
December 22, 2016
‘Since acquiring the property over a decade ago, he has invested over €10 million (US$10.4 million) into the home to meticulously restore and decorate the estate.’
‘This is one of many properties the actor is selling. He put five adjacent penthouses inside Eastern Columbia Lofts, a landmarked Art Deco building in downtown Los Angeles, on the market this year and has already sold the first two—a 2,500 split-level condo for $2.545 million in October, and a second 2,400-square-foot unit for $3.9 million in November.’
https://www.mansionglobal.com/articles/johnny-depp-reduces-price-of-french-estate-to-39m-49657
You have to worry a little during the COVID-19 Hollywood shutdown about what will become of the entertainment figures who lived large during the Roaring 2010s on their real estate investments.
New York Vulture Lists May 17, 2017
All 14 of Johnny Depp’s Homes, Ranked From Worst to Best
By Hunter Harris
Photo: Johannes Eisele/AFP/Getty Images
For the past month, the world has been privy to — nay, blessed with — an inside look at Johnny Depp’s personal finances. Hot off the heels of his divorce from Amber Heard, Depp is suing his former wealth managers, the Management Group (TMG), saying he has been “the victim of the gross misconduct of his business managers.” TMG has countersued, a move that has resulted in them spilling every single drop of tea that could possibly be spilled about the Pirates star’s loot. According to TMG’s filings, besides incidental expenses like paying $3 million to launch Hunter S. Thompson’s ashes from a cannon, Depp has also spent $75 million on 14 different properties.
…
Hollyweird has made maybe a handful of good movies in the past two decades. At this point, they could cease to exist.
Spend
Nicolas Cage blew $150 million on a dinosaur skull, pygmy heads and 2 European castles
Published Fri, Aug 9 2019 11:05 AM EDTUpdated Mon, Aug 12 2019 5:43 AM EDT
Emmie Martin
American actor Nicolas Cage at the press conference of Mandy during the 51st edition of Festival Internacional de Cinema Fantastic de Catalunya Sitges 2018 in Sitges, Barcelona.
NurPhoto | NurPhoto | Getty Images
Actor Nicolas Cage was once a top earner in Hollywood, worth around $150 million, but he didn’t hold onto the fortune for long. Cage squandered it on a string of expensive and often eccentric purchases, eventually facing foreclosure on several properties.
At one point, Cage owned 15 residences across the world, including homes in California and Las Vegas and a deserted island in the Bahamas. He also bought a series of more bizarre items, including a nine-foot-tall burial tomb, an octopus, shrunken pygmy heads, a $150,000 Superman comic and a 70-million-year-old dinosaur skull, which he later had to return to the Mongolian government.
What really put Cage in the red financially weren’t the eccentric items, however, but his overstuffed real estate portfolio. “What is an octopus, $80? You’re not going to go into dire straits buying an octopus,” he told the New York Times during a recent interview.
…
What really put Cage in the red financially weren’t the eccentric items, however, but his overstuffed real estate portfolio.
People try to ignore the fact that real estate is not an investment, but an expense. During FED-fueled bubbles, the rapid appreciation allows many of them to afford the expenses, but once that ends they cannot even afford to carry the property.
but once that ends they cannot even afford to carry the property
It can take an army of servants to keep one of those mansions ship shape.
It’s hard to imagine how Johnny Debt can keep up with the maintenance expenses on all of those properties, especially given his otherwise expensive lifestyle.
Amber Heard added enormous maintenance expenses, but Elon Musk is picking-up the tab these days.
You have to worry a little during the COVID-19 Hollywood shutdown about what will become of the entertainment figures who lived large during the Roaring 2010s on their real estate investments.
Actually, I don’t have to worry about them one little bit, PB.
If you’re really all that concerned, head on over to Celebrity Net Worth dot com to see just how much money these folks have. I’m sure they can afford some beans and rice and ramen.
Amber Heard added enormous maintenance expenses, but Elon Musk is picking-up the tab these days.
Nah, Elon just hit it and quit it. He’s now having a baby with his girlfriend Grimes.
He’s now having a baby with his girlfriend Grimes.
I can barely begin to imagine the kind of child support she will be awarded by a California family court after they split.
The countrysides of Europe are littered with ruined castles and dilapidated mansions. All you have to do is drive down a country road to see the fate of properties too expensive and too expansive to maintain. Maybe when you get used to having a certain amount of money you think your riches are somehow impervious to the ravages of careless affluence.
“How does one become an ‘Aristocrat’ anyway?’
You become recognized, recognized as an aristocrat by other aristocrats.
Everybody Wants to be a Cat
“How does one become an ‘Aristocrat’ anyway?”
https://www.bbc.com/news/magazine-37655777
Fun fact: the socialist egalitarian paradise of Sweden also has nobility and royalty. So some people are more equal than others.
Comment software deleted the quotes from the link above. Sorry, I probably quoted too much. Shorter:
‘But the French nobility – la noblesse – is still very much alive. In fact, in sheer numbers there may be more nobles today than there were before the Revolution.
“Though many aristocrats disappeared in the revolution, afterwards in the 19th Century there were five kings or emperors of France – each of whom created his own nobility. So we stocked up on numbers!”’
There are tons of reality shows on Brit TV where well intentioned Britons buy chateaus to run as B&B’s and hotels. Most of them fail miserably. I wonder what happens when you buy a chateau to let out and a virus lock-down hits?
BnBs, wineries, and some expensive restaurants, are the high-end version of the dry cleaner effect. The business never so much as breaks even, but they have some much spare cash they don’t mind bleeding out on an expensive hobby. However, such places are entertainment for the 99%.
‘There’s an abundant inventory of condo availability in New York City’
I did an interview with NY public radio about 11 years ago. I told them they would overbuild condos. No crystal ball. I could see the speculation.
Enjoy the bust, can’t say you weren’t warned.
As long as the music is playing they are gonna keep on dancing.
Condo builders build condos because that is what they do.
Yup yup and more yup…….https://sunnysidepost.com/giant-mixed-use-development-planned-for-astoria-lic-would-bring-2700-apartments-and-commercial-space
Condo builders build condos because that is what they do.
And they will do that until the financing is yanked.
And they will do that until the financing is yanked.
Ditto mortgages, auto loans, credit cards – people will hang themselves until the lender taketh away.
Spokane, WA Housing Prices Crater 18% YOY As Rural And Retirement Property Market Demand Collapses
https://www.movoto.com/spokane-wa/market-trends/
One broker shared, “The market is driven by mortgage and appraisal fraud and has been for the better part of 25 years.”
“Thousands of landlords across California are now facing severe financial strain. ‘Me and my husband own a block of apartments in Los Angeles,’ said Susan Chang, a Los Angeles landlord. ‘Out of the 12 units, currently 5 are not paying any rent. Our income has literally been halved. This was supposed to be our retirement.’”
It’s incredible how many mom and pop landlords across California are presently learning how foolish they were to believe that landlorship is a certain path to untold riches!
“Only when the tide goes out do you discover who’s been swimming naked.” – Warren Buffet
“If you live by leverage, you die by leverage” – 2008 current trailer dweller.
“’If you live by leverage, you die by leverage’ – 2008 current trailer dweller.”
The trick is to make sure that the leveraged money that you live by belongs to somebody else.
It is true that somebody will eventually die by the leverage but that somebody won’t be you.
‘My husband and I invested in three rental properties as a source of retirement income…We understand times are tough, but our tenants have become unemployed and unable to pay rent. It will force us into bankruptcy’
We’re all in this together!
∆🤣🤣🤣👍
We’re all in this together!
Except during the good times. Then they constantly remind us of their positive cash flows and hey … come look at our new Audi SUV.
Make that a new Tesla!
Car sales have plunged during the coronavirus, but not at Tesla — skyrocketing the company’s status as the world’s most valuable automaker
Graham Rapier
Jul 2, 2020, 9:47 AM
Tesla Ford tug of war Cybertruck
Tesla’s Cybertruck appeared to win against an F-150 in a game of tug-of-war last year in a video shared by Elon Musk. Elon Musk via Twitter
– Tesla blew Wall Street expectations out of the water Thursday when it reported more than 90,000 vehicles sold in the second quarter.
– The figure was only a slight decline compared to slumps as big as 34% by its Detroit peers.
– Auto sales have recovered faster than some analysts have expected — but it’s not clear how sustainable the resurgence may be.
…
I know we like to scoff at them, but as I’ve pointed out before, over the past 2 decades there’s been a war on (conservative) savers, and lots of individuals began looking at owing rental properties as one of the only remaining ways to safely fund their retirement. Until of course, the rug is pulled out from under them.
Now, the big players like Invitation Homes, they were never going to be hurt, even before they got their stimulus bailout money. The ‘little people’ needed to put all their retirement money in the stock market so the Wall Street insiders can exit just before the crash.
Housing prices are cratering.
I know we like to scoff at them, but as I’ve pointed out before, over the past 2 decades there’s been a war on (conservative) savers
If all you’re going to get is a measly 1% return on your savings, then yeah, people are going to try to find an alternative.
How many of these LLs were FIRE folks who were developing a little empire of passive income so they could retire at age 42? They had no hesitation bragging about all the rental properties they owned, so not much sympathy here.
Check out these financials.
I’m no accountant, but my layman’s impression is that this corporation is in a death spiral.
Now that really is a “non-profit”
It probably didn’t help much when I helped my 90-yo dad recover the $102K the guy borrowed in personal loans over the course of 15 years, with no evident plan to ever pay him back. I had to make the repayment plan myself.
Oh Nooooooo https://www.yahoo.com/entertainment/vanilla-ice-cancels-austin-concert-180953143.html
A comment:
‘I don’t think social distancing at a Vanilla Ice concert will be much of a problem….for both of the ticket holders.’
No, mine isn’t the same, it has one extra beat.
+1
Shortest concert ever. Play one song ripped off from Queen, then exist stage left back into obscurity.
You are forgetting ‘Cool as Ice” from the soundtrack of the movie of the same name.
Why I wound up seeing it in the theater still baffles me (we bailed from a different, but equally bad movie in the next theater over in the multiplex)
we bailed from a different, but equally bad movie in the next theater
There seems to be a lot of those lately.
I’m rewatching Battlestar Galactica, just watched Baltar get aquitted.
I met Eddie Olmos at our local comic con a few years ago. He seems like a nice guy.
Meanwhile, back in Portland, the #Narrative that Real Journalists have all agreed to (perhaps, been ordered to) ignore continues. Last night’s episode featured an attempt to burn down a U.S. Courthouse. Here a short video shared by citizen journalist Andy Ngo:
https://twitter.com/MrAndyNgo/status/1279056522811588608
Congratulations, Portland. Your city is a shithole. George Floyd must be so proud of all of you.
Portland = Baja Seattle …
https://www.yahoo.com/news/portland-police-retreat-precinct-building-141601652.html
Article published today, no “pent-up demand” for $500,000 starter homes happening here:
“The number of American adults who have returned to living at home is enormous. A recent analysis of government data by the real-estate website Zillow indicated that about 2.9 million adults moved in with a parent or grandparent in March, April, and May, if college students were included; most of them were 25 or younger. Their sudden dispersal into their parents’ homes is, for some, the result of the suspension of spring classes on college campuses and, for others, the result of miserable economic conditions. A survey from the Pew Research Center in March found that the younger an American adult is, the more likely that the pandemic has deprived them or someone in their household of work or earnings. Rent and other expenses got harder to cover, or simply to justify, for a large group of young people, so they moved home.”
https://www.theatlantic.com/family/archive/2020/07/pandemic-young-adults-living-with-parents/613723/
We have three young adult sons living at home who are part of this story. One of them is helping to build a starter home on his future inlaws’ property, so no pent up demand there.
Including college students in that statistic is dumb. Colleges all closed in March and April so of course millions of 18-21 year olds moved in with their parents. That is a whole different thing than someone who was out on their own and had to move back home due to financial issues.
Uh…no.
Student housing was a red hot investment strategy until it collapsed when all the students went back home at the end of March to live with Mom and Dad while completing college coursework online.
In the process we learned that we need neither campus housing nor campuses to run a college.
I think you’re oversimplifying things a bit. You still need to do lab work in some of the hard sciences and that takes facilities and staff. Kind of hard to do geological surveys in your bedroom, high-energy physics in your kitchen or physiological studies in your bathroom. Although, I think my sons ARE doing a mold study in their shower…
Still, lectures on theory and practice don’t need theater-seating, just a YouTube channel.
Universities in other countries don’t have high maintenance, sprawling campuses, with fancy student centers and other country club features. I’ll bet they also lack the armies of do nothing administrators our education industrial complex has.
Your point is taken. When COVID-19 ends, lab facilities will reopen and be critical to some branches of academia. But advances in personal computing, including teleconferencing and online education, have been a game changer since when I went to college. Back in the 1980s, you had to be on campus to use a computer. Now they sit stand alone on our desks at home, and you can use them to conduct virtual meetings between people in different parts of the world, virtually for free.
Universities in the Unites States didn’t have the fancy amenities either until about 20 years ago. It was then that more buildings started going up to accommodate the Millenial generation.
HEALTH AND SCIENCE
The coronavirus may have mutated to become more infectious, Dr. Anthony Fauci says
Will Feuer
THU, JUL 2 20205:15 PM
Research is underway to confirm the possible mutation and its implications, Fauci said, adding that “there’s a little dispute about it.”
https://youtu.be/fxMr8RO5BAg
This news is months old. When CV hit Italy it seemed to spread much faster than it did in China, even after accounting for China’s hiding of real numbers. Sure enough, the European strain is out-competing other strains. It also explains why Cali is seeing a spike while New York is not. The theory is that: the European strain burned through New York, while California’s “first wave” was the Chinese strain. Now the European strain has reached Cali, in an actual second wave.
They are never going to let go of the CV narrative until people just ignore it en masse. Without the CV scare mongering, the tracking agenda, vaccine mandates, and biometric medical record implants can’t be implemented and they’ve invested too much into this technocracy apparatus to let it go now. And submitting is not going give us any reprieve because there is a lot more that needs to be done to fully implement the mark of the beast. There will always be another scare and another reason why you have to submit to authority and relinquish your freedoms.
“This news is months old.”
Not according to the Fouch.
Of course he couldn’t have very well said this a month ago when the Peaceful Protester mobs were burning, looting. assaulting, covering public buildings with graffiti and pulling down statues all the while not maintaining social distancing.
That wouldn’t have fit the narrative at all. Nope, you can’t have peaceful protesters assaulting the people trying to protect their business while hundreds are smashing down doors and windows and looting businesses across the country while a more infectious strain of the coronavirus is emerging. That would have been a real buzzkill.
Fauci warns of new coronavirus mutation that causes illness to spread faster
By Jack Hobbs
July 3, 2020 | 1:50am
The country’s top infectious disease expert said Thursday that a more infectious strain of the coronavirus may be emerging.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, made the claim Thursday in an interview with the Journal of the American Medical Association.
https://nypost.com/2020/07/03/fauci-warns-of-new-faster-spreading-coronavirus-mutation/
Gresham, OR Housing Prices Crater 15% YOY As Portland Slips Deeper Into Mortgage Defaults And Foreclosures
https://www.zillow.com/southwest-gresham-or/home-values/
*Select price from dropdown menu on first chart
As a Portland broker conceded, “If you’re a buyer, the broker is lying to you. I know a liar when I hear one. I’ve been lying my entire life.”
Is the operant word here ‘pending’? Seems like the buyers are hanging around in most parts of Florida. In some areas (Hernando County/Pinellas County) the houses are selling like ‘hot cakes’.
“Pending-home sales climbed record-setting 44% from April to May
It was the biggest monthly gain in pending home sales since NAR began recording the forward-looking indicator in 2001….
https://www.inman.com/2020/06/29/pending-home-sales-climbed-record-setting-44-from-april-to-may/?utm_content=buffer93863&utm_medium=social&utm_source=twitter&utm_campaign=organic
Pending housing market collapse?
Economic Data
May U.S. Home Sales Dropped 9.7% as Pandemic Kept Shoppers Indoors
Existing-home sales fell to a seasonally adjusted annual rate of 3.91 million
…
A 9.7% drop in the face of 50+ million job losses seems kind of paltry. I question the numbers and where this demand is coming from.
Especially when you consider that new car sales are down about 40%
Not to mention that the foreign investors are gone and banks are tightening credit standards…
I’m starting to develop a case of real estate FOMO myself, reading all of the upbeat REIC sales reports.
Cliche of course but real estate is local. National sales numbers are meaningless right now given NYC is still on virtual lockdown with tens of thousands of deaths while where I live deaths are hovering near zero and nothing is closed. And that is why NYC real estate is in the toilet while my city is on real estate steroids. National numbers are like national polls for the presidency. Worthless.
Realtors are liars.
Tampa, FL Housing Prices Crater 17% YOY As Guf Coast Housing Market Turns Toxic On Rampant Appraisal And Mortgage Fraud
https://www.zillow.com/tampa-fl-33617/home-values/
*Select price from dropdown menu on first chart
As a leading economist advises, “Mortgage debt is the most toxic and damaging debt of all. Avoid it at all costs.”
I was thinking about what was so threating about the Trump election that caused this bizarre reaction from the other side.
Basically Trump wanted to get Border Control, bring back jobs to his base, have other Countries pay their fair share, redo unfair trade agreements, move away from endless wars overseas, make better trade agreements with China, get a better health plan than Obamacare and basically stuff that would restore the USA to a Country that’s goal is to protect it’s Citizens. Ramping up business again for the USA was big on the list to sum it up.
It’s as if any agenda like this was reacted to like how dare Trump supporters want survival because a New World Order was already set up and how dare Trump try to put a wrench in the lefts plan.
You get the Russian Hoax, fake impeachment, Deep State interference, fake narratives of racism, Commies coming out of the woodwork along with the rigged Globalist money power brokers, and a basic revealing of the power players. What a corrupt swamp of power groups that gained power in the last 20 years. The looting of the USA by these groups was in need of correction but no compromise and just attack on the voters that dare object to being robbed of even. survival.
Its as if all the evil forces teamed up to destroy America.
Basically the money powers bought off the Politicians to betray American workers, while at the same time the Commies were advancing in their bogus plan of social justice to destroy America starting with brainwashing.
The Money power brokers just want unfair advantage money wise for profit using the Government to supplement their agenda, and the Commies have a similar objective of takeover by a false narrative of social justice.
You have just seen a example of the brainwashed protestors Commies coming out with the protests showing how deranged they are.
And of course Big Money Globalist Corp, are going to support the Commies simply to divert from their looting of the system.
If Biden gets in as President you will get the Globalist money people in Control while the Commies are given more power basically at the expense of Citizens.
The scary part about this agenda is that if the Commies gain more power than the money people want , than the Communist will overtake the Money Powers.
Obamacare was a price fixing Commie like plan that pleased the Communist as must as the price fixing monopoly called health care. But now the Commies want total Government run health care . The health care monopoly can’t have that because it’s to much threat to excessive profits. So Joe Biden is there to assure that Obamacare is shored up.
At least a election of Trump will buy time in trying to deal with the Globalist/Commie current power positions that have come out in the open. If this isn’t looked at carefully for what it is, I shutter at what will evolve.
+2 (for 2A)
You have stated what I, and all sane citizens are thinking.
A vote for Biden is just a vote for his VP, as President in 2022.
Puppet President.
If you think it’s bad now, you “aint” seen nothing yet.
The end of our country as we know it.
Get out and VOTE, Nov 3.
Look at the hysteria over hydroxy chloroquine. Libtards are claiming a 50+ year old drug is harmful. They want people to die, it’s why 50+% of the deaths are in 5 states where the dam govs forced nursing homes to take infected people.
Talked about this at work yesterday and with a friend after who is taking the handgun safety course in 2 weeks so he can buy his first gun. 3rd generation American of Mexican descent that finds BLM incredibly racist. Poor guy has a Bernie worshipping daughter in a mediocre 50k a year college getting taught by commies
Read any article about HCQ. There is always — always — a paragraph how the drug that Trump touted will kill you dead on the spot, and by the way did we mention that this drug was promoted by Trump?
The Washington Compost had an article about this more infectious mutation last week, and even THEN they couldn’t resist shoehorning the HCQ scandal in where it didn’t belong. “Oh, the labs are finding that this strain is much more contagious than what was in China, but labs have been wrong before. Labs also thought that HCQ — the drug promoted by Trump — was effective but it wasn’t, so we aren’t sure about this mutation either…”
Five institutions have refused to lend to an irrevocable trust. I’m having to re-evaluate my strategy. Getting a pre-qualification isn’t possible so I’m having to provide proof of funds to even get a showing.
Why aren’t you setting up an investment vehicle of your own to lend to the project?
If you’re planning on buying more house than the son’s inheritance has, who would be responsible for making the payments?
Just wondering.
We have no interest in a mini real estate empire. We just need one single story house with a sizeable (+/-1.0 acre) and safe backyard for the next 10 years before we can leave this state. We don’t want any more exposure to the real estate market or the headache of being a landlord these days. Remember, my husband is a property manager so he understands the quagmire it’s become in the last year.
I’m considering a new revocable trust and executing a quitclaim deed from the irrevocable trust to the revocable trust. I need to talk to my accountant and attorney next week. People haven’t been very responsive this last week with the holiday.
“…for the next 10 years before we can leave this state.”
Sounds like you are gambling that real estate will continue to go up over the next ten years. Or at least that real estate will do better than other investments.
Otherwise, why not just rent a very nice place and diversify your investments?
Maybe there’s a tax advantage to real estate HODLing, but it seems like there’s also a lot of risk with putting all your eggs in one basket.
Sounds like you are gambling that real estate will continue to go up over the next ten years. Or at least that real estate will do better than other investments.
I have no expectation about which direction the real estate market will go. My son inherited a house in which he will never be able to live. We’re transferring equity inland for something suitable for him. It’ll be 8-10 years before he graduates from high school and when my husband can retire.
Otherwise, why not just rent a very nice place and diversify your investments?
The mortgage and property taxes will be roughly equivalent to what we are paying in rent now, which is below market rate because my husband managed the property before we moved into it.
Maybe there’s a tax advantage to real estate HODLing, but it seems like there’s also a lot of risk with putting all your eggs in one basket.
It’s just one egg. An extremely inflated egg. Other eggs are spread out like an Easter egg hunt.
Sounds like you’ve thought it all through very thoroughly. Good luck!
‘We understand times are tough, but our tenants have become unemployed and unable to pay rent. It will force us into bankruptcy.”
And whoever buys your “investment” at the foreclosure auction will have to do so at a low enough price point to be able to make rents affordable enough to attract and retain quality tenants in our oligarch-looted, COVID-ravaged economy. Problem solved.
‘Out of the 12 units, currently 5 are not paying any rent. Our income has literally been halved. This was supposed to be our retirement.’”
And were you somehow unaware you were living in a Democrat-maladministered state where parasitism is a supreme virtue, Susan?
$1000 says Susan will dutifully pull the lever for Every D on the ballot. Trump is mean on Twitter after all and he said a naughty word 20 years ago. So socialism it is eh Susan?
He rolled out a rent-to-own program for one of his crown-jewel projects in Sunny Isles Beach in south Florida.”
No thanks. I’d rather follow my “crater to own” program and buy a foreclosure after the bursting of the Everything Bubble lays waste to greedhead wish prices.
Originally purchased for $841,800 but now assigning for $784,900,’ the July 1 Craigslist ad reads.”
You’re gonna have to do better than that to pique my interest, greedhead. I don’t mind waiting for the foreclosure sale.
I don’t mind waiting for the foreclosure sale.
I seem to recall that last time it was hedge funds and other deep pockets who had first dibs on the foreclosures and all that was left for everyone else were the dog biscuits.
I seem to recall that last time it was hedge funds and other deep pockets who had first dibs on the foreclosures
I think we came very close to having way more foreclosures than the hedge funds and other deep pockets could buy…that’s why we had to let lots of people live for free for years rather than sell “their” house. This time should be worse…will we just let everyone live for free to keep the comps up?
It would be socially unconscionable for large numbers of householders to get thrown out into the streets. It’s much more socially acceptable to screw young adults out of the opportunity to purchase a starter home at an affordable price than to evict incumbent homeowners who defaulted on their obligations.
Short answer: yes. What do you think UBI is for?
all that was left for everyone else were the dog biscuits
I didn’t need 1,000 houses, I only needed one. I got what I wanted, where I wanted for 70% off. Had the crater been allowed to mature, it would have cost even less, so it was a compromise with time.
That’s right.
Why buy it today when you can buy later for 70% less?
Ashland, OR Housing Prices Crater 23% YOY On Collapsing Housing Demand As Mortgage Defaults Skyrocket
https://www.movoto.com/ashland-or/market-trends/
As one Ashland broker disclosed, “The cost to rent a house is half the monthly cost of buying it but that’s something we just don’t discuss openly.”
‘We were getting so many replies and so many more places – we could really pick and chose,’ she told BBC News.
C’mon, landlords. We creditworthy tenants wanna be wooed.
In 2017 we moved to a decent place at a fair price near an area with good jobs. We are still here, because as I said, the place is decent (i.e., clean and safe), the price is fair, and jobs are nearby (although work from home, if it continues, makes this less relevant).
When we moved in it was hard to find a place like this, and the landlord was picky — he wanted a short meeting to know who we were, what we did for work, and I think get a sense of our character and demeanor. He never did a credit check.
Now, three years later, many of the units are empty. The good news is we de facto got a second parking space; the bad news is that means decreased revenue for the owner.
If I were to look for a place today I’d be picky, demanding, and definitely bargain on price.
‘Post lockdown, I hardly get one call a week,’ he said.”
Wish I had his number. I haven’t made a crank call since I was about 11.
“I haven’t made a crank call since I was about 11.”
Refrigerator running?
In Brisbane, 41.7 per cent of off-the-plan properties have lost value since being purchased, 49.4 per cent in Perth, 25.4 per cent in Canberra and 20.7 per cent in Adelaide.”
Is that a lot?
How much value did they lose on average?
Suburban housewives tend toward political libtardism. That is, until they reap what they voted a time or two.
https://www.dailymail.co.uk/news/article-8487993/Woman-calling-911-report-protesters-car-told-patient.html
She’ll still pull the D lever come November.
Out of guilt.
Triggered special snowflakes who had internships lined up at Deloitte are giving the company a golden opportunity to divest itself of these HR mistakes.
https://www.dailymail.co.uk/news/article-8487049/Deloitte-says-Harvard-grad-blamed-Trump-supporters-losing-dream-job-internship.html
So she lied about being fired.
I was going to say that she can still work as a barista at Starbucks, but I have a hunch she’s never held down a job in her life. She’s probably unemployable. And I wouldn’t be surprised if she attended Harvard on a full ride scholarship.
Today I find myself pondering several questions about the Fed’s ongoing policy of extraordinary monetary accommodation:
1) Is Unlimited QE intended to be of unlimited duration?
2) What will happen if they keep pumping up the Fed’s balance sheet at the recent unprecedented rate?
3) What will happen if they slow the rate of expansion?
4) What will happen if they eventually unwind the bloated balance sheet? Or don’t?
Most MSM financial commentators seem to think that what the Fed is doing currently is just fine, and will cause no lasting harm to the financial system.
I think there is going to be tremendous political pressure to extend the $1000 a week unemployment bennies. The employed will get a another cheese check as a consolation prize. I also expect the Fed to continue buying up corporate debt. Gotta fund those stock buy backs somehow.
How long will this go on? Good question. Will double digit inflation end the largess, or will they double down? I think they will double down. Will wages rise to keep up with inflation? Not likely, but no problem, you can take out a HELOC to pay for the new car. Besides, a paid off house is soooo mid 20th century. A mortgage burning party? How quaint! So Norman Rockwell.
I think there is going to be tremendous political pressure to extend the $1000 a week unemployment bennies.
Who in the world decided it was fair to pay people more for sitting home than they were making at their job? This is criminal. The grocery worker, Amazon picker and Walmart employee are putting themselves in harm’s way every day for LESS MONEY than those who are sitting on the couch, collecting over $1k per week. That’s 1 1/2x the median wage for crying out loud. This is despicable.
Also, those who have mortgages were given forbearance if they could prove they lost their job. So, over $1k per week from Uncle Sugar and you don’t even have to pay your mortgage. These people are raking it in. I am disgusted by this country.
DebtDonkeys got it so good, maybe you should trade places with one of them.
The Senate is promising to not extend the extra unemployment, but I think they will fold. Of course, Trump could veto the bill. The parasites weren’t going to vote for him anyway.
Funemployment
It’s $600 not $1000. But agreed it will be extended. Who knows maybe upped to $1000 too. Why not? It’s only taxpayer money after all.
Aggregated to what states were already paying the total was about $1000 a week.
CA is broke as a joke. They cant keep up this much SSDI for long. Unless OMB/CONgress bails them out, and why would they do that?
Forgot the biggie: UI.
CA is broke as a joke.
Their budget has a $54B hole in it, a cool 20% of the pre Covid budget.
Quite the crater buffet you served up today, Ben. And the “bad” news keeps coming.
https://www.nytimes.com/2020/07/02/realestate/coronavirus-real-estate-price-drop.html
“If I lose the house I’m completely homeless,’”
Wait, if she’s getting SS disability then she’s still getting it. That doesn’t stop.
What changed to make her lose her house?
Medical bills? HELOC? Anyway, she had no business blaming anything on the pandemic. Her home was scheduled for auction in March, which means she was already in trouble for possibly a year before that.
And she’s not on “every conceivable list” for cheap housing. She could probably easily out to an apartment in the sticks in NY or PA and get housing there. Why does she need to be in Nassau County?
Thanks. The link said the site isn’t available in my region??
If I lose the house I’m completely homeless, said Darcy Avolin, 59, who suffers from ailments that include emphysema, chronic obstructive pulmonary disease and depression. I’m on every conceivable list for senior and disability housing.
Nobody is going see if the glass slipper fits her swollen foot.
You mean hoof rms hoof!🤣
Glen Mills, PA Housing Prices Crater 23% YOY As Philly Suburb Housing Demand Plummets
https://www.zillow.com/glen-mills-pa/home-values/
*Select price from dropdown menu on first chart
As one national broker lamented, “We haven’t seen price declines like these since the early 1990’s.”
Another day, another record increase in the number of U.S. cases…
The Financial Times
Coronavirus business update 30 days complimentary
Coronavirus pandemic
US posts record number of daily Covid-19 cases
Figure passes 57,000
…
Aime Williams in Washington and Peter Wells in New York an hour ago
A record number of Americans tested positive for Covid-19 on Friday, as the US headed into its Independence Day weekend with many large events cancelled due to a surge in coronavirus cases across many states.
An additional 57,562 people across the US tested positive for coronavirus over the past 24 hours, according to Covid Tracking Project data. That was a one-day record and the third straight day of more than 50,000 new cases, having crossed the milestone for the first time on Wednesday.
Florida, California, Texas, Arizona and Georgia all reported large single-day increases, although lower than their record jumps on Thursday. The rising number of new cases in those states helped to spur a 105 per cent rise in the US daily case rate throughout the month of June.
…
Here in California I see lines forming again at grocery’ stores and restaurants only doing take out again.
I keep looking at the stats for deaths in my area and I don’t see a big surge in deaths at all. It’s lock down 2.0 .
It will be interesting to see what happens on July 4th.
Go to Orange County. They have a separate set of rules.
More accurately, in Orange County many of Governor’s rules are simply ignored.
And that’s what needs to happen – people and businesses simply give the governor the middle finger and a big F**K YOU. It’s time for people to push back against this illegal subjugation.
“many of Governor’s rules are simply ignored.”
It is time.
https://youtu.be/e1_nbnQYYGY
Good. The rules are idiotic. When the governor says going to the beach is dangerous but rioting is a-ok law abiding citizens need to stand up and tell the governor to blank off.
Orange County Sees Large Increase in COVID-19 Cases Heading Into Fourth of July Weekend
Posted by Dakota Moyer | Jul 3, 2020 | COVID-19, Safety
Orange County Sees Large Increase in COVID-19 Cases Heading Into Fourth of July Weekend
Like the rest of North Carolina, Orange County continues to see an increase in its positive COVID-19 cases heading into the Fourth of July weekend.
According to data from the North Carolina Department of Health and Human Services, the county recorded 30 new cases on Friday. This brings the total within Orange County to 745 positive cases.
It took less than a week for Orange County to surpass another 100 cases, having reached 600 cases last Saturday.
Orange County’s first positive COVID-19 case was recorded in late March, when a patient at the UNC Medical Center tested positive.
…
(sigh)
California. Orange County, California.
Florida reports record-breaking 11,458 new COVID-19 cases, Orange County sees more than 1K new cases
Channel 9 is tracking the spread of the coronavirus across the U.S. and Florida.
(Cox Media Group)
By: Katlyn Brieskorn, WFTV.com
Updated: July 4, 2020 – 10:56 AM
ORLANDO, Fla. — The Florida Department of Health reported more than 11,000 new COVID-19 cases Saturday as well as 18 deaths.
The state set a new daily case record with 11,458. There are now 3,702 coronavirus-related deaths in the state.
…
Indiana coronavirus cases: 389 new cases, 23 additional deaths reported
Ethan May
Indianapolis Star
The Indiana State Department of Health on Friday published its latest update on how the novel coronavirus pandemic is affecting Hoosiers.
…
More than 392,000 Hoosiers have been tested for the virus, and 10.6% have tested positive.
Marion County continues to lead the state in total cases and deaths, with 10,885 cases and 665 deaths. Indiana’s most populous county reported 54 new cases and four new deaths Friday. Most of the cases and tests were from Thursday, but two cases were reported from Wednesday and one death from June 10.
When cases and deaths are calculated per 10,000 residents, Marion County no longer tops the state in either category. Decatur County has the most deaths per 10,000 residents with 12, followed by Orange County (11.7) and Greene (9.1). Marion has 6.9 deaths per 10,000 residents.
…
More accurately, in Orange County many of Governor’s rules are simply ignored.
The governor is threatening local officials with sanctions if they not comply:
“A local government that refuses to abide by, ensure compliance with, or take enforcement action against noncompliance with these statewide public health directives, or that takes action that is otherwise incongruent with these directives, could jeopardize their eligibility for state funding,” Newsom said in letters to local officials.
COVID-19: Here’s New Rundown Of Cases By Town As Orange County Starts Phase 3
Zak Failla
06/22/2020 1:30 p.m.
The breakdown of COVID-19 cases in Orange County (darker regions have more cases) as of Monday, June 22. Photo Credit: Orange County Department of Health
There are less than a dozen patients still hospitalized with novel coronavirus (COVID-19) in Orange County as the Hudson Valley prepares to enter Phase 3 of its four-phase reopening of the economy.
Since the pandemic began, there have been a total of 10,658 confirmed COVID-19 cases in Orange County, with 11 still hospitalized and 29 cases still under investigation. There has been a total of 473 virus-related deaths in county residents.
…
Orange County Judge confirms he has COVID-19
Last updated 6/30/2020 at 11:31pm
In the middle of the worst spike yet in local coronavirus cases, Orange County Judge John Gothia has tested positive for COVID-19, he told the County Record and Penny Record newspapers Tuesday.
Gothia missed last Tuesday’s every-other-week meeting of Commissioners Court because he was ill, then canceled a meeting with city mayors Friday because he wasn’t feeling well. He missed Tuesday’s specially called Commissioners Court meeting.
“I found out [Monday] night,” said the county’s top elected official. “Now I have seven more days of quarantine.”
The judge said he hadn’t been able to determine how the respiratory illness was passed on to him.
…
Confirmed COVID-19 cases in Orange County basically doubled in June, going from a total of 98 confirmed cases as of May 28 to 191 cases on June 23, the last report released by the Orange County Public Health Department.
The Texas Department of Health and Human Services puts out daily county-by-county lists and it reported 212 confirmed cases in Orange County on June 30.
Active cases in the county had skyrocketed from 12 on May 28 to 79 on June 23.
…
Apparently, there are lots of places around the U.S. named Orange County with substantial local COVID-19 outbreaks.
CORONAVIRUS
OC Reports Another 713 Cases of COVID-19 As Beaches Close for the Weekend
By City News Service Santa Ana
PUBLISHED 6:45 AM ET Jul. 04, 2020
SANTA ANA — Orange County has reported 713 newly confirmed cases of COVID-19 and six more deaths, bringing the county’s overall totals to 15,778 cases and 360 deaths.
The new numbers, released Friday, came as most of the county’s coastal cities prepared to close their beaches for the Fourth of July holiday weekend to prevent further community spread of the virus.
…
could jeopardize their eligibility for state funding,
Centralized government strikes again, using tax dollars as leverage.
The Florida Department of Health reported more than 11,000 new COVID-19 cases Saturday as well as 18 deaths.
That 20 deaths per day number in Florida doesn’t seem to budge. That’s one in a million, and not death “by Covid”, it’s death “with Covid”. So says the State of Florida.
One in a million.
Here in California I see lines forming again at grocery’ stores and restaurants only doing take out again.
We haven’t spiked yet here in the Centennial State. Only 260 new cases.
Figure passes 57,000
It would be fitting if they were mostly BLM and Antifa types.
The MSM would whitewash any evidence to that effect.
more than 50,000 new cases
Which is meaningless if people aren’t getting sick. It’s a well coordinated national hoax.
How long can it be perpetuated?
Ok, Trump is at Mount Rushmore right now about to do a rally, which will be followed by fireworks.
Cheerleaders against Trump in summary are saying that’s it’s racist to hold a rally in that location and the fireworks are dangerous in that location.
Course it’s ok to burn down police Departments and anything the Looters wanted
I’m basically done with the racism narrative because it’s a power grab from creepy Commies. I’m really getting sick of these nuts .
Some of the joys of becoming a landlord …
Experts fear a wave of homelessness once eviction moratoriums end
https://www.cnbc.com/2020/07/03/experts-fear-a-wave-of-homelessness-once-eviction-moratoriums-end.html
(snip)
Sen. Elizabeth Warren, D-Mass., also on Monday introduced a bill calling for a nationwide eviction moratorium that would last until March 2021.
“This is a bill that protects renters from losing their housing,” Warren said on the call Monday.
“If they lose their job or have their hours cut during the crisis,” she said, “the bill extends the federal moratorium to last one year instead of just 120 days as it was. And it expands the moratorium to cover basically all renters. It also makes sure that renters don’t get hit with fees or penalties if they need a few extra months to pay their rent.”
I’ve never once seen legislation associated with this woman that was ever anything more than simple-minded pandering to voters she perceives to be clueless idiots.
Is that how the private sector is going to work in America now? You go into business, people who can’t afford your product mess up their lives trying to acquire it, and then the government swoops in to protect them and drive you into bankruptcy?
Is that how the private sector is going to work in America now?
Only for the little people. Big corps, banks, insurance cos and hedge funds will get bailouts.
A few weeks ago I posted an article that stated Weather Underground girl Bernardine Dohrn, Bill Ayers sweetheart had coined the term “white privileged” at a time she cheered the efforts of the Manson gang and their murder of “white pigs”. I mentioned how the BLM movement had striking similarities to the Weather Underground and how the same people could still be behind this agenda decades later.
Black Lives Matter co-founder describes herself as ‘trained Marxist’
By Yaron Steinbuch
June 25, 2020
Cullors, 36, was the protégé of Eric Mann, former agitator of the Weather Underground domestic terror organization, and spent years absorbing the Marxist-Leninist ideology that shaped her worldview, Breitbart News reported.
“We are trained Marxists. We are super-versed on, sort of, ideological theories. And I think that what we really tried to do is build a movement that could be utilized by many, many black folk,” Cullors added in the interview with Jared Ball of The Real News
https://nypost.com/2020/06/25/blm-co-founder-describes-herself-as-trained-marxist/
I goofed should have been “white privilege”.
The Strange Case of Trish Regan (Too Smart for TV?)
Monday, March 9, 2020, started as a day like any other for a newswoman in the midst of a global pandemic. Trish Regan, like other journalists across the country, studied the new data, both scientific and political, that had come to light over the weekend about coronavirus and developed the material she would use for the opening monologue on her prime-time Fox Business Network show.
“We’ve reached a tipping point,” she said on her March 9 show. “The chorus of hate being leveled at the president is nearing a crescendo as Democrats blame him and only him for a virus that originated halfway around the world. This is yet another attempt to impeach the president.
“Many in the liberal media [are] using, and I mean using, coronavirus in an attempt to demonize and destroy the president.”
It didn’t take long for the liberal media to circle the wagons and start taking potshots at Regan. She was “truly bonkers,” according to the Daily Beast, which labeled her riff against the “coronavirus impeachment scam” as “batsh*t” crazy. By the end of the week, she was off the air, a victim of what the network at first called a need for schedule changes brought about by the virus itself. Then two weeks later, Fox Business admitted that it was firing Regan, but still could not bring itself to admit the reason.
“We will continue our reduced live primetime schedule for the foreseeable future in an effort to allocate staff resources to continuous breaking news coverage on the Coronavirus crisis,” the network’s statement declared.
Yeah, right.
Look, Regan won’t be everyone’s cup of tea, just like Rachel Maddow isn’t, but Regan is a real journalist with real credentials. She’s no dummy. She has a degree in history from Columbia University and wasn’t considered “bonkers” when she worked for CBS News, where she was nominated for an Emmy for investigative reporting. She wasn’t considered “batsh*t” crazy when she worked for CNBC and was nominated for an Emmy for best documentary. Nor when she worked for Bloomberg Television or Fox Business for the last eight years.
Oddly enough, she wasn’t crazy until she defended President Trump from the liberal media and their Democratic Party allies over his handling of the coronavirus crisis. She backed up her assertions about the assault on Trump with clips that made the point for her: Rep. Jackie Speier saying the president isn’t “capable of telling us the truth about the coronavirus”; Joe Scarborough saying that “they have no plan”; Rahm Emanuel saying that the administration looks like “it couldn’t organize a one-car parade.” Most revealing was a snippet from MSNBC that “this is an event that could take down a president.”
Hmm … “take down a president.” That sure sounds like a desire for impeachment, but Regan wasn’t supposed to say so.
Note that Regan never said that coronavirus is a hoax (nor did the president, although both were accused of that). Nor did she say, as the Huffington Post claimed, that “the virus was a ‘scam’ created by President Donald Trump’s enemies to wreck the economy.” She was talking instead about the rhetorical efforts of the media and Democrats to neuter the president in a time of crisis by blaming him for things out of his control.
“This is impeachment all over again, and like the Mueller investigation, like Ukrainegate, they don’t care who they hurt,” is what she actually said, adding, “Whether it’s their need to create mass hysteria to encourage a market selloff … or to create mass hysteria to stop our economy dead in its tracks, they told us how much they crave a recession as a way to get rid of Donald Trump.”
https://www.realclearpolitics.com/articles/2020/04/06/the_strange_case_of_trish_regan_too_smart_for_tv_142860.html
Regan wasn’t supposed to say so
Haven’t others said the same thing since without the repercussions?
“Haven’t others said the same thing since without the repercussions?”
I anxiously await your list of journalists who said the same thing since without the repercussions.
Glad I saw this, guess who has my companies mobile service? Well I will be calling them Monday morning and saying…
Bye-Bye T-Mobile
Tucker Carlson’s Black Lives Matter remarks alienate Fox News advertisers
By STEPHEN BATTAGLIOSTAFF WRITER
JUNE 11, 20204:11 PM
After the remarks were highlighted by Media Matters and Sleeping Giants, the liberal watchdog groups that often target Fox News comments they deem inflammatory, five sponsors publicly stated they will no longer run in Carlson’s program. One of them, telecom company T-Mobile, stated its intention in a tweet from its Chief Executive Mike Sievert, who wrote “Bye-Bye Tucker.”
https://www.latimes.com/entertainment-arts/business/story/2020-06-11/tucker-carlson-black-lives-matter-remarks-alienate-fox-news-advertisers
I vaguely recall a tweet, perhaps by her, pointing out that the idea had been repeated.
According to Paul Joseph Watson here is someone else who was mentored by Eric Mann.
Assata Shakur, convicted of killing a police officer, still wanted by FBI 40 years after fleeing to Cuba
FBI Special Agent-in-Charge Greg Ehrie called Shakur a “top priority.”
ByChristina Carrega
May 16, 2019, 4:49 PM
6 min read
https://abcnews.go.com/US/assata-shakur-convicted-killing-police-officer-wanted-fbi/story?id=63076257
Oh look
Assata’s Daughters
From Wikipedia
In March, Assata’s Daughters cited what it described as Donald Trump’s racist rhetoric as the reason they protested against his rally in Chicago, which was cancelled after protests grew violent.[16]
On April 20, Assata’s Daughters protested outside of Mayor Rahm Emanuel’s office with BYP100, Black Lives Matter: Chicago, and Fearless Leading by the Youth to call for Chicago police officer Dante Servin to be fired without benefits and to demand funding for Chicago State University.[17][18]
https://en.wikipedia.org/wiki/Assata%27s_Daughters