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It’s Not A Good Place To Be

A report from Inman News. “Delinquency rates across the United States soared in April — a change caused by the coronavirus outbreak that, experts warn, could spell trouble for months to come. According to CoreLogic, 6.1 percent of mortgages were in some stage of delinquency in April. The rise, a 2.5 percent increase from the month before. The month presented several alarming mortgage trends all at once. The number of homeowners that went from being up-to-date on their mortgages to being 30 days late rose by 3.4 percent — the highest increase since 1999.”

“New York and New Jersey saw the highest state increases in delinquency rates at 4.7 and 4.6 percent while cities like Miami and Kahului, Hawaii, saw even larger spikes.”

From Housing Wire. “HousingWire sat down with Hubzu Vice President of Auctions Travis Britsch to discuss how COVID-19 may change the foreclosure auction landscape. HW: In what ways do you think COVID-19 will change the foreclosure auction landscape?”

“TB: These moratoriums were recently extended again until at least the end of August and while theoretically they may save some borrowers from being foreclosed upon, we do anticipate that there will eventually be a surge in foreclosure volume. The continued extension of the moratoriums will add to the overall backlog of inventory, and the longer that backlog grows, the longer the recovery time will be for the housing market and mortgage industry.”

From Macomb Daily in Michigan. “Matthew Paletz, a Troy-based attorney who represents landlords across the state, said landlords, as small business owners, have also been hit hard by the pandemic and the resulting executive order allowing tenants to remain in their homes, despite not having to pay rent. Many depend on those monthly rent payments to pay off mortgages and other bills. Paltez said for small family-owned landlords who operate on thin margins, this relief from the state may be too little, too late. He added judges will not simply be throwing people ‘out on the streets’ once the eviction ban expires and the courts begin processing any potential eviction filings.”

“‘They were already in dire straits back in the spring,’ he said. ‘To now have to wait even longer, if they opt-in to the eviction diversion program, is simply not practical. Being precluded from their legal remedies for what could amount to four months or more may be too long of a time without significant revenue for them to stay current with their underlying mortgages, utilities, payroll, and property taxes, not to mention the cost of maintenance and upkeep of the property.'”

The Colorado Real Estate Journal. “Vacancy increased by 21 basis points during the second quarter to 6.42% in contrast to the historic vacancy decreases typically seen in the months leading up to summer – a clear demonstration that the pandemic has had an effect on the metro Denver rental market, according to Apartment Insights’ Statistics Trends Summary. The report on the second-quarter multifamily market noted that the current vacancy rate is 119 bps higher than 12 months ago and 124 bps higher than two years ago. It is the highest quarterly vacancy rate in 10 years and reflects stabilized properties with 50 or more units in the seven-county region.”

“Also increasing this quarter was the overall vacancy rate, which includes both stabilized properties and properties in lease-up. While it moved up 48 bps to 10.27%, it is still below the recent high of 10.59% reached during the second quarter of 2019. Apartment Insights noted that quarterly absorption decreased to a positive 852 units – the lowest level in three years and less than one-fourth the year-ago figure, which was the third highest on record. The quarterly decrease reduced the trailing 12-month total absorption to 7,151 units, the slowest pace since 2017.”

“‘The pandemic seems to have shifted renter preferences, at the margin anyway, away from living in the urban core. The effect on rents and concessions in the core submarkets was significant. Despite national statistics about collections being very similar to previous months and to the previous year, the local rental market clearly has been adversely impacted by the pandemic. We will be watching very closely in the months ahead to see if this trend continues, or if the rental market stabilizes,’ the report concluded.”

From Community Impact on Texas. “The construction industry was deemed an essential service by Gov. Greg Abbott in his March executive order, allowing almost 23 projects worth well over $1.8 billion in the Heights-River Oaks-Montrose area to continue. The catch: Most of these are Class A properties—priced for the high end of the market and banking on tenant salaries of $75,000 or more to make rent—and they are all slated to open in a post-COVID-19 economy that is officially in a recession and in an oil slump.”

“‘It’s not a good place to be,’ said Bruce McClenny of ApartmentData. ‘Filling 21,000 new units in 12 months like you see in a big wave of construction in Houston is a challenge even for the best economies.’ Across the Houston Metro area, new properties that opened in the past 12 months were only about 25% occupied as of May, and overall occupancy rates dropped below 89%.”

The Beacon Journal in Ohio. “A downtown Akron off-campus student housing complex may soon get a new lease on life by being converted into regular apartments. An Alabama-based real estate development company that specializes nationally in off-campus student housing plans to buy the struggling 22 Exchange complex and change its business model. Declining enrollment at the University of Akron means the original 22 Exchange business model — renting to students with ground-level storefront retailers — no longer appears viable there, the prospective buyer says.”

The Bay Area Newsgroup in California. “Prices for one-bedrooms in techie hives near major Silicon Valley companies have plummeted from last July: San Francisco fell 11.8 percent, Mountain View dropped 15.1 percent, Menlo Park fell 13.5 percent, San Jose slid 8 percent, and Cupertino 15.7 percent, according to Zumper. Economists doubt lifestyle changes are the only reason behind plummeting prices.”

“Two other big forces have changed the supply-and-demand equation in the housing-short Bay Area: owners of short-term rentals, including Airbnb vacation stops and furnished corporate housing, are now listing those units as long-term rentals, adding new supply. And surveys and interviews suggest many renters are taking shelter-in-place seriously and extending their leases rather than risking a move, quelling demand. The increased supply and falling demand have pushed down prices.”

The San Francisco Chronicle in California. “Median condo prices have dropped 4% from June 2019, dipping from $1.25 million to $1.195 million, according to Patrick Carlisle, chief market analyst for Compass. The second quarter saw 389 condos close, a 57.7% decline from the second quarter of 2019, and 504 units put into contract, a decline of 42.3%, according to Vanguard, another brokerage. The new challenges come as San Francisco has more new condo buildings opening than any year since the 2007-09 recession. Currently, 842 new condo units are on the market, and 637 resales, about a 61% increase over 2019.”

“The greatest weakness in terms of pricing and sales volume has been in the downtown and South of Market neighborhoods that have the highest number of new buildings coming online, according to Carlisle. ‘Everything that everybody loves about the city is closed right now and people are thinking, ‘Maybe I should move somewhere where I have a little elbow room,’ said Carlisle. ‘Areas where many buyers are younger high-tech people have struggled.'”

“Realtor Gregg Lynn, who specializes in high-end condos, said the north side of the city has been holding up better than the downtown, which has seen an increase in homeless encampments. He said luxury buildings will likely have to slash prices to stay competitive. ‘You are selling into a market with small pool of affluent buyers and a lot of competition for those buyers,’ he added.”

From Mansion Global on New York. “Twelve luxury homes—priced at $4 million and up—went into contract last week, according to the weekly Olshan Realty report on high-end Manhattan real estate. The second-priciest home to find a buyer last week was a four-bedroom condominium on the Upper West Side asking just under $13 million. The price was reduced from $17.25 million when it was listed in 2018. The seller paid $15.95 million for the apartment in 2008, according to Olshan.”

The New York Post. “Facebook co-founder Chris Hughes has sold his New York City townhouse for a loss. Records filed Monday with the city’s department of Finance show that Hughes sold his property at 157 W. 12th St. for $19.5 million. Hughes, 36, and his political activist husband Sean Eldridge, 33, purchased the Greenwich Village home for $22.3 million in 2015, records also show. That means they sold it for $2.8 million less than they paid.”

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  1. ‘We will be watching very closely in the months ahead to see if this trend continues, or if the rental market stabilizes’

    ‘Filling 21,000 new units in 12 months like you see in a big wave of construction in Houston is a challenge even for the best economies.’ Across the Houston Metro area, new properties that opened in the past 12 months were only about 25% occupied as of May’

    How are those 5% cap rates looking now?

  2. ‘second-priciest home to find a buyer last week was a four-bedroom condominium asking just under $13 million. The price was reduced from $17.25 million when it was listed in 2018. The seller paid $15.95 million for the apartment in 2008’

    ‘sold his property at 157 W. 12th St. for $19.5 million…purchased the Greenwich Village home for $22.3 million in 2015, records also show. That means they sold it for $2.8 million less than they paid’

    So 2008, 2015, pretty much everyone is taking an a$$-pounding.

  3. ‘6.1 percent of mortgages were in some stage of delinquency in April. The rise, a 2.5 percent increase from the month before’

    If it went from around 3% to 6%, that a lot higher increase than 2.5%.

  4. Kensington, MD Housing Prices Crater 16% YOY As Northern Virginia Housing Market Tanks On Skyrocketing Inventory; Demand Collapses

    https://www.movoto.com/kensington-md/market-trends/

    As one Washington DC 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.”

  5. ‘ dipping from $1.25 million to $1.195 million, according to Patrick Carlisle, chief market analyst for Compass. The second quarter saw 389 condos close, a 57.7% decline from the second quarter of 2019, and 504 units put into contract, a decline of 42.3%, according to Vanguard, another brokerage. The new challenges come as San Francisco has more new condo buildings opening than any year since the 2007-09 recession. Currently, 842 new condo units are on the market, and 637 resales, about a 61% increase over 2019’

    ‘The greatest weakness in terms of pricing and sales volume has been in the downtown and South of Market neighborhoods that have the highest number of new buildings coming online’

    Isn’t this always the case? Shortage, shortage, glut, with homeless people pooping outside the door!

        1. I try not to think too much about the national debt anymore

          When there’s nothing you can do about it, short of leaving the country (and where would you go?), why be concerened.

  9. “away from living in the urban core”

    After the past few weeks of motorists in downtown Denver having their car doors opened by BLM terrorists after being stopped at random roadblocks, I can’t imagine why.

    The tent cities, needles, and feces aren’t helping either.

    1. I never understood the appeal of urban living. The old, grungy houses with sky high maintenance costs? The smog? The higher prices for everything? The crime?

      I guess those places selling Korean style tacos make it worth it.

      1. I suppose urban living made economic sense 50-60-70 years ago when population densities were a *lot* less. I grew up in SoCal, and my folks took us kids on the Red Cars to Los Angeles (circa 1950’s). My recollections were that everyone was dressed up and very civil.

        Now, I drive very occasionally to Hollywood area for business. My advice: Lock your car door and consider carrying a weapon. (no kidding).

        1. Population densities where actually much higher in the past. Even trendy cities have hollowed out over the last fifty years.

          1. I can only tell you what I see with my own eyes over the last 50+ years.

            Please Google

            “Los Angeles Metro Area Population 1950-2020”

            Per chart, LA population growth has tripled since 1950.

            (~ 4 million -> ~12 million)

        2. When you’re young and dumb some bad thing that only has a 1% chance of happening to you each month seems like an acceptable risk.

      2. There used to be live concerts, theaters, restaurants, city parks, amusement parks, bars, and any number of other public amenities of urban living. Not to mention physical access to the work places where high paying jobs are located.

        The pandemic has ended it all.

        3. The pandemic has not ended it all. I think it’s going to come back. Say what you will about our new Skynet, human DNA is 100,000+ years old. From the way that the bars were packed, it was plain that Zoom happy hours just weren’t cutting it. We still need in-person connection. Even office buildings will become popular again, but they will be streamlined with a lot more flex-time and hotelling.

          2. From the way that the bars were packed, it was plain that Zoom happy hours just weren’t cutting it. We still need in-person connection.

            Extroverts amuse me sometimes. But I do feel bad for the single people who live alone. Not seeing anybody for months is a bit much. But if there is at least one other person in my house that’s more than enough contact for me.

          3. Some feds already hotel. I believe the patent office is already close to 100% w@h. Fedgov doesn’t like paying office rent any more than private sector.

    2. After the past few weeks of motorists in downtown Denver having their car doors opened by BLM terrorists

      After seeing that in the body slam video I was surprised that people were doing it, and that people weren’t keeping their doors locked. Just a weird thing that shouldn’t be happening, IMO.

      Speaking of that video, also weird that after the body slam he got back in the car and didn’t go anywhere. Makes me wonder exactly what he was there for armed with a bow and arrow and not looking to leave even after a confrontation like that.

      1. I think that most cars automatically unlock the doors when the shifter is moved to Park. On some you have to shut off the engine. On some it can be programmed.

        1. Hadn’t thought about that, I always turn off the automatic stuff in my cars new enough to have it. I leave my doors unlocked all the time that I’m in the car EXCEPT when I’m…I don’t know…staking out Antifa. Things that make you say “hmmm”.

          1. Yes, check the manual, you should be able to customize the auto lock/unlock features. My vehicle no longer auto-unlocks under any circumstances.

  10. Did anyone get the Air B N B email asking for donations to help our their “homeowners”? Why would anyone give their hard earned money to these air b n b over levered clowns in exchange for nothing? LMAO!!!!!!!!!!!!!

    2. I recall reading somewhere that the stabby Harvard girl who lost her her Deloitte internship is raking in gofundme donations.

      1. I recall reading somewhere that the stabby Harvard girl who lost her her Deloitte internship is raking in gofundme donations.

        This is why we need to #CancelRent, so people have more money for such worthy causes!

        1. Her Andy Warhol moment is about over. I suppose she’ll get a full ride scholarship at Harvard for a master’s and by the time she graduates her moment of fame will be forgotten and she’ll land a nice six figure job as a diversity officer with Corporate America.

    1. My favorite was the guy in a Mustang in Vancouver that spun his tires a bit while going over a rainbow painted cross walk. They were looking for him to investigate whether it was a hate crime.

          1. When I saw the rainbow crosswalk in what looks like a suburban neighborhood, and saw that it was in Vancouver it made sense. I wonder how long until the HOA or city requires everyone to paint their house with rainbow colors.

          2. How is that poor guy doing? Last I heard he was recovering slowly from a food allergy. Like, he was allergic to ALL food. No wonder he was so thin. He had to go to Russia for treatment.

          3. How is that poor guy doing?

            JP? I don’t know if you’re joking, but he had some kind of problem and ended up addicted to benzos I think and had to go to Russia to get off them. That’s what I heard anyway…I think he’s back and mostly recovered now.

      2. “They were looking for him to investigate whether it was a hate crime.”

        It’s difficult to imagine a public servant creating and funding a cost authority for such a ridiculous pursuit. I hope the historians capture these glazed moments of professionalism.

      3. That’s my parents old Vancouver neighborhood (Davie Street). Its one of the nicest neighborhoods in world in my opinion. Vancouver police are totally chill. Thinking the guy in the Mustang did a lot more than just spin his tires. Both social media and the press often do a terrible job reporting crime.

        1. I saw the picture of the skid mark. One tire (no locker/limited slip), fairly narrow. Spinning while turning, took off from a dead stop to turn, spun the inside wheel. Standard stuff that morons do sometimes, rainbow crosswalks or not. What else is it that you think he did? As far as I know the mark was the only evidence for the whole investigation.

          1. Gotta love the Narrative. Pull someone from their car and beat them: a peaceful demonstration. Leave a skid mark: hate crime. It’s so 1984. And it isn’t fiction anymore.

            I hope they increase the chocolate ration.

          2. the Narrative

            A friend commented that the BLM is segregating themselves, and after all the progress we’ve made.

  13. I think one of the more shocking things I have noticed in the last 31/2 years is just how much a one party had taken over all aspects of Government, education, media, monopoly and Globalist control, welfare State control, and even Judicial Controll and deep State.
    In spite of about half the Nation voting for Trump, this one party power had no regard for those voters .

    Than the following Russian Hoax, absurd impeachments, constant fake narratives, and the constant attempt to reassert a one party agenda. No discussion allowed just non stop attack and resistance.
    For me it just revealed how much of a bizarre takeover of Government on all levels had taken place.
    The State has become the enemy , but the millions that voted for Trump are treated like they are a enemy. I have really never seen anything like it.
    Than when the bizarre mob came out showing their true colors, and Dems and Big Corporations actually supported these monsters and abused the police, and they showed their intent on overtake of America, it’s alarming.
    31/2 years of true colors coming out , with their Presidential Candidate Biden in essence saying he is going to transform America, a man that is so senile and corrupt that it’s a insult .

    A way of saying what happened here is the Government Body in conjunction with the Globalist/ Monopolies and no doubt Commie hijackers have overtaken the Government .

    Government isn’t suppose to be a entity serving itself, but rather in service of the voters. It’s no different than the Government becoming King George.

    It’s kinda strange that in the last two decades at least ,what use to be a powerful electoral force ,being working class Citizens , has been ignored.

    Now it’s ilegals matter more and you have to pay for them. Private sector jobs don’t matter because what counts is that the Globalist get the lowest pay scale World wide. Wall Street must get their Ponzi Schemes and fake Casinos.
    Monopolies must rule while the Government supplements their price fixing looting.

    The educational system must be taken over so the brainwashing on one thought takeover is complete.
    This takeover wasn’t done by a democracy process, but done by a takeover of Government itself. It’s what Government wants, not what people elected canadates to vote on.
    Forget most news agencies being anything but the cheerleaders for powers that had already taken over.

    So, these powers that got disrupted by a Trump election , have in everyway shown their true colors. China has shown their true colors, for that matter.

    If the entirety of power puts in Joe Biden, than the takeover will proceed IMHO.
    It would truly be a takeover of a great Nation that was formed with George Washington being the first President. I gotta admit that George Washington might be my favorite historic figure.

    1. one party had taken over all aspects of Government, education, media, monopoly and Globalist control, welfare State control, and even Judicial Controll and deep State.

      I think it’s just a party that happens to have complete buy in from the media. If it wasn’t for the media they wouldn’t be a threat to the rest of the country.

      I agree regarding George Washington. That was a guy who could have had anything he wanted and chose principle instead. You don’t run into a guy like that very often. The fact that he had slaves in a situation where it was totally normal does not change that.

      1. George Washington freed his slaves upon his death, but it’s testimony to where his head was at.

        It’s also unusual that a bunch of rich guys would risk death by Declairing independence from one of the Greatest powers being Great Britain.
        So when they did win against all odds, the quality that came out of the Constitution Republic they formed was unique. The idea of individual rights to each person was genius to me.
        The whole story is incredible, especially compared to the rest of the world at the time.
        And now this Commie Mob is spray painting and tearing down Statues from one of the most advancing things that happened in the history of the World.
        But, I hear they are starting to take down religious statues now also including Jesus.

        1. And now this Commie Mob is spray painting and tearing down Statues from one of the most advancing things that happened in the history of the World.

          You gotta wonder how many are stupid and how many are evil. I’m sure there’s some of each but it would be nice to know the mix.

          1. You gotta wonder how many are stupid and how many are evil.

            Or both.

            I can only imagine what they will come up with when they can finally tear up the Constitution. I’m sure that everyone will have the right to an income without work (UBI) but there won’t be a guarantee that there will be anything to buy with the free money.

            An exit plan seems more needed than ever. But where would you go? And if you can find a place worth going, will they let anyone in?

          2. I can only imagine what they will come up with when they can finally tear up the Constitution.

            They can tear it up all they want, but can they impose anything else on anyone? They’re relatively helpless without an army that follows their orders.

          3. Apparently they stopped teaching history and started teaching a negative out of context version of history. A total disregard of how much more advanced the USA was compared to most the rest of the World. And if these Commies don’t think that the bulk of history wasn’t filled with conquering and war, than they don’t know World history.
            It’s the Communist playbook to rewrite history to justify taking over.

            The Communist are really a abstract version of the Master/slave story with the State being the Master and the equal subject drones being the slaves. See, your all equal and Master State going to give you all the same. All you got to do is interview people who have lived under Communism to find out how horrible it is.

            It’s really a stupid idea that justice is everyone being artificially made equal by a Big Government that is your equality giver. No choice, master control going tell you what you get this week. All incentive gone with a boring dependance on Mother government handing out the weekly rations. Equally bad rationed health care, etc.
            These jerks are being lied to that think it wouldn’t work like I mentioned These brainwashed dumb asses think it’s endless needs provided by Gov. while they tiptoe thru the tulips prosuing their passions and they only have to work when they want to.

            But very evil and that’s why it’s like a cult.

          4. And if these Commies don’t think that the bulk of history wasn’t filled with conquering and war, than they don’t know World history.

            The evil ones know. They’re just tired of being losers and want to flip the board over and start something new. And when that board is Monopoly and it’s getting toward the end of the game the other players start to not care so much except that one guy who is winning. All you have to do is convince him that things will get better for him too if we end the game…

          6. The Constitution was written by dead white men who owned slaves.

            Dead men can’t write anything, even if they are white.

          7. They may no longer be able to write, but they certainly are capable of receiving heaps of blame from the present generation of SJWs for perceived racial inequities.

        2. You can already see that they are Helll people. Angry mob of potential killers. Totally programmed that their evil deeds are justified.

          The ends justifiy the means as to the Communist playbook. That’s why they don’t allow free speech. They have been trained that they are the Authority. Thats one of the reasons they are going after the police.

          Evil, yes evil like a invading army is.

          1. Also, they don’t think they need a Army because they think they will take over in the next election and they will bring on their Commie Bills. While nothing they would enact would pass Constitutional scrunity, they would pact the high Court so it would.
            They would bail out anything that aligns with them, and oppress and punish anything that doesn’t further the plan.

            The problem is that they would do so much damage that it would be the death blow to America. They would change laws so they can never get out of power again.

            Even Thomas Sowell made a comment about being close to the point of no return.

          2. ” The Constitution was written by dead white men who owned slaves.”

            The basic blueprint of the Constitution was expanded to women and all racial groups. Doesn’t take away the genius of what they produced. This idea that the individuall was the one protected is brilliant.

          3. “This idea that the individuall was the one protected is brilliant.”

            And it’s a point lost on the BLM thugs…

          4. And it’s a point lost on the BLM thugs…

            The Antifa types don’t seem to believe in protecting the individual. It’s all about the group…or collective.

  15. The number of labs in FL found to have reported 100% positive CV test results is now over 50.

    We need to an executive order that makes falsifying medical records during a pandemic a federal crime punishable by 10 years in prison. This will end the pandemic faster than any drug or vaccine. Then we can focus on a real cure for the people who actually need help.

    1. Our acquiescence to this tryanny is f’ing up a generation of children. They’re being taught to obey, fear and isolate. This is not the American way.

      1. Man, you got a pretty low opinion of human intelligence. Is it really that difficult for a kid to understand: “Everybody is getting sick, wear this mask. And then 18 months later: nobody is getting sick anymore, so we don’t need masks anymore.”

        I mean, look at the 9-year-olds in 1918. I’m sure they were taught to fear and obey and isolate too. And not 10 years later they were flapping on the dance floor to the newest jazz. Today’s kids will recover just fine.

        1. You realize that within thirty seconds of putting on a mask the oxygen levels you are breathing fall below the OSHA minimum safety limits? Are you arguing this for children who have zero risk from CV?

          2. I guess it wasn’t my imagination that I couldn’t breathe with the mask on. What’s worse, it makes my nose itch and I feel like coughing…two infractions that can probably get you kicked out of Costco.

        2. And then 18 months later

          Contradicting your own daily fear porn? It’s not going away. We don’t have immunity. We may need vaccinations every few months. Until we see a pattern of immunity, you’re hiding under your bed.

        3. Man, you got a pretty low opinion of human intelligence.

          No.

          She and I both have disabled children. Mine has the dual challenges of stopped development and Bipolar. She hasn’t been allowed to see me except on zoom or through the window sort of thing for four months. She has been good, but I expect it has been extremely stressful. Some in this setup would get seriously depressed.

          So, NY is going to let home care clients out of the box this week, with rules of course.

        4. wear this mask

          Get back to me after caring 24/7 for a 100lbs 10yo autistic boy who is willingly wearing women’s incontinence underwear with a purple bow as a diaper after refusing to poop for over a week, is constipated, leaking and soiling 4-5 pairs of underwear a day. Explain to him why he can’t go to school, can’t see his friends he just started to make, can’t go to behavioral or speech therapy, and can’t go the park to swing for necessary sensory input because the play structures are all closed. Try getting him to attend to online learning when attending in person is difficult enough. Telling me a wear a mask “for the greater good” is rich when I’m experiencing horrific regression after years and tens of thousands of dollars in health insurance and therapy sessions because of other people’s irrational fears stoked for political gain.

        5. I’m pretty sure you could get a waiver for disabled children. And are masks really required? Even in mask-mandated Maryland, I think children under 10(?) aren’t required to wear them. And surely there are waivers for disabled children.

          P-bear, have you considered using a face shield?

          1. My wife bought a face shield. I opined that it wouldn’t keep out aerosols, though it definitely makes a fashion statement.

          3. I’m pretty sure I didn’t miss the point. Your first post implied that masks are a gateway drug on the way to tyranny, isolation, and obedience. I disagreed with that.
            After that you morphed into health and family issues, which I also tried to address.

      2. Yes it’s heart breaking to see what’s being done to children. I see parents pushing babies around in carriages being smothered by masks. What is being done to these children physically and psychologically is soul crushing. They’re risk from CV approaches zero. But what can you do? Fauci and the fake news have them living in a terrifying alternate reality

      3. ” This is not the American way.”

        I agree. They know young children aren’t really getting this disease and its cruel to shut off air like that. I have never seen this level of bad will for political purpose. I think the kids could get damaged by it.

      1. Well, I don’t think it’s that Floyd doesn’t matter.

        Oliver Stone came out today and said something like Hollywood has gone mad.
        This is a act of bravery in a World that has gone mad.

      2. actually I see a great job opportunities in the future for those who are not politically correct

        Like what? Because right now, these are the people being forced to resign.

  20. Is the Fed leadership terrified of the prospect for asset prices to revert to fundamental value?

    If so, why? What do they have against affordable prices?

    1. If price equals value and these values are how wealth is measured, are how wealth is created, then it is vital that asset prices remain elevated else wealth will be destroyed.

    2. What do they have against affordable prices?

      Affordable prices will take out their friends and the part of the system that they care about will collapse.

    4. The Financial Times
      Coronavirus business update 30 days complimentary
      Coronavirus pandemic
      Florida reports one-day record coronavirus death tally
      US state’s 133 fatalities come as Arizona also records its highest Covid-19 death total
      A family shows their support for keeping teachers safe during the pandemic in Florida. On Sunday the state reported 15,300 new cases, the highest one-day increase of any state in the US
      © (Bob Self/The Florida Times-Union/AP
      Peter Wells and Matthew Rocco in New York and James Politi in Washington yesterday

      Florida cemented its status as one of the hardest-hit states in the US’s widening Covid-19 outbreak by reporting a record one-day increase in coronavirus deaths, tallying 133 fatalities just days after it saw the country’s largest jump in infections.

      The new high comes less than a week after Florida set its previous one-day record at 120 and follows weeks of steadily declining fatalities — a sign the month-long outbreak could replicate the grim death toll of the pandemic’s earlier wave in the US north-east.

      Florida on Sunday reported the highest one-day increase in cases of any US state since the pandemic began with 15,300, though on Tuesday its fresh cases totalled 9,194, down from 12,624 the day before.

      Nationwide, the US recorded 62,879 new cases led by Texas, which saw a new one-day record of 10,745. It was the fifth time in the last week the country has seen a one-day increase over 60,000.

      Lael Brainard, a governor on the Federal Reserve board, warned the new spikes in infections could lead to a “second dip” in the US economy, saying a “thick fog of uncertainty” and “downside risks” dominate the outlook.

      In one of the most downbeat comments from a top US central banker in recent weeks, Ms Brainard, a former Obama administration official, said the US recovery was “likely to face headwinds even if the downside risks do not materialise, and a second wave would magnify that challenge”, while continuing fiscal stimulus would be “vital” to helping the economy.

      “Rolling flare-ups or a broad second wave of the virus may lead to widespread social distancing — whether mandatory or voluntary — which could weigh on the pace of the recovery and could even presage a second dip in activity,” Ms Brainard said, noting that the pain could also be felt on Wall Street.
      …

      1. Florida…reporting a record one-day increase in coronavirus deaths, tallying 133 fatalities just days after…its previous one-day record at 120

        Look here at the data Florida published. There’s a big difference between date reported and date occurred. There was no 133 day and there wasn’t a 120 day.

        Bogus news, and relentlessly reposted here.

        1. Are non-resident cases likewise reported in their state(s) of residence? This would be another great way to inflate artificially US case numbers.

  21. I don’t think the Government thinks in terms of what would be the greater good. The Government is a pawn of special interest .

  23. The FED’s balance sheet has gone from $800 billion to $7 trillion since 2009. What’s on this balance sheet? Let’s see it. Why can’t we audit them? Why is this allowed?

    Is it illegal to wish for somebody to start executing the central bankers of the world? The history books in the future would celebrate this person as a champion of the little people, as somebody brave enough to start eliminating those who seek to destroy us.

  24. “The Fed has, effectively, become a hedge fund in drag as a central bank.”

    “DoubleLine CEO and bond guru Jeffrey Gundlach said that “the Fed is blatantly violating the Federal Reserve Act” with its corporate bond purchases. Gundlach was doubling down on his statement of two weeks earlier. On April 14, Gundlach excoriated the Fed, stating: “The Federal Reserve is presently acting in blatant non-compliance with the Federal Reserve Act of 1913. An institution violating the rules of its own charter is de facto admitting that said institution has failed and is fundamentally broken.”

  25. Does it seem like the Fed leadership pretends the stock market goes up for fundamental reasons, while stealthily pulling all the levers to make it steadily climb?

    1. Fed’s aggressive monetary policy behind the stock market rally
      Nancy Tengler | Special to USA TODAY

      The Federal Reserve Bank has been a controversial institution since the founding of our country. Thomas Jefferson hated the idea, Alexander Hamilton championed the notion and prevailed. Jefferson bemoaned Hamilton’s ambitions in a letter to James Monroe: “We are ruined Sir, if we do not over-rule the principles that ‘“the more we owe, the more prosperous we shall be.’” (James Monroe, A Life by, Tim McGrath.) The argument continues today.

      It is no secret that easy monetary policy, which began in earnest during the Great Recession of 2008-2009, fuels higher stock prices. In December 2008 the Fed initiated “quantitative easing” and by March 9, 2009 stocks began a 10-year bull run. The Fed’s balance sheet grew over the ensuing six years to $4.5 trillion. Fast forward to March of 2020, as the economy shut down due to the Great Virus Crisis (aptly named by Dr. Ed Yardeni). The Fed acted swiftly and powerfully, snapping up corporate bonds and ETFs to provide liquidity to the credit markets. The balance sheet has ballooned to approximately $7 trillion in a matter of months.
      …

    2. The Fed
      Fed’s Bullard says stock market’s optimism has been proven right, so far
      Published: July 14, 2020 at 5:39 p.m. ET
      By Greg Robb
      St. Louis Fed President says there could be sharp drop in unemployment rates ‘if we play our cards right’
      St. Louis Fed President James Bullard Getty Images

      U.S. investors who been running up equity market values, have been right, at least so far, said St. Louis Fed President James Bullard on Tuesday.

      “Equity markets are something we don’t usually talk about at the Fed. I think they have been optimistic and they have been right, I think, up to now anyway,” Bullard told reporters during a speech that was web cast by the Economic Club of New York.

      “They were optimistic in the May-June time frame and indeed the data came in and validated the market thinking,” Bullard added.
      …

    3. And now, for something completely different…

      Key Words
      It’s time for investors to stop buying stocks that are ‘stunningly decoupled’ from reality, economist warns
      Published: July 14, 2020 at 12:19 p.m. ET
      By Shawn Langlois
      Mohamed El-Erian Getty Images

      ‘The investing challenge may well shift in the months ahead from riding an exceptional wave of liquidity, which lifted virtually all asset prices, to steering through a general correction in prices and complex individual nonpayments.’

      That’s Mohamed El-Erian, Allianz’s chief economic adviser, talking about what investors should expect going forward, as “the financial stress caused by COVID-19 is far from over.”

      El-Erian, the former Pimco CEO, pointed to several “worrying signs,” including a record-breaking pace for corporate bankruptcies, job losses moving from small and medium-size firms to larger ones, and more households falling behind on rents, to name a few.

      “Investors are showing insufficient concern. Some continue to expect a sharp, V-shaped recovery in which a vaccine, or a buildup of immunity in the population, allows for a quick resumption of normal economic activity,” he wrote in the Financial Times. “Others are relying on more backstops from governments, central banks and international organisations.”
      …

      1. “Others are relying on more backstops from governments, central banks and international organisations.”

        And so far, those rational expectations have been amply fulfilled.

        Where this could get interesting is if the COVID-19 pandemic drags on for far longer than the bull case expects. Will Unlimited QE live up to its name in that case?

    4. And for one more less-than-rosy outlook:

      …
      “We have highly priced markets in the stock market, the bond market and the housing market,” Shiller, who co-founded the S&P CoreLogic Case-Shiller National Home Price Index, said in the interview. “All of these markets could tumble in the coming months.”
      …

      1. Biden came out yesterday with some of his policies if elected. In summary :
        Open Borders with welfare granted to whoever comes

        No school choice
        Granting Citizenship to anybody
        2 trillion to a climate change mandate
        Some kind of a public choice for health care.
        Ok, didn’t catch it all, but it sounds a lot like Warren and Sanders platforms.

        Somebody said that the idea from the left is to flood the USA with ilegals and let them vote so the Dems can insure that they will win always. They have a problem with the current legal population so crowd out the current Citizens with ilegals and create a new population of Citizens that will only vote Dem Party.
        It’s also being discovered that the Dems are encouraging voter fraud by sending out send in ballots that already pre mark that they are a Citizen.
        We already know that there has already been a lot of voter fraud by non Citizens voting.

        This is like saying that non Citizens shall determine the outcome of elections.

        The Dems want to add voter rights for felons and 16 year olds.
        Can anything be. more corrupt than wanting to rig elections by this method. First, we don’t need millions of poor people crossing the borders being bribed that they get assured welfare paid by the rest.

        This is treasonous to want to control elections by a bizarre open borders to create a new voting block .
        Also they are demeaning the White voters by calling them racist.
        Again I say, the true colors of what the motives are behind all these crazy platforms is clear.

          1. Add: 9 years before the planet is irreparable damaged.

            Humans vastly overestimate their abilities to impact the earth long term. We could cut every single tree down, poison every water source, kill as many of God’s creatures as possible, and we may at some point fail to exist as a species, but the earth will carry on and all the forests and waterways will recover. Have you ever seen what happens to a paved concrete highway that is abandoned? Nature reclaims it.

          2. Oh yes I forgot about the we are dead in nine years if we don’t elect these screwballs.
            I don’t buy that we are dead in 9 years if we don’t elect Biden, who is going to save us from another false narrative.

        2. Biden came out yesterday with some of his policies if elected.

          Mark Steyn put it rather bluntly:

          prudent persons have no choice but to drag the Republican Party across the finish line this November – because the only alternative is a post-American Reign of Terror mob who look at you as a pigeon-crapped statue they just haven’t got around to yet. That said, the GOP remains as unlovely and useless an institution as one could find. To reprise my mournful refrain, when Democrats win, they’re in power; when Republicans win, they’re in office. That’s why the trend-line never changes: on everything that matters – debt, China, transformative immigration – you’re either driving off the cliff in fourth gear, or heading in the same direction in a more relaxing third gear

    5. Does it seem like the Fed leadership pretends the stock market goes up for fundamental reasons, while stealthily pulling all the levers to make it steadily climb?

      My favorite is how the news media invents and parrots things along the lines of “markets today went (up|down) on news of (insert whatever happened today)” when there was clearly no causality or it even went the opposite direction. I used to think they were stupid but now I think it’s on purpose. Almost never do they say it was because of the Fed and nothing else actually mattered.

  26. Is there enough foam on Megabank, Inc’s runway to handle all the loan defaults underway?

    1. Don’t ask me why, but I expect the stocks of the banks involved in the following story to rise on this bad news.

      The Financial Times
      Coronavirus business update 30 days complimentary
      US banks
      Three US banks set aside record $28bn for loan losses
      Boom in fixed income trading in second quarter overshadowed as lenders count cost of pandemic
      Preparing for a slew of bad loans, US bank loan loss provisions exceeded all expectations, as JPMorgan Chase chief Jamie Dimon noted ‘this is not a normal recession’ © REUTERS

      Share on Twitter (opens new window)
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      Laura Noonan and Robert Armstrong in New York yesterday
      22

      Three of America’s biggest banks have set aside a combined $28bn for current and future loan losses, pushing Wells Fargo to a quarterly loss and hitting profits at JPMorgan Chase and Citigroup as lenders count the cost of the coronavirus crisis.

      Jamie Dimon, chief executive of JPMorgan, which reported a record $10.5bn of loan loss provisions in the quarter, said charges could rise if the economy worsened. “We don’t know what the future is going to hold. This is not a normal recession,” he said, adding that the bank was “prepared for the worst-case scenario”.

      The bumper loan losses drove JPMorgan’s earnings down 51 per cent year on year to $4.7bn, and Citigroup’s down 73 per cent to $1.3bn.

      The pain was partly cushioned by a boom in trading, with JPMorgan fixed-income trading revenues surging 99 per cent. Fixed income trading also rose sharply at Citi, with trading revenue climbing almost 60 per cent in the quarter.

      Wells Fargo, which has a smaller investment bank and has underperformed peers since a mis-selling scandal in 2016, suffered a $2.4bn loss — its first quarterly loss since the financial crisis, against a profit of $6.5bn a year earlier.

      “We are extremely disappointed in both our second-quarter results and our intent to reduce our dividend,” said Charles Scharf, chief executive of Wells, which booked credit charges of $9.5bn for the quarter.
      …

    3. Is there enough foam on Megabank, Inc’s runway to handle all the loan defaults underway?

      Step 1, we’ll stop calling them defaults. “Delays”? “Setbacks”? “Reworks”? We just need a word that tells everyone we’re not going to take their house, we’re going to work with them even if it means letting them stay in it for free for years in order to keep prices from falling.

    1. the rapid rise of COVID-19 patients

      According to the Florida Hospital Assoc., out of 47,990 active hospital beds (60,571 capability) in Florida 8,229 have patients with Covid.

      With 10% of Florida’s 20 million population being “real cases”, is that a lot?

        1. Second sentence: “The figure marks the most deaths announced in the state in a 24-hour period, though not all the deaths necessarily occurred in that time frame.” (emphasis added)

          Further down: “Statewide, officials reported a 17 percent availability of adult ICU capacity. There was a 39 percent availability listed in pediatric ICUs.” (emphasis added)

          Here in San Diego, Rady Children’s Hospital has increased the age limit it will accept in the ICU to free up other hospitals if needed. Based on my conversation with its Chief Medical Officer in late May, I believe other pediatric hospitals have done the same.

          3. to what?

            A moot point so long as non-pediatric hospitals have adequate capacity.

  29. OMG not I’m really getting scared that voter fraud by non Citizens is going to determine the next election.
    No wonder the Dems are already talking about Trump disputing the election. They know what they are going to do to tip the scales.

    These people don’t care about law and order or voter fraud.

    1. We’ve been hearing about election fraud from Trump since before he got elected. You don’t need psychic powers to know he’s not going to accept the outcome of the coming election.

      1. We’ve been hearing about election fraud from Trump since before he got elected. You don’t need psychic powers to know he’s not going to accept the outcome of the coming election.

        We’ve been hearing a lot of things since 2016, most of it provably BS. Fears of him refusing to leave sounds like projection to me.

        1. He’ll leave, but he’ll spend the rest of his life backbiting about it.

        3. sounds like projection

          Did the Dems “accept” the last election? I’d say not. Three years of claiming the election process isn’t fair, eliminate the Electoral College, Resist! the legal government, ambush individuals in the new administration, impeach the President simply for asking if the Bidens are international criminals, and on and on.

      2. election fraud

        https://www.judicialwatch.org/investigative-bulletin/judicial-watchs-campaign-for-clean-elections/

        In North Carolina, a Judicial Watch investigation revealed nearly one million inactive voters on its rolls. That’s about 17% percent of North Carolina’s total voter registration. Earlier this month, we sued North Carolina to clean up its act.

        Last week in Maryland, a federal judge ordered Montgomery County to turn over its voter rolls to Judicial Watch for analysis. Judicial Watch asked for the rolls after it determined that county registrations had exceeded 100% of its age-eligible citizenry. Read more about the Maryland case here.

        We uncovered 1.6 million inactive voters on California voting rolls. In 2017, we sued California and Los Angeles County to force a cleanup. Our investigation found that Los Angeles County had more voter registrations on its rolls than actual voting age citizens in the county, and that the entire state had a voter registration rate of 101% of age-eligible citizens. Last year, California capitulated, settling our lawsuit and agreeing to remove inactive voters from its rolls.

        We’ve been working to clean up Ohio voting rolls since 2012. In 2018, a Supreme Court decision upheld an Ohio voter-roll cleanup that resulted from settlement of a Judicial Watch lawsuit. The lawsuit found that the number of people listed on voter registration rolls in three Ohio counties exceeded 100% of the total voting age population.

        We took on Kentucky. Our investigation found that 48 Kentucky counties—40% of the state total—had more registered voters than citizens over the age of 18. Statewide, we noted, the registration rate was higher than 100% of its age-eligible population. We sued and won: a federal court directed Kentucky to clean up its rolls. Indiana also agreed to clean up its rolls after Judicial Watch launched an investigation.

        In February, we announced that our investigation in Iowa found 18,000 extra names on voter rolls. Eight Iowa counties had more voter registrations than voting age citizens. “Dirty voting rolls can mean dirty elections,” Tom Fitton noted. Iowa was apoplectic, but offered no evidence that our count was incorrect.

        And in a major new development, Judicial Watch announced in January that we found at least another 2.5 million extra names on voter rolls across the country. A Judicial Watch analysis of data released by the U.S. Election Assistance Commission found that there are 378 counties in the U.S. that have more voter registrations than citizens old enough to vote. The 378 counties had a combined 2.5 million extra registrants over the 100%-registered mark. We’ve notified 19 counties in five states—California, Pennsylvania, North Carolina, Colorado, and Virginia—that we intended to sue unless they take steps to clean up their voter rolls. Stay tuned.

  30. Just name any Country that doesn’t control their borders and doesn’t control. non citizen voting.
    So, our elections are going to be determined by Mexico.

    All I got to say is that the current Dem platform would destroy what’s left of America. Their is nothing about the Biden platform that does anything for the current working class Citizen.

      2. Yes, your right redpilled. I’m just really depressed today .
        I just have so much distain for Biden that I’m beside myself. That senile corrupt bastard just represents everything that created the problems we have now to begin with.
        How dare that piece of s__t say he is going to transform America, with his treasonous election platform.

  31. Welps I am waiting for inventory levels to rise in Sacramento and prices to fall and the end to multiple offers over asking price in this way overheated market now. Super super frustrating as a first time buyer wanting to escape my crowded one bedroom apartment.

    1. I’m waiting too. It may take years. No point in stressing about it every day. If you can’t stand it rent something nicer.

    2. Super super frustrating

      We’re at the apex of the largest housing bubble in history. Allowing yourself to be frustrated right now is setting you up for years of anguish. Real estate is glacial, so I don’t expect any “deals” for at least 4 years.

      1. There’s also an ongoing, active effort underway to sustain it, while pretending it doesn’t exist, and to reflate it at all costs in case any air ever leaks out.

        Once the final irreversible wave of collapse hits, a widely-repeated refrain will be heard rising from the MSM echo chamber:

        “Nobody could have seen it coming!”

        1. True and how can a home increase over 100k in value here in Sacramento in less than a year? That is bubble to me!

          1. True and how can a home increase over 100k in value here in Sacramento in less than a year?

            Everybody wants to live here*

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