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Even Those Who Staked A Claim In The Boom Are Finding Themselves Unable To Survive The Bust

A report from the Star Tribune in Minnesota. “On a good month, the upper floor of Michael and Krista Browne’s Minneapolis duplex near the University of Minnesota could pull in $2,750 to $3,000 as an Airbnb rental. For the Brownes and many other vacation rental owners in the Twin Cities, there haven’t been many good months this year. ‘We were spending money to manage month to month, but not seeing income,’ said Krista Browne.”

“She turned the Airbnb into a long-term rental that now fetches only $1,800 a month, upending the couple’s plans to convert the 1,000 square-foot unit they occupied into a short-term rental that would help fund the purchase of a house — they have a toddler and she’s pregnant with twins. ‘Our whole business shifted,’ she said. ‘We had to get out.'”

“The situation is especially tenuous for people who went all-in on the short-term rental concept by taking out big mortgages to buy sprawling rental properties.”

From NPR on Illinois. “Scott Simon talks to Katrina Bilella, who owns a rental home in Chicago, about how eviction moratoriums are putting landlords like her into financial hardship. May we ask why you’re staying with family and friends right now?”

“Bilella: I am staying with family and friends because, ironically, my tenants have displaced me. They signed a lease October of 2019. And since then, it has been an absolute nightmare. Then March rolls around. They owe me $630 from March. And since then, I have not seen a single penny in rent. The lease ended in April. They’ve been squatting in my apartment since then. And I could not afford to pay my rent in Denver and my mortgage in Chicago, so I moved out of Denver and I am now living with family and friends.”

“Bilella: If I am able to get them out, I will probably just try to sell this unit. I just accepted that I probably won’t be getting any of that money back, to be honest. The sooner I can get my tenants out, the sooner I can sell my property and stop losing on it every single month.”

The Review Journal in Nevada. “Attorney Caleb Green said the extension is great for struggling renters but deepens the financial burden placed on landlords. ‘Any moratoriums on evictions puts pressure on landlords because they’re stuck,’ Green said.”

“Las Vegas attorney Terry Moore said that though renters will owe missed payments, it’s possible landlords may not see the owed money. ‘Realistically, if a tenant hasn’t paid rent in six months and they owe $6,000, the landlord is never going to see the money,’ he said.”

From Spectrum News on Florida. “Ellen Sousa, an Orlando-Kissimmee area property manager and realtor, said close to 30 percent of her tenants aren’t paying their rent. ‘It’s a two-way street.’ Landlords need to live, too, she said. ‘Who’s going to pay for property taxes? How are we going to pay for property taxes?’ she asked. ‘And what happens at the end, when people leave and this big bill is there?'”

“‘COVID-19 has destroyed a lot of dreams,’ Sousa acknowledged. ‘All the plans that we had for 2020 went down the drain in February for most people.”

The Orange County Register in California. “While many California tenants struggle to make monthly payments, the economic distress has forced landlords to double their incentives for new customers, according to one study. Apartment seekers will be happy to know that 30.4% of the rental listings on Zillow advertised some form of concession in July vs. 16.2% in February, before the coronavirus became an economic wrecking ball. Zillow said these incentives range from free months rent or parking to gift cards to no deposit.”

“Among the six California markets tracked among 50 major U.S. metropolitan areas, on average 32% of the listings showed some discounting in July vs. 15% five months earlier. San Francisco: 41% of rental units tracked had discounts, 10th highest nationally among the 50 metros. That’s up from 16.4% unit with concessions in February. San Jose: 40% with discounts, No. 11 nationally and up from 21% in February.”

“San Diego: 30% with discounts, No. 28 nationally and up from 17% in February. Los Angeles and Orange counties: 36% with discounts, No. 20 nationally and up from 19% in February. Sacramento: 23% with discounts, No. 40 nationally and up from 9% in February. Inland Empire: 21% with discounts, No. 43 nationally and up from 10% in February. California landlords are also lowering the monthly rents they’re charging.”

From City News Service in California. “Providing rental housing is a business. The state legislature has been working on a combination of regulations that, if not changed, could be disastrous and result in many individual property owners in California losing their properties. They have their own personal expenses and need their real estate investment to be self-sufficient. Without rent that can support the property’s expenses, they can’t afford to hold on to their property for very long.”

From The Cut on New York. “After a while, the police arrived. When Martinez identified herself as a tenant, the cops said they were responding to a call from Gendville and Brooks-Church, who had also apparently dialed 911. They told Martinez that the landlords said they had nowhere else to go. Since it was their house, police said, they couldn’t make the owners leave. They told Martinez to think of the family as her new roommates. At the same time, Gendville and Brooks-Church could not legally remove the tenants on their own: Not only was a moratorium on evictions in place during the pandemic, but the law requires evictions to be carried out by a sheriff armed with a court order.”

“As word of the occupation spread, it became apparent that the landlords were not just New Yorkers of considerable means. They were an ethically sourced, non-GMO, unmarried poster couple for a certain Brooklyn-specific subset of their tax bracket. For those in their orbit, their public cruelty at 1214 Dean Street was not an isolated moment of madness but the inevitable culmination of years of greed and exploitation, exacerbated by the pandemic, in which even those who staked a claim in the Brooklyn boom are finding themselves unable to survive the bust. Though they own two businesses and six properties in one of the country’s most expensive real-estate markets, the landlords were apparently homeless.”

“Tenants say the gas was routinely shut off when the landlords failed to pay the bill (Gendville is currently a defendant in four civil suits filed by Brooklyn Union Gas and Con Edison). The heating was often faulty. The floor in one of the bathrooms was caving in. Rats would suddenly appear at parties. When tenants demanded Brooks-Church take care of the rat situation, he warned them that their ‘walls will be full of rat skeletons. Their souls will haunt you.'”

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This Post Has 144 Comments

  1. ‘I probably won’t be getting any of that money back, to be honest. The sooner I can get my tenants out, the sooner I can sell my property and stop losing on it every single month’

    But, UHS say..red-hot-cakes?

    ‘We were spending money to manage month to month, but not seeing income…upending the couple’s plans to convert the 1,000 square-foot unit they occupied into a short-term rental that would help fund the purchase of a house — they have a toddler and she’s pregnant with twins. ‘Our whole business shifted,’ she said. ‘We had to get out’

    ‘The situation is especially tenuous for people who went all-in on the short-term rental concept by taking out big mortgages to buy sprawling rental properties’

    As we’ve learned, the guberment is backing loans to thee STR former empires. Just WTF is the guberment doing subsidizing the STR gamblers? What is the possible benefit to this horse-sh$t?

    1. Minneapolis duplex near the University of Minnesota could pull in $2,750 to $3,000 as an Airbnb rental.

      Sure, it’s near the university. But in order to hit this kind of number, this starry-eyed Millenial couple would have to rent out their STR for $100/night, every single night of the year, in snowy Minnesota. I still can’t believe that there are enough travelers to fully book up all these Air-BnBs! ISTM that a very stable year round $1800/mo would net more money overall (and a LOT less stress) than struggling to produce 200+ separate transactions.

      And if things went perfectly, fully booking their AirBnB would give them another $12,000/year. If $12,000 is enough to upend their lives, they are cutting it way too close.

      1. These are several really good points that we don’t hear about STRs often.

        So what’s really going on? Is it that they don’t actually want to be landlords, but were putting up with the work and inconvenience for short-term appreciation? Is it that $1800 a month doesn’t come close to covering their costs, and they (stupidly) bought at a price that only STR money could cover? Did they get their loan based on not just their income but tenant incomes, and renting for only $1800 tiggers some loan covenant?

        1. but tenant incomes

          AFAIK, that’s not how loans work. Cash flow from rent, yes. Tenants income, no.

  2. ‘Providing rental housing is a business. The state legislature has been working on a combination of regulations that, if not changed, could be disastrous and result in many individual property owners in California losing their properties. They have their own personal expenses and need their real estate investment to be self-sufficient. Without rent that can support the property’s expenses, they can’t afford to hold on to their property for very long’

    Whoa Nellie, I have read a thousands times CA UHS say you can always sell. Thornberg will snap it up cuz it only goes up!

    Thornberg? Thornberg?

    Bueller?

          1. On a weird (but I think accurate) historical note, St. Augustine & St. Thomas Aquinas were generally opposed to sin, but both are on record as opposing laws against prostitution, hinting that the lower class of males need some outlet for their drives. This info had somehow been left out of all the religion classes I took over the years. Definitely not PC!

          2. St. Augustine was also quite the randy youth, fathering one son with a long-time mistress and preparing to marry another 12-year-old, before converting to the priesthood when in his early 30s. That might have influenced his views on the subject.

          3. “…hinting that the lower class of males need some outlet for their drives.”

            Ditto for the well-off who have more at risk just to enjoy some company.

    2. I guess there’s a lot of money to be made in cr@p forecasts.

      Features
      Beacon Isn’t Forecasting a Recession Yet
      The latest forecast from Christopher Thornberg of Beacon Economics predicts a bad quarter, but not necessarily a recession.
      By Kelsi Maree Borland | March 24, 2020 at 04:00 AM
      Irvine, CA

      There have been a lot of predictions about the severity of economic disruption caused by the coronavirus pandemic, and most are pretty abysmal, from record GDP loss in the second quarter to predictions of double-digit unemployment. However, the latest forecast from Beacon Economics sheds a more positive light on the recent economic events, predicting a bad quarter but not necessarily a recession.

      “We can quibble for hours over the definition of what a recession is,” Christopher Thornberg, founding partner of Beacon Economics, tells GlobeSt.com. “For me, a recession is a protracted period of weak economic growth. While I think this is going to be really jarring and the second quarter is going to be ugly, I think that it is reasonable to expect a bounce back in the third quarter. I think that is completely reasonable to assume.”
      …

  3. As has been the case for a while, I am swamped with crater. I got loads of real housewives and celebrities taking an a$$-pounding, etc. Not to mention the CRE/international smoldering craters.

  4. “COVID-19 has destroyed a lot of dreams”
    You can’t build an economy, or raise a family, or live a life, on dreams!

    1. Perhaps logic is turning right side in again?

      The debt donkeys are homeless, not those with actual money.

      1. Back in the day I had an auto repo account in the Hayward – San Leandro area that I never found, but talked to the landlord of the former rental address. The debtor had turned the place into a grow house, the walls were moldy, the hardwood floors ruined and they even claimed an incapacitated adult who needed extra warmth on their PG&E rate to justify the power use. They really knew how to “work the system.”

  7. “The sooner I can get my tenants out, the sooner I can sell my property and stop losing on it every single month.”

    That’s the spirit!

    2. “May we ask why you’re staying with family and friends right now?”

      “Bilella: I am staying with family and friends because, ironically, my tenants have displaced me. They signed a lease October of 2019.”

      I have a work colleague who is quite fond of the expression, ‘Possession is 90% of the law.’ The situation underway is an excellent case in point.

      Another old saw for the f’d landlords to ponder is, ‘Don’t count your chickens bedore they hatch.’

      1. Remember, remember
        Vote Trump in November
        To foil the treasonous plot.
        I know of no reason
        For #OBAMAGATE Treason
        To ever be forgot.

    2. An acquaintance of mine recently moved to North Carolina, and I hadn’t seen him in over a year. He wanted to get together while he was back in town, so I obliged. Wow, what a transformation – from apolitical (other than thinking Trump was a douche) to full-on hard-core prepper convinced a civil war is imminent. I didn’t have time to get the full story out of him, but have a feeling there’s a lot more just like him. He thought I was entirely too nonchalant about what happens on Nov 5th, but I just don’t see things going off the rails. There’s too many of us with kids who are not going to ALLOW things to go off the rails, and know how to deal with trouble if it comes our way.

      1. There seem to be lots of warmongers trying to drum up the hysteria necessary to tip the country into Civil War II. Let’s hope that cooler heads prevail.

        1. Former CIA Officer and counter-terrorism expert Kevin Shipp says the violence you are seeing in American cities is not going to stop anytime soon. Is the violence going to get worse? Shipp contends, “It will get worse. We are going to see it amplified leading up to the election, and it’s going to get even worse after the election. These people see this as their moment to act. It’s a moment that they have been building for a couple of decades. We are going to see the attacks increase, especially by Black Lives Matter (BLM). People need to understand and be prepared for what is coming. . . . They are desperate. They know the Democrat Party does not have a real candidate to offer.

          https://usawatchdog.com/violence-will-get-even-worse-kevin-shipp/

          1. Molotov Cocktail Sets Protestor’s Feet On Fire As Unrest In Portland Marks 100th Day

            https://www.youtube.com/watch?v=xmKeOdHfP8w

            A comment:

            ‘The dude yelling “STOP DROP AND ROLL” straight outta 2nd grade class. Then the dude smacking fire-feet’s legs with a garbage can lid. Golden stuff here. Keep going Portland, you’re doing great!’

          3. They are starting a civil war, and they are starting serious attacks. It’s not just Trump supporters, but Black Lives Matter has had attack after attack on white Americans simply because of their race. . . . Anyone who resists this movement, they label them as a white supremacist with no facts and no evidence. They know exactly what they are doing. When they do this, and I am talking about the Democrat Party, it is a propaganda technique because it shuts down any discussion and any examination of the facts. . . .

          4. Molotov Cocktail Sets Protestor’s Feet On Fire

            It’s an Auntifa Instructor teaching fire walking. But it looks like an imitation of “the Unknown Comic” landing on the sun.

          6. Former CIA Officer and counter-terrorism expert Kevin Shipp

            I’ve seen it said many times “once CIA, always CIA.” A number of things about his life story I find suspect.

          7. “We are going to see the attacks increase, especially by Black Lives Matter (BLM).”

            Yeah…especially the lone polar bear hunting.

          4. They’re using stupid 17-year-old kids with AR-15s as their foot soldiers.

            BS. Kyle went there on his own accord to protect businesses and building from arson and destruction. Nobody’s “using” anybody in that regard. It’s the radical left who are “using” BLM and Antifa to further their agendas. Wake up, Jingle Male.

      2. Can you tell me where in North Carolina he was? It makes a difference. Research Triangle Park is very different from, say, Greensboro.

        1. Ain’t that the truth. Outside of Raleigh and Charlotte, the state’s two main economic growth engines, much of North Carolina is still in the old south.

          Most of NC’s population growth over the past 15-20 years has occurred in Raleigh and Charlotte, and a good deal of that growth has come from transplants from other areas in the U.S., especially the northeast.

          1. Asheville??! Wow. That’s libtard heaven, and apolitical or not, I’m sure he knew it when he located there. It’s largely greybeards and the artsy-fartsy community that serves them.

            If recent events can turn an Ashevillian…

  9. ‘We were spending money to manage month to month, but not seeing income,’ said Krista Browne.”

    Sounds like a flawed business model, Krista.

  10. “The situation is especially tenuous for people who went all-in on the short-term rental concept by taking out big mortgages to buy sprawling rental properties.”

    “Tenuous”? These levered-up speculators are screwed, blued, and tattooed.

    This is my non-sorrowful face.

    1. “Honey, you know I’ve never lied to you…”

      The lyrics to that song don’t seem entirely appropriate to describe real estate investor behavior.

    2. Speaking of Elvis…

      “Eat The Rich”: Elvis Presley’s Beloved Graceland Vandalized

      BY JAMES CROWLEY ON 9/1/20 AT 1:25 PM EDT

      Tuesday, Graceland, the estate turned memorial for musical pioneer Elvis Presley, was found to be vandalized with spray paint.

      According to local outlet Commercial Appeal, the wall and sidewalk surrounding the Memphis landmark and tourist attraction were found to have graffiti sprayed all around them on Tuesday morning. Protest slogans like “Defund the Police”, “Abolish ICE”, “Black Lives Matter” and more were found in black and orange letters around the property.

      Similar graffiti was found on historic concert venue The Levitt Shell. People wrote “Eat the Rich” as well as phrases like “F**k Trump” and “Defund MPD [Memphis Police Department.]”

      https://www.newsweek.com/elvis-presley-graceland-vandalized-eat-rich-memphis-1528985

      1. Do they realize what Elvis did for African American blues? It’s like when these peaceful protesters pulled down the statue of U.S. Grant (still can’t wrap my head around that one). 🙄

        1. Logic has nothing to do with it. Remember that the Khmer Rouge would put people in death camps simply because they wore eye glasses, which somehow made them counter revolutionaries.

        2. “they” including the likes of tmz only know what their handlers tell them to say and do.

          Protesters Tell Rand Paul, Who Wrote the Justice for Breonna Taylor Act, To Say Breonna Taylor’s Name

          Screaming “say her name” at the senator who sponsored a police accountability act named for Breonna Taylor

          ROBBY SOAVE | 8.28.2020 11:08 AM

          The police prevented the protesters from getting close to the Pauls, but there was a great deal of shoving. Someone attempted to throw a bike at them, and the officer escorting the Pauls was briefly knocked off balance. Sen. Paul later told Fox News that he feared for their safety.

          “I truly believe this with every fiber of my being, had they gotten at us they would have gotten us to the ground, we might not have been killed, might just have been injured by being kicked in the head, or kicked in the stomach until we were senseless,” he said.

          WATCH: Protesters confronted Kentucky Senator Rand Paul after attending the RNC at the White House, shouting at the lawmaker to acknowledge the shooting of Breonna Taylor https://cbsn.ws/2YKo7YC

          https://reason.com/2020/08/28/rand-paul-breonna-taylor-rnc-protesters-say-her-name/

          SEN. RAND PAUL
          CONFRONTED BY D.C. PROTESTERS …
          ‘Her Name is Breonna Taylor!!!’

          8/28/2020 7:30 AM PT

          Rand Paul was surrounded by a crowd of protesters shouting at him about the killing of Breonna Taylor … which led to a tense scene as police escorted him away.

          Demonstrators were peaceful as they yelled “Say her name” and “Her name is Breonna Taylor” at Paul, but at one point, an officer used his bicycle to ram a protester … and the man retaliated by pushing back.

          It was an incredibly tense moment, but it didn’t escalate from there as Paul and his wife left safely — but immediately after the incident, the Senator claimed he was attacked.

          He tweeted … “Just got attacked by an angry mob of over 100, one block away from the White House. Thank you to @DCPoliceDept for literally saving our lives from a crazed mob.”

          Speaking of attacked … Breonna was shot and killed by Louisville police in her own home back in March. There have still been no arrests.

          https://www.tmz.com/2020/08/28/rand-paul-confronted-by-crowd-of-protesters-in-d-c-over-breonna-taylors-killing/

        3. I’m sure many will claim that Elvis wronged black blues artists by “stealing” their artistic innovations and cashing in on them.

          To which I say, “It was what it was.”

  13. “They told Martinez that the landlords said they had nowhere else to go. Since it was their house, police said, they couldn’t make the owners leave. They told Martinez to think of the family as her new roommates. At the same time, Gendville and Brooks-Church could not legally remove the tenants on their own: Not only was a moratorium on evictions in place during the pandemic, but the law requires evictions to be carried out by a sheriff armed with a court order.”

    This is the best example I’ve seen of the clusterfork created by the eviction moratoriums. Who could have foreseen that mutually assured cohabitation would result?

    “As word of the occupation spread, it became apparent that the landlords were not just New Yorkers of considerable means. They were an ethically sourced, non-GMO, unmarried poster couple for a certain Brooklyn-specific subset of their tax bracket.”

    I hope someone who reads here can explain this enigmatic cultural reference for me.

    1. “They were an ethically sourced, non-GMO, unmarried poster couple for a certain Brooklyn-specific subset of their tax bracket.”

      This appears to be a word salad. Here’s what The Net has to say about word salads …

      “word sal·ad”
      noun
      a confused or unintelligible mixture of seemingly random words and phrases, specifically (in psychiatry) as a form of speech indicative of advanced schizophrenia.”

      1. I honestly thought they were going for some kind of too-clever-by-half euphemism for a politically incorrect, although honest, description of the landlords.

        The advanced schizophrenia explanation didn’t come immediately to mind…

      2. a confused or unintelligible mixture I try to speak Gaelic to the Irish and garlic to the Italians. I reserve my own recipe for word salad to schizophrenics.

    2. It means the landlords are rich (or at least were) entitled, pretentious, self-righteous assholes and that payback is a bitch.

  14. A majority of young adults in the U.S. live with their parents for the first time since the Great Depression

    52% of young adults in US are living with their parents amid COVID-19 | Pew Research Center

    https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-of-young-adults-in-the-u-s-live-with-their-parents-for-the-first-time-since-the-great-depression/

    (snip)

    These new living arrangements may have an impact not just on young adults and their families, but on the U.S. economy overall, reflecting the importance of the housing market to overall economic growth. Even before the outbreak, the growth in new households trailed population growth, in part because people were moving in with others. Slower household growth could mean less demand for housing and household goods. There also may be a decline in the number of renters and homeowners, and in overall housing activity. Between February and July 2020, the number of households headed by an 18- to 29-year-old declined by 1.9 million, or 12%. The total went from 15.8 million to 13.9 million.

    1. I saw that! Hopefully demand for Toll Brothers homes will remain permanently in the toilet as a related development.

  15. Maybe the apple doesn’t fall far from the tree

    ” Underlying their apparent success is a tangle of questionable business and real-estate practices ”
    ““I used to call them the Brooklyn Heights Bonnie and Clyde,” says a former Area employee.”

    “He had grown up mostly on the resort island of Ibiza, the son of outlaw parents, hippies hunted by the Feds for two antiwar bombings in the ’80s until his mother turned herself in and his father reportedly got caught in Arkansas trying to pick up $6 million in cocaine. “

    1. “…poster couple for a certain Brooklyn-specific subset of their tax bracket.”

      Still working on fathoming this ornate description many hours later…

      Was it in reference to them being landlords, homeless, or in some other special category?

      1. I’ve given up trying to understand a lot of the buzzwords and phrases flying around these days.

  16. ‘You’re Scum’: Iraq War Veteran Blasts Democrats For Using His Image To Disparage Trump

    By Jamie White | INFOWARS.COM Sunday, September 06, 2020

    An Iraqi War veteran ripped into a Democratic group after they used his image to perpetuate their new talking point that President Trump mocks U.S. troops.

    Former U.S. Army soldier Bobby Henline pointed to an Occupy Democrats Facebook post claiming Trump did not want to look at wounded veterans ahead of a planned 2018 military parade, featuring a picture of his face, which was severely burned while serving in Iraq.

    “Look, I don’t know if this is true or not,” Henline said in a TikTok video. “Doesn’t really matter to me. I want what’s best for this country no matter what political party you believe in.”

    “But what I can tell you is, these idiots [Occupy Democrats] used my photo without my permission. They took advantage of a wounded veteran, that’s what they did.”

    “They’re out there posting this stuff all over Facebook using my image like I agree with them,” Henline continued. “I’m done. I don’t play around with the ‘he said, she said’ bullshit. You’re lowlife. You’re scum. I can tell you that much. Take it down.”

    It appears Occupy Democrats did remove that post, as it’s no longer available on the group’s timeline.

    https://www.newswars.com/youre-scum-iraq-war-veteran-blasts-democrats-for-using-his-image-to-disparage-trump/

    1. Cuz everyone knows that news of
      riots, COVID-19 outbreaks, record heat, power outages, and wildfire evacuations causes California real estate prices to shoot through the roof!

      1. Remarkably prices for real estate in remote fire-prone areas of California are indeed going through the roof. The place I live in just sold for approximately 400 times my monthly rent. Luckily I still got two more years on my lease.

  18. Thursday was a big day in the sale of the Encinitas property: home inspection; termite inspection; and appraisal. I learned earlier today that it appraised! 😅 I was a bit worried with the non-conforming nature of Coastal Encinitas properties.

    1. I have seen 2 sales fall through recently because the homeowners windstorm insurance was too high for the bank to approve the loan in SE Region IV.

      1. Hollywood producer, Clinton friend Steve Bing’s death ruled a ‘suicide’: part of Epstein’s ‘Lolita Express Circle’

        Steve Bing, the film producer and wealthy financier who fathered a child with actress Elizabeth Hurley has died at the age of 55. Bing is a long time friend of Jeffrey Epstein and Bill and Hilary Clinton.

        The Los Angeles Medical Examiner-Coroner’s Office Listed Bing as deceased on its website Tuesday, June 25th. A spokesperson for the coroners office wrote to Fox News in a statement:

        “The decedent was pronounced dead at the scene on 06/22/2020 at 13:10 hours.”

        Early reports claimed that Bing died in a fall from his posh Los Angeles, California apartment building and the Los Angeles Times, citing a law enforcement source, reported that foul play is not expected.

        It is alleged that Bing thew himself off his apartment building and that his alleged suicide is claimed to have been due to depression.

        This incident took place just prior to the arrest of Ghislaine Maxwell this past week.

  21. Rents are a ‘craterin….. housing prices are a ‘craterin…… mortgages defaults are a ‘soarin.

  23. “The situation is especially tenuous for people who went all-in on the short-term rental concept by taking out big mortgages to buy sprawling rental properties.”

    Hey Jonesy…. How many episodes of Meet The Craterton’s” are here? hundreds? Thousands?

    The stamping of hooves here, there and everywhere is the best indication that Realtors moratorium on falling housing prices is failing…. everywhere.

        1. You naturally have to question the veracity of a professional athlete who claims that he “accidentally” hit someone with a ball. These guys earn the big bux for the laser accuracy of their shot placement.

          1. He had a bone to pick with the judge and if you watch the video, looked at her when he hit the ball but pretended like he wasn’t. It is clear as day what his intentions were, it just so happens he hit her in the throat. Total sleazeball to do something like that.

    1. OCTOBER: This is one of the peculiarly dangerous months to speculate in stocks in. The others are July, January, September, April, November, May, March, June, December, August, and February.

      Mark Twain
      – Pudd’nhead Wilson’s Calendar

    2. When you’re not a day and playing for long-term capital gains treatment, it really doesn’t matter. You must know too many day traders.

      1. Selling the stocks that are performing when cash is needed purges the portfolio while minimizing capital gains.

      2. I’m only personally familiar with the day trading behaviors of my daughter’s boyfriend, having seen him in action when we recently went on vacation together. I’m trying to supply him and my daughter with enough precautionary advice to help him avoid gambling on risk assets to the point of ruin.

        As for myself, I am more of a “month trader”. My goal is to gradually work up to a slightly more risk-weighted portfolio that offers protection against the Fed’s open intentions to financially engineer inflation over the coming years. Ultimately I want to reach an asset allocation where I rebalance once a month, and otherwise completely ignore my HODLings.

          1. I hate to break it to you, but with the Fed’s money printing operations gone into overdrive, we are all gamblers now.

            Happy financial hunger games. And may the odds be ever in your favor.

          3. I hate to break it to you, but with the Fed’s money printing operations gone into overdrive, we are all gamblers now.

            I hate to break it to you, but there are people like me who are NOT gamblers, or gambling at this particular time. I own ZERO stocks.

          4. gambling? Anyone whose savings or other retirement assets are denominated in $ is a big time gambler, whether or not they’re in the stock market.

          5. US dollar slides to lowest level in 2 years as nation grapples with lasting pandemic fallout
            Ben Winck
            Aug. 18, 2020, 06:51 PM
            Reuters
            – The US Dollar Index fell to its lowest level since May 2018 on Tuesday as investors grew more bearish toward the currency.
            – The gauge has dropped for five days straight amid continued virus risk and fears of new stimulus arriving too late to best aid the economy.
            – With short interest in the dollar booming and other countries better handling their outbreaks, the currency stands to fall further before regaining its strength.
            – Watch the US Dollar Index update live here.

            The greenback slid to a two-year low on Tuesday as investors grew increasingly concerned about how a stimulus deadlock could exacerbate the coronavirus’ economic scarring.

            The US Dollar Index – which tracks the dollar’s value against a basket of other currencies – fell as much as 0.8% to its lowest since May 2018. The gauge has fallen for five days straight, bringing its year-to-date drop to around 4.2% as the US continues to grapple with the pandemic.

            The dollar began its decline in March as the virus slammed the economy and forced widespread lockdowns. The drop worsened through the summer as premature reopenings kicked off a second wave of infections. With legislators failing to agree on new fiscal stimulus and outbreaks continuing to cripple economic activity, the US currency stands to worsen compared to nations containing the virus.
            …

          6. I hate to break it to you, but there are people like me who are NOT gamblers, or gambling at this particular time. I own ZERO stocks.

            “No man is an island.”

    3. The stock market is flashing a warning sign
      By Matt Egan, CNN Business
      Updated 4:12 PM ET, Thu September 3, 2020
      The NASDAQ Composite stock market index and The S&P 500 stock market index both closed at all-time highs on Monday, August 24, 2020 – the second consecutive trading day that each market index reached a record closing.

      New York (CNN Business) Signs mounted all summer that the meteoric rise in the stock market was unsustainable.

      Bullish investors drove Tesla’s market value roughly equal to that of JPMorgan Chase (JPM) and Citigroup (C) — combined. Apple’s (AAPL) $2 trillion market cap recently surpassed that of the 2,000 companies that make up the small-cap Russell 2000. And the S&P 500’s forward market valuation climbed to levels unseen since the dot-com bubble.

      Euphoria was clearly taking over financial markets.

      The runaway train on Wall Street was finally derailed Thursday, when the Dow plummeted as much as 1,026 points, or 3.5%. It closed down 808 points, or 2.8%.

      The Nasdaq tumbled as much as 5.8% as pandemic winners like Apple, Zoom (ZM) and Peloton (PTON) tanked. Even mighty Amazon (AMZN) dropped 5%, though it remains up an incredible 82% on the year.
      Now, the question is whether the rally will quickly get back on track or if this is the start of a bigger pullback in the stock market.
      …

      1. Dumb takeaway: Avoid buying FAANG+TSLA stocks like the plague, as they are unsustainably overvalued.

    4. Has a stock market crash ever resulted from fading stimulus hopes in the face of a better than expected economic recovery?

      1. Hopes of US stimulus deal fade after strong jobs report
        Financial Times
        13 hours ago · Hopes of Congress and the White House reaching a deal on further economic stimulus have faded,…

    5. “Everything about life is a gamble.”

      Especially choice of a life partner, career choice, and rent or purchase decision. Big decisions with uncertain results…

    6. Worried about another crash on 2020? Well, I have good news: The March bear market is long over, and with Unlimited Quantitative Easing in play, the stock market can only go up from now on.

      So back up the truck, and invest yourself in stocks to earn yourself untold riches!

      1. Markets
        Why You Shouldn’t Worry About Another Stock Market Crash in 2020
        Contributor
        Maurie Backman
        The Motley Fool
        Published
        Aug 22, 2020 6:18AM EDT

        When the pandemic-inspired crash sent stock values plummeting in back in March, investors endured some of the rockiest weeks in stock market history. There’s usually a lot more buildup to a stock market crash in which investment values drop 20% or more. Due to the unprecedented nature of the novel coronavirus, March’s bear market was much more sudden and extreme.

        Thankfully, the stock market has recovered nicely. At this point, investors who saw their portfolio values tank earlier in the year have largely been made whole. Still, there are those who wonder whether there’s a second, and even more brutal, stock market crash in store for the latter part of 2020. And the reality is, we just don’t know.

        While there’s clearly been a major disconnect between the stock market and the general U.S. economy over the past few months, bad news on the COVID-19 vaccine front could easily send stock values into a free fall again. And let’s also not forget that it’s an election year, and the market could react unfavorably in November — though perhaps not in the same way it might if the most promising COVID-19 vaccines in the pipeline are proven unsafe or ineffective.

        But despite all of the uncertainty that abounds, it still doesn’t pay to expend mental energy worrying about a second stock market crash in 2020. Here’s why.

        Bear markets are normal

        Bear markets — a prolonged market period in which stocks lose 20% or more of their value — are fairly common. There were 25 between 1929 and 2009. While some bear markets during that time lasted over 400 days, others lasted as little as 62 days. March’s bear market is already over, meaning it was relatively short. If the market tanks again later this year, it might recover fairly quickly.
        …

    7. The Financial Times
      Coronavirus business update 30 days complimentary
      Opinion The Long View
      Beware what comes after the easy money binge
      History suggests the longer-term effects of policy stimulus are less rewarding
      Michael Mackenzie
      A statue of George Washington near the New York Stock Exchange. The US federal debt binge, which extends to many US companies too, is encouraged by expectations of very loose monetary policy over the longer term
      © Bloomberg
      Michael Mackenzie September 4 2020

      A potent catalyst for equity and credit markets in recent months has been the combination of ultra-loose monetary policy from central banks and huge spending by governments. It has inspired a sense of confidence in financial markets that has turned into euphoria, notably in big US technology stocks. This week, such shares finally started showing signs that they were hitting their limits.

      Given the current US policy mix that penalises investors sitting on the sidelines and holding cash — given they are earning next to nothing in interest — any cooling of a red-hot market is easily framed as an opportunity. For many, it is another chance to “buy the dip”. Plenty of asset managers argue that aggressive policy actions to support asset markets compel them to stick with equities and credit over the medium term.

      Such thinking is backed up by historical evidence that equities move higher well ahead of an extended economic recovery. Money managers’ current annual return expectations of around 5 per cent over the next five years for the S&P 500 stock index may not look that exciting. But that performance starts to look a lot better in a world of sustained ultra-low yields on fixed income.

      But financial history also offers cautionary tales. After an initial boom, “whatever it takes” policy responses can leave equity markets languishing in their wake. Asset-price bubbles in Japan, South Korea and Taiwan during the late 1980s, and in Thailand, Malaysia, the Philippines and Indonesia in the 1990s, are reminders of the long downsides that can follow.

      Take, also, China’s huge spending in the wake of the financial crisis, which culminated in an equity bust in 2015. Today, the CSI 300 sits a tenth below that high water mark, even after Beijing’s renewed efforts at stimulus this year. Excluding technology, media and telecoms, China’s share market performance has lagged global peers since 2011, according to BCA Research.
      …

    1. By showing a cherry selected video of Biden stumbling over some covid-19 statistics, you’ve convinced me the whole scamdemic is a fake news operation to help Biden’s fake poll numbers look better. Well done!

      1. “By showing a cherry selected video of Biden” Blah blah blah

        I really thought you had a a sense of humor.

        Geez.

    2. the coronavirus reported statistics

      Ya know, I’m concerned about traffic deaths. The number of traffic related deaths continues to mount. These days, anyone dying with an history of a positive driving test is a traffic related death. The numbers are astronomical. The totals just keep getting higher and higher!

      Just my last s/ of the day.

      1. You should have a look at the numbers before posting. 30 to 40 thousand deaths per year, year in, year out, at a rate of 1.1 to 1.2 fatalities per 100 million vehicle miles traveled is not quite as interesting as watching paint dry.

        But this year WILL be an exception, due to the inevitable drop in traffic accident fatalities, thanks to stay-at-home quarantine orders.
        This is yet another reason to overhaul in-office work requirements, post-covid.

        1. Try to embrace the sarcasm. If everyone who died who had tested positive as a driver anytime previous….

  27. This kid’s covers are really good. IMHO she picks some really good songs that not only showcase her talent but also leave me with a whole new appreciation for the original drummers and their contributions to these classic songs.

    https://youtu.be/UYDcuZ4-xaY

    1. She’s awesome. I’ve watched her before. Her dad’s a musician which is not surprising. There are more than a handful of exceptionally amazing young female drummers on Youtube. Here are a few more to check out:

      Meytal Cohen – The Police – Roxanne Drum Cover
      https://www.youtube.com/watch?v=DOIbXofCEGE

      Brooke C – Metallica – Master Of Puppets Drum Cover
      https://www.youtube.com/watch?v=sDKpxgXgcZ8

      Kalonica Nicx – The Who – Baba O’Reilly Drum Cover (this girl should have 50x the subscribers and views she gets, she is an amazing drummer)
      https://www.youtube.com/watch?v=BjwOeBmV-3U

      A-YEON – GNR – Welcome To The Jungle Drum Cover (dresses like she’s going to work at the brothel, but fantastic drummer)
      https://www.youtube.com/watch?v=-6w_3P_l5FA

      Kristina Schiano – Rush Tom Sawyer Drum Cover
      https://www.youtube.com/watch?v=MGHcAAEuB4M

  29. Ya know I sure as heck wish that inventory would rise and prices crash in the Sacramento, California housing market so that I can buy a place and not die in crappy 1 bedroom apartment.

    1. Sacramento is no longer just another Central Valley city. It’s a major metro all its own with a pretty bright future now that Bay Area folks are spreading out. Better start looking at Fresno.

      1. Unfortunately I am stuck here with a govt job so cannot move that far away. Of course with covid, if remote work is possible that opens lower cost housing options and I can leave California metro areas. Redding is cheaper and same with Humboldt coast.

      2. Sacramento is no longer just another Central Valley city. It’s a major metro all its own with a pretty bright future now that Bay Area folks are spreading out. Better start looking at Fresno.

        LMFAO. Uh-huh, riiiiiiight……

        I thought this new paradigm BS died with the last bubble Guess not.

    1. “No, the Pandemic Is Not Emptying Out America’s Cities”

      It ain’t the Pandemic that’s making the tax payers leave American cities.

      NYPD arrests man for attempted daytime rape on NYC subway platform

      By Larry Celona, Kevin Sheehan and Tamar Lapin
      August 30, 2020

      The woman was riding the F train home from work when she encountered Reyes, who was “smoking some type of hookah and started making weird noises and laughing to himself,” Harrison said.

      She and the deranged man got off at the station, where he began gesturing “in a masturbation motion toward her” as she tried to move away, according to the top detective.

      “Mr. Reyes follows her, which resulted in him assaulting her, punching her, pushing her to the ground, climbing on top of her and attempting to spread her legs,” Harrison said.

      Video taken by the witness showed a man — identified by cops as Reyes — thrusting his body on top of the woman as horrified bystanders looked on.

      “Hey, get off her!” people yelled, according to cops.

      The creep took off after grabbing his sunglasses off the floor and mouthing inaudible words at the crowd, video shows.

      Filming the attack and screaming at the sicko “was helpful in scaring him away,” Harrison said.

      The woman suffered minor injuries, but refused medical attention, police said.

      Police on Sunday released the video in an attempt to identify the would-be rapist.

      https://nypost.com/2020/08/30/nypd-arrests-man-for-daytime-rape-on-nyc-subway-platform/

      1. 100 prior arrests? Let the video role to the next and watch a group of animals attack a 15 year old girl in broad daylight.

        I could easily go on and on and on but I promised someone I would help them this afternoon.

        Randomly attacked 92-year-old woman now terrified, no longer feels safe in NYC

        494,593 views•
        Jun 16, 2020

        https://youtu.be/6jfN1kXPiak

      1. Baby Please Come Back, Says Andrew Cuomo

        By KYLE SMITH
        August 7, 2020 12:17 PM

        Then-mayor Mike Bloomberg famously described New York City in 2003 as a “luxury product,” and therefore priced accordingly. The price hasn’t changed, except to go up slightly — taxes, rents, everything. But few would argue that the product New York offers remains first-rate. The theaters are closed. The nightlife is severely restricted. The restaurants have been forced to move outside, inches away from the exhaust pipes of passing trucks. Oh, and New York City has experienced one of the worst and deadliest outbreaks of the novel coronavirus in the entire world, followed by mass rioting and looting and an accompanying routine-crime spree that remains ongoing. The streets are filthy and covered with makeshift encampments and used hypodermic needles. It’s time for a major markdown of this beaten-up item. If mid-2020 New York City were on a supermarket shelf, it would not merely have been discounted, it would have been thrown in the Dumpster, like moldy bread.

        The governor is aware that a New York City and/or State without rich people would have to rethink the way it does basically everything.

        Then-mayor Mike Bloomberg famously described New York City in 2003 as a “luxury product,” and therefore priced accordingly. The price hasn’t changed, except to go up slightly — taxes, rents, everything. But few would argue that the product New York offers remains first-rate. The theaters are closed. The nightlife is severely restricted. The restaurants have been forced to move outside, inches away from the exhaust pipes of passing trucks. Oh, and New York City has experienced one of the worst and deadliest outbreaks of the novel coronavirus in the entire world, followed by mass rioting and looting and an accompanying routine-crime spree that remains ongoing. The streets are filthy and covered with makeshift encampments and used hypodermic needles. It’s time for a major markdown of this beaten-up item. If mid-2020 New York City were on a supermarket shelf, it would not merely have been discounted, it would have been thrown in the Dumpster, like moldy bread.

        This week Governor Andrew Cuomo begged New York City residents to return to the city in the most shameless act of wheedling by a New Yorker since Mars famously importuned Nola, in Spike Lee’s She’s Gotta Have It, “Please baby, please baby, please baby, baby, baby please.” Used to live in NYC but have lately found the suburbs, or points south, more congenial? Andrew Cuomo will cook you dinner if you come back.

        https://www.nationalreview.com/2020/08/baby-please-come-back-says-andrew-cuomo/

    1. The Antifa / BLM wise @ss white piece a’ sh#t saying “stop pushing us with your car” pretty well sums up the cowardly formerly unemployed brave when they outnumber their opponents 10 -1 but cry like little babies when arrested or confronted trash that has taken to the city streets in numbers.

  34. IMHO, if you have 60 percent population White in US, and 13 percent Black population, it’s just by the numbers that White culture is prevalent. This doesn’t mean that Whites are Racist.

    If you went to Mexico you would find Mexican culture is dominate because there are more Mexicans. We don’t call them racist just because they are expressing their culture and their history.
    A lot of Blacks like American type values and freedoms and don’t buy into this racism theme song.
    Whenever you have a minority living with a higher population of whites , the white culture is going to be there. Whites don’t try to stop minorities from eating the kind of food they want. If anything whites like the diversity of food.
    I’m just saying this minorities should rule type idea just doesn’t happen. All minorities have Constitution protections, and no doubts that is why they like to come to America.
    But, to suggest that White culture is racist, and should be eliminated is nonsense.

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