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With Sellers Frantically Trying To Get Out, They Have Been Incurring Huge Losses

A report from the Vancouver Sun in Canada. “Ian Watt, a Vancouver realtor who specializes in Yaletown condos, said people need to look beyond the Real Estate Board of Greater Vancouver’s headline numbers. ‘This is the first time since May 2014 that we have seen over 1,000 active (condo) listings in downtown Vancouver,’ said Watt. Listings not only increased 12 per cent last month to 1,085, but they have gone up by 54 per cent since August 2019. ‘Obviously, (more sellers) are feeling the effects of COVID-19 and deciding it’s time to unload their debt.'”

The Globe and Mail in Canada. “Rental housing markets across Canada are seeing weaker demand this fall as some postsecondary students pivot to online learning and stay in their hometowns, resulting in a spate of empty bedrooms and mounting losses for landlords. Demand from students ‘has completely dried up,’ says Sara Hamilton, a real estate broker who frequently leases condos. Before the pandemic, most of her leasing activity in downtown Toronto came from students. ‘Now, there’s no interest from students at all.'”

“In a normal year, Raymond Goulet’s rooming house in Sudbury would be full, with most of the tenants being students at nearby Collège Boréal. Now, five of nine rooms are sitting empty, which amounts to thousands less in income than he expected. ‘I’m keeping my fingers crossed’ on renting out all rooms, he says. ‘Because if I’m not, I’m losing upwards of $600 a room [monthly]. That’s going to get very costly for me as a landlord.'”

The Irish Independent. “The price of high-end homes is being slashed by property developer Glenveagh as it shifts its focus to starter homes in the suburbs. Most are in its flagship Marina Village in Greystones and include penthouses and four-bed detached homes costing €1m or more. The priciest are on one of the nation’s most exclusive addresses, Shrewsbury Road in Dublin 4. Some analysts say the move reflects the growing risk of a downturn in home prices, with Ireland officially in recession.”

“Some market watchers see Glenveagh’s move as a tell-tale sign that a wider downward correction on slow-to-move properties is under way. ‘It was clear last year that the housing market already was in trouble, particularly at the higher end due to lack of affordability,’ said Orla Hegarty, assistant professor of architecture at UCD. ‘The concerns were there before Covid, and this current market has accelerated that. We are heading into a very ­difficult time.'”

“She said developers like Glenveagh drop prices only when they must. Their move, she said, reflects wider weakness in the market. ‘All around the south side of Dublin there’s loads of high-end stuff that’s not selling.'”

From Gulf News on Dubai. “Are landlords in Dubai telling you to go for a two-year rent lock-in contract on that new home? Even if the rent on offer seems absolutely reasonable, tenants are better off negotiating on a year-by-year basis. Because right now, residential rents are headed in only one direction – and that’s down. Based on market feedback, new contracts since June have on average 8-15 per cent declines, depending on locations and tenants’ willingness to look at a wider range of communities or high-rises. And there’s no guarantee rents are going into stability mode any time soon.”

“‘Only two things matter for a landlord these days – that their property remains occupied and they can clear the cheques received from tenants,’ said a senior official at a property leasing firm. ‘If a property remains unoccupied for even two to three months, it could alter the rental demand and values. No one can ignore the number of new properties being completed and pushed into the rental market.'”

The Daily Telegraph in Australia. “Dwindling migration is set to drag Australian population growth to a 103-year low with potentially disastrous results for the housing market. Falls in rents could also force down prices as there would be fewer investors willing to purchase units they may struggle to tenant. This would increase ‘settlement risk’ for buyers of units sold off-the-plan – a situation where the value of a property drops below the purchase price in the time it takes to get built.”

“‘Overseas migrants are generally centred around the CBD … or transport hubs such as Parramatta in Sydney or Clayton in Melbourne,’ said CoreLogic head of research Tim Lawless. ‘The impact of the sharp fall in overseas arrivals can already be seen in surging inner city rental advertisements, with rental listings more than doubling across some key inner city unit precincts.'”

“With rents reducing the ability of landlords to service their mortgages, there could be more distressed listings within inner Sydney and Melbourne. ‘A higher proportion of (new) units may settle with a valuation lower than the contract price,’ Mr Lawless said. ‘Many of the aforementioned inner city precincts are toward the end of a surge in new apartment supply. Many of these yet-to-be completed projects will settle while rental vacancies remain high and rents are falling, which may put downward pressure on property values.'”

“ABS building activity data showed there were more than 50,000 units under construction across NSW at the end of March, and just over 45,000 across Victoria.”

The South China Morning Post. “Overall transaction volume, including homes, commercial and industrial properties and car parking spaces, sank 34.2 per cent month on month in August. With sellers frantically trying to get out of the market last month, they have been incurring huge losses on their transactions. A house measuring 3,408 sq ft at the Marinella in Wong Chuk Hang went for HK$100 million, resulting in a loss of HK$38 million, according to agents. If the taxes and commission are taken into account, the loss may add up to HK$70 million, they said.”

“Actor and singer Dicky Cheung Wai-kin sold a 1,466 sq ft flat at Europa Garden in Sheung Shui for HK$10.35 million, making a loss of around HK$1.45 million, agents said, who added that it went for less than the prevailing market price in the area. The owner of a flat in Providence Peak, Tai Po, who had mortgaged it over 16 times since February 2017, made a loss of HK$1.21 million on the sale.”

From Mingtandi. “China Evergrande, the country’s biggest home seller, said it would slash 30 percent off the price of every real estate project nationwide for a month, in an unprecedented step that could kick off a spate of competitive discounts as cash-starved developers boost sales to raise cash in a slowing market. The Shenzhen-based developer, founded and headed by China’s third-richest businessman Xu Jiayin, kicked off its month-long sales campaign on September 7.”

The Los Angeles Times on Mexico. “Monica Cardenas Leal was living the Mexican dream. As her once-sleepy hometown of Querétaro transformed into an international hub of the aerospace industry, Cardenas grew with it. Her $500-a-month salary lifted her family into Mexico’s middle class. She and her truck-driver husband took beach vacations and bought a house in the suburbs. The coronavirus threatens to undo all of that. The pandemic has driven Mexico into its deepest economic downturn since the Great Depression, with 12 million jobs already lost, 150,000 small businesses closed and the economy expected to contract by as much as 12.8% this year.”

“Cardenas, 36, was laid off in June as a global decline in air travel slashed demand for new planes. Two of her five siblings have also lost work. She now spends her days desperately door-knocking in the industrial parks that blanket formerly cactus-covered hills. Even companies that pay a third of what she once earned won’t call her back. ‘It’s overwhelming,’ she said. ‘There are so many people like me looking.'”

“Home sales in the state have fallen by 40% this year, and about half of the 80 new housing developments that were under construction have been put on hold.”

“Lily Trueba, who has 20 years of experience in the banking sector in Querétaro, was laid off three months ago. A single mother, she was forced to put her 15-year-old daughter, who used to attend a private school, into a public one — part of a trend that could shut down 40% of private schools this year, according to an association that represents them.”

“Trueba, 44, has a friend who runs a private school and had to lay off most of his staff. Another friend, who owns a small chain of laundromats, had to close one of his locations. Other acquaintances are selling personal items to survive. She expects many to leave the city that once seemed brimming with opportunity. ‘The economy always flowed favorably,’ she said. ‘Now everyone is battling.'”

This Post Has 65 Comments
  1. ‘It was clear last year that the housing market already was in trouble, particularly at the higher end due to lack of affordability…The concerns were there before Covid’

    Yep, anyone who reads here knew that.

    1. What’s interesting right now is the rapidly increasing median in many US markets which hide what’s really going on. It truly is a “mix” problem, where people with money are buying houses which are way above the median price. It’s something the media hasn’t yet touched, to my knowledge, but I’ll be curious to see how they parse it. The reality is that the market is actually tanking, but it’s hidden.

      1. There’s so much lying that goes on, who can say? These REIC dogs have proven they would slit their grannies throat for a months BMW payment. People were hoarding nickle coins, (what are they hoarding today? It changes so often) so they aren’t acting rationally. I do know there’s a lot of blood out there and no end in sight. Why are these shacks getting slashed if it’s red-hotcakes? I thought Toronto was on fire, but here we gotta sad sack. Add it up. How many landlords of all sorts are getting an endless a$$-pounding? Tourist economies. Hospitality, education, I see this stuff all day, in sum we’re in a whole lot of trouble. Globally.

        1. I agree. I’ve never seen such grim news on all fronts, yet we’re supposed to believe this housing market is on fire. The BS is epic.

      2. As a so-called “repeat sales index,” Case-Shiller is supposed to correct for this, in theory. But it can’t capture the drop in value of homes which stop selling due to market values crashing below sellers’ wishing prices, while it overweights the price changes of homes whose values are increasing in the sample. And it doesn’t capture current market conditions, as it is based on a historic sample of sales.

        Like most other real estate price indexes, Case-Shiller gives an upwardly biased measure of market value changes.

        1. Indices do a very poor job of capturing what’s really happening…. boots on the ground ya know….. gotta put the boots to it.

          Coeur d’Alene, ID Housing Prices Crater 16% YOY As Sellers Flood Market And Slash Prices Double Digits

          http://www.zillow.com/coeur-dalene-id-83814/home-values/

          *Select price from dropdown menu on first chart

          As a noted economist said so eloquently, “liquidate whatever you’ve got to eliminate all debt and hold onto every dollar you’ve got…. You’re going to need every last one of them.”

          1. And NOTHING carries no weight in a real estate price index based off historic transactions. Which may be a reason why realtors like Case-Shiller…

      3. “…where people with money are buying houses which are way above the median price…”

        At least that is the party line.

        Here in SoCal (OC), I notice more than the usual “pending”, “contingent”, “back on market” in the MLS listings.

        Even saw a “to be available ” on a listing. That’s a new one on me.

        IMO, the REIConplex is doing anything / everything to pretend that the wild hot market is still alive.

        In this neck of the woods, it isn’t. It died a long time ago.

        Another indicator is buzz in social gatherings. Used to be that you couldn’t engage in a conversation without someone bringing up / bragging how much money they “made” on their house.

        Not anymore.

        Might as well start a conversation about the black plague. The
        black plaque will probably get more traction than a conversation about real estate.

  2. ‘China Evergrande, the country’s biggest home seller, said it would slash 30 percent off the price of every real estate project nationwide for a month, in an unprecedented step that could kick off a spate of competitive discounts as cash-starved developers boost sales to raise cash in a slowing market’

    And this does what to recent or even not so recent buyers?

  3. ‘Obviously, (more sellers) are feeling the effects of COVID-19 and deciding it’s time to unload their debt’

    Don’t worry Vancouver FB’s, plane loads of Chinese with suitcases of pesos are gonna…oh bugger.

    1. “…loads of Chinese with suitcases of pesos are gonna…”

      The mythical all-cash Chinese investor has left the virtual building.

  4. ‘The pandemic has driven Mexico into its deepest economic downturn since the Great Depression, with 12 million jobs already lost, 150,000 small businesses closed and the economy expected to contract by as much as 12.8% this year’

    But go ahead REIC, keep selling that FOMO crap. I still wonder if most people realize how deep of a sh$t we are in.

    1. “I still wonder if most people realize how deep of a sh$t we are in.”

      I believe a primary unstated purpose of the Fed’s $1.??? billion in Unlimited Quantitative Easing per hour since late March 2020 is papering over the sh$t can to hide it from view.

      1. I believe a primary unstated purpose of the Fed’s $1.??? billion in Unlimited Quantitative Easing per hour since late March 2020 is papering over the sh$t can to hide it from view.

        Do you think they’re going to hide the millions of foreclosures on their balance sheet? You know, of the 1/3 of all mortgage paper they hold?

        1. I thought that was the reason to snap up mortgage backed securities at above market prices? They foam the runway for their banking constituents by overpaying for MBS chock full of defaulted mortgages. The Fed can eat the losses on unpaid mortgages the same way a sealed repository can eat the radiation from spent nuclear fuel rods stored there. And the financial institutions selling crap MBS to the Fed get a nice bump to their bottom line if the Fed outbids private firms that might otherwise be willing to snap up the MBS at fire sale prices.

          This is my subjective understanding of what is going on, but I may have missed a detail or two.

    2. The pandemic has driven Mexico into its deepest economic downturn since the Great Depression

      My Mexico City relatives tell that it’s a real world of hurt down there, as there are no eviction moratoriums, no mortgage forbearance and no unemployment benefits of any kind, no PPP loans, etc. Heck, before the pandemic $1000 USD a week was a very handsome salary down there, more than most white collar professionals earn. Mexico can’t print its problems away, not even in the short term.

  5. “Overall transaction volume, including homes, commercial and industrial properties and car parking spaces, sank 34.2 per cent month on month in August. With sellers frantically trying to get out of the market last month, they have been incurring huge losses on their transactions.”

    Dang! There goes my plan to strike it rich by investing in Chinese parking spaces!!

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

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

    *Select price from dropdown menu on first chart

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

  7. ‘Because if I’m not, I’m losing upwards of $600 a room [monthly]. That’s going to get very costly for me as a landlord.’”

    Gosh, Raymond, sounds like you way overpaid for that “investment property.” But when it emerges from the bankruptcy auction, the next buyer will have a much lower price point to work with.

  8. “The price of high-end homes is being slashed by property developer Glenveagh as it shifts its focus to starter homes in the suburbs.

    Slashin’ is good, but don’t forget the sawin’.

  9. Patiently waiting for inventory of homes to rise in Sacramento county and prices to drop. With bad fires you’d think people would not want to buy here and breathe the crap air on a regular basis.

    1. Fire be damned — my little town on the northern California coast has a grand total of two active livable home listings (and I’m using a very flexible definition of livable). Every other property has been snatched up in the last two months. The sky is an other worldly orange and all the cars are covered with ash but deals are still closing.

  10. How do apocalyptic firestorm conditions added to COVID-19 and homeless people defecating on the sidewalks affect San Francisco home prices?

      1. ‘Apocalypse on their mind’: Bay Area transfixed by foreboding, orange, smoke-choked skies
        Steve Rubenstein and Michael Cabanatuan Sep. 9, 2020 Updated: Sep. 9, 2020 6:51 p.m.
        Dark orange skies hang over the San Francisco skyline seen from Treasure Island in San Francisco, Calif. Wednesday, September 9, 2020 due to multiple wildfires burning across California and Oregon.
        Eli Harik of San Francisco wears a mask while looking up at the dark orange sky hanging over the Embarcadero in downtown San Francisco. The Bay Lights, programmed to turn off after sunrise, remained on, their digital algorithms confused by the darkness.

        The sun, which is usually reliable, slept in on Wednesday.

        That’s the way it seemed throughout the Bay Area as the smoke from countless wildfires mixed with clouds and fog to tint the sky, and just about everything else, a dark burnt orange. Some folks said it felt like living on the next planet over, the red one.

  11. I wonder if the BarStool day traders will be able to turn around the negative tilt of Mr Market’s futures trajectory by later in the trading day.

      1. CR8R

        ‘“While a drop of this size from the peak sounds like a steep correction, it remains a minor one given the index had rallied 83% from the March lows in a mere five months,” said Hussein Sayed, chief market strategist at FXTM, referring to the Nasdaq-100 Index (NDX, +2.96%). “With a price to earnings ratio of 36, valuations for the index are still significantly overstretched, hence we should expect more volatility in the weeks to come heading into the U.S. presidential election” in November, he said, in a note.’

    1. ‘Bond King’ Jeffrey Gundlach says the day-trading boom is ‘downright terrifying’
      Saloni Sardana
      Sep. 9, 2020, 11:42 AM
      Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2019 Sohn Investment Conference in New York

      Reuters
      – The so-called “bond king” Jeffrey Gundlach said in a webcast Tuesday retail investor activity is “downright terrifying.”
      – While stimulus has helped many survive the pandemic, it has provided other amateur investors capital to invest in stock markets.
      – Online trading platform Robinhood has added more than 3 million accounts in 2020.
      – Day-traders have piled into several worthless stocks such as Hertz and JCPenney despite the risks.

      Hedge fund billionaire Jeffrey Gundlach is sounding the alarm on a “downright terrifying” boom in day-trading and retail investor activity.

      The so-called “bond king” and founder of DoubleLine Capital, was quoted by CNBC in a webcast Tuesday as saying: “of course, retail investor activity is downright terrifying.”

      He said an increase in trades-per-account on online brokerage platforms was worrying. “We just see how much trading is going on in retail,” Gundlach said.

      Online platform Robinhood has taken the day-trading frenzy by storm, having booked 4.31 million daily average revenues trades in June alone, more than double the first quarter, a company spokesperson told Business Insider.

      1. Ft Hamilton station across the street a big plus ..but the back is the prospect exp. Cant open your windows at night

    1. Some places don’t need photoshop to amuse. Somebody in Britain started a blog (now a Twitter account) in 2012-2013 about this, called “Terrible Real Estate Agent Photos” (now a Twitter account). Here’s a compilation of some of the best (worst):

      https://www.boredpanda.com/terrible-real-estate-photos/?utm_source=google&utm_medium=organic&utm_campaign=organic

      But the most famous photo from the blog, by far, is the Fertility Window:

      https://www.news.com.au/finance/real-estate/bad-realty-photos-showcases-the-worst-real-estate-agent-photos/news-story/5808061fd87f37198ec5242a9ed1a249

    1. The Financial Times
      Coronavirus business update 30 days complimentary
      SoftBank Group Corp
      SoftBank shareholders push for answers on ‘Nasdaq whale’ bets
      Japanese group urged to reveal who is running unit at centre of large US equity options trades
      Investors have unsuccessfully quizzed SoftBank for details on its new asset management unit since founder Masayoshi Son, pictured, disclosed it last month © Bloomberg
      Leo Lewis and Kana Inagaki in Tokyo, and Robert Smith and Katie Martin in London yesterday

      SoftBank shareholders are calling on the technology conglomerate to reveal who is running the unit at the centre of its large US equity options trades, with nerves over an unexplained strategic shift stoking a 10 per cent decline in its share price.

      Investors have unsuccessfully quizzed SoftBank — famed for big bets on unlisted tech start-ups — for details on its new asset management unit since founder Masayoshi Son disclosed it last month, according to people briefed on the discussions.

      Now, the company’s aggressive foray into US equity options, led by the Japanese billionaire and first reported by the Financial Times last week, has sown confusion about what this in-house hedge fund is doing, and how much risk it is willing to assume.

      “Concern centres around the lack of information about the strategy that is going on behind this trading activity and also the wider question of who is in charge of these different activities,” said a person briefed on the views of one institutional shareholder.

      The person said that, apart from the company’s huge stake in Chinese ecommerce giant Alibaba, asset managers were generally not invested in SoftBank because they wanted exposure to listed stocks they could easily buy themselves.

      “The idea that Son is taking a kind of personal interest in the micro management of a hedge fund is a bit crazy when he’s also the head of a huge company,” the person added.

    1. U.S. initial jobless claims flat at 884,000 in latest week; ongoing claims rise

      FA Center
      Opinion: What’s happening now with M&A is going to make today’s stock investors wish they’d sold sooner
      Published: Sept. 10, 2020 at 6:55 a.m. ET
      By Mark Hulbert
      M&A waves have ended badly for the stock market
      Getty Images

      The resurgence of M&A activity is a bad omen for the stock market. I’m referring to the blistering-hot pace of M&A deals in recent weeks. After M&A activity ground to a virtual halt in the second quarter, it came roaring back over the summer. According to Dealogic, total U.S. M&A activity in the third quarter of 2020 is already ahead of where it was in the entire first quarter of the year. Indeed, July’s and August’s M&A deals mark the strongest start ever to the second half of a year.

      This is a warning because M&A activity tends to come in waves, and all past waves have ended badly for the stock market. Matthew Rhodes-Kropf, an MIT Sloan finance professor and an expert in the M&A field, said in an interview that “each of the last six great merger waves on record” — going back more than 125 years — “ended with a precipitous decline in equity prices.”

  12. Asset Management
    ‘We are clearly seeing a correction and tech bubble will burst’, warns top fund manager
    A trader on the floor of the New York Stock Exchange (NYSE) in New York City. Johannes Eisele/Getty Images
    By Shruti Tripathi Chopra
    September 4, 2020 8:46 pm

    What does last week’s stock market seesaw mean? A correction is here and the “tech bubble” will burst, according to top investor Rob Arnott who is known as the “godfather of smart-beta” investing.

    “We are clearly seeing a correction, Arnott said last week, pointing to the FANG+ stocks [Facebook, Amazon, Netflix, Google parent Alphabet and Microsoft among others] taking a beating recently.

    “The FANG+ index was down 11% in just one-and-a-half days”, the founder and chairman of the board of Research Affiliates, a global asset manager, added.

    Hundreds of billions of dollars were wiped off the tech sector last week amid worries of a Nineties-style bubble. The tech-dominated Nasdaq Composite saw its worst decline since the period ending March 20 and its first drop after five consecutive gains. The US markets are shut today for the Labor Day holiday.

    “It’s a bubble,” Arnott said. “Bubbles burst. The FANMAG bubble will be no exception.”

  13. Avg price for a 2br in Manhattan is $4700. So $56K for the year before utilities, transit fees, internet, cable etc. This is all before food and entertainment – and before fed, state and city taxes.

    Am i guessing right that the household needs to earn $250K a year?

    —————

    “The rental market is weak and getting weaker,” said Jonathan Miller, CEO of Miller Samuel. “The first-time buyers in outlying areas are largely coming from the Manhattan rental market.”

    Hopes for a rebound in the fall or the end of 2020 look increasingly unlikely. Although rental prices have come down — median rental prices fell 4% in August — the discounts are not steep enough yet to lure new renters back to the city. The average rental price for a two-bedroom in Manhattan is still $4,756 a month.

    https://www.cnbc.com/2020/09/10/manhattan-rental-market-plunges-leaving-15000-empty-apartments.html?fbclid=IwAR3njjTYIv01tgcUpbflSY9KcnxxNJOCbyF1h378H93dxkaOoKdZkqTws0E

    1. found a calculator – i was off. Fed, state, city taxes are $95K on a household earning $250K. Rent is $56K (see above). So if they watch expenses they can live on a household income of $200K.

      ———-

      For $250K/year
      Tax Type Marginal Tax Rate Effective Tax Rate 2019 Taxes*
      Federal 35.00% 23.37% $58,424
      FICA 2.35% 4.93% $12,315
      State 6.85% 6.12% $15,289
      Local 3.88% 3.70% $9,255
      Total Income Taxes 38.11% $95,282
      Income After Taxes $154,718
      Retirement Contributions $0
      Take-Home Pay $154,718

  14. As we know many large companies are monkey-see monkey-do, and especially money center banks are like this. I think one thing that NY politicians have underestimated is how quickly bank jobs are going to leave NYC.

    The reason that i bring this up, was that an old friend of mine call me last night (he knew that i used to do business travel to Plano TX for my client Toyota). He is senior in his knowledge of a certain type of very sophisticated financial transactions and is valuable to his division. His boss wanted to ‘offer’ him a move to TX early next year – and would be one of the first there for the dept.

    Can you imagine what happens to condo prices when some of these jobs start moving out? Not to mention still working remotely as we head into 2021/22

    https://www.dallasnews.com/business/real-estate/2020/04/28/construction-tops-out-on-planos-chase-tower/

    ——
    Old 2019 Bloomberg article
    Big banks and money managers have been moving employees away from New York and its surroundings to cheaper U.S. cities for years. Goldman Sachs Group Inc. has built up operations in Salt Lake City, Deutsche Bank AG has expanded in Jacksonville, Florida, and AllianceBernstein Holding LP last year announced plans to move its corporate headquarters to Nashville, Tennessee.

    But JPMorgan had seemed to buck the trend: Chief Executive Officer Jamie Dimon said last year the bank was “recommitting ourselves to New York City” as it announced plans to build a new headquarters at 270 Park Ave. A year earlier, it committed to more than tripling the size of its technology hub on the west side of Manhattan. Some of the focus was not on only New York but the wider area: in 2015, the bank made an agreement with Jersey City, New Jersey, to move more than 2,000 information-technology jobs across the Hudson River.

    Still, it’s quietly accelerated the buildup of a new base in the Dallas suburb of Plano. The bank already has 25,000 workers in Texas and started construction this summer on a 12-story tower that will house about 4,000 employees, increasing its total employment in the state.

    Dimon started dropping clues about the bank’s location shift at the annual meeting — held in Plano — last year.

    “There are more JPMorgan Chase employees in Texas than any other state outside of New York,” he said. “I’m sure it will be No. 1 soon.”

    1. Just an interesting housing comparison tidbit from the 2019 article. I would think that Charlotte or Columbus OH or other locations would even be better than that
      —-
      For JPMorgan employees, a move comes with some perks. In New York’s Tribeca neighborhood, $1.05 million will get you a 605-square-foot, one-bedroom apartment with an open kitchen, windowless bathroom and shared roof deck. In Plano, the same price gets you a 5,684-square-foot home with five bedrooms, six bathrooms, a 400-bottle wine room, a covered patio with wood-burning fireplace and a combined pool and spa.

    1. I heard that “micropigs” actually don’t exist – that any pig will get massive if allowed to eat. The only way people keep them small is by starving them, which is very sad.

  15. Investment these days is just Ponzi Schemes. IMHO, investment should be slow growth the good old fashion way.
    In the 30s average people started investing in the stock market by buying on margin, which they had never done before because it was a rich persons game prior to that.
    This providing loans that make assets rise artificially is a great evil, especially when your talking about something like shelter.
    Again, loans for education only raised the higher education prices artificially.
    Monopolies only raised prices artificially , think the Medical Cartel.
    Globalism only gutted USA jobs and created monopoly on low pay scale World wide.
    This is not capitalism and it’s just rigged markets.

    I blame the Politicians the most for selling out to Big Money, along with Big Government aiding these rigged markets.
    This set up has produced class warfare, generation warfare, and fake racism warfare, and un- American activities like Commie take over movements.

    All the true colors of the power factions for all to see with their self interest being obvious. China true colors shining also.

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