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Property Owners Are Left Holding The Bag

A report from the Wall Street Journal. “Debt didn’t present a major problem before the coronavirus. The job market was booming and median household incomes were rising, allowing families to keep up with payments. Terri Smith, 64, said her job analyzing legal expenses for her employer was eliminated in a round of cost-cutting. Even with the extra $600 a week, unemployment didn’t cover her lost earnings, and she is now down to $285 after tax in weekly unemployment benefits. The monthly mortgage payment on her Charlotte, N.C., home is $1,550, she said.”

“Her car payment is $550. Health insurance costs $600 a month, and a recent hospital visit cost $7,500 in out-of-pocket expenses. She has dipped into savings to keep up with bills and is thinking about withdrawing from her 401(k) or signing up for loan-deferment programs until she can find a job. ‘I don’t have a plan. It’s very dire,’ she said. ‘I’m getting very nervous.'”

The Port Charlotte Sun in Florida. “Charlotte County home foreclosure filings soared back to the normal rates in August despite the federal and state COVID-related moratorium. How can foreclosures go up if there’s still a moratorium? Local real estate agent Cynthia Logan believes Gov. Ron DeSantis’ August moratorium law gives lenders more options than the April moratorium. And lenders appear to be using those options, she said. ‘I’ve had an uptick where I’m doing more evaluations,’ she said of her specialization in selling foreclosed properties.”

The New Orleans Advocate in Louisiana. “Mahaley Smith dropped a file folder onto her kitchen table and pressed her palms to her forehead, despairing over the tenant who won’t pay rent and won’t go away. January was the last month Smith, 84, said she saw a dime for the ground-floor apartment that she lets for $800 a month in her fourplex, around the corner from her house in New Orleans’ Hollygrove section.”

“‘What are we supposed to do? I have to pay my bills,’ she said. ‘The tenants have a right not to pay rent and they can live in your house? That’s just not fair. This woman ain’t paying nothing, and I can’t put her out. This is strictly the devil. She’s still in my house. I guess I’ll never get my money.'”

From WUSA on Washington DC. “WUSA 9 reached out to D.C. Realtor Justin Noble to get his take on your questions about moving during the pandemic. Q: Are rent prices actually falling in the District right now? A: Yes – if it’s a sizable building with more than 15 units.’ Noble says, due to the pandemic, you could be looking at anything from $100 to $400 of savings on a monthly rent. ‘The biggest thing that we’re seeing is vacancies, so larger buildings are really, really hurting,’ he explained.”

The Star Tribune in Minnesota. “As Minneapolis apartment buildings multiply, so do the lease discounts. During July more than 45% of the Twin Cities rental listings on Zillow included free rent, discounted parking and other concessions aimed at wooing renters. That’s four times higher than last year at this time and the seventh highest share in the country. ‘It definitely feels like more of a renters’ market,’ said Erik McLaughlin, who is using a six-week discount worth $3,500 to move from one apartment building in Minneapolis to another. ‘There’s more supply than people wanting to rent.'”

From Bisnow. “The San Jose metro area is expected to double its apartment output from 2,912 last year to 5,829 in 2020, a rate not matched anywhere else in the country, according to RENTCafé. San Jose rents dropped by about 4% in Q2, according to CBRE. On top of falling rents, San Jose also saw negative net absorption of about 1,000 units, joining only a handful of markets around the country, like Los Angeles (negative 7,200 units) and New York (negative 3,600) in that regard, according to CBRE. San Francisco clocked a negative net absorption of 3,500 units.”

The Orange County Register in California. “Real estate agent Adam Bray-Ali hopes to retire someday off the income from his small portfolio of triplexes and four-plexes. But lately, his side job as a landlord isn’t going so well. Tenants in three of his 20 units stopped paying rent after the coronavirus pandemic hit in March. One tenant moved out owing $6,000. Now Bray-Ali is losing money on two of his five buildings, and he’s thinking about selling one of them. Thanks to forbearance, he’s been able to skip some mortgage payments and about $10,000 in water and electric bills.”

“‘I’m paying what I can on the five properties … (but) I don’t have enough cash to pay everything,’ Bray-Ali said. ‘I’m absolutely dipping into savings.'”

“Meanwhile, the unpaid rent — estimated at nearly $100 billion dollars nationwide — continues to accumulate as a debt that out-of-work renters somehow are expected to repay down the road. And property owners are left holding the bag, more than a dozen landlords and property managers told the Southern News Group this month. Some have put their properties up for sale. Others face default or rising vacancies as problem tenants drive away good ones. Some property managers report they now have squatters invading their properties.”

“Moratoriums have affected real estate sales as well. Agent Stephanie Mosher said her sale of a Laguna Niguel rental house fell through last month after the tenant backed out of a promise to move out. The home went back on the market and sold again. But the owner had to pay the tenant $10,000 and forgive $17,750 in back rent to induce him to leave. ‘The laws aren’t protecting the sellers, a buyer coming in (or) me as an agent trying to support my family,’ Mosher said.”

The Bronx Times in New York. “Plans to construct affordable housing next to a historic church in Fordham led to a two-and-a-half hour heated debate between the Community Board 7 Housing Committee meeting on Sept. 15. Board member Myrna Calderon felt that this would not benefit CB7. She questioned if developers planned to meet with residents to see how they feel about the project. ‘It does not meet the standard [for appropriateness],’ she said. ‘It changes the whole church landscape. I’m very concerned about the impact on the neighborhood. Yes we need low income housing, but we are oversaturated.'”

“Denise Relf shared Calderon’s concerns. ‘We have a lot of new development and it’s overwhelming our community, especially when these developments provide nothing more than housing,’ Relf said. ‘The quality of life is being impacted by the community overcrowding.'”

“One resident, who chose to remain nameless, explained she is a homeowner and this new affordable housing will oversaturate the neighborhood and bring property values down. She noted it will block St. Mary’s Park and on top of that, there is affordable housing at St. James and Creston Avenue and Kingsbridge and E. 196th Street. ‘I’m tired of this being a dump for every developer who comes in here,’ she exclaimed. ‘The building is going to be a complete eyesore.'”

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This Post Has 137 Comments

      1. Thee.deeth.viru$👾: we don’t care$ about yer $tinkin’ “guidance” … munch, munch, munch … $till.$preading!

        “Fed will keep rate$ at zero ( a$ in 0%) until inflation is on track to exceed 2% for $ome time and will keep buying Treasurie$ and MB$”

        Fed sees intere$t rate$ near zero until end of 2023, $ets new economic condition$ to be met before rai$ing rate$

        MarketWatch / By Greg Robb

        In a statement, the Fed said it decided to keep its policy interest rate at near zero and expects this will be appropriate until two things happen: labor market conditions return to the “maximum employment” and inflation has risen to 2% and “is on track to moderately exceed 2% for some time.”

        However, Seth Carpenter, economist at UBS, said the Fed guidance was “vague.”

        “The guidance means they need their own forecast for inflation to be above 2%, but they are not tying it to the realized level of inflation,” Carpenter said.

        Powell defended the guidance as “powerful” and “durable.”

        There were two dissents to the Fed forward guidance. Dallas Fed President Rob Kaplan seemed to favor the prior guidance and wanted the Fed to retain greater flexibility once the economy was on track to meet its two goals. Minneapolis Fed President Neel Kashkari proposed a much more streamlined guidance that the Fed would maintain rates close to zero until core inflation has reached 2% on a sustained basis.

        Josh Shapiro, chief U.S. economist at MFR Inc. said it was “a bit unseemly” to have two dissents so soon after the committee adopted a new policy framework, but Powell said the dissents were a sign of a healthy debate.

        “We’re the first major central bank to adopt this framework. There is no cookbook. And so of course there would be a wide range of views,” Powell said. He said the Fed would work to earn credibility.

        The Fed decision was something of a surprise as most economists thought the Fed would hold off on its forward guidance until November or December.

        The Fed said again that the path of the economy will depend on the course of the coronavirus pandemic though.

        $eems “Pu$h.over Powell” ha$ dodged the wrath$ of thee.🍊.jesus (for now.)

        1. Liquidity does nothing in a solvency crunch. CRE is getting slaughtered. All these clowns did was crowd in a last group of FBs. See buyers remorse poll.

          The WSJ article was on medium/high income job loss. I’m not sure what they expected. You just can’t shut down the global economy without global crater. Big mistake.

          1. “Big mi$take.”

            $ocialist Neo.’merikan Munchin’$ x$13+ Trillion$ 💲💰💵💲💰💵💲💰💵💲💰💵💲💰💵💲💰💵💲💰💵💲💰💵 🙊🙉🙈 💉’$ = keeping’ $helter.$hack.mortgage.application.loan$ @ lofty.level$!

          2. Liquidity does nothing in a solvency crunch. CRE is getting slaughtered. All these clowns did was crowd in a last group of FBs. See buyers remorse poll.

            They wrung out the last of the suckers. They can’t lower rates anymore, so they’re out of bullets in that regard.

          3. “They wrung out the last of the suckers. They can’t lower rates anymore, so they’re out of bullets in that regard.”

            Temporary nationalization of housing assets should hold the fabric of civilization together for a while yet, but through the election? Through the end of the year? We have no idea what the knock on effects of the government abruptly seizing control of trillions of dollars worth of assets… but I don’t think it ends with everyone getting a pony and a pat on the head.

            There’s a larger issue at work too. As a country, we’ve had our faces rubbed in the hard fact that more than half of the people living here produce nothing of value, and half of those that do produce value don’t produce anything essential. Gonna take at least a year or two for that to filter through the collective unconscious, but with the depression we’re about to have, I don’t see it resolving in a free spending attitude.

            The rubber has hit the road.

          4. “…can’t lower rates anymore…”

            Next up: Negative interest rates, that nobody could have seen coming.

          6. It’s already happening to real interest rates. The question is whether nominal U.S. rates might ever dip to negative. Time will tell.

        2. There is no cookbook

          Saying they have no clue what they’re doing?

          Here’s a clue; you’re swinging a wrecking ball. So stop.

  2. ‘The laws aren’t protecting the sellers, a buyer coming in (or) me as an agent trying to support my family’

    Yip yip yip yip yip yip yip yip
    Sha na na na, sha na na na na
    Sha na na na, sha na na na na
    Sha na na na, sha na na na na
    Sha na na na, sha na na na na
    Yip yip yip yip yip yip yip yip
    Mum mum mum mum mum mum
    Get a job, sha na na na, sha na na na na

  3. ‘On top of falling rents, San Jose also saw negative net absorption of about 1,000 units, joining only a handful of markets around the country, like Los Angeles (negative 7,200 units) and New York (negative 3,600) in that regard, according to CBRE. San Francisco clocked a negative net absorption of 3,500 units’

    Wa happened to my shortage?

  4. ‘It definitely feels like more of a renters’ market,’ said Erik McLaughlin, who is using a six-week discount worth $3,500 to move from one apartment building in Minneapolis to another. ‘There’s more supply than people wanting to rent’

    That’s the spirit!

  5. ‘she is now down to $285 after tax in weekly unemployment benefits. The monthly mortgage payment on her Charlotte, N.C., home is $1,550…Her car payment is $550. Health insurance costs $600 a month, and a recent hospital visit cost $7,500 in out-of-pocket expenses. She has dipped into savings to keep up with bills and is thinking about withdrawing from her 401(k) or signing up for loan-deferment programs until she can find a job. ‘I don’t have a plan. It’s very dire,’ she said. ‘I’m getting very nervous’

    But interest rates?

    1. Her “plan” is that she’s 64. Sorry hon, you’re done. Count yourself retired. Sell the house, move to a $700 2-bed apt, hang on until Medicare and SS if you have it. If you’re lucky you might be able to keep the car.

        1. Debt didn’t present a major problem before the coronavirus

          Debt donkeys never plan on the road falling away.

      1. “American families with nonhousing debt making over $98,018 a year in pre-tax income owed an average of nearly $92,000 of such debt in 2016.”

        Most of it was probably not needed, or a less expensive substitute was readily available. Vanity…the best sin.

          3. “This is why we can’t have nice things.”

            Rather, more and more, the *only* way to have nice things. /s

          4. As is all too evident, people like this were the economic engine driving the economy to new heights. I’ve always been a bit envious of their carefree and optimistic behavior during the boom years when I was waiting for the other shoe to drop and unfortunately my patience has been rewarded.

        1. Dipping anything in straight mayo will make me vomit. I can barely stomach mayo on a sandwich or something. It has to be an aioli for me to not gag.

  7. “Plans to construct affordable housing next to a historic church in Fordham led to a two-and-a-half hour heated debate.”

    Be careful what you wish for. Mayor DeBlasio said he wanted more affordable housing in New York. And he is getting it, but not because of more subsided construction.

    1. Massive ‘F–k Cuomo and de Blasio’ mural painted on Brooklyn street

      ‘Fed-up New Yorkers painted a massive stretch of Brooklyn blacktop with the yellow message “F–k Cuomo and de Blasio” over the weekend in the vein of Hizzoner’s “Black Lives Matter” art, only for the city to quickly scrub the statement. The not-so-subtle shout-out to Gov. Andrew Cuomo and Mayor Bill de Blasio went up around 1 a.m. Saturday on North 15th Street between Wythe Avenue and Banker Street in Williamsburg, during the waning hours of an annual block party which this year doubled as a “small business owner protest,” one attendee told The Post.’

      “A few partygoers got the idea to paint in huge [letters, using] yellow paint with rollers on North 15th, ‘F–k Cuomo and de Blasio,’” the attendee said Sunday, refusing to be identified by name. “The party continued. Everyone took photos. It was a big hit. The crowds cheered, even the cops chuckled.”

      https://nypost.com/2020/09/20/f-k-cuomo-and-de-blasio-mural-painted-on-brooklyn-street/

      1. This is why politicians cash in the future. You want to know why we are F-ed now? The mural should have said..

        “F-Cuomo and DeBlasio and Bloomberg and Spitzer and Pataki and Giuliani and Sheldon Silver and Joe Bruno and Dean Skelos and…”

        And yet it appears that Cuomo and DeBlasio will be the local bag holders.

        For course Silver and Skelos were convicted of crimes, along with lots of other state legislators, but it was strictly Capone on Tax Evasion. They all killed us, and it’s was and is bi-partisan.

      2. It’s hilarious how the media blurs out the eff word that’s painted on the street, but proudly displays LeBron “I Have A 5th Grade Education” James’ profuse eff bombs on Twitter.

  8. A lot of California home sellers want a rent back before letting a buyer take the keys after a purchase because they bought homes outside of California in places like Oregon and Arizona due to COVID.

  9. 👀 🔮 🔦 : Deb$ & De$truction’$ coming into daylight & focu$

    Markets / Investing / Barron’s

    Home Economy & Politics Economic Preview

    The ea$y part of the U.$. economic recovery is over. Now comes the hard part

    Published: Sept. 19, 2020 / By Jeffry Bartash

    Life for Americans is only $lowly returning to normal

    The U.S. economy is still plowing ahead despite the coronaviru$, but the path of Con$umer $pending has $lowed, busine$$ inve$tment is $oft, and the number of people going back to work has tapered off.

    A $lower recovery is evident in the number of people applying for unemployment benefit$. After falling through most of the summer, new state and federal joble$$ claims appear stuck around 1.4 million or so a week. More big companies have announced layoff$ and thousands of small businesses have clo$ed permanently.

    Con$ider this: The government reported that nearly 30 million people were collecting unemployment benefits at the end of August. Even if that number is vastly overstated by double counting and other oddities — as some economists contend — it’s still far higher than the 1.4 million people who were receiving unemployment compen$ation … before the pandemic struck.

    In any case, the spate of layoff announcements and persistently high unemployment seems to have dampened the optimism of consumers. A closely followed daily survey of consumer confidence conducted by Morning Consult has flat-lined in September.

    With confidence $haky, so many people out of work, and the coronavirus$ $till $preading, the U.S. can’t recover more rapidly, economists say. Many businesses face ongoing restriction$ on occupancy while million$ of Americans continue to practice social distancing and $hun normally crowded place$ such as airports, malls and hotels.

    “As gains in confidence slow, consumers tend to tighten their wallets, directly affecting consumer spending, which in turn makes it harder for businesses to justify adding to or even maintaining their current workforces,” said economist John Leer of Morning Consult.

    The end of ma$$ive federal aid for the unemployed and small busine$$es also appears to have tapped the brakes on the speed of the recovery. The economy didn’t suffer as badly as many predicted when federal aid dried up — it’s proven to be quite resilient — but income$ for million$ of Americans were $harply reduced and some businesses were left high and dry. They can’t keep employee$ on payroll$ when demand is still well below pre-crisis levels.

    1. Just got back from stop&shop, the maintenance guy looked like he was falling asleep waiting to clean the bathrooms, lots of OT i asked…yup 50-60hours a week for months and its getting to him….the money is great but he has kids…….the winners and losers in all this, is something to behold

  10. Published today:

    “The top prosecutor in the US Virgin Islands is seeking more than 20 years of flight logs from Jeffrey Epstein’s fleet — a move that’s stirred up “panic among many of the rich and famous,” according to a new report.

    Attorney General Denise George has sued the late pedophile’s estate, subpoenaing logs for each of his four helicopters and three planes from 1998 until his ***suicide*** last year at a Manhattan federal jail”

    https://nypost.com/2020/09/21/names-from-jeffrey-epsteins-flight-logs-could-be-revealed/

    Bill Clinton is a rapist.

    1. “Bill Clinton is a rapist.”

      You’re most likely correct. However:

      There might$ bee $ome liabilitie$ in tho$e progno$tication & accusation$ ye keep in$inuating.

    2. These flight logs will never see the light of day. It’s a who’s who of the world’s billionaire elite and their political toadies.

    3. It’s a pretty big leap to assume that ALL of the passengers on that plane actually engaged in illegal activities. I’m sure most of them went to party in a regular manner, so to speak. If you equate the two without additional evidence, everyone would be convicted in the court of public opinion without any process, much less due process. It wouldn’t surprise me if a judge kept those manifests sealed.

      2. Right. There’s always the chance that someone was invited on a flight to set up future blackmail opportunities, whether or not the individual fully partook of the services Epstein provided.

        2. Then those individuals should have nothing to fear knowing that Epstein’s properties were extensively equipped with surveillance equipment.

      3. It’s a pretty big leap to assume that ALL of the passengers on that plane actually engaged in illegal activities. I’m sure most of them went to party in a regular manner, so to speak.

        I wholeheartedly disagree. The plane was set up like a bordello. I would bet that 100% of the men who took a flight knew exactly what they were getting into pre-flight. The whole point was the sex with young women.

          1. I will try to find and post a link. I remember reading about the plane 5 years or so ago, well before Epstein was even arrested the second time. It was prior to the 2016 election.

          2. McCloskey snapped more than two dozen photos of the plane’s interior, revealing the VIP jet’s velour-upholstered reclining chairs, love seats and even the pedophile’s notorious on-board bed, where he and his guests allegedly had group sex with girls.

          4. Men know what they’re getting into. It’s why I used to forego some of the extracurricular activities my friends engaged in. They were a bit more randy than I was, and so I would bow out at certain times.

            For example, one friend who owned a bar set up a limo ride for a handful of us (many married) that also included an attractive woman. I knew what that meant and it was time for me to go home to bed. You can use your imagination as to what her role was. I didn’t have to use mine as I was regaled with stories of this night for years after.

  11. The Davos crowd is preparing to grab all the marbles:

    https://www.cnn.com/2020/09/20/economy/how-covid-changed-capitalism/index.html

    Capitalism isn’t working anymore. Here’s how the pandemic could change it forever

    Here are three ways the pandemic might change capitalism forever:

    A new social safety net

    Here comes UBI, along with a huge VAT to fund it.

    Globalization and automation challenge the manufacturing sector

    See UBI, above.

    More debt than ever before

    In the post-pandemic world, policy makers will either have to accept living with enormous debt burdens or address a complete overhaul of the system in place.

    Remember, your bank account is on loan to someone else.

    1. We’re in the late stages of a game of Monopoly between the world’s billionaires. The world’s economy is just a playground, and its citizens cannon fodder.

      1. Jimmay ha$ placed hi$ bet$ on $tawkes.hitting.bottom & now it’$ back “to.thee.moon.Alice!” 💉📈📈📈🚀🎂🎉 …👏

        Home / Inve$ting / Key Word$

        CNBC’s Jim Cramer says enough is enough: ‘This is the beginning of the end of the $elloff’

        First Published: Sept. 21, 2020 / MarketWatch / By Shawn Langlois

        But CNBC’s “Mad Money” host Jim Cramer, who has been telling his viewers for weeks to con$ider locking in profit, doesn’t seem to be too worried about it.

        Cramer played down coronavirus fears, saying that another lockdown in Europe doesn’t necessarily mean that the U.S. is trending in the same direction.

        He also addressed troubling reports from the finance sector.

        “I know that you get a lockdown in Europe and you’ve got a problem with $ome bank$ and that causes us to go down big? I don’t know. Doesn’t seem right to me,”

        “I do think that this is the beginning of the end of the $elloff,” Cramer said. “I’m willing to put it out there like that.”

        1. I’m recalling when he assured investors the March 2008 Bear Stearns collapse was a mere flesh wound, setting up a great buying opportunity.

          How did his prediction turn out that time?

          1. You feel like betting against the current prognostication?

            For my part, I’ll be Scrooge McDucking in my vault of cash for at least the next 6 months.

  13. Thee.🍊.jesus: “thee.deeth.viru$👾, it’ll just go away & all debt$ too!”

    Home Economy & Politics Economic Report

    U.S. debt jumps by record amount in second quarter led by federal government, Fed data show

    Published: Sept. 21, 2020 / MarketWatch / By Greg Robb

    Government debt$ up record 58.9% in second quarter

    Big picture:
    Economists recognize that the government’s emergency actions are warranted but are worried the spike in debt could affect growth in the future. The U.S. had an unsustainable long-term fiscal picture even before the pandemic struck this year. At some point, taxe$ will have to be rai$ed and $pending will need to be trimmed.

    Market reaction: $tocks were down $harply on Monday

    The numbers: The debt burden on the U.S. economy increased at a record pace in the second quarter led by government borrowing needed to cushion the blow of the coronavirus pandemic, according to a report from the Federal Reserve released Monday.

    Total domestic nonfinancial debt rose at a record seasonally adjusted annual rate of 25.3% in the April-June quarter to $59.3 trillion. That’s above the prior record of 19.25% during 1985.

    What happened: Federal government debt increased a record 58.9% in the second quarter to $22.58 trillion, up from a 11.4% gain in the first quarter. Congress has approved $2.89 trillion in coronavirus relief spending this year.

    Household debt rose 0.5%, with consumer credit down at a 6.6% annual rate. Mortgage debt grew at a 3% rate.

    Nonfinancial business debt rose at a 14% rate in the second quarter, down from a record 18.4% in the first three months of

    (Eye thought thee $timulu$.$timulated Robin.Hood trader$ “owned” thee.Wall.$treet.wanker$?)

    $ad

          1. Thee.deeth.viru$👾 … munch, munch, munch, … $ilent.invi$ible to thee naked eye, gho$t like it i$! … $till.$preading @ Turkey.Tanksday 👾 gobble, gobble, gobble, …

            Progno$is
            College$ Become Reservoir$ of Covid Ready to $pill Over

            Bloomberg / By Janet Lorin, Emma Court, and Keshia Clukey
            September 21, 2020

            $chools $truggle to contain viru$ before Thanksgiving break
            ‘It has been a debacle, a national cata$trophe,’ expert says

            College administrators and government officials summoned students back to campus. Now, they are presiding over viral reservoirs poised to release a flood of infected undergraduates at Thanksgiving — if they make it that far.

            Schools have turned into de facto sanitariums: Covid-19 infections are sweeping student populations, though health departments are seeing relatively few hospitalizations or deaths so far. Colleges that tried to hold classes in person have had to send students into seclusion.

            With many schools planning to end their semesters at the November holiday, students will disperse across the country, and some will bring the disease with them.

            “This is beyond our wildest nightmares,” said Gavin Yamey, a physician who directs Duke University’s Center for Policy Impact in Global Health. “It has been a debacle, a national catastrophe and, in many ways, you could consider it a third wave. The third wave is a university reopening wave. It was a self-inflicted national wound.”

            Universities were bleeding revenue when they called students back for the fall semester, facing cuts as tuition and fees plunged. Some plowed ahead with lucrative football programs, despite their potential to draw crowds. But as students returned, infection rates increased. Many schools are now running out of space to house those who tested positive. Administrators are struggling to keep infections contained as students venture off campus for coffee or hang out at bars and parties.

            “If infected students go home, there is a risk that they could seed outbreaks all around the country — outbreaks that are ultimately caused by the university reopening,” said Yamey.

          2. ‘It has been a debacle, a national cata$trophe,’ expert says

            Eventually people will come to realize that (now we have cleared out the dry tinder in our nursing homes) this virus is no more deadly than the flu. Testing, testing, testing leads to cases, cases, but not illness and death. We are at this point hysterical.

            NPR said this afternoon we could have 800,000 deaths by year’s end. It’s up to you and how you behave. Now go hide under your bed!

          3. If you’re going to conveniently remove the “dry tinder” — yeah, nice phrase, as if you’re so green and moist — from the COVID deaths, then you will have to remove the dry tinder from the flu deaths too. How do the two stack up then?

          5. 200,000+ deeths = fake news!

            The 200,000 number is BS. We’ve been through this before. A motorcycle crash death with a positive COVID test is counted as a COVID death.

          6. as if you’re so green and moist

            You’re not that far from your lefty roots apparently. A personal attack cancels an opinion after all. In NY we had a real brush fire in the nursing home community. Last year the flu didn’t kill many. My dad was slowly dying of lymphoma, and then suddenly died of the flu. Call me callous. Immune system shot. Ironically, he still had the courage to spend a week with me hunting in the highlands five weeks before his demise. He didn’t live in fear. I’ve 20+ years to follow the example.

            Vs the flu, considering last year’s lack of flu deaths, this year with “The Virus” wasn’t exceptional. Now that the first flash is over, the mortality rate is insignificant. Really. Single digit deaths (of dubious attribution) out of 20 million people. Fear of this now is pure hysteria.

            Anyway, the death toll in NY peaked in April and has been insignificant for the past two months. If you want to see this go to covid worldometer New York. We were first and the rest of the country is following region by region.

  14. “…Agent Stephanie Mosher said her sale of a Laguna Niguel rental house fell through last month after the tenant backed out of a promise to move out. The home went back on the market and sold again. But the owner had to pay the tenant $10,000 and forgive $17,750 in back rent to induce him to leave….”

    Wow. Betcha they didn’t teach that one in the REIConplex ‘How to become a rich real estate agent’ school.

    1. Negotiation’$ are entertaining when the gub’mint hand$ you $timulating.$timulus.monie$ & back$ yer lo$ing po$ition with FHA moratorium’$ & CDC’$ deeth.viru$👾 repayment degree$!I

    2. Many, many years ago I read a RE investing book by a guy that owned several hundred single family homes in Arizona. He claimed one technique he used on occasion was to actually pay the deadbeat renters to move. Stated it saved him more $ that way than to evict and wait. I guess logically and economically it makes sense, but emotionally seems very weird.

      1. Grandma, also a landlord, would also get someone with a truck to help move ’em too. When a prospective landlord would call she said she didn’t know what they did for income, but they always (ahem) paid their rent…just to move ’em along.

  15. Clifton, VA Housing Prices Crater 14% YOY As Double Digit Price Declines Envelop Northern VA

    https://www.zillow.com/clifton-va/home-values/

    *Select price from dropdown menu on first chart

    As one DC area broker lamented, “How can we possibly sell a resale house when builders are selling new houses for 20% and sometimes 30% less?”

  16. “Moratoriums have affected real estate sales as well. Agent Stephanie Mosher said her sale of a Laguna Niguel rental house fell through last month after the tenant backed out of a promise to move out. The home went back on the market and sold again. But the owner had to pay the tenant $10,000 and forgive $17,750 in back rent to induce him to leave. ‘The laws aren’t protecting the sellers, a buyer coming in (or) me as an agent trying to support my family,’ Mosher said.”

    Mosher, get a real job. We really just need an App to replace you worthless POS.

    1. This is a bad precedent. I can imagine thousands of renters now, threatening not to leave until and unless someone pays them thousands of dollars. Don’t like it? Just try to kick them out, with all the advantages on the tenant side. And my guess is 2-3 years from now they’ll still be unemployed and blame it on COVID.

      1. “had to pay the tenant”

        Not that uncommon for RE investors to do this.

        I’m guessing the “promise to move out” is code for the renter still being under contract. If so, the new buyer would have to honor that contract. (*cough* maybe government can nullify it for them…)

  18. Here’s a long but fun rant I happened to run across …

    “… , and cannot possibly fathom why anyone would ever vote for him, let me fill you in. It’s not that we love Donald Trump so much. It’s that we can’t stand YOU.
    And we will do whatever it takes — even if that means electing a rude, obnoxious, unpredictable narcissist (your description) to the office of the Presidency — because the one thing we find more dangerous to this nation than Donald Trump is… YOU.
    How is that possible you might ask?
    Well, you, knowingly or unknowingly have done everything in your power to destroy this country. From tearing down the police, to tearing down our history, to tearing down our borders.
    From systematically destroying our schools and brainwashing our kids, to promoting and glorifying abortion, thug culture, socialism and violence… While demonizing faith, family, decency, normalcy and grace.
    From calling everyone racist 24/7 to gaslighting us about 52 genders, grown men sharing public locker-rooms with little girls, and normalizing the sexualization of young children. You simultaneously ridicule anyone for having the audacity to wish someone a “Merry Christmas”, or hang a flag on the 4th of July, or stand for the national anthem.
    You want to take away the 250 year old right-to-bear-arms against a tyrannical or ineffective government because you can’t get the violence in the cities that you manage under control. Or worse, you are instigating that violence. You want free-speech tossed out the window, and that those who disagree with your opinions are fair game for public harassment or doxing. That spoiled children with nose-rings, tats and man-buns who still live in their mommy’s basement should be allowed to destroy cities and peoples livelihoods without repercussions. That chaos, and lawlessness, and disrespect for authority should be the norm.
    This is your real agenda, despite the occasional cringe-worthy efforts to disguise it. And you wonder why we find you more dangerous than Donald Trump?
    Your narrative is a constant drone of oppressor/oppressed race and gender-baiting, intended to divide the country in as many ways as you possibly can. You sell “victim-hood” every chance you get because it’s such an easy/lazy sell, compared to incentivizing people to stand on their own two feet, take personal responsibility for their own lives, their own communities, and their own futures. But you won’t do that, because you know you will lose control over a free and independent people who actually think for themselves.
    This is why we vote for Donald Trump.
    Not because he is the most charming character on the block.
    Not because he is the most polite politician to have ever graced the oval office.
    Not because he is the most palatable choice, or because we love his moral character, but because we are sick to death of YOU and all of the destructive crap you are doing to this once beautiful and relatively safe country.
    Your ineffective and completely dysfunctional “leadership” has destroyed our most beautiful cities, our public education system, and done it’s damndest to rip faith out of people’s lives and out of the public square..
    However bad Donald Trump may be, and he is far from perfect, every day we look at you, we feel that no matter what Donald Trump says or does there is no possible way he could be any worse for our country than YOU.
    We are sick to death of your destructive, intolerant behavior and beliefs — posing as “wokeness.” We are beyond sick of your hypocrisy, group-think and coerced ideological conformity.
    We are fed up with your unrelenting harping, whining and first-world crybaby complaining while living in the most wealthy and privileged nation to have ever existed on Planet Earth. Making literally zero contributions while focusing on ripping everything down, never building anything up. There is something fundamentally wrong in the psychology of people who choose destruction as their primary modus operandi.
    When Trump is reelected, don’t blame us, look in the mirror and blame yourselves. Because you are responsible for the rise of Donald Trump. You are the ones who have created this “monster” that you so despise, by your very actions. By your refusal to respect fellow Americans, and the things that are important to them:
    You make fun of the “fly-over states,” the people who “cling to their guns and religion,” the middle class factory workers and coal miners, the farmers who feed us, and underprivileged rural populations that you dismissively call “yahoos” and “deplorables.” You have mocked their faith. You have mocked their patriotism. You have trampled on their flag, insulted their veterans and treated first responders with contempt, hatred and defunding. Then you lie and pretend like it’s Trump doing it.
    You have made environmentalism your religion, while trashing every city you have ever taken responsibility for. You scream from the rooftops about “global warming” and a “green new deal” while allowing tens of thousands of homeless people to cover your streets in literal shit and garbage, needles and plastic waste without doing a single thing to help them or solve the environmental crisis your failed social policies have created. You leave a trail of depravity and trash wherever you go. But we’re supposed to put YOU in charge of the environment while gutting our entire economy when you can’t even clean up a single city?
    We the quiet citizens see all of this, and we will do our rioting in the voting booth. When Donald Trump is reelected it will be because you and your “comrades” have chosen to trash the police, harass law-abiding citizens, and go on rampages destroying public property that we have all paid for, which you have zero respect for.
    How does it feel to know that half of this country finds you FAR more despicable than the Donald Trump you are endlessly describing as the devil incarnate?
    Let that sink in. You are more despicable, more dangerous, more stupid, and more narcissistic than Donald Trump. Maybe allow yourself a few seconds of self-reflection. This election isn’t about Donald Trump vs. Joe Biden. This election is about Donald Trump vs YOU.
    So if on the morning of November 4, or more likely January 19, by the time the Supreme Court will weigh in on your stupid mail-in ballot fiasco that we are headed towards, and Donald J. Trump is reelected… The only people you will have to blame is YOU and your media drones.
    Hopefully, when that day comes, Donald Trump will then act decisively and unhindered by the need for re-election, to dismantle all of your institutions of depravity that you have been trying to impose on the rest of us for years now in your creeping cultural revolution. You may not believe in God, but you better pray that Trump is not re-elected.”

        1. It just goes to show how tone deaf the left has become. They really think the average American is pleased with the riots and lawlessness and everything else enumerated in the essay above. Not to mention their threat to burn everything down should they lose the election.

          1. No, perhaps .. But they do care about a white.cop with his knee in the throat of a black.man & a “possible” fake $20 Federal.re$erve.note for 8.46 minutes. Do you care about that? … How’$ ’bout x$13 Trillions 💲💰💵 🙈🙉🙊 👏 … Where’$ the crime? Who $hould you bee angry with? …again do.you.care$

            You had me @ eye.white&angry!

          2. Look at the statistics, Hwy. “Systemic racism” is a bigger problem in education than policing. Most people want and support equal opportunity. Idolizing felons is unproductive.

          3. If you think that means they are pleased with the lawlessness and rioting, or being told that they are evil simply because they are white, then you don’t get it, and never will.

          4. But they do care about a white.cop with his knee in the throat of a black.man & a “possible” fake $20 Federal.re$erve.note for 8.46 minutes.

            You need to wake up and watch the whole video. I posted it here. The guy was RESISTING ARREST. What part of “get into the cop car” are you not understanding, Ms. Antifa?

          5. “…knee in the throat…”

            How about a knee restraint applied against the cervical spine? Moving forward around the neck are the carotid arteries, either side, which are encountered prior to reaching the trachea (the windpipe).

            Maybe our “doting dad” really couldn’t breathe, but it wasn’t because of the knee restraint, IMHO.

        2. German shepherd’s … like deeth.killer.👾’s … don’t care$ ’bout yer stinkin’ 1963 bull.shate!

          1. German shepherds, unlike viruses, heed their masters’ commands. For the last time, this isn’t 1963. Your attempt at this comparison is utter “bull.shate!”

        3. “Newsflash: this isn’t 1963.”

          is you age 11? … How$ ‘ bout you reach back to 1863, even worse, “them.folks” weren’t even considered human, but … like.a.dog, white.man$ PROPERTY. … How much is that black doggie in the window?

          3. I’m listening to “them.folks” in 2020 and they ain’t spewing the sh!t you are.

            I think he’s triggered.

          4. You & grly need a “re.ed.i.cation” here’$ a joint ye can begin @:

            AP Top News
            Race and ethnicity
            Racial injustice
            Montgomery
            Alabama
            U.S. News:

            Alabama Archives faces its legacy as Confederate ‘attic’

            By JAY REEVES / yesterday

            MONTGOMERY, Ala. (AP) — Hundreds of memorials glorifying the Confederacy had been erected by the time Marie Bankhead Owen built what may have been the grandest: The Alabama Department of Archives and History, which cataloged a version of the past that was favored by many Southern whites and all but excluded Black people.

            Owen used taxpayer money to turn the department into an overstuffed Confederate attic promoting the idea that the South’s role in the Civil War was noble rather than a fight to maintain slavery.

            Now, amid a national reckoning over racial injustice, the agency is confronting that legacy in the state where the civil rights movement was born. In June, leaders formally acknowledged the department’s past role in perpetuating racism and so-called lost cause ideals.

            Steve Murray, director of the Alabama Department of Archives and History, looks through boxes containing archival materials in Montgomery, Ala., on Thursday, Aug. 13, 2020. Murray and other current leaders of the agency are confronting the early legacy of the department, which once embraced the “lost cause” version of Civil War history that diminished the role of slavery and portrayed the Southern cause as noble.

            “If history is to serve the present, it must offer an honest assessment of the past,” Director Steve Murray and trustees said in a “statement of recommitment.”

            Confederate relics have come under renewed scrutiny since the police killing of George Floyd in May sparked outrage about the history of racism in the U.S. The wave of protests that followed toppled some monuments and cities removed others as schools decided to part ways with their Confederate names.

            Murray said the department wanted to offer more educational resources after Floyd’s killing in Minneapolis and issued the statement after realizing it had to acknowledge “that our agency was responsible in many ways for some of the intellectual underpinnings of the development of systemic racism in Alabama.”

            The agency’s recommitment was meaningful to her because it acknowledged sins of the past.

            “It was like they heard my whisper when they said that,” she said.

            Founded in 1901, the year Alabama adopted a white supremacist constitution that’s still in effect, Archives and History opened with Owen’s husband, Thomas Owen, as its first director. Located in the state Capitol, where Southern delegates formed the Confederacy in 1861, the department focused on gathering Confederate records and artifacts.

    3. And after all that, the rent didn’t even mention the globalists sending all those jobs overseas or importing cheap labor (legal and illegal). Or the banking system which is locking people out of jobs.

        1. The U$A gubmint gave it to the “nips” … are ye saying that they should now bee “$elective”?

  20. Published today:

    “SINCE COVID-19 MANY AMERICANS FELL BEHIND IN ALL ASPECTS,” reads the website copy. The button below this statement is not for a GoFundMe, or a petition for calling for rent relief. Instead, it is the following call to action, from a company called Civvl: “Be hired as eviction crew.”

    During a time of great economic and general hardship, Civvl aims to be, essentially, Uber, but for evicting people. Seizing on a pandemic-driven nosedive in employment and huge uptick in number-of-people-who-can’t-pay-their-rent, Civvl aims to make it easy for landlords to hire process servers and eviction agents as gig workers.

    “It’s f*cked up that there will be struggling working-class people who will be drawn to gigs like furniture-hauling or process-serving for a company like Civvl, evicting fellow working-class people from their homes so they themselves can make rent”

    https://www.vice.com/en_us/article/ep435n/gig-economy-company-launches-uber-but-for-evicting-people

  21. 42 days till election. Airlines begging for more bailout money, cruise lines selling ships and canceling some 2021 sailings. Fortune 100 firms starting big layoffs in October and through end of year. Reality setting in for many…no viable vaccine, too many people to inoculate. I am writing off 2021 at this point.
    Covid could give two shiats about the Gregorian calendar. A harsh reality is coming soon for the middle part of the country where outbreaks are happening left and right. I predict death rates will rise this fall and winter substantially without an effective treatment in places where the weather is cooling now that we are into September.

    1. DJT speaking live in Vandalia, Ohio just made one of the strongest anti-war statements I’ve ever heard.

      Real Journalists won’t print that in tomorrow’s papers.

    2. I predict death rates will rise this fall and winter

      Predictions of mountains of death are already on the airwaves. Interesting about a third wave, there is no second wave.

        1. in March 2020 none predicted

          They “predicted” a few million. That’s why we submitted to shutting the country down.

    3. The FDA is finally granting permission to start trials on Ivermectin. If we’re lucky we’ll have EUAs for a 15-minute test and ivermectin by Thanksgiving, because we’re gonna need it.

      1. a 15-minute test

        If you get that, the case count will collapse. How will you and PB perpetuate the hysteria then?

        1. “How will you and PB perpetuate the hysteria then?”

          bye using “old.school” arithmetic: “New” common.cold! = 200,000+ dead Americans in x6 months! Thee.deeth.viru$👾 … $till.$preading, … gobble, gobble, gobble

        2. We won’t, you silly. We’ll celebrate. I want to get back to normal. If I really wanted hysteria, why would I be pushing for HCQ and Ivermectin, for months?

    4. ” A harsh reality is coming soon for the middle part of the country where outbreaks are happening left and right. ”

      Thee🍊.jesus: “only I can fix it!” … “Mexican.rapist.will.pay.fer.thee.WALL!”

  22. Did someone say buyer’s remorse?

    Students at the Costliest MBA Programs Have Buyer’s Remorse

    Money quote:
    “It’s disturbing to me that they feel entitled to ask us to pay the whole full freight of tuition. It shows a lack of recognition of the massive resources that they have that alumni have contributed,” said Karas, who wants to pursue a career in real estate development, creating places for people to live in urban centers.“

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