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What We’re Seeing Is A Pig In Python Effect

A report from National Mortgage Professional. “‘Four months into the pandemic, the 120-day delinquency rate for July spiked to 1.4%,’ said Dr. Frank Nothaft, chief economist at CoreLogic. ‘This was the highest rate in more than 21 years and double the December 2009 Great Recession peak. The spike in delinquency was all the more stunning given the generational low of 0.1% in March.'”

“CoreLogic also reported that all states logged annual increases in both overall and serious delinquency rates in July. The company also predicts that U.S. metros that were hit hard by job loss in the oil and gas industries such as Odessa, Texas, are projected to leave millions of jobs unrestored throughout the remainder of the year.”

From Yahoo Finance. “‘The 120-day delinquency rate stood at 1.4%, up from 0.12% in July 2019 and the highest level since Core Logic started tracking delinquencies in 1999. ‘What we’re seeing is a ‘pig in python’ effect with a spike in June for 90-day delinquencies and now in July with 120-day delinquencies,’ said Dr. Frank Nothaft, chief economist at CoreLogic. ‘I think it’s a big concern especially as the CARES Act provided forbearance, but homeowners will still have to owe every payment.'”

“All 50 states experienced an uptick in seriously delinquent mortgages, those characterized by payments 90 or more days late. But some bore the brunt more than others. In New York, that rate climbed to 10% in July, up from 4.3% the year before. New Jersey’s rate hit 9.6%, up from 4.5%, while the delinquency rate in Florida increased to 8.6% from 4.1% in July of last year. ‘If there continues to be financial stress we can see at least 2 million loans seriously delinquent by the end of 2021,’ Nothaft said.”

From Bloomberg. “A flood of mortgage-bond supply combined with a dearth of credit for lower-quality borrowers point to how the U.S. housing market is becoming more uneven when it comes to access to historically cheap debt. The Mortgage Bankers Association’s index of housing credit availability dropped last month to the lowest since February 2014. The benchmark has slipped eight of nine months this year and stands 35% lower than at the same time in 2019.”

“This bifurcation suggests a widening of the gap in the U.S. housing market as homeowners or would-be buyers toward the bottom of the credit scale struggle to qualify for a loan. Lending standards have been tightening amid high unemployment following the Covid-19 lockdowns and fears that the economic recovery is stalling. ‘There has been tightening around every margin,’ Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said in an interview. ‘A lot of low credit score programs went away.'”

“This is particularly so at Ginnie Mae, which is part of the Department of Housing and Urban Development and guarantees loans that are popular with first-time homebuyers and lower-income borrowers. The agency has been tightening the reins for some time now, and the pandemic accelerated the trend.”

“Ginnie Mae has reduced the flow of credit to borrowers with FICO scores below 700 and debt-to-income ratios above 40%, according to data provided by the Urban Institute. Whereas in January 2019 just over 44% of its purchase mortgages fell into that category, Ginnie reduced it to 38% in January this year and to 36% in August. For homeowners looking to refinance, the drop has been even steeper, from 38.5% in January last year to 12.8% one year later and to just under 5% in August.”

“Even looking at gross supply, where Ginnie Mae’s annual output has averaged 34% of the agency MBS total over the past half decade, so far this year is has dropped to 26%. This may be prudent policy as creating a high rate of delinquent loans is something to be avoided even in the best of times. And servicers don’t like to have such loans on their books, either, according to Laurie Goodman, co-director of the Urban Institute’s Housing Finance Policy Center, a Washington-based think tank.”

“‘It costs more to service delinquent loans than performing ones,’ she said in an interview.”

From The Real Deal. “A ratings agency predicts as much as a 50 percent hit to landlords’ bottom line at unsubsidized affordable apartments, which may lead to evictions when federal moratoriums expire. Fitch Ratings predicts ‘full, on-time rental payments’ for affordable properties subsidized by the government, which includes federal rental voucher programs such as Section 8. But properties that don’t receive subsidies could see a total discount to their debt service coverage ratio of as much as 40 to 50 percent, due to a 30 percent drop in rent payments as well as a pandemic-driven jump in operating costs.”

“Both subsidized and unsubsidized affordable multifamily properties are likely to see a 10 to 20 percent increase in operating expenses, Fitch predicts. Rent collections in market-rate apartments have also decreased, although less dramatically than at affordable properties. In September, rent payments at professionally managed units dwindled to 76 percent.”

From Yield Pro. “Desperate landlords now offer as much as three months free rent to potential renters at new, Manhattan apartment towers. ‘There is a considerable amount of pain—20 to 25 percent declines in effective rents,’ according to Ryan Davis, chief operating officer for Witten Advisors, an apartment research firm based in Dallas.”

“New apartments in core, urban areas in the nation’s largest cities offered deep concessions in October 2020. In addition to New York, that also includes the core areas of San Francisco, Los Angeles, Chicago, Boston and Seattle—once the hottest apartment submarkets in the U.S. ‘More expensive submarkets have greater rent losses,’ says Jeanette Rice, Americas head of multifamily research for CBRE.”

“Even before the pandemic, a growing number of them had moved out of urban apartments to rent or own larger spaces, according to Paula Cino, vice president of construction, development and land use policy for the National Multifamily Housing Council. ‘The movement out to the suburbs was not caused by COVID-19,’ says John Sebree, senior vice president and national director of Marcus & Millichap’s Multi Housing Division.”

The Wall Street Journal. “Harry Wolff, a software-engineering manager who lived in Manhattan’s Stuyvesant Town neighborhood complex, was already planning to move to Connecticut with a second child on the way. Covid-19 accelerated that departure. His ability to work remotely eased concerns about a longer office commute from the suburbs. Then, after struggling to find outdoor play space in New York City for his 2-year-old son, his mind was made up. In June, Mr. Wolff moved his family to a three-bedroom house in Fairfield, Conn.”

“‘Almost all of our friends have left the city,’ he said, adding that many of them also were planning to move in the next few years. ‘It’s sad because there’s no celebration of the departure. It’s almost like a slow slink away.'”

“‘The stereotypical scenario is that a young professional couple starts having kids and then they move out to the suburbs,’ said Jonathan Miller, president of the appraisal firm Miller Samuel. ‘You took what would be a natural trend and compressed five years into about three months of outbound migration.'”

“This wave of selling has contributed to a glut of properties in a number of New York City neighborhoods and weighed on home prices. In August, total sales inventory across the five boroughs reached its highest level for data going back to 2010, according to StreetEasy. New signed contracts in Manhattan decreased 31% year over year for the month of August, according to Miller Samuel.”

The Philadelphia Inquirer in Pennsylvania. “The region’s top tier homes, those priced over $1 million, are ‘definitely sitting longer than the median priced homes,’ said Realtor Helen Kowalchik. The average $1 million-plus home in Philadelphia’s collar counties is almost always selling for less than the original asking price, Kowalchik said. Some sellers of luxury properties who are excited by the strength of the overall market inflate listing prices, which leads to their homes sitting on the market longer. Sellers then are forced to lower prices.”

“Luxury home buyers also generally aren’t in a rush. They don’t want to compromise and are more likely to pull out if they feel like they are not getting what they wanted, she said. Not many buyers can afford homes in this range, so they know they have fewer competitors. ‘They know that they have the upper hand in that situation almost always, especially in the suburbs,’ Kowalchik said.”

“Philadelphia’s luxury condominium market isn’t getting as much attention now as it had been before the pandemic, said Mike Fabrizio, a Realtor with RE/MAX Access who specializes in Center City condos. Fabrizio, of Mike Fabrizio Luxury Real Estate, said he’s seeing many more units for sale by owners than usual, in part because some empty nesters are moving up plans to purchase retirement homes and because some residents with two homes are selling their condos. The abundance of inventory is helping drive down prices to 2016 levels, he said. Condos that would normally sell quickly are sitting on the market despite price cuts. ‘There’s really amazing opportunities out there right now,’ he said. ‘The savviest buyers are getting the best deals.'”

“As with sellers of single-family houses, sellers of condos in the high-end market see how strong the housing market is generally and wonder why their properties aren’t selling. ‘It’s such a spotty market right now,’ he said. ‘You just have to say, ‘Listen, it’s not this market, it’s this market’ and manage sellers expectations depending on price and location, he said.”

From Socket Site in California. “Purchased from the sales office for $3,149,500, or roughly $2,003 per square foot, back in June of 2016, the ‘highest and largest’ two-bedroom, two-bath unit in the Lumina tower at 338 Main Street, unit #35A, was then listed for $3,449,000 in March of 2017. Reduced to $2,995,000 this past February, is now down to $2,875,000, or roughly $1,830 per square foot, a sale at which would be 8.7 percent below the the unit’s mid-2016 value on an apples-to-apples basis.”

The Los Angeles Times in California. “Chalk this sale up as a head-scratcher. In August, singer Leona Lewis sold her equestrian estate in the celebrity hot spot of Hidden Hills for $3.9 million to a trust tied to Simon Cowell. Ten days after buying the home, records show Cowell put it back on the market for $3.7 million — or $200,000 less than the price he had just paid. On Tuesday, the property sold for $3.6 million.”

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This Post Has 114 Comments

  1. ‘This was the highest rate in more than 21 years and double the December 2009 Great Recession peak’

    Are we there yet?

  2. ‘They know that they have the upper hand in that situation almost always, especially in the suburbs’

    But UHS say suburbs red-hotcakes?

  3. ‘‘full, on-time rental payments’ for affordable properties subsidized by the government, which includes federal rental voucher programs such as Section 8. But properties that don’t receive subsidies could see a total discount to their debt service coverage ratio of as much as 40 to 50 percent, due to a 30 percent drop in rent payments as well as a pandemic-driven jump in operating costs’

    How do those 5% cap rates look now? This is going to be foreclosure city.

  4. ‘This bifurcation suggests a widening of the gap in the U.S. housing market as homeowners or would-be buyers toward the bottom of the credit scale struggle to qualify for a loan’

    Again, this does what to the median price?

    ‘Lending standards have been tightening amid high unemployment following the Covid-19 lockdowns and fears that the economic recovery is stalling. ‘There has been tightening around every margin,’ Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said in an interview. ‘A lot of low credit score programs went away’

    But Joel, you guys said denying credit to po’ people is denying them wealth? Remember all the little feet stamping you did when FHFA put a tiny half percent fee on? And now you stop making these high risk loans at all!

    Fudging hypocrites.

    1. “‘I think it’s a big concern especially as the CARES Act provided forbearance, but homeowners will still have to owe every payment.'”

      Temporary illiquidity is not a problem, since the lenders can pretty much float the missed payments at 0 percent and add them to the end of the loan. Insolvency on the other hand.

      “Again, this does what to the median price?”

      Makes it appear to increase, as in every downturn until non-prime property is forced to sell and get added to the median. How long will that take? The coronavirus appeared to accelerate everything, but for the moment things are stuck, waiting for bailouts and greater fools.

      1. “…Again, this does what to the median price?”

        Makes it appear to increase, as in every downturn until non-prime property is forced to sell and get added to the median…”

        As a plus, such a scam pretties up the FASB157 statement.

        What’s there not to like?

        Bankers get richer, the rest of us eat stale bread.

        Mr. Banker. Comments?

        1. “Mr. Banker. Comments?”

          It’s a Modern Miracle! An increasing medium real estate price magically produces enormous amounts of equity wealth for all of the comps which that can be tapped into (for a fee 😁) and this tapped into equity wealth then can be spent.

          This spending keeps the general economy humming and (most importantly) the equity extractions keeps my extravagant, elegant (and moderately perveted) lifestyle elevated.

  6. ‘a sale at which would be 8.7 percent below the the unit’s mid-2016 value’

    Eat yer crowz Thornberg…

    The HOA is $1200 a month.

  7. “Chalk this sale up as a head-scratcher. In August, singer Leona Lewis sold her equestrian estate in the celebrity hot spot of Hidden Hills for $3.9 million to a trust tied to Simon Cowell. Ten days after buying the home, records show Cowell put it back on the market for $3.7 million — or $200,000 less than the price he had just paid. On Tuesday, the property sold for $3.6 million.”

    Here’s a possible clue about what is behind what is going on …

    Simon Cowell opens up about ‘feud’ with Leona Lewis | Closer
    https://closeronline.co.uk/celebrity/news/simon-cowell-opens-feud-leona-lewis/

    1. A 9% loss in just 10 days.

      If you really stink and you need the bath of your lifetime, just by a house.

  8. Socialists are using ‘hysteria over COVID as a weapon of economic destruction’

    https://www.youtube.com/watch?reload=9&v=npjf0uFZBjU

    ‘Sky News contributor Cory Bernardi says the panic surrounding the health pandemic is being used as a weapon by socialists wanting to bring about economic destruction to usher in the introduction of the Green New Deal.’

    “There is something unusual about the continuing pandemic panic,” Mr Bernardi said. “Medical experts now acknowledge that lockdowns don’t work, they say that treatment with Hydroxychloroquine and zinc does work and that government responses globally have led to a massive destruction of wealth, wellbeing and work. Now none of that makes any sense until you open your mind to consider if there is another agenda at work.”

    ‘Mr Bernardi said behind the COVID-19 pandemic hysteria was an agenda to bring about social and economic change. Klaus Schwab, founder and Chairman of the World Economic Forum, said “COVID 19 cases have shown us that our old systems are not fit anymore for the 21st century, it has laid bare a fundamental lack of social cohesion, fairness, inclusion and equality.’

    “Now is the historical moment of time not only to fight the … virus but to shape the system … for the post-corona era,” Mr Schwab said. ‘

    “(Mr Schwab) admits that COVID is the new excuse to usher in the Green New Deal that climate alarmists, profiteers and big government have been pushing for years,” Mr Bernardi said. “Think about it, the global response to COVID has been a green socialist’s dream.”

    ‘Mr Bernardi said the pandemic brought about a reduction in the use of fossil fuel, caused next to no international travel, ensured welfare for all, saw civil liberties curtailed and has seen the government run by bureaucrats. “Why do you think the Australian Greens have been so quiet these past months … it’s because their policy agenda is coming to life,” he said.’

    “After decades of peddling climate change lies and propaganda to force government by the elites, the socialists have used a media induced hysteria over public health as their latest weapon of economic destruction.”

    1. “Green New Deal”

      Why not make COVID-19 economic losses permanent by adopting Wackonomics during the pandemic?

      1. ‘Fonda’s remarks came during a conversation she had with Maurice Mitchell, the national director of the Working Families Party, a political party that describes it’s as fighting “for workers over bosses and people over the powerful.”

        https://www.9news.com/article/news/nation-world/jane-fonda-calls-coronavirus-gods-gift-to-the-left-during-online-event/507-3d623ee1-bcdc-4ad0-b773-8c4570546b99

        She’s a long time commie, speaking to a group of commies.

        1. Formerly married to Ted Turner, a globalist oligarch who founded CNN. The perfect symbiosis of the radical left and its bankrollers and controllers.

    3. These Davos scum are socialists, as all globalists are. Sure the crooked media would have you think they are big time fat cat capitalists, but it couldn’t be more wrong. Now what should we do with people who would amplify the harm and actually use the CCP virus to make a try for a political take over? Get a rope?

      These guys love China, BTW, because it represents their dream world: total economic control, no voting, no freedoms of any sort. Except for them. Exploiting the slaves and destroying the environment. It’s as wicked as it seems.

      It’s an undisputed fact that China shut off Wuhan from the rest of the country, but allowed thousands of those people to fly all over the world. It was no accident.

      1. Twitter is actively censoring the New York Post, specifically the second dump of emails about Hunter Biden’s corrupt deals in China.

        1. Globalists gotta globe. All of the Oligopoly’s creepy Orwellian tech giants are stepping up their efforts to censor and silence anything that reflects poorly on the globalists’ Democrat auxiliaries, or that challenges The Narrative.

      2. https://thepostmillennial.com/project-veritas-reveals-colorado-dems-operative-to-be-an-antifa-militant-hellbent-on-killing-random-nazis-in-the-street

        These Davos scum are socialists, as all globalists are.

        Define irony: the Weld County, Colorado Democrat Party organizer who was caught on camera railing about killing “Nazis” – anyone who isn’t on board with the Bolshevik’s collectivist program – also talked about targeting billionaires like Bezos. Is this turd somehow unaware that globalist oligarch billionaires provide virtually all the funding and direction for both the Democrats and their radical left auxiliaries like BLM and Antifa?

        “It’s going to take a strategic hit against the .1 percent that’s in charge, cause that’s who it is. Killing random Nazis in the street, random f—ing bootlickers,” Jacks told an undercover journalist, naming Amazon chief executive officer Jeff Bezos first on his hit list. “If you want to do some Versailles sh*t. If you want to do some Antifa sh*t. You really want to change this country that way, with violence, there’s only one way to do it. You gotta get people that are close to billionaires and start just, random billionaires start turning up dead.”

          1. I am Jack’s complete lack of surprise. Any truth-tellers are going to get banned eventually by the globalists’ tech giants. The globalist censorship is only going to get worse from here on out.

      3. These Davos scum are socialists, as all globalists are.

        Like I’ve said – we need to drop a bomb on the Davos and Jackson Hole crowd when they’re all in the same place.

      5. I would say that the Globalist are Monopolist as well as Socialist.
        But, I think any of their Socialist ideas are self serving in that Government should pay for any looting they do . Further, they want top down control of what people get, which isn’t capitalism.
        The Big Money people don’t really like capitalism because it puts a limit on their profits . They look at the Gov as their pawn to pay for their looting by social programs.
        I was in the USA when capitalism was actually operative here . It was great but it got hijacked by everything rigged with the illusion of free market capitalism. Its very sad that the systems that allowed for so much growth for workers in standard of living was given away by Politicians to the current Powers that be.

    4. “Now is the historical moment of time not only to fight the … virus but to shape the system … for the post-corona era,” Mr Schwab said. ‘

      Whup, there it is! The globalist agenda unmasked.

      1. You ought to see this Schwab character talk in person. It would give you the creeps. You would quickly ask yourself if you wanted this Goldfinger type control freak having any control over your life.

  9. Has it dawned on the risk asset HODLers yet that the crater is deepening in every direction, with no bottom or end date in sight?

    1. The Financial Times
      Markets Briefing Equities
      US and European stocks drop as Covid cases accelerate
      Haven bonds rally with investors bracing themselves for higher volatility
      A 9pm to 6am curfew will be imposed in Paris in the wake of rising coronavirus infections
      © Charles Platiau/Reuters
      Naomi Rovnick in London
      54 minutes ago

      US and European stocks dropped on signs the spread of coronavirus is gathering pace, while a rally in German debt pushed yields on the regional haven to the lowest level since the market tumult in March.

      In early Wall Street trading, the technology focused Nasdaq Composite fell 1.6 per cent and the S&P 500 slipped 1.1 per cent. This followed declines in Europe, where the region-wide Stoxx 600 slid as much as 2.5 per cent.

      The gloomy mood came after several countries including France and the UK announced new restrictions in an attempt to slow the spread of the virus, which is accelerating across Europe.
      …

    2. Considering how sh!tty the outlook is compared with the predicted V-shaped recovery, the stock market is HODling up amazingly well!

    3. PB,
      They expect bail outs.
      That’s what we are now.
      One of the moral hazards of the ,2009 Bail Outs of fraudulent lending , without any real correction of what caused the crash.

  10. “‘Four months into the pandemic, the 120-day delinquency rate for July spiked to 1.4%,’ said Dr. Frank Nothaft, chief economist at CoreLogic. ‘This was the highest rate in more than 21 years and double the December 2009 Great Recession peak.

    But…but…V-shaped recovery!

  12. “All 50 states experienced an uptick in seriously delinquent mortgages, those characterized by payments 90 or more days late. But some bore the brunt more than others.

    Meanwhile, the Fed’s Ponzi markets are near their all-time highs. One of these things is not like the other.

  13. ‘A lot of low credit score programs went away.’”

    But…but…that means a lot of Greater Fools won’t be able to get portages for overpriced shacks. I fear this could put downward pressure on prices.

  14. “Desperate landlords now offer as much as three months free rent to potential renters at new, Manhattan apartment towers. ‘There is a considerable amount of pain—20 to 25 percent declines in effective rents,’ according to Ryan Davis, chief operating officer for Witten Advisors, an apartment research firm based in Dallas.”

    Die, speculator scum.

  15. “‘Almost all of our friends have left the city,’ he said, adding that many of them also were planning to move in the next few years. ‘It’s sad because there’s no celebration of the departure. It’s almost like a slow slink away.’”

    Since many of not most of those joining the exodus are libtards who are now reaping what they voted, slinking away from the mess they created is entirely appropriate.

  16. If the stock market can do it, why not commercial real estate?

    https://www.globest.com/2020/10/15/cre-recovery-marked-by-rise-in-asking-rates-pricing-in-sept/

    The commercial real estate market is showing distinct signs of recovery. In September, asking rents increased by 3.5% across asset classes and price per-square-foot rose by 7%, according to research from CREXi’s national commercial real estate report.

    “The office and retail sector were two surprising drivers in asking rents for the month. Office asking rents increased 4.1% month-over-month—double the increase in asking rents from August, according to the report. Retail asking rents increased 4.2% in September over August, which had only modest gains. Restaurants in particular have started to recover after months of closures and encumbering restrictions. Isolating for restaurants only, asking rents increased by 5.83% in September.”

    “The retail sector also drove gains in price per-square-foot for commercial properties. In August, price per square foot for newly listed commercial properties increased by only 1.3%, and in September the gains jumped to 7.15% across asset classes. Retail assets alone increased by 7.95% for the month.”

    Did the Fed start buying CBMS? Or is this just made up numbers?

    3. “…Or is this just made up numbers?…”

      At best, misleading.

      The building leased by the company I work for is about 100,000 ft/sq but is essentially a empty ghost ship since mid-March.

      I bike by dozens of similar buildings in Irvine Spectrum every morning.

      Don’t think these ‘ghost ships’ show up in any sort of stats that I know of.

      CRE is going to get really interesting when the leases run out on these expensive monsters.

      1. CRE is going to get really interesting when the leases run out on these expensive monsters.

        A place to house the homeless? I’m sure Irvine residents will be thrilled.

        1. “…A place to house the homeless? I’m sure Irvine residents will be thrilled….”

          I will title this one “Things you will see on a bike ride that you can’t see any other way”

          Just on this mornings ride a few hours ago:

          1) Chain link fence bent back parallel to Amtrak rail line and
          bike path. Why? Homeless hide/sleep/live in a fairly
          large thick wooded area next to golf course. Hard to get
          a head count, but must be quite a popular spot judging
          by number of chain link fence breaches and amount of
          trash old clothes, etc dumped next to bike path.

          2) Homeless person on bus bench, (Alton Ave) sorting thru
          plastic bags.

          3) A dump of junk near San Diego Creek bed. 99% sure
          homeless action.

          Don’t wait! You too can easily spend $2mm or more for a track house here in Irvine observe all the comings and goings.

          And don’t even get me started on the upcoming local election. Homeless, trash everywhere, is not on anyone’s agenda. Come join us, be one of the selected few, ’cause we are all living in fantasy land.

          1. And don’t even get me started on the upcoming local election. Homeless, trash everywhere, is not on anyone’s agenda.

            Well, that involves solving real problems, and who has the time for that? As long as you live in a gated community (with a security patrol) you can keep most of that out.

      2. Known as shadow vacancy in the trade.

        Empty desks that will stay empty when the pandemic is over count too. It will either be sublet space, or space that is not re-leased.

        But when you talk about “Ghost Ship,” I think of that improvised housing that burned in Oakland.

        https://abc7news.com/ghost-ship-trial-verdict-max-harris-fire-victims/5414390/

        I guess all this space could become firetrap housing for the poor and homeless if the authorities allow.

  19. ‘As a documentary, “What Killed Michael Brown?” has everything going for it. Its subject is timely, about the pre-George Floyd killing of Michael Brown by a police officer that set off riots in Ferguson, Mo., in 2014.’

    ‘It’s written and narrated by Shelby Steele, the prominent African-American scholar at the Hoover Institution, and directed by his filmmaker son, Eli Steele. Its subject—race relations—is a major fault line in this year’s presidential election, one reason the Steeles scheduled their film for release on Oct. 16.’

    ‘One problem: “What Killed Michael Brown?” doesn’t fit the dominant narrative of white police officers killing young black men because of systemic racism. As a result, says the younger Mr. Steele, Amazon rejected it for its streaming service. “We were canceled, plain and simple.”

    ‘In an email, Amazon informed the Steeles that their film is “not eligible for publishing” because it “doesn’t meet Prime Video’s content quality expectations.” Amazon went on to say it “will not be accepting resubmission of this title and this decision may not be appealed.”

    ‘It’s sadly telling about elite political conformity that an intelligent film that gives voice to a variety of people, almost all black, who would otherwise not be heard is somehow deemed unfit for polite company. As Eli Steele puts it, “When Amazon rejected us they also silenced these voices and that is the great sin of a company that professes to be diverse and inclusive.”

    https://www.wsj.com/articles/amazon-cancels-shelby-steele-11602715834

      1. The last spoken line of the linked trailer is well worth noting in understanding why the liberals constantly use the race card.

  21. Listed anew for $3,299,000 early last year, perhaps in anticipation of a completely mis-projected wave of millionaires that were going to “eat San Francisco alive,” the unsold 1,572-square-foot unit was then listed for rent at $11,000 a month (which was reduced to $10,500 after a week). And in October of last year, the unit was listed anew for $3,150,000 and its days on the market were reset to “1.”

    DoM fraud.

    1. “DoM fraud”

      It’s all fraud. And anyone on either side of the transaction endorses the fraud. The buyer who is the weakest and least informed marches to the orders of the lead perpetrator of the fraud.

  22. I always liked this guy, for reasons that were a little out of the box,. 🙂

    RIP Fred Dean

    1952 – 2020

    Fred Dean, Hall of Fame DE for 49ers and Chargers, dies at 68; ex-teammate said he had COVID-19

    By Bryan DeArdo
    4 hrs ago

    “One of the first times I met Fred, he’s laying on a bench in our weight room smoking a cigarette,” recalled former 49ers center Randy Cross. And I looked down and said, ‘Fred, what are you doing man?’ He said, ‘Well, I was thinking about lifting weights, but I thought I might lie here until I got over it.'”

    https://www.cbssports.com/nfl/news/49ers-hall-of-fame-pass-rusher-fred-dean-dies-at-68-former-teammate-said-hed-been-hospitalized-with-covid-19/

    Players talk about his first game as a 49er 🙂

    https://youtu.be/akIEtrrUsRA

        1. Imagine if they were hosting your company’s data and they suddenly shut down and you could no longer access your data. Your company could be effectively shutdown.

    1. Yeah, I’m not sure what happened. I had to fish them out of the trash file. There isn’t any way to automate that if I wanted to.

      1. It’s strange. It does that every couple weeks or something. I’ve tried to close and re-open my browser, shut off the Joshua Tree Extension, etc. Nothing seems to work.

    2. Hey Rip – try changing your email. I was having the same issue until I put a different email, then my comments showed up in moderation again.

  26. In keeping with the globalists’ infatuation with pedophila and attempts to present it as just another sexual proclivity, the BBC has announced plans for a mini-series on Jimmy Savile, who molested hundreds of children with impunity while a top UK entertainer. As is usually the case with globalist media celebrities, authorities turned a blind eye to his activities.

    https://www.bbc.com/news/entertainment-arts-54542956

    The BBC has announced its plans for a mini-series about the disgraced late TV personality Jimmy Savile.

    The Reckoning, which will be shown on BBC One, will tell the story of the presenter’s rise, and the sexual abuse scandal that emerged after his death.

    Executive producer Jeff Pope said it was “a story that has to be told”.
    He said: “We must understand why a man like Jimmy Savile seemed to remain immune for so long to proper scrutiny and criminal investigation.”

    It is not yet known who will be cast in the lead role.

    Savile was one of the UK’s top entertainers in the 1970s and 80s, known for TV shows like Top of the Pops and Jim’ll Fix It, as well as stints on BBC Radio 1.

    After his death in 2011, an ITV documentary investigated claims of sexual abuse against him, leading to further allegations of abuse and a string of public inquiries.

    These found that the broadcaster had leveraged his involvement in organisations such charities, hospitals, prisons and the BBC to prey on hundreds of people – mostly vulnerable young females.

  27. I suspect the real estate industry is suddenly interested in a massive expansion of Section 8, which has traditionally been able to provide subsidies to a small share of those who meet the eligibility requirements.

    “Fitch Ratings predicts ‘full, on-time rental payments’ for affordable properties subsidized by the government, which includes federal rental voucher programs such as Section 8. But properties that don’t receive subsidies could see a total discount to their debt service coverage ratio of as much as 40 to 50 percent, due to a 30 percent drop in rent payments as well as a pandemic-driven jump in operating costs.”

    Of course if rents plunge, the subsidies would not be as needed.

  28. Laura Loomer, the truth-teller and now congressional candidate who was banned and de-platformed by the Oligopoly tech companies, warned mainstream conservatives, aka cucks, they were next. They didn’t listen. They should have. Globalist media censors are intent on banning ALL non-Narrative compliant content and truth-tellers from the Internet.

    LOOMER WAS RIGHT: Congressional Candidate Warned That Big Tech Censors Would Come for Mainstream Conservatives

    https://bigleaguepolitics.com/loomer-was-right-congressional-candidate-warned-that-big-tech-censors-would-come-for-mainstream-conservatives/

  29. https://twitter.com/ricksharga/status/1316832051773861888
    Rick Sharga @ricksharga
    #Foreclosure starts and #REO actions are the lowest ever recorded by @Attomdata and @RealtyTrac, [Wait for it!] but mostly because moratoria and forbearance programs have given borrowers a temporary reprieve. Watch for a burst of pent-up #default activity in 2021.

    https://www.attomdata.com/news/market-trends/foreclosures/attom-data-solutions-september-and-q3-2020-u-s-foreclosure-market-report/
    Q3 2020 U.S. Foreclosure Activity Reaches Historical Lows as the Foreclosure Moratorium Stalls Filings
    ATTOM Staff October 14th, 2020
    2:03 PM · Oct 15, 2020·Twitter Web App

    – While I’m not holding my breath, I’m looking for some REality after the Nov. elections, or by early 2021. It’s status quo until then, IMHO.

  32. Next Big Housing Trend: Exploding Inventory as Investors Dump Their HODLings to Contain Their Losses

      1. Notice how Luigi only discusses hotcakes markets where everyone wants to buy, while conveniently ignoring any mention of the urban hellholes where invetory is piling up and prices are cratering.

        Just what we need is one more REIC shill to hide the collapse underway…

  33. C-SPAN suspends veteran political editor for lying about Twitter hack

    By DAVID BAUDER | AP Media Writer
    PUBLISHED: October 15, 2020

    NEW YORK — C-SPAN suspended its political editor Steve Scully indefinitely Thursday after he admitted to lying about his Twitter feed being hacked when he was confronted about a questionable exchange with former Trump aide Anthony Scaramucci.

    The news came on the day of what was supposed to be a career highlight for the 30-year C-SPAN veteran. Scully was to moderate the second debate between President Donald Trump and Democrat Joe Biden, which was canceled after Trump would not agree to a virtual format because of his COVID-19 diagnosis.

    A week ago, after Trump had criticized him as a “never Trumper,” Scully tweeted “@Scaramucci should I respond to Trump.” Scaramucci, a former Trump communications director and now a critic of the president, advised Scully to ignore him.

    Scully said that when he saw his tweet had created a controversy, “I falsely claimed that my Twitter account had been hacked.”

    https://www.ocregister.com/2020/10/15/c-span-suspends-veteran-political-editor-for-lying-about-twitter-hack/

  35. Here is a fun read from Down Under…

    BidenGate breaks: Facebook, Twitter censor the Whitehouse as “unsafe”, but FBI did nothing? « JoNova
    http://joannenova.com.au/2020/10/bidengate-facebook-twitter-censor-the-whitehouse-as-unsafe-but-fbi-awol/

    Here is a snip or two …

    “Hard to say what’s bigger in the October Surprise. Joe Biden gets caught lying in an alleged pay-for-play scandal, Facebook and Twitter do naked political censorship to influence the US election in a “Digital Civil War” , or that the FBI was given all the information last year and didn’t say a thing.

    “Everything the Democrats accused Trump of doing they were apparently doing themselves.

    “Hunter Biden introduced his father, then-Vice President Joe Biden, to a top executive at a Ukrainian energy firm less than a year before the elder Biden pressured government officials in Ukraine into firing a prosecutor who was investigating the company, according to emails obtained by The Post.

    Joe Biden says he’s ‘never spoken to my son about his overseas business dealings.’

    “‘Donald Trump in the NY Post: Vice President Biden, you owe the people of America an apology because it turns out you are a corrupt politician,’… ‘The Biden family treated the vice presidency as a for-profit corporation, flying around the globe, collecting millions of dollars from China and Ukraine and Russia and other countries.’

    Trump said the reporting indicates, however, that ‘Joe Biden has been blatantly lying about his involvement in his son’s corrupt business dealings.’ ‘These emails show that Biden’s repeated claim that he has never spoken to Hunter about his business dealings were a complete lie,’ Trump said. ‘He’s trying to cover up a massive pay for play scandal at the heart of his vice presidency.’

    “’Hunter was being paid for access to his vice-president father, who was specifically put in charge of Ukraine and Russia,’ Trump said. ‘It’s a corrupt family. Joe Biden personifies the selfish and corrupt globalists who got rich and powerful at your expense.’

    “Radioactive? Facebook won’t even let The NY Post, a major US Newspaper, share its own article

    “Facebook jumped so fast, they were stopping it spreading before their own ‘fact-checkers’ even come up with a reason:

    “Facebook has reduced the distribution of a New York Post story containing bombshell information indicating that — contrary to his previous denials — Joe Biden allegedly did meet with an adviser to the board of Burisma while he was vice president, arranged by his son Hunter, who was then working as a lobbyist for the company. Twitter followed suit soon after, labeling links to the story ‘unsafe.’

    “The emails were found on a computer dropped off for repair 18 months ago. The service was never paid for or the laptop retrieved. The repair shop couldn’t say who dropped off the lap top, but it had a sticker from the Beau Biden Foundation, and after all, the contents include emails from and to Hunter and even films that appear to show him in highly compromising ‘intimate’ action. The owner alerted the FBI who seized it last December, but apparently didn’t do anything else. The repair shop kept a copy of the hard drive and gave it to Rudy Giuliani. Apparently there’s a lot more to come.”

    Stay tuned.

    1. “The emails were found on a computer dropped off for repair 18 months ago.”

      Somewhat related to this …

      FBI Paid Best Buy’s Geek Squad to Spy on Customer Devices | InvestorPlace
      https://investorplace.com/2018/03/geek-squad-fbi-best-buy-co-bby/

      (snip)

      “Best Buy Co Inc’s (NYSE:BBY) Geek Squad has reportedly being used by the FBI to spy on the devices of its customers.

      “Geek SquadDocuments published Tuesday show that FBI agents paid employees from the Geek Squad to act as the law enforcement agency’s informants as these workers did a thorough examination of the devices that they repaired to see if they had any illegal content there.

      “This relationship was proven by documents posted online by the Electronic Frontier Foundation (EFF) as the digital rights group filed a lawsuit against the FBI for the documents last year due to the agency denying the EFF a Freedom of Information Act request.

      “The lawsuit stems from the fact that the EFF wants to learn just how much the agency trains and directs Best Buy Geek Squad workers to take part in warrantless searches of customers’ devices during maintenance. The EFF believes that using repair technicians to unveil evidence of criminal behavior may be in violation of people’s constitutional rights.

      “The EFF found that the bureau’s relationship with Geek Squad workers has existed for at least a decade as an FBI memo from 2008 describes a meeting between the Best Buy workers and the FBI’s ‘Cyber Working Group’ at Best Buy’s Kentucky repair facility.”

      Click on the link to read more.

    1. Thanks at $15hr proper English, math and customer service skills will weed out those ebonic speakers on the front lines. I’ve been noticing that lately.

      After all the average inmate read at best a 6-8th grade level, so a mass immersion in the English language starting in grade school will help keep kids off the school to prison pipeline. But i’m the racist….

      2. For reference, Charlotte’s Web is rated between Grades 4-5. If you can’t read, write, and speak at that level, then you should be evaluated.

        RE minimum wage. If I were Trump I would have made a deal with the Dems: “You cut off chain migration immigration and give me e-verify, and I’ll give you $13 minimum wage.” It would have been a win-win for Trump. If Dems agreed, there would be more jobs for unskilled citizens. If Dems refused, they would be reviled for going back on one of the planks in their platform.

  37. Savannah Guthrie grilled Trump like few others have, taking the heat off NBC for its town hall

    By Jeremy Barr
    Oct. 15, 2020 at 9:36 p.m. EDT

    NBC faced sharp criticism this week for scheduling a Thursday night town hall with President Trump, with even network employees chiding their employer for giving him an hour of airtime — “a free hour of television,” he said, sounding pleased, at a rally earlier that day. Even worse, critics said, it was matched up against ABC’s town hall with Democratic candidate Joe Biden, making voters choose.

    But despite fears that the event would amount to a free promotion for Trump’s campaign, it ended up being one of the toughest grillings he has faced as president, with questions about white supremacy, covid-19 deaths and his taxes.

    https://www.washingtonpost.com/media/2020/10/15/trump-town-hall-savannah-guthrie-biden/

    1. Biden tossed softball questions in first half of ABC News town hall

      By Ebony Bowden
      October 15, 2020

      Biden was asked whether he would take a coronavirus vaccine, and how he would reduce taxes for the middle class, but the elephant in the room, the Post’s bombshell reporting on Hunter Biden’s business dealings overseas, went unmentioned in the first 40 minutes of the 90-minute town hall.

      “It is the president’s responsibility to lead and he didn’t do that. he didn’t talk about what needed to be done because he kept worrying, in my view, about the stock market,” Biden said, bashing Trump’s response to the pandemic at the town hall moderated by “Good Morning America” host George Stephanopoulos.

      When Stephanopoulos pushed back, saying that in the White House, he’d be getting conflicting advice from scientists and economics, Biden simply said he’d contain the pandemic by being “rational.”

      https://nypost.com/2020/10/15/joe-biden-tossed-softball-questions-in-first-half-of-abc-news-town-hall/

    2. Savana and her sniveling puke followers all need to get a job.

      God Bless President Donald J. Trump and God Bless America!

  38. Robinhood warns the muppets in a 9:30 PM email that they will be raising margin requirements on “widely held stocks” – without specifying WHICH stocks. What a fly by night operation. This comes after at least 2,000 Robinhood muppets had their accounts hacked. I almost feel sorry for these fools, who have no inkling that they’re being set up for a wholesale fleecing by the Wall Street-Federal Reserve Looting Syndicate.

    https://markets.businessinsider.com/news/stocks/robinhood-warning-raise-cash-margin-widely-held-stocks-market2020-10-1029687430#

  39. Here’s one of the questions Joe’s people wrote and had him home home studying the answers to before he was asked them last night.

    He does invent 2 men kissing to the Corn Pop story in his answer.

    Joe Biden Supports 8 Years Olds Being Able To Change Their Gender

    https://twitter.com/eric_cochran?lang=en

    1. I really think this borders on child abuse, 8 year old getting puberty blockers and opposite sex hormones, is just not right,

  40. The World Bank rivals the Fed when it comes to cluelessness mixed with mendacity. Of course there’s going to be a major economic crisis, you idiots – what did you think was going to happen when the globalists and their Quislings locked down entire societies, then massively increased debt-based “stimulus” that benefited mainly the financier elites at the expense of everyone else?

    https://www.bloomberg.com/?sref=ibr3A0ff

    World Bank Chief Economist Carmen Reinhart said the coronavirus pandemic is turning into a major economic crisis and warned of the possibility of a financial crisis emerging.

    “This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences,” Reinhart said in an interview with Bloomberg Television. “There’s a long road ahead.”

    Reinhart, who took her new role in June, is best known for her work with then-Harvard colleague Kenneth Rogoff on the last financial crisis in their 2009 book “This Time Is Different: Eight Centuries of Financial Folly.” It made the pair the go-to resource on the history of government defaults, recessions, bank runs, currency selloffs, and inflationary spikes.

  44. One shouldn’t place blame for the natural consequences of the Fed’s pedal-to-the-metal stimulus on steroids on the Millenial day traders, who are rationally responding to the evidence that the stock market always goes up, no matter what.

    Key Words
    ‘Young and dumb’ traders have created a ‘total nightmare’ in the stock market, fund manager warns
    Last Updated: Oct. 15, 2020 at 2:41 p.m. ET
    First Published: Oct. 15, 2020 at 2:19 p.m. ET
    By Shawn Langlois
    At 40 times earnings, there is a 0% chance that Microsoft stock will produce wealth for someone over the next 10 years to meet their needs, Cole Smead says
    …

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