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A Downturn Could Lead To Panic Selling By Some Investors

A report from on New York. “Nobody wants to buy notorious sex offender Jeffrey Epstein’s real estate. The convicted criminal’s grand, 28,000-square-foot townhouse in Manhattan’s tony Upper East Side has undergone a $23 million price cut. ‘In New York, it’s not uncommon to see sellers ask for fantasy prices,’ says Olshan. ‘It’s obviously more appropriately priced now.'”

From Patch New York. “In November, the Upper East Side had the most home price drops of any New York City neighborhood — asking prices declined on 171 listings, according to RealtyHop. The home with the single biggest price drop in November was also on the Upper East Side. A 13th-floor apartment at 1040 5th Ave. had its listing price reduced by a whopping $7.4 million that month, the study found.”

From Boston 25 News in Massachusetts. “Broker Marie Prest, with offices in Stoneham and Newton, explained that there under two months worth of inventory in the suburbs around Boston. “That’s completely different than downtown Boston which has over seven months supply of inventory. The rental market has softened, according to Presti. ‘I’ve got some landlords who have had to take a drop in what the true market value of a rental is, to get someone in there.'”

From Seattle PI in Washington. “Rent prices in Seattle have gone down significantly. In December, the trend continued. Seattle rents declined 3.6% month over month in December, and were down 22% since the start of the pandemic in March, according to ApartmentList. In San Francisco, rent prices have dropped 26.7% since the start of the pandemic in March and 2.7% month-over-month. In Boston, rent prices have dropped 20.6% since the start of the pandemic in March and 3.1% month-over-month.”

From Bisnow on California. “According to Zumper’s data, the median price for a one-bedroom apartment in S.F. in January 2021 is $2,660, down from $3,500 just a year ago. That 24% drop also distinguishes the city as leading the nation in rental rate declines for one-bedroom apartments, tied with Santa Clara. In the Bay Area, Zumper’s report found nearly all cities in the nine-county metro area experienced rent declines. With major tech companies shifting to remote work, the cities of Menlo Park, Mountain View, Redwood City, Santa Clara and Oakland saw rate shortfalls of over 20%.”

From Socket Site in California. “Having ticked up to over 10 percent in November, the average vacancy rate for a sampling of ten large apartment buildings in San Francisco, representing a combined 3,000 units of housing located in Hayes Valley, Dogpatch, Mid-Market and Downtown, has ticked down to a little under 8 percent, driven by aggressive discounting and incentives to sign a new lease by the end of the year.”

“The vacancy rate for one of the larger buildings is still over 20 percent and another building, which was fully occupied prior to the pandemic, has had over 100 vacant units since the end of October, with three times as many apartments now listed for rent in San Francisco than there were at the same time last year.”

From The Real Deal on Florida. “Developer Ari Pearl and investor Jonathan Leifer paid $30 million for the Tryp Hotel in Bay Harbor Islands, with plans to convert it to a condo-hotel, The Real Deal has learned. Pearl’s PPG Development and Leifer, chairman and founder of L3C Capital Partners, acquired the waterfront property out of foreclosure. The seven-story Bay Harbor Islands hotel was completed in 2018.”

“Hospitality was among the hardest hit sectors last year, and few hotels traded. In September, the owners of the Variety Hotel in Miami listed the property for sale amid a foreclosure lawsuit.”

From Bisnow on Texas. “Millions of square feet of Dallas-Fort Worth office space hit the sublease block in the past 12 months, creating fear of a much larger office market disruption in 2021. ‘It is unprecedented,’ Younger Partners Corporate Services Director Bob Acuff told Bisnow in an interview. ‘It is probably double what we would typically see in the marketplace, and I don’t think any of us right now know how we are going to be affected next year, or even the year after, by all of that space because there is so much uncertainty.'”

“Younger Partners predicts another 300K to 600K SF will hit the DFW sublease market in the coming months as Pioneer Natural Resources lists additional space in its former DFW headquarters. The addition of this one listing will bring the sublease market to roughly 10M SF, according to Younger Partners. ‘Given past subleasing activity over the past two cycles, there is a four- to five-year supply of sublease space available,’ Acuff said. ‘I don’t think the demand is out there to eat up a four- or five-year supply of sublease space.'”

The Wall Street Journal. “Shares of real-estate investment trusts that are big owners of rental apartments in New York, San Francisco and other large urban areas got clobbered last year. The FTSE Nareit Equity Apartments Index, which tracks the apartment sector, fell 19% in 2020. The index is weighted heavily toward companies with large downtown holdings. Analysts say this trend is likely to continue in 2021 and, possibly, beyond.”

“Shares of Equity Residential and UDR Inc., which have large portfolios of luxury apartments in San Francisco and Manhattan, fell 27% and 17%, respectively, in 2020. The more urban-focused UDR reported that about 40% of its tenants who left Bay Area apartments during the pandemic decided to give up on the entire region. Before the pandemic 20% to 25% did so.”

“In New York and San Francisco, analysts and apartment owners are still waiting for a floor for falling rental prices. ‘Where does the new demand come from? Gen Z, the younger end of the millennials, and businesses continuing to hire in these cities, which right now is not happening,’ said John Kim, a real-estate securities analyst at BMO Capital Markets Corp.”

The Globe and Mail in Canada. “When the COVID-19 health crisis prompted the Ontario government to impose restrictions on travel and business in March, immigration halted, Airbnb rentals dried up, and young people fled the core to live with their parents in the suburbs. The combination created a perfect storm that hammered the market for downtown condo apartments, says John Andrew, a professor at Queen’s University in Kingston. ‘The smaller the condo unit, the worse it was going to perform.'”

“All of this will have long-term implications for the downtown condo market, in his opinion. Some of the short-term rental market may rebound because out-of-town employees may be willing to rent a unit for the one or two nights they are in the city, he says. But the cohort of people looking to live in condos long-term will probably be diminished for some time to come. ‘I think that demand is probably not going to recover.'”

“Prof. Andrew estimates condo prices have dipped about 10 per cent in downtown Toronto. While a certain number of people – especially investors – have been waiting on the sidelines for a correction, he does not expect they will provide enough demand to buoy the market. ‘I think we’re going to see a continued decline in condo prices.'”

“Prof. Andrew has long feared that a downturn in the condo market could lead to panic selling by some investors. In many cases, the rent they collect barely covers the mortgage payment. ‘If they’re not able to rent for a few months, they can quickly get into trouble,’ he says.”

From Mortgage Broker News in Canada. “Before 2020 ended, Toronto and Vancouver saw their mortgage delinquency rates reach their highest levels since 2016. ‘Compared to the same quarter last year, the rate is 23.1% higher,’ Better Dwelling said in an analysis. ‘The sharp annual increase puts delinquencies at a rate not seen since 2016.'”

“Better Dwelling added that the Toronto and Vancouver delinquency rates are especially strange considering their current market conditions. ‘Toronto and Vancouver are seeing price increases and record sales. It’s odd to see anyone fall delinquent in the current narrative,’ Better Dwelling said. ‘Further, the government rolled out a number of policy measures to prevent delinquencies … [which] should have made the rate lower than usual.'”

This Post Has 102 Comments
    1. The Mechanics Behind the Electronic Vote Steal Operation

      “Dominion-izing the Vote”

      Eric Coomer Explains How To Alter Votes In The Dominion Voting System

      Eric Coomer, Dominion’s head of product and strategy, has disappeared.

      ‘Representatives from Dominion also did not attend a court hearing in Pennsylvania on November 19. Its US headquarters in Denver was also suddenly closed and moved away. Their employees deleted their names from LinkedIn.’

      Here’s the testimony on video:

      “Baggies of USBs” – PA Witness Gives Explosive Testimony

      Dem Ballot Inspector Says She Was Threatened with Violence for Speaking Up About Suspicious Activity

      “The majority inspector threatened to slap me in the face,” said Olivia Jane Winters, a registered Democrat and minority ballot inspector in Pennsylvania, testifying to Pennsylvania State Republicans Wednesday that she had been threatened and harassed by other election officials after she asked about suspicious activities during the 2020 election.’

      Crowd Gasps after Finding out about Absurd Spike of Votes in Favor of Biden

      Sen. Doug Mastriano closing remarks PA state legislature meeting.

      ”We began to look and realized how easy it is to change votes.”

      ‘Election security expert @RussRamsland
      has performed many investigations on US election machines.’

      ‘The most *shocking* thing about this interview is it took place just days BEFORE the election. Watch’

      Col Phil Waldron Confirms Experts Witnessed Dominion Communicating with Frankfurt on Election Day

      Dominion forensic report from Michigan (PDF):

      1. ‘KRAKEN is DOD cyber warfare program.’

        ‘They cheated & got caught!’

        Sidney Powell
        ‘Who knew?’

        I did some digging around and found this (WARNING) PDF:

        It’s dated Feb. 2019. If you word search Kraken (‘respond’ category), you’ll find it twice on page 4. This unit 305 person is in the affidavits in Powells lawsuit.

        WARNING PDF with filing:

        Zuckerberg on page 15. Obammie on page 8.

        ‘Response: Yes, our “White Hat” hackers – they have that traffic and the packets.”

        ‘Ruby Freeman Makes Video of herself Showing MOUNTAINS of GA ABSENTEE BALLOTS With NO RETURN ADDRESS’


        Note the vote spike at the Atlanta treason:

        Corrupt Georgia Election Worker Seen Loading Same Ballots 3 Times into Machine

        Poll Worker Ruby Freeman Loads Up The Same Stack Of Ballots To Be Counted 3X

        Ruby Freeman – “I need an attorney”

        “This is bigger than me. I need an attorney.” at 4:55.

        Some videos worth watching:

        Rudy Giuliani Shuts Down Every Single Democrat And Troll In 6 Minutes

        Sidney Powell On Her “Elevator Pitch” To The Supreme Court

        Election Fraud – Fulton County, Georgia at State Farm Arena on November 3rd, 2020

        ‘Below are several thousand pages of evidence and hours of video explaining this evidence for your review. This evidence involves admissions by election officials, expert opinions, affidavits of witnesses, and dramatic evidence of the break in ballot chain of custody and the infusion of hundreds of thousands of fraudulent ballots into the counting stream.’

        ‘This lawlessness was made possible by work stoppages, prohibiting bipartisan participation, and early morning ballot drops in consolidated counting centers, all of which undermined election integrity.’

        1. ‘Georgia election data indicates 17,650 votes were switched from President Donald Trump to Democratic presidential candidate Joe Biden, data scientists testified on Wednesday during a state Senate hearing.’

          ‘A team led by Lynda McLaughlin, along with data scientists Justin Mealey and Dave Lobue, presented the results before the Georgia Senate Judiciary Subcommittee on Elections.’

          ‘Mealey worked as an electronic warfare technician in the U.S. Navy for nine and a half years and was a former Central Intelligence Agency (CIA) contractor as a data analyst and programmer for the National Counterterrorism Center. He currently works for one of the “Big Four” accounting firms as a programmer. Lobue is a data scientist with over a decade of experience in a number of industries.’

          “What we have here is we actually have fraud that we can prove in this election, there was fraud in Georgia’s election, we can prove it with data,” Mealey said. “The voting will of the people of Georgia is not reflected in what was certified by the Secretary of State.”

          ‘According to their analysis on time series election data which was published online as early as Dec. 24, Trump’s votes were decrementing in various counties instead of increasing as they do normally. 17,650 votes were allegedly switched from Trump to Biden as result.’

          ‘A “clear example of vote switching” happened in DeKalb county, they said. At 9:11 p.m. local time, Trump received 29,391 votes as Biden simultaneously received 17,218. However, in the next reported time update, Trump’s votes became 17,218 while Biden’s changed to 29,391.’

          ‘In this single event, 12,173 votes were switched, the data scientists believe. State-certified election results show Trump lost Georgia by 12,670 votes. The Trump campaign is still challenging the results in various courts.’

          “I want to make that very, very clear that at no point in an incremental process, should you decrement it,” Lobue said.’

          ‘Pennsylvania election data shows that over 432,000 votes were removed from President Donald Trump during the November election, data scientists say.

          ‘According to an analysis by the Data Integrity Group, obtained exclusively by The Epoch Times, votes for Trump—from both Election Day and mail-in ballots—were removed from the totals in at least 15 counties. Time-series election data shows Trump’s votes decrementing in various counties at numerous time points instead of increasing as would be expected under normal circumstances.’

          ‘The group said that Election Day vote removals happened during the vote tabulation process in at least 15 counties, including Lehigh County, Chester County, Allegheny County, Armstrong County, Westmoreland County, Northhampton County, Delaware County, Montgomery County, Lackawanna County, Dauphin County, Pike County, Carbon County, Washington County, Erie County, and Luzerne County.’

          ‘Meanwhile, absentee vote removals happened in Allegheny County, Chester County, and Lehigh County. At least 432,116 votes—213,707 election day votes and 218,409 absentee votes—were removed in total.’

          “There were vote movements across all candidates. However, we did not see the same type of negative decrements to any of the [other] candidates that we saw with President Trump’s tallies, and they happened repeatedly with no explanation,” Lynda McLaughlin, a member of the group, told The Epoch Times.’

          Two examples of vote shifting live on-air in Georgia Election

          1. This is a bedwetting article.

            Washington Post — Aides weigh resignations, removal options as Trump rages against perceived betrayals (1/7/21):

            “President Trump was ensconced in the White House residence Wednesday night, raging about perceived betrayals, as an array of top aides weighed resigning and some senior administration officials began conversations about invoking the 25th Amendment — an extraordinary measure that would remove the president before Trump’s term expires on Jan. 20.

            A deep, simmering unease coursed through the administration over the president’s refusal to accept his election loss and his role in inciting a mob to storm the Capitol, disrupting the peaceful transfer of power to President-elect Joe Biden. One administration official described Trump’s behavior Wednesday as that of “a total monster,” while another said the situation was “insane” and “beyond the pale.”

            Fearful that Trump could take actions resulting in further violence and death if he remains in office even for a few days, senior administration officials were discussing Wednesday night whether the Cabinet might invoke the 25th Amendment of the U.S. Constitution to force him out, said a person involved in the conversations.”


  1. Bloomberg — Cash-Strapped Americans Are Drawing Down Savings as Pandemic Divisions Widen (1/6/20):

    “One in four consumers pulled money from their savings in December, the most so far in the pandemic, according to a new survey from financial comparison website MagnifyMoney.

    While men, colleague graduates and six-figure earners continued to add money to their savings, overall the proportion of those able to save anything dropped to 33% compared with 42% at the same time last year.

    The data again highlights the increasingly divergent economic impact of the pandemic. While poorer Americans have depleted meager reserves and need new stimulus payments to survive, those who’ve kept their jobs and incomes have seen an unexpected windfall. For this cohort, the $600 checks represent an opportunity to buy stocks or treat themselves with new consumer goods.”

    No “pent-up demand” for $500,000 starter homes happening here.

    1. Typo: above article should be dated 1/6/21.

      As of right now, Elon Musk has become the richest man in the world. Tesla stock is trading at 1,600 P/E.

  2. ‘Given past subleasing activity over the past two cycles, there is a four- to five-year supply of sublease space available…I don’t think the demand is out there to eat up a four- or five-year supply of sublease space’

    This is why you make the big bucks Bob. So what happens? Yer fooked.

    ‘Andrew has long feared that a downturn in the condo market could lead to panic selling by some investors…estimates condo prices have dipped about 10 per cent in downtown Toronto’

    Downturn happened months ago John. I’ll remind readers that depending on who you ask, 20-50 thousand new airboxes are on the way on Toronto.

  3. ‘the Toronto and Vancouver delinquency rates are especially strange considering their current market conditions. ‘Toronto and Vancouver are seeing price increases and record sales. It’s odd to see anyone fall delinquent in the current narrative’

    Unpossible isn’t it? Narratives say there is no objective reality. It’s horsesh$t. For instance, I read in the WSJ this morning that 4 people got killed in DC yesterday. No they didn’t, unless it’s from motorcycle accidents that were caused by the CCP virus.

    Let’s recap a bit: we watch Dpedo sing the priaises of riots, cities burning, for months. Violence is justice! we’re told. Do you recall dozens of people were killed in the senseless riots? But let a DC cop shoot an unarmed woman in the neck, and Holy Sh$T!

    This is asymmetrical war. It’s an information war. We sure can’t trust the globalist media. This is the people versus the deep state. Who are the deep state? It’s being exposed: both parties. The judiciary. When you have no recourse, the alternative becomes more clear.

    “Oh Ben, you can’t go around hanging people!” They got necks don’t they? We didn’t do this, it was done to us.

    ‘But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.’

    ‘Whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute a new government, laying its foundation on such principles, and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness.’

  4. ‘paid $30 million for the Tryp Hotel in Bay Harbor Islands, with plans to convert it to a condo-hotel’

    Yep, the dumbest real estate idea imaginable is still alive in Florida.

    ‘The seven-story Bay Harbor Islands hotel was completed in 2018’

    Well that didn’t take long. So what happens to the 80 or 90% that are older than that.

    1. Lucky number 13?

      I love that because it is a co-op, there is a minumum downpayment of 20%, kind of like it used to be everywhere. Hopefully anyone buying a $16mil apt has enough cash to cover it.

      Speaking of, I know of a co-op that recently halved its downpayment requirement. Prices doubled overnight. Apparently it’s the latest last-gasp flipper/arbitrage opportunity – take over the board, change the rules to be more speculator-friendly, then profit. Same thing is starting to happen at another co-op I know, and the old-school owners don’t hate the concept. They want appreciation like their condo friends get. Pure greed.

    1. Even after the virus is contained and everyone vaccinated, office occupancy won’t rebound to 2019 levels.

      Too many companies have noticed the $avings from not having to provide desk space and amenities, and the situation forced them to invest in beefing up their remote working infrastructure.

      While some companies will stay mostly WFH, many more are looking at a ‘new paradigm’ of splitting a lot of staff time between home and office. Touting it as a ‘benefit’ to the employees, they can support the same number of workers with just half the space and fewer ‘benefits’ like stocked kitchens, break areas, etc since workers will be on-sire primarily for meetings and other collaboration-intensive tasks, while they hunker down at their desks as home to get their individual tasks done.

      This shift to more WFH was unseen and every new office building in the pipeline is probably looking at a leasing crisis as existing companies look to downsize as soon as current leases are up, and are sub-letting space if they can in the meantime.

      Manufacturing space shouldn’t have this problem to any significant degree – but that sector has been shrinking and under attack for decades by outsourcing.

      The growth of Amazon and other digital retailers and home delivery has come at the expense of traditional retail.

      tl;dr – the glut of unoccupied office and retail space will continue to grow, and rents will continue to fall (if rent is collected at all). Investors in new space in those sectors are in for a world of hurt.

      1. $avings from not having to provide desk space and amenities

        Imagine how much they save on paper products alone!

        1. Imagine how much they save on paper products alone!

          Lol with some truth.

          Facilities costs are a bigger deal to a lot of the smaller ( < 50 employee) companies around here. A couple people I know at small firms are reporting they'll have a permanent 50+% WFH situation post-vaccination and facilities are being reduced. I would think the savings are equivalent to the costs of a couple/few employees at least.

  5. ‘California has been celebrated as a Covid-19 model, but these days it’s the country’s biggest Covid hot spot. Politicians believed their strict lockdowns and mask mandates would defeat the virus, but they didn’t, and the latest infection surge has exposed deep problems.’

    ‘Hospitalizations in California have increased seven-fold since early November and are nearly three times higher than at the summer peak. California Gov. Gavin Newsom justified reimposing a lockdown in mid-November based on projections that the state’s health-care system would be overwhelmed by virus cases. Yet state and local officials failed to prepare hospitals for the surge that their models predicted.’

    ‘The problem is worse in California in part because its hospitals were ailing before the virus hit. Dozens of hospitals in low-income areas have closed over the past two decades amid financial distress. California has the fewest hospital beds per capita of any state save Oregon and Washington, yet it has many more low-income patients with chronic illnesses.’

    1. Dozens of hospitals in low-income areas have closed over the past two decades amid financial distress.

      That’s what happens when you load up with deadbeats

    2. About one-third of Californians are covered by Medicaid

      This is the future of the US. A growing cadre of oligarchs, a distressed and shrinking middle class, and deadbeats everywhere you look.

  6. This being the HOUSING Bubble Blog, I will reply on-topic to suggest that geographic political self-segregation, already well under way, will only continue.

    People with money and options will continue to leave large cities.

    1. So Ashli was a patriot and Trump supporter who was killed inside the capitol building, but it was a false flag operation by Antifa? This stuff is pretty convoluted.

      1. Disinformation and purposeful deception are to be expected in these situations. This can obviously occur simultaneously with real events. Ask her family. Is she dead? I haven’t seen anything in the videos that suggests deadly force was justified.

        1. I’m just trying to figure out if Antifa was indeed there, and if the capitol would have been breached without them. Most Trump supporters are supportive of the police and peaceful, and I even saw a video with a guy asking a cop if he was ok because the cop was getting crushed by the crowd.

          There’s so much disinformation out there that it makes it difficult to know the truth anymore, about anything. There were people saying yesterday that the shirtless guy with the horned headdress inside the capitol was Antifa because they saw him at their rallies, but then somebody produced a picture of him with a pro-Trump sign at the Antifa rallies where he was opposition.

          1. difficult to know the truth anymore

            You’re way ahead if you seek various verifications of anything important. Most people like the shortcut method of thinking; just take the headline and go with that.

          2. “difficult to know the truth anymore”

            I think it’s perfectly clear. What did Trump supporters want? They wanted Congress to object to the electoral college certification and present evidence of voter fraud to the American people. This was happening on live tv, and storming the capital stopped it and totally changed the conversation.

            Trump supporters wanted legislators and cabinet members to support Trump. Now legislators and cabinet members have an excuse to abandon him and are doing it en masse. So who benefitted from this capitol incident? Antifa, the left, the deep state, and reluctant Republicans, who are breathing a huge sigh of relief. Certainly not Trump supporters.

          3. “That’s murder.”

            I agree, yet I wouldn’t hold my breath waiting for the same outrage that came from real journalists, twitter, Fakebook, Pelosi, Shumer and the Democrat machine in the killing of George Floyd

            January 7, 2021 at 7:41 am
            After watching this pistol going from one target to another and then firing my opinion is murder.

            SHOCK: New Footage Emerges Of Capitol Police Shooting Air Force Vet Ashli Babbitt At Point-Blank

            by Chris Menahan | Information Liberation
            January 7th 2021, 2:55 am

          4. A long story:

            I was in Turkey several years ago for work, and we were staying in a pretty nice hotel for a few weeks. There wasn’t much to do except drink Efes and go to the gym in the basement, so I would catch some world news at night.

            All of a sudden one day every major news network was reporting that the Saudi Arabian Air Force was not in Turkey, and definitely not running sorties into Syria with the Turkish Air Force. CNN, Fox, MSNBC, BBC – all of ’em (Russia Today and Al Jazeera were silent on the topic).

            The Saudis were most certainly running sorties into Syria: they were staying in the same hotel and I caught the insignia and flag off the uniforms. We were working at that air base, so we watched their F-15s take off next to Turkish F-16s as darkness fell night after night (a really cool sight with a rising full moon behind them).

    2. Sound of Hope’s broadcast last night has an interview claiming that there were some antifa with helmets and backpacks in front at the capitol building that weren’t present earlier in the protest. They also talked about how the CCP planted military actors posing as students to create violence at Tienanmen Square. A valuable lesson.

  7. Just in case.

    I would like to thank Ben Jones for putting this blog together and for keeping it running all these years. I want to say thanks for having a place I could find after asking my wife how do you find something on that computer you and the girls are always on with my very first search back in I think 2004. The only place I could find where someone besides myself (after being laughed at y our well educated friends) thought that houses that sold in a range of $125k to $150k from 1982 through 2000 in Palm Beach Gardens Florida should not have shot up to $400 to $500k from 2001 to 2004. A blog that attracted a lot of really smart people (I do not include myself in that category) who exchanged ideas and some who actually gave the reasons why it would happen, who was involved and called the financial collapse 2007 – 2009.

    This blog gave me the education to be able to keep my family in a financially stable situation at a time when many people we knew and multitudes I have read about took themselves to and were led to (buy now or you’ll be priced out forever) financial ruin.

    Ben, I thank you for the countless hours you have put in moderating and giving everyone a chance to give their opinion and every chance for someone to stay within the lines before they were removed.

    Most of all I would like to thank Ben Jones for providing one of the very few places I know of to inform the public of what happened in the United States presidential election November 3, 2020

    Ben Jones you are a hard worker, a smart man and a true patriot.

    1. “up to $400 to $500k from 2001 to 2004.”

      should have been

      up to $400 to $500k from 2001 to 2005.

      I believe the prices topped in late 2005 around here.

      Only other change

      ” laughed at y our well educated friends”

      by our well educated friends

      I stand by the rest.

    2. Also +1 in my thanks.

      I know I said it before, but Ben’s blog was the info I needed to go against the advice I was getting and get out from under the albatross of a huge house, taking any means necessary, that was weighing me down badly as I headed for an incredibly brutal divorce in 2008.

      Had I waited any longer, it would have probably pushed me over the edge, beyond the point of being able to recover as I eventually did.

      The facts and contrarian view I developed, played a large part in the decisions to wait things out renting much longer and leading to the eventual purchase of Casa Spiffy. While quite modest compared to some it’s neighbors, we’re in a VERY secure position with it and planning and prepping for the very long haul.

    3. +1000

      I became a Trump supporter because of what Ben said on this blog. I’m probably not the only one.

      So much here in this case study of one issue – the housing bubble – offers a window into the all-encompassing corruption in other areas: the media, the financial system, the deep state. I think that many who found their way here for one issue had their eyes opened to a whole world of new thinking. It’s been a privilege to read and discuss with all of you.

  8. Trump was suspended from Twitter and banned from Fakebook. This was the plan all along. The globalists are working tirelessly to oppress.

  9. That entire thing yesterday was bullshit.

    The vice president was in the building, all those congressman and senators and people just walked through the front door? Get the flip out of here. I ‘ve been in that building. There’s guys with machine guns there.

    For 6 months the maggots raped, robbed pillaged every city in the US and all the governors and and mayors stood by and said nothing.

    I don’t know WTF is going on but its bullshit. All of it.

    1. “I don’t know WTF is going on but its bullshit. All of it.”

      Watching as much of the real journalist coverage as I could stand last night (which wasn’t too much) It was laughable how shocked they acted looking at a broken window (done by someone who looked nothing like a Trump supporter) they kept replaying after singing the praises of the mostly peaceful protesters who burned and looted the cities while raining down rocks, bricks and Molotov cocktails on police for months on end.

      1. singing the praises of the mostly peaceful protesters who burned and looted the cities

        As Goebbels said: If you repeat a lie often enough, people will believe it, and you will even come to believe it yourself.

        I’m sure many in Germany didn’t believe the lies, but knew it was too dangerous to publicly say so.

    2. Just another chapter in the ongoing coup to overthrow the constitutional republic. Why are they so afraid of a guy with just 2 weeks left in office?

      And no, a new party will not solve anything – not when election fraud is rampant and institutionalized at this point. Gotta get in touch with your inner guerilla.

    3. I agree, Mafi. I was thinking to myself: the world must laughing at us if security is THIS bad. At the very least, they could have bolted and barred those front doors, which is what they did after 9/11.

    4. Hooked nose tribe and their ball chasing pets are calling for the 25th amendment to be invoked, otherwise they will impeach. For a protest where the only ones hurt or killed were at the hands of the 80 IQ thugs with badges.

  10. In the spirit of Dumb ’em down and Profit I am offering up to the board (at absolutely no cost!) this 32 minute video that explains, in part, why so many people are such broke assed losers.

    The video is a bit old but, still, it’s right on target.


    Watch “The Overspent American: Why We Want What We Do Not Need” on YouTube

        1. Trump show up three times: an image of the Trump helicopter, Don getting out of a limo, and Don dancing with Ivana.

          FYI, this video was made in ~2000, based on a book from 1999.

    1. I constantly encounter people who earn half of what I do and who have a much more expensive car, phone, TV, etc., than I do.

      I have a $200 Motorola phone, yet I meet people who don’t have a pot to piss in who have the latest iPhone.

      1. The normalization of debt and excessive consumption regarding personal finance, frugality, delayed gratification is the keystone to acceptance of a Clown World lifestyle.

        When we don’t participate, we win.

    2. best comment: I think we accomplished the “stop going to the Mall”, part. Now we need to work on the “stop going to Amazon”, part.

      1. Going to the mall used to be a social activity. The multiplexes were there. Chain restaurants. The food courts and the Cinnabon store. Often there was an indoor ice rink or a rock climbing wall. The bigger malls even provided live entertainment: local bands, dance groups, etc.

        Where did Bill and Ted take the historical figures? The San Dimas Mall.

  11. The FED has turned the economy into the most unstable, reckless gambling casino imaginable. This crypto bubble is fueled by Red China and Wall St., with a bunch of smug millennials along for the ride. Sh!tcoin $40,000 today? Returns of 100% per month in an environment of the lowest rates in history? Now all of your pensions and 401Ks are gambling in that space, too? We have no leadership. This is the most despicable situation one could imagine.

    1. Worth noting: They seek not only to remove Trump from office, but also to bar him from ever running again.

      And this is important because they know that if there is election reform and his health allows he will come back in 4 years and steamroll them with no mercy.

    2. “Democratic Texas Rep. Joaquin Castro announced in a tweet Thursday that he would be introducing legislation that would prevent any federal buildings or property from ever being named after President Trump.”

      They’re just getting started.

  12. From the local paper reporting on Covid deaths:

    A 99-year-old Loveland woman died Jan. 1, and a 98-year-old Fort Collins man died Jan. 2

    This is what the report generally looks like: people who are as old as Methuselah. Every once in a while it’s someone who is younger and then they make a big deal out of it: “See? Young people also die of Covid!” No mention is ever made of their general health.

    How many people live to be 98+? I doubt I will.

      1. According to Fidelity’s actuarial calculations for my required minimum distributions from an inherited IRA, I can expect to live to 83. Note that the IRS required distributions changed effective 1/1/2020, which force heirs to withdraw the entire balance within 10 years.

    1. “A 99-year-old Loveland woman died Jan. 1, and a 98-year-old Fort Collins man died Jan. 2”

      I’m sure they are both looking forward to voting for Kamala Harris in 2024.

  13. I’m not a real estate expert but the 1031 exchange I’ve heard about for years and it’s going away ? Plus stepped up bias on inherited property going away… and many other things.

    6. Elimination of real-estate tax breaks

    The Biden tax plan would: (1) eliminate the $25,000 exemption from the passive loss rules for rental real estate losses incurred by middle-income individuals, (2) eliminate Section 1031 like-kind exchanges that allow deferral of capital gains taxes on swaps of appreciated real property, (3) eliminate rules that allow faster depreciation write-offs for certain real property, and (4) eliminate qualified business income (QBI) deductions for profitable rental real estate activities.

    1. “Because Americans are the dumbest investors around, and there’s lots of liquidity in this market.” – George Economou, CEO DryShips.

      1. Americans are the dumbest investors around

        In reading this blog it seems that other nations are equally prone to malinvestment.

    2. This guy didn’t say anything earth shattering. I knew this 10 years ago.
      What about the ‘profitable’ business you might ask? Just do an independent audit of the clicks, dua/mua they report….the whole thing collapses like house of card.

  14. Auburn, WA Housing Prices Crater 10% YOY On Skyrocketing Inventory Across Seattle Suburbs As Tech Layoffs Accelerate

    As a noted economist said, “Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.”

  15. One of the “domestic terrorists” who entered the Capitol Building yesterday tells his side of the story. You will NEVER hear an account like this from any globalist media outlet. Money quote: “There are so many crimes being committed against the Constitution by elected officials, what are you supposed to do?”

  16. Neil Young has joined the list of iconic singer-songwriters selling the rights to their music catelogs. Critics agree that Young’s best song was the unreleased 2008 single, “Realtors are Liars.”

    1. Note that the B-Side of that single is “I’ve Seen The Mortgage And The Damage Done”

      A song about degenerate debt junkies, so sad…

    2. I couldn’t even find Neil Young’s unplugged version of “Realtors are Liars.” so I went with this.


      Neil’s beloved Pontiac hearse, “Mort” (a.k.a. “Mortimer Hearseburg”), was the inspiration for this song. Neil drove “Mort” from Toronto to Los Angeles, where he met Stephen Stills and formed Buffalo Springfield.

      Neil was in Canada driving to Sudbury when ‘Mort’ broke down in Blind River, June 1965. (Which is contradictory to the lyrics; “well it was back in Blind River, in 1962, when I last saw you alive”).

      Long May You Run

  17. Found this after FED Up’s post…

    Bombshell Report! Massive Dem Election Fraud Operation From Italy Revealed — President Trump Briefed On Proof

    Wednesday, January 06, 2021

    Replying to @KanekoaTheGreat
    12/ AUDIO: The theft of the election was orchestrated by Stephan Serafini, a 20-year foreign service officer. Stephan coordinated with General Claudio Graziano, a board member of Leonardo. Italian intelligence provided us with documents, calls, & photos of CIA agents involved.

    “Stephan Serafini coordinated with a General Claudio Graziano, and Gen. Graziano is on the board of Leonardo SpA, the defense contractor. Leonardo used their military satellite uplink to load the software and transfer it over to change the votes from Trump to Biden.”

    “The proof that was missing, the very basic ‘who did it, where did they do it, and how did they do it’, had been missing from all the documents sent into the courts. There was nothing that was helping us win in the courts,” she added.

    1. Gabriel the Archangel could descend from Heaven with Divine proof of the heist and no court would hear him out.

      1. The cowards! Everyone is afraid of the Antifa mob to do anything about it. On the flip side, may be it’s just a human nature; the judges have mortgage to pay, send kids to college, etc. Anything you do not sanctioned by dems/Antifa, you are in a world of financial loss; in public service and now increasingly in private service as well. Tough choice, no?

        If this is not Gestapo, what is?

        1. Likely closer resemblance to Honecker’s east Germany and its frightened population that had a spy for every 212 people at its peak. Some parents were afraid of their children.

        2. Everyone is afraid of the Antifa mob to do anything about it.

          Or at least that makes a convenient excuse for doing what you really wanted to do anyway.

    2. Why are they distracting with all the non-sense? Focus on the main problem, the Mail-In Ballots. This is where the fraud occurred.
      Everything else is a sideshow.

  18. Happy 10 month anniversary of 2 weeks to flatten the curve:

    “The US lost 140,000 jobs in December, down from a gain of 245,000 in November, according to the Bureau of Labor Statistics (BLS). The loss ended seven months of jobs growth with the leisure and hospitality sector once again bearing the biggest losses.

    The unemployment rate stayed at 6.7%, close to twice as high as it was in February before Covid-19 hit the US. It is also three percentage points higher than the 4.5% rate Trump inherited from his predecessor Barack Obama.

    Some 372,000 jobs were lost in food services and drinking places, offsetting gains in other areas, as Covid-19 infections and deaths rose sharply across the country. “The decline in payroll employment reflects the recent increase in coronavirus (Covid-19) cases and efforts to contain the pandemic,” the BLS said.

    Welcome to the recoveryless recovery.

    1. This is an actual article title on MarketWatch right now:

      “S&P 500, Nasdaq hit record highs after fall in payrolls sparks stimulus expectations”

      Lockdown Lovers won’t be happy until we become a nation of slaves.

      1. All the stuff that Trump was trying to do was to shore up America, after more that 2 decades of it being torn down and weakened by Government not for the people.
        The way they treated Trump is the way they want to abuse his Voters. And any ethnic group that thinks your not being played and used to divide and conquer get real

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