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The Poor Chap Who Signs On The Dotted Line Is Always At The Losing End When It Comes To Default

A report from Radar Online. “Toni Braxton’s sister Towanda has lost her Georgia mansion to foreclosure as part of her Chapter 7 bankruptcy. According to court documents obtained by Radar, a federal court judge granted a motion brought by Rushmore Loan Management. The company asked to seize Braxton’s home to sell it off to the highest bidder. In their motion, Rushmore accused Braxton of failing to make the required payments on her Snellville, Georgia property.”

“Back in 2018, the reality star purchased the 5-bedroom, 4.5-bathroom, 5,797 sq. ft. pad for $422,200. To buy the home, she took out a loan in the amount of $420,090. A year later, Braxton filed for bankruptcy listing $277,650 in assets but $547,056.39 in liabilities. In court documents, Rushmore said Braxton owed a total of $460,229.52 as of January 4, 2021. They accused her of failing to make 19 payments that were due on the note. The company estimates the home in question is worth $275,000.”

The Bronx Times in New York. “A new study has spelled out bad news for Bronx homeowners. According to a report from PropertyShark, in 2019 Bronx homes sold at an inflation adjusted $17,000 or seven-percent less than they did a decade earlier in 2009. ‘That decline in home prices was fueled by price contractions in low to mid-range properties. More precisely, homes priced $250,000 to $500,000 changed owners for 4-percent less in 2019 than they did in 2009, while those priced $100,000 to $250,000 fetched 9-percent less,’ the study stated.”

The Real Deal on New York. “Real estate investors who say they’ve been scammed out of millions in escrow funds from attorney Mitchell Kossoff’s law firm now want to push the firm into bankruptcy. A group of four investors filed a petition for involuntary bankruptcy Tuesday against Kossoff PLLC, listing slightly more than $8 million in ‘misappropriated’ escrow funds, filings with New York’s Southern District bankruptcy court show. The company has taken down its website since The Real Deal first reported last week that founder Mitchell Kossoff seemed to have disappeared, leaving several of the city’s biggest multifamily landlords concerned about what happened to their escrow funds. Tuesday’s lawsuit also contends he has not been located.”

From Seattle PI in Washington. “After months of sluggishness, the spring season brought renewed interest in Seattle’s condominium market. Downtown, Northeast Seattle and West Seattle realized a drop in their median selling prices for the month. Seattle remains steadfast in a seller’s market. However, Seattle is comprised of neighborhood micro-markets and conditions will vary. Downtown, for example, remains the most challenging with its abundant supply and work-from-home opportunities presented to many downtown office workers.”

The San Francisco Chronicle in California. “Even as rent has hit a historic decline in San Francisco, I’m here to remind you that the median two-bedroom rent is still more than double the national average. Welcome to the series we’re calling, ‘Guess how much this rents for in San Francisco.’ This three-bedroom, two-bathroom apartment down the block from Alamo Square park is for rent. The listing is offering eight weeks free for a ‘limited time’ and there’s also only a $1,000 security deposit. It goes for … drumroll … $4,995 a month!”

The Midland Reporter Telegram in Texas. “The average price of an apartment in Midland fell by 26.8 percent year over year in Midland, according to the April Apartment List Rent Report. The percentage drop is one of the largest in the nation. Odessa’s is greater (30.7 percent, compared to April 2020). What that means to the person looking for an apartment is the lowest average apartment rates in the region and state. A one-bedroom apartment in Midland is renting for $680. In Odessa, that average rent is $490. The rent for a two-bedroom apartment is 672 in Odessa and $830 in Midland.”

From Bisnow. “The legal system is the unsung hero of the commercial real estate industry, especially in times of strife. Landlord-tenant disputes, foreclosures, contract disputes, tax appeals, partnership settlements — the everyday procedure of the way capital moves through the U.S. real estate industry relies on a functioning judiciary. But just as the coronavirus pandemic has upended the way much of society functions, it has wreaked havoc on the courts.”

“‘When they get to the end of this Covid period, which, knock on wood, there will be an end sometime in 2021, landlords are going to be wanting to go back to full rent,’ said Joshua Bowman, a partner who heads up the hospitality practice at Boston-based law firm Sherin and Logden. ‘I think landlords and tenants have been kicking the can down the road, knowingly. Even the lenders have been kicking the can down the road.'”

“Landlords who might otherwise pursue lawsuits might also be more willing to settle now, knowing that not only would a trial take longer than normal, but their tenants are in worse financial shape. ‘If you want to play hardball, now you’re just going to have an empty storefront because there is not someone to replace it,’ said Bruce Percelay, the chairman of Boston-based real estate investor Mount Vernon Co. ‘The problem is you can’t get blood from a stone.'”

From CBC News in Canada. “Fort McMurray’s housing market is surging as the region saw its highest sales quarter since 2014, according to the Fort McMurray Real Estate Board. Katie Ekroth, president of the Fort McMurray Real Estate Board, said Fort McMurray is leaning toward a seller’s market, but only because inventory is low. ‘We’ve got so many people that are not in a position to be able to sell because they bought during the high boom time, they owe more than what they could sell it for today,’ she said.”

The Evening Standard in the UK. “Some renters have the chance to trade up to the luxury neighbourhoods of central London. This window of opportunity comes after rents in the capital’s most exclusive areas have fallen 17.8 per cent over the course of the pandemic. The exodus of tenants from the capital during the early phase of the coronavirus outbreak has created a gaping supply-demand imbalance, according to a study by LonRes, forcing landlords to accept low offers. A reversal of the Airbnb phenomenon has contributed, too, explains Rokstone’s head of lettings Olivia McSweeney. ‘With no tourists, we saw Airbnb hosts flip their one- and two-bedroom properties into rental homes which flooded the market,’ she says.”

“Diane Wrightson moved from a small basement flat in Bayswater this January to a pristine apartment in Notting Hill, which had been recently renovated. Originally priced at £530 per week, Wrightson agreed a 22 per cent discount on her one-bedroom apartment in a white, converted townhouse on Pembridge Crescent and now pays £410 per week.”

“‘It’s a steal and I wouldn’t have gone for it at the original price. The lettings agent thought my offer was too low but due to the global pandemic I thought it was worth a try,’ says Wrightson. ‘Rents in Notting Hill are generally outrageous but this flat has been redone to a really high spec with a super king-size bed. It feels like living in a hotel but you’re surrounded by your own things.'”

The Sydney Morning Herald in Australia. “Landlords now face a crisis of another kind: Many property investors holding apartments in inner-city Melbourne and Sydney are being forced to slash their rents. Some are asking up to 25 per cent less to let their properties than a decade ago. For many, declining prices have dashed hopes of cashing in their property investments for a profit, and may have given tenants an upper hand to be in a position to negotiate rent reductions. Among the hardest hit areas are apartments in Melbourne’s CBD, Docklands, Southbank and Carlton, where rental yields have been crushed.”

“Analysis of SQM Research data for The Australian Financial Review reveals that the average rent in the Melbourne CBD fell more than 34 per cent to $393 a week in the year to March 4. Average comparable rentals were fetching $491 a week in March, 2011. Docklands apartment rents fell 33 per cent to an average of $420 a week – 25 per cent less than landlords were charging in the aftermath of the 2008 global financial crisis.”

“It is currently a renter’s market and good tenants are becoming acutely aware of their worth, says Shannyn Laird, head of customer experience at online property management platform Different. ‘Greater access to market insights like how much a property [type] is being rented for, or even details like the number of people who have enquiries or viewed a specific property, means renters can use this information to negotiate,’ Laird says.”

The Malaysian Sun Daily. “Experts are calling for Bank Negara Malaysia (BNM) and banks to set up a department to look into why borrowers are defaulting on their payments. The recent case of M. Moganah, who had her home in Seri Kembangan, Selangor auctioned by a bank, highlights the need for such a department, they said. The 38-year-old tailor had been living with her husband and two children in the flat for 17 years. She found herself in the predicament when her bank purportedly raised the interest rate on her loan without notifying her.”

“The bank is said to have blamed it on her failure to update her contact details and home address, a claim which Moganah has refuted. Malaysian Chapter of the International Real Estate Federation former president Yeow Thit Sang said members of the B40 group are often in situations such as Moganah, not by choice but as victims of circumstances.”

“He said factors such as poor education and lack of opportunities, on top of the Covid-19 situation, have led to a drop in their earnings. ‘The poor chap who signs on the dotted line with a bank is always at the losing end when it comes to default in payment of a loan.'”

This Post Has 122 Comments
  1. ‘Back in 2018, the reality star purchased the 5-bedroom, 4.5-bathroom, 5,797 sq. ft. pad for $422,200. To buy the home, she took out a loan in the amount of $420,090’

    Hefty down payment – sound lending!

    ‘They accused her of failing to make 19 payments that were due on the note’

    Do a bit of math here. Did she even make one payment?

    ‘The company estimates the home in question is worth $275,000’

    You got schlonged…

    1. ‘The company estimates the home in question is worth $275,000’

      That’s a loft estimate.

      It’s built today for less than that…. with profit.

    2. Not that long ago before men could wake up and decide to be a woman and were celebrated…

      To get a bank loan.

      20% down.
      A year’s worth of pay stubs
      Savings

      1. Not that long ago before men could wake up and decide to be a woman and were celebrated…

        Speaking of which, I read that Bruce Jenner wants to run for Governor in Clownifornia … as a Republican.

  2. ‘The lettings agent thought my offer was too low but due to the global pandemic I thought it was worth a try…this flat has been redone to a really high spec with a super king-size bed. It feels like living in a hotel but you’re surrounded by your own things’

    That’s the spirit Diane!

  3. ‘We’ve got so many people that are not in a position to be able to sell because they bought during the high boom time, they owe more than what they could sell it for today’

    So there was a downside to those 500k peso single-wides.

  4. ‘Even as rent has hit a historic decline in San Francisco, I’m here to remind you that the median two-bedroom rent is still more than double the national average’

    Of course you are, you farking bay aryan. Always wallowing on about how expensive it is. Hey, look at the bright side: with 25-30% sitting empty, you’ll be swimming in foreclosures in no time.

  5. ‘The percentage drop is one of the largest in the nation. Odessa’s is greater (30.7 percent, compared to April 2020). What that means to the person looking for an apartment is the lowest average apartment rates in the region and state. A one-bedroom apartment in Midland is renting for $680. In Odessa, that average rent is $490’

    These guys are getting slaughtered. A few years ago, right about the same time as Alberta cratered, Midland had the largest increase in new lux apartments in the US. I was out there in 2017 IIRC. I went to one and they had 5 or so sales people in the lobby. They probably left Midland years ago.

  6. ‘She found herself in the predicament when her bank purportedly raised the interest rate on her loan without notifying her. The bank is said to have blamed it on her failure to update her contact details and home address, a claim which Moganah has refuted’

    So she wasn’t living there. Hey, I moved and forgot I borrowed the money!

    1. It happens….minorities can’t figure out how to use ID to vote so who is to say someone just forgot about borrowing lots of pesos to buy a shack?

      1. This is in Malaysia, so I guess the FB is a POC but technically not a “minority.” Anyway, how do mortgages work Malaysia? Can they just raise mortgages rates in the middle of a mortgage, with or without warning? In the US, mortgage rates only change is the FB agrees to an ARM in advance.

        1. I suspect all loans on Malaysia are ARMs. Long term, fixed rate loans are rare outside the USA.

          1. That’s what I figured. Sounds like she signed on the dotted line for an ARM and “found herself” forgetting what the “A” in ARM means. And couldn’t they notify her by email or text?

          2. Yes.

            If interest rates ever hit 5-6% (a very reasonable rate historically) the borrowers are in a world of hurt. Which is why there will be pressure on the central banks to not raise rates and let inflation rise

      2. Dumb question of the day: Is it racis’ to require that voters show an ID if some voters don’t have their acts sufficiently together to bring one to the polling station?

        1. In many countries (such as Mexico) not only must you show an ID, you have to present a special voter photo ID at the polling place.

    2. “…Hey, I moved and forgot I borrowed the money!…”

      So many M. Moganah out there.

      I’ve met more than my fair share.

      How do these people function in daily life?

      Most can’t puzzle their way out of a paper bag. Just flabbergasting.

  7. What an obtuse way of saying you are a deadbeat for not paying your rent.

    ” ‘I think landlords and tenants have been kicking the can down the road, knowingly.”

  8. This is how it works.

    Life sucks if you don’t make your voluntarily agreed contractual payments.

    If you can’t afford it, don’t buy it or rent it.

    ‘The poor chap who signs on the dotted line with a bank is always at the losing end when it comes to default in payment of a loan.’”

    1. ‘The poor chap who signs on the dotted line with a bank is always at the losing end when it comes to default in payment of a loan.’”

      That may be the case in Malaysia, but in the US we throw free money to the speculators and punish the savers instead.

    1. So, they finally decided to circle the wagons. They were calling for an “investigation” just a few days ago. I’m gonna guess that all the BLM leadership are paid handsomely and have been buying homes in posh neighborhoods (with few or no black neighbors). So they couldn’t throw what’s her name under the bus without getting dragged along with her.

      So now the MSM needs to memory hole this as quickly as possible.

  9. “CASTLE ROCK, Colo. — Declaring that “this pandemic is over,” the Douglas County Board of County Commissioners voted unanimously Tuesday to pass a resolution to opt out of further Tri County public health orders beginning Friday.

    The reasons the commissioners voted to opt of further restrictions and reopen the county was cited in the resolution as due to the 98% survival rate of COVID-19, the severity of cases seen mostly in people aged 70 and older and those with underlying health issues, and that more than 80% people in that “vulnerable group” have been vaccinated.

    Commissioner Abe Laydon brought up the Hans Christian Anderson’s folktale, “The Emperor’s New Clothes,” as a way to describe how further health restrictions in Douglas County, in his view, doesn’t match up with current data.

    “Based on the facts that we have before us today, I want to have the courage of that young child (in Anderson’s folktale), and for Douglas County to be first county in the state to say that this pandemic is over,” Laydon said.

    https://www.thedenverchannel.com/news/coronavirus/this-pandemic-is-over-douglas-county-opts-out-of-further-tri-county-health-orders

    Douglas County voted for Orange Man Bad, therefore Denver which voted 79.55% for Pedo Joe will be wearing masks in their cars while driving alone for the rest of their lives, to *OWN* Orange Man Bad voters. See also: almost all of Reddit.

    1. More soon to follow.

      I haven’t heard a peep about about overcrowded hospitals lately, despite the so called “fourth wave”.

      Anyone remember the desperation in acquiring ventilators over a year ago? You also don’t hear a peep about that now either.

      1. overcrowded hospitals

        Canada is hyping hospitals over capacity and cases to the moon, despite reporting insignificant deaths.

        A little digging indicates Canadian hospitals are always over capacity. I think capacity is determined on staffing rather than beds existing.

        1. I think capacity is determined on staffing rather than beds existing.

          The relatively cheap healthcare tax sounds good on paper, until you need a service and find out that you will have to wait years to get it.

          1. Ontario’s hospital beds per capita ranks last, tied with Mexico.

            Tied in North America, or the whole world, or something else?

          2. or something

            Sorry, I think it was against the list of OECD countries, but I don’t have article handy.

          3. I think it was against the list of OECD countries

            That would make sense. And a bit of a black eye for Canaduh, as Mexico is barely an OECD country.

        2. “A little digging indicates Canadian hospitals are always over capacity.”

          Low cost health care has this effect.

      2. Denver and Boulder Counties will be dead last in the state to re-open and drop the mask mandates. Masks have transcended from a virtue signal into a religion now.

      3. The trend is to move on from the lock downs, but the next trend will be pushing Climate Change narratives 24/7.
        Also, in spite of vaccinations , Dr Fauci keeps talking about another big surge he is concerned about.
        Correct me if I’m wrong, but I really think people thought that getting the jab would put a end to this Pandemic and they could go back to normal life again. Some vaccine where you still have to wear masks and they are implying the vaccinated are under threat from something.. The mysterious world of medicine that creates a dependency on taking repeated injections , rather than a cure. Like once you take dope your body has to keep taking it.

        1. but the next trend will be pushing Climate Change narratives 24/7

          My UK relatives already can’t drive their diesel Nissan SUV into the bigger cities and are worried that it will become outright banned nationwide, making it worthless as a trade in. From what I have heard, even “petrol” car owners are getting worried.

        2. Some vaccine where you still have to wear masks

          There are millions of people who want a vax and still can’t get one. Until everyone who wants a vaccine can get one, it’s masks for everybody. Don’t worry, one way or another we’ll have herd immunity in 3-4 months.

        3. Some vaccine where you still have to wear masks

          There are millions of people who want a vax and still can’t get one. Until everyone who wants a vaccine can get one, it’s masks for everybody. Don’t worry, one way or another we’ll have herd immunity in 3-4 months.

          1. we’ll have herd immunity

            The reported death rate is now below what it was one year ago at the front end of the hysteria. It’s all but over. However, we must keep the fear going to get those vaccines sold.

          2. oxide,

            So you endorse segments of the population that don’t really need vaccines, like children for instance, getting untested vaccines , so herd immunity can be achieved by Big Pharmacy? And any deaths or adverse reactions or long term dependence on repeated vaccines is acceptable , as well as God knows what long term effects of playing around with this new technology of messing with the DNA?
            And the Medical Tyranny and lock downs don’t concern you and you think Herd Immunity by vaccines , not approved by FDA under emergency Pandemic declared , is justified verses just targeting the vulnerable group of this respiratory disease.
            I have never seen a greater harm done to Societies by the incorrect response to a declared medical Emergency.

          3. The jabs don’t stop transmission. Or infection.”

            Hence why many call it the “not-vaccine”.

            So, it’s going to take good old fashioned herd immunity to end this. And since we didn’t (with a few exceptions) lock down the country like other pearl clutchers did, we are seeing the light at the end of the tunnel. Meanwhile, those countries that repeatedly locked down will never see the end as they will have an endless cycle of waves and lockdowns.

          4. one way or another we’ll have herd immunity in 3-4 months.

            Are you Fraudci’s litte sister lousy?

          5. No, I’m not forcing vaccines on everybody. My preference — and I have said this before, so don’t put words in my mouth — is:
            1) Vaccine supply matches demand, and everyone who wants a vaccine can easily get one.
            2) After a certain time limit depending on Step 1, masks come off and everything opens 100%.
            3) Refusers can then give COVID to each other and get immunity that way. That’s why I said, herd immunity one way or another.

            But we haven’t finished Step 1 yet. Could you please allow a couple months for the vaccine supply to catch up to demand, before going off on another tirade? Here in Maryland eligibility was opened to all adults only 3 days ago. The only available appointments are 100 miles away, and the J&J pause isn’t helping matters. Remember that COVID isn’t just life/death. There’s still that 5-10% of people who suffer long-haul symptoms, even the young and healthy. If you take the mask off prematurely, you are exposing people to COVID. Once the demand for vaccines wanes, THEN you can whine about masks.

          6. Until everyone who wants a vaccine can get one, it’s masks for everybody

            Nah let’s just keep the masks on forever and get microchipped with an automated vaccine administration nanobot that uploads your dose regimen and your antibody/immunity status to the Gates Foundation cloud computer. What’s with all these half measures?

          7. “Don’t worry, one way or another we’ll have herd immunity in 3-4 months.”

            There are many poor countries where the vaccine rollout has only reached the ruling class and their managers. And despite the risks the global transportation industry is ramping-up their services. According to the medical journals, the vaccinated who are at high risk should plan on a couple of years of boosters in addition to their masks.

        4. “THEN you can whine about masks”

          Masks are for cucks. The only males who wear them live in Denver and go home every night to watch their wives get plowed by her bull.

    2. “…due to the 98% survival rate of COVID-19…”

      Sounds different if you say 1 out of 50 who get it kick the bucket.

      1. Sounds different if you say one out of ten people who die had at one time a positive PCR test or showed some symptom of respiratory illness.

      2. A high percentage of certain age group is under risk of death from any bug that attacks (, covid, the normal flu, pneumonia, etc. ) being older people.
        This does not translate to most segments of populations being under a one in 50 risk of death from Covid.
        The immune disfunction of older people with co morbidities has been going on for years now, especially in nursing homes. I believe that there might be a risk to give older people a vaccine because of their low immune function. I bet there will be more deaths and averse reaction from the older age group to the vaccine, or other people who have some immune disorder.

        Having low vitamin D can suppress you immune function, and no doubt some pharmacy drugs can suppress your immune function.
        Look, I already had two members of my family killed by Medical, in one case a vaccine, and my Dad by a med in the hospital ,when he was getting minor dental surgery.

        1. How many kids under 16 are getting long-haul COVID? Hopefully none. Because I do NOT want to wear a mask while we wait for kids to be vaccinated too. This is going on for too long…

          1. If you accept the premise, you will have to accept their solution…which will never return your freedoms. NEVER. How can that not be clear by now?

          2. “I do NOT want to wear a mask”

            10 points have been deducted from your social credit score. Please stay tuned to your TeeVee with further instructions from Lord Fauci before you go outside.

          3. How many kids under 16 are getting long-haul COVID?

            Enough, if any, for fear-mongering purposes. A friend of mine still has her two daughters (11yo and 9yo) confined to their house when they need not be.

            while we wait for kids to be vaccinated

            I was under the assumption that MS degrees in chemistry required knowledge of math.

          4. you go outside

            I heard that in Chile, when you get to go to the grocery, you may only be outside your home for 26 minutes. Sounds Peachy.

  10. However, Seattle is comprised of neighborhood micro-markets and conditions will vary. Downtown, for example, remains the most challenging with its abundant supply and work-from-home opportunities presented to many downtown office workers.

    Our downtown/Belltown condo sold end-Feb 2020 – we were lucky to have it go through before the lockdowns. I was talking to our Realtor about 3 weeks ago – buyers now seem to want only the newer condos (very recent). So if you had a 5-20 year old unit you were in much tougher shape.

    1. You’d have to put a gun to my head and force me to buy a condo. I wouldn’t touch one anywhere, any place, any time.

  11. Real Journalists can’t stop pimping the gibs narrative:

    “More than 36 million Americans would have their federal student loans completely erased if the Biden administration were to accede to progressive demands to cancel up to $50,000 per borrower, according to new data from the Education Department.

    If the federal government were to cancel that amount, 36 million of the 45 million federal student loan borrowers — roughly 80 percent — would have their debt completely eliminated, according to the data.”

    https://www.politico.com/news/2021/04/13/student-loan-forgiveness-new-data-481202

    What they never ask is what did you major in? Did you even graduate? Real Journalists never ask. And as our betters inform, not giving endless gibs is racis. Bad, racis, bad. Good gibs, good.

  12. If you want to run a Ponzi scheme, be sure you have a large enough number of co-conspirators so the blame doesn’t land squarely on your shoulders at the point of collapse.

    1. The Financial Times
      Bernard Madoff
      Ponzi mastermind Bernard Madoff dies aged 82
      Former investment adviser has been imprisoned since 2009 after confessing to historic multibillion-dollar fraud
      Prosecutors pegged the size of Bernard Madoff’s scheme at $64.8bn, the largest such fraud in history
      Joshua Chaffin in New York 11 minutes ago

      Bernard Madoff, the investment manager who orchestrated the largest Ponzi scheme in history, has died, according to US media reports.

      Madoff, 82, passed away at a federal prison in North Carolina, where he was incarcerated after pleading guilty in 2009.

      Born in Queens, New York, Madoff became a celebrated investment adviser with a seemingly golden touch. His firm, Bernard L Madoff Investments, for years reported steady, market-beating returns.

      But in 2008 he confessed to his sons that the firm had become a massive Ponzi scheme, using money from new investors to pay off old ones and disguising years of losses.

    2. Prof Bear, it’s worse than that. It’s a Ponzi scheme that’s become too big to fail. Institutional investors — i.e. pension funds — have been unable to get the yield they need to pay out their pensions as the wall of Boomers retire year after year. So they are forced to go into crypto to get any kind of yield. If Yellen et al kill crypto now, they will kill the pensions of teachers and firefighters. I’m sure Michael Saylor knows this full well, and is using those pensions as hostages to keep his own wealth rolling in.

      That’s why I’m cheering for crypto ETFs.

      1. “It’s a Ponzi scheme that’s become too big to fail.”

        Those are the best kind! Not only are they legal, but at the onset of collapse, government officials trot out some time-tested mumbo-jumbo about systemic risk, then launch extraordinary measures to resurrect the Ponzi operation.

      1. It’s time for somebody to put a bullet in Powell’s brain. That’s the only thing that’s going to save the country at this point. Make these people fear for their lives and stop the destruction before it’s too late.

      2. Don’t expect any bargains in the housing market for the median middle class shack any time soon.

        A 2300 sq ft shack across the street just went under contract in less than a week for over $700K. It’s still red hotcakes here.

  13. The recent growth of foreign investment means individual home buyers must increasingly compete with deep-pocketed purchasers.
    Roger Kisby/Bloomberg News

    Property Report
    That Suburban Home Buyer Could Be a Foreign Government
    Overseas investors turn to America’s single-family rentals
    By Konrad Putzier
    April 13, 2021 5:33 am ET

    Big foreign investment firms that buy office buildings, hotels and shopping centers around the world have a new favorite real-estate play: single-family homes in American suburbs.

    These institutions are partnering with U.S. housing companies to buy or build rental homes by the thousands. In suburban neighborhoods near cities such as Atlanta, Las Vegas and Phoenix, blocks of families are sending monthly rent checks to ventures backed by Canadian pension funds, European insurers, and Asian or Middle Eastern government-run funds.

    The overseas investors are following in the footsteps of many big U.S. investment firms and pension funds, which started buying single-family homes on a large scale in the aftermath of the financial crisis.

    Foreign investors barely registered in these markets a few years ago. Now, they account for nearly a third of institutional investment in single-family rental homes, said Alex Foshay, head of international capital markets at real-estate services firm Newmark.

    1. Apparently institutional investors are trying to skim off a share of the U.S. government sponsored housing market gravy.

  14. Heard through the family grapevine that the Utah housing market is going crazy right now. I have to imagine the steady flow of people leaving California could have something to do with this.

    My wife’s grandmother’s home in SLC sold for circa $300K in 2010…now it’s reportedly “worth” $800K. And around 2000 homes are for sale in the entire state.

    Get yerself a housing hotcake while they last!

    1. what a coincidence. Ex co-worker currently based out of DFW is moving to St George UT – and is going to be extensively renovating a larger home they bought. He got permission from his FANG type company to work remotely. His wife will be grossly overspending on the renovation – but will still be way ahead.

      1. I don’t understand the appeal of St. George. It’s like Victorville, but closer to Vegas. It’s also further from LA, so that could be considered a plus.

        1. Many years ago, Galen and I were both headed south on Interstate 15 en route to Los Angeles. About 50 miles north of St. George Utah, I got on the radio and told him that with his help, we could mess with the minds of the Mormons in St. George. That town had a number of people who had nothing better to do all day than listen to their CB radios.

          When we were a few miles outside of St. George, I got on the radio and said, “Hey Galen, what’s this I keep hearing about some moron table-knocker choir here in Utah?”

          “I don’t know. Why would anyone want a choir of morons anyway? And what’s with the table knocking?”

          That’s all it took.

          We could hear St. George Mormons ranting about those stupid truck drivers almost all the way to Las Vegas.

  15. That’s just it, all the rigged markets aren’t sustainable.
    For that matter , the Monopolies are controlling Government policy now , fake news narratives with censorship of dispute, and a total disregard for the Constitutional protections for top down control by Monopolies and Commie programs is what is taking place.
    Look how the lock downs just enriched the Big Monopolies and crushed small business , while Big Business got the lions share of relief packages.

    There needs to be a reexamination of how much money is being extracted per head per person for. . . the Medical Cartel Monopoly ,( about a thousand per head per month). Course the vaccination of the Globe of 7 trillion will cost governments a fortune , not to mention the cost of lock downs etc.

    Trump was hired by his voters in 2016 to get rid of the mandate on forced payment of health insurance or you will get a tax penalty on this Commie program that based payments on income. Further the gouge of health care made health care costs go up and was extracting to many dollars from the Society.
    So , the biggest lobbyist to the Washington DC Swamp, and the biggest party that owns the news because of advertising Pharmacy drugs, brings on this Pandemic, and gets this Medical Tyranny that knows no bounds.
    There is a major break down on law and order for mob justice by the incitement by fake news .

    Open borders don’t benefit US Citizens and its a denial that the US is a sovereign Nation and its treasonous to just let the borders be invaded by illegals not vetted.

    This attack on US Citizens by claiming that racism is the grounds for this treasonous insurrection of the US by Monopolies is obvious.
    They are criminal and the Globalist Monopolies no doubt had a hand in rigging the 20/ 20 election.
    The Dems have all the power now to do what the Monopolies want , which is nuts.
    This is why the big Monopolies donated to BLM and the peaceful protesters who looted and burned the Cities, because they are the useful idiots of the Monopolies in this never ending distraction by racist narratives .

    So, the Monopolies hate you , or any opposition to their agendas of Top Down Control by them using Government to enact their dictorship.

  16. Update: The house that listed last Friday with a 45% increase in 18 months and that was going to review offers on Monday at 5PM is still active. In marketing, that previous listing is called an anchor price. Oops.

    1. Lie lies and lies

      Hard to keep with all their lies

      Unfortunately many are ruining their lives by jumping in

      1. Hard to keep with all their lies

        It’s easy. Just consider everything that is said to be a lie. As the saying goes, telling the truth during a time of universal deception is a revolutionary act.

      2. “Unfortunately many are ruining their lives by jumping in”

        They are able to jump in because they can use money they do not have. They obtain this jumping-in money by borrowing from me money that I do not have.

        I do not actually have the money that they borrow from me but nevertheless I am able to extract from their hard-earned wages some very hefty fees each and every month, and I am able to do this for decades.

        IOW, they work, I reap. This is God’s Plan.

        1. This is God’s Plan.

          I know you say this in jest, to mock real bankers. But I wouldn’t say that, as it is blasphemous.

          1. “… it is blasphemous.”

            “If God did not want them to be fleeced then he would not have made them sheep.” – Calderas

            What was stated is not blasphemous, it is the Truth.

          2. Wrong quote: The quote should read “If God did not want them to be sheared then He would not have made them sheep.”

          3. Nope. God’s plan is not for sheep to be shorn. His plan is to save men from their sins.

            I realize that you might not accept the above assertion.

  17. Deplorable

    I didn’t appreciate this band back in the day but this is one kick@ss intro . The comments from the video say they were supposed to do one of their songs but switched to this and from the audience reaction this must have been the first time they ever performed this cover,

    dsfddsgh
    5 years ago
    I loved this band not just for their sound but how they looked like no other band. They had the two pretty boys on bass and vocals and Charlie Brown on guitar all grown up and your high school chemistry teacher on drums.

    Jason LaCroix
    6 months ago
    By far, that was the coolest stage entrance I’ve ever seen.

    Tony The Guy
    1 year ago
    Kid Rock said it best ” You think you’re pretty good, then you go to a Cheap Trick concert”- it will humble you

    Cheap Trick – Ain’t That a Shame (Live 1980)

    https://youtu.be/EyW1p7SpYW8

    1. WMMS 100.7 in the 80’s and WNCX in the 80’s and 90’s.

      Both Cleveland stations but I wasn’t alive yet to live the glory days of WMMS weekday afternoon shows in downtown Cleveland.

    1. “where are the riots and looting?”

      I used to prowl the barrio and ghettos to repo boats, cars and trucks. There is a different “normal” in these areas that the working-class only see in the movies. For example, kids in single parent households grow-up never realizing that most households have a provider (or two) that leaves home in the morning for employment and doesn’t return until late in the day. On the good side of town the lonely police wear uniforms, but on the poor side of town the police arrive in clusters wearing tactical body armor. And lets not forget the helicopters in the night sky.

      1. and on the good side suspects are not assaulting the police, hopping in cars trying to run over them or on a high speed chase, or getting 20 people yelling screaming threatening and taking videos of Chauvin, so no need for the swat teams.

    2. “Police said the trooper involved has been working with MSP for two years and seven months. An investigation continues.”

      “His love of conservative politics always taking center stage to his lively debates at the family dinner table.”

      As Tucker Carlson explains in the link below this kid’s conservative politics and probably a Trump supporter so he deserved what he got and like the Capitol cop who killed Ashli Babbitt, this officer’s name and address will be withheld and not published by NPR within hours of the shooting unlike the other police shootings including last weeks accidental shooting of the young man who was pulled over for a bad tag, found to have a warrant for a weapon charge then broke away from the arresting officers while being hand cuffed and jumped in his car where he easily could have had a weapon and attempted to flee.

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