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A Homebuyer Who Has A Modest Down Payment Could Be Stretched To The Point Where The Sale Just Doesn’t Work For Them

A report from BC Business in Canada. “Senior economist with the division of real estate marketing firm Rennie, Ryan Berlin is one of four analysts tasked with offering a thoughtful take on the Metro Vancouver housing market. Q: Where do you think Vancouver housing prices are going after the pandemic, and why? A: Based on the current trajectory, a billion dollars for a single detached house may not be out of the question.”

From Realtor.com. “With home prices at a new record high and homes flying off the market in hours in some cases, it’s no wonder that Google searches for ‘when is the housing market going to crash’ have spiked dramatically in recent weeks. After all, the mania seems reminiscent of the run-up to the housing bubble in the mid-2000s—and we’ve all been told that what goes up must eventually come down.”

“The loss of a home ‘would create some personal hardship,’ says Realtor.com Chief Economist Danielle Hale. ‘But they’ll probably be able to walk away and be in OK financial shape.'”

From CBS Denver in Colorado. “Denver and the parts of the country haven’t seen a housing bidding war like this in quite some time. ‘I had seller in Castle Rock where my seller had an offer, sight unseen, before we even went on the market,’ Marybeth Brush explained.”

“In some neighborhoods, the listing prices almost look random, if not weird. Yet, they could all still go fast. Brush tells us that may be, because of multiple factors. ‘It could be the one home across the street is not flipped, and another is already set to go,’ she said. It’s not all about sellers, buyers may want to keep trying, even if it’s taking a while for bids to be accepted. ‘I actually wouldn’t wait, what I would do is cash in on the low interest rate that we have right now,’ Brush added.”

From Up North Live in Michigan. “Are the houses selling 10-15 percent over the asking price structurally worth it? ‘A house is worth whatever someone is willing to pay,’ said Northern Michigan Real Estate Consultant Michael Tarnow.”

“Tarnow has been an appraiser in northern Michigan for almost five decades. ‘Appraisers are in a very difficult position in a market like this because we’re historians, we’re looking at what’s already taken place and while we make projections, sometimes you’re just not going to get to that sale price because it’s a leading sale,’ Tarnow said.”

“With such a competitive market, buyers are willing to pay more for a house, but when houses don’t appraise for at least that amount it can cause problems for the homebuyer. ‘Well, if it’s a homebuyer who has a modest down payment they could be stretched to the point where the sale just doesn’t work for them,’ said Tarnow.”

The New York Times. “A big shift toward working from home is endangering hundreds of locally owned Manhattan storefronts that have been hanging on for life to return to the desolate streets of midtown and the financial district. ‘Right now, we’re suffering,’ said Gili Vaturi, who operates Torino Jewellers on Lexington Avenue. She said her sales are still so weak that she is not covering all of her costs even with a much-reduced rent deal with her landlord.”

“GFP, Vaturi’s landlord, has allowed more than half its storefront tenants to pay roughly 10% of their sales in rent so they can survive, said Eric Gural, a co-CEO at the company. The forgone rent is increasingly becoming a burden: The financial cushions that GFP keeps for unexpected costs at each of its 56 buildings have been ‘materially depleted,’ Gural said, meaning they might not be able to make up for rent shortfalls from other tenants.”

“‘We always say, ‘How is it going to rain 56 times?’ he said. ‘And there it was, it happened. It rained 56 times.'”

“Some landlords took on lots of debt before the pandemic, thinking rents and building values would go up and up, and now some cannot offer rent deals for much longer — or at all. Breathing down their backs are banks and investors, whose patience may run out.”

The Wall Street Journal. “The share of Black homeowners in forbearance stood at about 11% in mid-April, more than double the overall rate and that of white borrowers, according to the Federal Reserve Bank of Philadelphia. The rate for Hispanic homeowners hovered around 8.4%. Eljon Williams’s mortgage was placed into forbearance last spring shortly after he was furloughed from his job as a substitute teacher in a Boston-area school district. Mr. Williams doesn’t yet know when he will be able to return.”

“At the time, Mr. Williams agreed that at the end of the forbearance period, he would either bring the loan current, pay off the roughly $300,000 mortgage in full or work with the company to figure out a repayment plan. He said that earlier this year, his servicer, Dovenmuehle Mortgage Inc., told him the only option to make up the past-due amount of more than $40,000 was to increase his monthly payment to almost $3,400 from about $2,800.”

“Homeowners who opted into forbearance and whose mortgages are federally backed are able to add the missed payments to the end of their loan terms. Servicers of loans that are held by private investors—such as Mr. Williams’s mortgage—aren’t required to offer that option. Dovenmuehle said it ‘can neither confirm nor deny the existence of any borrower or client’ but disputed the accuracy of the details The Wall Street Journal shared with the company about the Williams’s situation because they are “clearly inconsistent with Dovenmuehle’s practices.” The company didn’t respond to further inquiries from the Journal.”

“When Mr. Williams does return to work, he said he wouldn’t be able to afford the higher payments. ‘My fear is that in order for me to save my house, I might be forced to file for Chapter 13 bankruptcy,’ he said.”

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This Post Has 146 Comments

  1. A Long Rant About Bob Rennie : vancouver – Reddit
    https://www.reddit.com/r/vancouver/comments/…/a_long_rant_about_bob_rennie/

    May 16, 2016 – One year ago I was blood boiling angry with Vancouver “Condo King” Bob Rennie. I recall distinctly thinking “I want to … You’re just rambling about how people are misattributing the housing bubble as being the result of foreign investment and idolizing an asshole developer.

    Sep 13, 2017
    Brace for more housing shortages, warns Vancouver real estate guru

    torqcampbell on Twitter: “bob rennie: current title holder of the biggest …
    https://twitter.com/torquilcampbell/status/744880110449332224
    Jun 20, 2016 – … bob rennie: current title holder of the biggest asshole in canada

    ASKBiblitz on Twitter: “Crash! And take that asshole Bob Rennie with it …
    https://twitter.com/leobiblitz/status/613724921789743104

    And the “Winners” are … the Worst of Vancouver, 2015 | scamcouver
    https://scamcouver.blog/2015/09/…/and-the-winners-are-the-worst-of-vancouver-201…

    Sep 28, 2015 – BMW (possibly an M5, possibly belonging to Bob Rennie) … be an asshole.

    2013: The Scam Reviewed | scamcouver
    https://scamcouver.blog/2013/12/31/2013-the-scam-reviewed/

    Dec 31, 2013 – bob rennie is an asshole

    2. ‘Based on the current trajectory, a billion dollars for a single detached house may not be out of the question’

      Here’s what’s crazy: if you can use a calculator, and understand compounding, he’s right. Using the current “trajectory”. Of course, only a true moron would think this remotely possible. So what has to happen then? The “current trajectory” will not continue. The problem is, speculators bail when prices stop going up.

      ‘“The loss of a home ‘would create some personal hardship,’ says Realtor.com Chief Economist Danielle Hale. ‘But they’ll probably be able to walk away and be in OK financial shape.’

      Click!

      1. ‘But they’ll probably be able to walk away and be in OK financial shape.’

        A rare moment of truth from the LyingRealtor Organization. But did she ever advise her rank and file liars to state this to their targets before they signed up for a 30 year death pledge?

        Tampa, FL Housing Prices Crater 16% As Coastal And Retirement Property Demand Plummets Like Hot Cakes

        https://www.movoto.com/fl/33604/market-trends/

        As one exasperated seller explained, “I ‘ll do anything. I just want out from under this house.”

      2. ‘Based on the current trajectory, a billion dollars for a single detached house may not be out of the question’

        https://www.youtube.com/watch?v=EJR1H5tf5wE
        One Million Dollars – Austin Powers: International Man of Mystery (2/5) Movie CLIP (1997) HD
        957,187 views
        •May 26, 2011

        https://www.reuters.com/business/feds-kaplan-sees-financial-market-excesses-eyes-qe-taper-2021-04-30/
        April 30, 2021 | 9:58 AM MDT
        Business
        Fed’s Kaplan warns on ‘imbalances,’ wants to talk taper
        Reuters, Ann Saphir

        “Dallas Federal Reserve Bank President Robert Kaplan on Friday called for beginning the conversation about reducing central bank support for the economy, warning of imbalances in financial markets and arguing the economy is healing faster than expected.

        “”We are now at a point where I’m observing excesses and imbalances in financial markets,” Kaplan told the Montgomery Area Chamber of Commerce in a virtual appearance in front of a live audience, pointing to “historically” elevated stock prices, tight credit spreads, and surging house prices.”

        Again, the arsonists are in charge of the fire brigade. The Dallas Fed’s Kaplan is acknowledging “The Everything Bubble,” brought to you courtesy of, ahem, the Fed. Still waiting for pitchforks and torches in front of the Eccles building. Not holding breath. Like the CCP virus, it’s a global pandemic. Not sure which one is worse: he Central Bank/Keynesian financial virus, or the CCP virus.

      3. “Based on the current trajectory, a billion dollars for a single detached house may not be out of the question.”

        Little wonder the Canadian dollar is called Loonie.

      4. If houses do go to a billion dollars, it will be due to the Canadian dollar collapsing, not as much due to the home price trajectory.

      5. ‘Based on the current trajectory, a billion dollars for a single detached house may not be out of the question’

        that’s how they do in Zimbabwe

    1. The US Coast Guard just interdicted $1.7 million in smuggled lumber concealed in a shipping container of cocaine.

    2. Timberrrrrrrrrrrrrrr!

      “The so-called stumpage fee, orwhat lumber companies pay to land owners for trees, for Louisiana pine sawtimber on March 31 was $22.75 per short ton, according to the latest data from price provider TimberMart-South. That’s the lowest since 2011.”

      We’re paying less for materials in all divisions than we were paying 10 years ago.

  3. A comment on the Reddit Denver sub thread about the CBS Local article you posted:

    “realtors gonna realtor”

    1. This is the lowest price single family used house in ZIP 80113 on Zillow, listed just yesterday. ZERO bedroom, one bath, 0.14 acres, built in 1912, and lovingly redecorated in millennial gray.

      https://www.zillow.com/homedetails/4295-S-Grant-St-Englewood-CO-80113/13144355_zpid/

      $583 a square foot for this gem. Note that the finished attic with sloping ceilings is the “bedroom” of this shack.

      I lived with a roommate in Ohio in a similar finished attic back in the day. Worth noting with this property is the total lack of any shade trees. In a Colorado summer, good luck getting a window AC unit to cool that “bedroom” below 85 degrees inside.

      1. Gotta love those 3tab shingles on the garage along the right edge as seen in photo #18 of 23.

        Have to admit that they’ve done well with only 635-sqft.

      2. Main floor 363 sq ft. That’s basically tiny house territory. It’s very cute on its own, but tbh it should have been torn down for a larger house on that lot. And that enclosed hot tub pad is creeping me out.

  4. ‘I had seller in Castle Rock where my seller had an offer, sight unseen, before we even went on the market’

    OK so after the long awaited “shacks sell in minutes” thing happened recently, now we have sales before the listing! Marybeth doesn’t go into how this winnah! knew to make an offer. But hey, you have to top the last UHS these days.

    1. Let’s Make A Deal. Bid without knowing. They should dress in costumes also

    4. SoUtah:

      Friends a street over from us just sold their house. The wife was doing her morning walk when a car pulled up next to her and the occupants said that they liked the neighborhood but that they didn’t see any listings for the area.

      She said, “What about my place!”.

      Our friends (lived here 19 years) had been talking about getting out of the area for a while. Their street is the only way into a State park, and we have been getting more equity locusts moving in from Ca, Nv, etc, lately.

      The closing is happening in a couple of weeks and it sold for over a $Million dollars (around 5 times more that they originally paid). They’re looking at property in Montana.

  5. ‘My fear is that in order for me to save my house, I might be forced to file for Chapter 13 bankruptcy’

    A substitute teacher (isn’t that part time?) with a $300k loan – sound lendings I tells ya!

    2. “A substitute teacher (isn’t that part time?) with a $300k loan”

      If you need some extra cash Mr. Williams I just saw a truck with a small help wanted sign on it. The big sign on the truck said Shrimp Squid Cod Chum.

      1. “The big sign on the truck said Shrimp Squid Cod Chum.”

        Chum! Yum!
        Seafood: “I see food, I eat it!” 🙂

    3. for me to save my house, I might be forced to file for Chapter 13 bankruptcy

      You can only keep the house if you can make the payments, right? Maybe a stack of unpaid credit card bills is the unspoken problem.

  6. ‘A house is worth whatever someone is willing to pay,’ said Northern Michigan Real Estate Consultant Michael Tarnow.”

    The REIC: an industry of dissemblers.

  7. “The loss of a home ‘would create some personal hardship,’ says Realtor.com Chief Economist Danielle Hale. ‘But they’ll probably be able to walk away and be in OK financial shape.’”

    Realtors are liars.

  8. The forgone rent is increasingly becoming a burden: The financial cushions that GFP keeps for unexpected costs at each of its 56 buildings have been ‘materially depleted,’ Gural said, meaning they might not be able to make up for rent shortfalls from other tenants.”

    Even applying my Common Core maff skills, I can’t make this business model look viable.

  9. “‘We always say, ‘How is it going to rain 56 times?’ he said. ‘And there it was, it happened. It rained 56 times.’”

    (Zips up) “That wasn’t rain.”

  10. “The share of Black homeowners in forbearance stood at about 11% in mid-April, more than double the overall rate and that of white borrowers, according to the Federal Reserve Bank of Philadelphia.

    Das rayciss, yo.

        1. “Uncle Tim” isn’t a slur when you’re the Democrat Party.

          There is nothing, nobody, more racist than a white liberal. Their entitlement and condescension knows no limit.

          I have *NEVER* heard the term Latinx spoken on a jobsite, whether by someone who came here from Mexico a year ago or whose grandparents came here 100 years ago.

          It is a racist, white liberal insult to the gendered nouns of the Spanish language (see also: French, Italian) and a racist, white liberal insult to the history and culture of Mexico and Spain.

          “A college education gives you the right attitude about minorities, and the means to move away from them” — Unknown.

          That’s almost every white liberal racist I’ve ever met. They love love love diversity, but as long as it’s capped at never more than 10-25% non-white students in their children’s schools.

          Economic diversity? Forget about it.

          Intellectual diversity? Unpossible.

  11. “Some landlords took on lots of debt before the pandemic, thinking rents and building values would go up and up, and now some cannot offer rent deals for much longer — or at all. Breathing down their backs are banks and investors, whose patience may run out.”

    Wa? I thought Mr. Banker was a philanthropist, what with his free cups of coffee and all.

    1. If I work it right these free cups of coffee will be the most expensive cups of coffee you will ever drink.

      1. Mr. Banker

        Finally! After all these years, we all now know your secret: A special blend of coffee that puts starts in your eyes and makes you delusional.

        Are franchise opportunities available?

        1. Generally, thanks to people such as “You can do this” Suzanne, the mark’s delusion had set in well before entering the bank.

          I’m the “All things can be made possible” guy.

  12. “When Mr. Williams does return to work, he said he wouldn’t be able to afford the higher payments. ‘My fear is that in order for me to save my house, I might be forced to file for Chapter 13 bankruptcy,’ he said.”

    It’s not your house, Mr. Williams, until the last mortgage check clears.

    1. “…an infrastructure bill includes almost nothing for roads and bridges.”

      It seems they want to spend federal dollars within cities to replace crumbling and lead water pipe infrastructure. Cities are supposed to issue bonds repaid with property taxes for these projects.

    2. An elevated section of the Mexico City metro collapsed

      From what I read, Line 12 had known defects

      https://www.reforma.com/aplicacioneslibre/preacceso/articulo/default.aspx?urlredirect=https://www.reforma.com/lo-sabian-y-cayo/ar2176264?v=8&referer=–7d616165662f3a3a6262623b6770737a6778743b767a783a–

      The Mexico City Metro has been around since the late 60’s and overall has a good track record. That said, when I lived there, none of it was elevated. It was either underground (most of it) or on the surface.

      Per the link above the elevated line 12 has been trouble plagued since it opened in 2012. A small earthquake in 2017 made things worse.

  15. LOL@ the world is running out of copper (5/3/2021):

    “Inventories, measured in metric tons, now stand at levels seen 15 years ago, “implying that stocks cover just 3.3 weeks of demand,” the strategists said in a BofA Global Research note dated April 30. The bank’s strategists said prices could jump to $13,000 a metric ton (or $5.89 a pound) in the coming months and are forecasting copper market deficits amid further drops in inventory this year and in 2022.

    “The fundamental backdrop is so concerning because the global economy is just now starting to open up and reflate,” they said. “If scrap supply doesn’t come through, stocks would deplete by 2024.”

    The BofA strategists said copper faces “even more violent price swings” should scrap metal usage by refiners and smelters fail to increase as predicted and inventories deplete in the next three years. Under that scenario, the “red metal” could soar above $20,000 a metric ton, or $9.07 a pound, according to their note.

    https://www.marketwatch.com/story/the-world-risks-running-out-of-copper-and-heres-how-high-prices-may-rise-as-the-economy-reopens-bofa-warns-11620073503

    Local anecdotal: Atlas Metal and Iron in central Denver only admits sellers in vehicles for scrap sales, no walk-ins. Just outside the entry gate is where all the tweakers and junkies with shopping carts full of scrap hang out and solicit drivers to sell their scrap for them and take a cut.

    I’ve worked on a few vandalism repair service calls. The best one was a pedestrian railroad underpass where the thief damaged all of the lights and EMT inside the tunnel. It took two of us two days to replace that EMT with rigid.

    The crackhead who did this got away with three 100 foot long chunks of #12 AWG, and the repair cost the taxpayers of Commerce City an incalculably higher amount than the value of the stolen copper.

    “They’re not sending their best”

    1. Palladium is surging too. Which means we’ll see a huge spike in thefts of catalytic converters from parked SUVs to get at the palladium inside which is now worth $3,000 an oz.

      1. Catalytic converter thefts are rampant here in Southern California. There are auto shops that are now building and installing cages to make them difficult to steal and cities offering etching to identify them if they are stolen and recovered.

    2. “…The crackhead who did this got away with three 100 foot long chunks of #12 AWG…”

      Crackhead was a lucky idiot.

      Here is might of happen.

      (Note the key operative phrase “they thought”

      (CNN) — One man was electrocuted and his female partner was severely burned after the couple attempted to steal copper wire from a vacant property in Southern California, police said.

      “I believe they thought the power was off,” said Lt. Keith Hupp of the South Gate Police Department.

      “It was a pretty ugly scene,” he added.

      A witness said he rushed to the site after hearing an explosion.

  16. Article for Mr. Banker.

    Wall Street Journal — Should Young Adults Stretch Financially to Buy a Home? (5/4/2021):

    “For millennials who are looking for a home, this means a tough calculation. Many of them have limited funds and are carrying a lot of debt. So, is it worth stretching their resources to buy a more expensive house if they can lock in a lower mortgage rate for years to come?

    Or should they wait until housing prices cool down to more affordable levels—and risk having mortgage rates rise in the meantime? Already, rates recently hit their highest level since June, and many economists expect them to continue creeping upward this year.”

    https://archive.is/F6YW2

    Message to all the newbs who have recently discovered the HBB: your tales of buyer regret are what we live for. You exist to be mocked, and we drink your salty tears.

    REALTOR, I have so much money left after “throwing money away on rent” every month that I don’t know where to throw it.

    1. “Or should they wait until housing prices cool down to more affordable levels—and risk having mortgage rates rise in the meantime?”

      Yes.

      1. “Affordable” I do not think that word no longer means what you think it means.

        The word “affordable” used to be associated with a price and an event – the event being what amount of money was needed to meet the price.

        Nowdays buying includes a time factor which converts the concept of buying from being an event to the concept of buying being a process. Nowdays when people decide to buy a house they decide to continuously buy the house. It may take people thirty years to buy one house, longer even.

        Houses could not be sold at today’s prices if buying the things did not evolve from being an event to becoming a process.

        1. Becoming a broken back debt donkey is an event. Plodding along in a rut for the majority of your adult life is a process.

          1. Crawling out of a hole after paying retail +200% is like giving the 400lb girl a ride on your bicycle up hill.

            It just doesn’t work.

  17. Home prices in 93021 are completely affordable now worse than in 2006.

    Got a bad feeling about this again…

  18. I believe in capitalism, but it works best when there’s a modicum of common sense on the buyer side. Why buy little stuff only when it goes on sale, but jump to pay historical highs on the biggest purchase in life?

    1. “I believe in capitalism,…”

      Too much government intervention can severely jam the gears.

    2. It sure seems like .gov’s everywhere are doing their best to ensure that there are shortages of everything, or at least of the things you need.

  19. Saw something that I think slipped under the radar: Powell said he doesn’t see rising house prices as an “unalloyed good” in his April 28th press conference:

    Jerome Powell: (17:55)
    So, it’s not an unalloyed good to have prices going up this much and we’re watching it very carefully. I don’t see the kind of financial stability concerns, though, that really do reside around the housing sector. So many of the financial crack ups in all countries, all Western countries, that have happened in the last 30 years, have been around housing. We really don’t see that here. We don’t see bad loans and unsustainable prices and that kind of thing.

    (do a search for the term “unalloyed”) https://www.rev.com/blog/transcripts/fed-chair-jerome-powell-press-conference-transcript-april-28-market-update

    I don’t recall any of the PTB ever talking about levitating house prices with anything other than satisfaction. Definitely not a voting member of the FOMC, much less the Fed chair.

    I have no idea what the implications of this are. The Fed is the front for the government and Wall Street. Was this an approved message or did it slip? Hard to say. Powell’s been an excellent frontman, highly measured, so perhaps it’s an approved message.

      1. Because:

        1) The thought of Janet Yellen piping the tune that Trump and Dimon danced to rather than vice versa, didn’t seem credible.

        2) The Fed was created by the government and Wall Street in 1913. There’s a lot of power there, and the thought that the Fed would be allowed to make decisions on issues which affect the government and/or Wall Street without being influenced doesn’t seem credible.

        3) The Fed heads not infrequently talk about trying to remain independent from government.

        4) Historically, they’re pushed by politicians to try new and novel things to support the economy, things like buying MBS and such.

  20. The track of debt-driven booms, from housing to social finance, have one common attribute: initially the borrowers are strong, but as all the strong hands have played their hand, the borrowers degrade as the weak hands enter are allowed to enter the market.

    They’ve attempted to nationalize the mortgage market with some government agency or another buying or insuring the bulk of them; lending is reputed to be only to stronger hands. This will limit but not eliminate financial stability risks (the path to profitability seems to be to create opaque risks the government feels compelled to bail out – see “cleaning vs leaning”).

    What happens then, in a runup, when the strong hands become much more scarce, and they don’t want to lend to weak hands, in a nationalized mortgage system?

    1. “What happens then, in a runup, when the strong hands become much more scarce, and they don’t want to lend to weak hands, in a nationalized mortgage system?”

      – So, Housing Bubble (HB) 1.0 ended with low quality buyers entering the market. Scraping the bottom of the barrel. Lending standards were “relaxed.”. This was done then, as it is being done now, to “keep the Ponzi going,” since once the conveyor belt runs out of new buyers (investors), then it stops. Like last time HB 2.0 will end only by a crash. Something will have to blow up. The costs to be borne by the taxpayer, as per usual. Am I wrong?

      – The bagholder now for the GSEs and probably everyone else, is the taxpayer. This is was not explicit in HB 1.0, but Congress “foamed the runway” for the banks and pushed their losses onto the taxpayer. Now it’s explicit, since the GSEs are government-backed and by design, taxpayer-backed.

      “We’re essentially continuing a system where profits are privatized and…losses socialized,” – Nouriel Roubini

      “I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. … You are a den of vipers and thieves.” – Andrew Jackson, 1834, on closing the Second Bank of the United States; (unabridged form, extended citation)

      “And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that. All power corrupts; absolute power corrupts absolutely.” – Lord Acton

      “When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.” – Frederic Bastiat

      “People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.” – John Kenneth Galbraith

      “What has been will be again,
      what has been done will be done again;
      there is nothing new under the sun.”       – Ecclesiastes 1:9

      1. “The bagholder now for the GSEs and probably everyone else, is the taxpayer.”

        Doesn’t the Fed have the ability to use Quantitative Easing to buy up defaulted GSE debt and take it onto its balance sheet?

        1. Doesn’t the Fed have the ability to use Quantitative Easing to buy up defaulted GSE debt and take it onto its balance sheet?’

          i was thinking about that . I wouldn’t be surprised if after the FED + government crash the dollar as a store of value they replace it with Crypo pointing out the blockchain and accountability , blah blah. It cant be abused like those other bad people did with paper .

          10M dollars for one shinny new Crypto get yours now .

          1. I wouldn’t be surprised if after the FED + government crash the dollar as a store of value they replace it with Crypo

            Will other nations accept US crypto for payments?

      2. “What has been will be again,
        what has been done will be done again;
        there is nothing new under the sun.” – Ecclesiastes 1:9

        no way its different this time 😁 . Snark

  21. The Fed’s Ponzi markets have all plunged into the red, along with Bitcoin. Is this the beginning of the end of the Everything Bubble?

  22. Oh dear…has the great scam cryptocurrency bloodbath commenced? Will this mark the beginning of the end of the Fed’s Everything Bubble?

    https://www.coinbase.com/price?utm_source=google_search_nb&utm_medium=cpc&utm_campaign=1720998609&utm_content=67968983419&utm_term=cryptocurrency%20price&utm_creative=513463321606&cb_device=c&cb_placement=&cb_country=us&cb_city=open&cb_language=en_us&gclid=Cj0KCQjwse-DBhC7ARIsAI8YcWLGN1tRwszoN67zcgoJu1ouZr9f65waiXipP_fbEZba099LO_5eKHsaAoRBEALw_wcB

        1. It’s over $0.50 per imaginary coin, thanks to Elon hosting SNL soon.

          Those are some solid fundamentals!

    2. Are you posting from a phone? Because that’s a really long URL string. Coinbase dot com slash price slash bitcoin.

      All that extra junk in there is tracking you, and potentially giving ammunition to some bitter FB looking to doxx.

  24. If you purchase a house based on fear you will be priced out forever, than your just falling into the fear trap.

    Just like during the 20’s, lending to buy stocks drove the stock market to the sky, only to crash in 1929 and not to start coming back for over 20 years when the Stock Market was based on real growth.

    None of pricing on anything these days is based on anything that even resembles value . its all about lending that’s nuts without risk assessment. Its all about money flowing artificially to a asset at the expense of screwing up the other areas money should be flowing to , like savings for instance.
    People who buy overpriced property become unbalanced because to much money is taken at the expense of other areas that are vital.

    And if your a trapped debt donkey to being a slave , while you have risk of crash , its a gamblers position, not a long term investment stable position.
    When home where just shelter, and a long term investment and very stable , it was a much better world in every way. When health care didn’t demand this much , or higher education didn’t rise based on government loans to prop up the high price.
    Now they want this bail out on school debt and the Medical Cartel wants to control your entire life.

    Its just a entire looting system going on that’s creating all the problems and false narratives.

  25. Hold out on that vaccine till you get offered something really good. A donut? Do I look like a bitch?

    1. I don’t think that .gov will kick down anyone’s door to force them to get “the jab”. Instead, they will make life VERY inconvenient for any hold outs, with the full cooperation of Corporate America.

        1. The most important question for those who cherish liberty: “is it a need or a want?”

    2. 23 hours out now from dose #2 of the Pfizer Bill Gates magic elixir. Bad headache, whole body aches, intermittent chills, lidocaine patch to dull the arm pain. I slept 10 hours last night.

        1. Sounds like a fever. I had the same thing, maxed at 101.6 fever. Try to avoid Tylenol if you can. Better to let the body’s immune system do its work and ensure full effectiveness.

        2. NO VAXX!!! I’ve heard that it may lessen the effectiveness of alcohol. Stay away from the vaxx for a couple more lifetimes.

          1. I’ve heard that it may lessen the effectiveness of alcohol

            I like your priorities! 🙂

          2. I asked my doctor if it would be OK with him if I had a whiskey or so when I got home from the shot. He said “ABSOLUTELY!”

        1. NO ALCOHOL!!! I’ve heard that it may lessen the effectiveness of the vaccine. Stay away from the booze for a couple more weeks.

      4. I lucked out…five days out from Pfizer #2 with only a sore shoulder. I’ve heard it pays to be old when it comes to vaccine side effects…

  26. Buzzkill…double quotes don’t help matters!

    US interest rates may have to rise as economy grows: Yellen
    Tue, May 4, 2021, 9:25 AM·2 min read
    In this article:
    US Treasury Secretary Janet Yellen said there may need to be a “very modest” rise in interest rates to keep the economy from overheating

    US interest rates may have to increase “somewhat” to keep a lid on the economy if President Joe Biden’s latest spending proposals are enacted, Treasury Secretary Janet Yellen said on Tuesday.
    …

    2. US interest rates may have to increase “somewhat” to keep a lid on the economy if President Joe Biden’s latest spending proposals are enacted, Treasury Secretary Janet Yellen said on Tuesday.

      How about we just skip the “spending proposals?”

      Silly me, what am I talking about? This is about graft and patronage. Rising interest rates are but a small price to pay in order to line the pockets of the people who matter.

    3. During her entire tenure as Fed Chair, Yellen the Felon jawboned incessantly about supposedly pending rate hikes that never occurred, since to do so would implode the Fed’s asset bubbles and Ponzi markets. Looks like she’s up to her old tricks, trying to talk up the dollar and slam precious metals prices. But too many people are on to her BS.

      1. Asset markets are on a hair-trigger for selloff on the first hint that interest rates will ever normalize. In light of this, I suspect that the rate increase comment was intended to foster expectations that will never be realized, enabling stonks to climb even higher upon realization of the head fake.

  28. Inflation everywhere. Gas rationing possible this summer? Biden is Jimmy Carter without the morals.

    2. Gas rationing possible this summer?

      The Narrative is that there is a shortage of truck drivers certified to drive tankers, because they found new jobs after gasoline demand collapsed last years.

      This is of course easy to solve: offer more pay. But they don’t want to solve this problem. They want you stuck at home this summer.

      1. They want all the American truck drivers to quit so that they can hire illegal immigrants at under-the-table pay and no bennies.

  29. Just what does a person profit if they gain on a short term bubble, only to lose the Society you live in that becomes insane and taken over by tyrants.

    Rejection of anything rigged , when the cheerleaders are liars, is difficult.

    And the class warfare that has evolved out of the wealth by real estate bubble has created entire sectors of the populations left out in the cold, literally thousand and thousands of homeless, who can’t even afford rent.

    The moral hazard of bailing out the Banks/Lenders in 2008 , without proper Justice to correct cause, mostly fraudulent lending and fraud in risk ratings, just created a bigger Oligarchy of looting and take over. And people wonder why suck unequal justice is rampant today.

    The. 2008 bailout was the condoning of lawlessness and fraud and rewarding it and charging it to the people. Now the culprits want to take over and subject populations to their new oppressive frauds.

    President IKE warned about the military industrial complex. JFK warns about secret societies and deep state and got taken out.

    So , rejection is protection.

      1. The only explanation I can think of is that the MMGray paint is laced with opioids.

  31. Free sh*tters gonna free sh*t.

    CNBC — Petition calling on Biden to cancel student debt gets more than 1 million signatures (5/4/2021):

    “Polling shows that two-thirds of Americans support some form of student loan forgiveness. Just 4 in 10, however, believe all the debt should be canceled.”

    ^This scares me about the future of this country.

    “Critics of student loan forgiveness argue that it wouldn’t significantly stimulate the economy, since college graduates tend to be higher earners who would likely redirect their monthly payments to savings rather than additional spending. Others say a jubilee would be unfair to those who’ve already paid off their student debt or never took out loans. Those borrowers “might feel that their frugality was being punished,” Noah Smith, a columnist for Bloomberg, recently wrote.”

    https://www.cnbc.com/2021/05/04/1-million-sign-petition-calling-on-biden-to-cancel-student-debt-.html

    If you went to some third or fourth tier university and majored in Obama studies, you deserve to starve and die.

    HBB newbs who found their way here from searching about “housing bubble” please know that this is not a free sh*t blog. You won’t earn any karma points for bloviating about Marxism, so you can take your M.A. in Victim Studies and go back to Reddit.

    1. This scares me about the future of this country.

      Plus it gives anyone who paid their loans back the finger.

      1. From each according to his ability, to each according to his needs.

        — Karl Marx

    2. Speaking of Obama Studies majors…

      New York Times — Meet the Man Now at the Center of the Debate Over Student Debt (5/4/2021):

      “Richard Cordray, the consumer financial protection chief under President Obama, will now head the federal student aid office in the Education Department …

      with his new position within the federal Education Department, the primary lender for higher education, Mr. Cordray might be able to relieve the president of that burden by canceling student debt administratively. Democratic leaders are pushing for up to $50,000 in debt relief.”

      https://archive.is/u2lbi

      Nope. Never. And fawk you and the horse you rode in on.

      1. “…Mr. Cordray might be able to relieve the president of that burden by canceling student debt administratively.”

        “You don’t need Congress. All you need is the flick of a pen.” —Chuck Schumer

  32. MarketWatch — Why boomer divorces — like Bill and Melinda Gates — are soaring (5/4/2021):

    “Baby boomer divorces—a phenomenon also known as “gray” divorces—are surging. The Pew Research Center notes that divorce rates for people age 50 and over have doubled since 1990. Professor Wendy Manning, co-director of the National Center for Family & Marriage Research at Bowling Green State University, tells me they’re rising faster than the overall divorce rate, which is actually declining.

    “Baby boomers realize what their life expectancy is and might be expecting more out of their lives, and realize that they’re facing just kind of ‘OK’ marriages,” Manning says. “And they want to move on.”

    https://www.marketwatch.com/story/why-boomer-divorces-like-bill-and-melinda-gates-are-soaring-11620151223

    I skipped the starter marriage, and I’ll skip the starter divorce too.

    Anybody reading this who recently “won” a bidding war to overpay for a used shack and are now experiencing buyer regret, enjoy the endless arguments with your spouse about money.

      1. I’m sure there’s a bombshell that hasn’t been dropped yet.

        That said, a successful marriage is no easy task regardless of socioeconomic status. Most of us enjoy the privacy of anonymity, but the Gates’ must endure court of public opinion.

    2. Baby boomers realize what their life expectancy is and might be expecting more out of their lives

      I guess having more dollars than anyone could actually count in a lifetime and being able to buy anything you want wasn’t enough.

      Then again, being a billionaire means you can’t do a lot of things that mere mortals can do, at least not without a platoon of bodyguards.

      A lesser VP in my org got to meet the big kahuna and founder of the company. Before he was allowed to enter the room he was wanded, even though he had been with with company for almost 20 years. Must be fun living with that kind of paranoia. It’s probably why the big boss owns over 90% of Lanai and lives there now.

  33. HBB newbs, please know that Joe Biden is not the legitimately elected president of the United States and that the 2020 election was stolen.

    Washington Post — Half of Republicans incorrectly think there’s evidence Biden didn’t win legitimately (4/30/2021):

    https://archive.is/wKexr

    Why the Archive link, you ask? Because the Washington Post is a globalist rag that hates America and hates Americans.

    Using archive to share a link denies them a click, and denying these globalists even a fractional cent of ad revenue is how we win.

    This is not Reddit, this is the HBB.

    1. The Hill — Romney defends Cheney: She ‘refuses to lie’ (5/4/2021):

      “Sen. Mitt Romney (R-Utah) is coming to the defense of Rep. Liz Cheney (R-Wyo.) amid a high-profile feud with House Minority Leader Kevin McCarthy (R-Calif.) that is sparking fresh questions about her future in GOP leadership.

      Cheney is coming under new, intense scrutiny over her recent criticism of fellow Republicans. That includes her response to a statement from former President Trump earlier this week in which she said that his claim that the 2020 presidential election was stolen is the “big lie.”

      https://thehill.com/homenews/senate/551761-romney-defends-cheney-she-refuses-to-lie

      The sentence for treason is death, traditionally by hanging.

      Every RINO, every Lincoln Project pedophile, know that you will be dealt with accordingly.

      The truth will be revealed and shared outside of Real Journalist globalist rags and anti-American globalist social media platforms.

      1. Globalist Quislings and neocon stooges like Liz Cheney and Mitt Romney need to be purged from the Republican Party.

        1. Jimmy Kibble runs down Trump supporters and makes fun of General Flynn screwing up the words to the Pledge of Allegiance to the joy of his woke audience because there is obviously NO video of Joe Biden bumbling his words or getting completely lost in the middle of a sentence.

          Trump Delights in Mitt Romney Getting Booed & Michael Flynn Can’t Recite the Pledge of Allegiance

          1,045,794 views•
          May 3, 2021

          https://youtu.be/fyvsEAtgoFk?t=290

          1. Does anyone still watch the night time talk shows? They are so dull, dreary and unfunny, which isn’t surprising as they yet another propaganda outlet.

        2. And to think that the GOPe nominated this loser for prez. They handed Obama the reelection.

          1. the GOPe nominated this loser

            Our political machines are corrupt. We managed to launch one street fighter (with character defects) at them who didn’t seem to be owned and he was under siege the whole time. It’s going to get even more interesting.

    2. The biggest jury intimidation case in my lifetime. Maybe a far lesser charge involuntary manslaughter 2nd 3rd degree…aka a tragic accident, with probation……. he was scared of the mob growing, and even EMS refused to treat floyd at the scene and put him in the van and worked on him 3 blocks away….

  37. Rig a homecoming queen election and face 16 years in prison. Rig a presidential election, and well…you know.

    Florida teen faces 16 years jail after being charged as an adult ‘for hacking homecoming queen contest with her assistant principal mom and casting hundreds of fake votes to win’

    https://www.dailymail.co.uk/news/article-9541661/Florida-Teen-charged-adult-rigged-homecoming-election.html

    A schoolgirl accused of winning her homecoming queen contest by hacking its voting system with her assistant principal mother faces 16 years jail after being charged as an adult.

    Emily Rose Grover was 17 when she was arrested in March, but turned 18 in April. She and her mom Laura Rose Carroll, 50, have now been hit with a host of felony charges, it was announced Monday.

  39. Expect the MSM to consign this non-Narrative Compliant story to the memory hole. Turns out people who have lived under Communism don’t care to repeat the experience (and see better than most where we’re headed).

    Why the Chinese diaspora support the Proud Boys: Almost 90% of $106K raised for far-right group last year is from expats from China ‘who fear BLM and Antifa are plotting communist takeover of America’

    Growing numbers of Chinese Americans and other expats from Asia have embraced far-right groups like the Proud Boys because they fear Antifa and Black Lives Matterwant to create a communist dictatorship in the US.

    Chinese Americans and expats from China, Taiwan, and Hong Kong donated around $86,000 as part of a crowdfunding effort to help Proud Boys pay for medical expenses after members of the group were stabbed in Washington, DC this past December, according to a USA Today report published Tuesday.

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