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It’s Strange, People Aren’t Offering Less, They’re Just Deciding To Watch It And See If It Comes Down

A report from the Seattle Times in Washington. “Matthew Gardner, chief economist at Windermere, said in a statement the boost in inventory could cool off listing prices. The average list price in King County for single-family homes fell about 7% from March to April, according to Gardner. (Houses often sell over their list price, and it’s too early to know whether that is a trend.)”

“Given rising costs and high demand, Spanaway-based broker Robbi McCarver suspects some buyers could be taking a break from the process — despite new inventory. ‘It feels like maybe buyers are just so defeated that a lot of them are dropping off,’ said McCarver. ‘They’re just tired. They have nothing more to give.'”

“Demand is also high in Yelm, Lakewood and Steilacoom, which is near Joint Base Lewis-McChord, McCarver said. ‘We can’t touch anything right now in Steilacoom,’ she said. That means buyers still have to compete. With many of her clients using zero-down loans from the Department of Veterans Affairs, McCarver is urging them to put down any money they can to compete. ‘Something is better than seeing zero,’ she said.”

“For now, in contrast with some homebuyers spending months searching, ‘my clients looking at condos really are able to find a place in a couple weeks,’ said Windermere broker Javila Creer. ‘There’s plenty to look at.'”

“In the midst of the slowdown in the condo market, construction has continued on several high-end new condo buildings. The Spire, a 41-story luxury tower near Denny Triangle in the final stages of construction, recently offered price cuts of around 10% on some units.”

The Denver Post. “Colorado’s red-hot real estate market may cool as it runs into the frigid winds of limited housing availability and skyrocketing prices. ‘Despite the brief slow down during initial lockdown orders, the real estate market shows no signs of slowing,’ says John Skrabec, president of Live Urban Real Estate.”

“The market may ease as some homeowners stop struggling to make their mortgage payments or end taking advantage of forbearance, says Stacie Staub, CEO of West + Main Homes. That shadow inventory of distressed properties may soon start showing up for sale and help ease the housing crunch.”

From KARE 11 in Minnesota. “Buying a home is an emotional experience. It can be fun and exciting, yet scary and overwhelming at the same time. Kevin Curtis has been in the real estate game for nearly 20 years. Most realtors would discourage buyers from waiving their inspection, but Curtis says it’s an unfortunate reality in this market. ‘I would bet you it’s close to 80%,’ Curtis says. ‘Eight out of ten buyers are waiving inspection in those more average price points.'”

“Even though it’s a crazy market right now, Curtis says buyers are smart and they know how to value a home. If they think a home is overpriced, they’ll stay away from it. ‘It’s strange. In Minnesota people aren’t offering less, they’re just deciding to watch it and see if it comes down.'”

The Oregon Bee. “As is also true of several other Inner Southeast neighborhoods, Woodstock has been seeing a lot of proposed and emerging apartment complex developments recently along the boulevard. Commenting on all of the large apartment developments spread across Inner Southeast Portland, and referring to the Mill Creek proposal, Brentwood-Darlington resident Shauna Vincent remarked on social media: ‘I wonder what the rents will be? How many more empty overpriced apartments do we need?'”

The Brooklyn Eagle in New York. “Faced with the slowdown of the luxury condo market, Avery Hall Investments, a development and architecture firm, has changed its new development, One Boerum Place, to luxury rentals. Bloomberg News reported that the company, back in 2016, spent $76.5 million for the main plot and $15 million for the air rights. At the time, the condo market was booming, and one Boerum Place ‘was very much envisioned as a condo,’ founding partner Avi Fisher told Bloomberg News.”

“Then the pandemic hit. In March 2020, the number of contracts signed for new condos in Brooklyn went from 12 to four, despite the fact that the number of listings went up. By the fall, the number of unsold condo units had reached a level not seen since the 2008 ‘Great Recession.’ The company then adapted to the situation. One Boerum Place is now a luxury rental development. Luxury rentals have also taken a dive during the pandemic.”

From WIVB on New York. “State lawmakers have put the brakes on evictions for another three months. But landlords are now in a tough spot. Buffalo attorney Loran Bommer, who represents hundreds of area landlords, tells us his clients say they have not received any financial assistance from the government. ‘My clients are desperate,’ Bommer said. ‘You are talking people that, being a landlord is their business, this is not a hobby. As a business they live on their residuals, they live on the profits. They have no money to pay their bills, they can’t pay their mortgages, they can’t buy their food.'”

From WGN TV on Illinois. “Michael Glasser, landlord and president of the Neighborhood Building Owner’s Alliance, says, ‘many of us are struggling to pay our bills.’ Glasser says a survey of its alliance members projects unpaid rent for the Chicago area is around $1 billion since the beginning of the pandemic in March of 2021. Governor JB Pritzker just extended the moratorium on evictions until the end of May. While that’s welcomed news to renters on the verge of losing their homes because of financial hardships created by the pandemic, smaller landlords who haven’t been paid in months are also on the verge of foreclosure.”

“‘We don’t want to see landlords losing their property over this,’ said Paul Arena, director of Legislative Affairs with the Illinois Rental Property Owners Association.”

The Daily News in California. “A dozen people have been indicted in connection with an alleged mortgage fraud and ‘green’ loan scheme that operated throughout Southern California and resulted in losses of about $15 million, the California Attorney General’s Office announced Wednesday. The indictment charges the defendants with a variety of counts, including conspiracy, mortgage fraud, grand theft, identity theft, forgery, filing a false or forged document and money laundering.”

“The defendants allegedly exploited the Yrgene Energy Fund and Renew Funding, companies that provide funding to licensed contractors for energy- efficient home improvements for homeowners, and used false identities to get mortgage loans from conventional banks and hard money lenders, according to the Attorney General’s Office.”

From Market Watch. “As with other financial indicators, the CFPB found there were significant disparities based on race and ethnicity in whether a borrower was likely to still be in forbearance on their home loan as of March. More than 9% of Black mortgage borrowers were in forbearance, while the same was true of more than 8% of Hispanic borrowers. In both cases, that’s significantly higher than the forbearance rate among white borrowers, of whom less than 4% are in forbearance.”

“But the group of borrowers who were most likely to be in forbearance as of March were those who were already behind on their mortgage payments before the pandemic began. The CFPB found that 18.6% of borrowers who were 30 or more days delinquent on their loans as of February 2020 were in forbearance as of March 2021. That’s more than four times higher than the percentage of borrowers who are now in forbearance but were current on their mortgage before the pandemic.”

“Additionally, homeowners who have less equity built up in their home were more likely to still be in distress. More than 15% of borrowers who had a loan-to-value ratio above 95% were in forbearance on their mortgage, while nearly 9% of borrowers with a loan-to-value ratio of between 80% and 95% were in the same situation. In many cases, these borrowers likely took advantage of programs that allowed them to purchase homes with a small down payment, including the FHA program that only requires a 3.5% down payment.”

“A separate report from the CFPB, meanwhile, showed that consumer complaints regarding mortgages had risen significantly in March to the highest volume in nearly three years. One of the more common topics cited in these complaints was concern about communications from mortgage servicers to borrowers who were still in forbearance.”

“‘Some consumers expressed frustration that servicers did not communicate clearly about which relief options would be available when their forbearance period ended,’ the report noted. ‘In particular, some of these consumers were concerned about what would happen to forborne payments and about whether they could extend a forbearance period.'”

This Post Has 149 Comments
  1. ‘Some consumers expressed frustration that servicers did not communicate clearly about which relief options would be available when their forbearance period ended’

    Better get some boxes.

      1. Posession is 90% of the law.

        It’s the other 10% the folks who stayed put but stopped paying their monthlies have to worry over.

  2. ‘With many of her clients using zero-down loans from the Department of Veterans Affairs’

    Sound lending dammit!

    ‘That shadow inventory of distressed properties may soon start showing up for sale and help ease the housing crunch’

    Oh, that!

    1. Based on some of the pictures of our National Guard in DC a few months back, they are not sending their best

    2. People tend to not understand how those low- and zero-downpayment loans enable those who use them to outbid buyers of similar means paying larger downpayments.

      It’s really just basic arithmetic.

  3. ‘There’s plenty to look at’

    Here we see a REIC newspaper quietly walk back the horsesh$t they’ve helped build. No quotes from Matt (UHS need an economist?) about how he was all wrong on the shortage. And it ain’t just airboxes:

    ‘The average list price in King County for single-family homes fell about 7% from March to April, according to Gardner’

    Good thing everybody put 20% down…

    1. “It feels like maybe buyers are just so defeated that a lot of them are dropping off … They’re just tired. They have nothing more to give.”

      They have nothing more to give?

  4. ‘They have no money to pay their bills, they can’t pay their mortgages, they can’t buy their food’

    UHS say Buffalo is red hotcakes.

  5. 9 News — 3 Denver-area couples describe what it’s like to buy a home in this crazy real estate market (5/5/2021):

    “Kelly Moye has been a realtor in Colorado for 30 years. She says nothing in that time compares to the current housing market.

    “Insane!” is how she described it.

    “As a buyer’s agent, when you’re representing a buyer, you have to protect their best interest, that’s our job,” she said.

    “And it is really hard to tell them to waive all these rights,” she added. “Waive the right to ask the seller to make any repair. Waive the right to limit your purchase price based on the appraisal. Wave the right to do this or that and, inherently, those rights are there to help protect them. And you’re there to help protect them. So to give them the advice that they should spend all of their money on an appraisal gap, waive the inspection, don’t worry about the HOA docs… you’re conflicted inside, because you want to do your job right, you need to do your job right, but one would say – you’re not doing your job if you don’t get them a house, so you’re stuck.”

    https://www.9news.com/article/money/markets/real-estate/denver-real-estate-stories/73-95a5afa7-6f85-475a-9362-486d702dbf88

    Kelly you are a lying whore.

    You don’t care about “protecting” people or “doing your job right” because all you care about is that commission check.

    1. “Well you see, we flushed the toilet and it seemed to work….so we can wave that there inspection.”

    2. “And it is really hard to tell them to waive all these rights,”

      You better have competent legal counsel.

  6. ‘suspects some buyers could be taking a break from the process — despite new inventory. ‘It feels like maybe buyers are just so defeated that a lot of them are dropping off…They’re just tired. They have nothing more to give’

    It’s interesting to listen to these REIC dogs speak of buyers like it’s a perpetual hoard of hungry zombies, arms extended, moaning as they walk around from shack to shack. Unless they are in a van down by the river, they’ve got a place to live.

    1. The depravity of their Realtorbabble is accelerating. A few threads ago you posted a link including the term “fervor.”

      Fervor (noun): intensity of feeling or expression; intense heat; great warmth and earnestness of feeling; powerful, intense emotion; the state of being emotionally aroused and worked up.

  7. I would expect traffic to this site to be increasing month over month through the rest of the year. Should be interesting as a metric

    1. So much for the theory that your gasoline fuel automobile is now worthless, because any day now we will all own a selfdriving electric car…

      1. I expect there will be a huge run on new ICE cars as the ban on new sales dates in various states approach. I could even see people hoarding them, parking them in the garage and not driving them, expecting them to actually appreciate once new sales are banned.

        1. “…the ban on new sales dates in various states approach….”

          How about ‘ghost cars’ that are built in someone’s garage and don’t have a serial (VIN) number?

          1. Don’t crate engines have serial #’s?

            I wonder how the ICE ban will impact resto-mods? Obviously the car is pre-ban, but the engine would not be. Of course this can be circumvented by rebuilding a pre ban engine.

        2. The politicians making these proposals have no scientific or engineering background. The dates are always a comfy 10-15 years in the future, and quietly get pushed out as they dates approach. The PEV business would not exist without subsidies from .gov or as a loss-leader subsidized by the manufacturers’ profitable ICE model sales.

          1. “…The politicians making these proposals have no scientific or engineering background…”

            Engineering any product for a mass market in a economical way is incredibly difficult.

            Anyone remember the Wankel Engine in the 1960’s?

            It was on the cover of Popular Science magazine and all of that.

            It was suppose to replace conventional IC engines in no time.

            Turns out, problems with seals and emissions killed it off even though it was commercialized briefly. (ie. was found inside some Mazda models).

      2. It took 15 years just to switch from leaded to unleaded gasoline. A full switch from gas to electric will take at least as long.

        1. You do realize that not everyone lives in suburbia?

          I’ll let you explain to the HBB all about the installation of car charging infrastructure for people who park on the street in whatever spaces are available.

          1. I didn’t have my own driveway until I moved into this house in 2012. Before that, all the apartments I stayed at had unassigned parking lots or garages. So it’s very annoying to hear the bougies pass fueling off so flippantly, “oh I’ll just install two chargers in my garage and take advantage of off-peak rates.” 🙄

            When I said “at least” 15 years, I was using the most ideal scenario possible: Electric cars would have a ~450 mile range and a full charge would be no more than 15 minutes. With those similarities, we could theoretically swap out each gas pump with a charge pump. Even then it would take longer than 15 years because there are so many more gas stations now than in the 1970s, and switching from tanks to outlets is more complex than just cleaning out existing tanks and refilling them with a new liquid.

          2. And I should add that it’s not enough just to live in the burbs to get chargers for each vehicle. Most of the houses in the barrio have 4-6 cars per house: 4 in a driveway and two on the street. Good luck charging all of those.

          3. installation of car charging infrastructure

            I’d wager a good chunk of people pushing EV adoption think they’re perpetual motion machines.

        2. It’s just another scam. It’s impossible to produce and sell electric cars that use green energy profitably and it never will be. It’s just another money printing bottomless pit. Once they have everyone in electric cars and convinced climate change is destroying earth, they’ll start limiting how much electricity you can use and limit the number of people allowed to even own an electric car. You’ll be confined to a smart city in a 300 sq ft apartment and have to travel by bicycle and be rationed 4 oz of meat every 6 months. “Sustainable” energy is code for “unsustainable”….because it’s us they plan on not sustaining.

          1. You’ll be confined to a smart city in a 300 sq ft apartment

            I won’t be doing that.

          2. I’ve had to continually revise my idea of how much tyranny Americans will tolerate. I never would have believed we could be where we are. But here we are…Americans groveling like helpless puppies begging that their masters allow a “return to normal” and fantasizing that submission will secure freedom.

  8. Centralia, WA Housing Prices Crater 23% YOY As Desperate Sellers Slash And Burn Across Washington State

    https://www.movoto.com/centralia-wa/market-trends/

    As one Washington land broker said, “If you paid more than $500 an acre, you got ripped off. Based on the last decade or more, a lot of people got ripped off.”

        1. That being said, I don’t like compulsory licensing, the WTO or these jabs.

      1. Covid will be with us for a long time. New vaccines will need to be created to keep up with mutations. What incentive will there be for pharma companies leading the fight to innovate, including new medicines targeting cancer, if one stroke of Old Joe’s pen whipes any potential profit out?

        1. New vaccines will need to be created to keep up with mutations.

          Watch the Yeadon interview.

    1. Interview highlights

      Bhakdi: size of clinical trials necessary to prove efficacy with statistical significance

      Yeadon: variants or as he calls them same-iants

    2. TL;DW. I skipped around and found him talking about variants at about the 33:00 mark. Basically he says that SARS patients were immune to SARS COV2 even though the viruses are 20% different. Meanwhile, these new variants are 0.3% different and therefore there should be no vaccine escape. We already know he’s wrong, because the South African variant escaped the Astra-Zeneca vaccine. I guess which 0.3% is pretty important.

      That said, I’m optimistic to see that out of all the millions of cases in India and all the chances to mutate, their brand-new variant is … a combination of two existing mutations. This virus isn’t very imaginative.

      1. a combination of two existing mutations

        A hybrid. Some of those virus’ must be messing around off the job.

      2. We already know he’s wrong

        You’re wrong in your interpretation. He was speaking about our natural immune system. If a 20% difference can’t fool it (SARS vs SARS-CoV-2), a 0.3% difference (SARS-CoV-2 variant) won’t.

        The jabs encode for the spike protein. Where’s the target research supporting that choice? There’s plenty of other genetic material that gets chewed up and presented to our immune system following natural exposure. You’re assuming the jabs confer the same immunogenicity. They can’t.

        1. Friendly reminder: I focused on drug development and commercialization in business school.

          1. RR,
            The two interviews of these Doctors where clear as a bell .So I don’t know how you can explain lack of comprehension of the obvious points by some , other than a emotional bias toward a narrative that defies logic or rational thinking.

          2. emotional bias toward a narrative that defies logic or rational thinking

            You said it. I thought it.

          3. The two interviews of these Doctors

            The interviews are particularly complementary in tone, subject matters, and experiences. There are more at planetlockdownfilm.com.

        2. Too long, didn’t watch… a 57-minute video. This is a housing message board, not a trial. I really don’t have the energy to do extensive preparation for a discussion.

          Natural exposure.

          Brilliant! Let’s just “naturally expose” everyone! We’ll have millions dead, but hey, at least the rest of us will have 100% natural immunogenicity against future illness instead of the 75% from a vaccine. Love your cost-benefit analysis.

          1. This is a housing message board

            No it’s not. This is a blog, and Ben is kind enough to let us leave comments.

            Say what you will, I believe that after all this time, despite masks that don’t work and silly arbitrary six foot markers at the checkout, whatever the CCP flu is, it’s endemic. If it was going to kill you, there’s a 99.99% chance it would have already.

          2. I really don’t have the energy to do extensive preparation for a discussion.

            Then don’t criticize experts.

        3. Where’s the target research supporting that choice?

          To wit.

          COVID vaccines focus on the spike protein – but here’s another target

          [T]he SARS-CoV-2 virus is more complicated than just a spike protein. There are, in fact, four different proteins that form the overall structure of the virus particle: spike, envelope (E), membrane (M) and nucleocapsid (N). In a natural infection, our immune system recognises all of these proteins to varying degrees. So how important are immune responses to these different proteins, and does it matter that the first vaccines will not replicate these?

          Following SARS-CoV-2 infection, researchers have discovered that we actually make the most antibodies to the N protein – not the spike protein. This is the same for many different viruses that also have N proteins. But how N protein antibodies protect us from infection has been a long-standing mystery. This is because N protein is only found inside the virus particle, wrapped around the RNA. Therefore, N protein antibodies cannot block virus entry, will not be measured in neutralisation assays that test for this in the lab, and so have largely been overlooked.

          Adding N protein to SARS-CoV-2 vaccines could also be useful because N protein is very similar between different coronaviruses – much more so than the spike protein. This means it’s possible that a protective immune response against SARS-CoV-2 N protein could also offer some protection against other related coronaviruses, such as Mers.

          Another potential benefit that may arise from including N protein in SARS-CoV-2 vaccines is due to the low mutation rates seen in the N protein sequence. Some changes to the sequence of SARS-CoV-2 have been reported over the course of this pandemic, with the most significant changes occurring in the spike protein. There is some concern that if the spike sequence alters too much, then new vaccines will be required. This could be similar to the current need for annual updating of influenza vaccines. However, as the N protein sequence is much more stable than the spike, vaccines that include a component targeting the N protein are likely to be effective for longer.

          (emphasis added)

          And what about the corollary to the third bold phrase? Would a protective immune response against related coronaviruses’ N protein also offer some protection against SARS-CoV-2? But being so pro-vax, the author doesn’t consider this.

          1. This kind of research should have been done before mass production and FDA submission. Never mind that the FDA division that reviews vaccines isn’t the division most familiar with the mRNA and DNA vector technologies.

          2. But alas, even the human guinea pigs don’t care.

            As the meme says: We don’t take the vaccine after doing research. We are the research.

          3. Why do quotes format like that.

            I put the most important phrases in bold and quote the most important paragraphs of an article. I get you don’t read or care. Move along.

        4. The COVID vaccines are not attenuated virus. They are simply an engineered version of the spike protein. Without downloading the sequence and examining the structure and potential glycosylation sites, I can at least generalize that the antigenic sites on such a protein will be limited That is, most antibodies generated will recognize a limited number of similar or overlapping “hot spot” exposed and accessible antigenic sites. Escape from immunity based such limited antigenic recognition could logically be achieved by a seemingly insignificant number of mutations.

          1. This ‘Vaccine’ has already sent one of my co-workers to the Hospital with Vision loss.

            Yay Phizer.

          2. Agreed. Miss Blowhard took something said with respect to naturally-induced immunity and applied it to vaccine-induced immunity to claim that the interviewee was wrong.

          3. a seemingly insignificant number of mutations

            Do you know if the variants are nucleotide or amino acid mutations? I’m assuming nucleotide. Because of codon degeneracy, I’m not freaking out like everyone else seems to be.

        5. I might not have been clear. My interpretation of Dr. Yeadon was this: Our natural immunity can recognize a variant that is 20% different, from SARS-1 to SARS-2. Therefore, our natural immunity can easily recognize and neutralize a variant that is 0.3% different. I agree with that, so far soo good.

          Dr. Yeadon then asserted that this recognition is the reason that nobody should worry about variants. That would be true, IF we chose to achieve herd immunity through natural exposure. Sure, our natural immunity can handle all of these variants, which is why there are so few cases of re-infection. However, along the way, millions of people would not survive the first infection to build up this great immunity. The natural path would leave millions dead and millions more debilitated for months.

          So, to minimize death we are aiming for herd immunity through the vaccine route. Then, those variants DO become a problem. Since a vaccine only codes for a small portion of the virus, that 0.3% does become significant enough to escape our more limited immune response. This is what happened in South Africa. IIUC, their mutation was different enough to escape the genetic material in the Astra-Zeneca vaccine.

          Short version:
          Natural exposure –> variants not a problem (millions dead)
          Vaccines –> variants a problem (fewer dead)

          But the doc is combining the two. He is asserting that
          vaccines –> variants not a problem. (so stop the lockdowns)
          which of course is not logically true, as we saw in South Africa.

          That said, I have been opining for months that refusers, at least in the US, should be free to forgo the vaccine, as long as they please wait for people who DO want the vaccine to get theirs. We are very nearly at that point right now. Vaccines are now walk-in. Give it a couple weeks for second shots and immunity to build, and then by all means, go au natural. But I do expect a final Refuser’s Wave of cases and deaths they give COVID to each other, and that’s on them.

          1. You should really watch both interviews. You overstate the jabs’ benefits as well as the disease’s risks.

        1. I’m kidding. I’ve never owned crypto, or a meme stonk unless it was a component of an index fund.

    1. Meme Stock Crowd Pivots More Toward Crypto as Frenzy Fizzles
      Brandon Kochkodin
      Wed, May 5, 2021, 6:51 AM·2 min read

      (Bloomberg) — The meme stock trading frenzy that captured market observers attention throughout the first months of the year may have come and gone, but the animal spirits behind it are still raging.

      What’s changed now is that the same people that were bidding up GameStop Corp., Tilray Inc. and the hundreds of SPACs that hit the market have moved more of their bets to cryptocurrencies, according to a note from Vanda Research.

      “Prices of stocks like Tilray, Virgin Galactic, Plug Power and Nio have been inversely correlated with cryptocurrencies in 2021, which is indicative of a retail rotation,” wrote Vanda’s Ben Onatibia and Giacomo Pierantoni in a weekly note to clients. “As Bitcoin sank following the Coinbase IPO, all retail favourite stocks enjoyed a decent recovery. But as the price of Ethereum and other altcoins skyrocketed this week, retail favourite stocks have given up most of their recent gains.”

      1. This stuff is absurdly ludicrous. And Powell stands up and delivers his weekly speeches as some sort of orchestra leader driving the whole thing, and promising he’s never going to let off the gas.

  9. This is a pearl clutching article.

    Politico — ‘Doomsday scenario’: Lagging vaccine rates stir fears of dangerous variants (5/6/2021):

    “Health officials are worried that pockets of the country slow to get vaccinated against Covid-19 could turn into breeding grounds for more dangerous virus variants, mimicking the experience in South Africa and Brazil.

    Vaccination rates have been falling for weeks in parts of the South and mountain West, prompting the White House to rethink its vaccination strategy to reach those reluctant or unwilling to get the shots.

    Rochelle Walensky, the director of the Centers for Disease Control and Prevention, said Wednesday it is essential to quickly get vaccination rates to 70 percent in each community to cut chains of virus transmission, because “variants are a wildcard that could reverse this progress we have made and could set us back.”

    https://www.politico.com/news/2021/05/06/coronavirus-vaccine-rates-variants-485475

    The CDC is requiring that all kidz going to summer camps wear masks during all outdoor sports except swimming.

    1. Child abuse?

      I would expand on that and call it psychological terrorism.

      Lockdown Lovers are anti-humanity.

        1. Summer camp? Do those still exist? I thought only Charlie Brown and his friends went to summer camp. Or is this still a thing on the east coast?

          1. Pre-COVID, summer day camps were common. I think the good old days of sleepaway summer camps sailed long before COVID. Who’d trust an unrelated Millennial with their kid?!

          2. It sounds like something the kids of the One Percenters from the Hamptons would do, while the parents summer in the French Alps or at their Italian villa.

          3. Pre-COVID, summer day camps were common.

            Every year I get junk mail for vacation bible schools at many local churches. But I’ve never seen an add for a summer day camp. And I don’t exactly live in the Bible Belt.

        2. “Masking kids at camp outdoors is simply virtue signaling.”

          There is grotesque child abuse among the libtard crowd. From insane masking practices to mothers promoting gender identity issues in their own children, some going so far as to prep them for gender reassignment surgery. I’m most disappointed in the medical community. Some of these doctors are the equivalent of Josef Mengele, butchering children who are not willing participants.

          1. I guess 18 isn’t a “child” anymore, but it’s despicable what these doctors are doing.

    2. That’s easy to predict that the mutant strain theory will keep this Pandemic going. And, no dispute by Scientists and Doctors allowed by Monopoly Fake News.
      As if the human race has to be dependent on constant Pharmaceutical intervention to survive, as if its as mandatory to survive as food is.
      And with big private Monopoly Industries having the right to force compliance, or you can’t use their services, while they destroy alternate small business, your under the dictates of a collusion of Monopolies.
      The Big Monopolies all acted together in conjunction with Government to bring on this rule by these Monopolies, as well as Monopoly fake news. Anything to destroy alternative commerce, or news to create a dictorship by Monopolies.
      A unjustified Pandemic to force emergency vaccines, and lockdown marshal law. A unjustified demonizing of more than half the population.

      And the stupid sector of the population that actually think the agendas of the Monopolies and Communism BS is going to give them a better life under this reign of terror.

      All these measures are to destroy any semblance of freedoms populations had , using a Medical fraud to accomplish this take over. Rig the election to put in the Puppets of the One World Order Dictorship.
      Only option is to not comply and form alternative markets to combat the Monopolies. Otherwise people will have no choices other than the Monopolies dictates.

      1. That’s easy to predict that the mutant strain theory will keep this Pandemic going.

        It’s easy to predict that they are going to TRY. I don’t know if they will succeed. Enough of the elderly (and maybe the obese?) are now vaccinated that the hospitalization and death rate will drop. At that point this WILL be a flu, and it’s not easy to fearmonger just on a flu.

        1. “…it’s not easy to fearmonger just over a flu.”

          The last one 1/2 year has proven how easy it is to fear monger over a flu, if you keep pumping Fake News with censorship of dispute.

          These Entities have speeded up their long term agendas, without brainwashing enough of the population to want to give up a Constitutional Republic yet over such fraudulent narratives.

          The next one is the fraudulent narrative of Climate Change to take cheap energy from populations. Throw in racism to divide and conquer , and demonizing the White race and any hierarchies, its the Communist playbook on take over.

          So, you can think that this will end with vaccine immunity World wide taking us back to normal, but the insurrectionists have only began to take over with their plans of a One World order dominated by psychopaths that are few in number.

          And the scary thing about these psychopath power mongers is just how much they view humanity as bugs to be sprayed. These tyrant looters of populations , that now threaten life , liberty and pursuit of happiness, are not humane or beneficial at all. They want to take us back a couple notches where technology is used for their dictorship , not to advance mankind. And their depopulation agendas should be exposed as no different than Hitler, Stalin or Mao. Criminals that should be arrested for their crimes against humanity on every level.
          No, it won’t go back to normal unless populations stop the roll that these psychopaths are on.

  10. Hi everyone! Ben, firstly, thank you for this blog. I’m a 26 year-old teacher in Atlanta that has lived on $10k-$14k/yr since graduating school, and I’m trying to get my expenses even lower by buying a fixer-upper, renting out the remaining rooms to eliminate my housing expense, using the back for a garden/food production system, and using mainly bike transportation along the beltline (it’s a bike loop that goes through the entire city.)

    I have no debt and over $100k in savings- Atlanta is one of the top metro areas for delinquent mortgages in the country, so I have been waiting for deflation. But, with the Biden administration, I am concerned that housing may become somewhat nationalized and/or the flood of “stimulus” may ramp up so much, that the US dollar becomes even more worthless than it already is.

    There are still a few pockets around the beltline where I could get a property between $100-$200k. What would y’all do if you were me? Any inputs would be appreciated.

    1. Don’t get in over your head. If everyone wants something, you shouldn’t. When it turns and no one wants it, and I mean no one, not just slower, then buy.

      1. when do you remember the last time Noone wanted to buy a house? Even during the correction of 2009 housing did not reach firesale prices

        1. IIRC, it was circa 1989 when the Germans were chipping away at the Berlin Wall, and the U.S. started cutting its huge military budget.

    2. Considering your age (26) I recommend that you do not consider what other people close to your age post on Instagram or other social media about house buying as an influencing factor.

      You will only see a happy smiling portrayal. You will not see spouses arguing about money, the “unexpected” but incalculably costly repairs, or tales of buyer regret.

      “Success has many fathers, but failure is an orphan” — Unknown

      Be the exception to millennial groupthink, don’t be a lemming.

      1. Oh, DUH. 🤦‍♀️ I should have realized before that this guy posted under the name Junior Mustachian. He’s in the Mr. Money Mustache cult of building a little empire of passive income and FIREing. Which explains why he lives on $14K/year, which is the only good thing about his plan.

        So, Mr. Junior Mustache, go for it. Why buy one house for $100K in savings when you can buy TEN houses, at 3.5% down each and let the rent pay your mortgage! Go into debt to fix ’em all up and rent them to 740-FICO angel tenants who will pay your rent unflinchingly and without damaging your property. Stand outside a Starbucks and lecture those who are getting coffee as a little pleasure. Use any leftover cash to buy Dogecoin and non-fungible tokens. I expect a full report in 5 years.

    3. After a year of red-hot real estate prices, you plan to spend your hard-earned savings on buying real estate. 🙄
      After a year of “cancel rent” and eviction moratoriums, you plan to rent out some rooms, probably to some deadbeats who are resentful that they have to start paying rent again. 🙄
      After a year of skyrocketing prices in lumber and labor, you plan to buy a fixer-upper. 🙄
      You plan to spend $200 on pots and soil to harvest $25 of tomatoes. 🙄
      You plan to get around “mainly” by bike while still paying $$ to maintain your car. 🙄

      You’re young. Postpone the American Dream for another decade.
      Stick with living on $14K/year and put your money into Roth IRAs. If it’s any consolation, I didn’t buy a house until I was 40 and I’m still on track to have a paid-off house in retirement. It can be done.

      1. Roth IRAs

        The government will find reason to tax that money again. Otherwise, all good points.

      2. I didn’t buy a house until I was 40 and I’m still on track to have a paid-off house in retirement.”

        Oxide has made many good points. It seems at the end of a bubble to me with all the stupid junk people are buying. last time 2008 it was a commodities bubble right before deflation hit, dryships iron ore, blah blah. Will it repeat again? Current inflation will end in deflation because of massive government debt ? IDK .

        Disclaimer I own NEM and am getting old.

    4. Seriously consider if you want to remain in the ATL long term, because that is what’s going to happen if you bought a house there. I think there are many better places in the South to live than the ATL, especially considering teachers can work just about anywhere.

  11. “…the ban on new sales dates in various states approach….”

    How about ‘ghost cars’ that are built in someone’s garage and don’t have a serial (VIN) number?

    1. Timmmmmberrrrrr

      “The so-called stumpage fee, or what 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 now than we were 10 years ago.

    2. Inflation is so bad in lumber that distributors are buying back inventory from retailers at a loss and turning it into a profit by shipping it and reselling in other locations. The insanity meter is broken.

      1. This isn’t just a case of soaring commodities. It’s a reflection of the accelerating debasement of the dollar, courtesy of the Fed.

  12. “People Aren’t Offering Less, They’re Just Deciding To Watch It And See If It Comes Down”

    Why? Conditioning by lying realtors who don’t want to tarnish their reputation among other lying realtors by submitting “embarrassing” offers below listing price. The irony.

    1. Above asking. Check
      Wave that inspection. Check
      Letter to homeowner explaining your dog is autistic and son is trans. Check

      Fingers crossed that this offer is the one

  13. Dr. Doom has an uplifting message for anyone struggling to contain their crypto FOMO.

    1. ‘Retail suckers’ with FOMO will eventually get crushed on Bitcoin, says Roubini
      Julia La Roche
      February 22, 2021·2 min read

      Famed economist Nouriel Roubini argues that retail investors with “fear of missing out” are going to get crushed by investing in Bitcoin during its latest run higher.

      “We have, like in 2017, hundreds of thousands of retail suckers that are having FOMO (fear of missing out) going into this asset class. And they are going to buy it at peak like it happened in December of 2017 when it was $20,000 and fell to $3,000 by the end of the next year. So, it’s the same phenomenon — just people are moving in because of FOMO, feeding the bubble, manipulation, eventually, they’ll get crushed,” Roubini told Yahoo Finance Live on Monday.

      The NYU Stern professor of economics argued that Bitcoin’s surge is driven by “massive manipulation,” not a rush into a hedge against inflation.

      “I think that some of the movement upward is driven not by worries about inflation or debasement of fiat currencies because gold is not going up very much, TIPS (Treasury Inflation-Protected Securities) are not going up very much. Why would just Bitcoin be a hedge against inflation and a debasement of fiat currency? There must be something else — something else is there is massive manipulation,” Roubini said.

      Roubini, whose nickname is “Dr. Doom,” has argued that Bitcoin and other cryptocurrencies, which he’s dubbed as “sh-tcoins,” have no place in a retail or institutional investors’ portfolio. He pointed to the “huge amount of volatility” as a reason for concern.

      “You have to ask yourself whether retail investors or institutional investors should be investing in something that is so risky and something that is not a currency and is not even an asset,” Roubini added.

      1. Clown World gonna clown.

        BRKB does not pay dividends but I bought shares as a store of value. Insurance? Railroads? That’s so boooring 🙁

    1. Economy
      Fed warns about potential for ‘significant declines’ in asset prices as valuations climb
      Published Thu, May 6 2021 4:00 PM EDT
      Updated Moments Ago
      Jeff Cox
      Key Points
      – Rising asset prices are posing increasing threats to the financial system, the Federal Reserve warned in a report Thursday.
      – Fed Governor Lael Brainard said the situation bears watching and points up the importance of making sure the system has proper safeguards.
      – “Asset prices may be vulnerable to significant declines should risk appetite fall,” the central bank said.

      Rising asset prices in the stock market and elsewhere are posing increasing threats to the financial system, the Federal Reserve warned in a report Thursday.

      In its semiannual Financial Stability Report, the central bank said that while the system overall has remained largely stable even through the Covid-19 pandemic, future dangers are rising, in particular should the aggressive run on stocks tail off.

      Investors have snapped up equities, corporate bonds and cryptocurrencies. They’ve poured billions into blank-check companies called SPACs, and the market has been mostly brisk for traditional initial public offerings.

      Fed Chairman Jerome Powell and others have been asked repeatedly about whether they’re concerned over the rising prices. Powell specifically has said that as long as interest rates stay low, the valuations are justified.

      However, the report notes that there’s danger lurking should market sentiment change.

      “High asset prices in part reflect the continued low level of Treasury yields. However, valuations for some assets are elevated relative to historical norms even when using measures that account for Treasury yields,” the report states. “In this setting, asset prices may be vulnerable to significant declines should risk appetite fall.”

      1. Sounds like they’re trying to cool the market with words so that they don’t have to do it with interest rates.

      2. “‘Asset prices may be vulnerable to significant declines should risk appetite fall,’ the central bank said.”

        Ya think? Considering the SP500 would not be undervalued at 1500 (the peak of the last bubble in 2007, 65% lower from today’s value), things have gotten a wee bit frothy.

    1. Virtually all of these “random” anti-Asian attacks have been perpetrated by vibrants, which causes cognitive dissonance with Real Journalists and their globalist editors when The Narrative commands that such bias-related assaults must be attributed to white supremacists.

      1. I see tents in new places EVERY DAY.

        South Denver, near Santa Fe and the South Platte River.

        1. Regis University is welcoming them to set up camp on campus. This is going to work out great, I’m sure.

          1. When some drugged out homeless guy rapes a little 18 year old hottie daughter of some bluetard, you think they’ll finally “get it?” Nah. Stupid hurts.

    2. “2 Asian Women Attacked by Man with Cement Block”

      johnny “woke” Yun should have titled it:

      2 Asian Women Attacked by Black Man with Cement Block

          1. Society

            A small subset of “society”. Every time someone posts a video about a brawl at an airport, we already know who the culprits are. Which is why I stay as far away as possible from vibrants as I can.

  14. Imagine if the DNC’s FBI Chekists put a fraction of the effort into going after election-riggers and mortgage fraud as they did recovering Comrade Pelosi’s laptop.

    Did agents raid home of wrong woman over Jan. 6 riot? Maybe.

    https://apnews.com/article/riots-technology-capitol-siege-government-and-politics-0a0f555f20c4d942fb9d3a515d391144

    ANCHORAGE, Alaska (AP) — “We’re looking for Nancy Pelosi’s laptop,” FBI agents told Marilyn Hueper after briefly handcuffing her.
    Hueper shot back: “That still doesn’t explain why you’re in my home. Or in Homer, Alaska.”

    The search for the House speaker’s laptop had taken a U.S. Capitol Police officer thousands of miles away from home for an FBI raid on Hueper’s home, looking for something stolen during the Jan. 6 insurrection — and the person who did it.

  15. Does it seem like the insanely rapid inflation of numerous Ponzi bubbles is beginning to spook the Fed?

    1. The Financial Times
      US financial regulation
      Fed warns of hidden leverage lurking in financial system
      Central bank says Archegos collapse shows it lacks tools to see full extent of risk-taking
      ‘Available measures of hedge fund leverage may not be capturing important risks’ — Lael Brainard, Fed governor
      Gary Silverman in New York and James Politi in Washington
      9 hours ago

      The US Federal Reserve has warned that existing measures of hedge fund leverage “may not be capturing important risks”, pointing to the collapse of Archegos Capital as an example of hidden vulnerabilities in the global financial system.

      The US central bank’s semi-annual report on financial stability found that some asset valuations are “elevated relative to historical norms” and “may be vulnerable to significant declines should risk appetite fall”.

      But the Fed also acknowledged that regulators lack the tools to monitor the risk taking of traders like Bill Hwang, who placed large leveraged bets on stocks through his Archegos family office.

      “The Archegos event illustrates the limited visibility into hedge fund exposures and serves as a reminder that available measures of hedge fund leverage may not be capturing important risks,” said Lael Brainard, the Fed governor who chairs the central bank’s committee on financial stability.

      She added: “The potential for material distress at hedge funds to affect broader financial conditions underscores the importance of more granular, higher-frequency disclosures.”

      The warning about unseen hedge fund risks came as the Fed also expressed concerns that a worsening of the global pandemic “could stress the financial system in emerging markets and some European countries”. The impact in emerging market countries could be exacerbated if global interest rates “were to rise abruptly”, it added.

      In the US, the central bank said “some businesses and households remain under considerable strain” even as an improving economy, low interest rates and government support have helped corporations and consumers service debts.

      The Fed said that “banks remain well capitalised, and leverage at broker-dealers is low”. Existing measures of hedge fund leverage are “somewhat above their historical averages”, it said, adding that the data “may not capture important risks from hedge funds or other leveraged funds”.

    1. Whodathunk a syringe full of poison would be the #1 item used to virtue signal.

      1. Based on the “thankful for my turn” selfies and tolerance of side effects, you’d think it was the fountain of youth.

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