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What Changed, Predictably, Was Everything, But Not All At Once

A weekend topic starting with the Los Angeles Times. “The textbooks say that the securities markets exist to facilitate raising capital so that companies can thrive. In today’s investment world, that notion seems almost quaint. Business news pages and cable shows are dominated by fads — be it bitcoin, dogecoin or nonfungible tokens (NFTs) — and stocks whose prices are not tied to sober reflections about their issuers’ prospects but rocket up and down based on internet-fueled speculation.”

“Have we reached peak absurdity in the financial markets? ‘There are so many bubbles out there that I can’t even write about them all,’ says Susan Webber, an investment advisor. ‘They’re so loony.'”

“Land has generally been viewed as the most solid investment one can make, but the housing crash that began in 2006 and provoked the Great Recession showed that bubbles can occur in any asset, causing mayhem when they’re popped. Banks have often been regarded as gilt-edged investments, but recurrent banking crises, including those of the early 1930s and 2008, demonstrate that their potential to make imprudent, overleveraged bets can show their intrinsic values to be mythical.”

“Some features of today’s investment landscape are historically unusual, if not necessarily unique. One is a long period of easy money fostered by the Federal Reserve’s policy of keeping interest rates low. That makes investments not tied to interest rates relatively more valuable.”

“‘Looking back at this period in a decade,’ says Frank Partnoy, a business and financial law expert at UC Berkeley law school and author of several books on investment fiascos of the past. ‘we’ll say there was a lot of mania, but we might be surprised at what turned out to be valuable, and what didn’t.'”

From CNN Business. “‘In 38 years of buying and selling homes I haven’t witnessed a market like it,’ commented Henry Pryor, a UK buying agent. ‘There have been stories of buyers paying £10,000 plus just to be able to view a property.’ With inventory levels in the United Kingdom some 30 per cent below the norm, people are ‘panic-buying properties,’ Pryor added. ‘Twelve months ago, people were panic buying toilet paper for fear they might run out. That’s very much the sensation we have today (in the housing market),’ he said.”

The Islington Tribune in the UK. “Islington Council seems determined to press ahead with plans for the proposed Vorley Road development despite the depressed property market for new one- and two-bedroom build flats. Cllr Diarmaid Ward claims Islington needs to build and sell private flats in the new development to pay for the new council properties but seems to be ignoring the evidence of falling demand across the capital, including Archway.”

“There is already a glut of one- and two-bedroom flats on the market in central London as many young professionals gravitate out of the city in the fall-out of the pandemic. You only have to look next door to the proposed development for evidence of this demographic shift. The Land Registry reveals only 34 of the 140 flats in Hillhouse have sold since the new development came on to the market in 2018. Clearly it makes no financial sense to build more of the same literally next door.”

From ABC News in Australia. “Real estate agents say ‘absolutely crazy’ demand is behind 20 Perth suburbs’ median house prices growing by over 10 per cent in the first third of this year. Data released by the Real Estate Institute of WA revealed prices in the riverside suburb of Bicton had grown 20 per cent since December, going from $950,000 to $1.14 million — the biggest increase in the metropolitan area.”

“Lauren Mandolene is also a real estate agent in the area, and said demand had been ‘crazy.’ ‘We can’t really quantify what has caused all of a sudden everyone to come out,’ she said. ‘We even asked people when we are at home opens and most people just said they felt like it was the right time. A lot of people are saying they want to purchase now before it really booms, and they don’t want to overpay for property.'”

From Bloomberg. “Canadians are so alarmed by the red-hot housing market that many say they’d like to see the central bank raise the cost of borrowing to dampen demand for real estate and stabilize prices. About 70% of Canadians responding to a new Nanos Research poll conducted for Bloomberg News said the sharp increase in home prices was a major problem for the economy. Almost half were at least somewhat in favor of the Bank of Canada raising its overnight rate to slow the rise, even though such a move would also increase the cost of credit lines, credit cards and other debt.”

“The numbers underscore how soaring housing costs have emerged as a major issue in the public consciousness after a year in which prices jumped by 30% or more in some regions. Economists at major banks have called on the government to act to reduce demand. At the same time, the Bank of Canada has made it clear it won’t raise rates until the economy absorbs its excess capacity — a milestone projected for 2022 at the earliest.”

“‘I own a place, but I also have a son too. When I think about my son, it’s like, how is he going to survive in this world?’ said Raymond Wong, a Vancouver engineer who filed a petition with Canada’s parliament saying the central bank should consider house prices when setting interest rates. ‘He can do everything right, do everything by the book, get an education, but at the end of the day he won’t be able to afford anything.'”

“‘I think it’s pretty clear to most people that housing in this country is all but out of control,’ said Benjamin Reitzes, a Canadian rates and macro strategist at BMO Capital Markets. ‘While it’s nice to have an appreciating asset, it makes moving to the next home that much more expensive. In addition, for those with kids, it makes you wonder how they’ll be able to afford a home if this continues.'”

From Jezebel. “The Real Housewives of Orange County wasn’t supposed to end up as it did. It was supposed to be a quaint little docu-series called Behind the Gates, which creator Scott Dunlop pitched to networks as a look into the dinner-party conversations he’d had with rich ‘housewives’ in the affluent Orange County gated suburb of Coto De Caza, dubbed ‘Coto’ by its residents.”

“The vacuous cast members of that first season of The Real Housewives of Orange County were primarily concerned with the sort of cars their neighbors recently leased and whether their nemesis in the school pick-up line had a real Rolex or a fake. But the devastating recession in 2008 collapsed that universe and transformed the franchise into the juggernaut it is today. The show ultimately became less about simply having wealth, but the cutthroat and increasingly dramatic pursuit of it—the glitz and the grift that defines our era.”

“What changed, predictably, was everything, but not all at once. Two years after the show premiered, a recession devastated California and the rest of the country—most visibly in the suburbs, where a subprime lending crisis left many in foreclosure and exploded major banking institutions after almost a decade of preying on homeowners with faulty loans and mortgages. In turn, the country’s taste also changed.”

“In response to the crisis, the women’s approach to their class status altered completely. Some hid their new financial predicaments from each other and the cameras. Famously, Lynne Curtin’s Season 5 eviction notice amid the recession was a recognizable (yet shocking) experience. Producers who had likely been setting up for filming that day caught the eviction process server as he walked up her sprawling driveway and to her front door.”

“Her daughter opens the door and he asks, ‘Is your mom or dad home?’ She disappears and then re-appears, and he hands her the slip again. ‘I’m here to serve an eviction notice, you’ve been served, your mom and dad have been served, thank you very much.’ He leaves, the door closes, and you can hear her children say: ‘Is this for real?'”

“The Real Housewives of Atlanta and The Real Housewives of New York also premiered in 2008, and while their first seasons would hew somewhat close to their progenitor in the OC, the broader culture was changing and the franchise with it. These monumental shifts from an unassuming docu-series to television juggernaut are felt in RHONY cast member Sonja Morgan’s own seasons-long financial ruin after her divorce from immensely wealthy banking heir John Adams Morgan; and in Teresa Giudice’s imprisonment alongside ex-husband Joe, who was later deported, after they were indicted in 2013 for conspiracy to commit bank fraud, bankruptcy fraud, mail and wire fraud, and making false statements on loan applications.”

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This Post Has 93 Comments

  1. ‘There have been stories of buyers paying £10,000 plus just to be able to view a property’

    Is there one person who believes this? Yet CNN wrote it down, put it out there.

  2. ‘We can’t really quantify what has caused all of a sudden everyone to come out…We even asked people when we are at home opens and most people just said they felt like it was the right time. A lot of people are saying they want to purchase now before it really booms, and they don’t want to overpay for property’

    Perth.

    ‘The central theme of Hans Christian Andersen’s story of the Emperor’s new clothes is that illusion depends at least in part on self-deception on the part of those being deceived. The Emperor and his courtiers pretend he is wearing clothes because they do not wish to appear foolish; in the end they look more so.’

    https://www.jstor.org/stable/4029473?seq=1

    I like this way of looking at manias. Does the media and rest of the REIC not see their wild eyed boosterism is a sign of a bubble. Not to mention prices supposedly being up 30% in Canadia. That’s just plain bat sh$t crazy.

    I recently read only 5% of people in Vancouver can qualify for a shack/airbox. And in Toronto, typical buyers supposedly have to save for 25 years to get a down payment together.

    But that’s not happening. So you got widespread loan fraud going on all over the place.

    1. “Raymond Wong, a Vancouver engineer who filed a petition with Canada’s parliament saying the central bank should consider house prices when setting interest rates.”

      The downtrodden demanding their oppressors take even more control over their lives. It’s kinda trending these days.

      1. Raymond Wong admits that he is doing just fine as an engineer, but he is worried about his son’s future since doing everything right, i.e., following society’s rules will no longer mean success.

  3. ‘Some features of today’s investment landscape are historically unusual, if not necessarily unique. One is a long period of easy money fostered by the Federal Reserve’s policy of keeping interest rates low. That makes investments not tied to interest rates relatively more valuable’

    Ooo, don’t forget churning out phony money by the trillions year after year. I liked the recent recollections on how what are basically monumental scams are dropped by the globalist media like it never happened. The sharing economy. The gig economy. We work (they snorted coke all day and night instead of working) was multiples of Enron in scale. No circumspection from the media. Not lawsuits and suicides (that we know of). Oh no, it’s la la la and on to the next public distraction of easy riches and mouth hankey horse sh$t.

    1. No reality in this financial construct , no reality period ! What a gage we live in .

      1. “No reality in this financial construct , no reality period ! What a gage we live in ”

        Talking Heads – Road to Nowhere (Official Video)

        2,688 Comments

        SameOldFitUp Photography & Film Tameside & Beyond.
        5 months ago

        “Has it ever struck you that life is all memory, except for the one present moment that goes by you so quick you hardly catch it going?”― Tennessee Williams..

        https://youtu.be/LQiOA7euaYA

    2. ‘That makes investments not tied to interest rates relatively more valuable’

      All investments are tied to interest rates. This is why fundamentally worthless ones, like cryptocurrency, go through the roof when central bankers suppress yields.

      1. It may be helpful to consider the analogy of stealing from your grandparents’ safe, reliable savings and fixed income investments to provide Millenials with gambling chips to invest in cryptocurrencies and Gamestonk. In the Quantitative Easing era, all assets are risk assets, though some are riskier than others.

      2. ‘we’ll say there was a lot of mania, but we might be surprised at what turned out to be valuable, and what didn’t.’

        One of the problems with deluging the economy with one financial liquidity tsunami wave after another is that it enables fundamentally worthless investments to temporarily bubble up in value. We’ve seen it again and again in the post-Greenspan bubble era of printing press hegemony at the Fed.

        Only after the tide goes out do all the naked swimmers appear on the beach. Which is a signal that it is time for more Quantitative Easing measures.

  4. “It can’t be emphasised too often that GDP, which is the preferred measure of economic output and “growth”, has become progressively less meaningful over time.

    Essentially, GDP mistakes money for prosperity. It counts the spending of money as economic “activity”, drawing no distinctions between how the money is spent, or whether the money itself has been earned, borrowed, airily promised for the future, or simply created out of the ether.”

    https://surplusenergyeconomics.wordpress.com/2021/04/30/196-the-price-of-self-delusion/

      1. With the dollar price of crypto up, GDP would be falling like a rock if you counted it in bitcoin.

        1. I had something else in mind, like Uncle Sam converting its physical gold HODLings in cryptocurrency, then earning 1000% returns when the value of cryptocurrency skyrockets.

          1. There’s no way to make this not a silly conversation.

            Let the Fed do a Musk pump and dump. No real money has to be put on the table.

      2. “The trillion-dollar coin is a concept that emerged during the United States debt-ceiling crisis in 2011, as a proposed way to bypass any necessity for the United States Congress to raise the country’s borrowing limit, through the minting of very high-value platinum coins. The concept gained more mainstream attention by late 2012 during the debates over the United States fiscal cliff negotiations and renewed debt-ceiling discussions. After reaching the headlines during the week of January 7, 2013, use of the trillion dollar coin concept was ultimately rejected by the Federal Reserve and the Treasury.[1]

        “The concept of the trillion-dollar coin was reintroduced in March 2020 in the form of a congressional proposal by congresswoman Rashida Tlaib[2] during the shutdown caused by the COVID-19 pandemic in the United States. Tlaib sought to fund monthly $2,000 recurring stimulus payments until the end of the pandemic.[3]”

        Trillion-dollar coin – Wikipedia
        https://en.m.wikipedia.org/wiki/Trillion-dollar_coin

        1. This is a good read …

          Everything You Need to Know About the Crazy Plan to Save the Economy With a Trillion-Dollar Coin – The Atlantic
          https://www.theatlantic.com/business/archive/2013/01/everything-you-need-to-know-about-the-crazy-plan-to-save-the-economy-with-a-trillion-dollar-coin/266839/

          (a snip)

          “Congress passed a law in 1997, later amended in 2000, that gives the Secretary of the Treasury the authority to mint platinum coins, and only platinum coins, in whatever denomination and quantity he or she wants. That could be $100, or $1,000, or … $1 trillion.”

        2. “The trillion-dollar coin…”

          Who needs physical? Wouldn’t it be cheaper for the Fed to create a trillion-dollar cryptocurrency unit?

          1. Wasn’t the Treasury the one who was proposing the trillion dollar coin?

            The FedRes already has a license to conjure money out of thin air.

        3. That’s not a new or novel idea. Lincoln issued U.S. notes, aka “Greenbacks”, to fund his Union army. Lincoln did MMT way back in 1862. United States Notes were last issued in the 1960s.

      1. A borrowed dollar spends just as easily as an earned dollar. Whatever the source of dollars, when there are a lot of them gathered together to bid up prices then you will get price rises. If these price rises translate to gains in wealth then you will get gains in wealth.

        So it can be said that one can readily borrow his way to wealth, to borrow his way to prosperity. Drop by my bank and I will give you a personal demonstration on how this can be done.

        1. borrow his way to prosperity

          One borrows the cloak of prosperity, and it rots him in poverty.

        2. If you can pay back those borrowed dollars in the future with inflated printing press money, or maybe even get relieved of your repayment obligation by a Democrat sponsored debt jubilee, then all the better!

    3. “Essentially, GDP mistakes money for prosperity.”

      Apparently it is a lot easier to print money than it is to create prosperity.

      1. It is much easier to borrow money than it is to earn it thus those who chase prices using earned money will always lose out to those who chase prices using borrowed money.

        1. will always lose out

          Better yet to live honestly and within one’s means and always have a higher standard of living than the debtor.

      2. than it is to create prosperity.

        Creating prosperity requires work, and that is something that is best left to illegal immigrants.

  5. Question for the communists who want to steal the intellectual property rights to vaccine technology and give it away for free to Third World Countries:

    Why not just pay for it legally, rather than destroy the incentive mechanism that encouraged rapid vaccine development?

    Rule number 1 of economic governance: Don’t kill the goose that lays golden eggs.

    1. Let the thief no longer steal, but rather let him labor, doing honest work with his own hands, so that he may have something to share with anyone in need.

      1. There is a false narrative that the poor look-out for each other. The harsh reality is rather Hobbesian resembling something closer to nature’s food chain during drought or winter.

    2. I was saying this many years ago when i was at court tv, and the RIAA was suing everybody for downloading from napster, et all. No one wanted to sell us songs legally for 99 cents each …..
      until April 28, 2003—Apple® today launched the iTunes® Music Store, a revolutionary online music store that lets customers quickly find, purchase and download the music they want for just 99 cents per song, without subscription fees.

    3. Why not just pay for it legally

      Unless the federal government has march-in rights, a US patent owner cannot be forced to license its patent.

      1. Even assuming march-in rights, more than one patent by more than one owner may cover a product. Getting freedom-to-operate can be extremely complex.

        2. I should probably point out here: a patent confers a right to exclude, not a right to practice. Read that again. It is a common misperception that a patent confers the right to practice or use an invention. Many patents and in progress patent applications can cover a product. Each holder has a right or potential right to exclude that product from entering the market. The validity and enforceability of each of those right may also to subject to different avenues of litigation.

  6. “Her daughter opens the door and he asks, ‘Is your mom or dad home?’ She disappears and then re-appears, and he hands her the slip again. ‘I’m here to serve an eviction notice, you’ve been served, your mom and dad have been served, thank you very much.’ He leaves, the door closes, and you can hear her children say: ‘Is this for real?’”

    Was that a part of the TV show, or just a funny coincidence?

    Maybe during the next real estate crater event, someone could create a show entitled ‘The Real Estate Housewives of Orange County Hunger Games.’

    1. “Is your mom or dad home?”

      Predatory Lender: “Do you like candy?”

      Tune in next week…

  7. If you’ve ever wondered at the nauseating spectacle of the MSM slavishly tossing Prince Harry’s salad, wonder no more. The globalist elites planted him here for a reason. Time to remind this pretentious wanker that we cast off the British royals in 1776 and they’re still not welcome here.

    Prince Harry complains about online “misinformation” calls First Amendment “bonkers”

    https://reclaimthenet.org/prince-harry-bonkers/

      2. Go back to England

        That’s not what people do who want the world to bend to their fantasies. Besides, their friends here feel the same way.

    2. The MSM sees money in this bastard child and his mulatto wife, or they wouldn’t waste their time. Clearly the muppets are keeping the Neilsen ratings stoked.

    3. The Sussexes probably attended the same Masonic lodge as the podcast host Dax Shepard and his Frozen-famed wife Kristen Bell.

  8. “Have we reached peak absurdity in the financial markets? ‘There are so many bubbles out there that I can’t even write about them all,’ says Susan Webber, an investment advisor. ‘They’re so loony.’”

    Jerome Powell assures us the Fed sees no bubbles.

  9. ‘We even asked people when we are at home opens and most people just said they felt like it was the right time. A lot of people are saying they want to purchase now before it really booms, and they don’t want to overpay for property.’”

    Maybe this is wrong of me, but I am going to take great pleasure in watching the financial ruin of millions of stupid, greedy speculators.

  10. “‘I own a place, but I also have a son too. When I think about my son, it’s like, how is he going to survive in this world?’ said Raymond Wong, a Vancouver engineer who filed a petition with Canada’s parliament saying the central bank should consider house prices when setting interest rates. ‘He can do everything right, do everything by the book, get an education, but at the end of the day he won’t be able to afford anything.’”

    It’s way past time for everyone screwed over by insane Keynesian monetary fraud to be reaching for pitchforks and torches.

    1. Get rates back up into the long term historic range of 12%-15% and most of these problems go away on their own.

  11. Somebody needs to tell this Nazi cow teacher that she stands a much much higher chance of dying from complications of obesity than from catching Covid from a vaccinated kid.

    https://twitter.com/simonelhanna/status/1393273814847565827

    Complications of obesity the Biden voting CNN consuming Nazi cow teacher should be worried about before she begins to think about chewing out a vaccinated kid.

    type 2 diabetes
    heart disease
    high blood pressure
    certain cancers (breast, colon, and endometrial)
    stroke
    gallbladder disease
    fatty liver disease
    high cholesterol
    sleep apnea and other breathing problems
    arthritis

      1. Dr. Jill

        She has a doctorate of education (Ed.D.) in educational leadership.

        1. In other words, dumber than a stump operating under full authority of the teachers union.

  12. Colorado Governor Polis lifted the mask mandate yesterday. Time to find some small businesses that don’t require masks to go spend money in. #ClownWorld Denver will be wearing masks for the rest of their lives, because the CCP Flu is their religion.

    2. This is a pearl clutching article.

      Washington Post — The new mask guidance relies on an honor system. Do we trust each other enough to make it work? (5/15/2021):

      “In an intensely polarized nation, many people have little faith that their maskless fellow Americans have actually been vaccinated. That lack of trust, fueled by the ongoing politicization of the pandemic, tears at the fabric of a public-health strategy built on the assumption that other people will do the right thing.

      Just more than 1 in 3 people in the United States are fully inoculated, leaving most of the population among those instructed to keep their face coverings securely over their noses when indoors. But with federal officials repeatedly rejecting the possibility of vaccine passports, enforcement relies on an honor system.”

      https://archive.is/sXr0X

      We’ve wasted 14 months of our lives on this.

      Your (SELF-INFLICTED) pre-existing conditions are not my problem. Try eating less and exercising more if you’re so afraid.

      1. Just more than 1 in 3 people

        And many more than that who are immune. If not, we’d all be dead by now.

    1. poor stuttercup. cabin fever will have him rogaining as downtown rages for the ages. and hey, brah, those booksellers are on YOUR side so paint that brick blue for the squad car you will need later after yer mother gets mugged.

    2. My sister and I visited the Ferguson ground zero riot zone around Thanksgiving in 2014, one week after the BLM Intifada. We were in town to clean out our parents’ recently vacated house, located four miles to the east, when curiosity overtook us.

      It was cold outside, and there was nobody in sight. There were visible signs of the damage left behind by the marauders. We victimized my son by dragging him along and asking him to pose for a photo in front of the Ferguson Police Station, where some of the unrest had occurred.

      A work colleague who was supposed to be in St. Louis around the same time canceled her trip based on fear of travel disruption. Turns out that rioting is very disruptive of economic activity, and leaves behind urban hellholes that can remain economically depressed for decades. Thank you, BLM, for destroying the economy in the black communities you invaded.

      1. Thank you, BLM, for destroying the economy in the black communities you invaded.

        BLM and Antifa are the Communist insurrectionists, but the true blame lies with their globalist bankrollers and string-pullers.

  14. Deja Vu all over again

    High gas prices are no shock under Obama’s administration

    John Eloranta, University student
    April 24, 2012

    No one who paid attention to the 2008 presidential campaign should be surprised by the high cost of gasoline. President Barack Obama said he would raise energy prices, which is one campaign promise he is actually keeping.

    Lee Samelson’s recent letter to the editor in the Minnesota Daily implored readers not to blame Obama for the rising cost of fuel, yet Obama is the one who has said he wants higher prices.

    I’m glad that Republicans have, as Samelson put it, “stubbornly refused,” to let the government tell Americans what kind of cars to drive and which light bulbs they can use. These Orwellian ideas are incredibly dangerous when applied to energy policy.

    While Obama has said he wants an “all of the above” approach on energy policy, his actions actually reflect more of a “none of the above” approach. He rejected crucial parts of the Keystone Pipeline and his EPA is in the process of shutting down coal plants across the country. Sadly, this is just more of the same from Obama’s political party.

    In April 2002, Senate Democrats blocked drilling for oil in the Arctic National Wildlife Refuge. Their justification was that it would take 10 years for the oil to reach the market. Well, it’s 2012, and gas is nearing $5 a gallon in some parts of the country. This month, Senate Democrats voted to stop domestic drilling again.

    Insanity is doing the same thing over and over and expecting different results. Elections have consequences; we cannot afford to have a party that is tied to their extreme environmentalist base dictating America’s energy policy.

    https://mndaily.com/221833/uncategorized/high-gas-prices-are-no-shock-under-obama-s-administration/

  15. Washington Examiner — Homeless camps may soon come to LA celebrity neighborhoods (5/15/2021):

    “The 2-mile strip of Venice, where actor Arnold Schwarzenegger and many others have pumped iron on an outdoor makeshift seaside gym, has now been claimed by thousands of homeless living in a tent city. Venice is only 3 square miles, and an estimated 4,000 homeless live there, said Soledad Ursua, a member of the Venice Neighborhood Council’s Board of Directors.

    The number is double from the previous year and nearly rivals the 4,600 living in Skid Row.

    The situation is a lawless wasteland filled with filth, rats, fires, and crime, where police are defunded and residents fend for themselves from the encroaching madness, Ursua said. Senior residents are afraid to walk outside as violent robberies have risen by 177% and assaults with a deadly weapon 116% over the last year, according to Los Angeles Police Department statistics.

    “We are homeowners within a homeless encampment, it’s all around us,” Ursua said. “You can get shot or stabbed. No one in their right mind would take their children there at night or in the day.”

    https://www.washingtonexaminer.com/news/homelessness-coming-to-celeb-neighborhoods

    Sounds like you’re getting exactly what you voted for.

    1. There are some informative videos under “German in Venice” that show homeless sites in Venice, CA.

    2. “The situation is a lawless wasteland filled with filth, rats, fires, and crime, where police are defunded and residents fend for themselves from the encroaching madness,”

      Hey Soledad

      Don’t cry, don’t raise your eye, it’s only Homeless Wasteland.

      The Who – Teenage Wasteland

      https://youtu.be/IXWNSb4nUDY

    3. Sounds like you’re getting exactly what you voted for.

      I’m sure Soledad will pull the D lever again, next election.

  16. When functioning properly, markets can serve as an economic filter to purge useless investments from the mix of economic activities that society undertakes.

    But the manias that result when
    a flood of printing press money meets social media dissemination of crackpot investment fads like Dogecoin serve to throw a wrench into the gears of the filter a properly functioning market provides.

  17. Homes in our hood are going for $1.1 to $1.3 million…up by $300,000 or so since BC.

    Get ’em while they’re going up!

    1. PS The used home seller’s flier containing those numbers also mentioned how one of the recent sales in our neighborhood set a new record for price per square foot, at $555.

      Booyah!

    2. The Wall Street Journal
      Personal Finance
      Buying a Home? Don’t Lose Your Head in a Crazy Market.
      Some questions to consider if you are thinking of going beyond your original budget to buy a home
      By Deborah Acosta
      May 14, 2021 5:30 am ET

      Albert and Jin Lee started looking for a home in the Boston area in December. So far, they haven’t had any luck in a red-hot housing market.

      The couple, who need more space for their newborn, have a budget of between $700,000 and $1 million. Now, the Lees are thinking about stretching it.

      “It’s been kind of a crazy, super-seller’s market,” Mr. Lee said. “Real-estate agents have been saying that some houses get 80 offers.”

      In March, there was 28.2% less housing inventory versus a year earlier, according to the National Association of Realtors. At the same time, superlow mortgage rates are spurring demand for homes, sparking bidding wars that send prices higher.

      Debbie Barrera, a broker dealer at Realty Austin in Austin, Texas, said she has never seen a market like this before. In some cases, buyers are offering $100,000 above asking prices. In one case, she said, a buyer offered $500,000 above asking for a home with a pool.

      “It’s just crazy. There’s no other word to describe it,” she said. “It’s a frenzy.”
      …

      1. who need more space for their newborn

        A milk dud needs more space. I get there’s a lot of extra stuff in the first two years, but that’s temporary. An overpriced 30-yr mortgage, isn’t so temporary.

    1. Looks like those are both the same link btw.

      The Dems have answered the question by destroying evidence. Just because traitors number in the thousands does not make them not traitors.

      It’s important that we hand a Republic to our children. Finish the count Arizona (after those important HS graduations of course).

    3. The 2020 election was stolen.

      And the New York Times and Washington Post can go f*ck themselves. There are over 80 million of us, and you live in a Democrat Party city where your food and electricity comes from red states. Do you think we give a f*ck about you? We don’t. After how you have treated us, we want you to starve and die.

      Stalin murdered children for hoarding grain and rewarding them for snitching on their parents. This is the Democrat Party.

      Democrat Party colored people drinking fountains.

      Democrat Party back of the bus.

      Democrat Party over one hundred million people murdered by communism in the 20th Century. It’s a Democrat Party thing, mountains of corpses and skulls.

      If you like genocide and mass graves, vote Democrat Party.

      1. There is a good movie about the Holodomor, Mr Jones (2020).
        youtube.com/watch?v=-o7VoM1jlOs

        1. Even the comments are powerful: I’m Ukrainian. In cinema i was shaking, i couldn’t breathe properly and controlled my tiers cause I understood why my grandparents never threw away the food, even not fresh, just heat treated and took it. Even brad crumbs didn’t threw out, I remind how l scold them about not good smell of pie. Once l threw out some dish and my grandma said you don’t value that cause you don’t know what is the hunger!!! I was very angry with them till l have seen this movie 😢😢😢 Sorry my grannies. I love you so much

        2. https://www.garethjones.org/mr_jones/true_story.htm

          From Mr. Jones’ great nephew:

          “This attracted the attention of aspiring screenwriter, Andrea Chalupa, a Californian of Ukrainian descent. I don’t think my mother thought anything would come of the film she proposed. She was just happy to talk about Gareth and was flattered all the interest in her uncle. Naively, no contracts were made. There was so much going on as Gareth started to become known. In 2008 he was declared “Hero of Ukraine” and awarded the Ukrainian Order of Merit, a plaque was unveiled at his old university of Aberystwyth and an exhibition of his diaries held in Cambridge. They were exciting but also unhappy times. Conflict arose between my mother and brother over academic differences. Mum felt that some of those Ukrainians who were trying to promote Gareth’s story were politicizing it and bending the truth in pursuit of their anti-Soviet, often anti-Russian agenda.”

          Andrea Chalupa is Alexandra Chalupa’s sister.

          NY Post: Who is Alexandra Chalupa? The DNC operative Republicans say dug for dirt on Trump

          Gateway Pundit: REPORT: DNC Hack Chalupa Who Is Caught Up in Ukraine-Gate – Worked with US Hackers who Interfered in 2016 Election

          2. “As his great nephew I know that the true story of Gareth Jones is far more amazing than the sensationalised one shown by the film. And if there is a story behind this film it is that of one woman’s long struggle to rescue her beloved uncle’s memory from obscurity. That woman was my late mother Dr Margaret Siriol Colley, Gareth’s biographer, without whom there would simply be no film. The actual story of Gareth Jones is to be found in her book More Than a Grain of Truth, the source for the film and from which all that is true about Gareth is gleaned.”

            The paperback version is $596 on Amazon! The film is also available on Amazon.

      2. Watch “The Chekist” on Netflix before it gets yanked. As the FBI morphs into the political secret police for the DNC, and leading Bolshevik-Democrats and their media propaganda shills talk openly about “re-educating” Trump supporters, Les Deplorables need to understand how collectivist tyrants and control freaks deal with “Enemies of the State.”

    4. Donald J. Trump
      12:35pm May 15, 2021

      “Wall Street Journal has reported (they finally got something right), that 2020 was the “Worst Presidential Poll Miss in 40 Years.” The public opinion surveys ahead of the 2020 Presidential Election were the most inaccurate ever, according to a major polling panel. This was done purposely.”

      Polls Say More Than Half of Americans Approve of Biden’s Performance in First 100 Days

      By Janet H. Cho
      April 25, 2021 2:00 pm ET

      https://www.barrons.com/articles/polls-say-more-than-half-of-americans-approve-of-bidens-performance-in-first-100-days-51619373626

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