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What’s Changed Is Supply

It’s Friday desk clearing time for this blogger. “Realtors Jera Banks and Adam Bailey said virtually every part of the Phoenix area is seeing the high demand. This demand is something we have never seen before, according to experts. But the Valley did see similar demand in the early 2000s. During that time, the price per square foot peaked in 2006 at $184.56 before falling to $86.79 in 2009, according to the Cromford Report. ‘That’s completely different than the circumstances of the last bubble, where you way overbuilt, and then the economy crashed,’ said Elliott Pollack, the CEO of Elliott D. Pollack & Co.. ‘Now you can’t possibly keep up, and the economy is going to be strong. So I don’t see this as a bubble.'”

“As far as when we’ll see an end to this current rush on housing, Pollack said it’s years away. ‘Shortages lead to gluts and gluts lead to shortages,’ Pollack proclaimed. ‘So at some point, this shortage will lead to a glut of housing, but it’s a decade away.'”

“Clearwater, St. Petersburg and some other nearby towns have a zombie problem. Not The Walking Dead kind, but the foreclosure kind. That’s because Pinellas County, according to Attom Data Solutions, had the fourth-highest rate of so-called zombie foreclosures among large counties nationwide in the second fiscal quarter. Out of all its foreclosures, Pinellas has an 11.3% rate of zombies — properties in foreclosure but abandoned. Ahead of Pinellas are counties covering Cleveland, Binghamton, New York and Baltimore.”

“According to Attom’s second-quarter 2021 Vacant Property and Zombie Foreclosure Report, some 1.4 million residential properties are vacant in the United States.”

“It only took 13 years! A billionaire fashion mogul is finally in contract to sell his ginormous-sized suite at the Plaza Hotel — at an even bigger loss. Jürgen Friedrich and his wife bought the residence, known as the Astor Suite, for $25.49 million in 2007. A year later, the couple tried to flip the unit for $55 million. But the stately residence was last asking $19.95 million. The buyer is a New York-based finance family, who is paying close to ask, sources said.”

“Cristiano Ronaldo listed the five-bedroom, three-story brick house on Monday for £3.25 million (US$4.1 million). The Portuguese footballer is set to take a £600,000 loss if it sells for that asking price. Mr. Ronaldo purchased the house for £3.895 million over a decade ago, according to a title document filed with the Land Registry in 2007. This is the second time the Portuguese footballer has marketed his former English home. The property first hit the market in 2013 for £3.75 million, according to an old listing for the home.”

“The average resale price of a London-area home dropped for the first time in more than a year in May, the first sign of a possible cooldown in the red-hot market, an area realtor group says. It’s the first such drop since April 2020, when the average price slipped to $423,000 from $447,000 in March as the COVID-19 pandemic’s first wave and Ontario’s first lockdown slowed home sales to a crawl. After that, prices climbed by about 52 per cent before this latest drop.”

“Some homes have stayed on the market more than two weeks or past their offer date, ‘which was very unusual in our previous market,’ said Linds Modrzynski, an agent with RE/MAX Centre City Realty Inc., adding, ‘Houses that I thought would sell, we were left scratching our heads.'”

“In May, the Fraser Valley Real Estate Board (FVREB) received the second-highest volume of new listings ever. From North Delta to Abbotsford and Mission, there were 3,926 new listings in May, an increase of 78 per cent compared to last year. ‘Demand hasn’t changed,’ FVREB president Larry Anderson said. ‘What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.'”

“The risk of a sharp correction in the housing market is rising, with an explosion in supply likely to coincide with a fall in demand, BNZ economists warn. The bank’s economists note that weaker population growth, coupled with a drop in investor demand and home ownership now viewed as out of reach by many, will see demand come under pressure. Meanwhile, supply of new houses was soaring, with 42,848 consents issued for new dwellings in the year to April.”

“‘On a per capita basis, this is now surpassing the 2004 building boom. And, yet, there is no sign of this coming to an end anytime soon,’ said the economists’ research note. ‘Accordingly, we think we are entering a multi-year period when the marginal supply exceeds the marginal demand which, in turn, should put downward pressure on house prices.'”

“The BNZ economists said they were not predicting a price slump, but would not rule one out either. ‘Even if prices fell 20 percent, it would only take them back to where they were a year ago.'”

This Post Has 159 Comments
    1. Clown World gonna clown.

      The term for this in the book of Deuteronomy is “abomination.”

  1. ‘some 1.4 million residential properties are vacant in the United States’

    ‘the fourth-highest rate of so-called zombie foreclosures’

    If I understand these clowns, these are abandoned shacks. Not foreclosed either, just sitting there. That’s some red-hotcakes right there.

      1. “…I call them SOZs. Squatting Opportunity Zones…”

        Tailor made for all the [newly] homeless ejected after expiration of June 30th forbearance.

    1. ‘some 1.4 million residential properties are vacant in the United States’

      With those numbers it seems like Vice President Cackles and Sandy from Westchester (AOC) could probably do something for the homeless if they really wanted to. But I guess it’s just easier to reap the rewards from the all straight white male board rooms who make fat donations to their campaigns and fly the BLM and LBTQ diversity flags of their corporations everywhere except for China and the Middle East.

      Woke Corporations Virtue Signal With Rainbow Flags But Not in Middle East or China!

      Jun 3, 2021

      Homelessness in America

      Seventeen out of every 10,000 people in the United States were experiencing homelessness on a single night in January 2019 during HUD’s Annual Point-in-Time Count. These 567,715 people represent a cross-section of America. They are associated with every region of the country, family status, gender category, and racial/ethnic group.

      1. The FED is destroying the poor and the middle class, and I haven’t hear one Democrat make so much as a peep about it. Remember when they supposedly championed the little guy? Bunch of phony liars.

    2. I know of some houses which had been sitting vacant from 2008 until 2017 or so. Haven’t checked on them of late, but they never went back on the market after foreclosure. The banks are paying the property taxes. I have no idea why they were never resold.

  2. ‘That’s completely different than the circumstances of the last bubble, where you way overbuilt, and then the economy crashed,’ said Elliott Pollack, the CEO of Elliott D. Pollack & Co..

    Realtors are liars.

  3. ‘So at some point, this shortage will lead to a glut of housing, but it’s a decade away.’”

    This lying mendacious REIC scumbag knows full well this isn’t true.

  4. ‘It only took 13 years! A billionaire fashion mogul is finally in contract to sell his ginormous-sized suite at the Plaza Hotel — at an even bigger loss’

    You could find dozens of articles this morning stating what a BOOM! NYC is having with luxury airboxes.

  5. Jürgen Friedrich and his wife bought the residence, known as the Astor Suite, for $25.49 million in 2007. A year later, the couple tried to flip the unit for $55 million. But the stately residence was last asking $19.95 million.

    Weren’t going to give it away, ay, Mr. & Mrs. Greedhead?

  6. ‘So at some point, this shortage will lead to a glut of housing, but it’s a decade away.’”

    It’s always tomorrow. Or a lot of tomorrows away.

    Do I need to remind everyone the same thing was stated over and over even as late as December 2008?😂

    1. “Do I need to remind everyone the same thing was stated over and over even as late as December 2008?😂”

      Yes I remember, the narrative back then was, they arent making more land.

      1. the narrative back then was, they arent making more land

        Judging by what’s happening in my little burg, TPTB are doing their best to restrict the supply of buildable lots.

  7. ‘Houses that I thought would sell, we were left scratching our heads.’”

    Wa? I thought you real estate professionals were experts on the local market. So allow a distant non-expert on the HBB to weigh in: better get to sawin’ and slashin’ like you mean it.

  8. In May, the Fraser Valley Real Estate Board (FVREB) received the second-highest volume of new listings ever. From North Delta to Abbotsford and Mission, there were 3,926 new listings in May, an increase of 78 per cent compared to last year.

    Is that a lot?

    1. Sure, but don’t stop there. Fauci wasn’t the one effing with Tedros while flying infected people out of an international airport.

      1. Oxide, I can’t understand why you are defending that sadistic self serving Dr Fauci, that covered up facts about his own involvement with funding that lab. Pushing masks and lockdowns on populations when he knew they didn’t work. Non stop fear mongering from that poor excuse of a Public Spokesperson who did nothing but steer the Country into mass vaccination of experimental vaccines , so the Globalist Monopoly Cults
        could hijack the government , public health, you name it.
        Dr. Fauci damage might be worse than the original party that leaked the virus in terms of the damaged that was caused by the incorrect handling of the so called virus. Of course he had fake monopoly news cheerleading his ever word with censorship of any dispute.
        Thousands died who could of been saved and the Medical system was rendered paralyzed by anything but the vaccine, lockdown, wear masks agenda.
        Imagine a headline like this way back when this started. ( I just made it up)

        It was discovered that Dr Fauci funded the lab in China suspected of being responsible for a man made virus leak, that many Scientists claim have all the earmarks of a man made virus bio weapon. As China is preventing a investigation of this potential threat , the Authorities have suspended all travel in and out of China until it can be determined what the facts are. The Senate is calling for investigation of the World Health Org. (WHO) in regards to the event. Dr. Fauci was unavailable for comment.

        You get my drift.

      1. By the way, there’s a reason treason is punishable by death. It’s to deter people from working with the enemy to destroy our country. FraudXi is an enemy of the people. The sooner we get back to executing these traitors, the sooner we take our country back. There are hundreds of people who need to die.

        1. Also, the FBI use to investigate Government workers in sensitive positions as to if they were blackmailable, or had some conflict of interest position.
          My own father use to get investigated every five years just because he was working as a engineer involving nuclear reactors.

  9. “The BNZ economists said they were not predicting a price slump, but would not rule one out either. ‘Even if prices fell 20 percent, it would only take them back to where they were a year ago.’”

    These asshats may not know jack about bursting housing bubbles, but they know who signs their paychecks.

    1. Obvious cover up , also dealing with a Foreign Country. Don’t know what the laws are on this, especially since tax payer dollars were used to fund lab by the Government Agency that Fauci was in charge of.

  10. There’s no such thing as tapering a Ponzi. The Fed knows this, and while they’ll jawbone incessantly about tightening at some distant future point, they know any rate hikes or curtailment to their gusher of Powell Bux will implode their asset bubbles and Ponzi markets. Hence they’ll never run out of lame excuses for why they can’t taper NOW.

    NY Fed’s Williams says now not the time to take action on tapering

    (Reuters) -While it makes sense for Federal Reserve officials to begin discussing their options for adjusting monetary policy, the U.S. economy is still far from the point at which the central bank might begin to withdraw its support, New York Fed Bank President John Williams said on Thursday.

    “We’re still quite a ways off from reaching the ‘substantial progress’ that we’re really looking for in terms of adjustments to our purchases,” Williams said during an interview with Yahoo Finance, referring to the Fed’s monthly purchase of $120 billion in bonds. “I just don’t think the time is now to take any action.”

    1. pays millions to sit at home on their a$$es

      I’m thinking that the goal is for them to never rejoin the workforce.

      1. +1

        I think this is what’s behind this amnesty nonsense. Sure, legalize the illegal immigrants and give them a UBI and a vote. Then import a few million more illegals to do the work that the new legals used to. Dems get their votes, businesses get their cheap labor. Everybody wins!

      2. goal is for them to never rejoin the workforce.
        I Saw on Bloomberg where 1.7 Million , mostly boomers, retired early due to “Covid.” As stated above, when you reward people to sit on their A$$e$ (Extra/extended UE and Cobra and Tax free UE) rather than work you will get less work. Most People will do what is in their perceived best interest.
        This phenomenon of doing what is in your best interest is why Socialism will never work.

        1. I’m stunned that people don’t even have to show that they are trying to find a job to collect UE. Hence why I think that the PTB don’t want them to go back to work.

          1. I’m even more stunned that they are allowed to stiff the landlord ON TOP OF the benefits.

          2. I sure as hell had to look for work when I was laid off at 75. It was amusing being interviewed by managers who wouldn’t hire me in a thousand years.

          3. I’m stunned

            With the havoc this manufactured pandemic had on our economy, I understand why the requirement was waived although the need for it has certainly passed. Globalists however still need the pandemic to push through their socialist agenda.

  11. More riots and looting in Minneapolis last night. Restaurant customers assaulted in NYC by mostly peaceful protesters.

    “They’re not sending their best”

    1. Restaurant customers assaulted in NYC by mostly peaceful protesters.

      Minneapolis probably has more libtards per capita than even Portland. They’re also impervious to making the connection between progressive malgovernance and the Twin Cities’ rapid downward spiral. So I can’t think of a more deserving bunch to be culturally enriched.

      1. Nothing will stop the Sons Of Obama from looting their gibs.

        The Long Hot Summer is here 🔥

    2. Something else that no one could have predicted …

      “Cities Reverse Defunding the Police Amid Rising Crime – WSJ”

      (a snip or two)

      One year after the movement to “defund” law enforcement began to upend municipal budgets, many American cities are restoring money to their police departments or proposing to spend more.

      In New York City, Mayor Bill de Blasio said he would reinstate $92 million for a new precinct after scrapping the project last summer. The mayor of Baltimore, who led efforts as a city councilman to cut the police budget by $22 million last year, recently proposed a $27 million increase.

      After attacks on Asian-Americans and a rise in homicides in Oakland, Calif., city lawmakers in April restored $3.3 million of the $29 million in police cuts, and the mayor is now proposing to increase the department’s budget by $24 million. Los Angeles’s mayor has proposed an increase of about $50 million after the city cut $150 million from its police department last year.

      In the nation’s 20 largest local law-enforcement agencies, city and county leaders want funding increases for nine of the 12 departments where next year’s budgets already have been proposed. The increases range from 1% to nearly 6%.

      (the rest of the story is pay walled)

  12. It’s different this time. Blah blah blah. The pace of the decline and foreclosure total might be different but the ending place will be much the same.

    1. There’s lots of differences. We already have more defaults than last decade. Subprime is much more prevalent. And back then no one was pretending that 50% increases in a year weren’t bat sh$t crazy.

      1. “Subprime is much more prevalent.”

        The financial press and some regular posters here seem completely clueless on this…

        1. PS So long as real estate keeps going up by leaps and bounds, subprime is no problem…

          1. Theoretically, after “appreciating” 30%, an FHA or VA loan refied into a convention loan is no long sub-prime.

            As, I said, theoretically. Of course, when prices collapse they will be underwater.

            What will the PTB do to delay the crash? Decree a nationwide construction moratorium? Bulldoze empty houses?

          2. Theoretically and in reality, houses depreciate.

            How is it prices go higher? Appraisal fraud.

        2. It’s quite evident when one hears someone letting their empty wallet do the talking….. and highly amusing too.

    1. Bitcoin tumbles after Elon Musk tweets breakup meme
      By Hanna Ziady, CNN Business
      Updated 7:06 AM ET, Fri June 4, 2021

      London (CNN Business)
      The price of bitcoin sank on Friday after Elon Musk appeared to lament the end of his relationship with the cryptocurrency.

      The Tesla (TSLA) CEO tweeted a meme about a couple breaking up along with the bitcoin hashtag and a broken heart emoji. The post included lyrics from a song by rock band Linkin Park titled “In the end.”

      The price of bitcoin fell about 7% to hit $36,723 at 7 am ET, according to CoinDesk. Other digital currencies followed, with ethereum falling 8% to $2,639 and dogecoin tumbling nearly 13% to around 36 cents.

      Musk recently told customers that the electric car giant would no longer accept bitcoin as payment for its vehicles because of concerns about the environmental impact of bitcoin mining, which is extremely energy intensive.

        1. Elon needs to enlighten his clueless baby mama.

          She’s already “englightened.”

          1. Yes. There is a fine line between genius and insanity (I’ve seen many examples throughout my life…).

          2. really bright

            Just for you, a Twitter thread regarding Elon and software.


            1/5: Many people think @elonmusk is smart until he steps into their area of expertise & pretends to be an expert. They then realize he is only a pretengineer.

            @TESLAcharts calls this “the realization”. Here’s Musk stepping into something I know a bit about: $TSLAQ $TSLA

            2/5: On compiling software, Elon had this “smart” idea:

            Everyone even remotely familiar with the field knows he does not understand what he is talking about. He suggests “improvements” that have been in place for decades. See (image attached)

            3/5: On Signal’s performance issues, Elon’s brilliant insight was “Your server-side code is doing too much”. That’s a trivial statement that isn’t helpful or indicate any understanding of the issues involved. See (image attached).

            4/5: If you understand software engineering and still believe @elonmusk is smart, read those two tweets of his. You’ll see that he pretends to offer “advice” to experts, but in reality has no insight to contribute.

            Only his riches and thin skin protect him from being called out.

            5/5: I’d like to say that this was my realization, but that wouldn’t be true.

            When Elon faked the $420 buyout, I started looking and understood that he’s fake. Anyone with even a rudimentary understanding of how corporate deals are done could see the writing on the wall.

      1. Musk recently told customers that the electric car giant would no longer accept bitcoin as payment for its vehicles

        That publicity stunt served its purpose.

          1. Speculating in e-tulips because your company cannot generate profits organically. Unreal.

          2. What are you talking about?

            He’s suggesting manipulation rather than speculation.

          3. He’s suggesting manipulation rather than speculation.

            Manipulation because of his speculation.

      1. I see massively overpriced e-tulips. When Tesla and their Clown Boy CEO reveal they divested themselves of their entire portfolio of BitCON, I’d imagine the red ink will be deep.

          1. Quietly? Isn’t this bullsh!t on the blockchain? If Elon sold bitcoin, then surely some crypto journalist would have been able to find the record of the transaction and report it?

            Which is something I haven’t seen discussed: how all this digital money interacts with financial privacy laws.

      2. There’s a lot of red, but the percentage declines appear to be on the 2% to 3% range. Cryptocurrency gains can erase those puny losses in a heartbeat!

      3. What’s the difference between a Google class C share (non-voting, so doesn’t represent ownership; non-dividend-paying) and a Bitcoin? I guess there’s favorable tax treatment of the class C share. Both are logical constructs: the class C is a legal construct, the bitcoin is a digital construct (like treasure in a video game).

        What’s the difference between one cryptocoin and another? I dunno.

        1. Well, I suppose that the Class C shares are tenuously tied to Google’s financial success. If Google were to go out of business, they would be considered worthless.

      1. The Financial Times
        ‘DeFi’ movement promises high interest but high risk
        Investors back projects aiming to ‘decentralise finance’ and offer direct loans and derivatives
        Miles Kruppa and Hannah Murphy in San Francisco December 29, 2019

        Earlier this year, San Francisco start-up Compound promised yield-hungry investors something rarely seen in the US: interest rates that exceeded 10 per cent at times, just for moving money on to its app’s lending platform.

        Compound is not a bank, in the familiar sense. Rather, it is one of dozens of new Silicon Valley groups developing so-called decentralised finance — or “DeFi” — projects aiming to disintermediate traditional financial institutions.

        To date, digital currencies and their underlying blockchain technologies have largely been used for speculative trading. But DeFi start-ups are trying to build an interlocking financial system denominated in cryptocurrencies, offering a wide array of lending and derivatives products available globally, peer-to-peer and without any middlemen.

      2. The Wall Street Journal
        DeFi Is Helping to Fuel the Crypto Market Boom—and Its Recent Volatility
        Decentralized finance differs from traditional banks because there is no centralized system. It can be risky.
        By Paul Vigna
        June 3, 2021 5:30 am ET

        Dogecoin and NFTs have captured the public’s imagination, but money is also flooding into another hot, and risky, corner of the cryptocurrency market: DeFi.

        Short for decentralized finance, DeFi is an umbrella term for financial services offered on public blockchains. Like traditional banks, DeFi applications allow users to borrow, lend, earn interest, and trade assets and derivatives, among other things. The collection of services is often used by people seeking to borrow against their crypto holdings to place even larger bets.

        There are two key differences from mainstream banks: All services are for digital currencies instead of government-issued ones such as the dollar and the euro, and there is no intermediary or centralized system through which transactions are processed.

        Users typically access DeFi platforms through software known as dapps, or decentralized apps, most of which run on the Ethereum network. They connect their digital wallet to the app and select a service from a drop-down menu. Functions handled at a traditional bank by a loan officer or teller are automated.

        “It’s essentially banking for the blockchain space,” said Antoni Trenchev, co-founder and managing partner of Nexo Capital Inc., one of the largest firms in the DeFi industry.

        To Read the Full Story, Subscribe

  13. “Get ready to start paying off your student loans again.”

    (Say what? I thought these pesky things were gonna be forgiven.)

    “That’s what financial experts are telling borrowers with federal student loans, who, since March 2020 have enjoyed a suspension of their payment obligations due to the pandemic. While lots of borrowers hope that the suspension will be extended beyond the current expected end date of Sept. 30, many experts don’t think that is likely.

    “Thus, it is important for these borrowers to get ready—by evaluating their budgets and payment options—before the scheduled repayments are due.”

    Go here to read more …

    (Oh, wait! It’s pay walled! Bummer!)

    How to Prepare for Student Loans to Resume in September – WSJ

    1. “(Say what? I thought these pesky things were gonna be forgiven.)”

      Would it be better to repay your loan and miss out on a potential debt jubilee that only extends to those who haven’t repaid their loans, or to hold out for loan forgiveness?

      1. Would it be equitable to only forgive student loans for white* borrowers?

        * Substitute your favorite skin color in case you disagree with whites as the chosen race for loan forgiveness.

        1. If “porcelain white” Christina Hendricks had a student loan she’d never get a bailout.

    2. Personal Finance
      Published June 2
      Biden’s budget excludes student loan forgiveness, so what should you do with college debt?
      By Erika Giovanetti
      Sponsored by Credible – which is majority owned by our parent, Fox Corporation, and is solely responsible for its services.

      President Biden’s budget proposal doesn’t include student loan forgiveness. Here’s what you can do with your outstanding college debt balance. (iStock)

      During his presidential campaign, Joe Biden called for Congress to cancel up to $10,000 worth of student loan debt per borrower. Senate Democrats have called on the President to forgive federal student debt through an executive order, but Biden would rather have Congress come together to enact legislation rather than lean on his presidential authority.

      The prospects for student loan forgiveness became even murkier when Biden left out college debt relief in his most recent federal budget proposal released last week. The $6 trillion budget, released on Friday, outlined his plan to rebuild America’s infrastructure. It focuses on funding affordable housing, education, and health care.

      However, with no plan for canceling student loan debt in sight, now may be the time to start paying down or refinancing your student loans.

      1. “…so what should you do with college debt…?

        How about get a focking job and pay it off?

        1. No kidding!

          My daughter is facing that prospect, now that the debt relief prospect is dimming. (She’s also white, so may not even qualify if any eventual student loan debt forgiveness is race-based…)

          1. may not even qualify if

            In mid-May, a federal court in Texas ruled that the race-based parts of the law governing relief to restaurant owners are unconstitutional. Last week a higher federal court, the Sixth Circuit Federal Court of Appeals, ruled the same way.

          2. “…race-based parts of the law governing relief to restaurant owners are unconstitutional.”

            I’m glad at least someone in government sees a problem with race-based qualification for special benefits.

        2. How about get a focking job and pay it off?

          Victim Studies majors aren’t qualified for much more than a menial job, and let’s face it, the PTB want to import more vibrants to perform those jobs.

          1. One of the student loan stories indicated that black student loan balances averaged $50k. This is why we’ve seen Biden always banter this figure and look disappointed when $10k is tossed back in his face.

    3. US student debt
      Americans stress over ‘unshakeable burden’ of student loan payments
      Borrowers are awaiting relief from the Biden administration while the pause on federal student loan repayment is set to expire 30 September
      ‘We are facing having to put our own children through college, and eventually our own retirement, all with the burden of $1,500 to $2,000 payments every month, seemingly forever.’
      Michael Sainato
      Sun 30 May 2021 05.00 EDT
      Last modified on Sun 30 May 2021 05.19 EDT

      Michelle Kajikawa of Portland and her husband currently owe more than $150,000 in student loans from his law degree and her social work and teaching degrees, obtained between 1995 and 2003. She is an elementary school teacher, and her husband works as a public defender, while caring for two children.

      “The yoke of student debt has completely overshadowed every aspect of our finances,” said Kajikawa. “We have always lived paycheck to paycheck, even as our salaries grew.”

      The couple relied on assistance from family to buy a home, because their debt-to-income ratio prevented them from qualifying for a mortgage. Their credit suffers regularly when hit with unexpected bills, mostly for medical care. Now the couple is starting to worry about putting their two children through college while wondering how they will be able to afford to eventually retire, especially when their federal student loan payments have to start being paid again after the Covid-19 pause on federal student loan payments expires on 30 September.

      1. It’s a tough financial situation, for sure!

        ‘“It is a catastrophically failed lending system at this point by any rational metric you can come up with,” said Alan Collinge, founder and organizer with Student Loan Justice, which has circulated a petition with more than 1m signatures calling on Biden to cancel all federal student loans and grant bankruptcy rights for private student loans.

        “This pandemic is the nail in the coffin,” added Collinge. “Almost nobody has been paying on their loans for the past year and whenever the repayment suspension is lifted, if you think many people are going to resume, you’re wrong. It’s not going to happen – people have gotten used to seeing the extra money in their bank account at the end of every month and they’re done.”

        During the pandemic, student loan balances have continued to increase despite a federal loan payment pause. In the first quarter of 2021, student loan balances in the US increased by $29bn to $1.73tn. Around 43.2 million Americans owe an average of $39,351 each in student loan debt.’

        1. How do all those Starbucks lattes and wood-fired pizzas taste now, focktards? You made your beds, time to lie in them.

        2. people have gotten used to seeing the extra money in their bank account at the end of every month and they’re done

          Hehe. Just wait until they file their 2021 tax return and they don’t get the refund they were expecting.

        3. “Black college graduates owe an average of $25,000 more in student loans than white college graduates. About 20 years after taking out student loans, the median Black borrower owes 95% of their debt, while the median white borrower has paid off 94% of their debt.”

          Debt payments include principal and interest.

          1. 20 years of deferrals and forbearance?

            Sheesh. I paid mine off in far less than 10 years. Of course that meant that I didn’t:
            Buy an expensive car
            Buy expensive shoes and clothes
            Go on expensive trips.
            Etc., until I paid the loan off.

            But, you know, “white privilege”

      2. $150k in debt then to make it worse have 2 kids….not much thinking here…ya coulda waited ……….how to put 2 kids in college, be at the top of your class. homework comes first…. be strict with them, but you are woke and cant pressure them into excellence.

        1. Working as a public defender is a noble public service. But based on what I know of my sister’s salary for her work in the field, I doubt he earns enough to put a dent in the mountain of student loan debt he took on.

          In my sister’s case, she’s single, didn’t buy an overpriced house, and has a paid-off mortgage and no debt. It can be done, if you keep your expenses aligned with your income.

          1. Working as a public defender is a noble public service.

            There are special programs as well as repayment options to assist attorneys who go into public service.

          2. “There are special programs…”

            Indeed. Wife’s Spanish speaking co-worker owed $50k+ back in 1997, and she went to work in a South Central Los Angeles K12 school program that paid-off her student loans after a number of years. She stayed on afterward as she found it rewarding.

        2. “…then to make it worse have 2 kids…”

          There’s no resetting the biological alarm clock. It’s either the boyfriend, husband or the stranger at the bar.

      3. “The couple relied on assistance from family to buy a home”

        These are the dumdums we, the assistance-less, have to compete with.

        1. These bubble times have gone on so long I don’t even want a house anymore. The 20 years I would have most enjoyed one have come and gone.

          1. I’m pretty much in the same boat. Trying to structure my finances appropriately to keep up with potential rental inflation for my remaining time on the planet.

          2. This is really sad. im sorry to hear that the economy wrecked your plans for enjoying a home.

    4. How will Millennial Gamestonk investors be able to come up with new money to invest if COVID-19 relief payments dry up and they have to start repaying their student loans again?

    5. (Say what? I thought these pesky things were gonna be forgiven.)

      First they were gonna forgive everything
      Then there was going to be a $50K cap
      Then the cap was lowered to $10K
      Today … crickets.

      But not to worry, all those millenials who were counting on a jubilee will continue to pull the D lever.

      1. “I have $160,000 and counting, and can’t pay it,” said Patrick Casale… “Considering moving out of the country has certainly crossed my mind many times.”

        “I’ve put America behind me.” —Chad Haag, student loan debtor

        1. Considering moving out of the country has certainly crossed my mind many times

          If you’re a deadbeat, no one will take you in.

  14. Oh, partial solar eclipse next Friday too for east coast. Early AM sunrise timing apparently. Like 5 AM frame here in Maine.

  15. Red States Lead The Way On Jobs | GOP


    A chart follows. After the chart we are allowed to discover these startling facts …

    “While red states are leading the way in getting workers back on the job, Biden and Democrats support paying Americans not to work,
    Businesses say the ‘enhanced’ unemployment benefits in Biden’s $1.9 stimulus are making it hard to hire workers.
    With $300-per-week in supplemental unemployment benefits, an estimated 37 percent of workers make more money on unemployment than at work.
    At least 22 states – all with Republican governors – have announced they will stop paying Americans extra money not to work.
    Red states are also rewarding those who go back to work, offering their unemployed citizens bonuses to get back on the job.
    Oklahoma Governor Kevin Stitt and Montana Governor Greg Gianforte are both offering $1,200 bonuses to encourage workers to head back to work, and Arizona Governor Doug Ducey is giving out $2,000 bonuses to address the workforce shortage.
    Business owners across America can’t find staff to work, with some directly blaming Biden’s policies.”

  16. ‘So at some point, this shortage will lead to a glut of housing, but it’s a decade away.’

    but veruca salt sez I want my 6% & I want it NOW Daddy!

    1. “Many Americans are suddenly house rich. On paper, anyway.”

      Oh my! Mr. Banker, what ever should I do?

      “Soaring home prices have resulted in a record amount of home equity on hand. By the end of last year, roughly 46 million homeowners held a total $7.3 trillion in equity to tap, the largest amount ever recorded, according to Black Knight, a mortgage technology and research firm — the equivalent of roughly $158,000, on average, per homeowner.”

      Mr. Banker suggests you do an equity cash-out.

      Remember, it is your equity you will be cashing out; I see no reason why you should have to give it back.

      1. The guy next door thinks that eventually the PTB will take the houses away from us, in the name of equity. He has been cashing out and buying nice toys. YOLO, I guess.

  17. In return for your vote, I will bribe you by paying off something you willfully contracted to pay for. And worse, I will make the tax papers pay for it.

    Example of the how to win friends and get votes by the Democratic Party.

    It all started will the welfare system being used to get votes. Now its expanded to everything.

  18. I’m a dual citizen.
    Email this am from a BC mortgage broker regarding how to apply for the BC home owners grant. Didn’t know what that was so looked it up. Yup, pure Canuckistan. Subsidizing home owners. Not a new thing. Notice top of page “please note we are experiencing higher call volumes than normal…” LOL also pure Canuckistan.
    And I go: “all that hassle for a $570 property tax credit?”
    They be broke.

  19. The forgetful Thug sounds like one of those Class Valedictorians Pelosi talked about.

    Video: Minneapolis Rioter Can’t Even Remember the Name of the Person He’s Rioting For

    by Paul Joseph Watson
    June 4th 2021, 11:29 am

    Leftist agitators stage more disorder after wanted murder suspect shot by police.

    “Stay here, bro, we’re holding space, obviously for…I’m not gonna lie, I forgot his name, but like…” says the rioter.

    “Winston Smith,” the person filming the footage has to remind him.

    The rioter then goes on to emphasize multiple times how it’s important to remember the name of Winston Smith, having forgotten it himself.

    “Winston Smith, don’t forget that name, Winston Smith,” says the idiot, presumably as a reminder to himself.

    “Say his name, make sure you remember this shit,” he adds, having failed to remember it.

    “We’re gonna fight for him in just the same way we fought for George Floyd,” he says.

    What, by burning down buildings, looting stores and attacking anyone who doesn’t agree with your violent temper tantrum?

    As ever, the individual they’re rioting over, who was killed by U.S. Marshals last night, was a criminal suspect wanted on a gun charge.

    According to a Hennepin County Sheriff’s Department spokesman, Smith “”failed to comply and produced a handgun, resulting in task force members firing upon the subject.”

    1. “They’re not sending their best”

      And a housing relating reminder for the HBB: we do not, and we will not, pay property taxes to your sh*thole city. Your mayor and your city council created this problem, and they are giving the voters that voted them into office EXACTLY WHAT THEY VOTED FOR.

      Will the last taxpayer leaving Minneapolis please turn out the lights.

    2. Call the local Democrat Party apparatchiks and tell them their precinct voter rolls are off by one.

      REVEALED: Armed black man, 32, with long rap sheet ‘FIRED his handgun’ before Minnesota deputies shot him dead during arrest for robbery – sparking protests at George Floyd Square

      The convicted felon who was shot dead in Minneapolis on Thursday by members of a US Marshals task force, fired at officers when they tried to arrest him on a warrant for illegally carrying a firearm, it was revealed on Friday.

      The fatal shooting, coupled with the dismantling of George Floyd Square, sparked bouts of civil unrest, vandalism and looting of businesses overnight, leading to at least nine arrests.

  20. Retired chief Carmen Best says she warned against abandoning the Seattle Police’s East Precinct | The Seattle Times

    (some humorous snips)

    “Retired Seattle police Chief Carmen Best says she warned before the CHOP formed last summer that ceding the Capitol Hill protest zone would be a threat to public safety.”

    And to back up this claim she offers up definitive proof. Oh, wait …

    “And she says she has no idea how her texts from that crucial time period were lost.”

    Damn, I hate it when that happens.

    “In a new podcast episode released Monday and in a subsequent interview with The Seattle Times, Best publicly provided some of her most detailed recollections to date of the day last June when the Seattle Police Department abandoned the East Precinct after 10 days of street protests that erupted in the aftermath of George Floyd’s murder by a Minneapolis police officer.”

    Wait for it …

    “While Best still declined to say exactly who made the crucial calls on the ground, she reiterated it wasn’t her decision to abandon the precinct. Instead, she described what happened as an almost unintentional series of events: Facing threats and the removal of the barricades that had separated protesters from the precinct, officers left and took weapons and sensitive material with them — but when they tried to come back later, on the assumption the protesters would largely be gone, they were blocked from returning.”

    Got it!

    Read on …

    1. Departments led and staffed by diversity and affirmative action hires perform predictably under stress. It was music to my ears to hear the screeching of the high-net-worth libtards of Santa Monica when the “woke” local police department completely bungled its response to the Mostly Peaceful Protests when the Soros scum came to town.

  21. Thinking of putting a bid on this Boston property. So what, it burned down the day after Christmas taking one poor soul and is uninhabitable, but…the potential!! Redfin says it’s a “Hot Home”, will sell quickly and reportedly there are already offers. Only 499K! What a fun project for the summer. I better get moving, this one is hot:–union-ave-boston-ma_rb/59134121_zpid/

    So hot the local news ran a piece on it!:

      1. I just take it for granted we’re toast here in Las Vegas (we’re usually a bit toasty since it’s 12:45 and already 104°). My husband just came in and said don’t go out, it’s hellish.

        I’m a big fan of zombie movies. “Dawn of the Dead” (the remake) is one of my favorites so I was disappointed with “Army of the Dead” (same director, don’t really get into that stuff, but thought that was a good sign, nope.) The white tiger zombie was pretty cool.

        I especially like the different take types, like “Fido” and “The Battery”.

          1. Love it, also a favorite.

            I don’t know why I find them so fascinating. Makes me worry about me a little 🤣

  22. In other absurd news available on ZeroHedge: Cargill Taps Startup Producing Smart Cow Masks To Trap Methane Burps

    This one really makes me laugh because my husband has been joking for years about creating a catalytic converter of sorts for cow farts with the trade name cowverter.

  23. Christiano makes 600k in a weekend endorsing a shoe or something like that. I doubt he’s sweating the real estate loss. His net worth is somewhere in the 1/2 billion Euro range. Kinda surprised he lives in a relatively cheap house at only 3M. By London standards that isn’t a lot for a guy worth what he is.

    1. I don’t find any of that interesting. What I do find interesting is when a person making less than $30k per year is driving the same vehicle as Christiano.

  24. “After that, prices climbed by about 52 per cent before this latest drop.”

    That happened in London?

    It’s interesting to learn that our local area in San Diego isn’t the only place on the planet that saw such huge one-year home equity wealth creation effects.

    All real estate isn’t local anymore.

  25. Does anyone besides me find the notion of profiting from the mining of an imaginary currency extremely peculiar?

  26. The Wall Street Journal
    China Reconsiders Its Central Role in Bitcoin Mining
    Crackdown warning highlights the cryptocurrency’s reliance on a hostile host; miners head west
    Chinese bitcoin-production operations aren’t as dirty as actual mines, but one consultant notes that they don’t resemble the ultra-hygienic space-age environments of science fiction, either: ‘In the movies they are more clean and presentable.’
    Photo: Paul Ratje/The Washington Post/Getty Images
    By James T. Areddy
    June 5, 2021 12:00 am ET

    Bitcoin enthusiasts prize the cryptocurrency as beyond the reach of any government. Yet up to three-quarters of the world’s supply has been produced in just one country, China, where a government push to curtail output is now causing global bitcoin turbulence.

    The amount of electricity needed to power vast numbers of computers used to create new bitcoin are at odds with China’s recent climate goals. The government, which manages its national currency with a tight fist, also frowns on cryptocurrency generally. No legal exchange of bitcoin has been permitted for years in China, even as the nation’s entrepreneurs emerged as the dominant source of its output.

    Few governments have embraced bitcoin, but fallout from Beijing’s threats demonstrated how its grip on production left the cryptocurrency vulnerable.

    The 24/7 number crunching required to create, or “mine,” bitcoin relies on ample supplies of cheap electricity and equipment, some of the same elements China harnessed to become the world’s manufacturing hub.

    In their hunger for market share, China’s bitcoin miners took advantage of an underregulated and overbuilt electricity-generating sector. They set up mining operations adjacent to hydropower producers in the mountainous Sichuan and Yunnan provinces where turbines churn snowmelt and seasonal downpours into electricity. When river flows eased each winter, miners packed their computers and headed north to coal-rich Xinjiang and Inner Mongolia.

    Subscribe to Read the Full Story

    1. Is the Biden administration good with Bitcoin production’s carbon footprint? I highly doubt it, especially after Elon threw it under the bus.

      Is the original crypto destined to become an outcast without a host country?

  27. Ok, so directly after impeachment failed to take Trump out, the only option was to destroy the economy that would likely get him reelection.
    So , A bio weapon either faked, leaked, or whatever it was , unleashed at the exact right time.

    It put Trump in a rock between a hard spot position. If he didn’t respond to models that 2 million people could die , he would of been accused of not doing the right thing to protect society even if it destroyed his economy. He ordered warp speed production of a possible vaccines, closed down China, did anything to shore up Medical system. Didn’t matter what he did he was portrayed as a villain who killed 200 thousand Covid patients by fake news, who let China off the hook for their part. Fear mongering was set into high gear and lockdowns and masks were used as a method of mass destruction of normal life.
    Fake PCR tests were used to up the Covid case count, along with bribes to medical system to state almost every death was due to Covid.
    Doctors were paralyzed in using meds that worked , and under job threat to not go against the narrative of the Vaccine Solution.
    Election process was altered to not verify mail in ballots, send out like toilet paper to comit ballot fraud, using Covid as the grounds to destroy the integrity of the voting process. The election was rigged to put in Biden and other puppets.
    Not peaceful protesters creating another type of chaos and attack on society , during a so called lock down of a virus that didn’t threaten most the population
    Censorship of any news that disputed the fake new narratives.
    So, Biden wins with the most votes a President ever got. Vaccines being pushed like never seen before. Threat of vaccine passports, job loss , and more lockdowns .
    So if we are good drones maybe the vaccinated can take off the masks for the 4th of July, but not those vile non vaccinated, who must wear masks that don’t work.
    And breaking news of a cover up of Fauci cover up of funding the lab that created the man made bio leak.
    Because of all the goals this Covid crisis accomplished, how can anybody think it wasn’t deliberate that the public be thrown into fear mongering chaos and destruction of sanity and truth and a medical tyranny that the evidence shows they were planning long before Covid hit.

    Why would you be working on a bio weapon in China , that was illegal in the US, with funding from Dr Fauci. Splicing 5 different viruses together , for what? They say for defense reasons in case some enemy makes such a virus. If you buy that your not thinking.

    And apparently under the Obama administration this nightmare was advanced in a lab in China. Remember the Ebola crisis where Obama was bringing suffering Ebola victims from Africa to the United States for treatment here, while not banning fights from Africa.

    At the time I was watching this, I said to myself,
    ” Why is Obama exposing the US to a possible Panademic of Ebola, by not doing proper measures to contain such a outbreak?” I swear, I really noticed it and thought it was weird.
    So, it just seems like something is going on here that goes beyond happenstance, and looks like deliberate to achieve goals .

      1. Barack Obama says Biden is ‘finishing the job’ of his presidency ∙ June 3, 2021

        James and Bobby Purify – I’m Your Puppet
        Pull the string and I’ll wink at you, I’m your puppet
        I’ll do funny things if you want me to, I’m your puppet
        I’m yours to have and to hold
        Darling you’ve got full control of your puppet
        Pull another string and I’ll kiss your lips, I’m your puppet
        Snap your finger and I’ll turn you some flips, I’m your puppet
        Listen, your every wish is my command
        All you gotta do is wiggle your little hand
        I’m your puppet, I’m your puppet
        I’m just a toy, just a funny boy
        That makes you laugh when you’re blue
        I’ll be wonderful, do just what I’m told
        I’ll do anything for you
        I’m your puppet, I’m your puppet
        Pull them little strings and I’ll sing you a song, I’m your puppet
        Make me do right or make me do wrong, I’m your puppet
        Treat me good and I’ll do anything
        I’m just a puppet and you hold my string, I’m your puppet
        Darling, darling, pull the strings, let me sing you a song any day
        I’m your puppet baby, you can sing for me all night long
        Honey, yeah

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