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This Is Known As A Buyers Market, It’s Rock Bottom And Can Never Go Lower Than These Prices

It’s Friday desk clearing time for this blogger. “The Acadiana real estate market could be leveling out after months of runaway activity for months. Home sales dipped in Lafayette Parish and in the region last month, typically a busier month for home buyers, after months of unprecedented growth, according to data from Bill Bacque. Dips in other markets across the country have led many analysts to question if activity was final cooling off or, a worst-case scenario, the market is in a housing bubble, which would result in home values plunging.”

“‘Is that possible? Yes. Is that probable? No,’ Bacque wrote in his monthly report. ‘It appears April could be the peak of our nearly year-long run in demand. (T)he demand driven air that has inflated our housing bubble will begin to ease and will lead to a market correction. Whether it is a mild sustainable correction or a chaotic crash depends upon how rapid and significant these influences occur.'”

“Windermere Chief Economist Matthew Gardner noted that many condo owners decided to sell amid the height of the COVID-19 pandemic and more out of the urban downtown core, leading to high inventory and lower demand. Some downtown properties even began offering price reductions to attract new buyers, giving them the upper hand. ‘The good news is the Seattle condo market has settled back down with inventory dropping and sales rising. Because of the shift in this market there was a price reset, but this appears to be luring buyers who previously thought they could not afford to buy downtown, leading to more balance between supply and demand,’ Gardner said.”

“2021 has been a big year for Journal Square following a deal to renovate the iconic Loews Jersey Theatre. Despite the hum of construction, there are a few prominent developments that have stalled in the neighborhood. Ironstate’s Urby Journal Square, slated to break ground last year before COVID-19 hit, remains a surface parking lot and the company officially shelved another Urby project along Sip Avenue earlier this year.”

“Jeff Godfrey, who spent the last 11 years living in Brooklyn, realized a longtime dream this spring: He moved to Manhattan. Mr. Godfrey, a 34-year-old artist and bartender, who scoured various listings sites for months after realizing that, thanks to plummeting rents, the borough was finally within reach. In April, he pounced on a spacious, newly renovated two-bedroom on the Lower East Side that rents for $2,400 a month — the same price he was paying for an unrenovated two-bedroom off the Halsey J train stop in Bushwick. The new place is even rent stabilized.”

“Benjamin Knop, a 23-year-old restaurant manager, lived in East Harlem when he was a student at Marymount Manhattan College. But he grew tired of paying more than $1,000 a month to share a ‘really old, rundown three-bedroom apartment with five other people.’ Last June, Mr. Knop was searching on StreetEasy and found a $1,600 rent-stabilized one-bedroom on the Upper East Side. ‘I was like, ‘This has to be one of those fake listings,’ he said. ‘When I went to see it, it was also no-fee. It blew my mind. I was like, ‘Jackpot!’”

“The pace of the Toronto-area real estate market has dropped a gear after a highly charged start to the year. Bidding wars are less heated, some properties are sitting longer and some homeowners have delayed their plans to list. Elli Davis, a real estate agent with Sotheby’s International Realty Canada, does not see a dramatic slowdown coming, however, because sellers who put their plans on hold during Ontario’s COVID-19 stay-at-home order are now planning to launch their properties as restrictions ease. ‘Every day I’m getting two to three appraisal calls,’ she says.”

“Buyers are still circulating, but many who planned to purchase this spring did so in the early months of the year. Jimmy Molloy, an agent with Chestnut Park Real Estate Ltd., says sales were front-loaded this year as low interest rates and optimism about the economy encouraged buyers to jump in early. ‘We’ve used up in four months what we would use up in six months,’ he says of the volume of transactions in a normal year. ‘We need to replenish the buyer pool as well.'”

“Is South Africa’s spectacular house price bounce, which started in the early days of the Covid-19 pandemic, coming to a screeching halt? Siphamandla Mkhwanazi, an economist at FNB, said the bank is starting to see a slowdown in the demand for housing by consumers and mortgage applications, which is starting to negatively affect house prices. Mkhwanazi said the demand for housing and mortgage application volumes have declined in the past two months, which suggests that ‘the interest rate-induced demand may have peaked.’ Put differently, the novelty of low-interest rates might be wearing off.”

“In the recent past, the infamous auctioneer’s hammer has not landed on most of the lucrative properties put on sale. Many reasons have been given for this, such as a prevailing property sector slump and now the Covid-19 pandemic. But one that has been missed is overvaluation of the property. Sector experts reckon that valuers have refused to adjust to the reality of the depressed economic times. ‘When property prices are increasing there tends to be inherent overvaluation. When a drop in price occurs, there is a lag in price reduction, leading to overvaluation,’ Kenya Professional Realtors Association (KPRA) Director Gerald Githinji told Real Estate.”

“Property auctions have become a staple in the back pages of local dailies as foreclosures haunt mortgage holders and other borrowers that are unable to pay loans. Garam Investments Managing Director Joseph Gikonyo said this might be the best time for liquid investors to get into real estate. ‘This is known as a buyers market, it’s rock bottom and can never go lower than these prices.'”

“Felix Apollo, the proprietor of Victoria Blues Services Auctioneers, said investors buying property now would benefit from the low prices. He, however, lamented that low purchasing power owing to the pandemic has seen auctioneers stuck with properties.”

“More than 40 per cent of apartments under construction are in Melbourne, concentrated in the inner-city areas. Sydney’s apartment pipeline is spread around the city’s footprint where foreign investment is vital. ‘Domestic and foreign investor demand remains much more subdued and this is keeping pre- sales demand for new apartments muted and seeing few new apartment projects commence,’ said JLL national head of residential research Leigh Warner. ‘This is particularly the case in Sydney and Melbourne, where the population impact of Covid-19 has been greatest and where there is more residual unsold stock in recently completed projects.'”

“For a city as opulent as San Francisco, it’s long been jarring to see the extreme poverty of those experiencing homelessness on its streets. If you walk around downtown, tents, makeshift cardboard beds and human excrement can be seen littering the sidewalks. Impoverished people lie on the ground as a blur of highly paid professionals whiz by.”

“San Francisco is pretty typical of major American cities these days, especially on the West Coast. Tent cities filled with poverty-stricken people have sprouted up from San Diego to Seattle. Homelessness wasn’t always this bad. ‘In the 1970s, there was an adequate supply of affordable units for every low-income household that needed one — and we really didn’t have homelessness,’ says Nan Roman, president of the National Alliance to End Homelessness.”

Related Posts

Massive Bubble?

https://www.youtube.com/watch?v=6hzdFOAmVsQ https://www.youtube.com/watch?v=hJVOHyY3FmA https://www.youtube.com/watch?v=1N1Xi_M-i1M https://www.youtube.com/watch?v=brHc20Zo8Z0

This Post Has 108 Comments

  1. ‘I was like, ‘This has to be one of those fake listings,’ he said. ‘When I went to see it, it was also no-fee. It blew my mind. I was like, ‘Jackpot!’

    That’s the spirit!

  2. ‘a city as opulent as San Francisco’

    It’s a sh$thole, literally.

    ‘In the 1970s, there was an adequate supply of affordable units for every low-income household that needed one — and we really didn’t have homelessness’

    https://www.hannapub.com/ouachitacitizen/opinion/columns/bill-roark-sussing-out-the-truth-about-home-prices/article_73d49da8-0e21-11eb-a320-fb2da5592050.html

    ‘In 1975 every region of the country had an average home sale price of under $75,000’

      1. Housing prices in the SF Bay Area really inflated during the Carter Administration years, but it was likely due to the Nixon Administration taking the dollar off of the Gold Standard.

    2. ‘In 1975 every region of the country had an average home sale price of under $75,000’

      CPI Calculation
      $75,000 in 1975 = $376,557.58 in 2021

      2. hmmmm… ‘price index’.

        It seems to capture all the price fixing and market rigging quite accurately. Appraisal fraud has some interesting effects.

  3. ‘The good news is the Seattle condo market has settled back down with inventory dropping and sales rising. Because of the shift in this market there was a price reset, but this appears to be luring buyers who previously thought they could not afford to buy downtown, leading to more balance between supply and demand’

    Hey Matt, check these stats out:

    ‘the most notable YOY declines were in Capitol Hill, downtown and north Seattle’

    https://blog.seattlepi.com/seattlecondo/2021/06/08/may-2021-seattle-condo-market-report/

    Good thing everybody put 20% down…

  4. ‘Every day I’m getting two to three appraisal calls’

    Where did these shacks come from? Harry Potter?

    ‘We need to replenish the buyer pool as well’

    Click!

    1. ‘We need to replenish the buyer pool as well’

      – In order to keep the housing market Ponzi scheme going, a constant supply of new buyers greater fools is required.

      – This can be sustained – temporarily, but not permanently – by a combination of a) low down/high LTV/high DTI, b) low interest rates + easy $, c) REIC/UHS cheerleading/propaganda, d) housing bubble 2.0.

      – However, “Trees don’t grow to the sky.” – German proverb

      – All of this can-kicking and artificial market levitation eventually hits the limits of a) unaffordability (price), and b) no more greater fools (TAM/marginal buyers).

      – Are we there yet? I’m thinking it’s got to be close, since it’s definitely in the mania phase now.

      – We’re “pulling demand forward.” There will be an air pocket when the pool of buyers is drained completely. That’s the biggest fear of TPTB, hence, continued can-kicking.

      https://www.investopedia.com/articles/stocks/10/5-steps-of-a-bubble.asp
      Investing Markets | 5 Stages of A Bubble
      By Troy Segal | Updated Mar 11, 2021

      1. Displacement
      2. Boom [!]
      3. Euphoria [You are here, IMHO.]
      “During this phase, caution is thrown to the wind, as asset prices skyrocket. Valuations reach extreme levels during this phase as new valuation measures and metrics are touted to justify the relentless rise, and the “greater fool” theory—the idea that no matter how prices go, there will always be a market of buyers willing to pay more—plays out everywhere.”
      4. Profit-Taking
      5. Panic
      “It only takes a relatively minor event to prick a bubble, but once it is pricked, the bubble cannot inflate again. In the panic stage, asset prices reverse course and descend as rapidly as they had ascended. Investors and speculators, faced with margin calls and plunging values of their holdings, now want to liquidate at any price. As supply overwhelms demand, asset prices slide sharply. “

      – And don’t forget these either, since they’re related to the psychology of asset bubbles when they inevitably burst. OK, I know, it’s not a bubble. It’s different this time…

      https://psychcentral.com/lib/the-5-stages-of-loss-and-grief#the-kubler-ross-model
      Mourning and the 5 Stages of Grief

      The Kübler-Ross model on grieving

      In her 1969 book, “On Death and Dying,” Kübler-Ross examined the five most common emotional reactions to loss:

      1) denial
      2) anger
      3) bargaining
      4) depression
      5) acceptance

      – Everything is in stages. Easy peasy. With the one-trick pony of the Fed at the helm, it’s rinse and repeat, only this time the washing machine (printing press) may need a repair man (or woman).

      “It’s like deja-vu, all over again.” – Yogi Berra

      Stein’s Law: “If something cannot go on forever, it will stop.” – Herbert Stein (1916-1999), Economist

      1. Real estate stages of grief:

        1) denial
        2) anger
        3) bargaining
        4) depression
        5) acceptance
        6) offload depreciated shack at fire sale price

          1. 7) Buy house across street for half of what you owe before things show up on your credit history.

  5. ‘Property auctions have become a staple in the back pages of local dailies as foreclosures haunt mortgage holders and other borrowers that are unable to pay loans’

    The winnahs!

    ‘This is known as a buyers market, it’s rock bottom and can never go lower than these prices’

    Turn those machines back on!

    2. “The hip hop icon passed away in April at age 57 from an accidental overdose of fentanyl, ethanol (alcohol) and methamphetamine, a rep for the medical examiner’s office tells TMZ.”

      Good thing it didn’t hurt.

  7. Homelessness wasn’t always this bad. ‘In the 1970s, there was an adequate supply of affordable units for every low-income household that needed one — and we really didn’t have homelessness,’ says Nan Roman, president of the National Alliance to End Homelessness.”

    Nixon took us off the gold standard in 1971, and it’s been all downhill from there. Now the Fed’s deranged money printing has turned housing into a speculative bubble and put millions on the street because they can’t afford soaring rents.

    1. Nixon took us off the gold standard in 1971

      I was not able to trade my dollars at the bank for gold in 1970, so who is “us”?

      2. FDR took the citizens off the gold standard, but the dollar itself was still backed by gold. “We” couldn’t take dollars to the bank and get gold, but foreign governments still could. Eventually foreign governments (France in particular) were losing confidence in the dollar and started trading in dollars and demanding gold. That’s what Nixon put a stop to in 1971.

  8. As the globalists and their Democrat Quislings subvert and corrupt our institutions of governance, Soviet-style “justice” is going to be the norm for all who run afoul of our Deep State overlords.

    Letters from a D.C. Jail

    The rule of law for anyone involved in the events of January 6 has been flipped on its head by the U.S. justice system; defendants are presumed guilty before proven innocent.

    https://amgreatness.com/2021/06/10/letters-from-a-d-c-jail/

  9. The full magnitude of Comrade Kamala’s ineptitude and utter lack of qualification to hold public office, much less the highest office in the land as Senile Joe slips into his dotage, is becoming more painfully evident by the day. This charlatan is TOTALLY out of her depth.

    Kamala Harris snaps at Univision anchor while pressed on when she’ll visit border: ‘I’m not finished’

    https://www.foxnews.com/media/kamala-harris-univision-border

    1. as Senile Joe slips into his dotage

      I keep seeing articles in the MSM that mention that perhaps Biden is in “trouble”. Have they already decided to discard him? That of course means that Harris would take his place, and perhaps they are realizing that she would be worse than Biden.

      I found it interesting that the Univision reporter gave her a hard time. I would have expected some easy softballs like “What did you think of President AMLO?”

      Then again, contrary to what is presented as Narrative, American blacks and Hispanics (especially Mexicans) do not get along. Yeah, I know, there are black Cubans, Dominicans and Puerto Ricans. But these days, increasingly, Hispanic == Mexican.

      1. “That of course means that Harris would take his place, and perhaps they are realizing that she would be worse than Biden.”

        Maybe the Progressives see this as a positive thing?

      3. Kamala is possibly being hung out to dry or put in her place for her comments about Joe during the primary. Calling Joe a racist and a rapist probably isn’t sitting well with Dr. Jill.

    2. ‘I’m not finished’

      I can’t remember where, but she’s used that line before. It’s condescending the way she says it.

    1. Another tweet:

      Let’s say that again: deflation and inflation are *different processes* they are not variables on a single axis.

      Inflation is about supply and demand, and about money/credit creation.

      Deflation is not. Deflation is about balance sheets.
      15/

    3. From the tweet …

      “This is also why deflation is explosive. It doesn’t happen because someone gets upside down.

      “It happens because a meaningful group of people all get upside down at once.

      “And this creates a firesale.

      “And then the fire spread to other balance sheets.”

      1. More …

        “When you boost the aggregate asset side of everyone’s balance sheet, you give them more debt capacity.

        “And if you do this over, and over, and over, the message you send is that carrying a massive balance sheet is fine.

        “You send a message that solvency is for fools.

        “That cash on hand isn’t worth anything.

        “This view has a tendency to get supercharged after a Fed dive and save.

        “Have you heard this message lately?

        “What do you think happens next?

        “Ponder for a moment what happens when most people within a society believe that solvency doesn’t matter and money isn’t valuable.

        “Well, they will begin to act accordingly.

        “And they will become price insensitive (fiat is worthless!).”

        Becoming “price insensitive” means they will eagarly plunge into bidding wars using money they do not have and do not value to drive up the price of one particilar house out of sight and thus magically create spendable equity wealth for all the comps.

        And this, folks, is what is driving a large chunk of our stupid consumer-based economy.

        1. “…the message you send is that carrying a massive balance sheet is fine….”

          That is the basic message of ‘Rich Dad Poor Dad’ Robert Kiyosaki.

          Flabbergasting how many (who you believe are normal, rational people) just eat this stuff up.

          Mr. Banker often writes about those who eagerly sign up for mountains of debt, but this Kiyosaki character takes it to a whole new level.

    4. “…Deflation isn’t real; deflation is a killer…”

      Excellent article, I have saved the URL.

      Thanks for posting.

  12. If you’re a Californian, the state wants to cover almost half the cost of your new home

    The California Dream for All program, which the Democrats first outlined in April in their Build Back Boldly budget plan, would pay for – and own – up to 45% of a home for a first-time homebuyer, cutting the purchase price nearly in half. The plan said the program would allow Californians to buy their first home with a “silent partner,” significantly reducing the cost and helping close the racial wealth gap.

    2. “Generation after generation, those with wealth get wealthier, and those without fall further behind,” the budget plan said. “As has been the case so often throughout the nation’s history, this has been made worse by racist barriers constructed to hold communities back – and the impacts of those barriers are still evident today. The first step to reaching the California dream of thriving in the middle class and building family wealth starts with homeownership.”

      But that “silent partner” is taking half, so that would guarantee that these people are only building half the equity of those who actually own their own homes. Can you say RETARDED? Why are libtards so stupid?

      1. Why are libtards so stupid?

        They’re only stupid if they’re actually trying to solve the affordability problem.

        They aren’t.

    3. This is [so] California! They never consider that maybe they took the wrong path and turn around. No, they’ll apply a “wokeness fee” on all new home buyers to help support this new program.

      1. Once again, nice state to hike in, maybe even airbnb a few locations or stay with friends on an extended visit. But, to live there takes some kind of Wonka vision.

        1. Yep. Excellent natural scenery and outdoors stuff to do, miserable politics and business environment.

      1. “Propose Covering Nearly Half of New-Home Costs”

        At twice the purchase price. And the builders who make political contributions will make out like bandits, plus real estate property taxes will double!

        I really see no downside to the plan, do you?

        1. And people in existing homes will suddenly get a windfall of sweet sweet fake equity which they can extract and use to buy even more toys made overseas. They are basically printing dollars for China.

    5. “If you’re a Californian, the state wants to cover almost half the cost of your new home”

      – This has been proven out again and again at the Federal level, and in the case of CA, at the State level as well. How, exactly will moar gubment intervention make the situation better? Seriously? Good luck with that.

      “Everything a government touches, turns to crap.” – Ringo Star

      “The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’ ”- Ronald Reagan – 40th president of US (1911 – 2004)  

      “Most of the energy of political work is devoted to correcting the effects of mismanagement of government.” – Milton Friedman

    6. “would pay for and own”

      bullsh!t. The State will pay for and own 45% … until the buyer tries to refinance or sell and finds out that 45% of “his” sweet equity in “his” home belongs to the State. Disparate impact on BIPOCs, of course, which is ist.

    7. “…the state wants to cover almost half the cost of your new home…”

      Effectively, yet another subsidy.

      So what problem are we trying to solve, other than pushing house prices even higher?

      1. “So what problem are we trying to solve, other than pushing house prices even higher?”

        WrongThink Alert!

        Pushing housing prices even higher is not a problem, it is a solution.

        1. “…it is a solution…”

          Especially for public entities that collect taxes, ie. property and local taxes.

          Push those outrageous public pension plans even higher.

          Mr. Banker – What’s not to like.

        2. It’s all for the sake of creating wealth and making homes more affordable to people who matter. The government really, truly does want to help solve the housing crisis!

      2. “Effectively, yet another subsidy.”

        “So what problem are we trying to solve, other than pushing house prices even higher?”

        – My response has been said before, and by those more capable. See related quotes, below.

        “Government does not solve problems; it subsidizes them.” – Ronald Reagan

        “If you want more of something [higher housing prices], subsidize it; if you want less of something, tax it.” – Ronald Reagan

        “Subsidies are a shell game, not a net addition to national wealth.” – Thomas Sowell

        “Government does the least good and the most harm through subsidies.” – James Cook

        “They’re not sending their best.” – DJT

  13. In California, 2006 was an interesting year. It dipped for the first time from Feb through June, then rose to a record peak Jan 2007. After that though, it was a bloodbath month after month until hitting Feb 2009, 59% off the high.

    I think we may still be in “2005” but I don’t think we can over-analyze these current months because market sentiment is even more twitchy, especially now with social media and stonks. Once some negs hit mainstream news – it is over – both for real estate and the economy at large.

    1. The process has sped up. Current parabolic rise in home prices has occurred over 6-9 months timespan, not 18-24 months as in 2007 period. I expect the unwind once we hit the wall to be just as quick

  15. a large cause of the homeless problem is the lack of cheap flop houses, SRO hotels & just plain greed.
    look around you. observe. THINK. how did this happen?
    what is different today vs. 20-30 years ago?

    the huge amount of illegals flooding into the country, who will happily accept living conditions that are appalling to 1st world residents. 4 families to a crappy residence? yes please & thank you sir, may I have another?
    the absolute relief & security of not facing death, abuse, starvation, and the realistic hope of a better tomorrow far outweighs any minor inconvenience of cramped but stable living quarters.

    many people who have experienced 3rd world misery return with the same massage: ” We live like KINGS in the USA!”

    yeah, I know the US is far from perfect. but the alternatives can be very bad. very bad indeed.

    1. “4 families to a crappy residence? yes please & thank you sir, may I have another?”

      Don’t forget the garage; a family or two can easily (and willingly) be stuffed in the garage.

      And camper shells; I know one case where people were living in camper shells set up in the back yard, perched on saw horses. A drop cord from the house provided electricty and a garden hose provided water.

      1. don’t forget the stairs. you can easily pack a dozen people like in Soylent Green.

        we’re already wearing face masks.

    2. 4 families to a crappy residence? yes please & thank you sir, may I have another?

      It is not unheard of for 20 people to be living in a one bedroom apartment, and making bath cheese to boot.

  18. Falling housing prices are appearing all over yewtoob. Oh noes!😂😂😂

    Salem, OR Housing Prices Crater 11% YOY As Lot Prices Crumble

    https://www.movoto.com/salem-or/market-trends/

    Remember… as a national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”

  19. I forgot to include this from the end of the Canadia article:

    ‘Stephen Brown, senior Canada economist at Capital Economics, points out that the latest data suggest residential investment, which rose to more than 10 per cent of gross domestic product in the first quarter, has already peaked.’

    ‘Residential investment is made up of new construction, sales of existing homes and renovations. In a striking development, Mr. Brown notes, this component of GDP has become larger than business investment.’

    ‘But weaker sales of homes and building materials – along with slower building starts – suggest residential investment will decline this quarter and contribute to a slowdown in overall GDP growth, Mr. Brown cautions.’

    ‘Residential investment is made up of new construction, sales of existing homes and renovations. In a striking development, Mr. Brown notes, this component of GDP has become larger than business investment.’

    ‘residential investment, which rose to more than 10 per cent of gross domestic product in the first quarter, has already peaked…more than 10 per cent of gross domestic product in the first quarter…In a striking development, Mr. Brown notes, this component of GDP has become larger than business investment’

    You guys are fooked, eh?

    1. ‘We Are Looking at Only Diverse Hires at This Time’

      Isn’t that, you know, “illegal”?

      Silly me, expecting laws to be enforced. What am I thinking?

      1. All whites are oppressors and have benefited from a rayciss system. Therefore all whites must be made to pay for their collective guilt for all eternity.

        Get with the program laid out for whitey by our globalist betters. If you don’t self-flagellate daily or tell yourself 2+2=5, you have not internalized The Narrative.

    2. Authorities have launched a criminal investigation into a sign that was reportedly posted at a Popeyes restaurant in Lake Saint Louis, Missouri, announcing that the fast-food restaurant reserved the “right to refuse service to white people.”

      1. It’s as if the Democrats have only so many tools in their toolbox.
        A century later they’re turning an old favorite on themselves.

  22. From ZeroHedge, The Hangover Arrives: Explosive Inflation Leads To Record Collapse In Home, Car Purchase Plans

    [W]hat we found more concerning is what chief economist, Richard Curtin said namely that since “Rising inflation remained a top concern of consumers”, the spontaneous references to market prices for homes, vehicles, and household durables fell to their worst level since the all-time record in November 1974.

    And as Curtin adds, “these unfavorable perceptions of market prices reduced overall buying attitudes for vehicles and homes to their lowest point since 1982. These declines were especially sharp among those with incomes in the top third, who account for more than half of the dollar volume of retail sales.”

  23. Virginia Mom Who Fled Communist China Blasts Marxist Critical Race Theory at School Board Meeting

    Jun 10, 2021

    Xi Van Fleet, a mother who lived through Mao Zedong’s Cultural Revolution before coming to the United States blasted a Virginia school board during a public meeting over it’s support for critical race theory.

    “I’ve been very alarmed by what’s going on in our schools,” Xi Van Fleet told the Loudoun County School Board members. “You are now teaching, training our children to be social justice warriors and to loathe our country and our history.”

    “The Communist regime used the same critical theory to divide people,” she said. “The only difference is they used class instead of race.”

    “We were taught to denounce our heritage, and Red Guards destroyed anything that is not communist…statues, books and anything else,” she continued. “We were also encouraged to report on each other, just like the Student Equity Ambassador program and the bias reporting system.”

    “This is indeed the American version of the Chinese Cultural Revolution,” she said. “The critical race theory has its roots in cultural Marxism. It should have no place in our school.”

    https://independentchronicle.com/virg…

    https://youtu.be/neKhgvukXqw

  25. The globalists and their Democrat-Bolshevik Quislings will be enraged by any attempts to impede the flow of Democrat-on-Arrival illegal aliens flooding in across our southern border.

    Texas will build a border wall: Governor Greg Abbott pledges to ‘build border barriers’ along the state’s Mexican border and arrest migrants after Biden suspended funding for Trump’s project

    https://www.dailymail.co.uk/news/article-9675991/Texas-build-border-wall-Governor-Greg-Abbott-pledges-finish-Trumps-barrier.html

  26. Hey Real Journalists, maybe if you’d stop lying and propagating The Narrative and DNC talking points, you wouldn’t be so reviled by so many people.

    Journalists demanding more action against online harassment

    https://apnews.com/article/joe-biden-journalists-racial-injustice-business-race-and-ethnicity-d986426b7211a67fffb621f0a2414001

    NEW YORK (AP) — The Associated Press’ recent firing of a young reporter for what she said on Twitter has somewhat unexpectedly turned company and industry attention to the flip side of social media engagement — the online abuse that many journalists face routinely.

    During internal meetings after the Arizona-based reporter, Emily Wilder, was let go, several journalists expressed concern over whether the AP would have the backs of employees under attack from the outside.

    2. Lumber prices fall for the 8th straight day to near $1,000 per thousand board feet for the first time since March
      Will Daniel
      Jun. 11, 2021, 01:12 PM
      Mario Tama/Getty Images
      — Lumber futures fell over 5% to trade at $1,059 per thousand board feet on Friday.
      — Prices for the hot commodity are now down roughly 37% from May 7 record highs.
      — Weyerhaeuser’s CEO said $1000 lumber prices aren’t likely to continue at the 2021 Nareit conference.
      …

  28. I received a great email from Allstate Insurance.

    They run a car sharing program called “Avail”. If I were to let a total stranger borrow my car I would get a whopping $35 a day.

    It crosses my mind that if you need to do this, then you can’t afford your car.

    3. It’s part of the Sharing Economy.

      This is gonna backfire big time. Total strangers borrowing strange cars they don’t care about is risky at best and total stupidity for a car insurance company, of all people. What if the car-renter smashes up the car? Would Allstate raise rates on the car-owner, saying “you should have rented to a better driver”? Hello Geico.

        1. My daughter has ZipCar on campus at WWU in Bellingham, WA. They have a variety of vehicles to choose from, but mostly the trendy economy kind.

        2. Zipcar is owned by Avis Budget Group. It has a different business model that I learned about in business school.

  29. Dude on Tucker Carlson’s show tonight talking about the current housing market…

    “A mass of indebted and disarmed serfs are much more easily managed”

    1. That’s one reason why the gubmint secretly loves high housing prices and the massive loans required to purchase overpriced homes. Debt serfs tend to keep their heads down and stay busy and obsequious.

    2. Nearly two-thirds of millennials have homebuyer regrets, new survey says
      Sudiksha Kochi
      USA TODAY

      In this hot real estate market, competition for houses often leads to quick purchases which also can lead to buyer’s remorse.

      According to a recent Bankrate survey, 64% of millennials aged 25 to 40 are facing regrets after buying a home compared with 33% of baby boomers aged 57 to 75. The survey found that the older the buyer, the less likely they were to have homebuyer regret.
      …

    1. The Financial Times
      Sovereign bonds
      US Treasuries have best week in a year
      Government bond prices rise and yields tumble despite strongest inflation reading in 13 years
      Most analysts expect Treasury yields will rise. But others expect this week’s rally will prove transitory, and inflation will not
      Tommy Stubbington and Joe Rennison in London
      8 hours ago

      US Treasuries registered their best week in a year, as investors shrugged off the highest inflation rate since 2008 and piled into government debt.

      The benchmark yield on the 10-year Treasury note fell by 0.103 percentage points to 1.45 per cent, notching its largest weekly decline since June last year.

      The move has been propelled by declining inflation expectations. The 10 year break-even inflation rate has fallen 0.08 percentage points to 2.34 per cent this week.

      That cooling of expectations for longer-term inflation has happened despite data on Thursday that showed the year-on-year increase in US consumer prices leapt to 5 per cent in June.

      That suggests a growing willingness among investors to accept the Federal Reserve’s mantra that higher inflation will prove transitory, settling down once the comparisons to last year’s locked-down economy have run their course.
      …

      1. “…once the comparisons to last year’s locked-down economy have run their course.”

        I call BS on this line, which seems intended to suggest that recent price increases compared to a year ago seem high merely because we are reverting to normal. In reality, prices of housing, fuel, and many other necessary items for first world survival have greatly overshot trend to never previously seen heights.

  31. Have you ever noticed how the Fed’s crisis response measures tend to greatly outlast the crises that led to their deployment?

    1. Federal Reserve Balance Sheet Tops $8T for First Time
      The U.S. central bank will continue buying Treasury and mortgage bonds to support the economy.
      Frances Yue
      Jun 11, 2021 at 11:58 a.m. CDT
      Updated Jun 11, 2021 at 12:15 p.m. CDT

      The Federal Reserve’s balance sheet has exceeded $8 trillion for the first time, following extensive measures the U.S. central bank took last year to contain the economic damage from the coronavirus.

      The Fed’s balance sheet has nearly doubled since March 2020, when the pandemic erupted in the U.S, based on weekly statistics released Thursday by the U.S. central bank.

      The central bank announced last week it would start selling the corporate bonds and exchange-traded bonds it bought during the pandemic through an emergency-lending vehicle.
      …

  32. “The Acadiana real estate market could be leveling out after months of runaway activity for months.”

    Real estate prose?

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