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The Seller Said Obviously The Market Was Speaking

A report from the Real Deal. “Theresa Battle’s first thought each morning is whether today is the day she’ll lose her two-story house in Jamaica, Queens, to foreclosure. Battle runs a daycare center out of the property. Like millions of Americans, she was unable to keep up with her mortgage payments after the pandemic forced her to close her business in March 2020, cutting her income in half. She thought she’d be protected by the federal government’s forbearance program. When she asked for help in June 2020, her mortgage servicer, BSI Financial, turned her down, she said, because her home loan isn’t backed by the federal government.”

“Battle said BSI has offered her a three-month payment plan that would require a $7,000 lump-sum payment and mortgage payments that jumped to about $3,600 from her previous payments of $2,471. When Battle looks at the unpaid balance of her loan, which now sits at more than $500,000, she said it looks as if she hasn’t paid anything. ‘I just feel like I’m stuck with them forever,’ she said.”

The New York Post. “Cristiano Ronaldo is willing to take a massive $10.75 million loss on his New York City Trump Tower condo following backlash, The Post can report. The Portuguese soccer star first purchased the three-bedroom, 3.5-bathroom unit at 721 Fifth Avenue in 2015 for a whopping $18.5 million. Ronaldo first listed the 2,510-square-foot abode in 2019 for less than half of what he bought it for, at $9 million. But without any offers and amid a looming pandemic, the athlete has been forced to slash the price even further.”

“Property records reveal that the home is now on the market for only $7.75 million.”

The Review Journal on Nevada. “Las Vegas’ housing market, after months of frenzied activity, is showing some signs that it’s tapping the brakes. Resale totals have fallen the past two months, and available inventory has climbed for three straight months as house prices keep setting all-time highs. Homebuilders also have seen drops in sales and customer traffic during what is historically the spring buying season. Nationally, the homebuying binge appears to be cooling, too.”

“Housing markets are always prone to ups and downs, and the latest frenzy isn’t going to last forever. Fueled by cheap money, buyers have been showering Southern Nevada houses with offers, often within days of hitting the market, and routinely paying over the asking price, multiple sources have said.”

“When, or how, the buying boom ends is anyone’s guess. But house hunters have pulled back lately as the streak of record-high prices raises concerns that some people are getting priced out. Buyers picked up 3,189 previously owned single-family homes last month, down 9.6 percent from April. That month, sales fell 5.3 percent from March, according to LVR data. The drops were a sharp reversal from March, when house sales shot up 34.7 percent from February, the association reported.”

“At the end of May, 2,031 single-family homes were on the market without offers, up 11.2 percent from April. Inventory rose 3.1 percent month to month in April and 5.7 percent in March, LVR data shows. Meanwhile, homebuilders reported 1,085 net sales — newly signed sales contracts minus cancellations — in Southern Nevada last month, down 10.7 percent from April, when sales fell 22.1 percent from March, according to figures from Las Vegas-based Home Builders Research. Customer traffic for Southern Nevada subdivisions last month was down 25 percent from its recent peak, set in March, Home Builders Research President Andrew Smith reported.”

“Nationally, the housing cooldown ‘is not the bursting of a bubble,’ Daryl Fairweather, chief economist of Redfin said in the recent report, but is instead ‘a sign that consumers might rather spend their time and money on other things besides housing now that travel, dining and entertainment are resuming in full force.'”

From Globest. “The California apartment market is on a bumpy road to recovery. Currently, most of the major metros in the state are seeing significant decreases in apartment rents. The May report from Apartment Guide has found that San Francisco, Oakland, Los Angeles and San Jose all rank among the top US cities with the biggest fall in one-bedroom rental rates. San Francisco and Los Angeles lead the nation for rent decreases.”

“One-bedroom apartment rents in San Francisco and Los Angeles are down 18.9% and 18.4%, respectively, the most in the nation. San Jose ranks fifth in the country with one-bedroom rents down 15.3%, and Oakland is eighth with rents down 14.2%. Looking at California as two halves, Northern California is struggling more than Southern California. Los Angeles is the only Southern California market to experience significant decreases in apartment rents.”

From Multi-Housing News. “The Southern California metro entered 2021 with the second-highest unemployment rate nationwide, regaining less than half of the 660,000 jobs lost last April, Marcus & Millichap researchers noted. Although, as the state slowly reopens and the metro takes steps toward recovery, unemployment was still at 11.1 percent in April, well above the 6.1 percent national figure, according to the U.S. Bureau of Labor Statistics.”

“Despite volatile economic conditions, developers remained active in Los Angeles, with 173 multifamily projects under construction, encompassing a total of 28,237 units as of May. Projects underway account for 6.4 percent of the metro’s total inventory.”

“Pandemic-driven relocation trends strongly influenced San Francisco’s multifamily market in 2020, putting downward pressure on rental rates in one of the least-affordable regions in the country. Development, however, powered through, with more than 5,000 units delivered in 2020.”

“Construction activity remained strong in San Francisco, with a total of 24,929 units under construction as of May. The 135 multifamily projects account for 9.4 percent of the region’s total stock. While another 116,720 units were in the planning and permitting stages, fluid market conditions will likely shrink this number.”

From Better Dwelling. “Lumber prices are still making a nose dive, as supply catches up and demand softens. Last week we mentioned lumber prices have officially crashed from their all-time high. This week BMO economist Carl Campus wrote to clients that prices have fallen below US$1,000/mbf. This is the first time it fell below that mark since March. Lumber is still more expensive than before the pandemic, but prices are crashing hard.”

“Lumber completed a technical crash last week. Now it’s shaved off another 10 points from the all-time high since then. On May 7th, random length framing lumber reached a peak of US$1,670/mbf (manufactured board foot). Today the market closed at US$996/mbf. This is the first time since mid-March that prices have sunk below the four-digit mark, ‘neatly unwinding the prior two-month surge,’ wrote Campus. ‘… the softer-than-expected April housing starts was clearly a turning point for market sentiment. With demand finally blinking, the supply side appears to have gained a better footing, relieving near-term price pressures,’ he wrote.”

The Globe and Mail in Canada. “2727 Yonge St., No. 608, Toronto. Asking price: $1,495,0000 (March, 2021). Previous asking price: $1,545,000 (February, 2021). Selling price: $1,325,000 (March, 2021). This unit in a six-storey building is unusually large, with roughly 2,000 square feet of living space and all of it on one level. But buyers were unwilling to fork over $1.545-million for an unrenovated 20-year-old space. The asking price was slashed by $50,000 and drew out two offers, both below that new price; one by $195,000 less and the other by $170,000.”

“‘In the middle of COVID, the market has changed a lot. One unit there was sold for $1.6-million early in February, 2020, and then nothing else since,’ said agent Dino Capocci. ‘We tried around $1.5-million hoping to create some activity, but the market wasn’t there. When we had the two offers – one was $1.3-million and one was $1.325-million – the seller said obviously the market was speaking and they’ll take the highest price and move on.'”

From Nine News. “Australians are facing a ‘ticking economic time bomb’ due to soaring house prices and the anticipation that interest rates will rise within the next few years. A new report by the University of New South Wales has noted that in the past 30 years, Australia’s household debt has more than doubled. In 1990 the national household debt sat at 70 per cent of Australia’s Gross Domestic Product (or GDP). In 2020 that figure rocketed up to 185 per cent of GDP.”

“The report, titled Housing: Taming the Elephant in the Economy, called on the Reserve Bank of Australia (RBA) and a Royal Commission to ensure younger Australians aren’t burdened with the cost of housing.
‘Australia’s approach to housing policy has fuelled income and wealth inequality and created significant economic instability. This is a huge drag on productivity and warps Australia’s capital investment patterns,’ said the report’s lead author, Professor Duncan Maclennan.”

“Professor Maclennan said market regulators are largely ignoring the real-world impacts exploding property prices is having on the day-to-day movements of Australians. ‘The Commonwealth Government’s policy actions are boosting inflationary pressures and the RBA has effectively washed its hands of responsibility for house prices, arguing higher prices are good for the economy,’ Professor Maclennan said. ‘But when people are paying more and more for rent and to service their mortgages, they have less and less to spend on other goods and services.'”

“Housing economist Saul Eslake said soaring house prices is not simply a knee-jerk reaction to the developments of COVID but the result of how Australia’s property market is structured. ‘Media coverage is rightly sounding alarm at recently booming house prices that are locking more young people out of the market. But this is far from a short term or cyclical issue. It’s a structural problem that’s been building for decades,’ Mr Eslake said. ‘It’s been more than amply demonstrated that what governments need to do is step back from policies which serve mainly, or only, to inflate the demand for housing, and step up to pursue policies which expand the supply of it.'”

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This Post Has 92 Comments

    1. A lot of sheeple thought the stimmy checks party would go on forever. With surging inflation destroying their purchasing power, anyone who overpaid for a shack is going to be boarding the bullet train for Schlongville.

      1. A lot of sheeple thought the stimmy checks party would go on forever.

        I’ve noticed that the media has been beating the drums about the soon to come enhanced child tax credit checks.

        The UBI drum is also being beaten, just not as hard. I wouldn’t be surprised to see the drum beaten harder as nasty inflation really starts to kick in and we are told that people need a monthly check to survive inflation.

        1. Even though I find all the stimulus annoying, especially the fact that it’s raising my cost of living, the fact that I’m saving everything I can tells me I will still come out ahead of these debt junkies.

          If a debt junkie needs a stimulus check just to make the monthly bills, but my stimulus check goes straight into my savings account, who is better off in 10 years? I think I know the answer, unless I’m wrong and this is some new paradigm.

          1. True. But if they really start sending out UBI checks, and interest rates remain low, anything saved in a bank account will be burned away by inflation.

          2. True. But if they really start sending out UBI checks, and interest rates remain low, anything saved in a bank account will be burned away by inflation.

            That doesn’t make sense. In high inflation rates go up so my savings would be increasing.

          3. That doesn’t make sense. In high inflation rates go up so my savings would be increasing.

            Don’t forget, we live in ClownWorld.

            In a sane universe the FedRes would raise interest rates. I have zero faith that they will act responsibly.

  3. ‘When Battle looks at the unpaid balance of her loan, which now sits at more than $500,000, she said it looks as if she hasn’t paid anything’

    Well what do you know, half a million dollars is a sh$t load of money.

    1. Another entertaining episode of ‘Meet The Cratertons’

      Lesson learned? Housing isn’t an “investment”. It’s a rapidly depreciating asset that doesn’t just go to zero. It goes negative.

      Sherman Oaks, CA Housing Prices Crater 15% YOY As Double Digit Price Declines Blanket Southern California

      https://www.movoto.com/sherman-oaks-ca/market-trends/

    2. “unpaid balance”

      The very reason I tell people I’d much rather buy when interest rates are high. I’m dismissed as the housing-conversation crackpot.

  4. ‘One unit there was sold for $1.6-million early in February, 2020, and then nothing else since’

    The winnah!

  5. ‘At the end of May, 2,031 single-family homes were on the market without offers’

    I believe LV UHS are the only ones that report this statistic. As we’ve learned recently, inventory is piling up by the thousands more than sales and 2,000 is about what they sold last month. You shot yerself in the fook Vegas! Enjoy the weather this summer. You’ll be the only ones out there.

    1. We met someone last week who lived in CA and LV before finally landing in the Midwest

      Seems she didn’t much care for LV weather, which reportedly was like living out in the middle of a vast desert with no sheltering vegetation.

      1. Lost Wages is one of the last places on earth that I’d want to live. It’s ugly as sin, has horrible weather, has one of the worst crime rates in the US, and is reliant upon degenerate gamblers, hookers and organized crime for its survival.

      2. Seems she didn’t much care for LV weather, which reportedly was like living out in the middle of a vast desert with no sheltering vegetation.”

        🤣🤣🤣🤣🤣 they have nice mountains not too far away.

    2. It’s gotten old (along with me) in the 15 years we’ve been here. So much has changed. If my brother wasn’t here I’d be actively looking for (literally) greener pastures.

  6. ‘While another 116,720 units were in the planning and permitting stages, fluid market conditions will likely shrink this number’

    Fluid means yer fooked.

  7. Oh dear. Real journalists who serve as propaganda mouthpieces for the globalists and their political Quislings are facing the wrath of the awakened former sheeple.

    Shocking moment BBC Newsnight political editor Nicholas Watt is chased by angry anti-lockdown mob as they hurl abuse and call him ‘traitor’ and ‘liar’ until he flees into Downing Street

    https://www.dailymail.co.uk/news/article-9688031/Shocking-moment-BBC-Newsnight-political-editor-Nicholas-Watt-chased-angry-anti-lockdown-mob.html

    A senior BBC journalist was forced to flee to safety after being chased by anti-lockdown protesters in central London.

    Newsnight political editor Nicholas Watt ran behind a line of police near Downing Street, as large-scale protests against the Government’s extension to lockdownturned ugly yesterday.

    Shocking footage shows a baying mob surrounding the journalist as they shout abuse, calling him a ‘traitor’ and a ‘c***’.

  8. When Battle looks at the unpaid balance of her loan, which now sits at more than $500,000, she said it looks as if she hasn’t paid anything. ‘I just feel like I’m stuck with them forever,’ she said.”

    Better start packing boxes, Theresa. If we had sound underwriting, you probably wouldn’t have been able to “buy” that shack in the first place. Buh-bye.

    1. “Like millions of Americans, she was unable to . . ”

      cue the Price Is Right music ’cause HERE.IT.COMES!
      sob stories galore:
      no one knew . . .
      like everyone else . . .
      who could’a know’d . . . !?

      misery loves company but success is a lonesome hero

          1. We need more articles about buyer regret.

            I’ve started to hear some complaining about fuel prices by people with expensive vehicles. Sounds like some buyer regret there, too.

  9. The Portuguese soccer star first purchased the three-bedroom, 3.5-bathroom unit at 721 Fifth Avenue in 2015 for a whopping $18.5 million. Ronaldo first listed the 2,510-square-foot abode in 2019 for less than half of what he bought it for, at $9 million. But without any offers and amid a looming pandemic, the athlete has been forced to slash the price even further.”

    But…but…the REIC shills told us 50% drops were a pipe dream. I’m beginning to think 75% drops might be in the cards. Maybe 90% – the Fed’s Everything Bubble hasn’t even popped yet.

    1. It seems like they have decided to stand back and stand by while watching the Everything Bubble collapse of its own weight. No central banker wants to take the blame for pushing in the pin that punctures a bubble.

    2. “the Fed’s Everything Bubble hasn’t even popped yet.”

      I’m beginning to suspect that maybe it has.

  10. Buyers picked up 3,189 previously owned single-family homes last month, down 9.6 percent from April. That month, sales fell 5.3 percent from March, according to LVR data. The drops were a sharp reversal from March, when house sales shot up 34.7 percent from February, the association reported.”

    Oh dear. Someone remind me again of what happens after a rocket burns through all its sustainer fuel and reaches apogee.

      1. Wonder if buying a crater and selling tickets, gift shop goodies, etc., would make economic sense?

    2. Well, if it’s a quality model rocket, it deploys a parachute. If it’s a Chinese rocket it falls back to Earth, wildly uncontrolled.

  11. Does anyone have a recommendation on a good youtube channel covering our favorite topic? Something sensible and that doesn’t end up an infomercial?

    2. “fav YouTube channel” (some commercials)

      Scotty Kilmer; ex-navy flag signals/semaphore sailor who, together with his expensive scan tool & 500 years as a mechanic gives sage advice.

      buy a Toyota Corolla

      1. buy a Toyota Corolla

        But not one with a CVT, per Scotty.

        Scotty can be amusing, but lately he’s been a broken record.

  12. CENSORSHIP Video: Roger Waters Tells “Little Prick” Zuckerberg To “F*** Off” Following Request To Use Iconic Pink Floyd Song For Ad

    Published 1 min ago on 15 June, 2021
    Steve Watson

    Pink Floyd song writer Roger Waters slammed Mark Zuckerberg during a press conference recently, announcing that the Facebook owner had offered a “huge, huge amount of money” to use the iconic song Another Brick In The Wall Part II in an advert for Instagram.

    Waters described the development as part of Zuckerberg’s “insidious movement… to take over absolutely everything.”

    https://summit.news/2021/06/15/video-roger-waters-tells-little-prick-zuckerberg-to-f-off-following-request-to-use-iconic-pink-floyd-song-for-ad/

      1. Doesn’t zuck fund in most causes Waters support?

        Some Leftists are more equal than others.

  13. “…When Battle looks at the unpaid balance of her loan, which now sits at more than $500,000, she said it looks as if she hasn’t paid anything. ‘I just feel like I’m stuck with them forever,’ she said….”

    “Forever is a very long time” – Prince (from ‘lets go crazy’)

  14. Friday Night Lights Script – Dialogue Transcript

    Now I’m gonna assume

    that by now you’ve learned

    that the world’s not fair…

    and sometimes

    you get the short end.

    That’s all you get.

    And if you don’t do

    something personally to fix it

    that’s all you’re ever gonna get.

        1. Agreed. Soundtrack was good too. Billy Bob walking out of the locker room, fake smile turning to frown after Boobie was injured is one of my favorite movie scenes.

  15. “She thought she’d be protected by the federal government’s forbearance program. When she asked for help in June 2020, her mortgage servicer, BSI Financial, turned her down, she said, because her home loan isn’t backed by the federal government.”

    She fooked up.

    “Battle said BSI has offered her a three-month payment plan that would require a $7,000 lump-sum payment and mortgage payments that jumped to about $3,600 from her previous payments of $2,471.”

    Sounds very reminiscent of yesterday’s negative amortization loans, at the point when they adjusted to fully amortized.

    “When Battle looks at the unpaid balance of her loan, which now sits at more than $500,000, she said it looks as if she hasn’t paid anything. ‘I just feel like I’m stuck with them forever,’ she said.”

    She got stucco.

    2. “When Battle looks at the unpaid balance of her loan, which now sits at more than $500,000, she said it looks as if she hasn’t paid anything. ‘I just feel like I’m stuck with them forever,’ she said.”

      And with me as well; It seems she is stuck with me forever.

      A debt slave, a dumb one at that (which is the best kind).

      😁

      1. You bring up a good point. People just seeing the payment seem to not realize the staggering totals they are actually borrowing. They had better hope they never lose their job or get sick etc. Borrowing 500k for a shi^thole is not all its cracked up to be

          1. Bahahahahaha … I just did a Zillow on my house and learned the donkey math pukes who are buying in my neighborhood pushed my house’s value up $13,382 over the past thirty days.

            Insane.

          2. “donkey math”

            Pie R round Cornbread Square sure things will be tight but the six credit cards will be paid off in 7 years I’ll get a job next year when our youngest starts preschool and you’ll probably get a raise = we’ll take it!

    3. She got stucco.”

      like Countrywide of yesterday they move fast to take houses with equity .

      Big crash, No equity then its all everyone’s problem but now I bet they will move fast fast fast to take your house

  16. Bahahahahaha … I just did a Zillow on my house and learned the donkey math pukes who are buying in my neighborhood pushed my house’s value up $13,382 over the past thirty days.

    Insane.’

    yea tell me about it . If this keeps up another 6 months I’m selling and moving and retiring. what was that saying ? ” I just need one more bubble”

    1. Over $100K since March. Should I liberate that some of that “sweet equity” and buy myself something stupid, like a Tesla, or a matching set of Harleys?

  17. There is no trouble…. with a collapsing housing bubble.

    Takoma Park, MD Housing Prices Crater 24% YOY On Skyrocketing Housing Inventory

    https://www.movoto.com/takoma-park-md/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.”_

    1. Criminal to do this to a pregnant woman. Its not even fully approved. As an adult do what you want with yourself but why risk the baby

  19. Cash is patient… wise… and powerful.

    Credit is weak… desolate… and hopeless.

    Denver, CO Housing Prices Crater 10% As Colorado Borrowers Lead Nation In Cash Out Refi’s

  20. Here is proof that with the correct marketing any idea can be sold. In this case the idea being sold concerns the joys of paying top dollar to live in a water tower …

    Live the high life in Seal Beach’s historic Water Tower House listed at $4.95M • Long Beach Post News
    https://lbpost.com/news/place/real-estate/seal-beach-water-tower-house-listing

    (snip snip snip)

    “One of the most unique homes in Southern California is on the market now with a $4.95 million price tag.

    “The 85-foot-tall Water Tower House in Seal Beach’s Surfside Colony has for decades been an object of curiosity and envy for motorists along Pacific Coast Highway.

    “The water tower was built in 1892 not as a home, but as an actual water tower, servicing steam engines as they chugged along the coastline.

    “In the late 1970s the tower had outlasted the trains and was long out of service and in deteriorating condition and was scheduled to be demolished, a move forestalled by a community ‘Save Our Water Tower’ group that rescued the tower long enough to allow a developer to buy the structure in 1980 for $59,000 in order to turn it into a residence.

    “The tower—by then a home—was sold in 1995 for $800,000 to a buyer who put it up for sale numerous times at a wide variety of prices, ranging as high as $8 million in 2006 and $4.5 million in 2008. By then it was little more than an odd home with tremendous views, but was somewhat shy of opulent.

    “That changed when Realtor Scott Ostlund, principal and senior vice president of Lee & Associates in Ontario, bought the water tower with a partner in 2016 for $1.5 million and began pouring money into the residence to make it a stunning four-bedroom, three-bath entertaining property with spectacular 360-degree views taking in the Pacific Ocean, Huntington Beach, Huntington Harbour and the surrounding mountains.

    “’The partners did a lot of work on the place. I wouldn’t quite say it was dilapidated, but in addition to making the place as nice as it is now, they had to do a lot of work,’ said Mike Arnold, Ostlund’s longtime attorney. ‘They had to replace all the steel and wood beams to keep the place safe. Structurally, it was a massive project.’

    “According to Arnold, the partners, who bought and renovated the place with the intent to rent it out, couldn’t get a permit from Seal Beach to continue to rent it as a short-term rental. ‘They didn’t want to sell it,’ said Arnold, ‘but they can no longer rent it out, so they’re forced to sell.’ The partners had been getting as much as $990 a night during peak season.

    “The Water Tower House has always drawn intense interest from people who’ve seen it. The partners recently offered a public tour of the home which drew as many as 2,500 people, according to Arnold. ‘We had it open from 8 a.m. to 6:30 p.m. and there were long lines outside the whole time.’

    “On the ground floor, there’s parking for two cars and the private elevator that takes guests up to the second floor with a Jacuzzi and a seating area.”

    The third floor, featuring a walk-around deck, has the kitchen, a “Hippolite de Bouchard” (named for California’s first and only pirate) bedroom and bathroom with a large porthole window.

    Up the stairs are the master bedrooms, two bathrooms, each with sunken showers and stained glass windows. A spiral staircase made of imported oak leads to a rotunda which is completely encircled with large glass windows which open out to let in the ocean breezes, and above that, to top things off, is a stained glass copula.

    Throughout the house are some quirky features, including a hidden door that leads surreptitiously to a bonus room, and a train in the top-level party room that travels around on a track near the ceiling.

    Ostlund is listing the property himself. You can contact him here, and you can see more pictures of the house here.

  21. OT: Having a bit of guilty joy over the movie “In the Heights” bombing at the box office. I couldn’t look at the trailer for more than two minutes, too many bad memories.

    Isn’t “Hamilton” cultural appropriation?

    1. bombing

      Hasn’t every movie released during the pandemic bombed? And I don’t think that they are bombing because of the pandemic.

  22. Gas is up to $3.35 / gallon here now.

    This is the “fundamental transformation” you were promised.

      1. “Get a “green” Tesla and be part of the solution!”

        – Um, hold my beer!

        http://blog.gorozen.com/blog/exploring-lithium-ion-electric-vehicles-carbon-footprint
        Exploring Lithium-ion Electric Vehicles’ Carbon Footprint
        06/ 03/ 2021
        Topics: Energy, Natural Resources

        “April 14th 2021, Jefferies published a research note entitled “Are EVs as ‘Green’ as They Appear?” in which they conclude an electric vehicle must be driven 200,000 km (or 124,000 miles) before its “whole of life” carbon emissions equals that of an internal combustion engine.“

        “Their analysis is very similar to ours and details the tremendous amount of energy (and by extension CO2) needed to manufacture a lithium-ion battery. Moreover, they point out that a typical EV is on average 50% heavier than a similar internal combustion engine, requiring more steel and aluminum in the frame. They conclude the “embedded carbon” in an EV (i.e., when it rolls off the lot) is therefore 20–50% more than an internal combustion engine.“

        “Our analysis suggests a modern lithium-ion battery has approximately 135,000 miles of range before it degrades to the point of becoming unusable. An extended-range Tesla Model 3 has an 82 kWh battery and consumes approximately 29 kWh per 100 miles. Assuming each charge cycle has a ~95% round-trip efficiency and a battery can achieve 500 cycles before starting to degrade, we conclude a Model 3 can drive 134,310 miles before dramatically losing range. Incidentally, Tesla’s Model 3 warranty covers the battery for the lesser of eight years or 120,000 miles and does not apply until the battery has degraded by at least 30%. If the Jefferies analysis is correct (and we believe it is), then an EV will reach carbon-emission parity with an internal-combustion vehicle just as its battery requires replacement. This will come as a huge disappointment for those believing that EV adoption will have significant impacts on CO2 reduction.”

        – Queue tiny violin…

        – Hey, I’m all for a green planet, but all of this BS about EVs (not really green), Renewables (think Texas this past winter), and the “Green New Deal” (think marketing + Socialism) is only going to make life worse.

        “Socialism is Western Civilization in retrograde.” – I said that.

        – Wake me up when nuclear energy becomes socially acceptable again, because until we all have a “Back to the Future” fusion reactor and anti-grav. installed in our cars, it’s not going to get any better.

        4. – It looks like Texas is having a summer electricity issue as well. While ERCOT certainly has some other issues, including inept management, there’s mention of renewables in article, because “narrative.”

          “They’re not sending their best.” – Donald J. Trump

          https://www.reuters.com/business/energy/texas-grid-operator-ercot-urges-energy-conservation-amid-forced-outages-2021-06-14/
          June 14, 20212:52 PM MDTLast Updated a day ago
          Energy
          Texas grid asks residents to conserve power as heatwave hits
          Sumita LayekScott Disavino

          “June 14 (Reuters) – Texas’s embattled electrical grid operator warned residents to cut electricity use “as much as possible” for the rest of this week, as several days of heat over 90 degrees Fahrenheit (32°C), combined with generation outages, could strain the grid even before summer officially starts.“

          “Monday’s warning from the Electric Reliability Council of Texas (ERCOT) comes after the state endured several days of blackouts during an unusual cold spell that left millions without power throughout the state in February.”

          “The freeze underscored the difficulty electric grids can have when confronted with unexpected weather patterns. California on Monday also urged residents to prepare for the possibility of conserving energy in coming days due to the heat.”

        5. – This is a great article, summarizing the continuing train wreck of the ERCOT Texas electricity grid, and the bias toward “intermittent generation resources” (think renewables with variable output) over “dispatchable resources” (think large generating plants with fixed output).

          https://www.americanbar.org/groups/litigation/committees/environmental-energy/articles/2021/summer2021-power-failure-by-design-the-texas-energy-market/
          June 11, 2021 Articles
          Power Failure by Design: The Texas Energy Market
          ERCOT’s market construct fails to adequately address system performance.
          By T. Lynn Allen

          – BTW, both CO2 emissions + stable generation can be addressed by nuclear power plants. The technology is much better and safer now, and there are even small reactors available for a distributed vs. centralized (think more reliable) grid. This isn’t rocket science (read not complicated technology anymore), but rather still largely a political issue.

          – What a bunch of idiots in TX, but only a microcosm of what National (Democratic?) Socialism would do.

          – Moving soon to Galt’s Gulch…

          1. In the hotter climates power transmission is an issue as heat causes resistance, so energy is lost to the environment. This is why place like Phoenix, AZ have natural gas fired power plants sprinkled throughout the city despite their eyesore. Coal and/or Nuclear plants are located outside city limits.

    3. Gas is up to $3.35 / gallon here now.

      And our fine representatives in Denver are in the process of tacking on “fees” to gas.

    1. New York Times — Biden Administration Forms Blueprint to Combat Domestic Extremism (6/15/2021):

      https://archive.is/EJksZ

      Note that is an Archive link. Not a penny will go to the New York Times or their advertisers. If you live in New York, you can get laid off from your media job, #LearnToCode, or go deliver food on a bicycle in Manhattan. Or you could leave New York…

  24. have you noticed, the Govt forced courts to pause landlord/tenant evictions but refuses to force forbearance between homeowners and private lenders.

    renter is in a higher protected class than a homeowner.

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