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The Same Force Leading To New Supply Reduces The Ability Of Buyers To Keep Interested

A weekend topic starting with NBC DFW. “Invitation Homes CEO Dallas Tanner told CNBC he believes the U.S. housing market is ‘extremely healthy’ right now. ‘I would expect that home prices stay relatively stable, if not continue to grow in value for the homeowners in the country,’ Tanner said, downplaying concerns that the sharp rise in prices during the Covid pandemic is creating bubble-like conditions. Demographic trends, in particular, are powerful right now, he said. ‘You have this wave of millennials coming our way,’ with tens of millions of people looking for housing, Tanner said. ‘So, as you start to think about, would we see a decrease in either home purchasing or home leasing? We just don’t see it.'”

“In an interview, Tanner said the supply-and-demand dynamics that have contributed to the feverish market conditions are unlikely to ‘change dramatically overnight.’ That fact, combined with tighter mortgage lending standards instituted after the 2008 crash, lead Tanner to believe the housing market is in solid shape.”

The Mortgage Reports. “Can I buy a house without a big down payment? Absolutely, says Ivan Simental, mortgage advisor. Ivan discussed zero down and low-down-payment home loan programs. If you’re lucky enough to score a home in today’s wild market, here’s what you need to know about your options for putting little or no money down. Down payment assistance can be a great option for people looking to lower their upfront costs. If you qualify for a low- or zero-down loan and assistance with your upfront fees, you could end up paying very little out of pocket.”

“Ivan told the story of someone he knew who utilized the 4% DPA option and had closing costs covered by the seller. They were able to get into a house for around $1,200 out of pocket. ‘It was ridiculously low, which is awesome,’ Ivan said.”

From Fox 13 in Utah. “Data from the National Association of Realtors shows that across the state of Utah, housing prices have spiked. In the past the year, home prices in Salt Lake County have increased 31 percent. Some Utah residents say that in trying to buy a home, they’re having trouble getting their foot in the door. ‘You see builders now hesitant to ramp up their building because they’re worried about the next bubble, the next recession. We just have such a demand with not enough building and not enough inventory,’ said Matt Ulrich, the president of the Salt Lake Board of Realtors.”

“‘It’s kind of scary to go and buy a house right now, because you don’t know if the market will keep going up, and then just simply the money of it,’ said Utah resident Caden Butterfield. As far as the future goes, realtors say at this rate, housing prices are going to continue to go up 5-10 percent each year.”

From KXLY in Idaho. “Coeur d’Alene is the hottest housing market in the nation, according to the Wall Street Journal. However, with rising home prices and crowds of people moving from out of state, locals are having a difficult time getting a winning bid on a home. While some sellers told home buyer Mackenzie Kranzler they wanted to sell to local people, she says that’s not what happened when offers started to pour in. ‘It really showed peoples greed for money in this market. That wasn’t the case at all, you couldn’t find anyone who was truly selling for those reasons,’ said Kranzler.”

From DS News. “While competition remains fierce and prices are still soaring, some indicators measured in a new Redfin study suggest the sizzling sellers’ market is cooling. ‘Many measures of the housing market, such as pending home sales, mortgage applications, and touring activity, showed some improvement this past week following the Memorial Day slump, but don’t call it a comeback,’ said Redfin Lead Economist Taylor Marr. ‘Seasonally adjusted homebuyer demand is unlikely to rebound to the levels we saw earlier in the spring.'”

“Real estate agents on the ground back up Marr’s observations. ‘Offers no longer pour in the day a home hits the market,’ said Phoenix agent John Biddle. ‘It has become more common for offers to come in at least a few days after a home is listed for sale. If this were three years ago, we’d marvel at how fast the market was, but it’s a clear slowdown from a few weeks ago. Now that things are opening up again and the summer is almost here, people have other priorities, like going on vacation. Plus, many homebuyers are frustrated and tired of competing, so they’ve stepped back—for now at least.'”

From Bloomberg. “Prospective home sellers who sat tight as U.S. prices climbed higher and faster than ever during the pandemic are finally emerging to cash out, a step toward easing a dire shortage in the frenzied housing market. The number of U.S. homes for sale climbed 6.7% in early June from the same weekly period in May, according to Haus, an investment platform for homebuyers. That was the biggest increase since Covid-19 lockdowns took hold last year. Listings rose in 54 of the 100 metropolitan areas measured, including the regions around Philadelphia, New York, Boston, Detroit, Denver and Seattle.”

“‘Sellers are saying, ‘it’s time, let’s make the money,’ said Julie Welter, an agent with EXP Realty in Pittsburgh, which had the biggest supply increase in Haus’s data.”

“‘People who were thinking about selling in two or three years may have accelerated their plans,’ said Ralph McLaughlin, chief economist at Haus. ‘They’re selling now to realize the 20% equity they’ve gained in the past year.'”

“Shauna Pendleton, a Redfin agent in Boise, Idaho, said 35 sellers have talked to her this year about listing properties. That’s about twice as many as in the same time in 2020, she said. The area has seen some of the fastest price growth in the country, with home values up 42% in early June from a year earlier, according to Redfin. ‘These are mostly retirees,’ Pendleton said of her new seller clients.”

“McLaughlin said he expects U.S. home-price growth to slow to less than 10% by the end of the year. Demand may also cool as buyers are priced out, especially if borrowing costs start to rise, he said. Federal Reserve officials indicated this week that they expect two interest-rate increases by the end of 2023 — sooner than many thought.”

“‘The same force leading to new supply may be the same force that reduces the ability of homebuyers to keep interested in buying the home,’ McLaughlin said. ‘That’s mainly rising prices.'”

From Better Dwelling in Canada. “Prices just outside of frothy Canadian real estate markets are growing much faster than in the city. That’s typical of a bubble, and it’s called ‘housing bubble contagion.’ In a paper titled Housing Bubble Contagion From City Centre To Suburbs, three Taiwan-based researchers argue bubbles spread outwards. Bubbles force investors and developers to look for ‘deals’ outside of the city, sending prices soaring. The result is a larger bubble, with suburban prices being much more frothy. Looking at Canadian real estate data, that’s exactly what’s happening in Canada.”

“Not unlike a virus, the host is infecting those with close contact. The issue is passed from person to person, but instead of getting sick, they think a teardown bungalow is worth two million. It actually makes a lot of sense, considering the psychology of a bubble. Prof Jean-Paul Rodrigue infamously broke down the bubble mindset into four phases: stealth, when smart money begins to accumulate a position, and place big bets; awareness, where institutional investors start to see opportunity; the mania, when prices start to really take off after the public jumps in, and smart money begins to rotate out; and the blow off, where people are terrified to touch the asset, after watching everyone lose a whack of money in the decision.”

“The bubble contagion theory puts a unique spin on real estate bubbles. Unlike a stock, the public can’t just buy a few shares for further exposure to the market. Instead, they usually need to buy a whole home, or pool with other investors. When prices rise to, oh, I don’t know, the point where only 5% of the population can buy, those that want to speculate, can’t.”

“The result is aspiring investors, and the real estate developers who love them, look to the burbs. The researchers observed bubble behavior moving from the City Centre of New Taipei to the suburbs. An influx of money tends to produce an even bigger bubble than had been contained to just the city. The suburban bubble often sees a bigger gap between the price and fundamdentals.”

“Canadian real estate is in a bubble, and that’s not just my opinion — it’s the opinion of finance authorities. Not professionals, authorities. The US Federal Reserve has Canadian real estate in its 19th consecutive bubble quarter. Bank of Canada (BoC) also created a similar model, but said bubbles were limited to Toronto, Hamilton, and Montreal.”

“The IMF also estimates some cities need big drops to reach fundamentals: Toronto (28%), Vancouver (15%), and Hamilton (29.6%). So let’s skip the debate, and accept that the bubble is as real as government incompetence.”

“BoC research also shows the housing bubble contagion is already spreading. They just won’t acknowledge it. They found Toronto homes located within one kilometer of the city center saw annual price growth fall 1.9% in the fourth quarter of 2020. Once you get 30km out, double-digit annual price growth becomes normal. When you hit 64 km, prices were making 19% annual growth. Toronto now has banks warning, make sure you really want that suburban property, because you may be stuck with it.”

“The pandemic changed buying habits though, so this time it’s different — right? Maybe, but maybe not. The researchers said, ‘… abnormal demand shock qualifies as a bubble.’ In other words, it doesn’t matter if people all of a sudden really, really want to buy a home because of low rates. An increase in price that’s abrupt and not ground in a change in local market fundamentals isn’t a rational price movement. Ditto with, ‘I had to pay 20% over ask because 72 people also bid.’ It’s not a bubble if one person does it. It’s a bubble if everyone thinks what that person did was normal.”

“Not unlike any other contagion, nipping a bubble in the bud, as quickly as possible is the best solution. The researchers found if a city becomes exuberant, suppressing market activity limits the damage. In the event it spreads to the suburbs, it becomes more problematic. Canada recently loosened measures, lowered mortgage rates beyond market rates using QE, expanded the money supply rapidly, and is providing construction loans. If Canada has any real estate bubbles, it’s literally doing the exact opposite of what it should be doing to prevent a financial crisis.”

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This Post Has 82 Comments

  1. ‘The same force leading to new supply may be the same force that reduces the ability of homebuyers to keep interested in buying the home…That’s mainly rising prices’

    Ralph stepped on the easiest fact regarding manias. Higher prices should always reduce demand. What you see is more demand with higher prices. With shacks, this means people are speculating:

    ‘It’s kind of scary to go and buy a house right now, because you don’t know if the market will keep going up’

    This ignorance of supply and demand has been there all along for any so called “economist” to see and they never mention it.

    1. ‘if the market will keep going up’

      Why would it matter if the market will keep going up? Didn’t you buy it to live there?

      1. For one, if the real estate market keeps going up then property taxes will also keep going up.

        1. “…then property taxes will also keep going up….”

          And other holding costs, such as insurance, maintenance, HOA fees, utilities, etc.

          A rule of thumb I use here in SoCal is that holding costs are 2-3% of purchase price/year. 2-3% is *exclusive* of any mortgage costs.

          So holding costs for a $1mm shack will be $20K-$30K/year.

          Yet, if you look at census data by zip code, typical median
          households in this area (orange county) barely make $100K.

          Add the mortgage + holding costs together and what do you have?

          The math just doesn’t work.

          These people live in fantasy world.

          2. A rule of thumb I use here in SoCal is that holding costs are 2-3% of purchase price/year. 2-3% is *exclusive* of any mortgage costs.

            I don’t think a house that was $1M 12-18 months ago and is now $1.3M had its holding costs go up.

  2. ‘An increase in price that’s abrupt and not ground in a change in local market fundamentals isn’t a rational price movement. Ditto with, ‘I had to pay 20% over ask because 72 people also bid.’ It’s not a bubble if one person does it. It’s a bubble if everyone thinks what that person did was normal’

    I always consider motivation. A speculator will see multiple bids over asking as an sure indication of easy riches ahead. A rational person looking for a shack to live in would think, this is nuts, this is a sh$t load of money I’d be borrowing and I’m not doing it in these circumstances.

    1. “A speculator will see multiple bids over asking as an sure indication of easy riches ahead.”

      Check.

      “A rational person looking for a shack to live in would think, this is nuts, this is a sh$t load of money I’d be borrowing and I’m not doing it in these circumstances.”

      Another check. Hence the market will eventually be abandonded by the rational people and will become dominated by speculators, many of whom are as dumb as rocks and are in the market only because they have been granted access to money.

      Dumb-as-rocks speculators + access to money = Stupid price increases.

      Stupid price increases are seen by many as increases in wealth, something many people just cannot stand to see going to waste thus must be cashed out and spent ASAP.

      All this cash-out-and-spending helps drive our stupid consumer-based economy, thus it is all good and one should stop worrying about it and just party on.

      1. cash-out

        This deception irks me to no end. It’s a loan! I know this brings a huge smile to Mr. Banker’s face.

        1. A smile so huge and so brilliant that I can not show it here else it would burn out your screen.

    2. A rational person looking for a shack to live in would think, this is nuts, this is a sh$t load of money I’d be borrowing and I’m not doing it in these circumstances.

      Me

  3. ‘the feverish market conditions are unlikely to ‘change dramatically overnight’

    Dallas, meet John:

    ‘Offers no longer pour in the day a home hits the market…It has become more common for offers to come in at least a few days after a home is listed for sale. If this were three years ago, we’d marvel at how fast the market was, but it’s a clear slowdown from a few weeks ago’

    Soon we’ll see the “it was like somebody flipped a switch” bewilderment.

    1. Soon we’ll see the “it was like somebody flipped a switch” bewilderment.

      It’s obvious to people like us, we can see it coming. But as Upton Sinclair said, when your income depends on you not seeing it, you won’t.

  4. ’35 sellers have talked to her this year about listing properties. That’s about twice as many as in the same time in 2020′

    Where did these shacks come from? Harry Potter? No, they must have been there all along!

    …‘These are mostly retirees’

    ‘Sellers are saying, ‘it’s time, let’s make the money’

    ‘It really showed peoples greed for money in this market’

    1. I’m not getting a loan to pay for some retirees retirement. I hope they have a backup plan.

  5. Denver, CO Housing Prices Crater 21% YOY As Mortgage And Appraisal Fraud Blankets US Housing Market

    https://www.movoto.com/co/80928/market-trends/

    As a noted economist explained, “I can ask $50k for my run down 10 year old Chevy pickup but where is the buyer at that price? So it is with all depreciating assets like houses and cars.”

  7. ‘They were able to get into a house for around $1,200 out of pocket. ‘It was ridiculously low, which is awesome’

    These guys make money like a great surgeon in these situations.

    1. From this link:

      ‘One requirement that sets a USDA loan apart from other low- and no-money-down mortgages is that borrowers must meet local income limits. This program is intended to help renters with low income or moderate income become homeowners’

      These are all subprime, by definition. I’ve explained what really goes on. The UHS will come to the seller and say, FB doesn’t have any money. Can we bump up the price and you pay closing costs? They always do. Basically an over 100% loan. And it never fails to appraise.

      1. ‘One popular option for a first mortgage is the FHA loan program. “The Federal Housing Administration doesn’t necessarily lend you money,” Ivan explained of this option. “But it ensures that if anything goes wrong on your loan, that the lender will be paid back.”

        Did mortgage securitization ever go away? Nope. There is no skin in the game for lenders, and sure isn’t for the fly by nighters.

        1. “… if anything goes wrong on your loan, that the lender will be paid back.”

          Also the lender will get to keep his hefty fee.

          😁

      2. “These are all subprime, by definition. I’ve explained what really goes on. The UHS will come to the seller and say, FB doesn’t have any money. Can we bump up the price and you pay closing costs? They always do. Basically an over 100% loan. And it never fails to appraise.”

        And it never fails to add equity wealth to the comps, money that can be cashed out (aka borrowed against) and spent.

        Borrowed money driving a consumer-based economy. What can go wrong?

        1. My topic tomorrow will be along these lines. Let’s not forget what we learned years ago: when the guberment borrows money and the central bank buys it, and turns the profit over to the guberment, the more they borrow, the more money they make.

          2. One of the miraculous wonders offered up by real estate purchases during a price rise is one can have his cake and eat it too; A person does not have to actually SELL his house to realize an equity gain generated by a price rise, instead he can realize his gain by BORROWING against his equity gain generated by a price rise.

            By borrowing instead of selling he gets to get at the money the house has miraculously created PLUS he gets to keep the house. This does two things:

            1. It gives him an incentive to keep the house instead of throwing the house on the market. This means there will be one less house offered for sale. This leads to the second thing:

            2. One less house offered for sale will add to the shortage of houses put up for sale. This shortage will add fuel to the price increases that houses are now experiencing. These prices increase further strengthen the incentive for him to hang onto the house (and to borrow even more against this additional equity gain).

            This will continue until it doesn’t. When it doesn’t continue the incentive for him to keep the house will evaporate and hence he will be incentivized to put the house up for sale and hence the shortage of house of put up for sale will tend to morph into a surplus of houses put up for sale.

            Oh, by the way, all that debt that he accumulated during the house’s price rise? It gets to stick around for a while, hopefully for a long while.

            😁

          3. “…One of the miraculous wonders offered up by real estate purchases during a price rise is one can have his cake and eat it too..”

            So what do we have here?

            Someone who actually earns a pretty good income will actually spend his entire working life servicing debt and saving nothing.

            Perpetual debt service will assure that Mr. Banker will remain very rich. Very, very, very rich. God’s plan.

          4. A person does not have to actually SELL his house to realize an equity gain generated by a price rise,

            Even better, he does not need to pay any income taxes on the equity extraction unlike a stock investment. (which they now want to be 40% for over a $1.00MM)

      3. “Can we bump up the price and you pay closing costs? They always do. Basically an over 100% loan. And it never fails to appraise.”

        Once the comps reset to this new, higher level, another layer of price increase is needed to cover the next brokeback buyer’s closing costs.

        This bubble generation process can play out for as long as government-guaranteed loans are available to cover the higher sticker prices.

  8. “In the past the year, home prices in Salt Lake County have increased 31 percent.”

    My Millennial SIL and her hubby were part of this buying frenzy. We had an uncomfortable family dinner at my inlaws last summer which kept getting interrupted by hubby taking urgent calls from the realtor.

    I view the timing of their purchase as a crash indicator.

    1. Another indicator – recently saw a banner ad with dancing mortgage people (remember lowermybills.com?). When you think of the bloodbath to come, I almost though it in bad taste.

      1. banner ad with dancing mortgage people

        Those and the “Obama/Trump/Biden wants to lower your mortgage” ads. They are ever present.

  9. California landlords appeal to their Bolshevik overlords for relief from being forced to house deadbeats for free. That’s adorable. I’m sure just this once a Democrat-Bolshevik administration will carefully weigh the financial interests of the kulaks against the collectivist imperative of promoting and enabling parasitism and dependency.

    California Landlords Call for End to Eviction Moratorium

    https://www.theepochtimes.com/california-landlords-call-for-end-to-eviction-moratorium_3863845.html?utm_source=partner&utm_campaign=ZeroHedge

    Some California landlords are pleading with state and local governments to end the eviction moratorium on rental properties as planned June 30, rather than extending it.

    Dan Faller, founder and chairman of the Apartment Owners Association of California, said some residents have been taking advantage of the moratorium.

    1. “Faller said he was frustrated with tenants using the moratorium as an excuse to avoid paying rent and save money. He gave an example of a young man who told his landlord he was saving money for a house and wouldn’t be paying rent.”

      Scammers masquerading as victims!

  10. Libtards reaping what they voted: NYC edition.

    Woman is trampled on by terrified crowds trying to flee a 42-year-old man who was brandishing a taser and carrying a large knife in Washington Square Park, as violent crime SKYROCKETS in NYC

    https://www.dailymail.co.uk/news/article-9703263/Resident-slashed-face-confronting-raver-Washington-Square-Park-noise.html

    Washington Square Park descended into chaos overnight Friday when a woman was left bloodied and bruised after being trampled on by terrified crowds trying to flee a man armed with a large knife and a taser.

    The incident unfolded at around 12.40 am Saturday morning when Jason McDermott, 42, began waving a taser in the direction of a group of people who were gathered inside the historic park for another night of late-night partying, the NYPD told DailyMail.com.

  11. “Ivan told the story of someone he knew who utilized the 4% DPA option and had closing costs covered by the seller. They were able to get into a house for around $1,200 out of pocket. ‘It was ridiculously low, which is awesome,’ Ivan said.”

    No skin in the game = no hesitation to walk away from an underwater shack. We’ve seen this movie before and know how it ends.

  12. “Invitation Homes CEO Dallas Tanner told CNBC he believes the U.S. housing market is ‘extremely healthy’ right now.

    Realtors are liars.

  13. I still get notices from foreclosure.com. I was able to find the listing:

    $280,000 1 bd 1 ba 1,008 sqft
    2371 Bunny Habit Cir, Forest Lakes, AZ 85931

    https://www.zillow.com/homedetails/2371-Bunny-Habit-Cir-Forest-Lakes-AZ-85931/7382874_zpid/

    Date Event Price
    6/17/2021 Listed for sale $280,000 (+21.7%) $278/sqft

    8/25/2020 Listing removed $230,000 $228/sqft

    7/29/2020 Pending sale $230,000 $228/sqft

    7/4/2020 Listed for sale $230,000 $228/sqft

    Here’s more photos, etc:

    https://www.compass.com/listing/2371-bunny-habit-circle-forest-lakes-az-85931/806083494481147113/

    I used to do a lot of foreclosure work out there. Beautiful country, but all vacation shacks. At the time there wasn’t even a convenience store for many miles. It looks like the FB owes 280k, not sure why he was asking 230k. A lot of money for a tiny dump in the middle of nowhere on one acre. Somebody ponied up the loan apparently. It’s right on the Mogollon Rim. So when the snow storms blow in, it can dump 10 feet in a day.

    ‘The Mogollon Rim (/mʌɡɪˈjoʊn/ or /moʊɡəˈjoʊn/ or /mɒɡɒdʒɔːn/)[1][2] is a topographical and geological feature cutting across the northern half of the U.S. state of Arizona. It extends approximately 200 miles (320 km), starting in northern Yavapai County and running eastward, ending near the border with New Mexico.[3] It forms the southern edge of the Colorado Plateau in Arizona.’

    ‘The Rim is an escarpment defining the southwestern edge of the Colorado Plateau. Its central and most spectacular portions are characterized by high cliffs of limestone and sandstone, namely the Kaibab Limestone and Coconino Sandstone cliffs. The escarpment was created by erosion and faulting, cutting dramatic canyons into it, including Fossil Creek Canyon and Pine Canyon. The name Mogollon comes from Don Juan Ignacio Flores Mogollón, the Spanish Governor of New Mexico from 1712 to 1715.’

    ‘Much of the land south of the Mogollon Rim lies 4,000 to 5,000 feet (1,200 to 1,500 m) above sea level, with the escarpment rising to about 8,000 ft (2,400 m). Extensive Ponderosa pine forests are found both on the slopes of the Rim and on the plateau north of it. The Mogollon Rim is a major floristic and faunal boundary, with species characteristic of the Rocky Mountains living on the top of the plateau, and species native to the Mexican Sierra Madre Occidental on the slopes below and in the Madrean Sky Islands (high, isolated mountain ranges) further south.’

    https://en.wikipedia.org/wiki/Mogollon_Rim

    1. Thinking about that brought back a lot of memories. This is another place on the rim that I worked many foreclosures:

      ‘Forest Lakes is a small unincorporated community in Coconino County in the northern part of the U.S. state of Arizona. It is located on the edge of the Mogollon Rim and is in close proximity to several recreational lakes within the Apache-Sitgreaves National Forest, and is named for such.’

      ‘With the construction of numerous recreational lakes in the area, demand for vacation homes grew and spurred the creation of 10 additional units to the subdivision, with the last being created in May 1969.’

      https://en.wikipedia.org/wiki/Forest_Lakes,_Arizona

      ‘Elevation 7,562 ft’

      It goes over 8,000 in place along the road. That’s way up there for people not familiar with elevation. It means bitter cold. When I did a winterization, if it was already cold, you could write off the plumbing.

      Just to show you how fudged up the foreclosure biz is, they would ask me to drive up there and cut grass. There’s so many Ponderosa Pines there’s hardly any grass. I’d ask them, that’s a 7 hour drive round trip from Flagstaff to cut grass that isn’t there? They would insist.

    2. A lot of money for a tiny dump in the middle of nowhere on one acre.

      Not my idea of a “vacation home”

  14. If Canada has any real estate bubbles, it’s literally doing the exact opposite of what it should be doing to prevent a financial crisis.”

    Canadian cucks elected globalist Quislings who are all about concentrating all wealth and power in the hands of the oligarchy, at the expense of everyone else. They purely and simply deserve everything they’re going to get.

  16. Americans continue gunning up like crazy in a vote of No Confidence in the current corrupt, overreaching regime. Americans bought 21 million guns last year, with 9 million sold to first-time gun owners. Sorry, Bloomberg and Soros, but your Democrat-Bolshevik stooges are going to run into a buzzsaw if they decide to implement your orders to disarm the kulaks.

    Interview with Winchester President on the Ammo Shortage

    https://www.emilypostnews.com/p/interview-with-winchester-president

    More than twice as many Americans have guns and do shooting sports than have golf clubs and putt on a green.

    You wouldn’t know that if you are the coastal elite. But the president of Winchester Ammunition, Brett Flaugher, who lives and works in Illinois, says these recreational shooters are driving the historic ammo shortage in America.

    1. More than twice as many Americans have guns and do shooting sports than have golf clubs and putt on a green.

      This warms my heart. I don’t know if I could hang around the gun nuts, but the golf nuts are intolerable.

    1. A couple of people I know from a federal office on my former client list said that management is driving-out their conservative employees via harassment techniques honed by HR from higher up.

      1. I recall reading that the late General Schwarzkopf was registered as an Independent voter, a career tactic.

  19. Vibrants are taking full advantage of Democrat-Bolshevik hug-a-thug criminal justice policies to step up their “redistribution of the wealth” from retail establishments in commie-controlled big cities.

    Shoplifters ruling the roost at big city stores, pharmacy chains

    https://www.foxnews.com/us/shoplifting-crime-cities-san-francisco-new-york

    A recent viral shoplifting incident has highlighted trends in parts of the country where offenders at local drugstores rule the roost – in one case, even able to ride through the store on a bike and take a garbage bag full of stolen good as shoppers, and security watched on.

    Viral video from earlier this week showed a brazen man riding a bike through a San Francisco Walgreens store hauling apparently stolen goods as he zipped his way past shoppers, including a security guard who was filming the incident on his cell phone, before he left out the door. The footage was captured by local KGO-TV reporter Lyanne Melendez and garnered thousands of likes and comments.

      1. ……” 96% OF DEATHS FROM COVID-19 CASES WERE WRONG.”

        And remember how they wouldn’t let family members in and all those people died alone and were denied medicines that worked. It must of been terrible for those people that were subjected to actions of harm that was the result of bribes and incentives to a medical system.

        Who is going to answer to all this harm to real people ?

        1. “were denied medicines that worked.”

          And the brave doctors who prescribed those medicines were threatened with having their licenses revoked by their medical boards. And don’t forget the pharmacists who refused to fill prescriptions for those medicines.

    2. “If dying of COVID is wrong, I don’t wanna be right.” — Every mask fetishist and compliant “build back better” cultist.

    5. User name checks out.

      Bogus PCR tests used to generate false positive results for non-sick people to convince them there is a killer flu in order to psyop them into taking a jab with experimental mRNA genetic therapies.

      Rothchilds gonna Rothchild.

        1. Rumor has it they are so vain that they also hire minions to correct the spelling of their name on the Interwebs. 🙂

    7. The trauma based mind control is impervious to statistics. Once the mind is induced into a sufficient state of fear and then offered a framework of understanding that allows a return to a sense of safety, the framework cannot to be replaced without reliving the trauma. People will reject any challenge, no matter how factual, to the original understanding that allowed them to escape the overwhelming fear in the first place. The central planners know what they are doing and they know very few people will be capable of comprehending the truth once the lie has been implanted in the traumatized mind.

      1. shock and confuse, now the target is disoriented he becomes more influential to follow the heard narrative

  21. Underwriting
    FHA eases path to homeownership for borrowers with student debt
    By Bonnie Sinnock
    June 18, 2021, 6:22 p.m. EDT
    3 Min Read

    The Federal Housing Administration has lowered a relatively high bar it had previously set for purchase-mortgage borrowers with income-based repayment plans for student debt.

    On Thursday, the FHA announced that going forward it would be calculating monthly obligations for those with income-adjusted payments in deferment based on 0.5% of the outstanding student loan balance. Lenders can opt into the change immediately and it becomes mandatory for mortgages assigned case numbers by the FHA starting Aug. 16. Previously, the FHA had used 1% of the outstanding student loan amount in debt-to-income calculations to determine whether consumers that had them could qualify for a mortgage.
    …

  22. “Fact check: Hospitals get paid more if patients listed as COVID-19, on ventilators”

    (snip)

    “Our ruling: True”

    “We rate the claim that hospitals get paid more if patients are listed as COVID-19 and on ventilators as TRUE.

    “Hospitals and doctors do get paid more for Medicare patients diagnosed with COVID-19 or if it’s considered presumed they have COVID-19 absent a laboratory-confirmed test, and three times more if the patients are placed on a ventilator to cover the cost of care and loss of business resulting from a shift in focus to treat COVID-19 cases.”

    Fact check: Medicare pays hospitals more money for COVID-19 patients
    https://www.usatoday.com/story/news/factcheck/2020/04/24/fact-check-medicare-hospitals-paid-more-covid-19-patients-coronavirus/3000638001/

  23. If you think California is Venezuela-like now, wait until its creaky, under-capitalized power grid goes into overload.

    Death Valley hits 129F and cities in the West reach 100F by 8am as ‘apocalyptic’ heat wave affects 50M and puts huge strain on power grid

    https://www.dailymail.co.uk/news/article-9703105/Death-Valley-hits-129F-apocalyptic-heat-wave-affects-50M-puts-huge-strain-power-grid.html

    Power grids in California were being pushed to the limit on Friday as a record-breaking heatwave continued, and residents cranked up the air conditioning to cope.

    Energy providers issued a Flex Alert for 6-9pm on Friday, ‘to reduce stress on the power grid due to extreme heat.’

  24. – The Fed and the U.S. housing market: The arsonist is in charge of the fire brigade. And this from a lefty news source (Communist News Network). Of course it could be different this time…

    https://www.cnn.com/2021/06/19/business/inflation-housing-market-federal-reserve/index.html

    The housing market is on fire. The Fed keeps adding gasoline
    By Matt Egan, CNN Business
    Updated 5:03 AM ET, Sat June 19, 2021

    New York (CNN Business)Bidding wars. All-cash offers. Homes selling for $1 million over asking. The housing boom has officially reached the ridiculous stage.

    Despite surging home prices that are rising at the fastest pace on record, the Federal Reserve continues to prop up the housing market by purchasing $40 billion of mortgage bonds each month.

    And while the Fed is finally “talking about talking about” removing some of its support, some fear the US central bank is creating another housing bubble as it deliberates.

    That’s because the Fed’s emergency strategy is artificially lowering the cost of mortgages, and further boosting prices that already looked stretched in many markets.

    “The Fed just continues to pour more gasoline on that fire,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.

    Of course, the central bank certainly deserves credit for its historic efforts to prevent the Covid recession from morphing into an all-out depression.

    Springing into action early last year after the pandemic hit, the Fed rapidly slashed interest rates to zero, launched emergency programs to unfreeze credit markets and promised to buy a staggering $120 billion of Treasury and mortgage bonds a month.

    That unprecedented support, along with trillions of dollars of stimulus from Congress and the Trump and Biden administrations, set the stage for a rapid recovery.

    ‘Prices are exploding’

    But given how fast the economy is rebounding and the fact that inflation is surging, it may be time for the Fed to start tapping the brakes — at least on its bond-buying program.

    Federal Reserve Chairman Jerome Powell acknowledged during his Wednesday press conference that the jobs market is likely to be “very strong” in the near future and there is a risk that inflation isn’t going away as quickly as many economists think it will.

    “Forecasters have a lot to be humble about. It’s a highly uncertain business,” Powell said. “We’re very much attuned to the risks and watching the data carefully.”

    The data in the housing market are off the charts.

    The median sale price for a home hit a record $341,600 in April — the highest since the National Association of Realtors began tracking the numbers in 1999. Moreover, single-family home prices soared by 20% from last year — the biggest jump since the group began tracking prices in the early 1970s.

    “House prices are exploding right now. Everything in the housing sector is going up in price,” Jason Furman, a former top economic adviser in the Obama administration, told CNN’s Poppy Harlow. “It probably isn’t the case that the Fed should be continuing to artificially hold mortgage rates down.”

    Danielle DiMartino Booth, a former Fed official, agreed that the most obvious starting point for the Fed to begin to remove stimulus is on the mortgage front.

    “Ultra-low mortgage rates have helped feed a frenzy in housing,” said Booth, who is now CEO and chief strategist at Quill Intelligence.

    Making inequality worse

    Given the number of Americans currently on unemployment and the uncertainty about Covid-19 variants, the Fed is understandably cautious about removing support too early. That’s what the European Central Bank did in 2011, a move that in hindsight helped drive Europe’s economy into a double-dip recession.

    Nor does the Fed want to spook investors who have become accustomed to free money from central banks. A steep market drop could undermine confidence in the economy.

    Still, the central bank’s support for an already-booming housing market risks locking first-time home buyers out of the market. That would be a very negative outcome given that owning a home is the way many Americans build wealth. How many Millennials are likely to have enough money saved to make all-cash offers?

    The Fed’s support is “making inequality worse,” said David Kelly, chief global strategist at JPMorgan Funds. “You end up subsidizing the rich at the expense of the poor.”

    Inequality is particularly glaring in the housing market, especially along racial lines. The rate for Black homeownership in 2017 was just 42% in the United States, compared with 72% for White Americans, according to the Urban Institute. That 30-percentage-point gap is larger than it was in 1960, when housing discrimination was legal and the gap between those same demographics was 27 points.

    ‘Running too hot’

    To be sure, central bankers don’t have the power to narrowly tailor their policies the way that lawmakers and presidents can. (For good reason, since they’re not elected). Monetary policy is a blunt tool.

    “Just because you only have one sledgehammer, doesn’t mean you have to use it everyday,” said Kelly.

    Kelly’s boss, JPMorgan CEO Jamie Dimon, recently told lawmakers there is a “little bit of a bubble in housing prices.” But he added, the situation isn’t as severe as in 2008 when there was a lot more leverage and poor underwriting standards.

    Home prices now are so high that some prospective buyers are just walking away. Existing home sales dipped almost 3% in April, the third consecutive month of decline. Given the intense demand for housing, this shows there aren’t enough homes on the market, at least not affordable ones.

    “Double-digit price increases is running too hot, to the point that it’s slowing things down,” said Boockvar, the Bleakley CIO.

    In other words, the Fed’s support for housing may be helping to depress activity — exactly the opposite of its stated purpose.

  27. Ramblin’ Gamblin’ Man
    by Bob Seger

    Songfacts®:

    A 19-year-old Glenn Frey performed acoustic guitar and backing vocals on this song shortly before he left Detroit to find fame and fortune in Los Angeles. Frey had kicked around in a few Detroit bands, but this was his first professional recording experience. He called Seger “the most important individual” in his music career because of the support and encouragement Seger provided. Three years after moving to California, Frey co-founded the Eagles.

    Aside from a love of music, Seger and Frey had another bond: They were dating twin sisters at the time.

    Bob Seger “Ramblin’ Gamblin’ Man” (1969) “Glenn Frey 18 Years Old On Background”

    212 views•

    Jul 18, 2020

    https://youtu.be/GJkRHSNTvyE

    2. Watch this 11m5s video before it gets censored! Robert Malone is the inventor of mRNA vaccine technology. His FDA friends tell him they’re already seeing signals in the adverse events: thrombocytopenia and reactivation of latent viruses.

      1. RR,
        I am so saddened that they haven’t taken these vaccines off the market by now with the evidence that is mounting .

        I’m sad everyday of my life now knowing what I know, yet being surrounded by friends and neighbors who I view as possible victims of these vaccines.
        I listened to a couple of Scientist from MIT yesterday who are actually working on how they can neutralize the vaccine, or detox it. One hopes the effects will neutralize with time, but they don’t know. How dare Big Pharmacy play with people like they were lab rats.

        1. I’m sad everyday of my life now knowing what I know, yet being surrounded by friends and neighbors who I view as possible victims of these vaccines.

          I feel the same. I do what I can posting here.

  29. “housing always goes up” “they’re not making more land” “I won’t come in your mouth”

    Three lies realtors hear all the time.

    1. who borrowed about $30,000 to go back to school later in life and owes $70,000 today

      Was even a single payment ever made?

    2. This former prison warden said he was paying Interest Only while his son was in college, but somehow the balance increased. Hello, WTF? These stories are always lacking real data but packed with woeful emotion.

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