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Lenders Are Worried This Runup Will End The Way The Last One Did

It’s Friday desk clearing time for this blogger. “Stagnant prices in Southwest Austin may be in line with the predictions of some local real estate experts that the market is cooling off. In a survey of more than 500 real estate agents in the Austin area, 61% said they believed the market was cooling down or stabilizing. ‘It’s important to understand that this data does not indicate any drop in prices. In fact, we won’t be surprised if prices increase more, since sales price is a lagging indicator. Likewise, we don’t see a market shift to a buyer’s market. What we do predict is that the market will become more normal,’ said Eric Bramlett, broker at Bramlett Residential.”

“After months of heated activity, homebuyers across the country are pulling back amid rising prices, new reports show. Las Vegas’ market has also started to let out some air. Resale totals have fallen the past two months, and available inventory has climbed for three straight months, according to Las Vegas Realtors. Homebuilders’ sales totals also have dropped the past two months in Southern Nevada, and customer traffic in May was down 25 percent from its recent peak, set in March.”

“‘The market’s topping out,’ says Mark Zandi, chief economist at Moody’s Analytics. It’s ‘starting to show cracks. It feels like we’ve hit the apex, and we’re moving to the other side of it. Prices have got to start moderating. Laws of housing gravity say prices can’t continue rising at double digits. It’s just not supportable. I don’t think sellers are going to sell below the price that they see in the market today. That price becomes the floor on what they’re willing to sell for.'”

“Lenders ‘don’t want to lose money,’ says Realtor.com® Chief Economist Danielle Hale. ‘They’re worried that this runup in prices will end the way the last one did.'”

“More than 70% of Sonoma County’s rental housing units are single-family homes. The vast majority carry a mortgage and are owned by mom-and-pops relying on rent payments for the house itself and, of course, their income. In one recent example, the owners of single-family home rented at $2,300 per month received $7,475 over 13 months. The balance owed was $22,425. The owners ended up with $35,000 in repairs on top of the lost rent and attorney fees. All told, that’s just over $66,000 in unanticipated costs. Now the home is for sale.”

“A report shows the City of New Orleans doesn’t have enough money to serve everyone who applies to the program. Eviction attorney Christoph Bajewski aid this extension will only make the housing and money crises in the city worse, impacting the landlords as well. ‘There’s no doubt in my mind we will see a lot of these smaller landlords lose their houses, loses their apartment complexes to foreclosure,’ said Bajewski.”

“As Manhattan’s real-estate market continues to show signs of life, buyer preferences are clear: condo apartments are outselling co-ops by nearly four to one. Manhattan’s high-end real estate market is on a sales streak this year, as the elite see opportunities for discounts amid a mountain of supply. It’s a preference that’s been building for years, along with a boom in luxury condo construction that’s made more choices available. And that’s fast eroding the value of some of the most storied real estate in town, brokers say. Not even pedigreed co-ops such as 740 Park Ave. are immune. Former U.S. Treasury Secretary Steven Mnuchin had to whittle at least 21% off the asking price of his apartment there to find a taker last month.”

“Buyers and sellers in the Toronto-area real estate market need a sound strategy and the ability to maneuver quickly in a market that has become unpredictable. After an eye-watering run-up in prices during the coronavirus pandemic and manic sales in the early months of 2021, the market seems calm – with sporadic outbursts. Christopher Bibby, broker with Re/Max Hallmark Bibby Group Realty sold one unit in March for $880,000 after listing it with an asking price of $749,000.”

“A few weeks later, a couple of owners in the same building asked him to achieve a similar outcome for them. Mr. Bibby advised them that a fresh supply of listings had arrived and buyers were in no mood to bid aggressively. ‘Sometimes they don’t want to hear that,’ he says, but changing levels of inventory require different tactics. In both cases, the owners listed with other agents. When the units failed to generate bidding wars, the sellers called Mr. Bibby back to ask what they should do next. Currently he is advising them and other potential sellers that they will have to hold off if they want a return to the level of frenzy seen in March. ‘I think you have one chance – if you have certain expectations, you have to wait.'”

“Location, Location, Location co-presenter Phil Spencer discussed how London has ‘fallen out of sync’ with the rest of the UK when it comes to property. ‘I’m trying to let a very small flat in London at the moment and rather struggling,’ he laughed. Liana Loporto-Browne of Liana Loporto Property said: ‘One and two-bed flats with no outside space, there’s been an oversupply of them. They’ve been sitting on the market.'”

“Business premises rents in HCMC have fallen by up to 50 percent after the fourth Covid-19 wave started late April, continuing last year’s downward trend. A VnExpress survey found that many HCMC’s houses whose rents had fallen by 40-50 percent in 2020 saw these fall further this May and June, with tenants asking the landlords for reductions because their businesses had been suffering because of the fourth Covid-19 wave. The rents of houses on Ky Dong Street in District 3 fell by half over last month.”

“Trang Minh Ha, chairman of a company providing consulting services, told VnExpress that the average rent cuts in HCMC during May and June was 20-30 percent, with 50 percent the highest cut recorded. ‘Houses that are rented out for running businesses have been unable to find tenants due to the previous outbreaks, and are now suffering more from the fourth outbreak,’ he said.”

“After analysing approximately 98,000 resales across Australia, CoreLogic found that units were more than twice as likely to sell at a loss as houses, and owner-occupiers enjoyed a higher incidence of profitability than investors. ‘There are still pockets of risk in the Australian housing market, despite a broad-based upswing in values. This quarter, we took a look at the case of the Melbourne LGA unit market,’ said Eliza Owen, Head of Research Australia at CoreLogic. ‘The volume of loss-making unit resales had reached a record high at 173.'”

This Post Has 132 Comments
  1. ‘advised them that a fresh supply of listings had arrived’

    Harry Potter, is that you again?

        1. “A crime scene”

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          1. Very sad situation, RIP to victims. One thing for sure that will come from this, inspection intervals will increase and those inspections will go deeper than they have before. And they will find all kind of things wrong which will mean huge assessments. I have a buddy that owns a very nice condo at myrtle beach Kingston plantation…. their concrete balconies were having structural issues, and this building is less than 20 years old. I think he got assessed $18k. This is the tip of the iceberg with assessment cost. It kills value. This is going to be a huge deal.

          2. Very sad. RIP to the victims. Older condo units are going to get hammered. I’ll bet the inspection intervals will be increased and they will be looking deeper into the structure. They will find problems and assessments will go through the roof.

          3. “…And they will find all kind of things wrong which will mean huge assessments. …”

            Assuming assessments can fix the underlying issues.

            Florida is essentially 1 giant sinkhole.

            What happens when engineers discover that an entire condo complex is sitting over a sinkhole?

            Tear down the entire complex?

            That buzzing sound you hear in the background is the Attorney Industrial Complex warming up their helicopters.

          4. Yep. Look at millennium towers in San Fran. New high rise that’s sinking and leaning.. Multi million dollar units.

            I was just up at Appalachian state a few weeks ago working on a entrance mat project…One of the new building is sinking…many doors won’t open…basicly a new building the is condemned. Lol.

          5. “Older condo units are going to get hammered.”

            Especially lower floor units in collapsing high rises…

  2. ‘Laws of housing gravity say prices can’t continue rising at double digits. It’s just not supportable’

    Yet:

    ‘I don’t think sellers are going to sell below the price that they see in the market today. That price becomes the floor on what they’re willing to sell for’

    This a$$hat actually calls himself an economist.

    1. I want more articles about buyer regret, specifically millennial shack loanowners.

      This is the most coddled, entitled generation to ever live. And most importantly, they have had the internet their entire lives, and despite this access to an infinite amount of information about the last bubble and subsequent collapse, they overpay anyway.

      You deserve all the suffering that is coming your way, snowflakes.

      1. “This is the most coddled, entitled generation to ever live.”

        I’m not so sure about that. I know plenty of WWII era holdouts who haven’t worked in DECADES, preferring to gorge on 401(k)’s, SS , and private pensions, and then having the gall to make negative comments towards people who actually have to work for a living.

        1. Those guys paid their dues. Those 401(k)s, SS, and pensions are there because of many years of hard work.

          1. Yes, that and having the SS contributions and benefits formulas grotesquely skewed towards the older generations, not having to worry about downsizings/outsourcings during their working years, getting defined benefit pensions from their employers (how quaint!), not having humongous college tuition bills during their student years, not having humongous hospital bills when they got sick, being able to buy houses for 2x income, having huge stock market runups during their investing years, having whopping real estate gains due to inflation during their homeowning years, getting post-retirement medical benefits, Medicare, getting generous inheritances from their parents, and telling their kids they’re spending their inheritances.

            Other than that, all of their assets and income streams are totally due to their talent and hard work.

          2. Extra unemployment benefits ending for 2.5M Americans this weekend | Fox Business
            https://www.foxbusiness.com/economy/extra-unemployment-benefits-ending-10-states

            “About 2.5 million out-of-work Americans are poised to lose their enhanced unemployment benefits this weekend as 10 states prematurely drop out of a pandemic relief program that boosted jobless aid by $300 a week.”

            (snip)

            Check this out …

            “Critics argue that other factors, such as a lack of child care, are the reason for lackluster hiring and have said that opting out of the relief program before it’s officially slated to end on Sept. 6 will hurt unemployed Americans, leaving them with no income as they search for a new job.”

            Oh, the pain!

            “The average state unemployment benefit is about $330 per week. With the federal supplement, Americans are receiving about $630 in weekly unemployment benefits. (For comparison’s sake, that’s about $32,000 annually, or roughly double the nation’s minimum wage.)”

            So, what incentive is there to work? Why not choosy to stay home and be … be coddled?

            “But as the economy reopens, companies have complained about a lack of available workers.”

            Bahahahaha … what a surprise!

            “Labor Department data from April and May shows anemic job growth well below economists’ expectations. There’s some evidence that ending unemployment benefits led to an uptick in job searches; early data published by Indeed shows that job search activity rose by 5% the day each state announced its plan to cut off the sweetened aid.”

          3. The 3 Reasons Millennials are Hard to Manage—And How to Work Around Them | Career Contessa
            https://www.careercontessa.com/advice/why-millennials-are-hard-to-manage/

            (snip snip snip)

            “Look at us millennials en masse destroying the workforce. We’re so over the 9-to-5. We bring our parents to our job interviews. We expect promotions to flow in like participation trophies.
            Oh, and if our companies don’t offer flexible schedules, deliver every perk we demand, or otherwise treat us like the special little snowflakes that we are, we’re out.

            “Our generation has attracted so much hate that even 60 percent of millennials won’t call themselves millennials.
            Personally, I think that we’re misunderstood—and that we can use our supposed weaknesses as strengths in the workplace. But as a 22-year-old, I realize that I’m also biased. So I spoke with Lauren McGoodwin, Career Contessa’s Founder and CEO, and Jill Jacinto, one of our mentors, to get the story straight. I figured they were the best people to answer those tricky questions like:

            “Why are millennials so hard to manage? And how can managers get the most out of their millennial employees while, you know, doing their own jobs?

            “True, millennials expect more than the standard 401(k) from the workplace. We want our employers to invest in our physical and mental well-being and to support us as we start families (bring your puppy to work days don’t hurt, either).”

            Bahahaha … yeah, right. A worker should be allowed to bring his puppy to work.

            Moving on …

            “Unlike our parents, who spent decades in their jobs at the same companies, we’ll look elsewhere if our employers don’t meet our standards.”

            The job must meet the worker’s standards. Check.

            “But does that mean we’re demanding, spoiled brats that expect the same coddling from our jobs as we supposedly got from our parents? Not necessarily.

            “Thanks to the Internet, we have a much better idea of what we’re missing, for better or for worse. And not only can we see what we’d rather be doing, we can apply to those jobs with the click of a button.

            “When baby boomers were working, they had no idea who was working at a better or cooler office, who had better work-life balance,” Lauren says. ‘They didn’t know what else was out there. And I think one big difference between millennials and [boomers] is we’re seeing a bunch of options like a buffet and being asked to pick one thing to eat. And that’s always really hard.'”

            Oh, the pain! I have all of these choices and it is hard for me to select one!

            There is more but I don’t want to chew up Ben’s website by posting it.

          4. They did rig the economic systems to make it impossible for younger generations to get ahead . My generation worked for their pensions, 402 ‘s, etc, but the system made it possible to do that.

            The younger generations got this rigged deck that doesn’t even come close to capitalism. They got the manufacturing and jobs gutted, outrageous prices on shacks and everything else.

            The younger generations do have grounds for complaint about the rigged economic systems. The problem is it makes them buy into Commie rhetoric and attack against capitalism. We don’t even have capitalism like I had it in the first half of my life. Global Monopolies rigging the deck and trying to take over completely now.

            So, this is why the Globalist , that own and control the fake press, are trying to pit groups against groups, generations against generations. Oh, its racism , white privilege, and critical race theory to blame. Its those White Innsurrectionist that are enemies of the State.

            They are the enemy of any return to power in the people to have freedoms, under anything close to capitalism. These Globalist Monopolies and whoever else are in on this takeover of US and other Countries , want some kind of dictorship of the populations. They are the true enemy of all populations and all races. You will eat bugs and have nothing and like it, and we can jab you all we want.

          5. Want to get work done? Don’t hire a millennial, business owner says  – New York Daily News
            https://www.nydailynews.com/life-style/work-don-hire-millennial-biz-owner-article-1.2596941

            As God is my witness, I will never hire a millennial again as long as I live.

            Much has been made of the so-called millennial work ethic.

            I’m convinced these people want to have jobs — they just don’t want to work.

            Admittedly, they have a healthier attitude toward work than my generation.

            They fit work into their lives instead of scrambling to fit their lives around work, as do people my age.

            The problem is that when they actually get to the office, nothing happens.

            I’ve been through four different admins in the past year and a half, and each was worse than the previous one.

            It’s hard to tell if they can’t do the work or if they just simply don’t want to.

            A look at the literature suggests that there are many reasons why millennials are so diffident about their role in the workplace.

            Most struggle with large amounts of student debt.

            Maybe they figure that there’s so little hope of reducing that debt, based on their entry-level salaries, that they give up before they start.

            The whole point of an entry-level salary is that if you stick around, the salary moves up as your responsibilities grow.

            As the expression goes, your raise becomes effective the moment you do.

            Last month, I hired a twenty-something admin with great credentials and outstanding references.

            Two weeks later, I had to send her an email pointing out the sloppiness and inattentiveness in her work product and requesting a better level of effort.

            I’m not talking about anything insane — just getting phone numbers and time zones correct. “Easy button” kind of stuff.

            That very same day, she sent me an email reminding me that she had a bachelorette trip to Florida in three weeks that would cause her to miss three days of work.

            Who takes vacations two months after they start the job?

            Who has the tin ear to put in a vacation request the same day the boss sends you an email about sloppiness?

            Millennials, that’s who.

            People who study these matters suggest that millennials grew up in a culture where everyone was made to feel special.

            You didn’t have to put forth an effort to win a ribbon or even a trophy.

            Just showing up was good enough.

            What a terrible lesson to teach young people.

            I don’t mean that adults should pace Patton-like in front of small children and inform them that the world doesn’t owe them a living.

            And yet, the world owes no one a living.

            My soon-to-be former admin ignored being fired and prepared to come to work the following Monday, George Costanza-like.

            So I had to fire her a second time.

            This time, she finally understood that I meant business, and that she was out of the business.

            She responded with a plaintive email reminding me that without her job, she no longer had a source of income. Did I have any ideas about how else she could make money?

            Then she asked if she could list her position with my company on her resume and use me as a reference.

            You cannot make this stuff up.

            Last time I checked, jobs that pay more than $50,000 a year as a starting salary and include health insurance aren’t that thick on the ground.

            Ironically, she had been my second choice candidate for the job.

            My first choice was a woman with an even more stellar track record.

            Unfortunately, when I performed a cursory Google search of her name, I found photos of her on websites like sexilicious.com — you can look it up — where she expressed the fact that her greatest desire in life was to become a plus-size model.

            I have no problem with the fact that she wants to be a plus-size model.

            Everybody has dreams.

            I don’t have a problem with her being a plus size.

            I struggle with my weight, too.

            I do have an issue with the fact that my clients could Google her and find the same compromising photos I did.

            They would also see the terrible grammar with which she described her plus-sized dreams.

            The final straw came yesterday, when my millennial bookkeeper announced in an email that she was leaving “effective immediately” and would have nothing further to do with my company. She wouldn’t even share passwords with her successor.

            I’m sorry, millennials. You’re all special. You’re all smart.

            And you’re all fired.

            Call it age discrimination. Call it self-preservation. Call it whatever you want.

            But if you’re under 30, the unemployment office is two doors down.

          6. not having to worry about downsizings/outsourcings during their working years, getting defined benefit pensions from their employers (how quaint!), not having humongous college tuition bills during their student years, not having humongous hospital bills when they got sick, being able to buy houses for 2x income, having huge stock market runups during their investing years, having whopping real estate gains due to inflation during their homeowning years, getting post-retirement medical benefits, Medicare, getting generous inheritances from their parents,

            You’re describing the boomer elites. The non elite boomers got laid off, didn’t go to college, many lost their homes, had no inheritances, etc.

            Likewise, the elite Millenials got rich of their stock options and were millionaires before they were 30.

            Anyone here remember boomers applying for SSDI ten+ years ago after they lost their jobs in their 50’s and no one would hire them?

            There’s rot in every generation.

          7. Sounds like this guy does a bad job of screening employees and is a bad boss. The bookkeeper leaving and taking pws tells you everything.

          8. “Anyone here remember boomers applying for SSDI ten+ years ago after they lost their jobs in their 50’s and no one would hire them?”

            It’s amazing to me how many people shut-down mentally, decide to stop learning new things. I love buying and learning new things, and I couldn’t imagine becoming fully retired.

          9. I love buying and learning new things, and I couldn’t imagine becoming fully retired.

            You and me both, my friend. I tell people, happily I might add, that I plan on working until I die.

          10. Bahahahahahahahahahahaha … apparently God created Millennials in an attempt to demonstrate to the rest of mankind that He has a sense of humor …

            “I tried to register for the 2016 election, but it was beyond the deadline by the time I tried to do it,” a man named Tim, age 27, explained to New York magazine last fall. “I hate mailing stuff; it gives me anxiety.” Tim was outlining the reasons why he, like 11 other millennials interviewed by the magazine, probably wouldn’t vote in the 2018 midterm election. “The amount of work logically isn’t that much,” he continued. “Fill out a form, mail it, go to the specific place on a specific day. But those kind of tasks can be hard for me to do if I’m not enthusiastic about it.”

            Tim goes on to admit that some friends had helped him register to vote, and he planned to probably make it happen for the midterms. But his explanation — even though, as he noted, his struggle in this case was caused in part by his ADHD — triggered the contemporary tendency to dunk on millennials’ inability to complete seemingly basic tasks. Grow up, the overall sentiment goes. Life is not that hard. “So this is the way the world ends,” HuffPost congressional reporter Matt Fuller tweeted. “Not with a bang but with a bunch of millennials who don’t know how to mail things.”

            Go here to read more:

            How Millennials Became The Burnout Generation
            https://www.buzzfeednews.com/article/annehelenpetersen/millennials-burnout-generation-debt-work

          11. “I hate mailing stuff; it gives me anxiety.”

            Aww, maybe SSDI status will make you feel better?

          1. Depends how you accumulated your savings. Unlike some, I don’t go with the “pecunia non olit” theory.

        2. You seem to have a lot bitterness towards previous generations.
          All generations are composed of individuals who do their best to make a life for themselves and their children using the means at their disposal.
          Are you thinking perhaps you need reparations?

          1. His post isn’t talking about previous generations, it’s talking about millennials who came after him.

          2. “Are you thinking perhaps you need reparations?”

            I’d settle for not having ~15% of every paycheck confiscated (employee+employer SS contribs) so a whole generational cohort of rich lunkheads can sit around watching WWII documentaries and avoid doing anything constructive for decades.

          3. Send everyone a check for the balance of their contributions and shut it down.

            Problem solved.

          4. BlueSkye: I’m not gonna get into ad hominems. If you have a substantive response, we can pick this up tomorrow or another time.

          5. ad hominems

            Maybe it wasn’t a personal insult. I was thinking that my parents didn’t fit into the generalized condemning characterization of their generation. I knew them pretty well and admired their ethics. They worked hard, made sacrifices for family, community, country and even strangers as a matter of principle. I knew some of my grandparents and respected them as well. They came here with pretty much nothing, worked hard and were thrifty, kind and generous to others. I can’t identify with your characterization in the least.

            How was your personal experience different is my question.

  3. ‘It’s important to understand that this data does not indicate any drop in prices. In fact, we won’t be surprised if prices increase more, since sales price is a lagging indicator’

    Eric (who has a brown spot in his trousers) said a mouthful. Price is indeed a lagging indicator. In fact, prices can be sinking like a turd in a well for months and the median shows red hotcakes. Somewhere in that article it says median shacks up 40% plus. Sure, there’s nothing odd there!

    Austin is going to be a flaming disaster with stinky armpits.

  4. So much for a rental property paying for your retirement.

    “All told, that’s just over $66,000 in unanticipated costs. Now the home is for sale.”

  5. ‘It’s important to understand that this data does not indicate any drop in prices. In fact, we won’t be surprised if prices increase more, since sales price is a lagging indicator.

    Realtors are liars.

    1. Typical lying liar Realtorbabble, published without comment or correction, as always, by Real Journalists, the public relations / propoganda wing of the lying Realtor industrial debt slave complex.

  6. “More than 70% of Sonoma County’s rental housing units are single-family homes. The vast majority carry a mortgage and are owned by mom-and-pops relying on rent payments for the house itself and, of course, their income.

    The CDC just extended the scamdemic eviction moratorium for another month (through the end of July). The Biden regime says it’s the final extension. Bullshit. Enabling freeloading while driving kulak landlords into bankruptcy is what Democrats do.

    1. I looked into this a while back. You know what authority the CDC has? None. It’s completely fake. Our problem then is the guberment and the courts have completely failed us. Revoking common law means revoking everything about the economy, including capitalism. Now somebody has that as an agenda. It’s not said straight out, but there it is.

      The same CDC recently admitted they overestimated US CCP virus deaths by over 90%. Only OAN news covered that. The rest of the media ignored it, but it still happened. The media has completely failed us. What to do? Stop believing their lies to start. Work with the fact that no one voted for this. It wasn’t put to a vote: just thrust upon us. So are we going to be free people in the US? Because they are forcing a decision.

      1. Our problem then is the guberment and the courts have completely failed us.

        Yep. We knew the courts were FOS when Justice John Roberts got his little panties in a bunch and went full snowflake.

      2. “Because they are forcing a decision.”

        I think they are trying to create Civil War, while they set back in their Ivory Towers and try to use any crisis to their advantage. Somehow the battle against this Globalist dictorship that’s trying to take over can’t be what they are trying to create.

        The harm, damage and destruction they have already caused with their fraudulent narratives is just unbelievable. They have seized the White House for God Sakes with their criminally rigged election. They have censored the news. They have the corrupted Government in their pocket.
        There has got to be a way to defeat these wackos without falling into the traps they are trying to set.
        And when you find out that these Entities have been planning this takeover for decades and decades and how anti human they are, they are the greatest threat against all races and all of human kind.

        George Washington spent the first year of the Revolution just running and refusing to engage in battles he knew he couldn’t win yet. Than he made a choice to cross the Delaware, and take the enemy by surprise on Christmas Day.

        They are acting like they have already won because they got populations to comply with their Medical Fraud. Now, in California they are pushing the Delta Strain narrative all of a sudden , for maybe more lockdowns coming.
        I’m convinced that there isn’t any fraud or false narrative they won’t commit to do whatever their plans are. Any bribe necessary, any extortion necessary to advance this agenda they have of One World Dictorship.
        Don’t answer any of their polls, go silent on them , that will drive them crazy. That’s it, drive them crazy and gaslight them . I don’t know, just saying that don’t fall into the traps they are trying to set.

      3. Blue states have already made that decision. Just say YES to Big Daddy Gubment and NO to freedom.

        1. Blue States/Cities are with the Globalist apparently. But , I don’t really think that Biden actually got more than 30% overall. I think that 70% of the overall population would not be in favor of the Globalist agenda. Why do you think they had to steal the election and censorship of the news.

          Really, would any population or Country majority want what these hijackers offer?

    2. The CDC just extended the scamdemic eviction moratorium for another month (through the end of July).

      Even if there were ever justification for this – there wasn’t – there is absolutely ZERO justification for it right now. There are more job openings than there are interested parties, and now they’re just aggressively promoting laziness and sloth.

      1. now they’re just aggressively promoting laziness and sloth

        I’m amazed anyone works for less that $25/hr; yet there are many who do. I guess it shows that there is still hope for this country.

  7. The 2020 election was stolen.

    Globalists, we don’t believe your lies. And you will pay for this. The sentence for treason is death 🙂

    1. Real Journalists at globalist propaganda purveyors have been given their Approved Narrative to disseminate WRT “election deniers.”

      Should reporters challenge or ignore election disbelievers?

      https://apnews.com/article/donald-trump-joe-biden-business-capitol-siege-entertainment-c51ef1a3d205d7ccf8ede0cdb2d1f4c6

      NEW YORK (AP) — Matt Negrin’s campaign to ban “election deniers” from television news failed to achieve his original goal, which was to prevent a significant number of Americans from believing the lie that Donald Trump didn’t lose the presidential election to Joe Biden.

      Instead, it has provoked a persistent debate over the role of political journalists, along with illustrating how television news and the politicians who depend upon its cameras have changed.

      1. ‘prevent a significant number of Americans from believing the lie’

        If yer whole thing relies on censorship, you’ve already lost. Fact is, proven repeatedly, it was mathematically impossible for this corrupt, senile pedophile to win the way globalist media say.

        1. it was mathematically impossible for this corrupt, senile pedophile to win the way globalist media say.

          That’s the thing, it was a statistical impossibility. It was like being last at the US Open after 54 holes, then getting a hole in one on every single hole to shoot 54 under par and win the tournament. It’s a ludicrous notion.

  8. Building skyboxes on reclaimed wetlands was unsound from a structural integrity standpoint, but the usual REIC shills will fight tooth and nail against any attempts to hold accountable corrupt policymakers, developers, and building inspectors.

    The other areas in Miami where buildings are at risk of collapse: Map from report that predicted 12-story condo collapse reveals water-logged spots

    https://www.dailymail.co.uk/news/article-9723841/Map-report-predicting-condo-collapse-reveals-Miami-Beach-spots-risk-collapse.html

    The report that detailed that the Champlain Towers South building was sinking before its horrific collapse on Thursday described other areas in Miami Beach where buildings could be at risk of collapse because of land sinking and coastal flooding.

    His study found that parts of west South Beach and to the north, where the building collapsed in Southside, have been sinking at a rate of between 1 and 3 millimeters a year since the 1990s.

    1. So, in contrast to what the “settled science” says, the sea level is not rising, the ground is sinking!

    1. Only down 2.91%. That’s nothing for the investing rollercoaster the cryptoHODLers live on.

      1. Yes, but the trend I am noticing is lower highs and lower lows every time. It seems poised to break below last week’s $28,000 or whatever. I look forward to the day when it falls below $10,000. At that point the shills will have completely disappeared.

  9. t’s Friday desk clearing time for this blogger. “Stagnant prices in Southwest Austin may be in line with the predictions of some local real estate experts that the market is cooling off. In a survey of more than 500 real estate agents in the Austin area, 61% said they believed the market was cooling down or stabilizing. ‘It’s important to understand that this data does not indicate any drop in prices. In fact, we won’t be surprised if prices increase more, since sales price is a lagging indicator. Likewise, we don’t see a market shift to a buyer’s market. What we do predict is that the market will become more normal,’ said Eric Bramlett, broker at Bramlett Residential.

    http://www.marketoracle.co.uk/Article69002.html
    Why “Trouble is Brewing” for the U.S. Housing Market
    Housing-Market / US Housing Jun 07, 2021 – 06:01 PM GMT
    By: EWI

    …home price declines follow home sales declines.

    “Also, keep an eye on the stock market. History shows that stock and real estate prices tend to be closely correlated.”

    https://www.marketwatch.com/story/pending-home-sales-sink-as-the-housing-market-returns-back-to-earth-11622125381
    Economic Report
    Pending home sales sink as the housing market falls back to Earth
    Last Updated: May 29, 2021 at 1:26 p.m. ET First Published: May 27, 2021 at 10:22 a.m. ET
    By Jacob Passy

    “A lack of affordable homes for sale is causing the pace of home sales to drop to pre-pandemic levels, the National Association of Realtors warns”

    – Potemkin village economy. Trillions of dollars of liquidity raises all boats, but then the bill comes due. Debt isn’t wealth and asset bubbles aren’t sustainable.

    – “Trees don’t grow to the sky.” – German Proverb

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

    – Yes, house sales is a leading indicator for price, or to say it another way, price follows sales.

    – To state the obvious cause: Central banks have targeted housing as a key asset class for the “wealth effect,” and in the process have blown another gigantic global housing bubble and mania, with predictable results. Recall housing bubble 1.0. This is topping out, and history says bubbles always pop, with serious negative “wealth effect” consequences. Of course Central Banks never see asset bubbles, only everyone else sees them, but only after they set aside their delusional herd behavior and face reality. One by one.

    “This is your last chance. After this, there is no turning back. You take the blue pill – the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes.” – Morpheus, The Matrix, 1999

    The Matrix, 1999
    Spoon boy:
    “Do not try and bend the spoon. That’s impossible. Instead… only try to realize the truth.”
    Neo:
    “What truth?”
    Spoon boy:
    “There is no spoon.”
    Neo:
    “There is no spoon?”
    Spoon boy:
    “Then you’ll see, that it is not the spoon that bends, it is only yourself.”

    The Emperor’s New Clothes
    Hans Christian Andersen

    “So off went the Emperor in procession under his splendid canopy. Everyone in the streets and the windows said, “Oh, how fine are the Emperor’s new clothes! Don’t they fit him to perfection? And see his long train!” Nobody would confess that he couldn’t see anything, for that would prove him either unfit for his position, or a fool. No costume the Emperor had worn before was ever such a complete success.”

    “”But he hasn’t got anything on,” a little child said.”

    “Did you ever hear such innocent prattle?” said its father. And one person whispered to another what the child had said, “He hasn’t anything on. A child says he hasn’t anything on.”

    “But he hasn’t got anything on!” the whole town cried out at last.”

    The Emperor shivered, for he suspected they were right. But he thought, “This procession has got to go on.” So he walked more proudly than ever, as his noblemen held high the train that wasn’t there at all.

  10. “It’s just not supportable. I don’t think sellers are going to sell below the price that they see in the market today. That price becomes the floor on what they’re willing to sell for.’”

    Little do they realize that they are standing on a trap door.

    1. What I love about sky high real estate prices is the fact that most REALWHORES are starving as volumes dry up. They need sales which are stalling out.

      1. “What I love about sky high real estate prices is the fact that most REALWHORES are starving as volumes dry up. They need sales which are stalling out.”

        a-greed.

  11. Ditto that “ALL Realtors are liars”. Their standard mantra is “Now is a great time to buy!”. It doesn’t matter what is happening in the market or the economy in general.

    This is a repeat of the last bubble. The only difference is that interest rates are much, much lower. Not sure how that will affect a possible crash. Any ideas?

    1. “This is a repeat of the last bubble. The only difference is that interest rates are much, much lower. Not sure how that will affect a possible crash. Any ideas?”

      – OK, I’ll bite, but I’m not the only one saying this. The Fed is trapped. Interest rates are now at the zero bound. They can’t cut rates, since everyone knows NIRP is “worser” than ZIRP, and the “saver” would have to pay the bank interest. Yeah, that will work. Low rates are due to the extreme indebtedness of most OECD countries. Economies “can’t handle the truth” of higher rates. This led to the extraordinary policies of QE and debt monetization (buying U.S. treasuries directly) by the Fed. Recall that these were “emergency measures,” but now permanent. There’s not going to be a “normalization” of the Fed’s “balance” sheet. Ha! Ha! MMT says that “debt doesn’t matter,” but that’s just propaganda to paper over the truth. The Fed can’t cut rates, because they didn’t raise them when they had the opportunity to do so, and also they can’t raise rates much anyway because that would crash the highly indebted economy. Damned if they do; damned if they don’t, but the Fed created this Frankenstein’s monster. They own it. Recall that the “wealth effect” of ever increasing stonks and housing prices is all that matters, even though Wall St. is now completely divorced from Main St. Just like propaganda, It’s a lie, an illusion, since debt isn’t wealth, but the alternative is “unpleasant.”

      – What’s next?
      I don’t really know (no one knows the future), but here are a couple of possible outcomes:
      Option 1: Raise rates and change QE to QT. The economy crashes. Bad outcome, but less bad and a recovery sooner, rather than later. The lesser of two evils, IMHO.
      Option 2: Do nothing and continue to “kick the can.” No change to ZIRP + QE ($120B/mo. of debt monetization of U.S. Treasuries + mortgage-backed securities (MBS). “The Everything Bubble” continues to inflate, but knowing that asset bubbles always pop and that the final conflagration will be worse the longer the final day of reckoning is postponed. It can be delayed, and it has for 12+ years and longer, but not prevented. Recall 2000, 2008-2009 crashes. This one’s even bigger than both of them together; it’s the MOAB. Bad outcome, but “worser.” This wasn’t caused by the CCP pandemic, but rather began again with Central Bank response to the last bubble popping in the GFC. The bursting of the current “everything” bubble was going to happen anyway. The pandemic only accelerated the process.

      – The Fed and Gubmint want to inflate away the tremendous steaming pile of debt. High inflation now is no accident, but I do think it’s “transitory.” Inflation is first a monetary phenomenon; due to an increase in the money supply. Then you get price inflation afterwards with a delay. Initially we’ll see price inflation (now), but then, since QE is ultimately deflationary due to misallocation of capital and malinvestments, leading to housing/stonk/everything bubbles inflating and then popping, we’ll have deflation. The crash is generally proportional to the size of the asset bubble as it inflated on the way up.

      – Of course, it could be different this time.

      – This is not financial advice, but rather the rantings of a deplorable, disenfranchised DJT voter, so take it with a grain of salt. 🙂

      1. At some point consumer price inflation will become unbearable. I wouldn’t be surprised if at some point everyone were to get a monthly “inflation offset” check every month, which will only make consumer price inflation even worse. At that point either you go Weimar/Zimbabwe, or interest rates are raised and we have the mother of all crashes.

        I read that Biden agreed to support a trillion dollar bipartisan infrastructure bill, on the condition that he gets his $7T budget approved.

        So another year of multitrillion dollar deficits, the new normal. Deutsche Bank just issued a warning regarding American deficits.

        1. “At that point either you go Weimar/Zimbabwe, or interest rates are raised and we have the mother of all crashes.”

          – Hey “In Colorado,” that’s my location also.

          – See image here of Zimbabwe $100T note. This is from ebay, so you know what it’s really worth. Think TP and you won’t be far wrong.

          https://i.ebayimg.com/images/i/222164712074-0-1/s-l1000.jpg

          https://www.youtube.com/watch?v=EJR1H5tf5wE
          One Million Dollars – Austin Powers: International Man of Mystery (2/5) Movie CLIP (1997) HD
          981,717 views
          May 26, 2011

          Enjoy your weekend bloggers!

      2. If you go by what the Great Reset crowd says, they plan to crash the economy at some point and just make it so nobody owns anything but them and they control everything.
        I don’t know how they plan to take all ownership and property rights from people . They plan to control all energy sources, food, you name it.
        What they propose would be worst than any dictorship you have ever heard of . It wouldn’t be sharing the wealth as Communist lie about. Some kind of return to slavery where they own everything and they are the slave masters who can do anything they want to the populations.
        They even talk about turning the human race into some kind of genetic altered species.

        Seriously, these are psychopaths that are trying to play God.

        1. “I don’t know how they plan to take all ownership and property rights from people.”

          The won’t have to take anything, what they will do is persuade people to willingly hand everything over to them.

          1. What has been obtained by coersion needs to be constantly guarded else the previous owner will willingly struggle to regain possession. This is because the previous owner feels he is still entitled to ownership.

            This will not be so for what has been obtained by persuasion. If done correctly the previous (and rightful) owner can not only be persuaded to willingly (and possibly eagarly) support the change in ownership but he often can be persuaded to fully support this change.

        2. What they propose would be worst than any dictorship you have ever heard of

          It would be a return to feudalism. The feudal lord and his knights control the assets which the serfs are allowed to use to create value. In return for giving the lord a certain amount of tax, they are 1) allowed to keep living and 2) gain some protection from other marauders by the the feudal lord and his knights.

          It’s a slide back down to feudalism.

          1. Right, its some kind of a return to feudalism it sounds like. I just can’t believe what comes out of their mouths. And than they couch everything that they want to do under the idea that they are saving the planet . You will eat bugs, have nothing and like it. Really? I don’t think so.

        3. ‘I don’t know how they plan to take all ownership and property rights from people .’

          I imagine they would use the courts or some false flags or a combo of those or martial law straight up.

          This is turning out to be a nightmare in the waiting and yet look around you. People are going full-on committed to outlaying A LOT of money for houses and other things. No thought that this everything is awesome moment is about to get a reality check.

    2. The big problem with such low interest rates is, there is now where to go when $hit hits the fan. We have no bullets left…no stimulus left. I was against the 2017 tax relief for that very reason, the economy was doing good, there was no need for it and it would nice to use when and if things got slow.

      1. Corporations and non-federal governments are drowning in debt, so they need those low rates to boost their bond ratings.

        1. And those near-zero rates create ongoing moral hazard for economic units (governments, businesses, households, and individuals) to mire themselves ever more deeply in debt. It’s quite a conundrum!

      2. Are we at the limits of stimulus?

        I’m sure when the monetarists proposed all of these ideas, dropping interest rates, helicopter money, to bring prosperity, they may not have foreseen the economy becoming hugely indebted and interest rates hitting their minimum bounds.

        Is this a problem? Maybe it’s a new, stable form of a huge modern economy. An economy which becomes huge enough gets “emergent” properties, properties that appear only as a result of its size and peculiarities.

        Perhaps having maxed out the stimulative effects of declining interest rates and asset purchases (can that actually happen? The Fed guarantees profit by making the unprofitable profitable with its money bazooka), will the economy have to stand on its own? I guess the government could wade in and buy any number of things, while the Fed buys government debt – two layers of obfuscation Fed -> government -> purchases of anything.

        What about inflation? The monetarists (monetarism is the reigning economic paradigm the world over at this time in history) say inflation is solely a monetary phenomenon. The money bazooka has been going full blast. But apparently financial markets and assets purchased with debt can soak up a lot of money.

        If things continue along their path, two things:
        1) We return to a non-ownership society, a more feudal society, where the nobles own the assets and the serfs are allowed to use them to generate value for themselves and the nobles.

        2) Centrally planned society. I think Modern Monetary Theory, poo-poo’d loudly as it was when initially release, has quietly become the dominant economic paradigm. So, if you can print as much as you want and you only watch CPI or PCE to tell you to throttle back, government can have huge budgets and deficits and thus become the central source of profit. But centrally planned societies become less dynamic, but it gives politicians huge amounts of power, so they cannot help themselves. They’re just sweaty humans too.

        So, the question: are there limits to stimulus? The answer I think likes with Modern Monetary Theory – MMT. It tells politicians what they want to hear, and they are ultimately calling the shots. I guess only if CPI and PCE start rising, that’s when the limit is hit. Will they ever? Doesn’t QE seem to be deflationary?

        I dunno.

        1. are there limits to stimulus?

          The first step in understanding is to call things by their right name. It’s theft.

        2. “Perhaps having maxed out the stimulative effects of declining interest rates and asset purchases (can that actually happen?…”

          The Defining Trait of All Bubbles: The Willful Suspension of Disbelief
          Posted February 11, 2021 by Ben Carlson

          Housing prices in Japan remain down nearly 50% from that late-1980s peak more than 30 years later.

          How could these prices possibly ever get so out of whack with reality?

          The same way they do in every financial asset bubble in history — people willfully suspended their disbelief.

    3. – Bigger bubble, due to central bankers’ inability to unwind emergency yield suppression efforts that date back to at least 2009

      – Bigger crash, when market forces eventually exceed rate suppression effects

      – Eventually prices collapse of their own weight, which perhaps helps central bankers escape culpability

      – Historic reference: Japan in the post-1989 decades

  12. I live in Texas, between San Antonio and Austin. Water is always an issue in this area. A lot of new developments are adding a MUD tax to the already high property taxes we have here. A lot of the new developments have a 2.8%+ total rate with the MUD included. Think about that. People are paying the inflated price of $500,000+ for a lot of these homes. That’s almost $15,000 a year in property taxes. A shock for out of state “investors” are relocations who are fooled by the fact that Texas doesn’t have state income tax. That adds to this whole bubble situation.

          1. I wonder if swamp coolers will be “rediscovered” in the southwest? They work fairly well here in the Centennial State.

          2. “A swamp cooler uses moisture to cool air. A swamp cooler (which is also called an evaporative air conditioner) works by taking warm outside air through wet evaporative cooler pads, effectively cooling the air. The cold air is then blown into a home by a blower motor through a vent.”
            https://www.landmarkhw.com › hvac

            The evaporative cooler pads work well when the relative humidity of the environment is very low but their effectiveness diminishes as the relative humidity rises and it goes to zero when the relative humidity gets to 100 percent.

          3. Evaporating water in a rooftop unit instead of mechanical refrigeration.

            This. Very energy efficient. The down side is that it pumps moisture into the house, so it can feel humid. Also, they don’t work well in even moderately humid climates.

          4. Most swamp coolers leak, so there is usually a huge plume of a white stain running down the roof. The squirrel-cage fan inside them wears out quickly due to the moisture, and worst case is igniting a fire. And aesthetically they’re fugly.

  13. “…At that point either you go Weimar/Zimbabwe, or interest rates are raised and we have the mother of all crashes….”

    And, given how the world economies are interlocked, it would just take an interest rate hike from the EU to start a collapse that would make cheapo Surfside, Florida beachfront condos look like a model constructed out of cheap plastic legos.

        1. “A chart …”

          Wish I could sheet exterior ceilings with a chart but I need 1/2 plywood and it costs $74.65 before tax today.

      1. Lumber just refuses to stop cratering.

        Remember the peops who were blaming the recent high rate of housing bubble inflation on lumber prices? I wonder what they are saying now?

        If houses truly are tracking lumber, then we should be seeing some interesting data in a few months!

    1. Muh stumps, what about muh stumps

      Spent the morning chainsawin’, making my own stumps out of some eastern red cedar.

      Enjoying lumber’s downfall — our timing might work out well on that front (got first round of plans from the architect this week) if steel and copper can chill out also…and if everything gets un-fooked in the supply chain for appliances, generators, etc. Here’s to hopin!

  14. Ok, data coming out of UK and Israel that a vaccinated person is at 3.2 times higher risk of dying from the Delta Strain than the unvaccinated.

    Biden lied and in essence said to get your vaccine to be protected against the Delta Strain. Than the effort to try to blame the Delta on the unvaccinated.

    So, I’m suppose to take this vaccine knowing that it makes me 3.25 times more vulnerable to die from this Delta Strain .

    Look, these Monsters, including the President of the US are on a disinformation campaign of epic evil.

    The Delta strain might be one big lie anyway, because they are again trying to scare into vaccination. They will use Delta to go after Children and pregnant women no doubt.

    And, usually historically variants are less deadly, but no not this time, just nothing adds up.

    But Scientists have been saying for a while now that the vaccinated will have a harder time with variant strains.

    So, it looks like they aren’t going to give up on this vaccine in every arm agenda, these miserable lying pieces of you know what.

    1. Dr. FraudXi is still on the airwaves screaming “GET VACCINATED BECAUSE MUH DELTA VARIANT!”

      Why hasn’t this mass murderer been arrested?

    2. Ok, data coming out of UK and Israel that a vaccinated person is at 3.2 times higher risk of dying from the Delta Strain than the unvaccinated.

      I had heard that it was 6X.

      1. “I heard it was 6x.”

        Didn’t see that report yet. For all we know it could be 100 x. The Delta could be a totally fabricated thing. The Covid could of been totally fabricated. Nothing they say is credible to me.

        1. “Living is easy with eyes closed
          Misunderstanding all you see
          It’s getting hard to be someone
          But it all works out
          It doesn’t matter much to me

          Let me take you down
          ‘Cause I’m going to Strawberry Fields
          Nothing is real
          And nothing to get hung about
          Strawberry Fields forever”

    3. Recommend googling this search phrase: risk from delta variant to the vaccinated versus unvaccinated

      It’ll let you know the risks from the delta variant on the vaccinated versus unvaccinated. Don’t have to use Google, can use Bing or DuckDuckGo too for a more robust search result.

    1. Thanks my daughter and her boyfriend just got there today, staying at the Bellagio. (wherever that is)

      I sent them your link.

      1. I can see the Bellagio from my house 😉, just the top floors. It’s five miles away but all the buildings between are private homes. I can’t testify personally about what’s going on over there, but NetworkinVegas’ site has been filled with bad news. This place has completely changed in 15 years.

    2. Tourists are Las Vegas’ bread-n-butter, and I’m sure the Metro police are working these cases from the shadows.

      1. Something weird is going on. This sort of thing was never allowed in the past; Strip security (Metro and private) was very strict.

        Since they’re permitting homeless people to hang out in casinos (unheard of before) now if you sit down at a machine, you don’t know if a lice-ridden person sat there before you.

        And how people are dressing is insane (warning, may need eye bleach after viewing):
        https://twitter.com/Networkinvegas/status/1398797801438400515

    1. “A Miss New Jersey contestant on stage at the competition railed against an “epidemic of censorship and entitlement”

      To me, she didn’t look that good when she started speaking

      By the time she was done she was hot!

  15. Some humor …

    “I was sitting at a long stoplight yesterday, minding my own business, patiently waiting for it to turn green even though there was no on-coming traffic. A carload of scruffy-bearded, young men shouting Anti-American slogans with a half-burned American Flag duct-taped on the trunk of their car and a ‘Remember 9-11’ slogan spray painted on the side was stopped next to me.

    “Suddenly they yelled, ‘Allah Akbar! Praise Allah! Death to America’ and took off before the light changed.

    “Out of nowhere an 18-wheeler came speeding through the intersection and ran directly over their car, crushing it completely and killing everyone in it.

    “For several minutes I sat in my car thinking to myself:

    “‘Man… that coulda been me!’

    “So today, bright and early, I went out and got a job as a truck driver.”

    1. A $160k would put two kids through University graduate program, but ‘ya know…dad needs his toys.

    2. There is a classic car bubble the likes we’ve never seen before. At some point, the legs will be kicked out from under it and all of these vehicles will be sold for a song.

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