thehousingbubble@gmail.com
Blog

While Supply Rose, Demand Plummeted

A weekend topic starting with Curbed New York. “Since it took off about a decade ago, the co-living industry has gone to great lengths to sell an image of communal bliss. If you were a minor player with a master lease on a few properties, charging a premium for bundling in olive oil, internet, weekly housekeeping, and West Elm furniture, it made sense to play up how life-changing the spaces could be. During the pandemic, as numerous co-living companies went under and consolidated — earlier this month, Common took over Starcity’s co-living operation of some 7,500 units — it has become abundantly clear that co-living was a business, not a utopia. The capitalist commune was, in the end, far more capitalist than commune.”

From Mansion Global. “Pattie Dullea stepped out one morning last month in Napa, Calif., to have a word with the young man who pulled up in an antique sports car to tour the home across the street. ‘You might not want to buy there,’ she said she told the man, who was there to consider investing in the home. ‘We don’t want our neighborhood to turn into a timeshare neighborhood. And we are going to do everything in our power to make that not happen.'”

“Such scenes are becoming more common in California wine-country towns where a real estate startup called Pacaso is snapping up million-dollar homes, then selling ownership shares to second-home searchers looking for weekend getaways. The company claims to have reached unicorn status faster than any company in U.S. history, hitting a $1 billion valuation within six months of launching last year.”

The Daily Mail. “Pacaso, founded in October by executives from the real estate company Zillow, aims to do to second homes what Airbnb did to hotels and Uber did to taxis. It targets luxury neighborhoods slightly off the usual tourist trails. The drama did nothing to put off Michael Sene, from Oakland, who told The San Francisco Chronicle he had bought a share of one of Pacaso’s St Helena houses.”

“He said he has always wanted a second home but that purchasing an entire property was financially out of reach, and 44 days a year is about right for his family, although he would be interested in buying a second share if he could afford it. ‘For someone like me to buy a whole house up there would not be possible given how crazy property values are these days,’ he said.”

From Bloomberg. “Investors hunting for returns in the frenzied U.S. real estate market are tapping a new strategy: building massive portfolios of houses to rent out on Airbnb. A recent filing reveals that Dublin, Ohio-based ReAlpha is seeking to spend as much as $1.5 billion, including debt, to buy short-term rentals at an unprecedented scale. The money would be enough to purchase roughly 5,000 homes, Chief Executive Officer Giri Devanur said in an interview.”

“ReAlpha plans to use artificial intelligence software to evaluate home listings and make fast decisions on how much it’s willing to pay. The company will target markets including Austin, Dallas and Miami, where it can acquire 100 to 500 homes. And it’s exploring ways to buy discounted homes when a federal foreclosure moratorium ends. ‘We have spoken to a bunch of banks where we can buy hundreds of properties at a time,’ Devanur said.'”

“Growing appetite for short-term rentals will attract tens of billions of dollars in the years to come, said Sean Breuner, whose company, AvantStay, manages branded properties that offer concierge services. ‘It is the last remaining asset class with any yield remaining,’ said Breuner. ‘We believe there is a huge opportunity to institutionalize.'”

The Las Vegas Sun in Nevada. “Aldo Martinez, president of Las Vegas Realtors, said several different entities that have purchased hundreds of homes in the Las Vegas Valley have done so with clauses in their purchase agreements that the properties must be ‘rentable.’ ‘This all leads me to believe that people are thinking that home prices are going to become so out-of-whack, the average person won’t be able to own,’ Martinez said. ‘People are betting that would-be homeowners will have to rent.'”

“Earlier this month, The Wall Street Journal reported that Fundrise, a startup firm that aims to open the rental home investment market to those wishing to invest as little as $500, secured a $300 million credit line from Goldman Sachs. Though on a national scale, Martinez said the faith shown by the investment banking giant proves that a rush of cash purchases of homes throughout the country could continue this year.”

The Globe and Mail in Canada. “Investors account for one-fifth of all home purchases in Canada. Since the start of the COVID-19 pandemic, investor buying has rebounded to 20.1 per cent of all purchases in the country, with a slightly higher share in Toronto and Hamilton, according to data published in the Bank of Canada’s financial system review.”

“With the Canadian Real Estate Association (CREA) reporting the national average home price is 38 per cent higher than a year ago, real estate investors are being accused of driving up prices. ‘Determining the precise level at which investor activity should be a cause for concern is difficult and requires further study,’ Bank of Canada spokesman Alex Paterson said.”

“The Canadian Housing Statistics Program, which was launched by Statscan after the 2016-17 real estate boom, is trying to fill data gaps and uses information from a bevy of sources, including property assessments, tax filings and census data. One of the program’s most revealing reports is from 2019 and examined properties that were not ‘owner occupied’ in three provinces. It found the highest level of investor ownership in the residential area near the University of B.C. in Vancouver, where 47 per cent of all property types were held by investors.”

“It also found that in Toronto, more than one-third of the condo market is owned by people who do not live in the units and who either rent them out or leave them empty. Andy Yan, housing expert and director of Simon Fraser University’s city program, and other affordable housing advocates question the idea that there is a supply shortage when so many property owners are investors. ‘You will constantly hear it is supply supply supply, but supply for whom,’ he said.”

From CBC News in Canada. “The Toronto Regional Real Estate Board shows an overall 16.8-per-cent drop in rental prices: before the pandemic, one-bedroom apartments rented for an average of $2,187. Two-bedroom units now go for $2,447 per month on average, compared to $2,812 a year ago. While supply rose, demand plummeted. A year into the pandemic, Urbanation calculated an 18-per-cent drop year-over-year in Toronto proper, and a 16-per-cent decrease across the GTA.”

“The rising supply of condos for rent is coming from two sources, says Murtaza Haider, a data science and real estate management professor at Ryerson University. The first is fewer people wanting to live downtown, with a significant proportion working from home and some moving out of the core. The second is short-term rental units that were converted to long-term because of new rules regulating Airbnb apartments.”

“The problem, Haider says, is being compounded by the addition of thousands of condo units completed during the pandemic. Sixty to 70 per cent of the 22,000 new units became rentals, according to Pauline Lierman, the market research director for condo sales and research group Urbanation. While supply rose, demand plummeted.”

“Lisa Patel, a Royal Lepage realtor and president of the TREB, says several units near York Street and Lake Shore Boulevard sat unoccupied for months until the prices dropped by several hundred dollars and landlords started including incentives like two months’ free rent, parking or gift cards.”

From Housing Wire. “Despite the drop in wood costs, Lennar executives said they’re cautious with ramping up with building, due to overall concerns with the material supply chain. With uncertain delivery of materials and high demand, Lennar is ‘Choosing to sell homes later in the construction cycle to increase margins,’ said co-CEO Rick Beckwitt.”

“The one area of Lennar’s business not getting results is its investment in Opendoor, the San Francisco-based instant homebuying platform. The company’s balance sheet noted a $234 million mark to market loss in the past quarter from a stake in Opendoor, which has lost money and even seen dwindling revenue during the present housing boom.”

Related Posts
This Post Has 88 Comments

  1. ‘the San Francisco-based instant homebuying platform. The company’s balance sheet noted a $234 million mark to market loss in the past quarter from a stake in Opendoor, which has lost money and even seen dwindling revenue during the present housing boom’

    Wa? You mean they are losing money hand over fist, still?

    That’s some red hotcakes right there.

    1. ‘the San Francisco-based instant homebuying platform. The company’s balance sheet noted a $234 million mark to market loss in the past quarter from a stake in Opendoor, which has lost money and even seen dwindling revenue during the present housing boom’

      You had me at the San Francisco-based instant homebuying platform.

      https://youtu.be/Ly3Vs1K_74g

  2. ‘And it’s exploring ways to buy discounted homes when a federal foreclosure moratorium ends’

    We’re all in this together! Now GTFO!

    ‘We have spoken to a bunch of banks where we can buy hundreds of properties at a time’

    OK, I guess somebody should pour some ice water on Giri. Banks don’t own sh$t, so they can’t sell. I’m not sure what he’s talking about. Probably a lion to gin up interest in his money losing quack.

    1. I’ve heard elsewhere that hedgies are drumming up money and buttering up banks to get first crack at all the forebearances that can’t forebear.

  3. ‘The company claims to have reached unicorn status faster than any company in U.S. history, hitting a $1 billion valuation within six months of launching last year’

    Sure, selling time shares is tech babee! Of course you can hardly turn on a radio without hearing a “get me outta this time share!” ad.

  4. ‘Since it took off about a decade ago, the co-living industry has gone to great lengths to sell an image of communal bliss…it made sense to play up how life-changing the spaces could be. During the pandemic, as numerous co-living companies went under and consolidated…it has become abundantly clear that co-living was a business, not a utopia’

    Money looking for a place to die is a real phenomenon.

    ‘It is the last remaining asset class with any yield remaining’

        1. On the subject of renting desks, you’ll be pleased to know that the downtown Denver WeWork building is covered in graffiti, visible to thousands of passing motorists on I-25 every day.

          How much did Adam Neumann pull out of that scam before it imploded?

        1. One memory that still persists to this day is of my disappearing food in the fridge, and one particular evening where I turned the corner into the kitchen just in time to see the fat, slobby housemate’s lower lip curled around my milk carton as he was drinking directly from it. I saw red and wanted to smash his teeth in, but I maintained my composure and chose to instead give him a verbal thrashing.

          1. The worst for me was the dormmate who left his greasy cast iron pan, where he fried chicken, in the sink. I was unwilling to serve as his maid, so tried to ignore it. Got harder once the place was overrun with roaches…

    3. it has become abundantly clear that co-living was a business, not a utopia

      Nagging the neighbors to keep the communal kitchen clean sounds like my idea of a good time.

      1. i bet nobody even uses the communal kitchen. Most communities with community pool/fitness/sports/lounge areas barely get used. People order out and eat their food in the silence of their 4 walled pods

        1. People order out

          That’s expensive. The reason they’re in co-living is because they have empty pockets.

  5. San Francisco, CA Housing Prices Crater 13% YOY As Panic Selling Sends Inventory Soaring Across California

    https://www.movoto.com/san-francisco-ca/market-trends/

    As one industry insider remarked, “There is no ‘shortage’ of housing with 25 million excess, empty and defaulted houses out there. The housing business is notorious for lying.”

    1. The Financial Times
      Digital currencies
      Financial watchdog bans crypto exchange Binance from UK
      FCA also issues consumer alert against sprawling cryptocurrency group
      The Financial Conduct Authority also this weekend issued a consumer warning against both the Cayman Islands-registered Binance holdings company and Binance Markets Limited
      Adam Samson and Philip Stafford in London
      3 hours ago

      The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges.

      The intervention by the Financial Conduct Authority in recent days is one of the most significant moves any global regulator has made against Binance, a sprawling digital asset firm with subsidiaries around the world. The exchange has until Wednesday evening to confirm it has complied with the watchdog’s demands, and removed its advertising.

      The intervention is a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.
      …

  7. This morning on Full Measure with Sharyl Attkisson they cited a poll that said 38% of Americans do not believe the election results.

    I think this poll is just as wrong as the polls they were citing right up to the stolen election.

    1. ‘There will be “no safe space, no sanctuary from wokeism until the system starts to erode the safety and the security of the elite that created it,” says classicist and historian Victor Davis Hanson.’

      ‘In this episode, Hanson breaks down the problems he sees plaguing American society today, from the assault on meritocracy to the “Frankenstein monster” of moral relativism.’

      ‘Throughout society today, elites justify their control of or manipulation of information as for the good of the people, Hanson says. It’s the “noble lie”: “I’m smarter than you. I’m your platonic guardian. I can lie for your own good…Just don’t dare suggest I’m lying,” Hanson says.’

      https://www.theepochtimes.com/exclusive-victor-davis-hanson-on-the-assault-on-meritocracy-politicization-of-the-virus-and-the-platonic-noble-lie_3875843.html

      If these idiots are censoring a thing, you can bet it’s true.

      1. I think the conclusion one has to draw is that these Elite Power Brokers of information are no different than Big Brother is watching you and we tell you what to think. Ironic that the internet, that was suppose to be information at your fingertips, wants to give you one narrative and one narrative only.

        When a disinformation campaign or censorship reaches a level of causing death, destruction and leads the sheep to some form of slaughter, than its just a military weapon.

        Who gave these Entities the right to take the First Amendment , obstruct justice, cover up facts, truth or dispute, or cancelled a person , or a group of people. What they are doing violates all the Constitional protections this Country was founded on.
        Basically they are saying because they own these outlets of information, they can dictate the narratives and censor any challenge or dispute to it, and threaten a person with being cancelled, fired, or attacked by a angry mod of their useful cult drones.

        I don’t think that the Constitution or rule of law goes away, just because you own the outlet of information.

        Does a person get to murder someone just because they do it on their private property that they own? Somehow they think their ownership of the vehicles of information excludes them from the Laws of the land.

        Congress and Senate should be issuing stop orders, or writing legislation immediately to stop this harm to Society. But fat chance that the rigged Congress and White House will stop this assault on
        the Citizens. No doubt that’s one reason why they are getting away with this. Come on, they banned the 45th President of the United States, and any challenge to the rigged election, and the Medical Fraud of harm they promote.

        Misinformation is as bad as yelling “Fire” in a crowded movie house. The corrupted government gave them the guns to not be liable for their harm, like with Big Pharmacy and fake news. Lots of lawsuits have been filed, but that’s a slow grind to stop a immediate situation whereby lives are at stake.
        These Entities that are assaulting the Citizens with this epic harm , are a invading army of treasonous insurrectionist that need to be taken out . For that matter the White House was invaded by criminals that rigged the election.
        Can you lock down people , force them to wear masks and take injections, while the dispute to this tyranny and harm is censored. I don’t think so, but they are doing it, and its even worse in other Countries.
        I think a movement is building of rejection of these self serving Power Mongers that are insane and dangerous, and fraudulent, and most important don’t represents anything but a small group of Despots trying to take over most Countries.

        1. I think the problem is that all of this internet tyranny we’re seeing today has never happened in the past because, obviously, the internet was just recently invented. In the old days everybody knew what censorship and freedom of the press was. There was no question as to what freedom of speech was and if someone or entity violated any of these, it was obvious.

          Enter the internet and all old ideas of “freedom of speech” etc. go away. So the world and our government has some catching up to do. These tyrants of the digital age believe that they are untouchable, but that’s never been the case throughout history. One man has upset their cart and he just had a rally yesterday. So I think that things are far from settled. It’s just going to take millions of people standing up in every single forum and venue in this country to get things rolling.

    3. 2/3rds of Republican voters have told pollsters (for globalist media outlets) that they didn’t think the election outcome was legit. I’m guessing the actual number is more like 80-90 percent, since most Republicans trust pollsters even less than Real Journalists.

      1. This is a very serious matter that the National election was rigged to put treasonous Puppets in the White House, Congress and Senate, to advance a Innsurrection by One World Order Monopoly Globalist, and possible Foreign enemies that are in on it.
        Look at that corrupt Traitor Biden already threatening over half the Country. This is outrageous. I’m just wondering if 75% of the States can impeach him , the VP and Pelosi. Isn’t there some method to supersede Congress/Senate?
        I think the Dems know darn well that the election was rigged because that had many of their Den cult bribed drones doing the dirty work on the ground level. They can cancel anything if they want because they are brainwashed or bribed social justice warriors that can rationalize any crime.

  10. The criminal private banking cartel called the Fed is exactly what Thomas Jefferson and other Founding Fathers warned would happen to us if we didn’t remain vigilant.

    Federal Reserve tells employees to avoid ‘biased terms’ like ‘Founding Fathers’

    https://www.foxnews.com/politics/federal-reserve-bias-free-language-founding-fathers

    EXCLUSIVE: The Federal Reserve has instructed employees to adopt “bias-free language” and avoid using biased terms like “Founding Fathers,” according to an internal webpage obtained by Fox News.

    The Federal Reserve’s Board of Governors issued the guidance for all employees nationwide on April 29, a former Fed staffer with knowledge of the matter told Fox News.

    1. “Federal Reserve tells employees to avoid ‘biased terms’ like ‘Founding Fathers’”

      I can certainly understand why they might want to do this, as someone might point out that there is no Fed in the U.S. U.S. Constitution.

      1. Is there any question that these Entities want to cancel the US Constitutional Republic.

      2. The Constitution was very explicit on what constitutes money, and it’s not the Fed’s fiat currency created out of thin air.

        No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title …

  11. I was on a couple of jobs last week, one in Tequesta and one on the Island where you could see this “Scheduled for completion in the Fall of 2022” condo where I have been told 1/2 the units have already been sold from $5,900,000 – $10,000,000+. After the condo collapse in Surfside I wondered if any of the buyers had reconsidered.

    Quite honestly I’m surprised condos collapses at or near the beach don’t happen more often. I know of a single family house on Jupiter Island where they stopped drilling down for pilings without hitting anything solid because of the cost. Even if they go 150 feet down and hit something solid who’s to say it’s not limestone and what happens to that in 30 years? Put all that aside and I can’t tell you how many condo balconies I have seen being chipped out to have the rebar replaced and concrete repoured due to the salt air tearing it up over decades.

    SeaGlass Jupiter Island | Jupiter Oceanfront Condo

    Total Units: 21; 2 Penthouses with private Rooftop Terraces; Floors/Stories: 10 … *Price range: $5,900,000 – $10,000,000+;

    https://www.vickierealestate.com/south-florida-pre-construction-condos/palm-beach-pre-construction/seaglass-jupiter-island/

    1. I’m not sure why spread footings aren’t used more frequently down there. The enemy really isnt settlement rather it’s differential settlement. I suppose buoyancy becomes an issue in the case of large basements but nothing helical soil anchors or dwydags can’t overcome.

      1. “I’m not sure why spread footings aren’t used more frequently down there.”

        You are much better schooled in this area than I am. I just look at cracking or crumbling concrete and rusty rebar and anchors on beach front towers that were built in the 70s and say… well that’s fuqed up.

        1. Given how many high rise condos have been built in beach communities during the bubble era, including in San Diego, it seems like the coming decades may see more frequent condo tower collapse incidents.

      2. Deep piles cannot be driven into sedimentary limestone; they must be bored, cavities must be grouted, etc., a very expensive and highly specialized geotechnical construction process. Driven and jacked-in piles are well known to have performance issues.

    2. In the Virgin Islands our condo complex where we rented used beach sand (ie salt) to mix with the concrete in the 1960s.

      You can imagine the result. The building is “strong” but the rebar has all melted away. It’s crazy.

  12. “Growing appetite for short-term rentals will attract tens of billions of dollars in the years to come, said Sean Breuner, whose company, AvantStay, manages branded properties that offer concierge services. ‘It is the last remaining asset class with any yield remaining,’ said Breuner. ‘We believe there is a huge opportunity to institutionalize.’”

    This stuff is just sickening. And not a peep from politicians while the FED continues to buy billions in MBS per month.

  13. Remind me again why anyone would buy an insanely overpriced shack in a commie sh*t-hole like the People’s Republic of California.

    Blackouts Loom in California as Electricity Prices Are ‘Absolutely Exploding’

    https://www.realclearenergy.org/articles/2021/06/24/blackouts_loom_in_california_as_electricity_prices_are_absolutely_exploding_782903.html

    Two inexorable energy trends are underway in California: soaring electricity prices and ever-worsening reliability – and both trends bode ill for the state’s low- and middle-income consumers.

    Last week, the state’s grid operator, the California Independent System Operator, issued a “flex alert” that asked the state’s consumers to reduce their power use “to reduce stress on the grid and avoid power outages.” CAISO’s warning of impending electricity shortages heralds another blackout-riddled summer at the same time California’s electricity prices are skyrocketing.

        1. Dumb question of the day:

          If thousands of offshore wind energy platforms convert wind into power, won’t the life potentially get sucked out of the cool coastal breezes that currently prevent desert from blanketing the entire state of California?

          It seems like massive expansion of wind power could unfavorably disrupt local climate conditions.

          1. coastal breezes

            One thing is for sure, it is all an exercise in using more energy, and sooner, to deliver less energy at higher cost. Some people will make money.

          2. “One thing is for sure, it is all an exercise in using more energy, and sooner, to deliver less energy at higher cost. Some people will make money.”

            …and less reliable.

            Treehungers are the dumbest people on the planet.

          3. “…it is all an exercise in using more energy, and sooner, to deliver less energy at higher cost. Some people will make money.”

            Do the Bidenites consider this to be in the national interest?

          5. “…offshore wind projects have two dirty secrets. First, a detailed analysis of similar European projects has shown that their output decreases by an average of 4.5 percent a year (almost half after 10 years), with newer, larger turbines tending to suffer the most failures. Operation and maintenance costs also have proved to be much higher than anticipated.

            These operational realities lead to a second, even more pernicious impact: The higher-than-expected operating costs mean that the projects are likely to be abandoned prematurely, creating a cascade of costs that consumers and taxpayers will absorb.

            Although the offshore projects will be developed by large, international firms headquartered in ­Europe, they are structured as single-purpose, limited-liability companies whose only assets are the turbines themselves. So when the projects are no longer profitable to operate, the owners of these LLCs can walk away, with virtually no ­financial consequences.”

            https://nypost.com/2020/07/30/offshore-wind-power-vast-boondoggle-that-ny-can-no-longer-afford/

  14. I had no idea this existed, but now I’m a huge cheerleader of these platforms that let the micro-greedy get in on this last bit of the bubble. Truly a great a idea to insure that all the stupid are fully milked even if they can’t afford a full property.

      1. The hubris…

        “The heat is being caused by a combination of a significant atmospheric blocking pattern on top of a human-caused climate changed world where baseline temperatures are already a couple to a few degrees higher than nature intended.”

    2. makes some excellent points

      Patiently waiting for some interesting points from the now completed Maricopa County Audit. A dozen or so other states ready to look for excellent points.

  16. China punishes Australia for promoting an inquiry into covid-19

    Crushing tariffs on barley follow a ban on certain beef imports

    May 23, 2020

    SYDNEY

    China’s ambassador to Australia, Cheng Jingye, recently warned Australia it was treading a “dangerous” path by pressing for an independent inquiry into the origins of the coronavirus (one that might reveal China doing more to suppress information about early infections than to quash the outbreak itself). If relations between the two countries soured, Mr Cheng threatened, Chinese tourists might have “second thoughts” about holidaying Down Under. Families might wonder whether Australia really was the “best place to send their kids” to study. Ordinary Chinese might no longer want to “drink Australian wine, eat Australian beef”.

    https://www.economist.com/asia/2020/05/21/china-punishes-australia-for-promoting-an-inquiry-into-covid-19

    1. This is what happens when you become a wholly owned subsidiary of the PRC. It’s only a question of time before mass colonization begins

  17. “Investors hunting for returns in the frenzied U.S. real estate market are tapping a new strategy: building massive portfolios of houses to rent out on Airbnb.

    Stagnant wages, massive inflation and record consumer debt will make them re think that strategy.

    1. What I find shocking is how rents and Airbnbs have been able to get as much as they have thus far.

      1. Especially given that AirBnBs are essentially hotels not subject to the hotel code.

  18. I love watching libtards reap what they vote.

    The chaos continues: Crowds of revelers drink, twerk and play music in Washington Square Park well past the midnight curfew to the dismay of residents, as NYPD vows to enforce rule after Gay Pride March weekend ends on Monday

    https://www.dailymail.co.uk/news/article-9729533/Rowdy-crowds-gather-New-Yorks-Washington-Square-Park-past-curfew.html

    It was another night of debauchery in New York City’s Washington Square Park on Saturday in what has become a flashpoint for the city’s out-of-control crime rate.

    Large groups of party goers who had congregated at the park were dancing and playing music well beyond Saturday night and into Sunday morning, breaking a midnight curfew.

  19. Published an hour ago:

    “Sen. Mitt Romney (R-Utah) said “let’s move on” from questioning the 2020 election results in response to former President Donald Trump’s rhetoric at his rally in Ohio on Saturday evening.

    In his first rally since leaving the White House, Trump continued the narrative that the election was rigged, at one point calling it the “scam of the century.”

    Romney said Sunday morning on CNN’s “State of the Union” that it’s important “to make clear that the big lie is exactly that.”

    https://www.politico.com/news/2021/06/27/romney-trump-election-rally-rhetoric-496548

    Globalists gonna globe.

    1. “let’s move on”

      We’re in the discovery phase Mitt. Thanks for going on record, yet again.

    2. If it’s a big lie, that should be easy to prove. Let’s see the facts in a court, under oath. Funny how none of these people want to go there.

      1. I just listened to the entire segment this quote was taken from (streamed on C-SPAN Radio, no clicks or revenue were given to CNN). Jake Tapper needs his throat slit.

        DJT was in fact, correct, when he said that “the media is the enemy of the American people.”

        1. Jake Tapper needs his throat slit.

          It’s sad that it’s come to this, but that’s exactly what needs to happen. These people are traitors.

    1. 115 ?

      Geez. Been in the Inland Empire when it was 106 and that felt like a blast furnace. And I had shorts, sandals, t-shirt on. No relief in a dry heat. Can nonly imagine the dehydration that ramps up. Had an episode of heat stroke when driving though Nevada in August one year when I was in my 20’s. Cans of soda exploded in my un-air-conditioned car. Had to pull over at a trailer park as my chest was locking up. Luckily, a resident saw what was going on and gave me water. Never have forgotten that. Much older now. Not sure if I could handle that stress with the same bounce back.

    2. 115 ?

      Geez. Been in the Inland Empire when it was 106 and that felt like a blast furnace. And I had shorts, sandals, t-shirt on. No relief in a dry heat. Can only imagine the dehydration that ramps up. Had an episode of heat stroke when driving though Nevada in August one year when I was in my 20’s. Cans of soda exploded in my un-air-conditioned car. Had to pull over at a trailer park as my chest was locking up. Luckily, a resident saw what was going on and gave me water. Never have forgotten that. Much older now. Not sure if I could handle that stress with the same bounce back.

  21. jeff
    Live blogger from the Las Vegas Strip last night. No chat replay. This kid is unfiltered, some bad language. He’s a character. I give him credit – he gets in the local politicians’ faces a lot.

    Well, I hope your daughter’s having a good time. Heard from a friend in NYC that a bunch of young girls she knows were out here last month, no incidents, enjoyed it.

    Las Vegas Strip & Downtown LIVE: Not 2019 Busy, Ghetto Fights & Crowd, Trash, Saturday (6/26/21)
    https://www.youtube.com/watch?v=18JA8KuTGwg

  22. I was doing some digging and came across a name, which led me to this interview. If true it would explain some things happening recently:

    https://www.redvoicemedia.com/2021/06/stew-peters-show-exclusive-johnheretohelp-exposed-deep-state-covid-jan-6-vaccines-stolen-election/

    This podcast looked at the interview and has some additional background and (mislabeled) transcripts:

    https://www.theconservativehippie.com/2021/06/claims-of-pedophilia-and-conspiracy-to-murder/

    1. The 2020 election was stolen.

      SPLC goons and other Deep State payroll employees, we can say that here, and there’s nothing you can do to stop it. This isn’t Facebook, this isn’t YouTube, this isn’t Reddit.

      The 2020 election was stolen. And January 6th, 2021 was only the beginning. Get ready to reap the whirlwind, globalist sh*tbags.

    2. A shocking interview in so many ways. Ones worse suspicions about all that has been taking place if you believe this whistleblower, who even names who was behind the Ashley Babbitt killing.

  25. Corrupt developers paying off corrupt politicians to approve permits for condo towers built on reclaimed land…156 people paid the ultimate price for such REIC malfeasance, yet it’s rampant all over the country. Now that Biden has his “infrastructure” bill, thousands more defect-riddled structures will be going up, while fat brown envelopes will be routed to the usual Democrat Party apparatchiks and crooked inspectors. When will the sheeple finally decide enough is enough?

    Developers of doomed Fla. tower were once accused of paying off officials: report

    https://nypost.com/2021/06/27/developers-of-fla-tower-were-accused-of-paying-off-officials/

    The developers of the Miami condo tower that collapsed were once accused of paying off local officials to get permits for the site — which needed $15 million in repairs just to bring it to code, a new report says.

    Building rivals claimed that the partners behind Surfside Champlain Towers South were receiving preferential treatment when it came to getting through the permit system as the site was being built in 1981, the Washington Post said.

    1. The Financial Times
      US economy
      US cannot afford housing market ‘boom and bust’, warns Fed official
      ‘You don’t want too much exuberance,’ says Eric Rosengren amid fears over hot property sector
      Eric Rosengren noted that in the Boston property market it has become common for cash-only bids to prevail for home purchases
      James Politi in Washington and Colby Smith in New York
      2 hours ago

      A senior Federal Reserve official has warned the US cannot afford a “boom and bust cycle” in the housing market that would threaten financial stability, in a sign of growing concern over rising property prices at the central bank.

      “It’s very important for us to get back to our 2 per cent inflation target but the goal is for that to be sustainable,” Eric Rosengren, the president of the Boston Fed, told the Financial Times. “And for that to be sustainable, we can’t have a boom and bust cycle in something like real estate.

      “I’m not predicting that we’ll necessarily have a bust. But I do think it’s worth paying close attention to what’s happening in the housing market,” he said.

      According to data released by the National Association of Realtors last week, the median price for sales of existing homes was up 23.6 per cent year-on-year in May, topping $350,000 for the first time.

      Rosengren said that in the Boston property market, it had become common for cash-only buyers to prevail in bidding contests, and that some have been declining home inspections to gain an edge with sellers.

      “You don’t want too much exuberance in the housing market,” Rosengren said. “I would just highlight that boom and bust cycles in the real estate market have occurred in the United States multiple times, and around the world, and frequently as a source of financial stability concerns.”

      He said the roaring housing market should be a factor as the central bank considers slowing or removing some of the hefty monetary support for the economy introduced during the coronavirus pandemic.

      The Fed has been purchasing $40bn in agency mortgage-backed securities per month alongside $80bn in monthly Treasury debt as part of its asset purchase programme.

      Fed officials are now beginning to discuss trimming that bond buying. And Rosengren said that “when it is appropriate” to begin that process, mortgage-backed securities purchases should be reduced at the same rate as Treasury purchases. That would mean the direct support to housing finance would wind down more quickly.
      …

Comments are closed.