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Buyers Only Want To Buy During A Sellers’ Market

A report from the Cody Enterprise in Wyoming. “Jackson realtor Latham Jenkins said although there may be more demand and profitability available for agents and sellers than ever before, the winning bidder is the sole applicant left feeling happy after an over-priced purchase. ‘Then you have 10 angry bidders who missed out,’ he said. Because of the expected appreciation that can be expected in the coming years, Scott Richard, owner of Richard Realty, still recommends first-time homebuyers get in the market as soon as they can. ‘A house you could have bought a couple of years ago for $160,000, it’s now $300,000,’ he said.”

From KVUE in Texas. “Houses for sale around the Austin area sat a little longer for the month of June. That prompted broker and owner of Spyglass Realty Ryan Rodenbeck to post on social media a video where he asks, ‘are we seeing a slowdown in the Austin real estate market? Are we approaching what could be a bubble?’ An analysis of MLS data by Chris Jacobs shows an increase in housing inventory for June. ‘We started seeing the agents were saying that they’re seeing less multiple offers. I mean, at one point, we were looking at 40, 50, 70 offers on a listing that went down to 30, 10,’ he said.”

The Merced Sun Star in California. “Prices are surging toward the record for a median priced home in Merced of $344,500, which was set in October 2006. A year ago, for example, the median time that a house was on market before it sold was 13 days. The time on the market is now less than half that, at six days. And the average selling price is now typically 103.5% of the seller’s asking price. But instead of continuing to come down, as it did for much of the past year, that six-day figure has been unchanged for the past three months.”

“Is that – along with real estate experts in the Sacramento area reporting fewer homes attracting multiple offers – a possible sign of stabilization of the market, if not a slowdown? ‘My take is that the data is starting to show some limits to what buyers are willing and able to pay,’ economist Jeffrey Michael of the University of the Pacific told The Sacramento Bee.”

From Mansion Global. “A bankruptcy court has slashed another $19.8 million off the price of the historic Beverly Hills, California, estate once owned by newspaper tycoon William Randolph Hearst and is now asking $69.95 million. Once asking as much as $195 million, the property was relisted in April for $89.95 million before its latest discount.”

“The property’s longtime owner, attorney Leonard Ross, had been trying to sell the property at various price points since 2007. In 2019, he placed the limited-liability company that owns the property into chapter 11 bankruptcy. ‘The bankruptcy court was very motivated to sell the property,’ Anthony Marguleas of Amalfi Estates, told Mansion Global. The price adjustment took into consideration the recent, comparable sale of Villa Firenze in Beverly Hills, Mr. Marguleas said. That property, once asking $165 million, was auctioned in February for $51 million, without fees.”

From CNBC. “The great lumber bubble of 2021 has popped. After a jaw-dropping rally this spring, lumber prices have come back down to earth as supply increased, speculative trading action cooled and homebuilding demand eased. Recently, there have been signs of the housing boom fizzling. Weekly mortgage demand fell 6.9% last week to the lowest level in almost a year and a half. ‘It was a bubble but it is still double where it was pre Covid,’ said Peter Boockvar, CIO at Bleakley Advisory Group.”

The Globe and Mail in Canada. “Many of Toronto’s young urban dwellers are reveling in the city’s reawakening and putting weighty real estate decisions on hold for now. ‘I can definitely feel the beat on the street change,’ says real estate agent Riley Boyko of Cloud Realty, who lives and works in downtown Toronto. Sales began to slow down in April and May across Canada, and the trend appears to be continuing into the summer. Mr. Boyko notices the change most markedly in condos with asking prices under $1-million, which are seeing less interest from first-time buyers than they were a few months ago.”

“As listings for single-family houses come onto the market, Mr. Boyko is noticing the odd paradox that buyers move to the sidelines just as bidding wars calm down, instead of taking advantage of the lull. Some properties are not selling on the night reserved for reviewing offers. Others are selling at rich prices but without the frantic bidding that erupted in the early part of the year. ‘Buyers only want to buy during a sellers’ market,’ he says.”

From Business Tech in South Africa. “Did the rental market crash or was it just a blip in the road? The old argument is that ‘securing the roof over your head’ means there is infinite need for housing stock and landlords can negotiate on their terms, says Michelle Dickens, chief executive officer of TPN Credit Bureau. ‘It’s a tenant’s market, an oversupply of vacant properties is driving down rental prices as tenants are in the position to shop around for a better deal. No doubt driven by fewer tenants responding to their property adverts, in some instances landlords report zero interest in the property until the price is dropped and re-advertised.'”

The Vietnam Express. “In the past two months, rental prices for apartments in HCMC have dropped by a further 10 to 15 percent due to Covid-19 impacts. A Q2 VnExpress survey found that apartment rents in HCMC were continuing to fall despite a 30 percent slump last year. Since May, when the new Covid-19 wave in HCMC turned complicated, luxury apartment rents in District 2 that typically ranged from $1,300-1500 a month dropped to $1,000 and even $900.”

“In Binh Thanh District, fully serviced luxury apartments with areas of up to 80 square meters that had a daily rent of $43 have seen this plunge by up to 35 percent since the new Covid-19 wave struck. A few minutes away from the center, District 4 used to be a bustling market for rental apartments, but, since the new Covid-19 wave, the rent for luxury apartments here have recorded the strongest dip in a decade. In 2020, rents of luxury apartments on Ben Van Don Street dropped by 30-35 percent and have dropped another 10 percent this June.”

The Philippine Star. “The Bangko Sentral ng Pilipinas (BSP) said the Residential Real Estate Price Index (RREPI) contracted by 4.2 percent to 132.2 in the first quarter from 138 in the same quarter last year primarily driven by the fall in prices of condominium units and duplexes. The nationwide house prices in the first quarter were also 1.6 percent lower than the 134.4 in the fourth quarter of last year due to the lower prices of duplexes, townhouses, and single detached or attached houses, which more than offset the higher prices of condominium units.”

“‘Nationwide house prices contracted due to the subdued demand for residential prices amid the pandemic,’ the BSP said. Latest data showed prices of condominium units fell by 10.7 percent to 163.2 in the first quarter from 182.7 in the same quarter last year. Prices also declined by 15 percent in the third quarter and by 8.4 percent in the fourth quarter of last year. ‘This is the third consecutive quarter that condominium prices declined owing to the lackluster demand for condominiums in the NCR,’ the BSP said. Likewise, the price of duplex housing units plunged by 20.7 percent to 132.6 from 167.3.”

“BSP Governor Benjamin Diokno said the regulator has sharpened some of its macroprudential tools to monitor and contain the potential buildup of risk arising from banks’ exposure to the property sector. ‘These tools include the cap on loan to value ratio, limits on real estate loans, monitoring of banks’ real estate exposures, and the real estate stress test limit,’ Diokno said.”

The Sydney Morning Herald in Australia. “The collapse of Champlain Towers in Miami, Florida should elicit sympathy and fear in equal measure. Florida is the birthplace of resort-style high rise residential development that has been copied in cities around the world, including Australia. The result was an unprecedented condominium building boom. By 1975, there were as many apartments in Florida as there had been in the entire United States five years before. The boom was fuelled by developers promising a lifestyle of sun, sand and recreation. However, the reality was darker with developers exploiting purchasers through a range of nefarious practices so bad that the condominium market threatened to implode.”

“Australia has one advantage over the US and that is uniform strata legislation that imposes obligations to repair on the body corporate. That’s where our advantage ends. Building defects are rife with many purchasers buying into a world of pain. In all the fuss and noise around building defects, a basic point seems to be forgotten. It is entirely reasonable to assume that a brand-new apartment building will be defect-free. This is because developers are perfectly capable of building defect-free buildings; they do so in the commercial sector all the time. They fail to do so in the residential sector because of split ownership, and because they have been allowed to get away with it.”

From Stuff New Zealand. “House prices nationally are now 12.4 times the average wage due to a drop in home affordability in recent months, new Massey University analysis reveals. Massey University professor Graham Squires said, two years ago, the price-to-income ratio was 8.9, so it had now increased by 3.5 across all regions, which was significant and indicated a dramatic separation between prices and wages. But what was interesting for this quarter was that wages had fallen slightly, he said.”

“The Government’s tax policy changes, which were announced in March, did not appear to have had an impact on the market at this stage, he said. ‘If you look at the froth in the market, it hasn’t really gone backwards, so the buzz has continued. It’s the New Zealand way, for people to keep going until there is actually a dip in the market.'”

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This Post Has 98 Comments

  1. ‘the odd paradox that buyers move to the sidelines just as bidding wars calm down…‘Buyers only want to buy during a sellers’ market’

    Riley stepped in the odd paradox alright. Everybody is a speculator at these prices and aren’t interested if it isn’t red hotcakes.

    ‘It’s the New Zealand way, for people to keep going until there is actually a dip in the market’

        1. *Come on, baby (don’t fear the reaper)
          Baby, take my hand (don’t fear the reaper)
          We’ll be able to fly (don’t fear the reaper)
          Baby, I’m your man . . .

          “we need more cowbell”
          what . . ?
          “more COWBELL”
          say WHAT . . !?
          “REALTORS ARE LIARS!!”
          right-on, man

    2. odd paradox

      Or is he confusing cause and effect? Bidding wars have calmed down because buyers have moved to the sidelines; in which case it’s neither odd nor a paradox.

  2. ‘Diokno said the regulator has sharpened some of its macroprudential tools to monitor and contain the potential buildup of risk arising from banks’ exposure to the property sector’

    We can also say banks don’t want to lend if it isn’t red hotcakes at these prices. Happens every time.

    1. “We can also say banks don’t want to lend if it isn’t red hotcakes at these prices.”

      Bahahaha … it is the bank’s lending that created the red hotcakes in the first place, that and the over abundant supply of ignorant puke fools that inhabit the planet.

      Allow these ignorant puke fools access to enormous gobs of money that they are eager and oh-so willing to trade their financial souls for, pit these pukes against each other by enticing them to engage in stupid bidding wars and – presto! – what you get are red hotcakes prices.

      Bankers rule, others drool.

  3. ‘It’s a tenant’s market, an oversupply of vacant properties is driving down rental prices as tenants are in the position to shop around for a better deal’

    That’s the spirit!

    1. I think a global North Korea is what the central planners are working towards. The centralization of all wealth and power has created such an unstable system that the only way to preserve it is absolute control of everything and, most importantly, our minds. Systemic collapse might be the only alternative to the central plan at this point.

      1. collapse might be the only alternative

        I’d choose a good and thorough house cleaning over giving up.

      2. I agree but I think the only thing holding up the house is filth and dirt. Cleaning it and continuing to inhabit the same structure doesn’t look like an option.

  5. ‘are we seeing a slowdown in the Austin real estate market? Are we approaching what could be a bubble?’

    When I see stuff like this I always wonder, did they really think this was never going to end?

    ‘A house you could have bought a couple of years ago for $160,000, it’s now $300,000’

    It’s not clear, cuz he could be a lion. But if true, how could anyone not see what’s going on?

  6. Today is Thursday, July 1st and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

    P.S. for all the globalists, you can’t be a globalist and be an American at the same time. If you serve globalist masters, you are by default, anti-American.

    1. Its was always very strange to me what the Democratic party was selling during their Presidential Campaigns. Seems like it all went against the Majority populations interest in US.

      Open borders not good for US Citizens.
      Racism themes, was promoting racism.
      Commie programs, not affordable or justified.
      Climate Change, not proven and fear mongering.
      Commie Health Care, actually they just didn’t want Obama care eliminated.
      High tax rates , who wants that.
      White privilege, critical race theory indoctrination in schools, not in the interest of race targeted or learning.
      Bribes to groups to get votes such as paying off debt etc. Gov. picking winners and losers is bribery.
      Anti American talk, something only a enemy of US would engage in.
      Endorsement of non peaceful Commie rioters and criminals in the streets, and endorsing defunding of police. On and on .

      So, after Russian Hoax, 2 fake impeachments of Trump and 24/7 fake news slander , than censorship of news, THEY JUST RiGGED THE ELECTION because they weren’t selling anything the Majority wanted.

      And now as their Agendas become more and more anti US Citizen and anti world, they are insane ,false and threatening to all, the Globalist are not American. They are more like a hostile UFO trying to take over earth.
      Its not very fashionable trying to take over most the planet, its outright rude.

  7. BTW, the server seems kinda slow and sticky to me this morning. We’ll see how it goes and I may have to open the hood.

  8. Scarsdale, NY Housing Prices Crater 17% YOY As Toxic Rot Sets In On New York City Suburbs

    https://www.movoto.com/scarsdale-ny/market-trends/

    As one national broker conceded, “We’ve been scraping the bottom of the buyer barrel for 15 years or more. Why do you think mortgage defaults are 600% higher than long term trend?”

  9. Basing the purchase price on expected appreciation that can be expected in the coming years?

    I smell Ponzi finance.

    “Because of the expected appreciation that can be expected in the coming years, Scott Richard, owner of Richard Realty, still recommends first-time homebuyers get in the market as soon as they can. ‘A house you could have bought a couple of years ago for $160,000, it’s now $300,000,’ he said.”

  10. “the sole applicant left feeling happy after an over-priced purchase.”

    Another episode of “Meet The Cratertons”.

  12. The prospect of catching a falling knife and finding yourself paying off an underwater loan just a few months after making a purchase certainly does have a chilling effect on a real estate frenzy.

    “Mr. Boyko notices the change most markedly in condos with asking prices under $1-million, which are seeing less interest from first-time buyers than they were a few months ago.”

    1. ‘Buyers only want to buy during a sellers’ market,’

      That totally makes sense, after you realize that a seller’s market is when real estate prices are rising at double-digit rates of appreciation, as buyers rush in and compete against each other in bidding wars that drive sale prices well above the seller’s list price. People who buy at such a time get to ride an ever rising wave of wealth effects as prices comtinually increase.

      By contrast, nobody wants to catch themselves a falling knife, which is what is quite likely to happen if you buy during a “buyer’s market.”

      1. Makes sense.

        A catalyst may also be FOMO flipping (perhaps suddenly) from buyers to sellers. Last chance to sell to the ranks of the clueless?

  13. ‘A house you could have bought a couple of years ago for $160,000, it’s now $300,000,’ he said.”

    Yellen the Felon and Jerome Powell assure us they see no bubbles.

  14. “The property’s longtime owner, attorney Leonard Ross, had been trying to sell the property at various price points since 2007.

    Not going to give it away, ay, greedhead?

  16. Meanwhile, the crypto pump & dump continues to separate fools from their money day in and day out. The marvel here is how such profoundly stupid people ever accumulate enough money to speculate on these worthless digital tokens in the first place.

    https://www.coinbase.com/price

    1. The marvel here is how such profoundly stupid people ever accumulate enough money to speculate on these worthless digital tokens in the first place.

      HELOCs?

      1. “The marvel here is how such profoundly stupid people ever accumulate enough money to speculate on these worthless digital tokens in the first place.”

        “HELOCs?”

        The equity cashed out via HELOCs is produced by the actions of still other profoundly stupid people.

        We currently live in The Era Of The Profoundly Stupid.

    2. https://decrypt.co/74858/650-banks-to-offer-bitcoin-purchases-to-24-million-customers

      The fantastical insane fraud of cryptos is actually a good justification for building at least a small portfolio. As the Ponzi scheme expands it will become an official systemic financial risk supported by government protections. They will be taking earned and saved dollars away from those working for a living and using it to bail out people who have invested and speculated in nothing. There is only one direction the current financial system can go in order to sustain itself…and that is exponentially in the direction of greater insanity.

      2. Ideas
        Economy
        Today’s Crypto Fanatics Could Learn a Lot From Isaac Newton’s Money Mishaps
        1720, A satirical engraving, by William Hogarth, depicting the South Sea Bubble, a financial scandal involving the East India Company and the Bank of England. (Photo by Edward Gooch/Getty Images)
        By Thomas Levenson
        June 23, 2021 2:29 PM EDT
        Levenson is a professor of science writing at MIT. His most recent book, Money for Nothing, was just published in paperback.

        Since January, U.S. financial markets have been on a tear, a wild ride that began as the Biden administration completed its first full week in power. Five months later, the benchmark Dow and the wider S&P indexes have reached record highs, while individual assets have behaved…well, exuberantly, most spectacularly in the sudden 1,200 percent rise and 40% drop in the price of Dogecoin, a cybercurrency initially launched as a joke.

        Most nervous-making for market historians, the price-to-earnings ratio for the S&P 500 had climbed past forty four by mid-May—almost three times its long-term average of about sixteen, and remains around 40 today. That means it now costs about forty dollars to buy one dollar of the earnings of the five hundred largest U.S. companies, a level seen in previous market panics.

        Such data has prompted comparisons with the lead-in to 1929’s Black Friday crash. Nobel laureate Robert Schiller pointedly drew that link in April, writing that in the late 1920s, and by implication, again today “people played the market as a grand game abetted by technological innovation and new mass media.”

        Yet, while popular enthusiasm played its part in 1929 and in crashes before and since, there is a story from the earliest days of financial capitalism that suggests the problem isn’t just that sometimes some people act foolishly. It is rather that money manias reliably and systematically evoke such folly.

        The first boom and crash took place in London in 1720, in what we now call the South Sea Bubble. Those who lived through describe scenes of madness—along with misdeeds, con-men ruining honest, simpler folk. Such tales reinforce the idea that it is individual mistakes, not market failures, that produce crashes. But there is a story of two men, both experts, each with very different approaches to deciding what the market was worth, that reveals a deeper pathology within financial disasters, then and since.
        …

        1. “The first boom and crash took place in London in 1720, in what we now call the South Sea Bubble.”

          The collapse of the Lombard banking system financial debt bubble preceded this by several centuries. No doubt there are other examples lost to antiquity as the same scams seem to work on humans throughout history. Kind of argues against the theory of evolution in a way that we are still susceptible to the same simple debt bubble scams that worked the same way since the dawn of civilization.

    1. I specifically remember the Project for the New American Century publishing a policy paper in 1996 stating that “a new Pearl Harbor” was needed to justify pre-emptive neocon wars in the Middle East.

      Neocons gonna neocon (see also Madeleine Albright on camera saying that the death of half a million Iraqi children from U.S. sanctions was “worth it.”)

      1. The U.S. CIA and Special Forces had Osama bin Laden trapped in the caves at Tora Bora in eastern Afghanistan in December 2001, but the “blue eyes” in the State Dept and the Pentagon let him escape into Pakistan. We could have wiped-out the Taliban, avoided killing more than 500,000 civilians and saved $trillions! WTF?

        1. OBL died of kidney failure in December 2001. He was always a CIA asset. The alleged videos of him after that period were fakes.

    2. The Ultimate 9/11 Red Pill Part II

      https://www.bitchute.com/video/ZDoC3E5gWMxs/

      At over 17 hours, you will need to watch this over several days. The basic conclusion is this: 9/11 had been in the works since 1979 as an Israeli project to draw the USA into its conflicts in the Middle East. It was a joint project of Israel and traitors (neo cons) in the US gov’t along with key private citizens (e.g. Larry Silverstein). The simplest answer is usually correct, and in the case of 9/11, it is that a technologically-sophisticated foreign power blew up those towers in a false flag attack.

  20. Ok, so the risk factors have heightened for real estate.
    Government imposing eviction restrictions.
    Government threatening zoning restrictions.
    Government threatening Health Emergency restrictions like lockdowns , destroying business.
    Corruption of lending and Government backing bad loans.
    Artificial low interest rate creating bubble.
    Unsustainable debt.
    Threat of private property taken by force,or unknown tax increases or other unknown penalties that Commie legislation could impose.
    Threat of the Great Reset agenda, which implies a total change to economic systems .
    Inflation looming rendering assets not being affordable.
    Rigged election and Power grab by Entities with a agenda that threatens all systems.

    Actually, what investment is safe these days in that its all rigged, and not based on anything sustainable.

    So, with all the axes that could fall , what is safe?
    No wonder people are nuts under these circumstances.

  21. A local shopping center goes into foreclosure a second time:

    The Promenade Shops foreclosure marks the second time that the property has fallen into foreclosure since its construction in 2004. The property went into foreclosure in 2009 and was acquired by a subsidiary of former lender Keybank for $85 million.

    https://www.reporterherald.com/2021/06/30/bank-likely-to-take-title-to-promenade-shops-when-no-one-bids-during-foreclosure-auction/

    And as you can see from the URL, there were no bidders the second time:

    The room was silent when Lauren Mehl, deputy public trustee, called for bids on the troubled Promenade Shops at Centerra Wednesday morning.

  22. Sounds like a Peace Corp big wig was killed by stray vibrant gunfire in DC.

    An executive with the Peace Corps has since been identified as the man shot and killed in Washington, D.C. after being struck by a stray bullet as shots rang out not far from a restaurant he and his wife had just eaten dinner at with another couple Tuesday night.

    1. killed by stray vibrant gunfire in DC.
      I was born and raised in Chicago but can’t see myself ever going back.
      Just too many crazy stories/videos on shootings/car jackings even in the “Nice” parts of town. Video about Chicago teenagers taking over the “nice” parts of town was on Youtube earlier this week. Plus, I’ve been gone so long I’m not sure where the “nice” parts of town are anymore.

      2. A former girlfriend of mine attended the U of Chicago. I was always fascinated when I visited her by the crime map published in the campus newspaper, with weekly updates on serious crimes committed within the perimeter of the campus community. You really had to watch your back around Hyde Park if you were white and nerdy.

    2. That’s a shame.

      My impression of DC from visiting a few years ago is that there are parts of the area that are best avoided, and that those locations are geographically fluid, depending on the movements of the individuals who make them unsafe for civilized society.

    4. In Maryland’s capitol Annapolis, not too far away, a mother and father of a new Academy student were sitting at an outdoor restaurant. A gun battle broke out nearby and the mother was killed by a stray bullet. That was June 29.

      Annapolis had traditionally always been very upscale. Expensive homes, seat of Maryland’s state government, home to the Naval Academy, picturesque. I had not idea it had become so crime ridden – vibrant – in the intervening years.

      I do like the term vibrant, it is darkly amusing, turns the criminal class’s advocates’ nonsense on its head (“vibrant culture” – blighted, violent, corrupt). The plebe and his family are African American, but most assuredly not vibrant. Two parent family, high achieving son, elite service academy. A horrific crime, I don’t know what the boy’s going to do going forward, the Naval Academy is extremely rigorous physically and academically.

  23. “‘A house you could have bought a couple of years ago for $160,000, it’s now $300,000,’ he said.””

    Oh man, does that mean in a few more years it will be worth $500,000? Then what, after a couple more years $800,000?

    1. “‘A house you could have bought a couple of years ago for $160,000, it’s now $300,000,’ he said.””

      This has happened in every previously low cost area. But incomes never budged. I do not see how this is even remotely sustainable.

      1. It’s not sustainable.

        It’s one Realtorbabble lie piled up on top of another Realtorbabble lie, all pretending that trees can grow infinitely into the sky.

        I love to ask these Kool-Aid drinkers, if real estate is such an “investment”, why haven’t you withdrawn *ALL* of the equity from your owner occupied SFR to buy more “investments?”

        And it’s always: I bought in 2011, 2014, etc. But if it was such an “investment” then, why isn’t it an “investment” now? Why are you not GOING ALL IN? Since it is such a fail-proof investment.

        Realtors are liars, but once they make a sale and walk away with a commission check, they can walk away from that lie, forever. The loanowner, however, could be stuck living with that lie for the next 30 (or even 40, nowadays) years of their life.

        What did you “win” when you “won” that bidding war?

      2. remotely sustainable

        Consider yourself lucky. You are not staring down the barrel of personal unsustainability like the fools who placed bets on this.

  25. No dollar shall be allowed to escape. Not one.

    Robinhood Wants You to Buy Robinhood Stock on Robinhood – WSJ

    The trading app is allocating up to 35% of its IPO shares to individual investors, part of a strategy to bring IPO investing to the masses

    (snip snip)

    Robinhood Markets Inc. wants its users to buy stock. The online brokerage’s own, that is.

    The popular stock-trading app plans to set aside as much as 35% of shares in its coming initial public offering for individual investors, the company said in a regulatory filing Thursday, a much larger retail allocation than in a typical deal. Robinhood wants people to sign up to buy the shares on its new platform that gives users access to IPOs before they start trading.

    The Robinhood IPO is shaping up to be the biggest test yet of a notion that is gaining traction on Wall Street: The everyday investor should play a bigger role in the IPO market. Robinhood rivals SoFi Technologies Inc. and investing and social-networking app Public Holdings Inc. are launching their own IPO-access platforms to take advantage of the newfound power and enthusiasm of the everyday investor.

    https://www.wsj.com/articles/robinhood-wants-you-to-buy-robinhood-stock-on-robinhood-11625131801?mod=rss_markets_main

  27. The globalist media and Democrat-Bolshevik Quislings have their marching orders: “climate change” is the approved Narrative for what caused the collapse of the Surfside condo tower, not REIC corruption and incompetence in collusion with on-the-take Democrat apparatchiks.

    Officials are reviewing ALL the work of suspended building inspector who dismissed damning 2018 condo report – as it’s revealed entire building department in Surfside was under review at time of collapse

    https://www.dailymail.co.uk/news/article-9745475/Officials-reviewing-work-suspended-building-inspector-dismissed-2018-report-condo.html

    A Florida building inspector who assured residents of the collapsed tower that it was in good shape a month after being warned otherwise is having all of his previous work reviewed after being suspended from his new job.

    Meanwhile, it has also been disclosed that the entire building department for the town of Surfside was under review at the time of the collapse.

  28. The black-robed frauds on the Supreme Court have dropped all pretense of being jurists charged with upholding the Constitution, and instead rubber-stamp any and all orders from their globalist masters no matter how flagrantly they violate the letter and intent of the Constitution and Bill of Rights.

    Kavanaugh Sides with Leftists Against Private Business Owners, Upholds CDC’s Moratorium on Evictions

    https://noqreport.com/2021/06/30/kavanaugh-sides-with-leftists-against-private-business-owners-upholds-cdcs-moratorium-on-evictions/

    1. It sux to be a landlord with deadbeat tenants during an eviction ban. It’s hard enough to evict someone who stops paying the rent without the state taking the deadbeat’s side.

      1. That’s the least of it. What really sucks is the belated realization that our former Constitutional republic is now an oligarchy where the criminals don’t just run things from behind the scenes, they ARE the scene.

      2. . It will be even harder to watch all the big funds invested in RE get bailed out with your money and then use your own money to buy your foreclosed property at a fire sale discount.

  29. I’ve always been intrigued how this housing bubble has been a global phenomenon, both pre-GFD and now. What’s the common theme? My sense is that it’s because central banks the world over are running the same monetarist playbook: lower interest rates, buy debt and other assets

    A Housing Frenzy Is Sparking Bidding Wars From New York to Shenzhen
    Global property prices are rising at the fastest rate since before the financial crisis.

    Bloomberg News
    June 30, 2021, 9:00 PM EDT

    Around the world, property markets are going bananas.

    From the U.S. to the U.K. to China, housing is riding an extended boom. Global valuations are soaring at the fastest pace since 2006, according to Knight Frank, with annual price increases in double digits. Frothy markets are flashing the kind of bubble warnings that haven’t been seen since the run up to the financial crisis, a Bloomberg Economics analysis shows.

    On the ground, outrageous stories are rife, with desperate buyers promising to name their first-born after sellers and derelict buildings selling for mansion prices.

    The drivers for the frenzy are remarkably consistent: cheap mortgages, a post-pandemic desire for more space, newly remote workers taking city cash to regional locations — and, crucially, a pervasive fear that if you don’t buy now you may never be able to.

    [anecdotes from frenzied buying, with pics, from Canada, Australia, US, UK, China]

    https://www.bloomberg.com/news/features/2021-07-01/world-s-fastest-property-price-surge-since-financial-crisis-sparks-bidding-wars

    2. There is nothing that is authentic about that treasonous , demented crook, Puppet Biden. I would like to punch him out when he says Commie programs and open borders is what America is. Since when is that what America is. Bought out treasonous Government is what America has become.
      In the 60’s, the Civil Rights movement was authentic, so that’s why it prevailed.
      What’s going on now is a bunch of contrived fraud and insanity that isn’t authentic.

      Biden faked out the moderate Democrats, so he’s just a con artist and joke and a National Security threat .
      So Biden has the agenda of the radical Commie nuts and the Globalist Pig men , and perhaps foreign enemy interest , but not even moderate democrats. Biden and Harris and Pelosi are not likeable or authentic . Its like a clown show.

        1. ” ……who is running the Country at the moment?”

          Globalist Monopoly One World Order Pig men in collusion with foreign enemies, Elite Ruling class, and maybe throw in some Devils for good measure.

  31. The Real Lender on Your Mortgage Could Be the Federal Reserve

    The Fed is scarfing up a large share of all newly issued mortgage-backed securities.

    by: Peter Coy
    July 1, 2021, 5:00 AM EDT
    Bloomberg

    Why, again, is the Federal Reserve adding $40 billion a month to its holdings of mortgage-backed securities when the mortgage market doesn’t seem to need any federal assistance?

    After all, the national average for a 30-year fixed-rate mortgage loan is 3.02%, according to the latest survey by mortgage buyer Freddie Mac Corp. That’s up only a bit from the less than 2.7% in January and February, the lowest in records going back to 1971. Cheap loans are fueling a historic rise in home prices that’s making homeowners rich on paper but crushing would-be first-time buyers.

    The Securities Industry and Financial Markets Association (Sifma) reports there were $8.44 trillion in the securities guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae at the end of 2020, meaning the Fed owns more than a quarter of the MBS market…. The Fed bought 47% of the net issuance of MBS in the fourth quarter, if you go by its $120 billion quarterly increase in holdings and Sifma figures showing that the total of outstanding MBS grew by $257 billion.

    Fed Chair Jerome Powell is trying to keep the Federal Open Market Committee united behind continuing to buy MBS and Treasuries as a way to hold down interest rates and promote economic growth. The recovery, he says, is incomplete. The U.S. still had 7 million fewer people employed this May than in February 2020, before the pandemic struck. But he hasn’t done a wonderful job of articulating why buying MBS is the right medicine for the economy. …

    A better argument might have been, “Look, we’re a big player, so we try to spread our money around. Yields on Treasuries and MBS are linked, because investors choose between them. Buying MBS helps hold down interest rates on Treasuries and vice versa. All kinds of other interest rates consumers and businesses pay are pushed down when we buy Treasuries and MBS.”

    Or something like that. A market intervention as big and enduring as the Fed’s in housing finance requires a strong and understandable justification.

    https://www.bloomberg.com/news/articles/2021-07-01/the-real-lender-on-your-mortgage-could-be-the-federal-reserve

  33. “I think, therefore I am.” — Descartes

    “I lie, therefore I’m a realtor.” — Every NAR member ever

  34. Bubble warning sign:

    Wife comments without prompting about how insane the sale prices shown on the local used home seller’s flier are.

    Will provide details later.

    1. I have no reason to suspect our local used home seller to present inaccurate information on his flier, as his industry group has a reputation as the most honest among all industries on the planet.

      So here goes:

      4br 3ba 2256 sq ft

      List price $1.08 million

      Sale price $1.37 million

      Price per sq ft = $607

      Premium of sale price over list = 27%

      Like my wife said, it’s insane.

      1. PS This home is in Rancho Bernardo, not 4S Ranch, Del Sur, Carmel Valley, La Jolla, Del Mar, Cardiff, Encinitas or Rancho Santa Fe (all more upscale areas). The bubble is even more ubiquitous this time than last.

    2. Economy
      America’s central bank helped spark the US housing boom. Now it fears it created a monster.
      Ben Winck
      Jun 30, 2021, 5:30 AM
      Carpenters work on building new townhomes that are still under construction in Tampa, Florida, on May 5, 2021.
      Octavio Jones/Reuters
      — The Federal Reserve’s emergency actions lifted the housing market. Some fear the boom has gone too far.
      — Purchases of mortgage bonds aided markets but are now eyed by some officials as risking a bubble.
      — “We don’t want to get back in the housing bubble game,” St. Louis Fed President James Bullard said.

      The onset of the coronavirus pandemic — and its intense economic fallout — prompted the central bank to use its most powerful tool and set its benchmark interest rate near zero. Looking to further aid financial markets, the Fed also began purchasing $120 billion in assets per month, including $40 billion in mortgage-backed securities.

      This kind of outsized support wasn’t anything new. The Fed had previously combated recessions with rate cuts and emergency asset purchases. But where the housing market was ground zero during the Great
      Recession, the Fed’s actions made it an unexpected beneficiary during the COVID-19 downturn.

      The rate cuts dragged mortgage rates to historic lows, and asset purchases further boosted the market. Sales boomed through 2020 as Americans fled cities and capitalized on low borrowing costs. But then supply tumbled to all-time lows and persistently high demand has led prices to climb at a record pace. Other indicators flashed their hottest readings since the mid-2000s bubble, leaving some to question just how long the market can boom before homes simply aren’t affordable anymore — and what the Fed will do about it.

      Some Fed officials see cause for concern. The mortgage-backed securities acquisitions could be having “some unintended consequences and side effects” that should be weighed against their benefits, Robert Kaplan, president of the Federal Reserve Bank of Dallas said on CNBC late last month.

      “Some restraint and moderation as we move toward weathering this pandemic, I think, would be useful in mitigating some of these excesses and imbalances,” he added. More recently, Kaplan told The Wall Street Journal that he had raised concerns around the housing market during the Federal Open Market Committee’s mid-June meeting.
      …

  37. We must embrace our fundamental transformation.

    GOP rep warns ‘no operational control’ of border after seeing migrants stream in, board flights

    https://www.foxnews.com/politics/gop-rep-operational-control-border-migrants-stream-flights

    Rep. Bob Good, R-Va., on Thursday warned that the U.S. has “no operational control” of the border after a trip to Texas in which he and a number of other Republicans saw migrants streaming into the U.S. and being put on flights to other states.

    “We have no operational control, no legal control, no law enforcement control of our border,” Good said in an interview with Fox News. “We are not enforcing our laws, we are not preventing people. This is willful and intentional on the part of this administration to facilitate the illegal entry into our country of tens of thousands, 180,000 in [the] month of May…some 700,000 this year, of the ones we’ve apprehended.”

  38. “Maybe so, but who is running the government at the moment?”

    The question everyone has but isn’t asking.

    Anyone want to take a crack at this?

    1. Obama publicly said he wouldn’t mind another term with someone as a front man.

  39. “you may have been exposed to harmful extremist content recently.”

    Facebook asks: Are your friends becoming extremists?

    Elizabeth Culliford
    July 1, 2021

    July 1 (Reuters) – Facebook Inc (FB.O) is starting to warn some users they might have seen “extremist content” on the social media site, the company said on Thursday.

    Screenshots shared on Twitter showed a notice asking “Are you concerned that someone you know is becoming an extremist?” and another that alerted users “you may have been exposed to harmful extremist content recently.” Both included links to “get support.”

    https://www.reuters.com/technology/facebook-asks-are-your-friends-becoming-extremists-2021-07-01/

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