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It Is Time For Real Estate Speculators To Give Up Their Fantasy

A report from KJZZ in Arizona. “Phoenix construction activity is getting close to levels seen in 2006, just before the housing crash and Great Recession. ‘At the conclusion of fiscal year 20-21, planning will have issued approximately 47,000 total construction permits and will have completed 275,000 inspections,’ said Mayor Kate Gallego.”

The Pueblo Chieftain in Colorado. “Pueblo’s newest large-scale subdivision near Colorado State University Pueblo, is located north of Colorado 47, and west of Baculite Mesa Road. ‘We have sold the majority of the 610 acres to two home builders/developers,’ said Dan DeRose, who along with his partners has owned the property since it first won city approval in 2008. Landhuis owner Jeff Mark of Colorado Springs said his company will start work on the first 44 lots within the next few weeks and in four months the first houses should be going up.”

“Mark said he will then kick off planning on 400 lots. ‘We obviously hope the market stays strong in Pueblo for a while,’ Mark said. ‘And then we are going to have another 500 to 600 lots in planning right behind that. We are coming in making a major splash from a development perspective,’ Mark said. ‘This year we likely will do about 1,300 houses along the Front Range.'”

From Marketplace. “If you follow the housing market at any level, you know we’re in the midst of a severe shortage of homes for sale. Others say the shortage is much smaller. Brad Dillman, chief economist with the multifamily unit builder Cortland, estimates we’re short just over one million housing units, which would take four or five years to catch up. ‘By my estimate, the absolute last thing you’d want to do would be to launch an expansionary housing policy right now,’ he said. Dillman warned that doing too much to stimulate building could lead to a glut, which is part of what got us into this mess in the first place.”

The Post and Courier in South Carolina. “As tight as the Greenville market is, there is some good news for buyers: the region’s inventory shortage isn’t quite as acute as it has been over the past several months. For prospective buyers in the Greenville market, crafting the right offer is crucial. Go too low, and they risk offending the seller—not to mention being noticeably out of whack among other offers. But even offers above list price can present hazards, given that the offer has to ultimately satisfy not just the seller, but also the financial institution writing the mortgage used to purchase the home.”

“‘In a competitive market, buyers who are offering well over the asking price can put the contract price over the price of recent sales in the area. So we are seeing some low appraisals,’ said Robby Brady of Allen Tate Realtors. ‘An experienced agent can help guide the buyer to avoid the appraisal issue, or work it out if the appraisal comes back below contract price.'”

The Daily News in Washington. “The rental eviction moratoriums are drying up Donna Britten’s savings plan. After not receiving a check in four months, Britten said she sold one of her rentals — part of her retirement nest egg. ‘Everyone thinks landlords have a million bucks, and that’s not the case,’ she said. ‘It’s been pretty tough for a lot of people.'”

“Britten owns 30 local rentals and New Springs Property Management in Kelso. She said owners with rentals in her property management company are $81,000 in the hole thanks to tenants who are not paying rent — some since February 2020. Landlords with one or two properties are hurting the most, Britten said. When rent for one property doesn’t come in, owners struggle to cover the mortgage.”

“She said security deposits often don’t make up for damages left by renters, either. One owner of a rental she manages was left with $10,000 in back rent and had to invest another $19,000 in the property before the unit could be placed on the market to sell, Britten said. Britten said 27 units under her property management company were sold because tenants weren’t paying rent.”

The New York Times on Florida. “Cordelia Anderson, a Miami real estate agent, said five clients who had been looking at units in older condo buildings asked for hefty discounts after the collapse, or abandoned the coast altogether and instead wanted to search farther inland. Ines Mason bought the 14th-floor condo, perched on an island in Biscayne Bay, five years ago as a getaway. After seeing another high rise similar to her own collapse nearly two weeks ago in the nearby city of Surfside, suddenly her Florida escape turned into a source of anxiety.”

“She became concerned about the structural integrity of her building, which is about 30 years old. She also worried about the financial return on her investment; her family had recently been contemplating putting the condo on the market and buying a townhouse. ‘Should we sell it?’ said Ms. Mason, a project manager who lives in Northern Virginia and travels to South Florida several times a year. ‘Should we not sell it? What should we do? We’re kind of just holding on tight and waiting to see.'”

The Stamford Advocate in Connecticut. “Drive up to the front of the home on 364 Laurel Roadin New Canaan and it can pass for any Fairfield County estate. Currently listed for $3.5 million, the eight-bedroom home has 9,200 square feet of living space, and on its over 6 acres of land are a guest house and a 15,000-square-foot ‘award-winning party [and] sports barn indulging almost every hobby or aspiration.’ The home last sold in 2014 and according to vice president of sales for Higgins Group Susan Leone, the home has not sold since despite being listed a few times. The property was listed in 2015 for $15 million, according to, and was relisted four years later for $4.9 million.”

“Back on the market after another price drop, Leone said the ‘unique’ home and its party barn have much to offer a prospective buyer.”

From Socket Site in California. “Custom built 14 years ago, the 101-acre Alamo estate at 10 Serenity Lane is centered around a nearly 13,000-square-foot ‘chateau,’ with a state-of-the-art, 12,000-square-foot car barn/museum that can accommodate up to 20 cars. And with the adjacent estate, which cost $135 million to develop, having sold for $19 million last year, the sale of 10 Serenity Lane has now closed escrow with a contract price of $16.9 million, which was officially ‘within 13 percent of asking’ but 59.8 percent, or $25.1 million, below its original list price.”

The Waterloo Record in Canada. “While the market is still competitive, the frantic pace of sales earlier this year has passed, according to Toronto real estate experts. ‘It’s probably the first regular market cycle we’ve seen since the onset of COVID,’ said Christan Bosley, president of Bosley Real Estate. Although prices and competition vary according to neighbourhood and the property, ‘we’re not seeing the same volume of offers,’ she said. ‘That kind of frenetic feeling is gone which is reassuring for people who realize these are regular market cycles.'”

“Agents are still getting multiple offers but not as many, and competitive scenarios are drawing fewer bidders, said Desmond Brown of Re/MAX Hallmark. ‘The last three deals I’ve done, we’ve negotiated price,’ he said. The slower pace of the market is changing the guidance that his team gives its clients, said Brown. ‘We’ve got to start pricing closer to what we feel the market value is, as opposed to pricing it in the hopes we’re going to get multiple offers, because it’s just going to end up that we have to cancel it and relist it at a higher price,’ he said.”

The Canadian Press. “The numbers signalled a continued cooling in the Ontario market from the end of 2020 and start of 2021, when sales and prices were routinely breaking records every month despite the pandemic. ‘The record pace of sales has run its course as pent-up demand has increasingly been satisfied in the absence of normal population growth,’ TRREB chief market analyst Jason Mercer said. The board now feels sales have peaked this year because it is no longer reporting records being broken, but wanted to upgrade the forecast to account for year-over-year sales continuing to outpace new listings growth.”

From News 2 in South Africa. “Graham and Jenni Rowe, owners of Harfield Guest Villa, have about six months left to find a buyer for their property. If they don’t, they risk losing everything they have worked for, for the past 25 years. And they are not the only ones. Across South Africa, hundreds if not thousands of guest house and B&B owners are staring the same harsh reality in the face. In a bid to stay afloat, the parents of two school-going kids had to cash in all their retirement annuities. They also asked for an extension on their bond last year and are in the process of applying for another one.”

“‘Luckily, we are healthy. I don’t mind working until I fall down. I don’t want to retire. I would have loved to have done this for the rest of my life. The reality is this is not going to last for another six months,’ he shares. According to Graham, most guest houses and B&Bs haven’t reached 30% occupancy since 1 April last year.’We have lost two-and-a-half seasons so far as there is not one booking for the coming season.’ To keep the lights on, Graham has taken on a second job as an estate agent at a well-known real estate agency.”

The Edge Malaysia. “According to Rahim & Co International Sdn Bhd Real Estate Agency CEO Siva Shanker, the main issue is the oversupply of property. ‘The biggest challenge is the huge oversupply of high-rise units. These are properties that were sold with the promise of very quick capital gains or high-rental returns,’ he says. Siva adds that those who bought the property to flip found that there were no buyers and were forced to put the unit on the rental market. This only led to more problems, as the oversupply in the market put pressure on rents.”

“‘There will continue to be an oversupply situation; there will be many people who have properties for rent but no tenants. This situation will be around for a long time. Nothing can be done immediately. The only way is to slow supply,’ he says. ‘Even if you [control] the new incoming supply, the existing supply is still there. There is really nothing you can do to alleviate this problem. It is like balls that are bobbing in a lake but the lake has a small outlet. Those balls will be bobbing around for a long time.'”

From in Australia. “Rather than lying awake at night like their parents’ generation wondering if a rate rise would make their financial future all the more challenging, the atmosphere for the current generation of mortgage holders has been far more relaxed. In the past three decades the RBA has slashed interest rates every five months on average. With the RBA cash rate now sitting at a record low 0.1 per cent, there is simply no more room for the Reserve Bank to cut rates further without taking the cash rate to 0 per cent or below.”

“A recent analysis by US investment J.P Morgan revealed the interest rate futures market expected around 0.4 per cent worth of rate rises over the next two years, 1 per cent over the next three years and roughly 1.5 per cent over the next four years. If 1.5 per cent worth of interest rate hikes was to be priced into the current average variable rate, the average interest rate on a variable rate mortgage would rise to 4.6 per cent per annum.”

“For an average buyer who recently purchased a home with the average mortgage of $504,000 who got a good deal of 2 per cent rate on a fixed term mortgage, the reversion to a variable rate loan amid rising interest rates could mean interest repayments more than double in an instant. As a result, monthly repayments would rise by $722 per month (38.6 per cent) and the household could find themselves in financial stress if they did not swiftly adjust their spending to their new mortgage servicing costs.”

From the Epoch Times. “Following a recent warning from China’s top banking regulator about a possible bubble in the Chinese housing market, mainland Chinese media company ARCHINA published an editorial emphasizing the communist regime’s concerns and the need to enforce tighter regulations. The move comes after U.S. policymakers announced raising interest rates by the end of 2023. According to official data, the relative property prices in Shenzhen, Beijing, Shanghai, and Hong Kong rank among some of the highest in the world, suggesting the boom could transform into a bubble.”

“On June 10, on a Shanghai financial forum, Shuqing Guo, chairman of the China Banking and Insurance Regulatory Commission, warned, ‘Those who speculate on foreign exchange, gold, and other commodities can hardly make a fortune, just like those betting that the housing prices will never fall—they will pay a heavy price in the end.’ Guo’s comments shook the financial market. On June 12, ARCHINA published a commentary on Guo’s statements, headlined ‘It is time for the real estate speculators to give up their fantasy.'”

“The article said Guo’s phrase ‘heavy price’ suggests that the situation is serious, but his words indicate that the Chinese regulators are confident in controlling the housing prices. It also said that the era of real estate arbitrage is coming to an end. Despite financial regulations, hidden issues in China’s property market still exist. So strict rules, including requiring proof of source of funds, are necessary to slow down the real estate frenzy.”

“On Aug. 16 last year, Guo published an article on Qiushi, the Chinese Communist Party’s official theoretical journal, and wrote: ‘Unswervingly fight the battle to prevent and resolve financial risks. … The real estate bubble is the biggest gray rhino that threatens the safety of the financial market.’ The ‘gray rhino’ refers to an imminent threat that follows a series of warnings that people have ignored.”

“Qingyou Guan, the chief economist of the Economic Observer, published an article on Chinese news portal Sina on housing prices. The house price to income ratio indicates that the properties in Shenzhen, Beijing, and Shanghai are alarmingly high, with percentages of 57.97, 55.80, and 45.55. These cities exceed Hong Kong’s housing price to income ratio and are one of the most expensive places to buy real estate.”

“Guan also pointed out that one of the key indicators to check whether the boom is turning into a bubble is the real estate price to rental cost ratio. Because the expenses of properties significantly exceed the rents, investors are speculating a rise in prices, hence heating the market and leading to a potential bubble. Shenzhen’s ratio has reached 82.15 percent, making it the highest in the world. Beijing and Shanghai rank fifth and sixth in the world respectively. Guan said that there are bubbles in the housing prices of these cities.”

This Post Has 145 Comments
  1. ‘with the adjacent estate, which cost $135 million to develop, having sold for $19 million last year, the sale of 10 Serenity Lane has now closed escrow with a contract price of $16.9 million, which was officially ‘within 13 percent of asking’ but 59.8 percent, or $25.1 million, below its original list price’

    That’s some red hotcakes right there.

  2. ‘The rental eviction moratoriums are drying up Donna Britten’s savings plan. After not receiving a check in four months, Britten said she sold one of her rentals — part of her retirement nest egg’

    It’s not too early to start chopping up the couch for firewood Donna.

  3. ‘we are seeing some low appraisals…An experienced agent can help guide the buyer to avoid the appraisal issue, or work it out if the appraisal comes back below contract price’

    There’s yer appraisal fraud.

  4. ‘After seeing another high rise similar to her own collapse nearly two weeks ago in the nearby city of Surfside, suddenly her Florida escape turned into a source of anxiety’

    ‘She also worried about the financial return on her investment…‘Should we sell it?’ Should we not sell it? What should we do?’

    Let’s look at yer situation Ines. You “own” a box of air. Are there very many airboxes around Miami? Whooa Nellie! There’s a sh$t load of old crumbling airboxes with people like you expecting a financial return. Bug, meet windshield.

    1. Hire an affirmation action engineer to check it out.

      Diversity will make it stronger.

  5. ‘the home has not sold since despite being listed a few times. The property was listed in 2015 for $15 million, according to, and was relisted four years later for $4.9 million’

    Half off is unrealistic? A few years ago New Canaan banned for sale signs.

  6. is inventory climbing? ususally does after the 4th. 7/5/2005 was the peak in mid-atlantic.
    Calling it 7/5/2021

  7. ‘The last three deals I’ve done, we’ve negotiated price,’ he said. The slower pace of the market is changing the guidance that his team gives its clients, said Brown. ‘We’ve got to start pricing closer to what we feel the market value is, as opposed to pricing it in the hopes we’re going to get multiple offers, because it’s just going to end up that we have to cancel it and relist it at a higher price’

    He he…

  8. ‘Phoenix construction activity is getting close to levels seen in 2006, just before the housing crash and Great Recession. ‘At the conclusion of fiscal year 20-21, planning will have issued approximately 47,000 total construction permits’

        1. Ground Breaking, Very informative investigative reporting there. So – We shouldnt buy a home w/out a home inspection first. How come I never heard of this before? 🙂

          Thx for sharing this vid, re-shared it with friends.

    1. “…I cry every day…”

      Lady is looking at her purchase 180 degrees wrong way.

      Consider the raccoons to be part of your new family.

      Overflowing sewage pipes help to keep out burglars.

      Rotting ceiling tiles are a thoughtful feature. Makes looking into the attic *so* much easier.

      So, sit back, relax, and enjoy your newfound wealth machine.

  9. Today is Tuesday, July 6th and Joe Biden is not the legitimately elected president of the Unites States.

    Globalists, this is not over…

    1. The 2020 election was stolen and the Jan. 6 insurrection was a pre-planned Deep State Nancy Pelosi Production complete with hired thugs, actors, professional photographers and videographers along with Capitol Police? who opened doors and invited a couple of hundred of the hundreds of thousands of Trump supporters to enter all in order to vilify, silence and control those who were and are questioning the crime that was a stolen election.

  10. The Financial Times
    Asset allocation
    US bond funds rake in more cash despite inflation fears
    Some managers attribute divergence with equity vehicles to concern about lofty stock valuations
    Michael Mackenzie in New York
    4 hours ago

    Net inflows into US bond funds are far outpacing those for comparable equity instruments this year, confounding expectations that inflation fears would erode the appeal of fixed-income holdings.

    Bond mutual funds and exchange traded funds have added $372bn as of June 23, compared with a gain of $160bn for equities, according to the Investment Company Institute. Bond funds are on pace to eclipse the $446bn of inflows in 2020 and $459bn in 2019.

    Analysts attributed the popularity of bond funds — which do not include money-market holdings — to concerns about lofty stock valuations and an ageing population’s need for steady income during retirement.

    “Financial advisers follow asset allocation models and portfolio rebalancing and demographics are strong trends,” said Shelly Antoniewicz, ICI senior director of financial and industry research. “The cumulative flow to bond funds lines up nicely with the percentage of the population over 65 years.”

    1. The Wall Street Journal
      Journal Reports: Funds/ETFs
      How Long Might the Next Bear Market Last?
      The fear is that today’s high valuations will mean a long decline. But bear markets don’t necessarily work that way.
      By Mark Hulbert
      July 5, 2021 11:40 am ET

      Many investors worry that the stock market’s current overvaluation means that the next bear market—whenever it begins—will be a long and deep one.

      It might surprise and comfort investors, though, to learn that there is little historical correlation between stock valuations and the length and duration of bear markets.

      Consider that the longest stock bear market since 1900 began when stocks were far less overvalued than they were at the start of the shortest bear market. I’m referring to the bear markets that began in September 1939 and July 1998, according to a calendar maintained by Ned Davis Research. The former lasted nearly three years while the latter lasted less than two months.

      At the beginning of that longest bear market, the cyclically adjusted price/earnings ratio, or CAPE—the one made famous by Yale University finance professor and Nobel laureate Robert Shiller that is based on average inflation-adjusted earnings over the trailing decade—stood at 16.45. That is below the CAPE ratio’s long-term average, suggesting an undervalued stock market.

      At the beginning of the shortest bear market, in contrast, the CAPE ratio was more than twice as high, at 38.3. That reading was higher than all prior readings back to 1871, according to data from Prof. Shiller, suggesting a severely overvalued market. And yet the ensuing bear market lasted less than two months.

  11. What have the lumber futures done in the last month?

    This is what the price of 1/2 plywood (15/32) has done at Home Depot.

    June 10, 2021
    Buy 72 or more $67.19

    July 6, 2021
    Buy 72 or more $67.19

      1. “Lumber futures dove more than 40% in the past month as demand dried up for $50 and $60 sheets of plywood.”

        It’s been months since plywood was $50 a sheet around here.

    1. This Amish factional infighting over arcane theological points seems to be erupting in all our Democrat-Bolshevik malgoverned urban centers.

        1. cactus i can see your “so excited” but exercise an “abundance of caution” as you “revisit” the area & “circle back to that” parking spot often checking for broken windows from “unhoused” peeps “looking for bread”

          realtors are liars

  12. ‘we are seeing some low appraisals…An experienced agent can help guide the buyer to avoid the appraisal issue, or work it out if the appraisal comes back below contract price’

    “It’s materials!”… “but the land!”….. “and labor!”…

    The reality? Rampant appraisal fraud. You don’t arrive at triple the long term historic price trend and double the construction cost(lot, labor, materials and profit) without appraisal fraud. It’s just not how the world works.

    Saint George, UT Housing Prices Crater 15% As Builders Slash Double Digits

  13. Hard to feel sorry for landlords. They fix the loss of a year’s rent by dumping out of the property for 25% more than a year ago?

    Now the ones that don’t dump…that will make some good reading in 2023.

  14. Ok, at the end of the last thread, Red pilled posted a second interview of Dr. McCullough that worth seeing . The second interview is after the Tucker interview in which the good Doctor reveals what he really thinks.

    1. in which the good Doctor reveals what he really thinks

      Which is what we already knew: the vax is bio warfare

      1. But Dr. McCollough isn’t a “crazy anti-vaxxer.” He’s got more experience and credibility than the majority of our public health officials. Laura Ingraham is one of the few giving him a platform and Dr. McCollough is being very strategic about how he’s using it.

        1. Agreed. I meant that we knew that the vax is bio warfare, not that we knew what McCullough’s position is.

          Meanwhile the number of daily infections and deaths continues to drop. The Delta variant is at most a speed bump on the way to zero. There won’t be another “wave”.

          1. I’m loving the Delta variant. Antivaxxers have always enjoyed mooching herd immunity off of the population who have been vaccinated, and COVID is no different. But Delta has a glorious R0 value of SIX. That means that 70% vax rate (50% in Red South) is not high enough for herd immunity. Antivaxxers will have the chance to do their part and add themselves to the pool of immunity the natural way, and the faster the better. Some will be rendered so immune that they will never get COVID, or any other disease, again. But remember, that’s what they wanted.

          2. But remember, that’s what they wanted.

            No, they don’t want to assume the risks associated with vaccines. And yes, there are risks associated with vaccines. The attacks you’re seeing now against Dr. McCollough and anyone that speaks out against the COVID jabs are the same tactics used against “anti-vaxxers” for the past thirty years. Do some research about the National Vaccine Injury Compensation Program, what parents of vaccine-injured children have to prove within a ridiculously short statute of limitations, the suppression of whistleblower testimony, and corruption at the CDC. Until then, shut up!

          3. From what I hear at HBB, there’s a 99.9999998% chance of survival, the vax kills thousands more people than the virus did, and getting the real thing is a better vaccine than the vaccine is. There’s even some question as to whether there’s a virus at all. So why would I be “blackhearted” for not objecting to vaccine refusers getting COVID? Sounds like a party.

      1. They directly implicate Bill Gates and Dr. McCollough is in his crosshairs.

      2. I sent this to my dad. His reply: it’s too long and the interviewer is immature. Really?! 🙄

        1. His reply: it’s too long and the interviewer is immature.

          McCullough recognizes this and says, in the interview that we need short, two minute pieces to get the word out, and admits that long interviews like this one are “dead on arrival”.

          1. Or somebody could, you know, write a quick bullet-point summary for the lurkers, instead of screeching MUST WATCH every damn day.

          2. screeching MUST WATCH every damn day

            As previously stated, not my title. You seem to have plenty of time to consume and spew inaccurate information.

          3. Dr. McCullough has been saying basically the same thing for the past few months:

            1) Doctors have been forbidden to treat Covid. They were ordered to send everyone home with no medication of any kind, and papers covering treatments were suppressed.
            2) The vaccine wasn’t adequately tested
            3) You don’t have mass vaccinations during a pandemic, as it creates variants. You only vaccinate those at high risk.
            4) The vaccine is unsafe and should be pulled.
            5) There is a “needle in every arm” campaign.
            6) All roads lead to the vaccine

            The only new thing he is saying is that the vaccine is a bio-weapon.

          4. Thank you for the summary, Colorado. A few points:

            1. I agree that treatments were suppressed. Who was here on HBB talking non-stop about HCQ and Ivermectin? Oh, right, our resident spewer of inaccurate information.

            3. This virus doesn’t need a vaccine to evolve. All of the current variants were observed either pre-vax, or in still-unvaxxed countries: India, Vietnam, South Africa, Brazil, Peru. How does Dr. McCullough explain this?

            2,4,5. It’s all a numbers game. How many people died from COVID; how many died from the vaccine? Someone made the call.

            Maybe there should be some middle ground involving Ivermectin, but that ship has sailed.

            If the vaccine is a bioweapon, it’s a lousy weapon, especially compared to the disease itself. If “they” really wanted us to die, they would have pulled the “unsafe” vaccine and let COVID do the killing.

          5. If the vaccine is a bioweapon, it’s a lousy weapon, especially compared to the disease itself.

            Tell that to the now disabled and tube-fed 12yo girl from the clinical trial.

          6. Oh, right, our resident spewer of inaccurate information.

            Hon, you’re batting average ain’t great. Three of us in the industry have called you out. I don’t see our gracious host reposting your links and information like he’s done mine. I spend a lot of time researching and curating information to pass along. I don’t have time to distill it for sanctimonious crackpots who want to be spoon fed.

          7. saying basically the same thing for the past few months

            From the Tucker interview: seniors in northern EU/Scandinavia are being euthanized; his mother-in-law was and children are being forcibly vaccinated in Canada; and, Australia is imprisoning doctors for treating patients with HCQ and ivermectin.

            We’re witnessing global genocide and crimes against humanity in real time. That’s not hyperbole.

          8. How does Dr. McCullough explain this?

            He didn’t say that it’s the only way variants arise, but arise they do.

            As for the vaccine being unsafe, other vaccines have been pulled for a just a fraction of the deaths caused by the kill shot.

          9. If the vaccine is a bioweapon, it’s a lousy weapon

            By some estimates it has already killed 50,000 in the US and seriously injured over a million. And keep in mind that numbers for those who have died of the virus are fudged.

        2. @RR Thx for posting. My husband kind of did the la-la-la (I don’t want to hear it) on it, too. Sending it to people I think will listen, though some have already taken the “vaccine”.

          1. though some have already taken the “vaccine”

            Should our worst fears come to pass, they’ll at least know what to look for and hopefully seek medical attention before it’s too late.

          2. I agree the hardest part is convincing people that their govt and their compromised minions would be a part of this. They should look up the definition of “democide” and the deaths categorized as such.
            Democide = Death By Government ∙ Oct 30, 2014

          3. In an interview, Bill Gates recounts telling DJT not to look into vaccine safety and acts like RFJ Jr is a nobody.

          4. Look, more information came out in the newest tape by Dr McCullough.
            He said in summary that it was the” booster shot ” that they are planning that he’s the most concerned about .
            The Covid issue is a big issue that is affecting all aspects of life ,including real estate, etc. Has anyone ever seen them wanting to vaccinate 70% of the globe , when its clear who the high risk group is and the actual risk of death is under 99.5%.
            Wouldn’t it be nice if people found out about other options of treatment other than a vaccine , that they could take effective drugs and be spared even needing to go for a hospital stay. I got to believe this Dr. when he says they have a 85 % success rate with this combo of meds. This is really good news for God Sakes. Wish the censoring of this would stop.Think about it, this might be the cure for the common cold as Covid is part of that family.

        3. my dad

          I should probably note that my dad, stepmom and half-brother have all had the COVID jabs. That might explain his response to the video.

      3. If somebody doesn’t want to see a tape or interview posted, than fine. But, if someone makes a comment that the tape is good , than that’s just opinion , just like most posts are opinion with information given with a link.
        Trying to make rules on cancelling words like “must watch” reminds me of what’s wrong with our Society today .
        If Ben Jones makes the rule that “must watch” is banned and you should make a summary instead, as oxide is suggesting, than fine .
        I would say to oxide , why does this bug you and why are you trying to be petty about such a thing.

        I’m not exactly thrilled about you calling the non vaccinated moochers off the vaccinated for herd immunity. Couldn’t be farther from the truth in why people choose to not get vaccinated.

        1. She doesn’t see a generation of disabled children day after day, including her own. I strongly suspect the root of my son’s autism is heavy metal toxicity from vaccines and baby formula/food.

          1. We moved to flyover country so that my wife could be a stay at home mom; she did not have a high-income career. Anyway, after breast feeding she prepared her own baby food for this exact reason.

        2. I asked for a summary because summaries are nice. I didn’t demand and certainly didn’t request any kind of “rule” from the blog owner. In a summary, you get the main points and can watch the video if you want more details. I’ve written some summaries myself.

          I’m not exactly thrilled about you calling the non vaccinated moochers off the vaccinated for herd immunity. Couldn’t be farther from the truth in why people choose to not get vaccinated.

          My original comment was “Antivaxxers have always enjoyed mooching herd immunity.” I’m referring here to anti-vax in general, especially for childhood diseases. Whatever their reasoning or intention, antivaxxers are still mooching herd immunity. It doesn’t matter whether they refused a vaccine because they didn’t like the risk, or they have a religious objection, or their astrologer didn’t like the alignment of the stars that day. The fact is, antivaxxers don’t suffer from measles, polio, or diphtheria simply because the other 95% of the population did get the vaccine and developed herd immunity for them. Not because of some virtue on the part of the antivaxxer.

          OK, that’s for the childhood diseases. In the here and now, we have a disease (COVID Delta) that’s contagious, and a cohort of refusers that’s pretty large. This time, there is no herd immunity to mooch off. Vaccine refusers will not escape Delta the way they escaped measles and mumps. And it’s going to happen fast. Even in heavily vaxxed Maryland, cases are starting to bump up, likely Delta. The governments haven’t given up on vaccinating people, but I’ve lost patience. I am waiting for Delta to confer immunity where Biden could not. Maybe then we’ll have a regular fall and winter.

          1. Well, no doubt your a true believer in the vaccine campaign. I read your posts and respond to your posts because that’s what’s great about free speech and dispute.
            Your points are void of responding to the issues brought up in the tapes or interviews. Its like all those points don’t matter to you. You seem to be totally alright with 70 % vaccination when the real Science doesn’t support low risk children , pregnant women, people who already had Covid, getting the shot.
            While I am horrified at this low risk group being subjected to a new technology’ vaccine, you imply that needless shots and risks are warrented to get to this herd immunity by vaccines.
            You are fine with inaccurate PCR tests, and Doctors being censored and a one narrative message of get the jab . You are fine with the Main Stream news narratives , and Biden’s objectives with vaccines.
            And, you are fine with oppressive lockdowns, damage by useless mask wearing , and all that.
            You expressed not being fine with lifesaving drugs being withheld. I just think that you bought into the fear mongering hook line and sinker .
            Your entitled to your opinion, but when you take jabs at opposite positions , than you get dispute.
            And I’m guilty of making summary all the time , when a good tape or interview is priceless in this new world of censorship.

          2. You’re pretty good at putting words in other people’s mouths. I don’t have the energy to respond to you point-to-point today. But I will say that sometimes the conservatives are as inflexible and black-and-white as the liberals. On one side you have to hate Trump, worship Biden’s 81 million votes, and believe that SARS-COV-2 is a deadly disease that came from an undercooked bat in the beautiful country of Ch’in, HCQ will instantly sever your aorta, Iver doesn’t exist, mRNA vaccines are perfect, and we should all stay home and order from Instacart and let the new unwashed immigrants stream in and do all the work and get all the disease. On the other side, you have to love Trump and believe his Big Lie, and believe the SARS-COV-2 is a fake disease that you have to get a test to know you have, was created on a benchtop by Fauci himself and planted on planes by Bill Gates himself, has a 99.99998% survival rate, has a vaccine that killed — allowing for the 10x VAERS fudge factor — the entire population of Wyoming,

            No room for the middle ground.

          3. No room for the middle ground.

            Sorry Donk. “You deniers can all die off the sooner the better” is not a middle ground. Middle ground is allowing skepticism and reservations and accepting that others do not believe what you think has got to be true.

            And yes, it is pretty clear the election was stolen.

  15. “Shuqing Guo, chairman of the China Banking and Insurance Regulatory Commission, warned, ‘Those who speculate on foreign exchange, gold, and other commodities can hardly make a fortune, just like those betting that the housing prices will never fall—they will pay a heavy price in the end.’”

    Sounds like a good time to buy foreign exchange, gold, other commodities, and cheap land if you can find it.

    1. oxide,
      For your information Trump has nothing to do with my position on vaccines. In fact, I don’t agree with him that he endorses vaccines.
      But your claim that there is room for middle ground is confounding. Some issues there isn’t middle ground. Your can’t middle ground a vaccine , you either take it or you don’t for instance. How do you middle ground useless mask wearing . These issues aren’t really compromise type issues but rather do I want to be harmed, or take risks of great consequences.
      Just saying.

      1. I middle-grounded a vaccine by opting for the J&J vaccine. It’s still under EUA, but it’s not as experimental as the mRNA vaccines. Or you could middle-ground a vaccine by encouraging the vulnerable to take it but leave the young and healthy alone.
        You can middle-ground a mask by requiring it indoors but not outdoors.

        There’s a middle ground on the virus origin too. I don’t believe that the virus was a purposeful bioweapon. I think it was honest (for lack of a better word) gain-of-function research which leaked accidentally. However, right after the leak was discovered, THEN it’s ok to bring on the tin foil! Evidently TPTB had a lockdown pandemic plan in place and they sprang into action. They were all involved: Tedros, Gates, Fauxi, Zuck, Klaus, Pelosi, the EU leaders, etc.

        There’s always a middle. Think outside the bun! 🌮🌮🌮🌮

        1. honest (for lack of a better word) gain-of-function research

          For Science! 🙄

          1. There’s an email to Fauci with the subject “Coronavirus bioweapon production method.” B-I-O-W-E-A-P-O-N!!!

        2. Ok oxide, but the. public would have to have knowledge of which vaccine is less risky. People show up and they are given the vaccine that they got. My friend was simply told he was being given the best one.
          Not giving it to low risk groups would be correct, but that’s not what they are doing, the want to give it to every group.

          Also making people wear masks all day indoors, or in classrooms, is still damaging and its not some big concession that they don’t have to wear the masks outside. That’s like saying we are going to damage you by wearing masks indoors, but aren’t we great , we let you have some relief outside.
          As far as you taking the less risky vaccine, I say good for you if you had the knowledge to do that. But so many people that I know took the highest risk one because that was the option they were given on the roll out.
          And, this censorship of information is not giving the ability to compromise, like taking the med route, instead of the vaccine route.
          Look, I’m all for choices, as well as informed consent. You can’t have compromise if your censored from the knowledge to begin with.

  16. Mount Joliet, TN Housing Prices Crater 14% As Subprime Mortgage Defaults Blanket Nashville Area

    Remember… as a national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”

  17. Oh no…stonks are cratering for no reason. They told me that the stonk market could only go up!

    1. The Wall Street Journal
      Retail Investors Power the Trading Wave With Record Cash Inflows
      Individual investors plowed a record net $27.9 billion into the U.S. stock market in June, lured by continued volatility beneath the market’s surface
      By Caitlin McCabe
      July 5, 2021 5:30 am ET

      Retail investors keep pouring money into markets, even as many of their favorite meme stocks and cryptocurrencies have languished.

      In June, so-called retail investors bought nearly $28 billion of stocks and exchange-traded funds on a net basis, according to data from Vanda Research’s VandaTrack, the highest monthly amount deployed since at least 2014. That even trumped the amount retail traders spent in January during the first meme-stock frenzy.

      The activity underscores the enduring influence of ordinary investors in markets. When the Covid-19 pandemic ushered in a wave of first-time traders, many market observers suspected these investors would retreat when the economy reopened.

    1. Does Tesla make a car with two steering wheels so Joe Biden can fake test drive it in front of the lying media?

      Joe Biden caught fake driving Ford’s new electric F-150 truck “in high speed on a track”

      May 19, 2021

  18. From the Malaysia Article oversupply situation; there will be many people who have properties for rent but no tenants. This situation will be around for a long time.
    I suspect a fair number of Large cities have the same problem but have yet to admit it.

  19. If you follow the investment philosophy to “buy what the Fed buys,” then isn’t buying Treasurys a logical choice, given the $80 billion a month in pandemic stimulus purchases of them by the Fed?

    1. The Financial Times
      Markets Briefing
      US Treasury bonds
      Yield on 10-year Treasury dips below 1.4% for first time in four months
      US government bonds rally as traders cut bets on tighter Fed policy
      The Fed’s ultra-loose monetary policies, including historically-low interest rates and a massive bond-buying programme, have been key elements in keeping borrowing costs low and lifting other asset prices © REUTERS
      Joe Rennison and Eric Platt in New York 4 hours ago

      US government bonds rallied on Tuesday, pushing the 10-year yield to the lowest level in four months, as investors unwound bets for tighter monetary policy and reacted to a disappointing survey on the services sector.

      The yield on the benchmark 10-year note fell 0.06 percentage points to 1.36 per cent, its lowest level since late February when fears of a rapid pick-up in inflation began to reverberate through financial markets.

      The 10-year yield, which moves inversely to its price, surged as high as 1.77 per cent earlier this year as investors began to anticipate a more aggressive response from the Federal Reserve to tame rising inflation.

      The moves on Tuesday added fuel to a rally in long-dated US Treasuries that began on Friday, when government data showed US hiring had accelerated, but not at a pace sufficient to prompt a policy shift by the central bank. The Fed’s ultra-loose monetary policies, including historically-low interest rates and a massive bond-buying programme, have been key elements in keeping borrowing costs low and lifting other asset prices.

      New data published on Tuesday from the Institute for Supply Management, which tracks activity in the service sector, intensified the rush into government debt, which tends to perform well during times of heightened uncertainty. The figures showed business and employment conditions in the service industry weakened in June from the previous month, with the ISM citing company comments that it was difficult to find qualified candidates to fill open positions.

      “The ISM reading just added more motivation to extend the move in Treasury yields lower,” said Ian Lyngen, an interest rate strategist at BMO Capital Markets. “A big portion of what we are seeing is a capitulation of the higher rates thesis.”

  20. Local RE temperature check: signs of slowing and bailing. The 1988 original is still pending, another property BOM after cancellation day after escrow entered (but with 9 back up offers), and long-held property with new tenant being listed.

    1. I should soon be able to provide an update on our friends’ experience with currently putting a home on the market for $1.2 million. It’s in eastern RB, near the Poway boundary.

      1. Update: They have put an offer on a place in Utah, and have a propective buyer on their place in CA. (Church connections may have helped…)

        Don’t know the sale price yet, but presumably it will land near $1.2 million asked…

  21. Nothing says reparations like a Gucci handbag.

    Video shows stream of handbag thieves sprinting out of San Francisco Neiman Marcus

    Tuesday, July 6, 2021 3:25PM

    SAN FRANCISCO (KGO) — Police are investigating a wild case of shoplifting at Neiman Marcus in San Francisco’s Union Square, where a group of suspects bolted out the store with designer bags in hand before jumping into waiting cars.

    1. Nowadays, why do the thieves even bother running?

      They know nothing is going to happen.

      If they slow down, they could probably ‘high five’ security on the way out.

      On the other hand, if they ran, fell and hurt themselves, there probably is a potential neglect lawsuit against Neiman Marcus for unsafe conditions while shoplifting. Collect some extra $$$ that way.

      1. Nowadays, why do the thieves even bother running?

        Probably just force of habit.

        Speaking of sh!tholes, there is a local story about a young adult from Dumver who moved to Chighetto to study. He was riding one of the trains (the green line, I think), was hit by a stray bullet from outside the train, and died.

        Given how low the odds are of being hit by a stray bullet, it makes me wonder how many more stray bullets are flying around the various Dem sh!tholes, and not hitting anyone. It seems that every few days someone who is minding their own business is hit by a stray bullet.

  22. The Wall Street Journal
    Credit Markets
    Long-Dated Treasurys Win Favor on Receding Inflation Bets
    Investors have been unwinding trades that bet on stronger economic growth and inflation
    Powell Says Factors Driving Inflation Should Be Temporary
    Federal Reserve Chairman Jerome Powell described the outlook for inflation in the U.S. economy and said there are signs that prices that have moved up quickly should cease rising and retreat. Credit: Al Drago/Associated Press (Video from 6/16//21)
    By Anna Hirtenstein and Paul J. Davies
    Updated June 21, 2021 4:07 pm ET

    Investors have rushed into longer-dated Treasurys in a bet that the Federal Reserve will act more quickly against inflation, leading to slower growth and lower interest rates in the longer term.

    Yields on shorter-dated bonds have risen and their prices fallen in recent days, reflecting higher rate expectations after the Fed’s policy meeting last week. Meanwhile, longer-dated yields dropped because higher interest rates in the near term would likely mean slower growth and lower interest rates further into the future. These shifts, which reversed course slightly during Monday’s trading, produce what is known as the flattening of the yield curve.

    “It’s flattening massively. The move has been quite brutal in the market,” said Laurent Crosnier, chief investment officer at Amundi SA’s London branch.

    The Fed signaled last week that some policy makers expect two interest-rate increases in 2023, and said officials had discussed an eventual tapering of bond-buying programs, although the timing remains uncertain. It also boosted inflation forecasts and said that if expectations of higher prices affect consumer and business behavior, they could act to address it. That marked a shift from a previous emphasis that inflation would be allowed to overshoot until the recovery is more certain.

    1. I can’t help but wonder whether cryptocurrencies and lumber futures, not to mention residential real estate, are among those reflation risk asset trades that are currently seeing a reversal.

  23. Comparing raw numbers to 2006 in AZ is somewhat skewed by population. The population is significantly higher today vs 15 years ago. So the same number of permits relative to population is lower than 2006.

  24. Elsewhere in Iran, protestors chanted “Realtors are liars!”

    ‘Death to Khamenei’: Protests erupt in Iran over power outages

    Protests broke out in several cities in Iran this week over repeated power outages, videos posted on social media showed, with some protests turning political with chants against the country’s highest authority, Supreme Leader Ali Khamenei.

    One video from the city of Shiraz showed protesters chanting “death to the dictator” and “death to Khamenei” in the dark on Monday.

  25. Oh dear….

    Florida condo catastrophe raises concerns about San Francisco’s sinking Millennium Tower

    San Francisco’s lavish Millennium Tower, with soaring panoramic views and world-class amenities, opened to great fanfare in 2009.

    A dozen years later, it’s still promoted “Your city within the city,” a 58-story monolith with more than 400 multimillion-dollar units in San Francisco’s tallest residential building.

    “It was billed as one of the top 10 most luxurious buildings in the world,” former Millennium resident Frank Jernigan recalled.

    But, since it opened, the hulking blue-gray tower has sunk 18 inches into the soft downtown soil on which it was built — and it’s tilting, according to the Millennium’s current engineer, Ronald Hamburger.

    1. has sunk 18 inches into the soft downtown soil on which it was built

      IIRC, it was backfill, not native downtown soil.

      1. (a snip from thec article)

        “The original foundation was built into deep sand and experts determined that nearby projects and a process known as dewatering had weakened the soil under the sinking tower.”

        “… was built into deep sand …”

        Lol. What could go wrong?

        And earthquakes? What are those?

        Party on.

        1. This does not have much to do specifically with the topic being discussed but I am posting a link to Jack London’s first person account of the 1906 San Francisco earthquake. I am posting this because it serves as an excellent example of what first class journalism should look like.

          Enjoy …

          Jack London “Story Of An Eyewitness”

      2. Despite engineering recommendations to place piles into bedrock some 60-meters deep, the construction firm went ahead with 25-meter deep friction piles in order to save money. The building’s immense weight is due to its concrete structure, not steel.

          1. And no independent peer review either!

            “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” —Mark Twain

    2. With a building engineer named Ronald Hamburger, I have the utmost confidence that SanFransicko’s premier high-rise will be saved. If all else fails, they can have the HamBurglar invite some vibrant pals to strip the building of amenities prior to demolition. Maybe Oxide would like us unvaxxed to take up residence prior to the implosion. You know, Delta variant and all.

    3. Given it is ultra woke SF, the engineers hired were probably vibrant.
      Like the Miami overpass collapse of a few years ago where the entire engineering team was widely celebrated as vibrant and womYn too.

  26. Fun fact: In 2009, federal prosecutors hit Pfizer with a record-breaking $2.3 billion in fines and called the world’s largest drug maker a repeating corporate cheat for illegal drug promotions that plied doctors with free golf, massages, and resort junkets. The junkets and other company-paid perks were designed to promote Bextra and other drugs to doctors for unapproved uses and dosages, backed by false and misleading claims about safety and effectiveness.

    1. Well, you can just tell by the attorney ads that go out on TV that one more safe and effective drug by Big Pharmacy has been taken off the market and the damage lawsuits begin. I have watched so many over the years that the words “safe and effective” coming from that industry is not credible.
      Something is wrong wrong wrong.

  27. “… was built into deep sand …”

    “Earthquake liquefaction, often referred to simply as liquefaction, is the process by which saturated, unconsolidated soil or sand is converted into a suspension during an earthquake. The effect on structures and buildings can be devastating, and is a major contributor to urban seismic risk.”,contributor%20to%20urban%20seismic%20risk.

  28. From Dumver’s 9News:

    The highly contagious Delta COVID-19 variant is one of the fastest spreading variants, but could also prove to be one of more elusive to diagnose, doctors say.

    That’s because the Delta symptoms do not follow the most common COVID-19 symptoms.

    Dr. David Priest, an infectious disease specialist with Novant Health, said while the loss of taste and smell was the most telltale sign of the coronavirus throughout the pandemic, many getting sick with Delta present with more vague symptoms, like a runny nose or sore throat.

    As others here have said: A disease so deadly, you need to take a test to know if you have it.

  29. Runny nose and sore throat with Delta , verses loss of taste and smell with original Covid. . And no doubt they are still using the same inaccurate PCR test to get a positive.
    Come on, they are just making this stuff up. The person with the runny nose and sore throat probably has a cold after the stress of lockdowns, not being able to breath in masks, financial stress , etc.
    Where is the proof of isolation under a microscope of this new strain Delta.
    They can’t stop talking about Delta in California news. Of course they talk about it in a fear mongering type way. Don’t know if its to moviate vaccine taking, or the new booster that’s in the works.

    1. Do you mean a variant booster or a time* booster? IIUC, we don’t need a variant booster. Pfizer says their vaccine is 88% effective against Delta. (Israel disagrees; they say 65%.) J&J doesn’t have real-world data, but they estimate that their vaccine is about as effective against Delta as against Alpha; i.e. ~70%. We don’t seem to need a time booster, not yet. Antibodies don’t appear to be fading.

      My guess is that by the time they develop a booster, Delta will have already swept through the population.

      *I don’t know the official term, but I mean a booster in the same context as needing a tetanus booster vaccine every 5-10 years.

  30. There is talk of the gooberment sending people door to door to harrass those who refuse the vax. Here are some thoughts on that:

    They will need to hire an army of people and train them. How long will that take? 6 months? A year? Longer? By the time they are ready, no one will getting the virus anymore.
    What happens if you don’t answer the door?
    What happens if you slam the door in their face?
    What happens if you say, “Sure, sign me up!” and then you never go get the vax?

    1. By the time they are ready, no one will getting the virus anymore.

      won’t matter. they’re going to try to force ‘climate lockdowns’ on us next. we’re going to have to fight for our freedom.

      1. ‘climate lockdowns’ on us next.
        When I first heard of climate lockdowns I thought it was a JOKE;
        but apparently, it has become at least a semi-serious talking point.

        1. it has become at least a semi-serious talking point

          It does seem that the Covod lockdowns, especially in Europe, were a dress rehearsal. The Euros pretty much submitted and have been in some form of lockdown for over a year. My UK relatives obey and do as they are told, and are floored when we tell them that even liberal Colorado is fully reopened.

        2. i thought it was a joke at first too. they will stop at nothing to get control of us. and they’ve already killed many thousands of us by hiding the effectiveness of HCQ and IVN. it’s hard not to think of them as outright murderers.

          the punishment for the magnitude of the crime should be death.

    2. The Federal Govt doesn’t have jurisdiction over states and local health departments. In this country most public health activities are carried out by local health departments (county, city, etc), or in the case of states with small populations, the state health departments run the show.

      Not all counties even have the same rules and regulations–they take CDC recommendations but implementing them is open to interpretation. In the case of the AIDS epidemic, Los Angeles and San Francisco Counties had different policies–e.g., L.A. closed the gay bathhouses and S.F. didn’t (or the other way around I can’t remember). The CDC didn’t come marching in and tell L.A. and S.F. what to do.

      All enforcement is also carried out by local or state health departments. The number of people who do direct contact things with the public or businesses, is tiny. It would be physically impossible to get enough people to knock on every door in this country. The CDC has zero staff to do it and so everything sleepy Joe is saying is nonsense.

      Even if you required all health departments to do this, it would take an enormous amount of time to train and certify public health inspectors (which is what most jurisdiction would call this kind of worker) in the numbers needed. And besides, there isn’t any rule or regulation that gives health departments the authority to do this anyways! And the Federal Government certainly doesn’t have the right to force people to be vaccinated. Even if they tried to remove the EUA and make the vaccines approved, that would get challenged in court instantly.

      So it ain’t going to happen.

  31. This obsession to get a vaccine in every arm is getting a little to invasive . This gets more insane by the day . Something is very very wrong.

  32. Here are four reasons the West is headed for a ‘very drastic crisis,’ according to a veteran economist – MarketWatch


    “So how will this unwind? Artus says a correction in income distribution will lead to faster wage growth and higher inflation. That, in turn, will need to more restrictive monetary policy and higher inflation-adjusted interest rates. The more restrictive monetary policy will then stabilize asset prices and wealth, forcing deleveraging. And that deleveraging will lead to a recession due to the necessary fall in demand among households, companies and governments.”

    1. With AI computing and “as-needed” production moved closer to the end-user I see further income polarization. Note that roughly 2/3rds of the population will never reach the highest level of psychological development, “self actualization.” Hence, they will never understand compound interest, money printing or inflation.

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