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Sellers Are Choking The Proverbial Goose That Laid The Golden Eggs

A report from the Idaho Press. “In Ada County in 2016, there were 38 homes sold for $1 million or more. In 2020, that number was up to 314. There have already been 362 million-dollar homes sold in 2021, as of Wednesday. In June, the Intermountain Multiple Listing Service report showed signs of inventory on the upswing. Anecdotally, Realtors have noticed it too. A cooling off of the hot housing market could be coming. That’s still to be determined in the long run. A dramatic shift in either direction could be potentially dangerous.”

“‘I think there is a bubble going on,’ University of Idaho economist Steven Peterson said. ‘And I think the high end purchases of homes is a reflection of that. I think it’s mitigated by this is likely a bubble in equity as opposed to debt. An equity bubble tends to be less destructive than a debt bubble.'”

From Philadelphia Magazine in Pennsylvania. “Alas, nothing lasts forever, and Kevin C. Gillen, senior research fellow at Drexel University says the conditions that have produced this insanely competitive market are bound to change. And while Gillen says Philly buyers alone can’t support current price levels, a price drop isn’t the only possibility for the future: ‘We’re either going to have a significant downward correction, which will be painful, or we’re going to become an unaffordable city, which will also be painful. Neither of these two outcomes will be good. Now, which one is going to happen?'”

From Click on Detroit in Michigan. “For much of 2021, sellers could count on multiple offers, most over the asking place. But that hot market has finally calmed down a bit. Real Estate One CEO Dan Elsea said the peak market happened in April and has cooled off since. ‘It might be a wise move now to treat that first offer that comes in, to work on it pretty good — rather than throwing it away for the next offer,’ Elsea said.”

The Oklahoman. “In the wee hours one day in the spring, Christy Taylor spied a listing for a house for sale in Edmond’s Fox Lake neighborhood. Here’s how they got the house, for $421,500. They offered $20,000 over the ask price. They waived inspections — ‘not advised,’ Christy acknowledged. And they decided they could live with some ‘interesting’ tile work. ‘The crazy thing is it appraised,’ said real estate agent Emily Frosaker-Kyle, who worked with the Taylors.”

“She said appraisals lately have been meeting multiple-offer, bid-up prices on her deals, which could signal that the market is settling some. The housing market, nationally, appears to be cooling. In Oklahoma City, it’s still hot, just not quite as hot. More signs of cooling in the market: Not so many homes now are going under contract the same day they’re listed or the next day, said agent Keri Gray of KG Realty.”

“‘My listings have been on the market for an average of two weeks versus 24 hours or less. I have not received a multiple offer in over a week,’ she said. ‘I did get an offer today on a property I would have had multiple offers on a few months ago. It was less than listing price.’ Gray wondered whether sellers are choking the proverbial goose that laid the golden eggs. ‘The issue is that sellers are wanting to list so high now and have big expectations. We are dealing with low appraisals now,’ she said.”

“Only the froth has dissipated because the market is still hot, said Jared Kennedy of Lime Realty. ‘The ‘boom’ may be over, but it’s still a sellers’ market. The biggest issue on our horizon is being in the middle of market reality and what a seller’s neighbor/friend/family was able to get for their house six months ago,’ he said.”

From Mansion Global on Nevada. “Like so many markets across the U.S., the Las Vegas housing market is on a continued hot streak. At the Waldorf Astoria Las Vegas, one of the city’s major luxury high-rises, ‘Before [the pandemic], you couldn’t get one of those units,’ said Corcoran Global Living agent Don Kuhl. ‘Now we have 24 units available, a little over 10% of the building. The price point has held, they’re not giving these away, but the fact that there’s inventory is an opportunity.'”

From Cal Matters. “California being what it is – a very large state with a complex social and economic matrix and a unique political structure – generates an endless stream of analysis and criticism. In recent decades, as California veered to the left politically, it drew fawning attention from like-minded media, portraying the state as a harbinger of the nation’s future. California’s politicians such as Gov. Gavin Newsom fed the notion. ‘California is what America is going to look like,’ he has boasted. ‘California is America’s coming attraction.'”

“While California professes to seek progressive goals, it has failed to match its words with effective action, concluded New York Times columnist Ezra Klein, a Californian by birth and choice. ‘California, as the biggest state in the nation, and one where Democrats hold total control of the government, carries a special burden,’ he wrote. ‘If progressivism cannot work here, why should the country believe it can work anywhere else?'”

From KTLA in California. “David de Russy steered his bicycle through a sparse crowd of midweek visitors streaming down Los Angeles’ Venice Beach boardwalk between multimillion-dollar homes, T-shirt shops and eateries on one side and vendors peddling paintings, hawking crystals and offering tarot card readings on the other. For the first time in about a year, he was happy the view toward the ocean was largely unobscured with the misery of homeless camps that mushroomed along the sands during the coronavirus pandemic.”

“A certain edginess always coexisted with a peaceful vibe, but the concentration of homeless people has left residents and business owners frustrated and angry. Videos posted to social media showed a homeless man being shot, men and women throwing wild punches and wrestling on the boardwalk, and a tent being set ablaze in the sand. One man was found bludgeoned in his tent last month and another homeless man was arrested as the suspected killer.”

“Residents tell stories of break-ins and thefts, seeing people use heroin in the alleys behind their homes or defecating in their yards. ‘This is no way for people to live,’ said Brad Neal, a lawyer and owner of 10 buildings in Venice. ‘Everyone is suffering. Not just the unhoused but the housed as well.’ Neal, who recently armed himself with a club to get to his car after he said he was almost assaulted, said he worries about his tenants.”

From Bloomberg on New York. “A condo near the top of one of Manhattan’s most exclusive residential towers may face foreclosure after its unknown owner defaulted on a $13.75 million mortgage. The firm that owns the debt on the 72nd floor unit at 432 Park Ave. is seeking to take possession of the property, according to a lawsuit filed last week. The owner of the three-bedroom, 4,019-square-foot (373-square-meter) apartment hasn’t made a mortgage payment since March, the suit says.”

“A foreclosure on the apartment — purchased in 2016 for $30 million, by a buyer whose identity was shielded by a limited liability company — would be the first at 432 Park, according to PropertyShark. That’s the same Billionaires’ Row tower where a penthouse was recently listed for sale at $169 million.”

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This Post Has 142 Comments

  1. ‘The crazy thing is it appraised’

    Especially without an inspection Emily! How do you get a loan without an inspection? There’s yer appraisal fraud. 400k in freaking Oklahoma.

    1. ‘The biggest issue on our horizon is being in the middle of market reality and what a seller’s neighbor/friend/family was able to get for their house six months ago’

      UHS translation = prices are sinking like a turd in a well. How many such statements have we seen for months, while the REIC media pushed their red hotcakes narrative? Tale of woe and tears will be at yer doorstep REIC.

    2. ‘The crazy thing is it appraised’

      “Especially without an inspection Emily! How do you get a loan without an inspection?”

      A WAG: The article said she downsized, which means she probably brought a lot of her own money into buying the new house, which means she probably did not need to borrow anywhere close to the full amount needed, which means she, and not the lender, was accepting most of the risk.

      1. Wrong answer. And what does that have to do with the UHS amazement that it appraised at that amount? Sometimes the REIC can’t help but blurt out the fraud.

      2. What’s fun about this article is how she handled the issue of an appraisal finding major faults with a house she wanted to buy for several hundred thousands of dollars; Her solution was to skip having the appraisal.

        😁

    3. 400k in freaking Oklahoma.

      That’s a nice nabe. 1980’s semi-Tudor 5/3 3000 sq ft shady suburb. In my area those houses would cost double the 400, at least.

  2. The owner of the three-bedroom, 4,019-square-foot (373-square-meter) apartment hasn’t made a mortgage payment since March…A foreclosure on the apartment — purchased in 2016 for $30 million, by a buyer whose identity was shielded by a limited liability company’

    Not it isn’t. The Real Deal reported (first) that the FB is the second richest woman in China and she is rotting in a cell over there. Bloomberg is a globalist scum rag and doesn’t want to upset the CCP.

        1. What does Bloomberg stand to gain by denying that China is a communist dictatorship?

          Tis a puzzlement!

  3. ‘Residents tell stories of break-ins and thefts, seeing people use heroin in the alleys behind their homes or defecating in their yards’

    I wonder sometimes if Californians realize how ridiculous they look.

    1. Clown World gonna clown.

      Expelling California from the United States would be a good start.

        1. Ironic that it’s only real pork and not metaphorical pork that the CA government is capable of putting limits on.

        2. I’m just waiting for states with lots of pork farmers to ban almonds and avocados unless the trees were grown humanely with a minimum distance of 50 feet between the trees. What’s good for the goose is good for the gander. Other states have to start fighting back against CA exporting its insanity to the rest of country.

          1. It would be funny if Clownifornians end up having to go on grocery shopping runs to Arizona and Nevada to buy items that are banned in the fool’s golden state.

          2. the trees were grown humanely

            Hmmm… How about instead putting an upper limit on the water usage, or else you’re hurting the environment and we won’t buy your avocado toast?

          3. Hmmm… How about instead putting an upper limit on the water usage, or else you’re hurting the environment and we won’t buy your avocado toast?”

            the same liberals who lecture everyone about water , pork or whatever often own vast vineyards with 1000′ deep wells sucking the aquifers dry . bad luck for the small neighbor who cant get 1000’s of feet down to get their well working again.

      2. Expelling California from the United States would be a good start.

        I’d rather send in the military to clean out the corrupt politicians.

          1. You’d think that progressives would be smart enough to leave the military out of their woke madness.

  4. Has the Fed’s efforts to deluge the economy in financial liquidity fooked up the supply chain that delivers real goods?

    1. The Financial Times
      Supply chains
      ‘The global supply chain wasn’t built for this’: freight delays hammer US
      Ports, rail yards and warehouses are straining to meet roaring consumer demand as economy recovers
      Shipping containers are unloaded from ships at a container terminal at the Port of Long Beach-Port of Los Angeles complex
      The ports of Long Beach and Los Angeles have reported delays after moving much higher than normal numbers of containers
      Claire Bushey in Chicago and Matthew Rocco in New Jersey August 1 2021

      Wayne Kaylor knew his shipping container was parked somewhere in a Chicago rail yard. He just did not know where, and for 78 days, no one could tell him.

      Thanks to roaring consumer demand, US rail yards, ports and warehouses are choked with freight, with too few people to move it quickly, causing delays and rising prices for companies and consumers. Kaylor heads Way Interglobal, an Elkhart, Indiana distributor selling refrigerators, stoves and other appliances to big-name RV manufacturers like Winnebago Industries. From May 4 to July 21, Kaylor’s shipping container holding dozens of electric fireplaces got lost in the shuffle.

      “It’s crazy,” he said, noting the delay cost the company sales. “Even though everything is GPS-tagged, they lost it in the rail yard.”

      California ports in Long Beach, Los Angeles and Oakland reported delays earlier this year, and this month the Union Pacific and BNSF railroads made it clear that the problem had reached inland. UP halted freight shipments and BNSF began metering them as the railroads moved to purge their metro Chicago rail yards of containers that, like Kaylor’s, had been rendered inaccessible.

      Manufacturers are tacking on surcharges and bemoaning lost business, with industrial conglomerate Honeywell International blaming supply chain difficulties for a revenue hit of up to $200m. Retailers are scrambling to secure enough products to sell for the holiday season, with big chains ordering larger amounts of inventory than normal, hoping at least some of it arrives on time.

      “The global supply chain was not built for this,” said Brian Bourke, chief growth officer at Seko Logistics in suburban Chicago. “They were built for seasonal surges of demand annually. When you have 12 peak seasons in every mode, things begin to break down.”
      …

      1. “Roaring demand”

        During the lowest employment in history. We have clowns running the eCONomy.

  5. ‘Before [the pandemic], you couldn’t get one of those units…Now we have 24 units available, a little over 10% of the building. The price point has held, they’re not giving these away’

    That’s right Don, hold yer ground.

  7. “‘This is no way for people to live,’ said Brad Neal, a lawyer and owner of 10 buildings in Venice. ‘Everyone is suffering. Not just the unhoused but the housed as well.’”

    I hate to say, but people like Brad, who apparently owns a lot more housing than he personally can live in, are part of the problem. So many real estate investors bought property at a premium in the New Era California real estate gold rush, driving prices and rents up to levels where it is barely affordable for people with good jobs and incomes to find a place to live in. It shouldn’t be surprising that we have literal tent cities with thousands of unhoused people leading marginalized lives on the fringes of society.

    1. We attended a Padres ballgame a couple of nights ago. It was pretty interesting: No mask mandate at the ballpark, and there were maybe 30 thousand unmasked fans in attendance, one of the largest crowds I have ever witnessed at a major league baseball game.

      Wanting to avoid the $40 sticker price for parking in one of the garages near Petco Park, we instead took the approach of driving until we could afford to park. We ended up with free parking just a little more than half a mile from Petco. The real cost of that decision was the uneasy feeling that comes from walking through a homeless encampment, wandering by tents along the streets and people sleeping on the sidewalk, and wondering if you and your family members are safe. I’ve been through much sketchier areas on other occasions. But I can report that the extent and severity of San Diego’s homeless problem has increased considerably over the course of the pandemic, even as housing prices have climbed to ever less affordable heights.

        1. “The median county home price rose to a record $750,000 in June, up from the previous record of $725,000 set in May.
          By Jennifer Van Grove
          July 30, 2021 4:45 AM PT

          San Diego home prices are skyrocketing, with many wondering when prices will reach their peak.”

          1. Open house today house just like mine asking 750K .. not in my wildest dreams back in 2012 when I bought my house for under 400K did I think this would happen again so quickly.

            Remember the “Just one more bubble all I need”

            Well here we are

      2. “Wanting to avoid the $40 sticker price for parking in one of the garages near Petco Park, we instead took the approach of driving until we could afford to park.”

        I was shocked when I moved down here in 1982 and with friends who lived here attended the Miami Orange Bowl in Little Havana for a Jimmy Buffet concert and parked in some Spanish speaking ladies front yard who like her neighbors, packed several cars in for every event. When I went back for Dolphin and It’s all about the U games it seemed normal. They didn’t speak English in Little Havana but they did speak Benjamin.

      4. And not so much as a whisper from politicians as to the cause – the FED’s deranged money printing, and mass speculation in shelter.

        1. Congress critterz won’t criticize the organization they created and which carries water them. Likewise for the GSEs.

      5. “…Petco Park…”

        It’s amazing that they can build such a large venue in a cramped downtown area.

  8. Today is Sunday, August 1st, and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

      1. The globalists and their Democrat-Bolshevik Quislings will find a way to reimpose the moratorium. Eight million kulak landlords have been targeted for financial liquidation, and that means millions of deadbeats (D) must be allowed to squat rent-free until the last of the small landlords has been financially ruined.

      3. Oh dear. The “strong, independent women” who thought they could have it all are being told to GTFO and take their cats and box wine with them.

        Looming US evictions spur growing concerns, calls for action

        https://www.aljazeera.com/news/2021/8/1/looming-us-evictions-spur-growing-concerns-calls-for-action

        Mary Hunt, who makes minimum wage driving a medical taxi, fell behind on her rent on a mobile home because she got sick with COVID-19. She was served with eviction papers, and frets over what she will do with her belongings, as well as her five cats and one dog.

        “How do I choose which cats to keep? It’s not going to happen. I’m not going to leave any of them behind,” Hunt told National Public Radio this week.

        1. Seems like it’s always the same people regardless if it’s student loan debt, police brutality, Asian attacks, wokeness, rent moratoriums, etc., or do I need an updated lens prescription?

    1. “Don’t ever confuse me with the ‘defund the police’ movement,” he said…”

      The little weasel’s weaselin’.

    1. I was at a family gathering yesterday. Three of us will be voting for Larry Elder. I assume our spouses will too.

      1. Coming on the heels of a post on this or a similar subject I have gone from smiling to chucking to laughing out loud after reading…

        “That’s the spirit!”

        Perhaps because I agree wholeheartedly.

        🙂

      2. My sister called me yesterday and was talking about forced vaccinations. I told her the same thing. NOBODY is force-vaxxing me. I will shoot them if they try.

  12. This is an article written and published by Real Journalists.

    New York Times — Who Are the Unvaccinated in America? There’s No One Answer (7/31/2021):

    “In one group are those who say they are adamant in their refusal of the coronavirus vaccines; they include a mix of people but tend to be disproportionately white, rural, evangelical Christian and politically conservative, surveys show.

    In the other are those who say they are open to getting a shot but have been putting it off or want to wait and see before making a decision; they are a broad range of people, but tend to be a more diverse and urban group, including many younger people, Black and Latino Americans, and Democrats.

    With cases surging and hospitalizations rising, health officials are making progress in inoculating this second group, who surveys suggest account for less than half of all unvaccinated adults in the United States.”

    https://archive.is/AqdLc

    Note the use of the Archive website to bypass article paywall, and to deny globalist media any clicks or ad revenue.

    Remember when the government told all of us that diet, exercise, and vitamin D from natural sunlight are the best ways to strengthen your immune system?

    Oh wait… they never did.

    1. This is an article written and published by Real Journalists.

      Washington Post — You’re going to be asked to prove your vaccination status. Here’s how to do it (7/31/2021):

      “Your smartphone can help you safely carry your coronavirus vaccination record, from a simple photo snap to a secure app. Just don’t call it a ‘vaccine passport.’

      Congratulations, you’ve been vaccinated against the coronavirus. Now you have to prove it, and your smartphone can help.

      There is a growing number of ways to store your vaccination record on your smartphone, though unfortunately no be-all-end-all app or system. We’re here to make sense of how different options approach your privacy, ensure security and try to spot counterfeits.”

      https://archive.is/bCHPT

      You’re going to be asked …

      Don’t call it a vaccine passport …

      There is unfortunately no be-all-end-all app or system …

      Ben Jones how soon until we can start the trials, convictions, and executions of these globalists?

      Not vigilante justice or lynchings, but a proper trial, followed by conviction, and then a public execution 🙂

    3. From the article:

      “Some experts have estimated that 90 percent or more of the total population — adults and children — would need to be fully vaccinated for the country to reach a possibly elusive herd immunity threshold of protection against the coronavirus.”

      No, they don’t need to be vaccinated. They need to be either vaccinated, or get Delta naturally. But the CDC is adamant about masking us up and locking us down while they try to sway the 20% of the populace who won’t be swayed. How long will it be before the CDC gives up?

      1. You’re assuming that the vaccine is effective. Meanwhile, here come the (never ending stream of) boosters.

      2. “They need to be either vaccinated, or get Delta naturally”

        Or neither for people with a robust functioning immune system. There are other realities outside the matrix.

        1. In which case they’ll get Delta and their super immune system will fight it off, symptoms or not. But they still need to get exposure in order to join the ranks of the herd immune.

          By the way, if you’ve had wild-type or Alpha COVID already, your immunity is almost as good as getting a vaccine. (Note how the paper tries to downplay immunity from infection in favor of the vaccines, but they still have to admit it.) https://ncrc.jhsph.edu/research/reduced-neutralization-of-sars-cov-2-b1617-by-vaccine-and-convalescent-serum/

          1. Genomicslly unstable RNA virus strains die out. The idea that “Delta” will somehow persist until every human on the planet has gotten the ham sandwich or been exposed is ridiculous.

          3. Can you tell me the reason for the 🙄? I’m just paraphrasing a paper. And the vaccine refusers keep saying how “we have an immune system” and “what about natural immunity.” I’m just providing ammo to the argument that a positive antibody test should count as much as getting a vaccine.

        2. The denial of our immune system, when these jabs are predicated on our understanding of it, is my biggest pet peeve of all time.

    4. “….they include a mix of people but tend to be disproportionately white, rural, evangelical Christian and politically conservative, surveys show.”

      The same demographic Hillary Clinton referred to as “a basket of deplorables.” The same demographic that MSM news anchors have openly stated may require “re-education.” We are America’s Uighurs, and the globalists and their Democratic Party Quislings are the western arm of the CCP.

      1. Fortunately, his term ends in less than a year, and he’s barred from running again.

      2. “Only 6% of the country is vaccinated, according to Reuters.”

        Good thing that they’re largely Catholic.

  13. Eviction moratorium expires as renters face rising covid cases and lack of aid

    Protesters call for support for tenants and homeowners at risk of eviction during a demonstration on the Boston Common in October 2020. The foreclosure moratorium, which bars foreclosures of federally backed mortgages, is set to end on July 31. (Steven Senne/AP)

    By Rachel Siegel
    Yesterday at 7:00 a.m. EDT
    washingtonpost.com

    The federal ban on evictions expires Saturday, marking a new, worrisome phase in the race to keep people in their homes amid the slow trickle of emergency rental aid and surging coronavirus cases.

    https://youtu.be/zxlAK5NaCbM

    1. The federal ban on evictions expires Saturday, marking a new, worrisome phase in the race to keep people in their homes amid the slow trickle of emergency rental aid and surging coronavirus cases.

      Hey lying globalist Real Journalist, what is this BS about a “race” to keep deadbeats inside “their” homes? Those shacks belongs to millions of small LANDLORDS who have signed contracts with their RENTERS that if breached, gives said LANDLORDS the right to tell said RENTERS to GTFO. It’s called the law of the land, even if the globalist-captured Supreme Court rubber-stampers refused to act against the CDC’s un-Constitutional overreach by imposing an eviction moratorium it had absolutely no authority to impose.

  14. “In Ada County in 2016, there were 38 homes sold for $1 million or more. In 2020, that number was up to 314. There have already been 362 million-dollar homes sold in 2021, as of Wednesday.”

    They must be building million dollar homes pretty quickly up in Boise.

    Last time I was there, maybe in 2018, I went on a stroll with a work colleague who was fantasizing about investing in a house up there. I wonder if he pulled the trigger…

  15. styx is warning about the ‘corporatizing’ (government takeover) of cryptocurrencies. but it’s worse than he knows and better than the government thinks, because neither one understands the true hidden power of a takeover.

    if government succeeds in taking over the cryptos, it will discover, (much to its surprise) that if the economy isn’t on its kness, that the cryptos can and will grow stronger (if they gain status as a true currency like the dollar). then the government will find that they can skim value off the top and successfully hide what they’re doing. in other words, they can secretly devalue cryptos while pocketing the stolen value.

    the only good part is that the government doesn’t understand this yet, (much less styx). this might pit the FED against the government for many reasons. getting full control of cryptos should take a number of years though. either way, it’s very bad news for the rest of us. let’s hope the government doesn’t succeed with this as they would be much worse than the FED if they controlled the currency.

    https://www.bitchute.com/video/lhrrPz9NeX8/

    1. Cryptos are digital Beanie Babies backed by nothing and with zero intrinsic value. Anyone who “invests” in these worthless tokens is going to learn the hard way what always happens to bagholders in speculative manias.

      2. By the way, notice how the posters like the above disappear when cryptos are getting absolutely slaughtered, then reappear on the upswings? These guys are desperately pumping and dumping. That’s all it is, a pump and dump scheme.

          2. I listened to about half of Styx’s rambling (2x) and read the referenced Twitter thread from Jake C. Long story short and leaving out the “government is a meanie” rhetoric, basically Congress wants to require crypto brokers big and small to take down information (KYC) of everybody who buys and sells crypto so they can tax any profits.
            How is this an issue? Every other broker does this for every other investment. And sorry, but crypto is an investment, not a currency. Even profits on GOLD — a Tier 1 reserve asset and specifically cited as a currency in the Constitution — is taxed. Why should these crypto guys think they’re so special?

          3. Why should these crypto guys think they’re so special?

            they shouldn’t and they aren’t. but the ‘crypto’ provision will affect more than just the cryptos.

            i see it as the final nail in our financial privacy. and i know blockchain isn’t private. their transactions can be traced all the way back to their origin. but there are newer forms of cryptos that i believe are impossible to trace. i can’t say that i ‘know’ for sure because i really don’t follow cryptos much. but i see this crypto provision as dangerous and i never would have known about it if styx hadn’t brought it up in his podcast. by the way, he’s no expert in anything even though he gets many things right. i watch him mostly because he makes me laugh with his passion.

            ok, here’s a quote from an article in ‘decrypt’ on the crypto provision.

            “In practice, this means that crypto miners, validators on proof-of-stake networks, and possibly even those active in decentralized finance markets (think liquidators or governance-token holders) will have to meet IRS reporting requirements and file 1099 forms. These forms include customer data such as name, address, and tax identification number (which, in the case of self-employed individuals, can be a social security number).”

            are you ok with them knowing every financial move you and everyone else makes?

            i don’t care about cryptos except that they are/were something the government was worried about. if the crypto provision is in the infrastructure bill when it passes then all financial privacy will be gone. then government can and will use them to gain full control. then we might be required to use cryptos just like when dollars were mandated to be legal tender. then they might decide to go to some weird mix of majority crypto with a sprinkle of fiat dollars. that would serve government’s interest in a big way because they could almost end other countries counterfeiting the dollar. and i believe that has a big effect on the dollar. then if they’re smart enough, they’ll keep a strong economy any way they know how to, and shave the value of the overall crypto market that they just created by keeping some of the crypto off the books. and they’ll go as slow as they can to try to make it all as painless as possible, but we’ll still be in the coil of the python.

            and it could even be a way later on, to end the FED. then government would have ALL the power. and if you think the FED is bad…

            you already know how i feel about cryptos, but this is something more important. our financial privacy. i know you don’t think it’s a big deal, but it is. the economy needs financial privacy in order to function well. and i don’t see your willingness to see gold taxed as a good thing OR a green light to tax everything.

            you’d better hope that the ‘crypto provision’ doesn’t pass with the bill if only for your own financial well being. you’re not dealing with well intentioned people here. you’re dealing with people that want complete control over you. and they’re well on their way to finally getting it.

          4. I see it as the final nail in our financial privacy.

            This crypto provision is *not* the final nail in financial privacy. The IRS has always been able to access records to enforce tax law on capital gains on any investments.

            The real nail in the privacy coffin will be the state-backed Fedcoin, CBDC, SDR, whatever you want to call it, coupled with the abolition of physical currency. With no way to avoid an internet-based system, governments will be able to track and limit purchases at will, as they do in China. If these crypto guys were really out for privacy, they would fight to retain physical cash, or possibly silver, as untraceable currency. Instead, they are clinging to crypto because they don’t want to lose the $$ they put into it.

          5. The IRS has always been able to access records to enforce tax law on capital gains on any investments.

            no, it hasn’t.

        2. Cryptos are like any other Ponzi: it’s “investors” have to constantly talk new marks into signing up for the Ponzi, or the supply of Greater Fools dries up and the whole thing pancakes.

  16. Who is going to overpay for a shack in a drought-ravaged wasteland?

    California drought: Dozens of communities are at risk of running out of water

    https://www.msn.com/en-us/news/us/california-drought-dozens-of-communities-are-at-risk-of-running-out-of-water/ar-AAMLz4v?ocid=uxbndlbing

    In Fort Bragg on the Mendocino Coast, city leaders are rushing to install an emergency desalination system. In Healdsburg, lawn watering is banned with fines of up to $1,000. In Hornbrook, a small town in Siskiyou County, faucets have gone completely dry, and the chairman of the water district is driving 15 miles each way to take showers and wash clothes.

      1. California is going to get a lot more “The Road”-like before all is said and done. The globalist-collectivist destruction of anything resembling a sense of public or private morality is going to have terrible consequences when it’s every man (and soy boy) for himself.

          1. hat was maybe the bleakest movie ever made.

            I really don’t get how these dystopian movies draw any audience.

  19. Small landlords, you are kulaks who have been targeted for redistribution of the wealth by the globalists and their collectivist hirelings.

    Video: AOC Calling All Her BLM And Antifa Friends To Join Her For An Insurrection To Steal People’s Properties

    https://www.usasupreme.com/vdeo-aoc-calling-all-her-blm-and-antifa-friends-to-join-her-for-an-insurrection-to-steal-peoples-properties/

    U.S. Representative Cori Bush, who was evicted three times and lived in her car with her two children before her career in politics, spent a sleepless night on the U.S. Capitol steps to protest the end on Saturday of a pandemic freeze on evictions.

    Bush, a progressive Democrat who won her Missouri seat last year, managed about an hour of sleep sitting upright on a camp chair.

    Three other progressive lawmakers – Representatives Ilhan Omar, Ayanna Pressley and Alexandria Ocasio-Cortez – showed up to support her.

    1. “AOC Calling All Her BLM And Antifa Friends To Join Her For An Insurrection To Steal People’s Properties”

      – Sure, it’s OK for Progressives to insight “mostly peaceful protests” and insurrections.
      – While Jan 6, 2021 was actually a peaceful protest at the nation’s capitol building and not a riot, it was labeled as an “insurrection” because “the other side” did it and because “shut up!”
      – I’m sure this will all end well.

  20. A report from the Idaho Press. “In June, the Intermountain Multiple Listing Service report showed signs of inventory on the upswing. Anecdotally, Realtors have noticed it too. A cooling off of the hot housing market could be coming. That’s still to be determined in the long run. A dramatic shift in either direction could be potentially dangerous.”

    – Dangerous for whom? Dangerous for thee, but not for me.

    “‘I think there is a bubble going on,’ University of Idaho economist Steven Peterson said. ‘And I think the [increasing inventory at the] high end purchases of homes is a reflection of that. I think it’s mitigated by this is likely a bubble in equity as opposed to debt. An equity bubble tends to be less destructive than a debt bubble.‘”

    – Equity (asset) bubbles are driven by low interest rates and cheap credit (debt). They are one in the same. The higher the house price the higher the loan amount. This guy is an “economist!”

    From Philadelphia Magazine in Pennsylvania. “Alas, nothing lasts forever, and Kevin C. Gillen, senior research fellow at Drexel University says the conditions that have produced this insanely competitive market are bound to change. And while Gillen says Philly buyers alone can’t support current price levels, a price drop isn’t the only possibility for the future: ‘We’re either going to have a significant downward correction, which will be painful, or we’re going to become an unaffordable city, which will also be painful. Neither of these two outcomes will be good. Now, which one is going to happen?‘”

    – Asset bubbles don’t end by maintaining a “permanently high plateau” of high prices; the inevitably burst, resulting reversion to lower prices, along with economic pain, and suffering. The Fed’s “wealth effect’ cuts both ways. Once you start meddling with asset prices via financialization, ZIRP, appraisal fraud, subprime lending 2.0, the outcome is “baked into the cake.”

    “The popularity of inflation and credit expansion, the ultimate source of the repeated attempts to render people prosperous by credit expansion, and thus the cause of the cyclical fluctuations of business, manifests itself clearly in the customary terminology. The boom is called good business, prosperity, and upswing. Its unavoidable aftermath, the readjustment of conditions to the real data of the market, is called crisis, slump, bad business, depression. People rebel against the insight that the disturbing element is to be seen in the malinvestment and the overconsumption of the boom period and that such an artificially induced boom is doomed. They are looking for the philosophers’ stone to make it last.” — Ludwig von Mises (1940)

    From Click on Detroit in Michigan. “For much of 2021, sellers could count on multiple offers, most over the asking place. But that hot market has finally calmed down a bit. Real Estate One CEO Dan Elsea said the peak market happened in April and has cooled off since. ‘It might be a wise move now to treat that first offer that comes in, to work on it pretty good — rather than throwing it away for the next offer,’ Elsea said.”

    – Yep! The peak is in. Next stop rising inventory and lower prices as housing bubble 2.0 deflates. Lions and tigers and bears, oh my!

    The Oklahoman. “In the wee hours one day in the spring, Christy Taylor spied a listing for a house for sale in Edmond’s Fox Lake neighborhood. Here’s how they got the house, for $421,500. They offered $20,000 over the ask price. They waived inspections — ‘not advised,’ Christy acknowledged. And they decided they could live with some ‘interesting’ tile work. ‘The crazy thing is it appraised,’ said real estate agent Emily Frosaker-Kyle, who worked with the Taylors.”

    “She said appraisals lately have been meeting multiple-offer, bid-up prices on her deals, which could signal that the market is settling some.”

    – But I was told there isn’t any appraisal fraud. Not even a smidgen of lying or corruption. The hallmark of asset bubbles every time.

    – U.S. Housing bubble 2.0 bursting and correction continues apace; the current Fed-induced slow-motion train wreck, which should accelerate in housing once stonks start to show meaningful declines. Coming soon to a theater near you…

  21. From Cal Matters. “California being what it is – a very large state with a complex social and economic matrix and a unique political structure – generates an endless stream of analysis and criticism. In recent decades, as California veered to the left politically, it drew fawning attention from like-minded media, portraying the state as a harbinger of the nation’s future. California’s politicians such as Gov. Gavin Newsom fed the notion. ‘California is what America is going to look like,’ he has boasted. ‘California is America’s coming attraction.‘”

    – So, the future of America, based on Socialism/Communism (is there a difference, really?) is to be just another third world sh*thole then?

    “While California professes to seek progressive goals, it has failed to match its words with effective action, concluded New York Times columnist Ezra Klein, a Californian by birth and choice. ‘California, as the biggest state in the nation, and one where Democrats hold total control of the government, carries a special burden,’ he wrote. ‘If progressivism cannot work here, why should the country believe it can work anywhere else?‘”

    – Progressive = Socialist/Communist. How’s that workin’ out for ya Cali? Yeah, I thought so. Not so well.

    “Democrats hold total control of the government…”

    – Democrats own this (mess), as is the case for every blue state and city. Hmm, I’m seeing a pattern here…

    “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.” – H L Mencken

    “When the righteous thrive, the people rejoice;
 when the wicked rule, the people groan.” – Proverbs 29:2

    “Toute nation a le gouvernement qu’elle mérite.” (Every country has the government it deserves.) Lettres et Opuscules Inédits (1851) (letter of August 15, 1811). – Joseph de Maistre

    “The government you elect is the government you deserve.” – Thomas Jefferson

    “If progressivism cannot work here, why should the country believe it can work anywhere else?”

    – Socialism has always failed whenever and wherever it’s been tried, but it’s never the “right” kind of Socialism, so they keep “trying.”

    – “Socialism is Western Civilization in retrograde.” – Me

    1. While California professes to seek progressive goals, it has failed to match its words with effective action, concluded New York Times columnist Ezra Klein, a Californian by birth and choice.’

      that’s the thing politicians can talk all they want but if it doesn’t work it doesn’t work. And doubling down is just asking for a recall ..

  23. I was looking up historical real estate prices in a certain area, and it took 6 years to bottom from the January 2006 peak, to the very month.

    1. Roughly the same timing played out ferom 1990 through 1996, at least in California. Fyi we bought in 1996, and my first cousin bought in SoCal in 1997 when he moved here. This was one of the last chances to buy the dip in California housing.

  24. Well this is starting to get popcorn-worthy: globalist-funded radical left groups are calling on squatters, er, “affinity groups,” to “reclaim” vacant commercial real estate owned predominately by the FIRE sector donors who control the corporate wing of the Democratic Party. Nothing would delight me more than seeing the “progressive” (Marxist-Leninist) wing of the Democratic Party declare a People’s War against the entrenched, corrupt crony capitalist Old Guard of the DNC represented by multimillionaire fossils Comrade Pelosi and doddering Joe Biden. Fight! Fight!

    Brooklyn, NY: Local Residents Reclaim Empty Commercial Space

    https://itsgoingdown.org/local-residents-reclaim-space-brooklyn/

    BROOKLYN, July 20, 2021 – Today, an affinity group of local residents chose to access the ground floor commercial space at 1083-5 Broadway in Brooklyn, New York. The space has sat empty since August 2020, when the landlords harassed and removed a community and organizing network known as The Gym. We continued daily operations on the sidewalk, storing supplies in the upstairs tenants’ hall and distributing hot meals, PPE, hygiene kits, diapers, clothing, legal, medical, housing, and cash assistance to and with our neighbors.

    We demand that the landlords, Dodworth Development Corp of 305 North Avenue in New Rochelle, immediately turn over usage of the space to those of us who have cared for their property and each other for the past year. These landlords are integral to the systematic exploitation and neglect of Broadway/Myrtle’s corridor since the 1970s, when blackouts and fires devastated the area. Our neighborhood is not a playground for speculators and developers. It is a dynamic place full of people whose existence the city resolutely ignores.

    1. Masks aren’t going to do squat against an R0 value of 8. Delta is a double whammy. People infected with Delta exhale more virus particles, and each virus particle can enter the cell more easily. Masks and distancing will still stop most of the virus particles as they did for Alpha, but it won’t stop enough of them.

      1. Citizen! The efficacy of the mask is not the issue here! Challenging control measures as promulgated by globalist-approved medical authorities like Dr. Fauchi or St. Greta is evidence of BadThink bordering on heresy! Instant compliance, citizen, signifies your ideological adherence to The Narrative and could prevent black marks from being added to your dossier. Now go light a votive candle before an icon of His Vibrancy, St. Floyd of Fentanyl, and resolve to mindlessly comply with the orders of the Comrades of Proven Worth (D). Forward!

      2. intersect with

        A road frequently traveled in my junior high and early high school years.

    2. Anyone who spends a million bucks for under 1000 sq ft is definitely a donk. No land to speak of either. I guess location is all it has to offer, for that price. Is there something so special about that area of Hollywood Hills?

      1. Hollywood Hills

        Bel Air/Holmby Hills

        My BIL/SIL are currently buying a place in the Mt. Olympus area of Hollywood Hills for their twentysomething son.

        1. Wow, that’s an expensive gift. Especially now! (As a poster yesterday pointed out, prices are way way higher than the last bubble peak.) Lucky twentysomething!

          Lots to like about Mt. Olympus – wide streets, parking, some views, good sized houses – if you can get past the kitschy 70s faux columns and statues. Shame about that 90046 zip code though. I’d take a studio in 90069 with the Weho Sheriff’s Dept over a house under LAPD jurisduction any day!

          1. My BIL is frequently in LA on business (private equity) so I have a feeling it’s not just for the son, who was a film major but now that he works and lives in Hollywood doesn’t want to stay in CA long.

      2. I wonder what Stallone’s house is worth?

        JANUARY 24, 2012 BY LINDSAY

        The “Sylvester Stallone” House from “Pretty Woman”

        At the very beginning of Pretty Woman, Edward Lewis (Richard Gere), while lost in Hollywood, spots a hobo on the sidewalk digging through some trash and pulls over to ask him the way to Beverly Hills. The hobo replies, “You’re here! That’s Sylvester Stallone’s house right there!” LOL LOL LOL

        To find “Sylvester Stallone’s house”, Chas tracked down a helpful crew member who told him the general vicinity in which it was located. From there, he simply scanned aerial views and it was not long until he found the right place. And, amazingly enough, despite the fact that over two decades have since passed, the property still looks almost exactly the same today as it did when Pretty Woman was filmed! The small front door/front porch area was at some point enclosed, but otherwise the place appears to have been untouched by time. So incredibly cool! In real life, the tiny home, which was originally built in 1902, measures 3 bedrooms, 2 baths, and 1,201 square feet.

        https://www.iamnotastalker.com/2012/01/24/the-sylvester-stallone-house-from-pretty-woman/

        The Ultimate Pretty Woman Location Map of Los Angeles

        By Adrian Glick Kudler Mar 23, 2015, 4:35pm PDT

        4. “Sylvester Stallone’s house”
        1735 North Hudson Avenue
        Los Angeles, CA 90028

        A homeless man assures Edward he’s in Beverly Hills: “That’s Sylvester Stallone’s house right there!”

        OPEN IN GOOGLE MAPS

        https://la.curbed.com/maps/pretty-woman-locations

  27. “Born with it,” huh?

    2 dads say teachers at a New York school blamed their gay son for the ‘horrific’ homophobic bullying he endured and now they are suing for ‘justice’

    When Jason Cianciotto and his husband signed up their newly adopted son for the Albert Shanker School for the Visual Performing Arts, they thought it seemed like the perfect fit for him.

    It’s time to stop mainstreaming perversion. If everybody was gay, the human race would cease to exist.

  29. Stockpiling of guns & ammo is a vote of No Confidence in our current corrupt political class and the direction they’re taking the country. Forward, Soviet!

    America’s running out of bullets: Nation faces ammunition shortage as gun sales continue to soar

    https://www.dailymail.co.uk/news/article-9847347/Ammunition-shelves-bare-U-S-gun-sales-continue-soar.html

    The COVID-19 pandemic, coupled with record sales of firearms, has fueled a shortage of ammunition in the United States that’s impacting law enforcement agencies, people seeking personal protection, recreational shooters and hunters – and could deny new gun owners the practice they need to handle their weapons safely.

    Manufacturers say they’re producing as much ammunition as they can, but many gun store shelves are empty and prices keep rising.

  30. The CDC’s spokespeople and their constantly flip-flopping guidance is starting to sound like Jon Lovitz and an old SNL skit.

    When you get the “jab” you can take off your mask and cook a hot dog. That’s it! Yeah! That’s the ticket! Get the “jab” and take off your mask and cook a dog.

    For six months. Yeah! That’s the ticket! Get the “jab” and take off your mask for six months.

    Then put your mask back on and get another “jab”. Yeah! That’s it! That’s the ticket! A booster “jab” That’s the ticket!

    Then Rat out your friends who won’t wear a mask or get the “jab” Yeah! That’s it! Rat out your friends! That’s the ticket!

    https://youtu.be/-ucJN8cRDqM?t=14

  31. Right on cue. Gosh, we’d better hurry up and surrender all our rights for the greater good.

    Possible MERS-like COVID-19 strain that could kill 1 in 3 infected people: Study

    https://english.alarabiya.net/coronavirus/2021/08/01/Possible-MERS-like-COVID-19-strain-that-could-kill-1-in-3-infected-people-Study

    Scientists warn of a new and more lethal COVID-19 variant with a similar death rate to the Middle East Respiratory Syndrome (MERS) virus with the potential to kill one in three infected people, according to a report released on Friday.

    The research, written by the Scientific Advisory Group for Emergencies under SAGE publications, stated that there is a “realistic possibility” that this strain could hold MERS-like characteristics.

    1. The study, which analyzed the ‘long term evolution of SARS-CoV-2,’ considered scenarios

      Scenarios? The editors who wrote that headline should be jailed for incitement. Who wrote this paper, a bunch of scientists jawboning in the break room?

      1. Citizen! Get back under your bed where you belong! We’ll tell you when it’s safe to come out.

        1. Unless you are burning down a Wendy’s.

          The HBB remembers summer 2020 and how burning down Wendy’s and stealing shoes from Foot Locker grants you immunity from the COVID Coof™

          “They’re not sending their best”

          1. The HBB remembers summer 2020 and how burning down Wendy’s and stealing shoes from Foot Locker grants you immunity from the COVID Coof™

            Yep.

    2. They really do want to lock down the entire planet. And it doesn’t matter if this variant even exists, they’ll just make up numbers and lie, lie and lie. They already know that enough fools will obey.

  32. Haaretz: Israel’s Public Health Chief Says Evidence Points to Waning COVID Vaccine Immunity

    “[Dr. Sharon Alroy-Preis, Israel’s director of public health services] added that 50 percent of the current infections are vaccinated individuals. ‘Previously we thought that fully vaccinated individuals are protected, but we now see that vaccine effectiveness is roughly 40 percent.’ She noted that while effectiveness remains high for severe disease, Israel is seeing diminished protection, particularly for those who have been vaccinated longer.”

    “‘We compare people — both over the age of 60 but also between 16 and 59 — who were immunized early on and fully vaccinated by the end of January. We see infection rates among them that is 90 per 100,000, which is double of those who are fully vaccinated by March,’ she said, adding that ‘we see a drop in the vaccine effectiveness against disease for those who have been vaccinated early on, and we see it for both elderly people over the age of 60 but also for the younger.'”

    “[E]vidence of increased hospitalizations of severe and critical cases among the 60 and above population who are fully immunized.”

  33. The Comrades of Proven Worth (D) must remove any and all obstacles to parasitism and dependency, as these are supreme virtues for both the DNC and the Democrats support base of n’er-do-wells.

    AOC blames Democrats for eviction moratorium expiring: ‘We cannot in good faith blame the Republican Party’

    https://www.foxnews.com/politics/aoc-blames-democrats-eviction-moratorium-expiring

    Rep. Alexandria Ocasio-Cortez, D-N.Y., on Sunday blamed Democrats – both in the House of Representatives and at the White House – for allowing the eviction moratorium to expire, as millions of American families are at risk of being kicked out of their homes.

    “The House and House leadership had the opportunity to vote to extend the moratorium, and there was frankly a handful of conservative Democrats in the House who threatened to get on planes rather than hold this vote,” she said on CNN “State of the Union.” “We have to really just call a spade a spade. We cannot, in good faith, blame the Republican Party when House Democrats have the majority.”

    1. “Rep. Alexandria Ocasio-Cortez, D-N.Y., on Sunday blamed Democrats – both in the House of Representatives and at the White House – for allowing the eviction moratorium to expire,”

      In honor of the moratorium expiring I have been listening to this Ramones cover of the Rolling Stones – Out of Time – so much my neighbors are starting to prefer it to the original.

      OUT OF TIME – RAMONES

      https://youtu.be/zxlAK5NaCbM

    1. FWIW, my financial advisor loves PayPal and Square but I won’t invest in anything related to Hipster Rasputin.

      https://twitter.com/LSValue/status/1421960035266072578:

      $SQ spending $30B to buy Afterpay (at 42 x Forward P/S) of while $PYPL built their own BNPL for prob less than $50m. 😳😳😳

      Afterpay doing about $4.4B per quarter in GSV and PayPal doing $1.5B in GSV per quarter.

  37. Have you perchance noticed housing prices rising in your local market? Do you think your market is somehow different than all the rest of them?

    It’s not. This bubble is EVERYWHERE!!!

    1. The Financial Times
      Global Economy
      Pandemic fuels broadest global house price boom in two decades
      Low interest rates and extra savings boost market, reviving debate over financial stability
      Valentina Romei and Chris Giles in London August 1 2021

      House prices are booming in almost every major economy in the wake of the coronavirus pandemic, forging the broadest rally for more than two decades, and reviving economists’ concerns over potential threats to financial stability.

      Of the 40 countries covered by OECD data, just three experienced real-terms house price falls in the first three months of this year — the smallest proportion since the data series began in 2000, analysis by the Financial Times found.

      Historically low interest rates, savings accumulated during lockdowns and a desire for more space as people work from home are all fuelling the trend, analysts said.

      In the short term, house price growth can be “a good thing for the economy because people who already own homes feel richer and they can spend more due to the valuation of their assets”, said Claudio Borio, head of the monetary and economic department at the Bank for International Settlements, the bank for central banks.

      However, if it persists it could turn in to an unsustainable boom that could eventually push activity “into reverse”, particularly when accompanied by strong credit expansion, he warned.
      …

      1. There is no acknowledgement I can discern in that article about the central role of a renewed wave of government-sponsored subprime lending in the pandemic price blowout.

  39. QUOTE (University of Idaho “economist” Steven Peterson): “I think it’s mitigated by this is likely a bubble in equity as opposed to debt. An equity bubble tends to be less destructive than a debt bubble.”

    Duh. There is a horrible price bubble in housing. For the sellers, it is an equity bubble. For the buyers, it is a debt bubble. Yeah, you could say that It will definitely be more destructive for the buyers than for the sellers, but it will catch up with everyone.

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