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I Can Accept That Prices Do Fall, And Have Fallen, I Was Shocked That It Was By So Much

A report from Yahoo. “If you’re looking to do major upgrades or are in the middle of one with a contractor, you might want to see if you can re-negotiate the cost of materials. Gregory Kyler, a Chicago-based licensed general contractor, says that he and his team re-priced construction on a new home that ended up being 15% less than it was a month ago.”

From Madison’s Lumber Reporter. “As the second half of summer 2021 came on, there was no more clarity on the state of the North American construction framing dimension softwood lumber market than there had been for most of this year. While building, and especially housing market, activity continued relatively strong, it Seemed that quite a bit of that higher-cost inventory remained in the field. Buyers weighed the potential supply problems and logistical interruptions caused by wildfires against the possibility of further downside in prices and many decided to watch and wait.”

“Prices of dimension and studs appeared to be stabilizing while panels were in a nightmare downward spiral.”

From Mortgage News Daily. “‘While the demographics and interest for home buying remain solid, higher costs and material access issues have resulted in lower levels of home building and even put a hold on some ‘new home sales,’ said NAHB Chief Economist Robert Dietz. ‘Buyer traffic has fallen to its lowest reading since July 2020 as some prospective buyers are experiencing sticker shock due to higher construction costs,’ said NAHB Chairman Chuck Fowke.”

From Arlington Now in Virginia. “Not quite seeing the perfect ‘Just Reduced’ home here? Don’t be discouraged as these offerings are just the beginning! Nearly 50 homes experienced a price reduction in the past seven days. Taking things to the next level, a property doesn’t always have to be ‘Just Reduced’ to get a bargain. With a trusted team on your side — regardless of how hot the market is — you can negotiate in the direction you are seeking.”

The Boston Globe in Massachusetts. “The once-torrid demand for homes in the Boston area has cooled markedly this summer, and sale prices―though still hovering near historic highs ― may be starting to soften slightly, according to an industry report. Median prices for single-family homes dropped 10 percent from an all-time record high of $812,000 in June, the Greater Boston Association of Realtors said. Dino Confalone, president of the realtors’ association said said there’s been a strong supply of new homes hitting the market this summer, ‘and that’s giving buyers more options and time to look for a home.'”

The San Antonio Current in Texas. “In January, country music legend George Strait relisted his Santa Fe-style home in the ultra-pricy Dominion enclave for $7.5 million, cutting a quarter from his original asking price. And it still hasn’t moved. The price reduction, which happened more than six months ago, was only the latest for the King of Country as he looked to unload his castle. It originally went on the market in 2018 at $10 million, then the price dropped to $8.9 million in 2019.”

The Orlando Business Journal. “Central Florida’s housing market may be reaching a cooling-off period. The hottest housing market in years led to further home price escalation and quicker sales in July, according data released by the Orlando Regional Realtor Association. However, the number of sales decreased and home inventory ticked up for the third straight month as some experts expect the market to slow gently. ‘We’re seeing various indicators in the housing market to suggest it’s cooling,’ PNC Financial Services Group Senior Economist Abbey Omodunbi told Orlando Business Journal.”

“Central Florida’s home inventory on the market increased from 3,098 homes in June to 3,524 homes last month. The local housing market appears to have reached its pinnacle, 2021 Orlando Regional Realtor Association President Natalie Arrowsmith said. ‘We are seeing the housing market start to level off from its peak, but that doesn’t mean it’s less competitive.’ Indeed, Omodunbi told OBJ the recent price gains seen across the U.S. housing market in the past couple of months are ‘unsustainable,’ especially with more home listings hitting the market.”

From My News 13 in Florida. “Before the COVID-19 pandemic, Jayne Rocco managed 15 rental properties in Daytona Beach. Now, she’s down to nine — and looking to sell the rest as quickly as possible. ‘Financially, I can’t do it,’ Rocco said. ‘I’m tired of tenants, you know, chasing them for the rent, feeling like they’re entitled, that they don’t have to pay.'”

“At one property where she rents two separate homes, Rocco says she recently paid to renovate one home’s kitchen and bathroom, even though the tenants there haven’t been paying rent on time or consistently since they moved there in May. ‘I took out a second mortgage to fix it up,’ Rocco said. ‘I just break even on the two houses, so every month, I’m having to come up with $1,000 out of my pocket, at least.'”

The Center Square. “Illinois’ mom-and-pop landlords say the end of the eviction moratorium that was put in place to protect people who lost their jobs or got sick during the COVID pandemic can’t come soon enough. Too many property owners are struggling with tenants who have racked up thousands of dollars in back rent balances, said Paul Arena, director of legislative affairs for the Illinois Rental Property Owners Association. Many landlords are owed thousands of dollars in back rent and they have little hope of ever getting their money, he said.”

“‘There seems to be this misconception that it is going to be OK because all this rent is going to get paid, and that is just not true,’ Arena said. ‘We have property owners who are on the brink of bankruptcy because they can’t pay their bills and they can’t afford this anymore.'”

“‘I talked to a building owner over the weekend who was out $60,000 in unpaid rents. Some of the tenants had vacated the apartments. The owner was dealing with the reality that he was not going to be compensated for those,’ Arena said. ‘He and his wife had been using their savings. They had been to the bank to borrow money to make ends meet. I could tell there was a great deal of concern.'”

From Canadian Mortgage Trends. “Real estate activity and home prices across Canada continue to retreat from their March peak. Since March, the average price has fallen 7.7%. Home sales are also down, having fallen 28% from the March peak and 15.2% since last year. ‘The slowdown we’ve seen in home sales over the last few months has not been surprising, given that the level of activity we were seeing back in March was unsustainable,’ said Shaun Cathcart, CREA’s Senior Economist.”

“‘From a bigger-picture perspective, we might be close to the point where major pandemic-era rebalancing has run its course—think single-detached versus condos, rural versus urban and cottages versus travel and other spending,’ BMO senior economist Robert Kavcic wrote. ‘One could argue that some of those shifts went too far during the height of the madness, and we could see some undoing ahead, even if a lot of the underlying change is permanent.'”

The Khmer Times. “A slide in condominium prices in Cambodia may lead to more affordable homes for locals as developers chase a dwindling number of buyers. Mid-range prices in Phnom Penh tumbled 13.5 percent in the second quarter of the year, compared to the same period in 2020. High end prices dropped 7.9 percent, while affordable home prices fell 3.1 percent, according to figures from real estate consultancy CBRE Cambodia.”

“‘In Phnom Penh, some developers have reacted to this by pivoting their projects towards the local market where they are having to compete more fiercely for a smaller pool of buyers,’ said CBRE Managing Director James Hodge. ‘Discounting has been the principal tool used by developers to compete for local investors, many of whom have been savvy bargain hunters.'”

“The situation is the same in Thailand, where condos in Bangkok’s central business district tumbled more than other Southeast Asian cities, according to a survey by property group Juwai IQI.”

From Free Malaysia Today. “Everyone loves a sale, particularly if the property is going at half price. But not earlier buyers, or investors who had bought to flip. These two groups would be unhappy. Maybe even furious. Headlines about property have been like this, of late: Is it time to buy? Is it ‘still’ a safe investment? Is there light at the end of the tunnel? There is a missing question: ‘Will prices fall further?'”

“When Chinese developer Country Garden Pacificview Sdn Bhd advertised its Danga Bay, Johor Bahru, project at 50% discount for about six weeks starting in early June, earlier buyers were angry. New buyers were delighted. A Singaporean buyer, Hassan (not his real name), who bought an apartment unit in 2015 for RM1.82 million, was shocked and upset. Overnight, his unit was worth about RM900,000.”

“‘The drop is significant. I can accept that property prices do fall, and have fallen because of the Covid-19 pandemic. Even then, I was shocked to discover that it was by so much, as though a calamity had occurred,’ he said. It was his holiday home.”

“A government-linked developer also halved prices for some of its remaining units located near the National Science Centre in Bukit Kiara, Kuala Lumpur. The units were originally priced at about RM4.5 million each. It is not clear when these units were sold. Each of these two cases involved unsold completed units. Country Garden Pacificview cited ‘current market conditions’ and ‘changing requirements of the situation.'”

“These 50% bargains from developers – the first ever in the Malaysian property sector – underscores the high number of completed units still unsold, which are a millstone around developers’ necks. According to three agents for Country Garden Pacificview, which is part of China’s Country Garden group, it had a stock of about 1,000 units and needed ‘to sell them quickly.’ About 200 units were sold, half to Malaysians and the rest to Singaporeans. The agents also said the company was ‘likely’ to have another promotion in a few months to clear the rest.”

“Buying completed unsold units may also be ‘safer’ than buying off-plan due to the on-off restricted movements which may affect delivery dates, or a cash crunch that may result in the projects being abandoned. For decades, Malaysians have been weaned on the belief that property prices can only go up. Covid-19 has made this a myth.”

This Post Has 120 Comments
  1. ‘Median prices for single-family homes dropped 10 percent’

    Good thing everybody put 20% down.

    1. That’s a 10% drop over two months, right in the middle of the red hot summer sales season. The annualized rate of decline approaches 50%. I assume the rate of decline might increase once back-to-school demand gives way to the holiday season lull in home purchase interest. Better hurry up and sell now, before it’s too late to find a greater fool Millennial buyer!

      This time is different: Beantown is leading the way into the crater. San Diego is the laggard.

      1. “This ain’t so bad.” (Said repeatedly by an anonymous hobo who eventually dies.)

        Slaughterhouse Five, Kurt Vonnegut, Jr.

          1. Our friends managed to get $1.2 million at the very top of the market last month, even as the median was starting to drop.

            These are people who pray often.

        1. Home Prices
          Skyrocketing San Diego Home Prices … Go Down
          By NBC 7 Staff
          • Published August 17, 2021
          • Updated on August 17, 2021 at 12:48 pm
          A Southern California home is offered for sale at reduced price

          The median sales price of an existing single-family home in San Diego County declined 0.6% from June to July — from $865,000 to $860,000 — but is up 19.6% from July 2020, when it was $719,000, a real estate group reported Tuesday.

          After setting record highs for the past four consecutive months, California’s median home price slipped 1% on a month-to-month basis to $811,170 in July, down from June’s $819,630 and up 21.7% from the $666,320 recorded last July. The median price in California remained above the $800,000 benchmark for the fourth consecutive month.

          1. An acquaintance moved from Dallas area to Silicon Valley. Makes more money but saves less monthly AND he lives in a rented 2 bedroom apartment whereas in Dallas he owned a 5bed/5bath home.

        2. San Diego County Home Prices Little Changed From June; Total Sales Decline
          Tuesday, August 17, 2021
          By City News Service

          The median sales price of an existing single-family home in San Diego County declined .6% from June to July — from $865,000 to $860,000 — but is up 19.6% from July 2020, when it was $719,000, a real estate group reported Tuesday.

          Total sales of existing single-family homes in the county were down 7.4% from June, but up 1.4% from July 2020, according to the California Association of Realtors.

          Statewide, closed escrow sales dipped 1.6% from June to July and were down 2% from a year ago, when 437,890 homes were sold on an annualized basis.

        3. We’re seeing some early warning signs of an abrupt market shift in SoCal and California overall.

    2. Please correct me if I am wrong re math on a 10% drop.
      It would take a 20% rise to get back to the marked point of the 10% drop.

      1. It would take a 1/0.9 – 1 = 11% rise to get back.

        The 50% drop case is far more interesting:

        1/0.5 – 1 = 100% rise is needed to get back to the original price!

  2. ‘Central Florida’s home inventory on the market increased from 3,098 homes in June to 3,524 homes last month’

    Harry Potter: “More shacks there, and there!”

    ‘The local housing market appears to have reached its pinnacle, 2021 Orlando Regional Realtor Association President Natalie Arrowsmith said. ‘We are seeing the housing market start to level off from its peak, but that doesn’t mean it’s less competitive’

    That’s exactly what it means Natalie.

    1. ‘but that doesn’t mean it’s less competitive’

      Nellie… It’s good to see sellers competing. Thanks for the heads up.

  3. ‘The agents also said the company was ‘likely’ to have another promotion in a few months to clear the rest’

    And fooking the new winnahs!

    ‘‘I took out a second mortgage to fix it up,’ Rocco said. ‘I just break even on the two houses, so every month, I’m having to come up with $1,000 out of my pocket, at least’

    How’s that 5% cap rate look now Jayne?

    Jeebus the crater. I had to just stop posting stuff as it was getting too long.

  4. Jayne Rocco said. “…I’m tired of tenants, you know, chasing them for the rent, feeling like they’re entitled, that they don’t have to pay….”

    Welcome to the new America, Jayne.

    1. “Rocco said she’s hired those struggling tenants to work on some of her properties to pay off their back rent, but they still haven’t reached an understanding. Those tenants declined to comment for this story.”

      Florida, a sunny place for shady people!

    2. “…I’m tired of tenants

      And yet, as renters we pay our rent like clockwork and are still treated like crap.

      Two weeks ago a substantial chunk of the ceiling fell in the garage along with a great volume of crumbly insulation, filled the air like smoke. My husband and I got a few lungfuls before we abandoned ship. They haven’t shown up to fix it yet. We swept it up, put a tarp over it.

      1968 house, so some things are expected. Not a good feeling when two electrical outlets have shorted out during our six years here, last one resulting in a good size fire. Before 1980 the building codes here were lax, to say the least.

      1. Want to add fully renovated house down the block is listed for $699,999, the house we’re renting’s estimate is around $500K. Ridiculous.

      2. “two electrical outlets have shorted out during our six years here, last one resulting in a good size fire”

        LMFAO@ this will be every used house sold 2020-2021 that waived all inspections.

        And then you can call us to come fix it. Buyer FOMO = more money in my pocket 🙂

      3. Building codes might have tightened up but corruption with payoffs has loosened up, so it’s all about the same.

      1. A Nation under house arrest.

        Simply an excuse to exercise tyranny. And it is sad to see how few resist. Hawaii is threating house arrest in the next few weeks. Also, they arrested some tourists accused of faking their vax cards. Arrested. Not fined. Not put on a plane and sent back to the mainland. Arrested.

          1. “who really runs Bartertown”

            As a former NorCal resident, I love it! When will all those transplants realize that CA is the land of vested interests. Those vested interests will be sending them home with MT pockets! Why should TPTB care about those fools sitting in the dark spouting their woke BS while secretly contemplating going back home to Indiana.

            Bwahahahahahahha!

      2. Taiwan isn’t big enough for China. China wants Australia’s mines. It wouldn’t surprise me if they are whispering in the ear of Australia’s leaders. Taking away guns and testing whether they would agree to be welded into their homes.

    1. You can’t lock down this virus anymore (not sure you ever could). That ship sailed 18 months ago. We’re all going to get it, whether it’s a month from now or 20 years from now. Why drag it out.

      1. And tons of us (like myself) already had this pre-March 2020.

        So now they’re gonna be rolling out boosters because apparently the jab doesn’t really work. Of course it doesn’t. It’s not intended to. Now everyone is gonna need regular 6 month injections of a mysterious injection to participate in society.

        Kill switch engaged.

          1. Grooming special snowflakes for over a couple of decades, gold stars and participation trophies created this particular group of “caregivers”. The men posting there appear to be the most tear-soaked “twits” posting amongst this group of “Heroes”.

            https://twitter.com/Adamhill1212/status/1427657945886691328

            So no more choreographed dance moves on Facebook?

            My wife has been in medicine for over 35 years. She’s a leading expert in her field who sits on numerous National boards. She knowns literally thousands of heath-care providers working around the Country and the ones that she has been communicating with have complained to her about some fellow heath-care worker’s unhelpful attitudes during this entire “pandemic”. The self indulgence, red checks and tear stained scrubs on that twitter feed seems to be pretty much the standard now for any under 30 year old worker in a US hospital.

            Whoever’s doing the PR (magazine/newspapers/internet news) for my wife’s Hospital system has been stoking the fear factor since this thing began. They have recently upped the propaganda and it’s been pissing off the actual workers who know that the PR isn’t matching the real numbers that they are seeing, which are low.

            Her hospital working acquaintances (across the US) are reporting the same BS-PR in their towns. Most are also working with much lower death and/or infection numbers than the panicked media is reporting for their areas.

          2. steadykat,

            With what’s happening ex-US, I worry most about what things will look like here in 2 months with vaccines failing and boosters being administered. Please let us know if your wife senses a sea change.

          3. steadykat
            Look on the bright side. Because he’s crying, we weren’t subjected to the usual selfie display of teeth and tonsils.

      2. I may or may not have CCP Flu right now, but I won’t get tested so I’ll never know. Sore throat, dry cough, fever, muscle aches and fatigue. I never get sick this time of the year.

          1. He did it in case his job required it.

            He’s talking about the roll in the hay from which he acquired it.

        1. Surprised you’re not getting tested. You could come on here and say that the jab “doesn’t work.” CVS sells home tests (2-pack for $23) so you don’t need go to a clinic.

          1. There is no reason I would get tested. I was told this spring that the vaccines are “100% safe and effective.”

            I’m gonna roll with those Martha’s Vineyard Obama birthday party health protocols, i.e. I’m “sophisticated” and you all are just mouth breathing knuckle draggers…

          2. I was uneasy about the mRNA vaccines, so I opted for J&J, despite J&J’s higher rate of breakthrough cases. No word on a J&J booster, but they’re saying that J&J will have more data for us in a week or so. Benchtop studies suggest that that J&J protection doesn’t wane over time, and a clinical study of South African health care workers showed that protection barely decreases against Delta.

            I haven’t read this specifically, but I get the impression that J&J really wants to retain their one-and-done regimen. They’re going to need that in second- and third-world countries.

            For me specifically, I was injected at the end of April, so if it’s really an 8-month lag for a booster, I won’t need anything until Christmas. By then we’ll have a lot more information. Heck, I might get a breakthrough case before then.

          3. Well Mafi, covidisaglobalhoax did whether I would get a booster…

            I’m hoping to break out of the fear habit soon. (yeah yeah, I know, you guys never got into the fear habit) I never locked down or masked up for colds or flu, didn’t even think abut it. Evidently the shots turn COVID into a cold or flu, so why am I still in pandemic mental mode? Probably because my office and friends are still in paralysis. I think everyone is waiting with bated breath as school starts.

          4. the shots turn COVID into a cold or flu

            Nope. It always was. MSM and fear convinced you, your office and friends that it was more than it was.

          5. It always was

            You’re right. 300,000 motorcycle accidents, and a sketchy PCR test which identified 300,000 cases of the flu because “there is no test for delta.” 🍷

          6. “there is no test for delta.”

            You’re conflating my views with virus deniers so you can discount what I say. Learn some nuance.

          7. You’re conflating my views with virus deniers so you can discount what I say

            Ah, so you figured it out. Here’s a cookie. 🍪

          8. who owns the testing kits

            Abbot Labs. Abbot has been developing these fast-result testing since the beginning. I don’t have the references here, but these tests were checked and yes, they do detect Delta variant. They have a detection limit equivalent to CT=30, which basically eliminates any false positive.

  5. “Gregory Kyler, a Chicago-based licensed general contractor, says that he and his team re-priced construction on a new home that ended up being 15% less than it was a month ago.”

    Competition among builders coupled with cratering lumber should, in principal at least, lead to dramatic reductions in new home prices.

    Who wants to pay a premium for a POS used home when you can buy a brand new one at 15% off?

    1. “re-priced construction on a new home that ended up being 15% less than it was a month ago.”

      I bought 26 pieces of 1/2 plywood this week for $756.46

      On June 10, 2021 I bought 20 pieces of 1/2 plywood at the same Home Depot for $1,597.51

  6. Vibrants are taking full advantage of the breakdown of law and order in Democrat-Bolshevik malgoverned cities to escalate their “random” (per the MSM) attacks.

    Horrific moment hatchet-wielding assailant hacks man, 50, inside Manhattan bank: NYC’s violent summer rages on with nearly 6% spike in assaults

    https://www.dailymail.co.uk/news/article-9903337/Hatchet-wielding-assailant-slashes-man-ATM-inside-Manhattan-bank.html

    Shocking video captured the moment a hatchet-wielding man brutally attacked a customer at a Manhattan bank as New York City’s violent summer rages on.

    The random attack unfolded at a Chase Bank on Broadway in the Financial District just before 5.30pm Sunday.

      1. Charles Bronson copycat
        I’m a fan. 16 in 1970, born and raised in NYC we all loved, really loved that movie. And Jeff Goldblum (bad guy here).

    1. speaking of Chase Bank brings to mind the daily deteriorating condition of the newly vacant Chase branch on the corner of Woodmore Oaks & Sunrise Blvd in Citrus Heights, CA, which has become infested w/”homeless” aka drug addicts.
      When my wife asked why the sudden increase I replied with obvious answer: “Because the Citrus Heights police, like so many other LEOs, do not LIVE in the areas they patrol. Simply put, they don’t care, and it’s good job security” as they happily widen their pension perimeter.
      Meanwhile, barely a mile away across the Sac county line in Roseville (Placer County) where the LEOs DO live, is a noticable absence of bothersome bums.

      aka CopLand

      1. “speaking of Chase Bank brings to mind the daily deteriorating condition of the newly vacant Chase branch on the corner of Woodmore Oaks & Sunrise Blvd in Citrus Heights, CA, which has become infested w/”homeless” aka drug addicts.”

        You’d think that Sacramento County would keep them herded within downtown Sacramento city limits where the services are located.

        1. Downtown Sac, I mean “DOCO”, is full-up, so they follow 16th St then Auburn Blvd out of downtown, aka “The Hobo Highway” as I call it.

          Venice beach comes to mind except this route goes on for 17 miles, eventually ending up in Old Roseville / Union Pacific train yards for fresh pickins’ among the retired state worker cat lady Karen’s who give them cash at the intersections.

  7. ‘I took out a second mortgage to fix it up,’ Rocco said. ‘I just break even on the two houses, so every month, I’m having to come up with $1,000 out of my pocket, at least.’”

    I don’t have an economics degree like AOC, but this doesn’t seem like a viable business model for the long haul.

  8. “Before the COVID-19 pandemic, Jayne Rocco managed 15 rental properties in Daytona Beach. Now, she’s down to nine — and looking to sell the rest as quickly as possible.

    Gosh, if 8 million kulak landlords who have been targeted for financial extinction by the globalists and their Democrat-Bolshevik Quislings are all looking to dump their rental properties “as quickly as possible,” won’t that mean a sudden, massive glut of shacks and multifamily units hitting the market? I fear this could have a negative impact on shack prices and the rental housing sector in general.

  9. Today is Wednesday, August 18th and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

  10. ** “Greater Boston Association of Realtors said. Dino Confalone, president of the realtors’ association said said there’s been a strong supply of new homes hitting the market this summer, ‘and that’s giving buyers more options and time to look for a home.’”

    hey Dino: like a pie in the sky, I’m ready. got my popcorn & martini at the ready to celebrate every time the Real Estate Mafia whines:
    “BUYERS need to get off the fence!”
    “BUYERS need to pull the trigger!”

    and of course, the always classic . .

    “IT’S NEVER BEEN A BETTER TIME TO BUY !!”

  11. ‘We have property owners who are on the brink of bankruptcy because they can’t pay their bills and they can’t afford this anymore.’

    Sounds like a lot of people went into debt to join the hordes expecting to get rich by leveraging themselves to the hilt and covering the payments out of their rental income stream, while waiting for prices to go up so they could sell for a profit.

    Leveraged gambles don’t always work out as planned.

    1. Trying to get a post through with a rumble link but it won’t post. Go on Rumble and look up ICU nurse covid. It’s 50 minutes of hard cv truth from someone who knows the real deal.

  12. These 50% bargains from developers – the first ever in the Malaysian property sector – underscores the high number of completed units still unsold, which are a millstone around developers’ necks. Malaysia recently came out with New “guidelines” for their retirement visa (MM2H). If those guidelines stay you will be seeing VERY very few new MM2H retirees to buy the properties, but more importantly, the current MM2H visa holders will need to meet the new Guidelines” or they must go. The new guidelines are ridiculously high and most of the current MM2H holders will not be able to meet them and will be forced to leave and most will sell their properties if they own one.
    Could we see a 75% sale? Malaysia is one of the few Asia countries where foreigners can actually own LAND, not just a condo, but the actual land.

  13. ““Not quite seeing the perfect ‘Just Reduced’ home here? Don’t be discouraged as these offerings are just the beginning! Nearly 50 homes experienced a price reduction in the past seven days. Taking things to the next level, a property doesn’t always have to be ‘Just Reduced’ to get a bargain. With a trusted team on your side — regardless of how hot the market is — you can negotiate in the direction you are seeking.””

    NOW is the best time to buy

    -NAR

    BTW, eat yet crows tazpayers

    1. Perhaps a little Fed bloodletting today can preempt a major crater event down the road?

      Not to suggest that it has ever worked out that way before…

    2. CNBC TV
      Markets
      Dow futures drop 200 points, commodities retreat on concern about the Fed’s move to remove stimulus
      Published Wed, Aug 18 2021 6:05 PM EDT
      Updated 27 Min Ago
      Yun Li

      Stock futures were sharply lower on Thursday as concern grew that the Federal Reserve’s move to remove stimulus this year would slow an economy already taking hits from the lingering delta variant of Covid.

      Futures on the Dow Jones Industrial Average dropped 253 points or 0.7%. The Dow tanked by 380 points on Wednesday as the release of meeting minutes from the Fed’s gathering in July showed the central bank has started eyeing tapering its $120 billion in monthly bond purchases before the year-end.

    3. It seems like the Fed’s liquidity tsunami has induced an unusually high degree of positive correlation between risk assets across international financial markets.

      Given how frequently Fed spokesmen fret about “systemic risk,” it seems like they shot themselves in the foot.

      1. The Financial Times
        Markets Briefing Equities
        Stocks and commodities slump on Fed and global growth jitters
        European and Asian bourses under heavy pressure with raw materials also sliding
        Siddharth Venkataramakrishnan, Tommy Stubbington and Adam Samson August 19 2021

        Stocks and commodities sustained heavy falls on Thursday with investors darting into havens like the dollar after a jolt of concern over US monetary policy and signs of slowing global growth knocked investor sentiment.

        Major European bourses slumped in morning action, with London’s FTSE 100, Frankfurt’s Dax and the broad Europe Stoxx 600 both dropping more than 2 per cent. The Cac 40 in Paris had an even greater fall, down 3 per cent. Across the region, luxury retailers such as Burberry, LVMH and Moncler sustained the steepest losses, alongside miners and airline groups.

        Traders also shifted out of other risky asset classes, leaving oil and metals prices with significant declines. Meanwhile, the dollar, considered to be a shelter in times of market jitters, lurched to its strongest level of the year with the index which measures the currency against six others up 0.3 per cent.

  14. From start to finish the entire house buying process is thoroughly corrupted, a monopoly, violates fir business practices and I can obtain more data on a $2,000 used car than a $800,000 home.
    Looking for land with utilities to the property edge.
    Prefer steel, concrete and glass.
    Looking at boxabl — specifically their 1,600 sf transportable fold up hurricanes 150 mph wind house.
    Shipping fees. – concrete pad and permits. Unload with a fork and finished.

  15. When is drought going to start affecting shack valuations in California & the southwestern states?

    Southern California water officials declare supply alert amid worsening drought

    https://news.yahoo.com/amid-worsening-drought-southern-california-211141699.html

    Southern California’s powerful water agency on Tuesday issued a supply alert, calling on the region to conserve vital resources and prepare for continued drought — a move that brings the state’s largest population center closer to the tough water restrictions imposed on communities elsewhere.

    The move comes one day after U.S. officials declared the first-ever water shortage on the Colorado River, which is a key source of water for the region.

    1. In a typical year, the Federal Aviation Administration said the agency sees 100 to 150 formal cases of bad passenger behavior. But from the start of this year to May, that number has jumped to 2,500

      That’s 500 a month, or about 17 per day. You’re far more likely to witness a brawl on your flight than to contract Covid on it.

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