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The Sky Is No Longer The Limit

A report from My Fox 8 in North Carolina. “The market was so competitive, Joel and his wife, Fayla, started putting in bids without putting their eyes on the houses. ‘It was insane. ‘We were putting in offers on houses we didn’t even want,’ they added. Eventually, the Zaldivars prevailed, finding a home in Kernersville. ‘There’s a certain class of people who are now going to be elevated and there’s a certain class of people that are now forced to be renters,’ he said.”

From Market Place. “Does this sounds familiar? ‘Literally within moments of somebody putting a house on the market, they were getting offers like this, and it was sold within, like, an hour,’ said Kama Burton, a real estate broker in California’s Inland Empire, east of Los Angeles.”

“What she just described wasn’t yesterday; it was 2005. And within just three years, Burton said ‘homes were abandoned. Grass is dead, windows are broken, people are squatting …’ The housing bubble PTSD is widespread in the exurbs of Los Angeles that were hammered by foreclosures, Burton said.”

“Zillow economist Chris Glynn said too much demand and not enough supply means the housing market can’t tumble overnight. But the double-digit price hikes won’t last forever. ‘We’re seeing signs that the market is beginning to cool just a little bit, and by cool I mean house price growth is slowing, not that prices are going to decline,’ Glynn said. Take away record-low mortgage rates and flexible work from home policies, and you might even see a housing market correction on the horizon. Maybe not a crash, but a soft landing.”

From Nevada Business. “‘For a sustained period earlier this year, we had one week of inventory,’ said Kevin Sigstad, broker/owner, RE/MAX Premier Properties Commercial. There were multiple offers on available homes, with buyers offering $50,000, $100,000 over asking price, waiving appraisals and inspections.”

“In July, Reno’s inventory crept back up to two or three weeks-worth. ‘Everybody thought the market had collapsed because we’ve three weeks of inventory, what are we going to do?’ Sigstad said. But the market only cooled a little. ‘[That] has helped. People overpriced their homes thinking that homes are going up 1 to 2 percent a month. If they sold for $500,000 last month it must be worth $550,000 this month. [Those sellers] are having to do price reductions and reevaluate where they are in the marketplace so they can get the house sold in a timely period.'”

“‘Last time we had price increases like this we had substantial price decreases that followed,’ said Sigstad. Between 2008 and 2001, prices declined roughly 50 percent. ‘But this is a different economy, and these are different times; that crash was for different reasons.'”

From WXYZ in Michigan. “In 2021, records have been set for housing prices, buying, and selling trends. It’s been a learning process for agents and their clients. Prices are still at all-time highs up 17% from last year. The Fed dropped interest rates to zero and mortgage rates followed, hitting historic lows adding to the buying frenzy. The sky is no longer the limit. The new market is forcing some list prices to be reduced.”

“As a seller, you’re still not too late to the party. As a buyer, you still need to act fast. Gretchen Hudson of Park Avenue Real Estate in Allen Park, puts homes into three categories. If a house hasn’t sold in seven to 10 days, it’s time to reassess – starting with the price. And there’s the uncomfortable discussion with the clients who have high expectations. ‘She gave us the facts. She was honest with us and she kind of talked us down, calmed us down, and said this is what we believe,’ Tom Wieck said.”

“‘If you price too high because you’re going to get a bidding war no matter what, you may be mistaken because now we’re starting to see more price drops among homes for sale,’ said Daryl Fairweather, Redfin Chief Economist.”

The New York Post. “Sometimes, you just have to cut your losses — even if that’s $2 million in losses. The NYC townhouse Mary-Kate Olsen lost in her divorce with ex-husband Olivier Sarkozy has hit the market asking $11.5 million, according to Realtor.com. The asking price for the ‘architect ready’ (meaning unfinished) home in Turtle Hill is $2 million less than Sarkozy paid in 2014, the listing shows.”

“The former couple bought the 8,700-square-foot Regency-style house for $13.5 million in 2014 and launched renovations, records show.”

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This Post Has 111 Comments

  1. Well, this is the fun times. Ha ha, we’re gonna to be rich! just not as rich. Seen this movie before.

    ‘Literally within moments of somebody putting a house on the market, they were getting offers like this, and it was sold within, like, an hour’

    ‘What she just described wasn’t yesterday; it was 2005. And within just three years, Burton said ‘homes were abandoned. Grass is dead, windows are broken, people are squatting’

      1. Another thing is the REIC/media have this narrative about “the crash”. It wasn’t so bad. People actually paid less for shacks -EGAD! I made some money boarding up windows and hauling off FB’s junk to the dump. That was work, cleaning up the mess greedy bashtards left behind. So they had to get some boxes, boo hoo. It’ll come around again cuz people are being greedy bashtards.

        1. It’ll come around again cuz people are being greedy bashtards.

          I see more greed this time around than last. There are 2 and 3 year old used vehicles asking $25,000 more than brand new.

      2. The MSM and salesmen have an important similarity: they may occasionally tell you the truth, but that’s not their main agenda. The MSM wants to convince you of a narrative they support, and the salesman wants to convince you to buy his product.

        BUT… that doesn’t mean what they’re saying is always false. Their statements can range from completely false, to partially true, to completely true. Wisdom is figuring out which is which.

        Salesmen and the MSM can provide useful information at times. Caveat emptor.

    2. “Seen this movie before.”

      Same here.

      Including the smart money leaving the game early. I can’t recall a comparable period of hearing so many stories through my personal grapevine of people pulling up the tentstakes and hauling off for another state with a bundle of accumulated home equity.

      2. people pulling up the tentstakes and hauling off for another state with a bundle of accumulated home equity.

        Only to plow it all into an even bigger bubble in Idaho, Utah, etc. Those markets make less sense than the ones they’re running from, from a price perspective. There are no jobs.

        1. A retired ex coworker of mine bought a 3/3 in Idaho last month for 500k+ that I wouldn’t pay over 200k for (it’s in a little burg in Idaho with no jobs). I hadn’t heard from him for awhile (gave him some time to get moved from Calif.), so I called him a couple days ago. He sounded rushed and said he couldn’t talk because he was busy and would call me back. I sensed some tension in his voice and haven’t heard from him since. I’m thinking he’s starting to come down with a heavy case of “buyer’s remorse.”

  2. ‘Everybody thought the market had collapsed because we’ve three weeks of inventory, what are we going to do?’ Sigstad said. But the market only cooled a little. ‘[That] has helped. People overpriced their homes thinking that homes are going up 1 to 2 percent a month. If they sold for $500,000 last month it must be worth $550,000 this month. [Those sellers] are having to do price reductions and reevaluate where they are in the marketplace so they can get the house sold in a timely period’

    Another sh$thole with 500k peso shacks. Selling after a month? No speculation there.

    I’ve been doing this for a long time. While pretty much all loans today are subprime, we’ve got posters here who will swear it’s not so. Let them lose an eye. But all the subprime aside, the biggest cause of the crash IMO will be speculation driven prices.

    ‘Last time we had price increases like this we had substantial price decreases that followed’

    ‘Between 2008 and 2001, prices declined roughly 50 percent’

    The above dates are obviously a typo, but prices in Northern Nevada fell at least 50%. This article is worth reading in full. But I had to try a couple of browsers to find one that would open it.

      1. Does this take into account the modern existence (surely leaders have tried it in the past too?) of the money printer and a central bank that seeks to keep levitating markets rising?

        I wonder what the tulip bulb mania would have looked like had it occurred in the US today.

      2. Yes, the *new* analysis is “the crash will ONLY follow highest % Run-up from mean to highest price”, similar to the 01-08 run-up for same locality. However, it’s only one factor.

      3. “There seems to be an unrecognized rule of asset price dynamics that prices rising too far, too fast typically results in a spectacular crash.“

        – It’s called an asset bubble. They always burst. Inconvenient, but true. Has been at least since “Tulipmania.”

    3. “‘Last time we had price increases like this we had substantial price decreases that followed’”

      Thank goodness this time it’s different!! (Cough!)

  3. ‘We were putting in offers on houses we didn’t even want’

    Maybe the Zaldivars aren’t very bright…

    ‘There’s a certain class of people who are now going to be elevated and there’s a certain class of people that are now forced to be renters’

    Yer mommy had to loan you money Joel.

    1. “offers on houses we didn’t even want”

      No wonder 60% of Millenials are dissatisfied with their home purchase.

      1. Recall after the last crash, that millennials were supposedly a new generational breed who eschewed debt and would play games like seeing how many days they could go without even spending a single dollar. Now we see it was all just another BS narrative. They are the worst debt junkies we’ve ever seen.

  4. Are we running out of everything?

    Seems like there’s plenty of money sloshing around the financial system, but not enough stuff to buy, houses included…too much money chasing too few goods!

    1. “Zillow economist Chris Glynn said too much demand and not enough supply means the housing market can’t tumble overnight. But the double-digit price hikes won’t last forever.”

      Nope…

      1. “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

        ― Upton Sinclair

    2. Another striking aspect of the present era is the placid surface of the financial waters, even when MSM sources assure us that turbulence lies beneath the surface. Mr Market blithely ignores underlying turbulence, and rises regardless.

      1. The Financial Times
        US Treasury bonds
        Debt ceiling fight pushes money market funds to brink
        US political stand-off piles pressure on stretched short-term government bond supply
        Congress has not passed legislation to raise the debt ceiling, so issuance of Treasury bills has fallen
        Kate Duguid in New York September 1 2021

        The supply of the safest US government bonds has been cut this month after federal spending limits were reinstated, driving prices higher and reigniting problems for the money market fund industry — which has already been bailed out by the Federal Reserve once this year.

        Treasury bills — US bonds which mature in a year or less — were already scant this year after the US lengthened the average duration of its new debt issues. Supply then took another hit after Congress failed to pass legislation in July that would have allowed the Treasury department to issue new debt — known as raising the debt ceiling.

        Analysts estimate issuance of new Treasury bills has been cut by roughly $900bn so far this year. That limited supply has driven prices higher and yields — the premium investors are paid to hold the debt — down to levels just above zero.

        When some yields turned negative in May, the Fed intervened to put a floor under those rates. But the worsening supply crunch is drastic enough that rates are heading back towards zero despite the Fed’s support.

        “The Fed facility in its capacity now is helpful, but we’re starting to see it running out of gas,” said Tom Simons, money market economist at Jefferies.

        Rock-bottom yields cause problems for money market funds, a $4.4 trillion industry that relies heavily on short-dated debt, erasing their profits or forcing them to close their doors to new investors. Money market funds are a linchpin in the global financial system because they are used by investors as a safe place to store cash for short periods.

        “Money funds are having trouble making ends meet because of these very low rates. It’s not exactly a conducive environment to be a money-market fund unfortunately. As if zero interest rates weren’t enough, this is just piling on,” said Gennadiy Goldberg, senior US rates strategist at TD Securities.
        …

    3. That’s the thing – the FED and .gov printed WAY too much money. They shot their wad all at once in a panic move, kind of like a 19 year old who, through dumb luck, found himself naked with a 35 year old supermodel.

  6. As Biden repeats claim that ‘nobody could have known’ Afghan Army would collapse, bombshell transcript from July reveals he pressured Afghan President Ghani to create ‘perception’ Taliban wasn’t winning ‘WHETHER IT’S TRUE OR NOT’

    https://www.dailymail.co.uk/news/article-9945031/Biden-told-Afghan-President-needed-change-perception-Talibans-rapid-advance.html

    President Joe Biden wanted the now-departed Afghan president to create the ‘perception’ that his government was capable of holding off the Taliban – an indication he knew it was only a matter of time before the US ally fell to the Islamic group even while reassuring Americans at home that it would not happen.

    In the last phone call between Biden and his Afghan then-counterpart Ashraf Ghani, the American president said they needed to change perceptions of the Taliban’s rapid advance ‘whether it is true or not,’ according to excerpts published on Tuesday.

      3. And the Southern Poverty Law Center was never elected to govern anything.

        The 2020 election was stolen, and you can’t silence us from discussing it here.

    1. According to Covariants, Mu (aka B.1.621, aka 21H), has been around for a while. Delta has already outcompeted Mu in Mexico, Austria, and Caribbean islands. In the US, Mu had its heyday, at 1% of cases, back in mid-July and then disappeared. But Mu is gaining a little traction in South America. Mu has that same troublemaker E484K mutation which can potentially escape the vaccines (and which, I’m guessing, will almost certainly be accounted for in next-generation vaccines).

      In other words, I’m not worried yet.

      2. E484K mutation

        The narrative has been false since the beginning. What purpose do these exotic variants serve to a false narrative? Perhaps eagerness for more and more shots.

        We know from our own observations that the second shot was more dangerous than the first. It will be interesting to see if that trend continues with the third shot and so on.

      3. Not convinced that Covid is true or any variant is true. Very strange that you have these variants mutating faster than any historic Pandemic in which it took 20, 40, 100 years, or they totally died out.
        Apparently a Covid type virus is in the cold family , and for what ever reason this is the virus they weaponized by gain of function, that was released.

        But , what if you wanted to create a Pandemic, but you had no assurance of how far the bio weapon would reach in terms of Global. The bio weapon could dissipate or be contained before it reached global saturation.. Than if you had a lot of global immunity already to a Covid type virus , and the virus was on the level of normal flu in terms of death risk how do you declare a global Panademic and lockdown, than vaccine mandates.

        You have fake PCR tests to determine cases, you point to elderly deaths as proof of a novel invisible enemy, don’t give any treatment to increase the death numbers . You fear monger the public into narrative that a experimental vaccine is the only solution , while you censor any dispute to that narrative.

        Than when the vaccine fails in a short amount iof time, while the vaccinated has been transmitting the virus all along , you claim the unvaccinated is causing the outbreaks while you claim more booster shots are needed . You even lie , like the Surgeon General did, in saving vaccines are better than natural immunity.
        You cover up the adverse reactions and deaths cause by the shots, while you keep suppressing cheap drugs that have a high success rate of killing the virus.
        The fact that any kind of virus or flu type vaccine is a never ending take shot after shot defies the notion that a shot confer immunity to a Virus.
        I only got one measles vaccine as a kid, and it was said this gave me lifetime immunity. But now a shot every 6 months because mutations and variants require non stop vaccinations.
        So they don’t have proof of Covid, or the variants in terms of isolation under a microscope, with tests that the isolated virus is what is causing the disease. In other words, something else could be causing the respiratory problems , other than a computer simulated Covid sequences that they are running with.
        So, if you wanted to create a Medical Tyranny based on a never ending Pandemic, where lockdowns and never ending shots are mandated while business is destroyed and all freedoms are destroyed , this would be how to do it.
        Just saying where is the proof of variants, or what is causing the variants if they are occurring.
        And since big pharmacy has no liability on their vaccine expierments, with no valid testing prior to release, especially not long term testing, and they shipped animal testing, why would I believe variant theory , or what is creating the fastest moving variants of all times.
        The only thing one can do, regarding this disinformation campaign is to not comply in that one has the right to not be harmed or defrauded into risk this wouldn’t take if they weren’t defrauded, or not really getting informed consent.
        Biden saying Vaccine are safe and effective isn’t informed consent.

        1. how do you declare a global Panademic and lockdown

          a global Pandemic

          a global Pandemic

          a global Panic

          Useful for those who hate your freedoms!

  9. ‘There’s a certain class of people who are now going to be elevated and there’s a certain class of people that are now forced to be renters,’ he said.”

    Until the Keynesian fraudsters at the Fed see their Everything Bubble implode under the weight of its own debt, fraud, and fictitious Yellen Bux valuations while the real economy, as opposed to Wall Street’s speculative casino, is in free-fall.

  10. As a buyer, you still need to act fast.

    There you go again, REIC shills, trying to drum up a false sense of urgency. Nah, I’m just going to sit tight & wait until Housing Bubble 2.0 implodes like a supernova.

  12. A lot of these Wall Street excesses (i.e. legalized theft) would disappear if the bailouts stopped. With the elimination of Glass Steagall, they managed to transmit more risk to consumer deposits. And now, the rule is avoiding “counterparty risk”. So, if you’re a large enough company, with opaque dealings, you don’t have to worry about doing something ill-advised or malicious while making money – you’ll get bailed out.

    I marvel at the “cleaning vs. leaning” debate. Firehosing trillions in public money at Wall Street, no strings attached, no consequences for malfeasance, all the finance investigative arms have been defanged (see Bill Black, and PBS’ The Untouchables), great gig if you can get it.

    I just heard of another financial company taking over a product/service producing company (Carlyle looking to buy Hexaware, which is owned by another financial company). There’s more talk of trying to bring Toys R Us back, after it got the private equity treatment. It’s already failed a couple of times.

    The Fed is very quick to take credit for any positive (from their perspective) changes, and equally quick to deny blame for any 2nd or 3rd order effects they don’t want.

    The more money you have, relative to me, the more purchasing power you have, relative to me. And in today’s pay-to-play politics, the more power you have relative to me as well.

    Bubbles have historically been a huge wealth transfer. Maybe this time it’s different.

  15. My error during the 2018 interest rate rise was thinking that was some kind of tectonic shift. It wasn’t. It’s not turning a supertanker, it’s turning a scooter. QE (trillions of it), and interest rates seem to be a matter of a few mouse clicks (at least in the current environment).

    BUT… what’s different today is that interest rates – the US 10 year and the 30 year mortgage that generally tracks it, may be at their lower bounds. They’ve been declining for 40 years and may have hit the wall.

    • The US 10 Year rate going back 54 years: https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart
    • The 30 year mortgage rate by year: https://www.macrotrends.net/2604/30-year-fixed-mortgage-rate-chart

    Couple that with a historic buying frenzy (even major REIC players have called it a frenzy) that seems to be cooling, which perhaps might indicate some buyer satiation. Does this mean the market is set to turn down in a significant way?

    Recall Esther George’s observations in the semi-famous 2009 Fed minutes: “Both borrowers and purchasers are so incredibly hair-trigger sensitive to what goes on with mortgage interest rates. Mortgage interest rates went down when we made the announcement before, but that was in November, and that was not the season when people buy houses.”

    Then… what about the possibility of inflation? Why would the government care about it? The well-connected lose purchasing power? Politicians lose their jobs? Or are the official-narrative first order effects of reducing debt burdens all the Fed looks at (hah)?

    I don’t know. The Fed has the money bazooka that can make unprofitable transactions profitable, if they smile on you. Outsiders are not privy to the inner workings of the bond market. What if they partially nationalize the government debt and MBS markets (guess they kind of already have)? Points to ponder, YMMV, caveat emptor.

    1. The government is constantly pumping money into the FIRE market, they just released a new high profile plan to pump yet more money (Google some portion of this headline: “White House tackles housing shortage with plan for 100,000 affordable homes”).

      That has an effect certainly However, that underlying effect that has levitated house prices in unison in many places areas of the world, from low and declining populations (Mongolia, Japan) to high density and climbing populations may – MAY – be reaching a limit.

    2. Inflation report: over the past few days, I’ve replenished my prepper bug-out bags and stuff, which means replacing a lot of expiring OTC meds like tummy meds, cold meds, allergy meds, pain meds, first aid ointments, etc. And WOW. It seems as if the prices of OTC meds have doubled since the pandemic began, much higher than what I’ve noticed for food.

      1. My son is managing a pipeline project. He said the price of steel has doubled since last year.

        Ironically, the price of my Scotch of choice has not changed in the past decade.

    3. “They’ve been declining for 40 years and may have hit the wall.”

      Next up: Negative nominal yields?

      1. Is that possible? I believe we’re in negative real yields at this time for some short term government debt. Paying to hold debt? Government debt is not like private debt? I guess anything’s possible with the money bazooka. If people are willing to have negative real yields, how far is that from negative nominal yields?

        Here’s a debt rate chart from the Treasury: https://www.treasury.gov/resource-center/data-chart-center/interest-rates/pages/textview.aspx?data=yield

  16. certain class of people that are now forced to be renters,’
    I live in NC near Raleigh and renting “ain’t” easy. I am moving because my rent went from $1,200 to 1,485. Two years ago when I moved in, rent was $1,060. Rental agent says it is insane, 97-98% occupancy. A lot of people coming from out of state.
    Same occupancy issues 75-100 miles west of Raleigh. I got on 5 waiting lists before I finally found a place with an opening in October.

    1. Local Reddit is full of people saying their rents are jumping $600+/month. Some of them came in on the Covid discount, now the buildings are trying to jump to pre-Covid rent and then some.

      How do we convince the nation to do a rent strike? That would be amusing.

  17. ‘There’s a certain class of people who are now going to be elevated and there’s a certain class of people that are now forced to be renters,’ he said.”

    Delusion? Stupidity? Youth? Empty Pockets?

    Whatever it is, it runs deep.

  18. No dollar will be allowed to escape.

    Fidelity Set To Hire 9,000 More Employees After Already Adding 4,000 Employees This Year | ZeroHedge
    https://www.zerohedge.com/markets/fidelity-set-hire-9000-more-employees-after-already-adding-4000-employees-year?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

    (snip)

    “The company is going to be hiring focused on client interactions and technology, Bloomberg noted this week. New hires will also be tasked with helping ‘with the company’s new products, including Fidelity’s Youth Account,’ the report says. This new account provides investing and savings accounts to kids aged 13 to 17.”

    Grab ’em when they are young, dumb ’em down as low as they will go, and profit for the rest of their miserable lives.

    Like it, love it, want more of it.

  19. 1:38 – “I have 180 days to turn them (students) into revolutionaries.”

    2:09 – Antifa flag and poster of Mao Tse-tung in his clasroom.

    2:10 – 10:39 How to indoctrinate children in the classroom.

    10:22 – Cut to teacher, wife walking presumably communist dog in their by all appearnces middle class probably white neighborhood.

    10:40 – Teacher and his radical Lefty wife refuse to answer questions, squeal and slither away when they realize they have been unmasked and busted.

    11:15 – Someone in charge at the School District offices refusing to look at video of Leftwing organizer teacher with an Antifa flag and poster of Mao Tse-tung in his classroom describing how he radicalizes students and telling the reporter with the video to leave or she will call the police.

    CA High School Teacher Admits Communist Indoctrination of Students

    Aug 31, 2021

    https://youtu.be/83b_u5V51U8

    2. “Someone in charge at the School District offices refusing to look at video of Leftwing organizer teacher”
      What surprised me the most was they refused to watch the video and called the cops (or threatened to) on a peaceful Black Male.
      Imagine the news reports if the ideology was switched.

      2. “He’s been fired.”

        Maybe they shouldn’t stop there. Tough to believe people in that school didn’t notice he had an Antifa flag and poster of Mao Tse-tung in his classroom.

      1. “…Rodney King.”

        After leading the CHP on a chase at speeds over 100-mph on the 210 freeway he didn’t follow instructions to lay down in a prone position deciding instead to lunge at an arresting officer. Rodney got “skooled.”

  21. “‘Last time we had price increases like this we had substantial price decreases that followed,’ said Sigstad. Between 2008 and 2001, prices declined roughly 50 percent. ‘But this is a different economy, and these are different times; that crash was for different reasons.’”

    Ah, so It’s Different This Time ™.

    Just like last time.

  22. The Wall Street Journal
    Property Report
    House Rents Pop Up as New Investors Pile In
    Sharp rise partly reflects increasing demand from people who can’t afford to buy homes, pandemic-driven newcomers
    How Mortgages Work in the U.S.
    By Will Parker
    Aug. 31, 2021 5:30 am ET

    Would-be home buyers priced out of the sales market are finding little consolation when they turn instead to the single-family rental market.

    Prices are soaring there as well. Asking rents for houses rose nearly 13% for the year to date through July, the highest annual increase in the past five years as tracked by real-estate data company Yardi Matrix, which analyzed professionally managed properties.

    The sharp rise partly reflects increasing demand from people who can’t afford to buy homes as well as city-dwellers who moved to the suburbs to rent during the pandemic. Meanwhile, the supply of new houses also continues to trail historical levels relative to population growth, and builders in some places remain constrained by zoning laws and available land.

    Price increases are more moderate for single-family tenants renewing their leases, said Haendel St. Juste, a real-estate securities analyst at Mizuho Securities USA. “You’ve got to be careful in this industry. You can’t be perceived as gouging.”
    …

    1. Who’d’ve thunk that extending eviction moratoriums and rental assistance to keep millions in homes they aren’t paying for would result in a huge spike in rents for the limited supply of homes on the market?

  23. “Eventually, the Zaldivars prevailed, finding a home in Kernersville. ‘There’s a certain class of people who are now going to be elevated and there’s a certain class of people that are now forced to be renters,’ he said.”

    what an arrogant azzhole!!
    he gets TWO exclamation points

    1. Sounds familiar.

      “It’s a new paradigm, and everybody who doesn’t buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase.

      Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.

      This asset bubble is different than all of the others – it will never slow down, or pop. The gains are permanent.”

      – circa 2005

      Another fitting quote: “Geniuses learn from others’ mistakes. Average people learn from their own. Fools never learn.”

      1. “Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.”

        I do know people who think their less-than-500K houses will be worth a million or more in a few years. They might be right.

        HOWEVER – per my earlier post, if mortgage rates, which have been declining for a generation, have hit their floor, that could flatten prices, and if speculators which to unload, could reduce them.

        Also, in the 2005 bubble, the name of the game was buy as much house as possible and if the payments weren’t working for you, sell for a profit and find something else with your winnings. That only works in a rising price environment.

  24. https://youtu.be/KnnHprUGKF0
    BIG BAD JOHN ~ Jimmy Dean (1961)

    Every mornin’ she cried right when she arrived
    She stood six-foot-six and weighed two-forty-five
    Kinda broad at the shoulder and narrow at the hip
    And everybody knew she was losing her grip Big Donk
    (Big Donk, Big Donk)
    Big bad Donk (big Donk)

    Nobody seemed to know why she bought a home
    She just called a realtor on her cell phone
    He didn’t say much, just let out a lie
    And she fell for it all, you just have to cry for Big Donk

    Somebody said she’s angry and mean
    She’s always in a fight cuz her wallets lean
    And a crashin’ market from a huge event
    She sent a letter to her lender it said go get bent, big Donk
    (Big Donk, big Donk)
    Big bad Donk (big Donk)

    Kirkland, WA Housing Prices Crater 33% YOY As Desperate Sellers Send Inventory Soaring And Prices Plunging Across Seattle Area

    https://www.movoto.com/kirkland-wa/market-trends/

    As one broke seller lamented, “Whenever I think about how much money I lost on this house I just want to kill myself.”

    1. “She sent a letter to her lender it said go get bent, big Donk”

      🙂

      Forgive me Father for I am about to sin. I know I shouldn’t do this especially since I bought a house 9 years ago this week, but between that line Mafi wrote and thinking of the background singers in the Big John song making me laugh that little Devil from Animal House jumped on my shoulder and made me do it.

      Somebody said she came from New Orleans
      Where a fight over an appraisal with a Cajun Queen
      And a crashing blow from a huge right hand
      Sent a Louisiana mortgage broker to the promised land. big Donk
      (Big Donk, big Donk)
      Big bad Donk (big Donk)

    2. Since we’re on the topic of country songs, might as well throw this in.

      TAKE THIS JOB AND SHOVE IT – Johnny Paycheck, 1978

      Take this house and shove it
      I ain’t livin’ here no more
      My bubble done popped, and took all the reason
      I was holding for
      You better not try to stand in my way
      As I’m a-mailin’ in the keys
      Take this house and shove it
      I ain’t livin’ here for free

      I’ve been mortgaged in this shi-hole
      For now on 15 years
      All this time I watched assessors
      Drownin’ in a pool of fees
      And I’ve seen a lot of realtors lie
      To suckers with big bills to pay
      I’d give the shirt right offa by back
      If I had the guts to say

      Chorus

      Well that banker, he’s a regular dog
      The realtor, he’s a fool
      Got a brand new B-M-W
      Lord, he thinks he’s cool
      One of these days I’m gonna blow my top
      And that sucker, he’s gonna pay
      Lord I can’t wait to see their faces
      When I get the nerve to say…

    3. Everybody Knows
      Leonard Cohen

      Everybody knows that the dice are loaded
      Everybody rolls with their fingers crossed
      Everybody knows the boom is over
      Everybody knows the donkeys lost
      Everybody knows the market was fixed
      The poor stay poor, the rich get rich
      That’s how it goes
      Everybody knows

      Everybody knows that the market is crashing
      Everybody knows that the realtors lied
      Everybody got this broken feeling
      Like their father or their dog just died
      Everybody talking to their pockets
      Everybody wants a box of chocolates
      And a long-stem rose
      Everybody knows

    1. sub-Reddit NoNewNormal has been banned
      And the brainless bunch at r/TheHandmaidsTale is patting themselves on the back about how they supported the ban of these groups that “weaponized misinformation and apathy/inaction towards the spread of dangerous propaganda parallels the environment that evolved into to the dystopian future THT warns us about.” The moderators’ support of censorship to avoid tyranny is stupid or insane.

      I was chided on there once for saying I watch it in the background while on the internet, rarely giving whatever I have on the tv my full attention. I missed something and asked a question regarding a character or part of the plot. The dismay of my responder was funny. I had no idea I was supposed to give the show my full, undivided and reverential attention.

      1. I’ve gotta look before I hit post. I didn’t include “rarely giving whatever I have on the tv my full attention” because that would have been impolite. That is what I do, though.

        1. rarely giving whatever I have on the tv my full attention

          This is a good sign you should turn the TV off. You’re likely just doing it out of habit — at least I was.

          I’ve tried to be better about that. The white noise is nice at times, but if you’re not willing to give it your undivided attention, it’s likely not worth your divided attention either!

          1. Probably. I can’t tell you how many times I’ve looked and thought what? Had to rewind to figure out what’s going on. Thanks for the JT update, btw, indispensable 👍🏻

  26. ECONOMY
    Two more factors have popped up that add to the Fed’s inflation worries
    PUBLISHED TUE, AUG 31 2021 3:34 PM EDT
    UPDATED TUE, AUG 31 2021 11:25 PM EDT
    Jeff Cox
    KEY POINTS
    — Home prices and consumer expectations pointed to more inflationary issues on the horizon for the U.S. economy.
    — The S&P/Case-Shiller index rose a staggering 19.1% year over year, the largest increase in the series’ history going back to 1987.
    The Conference Board reported consumers now see inflation running at 6.8% 12 months from now.
    — However, many Wall Street economists still see inflation falling off in the years ahead.

    https://www-cnbc-com.cdn.ampproject.org/v/s/www.cnbc.com/amp/2021/08/31/two-more-factors-have-popped-up-that-add-to-the-feds-inflation-worries.

    html?amp_gsa=1&amp_js_v=a6&usqp=mq331AQIKAGwASCAAgM%3D#amp_tf=From%20%251%24s&aoh=16305347173992&csi=0&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fwww.cnbc.com%2F2021%2F08%2F31%2Ftwo-more-factors-have-popped-up-that-add-to-the-feds-inflation-worries.html

    1. My vax card has a pre-printed sticker with the lot # on it. I guess “someone” could match up the lot #, the way websites match up credit card #s. But who would? The bouncer at the club?

  28. The natives are starting to get spooked again and buying up toilet paper and water at Costco. So the
    hoarding is creating empty shelves again.
    The news article said that people were insecure about the Covid variant Delta as the reason behind the new panic buying starting.

    And the behavior implies that people think lockdowns are in the near future.

    1. They are going to implement a Commie Covid passport up here in Ontario. It’s good practice for showing your CCP membership card. They won’t even have to change the initials.

  30. Breaking news.

    The biggest podcaster Joe Rogan went to Florida and caught Covid, Treated it immediately with Ivermectin and the other stuff that goes with it. Had a quick recovery within 3 days and is feeling great now.
    Wonder what his liberal audience is going to think about this.

    1. Un-possible! The MSM when reporting this story specifically stated that Joe Rogan had used a discredited horse de-worming medicine, so news of his rapid recovery will have to be consigned to the memory hole.

    2. The Marketwatch article on this is amusing. Rogan used “discredited horse dewormer” that is “not approved for use in humans.” Oh, and the FDA says it’s “dangerous and can cause serious harm.” Really? Hey Rochelle, why don’t you ban Tylenol too? It’s dangerous and can cause serious harm … if you swallow half the bottle at once. (yes they still sell full bottles of it)

      Interestingly, they say Rogan took mAb, ivermectin, Z-pak, prednisone, NAD(?) drip and vitamin drip. None of this is OTC; Rogan’s doctor must be prescribing all this stuff. Which means he almost certainly took a proper dose of Ivermectin pills and didn’t OD on the horse paste.

      The comment section is lambasting the article. And strangely does not appear to be censored.

      1. Fake news. I saw the tape of Joe Rogan telling the story himself.
        Also fake news isn’t reporting how Japan is rejecting a the vaccine saying liquid metal is in them. Also their Health Authority is recommending
        Ivermectin. .
        Many many years ago it was Japan that discovered this miracle drug.
        Heard another Scientist saying that the drug resets your immune system, and it has properties that reduce tumors even. along with killing parasites and virus.

          1. They can’t afford for horses to get sick, so they get the good drugs, while the humans get the crap that make them sick.

  31. This is like being a hit man, but in reverse. But, hey, it’s San Francisco…

    A local solution for gun violence? Pay people $300 a month – The San Francisco Examiner
    https://www.sfexaminer.com/news/a-local-solution-for-gun-violence-pay-people-300-a-month/

    (snip)

    “San Francisco thinks it may have an answer for its rising gun violence problem: Paying people to not pull the trigger.

    “The idea is to provide the small number of San Franciscans who authorities believe are most at risk of shooting someone — or being shot — with an incentive to get help and stay out of trouble. It’s a solution that proponents say already has shown promise preventing gun crimes in other parts of California.

    “At worst, the program could be called ‘cash for criminals,’ like its predecessors in cities around the Bay Area. At best, it could save lives and tax dollars otherwise spent on incarceration.”

  33. AMBER ALERT

    Law Enforcement is looking for a missing Vice President

    Vice President Kamala Harris was last seen August 22, 2021 when a reporter attempted to ask about her about the deadly chaos in Afghanista but the VP cut her off before she could finish. and said “Hold on, hold on — slow down, everybody!” before letting out her now-notorious laugh, shaking her shoulders as she cackled.

    is believed to be traveling with her alleged abductor Jacob Flournoy, 27. Both of them are from Athens, Tennessee. Autumn is said to have been missing since last Thursday.

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