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Accumulating More Days On Market And Numerous Price Reductions

A report from the Ritz Herald. “More home sellers have started slashing their prices—another sign of softening seasonal homebuyer demand. ‘The housing market has clearly become slightly more favorable to buyers,’ said Redfin Chief Economist Daryl Fairweather. ‘Homes are taking longer to sell, which gives buyers more time to make thoughtful decisions about whether to make offers. Home prices have plateaued, so buyers shouldn’t feel rushed to buy before prices rise further. And the fact that more sellers are dropping their list price is a sign that sellers have to be realistic about their price expectations.'”

From Boston 25 News in Massachusetts. “Realtor Marie Presti, who has offices in Stoneham and Newton, expects a brisk fall, but not a frenetic one. ‘We also do have some buyers who think it’s the top of the market, so they’re getting to the point where they’re saying I may not want to buy right now.'”

The Bend Source in Oregon. “The housing market has been on fire. This opportunity let sellers price homes outrageously high and multiple buyers were competing, hoping to not lose out again. It was common to have showings lined up over a weekend resulting in sellers having to wade through multiple offers, usually looking for the highest sales price. However, inventory has increased, in turn offering buyers more options and ability to be selective without too much competition. A clear indicator is reflected with homes accumulating more days on market and numerous price reductions.”

“The uptick in inventory is forcing sellers to become more realistic with their pricing. It’s still a great time to sell and anyone who has owned a home for a few years has generated considerable equity—however, homes aren’t flying off of the shelves right now and pricing strategy is becoming very important again.”

From Yahoo Finance. “Among those who have voiced concern over the rental assistance program is one small landlord in Montclair, New Jersey who spoke on the condition of anonymity. Like many other landlords, the situation is getting dire for this Montclair property owner. The person’s tenant owes more than $33,000 in unpaid rent dating back to April 2020. The landlord was forced to put a mortgage loan in forbearance in order to get by; meanwhile, the tenant has not applied for rental relief.”

“Some have already been forced to sell their property as debts mount, and the impact of having tenants live for free — for over a year — may linger. ‘But I’ll still have that nut at the back end of my mortgage, if I decide to refinance, it’ll end up costing me a lot more money or I’ll have to pay off a balloon payment at the end or I’ll have to refinance it,’ the New Jersey landlord explained. ‘So either way I still have to pay more in finance charges.'”

The Business Journal in California. “A client of Fresno real estate agent Don Scordino reached out to him with concerns about a daughter who had fallen behind on her mortgage during the pandemic. The homeowner was 10 payments behind. So, Scordino went through her paperwork and payment history. He found the homeowner had built $175,000 in equity into her home. He assured the homeowner that while she might not make all that back, even if foreclosure proceedings began, the value of her home had grown enough that she could sell it, pay off the remaining debt and walk away with a little cash.”

“But while consensus from experts says increased home equity levels and forbearance will prevent mass foreclosures as seen during the Great Recession, some are carefully watching for a bubble should speculation on the hot housing market continue. ‘Not even during the worst of the Great Recession have so many borrowers been so far behind,’ a press release in June from the Consumer Financial Protection Bureau stated.”

“‘We should not have a foreclosure crisis like we had before because this time, most sellers have equity in their home, which gives them the option to sell or refinance to avoid foreclosure,’ Scordino said.”

From Socket Site in California. “Purchased for $1.945 million in April of 2018, the two-bedroom, two-bath unit #27B in the Lumina tower at 201 Folsom Street, with high-end finishes and city views, returned to the market listed for $2.099 million in February of 2019. Subsequently reduced to $1.999 million while being offered for rent at $9,000 a month, the unit was then delisted in April of 2019.”

“Listed anew for $1.999 million in January of last year, the list price for the 1,189-square-foot unit was reduced to $1.899 million, and then to $1.795 million, after a month. And having been relisted for $1.749 million last month, the sale of 201 Folsom Street #27B has now closed escrow with a contract price of $1.749 million, which is officially ‘at asking’ and with only ’53 days on the market’ according to all industry stats and aggregate reports but down 10.1 percent ($196,000) on an apples-to-apples basis from the second quarter of 2018.”

The Sequim Gazette in Washington. “As of last Friday, 434 Clallam County homes await foreclosure, according to Patti Morris, a real estate broker through JACE Real Estate in Port Angeles. ‘I would say once foreclosures do start to go, we will see homes coming on the market,’ Morris said. ‘All federal agencies want them to be 30-day quick closures.'”

“Homes range from manufactured homes to single-family homes to larger, more expensive homes, she said. ‘From my experiences, it’s a whole variety of people living in the homes, and often it’s reverse mortgage homes where one of the heirs of the owner or squatters are in the homes, and it’s not necessarily someone who is in trouble with their mortgage,’ Morris said.”

“She’s been tracking the foreclosures since the federal moratorium on evictions went into place March 2020. ‘The homes may be occupied, but I don’t think it’s going to be a mass dump of homes on the market,’ she said. However, Morris said she’s unsure just how soon these homes could go on the market. ‘The eviction process could take a few months,’ she said.”

“She said other homes facing foreclosure not through U.S. Departments of Housing and Urban Development (HUD) and Veterans Affairs (VA) would go through banks and other real estate agents and/or auction houses. As for helping Clallam’s low housing inventory, she said it could help, but ‘it just depends on how quickly they are foreclosed on.'”

The Nevada Current. “Nevada leads states in the nation and Southern Nevada tops metro areas in mortgage fraud risk, thanks to rapidly increasing home prices, an increase in loans for purchase rather than refinance, and the potential for occupancy misrepresentation, according to CoreLogic’s second quarter risk report. ‘Frankly, I am not surprised as loan applications have to record income and the Las Vegas economy has jobs where there is a lot of undocumented income which are quite volatile, unpredictable and also maybe overstated,’ says Vivek Sah, Director of UNLV’s Lied Center for Real Estate. ‘Those factors always increase fraud risk especially when housing prices are rising at such a fast rate.'”

“The Mortgage Fraud Risk Index is calculated from ‘loan application fraud risk scores during the previous quarter,’ according to CoreLogic. Refinances, which pose less risk to lenders than purchase loans, saw ‘a significant drop’ in the second quarter, but were offset by record purchases. ‘While refinances still accounted for 53% of transactions, they are down from 68% the prior quarter,’ Core Logic reported. ‘This shift in volume towards purchase loans is reflected in the increased risk indicated by the national index.'”

“The analyst also warned against buyers who may be misrepresenting their intentions. Since government-sponsored lenders ‘limit financing availability for non-primary occupancy, it seems quite likely to increase motivation for occupancy misrepresentation, already one of the most common mortgage fraud risks,’ says CoreLogic. Nevada is among the states with the lowest share of homes (56.6%) occupied by owners, ranking 48th in the nation.”

“But what homebuyers report to their insurance company when they’re insuring their property, and what they report to a mortgage broker when they’re seeking a loan, may not always coincide. Between August 30, 2020 and the same date this year, Las Vegas Realtors reported selling 26,052 homes with mortgages. About 85 percent of buyers indicated they intended to occupy the properties. The previous year, owners said they intended to occupy 89 percent of the 16,473 units sold.”

This Post Has 88 Comments
  1. ‘Since government-sponsored lenders ‘limit financing availability for non-primary occupancy, it seems quite likely to increase motivation for occupancy misrepresentation, already one of the most common mortgage fraud risks,’ says CoreLogic. Nevada is among the states with the lowest share of homes (56.6%) occupied by owners, ranking 48th in the nation’

    ‘But what homebuyers report to their insurance company when they’re insuring their property, and what they report to a mortgage broker when they’re seeking a loan, may not always coincide. Between August 30, 2020 and the same date this year, Las Vegas Realtors reported selling 26,052 homes with mortgages. About 85 percent of buyers indicated they intended to occupy the properties’

    There’s yer fraud. ‘government-sponsored lenders’ = subprime. I’ve mentioned a few times when I first suspected a bubble was in 1999, when my new landlord in Austin had lied that he was living in the rental. (His mortgage payment was way over what I was paying in rent). He eventually walked away from 5 shacks. Thousands of these people in Las Vegas are obviously lying too.

    1. “Thousands of these people in Las Vegas are obviously lying too.”

      Considering the entire housing sector is founded on fraud and gross misrepresentation, they’re all lying.

  2. ‘We should not have a foreclosure crisis like we had before because this time, most sellers have equity in their home, which gives them the option to sell or refinance to avoid foreclosure’

    Wait for it:

    ‘having been relisted for $1.749 million last month, the sale of 201 Folsom Street #27B has now closed escrow with a contract price of $1.749 million, which is officially ‘at asking’ and with only ’53 days on the market’ according to all industry stats and aggregate reports but down 10.1 percent ($196,000) on an apples-to-apples basis from the second quarter of 2018’

    Note the blatant lies of the REIC. Where is the SF Chronicle on calling out these shenanigans?

    1. “…most sellers have equity in their home, which gives them the option to sell or refinance to avoid foreclosure…”

      Equity is imaginary until converted into dollars.

  3. ‘Not even during the worst of the Great Recession have so many borrowers been so far behind’

    That’s some red hotcakes right there.

    1. At least they have a government agency to shield them from the consequences of their folly.

      “‘Not even during the worst of the Great Recession have so many borrowers been so far behind,’ a press release in June from the Consumer Financial Protection Bureau stated.”

  4. The LA Times is a comic book:

    ‘In the summer of 2019, as early efforts to recall Gov. Gavin Newsom foundered, right-wing commentators launched a smear campaign against California to discredit its progressive policies and stoke anger at its leaders.’

    ‘They co-opted a myth popularized by white supremacists, neo-Nazis and border vigilantes in the 1990s across San Diego and Orange counties, and which conservative organizations such as the Claremont Institute have spent years peddling: California is a “Third World” state decaying due to racial diversity.’

    ‘In mainstreaming the race-baiting tale, the media personalities added to the bogeymen of dark-skinned migrants the menace of homeless people.’

    ‘Months into Newsom’s term, Fox News personalities claimed “zombies” were taking over California’s streets and aired dozens of segments on the disproportionately brown and Black homeless population. In the National Review, Victor Davis Hanson, a Hoover Institution senior fellow, called California “America’s First Third-World State,” a place filled with “spiking populations of history’s banes of fleas, lice and rats.”

    ‘Two years and a pandemic later, following sustained anti-California propaganda, a recall election finally gained traction to “stop it.” Last week, Fox News host Tucker Carlson characterized the recall as the “last chance to save the state” after showing video clips of people stealing from a San Francisco Walgreens and homeless individuals at Venice Beach. He attributed the situation to the vague villain of “equity” initiatives and gave California a new nickname: “Zimbabwe on the Pacific.”

    https://www.latimes.com/opinion/story/2021-09-01/recall-california-conservative-narrative-hellscape

    1. As more and more former sheeple start seeing through the lies and omissions of globalist propaganda outlets, the globalists are going to have to escalate their campaign to censor and deplatform truth-tellers and shut down any forum that speaks truth to power & challenges The Narrative.

    2. Ben Jones you’re not allowed to discuss this topic on your own blog.

      The Southern Poverty Law Center and the Defamation League will be contacting you shortly, so you can atone for your racist #BadThink.

      Bad racist, bad 🙁

    3. LA times has been a neo commie rag for decades but the vitriol hurled at the wyte tribe is unprecedented especially considering LULAC’s presence in California.
      Always touting Mexico. Then stay there!!!
      LATINES letters.

      * Sergio Munoz’s reference to “Mexico, the United States’ most important neighbor” (Commentary, Feb. 7) is a joke.
      My cousin is Canadian and he doesn’t think Mexico is any more important than Canada. He has asked several other Canadians and they don’t think so either. The Canadian who owns the pastry shop down the street was offended.
      Dollars can’t be a factor, as the U.S. import/export is billions higher with Canada than with Mexico.
      After discussing this we came to the conclusion it must have been a typographical error and should have read, “Mexico’s most important neighbor, the United States.”
      Orange County resident

    4. Audit: Housing Agency Bungled COVID-19 Funds for California Homeless
      Published 1 week ago
      on August 25, 2021
      By Associated Press
      Tents line a sidewalk on Golden Gate Avenue in San Francisco. (AP Photo/Jeff Chiu)

      California’s state housing agency didn’t properly distribute federal relief funds meant to help homeless residents during the coronavirus pandemic, and the mismanagement was so prolonged that local organizations may lose the money because of missed deadlines, auditors said Tuesday.

      After receiving $316 million under the federal CARES Act to reduce the impact of COVID-19 on unhoused people, the California Department of Housing and Community Development “did not take critical steps to ensure those funds promptly benefited that population,” the state auditor’s office said in a report.

      Funding May Be Lost Due to Money Mismanagement

      The department was in charge of distributing the funds to local groups that collaborate on homeless services and prevention under the so-called continuum of care. It took so long to finalize contracts that the local entities did not have access to much of the funding during the height of the pandemic, auditors found.

      “Recognizing it lacked the capacity to manage this emergency funding, the department hired a contractor to manage the program although it did not do so until 14 months after the CARES Act passed” in March 2020, the report said.

    5. California approved unemployment benefits for 20,000 prisoners, prosecutors say
      State authorizes more than $140m in payouts in alleged fraud highlighting department in crisis
      Guardian staff and agencies
      Wed 25 Nov 2020 15.32 EST
      Last modified on Thu 26 Nov 2020 06.28 EST

      California’s system for paying unemployment benefits is so dysfunctional that the state approved more than $140m for at least 20,000 incarcerated people, local and federal prosecutors said.

      Law enforcement officials on Tuesday said more than 35,000 incarcerated people were named in claims filed with the California employment development department from March to August. More than 20,000 had been paid, according to Anne Marie Schubert, the Sacramento county district attorney.

  5. ‘As of last Friday, 434 Clallam County homes await foreclosure, according to Patti Morris, a real estate broker through JACE Real Estate in Port Angeles. ‘I would say once foreclosures do start to go, we will see homes coming on the market,’ Morris said. ‘All federal agencies want them to be 30-day quick closures.’

    I’m pretty sure the first version of this article said this lady had the contract for guberment subprime foreclosures up there. That’s how they do it: they pick one or a few brokers to carry the ball. If she says they want to dump them in 30 days, that’s probably what will happen.

    1. Port Angleles is a sh!thole. Anybody telling you otherwise is lying. If you leave a $10 tool outside overnight, it will be gone by morning. If you leave anything of significant value outside, you can watch from indoors as the thieves show up like sharks to a feeding frenzy in broad daylight.

      1. “If you leave a $10 tool outside overnight, it will be gone by morning.”

        Sounds like Modesto, CA. A friend there has to tighten the garden hose with channel lock pliers to keep it from being stolen.

        1. Yep. Drugs and crime. And a lot of it is due to the fact that there are almost no good jobs to be had in the area. But hey, million dollar shacks abound!

      2. Was just passing through there while hiking and fishing in Olympic national park. Got scrambled eggs and a muffin, small portion, at some yuppie place because I wanted vegetables instead of tater tots and sausage gravy you get at a more traditional diner. 17 bucks!

        I will say swains sporting goods has a great selection of real outdoor gear, but I got tired of seeing things like $2 trucker hats with some PNW type logo selling for $30.

        People in that state have sh!t attitudes too. Coolest people I met were surfers, and there’s a decent number of them given the harsh temperatures.

  6. Any “investor” who decides to buy or manage rental properties in Democrat-Bolshevik malgoverned municipalities needs their head examined. The shack dumping, once all these gub’mint-imposed moratoriums end, is going to be epic.

    Nightmare for landlords as New York EXTENDS its eviction moratorium to January – with 700,000 people already behind on rent

    https://www.dailymail.co.uk/news/article-9949329/New-York-vote-extending-eviction-moratorium-2-3billion-rent-relief-funds-unused.html

  7. Latest from #ClownWorld

    ‘Cash For Criminals’: San Francisco Will Start Paying People Not To Shoot Each Other

    https://www.nationandstate.com/2021/09/01/cash-for-criminals-san-francisco-will-start-paying-people-not-to-shoot-each-other/

    San Francisco may be best known for its poo and needle-covered streets (requiring six-figure ‘poop patrollers‘), but the liberal stronghold – driven into the ground under decades of Democrat leadership – is about to experiment with yet another ‘fix’ for its self-inflicted wounds…

    In October, San Francisco will begin offering high-risk individuals $300 per month not to shoot anyone, or get shot themselves, according to the San Francisco Examiner. What’s more, participants can earn up to $200 more per month by hitting program milestones – such as landing a job interview, complying with probation, or consistently meeting with a mentor, according to the report.

    1. I don’t think they even do that in Zimbabwe. What a joke, and if you say something yer racist. Yeah, that’s gonna get better on it’s own.

        1. That term is used against anything at all the supports cohesion of only one certain group, for the sole purpose to shut that group down.
          But anyone who uses it against that group is guilty of another leftist commandment — profiling.

    2. This sounds like Kickback City. Bogus “job interview”: $50. Bogus “mentor” meeting: $75. Look the other way while the kid skips probation: $100

      As for the $300, well, I could say some nasty stuff.

    3. “…by hitting program milestones…”

      Any extra bonus for not shooting up or pooping/pissing/having sex in public?

  8. The Supreme Court upheld Texas’ ban on abortion after 6 weeks.

    So all the screeching harpies wailing “my body, my choice” extend that sentiment to include not wearing masks, not taking vaccines, and accepting alternative medical treatments for CCP Flu, right?

    Progressives love murdering babies. Especially white, male babies. It’s the progressive way.

    1. 1. The virus does not spread asymptomatically.
      2. We should never test asymptomatic people.
      3. Natural immunity is robust, complete, and durable.
      4. COVID-19 is easily treatable at home.
      5. The current vaccines are obsolete, unsafe, and unfit for humans.

  9. There is no crisis…. in falling housing prices.

    Franklin Park, NJ Housing Prices Crater 13% YOY On Skyrocketing Mortgage Defaults Across US

    https://www.movoto.com/franklin-park-nj/market-trends/

    As a noted economist stated so eloquently, “Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.”

  10. Lies, lies, and more lies …

    “Ben Rhodes’ Book Proves Obama Officials’ Lies, and His Own, About Edward Snowden and Russia
    “It is hard to overstate the sociopathy of US national security officials: their casual willingness to blatantly lie about the gravest matters is limitless.”

    Edward Snowden and Russia – by Glenn Greenwald – Glenn Greenwald
    https://greenwald.substack.com/p/ben-rhodes-book-proves-obama-officials?token=eyJ1c2VyX2lkIjoyODUxMjc5OSwicG9zdF9pZCI6NDA3MTg4OTUsIl8iOiJ1OW9TRiIsImlhdCI6MTYzMDQ0NTg2NiwiZXhwIjoxNjMwNDQ5NDY2LCJpc3MiOiJwdWItMTI4NjYyIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.YQ2qyl5CcocSuSRylwq4BYuP9SKbjgtrOkL5ccLzSCI

    1. One of the tricks I do with the mask is I totally leave my nose out to breath. In California they have all these Nazi enforcers running around. So some enforcer came up to me in the store and tells me my nose isn’t covered. I almost lost it because I wanted to tell her she has a false sense of security that these masks are doing anything but cutting off the breathing.
      But I though , what’s the point ,this lady is so brainwashed by fake news that anything I say she wouldn’t hear anyways.
      So, I pulled up the mask for 5 seconds until I passed her , than pulled it back down again.

      I can still get into grocery stores without a vaccine card for now. But , basically in California your restricted from a lot of activities if your not vaccinated. Even some Hospitals requiring a vaccine to get treated for something.

      Pretty insane. I think one has to pick their battles wisely, because this brainwashed crowd won’t listen.

  11. “But while consensus from experts says increased home equity levels and forbearance will prevent mass foreclosures as seen during the Great Recession, some are carefully watching for a bubble should speculation on the hot housing market continue.”

    “experts”

    Here’s a tip. Try looking at any point from March 2009 to today.

    “‘Not even during the worst of the Great Recession have so many borrowers been so far behind,’ a press release in June from the Consumer Financial Protection Bureau stated.”

    And this at the top of history’s biggest bubble!

  12. Of Two Minds – The Elites’ Battle for the Future America
    https://oftwominds.cloudhostedresources.com/?ref=https%3A%2F%2Fwww.zerohedge.com%2F&url=https%3A%2F%2Fwww.oftwominds.com%2Fblogaug21%2Felites-battle8-21.html&width=1024

    (snip)

    “No nation can produce less of lesser quality, and squander more on infinitely greedy and corrupt elites, all funded by issuing trillions of new units of currency, and imagine that this asymmetry will never have consequences.”

    (snip)

    “America’s elites are fracturing along multiple tectonic fissures: while the conventional media focuses on the ginned-up bread and circuses of Red and Blue political games (i.e., The Purple Empire ), the real conflicts are within the camps running the Red and Blue games, the Imperial Project of global hegemony (a.k.a. The Deep State), the New Nobility of Big Tech attempting to overthrow the Old Nobility , the Nationalists versus the Globalists and the Financial Gamesters versus The New Foundation .
    These are my informal acronyms, of course, but the conflicts are real and intensifying as extreme policies reach new extremes and the risks of breakdown increase.
    The most dangerous elites are the ones clinging to the perverse but compelling faith that the Federal Reserve and Treasury can conjure endless trillions of U.S. dollars without any consequence other than continued global hegemony , the faith that the Federal Reserve has god-like powers to tweak the dials so that 1) the U.S. dollar remains the pre-eminent reserve currency 2) but not so strong that it sinks the emerging market economies and 3) magical enough that there are no limits on how many can be absorbed by global stock, bond, debt, risk and commodity markets and 4) remains the primary method of limiting the global financial leverage of geopolitical rivals. Uh, sure. No problem, the Fed is all-powerful, right?
    The fundamental problem for the Imperial Project is the dollar must serve both the domestic elites profiting from Federal Reserve expansion of asset bubbles and the global markets that rely on a stable dollar for reserves, credit and transactional liquidity. While America’s billionaires are cheering the Fed’s endless largesse to the already wealthy, those tasked with maintaining hegemony are looking ahead and seeing the debauchery of the U.S. dollar as the Fed and Treasury spew trillions, very little of which is actually flowing into productive investments, i.e. the ultimate foundation of hegemony.”

    1. “As I have often noted, historian Michael Grant identified profound political disunity in the ruling class as a key cause of the dissolution of the Roman Empire.”

      We are clearly doomed.

      But if it makes you all feel better, my grade school teachers were serving up “fall of Rome” analogies to America in history class fifty years ago.

      1. The solution is to just start killing these people. After a few dozen of their heads are on a pike, the rest will start to fall in line.

        1. There is HELL COMING

          https://www.bitchute.com/video/JQsJorFXnNg8/

          From the description:

          ‘MANDATORY GUILLOTINE..for violators of,
          18US Code § 241. Conspiracy against rights,
          18US Code § 242. Deprivation of rights under color of law,The Nuremberg Code, Human Rights, Crimes Against Humanity,
          Oath Breakers, Doctors taking $40,000 bribes to push the Jab, Order Followers, and
          Media Censors who censor life saving information,
          (WHERE DEATH WAS A RESULT OF THEIR CRIMES.)
          You can’t sue the CDC, WHO, GOVERNMENT OFFICIALS, FaceBook, youtube, legacy media, Jab Makers or Google, But you can have their HEADS CUT OFF
          for their crimes and every Minion in the chain, Following orders is NO excuse!
          WE KNOW YOUR LAWS ARE VOID!“
          “A law repugnant to the Constitution is void. An act of Congress repugnant
          to the Constitution cannot become a law. The Constitution supersedes
          all other laws and the individual’s rights shall be liberally enforced
          in favor of him, the clearly intended and expressly designated
          beneficiary.” –Marbury v. Madison, 5 U.S. 137 (1803)
          “An unconstitutional law is void and is as no law. An offense created by it
          is not crime. A conviction under it is not merely erroneous but is
          illegal and void and cannot be used as a legal cause of imprisonment.”–
          Ex parte Siebold, 100 U.S. 371 (1879)
          “An unconstitutional act is not law. It confers no rights; it imposes no duties; affords no
          protection; it creates no office. It is, in legal contemplation, as
          inoperative as though it had never been passed.” – Norton v. Shelby
          County, 118 U.S. 425 (1886)’

          ‘You can’t sue the CDC, WHO, GOVERNMENT OFFICIALS, FaceBook, youtube, legacy media, Jab Makers or Google, But you can have their HEADS CUT OFF’

          That’s the spirit!

        2. A John Ross fan huh? Yes, their actions will bring on “Unintended Consequences”.

          If you’re terminal, or just old and pissed off, please feel free to take one for the team and bring as many of those shites down as you can before police suiciding yourself.

      2. We’ve been moving downhill for a long time. Extrapolating things to their logical extreme usually doesn’t work. But some times it does. Especially when it comes to the consequences of greedy people helping themselves to national wealth. They’ll never be satiated with money or power. As long as they believe they are doing God’s work in enriching and empowering themselves, and I’m sure it feels very right. The systems are in place to supercharge that self-serve.

    1. The Financial Times
      Sovereign bonds
      Bill Gross lashes out at ‘garbage’ government bonds
      Not the first time ‘bond king’ Gross has called time on the four-decade bull market
      Bill Gross
      Bill Gross revolutionised bond investing as he built Pimco into the world’s largest fixed-income asset manager
      Tommy Stubbington 2 hours ago

      Bonds are “trash” and buying US government debt is all but certain to be a losing bet, legendary former bond investor Bill Gross has said.

      Gross, the erstwhile “bond king” who built Pimco into a $2tn asset manager before his departure in 2014, fired the latest salvo against the asset class that made him famous in a rambling investment outlook posted on his personal website.

      US Treasury yields have slumped in recent months, reflecting a powerful global rally in global debt prices that has blindsided many big investors. On Thursday the 10-year Treasury yield — a benchmark for financial assets around the world — was just 1.29 per cent, far below its late-March peak of 1.75 per cent.

      At today’s levels, yields have “nowhere to go but up” given the Federal Reserve is soon expected to start winding down its bond-buying programme, wrote Gross. The 77-year-old, who retired from professional fund management two years ago, said he expected the 10-year Treasury yield to rise to 2 per cent over the next 12 months, resulting in a loss of about 3 per cent for investors.

      “With quantitative easing about to reverse, it’s more than obvious that the $120bn-a-month Federal Reserve deluge will probably end sometime in mid-2022 given inflation at greater than 2 per cent and economic growth prospects remaining optimistic,” he wrote, adding that the central bank has bought 60 per cent of net issuance by the US government over the past year. “How willing, therefore, will private markets be to absorb this future 60 per cent in mid-2022 and beyond?”

      He added: “Cash has been trash for a long time but there are now new contenders for the investment garbage can. Intermediate to long-term bond funds are in that trash receptacle for sure.”

      1. “…the central bank has bought 60 per cent of net issuance by the US government over the past year.”

        Is that alot?

          1. THAT is a huge difference this time. They seem quite low on ammunition, given they have been steadily firing since March 2009.

          2. Raghuram Rajan warned of impending disaster at the 2005 Jackson Hole conference, which was really a celebration of Greenspan’s career. It was received with typical snide condescension by the high priests of economics as it strayed outside the orthodoxy.

            Today, he lays out the case for why unending QE can cause problems if rates have to rise: https://www.project-syndicate.org/commentary/qe-bond-purchases-decrease-government-debt-maturity-by-raghuram-rajan-2021-08

            I suppose a completely self-contained system between the government and central bank printer could prevent a catastrophic failure of the system – maybe? On the other hand, if the world wasn’t holding US debt, the demand for dollars would reduce and that, combined with the inability of politicians to control themselves in gifting themselves money, could break the currency.

            But Japan Is The Model and they haven’t had to deal with inflation so… maybe the party can continue.

    1. My 2 cents: I listened to Judy Mikovits quite a bit last year. I’m more suspicious of her now that I watch this. Besides citing David Martin a number of times, she can’t get past her own work in the late 1980s/early 1990s. She acts as if her work then explains every ailment under the sun today. It’s also inaccurate at 19:10 that PCR is only qualitative; it can be quantitative.

    1. Unlike Californians, New Yorkers’ brains are not wired appropriately to prepare them to cope with natural disasters.

    1. “The piddling provocateur proceeded to unzip his pants and defile the DQ service counter near the cash register”

      Now that’s real journalism.

  13. Oh dear! – this puts the Democratic Party in a quandary, as the only males in the party are either gay or soy boys, but now their CCP ideological mentors are banishing girly men from TeeVee.

    China bans men it sees as not masculine enough from TV

    https://apnews.com/article/lifestyle-entertainment-business-religion-china-62dda0fc98601dd5afa3aa555a901b3f

    BEIJING (AP) — China’s government banned effeminate men on TV and told broadcasters Thursday to promote “revolutionary culture,” broadening a campaign to tighten control over business and society and enforce official morality.

    President Xi Jinping has called for a “national rejuvenation,” with tighter Communist Party control of business, education, culture and religion. Companies and the public are under increasing pressure to align with its vision for a more powerful China and healthier society.

    1. “The MTA has lost its way, broadly, because it’s been politicized under Cuomo. They’ve had a brain drain of people, professionals, who left because they didn’t want to deal with it. Everybody who can go get a good job and work in the private sector, does.”

      Government agencies get mired addressing things like diversity issues, e.g., LGBTQ, ME TOO, BLM, etc., and their core mission is pushed aside, which is when the knowledge base heads for the exits.

  14. Follow up story on Antifa teacher who is on paid leave. The local CBS news reporter calls Project Veritas a far right group that considers themselves journalists while parents call for a criminal investigation before the school board shuts the meeting down and scurries out the back door.

    Natomas Unified School District Taking Steps To Fire Teacher With Antifa Flag In Classroom

    17,262 views
    Sep 2, 2021

    https://youtu.be/kEOEkdPJw1g

    1. Who’d’ve thunk that 40% of the houses could have just disappeared over 15 years of bubble time?

      1. “In fact, in the 15-year period from January 2006 to June 2021, housing as a share of the population plummeted by close to 40%. The current shortage of homes is close to 3.8 million, according to researchers at Freddie Mac – a substantial increase from the estimated 2.5 million in 2018. Without enough homes on the market, prices have ballooned in recent years, a problem laid bare by the pandemic.”

        1. The pandemic done it! No mention of the foreclosure and eviction moratoriums that kept homes off the market, or the Fed’s mortgage rate suppression, or federally guaranteed subprime lending…

  15. Fed is stoking another real estate price bubble that will wipe out home equity, investor Peter Boockvar warns
    Published Fri, Aug 27 2021 7:02 AM EDT
    Updated Fri, Aug 27 2021 10:06 AM EDT
    Stephanie Landsman
    ‘I feel bad for the people who bought homes over the past year’: Peter Boockvar

    Investor Peter Boockvar is sounding the alarm on a housing price bubble brought on by the Federal Reserve’s Covid pandemic policies.

    He warns first-time homebuyers are most vulnerable to dramatic losses.

    “I feel bad for the people who bought homes over the past year because they’re the ones that paid the very elevated prices,” the chief investment officer at Bleakley Advisory Group told CNBC’s “Trading Nation” on Thursday.

    He singles out those who put down 5% amid historically low mortgage rates. If home prices correct by 10%, Boockvar sees a world of pain.

    “Their equity is basically wiped out,” he said. “For those who have owned for a while that have built up equity, they will be much more insulated.”

    His warning comes as Fed policymakers convene virtually for the annual Jackson Hole, Wyoming, symposium.

    Boockvar, who went on inflation watch in mid-2020, has been critical of Fed policy through the pandemic. By maintaining unprecedented quantitative easing measures through the economic recovery, he notes the central bank created a spike in housing demand that has been overwhelming supply. The result is skyrocketing prices.

    1. Bookvar is a jawboning shitbag stating the obvious. He’s been pimping housing for years and now he’s doing a turnaround and stating the obvious years too late.

  16. Watch: Dad and Daughter Demonstrate Masks Produce Hazardous Air Quality

    Infowars.com
    September 2nd 2021, 5:54 pm

    A father and daughter duo in Texas last month demonstrated to a school board how masks produce bad air quality not suitable for breathing.

    The incident happened on August 24 at a school board in Lago Vista, outside of Austin.

    During the demonstration, the father who works in construction brings his daughter and an air quality monitor device up to the front of the board meeting.

    The dad says he uses the device at his job to make sure air levels aren’t hazardous and are suitable for working conditions.

    “Before you get into that hole you drop this device down that hole, if it alarms ‘not safe’ you cannot go into that spot; if it doesn’t you’re good to go,” the dad explains.

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    A father and daughter duo in Texas last month demonstrated to a school board how masks produce bad air quality not suitable for breathing.

    The incident happened on August 24 at a school board in Lago Vista, outside of Austin.

    During the demonstration, the father who works in construction brings his daughter and an air quality monitor device up to the front of the board meeting.

    The dad says he uses the device at his job to make sure air levels aren’t hazardous and are suitable for working conditions.

    “Before you get into that hole you drop this device down that hole, if it alarms ‘not safe’ you cannot go into that spot; if it doesn’t you’re good to go,” the dad explains.

    “Once you’re in there every single employee that’s in there has to wear this device and if it ever goes off for any reason everybody immediately drops all their tools whatever they’re doing – they get out.”

    He then proceeds to use it to measure his unmasked daughter’s oxygen levels, which are normal.

    He then tests it with her wearing a mask, and immediately the monitor begins to beep.

    “There you go,” the dad says, before parents at the meeting begin cheering and applauding.

    The dad goes on to argue if the air quality is not good for a construction worker, it is definitely not suitable for a child who has to wear a mask at school all day.

    https://www.infowars.com/posts/watch-dad-and-daughter-demonstrate-masks-produce-hazardous-air-quality/

    1. “Before you get into that hole you drop this device down that hole, if it alarms ‘not safe’ you cannot go into that spot; if it doesn’t you’re good to go,” the dad explains.

      The real danger in confined space entry is “hydrogen sulfide.”

      1. hydrogen sulfide

        Deadly stuff where it might be. Your nose can give a warning at least. Lack of oxygen is probably more often deadly and you can’t sense that.

        1. Around water conveyance structures there’s always dried moss, rotting fish, etc., that give off an odor such that workers can’t tell when the hydrogen sulfide is beyond safe levels. Unfortunately, egress is often a substantial vertical climb.

          1. Around water conveyance structures

            Where is The H2S coming from???

            I’ll tell you an amusing story about my twenty minutes to live with an SCBA and copper wrenches someday.

          2. “Where is The H2S coming from???”

            Inverted siphons, the large variety with more than 4,000-cfs design flow capacity that are de-watered annually for inspection. Storm run-off from animal feed lots, rotting animal and fish carcasses, algae bloom debris, etc., that are washed into drainage structures.

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