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Rising FOMO Among Sellers Could Help The Trend Continue

It’s Friday desk clearing time for this blogger. “‘This continued demand for homes is enticing more homeowners to sell in order to avoid the fear of missing out on historically high prices,’ said Redfin Chief Economist Daryl Fairweather. Redfin reported that the share of home sellers dropping their asking prices each week continues to increase. In addition to new listing being up over last year, the share of sellers who made listing price adjustments grew 0.7% year-over-year to 17.3% of active inventory–the highest share in 21 months.”

“Starter home listings have risen the most in Virginia Beach, Virginia, where 17% more entry-level properties hit the market than last August. Milwaukee and Tampa, Florida rounded out the top three markets with 16.7% and 13.7% increases. Rising FOMO among home sellers could help the trend continue. Homelight shows that 41% of new homeowners — those who’ve owned a home only one to three years — are looking to cash in on their properties. In the Midwest, it’s a whopping 49%. ‘Established homeowners aren’t the only ones gunning for a lucrative sale,’ the report reads. ‘New homeowners are taking notice, too.'”

“In the four-week period ending August 18, price cuts hit the highest point since October 2019. Price drops were most common in Naples, Tampa and Cape Coral, Florida, as well as in New York City and Houston.”

“Looks like 007 has failed at a mission. Pierce Brosnan has taken his $100 million Malibu home off the market after a year without any offers, The Post has learned. Initially listed in September 2020, it was removed by Brosnan last month without attempting to lower the hefty price tag.”

“Realty Trac found foreclosure filings fell 26% in July compared to the previous month in the Bay Area. Unfortunately for many homeowners, the monthly mortgage remains stressful. Reginald Pearson lost his job as a plumber in September of last year. He’s nearly depleted all his savings and doesn’t know how he’s going to pay his mortgage in the near future. Pearson, who bought his new home right before being laid off, says he hasn’t needed a forbearance so far, but wonders how much longer he can hold out.”

“‘Best guess, October, November before things are going to happen. I’m gonna make some other moves,’ said Pearson.”

“Demand for every kind of housing in South Florida has been soaring, but some experts see signs of a shift. Last month, property sales in Miami-Dade, Broward and Palm Beach counties dropped compared to July 2020. ‘I see that there’s a correction coming. The question is, is it going to be a correction like what we saw in ‘08 where there’s a bubble that just deflates, or is it going to be something that’s a bit more gradual?’ said Weston real estate attorney Roy Oppenheim.”

“Oppenheim is concerned about an potential increase in foreclosures as lenders lift pandemic prompted moratoriums on mortgages ‘The foreclosure mills, the people that brought you foreclosure fraud 10 years ago, are ramping back up as we speak,’ he said.”

“Earlier it was very difficult to get a house in Vijayawada, Guntur and other cities where even agents would come up with tenants. In Vijayawada the main reason was that development of Amaravati has come to a standstill. Many left the city to avoid the huge rents as their source of income has taken a major hit. A house owner T Malleswari said that for the past 14 months two portions in his house were lying vacant. ‘We have removed the to-let board, feeling ashamed that it has been hanging on the wall for so long,’ she said while recalling that earlier even before a tenant would vacate, new people would come up with three to six months of rent in advance.”

“Property and legal experts told The Edge Malaysia in a report this this week that there could be potentially ‘millions, if not billions, of ringgit worth of projects being abandoned once the movement restrictions or bank loan moratorium is over. ‘Without the mandatory extensions, developers may have to pay huge liquidated ascertained damages (LAD). Some may face issues with the authorities and be left with no choice when they run out of money and funding to continue with the project,’ said an abandoned project specialist who declined to be named said.”

“More than a year since the Covid-19 pandemic hit Singapore, some construction firms are still losing money on each project that they have taken. One company, CHH Construction System, has been working solely on projects that are netting the building firm at least a 15 to 20 per cent loss each. ‘We have projects signed before the pandemic and have to fulfil our contractual commitment,’ its managing director Nelson Tee said. Many contractors said they are bound to work on ‘dead’ projects, knowing full well that they will be suffering huge losses by the end.”

“The subcontractor for the public hospital project said that he had already witnessed three to four subcontractors closing down in the pasttwo years. He described subcontractors — who are hired by a main contractor to perform specialised tasks — as the ‘roots’ of a tree. ‘The root system is already damaged. It is only when people see the tree branches dropping, the leaves going bare, then they sound the alarm.'”

“After years of fast growth and a buying frenzy, Chinese housing behemoth Evergrande is one of the country’s largest and most indebted private enterprises, teetering on the verge of bankruptcy. In a nutshell, debt. Evergrande has increased its acquisitions in recent years, capitalizing on the real estate boom.”

“The group announced this week that its overall liabilities had risen to 1.97 trillion yuan ($305 billion), and it warned of ‘risks of borrowing defaults.’ Moody’s downgraded its strength rating to ‘negative’ in August, citing concerns about repayment capacity, while Fitch and Standard & Poor’s followed suit. Evergrande’s stock has dropped by more than 70% in a year, and some contractors and suppliers have complained about not being paid on time.”

“Border closures that stopped thousands of international students studying at Australian universities have reportedly caused entire buildings to remain vacant, impacted small businesses, and left self-funded retirees worried about how they will pay their mortgages. ‘Right now, the CBD here in Melbourne is so quiet you can fire a gun down the streets. It’s eerie. I’ve heard of operators that have five or 10 buildings in the CBD and they have had to shut things down and move all their tenants into one building, so they only have to run that one tenant building,’ said Managing Director of Student Housing Australia Mark McDonald.”

“‘Many owners are without a tenant or rents have fallen below their holding costs,’ he said. ‘Virtually no owner of student accommodation is unaffected. Many owners are self-funded retirees or have mortgages on these properties and are struggling financially and there is no assistance to help them. We can’t do anything about removing people who can’t pay rent, we have seen rental reductions, new legislation imposing greater costs – the hits just keep coming.'”

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This Post Has 67 Comments

  1. ‘Best guess, October, November before things are going to happen. I’m gonna make some other moves’

    Better get some boxes Reg.

    Hold yer ground 007, don’t give it away.

      1. That seemed off to me too. So many stories about shortages of trade workers, contractors being booked, remodeling booming that it doesn’t make sense.

        The cynical part of me thinks some people may be taking a hybrid approach:
        1) Get laid off and collect enhanced unemployment for months and months.
        2) Work for cash on the side. Not just income, but tax free income.
        3) Stop paying rent / mortgages because you lost your job during the pandemic.

        Imagine how much money you could bank in a year if you did all three.

        1. “So many stories about shortages of trade workers, contractors being booked.”

          If that were true you wouldn’t see so many guys on the bench everywhere and the Dodge report would be 6 in thick.

  2. “‘This continued demand for homes is enticing more homeowners to sell in order to avoid the fear of missing out on historically high prices,’ said Redfin Chief Economist Daryl Fairweather.

    No, Daryl. Savvy homeowners are cashing out now before the bottom drops out of Housing Bubble 2.0.

  3. ‘the people that brought you foreclosure fraud 10 years ago, are ramping back up as we speak’

    Wa happened to senator running deer?

    1. With appraisal and mortgage fraud at nosebleed levels, I’m not sure why “foreclosure” fraud is on the map.

      1. Because mortgage and appraisal fraud makes money for the right people and pointing those things out might bring scrutiny. Better to scare people about the coming foreclosure fraud boogeyman so they don’t pay attention to the man behind the curtain.

  4. ‘Homelight shows that 41% of new homeowners — those who’ve owned a home only one to three years — are looking to cash in on their properties. In the Midwest, it’s a whopping 49%. ‘Established homeowners aren’t the only ones gunning for a lucrative sale,’ the report reads. ‘New homeowners are taking notice, too’

    The key is they’re all speculators. That’s why you see hundreds of thousands of shacks rushed to market. There’s never been a shortage of shacks and there never will be.

    1. Is 49% alot?

      My x-BIL is one of those Midwest speculators who snapped up an extra home he doesn’t need to live in last year with the expectation to sell it for a profit.

      Did anyone do this kind of thing before the bubble took flight 25 years ago?

    2. Plus a ton of occupancy fraud. If you bought the house only 2 years ago and you actually live in it, it’s not so easy to just put it up for sale. You have to live somewhere.

    3. Thanks for explaining this. 1 to 3 years and they expected to cash in? I was thinking are that many really speculators? You answered yes.
      Sarasota Florida is suddenly dead. The frenzied buyers are gone. The crazed drivers are gone. The sidewalk bistros are quiet. Second homes or speculators? Certainly not living here. Every last dump closed. Houses that sat for a year or two closed at ask.

  5. “More than a year since the Covid-19 pandemic hit Singapore, some construction firms are still losing money on each project that they have taken.

    Yeah, but they make it up on volume, right?

  6. ‘Moody’s downgraded its strength rating to ‘negative’ in August, citing concerns about repayment capacity, while Fitch and Standard & Poor’s followed suit’

    All these years later and these idiots still call the event after it’s happened. Guess who’s rating the mortgage backed securities?

    1. Decades ago a former I-banker wrote a book openly admitting the ratings agencies would work with the banksters whose paper they were rating to make sure they were happy. There was zero excuse for anyone to be fooled by their ratings of MBS garbage in the last bubble, but, of course, it happened anyway. As long as you can claim there was no way to see it coming and stick the taxpayers with the bill, why not?

  7. BTW, I haven’t posted much on K-da cuz all they are talking about is urine soaked mattresses and the election. But I’ll have a bunch on them in the weekend topic.

  9. Oh dear….

    Evergrande Gets Loan Payment Demands From Trusts; Bonds Fall

    https://www.bloomberg.com/news/articles/2021-09-02/evergrande-faces-loan-repayment-demands-from-big-chinese-trusts?sref=ibr3A0ff

    At least two of China Evergrande Group’s largest non-bank creditors have demanded immediate repayment of some loans, according to people familiar with the matter, adding to liquidity strains at the world’s most indebted developer.

    The two creditors are trust companies, which pool money from wealthy individual investors and are a major source of financing for Evergrande and other Chinese developers.

  10. Some good news: a bunch of kidz walked out of high school over the mask mandates in Douglas County, CO.

    And the bad news: Boulder is reinstating an indoor mask mandate for everyone age 2+ regardless of CCP Flu vaxx status, effective 5pm today.

    Globalists gonna globe.

    1. Boulder! LOL!

      You can always tell where the nutters are going to nut. Liberal cesspools.

      I wish the globalists would get this over and just shoot out a worldwide text for everyone to jump in front of the nearest moving vehicle.

      That’ll clean out the dipsticks and then we can get on with out lives again.

    2. Boulder is reinstating an indoor mask mandate for everyone age 2+ regardless of CCP Flu vaxx status, effective 5pm today.

      We just spent the week in North Carolina. The town we stayed at had a mask mandate — both indoors and outdoors (on sidewalk).

      Of course, very few paid attention to it, and those that did either just had the mask pulled below their chin, their nose hanging out, or workers would just pull their mask down to talk to you.

  11. Soy boy Democrat males must be experiencing cognitive dissonance as their CCP ideological guiding lights banish girly men from the TeeVee.

    China bans ‘effeminate’ actors from TV

    https://www.news.com.au/entertainment/tv/china-bans-effeminate-actors-from-tv/news-story/681e8b95ccc17b68d743ad084a84465e

    China has banned “effeminate” behaviour and actors with “incorrect politics” from TV in its latest brutal crackdown on freedoms.
    President Xi Jinping has called for a “national rejuvenation”, with even tighter Communist Party control of business, education, culture and religion.

  12. Today is Friday, September 3rd, and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen, and more importantly, the Southern Poverty Law Center and the Defamation League are powerless to stop us from discussing it here.

    January 6th was only the beginning, globalist sh*tbags 🙁

  13. It’s Friday desk clearing time for this blogger. “‘This continued demand for homes [Speculators trying to sell at the peak] is enticing more homeowners to sell in order to avoid the fear of missing out [FOMO]on historically high prices,’ said Redfin Chief Economist Daryl Fairweather. Redfin reported that the share of home sellers dropping their asking prices each week continues to increase. In addition to new listing[s] being up over last year, the share of sellers who made listing price adjustments grew 0.7% year-over-year to 17.3% of active inventory–the highest share in 21 months.”

    – Wait a minute. First it was “buying FOMO” just a few months ago and now it’s “selling FOMO?” No speculative housing mania frenzy or bubble here!

    – Thus the speculative housing bubble endeth, not with a whimper, but a bang. As long as the Fed is in control of the Nation’s finances, it’s rinse and repeat, but we’re rapidly approaching the end game.

    – All of this courtesy of the Fed, cheap $, low rates, and easy credit.

    – The mother of all bubbles (MOAB). This is a symptom of the disease. The disease is the Fed.

    https://www.wsj.com/articles/powell-congress-fed-monetary-policy-wage-stagnation-unemployment-income-inequality-11630509584
    Opinion | Commentary
    Congress Needs to Rein In a Too-Powerful Federal Reserve

    The Fed’s unchecked power has led to measures favoring those who live off portfolios, not paychecks.

    By Judy Shelton
    Sept. 1, 2021 1:54 pm ET

    “But for people who live off paychecks rather than portfolios, the game of deciphering Fed officials’ intentions is a sideshow that leaves them further behind. This is no way to run monetary policy. Our nation’s central bank has become too prominent, too political and too powerful.”

    “The Fed’s ability to purchase massive quantities of U.S. Treasury securities is the dominant factor influencing interest rates across the board and thus the valuation of financial assets. The entire term structure of bond yields reflecting the relationship between short-term and long-term rates is keyed to the 10-year Treasury note rate. What would that benchmark yield reveal if Fed purchases weren’t distorting the market?”

    “All this should alarm citizens and put Congress on notice—because that’s too much power for a government agency run by unelected officials. It has given rise to monetary-policy actions that channel financial benefits to certain segments of society at the expense of others.”

    “It’s time for Congress to face up to its responsibility to regulate the value of money—a power granted by the Constitution in the same sentence that grants Congress the right to establish weights and measures. Money is meant to be a standard, a dependable measure, that works for everyone by providing clear price signals so free-market interactions lead to optimal economic outcomes.”

    “By outsourcing this task to the Fed, Congress has absolved itself of responsibility for its own complicity in financing excess government spending at levels that would set off alarms about sustainability if exposed on a consolidated financial statement. By shrinking from the duty to challenge the Fed’s expanding role in the economy—while ignoring the inherent unfairness of speeches by monetary officials that cater to the attuned ears of financial experts—Congress is abrogating its own oversight mandate to ensure equal justice.”

    “It’s time to re-establish the notion of a monetary standard that would serve as a true benchmark, not subject to the words of central bankers.”

    1. “– All of this courtesy of the Fed, cheap $, low rates, and easy credit. rampant mortgage and appraisal fraud.

      Corrected for historical accuracy.

    2. I hadn’t considered it before, but is it possible that the Quantitative Easing era has ushered in the beginning of the end for the Fed as we know it? It seems entirely clear that the global financial system is FUBAR and in dire need of a massive reset. And that QE can only ratchet up, never down.

      1. Not a single soul has asked Weimar Boy Powell and the FED why they are still going full blown QE/MBS purchases/interest rate suppression.

      2. massive reset

        Which translates to loans forgiven for those that have them. Sexi Trux, mortgages, student loans, whatever most everyone is in hock for. And if not forgive completely, then some large percentage.

        The frugals, like me, will be boned.

    3. The fraudulent private Fed needs to go, not be reigned in. All interest paid to them since 1913 via their henchmen the IRS needs to be returned to the citizens. That is the only reparations I support. And more correctly, it is restitution.

  15. Several weeks ago, I helped clean out a house and ran into a fairly large untouched,and complicated stash of Y2K food stuff from year 2000. 10 years ago we sometimes tried to eat a bit of it ,but any more we just pitch it.
    Lately there seems to be a huge push to sell this type of food, from any number of companies, all supposed to be the very best …
    Any thoughts on this, or would it be better to just double, or triple stock, the stuff we usually use ,and eat ?

    2. I read those companies had to gear up to meet the panic demand last year. Could be they now have a glut to unload.

      Read up on storing treated water first, then food. For food, the Mormons will sell you canned beans and rice that’s much cheaper than the freeze-dried stuff (though also heavier) but is supposed to also last 30 years. If anyone knows a better source please share. Nothing wrong with just stocking up on what you use anyway either, provided you keep track of the use-by date and rotate it out as another poster said.

      1. Get a vacuum sealer and put your own dry rice and beans away cheap. Those will last 30 years (though I’m not likely too).

    3. Stay well supplied and never let food expire. Rotate your pantry like the shelves of a grocery story. Buy food you enjoy eating. Some seeds can be sprouted in days for fresh greens. Otherwise, honey, foods like that can stay for years and be useful for first aid and many uses. Grains and beans are decent staples. Buy real food. Buy dry herbs and spices for flavors instead of pre made stuff with near term expiration dates. Just a couple of ideas. .

  16. Progressives proposing to ‘pump’ money into broken bureaucracies: Rep. Gallagher | Fox Business
    https://www.foxbusiness.com/politics/dems-budget-pump-money-into-broken-bureaucracies-gallagher

    (snip)

    “Rep. Mike Gallagher, R-Wis., said he hopes Democratic Sen. Joe Manchin stays firm on his opposition to fellow Democrats’ $3.5 trillion infrastructure budget on ‘Mornings with Maria’ Friday. Gallagher also warned that the government spending would pump money into ‘existing broken bureaucracies,’ and wouldn’t produce a better outcome.”

    “REP. MIKE GALLAGHER: I hate to be cynical, but I’ve now been in Congress for five years, so I’ve learned a few things. The purpose is getting reelected, right? Let’s just spend as much money as possible that helps us get reelected.

    “It’s not to actually fix the structural imbalances in these programs. I mean, we lead the developed world in spending per capita on our health care system. But people aren’t getting healthier, right? We’ve had negative trends in terms of life expectancy.

    “And so it’s highly illogical to assume that you can simply pump as much money as possible to the existing broken bureaucracies that were built decades ago and get better outcomes. And yet that’s what the progressives are proposing to do.”

  17. Florida diner that posted note refusing service to Biden voters because of his botched Afghan withdrawal is forced to close after it SOLD OUT of food following a boom in customers

    https://www.dailymail.co.uk/news/article-9955079/Florida-diner-owner-turned-away-Biden-voters-troops-says-shes-inundated-support.html

    The Florida diner where the owner posted a sign turning away Joe Biden voters after 13 U.S troops were killed in Afghanistan has had to shut its doors – because so many people called to buy meals for veterans that the small business ran out of food.

    ‘I’ve gotten so many people calling me from all over the world, from Europe, trying to purchase meals for veterans, which I still haven’t been able to organize,’ said Angie Ugarte, who posted the sign in the window of the DeBary Diner in the central Florida city of DeBary.

    1. Mark Zuckerberg needs to kneel facing a ditch, have a bullet put in the back of his skull, and get tossed in the ditch like a sack of meat.

      “President Joe Biden [this message] is for you!” she wrote Monday . “I know my face is etched into your brain! I was able to look you straight in the eyes yesterday and have words with you. After I lay my son to rest you will be seeing me again! Remember I am the one who stood 5 inches from your face and was letting you know I would never get to hug my son again, hear his laugh and then you tried to interrupt me and give me your own sob story and I had to tell you ‘that this isn’t about you so don’t make it about you!!!’”

      She added, “[You] then rolled your f***ing eyes in your head like you were annoyed with me and I let you know that the only reason I was talking to you was out of respect for my son and that was the only reason why … [you] turned to walk away and I let you know my son’s blood was on your hands and you threw your hand up behind you as you walked away from me like you were saying ‘OK, whatever!’”

      You are not the president of the United States of America Biden!!!! Cheating isn’t winning!!! You are no leader of any kind! You are a weak human being and a traitor!!!! You turned your back on my son, on all of our [heroes]!!! you are leaving the White House one way or another because you do not belong there! MY SONS BLOOD IS ON YOUR HANDS!!! All 13 of them, their blood is on your hands!!!! If my president Trump was in his rightful seat then my son and the other [heroes] would still be alive!!!! You will be seeing me again very soon!!! [By the way] as my son and the rest of our fallen [heroes] were being taken off the plane yesterday I watched you disrespect us all 5 different times by checking your watch!!! What the f*** was so important that you had to keep looking at your watch???? You are nobody special Biden!!! America Hates you!!!!!”

      Not long after Chappell published her post, Instagram, which is owned by Facebook, deleted her account. She suspects the suspension was a direct result of what she said on Facebook.

      “It seems Instagram took it upon themselves to delete my account because I am assuming it was because I gained so many followers over my sons death due to Biden’s negligence, ignorance and him being a traitor!” she said Monday. “Funny how these leftist one sided pieces of crap don’t want the truth to come out! … You deleted my account because my sons blood is on Biden’s hands!”

      https://www.washingtonexaminer.com/opinion/instagram-suspended-a-woman-who-lost-her-son-in-kabul-after-she-criticized-biden

      The only good globalist is a dead globalist 🙂

      1. Cuckerberg, Bozos, Musky, Dorsey, Soros, Gates, Dimon, Blankfein, Powell, Bernanke, Yellen, Buffett….there’s a list of about 1,000 who need to cease to exist.

  19. New Zealand cucks elected globalist Quislings who per their puppet masters’ playbook let Third World benefits spongers flood in, while disarming the heritage population. Now when “religion of peace” adherents feel like getting stabby with the infidels, all the cucks can do is run shrieking from the scene, since they are now defenseless against the globalist imports.

    Hero shopper reveals how he attacked New Zealand knifeman with a pole as the fanatic shouted ‘Allah Allah’: ISIS supporter was let free to rampage as powerless cops watched him 24/7 waiting for him to attack

    https://www.dailymail.co.uk/news/article-9955489/Hero-shopper-attacked-New-Zealand-knifeman-pole-battled-save-wounded.html

      1. Give me back my broken night
        My mirrored room, my secret life
        It’s lonely here
        There’s no one left to torture
        Give me absolute control
        Over every living soul
        And lie beside me, baby
        That’s an order
        Give me crack and anal sex
        Take the only tree that’s left
        And stuff it up the hole
        In your culture
        Give me back the Berlin wall
        Give me Stalin and St. Paul
        I’ve seen the future, brother
        It is murder
        Things are going to slide, slide in all directions
        Won’t be nothing (won’t be nothing)
        Nothing you can measure anymore
        The blizzard, the blizzard of the world
        Has crossed the threshold
        And it’s overturned
        The order of the soul
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        You don’t know me from the wind
        You never will, you never did
        I’m the little Jew
        Who wrote the Bible
        I’ve seen the nations rise and fall
        I’ve heard their stories, heard them all
        But love’s the only engine of survival
        Your servant here, he has been told
        To say it clear, to say it cold
        It’s over, it ain’t going
        Any further (do, do, do)
        And now the wheels of heaven stop
        You feel the devil’s riding crop
        Get ready for the future
        It is murder (do, do, do)
        Things are going to slide
        Slide in all directions
        Won’t be nothing (won’t be)
        Nothing you can measure anymore
        The blizzard, the blizzard of the world
        Has crossed the threshold
        And it’s overturned
        The order of the soul
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        There’ll be the breaking of the ancient
        Western code
        Your private life will suddenly explode (ooh, ooh)
        There’ll be phantoms
        There’ll be fires on the road
        And the white man dancing
        You’ll see a woman
        Hanging upside down (ooh, ooh)
        Her features covered by her fallen gown (ooh, ooh)
        And all the lousy little poets
        Coming round
        Tryin’ to sound like Charlie Manson
        Yeah, the white man dancin’
        Give me back the Berlin wall
        Give me Stalin and St. Paul
        Give me Christ or give me Hiroshima (do, do, do)
        Destroy another fetus now
        We don’t like children anyhow
        I’ve seen the future, baby
        It is murder (do, do, do)
        Things are going to slide, slide in all directions
        Won’t be nothing (won’t be)
        Nothing you can measure anymore
        The blizzard, the blizzard of the world
        Has crossed the threshold
        And it’s overturned
        The order of the soul
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        When they said (they said) repent (repent), repent (repent)
        I wonder what they meant
        When they said (they said) repent (repent), repent (repent)

  23. Under Biden the financial ties between the CCP and its junior partners in the Democratic Party are going to soar, as long as the Big Guy gets his 10% cut.

    California pension system invested more than $490 million in Chinese state-owned companies: report

    https://www.foxnews.com/politics/california-pension-china-investments

    California’s public pension system (CalPERS) has more than $3 billion tied up in Chinese companies, including 14 state-owned enterprises blacklisted by the Trump administration because of their ties to the Chinese military, according to a report Thursday.

    Records reviewed by The Washington Free Beacon reportedly show that CalPERS had more than $450 million invested in the 14 companies blacklisted by the previous administration. More than $490 million were invested in other seven of companies owned by the Chinese government, which are reportedly funding the state’s Belt and Road Initiative.

  24. Oh dear….

    Evergrande Property Sales Drop 26% as China’s Home Market Cools

    https://www.bloomberg.com/news/articles/2021-09-03/evergrande-property-sales-drop-26-as-china-s-home-market-cools?sref=ibr3A0ff

    China Evergrande Group’s property sales fell in August as the real estate market slowed, dealing a fresh blow to the cash-strapped developer.

    Contracted sales dropped 26% from a year earlier to 38.08 billion yuan ($5.9 billion), a filing showed late Friday. A year earlier, the firm had sales of about 51.48 billion yuan.

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