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Economic Pain To Alter Expectations That Prices Will Always Rise

A report from the Phoenix Business Journal in Arizona. “Some of the hottest areas of the Valley for recent land deals are in the northwest and southwest areas, along with the Mesa-Gilbert market and Pinal County, said Jim Daniel, president of RL Brown Housing Reports. While he’s always on the lookout for land opportunities, Dea McDonald senior vice president for Brookfield Properties Development, said he likes to be on the peripheral edge, rather than leapfrogging out in the vast openness of areas, mostly because of water and wastewater challenges in Pinal County. ‘We use the term, ‘drive to qualify,’ he said.”

From Mansion Global. “An 88-acre spread with a Georgian Colonial brick mansion in West Chesterfield, New Hampshire, is headed to auction, without a reserve price. The 15,707-square-foot, three-story home has been owned by the same family since it was built in 1991 and has never been listed for sale. As for an expected final sale price, ‘usually I do have a guess, but this has never been listed so we don’t have any numbers to go on,’ said Trayor Lesnock, president of Miami-based Platinum Luxury Auction. ‘We had to put it into the MLS with an arbitrary number’ ($5.995 million) in order to get it listed on sites like Realtor.com and Zillow.”

From KRON 4 in California. “If it seems like for-sale signs outside of East Bay properties are lasting longer than usual, it’s not your imagination but does that mean home prices are trending toward a buyers market? Real estate experts are beginning to notice that the recently red hot East Bay home market is beginning to show signs of cooling off, with homes lingering on the market. ‘Two of my recent listings have been sitting on the market for over 30 days,’ Sandi Porter, realtor, said.”

“She says a primary reason homes sales are slowing down, buyer burnout. ‘They’re taking a break. For many buyers, it’s football season. Sunday, I had an open house. I’m like where’s all my buyers? They were watching the 49ers game and the Raiders game. The serious buyer is going to go out there regardless of the weather, regardless of who is playing because they really want to buy a house,’ Porter said.”

“‘As the autumn goes on there will be more options to choose from. They’ll have a little bit more bargaining power. A little more balance between buyers and sellers. Definitely not a buyers market!’ Zillow Senior Economist Jeff Tucker said.”

The Orlando Sentinel in Florida. “The median home price in metro Orlando dropped from August to September, the first decrease since a run-up that began in October 2020. Inventory rose for a fifth straight month, coming off its record low in April, another sign that the extremely hot Orlando housing market may be cooling. Sales dropped in September by 5.25% compared with August, and homes spent 8% longer on the market on average before selling after 27 days. The longer a home stays on the market, the more likely the seller will drop the price.”

“‘With the median price slightly dropping and inventory continuing to trend upward, we’re seeing signs of things leveling off after months of this market being on fire,’ said Natalie Arrowsmith, president of the Realtors’ group. ‘The market is still heavily in favor of sellers, but is showing some signs of returning to become more balanced.'”

The Real Deal on New York. “SL Green Realty has gained control of Ashkenazy Acquisition’s 690 Madison Avenue for what appears to be a discount. The major Manhattan landlord paid transfer taxes on about $74 million, just under 65 percent of what Ashkenazy paid for the property in 2015, according to property records. SL Green in September held a UCC foreclosure auction of an Ashkenazy entity that owns the five-story building at East 62nd Street.”

“SL Green was a sponsor of a mezzanine loan for the Ashkenazy entity, with an outstanding balance of about $3.85 million. The mixed-use, 7,850-square-foot building also had a $72 million senior mortgage issued by Bank of China, according to property records. In other words, SL Green gained control of the building by paying a few million dollars more than Ashkenazy’s senior mortgage, even though it cost the New York-based real estate investment firm $115.2 million to buy the building in 2015.”

The Globe and Mail in Canada. “A decade ago, Calgary’s future seemed to be rising at the corner of 6th Avenue and Centre Street. In 2012, the Bow, a $1-billion skyscraper designed by London architects opened its doors. This is where barber David Ghandour set up shop in 2013, on the second floor of the 57-storey building. ‘It looked like it was going to be a gold mine,’ says Mr. Ghandour, 62, as he locks up his Denim & Smith Barbershop for the day. ‘I’ve got a small shop, but it was full, and I was thinking about adding another station. Business was definitely good.'”

“But then the layoffs started. Calgary has a disproportionate amount of office space for a city of 1.3 million; the downtown contains about 44 million square feet of it, double the amount per capita of Toronto’s city centre. Those offices are now seeing unprecedented vacancy rates. In physical terms, this means large buildings that are half-empty or even completely dark. Should roughly 12 million square feet of vacant buildings be repurposed? Mothballed? Or even, in some cases, torn down?”

“Downtown property assessments have dropped by $16-billion, or about 60 per cent, since 2015.”

The South China Morning Post. “Sunny Peninsula, a seaside development in Guangzhou, Guangdong province, southern China, was supposed to house 5,000 families in dozens of towers spread across an area the size of 30 football pitches. Many of the buyers were white-collar workers benefiting from the fastest urbanisation in human history. But the project now looks more like the set of a disaster movie. Half-finished residential blocks stand empty and abandoned. Untouched for months in the humid summer weather, piles of steel bars and beams are accumulating coatings of rust.”

“China Evergrande Group, until recently the world’s largest property developer, owns dozens of stalled sites such as Sunny Peninsula across China. Buckling under more than US$300 billion in liabilities, the company is close to collapse, leaving 1.5 million buyers waiting for finished homes. The global financial markets are bracing for potential aftershocks.”

“The stress is not only being felt in bankers’ offices: homebuyers recently surrounded a government office in Guangzhou to demand construction be restarted on their flats, and unconfirmed videos circulating on social media depict similar protests in other cities. Furious retail investors who helped fund Evergrande’s expansion have turned up at the company’s Shenzhen headquarters to complain about delayed repayments on wealth management products it sold.”

“When the 2008-09 global financial crisis cut demand for Chinese exports, the central government responded with a massive stimulus package that made borrowing easy. Land prices soared, in both coastal megacities and previously sleepy regional centres, and developing housing became a near-certain bet. The key to success was scale, achieved by borrowing with land as collateral. The bigger a developer became, the more it could borrow, and at lower interest rates, a cycle that could continue as long as property prices kept rising.”

“The results have been dramatic in the booming coastal cities that previously powered China’s property market. A broker in Shenzhen, who asked to be identified only by his surname, Li, says that inquiries from prospective buyers are down a third from a year ago. ‘The transaction volume looks pretty ugly,’ he says ‘and the only homes sold were either due to the sellers urgently needing cash or worries that prices will drop further.'”

“In past Chinese housing slumps, this might be the moment when Beijing would step in to put a floor under the market, encouraging banks to lend to push up prices and boost revenue for property developers. But for now, policymakers seem willing to inflict economic pain to alter expectations that real estate prices will always rise.”

“Many homeowners have got used to policymakers protecting their investments. ‘If prices fall, that means the economy is in a downturn, and that’ll put huge pressure on the local government,’ says Jenny Wu, a financial worker in Shenzhen who bought a flat last year. ‘So it’s impossible that home prices would drop in Tier 1 cities.’ (‘Tier 1’ being shorthand for the mega-cities of Beijing, Guangzhou, Shanghai and Shenzhen.)”

“Those who put their savings into Evergrande projects such as Sunny Peninsula are hoping their own slice of moderate prosperity has a place in Beijing’s vision of a tamed property market. Last month a group of angry buyers gathered at the site. ‘We don’t care about price cuts,’ said one, who asked to be identified by his surname, Cheng. ‘Our one and only demand is that Evergrande can deliver the project.'”

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This Post Has 78 Comments

  1. ‘We use the term, ‘drive to qualify’

    You’d think they would have learned, but greed. Here’s what the REIC media won’t say: drive to qualify is subprime.

    But I got good news: these guys are going to get their a$$es kicked and hard. This is some of the most got-forsaken land on earth. Yer shack and car will have half an inch of dust in it several times a year.

      1. Mark Lamb was born to ride.
        Didn’t n is about this guy but glad I know about him now.
        It is mostly a smear piece, expected from left rag Politico.

    3. ‘We use the term, ‘drive to qualify’

      I never thought we would revisit the folly of 2006. How wrong I was. It’s even worse now. Greed is right – rapacious greed.

  2. ‘We don’t care about price cuts,’ said one, who asked to be identified by his surname, Cheng. ‘Our one and only demand is that Evergrande can deliver the project’

    -denial
    -anger
    -bargaining <- Cheng, you are here.

    1. ‘So it’s impossible that home prices would drop in Tier 1 cities’

      -denial <- Jenny you are here.

      1. ‘So it’s impossible that home prices would drop…’

        Once government policies convince buyers that prices are guaranteed to never fall, the necessary ingredients for an epic price blowout and collapse are in place.

      2. do you ever watch the 2 guys in china that ride around on motorcycles and take pictures of the falling down ghost buildings? (ADVChina youtube channel)

        It started with tier 3 cities – but i guess it had got to tier 2 and perhaps tier 1 cities now. Crazy stuff. many buyers dont even rent out the units – as they are expecting to see in 1-3 years with a profit.

    2. Cheng has leverage here, Ben. The thought of him stamping his little feet will surely spur the Evergrande leadership to order his skybox unit to be completed to the highest standard for expedited turnover, profit or loss be damned.

  3. ‘We had to put it into the MLS with an arbitrary number’

    While we’re doing arbitrary numbers, how about tree fiddy Trayor?

  4. ‘It looked like it was going to be a gold mine’

    Wait for it:

    ‘But then the layoffs started’

    Slack jawed media never gets it. You have a boom, yer gonna get a bust.

  5. ‘the project now looks more like the set of a disaster movie. Half-finished residential blocks stand empty and abandoned. Untouched for months in the humid summer weather, piles of steel bars and beams are accumulating coatings of rust’

    Eat yer crowz Dan…

    1. Yes, it’s the Progressive Way™.

      Could you imagine paying property taxes to New York City? And that on top of a combined income tax rate of 50+ percent.

      “They’re not sending their best”

          1. I got a call at home this morning from the 212 area code. I could tell a woman’s voice speaking only Mandarin Chinese, but I don’t know the language that well. I thought it was a spam call. But maybe she was saying “他妈的乔拜登”

    2. Now that Joe let the Chinese take over the Afghan heroin producing poppy fields, we’ll be importing THAT from China too.

      1. As long as The Big Guy gets his 10% cut and funnels some of the profits to the DNC, it’s all good. Drug demand is going to soar as the screwed-over proles get more anxious, stressed, and depressed living under this globalist Quisling regime.

        1. They’d go away on their own, if the do-gooders could realize that they’ll never “cooperate and graduate.”

    3. “New York City’s war on drugs is over. The junkies won.”

      No, the drugs won. The drugs won a long time ago. I wonder if this is some stealth tactic to allow the drug addicts to just plain off themselves.

  7. This is a pearl clutching article.

    The Hill — GOP’s embrace of Trump’s false claims creates new perils (10/17/2021):

    “House Republicans are increasingly embracing Donald Trump’s “stolen” election narrative, underscoring the former president’s hold on the congressional GOP and raising questions about what might happen if they return to the majority.

    Rep. Steve Scalise (La.), the Republican whip, raised eyebrows a week ago during an interview with Fox News’s Chris Wallace when he declined to say that Biden won last year’s election fairly.

    The No. 2 House Republican is far from an outlier.

    Rep. Andy Biggs (R-Ariz.), head of the far-right Freedom Caucus, continues to question the legitimacy of the outcome.

    So are a host of Trump’s most ardent allies in the Capitol — including Reps. Jim Jordan (Ohio), Jim Banks (Ind.), Paul Gosar (Ariz.) and Marjorie Taylor Greene (Ga.) — who have continued to raise questions about poll “irregularities.”

    Other GOP lawmakers — like Iowa Reps. Mariannette Miller-Meeks and Ashley Hinson — have appeared recently with Trump at public events where the former president has riled the crowd with false claims that he’s the rightful commander in chief. Still others are pressing party leaders to make election integrity a central plank of the 2022 platform, even as many in the party are hoping to turn the page and focus on Biden’s challenges.”

    https://thehill.com/homenews/house/577012-gops-embrace-of-trumps-false-claims-creates-new-perils

    The 2020 election was stolen.

    And globalists, remember that the penalty for treason is DEATH.

    1. embrace of Trump’s false claims

      This is also part of their narrative: that millions of Trump voters were accepting of the Biden win. But when Trump, out of bitterness, started some crackpot story that he really won, all his dumb-bunny followers suddenly changed their minds blindly and fell in line with their cult leader. This is not what I saw. I saw millions of Trump voters watch the election themselves, do their own thinking, and independently come to the conclusion that the whole thing was rigged. This happened here on HBB in real time. Trump voters did not need Trump to convince them.

      That said, if Trump wants to get back into politics, he has *got* to stop harping on 2020. He’s not going to be reinstated. He should start focusing on what he would do in 2024.

      1. President Trump won in a landslide. So just what is waiting for another rigged election gonna accomplish?

        1. It is long past time to withdraw the consent of the governed, when the elections are a sham and the rule of law is dead and buried.

        1. Mark Zuckerberg alone contributed $419 million to get Biden elected. What did Zuckerberg and his fellow globalist oligarchs get in return – in addition to limitless free Yellen Bux from the Fed? How come literally no one in the corridors of power is talking about these plutocrats literally buying off our corrupt Republicrat duopoly political class and subverting our institutions of governance?

    1. “…dppesick about the sackler family…”

      The lanky Sackler women aren’t about to give-up their bling, mask parties and winter getaways to the tropics.

  9. 129 million is that a lot?

    Wall Street Journal — Covid Anxiety Is a Health Problem Too, A new study finds 129 million additional cases of major mental disorders world-wide compared with pre-pandemic figures (10/15/2021):

    “As in previous studies, the mental-health effect was most severe on younger people, likely because their need for social interactions is stronger and their social lives depend more on people outside the household. They are also at considerably less risk of severe disease, so restrictions pose a relatively heavy burden on them primarily for the benefit of their elders.

    In most states, the average anxiety and depression scores increased during the late summer, fall and winter of 2020, while lockdowns were still in place. According to the Kaiser Family Foundation, almost a third of adults in the U.S. reported symptoms of anxiety or depressive disorder in late April and early May 2021, triple the number in 2019 before the pandemic started. But in South Dakota, which has had very few restrictions, the numbers were lower, with 24% reporting these symptoms.

    Government overreach in closing schools has caused a great mental health tragedy among our young. The United Nations Educational, Scientific and Cultural Organization has declared the Covid-19 pandemic the most severe disruption to education in history, with 1.6 billon learners in more than 190 countries out of school at some point in 2020.”

    https://archive.fo/GN6Um

    It’s not child abuse, it’s psychological terrorism.

    1. Wall Street Journal — FDA Delays Moderna Covid-19 Vaccine for Adolescents to Review Rare Myocarditis Side Effect, Agency holds off decision on expanding use of shot to 12-to-17-year-olds while it looks into risk of rare heart condition (10/15/2021):

      https://archive.fo/ZhnVW

      1. The Italian Viking Clap

        https://www.youtube.com/watch?v=kcRibOiJ7Ng

        21 seconds.

        ‘This day is not just a big day in Italy, the entire world has its eyes on the boot shaped country located at the Mediterranean Sea. Today, October 15th, 2021, the mandatory vaccine passports came into effect and as you can see, the people do not even consider to comply! The people in Bolzano are performing the Viking Clap to show they are firmly against it!’

        #Bolzano #Italy #NoVaccinePassportsAnywhere

        Comments are good too.

        “The most terrifying force of death comes from the hands of Men who wanted to be left Alone. They try, so very hard, to mind their own business and provide for themselves and those they love. They resist every impulse to fight back, knowing the forced and permanent change of life that will come from it. They know that the moment they fight back, their lives as they have lived them, are over. The moment the Men who wanted to be left alone are forced to fight back, it is a form of suicide. They are literally killing off who they used to be. Which is why, when forced to take up violence, these Men who wanted to be left alone, fight with unholy vengeance against those who murdered their former lives. They fight with raw hate, and a drive that cannot be fathomed by those who are merely play-acting at politics and terror. TRUE TERROR will arrive at these people’s door, and they will cry, scream, and beg for mercy… but it will fall upon the deaf ears of the Men who just wanted to be left alone.” – Author Unknown

  10. Orlando, FL Housing Prices Crater 24% YOY As The Toxic Rot Of Appraisal Fraud Blankets State

    https://www.movoto.com/fl/32804

    As a leading economist advises, “Mortgage debt is the most toxic and damaging debt of all. Avoid it at all costs.”

  11. 32 pages of mostly “pre-foreclosures” in one zip code. Oh, but there’s no foreclosures in to the moon Alice! land. Foreclosure.com isn’t even the best site for these.
    From the last post
    These are Pre-Foreclosures. The TBTF banks have not seen them yet. The foreclosure departments do NOT see the Pre-Foreclosures. The foreclosures departments in banks deal with Property that has been foreclosed on, and put in the Bank’s REO Portfolio. Once there the “accounting” for the GOS/LOS begins. That is when the legal expense and expense to clean/maintain the foreclosure starts along with various write downs along the way to the sale. So no the bank’s have not seen a large number of Foreclosures yet. (There are reserves against these future losses but the losses have not occurred yet.)

    1. His alleged “approval” rating has dropped to 36 percent.

      “This sucker could go down” — George W. Bush

  13. Rand Paul Warns Against Socialism — ‘It Always Ends Up with State-Sponsored Authoritarianism and Violence’

    by Breitbart
    October 17th 2021, 6:13 am

    “I’ve been watching the trend for several years now,” he said. “And it’s actually why my wife and I wrote our book, ‘The Case Against Socialism’ because we were alarmed that the trend lines were going up, with people wanting more and more so-called free things, wanting to experiment with socialism. But I think now we’ve seen eight, nine months of big government socialism coming from Biden, and people are starting to understand that there are consequences.”

    “One of the consequences is prices are rising,” Paul continued. “We’ve had the highest increase now on the cost of living for social security. But the question is, will it keep up with prices? What if prices go up 10% next year? What happens to those on social security and those of lower-wage income? So, yes, I think the results are coming in. Big government, socialism doesn’t work. And people are unhappy with it. But this is important for people to know. But they also need to know the history of socialism that every time it’s been tried in world history. It always ends up with state-sponsored authoritarianism and violence. So it’s not a pleasant system to live in. But it’s also economically a terrible system if you want to try to get ahead for you and your family.”

    https://www.infowars.com/

  14. While the Clinton and Obama administrations purged the most capable military leaders and installed political dilettantes in uniform who would refocus the military on “wokeness,” China focused on preparing its military and technology base to fighting and winning wars. While our “Everyone’s a Winner” NEA indoctrination mills are turning out half-educated dolts, Chinese schools stress excellence and the hard sciences, so they turn out far more engineers and scientists than we do. We are going to pay a terrible price for letting the globalists and their Democrat-Bolshevik Quislings fatally weaken our military and society while facilitating the rise of an implacable U.S. adversary to superpower status.

    Beijing blasts nuke right around globe: China fires hypersonic missile to circle planet in low orbit in terrifying display of its advanced weapons… catching US intelligence chiefs off-guard

    https://www.dailymail.co.uk/news/article-10100533/China-surprises-U-S-hypersonic-missile-test-FT-reports.html

    China secretly tested a nuclear-capable hypersonic missile which orbited the globe in a terrifying display of military strength which left the US stunned.

    A report from the Financial Times, which cited five unnamed intelligence sources, said the Chinese military launched the rocket in August carrying a hypersonic glide vehicle around the globe before cruising towards its target, which it missed by about two dozen miles.

  16. Just another day in Joe Biden’s America.

    New York Post — Passengers do nothing as woman is raped on Philadelphia train, cops say (10/16/2021):

    “A homeless man raped a woman this week on a commuter train in suburban Philadelphia in full view of other passengers –who cops said didn’t lift a finger to help, or even dial 911, reports said.

    The attack at around 10 p.m. Wednesday was captured on surveillance video that showed other people in the train car, according to Superintendent Timothy Bernhardt of the Upper Darby Police Department.

    “Were they watching? I don’t know. Again, we’re still going through the video but there was a lot of people, in my opinion, that should’ve intervened. Somebody should’ve done something.,” Bernhardt said, Philadelphia’s CBS-3 reported.

    “It speaks to where we are in society; I mean, who would allow something like that to take place? So it’s troubling.”

    https://nypost.com/2021/10/16/passengers-did-nothing-during-rape-on-philadelphia-train-cops/

    And a comment from a 4chan thread about this incident:

    >women tell men (especially white men) that they don’t need our help, and that protecting women is toxic
    >women shill for BLM and other leftoid sh*t
    >woman gets raped
    >WHY DID NO MAN HELP ME REEEEEEEEEEEEEE
    lol literally not my problem

  17. Parents who let “woke” school boards oversee our NEA indoctrination mills should be charged with child abuse.

    EXCLUSIVE: Loudoun Schools Did Not Record Multiple Alleged Sexual Assaults Over A Period Of Years Despite State Law, Records Show

    https://www.dailywire.com/news/exclusive-loudoun-schools-did-not-record-multiple-alleged-sexual-assaults-over-a-period-of-years-despite-state-law-records-show

    Loudoun County Public Schools did not record multiple known incidents of alleged sexual assault in schools dating back several years, despite a law that requires statistics about school safety incidents to be reported to the public and which includes provisions holding school superintendents personally liable for violations, a Daily Wire review of public records found.

    After The Daily Wire raised the discrepancy with the Virginia Department of Education, VDOE spokesman Charles Pyle said that “VDOE is reviewing the discipline, crime and violence data submissions of Loudoun County Public Schools and is in communication with LCPS to determine whether the division’s reporting is accurate and whether the division is in compliance with state and federal law.”

  18. Heckova job, Brandon.

    #EmptyShelvesJoe hits number 1 trend on Twitter as America suffers from supply chain crisis

    https://thepostmillennial.com/empty-shelves-joe-trends-twitter

    On Wednesday afternoon, #EmptyShelvesJoe became the number one trending hashtag on Twitter in the US as the country experiences shortages stemming from a supply chain crisis.

    Despite President Joe Biden calling himself a “Supply Commander” during his run for president, the US has been hit hard with supply chain snarls. At one point, there were 62 boats backed up at the Port of Long Beach in Los Angeles.

    1. I’m still waiting for free “Cunity College” and the “Trunadinashinationaldapressure” to isolate and punish China. #CornPopWasABadDude

  19. They stopped denying the boy in a skirt raped the 14 year-old girl in the school girls room thanks to their woke inclusion rules when enough people found out about it,

    Virginia board member resigns amid handling of sex assault claims

    By Mark Lungariello
    October 15, 2021

    A Virginia school superintendent apologized and a board member resigned on Friday as the suburban district faces fiery backlash over its handling of sexual assault claims at two high schools.

    Loudoun County School Superintendent Scott Ziegler had denied at a June meeting that there were any records of incidents in any schools’ restrooms despite a furious district father’s claim his daughter was attacked in the girl’s bathroom by a boy “wearing a skirt.”

    https://nypost.com/2021/10/15/virginia-board-member-resigns-amid-handling-of-sex-assault-claim/

    1. Ya gotta love the Stones

      Georgia Guidestones: 10 Weird Things You’ve Got To Know

      The inscription
      Maintain humanity under 500,000,000 in perpetual balance with nature.
      Guide reproduction wisely — improving fitness and diversity.
      Unite humanity with a living new language.
      Rule passion — faith — tradition — and all things with tempered reason.
      Protect people and nations with fair laws and just courts.
      Let all nations rule internally resolving external disputes in a world order court.
      Avoid petty laws and useless officials.
      Balance personal rights with social duties.
      Prize truth — beauty — love — seeking harmony with the infinite.
      Be not a cancer on the earth — Leave room for nature — Leave room for nature.

      https://365atlantatraveler.com/day-097-georgia-guidestones/

  21. 80 million Deplorables are America’s Uighurs. The CCP’s ideological comrades at the DNC have plans for you, as soon as they can remove the last bulwark against tyranny – the 2nd Amendment. The CDC has pledged to tackle “gun violence” as a “public health crisis” – the script is already being written.

    Confessions of a Chinese torturer: Prisoners given electric shocks on their genitals, women’s hands slammed on tables until they wept and inmates shackled to a punishment chair for two weeks

    https://www.dailymail.co.uk/news/article-10099179/Chinese-prisoners-given-electric-shocks-genitals-inmates-punishment-chair-two-weeks.html

    As we sat in the cafe of a smart hotel, the beefy man beside me disclosed how he beat, brutalised and tortured scores of men and women who had been seized by Chinese security forces.

    ‘There would be three officers in a room kicking and punching people, using whips on their naked backs. They used belts – which is the cruellest method. People can’t last long and end up being beaten to death.’

  22. I heard back from a friend of mine who works in Foreclosures at a TBTF bank.
    He seeing more foreclosures. His exact words “I’m seeing more foreclosures now than I have since the last correction. Were going to see many more considering the default rate is soaring.”

    Burlingame, CA Housing Prices Crater 21% YOY As Rampant Appraisal Fraud Ravages Bay Area

    https://www.movoto.com/burlingame-ca/market-trends/

  24. Globalists gonna globe. In some of the latest #FJB videos, people are also chanting “F*ck the Democrats.” Word. They were and are Biden’s witting accessories.

    Treasury official claims inflation part of ‘economy in transition,’ only way out is 100% global vaccination

    https://www.foxbusiness.com/politics/treasury-official-inflation-part-economy-transition-global-vaccination

    A top Treasury official this week claimed that the recent surge in inflation is part of an “economy in transition” and that the only way out is to get everyone in America and worldwide vaccinated.

    The Labor Department said this week that the consumer price index had risen 5.4% year over year in September, according to the Labor Department. Prices increased 0.4% month over month.

    1. A top Treasury official this week claimed that the recent surge in inflation is part of an “economy in transition” and that the only way out is to get everyone in America and worldwide vaccinated.

      They don’t even pretend to try to make sense. They might as well say that if you’re vaxxed, hit girls will date you,

  26. Meanwhile, over at Zillow, an “Oh dear!” moment in time approaches.

    Zillow Pauses Home Purchases as Snags Hit Tech-Powered Flipping

    https://www.bloomberg.com/news/articles/2021-10-17/zillow-pauses-home-purchases-as-snags-hit-tech-powered-flipping?srnd=premium-asia&sref=ibr3A0ff

    Zillow Group Inc. is taking a break from buying U.S. homes after the online real estate giant’s pivot into tech-powered house-flipping hit a snag.

    Zillow, which acquired more than 3,800 homes in the second quarter, will stop pursuing new home purchases as it works through a backlog of properties already in its pipeline.

  28. Stadiums start erupting with spontaneous chants of “F**k Joe Biden,” and suddenly His Essence of Snake Oil Fauci determines that college football games are COVID super-spreader events. The Orwellian creepiness of this corrupt, repressive regime gets more surreal by the day. FJB, and f**k you too, Democrat voters who were accessories in giving us this sh*t show.

    NBC fact-checks Fauci’s fear that college football games would be COVID super-spreaders: ‘Never happened’

    https://www.foxnews.com/media/nbc-fact-checks-fauci-college-games-covid-spreaders

    A report on NBC’s “Today” Saturday fact-checked Dr. Anthony Fauci’s fear – made on its cable arm MSNBC – of a dramatic COVID-19 surge from crowded football stadiums, saying it “never happened.”

    NBC reporter Shaquille Brewster reported packed stadiums for sporting events have not become “super-spreader events” for the coronavirus.

  29. F**k you, Fauci. I don’t need you or the Biden regime giving me permission for getting together with family – an institution the globalists are going all-out to destroy – on the holidays.

    Christmas is uncancelled! Fauci says vaccinated Americans CAN enjoy the holidays ‘the way we’ve traditionally done it all along’ just two weeks after saying ‘it was too soon to tell’ if people could gather for Thanksgiving

    https://www.dailymail.co.uk/news/article-10101473/Fauci-says-vaccinated-Americans-enjoy-holiday-gatherings-together.html

    Americans who are fully vaccinated against COVID-19 can enjoy the upcoming holiday season ‘the way we’ve traditionally done it all along,’ Dr. Anthony Fauci announced Sunday morning.

    ‘I believe strongly that — particularly in the vaccinated people, if you’re vaccinated and your family members are vaccinated, those who are eligible, that is obviously very young children and not yet eligible, that you can enjoy the holidays,’ the immunologist said during an interview on This Week ABC.

    1. When out on the lawn there arose such a clatter,
      We put on our masks to see what was the matter.
      Away to the window I flew like a flash,
      Tore open the shutters and threw up the sash.
      The moon on the breast of the new-fallen snow,
      Gave a lustre of midday to objects below,
      When what to my wondering eyes did appear,
      But a miniature sleigh and eight tiny rein-deer,
      With a little old driver and he seemed kinda grouchy,
      I knew in a moment that it must be St. Fauci.

  30. That Merrick Garland is one creepy dude.

    AG Merrick Garland is at war with American families

    By Miranda Devine
    October 10, 2021

    But Garland’s ominous memo last week directing the FBI to investigate parents as domestic terror threats was a big mistake. He cited no evidence for what he claims is a “disturbing spike in harassment, intimidation, and threats of violence” against school boards.

    For all his awesome power, Garland has met a force greater than his weaponized Department of Justice: the love of parents for their children.

    https://nypost.com/2021/10/10/ag-merrick-garland-is-at-war-with-american-families-devine/

    1. China Markets
      Defaults loom over more property developers as China reassures investors on Evergrande
      Published Mon, Oct 18 2021 1:07 AM EDT
      Updated 22 Min Ago
      Weizhen Tan
      Key Points
      – All eyes will be on Chinese real estate developer Sinic Holdings, which warned last week it’s not likely to repay offshore bonds worth $250 million due on Monday.
      – On Friday, another developer, China Properties Group, said it had defaulted on $226 million worth of notes.
      – Ratings agencies issued a fresh round of downgrades on Chinese property firms last week.
      – It comes as investors remain in limbo as uncertainty over the fate of heavily indebted Evergrande looms.

      The fallout in China’s property sector is showing no signs of abating, as more developers face the threat of default — even as uncertainty over the fate of heavily indebted Evergrande looms.

      All eyes will be on Chinese real estate developer Sinic Holdings, which warned last week that it’s not likely to repay offshore bonds worth $250 million due on Monday. There was still no word from the developer as of noon. CNBC has reached out to the company.

      On Friday, another developer, China Properties Group, said it had defaulted on $226 million worth of notes, as it had failed to secure funds by the Oct. 15 maturity date.

      They were not the first — Fantasia Holdings had failed to make a bond payment worth $206 million in early October.

      Last week, ratings agencies issued a fresh round of downgrades for Chinese real estate companies.

      This week, Evergrande will officially be in default if it doesn’t pay up for interest to a U.S.-dollar denominated offshore bond – the payment was due in late September but has a 30-day grace period. The company has kept silent on coupon payments for four other bonds that were due in the past few weeks.

      These developments come as China’s central bank said Friday that the risks posed by Evergrande are “controllable,” and that most real estate businesses in the country are stable.

      However, the People’s Bank of China also said property firms that have issued bonds overseas — referred to as offshore bonds — should actively fulfil their debt repayment obligations.

      On Sunday, the central bank’s Governor Yi Gang made additional comments. He said authorities will try to prevent Evergrande’s problems from spreading to other real estate firms, according to Reuters.

      He also said China’s economy was “doing well,” but faced challenges such as default risks from “mismanagement” at certain firms, the news agency reported.

      Real estate and related industries account for about a quarter of China’s GDP, according to Moody’s estimates.
      …

    2. China
      End to China’s estate market boom could spell trouble for the economy
      George Magnus
      Housing activity accounts for 29% of GDP, but Evergrande’s debt crisis is sign that things could soon change
      High-rise flats
      Fri 15 Oct 2021 11.03 EDT
      Last modified on Fri 15 Oct 2021 13.36 EDT

      In China today, the buzz is all about how the government there too has stumbled into an energy crisis with widespread power cuts. Yet this and other supply shocks will eventually pass, while the $300bn (£218bn) of debt enveloping China’s second biggest property developer, Evergrande, is of greater significance. It suggests China’s long housing boom is over, and bodes badly for the increasingly troubled economy, with implications for the rest of the world too.
      …

    1. And he was fully Vaxxed.

      I caught the coof 2 weeks ago. I’m fine now , even though I am unvaxxed.

      1. “And he was fully Vaxxed.”

        Definitely unsettling, but maybe he had pre-existing conditions too?

        Or maybe karma? Recall that he lied to the U.N. regarding Iraqi yellow cake uranium, aluminum tubing and centrifuge capabilities in order to divert U.S. forces away from Afghanistan while they were closing in on Al-Qaeda.

  34. Can’t find it that Colon Powell died from vaccine, but they wouldn’t report it anyway would they!

    1. Ok, Colon was fully vaxxed. Some vaccine when older people it was suppose to protect are dying in droves.
      Years from now, when everything is said and done , the vaccine theory of disease control will be debunked for the snake oil BS it was . No liability from Big Pharmacy created a vaccine industry of epic harm that became a medical tyranny of Big Pharmacy capturing the FDA and turning people into expiermental victims .

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