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Owners Trapped Paying Ongoing And Often Growing Expenses For An Asset They No Longer Want

A report from Bloomberg. “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. ‘We are beyond operational capacity in our Zillow Offers business and are not taking on additional contracts to purchase homes at this time,’ a spokesperson for Zillow said.”

The Wall Street Journal. “‘Last year and the first half of this year, we were flat out with refis, and the phones wouldn’t stop ringing,’ said Michael Menatian, owner of Sanborn Mortgage Corp. in West Hartford, Conn. ‘That pretty much has ended.'”

The Hartford Courant in Connecticut. “The Hartford area’s red-hot housing market is losing some of its fire. ‘So, it’s definitely slowed — and I don’t mean it’s crashing — it’s slowed from the frenzy,’ said Alison Malkin, head broker at RE/MAX Essentia in Avon. ‘You’re not having bloody wars.’ While the surge in home buying — and the accompanying price gains — was welcome in a state where the home sale market struggled after the recession of the late 2000s, there is the danger that an overheated market can tank.”

The Coeur d’Alene Press in Idaho. “Fall means cooler weather, and, sometimes, cooler prices on the real estate market. East of Atlas Road and just south of Hanley Avenue — three bedroom, 1,600-plus square feet recently remodeled home in Coeur d’Alene Place — down 40K to $599,000 this month. Another home nearby and close to Bluegrass Park with three bedrooms and about 1,350 square feet dropped 26K to $399,000 to start the month and promptly changed its status to ‘pending.’ Strong proof that strategic price cuts work, baby.”

The Desert Sun in California. “A one-year-old, $1.5 billion company is quietly establishing a new way to commercialize the Coachella Valley’s residential real estate market. Pacaso is buying high-end Coachella Valley homes and selling shares in them to investors. The company says the fractional ownership approach makes second-home ownership achievable for a wider range of people, democratizing access to real estate investment and wealth-building.”

“At one home in the Historic Tennis Club neighborhood in Palm Springs, which Pacaso has named ‘Amber’ (the company names all of its properties), this has translated into one-eighth shares selling for $509,000 each, for a total of slightly over $4 million ‘whole home value.’ This price includes roughly $480,000 in ‘Pacaso service fee(s).’ Property records show Pacaso purchased the home in February for $3.35 million.”

“Whether or not Pacaso is found to be a timeshare operation in the St. Helena case, real estate experts said the company and its owners could face several major challenges in the years ahead. ‘As we fast-forward five years, there will be examples, invariably, of things that may have gone south,’ said UCLA real estate and accounting professor Eric Sussman. ‘Stop and think about everything from acquisition, ownership, management, disposition, financing, the sort of lifecycle of transactions and events that happen over time with a real estate asset. Think about all of the issues and challenges that can happen in each of them — and that is when you have a single owner.'”

“Timeshares are notoriously difficult to sell due to a weak market of secondary buyers. This can leave owners trapped paying ongoing — and often growing — expenses for an asset they no longer want.”

The Real Deal on New York. “The price of one of the three retail properties that Ruben Brothers recently acquired from Vornado Realty Trust was just $50 million, less than half of what the real estate investment trust had paid for it, according to property records. The Upper East Side stretch of Madison Avenue has long been one of Manhattan’s most expensive shopping districts, known for sky-high rents and luxury brands. But the pandemic-driven downturn accelerated the troubles of street-level retail stores, and landlords have taken a big hit.”

From Global News in Canada. “‘Prices are normalizing (in Edmonton),’ said Tom Shearer, broker at Royal LePage Noralta Real Estate. ‘There’s realistic pricing happening right now. ‘”

From Caixin Global. “On Oct 7, dozens of homeowners gathered at the sales office of a new residential development in Nanyang demanding refunds. The value of their homes depreciated at least 30 per cent in less than a year since purchase. The average price of housing in a neighbouring project by the same developer dropped more than 40 per cent. Nanyang, a city of nearly 10 million people in central China’s Henan province, is a microcosm of the real estate market in China’s third- and fourth-tier cities.”

“The sector is feeling the pinch of reference price mechanisms set by city governments that limit the amounts that financial institutions can loan to home buyers. In February, Shenzhen set reference prices for pre-owned properties in 3,595 residential compounds and prohibited banks from processing loans at amounts higher than the reference prices. Since then, sales of pre-owned homes in the city declined every month to 1,765 units in September from a normal range of 5,000 to 8,000 a month.”

“Other provincial capitals like Sanya, Chengdu and Xi’an followed Shenzhen. Reference prices of most of the pre-owned properties to be included in the Guangzhou system were cut by 30 per cent-50 per cent from market prices. Many sellers found the reference prices ‘unacceptable’ and have taken a ‘wait-and-see attitude,’ which led to a sharp decline in transactions, said Huang Tao, manager at Centaline Property Agency in Guangdong.”

“Meanwhile, local governments’ land auctions received a cold response. About 27 per cent of land parcels up for sale failed to attract bidders in September, according to CRIC data, the fourth straight month the figure rose. Some cities such as Shanghai and Hangzhou in eastern China’s Zhejiang province, recently halted several planned land auctions. Less than half of the land in the latest auctions in Guangzhou city was sold, and very few lots topped the asking price.”

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This Post Has 111 Comments

  1. ‘Zillow, which acquired more than 3,800 homes in the second quarter, will stop pursuing new home purchases’

    I guess the “beatings will continue until moral improves” business model can wear thin. Did they ever make one quarters profit, much less make up their repeated a$$ poundings?

    1. Just yesterday I was noticing “zillow owned” was WAY down in my town, I think from like 20 to 3. And expanding the area, every listing I saw was listed at a loss, even some that were bought about 3 weeks ago.

      I think they were trying to making up for the losses with volume. 🙂

      I just hope this institutional business model lacks the cash and desire in a couple years, at the bottom of the market, when they could really do some damage to private ownership.

      1. Same thing happens with OpenDoor listings — sit forever (relatively speaking), weekly price cuts. They have gotten a well-deserved reputation as being pushers of “lipstick on a pig” shacks.

    2. “I guess the “beatings will continue until moral improves” business model can wear thin. Did they ever make one quarters profit, much less make up their repeated a$$ poundings?“

      – The Fed and other CBs enabled the unsustainable ‘zombie’ business model with ZIRP. Zombie here means any earnings are less than necessary debt payments. Can’t service the debt, but the business kept alive by unnaturally low rates. Creative Destruction and competition are the lifeblood of capitalism. Welcome to centrally-planned, command-and-control economy, comrade. The Fed + The State pick ‘winners’ and losers. Socialism. Venezuela is the destination. #FJB and the horse he rode in on. That goes for the Fed too!

  2. ‘Last year and the first half of this year, we were flat out with refis, and the phones wouldn’t stop ringing…That pretty much has ended’

    Behold, there’s yer subprime and future foreclosures in one. And who did 10% of those refis? Rocket, who has some leased ficus trees and coffee makers to back the whole thing up.

    1. Yes, we lost a great American.

      Betty Lynn, Thelma Lou on ‘The Andy Griffith Show,’ has died

      By Associated Press
      Published: Oct. 18, 2021 at 6:21 AM EDT|

      MOUNT AIRY, N.C. (AP) — Betty Lynn, the film and television actor who was best known for her role as Barney Fife’s sweetheart Thelma Lou on “The Andy Griffith Show,” has died. She was 95.

      Lynn died peacefully Saturday after a brief illness, The Andy Griffith Museum in Mount Airy, North Carolina, announced in a statement.

      Lynn appeared as Thelma Lou on the show from 1961 until 1966. She reprised her role in the made-for-TV movie “Return to Mayberry,” in which Thelma Lou and Barney got married.

      https://www.abc12.com/2021/10/18/betty-lynn-thelma-lou-andy-griffith-show-has-died/

    2. ‘Fully vaccinated, and now he is dead ☠’

      But just imagine how much worse it would have been if he hadn’t been vaccinated…!

      2. “But just imagine how much worse it would have been if he hadn’t been vaccinated…!”

        🙂

        A fully vaccinated off the map Leftist who got Covid and gave it to his fully vaccinated live in girlfriend told me that very thing. It would have been much worse had they not been fully vaccinated.

        1. Is the whole idea here to eliminate thinking?

          The US is about to allow Canadians to drive across the border. They won’t need a PCR test to enter the US, but they will need one when they go back to Canada. The test in the US won’t be free to Canadians, so Canadians can take the test in Canada before they leave. This will protect Canada from people bringing the virus back from the States!

      1. I had a runny nose for about 2 days, but I’m not about to get one of their bogus PCR tests .
        The medical system has been corrupted by the Big Pharmacy Monopoly and the FDA is no longer a protective agency for the Public.
        Biden is a pimp for the Monopolies that have criminally conspired to take over the the US and other Countries.
        These Entities are parasites, and looters and are fraudsters that corrupted Government, and now they are murdering people and taking basic freedoms. The public didn’t vote for this.

        1. The Binax NOW test from Abbot is roughly equivalent to a CT of 30. That’s low enough to eliminate false positives.

          1. That’s low enough to eliminate false positives.

            Incorrect. I looked at the papers related to the PCR test on the CDC website when this crap all started. It was emphasized that CT above 24 or 25 was not valid. 30 is orders of magnitude above that, and still BS. Remember that PCR is not valid for individual diagnosis, is supposed to be used to sample populations. The CDC knows all this clear as a bell. There has been an unbelievable mountain of fraud piled up for the entire duration, even beforehand.

        2. I had a runny nose for about 2 days

          It was more than a runny nose: fever, chest congestion, felt tired, lost sense of taste and appetite (dropped 15 lbs).

          Didn’t feel all that bad, and now it’s over.

          1. Why assessing the accuracy of diagnostic tests in a low prevalence population is difficult.

            https://pubmed.ncbi.nlm.nih.gov/32803245/

            “However, all laboratory tests are imperfect and have estimates of sensitivity and specificity less than 100%-in some cases, considerably less than 100%. That error will lead to biased prevalence estimates. If the true prevalence is low, possibly in the range of 1%-5%, then testing error will lead to a constant background of bias that most likely will be larger, and possibly much larger, than the true prevalence itself.”

          4. lost sense of taste and appetite

            Two months out and my husband’s senses of taste and smell haven’t returned.

          6. Two months out and my husband’s senses of taste and smell haven’t returned.

            Mine are back. For a couple of days, everything tasted unbelievably salty

        3. https://pubmed.ncbi.nlm.nih.gov/33383223/

          Conclusions: Our findings highlight the limited utility of serological testing for the SARS-CoV-2 virus based on the results of specimens collected before the outbreak of the infection.

          https://pubmed.ncbi.nlm.nih.gov/32611558/

          Conclusion: Higher quality clinical studies assessing the diagnostic accuracy of serological tests for covid-19 are urgently needed. Currently, available evidence does not support the continued use of existing point-of-care serological tests.

          https://pubmed.ncbi.nlm.nih.gov/33152146/

          As immunoglobulin isotope-related DTA was heterogeneous, our data have insufficient evidence to recommend CLIA/ELISA for clinical decision-making, but likely to have comparative advantage over RT-qPCR in certain circumstances and geographic regions.

          https://www.binaxnow.us/?gclid=EAIaIQobChMI3o35sr_U8wIVcT2tBh3yNwjVEAAYAiAAEgKGIfD_BwE

          “Your New Passport”

          “Introducing a new antigen home test kit to detect COVID-19 infection in 15 minutes from anywhere in the world.”

          “Abbott conducted a computational analysis of the detection of multiple SARS-COV-2 strains, including the Delta variant, and predicts no impact to the performance of our BinaxNOW™ COVID-19 Antigen Self Test.“

          Computational….yeah right.

          A 15. minute test that anyone can do anywhere in the world that 100% eliminates false positives. Wow. It’s magic!

          1. If you save the box top, you can send it in and get a fee order of Sea Monkeys. So that’s another plus.

      2. “down with the coof”

        Larimer County is bringing back the mask mandate.

        Your alleged antibodies mean nothing, peasant. No cuck mask = no soup for you!!!

      1. Well, it was allegedly claimed by an unknown family member, and on Twitter no less. It’s hard to get more real than that!

    7. Waterford County in Ireland has the country’s high kielbasa injection rates and now also the number of kielbasa cases. 95% effective. Two weeks to flatten the curve. We’re almost there. I don’t know which is worse the believe who still believe Fauci and the MSM or the people who still believe in Q.

      1. You tell us that the kielbasa test gives false positives, and in the next breath you use the positive kielbasa tests to prove the vaccine doesn’t work. You can’t have it both ways.

          1. Absurdity

            Taking a break from it. Binge-watched HGTV’s Rehab Addict Rescue and Rehab Addict: Detroit. oxide might like those series.

          2. No thanks on drug addict rehab stories. But I’m a bit curious why everybody started doing these drugs. They can’t all have gone through the pain med route.

          3. drug addict rehab stories

            Old house rehabs in Detroit, including a gorgeous Craftsman and a Tudor.

    8. My sentiments but not expressed by me.
      “ Colin Powell was far and away my favorite war criminal. I remember the day he stood on the floor of the UN with areal photographs GUARANTEEING that Iraq had weapons of mass destruction to justify an invasion. Thousands of lives, trillions of dollars, and countless soldiers ruined for life later, Bush left our borders wide open and only emboldened our terrorist enemies. Imagine if we had put the trillions into border security and immigration screening rather than a wasteful war! I hope Halliburton and the Bush family enjoyed the money..”

    9. Colin Powell was far and away my favorite war criminal. I remember the day he stood on the floor of the UN with areal photographs GUARANTEEING that Iraq had weapons of mass destruction to justify an invasion. Thousands of lives, trillions of dollars, and countless soldiers ruined for life later, Bush left our borders wide open and only emboldened our terrorist enemies. Imagine if we had put the trillions into border security and immigration screening rather than a wasteful war! I hope Halliburton and the Bush family enjoyed the money.

      My sentiment but not my writing

  5. ‘Timeshares are notoriously difficult to sell due to a weak market of secondary buyers’

    It’s not weak, it’s non-existent. Yet again, phony money looking for a place to die.

      1. “The company says the fractional ownership approach makes second-home ownership achievable”

        Fractional home ownership in the desert. Building wealth that melts at temps over 100 degrees.

        1. I’m kind of curious how fractional ownership is any different than being able to buy a $400k house with a 3% down payment.

          1. Actually, quite a bit different. Without sole title, you have seven likely unrelated business partners. Talk about setting yourself up for future problems. Oh, Jeesh.
            Common sense is clearly not all that common. Not referring to you Citizen, but someone contemplating going Pacasa.

  6. ‘On Oct 7, dozens of homeowners gathered at the sales office of a new residential development in Nanyang demanding refunds. The value of their homes depreciated at least 30 per cent in less than a year since purchase. The average price of housing in a neighbouring project by the same developer dropped more than 40 per cent’

    Well Jenny’s a sad panda. “Pooh bear will save us!” He just broke it off in yer a$$.

      1. “It had three small rooms just another shanty anyways.
        She was out shopping houses with a realtor on a saturday.
        And at dinner time she signed a contract on a shack in suburban DC.
        The realtor hollered Hey theres no need to stamp your little feet.
        Then he said I got some news this morning from Rocket Mortgage.
        Today you’re deep in mortgage debt so go and jump from the nearest bridge.”

        https://youtu.be/nv33eaygVDQ
        Bobby Gentry – Ode to Billy Joe

        Falmouth, ME Housing Prices Crater 21% YOY As The Long Flatulent Sound Of Toxic Gas Escapes From Housing Bubble

        https://www.movoto.com/falmouth-me/market-trends/

        1. as soon as I can translate “Bridge Jumpers, Cement Blocks for Sale: One Size Fits All” into Mandarin I’m opening another franchise.

  9. Pacaso is buying high-end Coachella Valley homes and selling shares in them to investors. The company says the fractional ownership approach makes second-home ownership achievable for a wider range of people, democratizing access to real estate investment and wealth-building.”

    Only in a world awash in Yellen Bux would such a ludicrous “investment” be viewed as viable.

    1. Every time I hear Coachella Valley, I have to think of Bugs Bunny checking a map, trying to figure out where he took a wrong turn.

      1. Palm Desert is a great area to visit in the winter, but the juxtaposition of poor vs wealthy resembles a 3rd world country.

  10. Police in Democrat-Bolshevik malgoverned cities with Soros-installed prosecutors know better than to interfere with Antifa rent-a-mobs carrying out their “Project Mayhem” work assignments from their globalist bankrollers & brains of the operation.

    ‘Lawless city?’ Worry after Portland police don’t stop chaos

    https://abcnews.go.com/US/wireStory/lawless-city-worry-portland-police-stop-chaos-80613763

    PORTLAND, Ore. — A crowd of 100 people wreaked havoc in downtown Portland, Oregon, this week – smashing storefront windows, lighting dumpsters on fire and causing at least $500,000 in damage – but police officers didn’t stop them.

    Portland Police Bureau officials say that’s because of legislation passed by Oregon lawmakers this year, which restricts the tools they can use to confront people vandalizing buildings and causing mayhem.

    1. Could you imagine actually paying property taxes to a sh*thole city like that?

      “They’re not sending their best”

    2. “However, activist attorneys are deliberately misinterpreting legislation to prevent police from intervening. They have no business putting law enforcement and community safety at risk.”

      Why would the police risk their career to get involved?

  12. The globalists and their Democrat-Bolshevik Quislings are going to manufacture all sorts of bogus “threats” to provide pretexts for their frontal assault on the Constitution and civil liberties. Forward, Soviet!

    Civil Liberties Are Being Trampled by Exploiting “Insurrection” Fears. Congress’s 1/6 Committee May Be the Worst Abuse Yet.

    https://greenwald.substack.com/p/civil-liberties-are-being-trampled-8bf?token=eyJ1c2VyX2lkIjoyODUxMjc5OSwicG9zdF9pZCI6NDI3MTM1OTIsIl8iOiI4cElicSIsImlhdCI6MTYzNDQ4NzA4NCwiZXhwIjoxNjM0NDkwNjg0LCJpc3MiOiJwdWItMTI4NjYyIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.bCChRuQr

    Following the 9/11 script, objections to government overreach in the name of 1/6 are demonized as sympathy for terrorists. But government abuses pose the greater threat.

  13. “ The Real Deal on New York. “The price of one of the three retail properties that Ruben Brothers recently acquired from Vornado Realty Trust was just $50 million, less than half of what the real estate investment trust had paid for it, according to property records. The Upper East Side stretch of Madison Avenue has long been one of Manhattan’s most expensive shopping districts, known for sky-high rents and luxury brands. But the pandemic-driven downturn accelerated the troubles of street-level retail stores, and landlords have taken a big hit.””

    No ‘disclosure’ of
    Burn. Loot. Murder.

  14. “ This price includes roughly $480,000 in ‘Pacaso service fee(s).’ Property records show …”

    It sounds like a straight up scam.

  15. ‘Boeing workers in Washington state protesting the company’s vaccine mandate let America know exactly how they feel about Joe Biden.’

    “F**k Joe Biden!” shouted workers holding signs, flags and banners in a video posted to Telegram.’

    https://t.me/SidneyPowell/2189

      1. You were right about the rope.

        Communists better renounce and redress or head for the hills. They won’t as they’ll fight until death and death is coming.

        Treasonous #$%suckers.

        1. Rarely am I moved by anything but that video is the most compelling, anger invoking, tear jerking piece of media I’ve seen since this crap started. These are patriots.

      3. Denying health care to veterans who refuse the vaccine? This sounds like grounds for a lawsuit. I hope they have one in the works.

      4. I’m about 7 minutes into this and it’s tough to watch.

        +1 for using a Rumble link. That, Bitchute, and other non-globalist platforms deserve more promotion.

        We know who owns YouTube and they are not our friends 🙁

  16. “ From Caixin Global. “On Oct 7, dozens of homeowners gathered at the sales office of a new residential development in Nanyang demanding refunds. The value of their homes depreciated at least 30 per cent in less than a year since purchase. ”

    Communism x Capitalism

    2. ‘demanding refunds’

      -Shock and denial. This is a state of disbelief and numbed feelings.
      -Pain and guilt. …
      -Anger and bargaining <- You are here.

  17. I commended on this forum a few weeks ago Zillow was getting their a$$es handed to them in the Phoenix area. Zillow has access to unlimited data regarding real estate can’t figure out how the market works.

    Now would be a great time to short (ZG) it’s a falling turd that will blow up with the real estate market.

  18. Mayor Pete has finally returned from two months of chest-feeding to find the nation’s transport in disarray. This line from a Fox news article caught my eye:

    “Buttigieg, the former mayor of South Bend, Indiana, best known for his 2020 run for the presidency, did not appoint an interim secretary during his leave… ”

    In the FedGov, even the lowest supervisor (in charge of 10-12 people) has to create a memo saying how long he’ll be out and who is “acting,” i.e., who has authority to sign for him while he’s gone. If an upper manager has a longer leave, a deputy is appointed as Actor. New hires figure this out within days of starting at FedGov. PB’s staff should have had this lined up in advance.

    We should have been hearing news reports that sound like “Acting Secretary of Transportation […] signed an order directing ports to … while Secretary B is on extended leave.” We are hearing nothing of the sort from the news.

    WTF
    Let’s go Brandon

    1. This perverted twink is the epitome of everything that’s wrong with the current admin. He has zero qualifications to do anything. He’s a little pajama boy.

      1. This perverted twink is the epitome of everything that’s wrong with the current admin.

        Indeed, the utter levels of incompetence are astounding. It makes you wonder if anyone has a clue of what’s going on.

        So much for the adults being in charge.

  19. I haven’t bought a bottle of Fat Tire in a long time, but this is just plain stupid:

    https://www.9news.com/article/news/local/new-belgium-foul-tasting-beer-climate-change-message/73-06fd43a8-dc08-48f8-9a23-e3f187cbc99f

    FORT COLLINS, Colo. — New Belgium Brewing is making a beer that promises to be both foul-tasting and expensive.

    There’s a reason the Fort Collins-based brewery is making a beer nobody will want, except maybe as a collector’s item or a gag gift. It’s called Torched Earth Ale, and it’s made from the kinds of ingredients they say would be available in a climate-ravaged future.

    1. What a pathetic virtue signal (albeit one that the NPCs of Boulder and Denver will all love).

      BTW it’s nothing new, Great Lakes Brewing out of Cleveland has been brewing and selling Burning River Pale Ale for years now, named for the incident 50 years ago when the Cuyahoga River caught on fire.

  20. And I think to myself….. what a wonderful world.

    Arrington, TN Housing Prices Crater 21% As Rural Lot And Land Prices Tumble

    https://www.movoto.com/arrington-tn/market-trends/

    As one national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”

    1. “U.S. regulators say a third vaccine dose can help such people generate a better immune response. The FDA in August authorized third shots for people with weakened immune systems who received the Pfizer or Moderna vaccines.”

      If three shots are better, why not 4 or 5?

      2. Some are saying that the shots weaken the immune symptom. Each shot leads one closer to Auto Immune Deficiency? Back in the day, we called that AIDS. And Fauci was elbow deep in it.

        Makes you wonder.

    1. Well, anyone who doesn’t keep a stocked pantry at all times already isn’t going to do anything more than make a run on toilet paper. I think these talking heads are playing the perpetual panic game and I don’t buy it.

      The talking heads are saying that the price of bacon has doubled. I bought bacon at the butcher shop yesterday and the price was $6.99. Same as what I paid early in the summer stocking the boat for my cruise. Pork prices spiked in June and that speculative run has corrected.

      Gas prices are at the recession triggering level. There is a debt implosion in progress. Millions have left the work force and millions more are being fired for resisting “mandates”. Getting out of debt and simplifying would be the best strategy.

      Since I already did that, I think I’ll go enjoy life.

      2. Getting out of debt and simplifying would be the best strategy.

        Since I already did that, I think I’ll go enjoy life.

        +1

      3. “Getting out of debt and simplifying”

        Realtor, I have so much money left after “throwing money away on rent” every month that I don’t know where to throw it.

      4. “Millions have left the work force and millions more are being fired for resisting “mandates”.”

        The other day I heard someone suggest the millions being fired and leaving the work force was part of a plan to replace them with FEMA government workers who were NOT under the vax mandate as part of a government takeover of police and the medical system.

  25. “…will stop pursuing new home purchases as it works through a backlog of properties already in its pipeline.”

    Is Zillow planning to dump inventory, to cut its losses before they compound?

    1. The Financial Times
      Chinese business & finance
      Chinese developer Sinic defaults as Evergrande deadline looms
      More companies miss debt payments as country’s real estate sector contracts in third quarter
      An Evergrande development in Wuhan. The company is facing a potential formal default if it does not settle outstanding interest payments on offshore bonds this weekend
      FT reporters 2 hours ago

      Sinic Holdings has added to a growing list of defaults across China’s contracting real estate sector as markets are braced for a deadline this weekend for developer Evergrande to settle interest payments on its offshore bonds.

      Hong Kong-listed Sinic defaulted on $246m of bonds that were due to mature on Monday, based on Bloomberg data, in line with a warning last week and adding to a $206m default from luxury developer Fantasia Holdings this month.

      Borrowing costs on Asia’s bond market for riskier corporate issuers soared in the weeks after Evergrande, the world’s most indebted property developer, missed the bond payments in late September and ignited fears globally over a slowdown in China’s real estate sector.

      Official figures released on Tuesday, accompanying disappointing gross domestic product data a day earlier, showed real estate output was up 8.2 per cent in the first nine months of this year but down 1.6 per cent in the third quarter year on year, its first contraction in any quarter since the start of the pandemic.
      …

  27. Today is Tuesday, October 19th and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

    3. An astonishing number of people we knew in San Diego over the years sold their homes, cashed out their sweet equity, and ran during the pandemic bubble spike.

      It’s almost like they surfed the wave crest but got off before it crashed on all the naked swimmers on the beach.

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