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It Will Deal A Blow To Speculators

A report from WTOP. “About 1 million U.S. homeowners with a mortgage are still in some stage of a mortgage payment forbearance program with their lender. The current rate of delinquencies at all stages is 3.5%, and that is historically high. ‘The last time we saw this high of a level was back in 2008 and 2009 during the financial crisis. But what is different this time is that the foreclosure rate is at a historic low because of the forbearance program,’ said Lawrence Yun, chief economist at the National Association of Realtors.”

From Bankrate. “Subprime mortgages – also known as non-prime mortgages – are for borrowers with lower credit scores, typically below 600. Around 33 percent of all borrowers (not just of mortgages) fall into the subprime category based on credit score, according to Experian. If your credit needs work, a subprime mortgage isn’t your only option. FHA loans and VA loans can be alternatives for borrowers with credit challenges – FHA loans, for instance, accept scores as low as 500 if you can make a down payment of at least 10 percent.”

“While the subprime mortgages offered prior to the Great Recession were bad news – many borrowers were confused by attractive-sounding low payments that hid the realities of these loans – they were not illegal. Today, with additional regulations, they aren’t always bad, and aren’t illegal. In some cases, they might be the only option for borrowers who have gone through challenging financial times, such as declaring bankruptcy.”

The Powell Tribune. “Starting around the spring of 2020, the Big Horn Basin housing market began heating up. Flash forward to today and realtors report that, while sales are cooling ever-so-slightly, they remain busy. Travis Swenson, broker/owner of Metzler & Moore Realty, said one thing that keeps the market rolling is that not everyone who moves to Wyoming stays in Wyoming. ‘People love the glamor of summertime Wyoming, but they don’t like the nastiness of wintertime Wyoming. So we help them move in and then a couple years later, we help them move out,’ Swenson said.”

“‘It’s not the frenzy it was like it was in the spring and before,’ said Eric Paul, broker/owner of Heart Mountain Realty. Paul said the slight cooling of the market is a good outcome — if it’s the result of more buyers finding homes and leaving more inventory on the market. If demand is falling because of rising interest rates or other pressures on the market, then it’s a problem. ‘Less demand is never a good thing for the market,’ Paul said.”

From Marketplace. “The S&P Case-Shiller Home Price Index showed that in August the year-over-year increase in home prices was the lowest we’ve seen since the early days of the pandemic. Caily Langston didn’t have to give a cash gift to buy her first home in Northern California in June; she just had to pay $30,000 above asking. Langston said the pandemic’s housing market legacy will have another aspect: If she ever decides to sell, she’ll have very high expectations. ‘When we sell if we don’t have multiple offers waiving everything and giving us well over the price, I’m going to say, ‘What’s going on here?’ Langston said.”

The Journal Sentinel in Wisconsin. “A new development plan for a large portion of Milwaukee’s north side includes a focus on a lagging hotel project as well as additional affordable housing. Those neighborhoods are affected by reckless driving and other crimes, substantially declining population and what one planner called ‘an astounding number’ of vacant properties.”

The Real Deal. “New York City’s priciest condominium project is proving to be a lot less expensive than advertised. Since closings began at Gary Barnett’s Central Park Tower in February, sales have hit public records for 33 units, most boasting prized park views. But per square foot, the high-flying developer is getting 25 percent below what he was aiming for, according to an analysis by The Real Deal.”

“Three of the 20 full-floor units have sold for more than 35 percent less than their offering-plan prices, including one listed at $95 million that sold for $50 million.”

From WSVN in Florida. “About two dozen residents from the Crestview Towers in North Miami Beach held a protest in front of their building, more than three months after they were forced to leave their homes. Some protesters even banged on pots and pans. Close to 300 families were forced to evacuate on July 2 after a city engineer deemed the building unsafe. They still have no idea when they will be allowed back inside. Some were able to find other places to live temporarily, but they said their housing costs have now basically doubled.”

“‘I have to pay mortgage, I have to pay maintenance,’ said resident Beatriz Isaza. ‘I have to pay assessment, and then on top of that, I have to get a new property that I still have to pay.’ Other residents said they still haven’t found another place to rent. ‘I don’t have any more money now,’ said resident Ligia Mora. ‘We live in a hotel, and my kids are tired of that, because they don’t have space to play.'”

From Canadian Mortgage Professional. “Despite concerns expressed by clients over the prospect of rising interest rates in the near future, Nick L’Ecuyer , principal broker at the Ontario-based Mortgage Wellness, told Canadian Mortgage Professional that it was important to realize any rate movement would be from the record-low levels they’ve trended at throughout the pandemic. ‘Rates shift every day. Of course they’re going to trend up over time – they’re at their lowest level in history,’ he said. ‘That’s the concern from consumers: interest rates. It’s not value, price or inflation.'”

“Unsurprisingly, many current homeowners are content with surging house prices, having purchased for a certain amount only to see their property’s value skyrocket as demand climbs rapidly. ‘Someone who is currently in a home and watching the value of that home increase is happy,’ L’Ecuyer said. ‘They purchased the home for, say, $600,000; if you checked in with them five years later on renewal, their house is worth $1 million and now it’s been hyperinflated to, say $1.3 million.'”

The Global Times. “The Standing Committee of the National People’s Congress, China’s top legislature, adopted a decision on Saturday to authorize the State Council, China’s cabinet, to hold trials of property tax reforms in some regions, according to a report by the Xinhua News Agency. A Shenzhen-based agent surnamed Xiao with Lianjia, a leading housing agency in China, said that within the past week, his branch added 50 new secondhand homes listed for sale with lower prices.”

“‘The average unit price has dropped by 300,000 yuan ($46,975) to 500,000 yuan. More people are searching for secondhand units, probably due to the lower prices,’ Xiao told the Global Times. Shenzhen has about 2 million secondhand residential units, and if the city is picked up for trying out the pilot reform, the number of secondhand houses will surge on the market, pushing prices down, Song Ding, a research fellow at the Shenzhen-based China Development Institute, told the Global Times.”

“Beijing property brokers have added more than 10,000 listings for secondhand homes in the past three months, and in Guangzhou, South China’s Guangdong Province, more than 8,000 secondhand houses were posted for sale in the past month, according to data from Lianjia. The property tax is expected to target the inventory house market and curb real estate speculation, which may mean there will be more secondhand houses on the market, causing prices to fall, Song Qinghui, an economist told the Global Times.”

“‘It will deal a blow to speculators, but it will be beneficial to the sound and stable development of the whole property market,’ Song said.”

From Marketplace on China. “Retiree Mr. Zhou, who would not give his first name for fear it could lead to government harassment, invests the bulk of his money in real estate. In 2016, he bought two condos from the developer Evergrande, which according to Zhou have already doubled in price. This summer, the same Evergrande agent who sold him the properties approached him about another investment.”

“‘It was just after July 1, the Chinese Communist party’s 100th birthday, and the Evergrande agent said the firm released a wealth management product to celebrate this event,’ he said. ‘It has annual returns of up to 11.8%, which the agent said are normally reserved for senior executives, but are now available to good clients like me.'”

“Zhou and his wife put in 1.7 million yuan, or $266,000, in July. Like most Chinese citizens, he trusts Evergrande’s core business in property. At one point, he said he had more than 10 but less than 20 condos. For two decades, home prices in China have only gone up. ‘We invested mainly because I believed in the shiny image of Evergrande’s founder, Xu Jiayin,’ Zhou said.”

“At a protest in southern Guangzhou city last month, about a dozen people stood outside Evergrande’s office holding up signs that read: ‘Evergrande defrauded its employees of money they earned with their blood and sweat.’ Similar small-scale protests have been held across China. Many, like Zhou, want their principals paid back. He said Evergrande has offered wealth management product investors like him three solutions. The first is a 10% repayment every three months.”

“‘In my case, it will take 30 months from next September. That will be 2025 before I can recover my principal and interest. What will Evergrande be like in 2025? We don’t know,’ Zhou said. Having the situation handled on a local level has been confusing and frustrating for investors like Zhou. ‘There is nobody in charge of this. When you go to an Evergrande office they will call the police and 30 to 40 fully armed officers show up,’ he said.”

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    1. Let’s Go Brandon!

      Note that if you Google search for the i-tunes top 10 songs, the search result only shows #2 to #10, because globalist Google is censoring that Let’s Go Brandon is the #1 song.

      P.S. FJB

      1. from Google:

        Top Songs
        Let’s Go Brandon (feat. …
        Let’s Go Brandon (Extended Version) – Loza Alexander.
        Easy On Me – Adele.
        Lets Go Brandon – Loza Alexander.
        Fancy Like – Walker Hayes.
        Shivers – Ed Sheeran.
        Cold Heart (PNAU Remix) – Elton John & Dua Lipa.
        Let’s Go Brandon (Loza Alexander Remix) – Godz Child.

  2. ‘Around 33 percent of all borrowers (not just of mortgages) fall into the subprime category based on credit score’

    Wa?

    ‘If your credit needs work, a subprime mortgage isn’t your only option. FHA loans and VA loans can be alternatives for borrowers with credit challenges’

    FHA and Va are subprime by definition, and they didn’t mention USDA. So subprime is way higher than 33%, which we knew, and it’s most likely the majority of loans. This is especially the case if refis, which are the majority of loans after all, are as crappy as they’ve always been. Refi’s are not an arms length transaction.

    1. “FHA loans and VA loans can be alternatives for borrowers with credit challenges – FHA loans, for instance, accept scores as low as 500 if you can make a down payment of at least 10 percent.”

      Odds are there’s likely some “little known” program that provides the 10% down payment as a grant if you’re a member of a disadvantaged minority cohort.

      1. It’s worse than that. I’ve explained before what I’ve seen more than once: price is agreed. Buyers UHS says, you know, he ain’t got a dime. How about we boost the price and you pay closing costs? Voila! You just got an over 100% loan and the appraiser hits the number every time. I’d say the number of FHA loans with 10% down are mighty slim. More like 3% or less. VA is zero, same with USDA.

        1. “the appraiser hits the number every time.”

          Interesting how that happens isn’t it? 😉

          But it doesn’t end there. That repriced rapidly depreciating house is used to establish (fraudulently) the next… and the next and the next.

    2. When I bought my house, the mortgage company ran the FHA numbers for me out of curiosity. The fees are outrageous. You a have to pay PMI for five years minimum even if you reach 20% equity before that, and you have to pay another fee for the life of the loan. This amounted to about $200/mo just for FHA. I went for a conventional loan instead.

  3. ‘In my case, it will take 30 months from next September. That will be 2025 before I can recover my principal and interest. What will Evergrande be like in 2025? We don’t know’

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

      1. **”From WSVN in Florida. “About two dozen residents from the Crestview Towers in North Miami Beach held a protest in front of their building, more than three months after they were forced to leave their homes. Some protesters even banged on pots and pans.”

        look for my Pots ‘N Pans Bangin’ franchise presentation on Sharke Tanke soon.

        warning: have earplugs & chinese close-captioning ready

    2. bargaining
      depression
      acceptance

      When he says “What will Evergrande be like in 2025? We don’t know,” that’s a good indication he’s just passed the bargaining step. He’s starting to realize that Evergrande will never be able to make him whole. That realization is what leads to the depression phase.

    3. “‘It has annual returns of up to 11.8%, which the agent said are normally reserved for senior executives, but are now available to good clients like me.’”

      “Zhou said he was not experienced in wealth management products, but he had faith in Evergrande.”

      Now maybe you know why they considered you a good client. But since you claim to have 2 properties which have since doubled in value and at one time had 10-20 condos, laugh off the $266k loss and look for the next ponzi to “invest” in.

  4. ‘they don’t like the nastiness of wintertime Wyoming. So we help them move in and then a couple years later, we help them move out’

    You get em coming and going, eh Travis?

    1. That’s what happens in New England states. In fact that’s the general trend.

      dumb.borrowed.money.

        1. Well, that is one thing about Wyoming houses: they are much sturdier than shacks in Clownifornia.

    4. ‘they don’t like the nastiness of wintertime Wyoming. So we help them move in and then a couple years later, we help them move out’

      Describes most Clownifornians who move to Seattle, Portland, etc.

  6. ‘They purchased the home for, say, $600,000; if you checked in with them five years later on renewal, their house is worth $1 million and now it’s been hyperinflated to, say $1.3 million’

    K-da is so screwed. The REIC is always wondering, will something bad happen? It already did.

  7. ‘When we sell if we don’t have multiple offers waiving everything and giving us well over the price, I’m going to say, ‘What’s going on here?’

    Click!

    1. “‘I have to pay mortgage, I have to pay maintenance,’ said resident Beatriz Isaza. ‘I have to pay assessment, and then on top of that, I have to get a new property that I still have to pay.’ Other residents said they still haven’t found another place to rent. ‘I don’t have any more money now,’ said resident Ligia Mora. ‘We live in a hotel, and my kids are tired of that, because they don’t have space to play.’”

      STILL CHEAPER THAN RENTING LIGIA?

  10. ‘Insatiable demand for bitcoin is forcing U.S. regulators to walk an increasingly fine line between opening up the booming market to investors, and shielding them from what is still a highly speculative, volatile and risky asset.’

    ‘By authorizing the first-ever bitcoin futures exchange-traded funds last week, while doubling down on its resistance to cash-based ETFs, the Securities and Exchange Commission may be getting the balance just about right.’

    ‘Not only are investors desperate to ride the crest of that wave, there is a growing view that bitcoin and cryptocurrencies are vying with gold as the de facto hedge against inflation. Cash is being pulled out of gold ETFs even with inflationary pressures and expectations rising, JP Morgan strategists note, and many wealth managers are replacing gold in their portfolios with bitcoin and crypto assets.’

    “Clearly, it (crypto) is winning the race against gold at the moment,” billionaire hedge fund manager Paul Tudor Jones told CNBC last week. He would prefer to own physical bitcoin rather than the ETF, but “the fact that it’s SEC-approved should give you great comfort.”

    https://www.theglobeandmail.com/investing/investment-ideas/article-us-regulators-barely-corralling-feverish-bitcoin-mania/

    There is no physical buttcoin Paul.

    1. These coy Wall street investment banks are simply establishing a “crypto croupier” to bail them out when the profits turn into losses.

    2. “Crypto” signals we’re pretty much at the end game of speculation. They invented a widget where you can speculate on absolutely nothing of tangible value, and the market cap is shockingly high. At least with NFTs, as ridiculously stupid as they are, you own something.

    3. Bitcoin fans crow about the hard limit on the number of bitcoin than can be mined, but then, they haven’t yet had the boss battle with rehypothecation.

    4. About a month ago an analyst said that he was “stacking” Bitcoin. 🙄 The term “stacking” is usually reserved for people who collect stacks of physical coins, specifically silver. (Technically you can stack physical gold but it’s a lot more expensive.) Nobody is “stacking” bitcoin.

    5. “ ‘Insatiable demand for bitcoin is forcing U.S. regulators to walk an increasingly fine line between opening up the booming market to investors, and shielding them from what is still a highly speculative, volatile and risky asset.’”

      Hi, I’m from the government and I ‘m here to help you.

      Forced to intervene in a free market.
      No competition with fiat — need to protect their thin air digital fiat generated currency that no one can track.
      At least it used to be paper.

    6. Does anyone know how much power is getting wasted on the insanity of cryptocurrency mining these daze?

      You can tell the media is in on this fraud scheme, because they always accompany their articles with the fake coin photos.

  11. as well as additional affordable housing. Those neighborhoods are affected by reckless driving and other crimes,
    Maybe it is just me, but reckless driving would not be at the top of my concerns if I lived in most major cities.

  13. ‘People love the glamor of summertime Wyoming, but they don’t like the nastiness of wintertime Wyoming. So we help them move in and then a couple years later, we help them move out,’ Swenson said.”

    I’m guessing the locals aren’t enamored of the California libtards who flee the mess they created & head to the red states, then try to recreate the socialist paradise they left behind as soon as they’ve settled in. Instead of creating the globalists’ two-tiered society of the vaccinated and unvaccinated, here’s an idea: let’s create a two-tiered society of the productive, who would be rewarded for their contributions to society, with a much lower tier, ineligible to vote, comprised of the Democrat-Bolshevik dregs of society.

  14. https://www.greaterfool.ca/2021/10/26/the-first-shoe/
    The Greater Fool – Blog
    Garth Turner
    The first shoe
    October 26th, 2021

    – Note: This is Canada, but the same economic conditions (i.e. low rates + high inflation courtesy of Central Bank crazy policies) apply to the U.S, since both have Central Banks dead set on keeping their respective Ponzi economic schemes going (else crash).

    – One might ask: “Why is the Bank of Canada raising rates” when the U.S. Fed is still sitting on it’s hands in terms of interest rate hikes and only planning a meager taper of $15B/mo. out of $120B/mo. in asset purchases starting next month? Why? Because they’re very afraid of The Everything Bubble (Frankenstein’s Monster) that they’ve created with their cheap money from the printing press (ex nihilo $) for the past 13 years.

    “Lions and tigers, and bears, oh my! – Dorothy in Wizard of Oz (1939)” – Judy Garland

    – As for me, I’m left wondering if anyone, anywhere, still works for a living, since there are a multitude of speculative “investment” options from housing to meme stonks, to bitcoins? Not “We Work,” but “Why Work?” Just check out the employment quit rate if you disagree… Instead of productive employment and cap. ex., everyone can just sell shacks to one another. This is the Canadian economic model as supported by cheap financing, and also pretty close to the economy here in the U.S. also, although we have meme stonks and bitcoin added to the mix. Oh, and don’t forget NFTs! Too much monopoly money chasing too few goods. Based on history, this always ends well. /s

    “That rate hikes are coming,” says a report from Scotiabank, “seems inevitable.” In fact the market is pricing up a whole host of increases, starting in about five months.

    Why is this happening? How can authorities permit the cost of money to rise just after everyone pickled themselves in debt? How high will they go? And, are we doomed?

    Given official inflation at 4.4%, far above the CB’s target rate for six months now, along with $85 oil and runaway corporate earnings, it’s a slamdunk emergency Covid-induced, crazy-low rates will end. The longer money stays cheap the more that debt-loving beavers will feast on it, the more inflated asset values (especially houses) will become and the larger the risk this poses when everything reverts to the mean. Also the main tool central banks have to combat downturns is the ability to quickly cut rates and stimulate spending. So it’s simply impossible to leave the benchmark at a quarter of one per cent, leaving no room for cuts in, say, 2025 when the SHTF next.

    In short, this is why mortgage rates will double:

    > We’ve recovered all the jobs vaporized by the pandemic.
    > There’s still a huge shortage of workers, thus wages will pop.
    > Canada has one of the best vax rates in the world…
    …and we haven’t even started on the kids yet.
    > Corporations, and our banks, are rolling in profitability.
    > GDP is expanding. By the end of 2021, the virus impact will be a memory.
    > T2, newly re-elected, is about to spend even more. Fiscal stimulus to the moon.
    > Lockdowns are out. Vaxports are in. Society can reopen.
    > Commodity prices are nuts. Canada is rich in them.
    > The TSX is in the longest rally ever. Stocks have added $200 billion. Look at your RRSP.
    > Christmas will be a retail orgy.

    “Like potato chips, one or two rate hikes would leave any inflation-targeting central bank’s hunger unsatiated,” adds Scotia. “To be meaningful, the first stage of the hike cycle is likely to involve a rapid move off the lower bound through a meaningful number of initial hikes.”

    So, doomed?

    Nah, only if you borrowed your brains out, grabbed an inflated house with 20x leverage, believed WFH would let you live in Bunnypatch forever and grow equity, bought a Ram 1500 TRX (12 mpg) or put everything into a ‘safe’ government bond fund, like TNL@TB suggested.

    “Oh, you can’t help that,’ said the cat. ‘We’re all mad here.” – Lewis Carroll, Alice in Wonderland

    “It would be so nice if something made sense for a change.” – Alice, Alice in Wonderland

    – The best analogy I can come up with on only 1st cup of coffee this a.m.:

    https://www.imdb.com/title/tt0057193/
    It’s a Mad Mad Mad Mad World
    1963

    1. “…everyone can just sell shacks to one another…”

      Add in insurance, crypto, McDonalds hamburgers and you pretty much have described the bulk of this fake economy.

    2. Garth Turner is a do as I say not as I do kinda guy. A true liberal Toronto boomer that made his money in “ the big smoke” finance world. He droned on ad nauseum about all the raycis Trump supporters and Canadian conservative equivalents then left the vibrant multicultural dreamland he advocates for to live a a small Nova Scotia white town with his, wife, dog and play tug boat.

      When you think of Californians leaving the state after ruining their local towns with liberal policies just remember Garth is our made on Canada version. Not satisfied with ruining his own hometown with woke liberal policies, Garth and his fellow liberal TO escapees will no doubt destroy the very thing that draws them to beautiful places like Nova Scotia. His lack of self awareness is astonishing!

  16. I know a few people who attended last weekends Mudfest in Okeechobee. They have some video that is much more entertaining than anything shown here, none of which contained anything showing support for the Biden/Harris administration. 🙂

    Okeechobee Mudfest 2021: Plant Bamboo TGW
    Oct 26, 2021
    https://youtu.be/do_yTSkVQwc?t=715

        2. We had a couple Trump road rallys last fall. Everybody rolling coal… and I mean everybody. We had trucks, triaxles, OTR rigs hauling trailers, cabs hauling flatbeds with rally stuff on them. Every rig flew at least one flag. I swear to God those two events were some of the best days of my life. Unforgettable.

          1. We went to see the lighthouse in Montauk when we were in NY last week, happened to be a Trump rally going on. Great time. Talked to a bunch of people. Cops were denying them entrance to parking lot because of a bomb threat, which must be a new name for pee in a bottle, because that was the suspicious object. People in the crowd were giving the cops grief, but basically respectful. Spoke to some, good conversations, fun people. Topic turned to vaccines, all vaxxed but me. When one woman told me very amicably that I was stupid for not getting it, and didn’t care if I was insulted, I laughed, said not insulted, no problem. I love New Yorkers, they don’t hold back. So much for the Trump supporter = unvaxxed notion.

            When in city, we stayed at Trump International (CPW/near Columbus Circle), really lovely, gift from cousin.

    2. This looks REALLY expensive. Are people just renting those rigs for the day, or do they build and maintain their own personal mud vehicles?

  18. “Caily Langston didn’t have to give a cash gift to buy her first home in Northern California in June; she just had to pay $30,000 above asking. Langston said the pandemic’s housing market legacy will have another aspect: If she ever decides to sell, she’ll have very high expectations.”

    Woman….. yer a trainwreck.

    Napa, CA Housing Prices Crater 15% YOY As California Housing Market Swirls The Bowl

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

  19. “ . ‘Someone who is currently in a home and watching the value of that home increase is happy,’ L’Ecuyer said. ‘They purchased the home for, say, $600,000; if you checked in with them five years later on renewal, their house is worth $1 million and now it’s been hyperinflated to, say $1.3 million.’””

    And the county assessor is thrilled.

    1. And so are bankers. Some people just cannot prosperity thus they flock into banks to cash out this price-generated equity ASAP which makes the lenders orgasmicly thrilled because each of these cash-outs has a hefty fee attached to them.

      Like it, love it, want more of it.

      😁

  20. CCP Flu clot shots are now available for kidz ages 5 to 11.

    Give your child the gift of heart attacks and strokes this holiday season!

          1. I had no idea who chomsky was until viggo mortensen celebrates him in the movie “captain fantastic”.

            (which I initially thought was somehow related to the elton john song.)

        2. “He looks kinda dead.”

          A soft spoken communist, I don’t believe that Chomsky has ever done a day’s worth of hard work or assumed more than a pluck nickel’s worth of personal risk.

      2. Yeah because Noam gets all his food from the plethora of transgendered Leftist farmers in flyover country. Organic of course!

    1. All the experts decry how rising mortgage rates will reduce affordability. This is how-much-a-month thinking.

      None of them seem to understand the connection of rising rates to falling home prices, which will actually serve to increase affordability.

      “That’s likely to change. The overarching expectation across the housing industry is that mortgage rates will increase, particularly as the Federal Reserve stops purchasing mortgage-backed securities as part of its efforts to stimulate the economy amid the COVID-19 pandemic.

      The Mortgage Bankers Association, for instance, estimates that the average rate on the 30-year fixed-rate mortgage will rise to 4% by the end of 2022. In 2023 and 2024, the organization predicts that the loan will average 4.3% interest.

      Other economists are less aggressive in terms of their outlook on mortgage rates. Fannie Mae, for instance, forecasts that mortgage rates will only reach an average of 3.4% by the end of 2022.

      Nevertheless, buyers won’t be able to rely on falling mortgage rates to bail them out if home prices were to rise even higher.”

  22. “Subprime mortgages – also known as non-prime mortgages – are for borrowers with lower credit scores, typically below 600. Around 33 percent of all borrowers (not just of mortgages) fall into the subprime category based on credit score, according to Experian.”

    This time is different, because no subprime…or so I’ve been told!

  23. “…secondhand homes…”

    I like it. Can we more accurately describe realtors as ‘secondhand home hucksters’?

  24. $1,075,000 4 bd 5ba 3,864 sqft
    Price cut: $125K (10/26)
    3206 S Saddletree Ct, Kingman, AZ 86401

    https://www.zillow.com/homedetails/3206-S-Saddletree-Ct-Kingman-AZ-86401/71677075_zpid/

    10/26/2021 Price change $1,075,000 (-10.4%) $278/sqft

    9/27/2021 Price change $1,200,000 (+1.1%) $311/sqft

    8/14/2021 Listed for sale $1,187,500 (+162.1%) $307/sqft

    12/14/2018 Sold $453,000 (-9.4%) $117/sqft

    10/31/2018 Pending sale $499,900 $129/sqft

    10/31/2018 Listed for sale $499,900 (+1%) $129/sqft

    9/2/2018 Listing removed $494,900 $128/sqft

    4/25/2018 Price change $494,900 (-13.2%) $128/sqft

    11/10/2017 Price change $569,900 (-3.4%) $147/sqft

    5/9/2017 Listed for sale $589,980 (+807.7%) $153/sqft

    3/24/2004 Sold $65,000 $17/sqft

    This is in that Lazy YU ranch area. Colossal shacks got left half built out there last decade. This guy isn’t greedy much. I don’t see the attraction:

    https://www.realtor.com/realestateandhomes-search/Lazy-Y-U_AZ

    2. He thinks it’s worth almost triple what he paid for it 3 years ago? This guy is hallucinating, but it would be fun to watch him ride the market all the way down. Because, that 2018 price is too high for that sh!thole.

    4. “Over 3800SF of FABULOUS.”

      That kitchen is giving me a massive headache. Purple chairs, checkerboard backsplash, walls sprayed with ketchup mustard and mayo, and I think someone spilled whipped cream on the counter. The long skinny hallway is pretty funny. No pool, just a hot tub.
      For this kind of money I was half expecting “water haul.” Well, they do use propane.

    5. From the property description: “Truly your FOREVER HOME!!”

      Three years out there must feel like forever.

      1. In all the years of working foreclosures in Mohave county, I was never asked to go to YU. It’s a good thing cuz the pay scale sux on those rural, massive shacks. But I saw photos. Everybody took an a$$ pounding out there. What I don’t get is why are there huge amounts of money sunk into that place? There’s no resale market to speak of. It must be people have a dream of high life in the desert. Just sweeping/dusting the place would be a full time job.

        1. A friend just bought a place well north of Prescott. He showed me pictures. It looks like the literal middle of nowhere.

          1. North of Prescott? I’m curious about exactly where cuz that would be on the side of the mountains. Unless it’s that got-forsaken stretch before.

  26. While our military focuses on “wokeness” and is prepared to discharge tens of thousands of soldiers, sailors, airmen, & Marines who refuse to take the vaxx, China’s military is preparing new-generation weapons to fight and win wars. Awesome.

    Top US general: China missile test ‘very close’ to Sputnik moment

    https://www.aljazeera.com/news/2021/10/27/us-general-china-missile-test-very-close-to-sputnik-moment

    Chairman of the US Joint Chiefs of Staff General Mark Milley says China’s weapon test has historical implications.

    1. First he must finish his study of white rage.

      Then he will call his buddy in the Chinese military and ask him why he wasn’t so forthcoming about their plans as Millie was about ours.

  27. How can mortgages somehow be capped at 3.5%, when real inflation – as opposed to our fake, Soviet-style official inflation data – is running around 16%?

    Is your mortgage payment about to soar by a third? OBR warns interest rates could soar to 3.5 per cent as inflation may head to a three-decade high of 5.4 PER CENT next year – adding £300 a month to a £150,000 25-year mortgage

    https://www.dailymail.co.uk/news/article-10136613/OBR-warns-wage-spiral-force-rates-3-5-CENT.html

    The Government’s financial watchdog today warned a ‘wage spiral’ or energy shock could drive inflation to a three-decade high of 5.4 per cent next year and force the Bank of England to take drastic action on interest rates in a move which would have major repercussions for mortgage holders.

    In a stark assessment alongside the Budget, the Office for Budget Responsibility (OBR) said its central forecast is for headline CPI to peak at 4.4 per cent in the second quarter of the year, far above the current 3.1 per cent, and more than double the Bank’s 2 per cent target.

  28. The UK has one of the world’s most insane housing bubbles. As inflation soars and the dependency population grows inexorably, it would sure be a shame if FBs who stretched to finance their shacks find they don’t have enough income to make ends meet.

    Homeowners face soaring council tax adding more than £400 to the average annual bill within five years as local authorities are allowed to increase rates by up to 3%

    https://www.dailymail.co.uk/news/article-10137275/Homeowners-face-soaring-council-tax-bills-add-400-average-annual-bill.html

    Households face paying hundreds of pounds extra in council tax by 2026, according to the government’s own economic forecasters.

    The Office for Budget Responsibility said it expected the total amount raised in council tax to be a third higher in 2026/27 than it was in 2019/20.

  30. Arizona Marine vet who disarmed robbery suspect accepts heroism award in ‘Let’s go Brandon’ T-shirt

    By Greg Norman , Emmett Jones | Fox News
    Published 7 hours ago

    The U.S. Marine Corps veteran seen on video stopping an attempted robbery at an Arizona convenience store has accepted an award from the Yuma County Sheriff’s Office for this “extraordinary heroism and exceptional courage” wearing a “Let’s go Brandon” T-shirt.

    James Kilcer was presented with the Citizen’s Valor Award on Tuesday following the Oct. 20 incident.

    https://www.foxnews.com/us/arizona-marine-disarmed-robbery-suspect-accepts-heroism-award-lets-go-brandon

  31. Ok, so finally some Justice where a Jury just awarded 10 million to a White Executive who was fired because he was White.
    The discrimination against Whites as been a outrageous battle strategy by the current insurrectionists to destroy US Citizens who are White , so they won’t be a opposition force to the One World Globlist take over.
    All Races should realize that this is a DIVIDE and CONQUER strategy by Powers that want to enslave and dictate and take freedoms from every race.
    The fraudulent narratives are absurd , just as vaccinated verses unvaccinated is.
    And this creating false enemies is the standard ploy of the worst villains of history . Fake news with censorship should be offensive to any race .
    They are already being abusive to white children in school in teaching the bogus Critical Race Theory.
    And now Parents are being targeted for objecting to this abuse in school of their Children.
    Bottom line is if you have a Government that is promoting discrimination against any race, including Whites, than its a con job for a sinister purpose.

  32. One thing the Covid Pandemic exposed was just how much Big Pharmacy captured the Medical system and have Doctors and Hospitals under their thumb.
    Kill people or your medical licence is under threat, or your job.
    Its like any system that get corrupted , but in this case its killing people and causing injury that doesn’t even come close to acceptable risk in medical treatments.
    We are to believe that you can’t survive without chemical intervention by Big Pharmacy . Than that Dr Fauci gets to create Bio weapons with Foreign Enemies , than dictate a Vaccine solution to criminal unleashing of gain of function virus.
    In a sane World Dr Fauci , with his co partners in crime like Gates and Big Pharmacy , would of been arrested by now. And unfortunately until these criminals are stopped, more and more people will become a victim of these psychopaths.
    See have the White House willing to take your job if you don’t take expiermental vaccines, and children are being targeted now for this failure technology they want to inject.
    I believe that this gene therapy vaccines is just a failure technology that they didn’t have close to being safe and effective. These idiots had a fantasy of gene altering medical procedures that they really hadn’t been sucessful at perfecting yet. They might never be able to perfect such technology. Maybe messing with DNA and RNA isn’t possible . But no doubt they don’t care about using the public as lab rats.
    All the prior tests they did resulted in the animals dying in the tests, so how dare they throw this crab on the globe, under a bogus EUA , over a contrived Pandemic.
    Their willingness to injure and kill children now , who aren’t at risk of getting Covid , is one of the most unjustified and sinister thing I have ever witnessed. It was bad enough going after adults and the elderly, while they supressed meds that cured covid.

    Look, this is really bad, and its the most pressing issue of today that has the potential of affecting all areas of life, including economics.

    2. Than that Dr Fauci gets to create Bio weapons with Foreign Enemies

      Notice how the Fauci dog story was quickly consigned to the memory hole? These evil doers have become untouchable, at least under the current system.

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