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2021’s Version Of June 2013 Already Happened

A report from the Aspen Times in Colorado. “I met a colleague of mine at an Aspen coffee shop earlier this week. We talked about the recent shift from the non-stop activity for the second summer in a row, to what has been a noticeable reduction in sales volume related to available listings. I nearly choked on my cappuccino when my coffee mate asked me if I had ever experienced this kind of stagnation before? Surely she was joking before remembering she was not a broker when the Great Recession hit and the music stopped playing; not for a few months but for years on end.”

“And then there’s the very real phenomena of buyers remorse. We saw many buyers who had visited or were familiar with our valley escape from the cities and buy homes and land here. But I’m guessing about 1 in 10 of those folks came here in a bit of a panic, following the herd and not knowing what the mountain lifestyle was all about and are now missing the bright lights, the ballpark and the opera. And you don’t need snow tires in LA.”

The Stamford Advocate in Connecticut. “‘Before COVID started, I think we were in a pretty normalized market,’ said Daniel Thomas, a real estate agent who works in Bridgeport and Stratford. ‘Things were on the market for 30 days. Prices were right on average. Once COVID hit … houses that we didn’t think would sell at the prices they were listed at, they started moving. It’s still a seller’s market, but I think it’s shifting toward a little more advantageous for the buyer. Things aren’t selling as quickly as they used to.'”

“Jeff Viens, a Willimantic landlord who owns about 55 apartments in Windham, including some in Willimantic, said he lost about $40,000 in income in the first nine months of this year. He’s increasing rents in some cases and trying to get tenants signed up for UniteCT in others. He hasn’t had much luck, he said. Of seven tenants to apply, only one has been approved for the program. ‘It can really hurt you financially,’ he said of the losses. ‘How are you going to recoup that?'”

From KOMO TV in Washington. “The state is on the brink of a major shift for landlords and tenants as the eviction moratorium is set to expire. Gov. Jay Inslee said he won’t extend it past Sunday. Landlords said they have also struggled to make their mortgages. The eviction ban put many in a bind, especially when tenants had the ability to pay but refused. ‘Yes I think it’s been tough because my husband has a rental and sometimes it’s been hard trying to evict people,’ said Maureen Mwaniki.”

The Miami Herald. “Over the past 18 months, South Florida’s red-hot real estate market has been celebrated and well-documented in these pages and other media outlets, and for good reason. But real estate markets are complicated ecosystems and dramatic growth in one area will often lead to weakness in another. With so many homeowners now faced with either foreclosure and/or the resumption of mortgage payments, it is reasonable to assume that a very large percentage will opt to sell in this sizzling market, creating more buying opportunities down the road.”

“Here in town, I have already seen an increase in ‘short sales’ resulting from these changes and have even placed offers on some for my clients. (Readers may recall the popularity of short sales in the aftermath of the Great Recession of 2008, whereby thousands of homeowners found themselves ‘underwater,’ with their property values lower than their mortgage loan amounts. Under these transactions, lenders would accept the net proceeds of sales at closing, satisfying a greater amount of the mortgage debt.)”

“In recent weeks, I have had a flurry of properties listed by my longtime and older clients who, for a variety of reasons, are compelled to enter the market at this stage. This is a common trend when hot cycles are perceived to have cooled off a bit. Some simply want to get in the game while they can demand higher pricing, while others are ready to downsize through major lifestyle or life cycle changes.”

“My own neighborhood of south Coral Gables offers a snapshot of this trend. A single-family rental property (which once demanded a lease of $8,500/month) hit the market at $2.75 million and went to contact after a reduction to $2.45 million. I would not expect any of these factors to individually have a major impact on the market of available homes, which will only relax appreciably once prices stabilize for a long and consistent duration. But taken together, they could put a dent in the steel curtain of inventory faced by South Florida buyers this year.”

From Bankrate. “The overseer of mortgage giants Fannie Mae and Freddie Mac will begin accepting more ‘desktop appraisals’ in early 2022. The pandemic made lenders more comfortable with the idea of appraisers working remotely. During the peak of the contagion, some states forbade in-person appraisals. As a workaround, appraisers sometimes asked homeowners to lead property tours by Zoom or FaceTime, and even to submit measurements of their homes. Meanwhile, steadily rising home values have taken much of the risk out of lending, at least for now.”

From Mortgage News Daily. “For anyone following interest rates very closely in 2013, the taper tantrum is not easily forgotten. It describes the bond market’s knee-jerk response to the realization that the Federal Reserve would be winding down its bond purchase program. With the Fed almost certain to make a similar announcement next Wednesday, should we be scared yet again?”

“You may also be surprised to learn that the Fed didn’t actually announce tapering until December 2013! In June, they merely said tapering was likely by the end of the year. Here’s another surprise: 2021’s Version of June 2013 Already Happened. Remember September 22nd? Rates had been flat, low, and relatively drama free for months when Fed Chair Powell all but promised to taper on November 3rd during the Sep 22 press conference. Even without the notice, we knew tapering was coming eventually. In fact, markets were already starting to prepare for it by the end of 2020, thus making for a sort of slow-motion taper tantrum.”

From CTV News. “Canadians looking to buy a home can expect mortgage rates to soon be on the rise, experts say. ‘The variable rates will go up quite quickly, they could even go up in anticipation of the bank action,’ said Don Drummond, former chief economist for TD Bank. ‘We should want [interest rates] to go up. This is causing a lot of imbalances, it’s putting the entire world in massive quantities of debt and that’s going to come back to hound us if we don’t put an end to that. Unfortunately, people won’t see that because they’ve lived through the lowest rates in history. There’s a generation of young people who are hooked on super low mortgage rates and they have come to believe that that is a norm. But that is not the norm.'”

From Business Insider. “The Reserve Bank of Australia (RBA) has acknowledged ultra-low interest rates have contributed to record high housing prices, but still maintains that jobs would be endangered if rates are lifted too soon. Appearing before the Senate Economics Legislation Committee on Thursday, RBA deputy governor Guy Debelle faced direct questioning from Greens Senator Nick McKim over the reserve’s decision to hold the cash rate at just 0.10%.”

“McKim asked if the RBA planned to push for legislation which would allow it to channel funds into ‘productive’ areas of the economy, instead of watching money pour into the housing market. ‘We are not intending at the moment to direct the government to change our Act, no,’ Debelle said.”

From Yicia Global on China. “On October 23, the Standing Committee of the National People’s Congress authorized the State Council to undertake property tax pilot projects. In the piloted areas, both commercial and residential properties are to be taxed while rural homes are to be excluded. The Ministry of Finance and the State Taxation Administration will draft the measures for the pilot projects, which are to last five years.”

“Many people buy apartments as investments. They often leave these investment properties empty, not bothering to rent them out. The absence of a recurrent property tax makes this an affordable option. In the West, the existence of a large stock of empty apartments typically indicates a cyclical downturn in the housing market. This sort of overbuilding could pose a financial stability risk. In China, the empty apartments are a structural phenomenon.”

“Since Chinese housing is so expensive, relative to income, imposing a property tax could be destabilizing for many families. Family incomes would be especially at risk in First Tier cities – like Beijing, Shanghai and Shenzhen – where it takes more than 20 years of family income to buy a home. For example, if I were to pay 0.8 percent of the value of my modest Pudong apartment in tax, it would eat up more than a fifth of my gross income!”

This Post Has 90 Comments
  1. ‘Here in town, I have already seen an increase in ‘short sales’ resulting from these changes’

    But we’re all in this together? You mean these winnahs! are bailing out of the red hotcakes?

    Short sales first, then they don’t sell and you get the jingle mail. Happens every time.

  2. ‘McKim asked if the RBA planned to push for legislation which would allow it to channel funds into ‘productive’ areas of the economy, instead of watching money pour into the housing market. ‘We are not intending at the moment to direct the government to change our Act, no’

    You go girl! A reader sent this in:

    Northern Beaches house prices jump $867,500 in a year, rising $417 an hour

    Some Australians are silly people, like K-dns. But these central bankers are going to crush yer economy on purpose.

  3. For example, if I were to pay 0.8 percent of the value of my modest Pudong apartment in tax, it would eat up more than a fifth of my gross income!

    It’s pretty simple what happens Mark. Take it from me, I grew up in Western NY. The price of your property will fall to where the tax is affordable. Your mortgage debt remains. You are Pudonged.

    1. It’s been 36 hours or so that the revelation that Evergrande didn’t make the interest payment(s), and no retraction or followup from the NYT, etc. So what the heck? This is clear in yer face fraud and the globalist scum media is sticking to the fraudulent story. Where are the statements from the bodies that were supposed to get paid and didn’t? Nothing, neither confirmed nor denied. Something really rotten is going on. This is one of the biggest potential financial issues in history and nothing but silence?

      And why does pooh bear pop up with this RE tax out of the blue? Seems like very poor timing, or is there another goal?

    1. “In Portland, long considered a liberal stronghold in America, some community leaders and officers feel that police defunding efforts in summer 2020 may have backfired, at least somewhat.”

      Oh? And why do you say that?

      “With fewer officers on the street, violence has escalated significantly.”

      Bahahahahahahaha … what a bunch of dummies.

  4. Currently 74 °F and sunny
    High of 81
    Low of 63

    It’s a beautiful day in Jupiter Florida which is located in Region IV not to be preparing for an afternoon of propaganda that is spewed by those who advertise on, play and broadcast the games of the NFL.

    Let’s Go Brandon!

  5. The following is from Doug Noland’s latest weekly commentary (October 29):

    “The world today confronts a unique confluence of synchronized fragile bubbles and surging inflation. And, importantly, the worsening inflationary backdrop is reducing central bank flexibility to use monetary stimulus in response to market instability. This is poised to become a key issue, with major ramifications for vulnerable market bubbles.”

      1. As a convicted financial fraudster, Christine Lagarde is literally ineligible to apply for a job as a 7/11 cashier, yet she heads the ECB. Both of her predecessors were convicted of serious crimes. This is the caliber of scum that is running our central banks for the sole benefit of their oligarch pimps.

  6. The video below is cued up to “two of the truest minutes in the EU’s history:”

    Watch: MEPs Protest “Oppressive” Vaccine Passports, Question Why “Political Elites Push This Agenda This Hard”

    October 31st 2021, 8:55 am

    In the latest editions of This Week in the New Normal, we mentioned a group of Members of the European Parliament who held a press conference where they opposed mandatory vaccination and the “Green Pass”.

    On the 28th five of those same MEPs held another press conference, and while the whole thing is worth watching (embedded above), the highlight is definitely German MEP Christine Anderson who speaks for two of the truest minutes in the EU’s history:

    1. “In the entire history of mankind there has never been a political elite sincerely concerned about the wellbeing of regular people. What makes any of us think that it is different now. – Christine Anderson European Parliament.”

      Word. When are the 99% going to stop meekly bending over for these gold collar criminals and their Quislings election after election?

      1. This “99%” you speak of are the successful result of our dumbing-down educational system and deserve and even desire being exploited by their one-percent betters.

        So as to your question: “When are the 99% going to stop meekly bending over for these gold collar criminals and their Quislings election after election?” the answer is never.

        They like it, and they love it and they want more of it.

      2. Elections have been stolen for 20 years now, at every level of government.
        It emboldens and elevates our public servants and tax payer representatives to call them officials and elites.

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

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

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

    1. The globalists must be apoplectic with rage at their inability to silence and censor such spontaneous popular displays of contempt for their senile puppet. This is going to make it a lot harder to push the Big Lie of “Most popular president ever with 81 million votes” of which at least 14 million were fraudulent.

      1. Oh, it’s censored. I can guarantee that the MSM does not report such stories. I had to explain to my brother what “Let’s Go Brandon” means, as he had no clue. He was also clueless about the FJB chants at sporting events. And he’s a cuckservative.

      1. Looks like MetLife Stadium in North Jersey.

        I haven’t seen this much enthusiasm since I was a student at Football Factory State University on home game days…

      2. As Hillary’s hero Saul Alinsky said:
        Rule 6: A good tactic is one your people enjoy. “If your people aren’t having a ball doing it, there is something very wrong with the tactic.”

  8. “In recent weeks, I have had a flurry of properties listed by my longtime and older clients who, for a variety of reasons, are compelled to enter the market at this stage.

    There are only two reasons to buy into a bubble market as indicators of an impending bust are proliferating: greed & stupidity.

  9. “In the West, the existence of a large stock of empty apartments typically indicates a cyclical downturn in the housing market.”

    Is it really different in China?

      1. This guy writes with his eyes wide open:

        “There are an estimated 65 million vacant housing units in China, about 20% of the total. Recent research notes that over 90% of Chinese households are already homeowners, while 20% own more than one home. Just as we saw when the U.S. real estate bubble surfaced, the widespread belief that real estate is always a safe investment led many Chinese families to buy additional homes with the hope of flipping them for profit. However, speculation has pushed prices beyond the reach of many people in a country where average annual wages are under USD 15,000 per person. There are also fewer potential buyers, with the 2020 Chinese census showing the slowest population growth in half a century. On top of that, China’s households have borrowed over $6.4 trillion in the last six years, an increase similar to what the U.S. experienced leading up to the 2008 real estate market collapse.”

        I’d love to see a similar analysis someday of the U.S. market, following our 30% pandemic price bump.

  10. From the Seattle piece: “Once the eviction moratorium expires on Sunday landlords will once again be able to remove tenants who fall behind on rent. To do so, property owners must first offer a re-payment plan. They also have to notify a dispute resolution center and allow for mediation before a renter loses housing.”

    That seems an excessive landlord burden especially since the county’s assessor doesn’t play that game for tax arrears.

  11. Weather-related, huh? Would globalist propaganda outlets ever acknowledge pilot pushback to vaccine mandates?

    American Airlines cancels more than 600 flights on Sunday

    (CNN)American Airlines canceled another 634 flights on Sunday, more than 12% of its total operations for the day, the company said Sunday.

    The airline has now canceled more than 1,500 flights since Friday, as it deals with weather issues and staffing shortages that started last week.
    “With additional weather throughout the system, our staffing begins to run tight as crew members end up out of their regular flight sequences,” American said in a statement to CNN on Saturday.

    1. I flew on American last Sunday. There was a tornado watch in effect at time of takeoff, and it felt at points like we were inside a tornado.

      Can’t say it was boring!

    1. How ironic would it be if a Real Journalist’s attempts to obfuscate a bunch of Nascar rednecks’ spontaneous FJB chants turned out to be the defining moment when millions rejected not only MSM lies and propaganda, but adopted “Let’s Go Brandon” as a rallying cry against Biden regime tyranny, corruption, and incompetence?

      1. I remember when Rush Limbaugh appropriated Barbara Streisand as slang for bullsh!t. Never really caught on, but maybe some media folk can call something Barbara Streisand and see what happens.

  12. The same globalist propaganda outlets that sanctioned the election steal and openly advocate for the “re-education” of Trump supporters are now clutching their pearls at the “incivility” of the FJB phenomenon. Hey Real Journalists: this isn’t about “insulting” the globalists’ senile puppet – it’s about rejecting his attempts to impose tyranny and usurp everything America used to stand for.

    How ‘Let’s Go Brandon’ became code for insulting Joe Biden

    WASHINGTON (AP) — When Republican Rep. Bill Posey of Florida ended an Oct. 21 House floor speech with a fist pump and the phrase “Let’s go, Brandon!” it may have seemed cryptic and weird to many who were listening. But the phrase was already growing in right-wing circles, and now the seemingly upbeat sentiment — actually a stand-in for swearing at Joe Biden — is everywhere.

    South Carolina Republican Jeff Duncan wore a “Let’s Go Brandon” face mask at the Capitol last week. Texas Sen. Ted Cruz posed with a “Let’s Go Brandon” sign at the World Series. Sen. Mitch McConnell’s press secretary retweeted a photo of the phrase on a construction sign in Virginia.

    The line has become conservative code for something far more vulgar: “F—- Joe Biden.” It’s all the rage among Republicans wanting to prove their conservative credentials, a not-so-secret handshake that signals they’re in sync with the party’s base.

    1. ‘Anger has now moved beyond die-hard Trump supporters, said Stanley Renshon, a political scientist and psychoanalyst at the City University of New York. He cited the Afghanistan withdrawal, the southern border situation and rancorous school board debates as situations in which increasing numbers who were not vocally anti-Biden now feel that “how American institutions are telling the American public what they clearly see and understand to be true, is in fact not true.”

      ‘Trump hasn’t missed the moment. His Save America PAC now sells a $45 T-shirt featuring “Let’s go Brandon” above an American flag. One message to supporters reads, “#FJB or LET’S GO BRANDON? Either way, President Trump wants YOU to have our ICONIC new shirt.”

      1. ‘American institutions are telling the American public what they clearly see and understand to be true, is in fact not true’

        Like the fact that a senile, corrupt pedophile who couldn’t fill a phone booth the day before the election never got 81 million votes?

  13. You could say Biden is a dangerous leader, but its really the people who criminally put him in as a Puppet for the Dictorship they are advancing .
    All the havoc and destruction Biden’s backers want will be blamed on Biden as the FALL GUY. VP Harris will be a similar puppet for these forces that are trying to take over the USA .

    These invaders of the USA are on a race against time to bring on a Dictorship before the sheep revolt and stop the havoc, insanity and destruction , and yes murder.

        1. “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.”

          — H. L. Mencken

      1. ” Dictorship .”

        Ok PB, in this context I mean that these Tyrants planned to take all freedoms and Constitutional protections and dictate all aspects of peoples life.
        No choice will be allowed, or limited choice.
        They will tell you what to eat, what you will get, what they can inject in you. A 1984 type of control .

        It would be worse than communism. Just read the stuff they have published and stated and you get a idea of what kind of new One World Order they plan. Depopulation might be part of their agenda, transformation of the human body , a bunch of crazy stuff . They speak of their plans calling it the Great Reset and 4th Industrial Revolution , as some kind of utopia of Corporate Rule by these Nazi like nut jobs.

        1. Also they are trying to tear down any semblance of the long term systems , by every conceivable means of destruction , medical tyranny, false narratives , censorship of dispute, divide and conquer tactics, attack on law and order, open border invasion, attack on jobs, racial division, looting of tax coffers , you name it.
          ENSLAVED PEOPLE told what to think and do. No kidding , that’s what they plan.

    1. Fat finger posted without the title and link.

      New York Times — The 37-Year-Olds Are Afraid of the 23-Year-Olds Who Work for Them (10/28/2021):

      “Twenty-somethings rolling their eyes at the habits of their elders is a longstanding trend, but many employers said there’s a new boldness in the way Gen Z dictates taste.”

      1. This is a perfect example of “scripting a narrative.”

        Washington Post — Workplace strikes are surging. Here’s why they won’t stop anytime soon (10/31/2021):

        Note the article does not discuss vaccine mandates.

        Note the article does not discuss vaccine mandates.

        Note the article does not discuss vaccine mandates.

        Do you need a better explanation of “Real Journalists?”

        We are the Leaderless Resistance, it’s time to start taking some of these globalists out. Be safe, and Godspeed frens…

    2. Ok, so they are afraid of brainwashed brats who think they should dictate everything.
      Very scary what each generation has been exposed to in terms of brainwashing.

    1. Associated Press
      White House press secretary Psaki says she has COVID-19
      Sun, October 31, 2021, 2:48 PM·2 min read

      WASHINGTON (AP) — White House press secretary Jen Psaki said Sunday she has contracted COVID-19 and is experiencing mild symptoms.

      Psaki, 42, said she was last in contact with President Joe Biden on Tuesday, when she met him in the White House, where they were more than 6 feet apart and wearing masks. Biden, who is tested frequently, last tested negative on Saturday, according to the White House.

  14. Jen Packi has tested positive for Covid 19. Another person who claims they were vaccinated getting Covid 19. Claims she was 6 feet away from President wearing a mask when she last saw him on Tuesday.

    1. She claims her case is mild because she’s vaxxed. I’ll bet $100 that WH medical staff has already pumped her full of monoclonal antibodies.

    1. Their 2-point attempt should have been Brady passing rather than the rushing strategy that didn’t get past the line of scrimmage. And that short field interception? Bad, and sad. I’d have bet on a play using the wide receivers. Too bad Gronkowski got injured.

      1. I couldn’t watch Brady with Patriots for a few years I got so sick of how good they were. Not great but good. Consistently so.

        Whats hilarious is a tranwreck of a team like the NY Giants delivered the sAints a beating in week 4.

        Go Giants!

      2. I didn’t see any of it but those games are just about ending racism and white privilege anyway. In fact last year when I flipped by a channel and stopped just to see what Brady (who evidently is not privileged) looked like in another uniform that’s what it said on the padded part of the back of his helmet, End Racism. I have not stopped on a channel with an NFL game on it since.

  15. If you took the experimental gene therapy injections here is what you have to look forward to over the next 2-3 years:

    1) Sometime between October 2021 and April 2022 we will see if ADE (Antibody Dependent Enhancement) strikes you like it did the animals in 2012.
    2) Around 18 months we will see if “mad cow” strikes you like it did to the humanised mice that were injected with the spike proteins.
    3) Around 24 months we will see if Alzheimer’s strikes you like it did the Macaque monkeys that were injected with the spike proteins.
    4) 60% of the injected have detected ‘microclots’ with the d-dimer test in the first week after injection. Right side heart failure within 3 years is common.
    5) The spike proteins impair your telemerase synthesis which is known to lead to cancer, CVD, diabetes, vascular dementia.

    Happy 20 month anniversary of “Fifteen Days To Flatten The Curve”

  16. God I hope the vaccines wear off or antidotes are developed to treat vaccine injury, or that maybe that the body can somehow figure out how to purge this poison from the body or compensate somehow. I know to many people that took the vaccine that just don’t deserve to be harmed in anyway. They were deceived into accepting the vaccine after a year of fear mongering and censoring of meds that treated Covid.
    I’m just beside myself that now they are going after children .

    1. Just saying deplorable they already have good guys working on how to reverse or mitigate possible effects from the shots.

  17. Today is Monday, November 1st and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

    The 2020 election was stolen, just under a year ago from today, and we remember all of the globalist lies about it. We remember how on Saturday, November 7th 2020 that the globalist media (Real Journalists) declared the coronation, making the steal official.

    We will never forget what these globalists did, and this is not over…

    1. Apparently they have been rigging elections for years. I have been suspicious in California for a number of years that this was going on , mainly because of people voting against their own interest repeatedly.
      The Biden election steal was just so obvious .

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