Many Sellers May Have Waited Too Long

1. ‘Canberra’s soaring housing prices, reaching $1 million median house price’

   OK you have to think back few years. This filthy sh$thole crashed over 50%. Now it’s back over $1M?

   ‘interest rates will increase earlier than expected and this could see house prices drop by up to 20 per cent for every 1 per cent increase. Experts believe it is becoming more likely the Reserve Bank of Australia (RBA) will be forced to increase interest rates earlier than expected due to rising inflation’

   You see what they did? Blow up prices, create inflation, and now use inflation as the excuse to crash the whole thing. This is what I think they are doing all over. That’s why we saw these little nowhereville towns in the US go up 40-70% in a year. These guys meant it when they said you’ll own nothing.

   1. Arizona Offers Lifeline for Homeowners

      https://www.lakepowelllife.com/arizona-offers-lifeline-for-homeowners/

      Crash the economy, then guberment offers a “lifeline.”

      1. From the comments: Sandra in Arizona says, “Why aren’t there services out there to help people become self sufficient? Why is it just hand out. We are people not hamsters. We should be helping this Country not draining it dry. All these people pouring in just for freebies. They are not coming here to be Americans and support our Country. If you don’t believe it. Cut off the freebies. See what happens in about 6 months.”

         I’m betting that Sandra’s ballot wasn’t counted.

         1. ballot wasn’t counted

            My recall ballot is still MIA.

   2. ‘That’s why we saw these little nowhereville towns in the US go up 40-70% in a year. ‘

      yeah, all my oil city towns near the Appalachian Trail are getting refugees with a suitcase of cash to blow up the comps

      1. Suitcases of borrowed cash.

         Culver, OR Housing Prices Crater 14% YOY As Subprime Mortgage Implosion Accelerates

         https://www.movoto.com/culver-or/market-trends/

         As one national broker explained, “90%+ of all mortgages since 2010 are subprime. It’s no mystery why defaults are soaring.”

         1. Refugees get a wad of free grant giveaway cash — borrowed from taxpayers.
            Refugees don’t have to pay business taxes for about ten years if they start a business, and other personal financial windfalls giving them privileges to out compete Americans

            1. they also don’t seem to need to comply with permits and regulations, hence the taco stands set up on sidewalks and front yards.

            2. If the gov ever manages to install a tracked digital currency, the immigrant community will be hit pretty hard. They’ll probably start bartering directly.

            3. “If the gov ever manages to install a tracked digital currency…”

               That’s why cash isn’t going away. Plus, the stacks of Benjamins the CIA likes to give away as secret payouts to Central American dictators, ISIS, etc.

            4. There’s always Engelhard in a pinch.

   3. I have a cousin who moved to Australia. Her husband never went to college, her two sons never even considered college, and that seemed like the typical Australian experience. I know there are bubbles everywhere, but I really don’t understand Australia and its real estate market.

   4. “You see what they did? Blow up prices, create inflation, and now use inflation as the excuse to crash the whole thing.”

      Yep, just using what works.

      Liking it, loving it, wanting more of it.

      😁

      1. ahem mr banker … the free toaster for opening a new account from chemical bank & trust is still working just dandy. however the jelly jar glasses have seen a few too many dishwashers.
         btw, could you put a word into the marketing machine of chase for the love of god please stop blitzing me daily w/requests to change credit cards?!

         respectfully: a common puke

2. iBuyers are providing a service. It’s not clear they’ve really figured out how to make money.”

   This all seems very familiar, somehow. Like we’ve been down this road before in the not so distant past. Didn’t end well, as I recall.

   1. profits? what is that?

      – Tech startups

3. iBuyers are providing a service. It’s not clear they’ve really figured out how to make money.

   Is making money important?

   1. ‘Looking at this past quarter, Opendoor and Zillow were posting net losses (-$144 million and -$59 million, respectively)’

      What does the REIC not mention? Was it really red hotcakes if these clowns were losing 40k per shack quarter after quarter?

   2. Is making money important?
      I just can’t get my mind around not making money. Obviously in hi-tech with brand new products it can work.
      I guess they think they can cut out the UHS people and the bank/mortgage company and take their cut and in-house the legal end and automate it . Maybe it will work, but as has been pointed out many times, if you can’t make any money is a market rising 30% how the H$ll will you make any in a falling or flat market?

   3. I’m really starting to wonder if there’s some nefarious money-laundering purpose at work here. Some of those zillow houses were bought and then re-listed for a loss less than a week later. If they were trying to stem the bleeding, then why were they buying houses as recently as a month ago and then not even trying to list for a profit?

      1. “If they were trying to stem the bleeding, then why were they buying houses as recently as a month ago and then not even trying to list for a profit?”

         They may not be looking for a profit but just looking to get out.

         The prices of these houses were agreed to several months ago, near the peak of the market’s price-rise insanity, and it took several escrow-months for these agreed-to prices to become the official recorded prices. These recorded prices had then become substantially lower than the then current going prices and it appears these prices were on their way to becoming even lower.

         What else should one do in such a situation other than dump his holdings, both the stock he owns and the money losing houses the company owns?

         1. Check out this chart of Zillow Group:

            ZG Zillow Group, Inc. Stock Quote
            https://finviz.com/quote.ashx?t=Zg&ty=c&ta=1&p=d

            Note the price blow-off of last February. This was the “Suck ’em in phase”. This blow off phase was when those-in-the-know sold their holding to those-who-do-not-know.

            Housing prices had not peaked at this time but were about to peak and those-in-the-know knew this and thus sold off much of their holdings.

            1. “… and thus sold off much of their holdings.”

               After, of course, arranging for the run up of the share price.

      2. Simply I think. Wall Street wants to see revenue rising. Damn the profits.

4. ‘Borrowers will be required to provide additional security in the event the value of collateral on loans, mainly land and building, depreciate during the loan period to cover for default’

   Ho ho ho! Merry Jeebus-mas, remember the big stack of papers you signed? You too US loanowner may be subject to the same zinger.

   ‘According to KBA, banks will only accept the property as collateral whose value is several times bigger than the value of the loan being applied for’

   DONG!

   1. If that happened in the US, wouldn’t that be a contract violation? Can a bank can suddenly move the goalposts as long as the borrower continues to make scheduled payments as per the contract? I guess they can in Kenya.

      1. Look at yer contract. If it’s in there and you signed it, it’s not a violation. I’ve seen this come up before.

         1. “Oh you missed that in your review?”

            That’s your funeral.

5. “McFadden criticized the proposed building plan for going against ‘evidence-based design principles’ and said it seems to largely ignore the documented benefits of natural light, fresh air and views of nature. ‘

   To be fair, you’re more likely to have views of tent city Bidenvilles.

6. ‘Related Cos. has all but entirely bought out its development partner on a Hudson Yards mixed-use project. The company picked up a 99.99% share in 506 West 36th St., 512 West 36th St. and 511 West 35th St. from Spitzer Enterprises for $77M, a price tag $11M lower than what Spitzer paid for the properties in 2013’

   In the ‘we’ve seen this movie before department,’ Related fooks their business partners! They did this in Miami last decade. Build condos for the fools, watch them foreclose, buy back the same tower.

   1. I want my Miami condo built on a pool deck so I can slide down into the beach when needed

7. ‘I’d rather be a billionaire and not be loved by everybody than not have any money’

   He so liberal! He so green! Greta love him. He wants more taxes!

   Uh, no he’s a sack of sh$t. Always was.

   1. here’s to dear old omaha that gets a nod
      where the mungers only talk to the buffetts
      and the buffetts only talk to god

      (except for the annual charity lunch)

      1. Both of them will be talking to God soon enough.

         1. What does it take for these old billionaire fvcks to die, anyway? My God, they just won’t kick the bucket.

   2. The scumbag built a prison, and is taunting people on top of it.

      1. Money talks… 🙂

8. There’s a reason globalist Quisling “leaders” will only take questions from lapdog Real Journalists. Might get awkward having truth bombs lobbed your way.

   Heckler forces New Zealand Prime Minister Jacinda Ardern to abandon press conference

   https://www.news.com.au/finance/work/leaders/heckler-forces-new-zealand-pm-jacinda-ardern-to-abandon-press-conference/news-story/09818903bb029e70562bfe196cabb6b3

   New Zealand Prime Minister Jacinda Ardern has ended a press conference in Northland early after being heckled by at least two people — one of whom was claiming to be a journalist.

   Ms Ardern and Māori-Crown Relations Minister Kelvin Davis are in the region viewing the rollout of vaccinations, and were speaking to media this afternoon.

9. Hauula, Hawaii Housing Prices Crater 25% YOY As Hawaii Housing Market Swirls The Bowl

   https://www.movoto.com/hauula-hi/market-trends/

   As a distinguished economist stated so eloquently, “If you have to borrow for 15 or 30 years, you can’t afford it nor is it affordable.”

10. From Vox. “Looking at this past quarter, Opendoor and Zillow were posting net losses (-$144 million and -$59 million, respectively). iBuyers are providing a service. It’s not clear they’ve really figured out how to make money.”

    – False economic signals leads to misallocation of capital. The cost of money is now essentially free, and yet no one will dare acknowledge the resulting and blatantly obvious asset bubbles. No one will say: “the emperor has no clothes.” Everyone’s a genius and a millionaire while the bubbles are inflating. It’s only when the bubbles are bursting that the true status of the speculators is exposed. Hint” opposite of genius and millionaire.

    “There is no housing bubble” – Ben Bernanke 2006

    “Genius is a rising market.” – Canadian-born economist John Kenneth Galbraith

    “That men do not learn very much from the lessons of history is the most important of all the lessons that history has to teach.” – Aldous Huxley

    https://allenfarrington.medium.com/this-is-not-capitalism-5ed0a9d5dfa9
    This Is Not Capitalism
    Allen Farrington
    Mar 22, 2020 | 30 min read

    “This is your brain on central banking, regulatory capture, and financialization. This is not capitalism.”

    “The preservation and growth of capital is not happening, nor has it happened since before the dominance of the regime now misleadingly bearing this name. And so, it is somewhat concerning that people are lining up to both defend and attack “capitalism”, when the object of discussion could hardly be further from any worthwhile meaning of the word but is rather better described as: boosting aimless consumption, primarily with uncollateralised debt, by destroying the price signals for capital and depleting its stock.”

    “There are two obvious contenders for what might be wrong, and which have the potential to reinforce one another in a deadly spiral: inflation and speculation.”

    “By inflation, we mean to ignore such bullsh*t euphemisms as ‘quantitative easing’ and ‘market support’ and to direct the reader’s attention to the simple fact of artificial money being pumped into financial markets to increase prices beyond what reality is doing its best to get them to show. When prices go up because a currency is being debased, that is inflation. It might make a social and political difference if the price increases are in milk and bread, or housing and healthcare, rather than in financial assets, but economically it is irrelevant. It reflects only what the artificial money was first used to buy. Eventually it will dissipate to all goods and services. We will return below to the broader consequences of artificial money being directed specifically to financial assets, but for the time being, we simply mean to point out that the prices are fake. They do not reflect reality.“

    https://mises.org/wire/john-law-and-mississippi-bubble-300-years-later
    John Law and the Mississippi Bubble – 300 Years Later
    9/08/2018f | Alasdair Macleod

    “Most people are aware that historically there have been speculative bubbles. Some of them can even name a few – the South Sea bubble, tulips, and more recently dot-coms. Some historians can go even further, quoting the famous account by Charles Mackay of the South Sea bubble, the tulip mania and the Mississippi bubble, published in the mid-nineteenth century.”

    “The most valuable bubble empirically for the purpose of our elucidation has to be the Mississippi bubble, whose central figure was John Law. Law, a Scotsman whose father’s profession was as a goldsmith and banker in Edinburgh, set up an inflation scheme in 1716 to rescue France’s finances. He proposed to the Regent for the infant Louis XIV a scheme that would be based on a new paper currency.”

    The Lesson for Today

    “Scientists often set up a laboratory simulation to assess the likely outcome of a real situation. A laboratory simulation was, in effect, done for today’s economists by John Law exactly three hundred years ago.”

    “In many senses, the Law episode was a perfect replication of the current situation. Law convinced himself that France’s economic problems could be resolved by the expansion of unbacked paper money, just as mainstream economists do today. At the heart of Law’s experiment was a belief that the state should control the money, and it was not to be left to the choice of the markets. Law defied the established monetary wisdom of the day, just as Keynes did when he set Say’s law to one side so as to create a role for the state.”

    “Today, the cycle of asset inflation, morphing into price inflation has so far always led to a credit crisis, but each of these crises can be regarded as a minor version of Law’s French experiment. They start with the expansion of unbacked paper currency, leading to asset price inflation, which feeds into price inflation, then a credit crisis. These cycles have so far not developed into bubbles as destructive as that of John Law’s, but the distortions have been allowed to accumulate successively over each credit cycle. Consequently, the collapse following the inflationary puff seen in France during 1720 has not yet been seen today.”

    “That time appears to be approaching with the post-war inflationary bubble becoming increasingly difficult to sustain through successive credit crises. Both the expansions of base money and of bank credit in the last credit cycle were unprecedented, and the situation has become more unstable since. The message from Law’s experience is the collapse of the entire fiat money system is unavoidable and probably close. And when it happens it will destroy exposed paper currencies more rapidly perhaps than anyone expects.”

11. You knew this was coming. Anything that angers or annoys our globalist overlords and their Democrat-Bolshevik Quislings is going to be labeled as “hate speech.”

    https://thehill.com/opinion/white-house/579532-is-lets-go-brandon-a-form-of-hate-speech

    1. is going to be labeled as “hate speech.”

       Funny how “F**k Trump” was never labeled “hate speech”. Nor was harassing Republicans when they were in public places. In fact, I recall a certain congresswoman saying to “Get in their faces”.

       Good luck stopping “Let’s Go Brandon”.

       1. Good luck stopping “Let’s Go Brandon”.👍🏻
          Alinsky 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.”

       2. Abd Orange Man was never considered racist by mainstream.

       3. “Good luck stopping ‘Let’s Go Brandon’.”

          If these pukes had any sense they would not try to stop “Let’s go Brandon” but instead would try to hijack its meaning.

          Associate the slogan with Climate Change or gender identification or some other issue these pukes want to push.

          Convert the slogan’s meaning properly and the slogan will die out on its own. Fighting the slogan will act to prolong the use of it.

          1. If I were on the left and if I were running things and if I had the money I would give some puke with the name of Brandon a well-financed platform to associate his name with whatever cause I wanted to push. Hence whenever “Let’s go Brandon” was heard my interpretation and the interpretation of the heavily biased MSM would be interpreted as support for my cause.

    2. https://palmettostatearmory.com/psa-ar-15-letsgo-15-stripped-lower-receiver-pre-order-ships-in-approximately-10-12-weeks.html

       SA “LETSGO-15” Stripped Lower Receiver

       Caliber: Multi

       Serial # Range: “BRANDON 0000”

       Fire Selector: “F@CK!” (Safe), “JOE!” (Fire), “BIDEN!” (Full-Auto)

    3. The actual opinion piece is conservative-leaning. Joe Concha — rightly — recalls that back in the day was ok to F-bomb Trump, and that if Colin K is allowed to get political on the job, then so should a pilot at Southwest.

       Libbies in the comment section went off the rails as usual. Don’t bother.

       1. Bullies always cry for Mommy when they get popped in the nose.

12. Are you concerned that US bond tumult may soon trigger stock market volatility?

    1. The Financial Times
       US Treasury bonds
       US bond tumult risks triggering stock market volatility, analysts warn
       Gap between equities and fixed income volatility measures widens at fastest pace in a decade, according to BofA
       The Federal Reserve building in Washington, DC
       Government bonds have been rumbled by signs that quickening inflation will force central banks to tighten monetary policy sooner than Wall Street had previously expected
       © Stefani Reynolds/Bloomberg
       Robin Wigglesworth and Nick Megaw yesterday

       Volatility in US bonds is surging in stark contrast to the relatively placid run for equities, leading some analysts to warn over the danger that central banks trigger a spasm of volatility in Wall Street’s stock market.

       Fixed income markets have been jolted by fears that rising inflation will force monetary policymakers into scaling back stimulus programmes, but stocks have largely shrugged off these concerns, with Wall Street’s main equities barometers rallying to a series of new record peaks last week.

       The gap between measures of the near-term, derivatives-implied volatility of the S&P 500 benchmark and US Treasury bonds has widened at its fastest rate in a decade, according to Bank of America. Some analysts now warn that the divergence indicates investors are complacent about the risks posed by more hawkish central banks.

       “Equities — and equity volatility — should not miss the forest for the trees, as they’ve never been more dependent on the Fed and the Fed has never been more dependent on economic data, which itself has never been more volatile,” Riddhi Prasad, a Bank of America analyst, said last week.
       …

    2. The Financial Times
       Sovereign bonds
       Bond traders ramp up bets on ‘big shift’ in global monetary policy
       Investors test central bankers’ insistence that elevated inflation will be fleeting
       Reserve Bank of Australia building
       The Reserve Bank of Australia is under pressure to reveal if it intends formally to ditch a key part of its bond-buying programme after yields flew past its target
       © AFP/Getty Images
       Tommy Stubbington
       October 31 2021

       Central banks normally dictate to the bond market. But now, investors are ramping up bets that policymakers have got inflation all wrong, and are forcing some to change tack.

       For much of this year, investors had swallowed central bankers’ mantra that there was no need to raise interest rates to combat a “transitory” burst of inflation. But an autumn surge in energy prices and the surprising persistence of supply bottlenecks in the global economy have sparked an increase in bets on earlier increases in borrowing costs.

       Some central bankers have appeared to follow where markets have led. The Reserve Bank of Australia last week allowed a key three-year bond yield to surge to 0.85 per cent, well above its 0.1 per cent target — apparently surrendering to heavy downward pressure on the debt’s price.

       The Bank of Canada’s abrupt decision to scrap its own quantitative easing programme last week poured fuel on a bond price decline that was already under way. And investors have taken the fight to the European Central Bank, dialling up their rate rise bets for next year despite president Christine Lagarde’s insistence that such a move was inconsistent with the ECB’s guidance.

       “Investors are testing central banks’ resolve that all this is temporary and forcing their hands,” said Andrea Iannelli, investment director at Fidelity International. “A big shift is afoot in monetary policy.”
       …

13. “Of the 650 homes Yruma analyzed, the cities in which the company had the highest percentage of homes that were listed below the purchase price were San Diego at 94.3%, Phoenix at 93.4% and Mesa, Ariz. at 92.6%.”

    Seems like the smart money already fled San Diego, and Zillow is among many bagholders who bought at the top.

14. “Looking at this past quarter, Opendoor and Zillow were posting net losses (-$144 million and -$59 million, respectively). iBuyers are providing a service. It’s not clear they’ve really figured out how to make money.”

    Posters here have realized for years that the Zestimates were too high compared to market value. It’s poetic justice to see those overvaluations bite Zillow in the balance sheet.

    1. “It’s not clear they’ve really figured out how to make money.”

       Whether it’s ibuy or zestimate, to make money you have to buy low and sell high. Not the other way around.

       1. Whether it’s ibuy or zestimate, to make money you have to buy low and sell high. Not the other way around.

          Imagine the people who decided to go out and pay 40% more for a vehicle or RV than last year’s prices. Can you say hatchet wound? FOOKED.

15. ‘many sellers who put their houses on the market in late summer and early autumn finding they may have waited too long to get the price they wanted’

    It’s interesting so many loanowners put their shacks on the market just as word was getting out that the peak was in the past. That would make them speculators. Given closing times, etc, who wants to move around the holidays and fall school season?

    ‘12% March 2024 bond down almost 58% on the day to less than 13 cents, yielding nearly 160%’

    Sacré bleu!

    1. “many sellers who put their houses on the market in late summer and early autumn finding they may have waited too long”

       https://getyarn.io/yarn-clip/caf61a07-66c8-4a35-933c-d0cd223b02fe

       1. If you hit next clip 3 time they are also applicable.

16. Leaked audio of what aide whispered to Biden at Climate Summit

    https://youtu.be/_6rCoShZjjQ

    1. There is an urgent need to diverseride sources and double down on clean energy development.

       Who knew?

       Let’s Go Brandon!

       Biden appears to fall asleep during COP26 opening speeches

       https://twitter.com/zachjourno/status/1455174496164458496?s=20

       by Steve Watson
       November 2nd 2021, 7:00 am

       Later on, after he’d woken up, Biden babbled, slurred and squinted his way through a speech of sorts, arguing that higher energy prices are actually a good thing:

       https://youtu.be/27y1v1KYSro?t=16

       1. ‘arguing that higher energy prices are actually a good thing’

          Take a look at Exxon’s stock price.

17. From cnn, so no link provided.

    China is urging families to stock up on food as supply challenges multiply.

    China is telling families to stock up on food and other daily essentials as bad weather, energy shortages and Covid-19 restrictions threaten to disrupt supplies.
    The country’s Ministry of Commerce late Monday issued a notice directing local governments to encourage people to stockpile “daily necessities,” including vegetables, oils and poultry, in order to “meet the needs of daily life and emergencies.”

    Encouraging people to stockpile. Usually the guberment says that those who stockpile/hoard are bad people.

    1. Encouraging people to stockpile. Usually the guberment says that those who stockpile/hoard are bad people.”

       War ? Taiwan ? The US is a disorganized place now would be the time to move .. IDK my Chinese co-workers think its going to happen

18. CR8R alert: Try not to catch yourself a falling knife buying Chinese property bonds.

    “Yango Group’s bonds fell sharply for a second day, with Duration Finance quoting its 12% March 2024 bond down almost 58% on the day to less than 13 cents, yielding nearly 160%. Its Shenzhen-traded April 2024 bond fell more than 20%, triggering a trading halt. November 2022 and 2023 bonds issued by Evergrande unit Scenery Journey fell more than 12% to about 20% of their face value ahead of coupon payments totalling $82.5 million this weekend. Bonds issued by developers Yuzhou Group Holdings Co, Ronshine China Holdings and Zhenro Properties Group also fell more than 10%.”

    1. https://www.bloomberg.com/news/articles/2021-11-01/china-developers-dollar-bond-sales-fall-to-lowest-in-18-months

19. FEE-FI-FO-FUM!!!!!!!!!!! I hear clucking of helpless Housing Hens!!!!!!!

    Sacramento, CA Housing Prices Crater 20% YOY As Rampant Appraisal Fraud Blankets Northern California

    https://www.movoto.com/ca/95816/market-trends/

20. What institutional buyer is gonna be dumb enough to take 7000 homes off Zillow’s hands in a declining market?

    Try not to catch yerself a falling knife!

    1. Bloomberg
       Zillow Seeks to Sell 7,000 Homes for $2.8 Billion After Flipping Halt
       Patrick Clark, Sridhar Natarajan and Heather Perlberg
       Mon, November 1, 2021, 2:29 PM·4 min read

       (Bloomberg) — Zillow Group Inc. is looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business.

       The company is seeking roughly $2.8 billion for the houses, which are being pitched to institutional investors, according to people familiar with the matter. Zillow will likely sell the properties to a multitude of buyers rather than packaging them in a single transaction, said the people, who asked not to be named because the matter is private.

       A representative for Zillow didn’t immediately comment.

       The move to offload homes comes as Zillow seeks to recover from an operational stumble that saw it buy too many houses, with many now being listed for less than it paid. The company typically offers smaller numbers of homes to single-family landlords, but the current sales effort is much larger than normal.

       If successful, the sale would make a dramatic dent in Zillow’s inventory. The company acquired roughly 8,000 homes in the third quarter, according to an estimate by real estate tech strategist Mike DelPrete.

       Zillow shares dropped 8.6% to $96.61 on Monday. The stock had slipped 22% this year through Friday after nearly tripling in 2020. The company is scheduled to report earnings on Tuesday.

       Zillow recently said it would stop making new offers in its home-flipping operation for the remainder of the year, though it continues to close on properties that were already under contract. The decision came after the company tweaked the algorithms that power the business to make higher offers, leaving it with a bevy of winning bids just as home-price appreciation cooled off a bit.

       An analysis of 650 homes owned by Zillow showed that two-thirds were priced for less than the company bought them for, according to an Oct. 31 note from KeyBanc Capital Markets.

       “I think they leaned into home-price appreciation at exactly the wrong moment,” said Ed Yruma, an analyst at KeyBanc.

       Zillow put a record number of homes on the market in September, listing properties at the lowest markups since November 2018, according to research from YipitData. It also cut prices on nearly half of its U.S. listings in the third quarter, according to Yipit, signaling that its inventory was commanding prices lower than it expected.
       …

       1. Spanked AH. And me without a Put!

    2. Aren’t these guys concerned that publicizing their massive inventory dump might trigger a crash, if other real estate speculators join the race to the exits?

21. Realtors are liars.

22. Check out what is happening with Avis’ stock price …

    CAR Avis Budget Group, Inc. Stock Quote
    https://finviz.com/quote.ashx?t=Car

    This is the “Suck ’em in” phase. Next up will be the “Shake ’em out phase”.

    Stay tuned.

    1. Check out this recent blurb concerning Avis:

       Avis Car Rentals nearly doubles net revenue amid pandemic
       https://finance.yahoo.com/video/avis-car-rentals-nearly-doubles-142232569.html

       (snip)

       “Avis Car Rentals managed to bring their net revenue to almost $3 billion, and analysts are skeptical of future prospects in late 2021 and early 2022. Yahoo Finance’s Emily McCormick reports.”

       Supposedly this pandemic thingy resulted in a lot of extra net revenue to Avis and thus the stock price was justified in going from $175 or so to $550 or so in one day, which is today.

       If it is true that this pandemic created all this net revenue then what should one expect to happen to net revenue when this pandemic subsides?

23. Housing Market Crash? Foreclosures Are Up. Zillow Stops Buying Houses?
    LYFE Accounting
    40,043 views
    Oct 30, 2021
    https://m.youtube.com/watch?v=3wicrCmA14Q

    1. It’s interesting how each time her explanation reaches a point where economic logic suggests prices will drop, she concludes “and that can only make prices go up.”

       I wonder what side of the market the people who pay her are on?

       1. The other day on KSL (Utah publication) an expert informed me that housing demand will increase as interest rates rise because people will want to lock in low rates.

          So while in 2020 prices skyrocketed because of low interest rates, in 2022 prices will further skyrocket because of higher interest rates.

24. $44 Million Loss per Day | High-Speed Rail, the Gray Rhino Impacting China’s Economy | Ghost Rail

    https://www.youtube.com/watch?v=4wsMjxESAY0

    Premiered 14 hours ago

    18:20. You thought you knew how FUBAR China is?

    1. FUBAR

       Dead in the arse atop the biggest smoldering pile of corrupted debt in the world.

       1. More dumb.borrowed.money. looking for a place to die.

          I’d hate to have to pay it back.

25. https://www.foxbusiness.com/lifestyle/sacramento-california-unafforable-housing-market-study

    1. “Major California city becomes the most unaffordable housing market in America
       Home values in the area also jumped by 21% over the last year
       By Emma Colton FOXBusiness
       Oct. 1, 2021 – 3:42

       Sacramento, California, is at the top of the list for the United States’s least affordable new homes markets.

       A new study examining household incomes and comparing them with median new home construction mortgages found the California capital tying with Miami, Florida. Eighty percent of households in the Sacramento region, same as Miami, are priced out of new homes, the study from real estate-technology firm, Knock, found.

       The median new construction home price in the Sacramento region is $650,000, which means residents need an income of about $128,000 to afford an average down payment of $39,000. The median household income in the area is $76,706, according to the report.
       …”

       1. Does anyone have a count of how many U.S. cities saw 20% housing price gains during the pandemic recession?

          1. It might be easier to count the ones that did not.

          2. Try Reventure Consulting. Can’t point to anything specific.
             https://www.youtube.com/channel/UCVTQunGrE3p7Oq8Owao5y_Q/videos?view=0&sort=dd&flow=grid

       2. This is what happens when you financialize shelter. Why aren’t these central bankers and politicians swinging from lamp posts? 80% can’t afford shelter? This is ungodly.

26. The DNC’s FBI Chekists instigate plots, entrap the unwary, then invoke “threats” they themselves conjuring up to demand bigger budgets and new infringements on citizen liberties. “Rule of Law” in Biden’s America.

    DEA agent charged in MAGA riot tells Tucker Carlson an FBI informant urged him to break into the Capitol: The Army veteran faces 15 years prison despite never entering the building

    https://www.dailymail.co.uk/news/article-10157047/DEA-agent-charged-MAGA-riot-claims-FBI-informant-urged-break-Capitol.html

    A former Drug Enforcement Agency official faces up to 15 years in prison over the January 6 riot at the US Capitol, despite his insistence that he never entered the building.

    Mark Ibrahim, an Army veteran who was fired from the DEA over his participation in the events of January 6, spoke out in Tuesday’s episode of Fox News host Tucker Carlson’s series on the fallout from the riot.

27. NBC (fake news) took this poll, so imagine what the REAL numbers are.

    Just 22% of Republicans believe Biden was legitimately elected and HALF doubt their vote will be counted accurately, new poll finds

    https://www.dailymail.co.uk/news/article-10156305/HALF-Republicans-doubt-vote-counted-accurately-future-elections-new-poll-finds.html

    A new poll shows Republicans’ confidence their vote will be counted accurately in future elections has dwindled to 5 in 10 as less than one-fourth of that demographic think Joe Biden was elected legitimately.

    In an NBC News poll released Monday, 58 per cent of all registered voters said they believe Biden legitimately won the presidency in the 2020 election while 38 per cent say they feel that he did not.

    1. With 37% of the vote in, the Republican is ahead in VA gov election. However, I expect that to change as the fake ballots come rolling in about midnight.

       1. Fairfax is already on it.

       2. MSNBC just now: word from McAullife camp an hour ago “bloodbath”

          1. MSNBC

             Tune in for the schadenfreude. Lesson: don’t pi$$ off mama bears.

          2. I don’t think the people of Virginia are too fond of letting perverted men into bathrooms with little girls.

             1. I am pleased that Youngkin won, but dismayed that it was by such a small margin.

             2. such a small margin

                Message from Bobby Pitton forwarded by Sidney Powell via Telegram:

                There are at least 398,000 phantom voters in VA. The high end of my estimate is 985,636. This high end might be too low. I stopped looking for more possible issues because the numbers are so ridiculous.

                The population of VA was 7,078,515 in 2000. Today, it is about 8,631,393 or a 21.94% increase.

                Meanwhile, the vote went from 1.736 million in 1997 for Governor to 2.61 million in 2017.

                In 2009 1.985 million ballots were cast for Governor in VA

                Population was just over 8 million. Almost 22% were under 18 so about 6.24 million eligible voters. 31.8% of eligible voters voted.

                2017, 2.61 million people voted. Amazing as the population of VA went up by about 600,000 since 2010. So Every person added to VA since 2010 was voting age.

                Almost 200,000 people are registered in VA with no other person in VA with that last name. No uncle’s, cousins, sisters, parents etc. These “place holders” is how votes are “laundered in” and then assigned to these fake clones of most commonly used last names in VA

                Last disturbing statistic. The number of Republicans that voted went up by 21.3 percent (just in line with population growth since 1997). Dems outpaced them almost 4.5 to 1. A whopping 1.4 million voted in 2017 vs 739,000 in 1997

                Tomorrow is a pivotal point in our fight against tyranny….. I give the edge to Youngkin. I believe he will be the next Governor of VA and will win by a margin as high as 6%+ if honesty is returning to our election process.

          3. The more important race might be for Attorney General. Right now the R is winning by 1%.
             The House of Delegates is too close to call.

             Looks like the suburban parents “woke up.”

28. Will enough self-hating white libtards pull the D lever to put McAuliffe over the top in Virgina’s gubernatorial election?

    https://thefederalist.com/2021/11/01/in-final-election-push-mcauliffe-claims-virginia-has-too-many-white-teachers/

    In a last-ditch effort to appeal to Virginia voters before they cast a vote in the gubernatorial election on Tuesday, Democrat candidate Terry McAuliffe claimed that the state has too many white teachers and that school staff need to be more diversified.

    “We’ve got to diversify our teacher base here in Virginia,” he yelled. “Fifty percent of students in Virginia schools, K-12, 50 percent are students of color and yet 80 percent of teachers are white. We all know what we have to do in a school to make everybody feel comfortable in school so let’s diversify.”

    1. “…self-hating white libtards…”

       Incredible that such a cohort exists.

       1. It shows the power of indoctrination.

       2. …self-hating white libtards…”
          If I were working in any Govt. position in Virginia and I was white, I would now be pushing the R button. If the Governor will attack white teachers ( and let’s face it teachers are treated almost as saints in many circles) imagine what the Governor will say to state cops, state health workers and every other state position. I hope the correlation is being understood by the white Non-teachers.

          1. Republican Glenn Youngkin wins Virginia governor’s race in blow to Biden

29. Bad police! Bad!

    Texas Police Allegedly Let the ‘Trump Train’ Nearly Crash Into a Biden Bus

    https://www.vice.com/en/article/v7dgyx/texas-police-trump-train-biden-bus-lawsuit

    The cops joked about the 911 call they received and wouldn’t help, according to calls and emails obtained for the lawsuit.

    1. Hilarious. Totally frivilous lawsuit, unfounded and just a pity potty for the professional victim Dems. Nothing dangerous here. This is the evidence? Good God

30. Oh Dear

    https://seekingalpha.com/news/3763327-zillow-calls-it-quits-on-home-flipping-takes-304m-writedown

    1. This is actually significant (i think).

       2 tech folks (targeted online rumors fly fast) that i know (casual friends) were contacted by recruiters within the last couple of hours or so – not just folks in the impacted divisions. I think that they are going to lose some folks with skill (not the management / evangelist / product manager types)

       https://www.seattletimes.com/business/real-estate/zillow-to-close-its-home-flipping-division-lay-off-25-of-staff/?utm_source=marketingcloud&utm_medium=email&utm_campaign=BNA_110221205153+BREAKING+Zillow+to+close+its+home-flipping+biz_11_2_2021&utm_term=Active%20subscriber

       Interesting that the HR chief was clueless even 3 weeks ago
       —
       “At the GeekWire Summit last week, former Washington Gov. Christine Gregoire joined Expedia’s Archana Singh and Zillow’s Dan Spaulding (both chief people officers for their respective companies) to talk about what changes they’ve seen in the workplace and what likely changes are still to come.

       Spaulding said every company has asked employees to change many things about the way they work. And some of those changes are here to stay.

       “Certainly the thing at Zillow that we think will be enduring after the pandemic is just the need for employees to have maximum flexibility over how they use their time everyday,” he said.

       The concept of work flexibility isn’t going to be a couple of days a week, Spaulding said. “It’s going to be everyday.”
       —

       1. “Certainly the thing at Zillow that we think will be enduring after the pandemic is just the need for employees to have maximum flexibility over how they use their time everyday,”

          I guess laying off staff is a good way to ensure maximum flexibility over how they use their time everyday?

    2. Looks like an early frost at Zillow. There goes the free coffee and the 5-gal mountain spring water dispenser!

31. See below re: redfin and others. I really wonder what the investment firms like Blackstone are thinking – and will be doing in 2022.

    —-
    From: Geekwire:

    Erickson added that “Zillow’s buying got ahead of itself as prices started to soften at the end of the summer” and continuing to purchase homes “would have simply furthered incremental losses.”

    Zillow competes with other iBuyer services from Opendoor, Offerpad, and Redfin, among others. They haven’t announced any similar slowdown or pause.

    Redfin CEO Glenn Kelman told GeekWire he was surprised that Zillow decided to ditch Zillow Offers. He said Redfin remains committed to iBuying and “will keep methodically and carefully expanding that service.” Kelman said the choice most homeowners will prefer is a brokered sale, “especially when we charge a fee as low as 1%.”

    The fundamentals of the housing market are actually quite strong.
    “The iBuying business is what we’ve always thought it is, an attractive option for homeowners who are willing to pay more for convenience and peace of mind,” Kelman said.

    An Opendoor spokesperson said the company “is open for business. We have demonstrated strong growth and unit economics, and we are energized to help homeowners nationwide move with simplicity, certainty and speed.”

    Zillow’s home-buying segment brought in $1.1 billion in Q3 revenue, up 534% year-over-year, and up from $772 million in Q2. It accounted for more than 60% of Zillow’s total revenue in Q3. But it also took the $421 million loss, up from $75 million in the year-ago quarter

    1. $1.1 billion in Q3 revenue, up 534% year-over-year,

       That’s hilarious. You can sell at a loss and still boast “revenue”.

       1. Scroll down to the bottom of this screen and check out how Zillow’s insiders had been doing some massive dumping of their stock holdings since Feb 1:

          https://finviz.com/quote.ashx?t=z&ty=c&ta=1&p=d

       2. “It accounted for more than 60% of Zillow’s total revenue in Q3.”

          It makes you wonder how revenue is going to look going forward, after they exit that line of business.

    2. “The fundamentals of the housing market are actually quite strong.”

       If so, I wonder why Zillow is losing boatloads of money as they race for the exit?

       1. “The fundamental business of the country, that is, production and distribution of commodities, is on a sound and prosperous basis.”

          — President Herbert Hoover, Oct. 25, 1929

          1. The Hoovervilles were nice compared to Bidenville tent cities. At least they had hard sides and roofs.

             1. Wouldn’t Trumpville or Yellenville be a more apt moniker? Biden hasn’t been around long enough to blame for an economic disaster.

             2. a more apt moniker

                As in Hoover’s case, the disaster is named for who was in office during the crash, not leading up to it. The blame is about the response.

             3. Biden hasn’t been around long enough to blame for an economic disaster

                👌🙄

             4. “Biden hasn’t been around long enough to blame for an economic disaster.”

                You need your head examined.

             5. Biden hasn’t been around long enough to blame for an economic disaster

                Haha, whaaaa? This guy is a walking economic disaster. Have you not see what his NAZI mandates are doing to the employment landscape?

       2. Bloomberg
          Zillow Shuts Home-Flipping Business After Racking Up Losses
          Patrick Clark
          Tue, November 2, 2021, 3:44 PM·5 min read

          (Bloomberg) — Zillow Group Inc. is pulling the plug on its tech-powered home-flipping operation, after an ambitious effort to transform the company collapsed when its vaunted pricing algorithms proved unequal to the task.

          The company plans to take writedowns of as much as $569 million and reduce its workforce by 25% as it winds down the business in coming months, according to a statement Tuesday. Zillow shares plunged as much as 11% to $76.22 in late trading.

          The decision to abandon home flipping comes as the company’s third-quarter results showed it lost more than $380 million in the operation, called Zillow Offers. The business hit a major snag in recent months as Zillow tweaked its algorithms to make more aggressive offers, causing it to overpay for houses just as the heated U.S. market began to cool slightly.

          With the company’s losses mounting, Chief Executive Officer Rich Barton said it had become too risky to scale the business in a U.S. housing market that has been running hot for well over a year during the pandemic.

          “Fundamentally, we have been unable to predict future pricing of homes to a level of accuracy that makes this a makes a safe business to be in,” Barton said on an earnings call.

          Read more: Zillow Selling 7,000 Homes After Halt in Flipping Operation
          …

          1. Zillow Quits Its Homebuying Business as Losses Mount. The Stock Is Plunging.
             By Shaina Mishkin
             Updated Nov. 2, 2021 7:55 pm ET / Original Nov. 2, 2021 4:42 pm ET
             Zillow Group stock fell 12% in after-hours trading Tuesday.
             Tiffany Hagler-Geard/Bloomberg

             Zillow Group said it would shut down its homebuying and selling business, citing the company’s inability to accurately predict future home prices.

             “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility,” CEO Rich Barton said Tuesday.

             “We have been willing to take a really big swing on this, but not a bet the company swing,” the CEO said on an investor call following the announcement in the company’s third-quarter earnings.

             Barton also said labor and supply shortages backed up the company’s home-processing pipeline. “We’ve been able to convert only about 10% of the serious sellers who ask for a Zillow Offer, and we have tended to disappoint the roughly 90% who didn’t sell to us,” Barton said.

             Zillow still has thousands of homes in its inventory. The company said in its shareholder letter released Tuesday that it purchased 9,680 homes in the latest quarter and sold 3,032 homes. It ended the quarter with 9,790 homes in its inventory and an additional 8,172 homes under contract. That’s a significant increase from the 3,142 homes Zillow had in its inventory at the end of the second quarter.
             …

             1. Considering that the Fed has yet to go beyond just talking about removing the Quantitative Easing punchbowl, Zillow sure has cratered alot already!

32. ‘I’d rather be a billionaire and not be loved by everybody than not have any money.’”

    Said the guy soon to be on his deathbed crying for his Mommy because he’s alone.

33. Oh dear…Zillow, we hardly knew ye!

    https://www.marketwatch.com/articles/zillow-stock-price-earnings-homes-sale-buy-ibuying-business-51635885709?mod=mw_latestnews

34. Kyle Rittenhouse could use prayers and/or vibes from those of us who believe arsonists and looters should face opposition.

    1. Video evidence showing self-defense.

       BREAKING: Brand new footage of Kyle Rittenhouse shooting released
       During the trial of Kyle Rittenhouse on Tuesday, video was entered into evidence that showed the shooting for which the young man is on trial from an aerial angle. The video had not yet before been seen.

    2. The comical part was that the DA was trying to say Rittenhouse was hunting these people, yet there’s video of them chasing him as he fires in self defense. Libtards are delusional liars.

35. View: China’s slowing growth and huge debt threaten investors worldwide
    todayuknews
    11 hours ago
    3 minutes read
    Satyajit Das is a former banker and author of A Banquet of Consequences – Reloaded: How we got into this mess we’re in and why we need to act now

    The uproar surrounding China’s beleaguered Evergrande Group, the world’s most indebted property concern, are distracting from China’s broader debt problem and slowing economic growth.

    China’s overall debt was 270% of its GDP at the end of 2020, up from 247% a year earlier. Foreign debt reached $2.4tn in 2020. Since 2008, Chinese borrowing, mainly by businesses and households, has risen by almost 100% of GDP and accounts for two thirds of the global debt increase.

    Evergrande’s outstanding debt of more than $300bn constitutes less than 1% of China’s total debt.
    …

36. #crateringhousing

37. So not condemning a schoolboard who told a father we have no record of your daughter being raped by a boy wearing a skirt in the school’s girls room and then having him arrested when he protests at a schoolboard meeting, telling parents they have no say in their children’s education and making a statement that we have too many white teachers is not a winning strategy for a governor’s campaign.

    Who knew?

38. Will DemTards ever learn? Sadly there are people out there that -want- to believe these charades…. mostly gullible helpless demtards.

    https://rumble.com/vokhcd-va-democrats-have-reached-a-new-low.html

39. Granite Bay, CA Housing Prices Crater 19% As Double Digit Price Declines Saturate Sacramento Area

    https://www.movoto.com/granite-bay-ca/market-trends/

    As on Sacramento borrower lamented, “I’m losing my ass on this house.”

40. GlobeNewswire
    Zillow Investor Alert: Kaplan Fox Investigates Potential Securities Fraud at Zillow Group, Inc.
    Kaplan Fox & Kilsheimer LLP
    Tue, November 2, 2021, 6:09 PM·2 min read

    NEW YORK, Nov. 02, 2021 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Zillow Group, Inc. (“Zillow” or the “Company”) (NASDAQ: Z and ZG). Zillow operates a real estate website in the U.S., including Zillow Offers, which buys and sells homes directly in dozens of markets across the country.

    On November 2, 2021, after the market closed, Zillow issued a press release reporting “Third-Quarter 2021 Financial Results” and its “Plan to Wind Down Zillow Offers Operations.” The press release disclosed that the Company is reducing its workforce by approximately 25% and plans to take as much as $569 million in write-downs. Among other things, the press release states “[i]ncluded in the company’s third-quarter financial results is a write-down of inventory of approximately $304 million within the Homes segment as a result of purchasing homes in Q3 at higher prices than the company’s current estimates of future selling prices” and “[t]he company further expects an additional $240 million to $265 million of losses to be recognized in Q4 primarily on homes it expects to purchase in Q4.”

    Following this news, Zillow shares that trade under the symbols Z and ZG both fell over $20 per share, more than 20%, in after market trading on November 2, 2021.
    …

    If you purchased or otherwise acquired Zillow securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

    This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

    Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at http://www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

    Frederic S Fox
    KAPLAN FOX & KILSHEIMER LLP
    850 Third Avenue, 14th Floor
    New York, New York 10022
    (646) 315-9003
    E-mail: ffox@kaplanfox.com

    Laurence D. King
    KAPLAN FOX & KILSHEIMER LLP
    1999 Harrison Street, Suite 1560
    Oakland, California 94612
    (415) 772-4704
    Fax: (415) 772-4707
    E-mail: lking@kaplanfox.com

    1. They’re just fine with fraud as long as the stock goes up. But when your gambling doesn’t pan out, SUE!

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