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As Winter Has Come, Everyone Feels Cold

A report from 12 News in Arizona. “‘The market started to cool and Zillow missed the off-ramp,’ said Mike DelPrete, a real estate analyst. iBuyers are responsible for around 10 percent of all listings in the Phoneix market. One of the biggest iBuyers, Zillow, is selling many of those homes for a loss. The median listing price of Zillow’s 250 homes is 6 percent below what they bought the properties for. ‘Zillow will end up losing millions of dollars. But this is a company that has already lost hundreds of millions doing iBuying,’ DelPrete said.”

From CNN Business. “Zillow is getting out of the iBuying business and will shut down its Zillow Offers division, resulting in a 25% reduction in its staff. In its quarterly earnings report on Tuesday, the company said it will see a total write-down of more than $540 million as a result of its exit from the business. The company said on Tuesday that the $304 million inventory write down it recorded in the third quarter from its Homes segment, which includes Zillow Offers, was because it bought homes during the last quarter for prices higher than it believes it can sell them.”

From Bloomberg. “Following the company’s decision to halt new purchases, it became clear that Zillow had misjudged the housing market, tweaking its algorithms to make more aggressive offers just as competitors Opendoor Technologies Inc. and Offerpad Solutions Inc. were growing more cautious. Zillow’s fire sale could continue: The company expects to buy roughly 9,000 homes in the fourth quarter and said it will take a writedown of as much as $265 million on home purchases that will close in the final three months of the year.”

From Market Watch. “‘Monthly home value growth has slowed from its record-breaking pace this summer, inventory is up for the fourth month in a row and more sellers are cutting their list price. This all points to less competition for home shoppers, but make no mistake, the housing market remains clearly tilted in favor of sellers,’ says Zillow senior economist Jeff Tucker. Indeed, the latest Zillow market report released in October notes a slight softening in for-sale markets, with monthly home value appreciation slowing for the first time since January. The Zillow report also reveals that inventory of for-sale listings rose for the fourth month in a row, along with more sale listings cutting prices.”

The Denver Post in Colorado. “Both home sales and active listings in metro Denver dropped in October, with the housing market running much cooler than this time last year, according to the Denver Metro Association of Realtors. Sales of single-family homes and condos fell 8.3% to 5,169 between September and October and they are down by a fifth from October 2020. ‘“Listings are still getting offers but far fewer than we saw this past summer,’ said Jenny Usaj, a member of the DMAR Market Trends Committee, which compiles the report. ‘A few of our recent listings received only two or three offers. As such, the cooler fall season makes it a great time to buy since and — from what we have seen — there appears to be less buyer competition.'”

The Real Deal on New York. “As Manhattan’s luxury market ploughs ahead, soaring discounts saw co-op sales tick up last week. Donna Olshan, the author of the report, said uptick in co-op sales was a function of deepening discounts. Last week’s 10 co-op contracts were last listed at 21 percent below their original asking prices, on average. ‘More things moved in the co-op sector because of the price,’ said Olshan.”

“Another notable co-op deal was for the penthouse at 1045 Fifth Avenue formerly owned by musician Paul McCartney. The Beatle and his wife bought the triplex unit for $15.5 million in 2015 and it went into contract last week asking $10.5 million.”

The San Diego Reader in California. “I spoke to Ash Yousif, a Southern California real estate investor, on November 1. ‘Even if the city and county say you’re able to evict them, or you’re able to get them out of the unit whether they’re paying rent or not paying rent, you need to speak with an attorney. The laws are continually changing. The moratorium was extended numerous times in the last 18 months; city and county moratoriums differ.'”

“Many people on the Nextdoor app asked, ‘Why don’t these people sell their properties?’ Yousif responded, ‘That’s another problem. If you have a tenant that’s not paying, and you want to sell the property, you’re going to have to sell it at a way discounted price or like a fire sale to get out of it. Because nobody wants to touch it. It’s like radioactive.'”

The Globe and Mail in Canada. “While a unit in a boutique building across from Berczy Park sold quickly, other desirable units sit for much longer. ‘We’ve become used to a very effortless, fast pace,’ says Christopher Bibby, broker with ReMax Hallmark Bibby Group Realty, but the market is less predictable now. Ms. Bibby says the condo market slowed markedly toward the end of the summer.”

“In the condo market, buyers have been willing to delay a purchase until they have more to choose from. ‘Buyers were waiting, saying, ‘Let’s see what’s coming,’ Mr. Bibby says. ‘There’s not this same sense of urgency or this need to buy now. It’s quite strange.'”

“Abhilasha Singh, an economist at Moody’s Analytics, says the Canadian housing market is showing signs of returning to earth, after low interest rates and fiscal support encouraged many people to upgrade their lodgings during the pandemic. Ms. Singh says the rapid elevation of prices has put the cost of a house out of reach for many potential buyers. With the Bank of Canada now tapering its asset purchases, interest rates are poised to rise, she says.”

From ABC News on Australia. “CoreLogic research director Tim Lawless says the slower growth is because of worsening housing affordability, rising supply levels, and less stimulus circling throughout the economy. ‘Housing prices continue to outpace wages by a ratio of about 12:1,’ Mr Lawless said. ‘This is one of the reasons why first home buyers are becoming a progressively smaller component of housing demand. New listings have surged by 47 per cent since the recent low in September and housing-focused stimulus such as HomeBuilder and stamp duty concessions have now expired.'”

Two from Bloomberg. “Property developers in China looking to raise badly needed cash by selling assets are finding it hard to strike deals as potential buyers in the sector hoard funds after home sales plunged and Beijing stepped up its borrowing crackdown. For years, developers ranging from Dalian Wanda Group Co. to Seazen Group Ltd. were able to overcome financing stress by selling off parcels of land, construction projects or other assets. Big property rivals, including Evergrande, Sunac China Holdings Ltd. and China Vanke Co., were often willing buyers.”

“That’s no longer the case, with Evergrande’s debt crisis engulfing the sector while Beijing’s crackdown puts a straitjacket on fresh borrowing. ‘As winter has come, everyone feels cold,’ Yu Liang, chairman of China Vanke, told state media Securities Times when asked about potential deals with Evergrande. ‘Before lending help to others, one should ensure its own safety.'”

“Contagion risks are rising in Asia’s offshore credit markets as a clampdown on Chinese property firms prompts rising default risks and threatens a broader economic slowdown. That comes just as mounting global inflation has punished fixed-income markets and caused bond yields to rise amid bets central banks will need to hike rates sooner rather than later. This confluence of factors dragged down dollar bond sales in China last month to $10.6 billion, the least this year.”

“The selloff in developers’ debt is also showing signs of spreading to investment-grade giants, which may further pressure demand for fresh sales in November. Yields on China’s junk-rated dollar debt, which is dominated by real estate firms, are at 21.3%, their highest in at least a decade, a Bloomberg index shows.”

Related Posts

Job Loss Could Lead To More Listings And Potentially Lower Prices

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This Post Has 125 Comments

  1. ‘Why don’t these people sell their properties?’ Yousif responded, ‘That’s another problem. If you have a tenant that’s not paying, and you want to sell the property, you’re going to have to sell it at a way discounted price or like a fire sale to get out of it. Because nobody wants to touch it. It’s like radioactive’

    Eat yer crowz Thornberg.

    1. “And they haven’t paid anything, and they refuse to sign the paper so I would get help from the government.”

      So someone whose name doesn’t appear on the property’s deed has wrested control of the property?

      1. I don’t know why anybody would ever aspire to be a landlord after politicians, acting as dicktators, usurped contract law and financially destroyed property owners.

    2. > ‘There’s not this same sense of urgency or this need to buy now. It’s quite strange.’”

      That was LOL funny to read.

  2. ‘Contagion risks are rising in Asia’s offshore credit markets as a clampdown on Chinese property firms prompts rising default risks and threatens a broader economic slowdown’

    Contagion is already here Bloomberg:

    ‘The selloff in developers’ debt is also showing signs of spreading to investment-grade giants’

    ‘bond yields to rise amid bets central banks will need to hike rates sooner rather than later’

    Wa? But central bank gonna save shack gamblers?

    Time to pony up those zillow bets boys.

    1. ‘Contagion risks are rising in Asia’s offshore credit markets …’

      This story has been reported daily in the international financial news for how many weeks on end now? Surely the central banking community has the situation contained at this point.

  3. The Commonwealth of Virginia gave Da Middle Finger to Pedo Joe and the Democrat Party yesterday.

    Let’s Go Brandon!

    1. The whole FJB thing is people rising up and yelling this senile corrupt pedophile ain’t president of sh$t. Where are the stadiums of people expressing simultaneous support? Trump country.

    2. Poetic justice: the globalists and their Democrat-Bolshevik Quislings pull off wholesale electoral fraud to install their corrupt puppet, who then turns out to be so unpopular that he creates a huge popular backlash against commie tyranny. #FJB and his globalist puppet masters!

      1. US Democrat Party Election Fraud operatives are swarming on Trenton.

        How long does it take to drive from their Philly HDQ’s to Trenton? Bought a halfhour on the turnpike?

    3. Let’s Go Brandon is the closest thing we’ve had to a black swan in months. Everything else, really, is predictable.

    2. That whole valley is a sh!thole. Who would want to live where temps soar over 100 every day for more than 6 months straight each year? And there’s nothing to do outside, you’re just cooped up indoors hoping your AC doesn’t go out.

  6. ‘make no mistake, the housing market remains clearly tilted in favor of sellers’

    Dear employer: I needs a yab. Signed Jeff.

  7. ‘bought the triplex unit for $15.5 million in 2015 and it went into contract last week asking $10.5 million’

    Somebody took an a$$pounding. Let it be.

    1. Does it seem like the MSM does the public a great injury by downplaying how much money investors are losing by overpaying for real estate and selling at a massive loss? $5 million is alot of money to throw down the real estate investing rathole!

      I’m starting to wonder if these real estate journalists truly are the enemy of the people.

  8. ‘The market started to cool and Zillow missed the off-ramp,’

    That doesn’t seem to be the case for their executive stock and options trading activity since early 2021. In retrospect, it appears the corporate insiders jumped ship and left retail investors holding the bag, all the while offering assurances about housing market strength.

    1. “This all points to less competition for home shoppers, but make no mistake, the housing market remains clearly tilted in favor of sellers,’ says Zillow senior economist Jeff Tucker.”

      Given the strong sellers market, I wonder why Zillow is planning to sell thousands of homes at loss of millions of dollars, and cut 25% of its staff.

      Got hotcakes?

  10. ‘The company expects to buy roughly 9,000 homes in the fourth quarter and said it will take a writedown of as much as $265 million on home purchases that will close in the final three months of the year’

    The fourth quarter for a company may not be calendar year. I looked up this PDF:

    https://s24.q4cdn.com/723050407/files/doc_financials/2021/q3/Zillow-Group-3Q21-Earnings-Release.pdf

    ‘Included 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. The 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.’

    ‘Additionally, Homes segment Q3 revenue is below the company’s previously provided outlook range due to resale capacity constraints that pushed a number of closings into Q4 that were previously expected to close in Q3.’

    So they already bailed, and the a$$ poundings are getting dragged into a quarter where they aren’t even buying by “an additional $240 million to $265 million.”

    That’s some red hotness right there!

  11. More stuff coming in. CBB is a major realty company in WA and OR. They just sold out …

    I am just waiting to find out if Blackstone and other big financial investment houses will continue their plans of buying SFHs.
    —–
    Owner and Chairman Bill Riss sold his majority interest in the company to US RES Holdco LLC, an affiliate of Houston-based title insurance company Stewart Information Services, Coldwell Banker Bain announced Tuesday.

    Among the region’s largest residential real estate firms, Coldwell Banker Bain reported more than $6 billion in sales volume last year.
    …
    Without naming specific competitors, Coldwell Banker Bain CEO Mike Grady wrote in an email to brokers Monday: “Over the last few years, our industry has been changing with non-real estate, venture capital companies looking to displace the broker from the center of [the] transaction. The most concerning are the type with significant funding behind them. This deep capital, and lack of the necessity for profit, allows these competitors to operate in a manner traditional real estate companies would find challenging.”

    1. “I am just waiting to find out if Blackstone and other big financial investment houses will continue their plans of buying SFHs.”

      Here’s to hoping they do, then lose millions of dollars when the COVID-19 bubble spike unwinds.

  12. regarding Zillow – see the brutality in the 1st 4 paragraphs of a news story.


    Zillow Group had a wealth of data, access to millions of dollars in capital and executives with the hubris to believe they could use these tools to outsmart both a volatile housing market and startups specializing in buying and selling houses.

    They failed, and lost more than half a billion dollars in the process.

    Zillow said it will permanently exit the so-called iBuying business Tuesday, after going on an unprecedented home-buying spree that saw the internet-based real-estate-services company buy more than 14,000 homes in just six months. Only after that spree did Zillow executives realize that they had overspent, and were sitting on massive losses in the months to come.

    The result is more than $550 million in combined losses for the third and fourth quarters, and the dissolution of a business that had been rapidly growing — the layoffs will pare 25% of Zillow’s entire staff. The board decided to kill the nearly four-year-old Zillow Offers business Tuesday, and sent its co-founder and chief executive out to swing the axe.

  13. “said Jenny Usaj, a member of the DMAR Market Trends Committee, which compiles the report.”

    Can you imagine the pretzeling and gyrating that goes on at these “committee meetings”? The fairy tales, fiction and fables these ex-cons and felons come up with make Shakespeare look like an amateur.

    Bronx, NY Housing Prices Crater 32% YOY As NY Economy Hemorrhages And Sellers Beg And Plead For Offers

    https://www.movoto.com/bronx-ny/market-trends/

      1. The Wall Street Journal
        A-hed
        Greta Thunberg’s Dad Won’t Be With Her at the Climate Summit—and He’s Thrilled
        The young activist turned 18, leaving her parents free to get back to their lives. ‘We have jobs.’
        By Max Colchestertm
        Nov. 1, 2021 9:17 am ET

        One person is delighted not to attend the United Nations climate change conference this month.

        Greta Thunberg’s dad.
        …

    2. I feel kind of sorry for Greta. It was her dad pretending to be her, posting online, putting her in the line of fire as a child. That’s despicable. He was even outed for it.

        1. I don’t like her either. It’s just that she’s a product of her sh!tbag father. He created her. She never had a chance.

    3. Greta killed the myth of the hot Swedish chick. A bleach blond wig and chest augmentation surgery would be advised, but there’s still the fetal alcohol face issue.

      1. I had a business trip to Stockholm many years ago. It was painfully evident that it was indeed a myth.

      2. Eastern Europe is where the hotties spring from, but so many of them smoke cigarettes, which is a huge turn-off for me.

        1. ^^This. The eastern European women are sinfully hot. That’s where I’d go if I blew this popsicle stand.

      2. Pre-holiday lay-offs gotta hurt.
        And, and, I do not think they will be eligible for the extended, and extended and extended and enhanced, and enhanced unemployment benefits!! They are also not eligible for Cobra payments. Bad timing indeed.

    2. “One quarter of its staff, is that a lot?”

      It’s half way to half 🙂

      Although not a math professor like some here I’ve been dealing with fractions to make a living since 1982.

      Why just one and a half years ago at the age of 61 I almost bought a 2020 Rally Green (discontinued color now) dual exhaust 6.2 liter LT1 Camaro after experiencing the power of the new 5.3 liter Chevy RST pickup I had just purchased.

      But I thought to myself, this is just a midlife crisis. Then I thought to myself midlife is 40 and you’re way past that, this is more like a 3/4 life crisis. Then I thought, hell you’re past that, this is a GD 13/16 life crisis.

      Although for the most part I am glad I never pulled the trigger on the Rally Green Camaro, had I done so I was going to try to get a vanity plate from the state of Florida… 13/16

      1. But I thought to myself, this is just a midlife crisis. Then I thought to myself midlife is 40 and you’re way past that, this is more like a 3/4 life crisis. Then I thought, hell you’re past that, this is a GD 13/16 life crisis.
        Ha 😆

  20. The Financial Times
    Opinion Unhedged
    Zillow was not smarter than the housing market
    The future proves hard to predict, again
    Robert Armstrong yesterday
    Welcome back. I have eaten a lot of Halloween candy in the past 24 hours, so I hope today’s letter makes some sense. If not, send me a note: robert.armstrong@ft.com.

    Zillow’s data didn’t help

    Back in 2018, the real estate listings company Zillow announced that it was getting into the business of buying and selling homes itself. The company had its roots in helping real estate brokers generate leads, an area where it was dominant, but it wanted to capture more of the economics of each home transaction.

    On a conference call announcing the 2018 move, an analyst asked Zillow execs this question:

    “It feels like we’re kind of deep into this economic cycle. How do you guys kind of mitigate the risk associated with owning all this inventory, particularly as we think about the longer economic cycle?”

    Good question. Listing homes is a capital-light business driven by technology. Buying and selling houses is really, really not. One happens on the internet. The other involves owning big, expensive, immovable things that have high carrying costs. A Zillow co-founder and board member replied to the question as follows:

    “Nobody understands the housing market better than we do. We intend to keep these homes for less than 90 days. We have a lot of predictive capabilities based on our housing data and our consumer insights, and we think we can weather any downside risk better than anyone. We’ve taken a lot of prudent measures to mitigate and minimise risk here. The most obvious one is that we will see issues coming because of consumer demand trends and data that we have on the housing market. And we can adjust our purchasing and we can adjust our selling commensurate with market conditions.”

    This was wrong, as it turns out. On Tuesday, Zillow announced it would get out of the house-flipping business. Rich Barton, chief executive and co-founder, said:

    “Fundamentally, we have been unable to predict future pricing of homes to a level of accuracy that makes this a safe business to be in. We hadn’t modelled this kind of pricing market nor supply market to even be possible when we got the business going. And we’ve seen all this volatility in both directions, right now in the wrong direction . . . 

    We pump [current volatility levels] into [our] model and the model cranks out a business that has a high likelihood, at some point, of putting the whole company at risk, not just the [house flipping] business. But in the more normal case, it just causes a ton of volatility in earnings, which is not a great look for a public company.”

    It is very easy to say that a business was doomed after it has failed, so I am resisting the urge to shout “well, duh!”. That said, the urge is extremely strong. Predicting the direction of market prices, even and perhaps especially over the short term, is hard, and rising prices can seduce you into thinking otherwise, as an absolutely huge and unforgettable global crisis proved just a few years ago.
    …

    1. “…Nobody understands the housing market better than we do….”

      Memo to Zillow executives:

      Not true. If you had simply followed the HBB and its readers for the last 3 years (since inception of Zillow IBuyer), who presciently called your scam, you could of saved yourself about $500mm.

      Of course, there would have been no manufactured opportunity to fleece investors of millions by executive stock dumping or excessive multi-million dollar salaries.

  23. amidst all the maelstrom is kevin bacon in a gold century 21 blazer yelling “all is well. . . All Is Well. . . ALL IS WELL !! “

  24. Just heard par of 2 guests having a debate about the Virginia Governor race on Fox News.

    The Democrat talking head said (and I paraphrase)

    Youngkin won because he ran away from Donald Trump.

    The Republican talking head said (and I paraphrase)

    I disagree, Glenn Youngkin won because the last 10 months have been a reality show that I like to call… “Keeping up with the Marxists”.

        1. Beanie Boy got the couf, BAD. He had to get Rogan’s kitchen sink treatment. He’s got a vid explaining it. He does not reveal whether he had gotten vaxxed. But from the sound of it I don’t think he did — or he got Pfizer a long time ago.

    3. Mandate young kids to get the Pfizer jab? The poor kids don’t even have the choice of waiting for a non-mRNA jab.

  26. The Centers for Disease Control and Prevention (CDC) altered the definition of “vaccine” because of concern that its definition did not apply to COVID-19 vaccines, according to newly released internal emails.

    The agency updated its definition on Sept. 1.

    The definition was formerly, “a product that stimulates a person’s immune system to produce immunity to a specific disease, protecting the person from that disease.” It is now, “A preparation that is used to stimulate the body’s immune response against diseases.”

    One CDC employee in August, shortly before the definition was changed, said that the definition was being used by “right-wing COVID-19 pandemic deniers … to argue that mRNA vaccines are not vaccines,” according to the newly published emails.

    The Pfizer and Moderna COVID-19 vaccines utilize messenger RNA technology. All three COVID-19 vaccines authorized for use in the United States have plummeted in effectiveness against infection in recent months after initially being promoted as protecting against infection and severe disease.

    The definition “was twisted to claim that the existing COVID-19 vaccines were not vaccines because they only prevented severe illness,” the CDC employee said.

    Alycia Downs, listed on LinkedIn as the lead health communication specialist for the agency, messaged a colleague on Aug. 19, saying she needed to update the definition and others like it “since these definitions are outdated and being used by some to say COVID-19 vaccines are not vaccines per CDC’s own definition.”

    Downs didn’t receive a response so she messaged again the following week, writing, “The definition of vaccine we have posted is problematic and people are using it to claim the COVID-19 vaccine is not a vaccine based on our own definition.”

    Valerie Morelli, another CDC official, approved the change on Sept. 1, even though it seems to differ greatly from a definition she laid out in an earlier document (pdf).

    “If this is for the general public, I am good with the change,” Morelli wrote.

    The emails were obtained by lawyer Travis Miller through a Freedom of Information Act request. The CDC did not dispute their authenticity.

    Instead, the agency sent The Epoch Times the same response it received earlier in the year when it inquired about the change. The agency says the “slight changes in wording” for the definition “haven’t impacted the overall definition” and that the previous definition “could be interpreted to mean that vaccines were 100% effective, which has never been the case for any vaccine, so the current definition is more transparent, and also describes the ways in which vaccines can be administered.”

    Other parts of the CDC website still say the COVID-19 vaccines grant immunity.

    “It typically takes 2 weeks after vaccination for the body to build protection (immunity) against the virus that causes COVID-19,” one page says.

    COVID-19 is the disease caused by the CCP (Chinese Communist Party) virus.

    https://www.theepochtimes.com/mkt_breakingnews/cdc-changed-definition-of-vaccine-because-of-covid-19-vaccines-emails_4083638.html

    1. Ironically, Webster just changed the definition of vaccine two days ago to reflect this political wordsmithing. Google points mostly to media links rather than online dictionaries.

      A vaccine is supposed to prevent infection, not lessen the symptoms. The latter doesn’t make logical sense anyway. You’ll still get a raging infection, but you won’t be as sick? I prefer to think of the shots as a “Manipulated Statistics Vehicle”.

    2. My clot shots expire today since its been 6 months from the 2nd one, and I will never get another vaccine for anything for the rest of my life.

      Colored people drinking fountains, sit in the back of the bus, pick up takeout food from the back door, that’s what the globalists want me to do.

      Welcome to the medical apartheid police state.

      1. the medical apartheid police state

        CA’s vax mandate has me worried. Our children’s hospital appears to have been a clinical trial site for Pfizer so they’re not looking out for the children. My son had a documented case of COVID in August so he’s at an increased risk of side effects with zero benefit. His developmental pediatrician won’t write an exemption. His normal pediatrician works for the health group that treated me horrendously for being unvaxxed so I don’t expect she’ll write an exemption. Distancing learning and homeschooling aren’t viable options. I’m thinking I should just buy an RV and hit the road with him.

        Meanwhile, Newsom got a Moderna booster to his J&J vax (supposedly) and 2 days later canceled his trip to COP26, which is a big deal given his prominence in the D party and the climate agenda. How poetic would it be if he died?! A girl can dream.

        3. Many people share that dream!

          I’m in a similar situation, RR. Looking to move out of California, if only to buy more time before being forced to vaccinate my kids, who had covid last spring. It’s as if natural immunity is no longer a thing.

          1. It’s as if natural immunity is no longer a thing.

            It’s what convinces me that there is an agenda behind a “needle in every arm”. I’ve had people wag their finger at me, telling me that my newfound natural immunity to covid won’t even last until Christmas. I remind them that it’s the other way around, it’s the “vaccines” who offer a short lived (if any at all) immunity.

          2. Exactly.
            My daughter had chicken pox when she was a one-year-old. As a result, she has a medical exemption for the pox vaccine. Covid should be treated the same way.

  27. “Liberals….Don’t Get It TWISTED… We Will Gladly say ‘F**k Joe Biden’. We say ‘Let’s Go Brandon’ because the news reporter lying about what the fans were chanting is how the media treats all of Joe Biden’s blunders”

    -The Hodgetwins

  30. Are suburban white women belatedly figuring out they’ve been voting for a malign globalist-controlled party that hates them and wants to systematically marginalize and ultimately replace them and their white children?

    Deflated Terry McAuliffe concedes defeat to Republican Glenn Youngkin in Virginia governor race that leaves Biden and the Democratic Party in peril

    https://www.dailymail.co.uk/news/article-10161115/Terry-McAuliffe-admits-DEFEAT-Youngkin-Virginia-governor-race.html

    2. “My government lied to me”

      Sadly, some people only learn the hard way. Pedo Joe and his puppet masters don’t care about you or your family. They most likely want you dead and gone.

      2. They most likely want you dead and gone.”

        That’s what VDH says on his many Podcasts. The costal elite don’t like middle class free thinkers just vast multitudes of dependent serfs.

    2. Listening to local talk radio this AM. Apparently the poor girl and dog burned to death 😳 People living in the area were awakened by her screams. I can’t even imagine. Also there’s some video of him and his gf in the car, haven’t seen it, shows him confused about controls in car, not that it would matter if you’re that drunk.

      1. “Apparently the poor girl and dog burned to death”

        I’m sure those standup citizens who are the owners, players and advertisers of the NFL are already working on a campaign to end these senseless deaths.

        “In 2017 alone, nearly 11,000 people died in drunk-driving car crashes including more than 200 children under age 14”

        Or maybe they will continue to focus on the 240 black people a year who are killed by police in the act of committing a crime.

        NFL
        @NFL
        Players, we hear you. #StrongerTogether

        https://twitter.com/robot_amazon/status/1269026141228224515?s=20

  35. Bernie Sanders angry that the SALT deduction is wanted back by fellow Democrats’. I thought Democrat’s were for the poor not my neighbors and their 10- 50K property tax deductions plus whatever they make in pay and RSU’s.

    What this has to do with infrastructure = nothing

    2. Fox reporting that Pelosi put paid family leave back into the Build Back Better bill, even after Manchin insisted it be taken out. “[Manchin] has called for any paid leave program to include a work requirement.”

      Wait, “work requirement?” Isn’t that what “leave” means, paid time off work? How do you get paid time off work if you’re not already working? So what exactly is in this bill? Straight up cash for babies even if you’re on your butt at home?

      2. Lots of workers don’t get a W-2 as they are considered contractors, so it’s a 1099 form. Contractors are in a better position to “adjust” their income to meet requirements.

    1. Yep. Usual trick. Dems purposely did not tally their count until the Republicans did so they would know how much to steal. They flipped the largest county that was red to blue.

    2. Why was there a red “breaking news” banner on Yahoo when the Dem won New Jersey, yet no such thing when the Repub won Virginia? I smell yet another rat.

  37. Real Journalists had predictable meltdowns as their fellow Communists got trounced at the polls. Anyone got any good “liberal tears” videos to post, similar to the ones that provided so much hilarity after Trump curb-stomped Crooked Hillary in 2016?

    Twitter roasts MSNBC for Election Night meltdown

    https://www.foxnews.com/media/twitter-roasts-msnbc-election-night-meltdown

    “MSNBC is currently going through the 7 stages of grief on an endless loop in real time,” radio host Buck Sexton tweeted. “It’s great, highly recommend.”

  38. A special shout-out to AG Merrick Garland, the DNC’s FBI Chekists, and the Loudoun County school board for the roles they played in exposing the true malign character and agenda of the Democratic Party and the Comrades of Proven Worth (D) in our NEA indoctrination mills.

  39. They grabbed another steal — Dems stole New Hersey.
    Largest county was red by several points.
    Suddenly it flipped blue.
    Seems Virginia my home state won Red by close poll watching with lawyers on stand by.

    1. Stealing an election is one thing. Actually governing is another thing altogether. Ordinary people are getting fed up with corrupt, incompetent Democrat-Bolshevik malgovernance.

      BREAKING: Democrat Tricks in New Jersey Governor’s Race – Republican Winning Largest County with 100% of Votes Counted Then Vote Flips and Democrat Miraculously Wins County

      https://www.thegatewaypundit.com/2021/11/breaking-democrat-tricks-new-jersey-governors-race-republican-winning-largest-county-100-votes-counted-vote-flips-democrat-miraculously-wins-county/

        1. No. Triggers a recount. As we saw in the Maricopa audit, the fraudulent ballots were recounted by the election officials without any audit of their validity.

  40. Oh dear….

    ‘Don’t Buy Zillow Homes’: A Tale of Failure, Mistrust and Hot Housing Markets

    https://www.bloomberg.com/news/articles/2021-11-03/why-is-zillow-selling-7000-homes-tale-of-failure-mistrust-hot-housing-market?srnd=premium&sref=ibr3A0ff

    Property posts on the internet usually focus more on picket fences than picket signs. But this week, Zillow Group Inc. is getting raked by thousands of angry digital protesters, some even wielding placards with a simple message: “Don’t Buy Zillow Homes!”

    It has been a tumultuous few days for the real estate company. On Tuesday, the firm announced it would shut down its much-vaunted house-flipping arm and cut its workforce by 25%. Zillow is also seeking to sell some 7,000 homes to institutional investors for $2.8 billion. And it plans to take writedowns of more than $500 million on the failed venture that relied heavily on its pricing algorithms.

    1. This Zillow story appears to be centered around the Phoenix and San Diego metro areas where high home prices have de-coupled from household income and equity positions are low due to HELOC extraction, so properties go upside-down easily when the economy sneezes. It was probably a risky bet during good times.

      1. When resale prices exceeds construction cost by many multiples, it goes far beyond ‘risky’. And that’s precisely what housing has been going all the way back to the 1990’s.

        How did it happen you ask?

        Fraud.

    1. I got around by bicycle until I was 37.
      I have no children or grandchildren.
      I didn’t mow a lawn between age 18 and age 41.
      Will I get any credits for all the carbon sacrifice I did decades past?

    2. Heck, they’re now saying that avocados have a huge carbon footprint, and we shouldn’t cultivate them.

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