thehousingbubble@gmail.com
Blog

If They All Suddenly Wanted To Exit At The Same Time, They Couldn’t

It’s Friday desk clearing time for this blogger. “As of Oct. 24, Zillow had 250 homes on the market in metro Phoenix that were on average priced 6.2% below what the company had paid for them, according to Greg Hague, CEO of 72Sold. Of those 250 homes, 182 had price reductions averaging $41,000 per home, Hague said. ‘They’re calling us, saying ‘Show us one of those Zillow homes they’re giving away,’ Hague said. But Hague is cautioning his clients not to move too quickly.”

“‘We’ve looked at these homes and many are still not good deals because they overpaid for the homes,’ Hague said. ‘We looked at the homes and they’re still going to have to reduce these a lot more. Many are not good buys. Overall, we are seeing in the field, Opendoor and Offerpad also reduce prices and try to get rid of inventory because the market is softening.'”

“Justin Thorstad, founder of Libertas Real Estate, said he’s seen Zillow pay $50,000 to $100,000 over a home’s value. ‘The way they assess value is through Zillow’s algorithm, which has never been accurate historically,’ Thorstad said. ‘How could it be? There is no human judgment in that.'”

“Zillow is selling more than 80% of Dallas-Fort Worth area homes at a loss, according toBusiness Insider. And the company is losing money on more than 60% of the houses it sells in its five largest metro markets. James Gaines, the longtime Texas Real Estate Research Center economist, said he’s not surprised Zillow stubbed its toe in the home flipping business. ‘I think it got out of hand with them,’ Gaines said. ‘They started buying properties faster because they had the money.'”

“Zillow Group Inc.’s roughly $1.15 billion pile of mortgage bonds tied to its home-buying business has been thrust into the spotlight. At least one Zillow mortgage bondholder briefly listed a $12 million parcel for potential sale on Wednesday, via a ‘bids wanted in competition,’ or BWIC. However, the roughly 2.3% coupon senior Zillow bond, which was on a list of four ‘prime’ residential mortgage bonds, was pulled before its scheduled bid time Wednesday morning. Such an action indicates there’s considerable uncertainly around what price Zillow’s bonds might fetch as Wall Street digests the company’s exit from home-buying.”

“Unlike many residential mortgage bonds sold under the ‘fix and flip’ umbrella, Zillow’s bonds are backed by a revolving, not fixed, pool of collateral. It may mean a quicker outcome for bond investors. That’s because if Zillow no longer buys homes to replenish the deals, its bonds will ‘turbo down quickly,’ said one investor. Also, the mortgage to Zillow is ‘non recourse,’ meaning creditors can’t come after the company’s other assets if it fails to pay, making it easier to walk away.”

“As of Nov. 1, Zillow purchased 496 homes in South Florida and sold 136 of them, according to county records. Many of these deals were flipped for a profit, but some sold at a loss. Tali Daniel of Pompano Beach-based Maxima Realty recently listed a townhouse in Davie for $230,000 when the highest sale in the community to date was $210,000. Soon after, Zillow Offers purchased a neighboring townhouse for $250,000. Within a few days, she says, every townhouse in the building had its Zestimate raised to $250,000. Her client raised the price and ultimately sold their unit for $269,000.”

“‘That helped us tremendously with the sale, but it was ridiculous,’ Daniel said. ‘They buy the property and then raise the value of all the homes nearby to match the value of what they bought … Every seller I work with sends me a screen shot of what their house is worth on Zillow. If I say no, they will go with someone else who goes on what Zillow says.'”

“Angelenos bought nearly 1,000 fewer single family homes last month compared with October 2020 — a data point that demonstrates just how hot the market got during last year’s pandemic-fueled buying spree. The numbers on signed contracts come from a Southern California report published today by appraiser Jonathan Miller. ‘We’re at the tail end of the period a year ago where the market was supercharged coming out of lockdown, and sales and inventory were in the stratosphere,’ Miller said. ‘And we’re comparing against that distorted period.'”

“The median sold price for a Napa County home in September was $800,000, according to data service Bay Area Real Estate Information Services (BAREIS). That’s actually a slight decline from August when the median sold price topped $815,000. ‘I’m not sweating it,’ said Ellen Politz with Corcoran Global Living. Yes,’It is still very competitive and the serious buyers are still out there but we always see prices soften in the fall,’ she said. Of course,’It doesn’t feel normal, because 2020 was so frenetic. I also think that a lot of buyers got really burned out with the frenzy of the market and we saw buyers kind of pull back a bit.'”

“Politz has a listing at 2708 Pine St, Napa. Priced at $695,000, the home has two bedrooms and one bath, but is on a 9,000 square foot lot. ‘It’s not 100% turnkey but in this price range that’s what you get,’ she said. As of this week she had two buyers that were seriously interested, said Politz, but no offers yet. After setting another record in August, California’s median home price declined to $808,890, down 2.3 percent from $827,940 in August.”

“China’s property sector woes could spell trouble for prestige mega-projects in London, New York, Sydney and other top cities, as the developers behind them scramble for cash. Shanghai-based Greenland Holdings has just built Sydney’s tallest residential tower, has plans to do the same in London, and has billions of dollars worth of projects in Brooklyn, Los Angeles, Paris and Toronto. The developer says it remains committed to its flagship builds, including its long-delayed, 235m-high Spire London tower, but it put part of another major London site on the market earlier in the year, and other firms are hoisting for sale signs too.”

“Evergrande and Kaisa Group, which was the first Chinese property firm to default back in 2015, are both trying to sell Hong Kong buildings to drum up desperately needed cash, while Oceanwide Holdings has just had what was supposed to be San Francisco’s tallest tower seized by disgruntled creditors. ‘I suspect, as with anything, if you’re running into liquidity issues you start to look to sell your investment properties,’ said Omotunde Lawal, head of emerging markets corporate debt at asset manager Barings, which holds some Chinese property firms’ bonds.”

“As many Chinese firms overpaid for prime overseas sites in the scramble to secure them, the question is who will buy them, Lawal added. ‘Probably they are unlikely to get cost, so I think it depends on just how desperate they get.’ If they needed to sell and could sell for a profit, then I think they would just sell,’ said Chris Gore, a central London principal at real estate firm Avison Young. ‘There wouldn’t be a problem if a few wanted to sell, but if they all suddenly wanted to exit at the same time, they couldn’t.'”

“China’s property developers are struggling to pay bills that many of their bond investors didn’t know were there in the first place. Missed payments on off-balance sheet IOUs such as high-yield consumer products, secretive loans and private bond guarantees have rocked China’s credit market in recent weeks. Dollar bondholders are struggling to know their place in the repayment queue in the event of a default, forcing a dramatic repricing of risk that’s all but frozen the primary market for developers.”

“Kaisa Group Holdings Ltd. said on Thursday it failed to meet payments on wealth products, triggering a plunge in its bonds and shares. Fantasia Holdings Group Co. defaulted on a dollar bond last month only weeks after assuring it had sufficient working capital and no liquidity problems. Its failure to pay undermined the credibility of Chinese issuers just after Bloomberg reported China Evergrande Group was on the hook for an unknown bond issued by a separate entity.”

“‘A lot of these companies have a lot of private credit,’ said Philip Tse, director and head of Hong Kong and China property research at Bocom International Holdings Co. ‘It’s very hard to say who is safe now anymore because the whole market has lost its refinancing capacity.'”

“For bondholders and minority shareholders, the lack of transparency complicates their ability to assess risk and calculate the true value of a company’s assets. It is resulting in a sell-now, ask-later mentality that has started to infect securities of higher-rated issuers with no obvious liquidity problems. ‘The Kaisa debacle suggests investors need to be aware not only of upcoming public debt payments but of obligations such as WMPs which may not be widely known,’ said Andrew Chan, an analyst at Bloomberg Intelligence.”

Related Posts
This Post Has 130 Comments

  1. ‘if Zillow no longer buys homes to replenish the deals, its bonds will ‘turbo down quickly,’ said one investor’

    Ooo, that doesn’t sound good.

    ‘Also, the mortgage to Zillow is ‘non recourse,’ meaning creditors can’t come after the company’s other assets if it fails to pay, making it easier to walk away’

    Oh dear. That was some sound lending.

      1. If that’s a serious question and I had to choose, I’d take Zillow bonds. I have a greater chance of being bailed out, if indirectly. If I were in China I’d choose Evergrande. IIUC there’s some prediction that China will eventually bail out regular Chinese citizens but leave foreign creditors to twist in the wind.

        1. It’s a hypothetical question, as I wouldn’t invest in either.

          But ‘non recourse’ seems like a pretty unattractive feature in a corporate bond, from a HODLer’s perspective.

  2. ‘developers are struggling to pay bills that many of their bond investors didn’t know were there in the first place. Missed payments on off-balance sheet IOUs such as high-yield consumer products, secretive loans and private bond guarantees have rocked China’s credit market in recent weeks. Dollar bondholders are struggling to know their place in the repayment queue in the event of a default, forcing a dramatic repricing of risk that’s all but frozen the primary market for developers’

    I’m an accountant. What you see here is many lions. Did they not ask what other obligations were out there? Of course they did. Cue the lion!

    So we have more due diligence in financing a Camry than probably trillion$ down these rat holes all over the globe. No one saw it coming!

  3. ‘It is resulting in a sell-now, ask-later mentality that has started to infect securities of higher-rated issuers with no obvious liquidity problems. ‘The Kaisa debacle suggests investors need to be aware not only of upcoming public debt payments but of obligations such as WMPs which may not be widely known’

    Ring ring!

    Andy speaking.

    Andy this is Bloomberg deathstar. How’s the turd doing this morning?

    Still sinking boss, faster than ever.

  4. WARNING: This post has nothing to do with housing.

    Italian Institute of Health Drastically Reduces Its Official COVID Death Toll Number – Summit News
    https://summit.news/2021/11/04/italian-institute-of-health-drastically-reduces-its-official-covid-death-toll-number/

    CORONAVIRUSItalian Institute of Health Drastically Reduces Its Official COVID Death Toll Number

    Changes defintiion of COVID death from ‘with COVID’ to ‘by COVID’.

    The Italian Higher Institute of Health has drastically reduced the country’s official COVID death toll number by over 97 per cent after changing the definition of a fatality to someone who died from COVID rather than with COVID.

    (some snips)

    Italian newspaper Il Tempo reports that the Institute has revised downward the number of people who have died from COVID rather than with COVID from 130,000 to under 4,000.

    “Yes, you read that right. Turns out 97.1% of deaths hitherto attributed to Covid were not due directly to Covid,” writes Toby Young.

    Of the of the 130,468 deaths registered as official COVID deaths since the start of the pandemic, only 3,783 are directly attributable to the virus alone.

    “All the other Italians who lost their lives had from between one and five pre-existing diseases. Of those aged over 67 who died, 7% had more than three co-morbidities, and 18% at least two,” writes Young.

    “According to the Institute, 65.8% of Italians who died after being infected with Covid were ill with arterial hypertension (high blood pressure), 23.5% had dementia, 29.3% had diabetes, and 24.8% atrial fibrillation. Add to that, 17.4% had lung problems, 16.3% had had cancer in the last five years and 15.7% suffered from previous heart failures.”

    The Institute’s new definition of a COVID death means that COVID has killed fewer people in Italy than (whisper it) the average bout of seasonal flu.

    If a similar change were made by other national governments, the official COVID death toll would be cut by a margin of greater than 90 per cent.

    1. I got the jab early on, was not a big deal to me either way. Now that they want kids to get it, there’s no way I will let mine unless they remove mask mandates in school. Otherwise what’s the f—— point?

    2. COVID is the greatest fraud ever perpetuated in my lifetime.

      Unelected globalists, I am reminding you now that the penalty for treason is DEATH ☠

      All of you have names, and addresses, we are going to find you, and it will not end well for you…

        1. Italian newspaper Il Tempo

          Here is what the Italian newspaper printed (googel translate)

          According to the new report (which had not been updated since July) from the Higher Institute of Health on mortality from Covid, the virus that brought the world to its knees would have killed far less than a common flu. It seems a bizarre and no vax statement, but according to the statistical sample of medical records collected by the institute, only 2.9% of the deaths registered since the end of February 2020 would be due to Covid 19. So of the 130,468 deaths registered by official statistics at the time of preparation of the new report only 3,783 would be due to the power of the virus itself. Because all the other Italians who lost their lives had from one to five diseases which, according to the ISS, therefore already left them little hope. Even 67.7% would have had more than three contemporary diseases together, and 18% at least two together. Now I personally know many people, but none who have the misfortune of having five serious illnesses at the same time. I would like to trust our scientists, then I go to read the ailments listed which would be no secondary reason for the loss of so many Italians and I begin to feed some profane doubts. According to the ISS, 65.8% of Italians who are no longer there after being infected with Covid were ill with arterial hypertension, that is, they had high blood pressure. 23.5% were also demented, 29.3% added some diabetes to their ailments, 24.8% also atrial fibrillation. And that’s not enough: 17.4% already had sick lungs, 16.3% had had cancer in the last 5 years; 15.7% suffered from heart failure, 28% had ischemic heart disease, 24.8% suffered from atrial fibrillation, more than one in ten were also obese, more than one in ten had a stroke, and others albeit in a smaller percentage, he had severe liver problems, dialysis and autoimmune diseases.

    5. Ok, 11 States are filing lawsuits against Biden over vaccine mandates.
      The Biden Administration is in a race against time to get a jab in every arm or lose your job , before slow moving Court cases are heard. It doesn’t help when the High Court won’t hear cases until next year.
      They are going after children now, when children don’t need any kind of a vaccine against this fake Pandemic.
      The ongoing strategy of this forced tyranny is to inflict their agenda before the Crimes against humanity are discovered and stopped. They want to cover up the outrageous damage from this expiermental vaccine , while they blame the unvaccinated for everything. Biden saying this is a Pandemic of the unvaccinated, which I guess now includes young children , is a fraud that the treasonous killer Joe Biden is willing to say. We have a killer in the White House that is leading US Citizens to lose their job or play Russian Roulette with their health.
      Either the One World Order Globalists will use the brain dead Biden as the fall guy for the havoc they reek, because the whole idea is to reek the damage under entirely false premises , where the harm can’t be undone.
      This tyranny was pre planned from lockdowns to jabs ,to looting of tax coffers, based on entirely false narratives with censorship to deceive and bring on a dictorship by psychopathic gangsters that corrupted Governments and Agencies.
      They rigged the National Election to bring on this take over and everything is rigged and false and designed to destroy current systems and assault Citizens in everyway.

      In everyway Citizens of US and other Countries are being attacked by these Entities that have a agenda that is vile and sinister, and is enslavement and the most ambitious Dictorship of people ever attempted.
      They have to fail and the people must reject this takeover in which they are out to destroy your body, mind and soul, and now innocent children.
      They have shown their true colors , and their false narratives and fraud is deadly.

        1. Nice chart Deplorable of the Plan ,that depending on the Country your in depends on what stage they are at in the Plan. In Australia they have taken medical tyranny to a new level .
          Prince Charles was talking about the Great Reset at the Submit with the suggestion of Military enforcement. Biden and Pelosi visited the Pope who must be in on the New World Order.
          Governments are no doubt in on this destruction of current systems that shows the enslavement Plan that would be hell for populations .
          And with the kind of Dictorship they plan , they want to control all aspect of peoples life, down to what they get to eat, and how many shots you get a year, all based on fraudulent premises.
          Time is of the essence because they have already killed thousand ,maybe millions ,Regular innocent people are under threat of being hauled away to camps if they continue with their agenda of attacks.
          Hard to believe I know.

          1. Pope who must be in on the New World Order

            Archbishop Viganò has penned some interesting letters on this that have been published. Key search words provided. 😉

      2. Good, I’m pushing 60, disgusted with humanity, and just got 400 rounds of .223 for my AR.

        Beats being intubated against my will.

  5. ‘We’re at the tail end of the period a year ago where the market was supercharged coming out of lockdown, and sales and inventory were in the stratosphere’

    The tail end? oh right, back in the urine soaked mattress, garage full of potatoes, etc. Lot’s of rational thinking “back then.” It couldn’t turbo down, could it?

    ‘I’m not sweating it…’It is still very competitive and the serious buyers are still out there but we always see prices soften in the fall,’ she said. Of course,’It doesn’t feel normal, because 2020 was so frenetic. I also think that a lot of buyers got really burned out with the frenzy of the market and we saw buyers kind of pull back a bit’

    Ellen isn’t sweating it yet cuz her Subaroo payment is a month off. Plus it’s not her loan.

    1. Ellen needs to use the delusional, greedy, auto seller sales mantra of:

      “I know what I got & what’s it worth. not a penny less!”

      of course that type of sales pitch always brings out the best in buyers who are thankful of the rare opportunity and eager to snap-up such an elusive product.

      count.me.in.

  6. February 8, 2017

    “New York City is still the No. 1 destination for foreign capital in the world, according to this year’s AFIRE rankings, but it is no longer an environment in which foreign money — particularly from China — will buy anything in the market at any price. This year, China has clamped down on outbound foreign investment, and firms caught flouting the new laws will be punished harshly, China First Capital CEO Peter Fuhrman said. While most New Yorkers in commercial real estate are aware of the capital slowdown, Fuhrman said they are probably not taking it seriously enough.”

    “‘I have the perception that the full weight and severity of these capital controls hadn’t been fully felt here,’ Fuhrman said. ‘It’d be fair to say that the Chinese central government dropped a financial bomb on its businesses.’”

    “One of the Chinese government’s chief concerns when instituting the investment restrictions, Fuhrman said, is over outbound investors getting fleeced while paying record-breaking prices. ‘A concern of Chinese regulators is their investors have been really bad buyers,’ Fuhrman said. ‘This can sadly be seen more and more in the larger real estate deals they have done. What they are extremely concerned about is just about every acquisition the Chinese have made, is they have overpaid severely and foolishly, and that has spurred a loss of a lot of Chinese sovereign wealth.’”

    http://thehousingbubbleblog.com/?p=9989

  7. ‘Overall, we are seeing in the field, Opendoor and Offerpad also reduce prices and try to get rid of inventory because the market is softening’

    Wa happened to my red hotcakes Phoenix?

    ‘he’s seen Zillow pay $50,000 to $100,000 over a home’s value. ‘The way they assess value is through Zillow’s algorithm, which has never been accurate historically…How could it be? There is no human judgment in that’

    Kinda like the magic 8 ball Justin?

    Here’s one that talks:

    https://www.magicmgmt.com/gary/magic8ball/index1.html

    1. “Justin Thorstad, founder of Libertas Real Estate, said he’s seen Zillow pay $50,000 to $100,000 over a home’s value.”

      “… over a home’s value.”

      Bahahahahahaha … and just how is this “value” determined? Is it not by the going prices of the comps? If these values are not determined by the going prices of the comps then what is it that determines these values?

      In the magical world of Price equals Value the prices paid by a few creates the values for the many. If one puke of a company goes nuts and buys up houses for many tens of thousands of dollars over the “going price” then this puke of a company magically creates an enormous amount of equity wealth for everyone in the neighborhood. This equity wealth is something that can be extracted (and be replaced by debt 😁) and spent. Spending in a seventy percent consumer-based economy is what keeps this economy humming.

      IMO all of this is way beyond being just plain stupid for some; This vast amount of stupidity will end up affecting (infecting?) everyone.

      Stay tuned for further developments. (And stock up on lots of popcorn.)

  8. “Overall, we are seeing in the field, Opendoor and Offerpad also reduce prices and try to get rid of inventory because the market is softening.’”

    Bahahahahaha … and the market is softening, in part, because these pukes are getting rid of their inventory.

    Reminds me of the situation the Hunt Brothers found themselves immersed in during the great silver price run-up of several decades ago. People were stupid then and they are stupid now. Stupider in fact.

  9. Today is Friday, November 5th and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

  10. The best damage that Zillow can do is by helping make real estate uncool again. Who (or what) will be next?

    1. “Who (or what) will be next?”

      The “what” will be the absence of cashed-out-and-spent home equity wealth magically created by the dumb-assed actions of Zillow and others and the “who” will, in one way or another, be everybody.

  11. “‘That helped us tremendously with the sale, but it was ridiculous,’ Daniel said. ‘They buy the property and then raise the value of all the homes nearby to match the value of what they bought …

    As Mr. Banker has said, “I want more of it” More $$$$ for Mr. Banker.

    Zillow’s algorithm. Let’s dominate the market. Comps to infinity!

    1. “As Mr. Banker has said, ‘I want more of it’ More $$$$ for Mr. Banker.”

      Yep, easy money.

      1. Zillow goes nuts and as a result magically creates enormous amounts of equity wealth for millions of people.

      2. These people, having been sufficiently dumbed down by our No Child Left Behind educational system (and I tend to choke a bit whenever I type these words) flock lemming-like into my bank and eagerly sign the dotted line(s) of any legally binding sheet(s) of paper I choose to place before them. These legally binding sheets of paper may contain such interesting phrases such as “interest only” and “adjustable interest rate” but nevertheless these interesting phrases are completely ignored.

      Life is good if you are a banker, not so much if you are one of their totally dumbed-down ignorant puke customers.

      1. “…flock lemming-like into my bank and eagerly sign the dotted line(s) of any legally binding sheet(s) of paper I choose to place before them…”

        The next new banking frontier: Loans that span future generations. Just one signature on that legally binding sheet(s) of paper will keep your children and children’s children’s children into perpetual debt servitude.

        A 500 year mortgage for your new crap shack.

        No worries, you will own it free and clear in the year 2521!

        1. “The next new banking frontier: Loans that span future generations. Just one signature on that legally binding sheet(s) of paper will keep your children and children’s children’s children into perpetual debt servitude.”

          I agree. But I do not believe it will be with mortgages because I do not believe The Great Reset Plan allows for private ownership of property except for The Great and Exalted Anointed Ones, aka The Elite.

          Indentured pukes will work, the Elites will reap. (See the High Middle Ages.)

          1. “…Indentured pukes will work, the Elites will reap. (See the High Middle Ages.)…”

            Also see: North Korea – No ignorant, indentured pukes left behind.

          2. Also see: North Korea – No ignorant, indentured pukes left behind.

            Also, I don’t think Mr. Banker has any branches in North Korea.

          3. Mr Banker,
            I’m glad you mentioned that under the Great Reset they talk like nobody is going to have private party ownership , except for who they say. Remember Klaus Schwab saying, “You will have nothing and like it. ”
            Karl Marx in summary was big on all private ownership being taken by the State.
            Their Agenda seems to be that they are taking bits and pieces from different ideologies to create a Frankenstein Dictorship, that’s just a version of enslavement of the masses.
            Unreal.

        2. My British friend’s family has owned the same farm and stone farmhouse in England for over 300 years. Generation after generation still lives there.

          1. multi-generation farmhouse. inspiring story.

            I only wish, hope & pray my children, and descendants, value my hard work work and sacrifice by not foolishly losing inherited real estate.

            I guess the front lawn pink flamingos could go but draw the line at the pinto on blocks;
            that’s a dangum classic nevermind the beer cans!

      3. Zestimates crap that means my home isn’t worth 780K after all 😱

        I was thinking the whole thing was out of control just like 2006

    2. I am a little shocked that Zillow believed they could control the market. What a bunch of fools.

  12. Oh dear….

    China’s Kaisa Group halts trading amid property market jitters

    https://www.aljazeera.com/economy/2021/11/5/chinese-developer-kaisa-group-halts-trading-amid-cash-flow

    Chinese developer Kaisa Group has halted the trading of its shares in Hong Kong amid growing concerns over the company’s cash flow and China’s key property sector.

    Kaisa’s woes come as a liquidity crisis at one of the nation’s biggest property developers Evergrande Group threw a spotlight on the industry in recent months, following a state crackdown that has rattled investors and increased fears of a wider economic fallout.

  13. “As many Chinese firms overpaid for prime overseas sites in the scramble to secure them,
    As I recall, this is exactly what the Japanese did before they headed towards a long recession. China, just like like Japan had, has a quickly “greying”population. Makes me wonder if we sill see the same result in China as we saw in Japan.

    1. “…same result in China as we saw in Japan.”

      I can’t remember Japan massively stiffing international creditors in the early 1990s, as it appears China is setting up to do. If so, that could lead to a different current result for China than for Japan in the 1990s.

  14. Some good news for a Friday.

    The prosecutor’s argument in the Kyle Rittenhouse trial is collapsing. The kid is going to walk.

    Kyle Rittenhouse is a true American hero.

    2. Aerial views of live action all under the active surveillance of the FBI in real time PROVES that law enforcement meekly watched and stood down leaving BLM to, well, burn loot and murder, while they hid their presence and exculpatory evidence in blatant violation of the Brady Act.

    3. They said that about a certain other high-profile court case too. It ain’t over until the protesters scream at the sky.

  15. Oh oh. Colorado media is going after the Dem, homosexual governor.

    “Colorado Gov. Jared Polis paid little or no federal taxes for years, report says

    “Despite a net worth estimated to be in the hundreds of millions, Polis paid nothing in federal income taxes in 2013, 2014 and 2015,” ProPublica reports.

    https://www.9news.com/article/news/local/next/colorado-gov-jared-polis-paid-little-no-federal-taxes-for-years-publica/73-fe5f88ff-3baf-4d9b-ac32-3e75bb0a2488

    While he is homosexual, his policies are closer to moderate than to radical. I suspect that they want to replace him with someone like our good pal, uber radical Cindy CdeBaca. Primaries are next year.

    1. I don’t know anything about Jared, but unless the Brandon Presidency changes some laws we don’t yet pay taxes on saved money. Inflation aside.

        1. For instance, he has refused to sign a statewide masking order. Other Colorado leftists are apoplectic about that.

  16. Colorado Congresswoman Boebert shows of her new AOC “Tax The Rich” inspired dress.

    What does Boebert’s dress say?

    A: Let’s Go Brandon!

    1. The level of *seethe* against Boebert coming from Denver Reddit, the Westword, and (sadly) the Colorado Sun, is off the chain TDS level.

      And the best thing about it, none of these Front Range snowflakes can vote against her, because they don’t live in her district.

      Let’s Go Brandon!

      1. The Colorado Sun is a leftist rag. They beat their chest and claim they’re independent, but most of their articles are leftist and statist.

    2. Boebert has a nice figure, but she unfortunately does not meet the HBB requirement for long legs. And Winsome Sears looks pretty in shape too. No Abrams buffet for her!

  17. New foreclosure popped up this morning:

    1152 W Cochran Ave, Flagstaff, AZ 86005

    Zestimate: $529,200

    https://www.zillow.com/homedetails/1152-W-Cochran-Ave-Flagstaff-AZ-86005/109651910_zpid/

    Date Event Price
    3/20/2018 Sold $300,000 $165/sqft

    The foreclosure.com listing says $330,650, probably what was owed. Cash out refi? This isn’t Flagstaff, it’s what they call Katchina just outside of town. Mucho forecloso last decade out there. Lots of trailers, sketchy shacks.

    1. That’s a weird house. It looks like an old mining building or similar, but it says it was built in 1989. Drive-by photos — didn’t even bother to get out of the car. No home facts whatsoever.

      And the googlemap… what in the hell? What a strange part of town. The rest of Flagstaff looks mostly normal, but this set of streets is all shacks and dirt roads, not even gravel. And they want half a million? What a puzzling state AZ is.

      1. And they want half a million? What a puzzling state AZ is.

        It just shows how this bubble utterly eclipses the previous one.

  18. Does it work for alcoholics trying to quit drinking to keep an open bottle in the cupboard, just in case they feel the sudden urge to take a nip?

    1. The Financial Times
      Opinion The Long View
      Fed feat extends the party for stock markets
      Equities still in a sweet spot but hangover from monetary excesses still looms
      Katie Martin
      Federal Reserve chair Jay Powell speaking on a television screen on the floor of the New York Stock Exchange on Wednesday
      Federal Reserve chair Jay Powell managed this week to appear neither hawkish nor dovish but something in between
      © AP
      Katie Martin 5 hours ago

      The Federal Reserve this week managed to pull off the greatest trick in the central banking handbook: being boring.

      After its latest monetary policy-setting meeting, it confirmed plans to start trimming its bond purchases by $15bn each month, putting it on track to remove that leg of its stimulus completely by the middle of next year.

      These plans came as little surprise in the context of punchy inflation readings that are proving much stickier than even the sharpest inflation pointy-heads had predicted.

      The central bank’s move had also been well flagged in advance, removing any undue shock factor; the Fed typically likes to deliver dovish surprises, dollops of largesse that support the economy and, by extension, give risky assets a boost. By contrast, it is not a fan of unanticipated hawkish lurches, especially in light of the “taper tantrum” in markets, unleashed when it declared an intention to pull back monetary support in 2013.

      But in his press conference, Fed chair Jay Powell poured on yet more soothing balm, flicking away talk of moving smoothly on to interest rate rises, saying it was “appropriate to be patient” and suggesting that asset purchases could still crank back up if the circumstances demanded — a “tidy taper” as HSBC put it.

      The result was to make Powell and the Fed neither hawkish nor dovish but something in between. “Dowkish”, to be precise, in the made-up word of Rabobank economist Michael Every.

      “The irony is that being a dowk, and saying tapering is about ‘risk management’ rather than taking away the punch bowl from an aggressive drunk, means the Fed produced its best possible outcome — drunker markets — and yet its worst possible outcome — drunker markets,” Every wrote. It was a “partial removal of liquor-pouring with no true injection of responsibility”, he added.
      …

      1. I think the market response to the Fed’s $5B MBS taper is muted, in part, because Q4 originations are low in pretty much any year. Assuming continued $5B/month tapering, Spring and Summer 2022 should be interesting.

        1. Rational exprlectations suggest the market should be responding responding now to future taper plans. Given the Fed’s track record of announcing plans, then not following through when the market throws a taper tantrum, it is possible that nobody believes them this time.

    3. The Financial Times
      Hedge funds
      Central bank induced bond tumult stings big name hedge funds
      Managers like Crispin Odey and Chris Rokos endure steep losses as bets on debt market backfire
      Crispin Odey and Chris Rokos © FT montage; Dreamstime
      Laurence Fletcher and Tommy Stubbington in London and Kate Duguid in New York yesterday

      The era of unlimited central bank largesse is drawing to a close, injecting intense volatility in to government bonds and inflicting heavy damage on a clutch of high-profile hedge funds.

      Superstars of the industry have been left nursing billions of dollars in losses after an abrupt rethink on how and when central banks will reverse the huge wave of support they provided to markets when the pandemic hit last year.

      Initially, central banks said that process would be very slow, despite soaring inflation, and hedge funds believed them. But markets began to fret last month that the US Federal Reserve and other central banks would have to raise interest rates more quickly, wrongfooting high-profile traders including Chris Rokos and Crispin Odey.
      …

  19. This is a pearl clutching article from the New York Times:

    “In early October, Attorney General Merrick B. Garland issued a memo announcing that the Justice Department would respond to what he called “a disturbing spike of harassment, intimidation and threats of violence” against school board members and administrators. In the memo, Mr. Garland ordered the F.B.I. and federal prosecutors to work with local law enforcement officers to monitor threats against people working in the nation’s 14,000 public school districts.

    The memo suggested that federal officials saw the issue as the latest example of a troubling trend: ordinary people using threats of violence to express their politics. This summer, seeking to counter a similar problem, the Justice Department established a task force to curb attacks against election workers.

    But far from calming the situation, the school board initiative by the Justice Department was seized upon by Republican officials as a political issue.

    Republican attorneys general in 17 states published a memo of their own, describing the proposal to monitor threats against school officials as a threat itself. Whatever problems were taking place at school board meetings were best handled by local law enforcement, they said, and bringing in federal authorities could result in “intimidating parents away from raising concerns about the education of their children.”

    https://archive.md/Zfgqs

    Critical Race Theory = Exterminate Whitey.

    P.S. f* your cuck masks.

    1. CRT they never ever talk about black peoples behavior, so whats left? race. Always look for whats not there.

  20. Within an hour of the reporters home being secretly raided by the FBI the New York Times contacted the Project Veritas reporter to ask for comment.

    BREAKING! Project Veritas Journalists Have Homes Raided By FBI

    Infowars.com
    November 5th 2021, 1:34 pm

    James O’Keefe breaks down the FBI and Southern District of New York raiding the houses of Project Veritas journa

    The DOJ even asked O’Keefe to keep the raids secret in order to “preserve the confidentiality of the investigation.”

    While the feds asked Project Veritas not to disclose the subpoena to the public, a New York Times reporter was apparently aware of the investigation as they requested a comment from a Veritas journalist who just had their home raided.

    https://freeworldnews.tv/watch?id=6185756224e9d03455dd36ea

    1. Is that only when the vaccine is unintentionally injected into a blood vessel, or does the lipid and spike escape the muscle tissue in all cases?

      1. A person might get lucky with the injection and the spike protein stayed in the small area it was suppose to stay in IMHO.
        Another Dr. reported that injuries were more severe with certain lots of vaccines that were sent out to certain locations.
        Who knows what’s happening because its just one big lab rat expierment that should never of gotten Emergency Use Authorization over a contrived fraudulent Pandemic, where tests were fake, and medical system was bribed to up Covid numbers and kill patients .
        You have no protection from FDA and Big Pharmacy has immunity to liability from the failure injections, that are being forced. Outrageous!

          1. I have no confidence that normal protocol is operative in this Covid Situation.
            I do trust Dr McCullough regarding his analysis of what’s going on and some of the other great Drs .

        2. Sure, blame the nurse giving the shot rather than Big Pharma that cut corners during development.

          1. I blame Big Pharmacy, and the people threatening the health care workers to just do as they are told or lose your job.
            Now millions of people are under threat of job loss if they don’t comply.

    1. Gotta love how all those future doctors and astronauts refuse to back down against the Mexican National Guard, which is a different beast than the National Guard in the US. For one thing, they are cops, not army reservists.

      The Mexicans lack the nerve to arm their guard and to order them to open fire on the invaders, who enter Mexico brazenly, knocking down border gates. The border crashers know this, hence their boldness in Mexico.

  25. Ok, so if a person takes the option of getting tested all the time with a employer, rather than take the jab , the employee has to pay for the test under the Biden Dictorship.
    That could get really expensive for a employee ,don’t you think.
    But more important, why would I want something jammed up my nose all the time when its invasive, and the tests are bogus anyway.

    1. really expensive

      Over $100 out-of-pocket if not covered by insurance. I had to have a negative test to attend a meeting a couple weeks ago.

      1. Hmmmm … to satisfy the grammer police, choose one:

        That was a good article.

        This is a good article.

        2. Never use the word “that” or “this” to refer to something unless you are physically pointing to it. Just a suggestion.

      2. Yep, its a good article. So, if you need something that’s available now you should get it because the situation is only going to get worse.

      3. That was depressing. 🙂

        Capitalism usually solves these problems without government, e.g., Amazon, FEDEX and UPS have their own automated and efficient supply chains at a higher cost to consumers.

        1. at a higher cost ?

          I’m waiting for an explanation that involves more than a year of government(s) shutdown of various things and free money for not working. That seems to be unspeakable.

          Like California’s rule that trucks must be less than three years old. That can’t help. What owner operator can buy a new rig every three years?

    2. Why is there only one crane for every 50–100 trucks

      Trucks in line? Trucks per hour, per day, per week? How long does it take a crane to spot a container on a truck? Apparently the truck driver doesn’t have a handle on the logistics.

  27. I don’t know how many tests a week or month is going to be required.
    Really, your employer has to monitor this stuff, and restaurants have to confirm you vaccine status in LA County. So wrong, so very very wrong.

    1. vaccine status
      And of course this totally ignores natural immunity.
      EVEN Bill Maher is arguing in favor of counting Natural Immunity. He called out the Medical community on his 11/1/201 show.

      1. I read a article a while back that stated we had at least 40 % natural immunity in US even before rollout of vaccines. Insane that people who got Covid would be subjected to vaccine risks.
        But, this isn’t about public health, its about a takeover of the US and other Countries.
        They should at least allow a exemption from vaccine if you take a test proving you had Covid with antibodies. Also , many had Covid but their symptoms were so mild, but they have natural immunity.
        Bill Gates is talking about billions should be funded by Government to set up task forces against terrorists attack bio weapon like small pox that could be released at airports, etc. Amazing how Gates predicted the Covid Panademic, now smallpox at airports by terrorists.

        1. we had at least 40 % natural immunity in US

          My guess is it was a lot closer to 100%. We are prevented from knowing though by the contrived way the cause of death numbers were manipulated. The bug had a whole year to spread “like the plague” and our mortality needle didn’t budge.

          Not that I’m a great thinker, but some things are obvious.

          1. ‘The bug had a whole year to spread “like the plague” and our mortality needle didn’t budge.’

            You mean while much of the populace hid under their beds? The flu basically didn’t happen last year.

          2. BlueSkye,
            Your probably right that it was higher than 40%.
            I’m still wondering what this was that people were getting they call Covid. I got to believe testimony by people that they got something really extreme that was worse than any flu they ever got.

          3. hid under their beds

            I didn’t know or hear of a single person in my community or extended contacts who actually did hide from human contact for a year. I had the flu last year in February, before Covid was invented.

  28. “However, the roughly 2.3% coupon senior Zillow bond, which was on a list of four ‘prime’ residential mortgage bonds, was pulled before its scheduled bid time Wednesday morning. Such an action indicates there’s considerable uncertainly around what price Zillow’s bonds might fetch as Wall Street digests the company’s exit from home-buying.”

    Mr Market could easily enough have resolved the price uncertainty. The problem is that Zillow knows that the truth would hurt, and prefers burying its head in the sand to finding out.

    2. Not everyone recognizes the market turning point that drowned Zillow in underwater properties, just yet.

      Tech
      Opendoor shares soar as investors predict gains in home buying market after Zillow’s exit
      Published Thu, Nov 4 20213:34 PM EDT
      Updated Thu, Nov 4 20213:40 PM EDT
      Ari Levy
      Key Points
      — Opendoor shares surged on Thursday, as investors see the home-flipping company as poised to benefit from Zillow’s market exit.
      — The stock has recouped most of its losses from earlier in the week, when it sold off alongside Zillow.
      — Offerpad, a smaller rival to Opendoor, also gained on Thursday.

      https://www.cnbc.com/2021/11/04/opendoor-shares-soar-on-optimism-of-gains-in-ibuying-after-zillow-exit.html

      1. $30 billion is only one tenth of the size of the alleged Evergrande debt implosion.

        It ain’t bad.

          1. Yes and no. I don’t have any research findings to back this up, but intuition suggests that stock and bond prices become highly correlated for companies in a financial tailspin. In simple terms, companies in an underwater equity position are unlikely to be able to easily repay creditors or attract new financing.

            Of course this logic may fail if enough printing press money falls from the sky like rain.

      1. When Amanda Reilly and Josh Varon started shopping for a house this spring in Portland, Oregon, they saw a red-shingled bungalow with two bedrooms and two baths near a park. But the list price — $560,000 — felt like too much for such a little house in that neighborhood.

        “And so I kept it as my favorites on my computer, and I was like, ‘I’ll come back to it at some point,’” Reilly said.

        She did come back to it a few times. And the price kept dropping.

        “I think it was like $20,000 down and then it was like another $10[,000]. And then I think they dropped it another $10[,000]. And that’s when we were like, ‘OK, that seems a little bit more reasonable,’” she said.

        Now, Varon is installing new flooring in the basement. They moved in last month and ended up paying about $520,000.

        That was just $300 more than Zillow had paid for it four months earlier.

        “It’s just challenging to predict future home prices in such a rapid and volatile market for home price appreciation,” said Jeremy Wacksman, Zillow’s chief operating officer.

        Earlier in the year, he said that Zillow underestimated how rapidly home prices would rise and then failed to anticipate the recent return to more gradual increases.

        “We were undershooting the mark by five-plus percent in one direction, and now we’re seeing, in some markets, we’re overshooting the mark,” he said.

        1. What’s the HODLing cost over four months on a $520K shack? Lots more than $300, I’m guessing.

          ‘They moved in last month and ended up paying about $520,000.

          That was just $300 more than Zillow had paid for it four months earlier.’

        2. “But the list price — $560,000 — felt like too much for such a little house in that neighborhood.”

          Ah come on Amanda, you already have Josh’s nutz in your hip pocket; tell ’em this is Portland, OR, and he has to “Roll with it!”

  30. Premium Real Estate
    Inside Zillow’s 2 weeks from hell
    How the real-estate giant went from betting big on home-flipping to cutting 2,000 people and losing $10 billion in value
    Rich Barton illustrated next to a Zillow logo with a burning house, surrounded by scattered dollar sign icons.
    Zillow’s homebuying division, Zillow Offers, fell apart between October 18 and November 2, when CEO Rich Barton announced he was shuttering it. Andy Cross/The Denver Post via Getty; Shayanne Gal/Insider
    James Rodriguez
    15 hours ago

    The demise of Zillow’s homebuying business — a branch that CEO Rich Barton once predicted could balloon to $20 billion in revenue a year — began with an ominous pause.

    On the morning of October 18, the property-technology firm, then valued at more than $20 billion, announced via a tersely worded press release that it would be halting home purchases for the rest of 2021. At the time, Zillow’s top brass stressed that the pullback of the division, Zillow Offers, was temporary. In a statement, Chief Operating Officer Jeremy Wacksman blamed the pause on labor and supply shortages that made it harder to buy, fix up,
    and flip houses.
    …

  31. Look, the Great Reset is a plan to crash everything in the final analysis and bring on a New World Order. A plan to destroy all current systems .

    So, I’m just saying that what makes people think that property rights aren’t going to be taken. They are already talking about taking peoples homes down under.
    Who knows what these wackos plans are. Maybe people living in pods, eating soy , mandated shots, where all movements and actions are under their control, even chips installed in people.
    Seriously , they are using Pandemics and Climate Change false narrative to bring on the destruction of any freedom of choice for people.
    Billions of people can stop this new One World Order they plan , or become enslaved.
    As it was we had the illusion that we had Government by the People because these forces have been planning this take over for a long time, as everything was rigged and corrupted. Any depopulation agenda is just murder.
    The same Entities that made fortunes off the consumer society now want a Corporate Governance where they consider the humans now as not needed.
    And if anybody believes that they would give people a Universal Income don’t know what the true plan is. First get rid of the elderly.

Comments are closed.