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Developers Are Making The Situation Worse By Rapidly Selling To Raise Cash

A report from the Denver Business Journal. “Mark Vitner, senior economist at Wells Fargo & Co., said companies in the iBuying space are essentially IT companies. ‘In this market, it’s been very hard to collect accurate information,’ Vitner said. ‘We also seem to be on the back side of the price spike.'”

The Colorado Springs Gazette. “Zillow last week notified the Colorado Department of Labo and Employment it will lay off 20 employees from its Centennial office starting Jan. 3 as the Seattle-based company exits the home-buying market. Zillow has been an active buyer of homes across Colorado and has nearly 180 homes on the market  in Colorado Springs, Denver and Fort Collins. The company bought just over 100 homes in El Paso County between late 2019 and Aug. 20, and owns 103 homes in Douglas County and 60 in Adams County, according to assessor’s office records in those counties.”

The Twin Cities Business Journal. “As Zillow Group Inc. scraps its nationwide home-buying program, it’s leaving more than 150 homes still for sale in the Minneapolis/St. Paul market. And it’s tapped local Realtor Kris Lindahl to do the job. Lindahl was part of Zillow’s local iBuyer effort since, after Zillow bought up local homes, it relied on local players like Lindahl to find new buyers. But Zillow’s original plan fell apart this fall. (Racket also suggests that Zillow significantly overpaid fo the homes it bought, but that’s Zillow’s problem, not Lindahl’s.)”

The Tacoma Daily Index. “Zillow, the housing reference/research company, with the Oscar winning real estate summary of the decade, observed that ‘the unpredictably in forecasting home prices far exceeds what we anticipated.’ And in other news, water is still wet.”

“Losing more than half a billion dollars in six months puts Zillow (almost) in Evergrande territory. When it comes to value, two-thirds of the homes Zillow bought are underwater. And if you think you’ve made some bad investments, in the third quarter of 2021 Zillow said it bought 9,680 homes and sold 3,032 of them, with the sales producing an average loss in gross terms of more than $80,000 per house.”

From Quartz. “More low-priced homes were put up for sale in the third quarter of 2021 than any other segment, according to Redfin. Cheaper homes are hitting the market as people who can no longer afford to pay their mortgages put their homes up for sale. Emergency federal mortgage forbearance policy allowed those affected by the pandemic to temporarily pause mortgage payments. Once it ended this October, more people were forced to sell. This contributed to the total of 78,000 affordable homes on the market in the third quarter, a continued increase in supply that began in the second quarter of 2021.”

“‘People who may have lost their job or lost income could postpone the decision to sell their home and downsize to something more affordable or to take out their equity and start renting,’ says Daryl Fairweather, chief economist at Redfin. ‘Now, those people have a very strong motivator to sell because they have to start making their monthly mortgage payments again.'”

From WYTV on Ohio. “Prices for homes continue to go up but the number of foreclosed homes is also on the rise. Could this lead to a potential housing market crash? A recent report on Realtor.com showed filings for foreclosure have gone up almost 70 percent. ‘Now that maybe that has either lifted or softened, you’re going to see the filings come up based on people not paying their mortgages or being in default,’ said Jason Altobelli, with Altobelli Real Estate.”

The Peninsula Press. “Living with complete strangers in overcrowded dwellings, living out of cars, or subletting garages and backyard sheds: these are the conditions where countless farmworker families dwell in California. ‘These are the living conditions you would find in a third-world country, not the fifth largest economy, such as ours, here in the State of California,’ said Assemblymember Robert Rivas (D-Salinas).”

The Daily Mail. “House prices across Australia are expected to start falling with the two biggest banks hiking their mortgage rates multiple times in just weeks – with the others to follow. Sydney’s median house price has surged by 30.4 per cent during the past year to a very unaffordable $1.334million. The typical national property price of $686,339 is now so expensive an average, full-time worker on $90,329 a year would owe six times their salary, even with a 20 per cent mortgage deposit factored in.”

“RateCity research director Sally Tindall said ANZ and National Australia Bank were expected to also raise their fixed rates ‘in a matter of days’ after the Reserve Bank this week declared it was more concerned about inflation. ‘CBA has abandoned its efforts to keep at least one fixed rate under two per cent. While a rate starting with a ‘one’ is a great marketing tool, it was clearly unsustainable for the bank.'”

From Business Insider. “Wealth management products (WMPs) are a ‘lurking off-balance sheet risk’ for the troubled Chinese property market, economists at consultancy Pantheon Macroeconomics have said. The economics consultancy said property developers such as Evergrande and Kaisa are making the situation worse by rapidly selling property to fund activities or raise cash. This will ‘only add to the pressure on Chinese property prices, which have already begun to decline on a monthly basis,’ they said.”

From Bloomberg. “Just weeks ago, Wall Street analysts and central bankers were quick to assure investors that a collapse by China Evergrande Group wouldn’t be a Lehman moment. Regulators in Beijing said that the crisis would be ‘contained.’ Now that a bond selloff has spread to China’s entire real estate sector and beyond, concern is growing about the potential risk to the global financial system.”

“The cash crunch is worsening by the day. The yield on a Bloomberg index of Chinese junk dollar bonds — dominated by property firms — has surged toward 24%. Kaisa Group Holdings Ltd., which said last week it missed payments on wealth products, was downgraded further into junk by Fitch Ratings on Tuesday.The selloff has spread to higher-grade issuers such as Country Garden Holdings Co., while even a company controlled by China’s government has seen its bonds slump.”

From Motley Fool. “What happens when you hand an increasingly authoritarian political figure a property bubble? In Xi Jinping’s case, he pops it. A crackdown on real estate by China’s assertive president triggered the biggest sell-off in the history of the country’s international junk bond market and, in a mere six months, bondholders have lost third of their investments’ wealth. The bonds in China’s international junk bond index are currently valued by markets at $39 billion less than their face value of $112 billion, according to a Bank of America index. Six months ago, the market and face values of bonds were on par. Investors have been dumping them nonstop since, with no end to the pain in sight.”

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This Post Has 106 Comments

  1. ‘Now, those people have a very strong motivator to sell because they have to start making their monthly mortgage payments again’

    This is why you make the big bucks Daryl.

    2. Daryl also said, “I think next year a lot of the people who are just now starting to get back to work are going to be thinking about buying a home again. The increase in supply for affordable listings is coming at a good time for those people getting back on their feet who would want to buy those homes.”

      So, anytime is a great time to buy real estate?

        1. Of course, now is a good time for them to buy $500k shacks right…

          Hey, those BENZ payments don’t make by themselves!

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

    The 2020 election was stolen, and globalists please know that the punishment for treason is DEATH ☠

  4. ‘RateCity research director Sally Tindall said ANZ and National Australia Bank were expected to also raise their fixed rates ‘in a matter of days’ after the Reserve Bank this week declared it was more concerned about inflation. ‘CBA has abandoned its efforts to keep at least one fixed rate under two per cent. While a rate starting with a ‘one’ is a great marketing tool, it was clearly unsustainable for the bank.’

    Sally just said something important. Remember when a big chink of the non-banks were losing money? (REIC doesn’t mention this anymore). This is cuz lenders can’t make money loaning for 30 years at 3 or 4%.

    Anyway, this was always how it would end. Oh they’re “protecting us” from inflation! That little 30% YOY bump was not the problem.

  5. ‘with the Oscar winning real estate summary of the decade, observed that ‘the unpredictably in forecasting home prices far exceeds what we anticipated.’ And in other news, water is still wet’

    ‘Losing more than half a billion dollars in six months puts Zillow (almost) in Evergrande territory’

    How the mighty have fallen, openly mocked fer their stupidity.

  7. ‘Canadians travelling to the Sunshine State, now that cross-border air travel is open and ground travel opens on Monday, should get ready to adjust their expectations – and, if they choose, their behaviour. They won’t need masks in restaurants, bars, grocery stores, shops or gyms – and it is highly unlikely anyone will ask them for proof of vaccination. Many Florida businesses ask employees to wear masks, and those who aren’t vaccinated to undergo regular testing, but customers are free to do as they please.’

    ‘Florida Governor Ron DeSantis, a Republican, has drawn heavy fire from detractors, particularly some news media, for staunchly refusing to impose mask or vaccination mandates. He has opted instead to put what he says are the rights and freedoms of his constituents ahead of such control mechanisms, which he argues have yet to show consistent effectiveness in combatting the virus.’

    ‘Now, before shaking your head in disapproval and telling your favourite Florida Man joke, consider this: Last week, Florida recorded the lowest COVID-19 case rate in the entire U.S., including states like California and New York that have been relentless with mask and vaccination mandates.’

    ‘Consistent with the fact that everything related to the pandemic has been politicized, the comeback has also generated controversy about the media’s reaction to the numbers. When Florida’s infection rates were high, the media was subjecting Mr. DeSantis to daily lashings. Now that the numbers are down, it’s crickets.’

    ‘That fact was not lost on The Wall Street Journal. This week it published an opinion piece under the headline “Media Ignore Florida Covid Recovery” that called out several prominent U.S. media outlets for their bias.’

    ‘The article suggested that journalists credited California Governor Gavin Newsom for a similar turnaround “but won’t stop vilifying Ron DeSantis.” In particular, it criticized The New York Times, The Washington Post, CNN, Bloomberg and MSNBC for ignoring or playing down Florida’s improving rates.’

    “They were writing non-stop negative stories about COVID in Florida and implying that it was the Governor’s fault,” Mr. DeSantis’s press secretary, Christina Pushaw, said in an interview with Fox News about the new numbers. “But now that we have the lowest infection rate in the entire country, those same media outlets are silent. So, you would think if it was his fault at the peak why isn’t it his credit right now?”

    ‘Ms. Pushaw added: “It just shows they’re using this for their own political ends, their own ends, they’re not even being consistent with it.”

    https://www.theglobeandmail.com/business/commentary/article-canadians-travelling-to-florida-should-be-prepared-for-the-states-lax/

    1. Do K-dns travel to Florida with their urine soaked mattresses or do they just buy one when they get there?

      1. COVID is the greatest fraud perpetuated in my lifetime.

        Globalists and their Real Journalist enablers need to be swinging from lampposts.

        1. Darn it , news report that they vaccinated a million children already from 5 to 11. So wrong so very very wrong.

      2. We don’t have urine soaked mattresses here in Florida. They must stop in Seattle or San Francisco to pick one up in a tent city.

    2. “‘Florida Governor Ron DeSantis, a Republican, has drawn heavy fire from detractors, particularly some news media, for staunchly refusing to impose mask or vaccination mandates. “

      Florida Governor Ron DeSantis has drawn high praise far greater than the fire of detraction — from real living residents of Florida — who staunchly support him.

      But of course globalists never want anyone to know about his praiseworthy support.

  8. I imagine from ten miles away, from the right angle, the Titanic would have looked pretty good. In fact maybe a curious looking rise in profile for a moment. Might just be a swell in the waves, or could be seasonal you know.

  11. Any thoughts about why Elon is taking enough chips off the table at one time to make headline news on the front page of the Wall Street Journal?

    1. Now wait, his products use chips. Do you mean stock? Is it related to the ‘… bet you ….” from last week? Most CEO’s do cash in tranches of stock from time to time. Also, he has started another company The aborning that needs some capital.
      After all, he put $180 million if personal money into Tesla when he sold his start up Paypal —

    2. Now wait, his products use chips. Do you mean stock? Is it related to the ‘… bet you ….” from last week? Most CEO’s do cash in tranches of stock from time to time. Also, he has started another company The Boring that needs some capital.
      After all, he put $180 million of his personal money into Tesla when he sold his start up Paypal —

    4. Now deleted Michael Burry tweet:
      “Regarding what @elonmusk NEEDS to sell because of the proposed unrealized gains tax, or to #solveworldhunger, or … well, there is the matter of the tax-free cash he took out in the form of personal loans backed by 88.3 million of his shares at June 30th”

    1. The Financial Times
      Opinion Unhedged
      A warning from Chinese bonds
      What happens if junk-rated companies can no longer refinance their dollar-denominated debt?
      Robert Armstrong and Ethan Wu yesterday
      Good morning. The Fed is worried about China all of a sudden. Welcome to the party, guys! If you are worried, too, or if you aren’t, email me at robert.armstrong@ft.com, or Ethan at ethan.wu@ft.com.

      A big red flag

      I was astonished by this article in The Wall Street Journal yesterday morning, pointing out that Chinese junk bond yields are now above 25 per cent (I was a bit embarrassed, too; this is something I should have noticed without the WSJ having to tell me about it). Here’s a chart of an index of junk-rated, dollar-denominated Chinese corporate bonds going back to 2004 (data from Bloomberg):

      What this chart suggests to me is pretty simple: it is somewhere between very hard and impossible for a junk-rated Chinese company to refinance its debt. And that means bankruptcies. It’s not just property developer Evergrande that is going to miss payments. From the WSJ piece and quoting Jenny Zeng, co-head of Asia Pacific fixed income at AllianceBernstein:

      Market sentiment is still very weak. The key question is, who has sufficient liquidity to muddle through this?

      Some more bad news. Bloomberg has reported that at least one investment grade Chinese company is also getting kicked in the teeth:

      Sino Ocean Group Holding Limited, part-owned by the finance ministry, has become the latest property company to see its bonds slump. Its 4.75 per cent note due 2030 fell on Monday to as low as 73.48 cents on the dollar, with spreads over comparable Treasuries widening to a record 800bp, according to data compiled by Bloomberg.

      That’s despite the firm being rated investment-grade at two global credit assessors and holding about 54 times more cash and equivalents than China Evergrande Group. Sino Ocean’s shares have been doing better, rebounding 35 per cent from their September low. They rose 3.5 per cent on Monday.

      So far, Sino Ocean seems to be an isolated case. The panic in junk bonds does not seem to be hitting yields in investment-grade Chinese debt, which are rising, but at a more stately pace.
      …

    1. Nothing in Athol was ever worth $769k. Athol is the armpit of Rathdrum, which is the armpit of Post Falls, the armpit of Coeur d’Alene. They should have changed the name to Anuth years ago.

  14. Remember when the promised that we would return to normal if 70% got vaxxed? (Pepperidge Farms does)

    Well, there is an article in the Colorado Sun today about how herd immunity is impossible, because reasons.

    From the article:

    “Which means, basically, we’re not getting rid of it,” Samet said. “We’re probably heading to that point.”

    Masks and shots now, masks and shots forever.

    Anyone surprised? It’s obvious they will never give the all clear. Never. They will never give up the stranglehold they have over the world.

    1. High levels of immunity in Colorado wouldn’t prevent new cases from being introduced by travelers from other parts of the country or the world. Some places in Colorado have already experienced this, when high vaccination rates didn’t prevent local spikes in cases likely related to tourism.

      Garsh! Could that mean that the deadly vaxxes don’t confer any meaningful immunity?

        1. And what about Bill Gates, who strangely predicted the Covid Pandemic , now is talking about terrorist releasing small pox at airports.
          How to keep a Pandemic going to take over the World by Corporate Governance, that they use to call FASCISM.
          Notice how in spite of a revision on the Covid death counts in places like Italy, and one of the bogus PCR tests being taken off market in December, and the gain of function funded by Dr Fauci, and suppression of meds that worked against Covid, and Monopoly Media suppression of the first amendment with censorship of Drs and Scientists objections to the expiermental vaccines, overwhelming evidence of injury and death from jabs, they won’t stop this fraudulent medical tyranny.
          Many Countries are starting to banned the shots, but that doesn’t matter to these wackos that are going after the children now in the US.
          Two weeks to flatten the curve to mandates to inject children who were not at risk.
          In spite of a Appeal Count decision to put a STAY on Biden vaccine mandates, the Biden Administration is ignoring the STAY and proceeding anyway.
          Combine this medical deception with the Climate Change take over and the events are rolling out according to the Grand Plan, that’s based on fraud.
          So, they aren’t going to stop, and no amount of facts are going to stop them. It’s like a military campaign in which people are the enemy to conquer by the weapons they are using.
          So, in that they are getting more oppressive by the minute , and more fraudulent by the minute, you have the right to reject this criminal takeover of Governments that are your enemy now.

        2. “Speaking with DC-based think tank Atlantic Council, Pfizer CEO Bourla said that people who “spread misinformation” on the vaccines are “criminals” and have cost “millions of lives”

          https://twitter.com/disclosetv/status/1458131619911397385

          Can anyone explain why Governor Newsom hasn’t made a public appearance since getting a CCP Flu “booster” shot two weeks ago?

          The Salty Cracker 7m13s:

          https://www.bitchute.com/video/90qCJngU98y1/

          2. Steve Kirsch (highly connected liberal tech centimillionaire) on Substack:

            Update 11/9: He did look normal on the livestream as long as you didn’t look too closely. I showed before/after photos and videos to a neurologist who said “100%” he is recovering from Bell’s palsy (at my request, she’s having her peers review as well). She said most people wouldn’t be able to tell, but this is her bread and butter so she knows exactly what to look for.

            So if you don’t believe me, send the before and after videos to your trusted neurologist and/or dermatologist and report in the comments on what they said.

            Also, the explanation Gavin gave in the video (that he had a change of heart and wanted to spend Halloween with his kids) doesn’t fit the facts since his press office said he was working in the Capitol (see this NY Times article which says, “Last week Governor Newsom worked in the Capitol with staff”). You can’t have it both ways and the story keeps changing.

          3. a neurologist who said “100%” he is recovering from Bell’s palsy

            I’ll bet that he will disappear again.

            But yeah, he didn’t die. But for all we know he has incurred some permanent damage.

        1. In the article they cr@p all over natural immunity from an infection, saying that it won’t protect you.

          Now roll up your sleeve for your next spike protein dose. And wear your mask and social distance, peasant.

          1. You do realize that these globalists all have names, and addresses, right?

            The HBB is a blog of peace, but it sure would be a shame if the weaponized autists of 4chan got a hold of that information, and some loose cannon decided to do something about it…

        2. They have changed the definition of a vaccine , changed the definition of side effects to vaccines as being caused by something else, in spite of those side effects being listed on their vaccines.
          Vaccines are now injections that fail in three to 6 months , and all the while you can transmit the disease or get the disease, however reduced version of the disease. All this absurdity when they have effective drugs with high success rates in combating Covid.
          This virus would of been winding down by now, but keep it going by vaccines that create ongoing mutations, requiring booster shot after booster shot they say.
          In Countries that have been using the good meds like ivermectin, they have been getting rid of Covid.
          Notice the fraud of downplaying Natural Immunity, as if that isn’t the best immunity to have.
          They even have a ad campaign going that asserts that heart attacks are normal events in children, trying to normalize what is to come.
          And the poor people who have vaccine injury they are trying to gaslight them that it has nothing to do with the jabs they got.
          Looking back it was such a scam to use respiratory deaths of the elderly with co morbidities , to declare a Global Pandemic when most the population, especially children, were not under threat by Covid.
          They pulled off the Medical Scam , and now they aren’t going to stop until Big Pharmacy controls your life by forced injection after injection of God knows what. I won’t let them near me with their obnoxious needles.

          1. heart attacks are normal events in children

            Deep down people know this isn’t true. Mass pediatric casualties won’t go unnoticed. I hope it doesn’t come to that, but I fear that’s where we’re headed. I no longer trust the institutions that I previously entrusted with my family’s health and financially supported.

    2. What’s really amazing though is how they boiled the frog. We went from two weeks to flatten the curve to a lifetime of masks and kielbasa’s and still most people don’t get it. I was at lunch recently with some folks who recently got their boosters and were talking about how this is going to be with us for a very long time. There was not the slightest most minuscule bit of skepticism.

      Oxide wrote

      “You cynicism can’t even keep up with the difference between two totally different vaccine formulations. 🙄”

      My comment had. nothing stated or implied to do with formulations of anything. It was merely pointing out the farcical nature of events in general. Surely, as a vocal proponent of the j&j kielbasa, you never imagined that, a few months after it’s introduction, people would be told that after only two months they’d need a booster. Certainly, you would have said it impossible. Is it time to reevaluate your previous hypothesis?

      1. I wouldn’t be surprised if all international travel (and some domestic travel) is eventually forbidden.

        Yeah, I know the US just reopened the border for foreigners who have FDA approved vaxxes (illegal immigrants are exempted from vax requirements, of course). We’ll see how long that lasts.

        1. As Howie Carr used to say back in Boston on his radio show…”if I ever get arrested for anything, I just want the same rights as an illegal alien.”

        2. I wouldn’t be surprised if all international travel (and some domestic travel) is eventually forbidden.

          This kind of fearmongering is almost as bad as the overreach. Take a few deep breaths and get a hold of yourself. Nobody’s banning domestic travel. You vastly underestimate the backlash that would ensue. Over 85% of all people, both vaxxed and unvaxxed, are opposed to a 4th booster. This sh!t ain’t going to fly much longer.

          1. Oh please. What is happening now was unthinkable two years ago.

            I hope you are right that the American people will stand up and tell Brandon to go to hell, but I also think you are being overly optimistic. If the people were fed up, they wouldn’t be vaxxing their 5 year olds. So far a million have already been jabbed.

      2. Did oxide not know that the NBA is requiring J&J jabbed players to get boosters? That’s the only interpretation of her comment that made sense to me.

        1. I think ox was saying that I was conflating issues by referring to Adenoviral based kielbasa in the context of an article on mRNA based kielbasa.

          1. She’s in massive denial about the biodistribution of vaccine-induced spike proteins and its effects. It’s easier for her to blame the jabber or the delivery vehicle (mRNA vs DNA) rather than admit that the spike protein is the problem.

          2. spike proteins and its effects

            https://www.americaoutloud.com/covid-19-vaccination-stop-now-before-its-too-late/:

            Since we know the spike protein causes cell and tissue damage, blood vessel injury, and blood clots, it now makes sense that persistent spike protein in the body explains the “long-COVID” syndrome, which can last months after the respiratory infection. It is disturbing to think that the COVID-19 vaccines all cause the body to express large quantities of spike protein by design in the human body. After the respiratory infection, it probably takes months to clear the spike protein from the body after each injection.

            With everything we have learned over the last 18 months, it is not hard to imagine that the vaccines with regular booster programs will almost certainly lead to chronic diseases.

          4. It is interesting, and yes we’ve been played. I do think however that the time element is essential in absolute risk assessment. That kind of got glossed over.

            Frankly, there are so many layers to this onion of deception that what is actually true cannot be sorted out with logic, except in perhaps two or three words.

          5. the time element is essential

            And, there’s no substitute for time. I know the type of studies that should have been done. I see how the clinical trials were rigged. I’m doing what I can to spread the word. Thanks, Ben!

  15. “ … countless farmworker families dwell in California. ‘These are the living conditions you would find in a third-world country, not the fifth largest economy, such as ours, here in the State of California,’ said Assemblymember Robert Rivas (D-Salinas).”

    Migrant imported Farm workers are expensive and so is that head of lettuce when all federal subsidies are accounted. Migrant farmers are transported for “free” from “free” housing provided for farmWorkers

    I believe this obfuscation is really illegals taking up local housing meant for citizens. .

    1. I’m under the impression that the braceros are sleeping in hovels among many in order to save money that is sent home.

  16. “A sharp pullback in Tesla’s stock price yesterday was likely driven by news that the electric car maker’s founder and CEO, Elon Musk, may be selling 10% of his stock. Based on what he said on Twitter about the sale, it would help him pay taxes and ensure he doesn’t look like he’s trying to avoid paying taxes with unrealized gains.

    “He put the proposed sale up to a vote on Twitter, noting that he would abide by the results of the poll. Well over half of the respondents said Musk should sell 10% of his stock.

    “The stock’s sell-off today may be a continuation of the bearishness that dominated Tesla shares yesterday.”

    Why Tesla Stock Fell Further on Tuesday | The Motley Fool
    https://www.fool.com/investing/2021/11/09/why-tesla-stock-fell-further-on-tuesday/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article

      1. He may be but I get paid in real cash money to install chargers for people who need to virtue signal by driving an electric car that is powered by burning coal.

        1. Personally, I am buying a Tesla and don’t care about if it burns coal or anything else to make it or run it. To me that is irrelevant to my decision making process partly fueled haha by my ex who enticed me and he was a GS banker and previous to that, an automotive engineer who has owned several high end luxury cars like Bentley, Mazarati (piece of junk) etc.

          2. “he was a GS banker and previous to that, an automotive engineer who has owned several high end luxury cars like Bentley, Mazarati (piece of junk) etc.”

            …. and a bellydancer too.

  17. Until the Zillow thing blew up I never thought about the conflict of interest between having a widely accepted Zestimate algorithm and a nationwide home buying business at the same time. It would be very interesting if at some point some one can dissect that and discover the real world ramifcations.

    1. The real world ramifications involve Zillow being able to invent values out of thin air and thus create some thin-air prosperity for entire neighborhoods, AND they were able to create some serious (and insane) FOMO demand among vast multitudes of dumbed-down ignorant pukes who were sucked into participating in some long enduring financially destructive bidding wars.

  18. The Wall Street Journal
    Credit Markets
    Chinese Junk Bond Yields Top 25% as Property-Market Strains Intensify
    Selloff in high-yield Chinese bonds shaves about a third of bondholders’ wealth in six months
    What China’s Economic Slowdown Means for Global Investors
    China recorded a steep economic slowdown in the third quarter as its pandemic bounceback fades—and now, Beijing is taking on longer-term issues including household debt and energy consumption. WSJ’s Anna Hirtenstein explains what investors are watching. Photo: Long Wei/Sipa Asia/Zuma Press
    By Quentin Webb and Frances Yoon
    Updated Nov. 8, 2021 9:42 pm ET

    HONG KONG—The biggest selloff that China’s international junk-bond market has ever seen has wiped out around a third of bondholders’ wealth in just six months.

    The steep and rapid decline shows how regulatory curbs on borrowing, extremely dislocated credit markets, and slowing home sales have combined to pressure more Chinese property developers, which account for most of China’s high-yield issuance.
    …
    To Read the Full Story Subscribe

    1. “The median rent for a two-bedroom apartment stands at $1,262, which is very slightly less than the national average of $1,285, according to ApartmentList.”

      That’s a lot of money every 30-days for bowlegged Boise.

  20. Lying won’t work in this situation.

    “Regulators in Beijing said that the crisis would be ‘contained.’”

    1. “Lying won’t work in this situation.”

      It’s working for the Pederast President and his Parade of Peter Puffers.

  21. **”So, you would think if it was his fault at the peak why isn’t it his credit right now?”
    answer: ask any married man if he ever got any credit for the good things.
    g’head, mr. kotter: I’ll wait . . .

    and wait . . .

    and

  22. Science Publisher Retracts 44 Papers for Being Utter Nonsense | NOT A LOT OF PEOPLE KNOW THAT
    https://notalotofpeopleknowthat.wordpress.com/2021/11/08/science-publisher-retracts-44-papers-for-being-utter-nonsense/

    Some rather humorous titles of the farkakte research:

    “Simulation of sea surface temperature based on non-sampling error and psychological intervention of music education”

    “Distribution of earthquake activity in mountain area based on embedded system and physical fitness detection of basketball”

    “The stability of rainfall conditions based on sensor networks and the effect of psychological intervention for patients with urban anxiety disorder.”

    People are stupid.

    1. The only way to reply to this is with the Deepak Chopra wisdom generator.

      “Awareness embraces existential marvel”

      And

      “The Higgs boson imparts reality to dimensionless bliss”

      If you are ever at loss to explain your experiences and the world around you, you can receive instant wisdom from the virtual Deepak here:

      http://www.wisdomofchopra.com/

      1. depak chopra?! far easier to just open my medicine cabinet & follow the “What’s Wrong?” voice, which then tells me which meds to take.

        just like THX1138

  24. “Losing more than half a billion dollars in six months puts Zillow (almost) in Evergrande territory. When it comes to value, two-thirds of the homes Zillow bought are underwater. And if you think you’ve made some bad investments, in the third quarter of 2021 Zillow said it bought 9,680 homes and sold 3,032 of them, with the sales producing an average loss in gross terms of more than $80,000 per house.”

    We will make it up on volume! Looks like TSLA lose money on every car they seel but they make it up with regulatory credits and sh*tcoins they own!

  25. “Ousted WeWork CEO Adam Neumann: $47 billion valuation went to his head.”

    Bahahahahahahaha … do ya think?

    https://www.cnbc.com/2021/11/09/ousted-wework-ceo-adam-neumann-47-billion-valuation-went-to-his-head.html

    (snip snip)

    “Ousted WeWork CEO Adam Neumann said Tuesday that the company’s private, $47 billion valuation went to his head, in the first interview since departing the company in 2019 amid its botched IPO.

    “’So yes the valuation made us feel like we were right, which made me feel that whatever style I was leading at was a correct style at the time, so I do think it affected it,’ he told CNBC’s Andrew Ross Sorkin at The New York Times DealBook online summit. ‘I also think the chase … maybe it went to my head. I do think at some point it did.’

    “The interview comes less than a month after the company went public through a SPAC merger with a $9 billion valuation.

    “Neumann confirmed reports that JPMorgan Chase CEO Jamie Dimon, the bank tapped with leading the IPO, convinced him to step down from the company. He also talked about lessons learned, addressing the backlash surrounding the roughly $1 billion he got when he walked away from WeWork.

    “’This perception that as the company went from a $47 billion valuation down to $9 billion, that I profited somehow while the company was going down, is completely false,’ he said”

    Bahahahahahahahahaha … nobody can say this guy does not have a sense of humor.

    “… adding that it was a narrative he couldn’t correct because he ‘wasn’t speaking.’

    “Neumann said he understands the perception and is ‘disappointed’ for the employees that lost their jobs or took lower salaries and stock because they believed in the company. He said he never intended for the company not to succeed, but every start-up has risks.

    “’When you take equity … and you join a start-up, you take a risk,’ he said. ‘Now, I wish it would have worked out differently for everybody but the market now decided that it’s worth $9 billion. It’s getting measured on a daily basis and I actually think WeWork today has a better opportunity than it had then.”

    Bahahahahahahaha … there’s that sense of humor again, forever shinning through the dark despair. Luckily the one billion dollars he extracted from the company is there to help him carry on.

    “Neumann also responded to allegations of drinking and drug use at the company. He said they ‘make good stories for movies and television shows.’ He added that weed is the only drug he’s aware of and that WeWork had a ‘fun’ culture.

    “He did not comment on a suggestion from the audience to share his wealth with WeWork employees …”

    Bahahahahahaha … even people in the audience have a great sense of humor.

    “… but said he and co-founder Miguel McKelvey have done things privately with their money that they are not ready to discuss. Neumann added that he is currently investing through a family office, and he’s interested in cryptocurrencies.”

    Stay tuned, we haven’t heard the last from this guy.

    1. The WeWork building next to I-25 in downtown Denver is covered in graffiti. They keep scrubbing it off, and then it gets tagged again within a week, LOLZ.

  26. I hear debtdonkeys cry
    I hear them woe
    They never learn
    a steady diet of crow
    And I think to myself
    ………..What a wonderful world💕

    Arrington, TN Housing Prices Crater 31% YOY As Rural Lot And Land Prices Plunge

    https://www.movoto.com/arrington-tn/market-trends/

    As a national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”

  27. Blog of peace?

    Maybe some folks with a terminal disease might like to go out with a bang and take a globalist or two with them?

    Journalists are a good start.

  28. Biden Comptroller Nominee on Oil & Gas Industry: ‘We Want Them to Go Bankrupt If We Want to Tackle Climate Change’

    Infowars.com
    November 9th 2021, 5:44 pm

    Joe Biden’s nominee for Comptroller of the Currency Saule Omarova said the quiet part out loud during a seminar earlier this year, admitting that the oil, coal, and gas industries must go bankrupt to implement their Green New Deal agenda.

    In an appearance during the 2021 Social Wealth Seminar (SWS) in March hosted by a nonprofit called the Jain Family Institute, Omarova confessed that the government needs to bankrupt entire energy sectors to impose top-down climate change initiatives.

    BidenNoms, A Project of AAF
    @bidennoms
    Biden nominee Saule Omarova saying the quiet part out loud. On the oil, coal and gas industries:

    “We want them to go bankrupt if we want to tackle climate change.”

    https://twitter.com/bidennoms/status/1458180110872457216?s=20

    2. “We want them to go bankrupt if we want to tackle climate change.”

      It’s the only way to get us to pay 30 cents a kwhr to heat our homes.

  30. At what point will the lying and bluffing about hotcakes give way to a panicked race to the exit with offloading of flip homes at fire sale prices?

    “And if you think you’ve made some bad investments, in the third quarter of 2021 Zillow said it bought 9,680 homes and sold 3,032 of them, with the sales producing an average loss in gross terms of more than $80,000 per house.”

  31. A good read …

    From CNN: Evergrande’s billionaire founder has been bailing out the business. That can’t continue

    https://www.cnn.com/2021/11/09/investing/china-property-crisis-evergrande-bail-out-mic-intl-hnk/index.html

    (some snips)

    “The company rode the boom of home buyers rushing to urban cities, as hundreds of millions of people across China were lifted out of poverty — a change that created metropolises from villages. Evergrande alone built more than 1,000 developments in hundreds of cities and claims it creates more than 3.8 million jobs a year.

    “Property supercharged China’s economy, and has ballooned to account for as much as 30% of China’s GDP. Cheap money also fueled developers to keep building: Evergrande, for example, expanded into bottled water, electric cars — even pig farming.”

    “‘There’s been a decision at the very top, that this buildup of reckless credit expansion is becoming a danger to China and presumably a threat to the Party rule,’ said Leland Miller, the CEO of China Beige Book.”

    “‘For decades, we’ve been used to a high growth model where property pumps enormous amounts of credit into the economy … and when growth needs a little pick me up, then more building gets done,’ Miller said. ‘We are going from an era of high to medium growth to an era of low growth in China.'”

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