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For House Values To Come Back That Much Would Be Catastrophic

A report from San Diego News in California. “MARKET REPORT (single family). 92115 College Area: The median November home price dropped 7% from October to $814,125. 92119 San Carlos: The median November sales price dropped 5% from October to an adjusted amount of $880,000. 92120 Allied Gardens, Del Cerro: The median home price for November plunged 17% from October to $935,000.”

“Home prices are leveling currently after an incredible multi-year run up. At the local Realtor meeting, other agents are remarking that instead of the usual 20 to 30 offers on a property, agents are receiving maybe four to 10 offers now.”

From Boise State Public Radio in Idaho. “Boise Regional Realtors said delays in construction have sharply cut total sales of new homes this year. Factoring in existing homes, November’s median sales price for all houses reached $537,900. Far more existing homes are available for sale in Ada County compared to last year – up 218% from Nov. 2020.”

From Inside Big Data. “Zillow recently shuttered its Zillow Offers business because of failed iBuying algorithms. A derailed algorithm on property valuations led the company to reduce the estimated value of the houses it purchased in Q3 and Q4 by more than $500 million. Zillow has already officially announced $304 million in Q3 losses. The event has once again raised concerns about the validity of AI models.”

“What is clear is that the algorithms didn’t account accurately for the relationship between the target variable (which was the price of the house) and the input variables (e.g., number of bedrooms, number of bathrooms, square footage, home condition). Prices on homes went down even for the same value of the input variables but the models were not updated to reflect the new relationships.”

Two reports from Bloomberg. “Federal Reserve officials this week will quicken their wind-down of bond purchases and signal interest-rate liftoff in 2022, economists surveyed by Bloomberg said, heralding a historic policy pivot to counter the fastest inflation since the 1980s. ‘It’s going to be the biggest hawkish shift in the history of the dot plot,’ said Laura Rosner-Warburton, senior economist at Macropolicy Perspectives, referring to Fed rate forecasts which have been published since 2012.”

“Treasury investors are losing more money than they have in four decades, once inflation is taken into account. And if markets are right, they’re unlikely to come out ahead for years. What’s more, the dynamic isn’t expected to change: The bond market is projecting that 10-year Treasury yields will hold below the inflation rate for the next decade, meaning any investment income will be more than wiped out by the rising cost of living.”

The Globe and Mail. “A war of words over the insolvency of a luxury townhouse condominium project in Oakville has pitted a titan of Canadian business against a custom-home builder with anxious buyers caught in the middle. At the still unfinished Sheddon site, there are signs of a project under strain.”

“For one, construction crews are still working to prep two unsold units for sale, even though more than a dozen buyers – many of them the cream of Oakville’s business and professional class – have already moved in to the complex on interim occupancy agreements. For another, inside the occupied units the list of ‘deficiencies’ buyers are waiting to get fixed have mounted.”

“‘Some in the building moved in a year ago, and still have no use of some of their bathrooms; there are people who have issues with insulation,’ said Andrew Zawadowski who bought into the project in 2016 when he was told it would be ready for move-in by 2018. Now, after living in the unit for the last three months he says he’s frustrated with the list of things left undone in his multi-million-dollar unit. ‘We have missing doors from our kitchen, LED lights that never go off, others that never go on … We waited six weeks for a doorknob to our storage locker,’ he said.”

“The buyers – who have joined a social circle that includes weekly cocktails – are nervous the Monitor may come back and ask them for more money to finish the project. Some units sold in the early days for $2.5-million to $3-million, but units sold more recently were in the $4-million to $5.5-million range.”

“‘We worry it will not be finished,’ said Mr. Zawadowski. ‘You could say ‘You guys are rich folks … nobody’s going to feel sorry for you.’ But on a human level, I’ve had no other place to live: I lived six months with my sister in law. We worry we’ll be homeless.'”

From Newstalk ZB on New Zealand. “This is going to sound harsh and I’m sorry for that but I don’t know how to say this any other way. Based on what the prime minister said about housing in an interview at the weekend,  I don’t think she knows what she’s talking about. In one of her end-of-year review interviews she was asked if she wants house prices to drop and she said yes.”

“We think that’s’ the first time she’s said she actually wants to see a house price drop but it’s fine because many of us believe house prices are going to drop a little bit due to the impact of rising interest rates. But then she said she sees them coming back to the same level as prices were a year or two ago, that should be alarming. Because two years ago house values were 30% below what they are now.”

“Which would mean that someone buying in Auckland right now at the average house value of $1.48m would suddenly find their house worth only $1m. For house values to come back that much would be catastrophic. Never mind what would happen once homeowners lose that much equity in their homes, whatever it is that causes house values to drop by that much would be devastating.”

From IFR on China. “Market participants have been left to speculate about how the government will control the Evergrande implosion, and if bondholders have any hope of curtailing losses. ‘I’m not sure what a ‘risk management committee’ is but my guess is that this is a unique case given the size [of the debt], and the central and provincial government is asking Evergrande to proactively manage the fallout and not have a messy default,’ said a portfolio manager, who does not hold Evergrande bonds. ‘I don’t really think it will work.'”

From Bloomberg. “Shimao Group Holdings Ltd. drove Chinese property stocks and bonds lower over growing concerns about its ability to pay its debt, renewing concerns about the health of the sector. China’s crackdown on housing, which triggered a default at China Evergrande Group and led to a plunge in sales, is calling into question the way freewheeling property developers have financed homes to the masses through the widespread use of presales.”

“Shimao’s shares dropped 12% to the lowest in almost a decade, while its bonds plunged as much as 9 cents on the dollar. A yuan note tumbled more than 50% before it was suspended.”

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This Post Has 109 Comments

  1. Eat yer crowz Thornberg.

    ‘Prices on homes went down even for the same value of the input variables but the models were not updated to reflect the new relationships’

    Did he say prices went down?

    I said they need to change out the flap in the Magic 8 ball that says to the moon Alice!

    2. “…went down even for the same value of the input variables but the models were not updated to reflect the new relationships…”

      Reminds me of the famous loss of the NASA Climate Orbiter due to spacecraft software using metric units of measurement but ground software using imperial (english) units of measurement.

      But, but these are the smartest guys in the room…..!

  2. ‘‘We worry it will not be finished…You could say ‘You guys are rich folks … nobody’s going to feel sorry for you.’ But on a human level, I’ve had no other place to live: I lived six months with my sister in law. We worry we’ll be homeless’

    Well it was cheaper than renting Andy.

  3. ‘November’s median sales price for all houses reached $537,900’

    Five hundred thousand pesos is a sh$t load of money. You won’t read that many places, but it’s true.

    ‘Far more existing homes are available for sale in Ada County compared to last year – up 218%’

    Shazaam Harry Potter, where did all these shacks come from?

    1. This is more ludicrous, in my opinion, than a million bucks in southern CA. At least in southern CA there are some high paying job prospects. Ada County? LMFAO. That’s full clown show right there.

      1. I should mention that a year ago I had to travel to Idaho briefly. I was in Twin Falls. For kicks I pulled up some real estate listings and my jaw was on the floor. And that’s a year ago. I can only imagine the lunacy now. This bubble defies words and logic.

        1. Five years ago, my son and I spent an evening in Twin Falls, ID, and we visited several picturesque vistas along the Snake river canyon. We were surprised at how cheap a nice motel room was including indoor swimming pool and continental breakfast.

  4. ‘that should be alarming. Because two years ago house values were 30% below what they are now…Which would mean that someone buying in Auckland right now at the average house value of $1.48m would suddenly find their house worth only $1m. For house values to come back that much would be catastrophic’

    I’ve been sayin’ this 30% crap is batsh$t crazy. And it’s been happening in a lot of places. Not San Diego obviously. BTW, yer little bony armed PM is a communist.

        1. From wikipeadoa:

          Ardern describes herself as a social democrat and a progressive.[9][10] The Sixth Labour Government has focused particularly on the New Zealand housing crisis, child poverty, and social inequality.

          Sounds like she hasn’t made a dent in the “housing crisis” during her so far 4 years of iron fisted rule.

  5. This was posted on the last thread this morning:

    ‘And that’s the thing. Doctors are organic chemists and their first order principle is reductionism. Where would an Organic Chemist get the PhD in Computer Science and Systems Theory that would be required to even opine on Information Theoretic therapies? How do you go from reductionist first order principles that deny that anything occurs beyond organic chemistry to all of a sudden being experts in such a narrow and deep topic?’

    ‘I worked with the Payor industry in the late 90s and early OOs. Basically what happened is the Payors started mining their claims data, which is 100% where the data lives. Providers were still on paper forms at the time. I’m sure many still are. The “expertise” of doctors couldn’t stand up to the shining light of Big Data. Doctors had ceased to be the authority on medicine by 2000. The incompleteness of Organic Chemistry and Biological reductionism was there for anyone who took the third year class in computability theory to see.’

    ‘Did they warn the public that a paradigm shift was occurring and that the current paradigm had advance little from putting leaches on People? Of course not. They silenced the Payors with privacy laws to maintain their control of the narrative, and then quietly built a new paradigm based on CS and Complex Systems theory.’

    ‘That’s what the mRNA “vaccines” represent.’

    http://housingbubble.blog/?p=5437#comment-171041

    1. We will never let these tyrants turn the United States into Australia. January 6th was a LARP that turned into a riot, but next time, we won’t be f*ing around.

      The only good globalist is a dead globalist.

      This is a civil war that you will lose, and lose badly…

    2. I really appreciated the poster telling us this. After thinking on it a few minutes, I wonder why I have to find this out in the HBB comments, when it is vitally important to every man woman and child in the US if not the world?

      1. If you really want to go down the rabbit hole start researching if ‘Viruses’ infections even exist and aren’t just bacterial in nature.

        There is a strong possibility that ALL viral vaccines are just a scam to further poison the populace.

        That you Rockefellers.

    3. Medical doctors have not been the authority on medicine in modern history predating 2000. Ask a chemist, pharmacologist or, a pharma salesman to doctors. Doctors dispense medicine, according to big pharmacy directions.

  6. ‘Shares of Gamestop and AMC Entertainment tumbled to multi-month lows on Monday as some investors appeared to sour on the names that had produced eye-watering gains earlier in the year.’

    ‘Video game retailer GameStop was recently down about 11% at $141.74, briefly touching its lowest level since April, while movie theater operator AMC slumped 14% to $23.64, a level last seen in May.’

    ‘The sell-offs come amid declines in other buzzy assets, whose prices have in some cases been sliding for weeks as worries over a more hawkish Federal Reserve and a COVID-19 resurgence shake some corners of the market.’

    ‘Randy Frederick, managing director of trading & derivatives at Charles Schwab in Austin, Texas, believes retail investors may be running out of funds to invest in meme stocks and other assets, as government stimulus checks that helped fuel trading earlier in the year are depleted.’

    “People that have been investing in meme stocks have all their money in the market and there’s not any more left.”

    https://news.yahoo.com/meme-stocks-gamestop-amc-slump-201632227.html

  7. Every time Real Journalists get culturally enriched, an angel gets its wings.

    Oakland: NBC news crew robbed at gunpoint

    https://www.mercurynews.com/2021/12/11/oakland-nbc-news-crew-robbed-at-gunpoint/

    An NBC sports crew was robbed at gunpoint Saturday morning in Oakland, police said.

    The crew was on assignment in the Jack London Square area when three armed individuals took a camera from inside the crew’s vehicle, according to Oakland Police Department spokesperson Kim Armstead. None of the crew members were holding the camera at the time and there were no injuries.

    The robbery marks the third incident involving news organizations in Oakland in the last two and a half weeks.

    1. The robbery marks the third incident involving news organizations in Oakland in the last two and a half weeks.
      I remember reading that 99% of journalists that donate money to political parties, donate to the Democratic Party.
      Karma?

    2. I’m sure they just see that as the cost of spinning The Narrative. Plus the camera was probably the TV station’s property, so who cares?

  8. “Shimao’s shares dropped 12% to the lowest in almost a decade, while its bonds plunged as much as 9 cents on the dollar. A yuan note tumbled more than 50% before it was suspended.”

    Is that a lot?

  9. “The Atlantic” is a globalist propaganda flagship whose opinion pieces are key indicators of what the elites are cooking up next. This is a pearl-clutching, wretch-inducing piece that – reading between the lines – signals we’re going to need a gulag big enough for at least 30 million “dangerous” Deplorables. Cue scary organ music.

    TRUMP’S NEXT COUP HAS ALREADY BEGUN

    https://www.theatlantic.com/magazine/archive/2022/01/january-6-insurrection-trump-coup-2024-election/620843/

    January 6 was practice. Donald Trump’s GOP is much better positioned to subvert the next election.

    “By way of foundation for all the rest, Trump and his party have convinced a dauntingly large number of Americans that the essential workings of democracy are corrupt, that made-up claims of fraud are true, that only cheating can thwart their victory at the polls, that tyranny has usurped their government, and that violence is a legitimate response.”

    1. a dauntingly large number of Americans

      I guess that a majority might appear daunting. We didn’t need to be convinced, we watched you cheat live on the TV.

      BTW, what ended the look-see in Arizona? Seems to have dropped into the memory hole.

      1. If you question how a senile 47-year fixture on Capitol Hill & his cackling diversity hire VP who polled 2% in her own presidential run garnered 81 million votes, you have just self-identified as being gulag-ready.

        1. What I’ve gathered so far on the election fraud front: via Bannons War Room, feckless RINOs; via Telegram, massive in-fighting between Lin Wood, Sidney Powell, Patrick Bryne/Mike Flynn and accusations of sabotage. Clusterf@#$ or sh!tshow, take your pick.

      1. What we’ve found is that almost all of the power brokers are perverted, narcissistic sickos. Money = power and influence. Once people have and control more money than they could possibly spend in 100 lifetimes, they want to control other people. They are gravely mentally ill.

  10. From CNBC, published today. Let’s analyze the language that the authors and editors chose for this article:

    “As the specter of omicron looms large over the festive season, governments around the world are desperately trying to deploy Covid-19 booster shots in order to bolster people’s protection against the more transmissible variant.”

    The specter? Looms? Desperately?

    Oh no!!! No “festive season” for you. Note they can’t say Christmas, because Real Journalists are anti-Christianity.

    “The emergence of omicron has made booster shots even more important. This is because a number of early studies — which have been published prior to peer review due to the urgency of the situation — have shown that Covid vaccines are less effective against the omicron variant compared with the globally dominant delta strain and other variants.”

    The urgency of the situation? This isn’t April 2020. Alot of us actually believed in this thing then, but we’ve moved on.

    “But the same studies have indicated that three vaccine doses — the two preliminary shots plus a booster — significantly increase the level of protection against omicron.”

    The “omicron variant” does not exist. A positive “case” of COVID is whatever the PCR tests are manipulated to say.

    https://www.cnbc.com/2021/12/14/covid-booster-dose-is-crucial-against-omicron-variant-heres-why.html

    Ben, get the ropes ready, because we are done with the unscientific medical tyranny.

    You globalists are poisoning children now. It wasn’t enough to rape the children, now you have to poison them too?

    The only good globalist is a dead globalist…

    1. “Humanity is left with a tremendous sunk cost, with the ruling class having drafted billions into this mess, resulting in hundreds of millions of lost lives and livelihoods. Anthony Fauci, Bill Gates, Joe Biden, Xi Jinping, Boris Johnson, Angela Merkel, the World Health Organization, the World Economic Forum, The New York Times, The Chinese Communist Party, Pfizer, Moderna, Facebook, Google, Twitter, the CDC, the FDA and the list goes on.”

      https://dossier.substack.com/p/the-war-on-a-virus-has-resulted-in

      The “list” goes on?

      It’s not a list, it’s a court docket, which after convictions, will become a schedule of executions.

      Nuremburg, Germany, 1946, what happened there, will happen again, because we are taking our country back from these globalists…

      2. “Causes of the French Revolution: As the 18th century drew to a close, France’s costly involvement in the American Revolution, and extravagant spending by King Louis XVI and his predecessor, had left the country on the brink of bankruptcy. Not only were the royal coffers depleted, but two decades of poor harvests, drought, cattle disease and skyrocketing bread prices had kindled unrest among peasants and the urban poor. Many expressed their desperation and resentment toward a regime that imposed heavy taxes—yet failed to provide any relief—by rioting, looting and striking.”

        Striking similarities that parallel modern times.

        1. Not only were the royal coffers depleted, but two decades of poor harvests, drought, cattle disease and skyrocketing bread prices had kindled unrest among peasants and the urban poor. Many expressed their desperation and resentment toward a regime that imposed heavy taxes—yet failed to provide any relief—by rioting, looting and striking.”

          No matter what lies this creepy, dementia-addled, illegitimate Pedo-In-Chief Biden tries to pass off as truths to the populace, the grocery store receipts don’t lie.

    2. “But the same studies have indicated that three vaccine doses — the two preliminary shots plus a booster — significantly increase the level of protection against omicron.”

      So the first two jabs don’t protect against Omicron, but a third jab of the same junk (if that is even what it is) will “protect” us. Yeah, that makes perfect sense.

      They’re gonna have to drag fentanyl OD’s off the street, stick them in the ICU and claim they are Omicron patients.

      1. Saw this today:

        The first large real-world study of how vaccines hold up against Omicron found that two shots of Pfizer Inc. and BioNTech SE’s Covid-19 vaccine lowered the risk of hospital admission by 70% for patients infected with the highly mutated variant.

        How could they do a large study so quickly? This is pure BS.

        A while the experts predict an Omicron tsunami, in mostly unvaxxed South Africa Omicron appears to already be on the decline.

        1. in mostly unvaxxed South Africa Omicron appears to already be on the decline

          They have demonstrated to the world how to shorten the curve.

  12. As a guy who loses sleep in frustration and anger a couple times a month ruminating over this market, I find any reports of a drop heartwarming. Especially when they come on mainstream or local channels.

    (Usually though I’ll check the median price per sq/ft and find stupidity continues to prevail)

  13. Let’s go Brandon!

    Wholesale prices measure rises 9.6% in November from a year ago, the fastest pace on record

    https://www.cnbc.com/2021/12/14/wholesale-prices-measure-rises-9point6percent-in-november-from-a-year-ago-the-fastest-pace-on-record.html

    Wholesale prices increased at their quickest pace on record in November in the latest sign that the inflation pressures bedeviling the economy are still present, the Labor Department reported Tuesday.

    The producer price index for final demand products increased 9.6% over the previous 12 months after rising another 0.8% in November. Economists had been looking for an annual gain of 9.2%, according to FactSet.

    1. I dunno ive been finding great deals on food lately, like $2.99 for 85% hamburger or angus beef $3 a pound off, sometimes with a digital coupon limit 1, so i have 3 phone numbers i use, and go in 3 times at stop and shop and shoprite…..sometimes thru the cashier others in self service……fruits vegetables too, I like the little purple potatoes great for a crock pot, last week buy 1 get one free, so i do see inflation( product downsizing) but i dont buy junk food sugared cereal etc.

  14. “The median November home price dropped”

    Dropsy: An old term for the swelling of soft tissues due to the accumulation of excess water. In years gone by, a person might have been said to have dropsy. Today one would be more descriptive and specify the cause. Thus, the person might have edema due to congestive heart failure.

    swelling, bloated, fraud-riddled housing has the dropsy.

    Drop!

    Chula Vista, CA Housing Prices Crater 22% YOY As Mortgage Fraud Ravages San Diego Area

    https://www.movoto.com/chula-vista-ca/market-trends/

  15. New York Post — ‘Not fitting their narrative’: Waukesha feels abandoned after tragic parade attack (12/13/2021):

    “Brooks’ case has become a cause célèbre — not in the mainstream media, which was slammed for initially saying the deadly attack was caused by “a car” that drove into the parade, but by an increasing chorus of influential podcasters like Joe Rogan and online pundits who claim Brooks and his victims in Waukesha have been “swept under the carpet” by the press because the case doesn’t fit their agenda.”

    https://nypost.com/2021/12/13/why-waukesha-parade-attack-doesnt-fit-media-narrative/

    Real Journalists aka the Public Relations wing of the Democrat Party are 100% in support of the genocide of white people.

    This is who the globalists are, and this is what they do.

    1. “The man killed six people. One was only eight years old. He injured over 40 others in a Christmas rampage that shocked the nation for a few days. Darrell Brooks drove through a parade in Waukesha, Wisconsin a couple of days after the Kyle Rittenhouse verdict. Liberal America took sick satisfaction with the deaths, some of them saying it was karma for the not guilty verdict. Rittenhouse shot and killed two men in self-defense during the Kenosha riots in the summer of 2020. This was a reckoning for the Rust Belt for not delivering the right verdict in the minds of blue staters. So, it was a heinous crime. Brooks has been charged with multiple counts of intentional homicide. And then, silence from the media.”

      https://townhall.com/tipsheet/mattvespa/2021/12/14/waukesha-alone-residents-feel-abandoned-as-media-sweeps-story-under-the-rug-over-narrative-concerns-n2600546

      Silence from the media.

      1. All that matters to these media mogul creepers is to continue f**king kids and complaining about mean tweets and DJT while painting anti-vaxxers as domestic terrorists. Perverted demons are they…

    2. The Waukesha story was thrown into the mass grave along with Hunter’s laptop, the Steele dossier that was paid for by by the Clinton campaign and used by the FBI, 57,000 fraudulent ballots in Maricopa County etc.

  16. Washington Post — Biden walks a careful line on climate after tornadoes (12/14/2021):

    “President Biden is navigating a politically fraught path on climate change after last weekend’s deadly tornadoes, stopping short Monday of directly blaming global warming for the disaster but emphasizing the storms’ extreme nature and ordering officials to get more definitive answers.”

    Below this article is what Blue Checkmark Twitter aka the Democrat Party has to say about this.

    “We have to be very careful — we can’t say with absolute certainty that it was because of climate change,” Biden said Monday after officials briefed him on the tornadoes.

    https://archive.md/zWM9i

    Townhall — How Liberal America Reacted to the Devastating Tornadoes That Ripped Through Kentucky (12/13/2021):

    “It’s a tragedy. For normal people, thoughts and prayers rang out. For liberals, they chortled and loved that these people were dead. Why? Well, it’s Kentucky. It’s Republican, though they have a Democratic governor in Andy Beshear. It’s a place where these people don’t go because liberals only care about urban-based settings, which isn’t America—at all. There are people who live in places that aren’t dominated by these snobby, condescending cretins. These are the folks who want to just want to put in an honest day’s work and raise families. They don’t have the privileges of being miserable about things that aren’t real as they do in liberal America. They don’t have the time. They need to work on things that matter, not about which pronouns are acceptable and whether a dude swimmer can compete as a woman. It’s not Mars.”

    https://townhall.com/tipsheet/mattvespa/2021/12/13/tornados-ravaged-the-south-and-liberal-americas-reaction-was-insanely-predictabl-n2600479

  17. Los Angeles looks more and more line a war zone:

    As a recent wave of mob-led store robberies has put retailers, mall operators and communities on edge, one popular shopping center is keeping an unusual security measure in place through the holiday season.

    The Grove, a famous open-air shopping complex in Los Angeles, has added a high coil fence barrier that resembles barbed wire at the property’s entrances and exits.

    1. “Los Angeles”

      I am 100% in support of the “follow home” robberies of celebrities in Los Angeles, it couldn’t happen to a nicer bunch of folks.

      Seth Rogen needs to get pistol whipped in his own driveway.

      1. “follow home” robberies of celebrities in Los Angeles

        I’ll bet many are spending most of their time outside of Clownifornia these days.

        1. “outside of Clownifornia”

          Do you know how easy it would be to isolate and conquer the Town of Aspen?

          This is, of course, just idle speculation about something that could pretend happen in a game of Minecraft.

          In winter, there is only one navigable road in and out of that place. Block that road, take the airport, and you now control Aspen (in Minecraft).

          All the hired help, all our Spanish speaking primos, will be allowed to leave (in Minecraft).

          But all the celebrities, the globalists, the people who DJT correctly identified as the “enemy of the American people” who knows what could happen to them (in Minecraft)?

          This blog is such a barrel of laughs sometimes 🙂

          1. True, but there is currently no threat against Aspen, whereas in LA leaving your home is a risky act.

            Also, not all the celebs are hunkering down in Aspen. There are other places: Tahoe, Jackson, offshore (Larry Ellison hasn’t set foot on the US mainland in over a year), ranches in Montana, Idaho, Wyoming, Utah, New Mexico and Colorado, etc.

  19. I have been following this little game the media has been running with Evergrande’s bond payment and just saw this:

    ‘For months investors had been forced to rely on the validity of anonymous sources who claimed, via respected publications, that Evergrande had been making good on bond coupon payments at the very last minute – and staving off default.’

    ‘It happened (maybe for the final time) last month when, at the expiration of a 30-day grace period on three missed bond coupon payments worth a total of US$148.2 million, anonymous sources were quoted by Reuters and Bloomberg claiming bondholders had received payments.’

    ‘There was not any official confirmation from Evergrande or bondholders. This same playbook had been used as multiple debt payment deadlines passed during 2021.’

    ‘Under Cayman Islands Common Law, company directors have a Fiduciary Duty which means they must act in good faith and in the best interests of the company.’

    ‘This is what top global law firm Conyers says about the duty of directors of Cayman Islands incorporated companies which are insolvent or nearing insolvency: “Directors do not owe a duty to creditors while the company is solvent. However, such a duty arises if the company is insolvent or near insolvency. When a company is nearing insolvency, the interests of the company become synonymous with the interests of its creditors. In other words, in such circumstances the interests of the shareholders are subordinated to the interests of the creditors and the directors have a duty to shift their focus to ensuring that any decision made is not necessarily in the company’s interest but must be in the interest of the creditors’ (as a general body).”

    ‘In short, if Evergrande’s directors do not believe there is a reasonable prospect that the company can avoid debt defaults and thus, insolvency, they must act to liquidate the company in order to return some capital to creditors.’

    ‘On the other hand, creditors, emboldened by the Fitch downgrade ma’ force legal action upon the company by initiating bankruptcy proceedings.’

    ‘Should Evergrande be liquidated in the event of a formal default, some experts have predicted bondholders would be paid only around 5% of their claims. So the question is, do large creditors even want insolvency just yet if they too can continue to kick the can down the road?’

    ‘To many observers though, Evergrande attempts to free up cash throughout 2021 have been seen as liquidation by stealth.’

    ‘Despite there being no formal insolvency proceeding initiated by major bondholders or Evergrande itself, Dr Marco Metzler, an outspoken critic of Evergrande and the management its bonds has named five large global financial institutions that he says will be forced to write-off some $23 billion as a result of the Fitch downgrade.’

    “Companies like BlackRock, Ashmore Group, Allianz, HSBC or UBS own the most bonds,” says Metzler. “It is also striking that although Chinese real estate giants have been in crisis for a long time, those funds bought additional securities even shortly before Evergrande’s insolvency.”

    https://www.asiamarkets.com/evergrande-downgrade-forces-blackrock-and-other-institutions-to-write-off-billions/

    Fishy.

  20. From the Dumver Post:

    Colorado’s COVID-19 hospitalizations are continuing to fall, but facilities are still strapped and the virus remains a widespread danger for people who aren’t vaccinated.

    Hospitalizations for confirmed COVID-19 across the state dropped to 1,294 on Monday — their lowest level since early November, but still slightly higher than in spring 2020.

    The percentage of tests coming back positive also continued to fall, and new cases reported to the Colorado Department of Public Health and Environment dropped to 12,446 in the week ending Sunday, from 16,928 a week earlier.

    So, Colorado new infection numbers are in free fall, down 26% in just one week. And they are still screaming at us to get the jab, even though it’s even less effective against Omicron than it was against Delta, which wasn’t much at all.

    1. COVID is over. Governor Polis knows this, and he knows it would be political suicide for him to prolong the unscientific medical tyranny at a statewide level.

      Boulder, OTOH, will be wearing masks for another 50 years, because wearing masks = owning Orange Man Bad.

      1. I think Polis has his eyes on a national office, which is why he tries to be a “moderate” Democrat. That said, Denver has turned into a crime ridden sh!thole full of homeless bums, which is also Mayor Hancock’s fault. Sure, it’s not as bad as Portland or San Francisco, but it wasn’t that long ago when you could walk down the 16th St Mall without having to resort to high “situational awareness” (AKA, constantly looking over your shoulder)

        1. globalists haven’t finished implementing

          If Alpha and Omega are the beginning and end of a conditions-based plan, Omicron is past the halfway point.

      3. Boosters and Face Masks Forever

        Now if I let you see this place
        Where stories all ring true
        Will you let me past your face
        To see what’s really you
        It’s not for me I ask these questions
        As though I were a king
        For you have to love, believe and feel
        Before the real journalists take you there
        Boosters and face masks forever
        Castles of stone souls and glory
        Lost faces say we adore you
        As kings and queens plan your life for you

        https://youtu.be/R82OM5tzcrk?t=94

      1. They will only hurt their sales tax revenue

        At this point they don’t even care. Take San Francisco. When they lost all those conventions and all the lodging and sales tax they generate, city hall didn’t give a flying fig. If anything, they let the crime that scared off the conventions get even worse. Heck, they aided and abetted the criminals.

      2. “…especially for RVs.”

        Dealerships are required by law to collect and remit sales and vehicle taxes to the state and county tax address on record of the purchaser. The VIN is tracked nationally.

  24. Here’s the question of the century? Does anyone here know how many mRNA vaccines have been administered in China…wait for it… Zero. China has their own vaccine called Sinopharm, which is a dead virus vaccine similar or identical to J&J vaccine which was pulled, temporarily from the usa due to blood clot concerns. It is now back on the market but is VERY hard to find and represents a small % of current vaccines administered.
    China, the largest population in the world and the second biggest economy has NO outbreaks of covid whilst western countries have tens of millions.
    China is exporting this drug to all nations that are not “friendly” or allies to the usa.
    China started this pandemic
    What does China know of the long-term effects of mRNA vaccines that we dont?
    Why are they banned in the country that started this pandemic and why does Chima seem to be immune from Delta and Omicron even though they have 15 cities with populations of 10 million or more?

    1. why does Chima seem to be immune from Delta and Omicron

      It could simply be that they are not trying to cripple their own enterprises with hollow fear mongering over a not-really-deadly germ going around. They’ve already got the Western World urinating themselves and going out of business. Also, they’ve got their own snake oil to sell now.

    2. I have brought up this point about China not responding to Covid the same as the rest of the World, in spite of them being ground zero and having big populations.
      Not only do they not have mass vaccinations in China, they got back into production mode so quick that it would make your head spin compared to the West.
      But, you will note that Fake news doesn’t like to talk about other Countries, especially when it comes to the Covid data that shows the truth of this Scam.

      1. My understanding is that 1 billion Chinese have been jabbed, with their own in house protein spike vaxx.

    3. China has their own vaccine called Sinopharm, which is a dead virus vaccine similar or identical to J&J vaccine

      It’s still a protein spike vax, and can cause most of the same harm.

    4. What does China know of the long-term effects of mRNA vaccines that we dont?

      I highly doubt they know more than we do. The US innovates; China steals. China’s choice of vaccine probably has to do with ease and cost of manufacturing and distribution.

  26. Oh dear….

    Photos of unfinished projects show China has a giant problem

    https://www.news.com.au/finance/economy/world-economy/photos-of-unfinished-projects-show-china-has-a-giant-problem/news-story/87dbd1b069bd81a234321e3417a0b751

    The cranes have stopped moving and major construction projects are frozen, with confidence in China’s housing market shattered.

    Photos show cranes are sitting idle at construction projects from China’s Yunnan Province to Shanghai.

    Building has ground to a halt.

    The images are symbolic of China’s growing problem. The real estate boom that turned bad.

    There are tens of millions of unfinished apartments in China.

  29. “The median November home price dropped 7% from October to $814,125.”

    A one month drop of 7% occurrs at an annualized rate of decline of ((1-0.07)^12 – 1) = -58.1%.

    Try not to catch yourself a falling knife.

  31. Some Dumver Post fear pron today:

    -Colorado’s COVID cases and hospitalizations keep falling, but danger to unvaccinated still high
    -As U.S. nears 800,000 COVID deaths, 1 of every 100 older Americans has perished
    -Colorado surpasses 10,000 deaths from COVID-19 on anniversary of vaccines’ arrival
    -Data indicate omicron is milder, better at evading vaccines
    -Did you lose someone to COVID-19 in Colorado? We want to hear your story

    1. 1 of every 100 older Americans has perished

      Sorry to break it to the math/reality challenged, over a two year span one out of five “older Americans” dies no matter what is going on.

      1. one out of five “older Americans” dies no matter what is going on.

        Exactly. But the one in 100 number sounds scary to people who for some reason think they will live forever.

        And I have to say that after having the coof I was very unimpressed. Even though I am no longer young I had no complications, not even the much feared “trouble breathing”. I’m sure it’s a bigger deal for those with immunity issues, but for them a common flu is also a big deal.

  32. Newton Massachusetts police are investigating an incident at Temple Emanuel. Apparently, in the early hours, an effigy of Dr. Rachel Walensky, CSC Director, coated in animal blood, was left at the Temples door. Along with the effigy were 4 male dolls believed to represent her husband and 3 sons. Police are taking the vandalism seriously and witnesses are asked to step forward.

    Globalists gonna globe, until they can’t.

  33. 😁

    As Violence Arrives in Rich Neighborhoods, Liberals And Ex-Radicals Buy Guns And Mobilize To Oust Progressive D.A.s
    https://michaelshellenberger.substack.com/p/as-violence-arrives-in-rich-neighborhoods

    (snip snip)

    “As Violence Arrives in Rich Neighborhoods, Liberals And Ex-Radicals Buy Guns And Mobilize To Oust Progressive D.A.s

    “A report from the frontlines of Beverly Hills:

    “’I’ve always been anti-gun,’ said Debbie Mizrahie of Beverly Hills. ‘But I am right now in the process of getting myself shooting lessons because I now understand that there may be a need for me to know how to defend myself and my family. We’re living in fear.’

    “During Black Lives Matter protests last year, Mizrahie told The Post, her neighbor’s home was firebombed with Molotov cocktails.

    ‘My kids were outside and they saw a huge explosion,’ she said. ‘[The neighbor’s] backyard went up in smoke. Trees burned down … But it’s only gotten worse. Beverly Hills has been targeted.’

    “Mizrahie, a 40-something mother of two teenagers, isn’t alone. Ever since the protests last year descended into riots and lootings, a growing number of Beverly Hills residents have been buying weapons.

    “’It’s gotten to a point where residents feel insecure even going from their door to their car,’ said resident Shirley Reitman. ‘A lot of residents are applying for a concealed carry weapon permit, even though that’s a great challenge in LA County.’

    “According to LA County Sheriff Alejandro Villanueva, the department has received 8,105 concealed carry weapon applications and approved 2,102 of them since he took office in December 2018, compared to his predecessor having issued 194 permits in four years.

    “’Even hardcore leftist Democrats who said to me in the past, ‘I’ll never own a gun’ are calling me asking about firearms,’ said Joel Glucksman, a private security executive. ‘I’d say there has been an increase of 80 percent in the number of requests I’m getting this year.'”

    Click on the link for the remainder of the story.

  35. Bahahahahaha … this is rich …

    San Francisco mayor pledges more police, safety measures | AP News
    https://apnews.com/article/business-police-san-francisco-9210b1e49ad00f0001532a2d50bead81

    (snip snip)

    San Francisco mayor pledges more police, safety measures
    By JANIE HAR

    FILE – San Francisco Mayor London Breed listens during a briefing outside City Hall in San Francisco on Dec. 1, 2021. A fed-up Breed announced Tuesday, Dec. 14, 2021, San Francisco will dramatically crack down on open drug use and sales and illegal vending of stolen goods that’s fueled smash and grab robberies.

    San Francisco Mayor London Breed listens during a briefing outside City Hall in San Francisco on Dec. 1, 2021. A fed-up Breed announced Tuesday, Dec. 14, 2021, San Francisco will dramatically crack down on open drug use and sales and illegal vending of stolen goods that’s fueled smash and grab robberies.

    SAN FRANCISCO (AP) — The mayor of San Francisco on Tuesday announced even more initiatives aimed at curbing open drug use, brazen home break-ins and other criminal behavior that she says have made a mockery of the city’s famed tolerance and compassion.

    Mayor London Breed said at a news conference attended by the police chief and other public safety personnel that she would introduce legislation to allow law enforcement real-time access to surveillance video in certain situations and to make it harder for people to sell stolen goods.

    She also announced emergency intervention to improve safety in the Tenderloin, one of the poorest and most drug-infested neighborhoods in San Francisco, where parents have pleaded for protection from drug dealers and violent street behavior. The neighborhood contains several government buildings, including City Hall.

    “What I’m proposing today, and what I will be proposing in the future will make a lot of people uncomfortable, and I don’t care,” said Breed, a Democrat. “We are past the point where what we see is even remotely acceptable.”

    Click on the link to read the rest of the article.

    1. @RR
      When my surgeon solemnly sat me down in January 2020 and told me to get the vax (“made for someone in your situation”), by the look on her face she obviously didn’t expect me to laugh and say hell, no.
      I don’t have the same condition as the poor SOB in the study but I wouldn’t be surprised to hear the “vaccine” has exacerbated other types of cancer. Incredible he’s still pro-vax, and perplexing that they felt they had to mention it. Thanks for the info.

  38. Today is Wednesday, December 15th and Joe Biden is not the legitimately elected president of the United States.

    The 2020 election was stolen.

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