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Events Of Default Will Occur Or Have Occurred

A report from CNBC. “There’s a ‘big risk’ of real estate companies filing for insolvency when interest rates rise, said Nils Kuhlwein of consulting firm Kearney. The real estate sector had the highest absolute number of ‘zombie’ companies and the highest share of zombies in 2020, according to a Kearney report — and that number could surge if rates double, said Kuhlwein. Zombie companies refer to firms that have been on the market for more than 10 years and earn enough to operate, but not to pay the interest on their debt.”

“Nils Kuhlwein pointed out that the global financial crisis of 2008 started with a real estate and housing price bubble and mortgage defaults in the United States. ‘What we are now seeing again, 13 years later, is that again, the real estate sector has the highest share of ‘zombies,’ he told CNBC.”

From Barron‘s. “Opendoor Technologies was falling on Wednesday after BofA Securities took a bearish view on the real estate platform despite growing revenue. It’s the iBuying model the analysts don’t like. BofA analyst Curtis Nagle initiated coverage on shares of Opendoor at Underperform with an $8 price target. iBuying is seen by Nagle as an ‘inherently risky and largely untested business model that carries low to negative margins and requires high debt to finance transactions,’ he wrote in a research note.”

“The ratio of purchased to sold homes rose to nearly 3-to-1 in the third quarter even as the housing market started slowing down in late 2021. Home prices have been falling and existing home turnover is expected to turn negative in 2022 after two strong years, said Nagle, adding to the list of factors overshadowing the company’s growing revenue and a high potential for shares gains. Opendoor shares have declined more than 50% since rival Zillow’s exit from iBuying, signaling markets’ hesitancy in betting on the home-flipping business.”

From Investor Place. “Some business ideas are bold; others are just bone-headed. Not to pick on Zillow Group, but the company should have stuck to its core business instead of exposing ZG stock holders to a doomed foray into house flipping. Not long ago, the company practically admitted that it had screwed up. This might seem honorable, and it may be tempting to be a hero and conduct a rescue mission with beaten-down ZG stock. Yet, your role as an informed investor isn’t to be a hero. Zillow Group’s loss isn’t your gain, as a botched business venture isn’t commendable and some sinking stocks should simply be left alone.”

“In early November of last year, KeyBanc analyst Edward Yruma made a crucial observation. He noted how most of the homes that Zillow Group had purchased, with the intention of flipping them for a profit, were now worth less than what the company had paid for them. After analyzing 650 homes in Zillow’s inventory, Yruma found that 66% were listed below the purchase price, at an average discount of 4.5%. In other words, around two-thirds of the company’s home investments were underwater.”

The Sun Sentinel. “Buying a condo in an older South Florida high-rise? For people who want to finance their deal, it’ll be getting tougher to take out a loan backed by Fannie Mae or Freddie Mac, the government-sponsored enterprises that make mortgages available to low- to moderate-income borrowers. Generally, they will not back loans for condo and co-op units if their buildings have put off major repairs, industry experts say. The rules could make it harder for some owners to sell.”

“In an emailed response to questions from the South Florida Sun Sentinel, Fannie Mae suggested that the Surfside disaster was emblematic of a national problem. ‘While the temporary requirements were put in place in the wake of the tragic collapse of the Champlain South Tower in Surfside, residential buildings with aging infrastructure and significant deferred maintenance are a growing concern across the nation,’ Fannie Mae said. ‘This concern is expected to increase over the next decade, as the majority of residential condo and co-op buildings were built more than 20 years ago.'”

From Bisnow. “One trend has become increasingly clear: Tenants are leaving older buildings in favor of newer projects. This accelerated shift has left owners of some aging office buildings with large vacancies and insufficient cash flow to pay back their debt, putting billions of dollars of office-backed loans at risk. ‘The problems going forward are going to come from primarily markets that have sizable amounts of dated properties that are not particularly desirable to big drivers of demand these days,’ Trepp Senior Managing Director Manus Clancy said. ‘You’ll see episodes in New York, Chicago and other places where big buildings that back loans with nine-figure balances become distressed.'”

The Advocate in Louisiana. “Nearly a year and a half after Hurricane Laura ripped through downtown, the biggest office tower in Lake Charles still sits vacant and in ruins. Officials are grappling with the idea of whether the Capital One Tower will have to be razed and what that could mean for the city. Lake Charles Mayor Nic Hunter and others say they believe it was never fully occupied, raising questions over whether bringing it back in the same form would be viable.”

“‘I know that there was probably half of that building that wasn’t being utilized. Without it being there, what does happen to our skyline?’ asked Chelsea Boudreaux, who owns the downtown coffee shop Stellar Beans with her husband and lives in a nearby historic district.”

From Socket Site in California. “Purchased for $9.75 million in August of 2016, the interior of the fully renovated Nob Hill home at 1230 Sacramento Street has since been made over. The sale of 1230 Sacramento Street has now closed escrow with a contract price of $7.7 million, which was officially ‘within 4 percent of asking’ according to all industry stats and aggregate reports but down 21 percent ($2.05 million) from its value in the third quarter of 2016.”

From News.com.au. “A Tasmanian family are devastated after a major Australian home building company collapsed, leaving them thousands of dollars out of pocket and almost homeless. Nathan Meyers describes the experience with Hotondo Hobart as having destroyed dreams. ‘It puts your relationship under immense strain and we were fighting all the time, as you have no other outlet, and it’s more than the financial impact, it destroys all your dreams and hopes and you don’t know what to do and you question your decision.'”

“‘I will be working for next 30 years to pay off the house and will retire at 74 or 75 maybe. I’m going to be working the rest of my life because one builder couldn’t run a business,’ he said.”

From Vietnam.net. “Soon after the Prime Minister sent a telegram to relevant ministries, branches, and localities to review and correct the ongoing land auctions, the Ministry of Construction sent a document to the People’s Committees of related provinces and centrally-run cities to control the high risk being created by real estate bubbles and to further strengthen the management of the real estate market.”

“Ms. Nguyen Thanh Huong, General Director of Van Phuc Land, said that the real estate fever in the past should be a warning. In the situation of a prolonged pandemic, people are facing grave difficulties, but this current real estate fever is difficult to understand. Mr. Binh, an apartment investor in Ho Chi Minh City, shared that he has invested in two apartments in the Celadon urban area project in Tan Phu, which is very far, and each apartment was closed at around VND 2 bn. Since Tet is approaching, he wants to sell these apartments with a mark-up of VND150 million per apartment. However, for more than a month now, there have been no customers.”

From Bloomberg. “China Aoyuan Group Ltd. won’t make payments on four dollar bonds and said that will trigger defaults on all other offshore debt, becoming the latest Chinese developer to succumb to the industry’s liquidity crisis. The company won’t pay off a dollar note that matures Thursday or a separate bond due Sunday, it said in a Hong Kong stock exchange filing late Wednesday. The notes have a combined $688 million of principal outstanding, according to data compiled by Bloomberg. The builder also said it wouldn’t pay interest before the end of a 30-day grace period on two other notes.”

“‘Events of default will occur (or have occurred) under all other offshore financial indebtedness of the group,’ Aoyuan said in the statement. Aoyuan made the decision not to pay the debts ‘to preserve its limited cash resources and maintain fairness among all of its creditors pending a holistic debt restructuring,’ it said. It was ranked 37th by sales among Chinese developers last year, according to China Real Estate Information Corp.”

“‘The continued market downturn and the dampening of purchasers’ confidence have caused difficulties for the group to realize its inventories and dispose of its assets on reasonable terms,’ it said.”

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This Post Has 157 Comments

  1. ‘While the temporary requirements were put in place in the wake of the tragic collapse of the Champlain South Tower in Surfside, residential buildings with aging infrastructure and significant deferred maintenance are a growing concern across the nation’

    DONG! Yer rug just got pulled condo markets.

    1. I meant to say something about yesterdays condo article. We used to talk a lot about how the whole condo thing is part of the bubble. And it’s not sustainable. Urban living is a REIC myth, encouraged by local guberments to steal cash.

      1. I can’t recall the name of that paperback about the retirees in the Florida condo, poor maintenance, so things are falling apart, rust on everything, punk teenagers (“phuc-off gramps”) skateboarding on the walkways, etc., and then the hurricane. A novel loaded with reality!

  2. ‘Events of default will occur (or have occurred)’

    I’m confident in saying it’s the latter.

    ‘under all other offshore financial indebtedness of the group’

    Fook the gringo.

    1. Should put a cork in any future “offshore” investments. At least until it’s different this time.

  4. ‘around two-thirds of the company’s home investments were underwater’

    And this steaming pile is still going around telling the REIC media about all the red hotness. Whatever.

    ‘Purchased for $9.75 million in August of 2016…has now closed escrow with a contract price of $7.7 million’

    After wasting a bunch of money on it. Sinking like a turd in a well for years.

  5. ‘Zombie companies refer to firms that have been on the market for more than 10 years and earn enough to operate, but not to pay the interest on their debt’

    ‘What we are now seeing again, 13 years later, is that again, the real estate sector has the highest share of ‘zombies’

    The dry cleaner effect from the central banks money creation does so much damage. Instead of clearing the decks, these losers limp along year after year. Rents and prices don’t get reset. Profits for everybody suffer. Just who in the name of baby jeebus does this help in the long run?

    How long do we have to stay in this phony economy before they realize it isn’t working? It’s this ‘easy money’ that got the steaming pile into the shack flipping biz in the first place.

    If huge corporations are ‘renting f#$%ing desks’, there is something seriously wrong.

  7. ‘it destroys all your dreams and hopes and you don’t know what to do and you question your decision’

    No!

    ‘I will be working for next 30 years to pay off the house and will retire at 74 or 75 maybe. I’m going to be working the rest of my life’

    But Nat, yer the winnah?

    1. ‘I’m going to be working the rest of my life’

      … and end up with less than half of what you could have.

      Paying multiples of construction cost (lot, labor, materials and profit) for a rapidly depreciating asset like a 20 year old house is the shortest path to poverty.

      Corona Del Mar, CA Housing Prices Crater 24% YOY Los Angeles Area Housing Market Hobbles And Banks Wobble

      https://www.movoto.com/corona-del-mar-ca/market-trends/

  8. “‘I will be working for next 30 years to pay off the house and will retire at 74 or 75 maybe. I’m going to be working the rest of my life because one builder couldn’t run a business,’
    Incorrect: You will be working the rest of your life because you are a moron. Stupid needs to hurt so one learns.

    1. You signed away that retirement on the day you took out the loan. Look at it this way, if you hadn’t borrowed so much money you would have “lost a ton”.

      1. There’s a reason it’s called a mortgage. Isn’t it odd how it has the same root as mortuary yet most people completely miss it? It translates to death contract but around the world everyone wants the biggest one they can get!

        2. but around the world everyone wants the biggest one they can get!

          They figured that they would make a killing when they flipped it.

  9. After analyzing 650 homes in Zillow’s inventory, Yruma found that 66% were listed below the purchase price, at an average discount of 4.5%. In other words, around two-thirds of the company’s home investments were underwater.”

    I fear there is a real potential here that Zillow investors could lose a great deal of money. This is my sorrowful face.

    1. I pass this house on the way to the business park to the west.
      You might need to “walk” Google maps to appreciate how bad this location is.

      10202 New Bedford Ct, Lakeside, CA 92040

      1/14/2022 Price change $743,400 (-0.9%) $467/sqft
      12/31/2021 Price change $749,900 (-2.7%) $471/sqft
      11/12/2021 Price change $770,700 (-1.1%) $484/sqft
      10/29/2021 Price change $779,300 (-1.1%) $490/sqft
      10/16/2021 Listed for sale $788,000 (-0.8%) $495/sqft
      10/15/2021 This home was evaluated and prepared for listing by Zillow partners
      8/27/2021 Sold to Zillow $794,129 (+17%) $499/sqft
      8/1/2021 Pending sale $679,000 $427/sqft
      7/16/2021 Listed for sale $679,000 (+41.5%) $427/sqft
      1/25/2019 Sold $480,000 (+1.1%) $302/sqft

        1. Oh, but you gotta love the barn door that says “pantry” on it. And why didn’t they blow the kitchen wall into the living room? Supporting wall? Bah. Better a couple columns than that pass-through that you can’t even see through.

          I don’t understand that Eucalyptus Hill enclave/neighborhood. Very weird.

          1. I suppose one could do worse. Spring Valley comes to mind. Unless it’s been gentrified since I left.

      3. I remember the road 67 through the mountains and passing a cement factory near where it spills out to “lakeside” I guess ? Up from Poway to 67 and Romana is the other way . yea It wasn’t too great in 2009 .
        There was a good hike on a mountain there but crowded always crowded. Hiking just as nice in Ventura County with half the people.

        San Diego the more inland the shadier it gets I think.

      4. That price action is highly suspect. Does the Zillow algo routinely pay 6 figures over the last sale that was only two weeks ago? If so, which company insiders thru shell entities are buying and then flipping to the company? This is probably the real scam and you just found one of the prime examples. A proper investigation would probably find 100’s of similar examples that the algo just happened to malfunction on. I doubt anyone could have seen it coming.

        1. two weeks ago

          2.5 years

          routinely pay 6 figures over the last sale

          If you were to look at this house without understanding its horrific location, I could see how that would happen.

          2. 8/27/2021 Sold to Zillow $794,129 (+17%) $499/sqft
            8/1/2021 Pending sale $679,000 $427/sqft

            8/27/2021 Sold to Zillow $794,129 (+17%) $499/sqft
            8/1/2021 Pending sale $679,000 $427/sqft
            1/25/2019 Sold $480,000 (+1.1%) $302/sqft

          5. 8/1/2021 Pending sale $679,000

            What strikes me is that the seller accepted the offer merely two weeks prior to Zillow offering a ton more. Having the Pending fall through wouldn’t incline most to ask for a higher price, unless they could see the idiots approaching.

          6. Pending fall through

            It didn’t fall through. That’s what the transaction history looks like 90+% of the time something closes over asking. That’s what I’ve been seeing for over a year.

          7. The price is rarely adjusted for the accepted offer. If something falls through, it’s back on the market and active.

          8. 8/1/2021 Pending sale $679,000 $427/sqft
            7/16/2021 Listed for sale $679,000 (+41.5%) $427/sqft

          10. I’m waiting for the crater. I was eyeing this one for some time before knowing about the elevated platform entry and steps up to the master bathroom. Pre-COVID, this would have been around $1.3M. It listed for $1,889,900 and had a huge brokers open then public open house. It was advertised as “Coming Soon” for a number of days.

            13122 Wild Flower Ln, Poway, CA 92064

          11. 13122 Wild Flower Ln, Poway, CA 92064

            Lots of corners and edges to strike in the living room area should someone stumble. Wonderful looking kitchen, and I like the large folding counter top in the laundry room. And $1.9M is a lot of money.

          12. Having been on crutches and a knee roller a fair amount in the last 5 years, I can’t imagine navigating the Wild Flower house. It’s also not “age in place” friendly.

      5. Look at this price history as an example. The first offer fell through. IIRC, per the MLS, they had 9 back up offers. The price was raised and it closed above that raised price.

        https://www.zillow.com/homedetails/16840-Orchard-Bend-Rd-Poway-CA-92064/16747076_zpid/

        8/20/2021 Sold $1,925,000 (+2.7%)
        7/22/2021 Pending sale $1,875,000
        7/6/2021 Price change $1,875,000 (+17.3%)
        7/5/2021 Listed for sale $1,599,000
        7/1/2021 Pending sale $1,599,000
        6/26/2021 Listed for sale $1,599,000 (+116.1%)
        8/27/2015 Sold $740,000 (-6.2%)

        1. 9 back up offers

          They actually burned through those back up offers and had another open house. The increased price was most likely based on the first accepted offer. I followed this one in real time.

          1. Ok, perhaps I misunderstood the reporting but in both cases you cite we have a starting point from a few years back that is significantly lower and both show significant appreciation before Zillow decides to do a moon shot on them. What is their angle here? I don’t buy that it’s just their algo etc. Is it another house down the street that they own too and are juicing the comps for it? And the Lakeside house… come on now. No way that awful back splash magically added 115k. Something stinks and it ain’t the lake.

          2. Dear God, I just looked at the pics on the other specimen. 2 mil to live in a converted barn? They didn’t even remove the livestock. SMH

          3. Zillow didn’t buy the Orchard Bend property. I was using that to illustrate price history and a pending falling through.

          4. Poway and Lakeside are two very different markets. Clearly, neither IPFreely nor BlueSkye have been house shopping of late.

          6. Poway and Lakeside are two very different markets.

            Poway has a huge snob factor. I recall people who lived there who thought you should kiss their ring because they live in Poway.

            Lakeside is one of the places where San Diego’s deplorables live.

          7. I didn’t examine them with the same interest level as you, it was more of a glance. I saw Zillow in the URL and thought you were making a similar comparison. I lived in SD county for 13 years and left after the last bubble because it was obvious to me that it would happen again. I paid my current plywood box off so now it is more like watching a car crash, I’m trying not to look too closely but I can’t stop. I refer to it as irritainment but the negative implications for the nation as a whole are no joke. Contrary to popular opinion, plywood doesn’t actually increase in value as it ages. I’m sure it will all work out fine tho. Sorry about the barn comment.

          8. people who lived there who thought you should kiss their ring

            I’ve never encountered that. There is ZERO reason for it. My mother’s family moved to San Diego in 1951 (first Chula Vista then Escondido) and I’ve lived in Carmel Valley, Encinitas, Kensington and Tierrasanta. I refused to move to Poway in late 1988 because it was the sticks. If it weren’t for the school district’s special education program, we wouldn’t be here.

        3. The Orchard Bend property was extensively remodeled/renovated inside and out after the 2015 sale.

  10. “…Generally, they will not back loans for condo and co-op units if their buildings have put off major repairs,…”

    Home buyers everywhere simply don’t understand (or want to understand) R/E holding costs.

    Yes, basic maintenance can be deferred, but eventually the total price only increases. A bit like not changing oil in your car. You can drive to save $20 on oil, only to have the engine seize up.

    Yet another example of the instant gratification society we now all live in.

    1. only to have the engine seize up

      Except here in Poway we get $1M lipstick on a pig 1970s ranch homes.

      1. I know another patent attorney who lives in Poway (male). That would be a very small world if you know him as well. His name is John.

          1. He is. He worked at Alliance Pharmaceuticals and then Baxter.

            Which firm were you with in NYC? I was at Darby & Darby for a few years.

      2. lipstick on a pig 1970s ranch

        😄 Just the other day HBB posted an article bemoaning tearing down houses from the 50s 60s to build a zero lot-line McMansion on the lot, instead of renovating the existing house. Today we’re bemoaning renovating the existing house. So what’s the best solution? My recommendation is to tear down the older house and build a same-size fabulous Storybook cottage on the lot with a fine finishes, cottage-garden landscaping, and massive curb appeal. But that might be tough to pull off in thirsty California.

        1. a same-size fabulous Storybook cottage on the lot with a fine finishes, cottage-garden landscaping, and massive curb appeal.

          My mother’s Encinitas house. Sadly, unsuitable for our needs.

        2. I’m gonna guess that the old house is better built, with higher quality timber. And if you gut it, you can upgrade some things like insulation and windows.

        3. I’m not intimately familiar with the costs of building infill spec homes but I do know the cost of the land aka the price of the tear down – makes it cost prohibitive on a per square foot basis to build the same size new home. One guy in my neighborhood tries to reuse the previously ranches foundation and build up and a little out but they end up looking like weird boxes instead of homes and seem priced $100k a less than a new home with a new poured foundation because they are not as nice looking.

  11. Fairfax schools inform students they’re ‘privileged’ if they’re a ‘military kid,’ or ‘white,’ ‘male,’ or ‘Christian’

    January 19, 2022

    In Virginia, the Fairfax County Public Schools’ curriculum is employing the disturbing and biased use of “privilege” bingo where children are awarded points if they are white, male, Christian, a military kid, employed, or “feel represented in the media.”

    Parents were shocked, according to the Daily Wire, when they saw the “Military Kid” designation and were quick to point out that the so-called “privilege” includes military families having to constantly move and children not seeing at least one of their parents for prolonged periods of time. They also risk losing a parent or becoming orphans altogether.

    Outraged parents who complained about the “privilege” bingo game were sent a note by Assistant Superintendent Douglas A. Tyson justifying the abhorrent practice.

    “The screen shot you reference comes from an approved FCPS English Curriculum lesson that is centered around students selecting a ‘choice’ test and examining in detail the author’s perspective on a wide-range [sic] of issues. Students are asked, in the lesson, to read critically and think critically about the author’s perspective on several fronts including the author’s privilege that may or may not be present in the work,” the note read

    https://www.bizpacreview.com/2022/01/19/fairfax-schools-inform-students-theyre-privileged-if-theyre-a-military-kid-or-white-male-or-christian-1190509/

    1. The Comrades of Proven Worth (D) in our NEA indoctrination mills occasionally have to warn parents not to interfere in their Marxist-Leninist curriculum, as this is where Young Democrat lifetime dependency voters are inculcated. The Biden DOJ and the DNC’s FBI Chekists stand ready to pull black-bag jobs on any “domestic terrorist” parents who object to their children being subjected to such radical left brainwashing. Forward, Soviet!

      Michigan Democrats tell parents they are NOT ‘clients’ of public schools, that children should be taught ‘what society needs them to know’ – and that taxpayers should stay out of education

      https://www.dailymail.co.uk/news/article-10412881/Michigan-Dems-condemned-Facebook-posts-saying-parents-NOT-clients-public-schools.html

      Michigan Democrats were heavily criticized over the weekend for telling parents that they are not ‘clients’ of public schools and that public education teaches kids what society ‘needs them to know.’

      A Facebook post on Saturday shared by the state’s Democrats on their official page blasted the idea that parents should be involved in what public school teach their children. The post was taken down on Monday morning following heavy disapproval.

      1. “Michigan Democrats tell parents they are NOT ‘clients’ of public schools, that children should be taught ‘what society needs them to know’ – and that taxpayers should stay out of education”

        Housing Wizard
        January 19, 2022 at 10:08 am

        Right now I’m studying about the book , NEW WORLD ORDER, published in 1940 by H.G. Wells.

        Basically the book outlines what the end game goal of the New World Order is.

        In summary its.
        Destroy family
        Destroy religion
        Destroy the concept of man
        Destroy social structures
        Create decision between groups
        Take over news with constant repetition
        Schools as brainwashing centers.
        Get rid of concepts of individual freedoms

    2. I think someone forgot to tell Mr. Tyson that there is a new sheriff in town. I smell funding cuts for Mr. Tyson’s district.

      1. Fairfax County is within spitting distance of the Pentagon. “Military kid” is a shot across the bow, almost literally.

        1. Youngkin’s new Diversity Officer is anti-CRT. If I were this guy I’d be looking for a job in NYC or California.

        2. Enlisted members, OK. Career clusters at the Pentagon, whose biggest concern is the lunch menu at the cafeteria, have the cushiest job in the world.

    3. Who’s white and feels represented in the media? I don’t even feel welcome by marketing agencies representing outdoor gear/apparel retailers. (For fun, imagine a youth/urban/sports retailer brimming with images of white boomers wearing their apparel).

      1. “Who’s white and feels represented in the media?”

        By skin color or ideology?

        I forgot whether it was the ABC or CBS Evening News end of the year program a few weeks ago where they thanked all the people (about 25 or so) who made the show possible every night by showing their picture and name at the end of the broadcast.

        I think there was on black dude who was a camera man, one girl who may have been Hispanic and an Asian chick. Besides that they all looked like they were well paid white suburb commuters like the one who lived next to my Mom in Old Greenwich Connecticut.

        1. If you like that, take a peek at the pictures of board members of the Woke companies.

          Talk about your plethora of Caucasians!!

          1. They are taking out WOKE insurance . Used to be fireman stickers on your bumper now its BLM , but criminals they don’t care still bust out your windows.

    4. Feeling represented? For the luvva.. 🙄

      Try being a single female Gen X. We’re lucky to be represented in a commercial for cat litter.

      (and box wine… can’t forget the box wine. 🍷)

      1. Try being a single female Gen X

        Aren’t all single white females depicted dating vibrants in TV ads?

        1. I have no problems with diversity in ads – no one should be denied a paid gig because of the color of their skin. This goes for movies and tv too. But of course, it’s gone so crazy that whites are now excluded from ads, tv, and Hollywood that it’s actually hurting them. And now commercials are all far ugly people too. Every commercial now is like a trip to the local urban or exurbs wal-mart. Being presentable for tv is no longer a qualification. Hollywood can’t get anything right now going on about a decade and a half.

      2. Try being a single female Gen X. We’re lucky to be represented in a commercial for cat litter.”

        Mostly posted up on Youtube freaking out and being called a Karen

  12. “Buying a condo in an older South Florida high-rise?

    Pay no heed to the visible and audible evidence of structural failure.

  13. Here’s another place not to send your kid to Public School in addition to Fairfax County Virginia.

    Photo of teacher taping mask to student’s face causes outrage in North Penn School District

    Ashley R. Williams, Bucks County Courier Times
    Wed, January 19, 2022

    A shocking image from the North Penn School District showing a teacher taping a mask to a student’s face is making waves on social media.

    The Montgomery County school district confirmed Wednesday it was taken in one of its classrooms last week, but did not confirm the exact date.

    In a photo circulating with thousands of shares, a woman is seen placing tape on the black mask of a male student, whose face is partially blurred, as he sat in front of his laptop.

    The North Penn School District released a statement Wednesday afternoon as the image continued to gain traction online.

    “An image taken in one of our classrooms last week and circulating on social media does not represent the universal values that the North Penn School District strives to instill in both our students and staff,” the statement read.

    “After an immediate investigation, it was determined that while the incident was isolated and no malice was intended, the actions of the teacher were entirely inappropriate and unacceptable, no matter the context. We understand that the act of taping a mask to a student’s face is concerning to many and apologize that it occurred. The matter is serious and it is being addressed with the employee,” it continued.

    https://news.yahoo.com/amphtml/photo-teacher-taping-mask-students-184327087.html

    1. I have heard of well meaning adults who did this to themselves. Can’t remember where I heard it though…

      1. I guess you’re being sarcastic. In the early days of the pandemic I would tape on an N-95 mask when I went shopping at Wal-Mart. I gave myself about 90 minutes before I starting feeling nauseous from lack of oxygen.

        Now the commie counties in MD are putting school kids in N-95 masks. What a mess. Here’s hoping that the Blue states take the lead from South Africa and Britain and red states and just junk this altogether.

        1. Here’s hoping

          No, it’s time to get involved and take back our Country. I’m doing more of that now than I ever have.

          1. “it’s time to get involved and take back our Country. I’m doing more of that now than I ever have”

            Yes we are. They know they are losing, so like any other death cult in the last days before its collapse, all they can do is lash out in an orgy of totalitarian violence.

            LMFAO people talking about “deprogramming” Trump supporters after the stolen 2020 election. These COVID Kool-Aid drinkers may be beyond salvation at this point.

            And the best part of all of it, the more vaccine “booster” shots they get, the sooner they will all die. COVID “vaccines” are literally giving yourself A.I.D.S. and you are going to die 🙂

        2. Here’s hoping that the Blue states take the lead from South Africa and Britain and red states and just junk this altogether.

          Consider that when you go to the airport, you have to partially strip down, get scanned and maybe even get patted down. We all know it’s a farce, it doesn’t stop terrorists. That Narrative crumbled a long time ago, yet we still take off our shoes, empty our pockets, remove any “outerwear”. etc. We just accept it as “the price to pay” to fly.

          And now we have to wear a mask during the flight. How much you wanna bet that rule is never going away?

          1. The TSA tango we’ve been forced to do for 20 years is even more ridiculous considering the 9-11 airliners were hijacked by Israeli commandos, not Ayrab turrists.

          2. Consider that when you go to the airport, you have to partially strip down, get scanned and maybe even get patted down. ”

            But no ID to vote BBB clown world

        3. Blue states will double down on masks and vaccine mandates to virtue signal to the world how righteous they are. It a form of moral superiority to them it has nothing to do with science. My gov thinks the 44 mask free states are all dumber than himself, he believes he is smarter than everyone and masks reduce cares. There’s no evidence for his but he believes it anyway

    1. Keep in mind that the “right to die” can quickly morph into the “duty to die”.

      I won’t even go into the religious aspects of suicide.

      1. agreed suicide is wrong no matter how bad things got for me, i knew i had a purpose in life….plus i wanted to live to 100 just to pi** everyone off..

  16. Today is Thursday, January 20th 2022 and Joe Biden is not the legitimately elected president of the United States.

    One year ago today, this fraud was installed in the White House.

    The 2020 election was stolen.

    1. I saw a clip yesterday where he asked the press if they could think of any other President who had accomplished more in their first year. The press were speechless.

      The Newsmax reporter who “respectfully” asked him to comment on his own cognitive decline was priceless.

  17. Jen Psaki is on Fox right now doing a cleanup on isle 3 after Biden’s Ukraine “minor incursion” comment among other things from his demented press conference yesterday.

      1. il Donaldo Trumpo
        @PapiTrumpo
        Me look like el Presidento, but me no him, señor twitter Jacko and his no-hug twitter niños. I mucho different with glorioso moustachio. Please no ban me again.

    2. I still think Jen’s the one running the White House, with Nancy and Chuck on lifeline. She might call Barack occasionally, but he’s too busy partying.

          1. My money’s on Barack. He told us about a third term with a front man. Posobiec, who I suspect is a glowie, says Kamala is teaming up with Hillary. God help us if that’s true!

          3. Barry’s too busy being the bottom for one of his various boyfriends and raking in cash from speeches. The WH is being run by a cadre of deecee insiders, but Barry isn’t one.

        2. It’s multiple people. It’s like a open conspiracy. Jill Biden has her hands in the cookie jar too pushing for influence. Which explains why there is so much incompetence.

        3. Ron Klain would be a much better guess”

          yea saw him also trying to explain the Ukraine comments by Biden.
          They never answer the question just start talking . I guess that’s protocol never answer questions just start talking like reporter is a foolish child for questioning authority.

          2. Examples
            Question 1: blah blah blah blah blah Ukraine
            Question 2: blah blah economy blah blah
            Question 3: illegitimate elections blah blah blah

  18. You don’t see this kind of slashin’ every day:

    $319,900 3 bd 2 ba
    1,603 sqft

    Price cut: $2.9M (1/19)
    3710 Richie Dr, Kingman, AZ 86401

    https://www.zillow.com/homedetails/3710-Richie-Dr-Kingman-AZ-86401/104053906_zpid/

    1/19/2022 Price change $319,900 (-90%) $200/sqft

    1/19/2022 Listed for sale $3,199,000 (+1514.8%) $1,996/sqft

    5/1/2019 Sold $198,100 (-0.9%) $124/sqft

    3/28/2019 Pending sale $199,900 $125/sqft

    3/13/2019 Price change $199,900 (-4.8%) $125/sqft

    3/9/2019 Listed for sale $210,000 $131/sqft

    3/4/2019 Pending sale $210,000 $131/sqft

    2/25/2019 Listed for sale $210,000 (+9.1%) $131/sqft

    2/3/2019 Listed for sale $192,500 (+30.1%) $120/sqft

    1/14/2019 Sold $148,000 (-17.8%) $92/sqft

    4/17/2017 Sold $180,000 (-2.7%) $112/sqft

    3/31/2017 Listing removed $185,000 $115/sqft

    1/17/2017 Listed for sale $185,000 (+8.9%) $115/sqft

    7/10/2015 Sold $169,900 (+69.9%) $106/sqft

    7/9/2014 Sold $100,000 (-96.2%) $62/sqft

    9/22/2011 Sold $2,656,000 $1,657/sqft

    I realize it was an error, not sure what happened in 2011. Shoulda sold to mr zestimate when they had the chance.

  19. There is no crisis…. in falling housing prices.

    Bend, OR Housing Prices Crater 15% YOY As Default Rates Soars On Surging Unemployment And Crime

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

    As one Bend area broker conceded, “It was appraisal fraud that drove prices. Now prices are falling and all those buyers are screwed.”

    1. The threats to liberty detailed in these poll results are chilling

      What those Dem a$$hats fail to recognize is that they too could end up getting a boxcar ride. So much for “Hate is not a value in this house”. The sad thing is that they actually believe their hatred is not hate and is righteous.

      1. What those Dem a$$hats fail to recognize is that they too could end up getting a boxcar ride.

        they would, but lucky for them they’re going to fail.

      2. Hate is not a value in this house

        The Eastern version of this is “Hate has no home here .” Of course there’s one weird trick to triggering hate in a no-hate house.

        1. I’ve seen different flavors of the phrase.

          It would be nice if we could just laugh off their delusion, except that these are the people who want to send us to death camps.

          It’s so Orwellian now.

          1. “laugh off their delusion”

            We got in “trouble” for moving jobsite materials on the freight elevator without wearing masks this week. This is an office tower in Downtown Denver close to 17th and Broadway.

            Related anecdotal, that customers are now paying for these full floor renovations of office towers, means that they are expecting to lease (or have already leased) these spaces.

            COVID is over. Follow the money, if they’re spending money to bring the cubicle rats back downtown, that means the people writing the checks acknowledge that COVID is, in fact, over.

          2. means that they are expecting to lease

            Well, we here at the HBB are not strangers to seeing real estate investors throwing good money after bad, but we’ll see.

    1. There is a checkbox in the Leave a Reply dialog that saves your username. You will not have to type it every time you leave a comment. Don’t become an anachronym.

      1. Don’t become an anachronym.

        It’s saved for me, but I notice other people shortening it so thought I should. I can’t use my two or three letter initials. They have other meanings and could be used to dox me.

  23. It’s December 1978 and your buddy pulls up in front of your house to pick you up for school. Your friend who is riding shotgun gets out and lets you climb in the back seat of the Chevy Malibu convertible. As you pull away, the driver hands the joint he was concealing from any parent’s eyes that may have been in the kitchen window to the front seat passenger, he takes hit, turns and passes the joint back to you. Still with no words spoken, he grabs an 8 track tape from a shoe box, slides it in the the player and…

    https://youtu.be/yV9DJwJKWMw

        1. “Pinto was popular with public, branded as “The little carefree car,” and its entry model sold for $1800, to help generate sales of 352,402 for its 1971 run and a high of 544,209 for model-year 1974.”

          The minimum wage in California was $1.65/hr in 1972.

        2. A popular car that became infamous for bursting into flames if its gas tank was ruptured in a collision because the company rushed it through production and onto the market. 🤔

      1. And bring the price back down to realistic levels (up 40% at Costco over the last 6 months or so). Actually, they’re doing me a favor by jacking up the prices and going woke. Another bad habit I have retired. Only a few dozen more to go…

  25. Mexico works towards energy independence and control over its energy resources. Dems urge Brandon to do something about it.

    https://www.naturalgasintel.com/u-s-energy-secretary-headed-to-mexico-amid-tensions-over-proposed-electricity-reform/

    I only know about this from the Mexican news media. There is no chatter about this in the US MSM

    https://www.naturalgasintel.com/u-s-energy-secretary-headed-to-mexico-amid-tensions-over-proposed-electricity-reform/

  26. Linked from NoNewNormal dot win.

    Ron Paul, Congressman of 30 Years, Banned on Facebook After Quoting Pfizer CEO (1/20/2022):

    “Paul was banned from Facebook for 90 days for sharing the video of Bourla, and titling it “Pfizer CEO: From “100% Effective in Preventing Covid” To “Very Limited Protection, If Any.” All of this is factual, but leaving out Omicron left the former Congressman open for attack, and attacked, he was.

    “My speech crime? I shared an interview with the CEO of Pfizer,” Dr. Paul wrote in an email.

    “The so-called “missing context” that Facebook’s “fact-checkers” claim justifies banning me from interacting with over a million followers is that the drug company CEO was “only” referring to the Omicron variant that makes up 95% of new COVID cases in the United States,” he said, adding that “this was my second sanctioning by Facebook in just over a year.”

    https://magspunch.com/ron-paul-congressman-of-30-years-banned-on-facebook-after-quoting-pfizer-ceo/

    Fact check this, globalists. “Experts” unanimously agree that Mark Zuckerberg is incapable of achieving an erection unless he is watching his wife get railed by another man. DO NOT QUESTION THE SCIENCE!

    2. Zuckerberg is ghey, not that there’s anything wrong with that, but facts are facts. The homely woman he’s “married” to is a beard.

    3. How’s are your Bitcon HODLings holding up in the face of the Fed’s open discussion to create Fedcoin?

      1. The Financial Times
        Bitcoin
        Bitcoin drops to five-month low as investors dump risk assets
        Cryptocurrencies tumble in wake of Netflix sell-off and proposed Russian crypto ban
        Representations of different cryptocurrencies
        Russia’s proposed ban comes as regulators around the world work to protect retail investors © Reuters
        Hudson Lockett and Jennifer Creery in Hong Kong 2 hours ago

        Bitcoin and its peers tumbled on Friday as a sell-off in speculative assets picked up steam and after Russia’s central bank proposed to ban all cryptocurrency operations in the country.

        The price of bitcoin dropped as much as 7.4 per cent against the dollar during Asian trading on Friday to $38,261. Other major cryptocurrencies tumbled as well, with ether down almost 9 per cent.

        The falls for some of the world’s largest cryptocurrencies wiped about $140bn off their combined market capitalisation, according to figures from CoinMarketCap.
        …

      1. I remember Cramer’s eyes bulging as he was screaming for fed intervention when the market was trying to correct itself back in 2007-08. This fraud talks capitalist markets, but in reality he is all about taking profits, and socializing losses.

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