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Are Investors, Like Wile E. Coyote, Just Starting To Look Down?

A report from Yahoo Finance. “DLB Financial Services CEO Debbie Boyd joins Yahoo Finance. ‘I’m a mortgage broker by trade. So I do believe the Fed is going to raise rates. We’ve already seen almost a point raise since the end of December…This is the new normal. And what I think people need to figure out is that, things aren’t going back down. You know, we’re very happy that our homes have gained all this equity in the last year. And that means that property taxes are going up. That also means that interest rates can handle it. There is a demand. So we have to quit thinking this is a bubble, and just start thinking that this is it now. This is the real thing.'”

The Orlando Sentinel. “Wekiva Hunt Club makes for a decent snapshot of the hot Central Florida housing market. Home values are skyrocketing. And more properties are going to major investment firms with their origins in Wall Street or Silicon Valley. ‘These guys are doing something new,’ said Elora Raymond, a professor of city planning at Georgia Tech. ‘To get jump-started, they needed the bargain-basement prices of the foreclosure crisis. But now that they have the competitive advantage of being able to manage these using digital technologies and cheap financing, they don’t need prices to be really low.'”

“Homes purchased by iBuyers are typically returned to the market relatively quickly, often near the price for which they bought it. Opendoor purchased a house in Wekiva in July for $336,700, and sold the house in December for $340,000, according to property appraiser records. Zillow, which has announced it is ending its homebuying arm and is in the process of selling off the rest of its inventory, took a $10,000 hit on a property they bought in Wekiva last year.”

The Mercury News in California. “A big residential development that would have brought more than 800 affordable homes to downtown San Jose has been seized through the foreclosure of its delinquent loan. The project, located at 199 Bassett St. in San Jose’s up-and-coming North San Pedro neighborhood, was slated to produce 803 affordable co-living residences. Now, however, the future has turned murky for the downtown San Jose housing project.”

“In June, Starcity was taken over by a rival co-living firm, New York City-based Common. The acquisition, however, didn’t include the Starcity projects in San Francisco or the downtown San Jose parcel. The plan at the time was to find a buyer for the San Jose and San Francisco properties, but none has emerged. For the downtown San Jose site, a brief auction was conducted on Monday but no buyers emerged to bid on the 199 Bassett site.”

From Socket Site in California. “Purchased for $2,424,000 in June of 2019, the stunning 2,200-square-foot live/work loft #102 at 355 Bryant Street returned to the market listed for $2,250,000 million last year after a ‘Luxury Live Auction!’ failed to produce an acceptable offer in 2020. Subsequently reduced to $2,195,000 million, the sale of the high-end condo has now closed escrow with a contract price of $2,212,500, which is officially ‘over asking’ according to all industry stats and aggregate reports but 8.8 percent ($212,500) under its 2019 value on an apples-to-apples basis.”

The Swindon Advertiser in the UK. “The construction company working on Nationwide’s £50 million eco-friendly housing development is going into administration. The Swindon-based building society appointed Mi-space as the main contractor for the 239-home estate in February 2020 and work was well underway when the scheme suffered a major setback. Work has stalled on the project as sub-contractors are uncertain about what will happen if Mi-space folds. Its parent company Midas intends to appoint an administrator within the next week unless it can find an alternative financial solution to its problems first.”

From Stuff New Zealand. “Tough new lending rules are bad law, but they come at a time when the ‘unsustainable’ growth in home lending needs to slow, one economist says. Independent economist Cameron Bagrie said while the CCCFA was bad law which went off the deep end, the huge growth in home lending in recent years was a bigger problem that needed to be addressed.”

“Total home lending increased by $33 billion, or $2.5b per month, over the last 12 months, he said. It equated to an 11 per cent rise in housing debt, while income growth had been about 6 per cent. ‘That level of growth in home loans is abnormal especially when mortgage rates are rising. It is unsustainable, and it needs to be stepped down. But there is nothing like restricting access to credit to buy houses to provoke an uproar. Access has got tighter as an unintended consequence of the CCCFA, and now all hell has broken loose.'”

The Viet Reader. “Economist Le Xuan Nghia told The Hanoi Times of the prospects and challenges for the real estate market in 2022 and subsequent years. ‘In Vietnam at the moment, there remains a shortage of housing supplies, mainly due to speculative investment. This makes those with real demand for housing unable to find options at affordable prices, as prices continue to rise against their true values. Speculative investments are causing a waste of land resources and the growing number of vacant residential areas.'”

“‘Vietnam’s solid macro-fundamentals in 2020 continue to be a strong foundation for the development of the real estate market. The remaining issue would be the imbalance of the supply-demand when demand is significantly higher. In this context, the domination of speculative investments would lead to rising prices and the risk of price bubbles. Just over the past few months, land prices in Hanoi went up by 2.5-3 folds, which is a sign of a price bubble.'”

The South China Morning Post. “China’s biggest property developers are still struggling to sell homes, as a resurgent Covid-19 pandemic combined with a slowing economy to deter big-ticket investments, offering little respite to the most leveraged among them. ‘Diminishing home sales will deteriorate the situation further for the developers as it dries up their funding channels. They can neither make more money from selling properties nor borrow money from issuing bonds or get loans,’ said Yan Yuejin, director of Shanghai-based E-house China Research and Development Institute.”

From Bloomberg. “For a year and a half, Chinese authorities have been trying to reduce property prices, leverage, and the economy’s dependence on the real estate industry. The question is whether authorities are still in command. Having been pushed off the cliff, are China’s property investors, like Wile E. Coyote, just starting to look down?”

“By any standards, China’s property bubble looks epic. Home prices in major cities such as Beijing, Shanghai, and Shenzhen are more than 30 times average annual incomes. That compares with ratios closer to 10 in leading global centers such as London and New York, where valuations already look stretched after more than a decade of near-zero interest rates. Rental yields in China are tiny, at less than 2%.”

“Overbuilding has been endemic: The country had about 65 million empty units as of 2017. The property industry, meanwhile, sucks up huge amounts of debt capital: about 27% of loans in the local currency as of September (down from a 2019 peak of 29%), according to People’s Bank of China data. Other estimates suggest the true share of property-­related loans may be much higher.”

“The dilemma for the government—and for investors in Chinese assets—is whether this mechanism, once set in motion, can be controlled or finessed. In a speculative market, ‘it is almost impossible to stabilize prices,’ as Michael Pettis, a professor of finance at Peking University, observed last year in considering the proposed introduction of a property tax. ‘Once prices stop going up, they must go down.'”

“What sustains property more than anything else is the belief that the industry’s growth and importance is supported by official policy, which has ensured decades of steadily rising prices. Take that away, and there may be nothing holding up Chinese real estate but air. Yet this is exactly what authorities have done. To cut the umbilical link between debt, construction activity, speculation, and economic growth, officials have gone out of their way to signal that the long property boom is over.”

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This Post Has 101 Comments

  1. ‘they don’t need prices to be really low’

    ‘Opendoor purchased a house in Wekiva in July for $336,700, and sold the house in December for $340,000, according to property appraiser records. Zillow, which has announced it is ending its homebuying arm and is in the process of selling off the rest of its inventory, took a $10,000 hit on a property they bought in Wekiva last year’

    Making it up on volume.

          3. Did you doctor say that because he heard it from a “health official?”

            If I, a layman, know that the jab is killing people by the tens of thousands (if not even more), he has no excuse.

  2. ‘They can neither make more money from selling properties nor borrow money from issuing bonds or get loans’

    Doncha hate it when that happens? Look at the bright side Yan, they got all those pricey goldfish!

  3. ‘This is the new normal. And what I think people need to figure out is that, things aren’t going back down. You know, we’re very happy that our homes have gained all this equity in the last year. And that means that property taxes are going up. That also means that interest rates can handle it. There is a demand. So we have to quit thinking this is a bubble, and just start thinking that this is it now. This is the real thing’

    Yip-yip-yip-yip-yip-yip, bmm
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na, ahh-do
    Sha-na-na-na, sha-na-na-na-na
    Ahh, yip-yip-yip-yip-yip-yip-yip-yip
    Mum-mum-mum-mum-mum-mum, get a job
    Sha-na-na-na, sha-na-na-na-na

    1. Let’s pick this apart a bit:

      “You know, we’re very happy that our homes have gained all this equity in the last year.”

      Check.

      “And that means that property taxes are going up.”

      Poof goes the happiness associated with equity gains.

      “That also means that interest rates can handle it.”

      Whatever that means.

      “There is a demand.”

      A demand created, in part, by increasing prices, which is ECON101 turned on its head. Rising interest rates will shut out the how-much-a-month crowd and because of this shut out demand will fall off and thus so will prices.

      “So we have to quit thinking this is a bubble, and just start thinking that this is it now. This is the real thing”.

      Whatever that means.

      1. “A demand created, in part, by increasing prices, which is ECON101 turned on its head.”

        Trained monkees DebtDonkeys.

        Mount Carmel, UT Housing Prices Crater 27% YOY As Utah Leads Nation In Mortgage Defaults And Foreclosures

        https://www.movoto.com/mount-carmel-ut/market-trends/

        As one noted economist explained, “A house is a rapidly depreciating asset that empties your wallet every day it owns you.”

      3. “Rising interest rates will shut out the how-much-a-month crowd and because of this shut out demand will fall off and thus so will prices.”

        Sounds like mortgage brokers and bankers are screwed.

          1. Aside from the hundreds of banks that went bust between 2008-2012, you’re absolutely right. And this time is different.

          2. Yeah, until the authorities show up to your insolvent bank late on a Friday and force a merger with your competition across the street.

          3. force a merger with your competition across the street

            After which there will be layoffs, including the manager of the defunct branch.

            There was credit union that had three branches in my little burg. After they merged with a larger credit union, that number dropped to one.

      4. “And that means that property taxes are going up.”

        Not to mention Shack insurance is going through the roof (pun intended) in Florida.

        The Cost of Homeowners Insurance in Florida Is Already Going Up for 2021

        by Andrew Hurst
        updated Jan 6, 2021

        Homeowners insurance rates climbed by more than 34% in the state from 2016 to the present — the highest in the nation.

        https://www.valuepenguin.com/home-insurance-rate-increases-florida

        1. and what’s bullshit about home insurance is the fakery & misleading response to perpetually rising costs:
          for example, so many internet chirpy puff pieces like “How to Save on Your Homeowners Insurance! “ say the same stupid things, such as “shop around for lower rates”. “raise your deductibles” and other nonsense that really have no lasting affect.

          the insurance industry rigerously monitors rates & they are all pretty much the same monopolistic, price-gouging, state approved azzholes.

          oh, evert few years or so the state insurance commissioner crows about denying a request for rate increases, but the companies just reapply the following year and get approved.

          our politicians are so beholden to so many industries it’s just sickening.

          1. “our politicians are so beholden to so many industries it’s just sickening.”

            Personally I like it and I love it and I want some more of it.

            😁

      5. DLB Financial Services CEO Debbie Boyd joins Yahoo Finance. ‘I’m a mortgage broker by trade.That also means that interest rates can handle it. There is a demand. So we have to quit thinking this is a bubble, and just start thinking that this is it now.
        Maybe I am just too cynical. But a broker owner, making a KILLING (and I do mean KILLING, as back in 2003, which was a smaller boom than this, we couldn’t spend all the money we were making!) quits to work at Yahoo? Why did she quit? Did she get tired of having all that refi money flowing in? (Brokers, generally speaking tend to do a lot more refinances, as a % of business, than Banks) Maybe she felt bad about being so rich and her sense of equity/equality got the better of her so she quit. Or maybe, just maybe,she saw her volume tanking 60-70% (I bet she does Mostly refis) and having to fire people and have the company become a money losing entity; And rather than deal with that she went to work at Yahoo Finance. My buddy, who was a much bigger dog than she ever was, told me a few weeks ago, “A lot of highly paid people in the business are going to be looking for new jobs very soon.” I think she knew this as well and got the He$$ out ASAP. So I congratulate her for being the first one out the door.
        This is some more excess capacity leaving the industry.

        1. Joins Yahoo finance live… for the conference call. The ones that leave are doing so quietly, the not so lucky rest will get rif-fed.

  4. ‘which is officially ‘over asking’ according to all industry stats and aggregate reports but 8.8 percent ($212,500) under its 2019 value’

    ‘The plan at the time was to find a buyer for the San Jose and San Francisco properties, but none has emerged. For the downtown San Jose site, a brief auction was conducted on Monday but no buyers emerged to bid’

    Wa happened to my multiple offers bay aryans?

  6. That proposed 18-story building in San Jose is right in the flight path and not far from the airport meaning steady noise all day long.

    1. “803 affordable co-living residences”

      Co-living in San Jose? That’s code for packed stacks of new H-1Bs. I don’t think they care about the flight path.

      Which raises another question: Are these Big Tech companies still supporting mass importation of H1Bs? Big Tech can avoid the hassle of immigration, housing, and bussing and just have the workers work from home in India.

      1. “work from home in India.”

        Which is the reason any “tech” workers working remotely are treading on thin ice. If the job can be done remotely in BFE, Montana then it can also be done remotely in Bangalore.

        1. Often, an existing position requires a lot of tribal knowledge, in which case it becomes difficult to offshore. But if it’s a new position, then an outsider is an outsider, and can be offshored, though there are still caveats. For instance, while my firm has plenty of Javascript coders in India, we don’t have a single OS internals engineer in Bangalore.

          1. Keep whistling past the graveyard. The fact is that almost any job that is done on a computer can be offshored.

          2. Keep whistling past the graveyard.

            I’m not saying that it can’t be done, just that it’s harder than you think it is to get good results. India has gobbled up a lot of the low level coding jobs, and have been at it for over 20 years. Some people have been predicting that all coder jobs were going to India since then. Yet coder salaries in the US have never been higher. People who can work on OS internals can easily make $200K in the Bay Area and get RSUs.

  7. From the Yahoo article: “You know, we’re very happy that our homes have gained all this equity in the last year. And that means that property taxes are going up.”

    That really depends on which state.

  8. Why is gold and silver tanking day after day? Gold and silver are cheaper today than they were 10 years ago.

  9. I’m guessing about 3/4 of NYC women are libtards, so some vibrant cultural enrichment could be a teachable moment about reaping what you vote.

    Terrifying moment woman is mugged at knifepoint at a Manhattan subway station: Victim tries to fight off her attacker before he flees through a turnstile with her purse in crime-ridden NYC

    https://www.dailymail.co.uk/news/article-10487665/Terrifying-moment-woman-mugged-knifepoint-Washington-Heights-subway-station.html

    1. They say that a new “conservative” is a leftist who got mugged, but I have my doubts that happens as often as we think. The victims often rationalize their mugging as “the price to live in the big city”

    2. “so some vibrant cultural enrichment could be a teachable moment”

      There are no teachable moments for libtards. That’s what makes them libtards. Every failed policy becomes a justification to double down on stupid.

      1. There are no teachable moments for libtards.

        Agreed, otherwise San Francisco voters would have thrown out the bums ages ago. The few who have any sense realize that it’s a lost cause and they choose instead to pack their bags and leave.

    3. I’m guessing about 3/4 of NYC women are libtards
      Well, maybe. But I didn’t know any. Maybe because I grew up just north of where this happened. You had to have your head on a swivel. I traveled the subways from the early 70’s through the 80’s (hide your jewelry) and getting home had a whole routine entering my five story walk-up (open outside door, look inside right and left, walk to area at bottom of stairs, look under stairs in case someone was hiding under there to come up after you, etc.) We had “resting bitch face” before it had a name. Good times.

  10. So we have to quit thinking this is a bubble, and just start thinking that this is it now. This is the real thing.’”

    I smell fear. Is that you, Debbie?

      1. No point getting a refi unless rates drop dramatically. Fewer refi’s, fewer commissions for the mortgage broker.

        It is funny how these people think the gravy will flow forever and they can have ample incomes, even though they have only menial skills.

      2. According to Statista the $ amount of refis in Q4 2020 eclipsed Q2 2003 by about $8 B and was the highest ever. I couldn’t quickly find any data later than q1 2021. With that said, according to Statista:
        Refinance mortgage originations were more than 70 percent of total mortgage originations in the first quarter of 2021. So just imagine what is going to happen to staffing if you lose say 75% of your refi business. but you could lose even more (Looking at the quarterly graph at Statista my best guess is 75%) that means you lose at least 50% of your total business even if purchase are constant. But with rates going up you should assume home sales (purchase money) will fall as well. I would expect a 60% reduction in Production volume, and Here is the kicker, I also expect margins plunge and to gravitate towards zero (full costing) as people fight for volume. In other words, only 40% of the production with much much smaller margins. Gonna be ugly, really ugly. Been there and done that 3 times, but I think this time will be worse.
        More Excess capacity leaving the system

        1. Maybe you can do some career coaching for Mr. Banker and help him segue into something that isn’t about to crash and commensurate with his skill set (used car salesman perhaps?) before it’s too late.

  11. “A big residential development that would have brought more than 800 affordable homes to downtown San Jose has been seized through the foreclosure of its delinquent loan.

    All “affordable housing” scams have one beneficiary: corrupt Democrat Party apparatchiks and politically well connected builders. Any poors who end up living in these shoddily constructed, horribly mismanaged developments will pay the price of Democrat-Bolshevik patronage & graft.

  12. Speculative investments are causing a waste of land resources and the growing number of vacant residential areas.’”

    Maybe some of those old Viet Cong can come out of retirement and deliver some summary justice to the speculator scum.

  13. They can neither make more money from selling properties nor borrow money from issuing bonds or get loans,’ said Yan Yuejin, director of Shanghai-based E-house China Research and Development Institute.

    Gosh, sounds like somebody might be in a pickle.

    1. In some Asian cultures, owning property isn’t so much of a financial decision as it is one of status. If a man does not own his own home in China, it is difficult for him to find a wife. So if he wants to have a family and children, 30 times income for a place to live is the entry price. Maybe this is why the “lying flat” Chinese version of MGTOW is taking root. I guess every culture has its own version of “Suzanna researched this”.

      https://seattlebubble.com/blog/2015/09/25/friday-flashback-suzanne-researched-this/

  14. “Overbuilding has been endemic: The country had about 65 million empty units as of 2017.

    Yes, but Chinese developers used only the highest quality materials and workmanship to build these skyboxes, so they’ll be as good 40 years from now as they were the day they were built.

    Oh, wait….

    1. “This is something that someone can do when they just feel that despair of ‘oh my gosh, I just can’t stand seeing these poor people on the streets near my home,’ ” said Christi Carpenter, executive director of East Bay nonprofit Safe Time, which places unhoused college students and families in spare bedrooms for between one and six months. Since 2017, the group has made more than 60 placements.”

      I wonder how many “unhoused” people Christi has taken into her home? I’m sure it’s a lot.

    2. “The Homecoming Project is looking for people in Alameda and Contra Costa counties with a spare bedroom. Participants would host a formerly incarcerated person for six months and receive a $30 a day stipend. Visit impactjustice.org/impact/homecoming-project.”

      Yeah, that’ll work.

      (sarc)

  16. I see what you did there, globalist scum.

    Trudeau is slammed for branding the 7,000-strong Freedom Convoy in Ottawa as a ‘few people shouting and waving swastikas’: Anti-mandate protesters blockade busiest border crossing to US at Detroit

    https://www.dailymail.co.uk/news/article-10486929/Canada-pushes-against-GOP-support-COVID-protests.html

    Canadian Prime Minister Justin Trudeau is being accused of stoking division across the country for branding anti-mandate protesters of the Freedom Convoy as ‘swastika wavers’ as the demonstrations reached the 11th day by blocking traffic at the busiest border crossing between Canada and the United States.

    Protesters blocked traffic on the Ambassador Bridge that links Detroit, Michigan and the Canadian city of Windsor, Ontario, Monday afternoon and into the evening, forcing police to close the bridge.

      2. Justine Trudeau is a globalist cuck.

        I look forward to the day they’re using his frozen head as a hockey puck in Winnipeg.

    2. waving swastikas

      The pencil neck with the swastika was wearing a full ski mask. He wasn’t a trucker.

      Over 70,000 people have donated support for the protest at givesendgo in just three days.

  18. Buyers are typically returned to the market relatively quickly, often near the price for which they bought it. Opendoor purchased a house in Wekiva in July for $336,700, and sold the house in December for $340,000, according to property appraiser records.
    How does this possibly make any financial sense? With all the overhead and closing/transaction fees they have to be losing their a$$. I don’t get it.

    1. “With all the overhead and closing/transaction fees they have to be losing their a$$. I don’t get it.”

      Here is a clue from Wikipedia …

      “Property owners bid to sell their properties on the online platform. When a bid is accepted, Opendoor purchases the property as-is, charging a fee comparable to the commissions real estate agents collect in return for the convenience of closing a sale quickly without home showings.[4]”

      Apparantly Opendoor sticks the seller with all the transactions costs.

      1. Thanks Banker
        Apparantly Opendoor sticks the seller with all the transactions costs.
        The commission is normally done that way. What about the title searches and inspections. You don’t want the seller picking the inspector!.
        What about when Opendoor sells? Do they pay the buying agent 3%?
        How much did it cost to mow the lawn, or maintain the pool, pay the taxes and everything else during that, in this case, 6 month period. I don’t mention carrying costs here because they might be so low now they don’t matter. But if rates go up. That will be come another expense. It has been a while since I saw any maintenance expense numbers, for in my case,foreclosed properties, but if I recall it ain’t cheap. So, Logically it makes no sense unless they are doing a rehab and upping the price substantially.

      2. Wrong , Open Door does not stick all the fees onto the Seller: buyers essentially finance EVERYONE’s fees into the purchase price. This is the “great misunderstanding.”***

        ***correction: the “great propaganda” foisted on buyers and sellers by agents and blessed by the lending industry. Want to check my statement? M-kay, for the big “fee” ask a buyer to pay their agent directly. On a $500K cinder block POS house near GCU in Phoenix at 3% will run you approx. $15,000 in additional closing “costs.” Will never happen without a reduction in purchase price; the industry knows this so all the fees (including the sellers who use overall proceeds to pay their “fees”) are financed into the purchase price and blessed by industry players and conveniently allows people like me to separate the “fees” on their Settlement Statements at closing.

        1. “buyers essentially finance EVERYONE’s fees into the purchase price.”

          Precisely…. why does everyone get this wrong all the time? Perhaps it has something to do with the fact the perpetrators don’t want to tip their hand to the the target(buyer).

    2. “How does this possibly make any financial sense?”

      Here is a chart of Opendoor. Notice when it was when the price peaked; This was during the time last year when the real estate market went nuts and bidding wars broke out.

      If one was to become enraptured by these bidding-war-driven price rises then he could seemingly cash in by buying a stock that benefited from these prices rises, hence the then high price of the stock.

      But now the “bloom is off the boom” for houses and hence the price of the stock is now making new lows.

  19. Do they let people who flunked math become mortgage brokers?

    ‘I’m a mortgage broker by trade. So I do believe the Fed is going to raise rates. We’ve already seen almost a point raise since the end of December…This is the new normal. And what I think people need to figure out is that, things aren’t going back down. You know, we’re very happy that our homes have gained all this equity in the last year. And that means that property taxes are going up. That also means that interest rates can handle it. There is a demand. So we have to quit thinking this is a bubble, and just start thinking that this is it now. This is the real thing.’

  20. “Home values are skyrocketing. And more properties are going to major investment firms with their origins in Wall Street or Silicon Valley. ‘These guys are doing something new,’…”

    Like Zillow did?

    If enough Wall Street and Silicon Valley firms follow suit, perhaps these New Age real estate investment companies will pose the critical mass of systemic risk necessary to claim Too Big to Fail status. That would ensble them to convince the Federal Reserve Board that they qualify for bailouts during the next bust.

  21. They forgot to factor inflation into their calculation, which would reveal an even larger loss in this accidental Dutch auction.

    “Purchased for $2,424,000 in June of 2019, the stunning 2,200-square-foot live/work loft #102 at 355 Bryant Street returned to the market listed for $2,250,000 million last year after a ‘Luxury Live Auction!’ failed to produce an acceptable offer in 2020. Subsequently reduced to $2,195,000 million, the sale of the high-end condo has now closed escrow with a contract price of $2,212,500, which is officially ‘over asking’ according to all industry stats and aggregate reports but 8.8 percent ($212,500) under its 2019 value on an apples-to-apples basis.”

  23. The Bail Out – you have to be in the club to get one.

    I remember years ago, during the previous bust, some posters here claimed that “cramdowns were coming.” But like Brandon’s promised student loan jubilee, they never happened.

    1. The Financial Times
      Markets Briefing Sovereign bonds
      Government bonds drop as traders contemplate central bank direction
      US inflation data expected to show consumer prices rose at annual pace of 7.3% in January
      The US Federal Reserve building in Washington DC, US
      Analysts say US inflation data may further push the Fed’s resolve for a quick-fire round of rate rises
      © Daniel Slim/AFP/Getty
      Naomi Rovnick an hour ago

      Global government bonds remained under pressure on Tuesday, as traders weighed the prospect of central banks tightening monetary policy to slow surging inflation.

      The yield on the 10-year US Treasury note, which underpins debt costs worldwide, rose 0.04 percentage points to 1.96 per cent. Treasury yields have climbed fast this year, as the fixed income securities have fallen in price to reflect forecasts of sustained inflation and higher interest rates.

      Data on Thursday is expected to show US consumer prices rose at an annual pace of 7.3 per cent in January — a fresh four-decade high and a reading that could firm the Fed’s resolve to tighten monetary policy. Markets have already priced in more than five quarter-point US rate rises by December.
      …

          1. Remember, that’s average mortgage rates. I just talked with one lender, and their rates vary from 3.15% (high down payment, good credit) to over 5%.

    2. Does it seem like the inflation genie has escaped from its bottle?

      You know what they say about putting toothpaste back into the tube.

  25. From the Guardian in the UK:

    There’s a lot going on in the world right now. If you’re not Canadian, then the protest in Ottawa might not be top of your list of things to worry about. But I’m afraid you should be worried. You should certainly be paying attention. What’s unfolding in Ottawa is not a grassroots protest that has spontaneously erupted out of the frustration of local lorry drivers. Rather, it’s an astroturfed movement – one that creates an impression of widespread grassroots support where little exists – funded by a global network of highly organised far-right groups and amplified by Facebook’s misinformation machine. The drama may be centred in Canada, but what is unfolding has repercussions for us all.

    Yeah, all those Sikh and Eskimo (I mean, fist nations) drivers in Ottawa are white supremacists.

    And Facebook’s misinformation machine? Since when does Fakebook support anything other than globalist leftists?

    Canada may not be on the brink of civil war, but what is happening in Ottawa is one small front in a global information war. And the baddies, I’m afraid to say, are winning.

    The baddies are winning? Who are the jerks who want to send you to a concentration camp if you test positive? Who is championing “no jab, no job?” Who is covering up all the adverse effects of the jab?

    Not the good guys.

      1. From what I have observed, most of the global media is blacking out what’s happening in Ottawa, and when they don’t, they spew propaganda.

        I’m sure those who make the decisions at the WEF are “losing their patience” with these impertinent deplorables. Most likely they were expecting an encore of the yellow vest protests, which were only on weekends and didn’t really disrupt all that much, and which have dwindled into irrelevance. These deplorables have been occupying the capital for over a week, and nothing seems to make them willing to go home.

        I’ve also seen clips about border crossings being disrupted by protestors.

        I’m kind of expecting Soros or Schwab to yell “Release the kraken!”

  26. On ZeroHedge, “Pfizer Quietly Adds Language Warning That ‘Unfavorable Pre-Clinical, Clinical Or Safety Data’ May Impact Business.” Legal filings and financial disclosures almost always have the best public information.

    1. On Dr. Malone’s Substack:

      A Health Public Policy Nightmare
      Vaccine spike antigen and mRNA persist for [at least] two months in lymph node germinal centers… protein production of spike is higher than those of severely ill COVID-19 patients!

      Pseudouridine suspected.

  27. Other modifications to the genetic jabs, not addressed by Dr. Malone but seen via @JikkyKjj, may contribute to this observation as well.

  29. What a beautiful day today was. The kind of day when you feel like visiting you local newspaper employee parking lot with an icepick and some “I did that” Biden stickers to adhere to flat tires.

    2. So, how many tires did you puncture? Also, I hope you remembered to wear a full face mask (say a V for Vendetta mask), because I’m sure the parking lot has cameras.

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