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The Price Drop Might Be Coming From Appraisers Putting The Kibosh On Overzealous Sellers

A report from the Indianapolis Star. “IndyStar sat down with Jim Litten, who has 50 years of real estate experience. ‘We’re seeing tremendous price escalation. Prices last year went up about 16% in our market. I don’t see that moderating a bit. I can remember five years ago, what we’re experiencing (now) was a common occurrence in the San Francisco, California, market. I thought, ‘We’ll never see that happen here in Indiana.’ Well, you got to be careful what you say, because that very thing has happened right now.'”

The San Francisco Chronicle in California. “A stunning swath of Bay Area land on the southeastern tip of the Tiburon Peninsula has received a whopping $32 million price cut a year after a feud over access to trails on the property. At the time, the land was listed for $95 million by Sotheby’s, but after 18 months and no sale, the big price cut this week is looking again to entice buyers. That came after an initial price point of $110 million, meaning the list price is now $47 million lower than originally offered.”

The Boston Globe. “Falling inventory and rising interest rates have combined to slow the region’s housing market this winter, with sales dropping and meteoric price growth showing signs of reaching a plateau. That’s according to figures from the Greater Boston Association of Realtors, which tracks sales in 64 cities and towns in Eastern Massachusetts. It’s a sign that prices, which have shot up since the housing market re-opened in the spring of 2020, may finally have grown too rich for local buyers, especially when coupled with mortgage interest rates that — while still low by historic standards — have jumped on average six-tenths of a point since late December.”

“‘It’s unclear if prices have reached their ceiling, but we’ve certainly seen more buyers pumping the brakes, rather than overextend themselves financially,’ said GBAR president Melvin Vieira Jr., an agent at RE/MAX Destiny in Cambridge. ‘A steady rise in interest rates this year could also stifle market activity and limit how much home one can buy.'”

The Orlando Sentinel in Florida. “Home prices in Orlando fell last month, the first dip since September, despite inventory hitting another record low, according to the latest housing report. Jeremy Wood, an agent with Keller Williams Heritage Realty in Altamonte Springs, says the price drop might be coming from property appraisers putting the kibosh on overzealous sellers. ‘Someone might list their house at $500,000, but the appraisal comes in at $420,000,’ he said. ‘When the appraisal comes in, the lender can only go that high. People are negotiating prices still over appraisal but less than asking price.'”

From Bloomberg. “The 15-room Manhattan condo where exiled Chinese tycoon Guo Wengui has lived for years is on sale for $45 million, about $23 million less than it was purchased for in 2015. The potential loss is yet another example of the turnaround in fortunes for Chinese investors who once fueled New York’s luxury real estate market. Ultra-wealthy tycoon Whitney Duan was involved in the purchase of a condo in a skinny skyscraper on Park Avenue that is now facing foreclosure, while city records show an entity linked to HNA Group sold properties at a loss in Extell’s One57 building.”

From Yahoo Finance. “‘The ideal situation between now and the summer would be that a huge surge of sellers come forward looking to sell in the spring 2022 market,’ said Shaun Cathcart, Canadian Real Estate Association’s senior economist. ‘If that were to occur, similar to 2021, we’d likely see a massive number of sales take place which would get a lot of frustrated buyers into homeownership, and we’d likely see some cooling off on the price growth side if those offers are spread across more listings.'”

“Rate hikes could also dampen investor appetite for real estate. The Bank of Canada is widely expected to raise its key overnight rate on March 2nd. ‘We have a fundamentally-strong housing market that has been allowed to overheat by too-loose policy,’ said BMO senior economist Robert Kavcic. ‘It’s going to take higher interest rates to alter the market psychology, cool excess demand and price growth. That day is fast approaching.'”

From Stuff New Zealand. “Buyers waiting for a sign that the property market was turning a corner may have received it. The Real Estate Institute’s latest figures show that the number of properties changing hands in January this year was 28.6 per cent fewer than the same time last year. Across New Zealand, 3665 homes were sold last month, compared to 5135 last year. Month-on-month, the drop in sales was 48.2 per cent. On the West Coast, sales were down 55.4 per cent, in Northland they were down 36.6 per cent and in Canterbury 36.4 per cent.”

From Voxy on New Zealand. “In terms of the January month, this is the lowest sales count since records began in 1992 for Nelson, Otago, Taranaki and Manawatu/Whanganui, and the lowest for Tasman since 2000. ‘Many point to access to finance, exacerbated by changes introduced in December to the Credit Contracts and Consumer Finance Act (CCCFA) – currently under review, as having a major impact. This is a sentiment echoed in a survey conducted at the end of January by economist Tony Alexander in collaboration with REINZ, which noted that the predominant concern for buyers is no longer availability of stock but rather financing.'”

“‘While hard evidence is lacking in terms of the impact of the CCCFA, data from Centrix, a New Zealand credit reporting agency, found the percentage of home loan applications that were approved dropped from 39% in October to 30% after December. The longer-term impact will be seen in the numbers of buyers in the market in coming months.'”

The South China Morning Post. “A spate of auditor resignations at Chinese property companies is reigniting concerns about financial transparency in an industry facing a credit squeeze and more than US$60 billion of bond redemptions this year. PwC quit its role at Hopson Development on January 27, citing inadequate access to necessary information, while Deloitte stepped down at China Aoyuan a day earlier, exchange filings showed. Shimao Group’s mainland unit will change its auditor, Shanghai Certified Public Accountant, for the first time in 27 years on January 24.”

“‘Changing auditors just ahead of year-end results, without clear explanation, could imply a deficiency in internal controls,’ said Gao Fan, a credit analyst at S&P Global Ratings. ‘It bolsters our view that Chinese developers need to increase their financial transparency.'”

“Chinese developers have struggled to access new funds as the loan and bond market froze for the highly geared firms. Many have resorted to selling their projects or prized assets at discounted prices. While China’s economic slowdown is not as severe as in 2015, the contraction in the US$1.7 trillion housing market is comparable to the severity seven years ago, according to BCA Research.”

“‘Across the sector, earnings delays are seen to be probable as auditors evaluate builders’ money circulation and liquidity,’ Citigroup analysts wrote in a research note in January. A prolonged delay could hurt its credit standing and the market’s perception of its governance, S&P added.”

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This Post Has 158 Comments

  1. ‘a common occurrence in the San Francisco, California, market. I thought, ‘We’ll never see that happen here in Indiana.’ Well, you got to be careful what you say, because that very thing has happened right now’

    They let this thing get away from them.

    ‘after 18 months and no sale, the big price cut this week is looking again to entice buyers. That came after an initial price point of $110 million, meaning the list price is now $47 million lower than originally offered’

    If I read this right, this dirt is approved for shacks! Are you telling me the bay aryan shack market wouldn’t support this price?

    1. We have some old friends who typify the California-Indiana dynamic. She’s a highly paid professional with a major Bay Area employer. He’s a day trader who was in charge of raising the kids.

      When they got fed up with each other and done with California living, they divorced, cashed out their California housing market gambling chips, and used the proceeds to purchase his and hers separate houses in Indiana.

        1. Better yet, her employer let her keep her corporate position after relocating. A BayAryan paycheck goes a long way in Indianapolis!

        2. Indiana (ex. Gary) is not high end oil city. It’s small town Midwestern America really. There’s a lot of Chicago transplants. There’s also industry, colleges, farming. The jobs in the rv industry in Elkhart pay $$$$ and the housing is very affordable. There are far worse places to live (except Gary).

          2. “Doesn’t that assume their wages will rise?”

            A rare nugget right there.

            Perhaps this fundamental point should be the basis of discussion before screaming “inflation!” with arms flapping and hair on fire.

      3. SoUtah:
        Friends in the neighborhood sold their house to a guy who was driving thru looking for something to buy. The friend (wife) was out walking her dog and suggested that he look at their place even though it wasn’t listed for sale. They moved out in less than a month with $1.2 mil in their pockets.

        They give our info to the buyer’s real estate guy. He has texted/ phoned both the wife and myself for the last couple of weeks, which we ignored. I’m out working in the yard and up my long driveway comes a very expensive, nice car out of which climbs a guy in a nice suit. He’s the agent who we have been ignoring. Tells me that he has several California equity locusts who are willing to pay a lot to live in my community but that he can’t find any houses for sale…which is the truth as we only have about 60 in total.

        We love our house/lot. However, my ability to deal with the local homegrown mormon BS (after a decade and a half) is starting to wear on me. The agent says that he can get $1.2-$1.5 million for our house without even trying or any MLS advertising listing which seems correct according to the last few sales that we’ve had here. That’s almost a million more than we paid for the property if it sold on the lower end of that estimate.

        Hard decisions coming up soon, I think.

        1. “However, my ability to deal with the local homegrown mormon BS (after a decade and a half) is starting to wear on me.”

          It has to be isolating for a nonmember living in small town Utah. And joining the LDS church for the sake of fitting in would invite unwelcome interference in your personal freedoms, part of God’s plan.

          1. If this bubble is going on in the boonies where I live then it must be everywhere. We received hardly any notice in the bubble of 2008 regarding population growth or house pricing.

            I’ve been fairly successful in fighting the locals here over numerous issues in the past. But it seems that there is always some new problem being created here that someone has to organize citizens against and then address.

            It has become tiresome being that someone.

        3. However, my ability to deal with the local homegrown mormon BS

          I know of people who moved to Utah and who also got fed up with the culture. One of them told me that after they moved there (Park City) that the local Ward sent out the welcome wagon, telling them they were in Ward XYZ, without even asking them if they were LDS. That didn’t go over well. Once they made it clear they were not LDS and had zero interest in joining they found themselves ostracized quite a bit.

        4. I vacationed in slc and park city last year. Seemed nice enough but it was hot and dry. A million seems like a no-brainer. Move to indiana and buy a house on a small lake with 100’ of frontage and have money left over.

        5. It sounds like an easy decision to me. If someone offered me a mil over what I paid for my house, I would figure something out really fast.

    3. The dirt is indeed approved for shacks. The plot is 110 acres and listed for $63 million and approved for 43 houses. Houses in that area sell for $5M+. So if the rock isn’t too hard to build on, some ambitious builder might be able to make that pencil. But Sotheby’s doesn’t like that:

      —–
      “The property was originally approved for a 43-lot subdivision of single-family homes,” Sotheby’s blurb reads, “although the ideal buyer would purchase Easton Point for a single private residence, avoiding the historically proposed development.”
      —–

      I guess Sotheby’s wants to sell to some Saudi prince or Chinese billionaire with delusions of setting up a castle to rule his mini-kingdom.

      (not surprising. I once saw a documentary on the inner workings of Sotheby’s, or was it Christie’s. The auction house assigned an art dealer to a Saudi prince to literally follow him around and advise him on which art pieces to spend his million on. Now *that’s* money.)

    4. They let this thing get away from them.

      I think it was a 100% intentional act by the FED to blow the biggest asset price bubble the world has ever seen. These people are reckless financial terrorists. Remember when they trotted out Yellen and Bernanke to tell us that “it’s better to over do it than to do too little?” Here we are at “over did it.”

    1. Yesterday, a co-worker told me Phoenix is the Los Angeles. From my experience with the previous Fed-induced housing crisis, I’m pretty sure that means we’ve reached peak stupidity.

      1. Aside from 125 degree summers and being 400 miles from the beach, maybe he’s right. Same illegal problems, gang problems, no water, and it’s ugly desert.

          2. Lots and lots of beaches on the Atlantic coast, and once you’re 5 miles from the water, it’s just boonies all around. If you have a portable job, or if you can just get a new job in any city (for example nursing), it’s something to consider.

  3. ‘Changing auditors just ahead of year-end results, without clear explanation, could imply a deficiency in internal controls’

    Translation – yer all fooked. I’ve been saying this for a while. From an accounting standpoint, what these clowns have been doing is unimaginable.

  4. ‘The ideal situation between now and the summer would be that a huge surge of sellers come forward looking to sell in the spring 2022 market…we’d likely see a massive number of sales take place which would get a lot of frustrated buyers into homeownership, and we’d likely see some cooling off on the price growth side if those offers are spread across more listings’

    See how the REIC discusses acceptable measure to bring on the crater. More supply please and then it’s to the moon Alice! again. It’s the guberment gravy Sean:

    ‘that the predominant concern for buyers is no longer availability of stock but rather financing’

    No more shortages, no more love letters, hours on market. It always comes down to credit.

    1. No love letter, no house. These are the rules. And throw in a weekend with the wife in Tahoe, no limits.

      2. ** :And throw in a weekend with the wife in Tahoe”

        “take my wife. PLEASE !”

        drum roll – cymbal crash.

        thank you
        please tip your waiter generously.
        I’ll be here all week

  5. Let’s see how the ADL, SPLC, etc. spin this non-Narrative Compliant assassination attempt by a melanin-enhanced white supremacist.

    BLM supporter and University of Louisville student is charged with attempted murder after ‘walking into a Jewish Democrat mayoral candidate’s office and opening fire’: Activist recently announced he would run for local council seat

    https://www.dailymail.co.uk/news/article-10518113/BLM-activist-charged-attempted-murder-Kentucky-mayoral-candidate.html

    A Black Lives Matter activist and candidate for Louisville’s metro council has been charged with attempted murder, accused of opening fire on Monday on a mayoral candidate whose shirt was grazed by a bullet in his campaign headquarters.

    Quintez Brown, 21, also faces four counts of wanton endangerment, Louisville police spokesperson Aaron Ellis said. Brown, who is a student at the University of Louisville, pleaded not guilty at an arraignment Tuesday and his bond was set at $100,000.

    2. his bond was set at $100,000.
      I don’t claim to remotely understand the criminal Bond system so maybe I am wrong but Does that mean you can try to kill a Mayoral Candidate (a mayor also?) and others and only need to pay $10,000 (isn’t cash bond just 10%) to get out of jail?
      If that is correct something doesn’t seem right to me.

      2. ** ” . .. criminal Bond system so maybe I am wrong but Does that mean you can try to kill a Mayoral Candidate (a mayor also?) and others and only need to pay $10,000 (isn’t cash bond just 10%) to get out of jail? ”

        wow! only $10k per charge?! well hell, with the recent equity run-up here in CA I can afford to …. lemme see here .. carry the 1 … subtract …. ok, I can afford to refi my way into holding my gun sideways & barely missing the school board, city council, tax assessor, and hell, why not? throw in that arzzehole owner of the non-stop barking dog on the block!

        gimme a bakers dozen & dime to call my lawyer.

  6. ‘Someone might list their house at $500,000, but the appraisal comes in at $420,000,’ he said. ‘When the appraisal comes in, the lender can only go that high. People are negotiating prices still over appraisal but less than asking price’

    And next week they’ll be handing out a$$ poundings. 500k pesos is a sh$t load of money Jerry. These shacks were probably built for less than 100k.

    1. ‘Someone might list their house at $500,000, but the appraisal comes in at $420,000,’

      That’s how the bursting housing bubble started in my part of Region IV back in late 2005.

      Palm Beach County home prices reach post-crash high

      Jeff Ostrowskijostrowski@pbpost.com
      Jul 22, 2015

      After topping $400,000 during the bubble days of 2005, Palm Beach County’s median home price cratered during the Great Recession. But prices have risen over the past few years, climbing as high as $300,000 in April.

      https://www.palmbeachpost.com/story/business/2015/07/22/palm-beach-county-home-prices/6823407007/

      That Palm Beach Compost was from 2015, here is one from Nov 2021.

      $300,000 to $500,000 for single-family home in 6 years.

      Palm Beach County home prices tie all-time high at $500,000 for single-family home

      Wendy Rhodes
      Palm Beach Post
      Nov 22, 2021

      In Palm Beach County, the median price of a single family home shot up 6% to match its all-time high this summer of $500,000, according to new data from the Broward, Palm Beaches and St. Lucie Realtors.

      October’s gain came after a two-month decline, which saw the median price for a single-family home in September drop to $469,900. Still, the median price in October was 19% higher than one year ago, the group reported.

      https://www.palmbeachpost.com/story/business/2021/11/22/south-florida-real-estate-median-palm-beach-county-home-prices-tie-all-time-high/8722750002/

  7. ‘Dubbed the “Dotcom Super Bowl,” watchers of the St. Louis Rams vs. Tennessee Titans Super Bowl XXXIV in 2000 were inundated with 14 advertisements from dotcom companies, who bought up 20% of the running ads, paying an average of $2.2 million per spot.’

    ‘After the 2000 game ended, all of the publicly held companies who advertised saw their stocks slump as the dotcom bubble began to rapidly deflate, and today only four of the 14 companies are still operating. Five other companies were bought out, and the rest, such as Pets.com—the company that embodied the hype of the 2000 dotcom boom—went under.’

    ‘With the Dotcom Bowl in mind, many investors approached this year’s Crypto Bowl—where 40% of this year’s advertisers were new companies—with a dollop of cynicism.’

    ‘University of Delaware’s John Antil, an associate professor of marketing who focuses on Super Bowl advertising, says ads for an established and expensive event like the Super Bowl cultivate legitimacy and trust. He previously told Fortune the Super Bowl is the “best vehicle” for smaller, lesser-known brands to generate awareness, which is especially useful when the mainstream perception of crypto is risky.’

    ‘But Antil did warn that the Crypto Bowl could turn out just like the Dotcom Bowl of 2000, saying, “Most dotcom companies in the [2000] broadcast didn’t last until next year.”

    https://finance.yahoo.com/news/crypto-companies-spent-millions-super-131340057.html

    1. Not true. I’m going to use my Dogecoin to buy my next Multi-family Brrrrr in Fresno. Rents can only keep rising!

      1. I just got this:

        Call for Offers Due Today – 42 Home BFR Investment Portfolio, Austin | San Antonio | Houston, TX

        Ave. projected monthly rent: $2,098.

    2. Crypto adds targeting Millennial Rubes during the Souper Bowl were clearly a shoeshine boy moment for imaginary coinage.

      1. Everyone seems to be In love with crypto too, big names out there true believers in this nonsense. I’ve had friends just dabble in it and pay off their cars and homes. I won’t touch it.

        1. Bitcoin lovers like to say “25%/year,” and yes, pre-2019 adopters did well. But that early runup is pretty much gone. Now Bitcoin is acting like a regular, if volatile, stock. Even Saylor’s average buy price is ~$30K each. It will only take one or two government moves to crash below that, at which point I think the institutional investors will give up on it. And who knows about Tether. Without support from institutions and Tether, there just aren’t enough people willing to buy Bitcoin to keep the price rising.

        2. “Everyone seems to be In love with crypto too, big names out there true believers in this nonsense. I’ve had friends just dabble in it and pay off their cars and homes. I won’t touch it.”

          The two people I know who were messing around with it are in Federal lockup awaiting trial on fraud and tax evasion charges.

          No thanks.

          1. Ben Shapiro, Cernovich, Poso, and the entire trucker convey along with countless others are pushing crypto as some alternative currency. In theory I like the idea, but in reality, it’s digital tulips.

          2. and the entire trucker convey

            The Canadian Feds have seized trucker crypto wallets along with regular bank accounts. So much for imagicoins being “safe”.

    1. When does it start to really get unaffordable for the market as it is composed today? At 5%? remember that historically 6% would seem low.

      1. Mortgages
        30-year mortgage rates top 4%
        Rear view of a father walking up driveway with his young son
        MoMo Productions/Getty Images
        Written by Zach Wichter
        Edited By Bill McGuire
        Feb. 16, 2022 / 2 min read

        This year has already been characterized by rising mortgage rates, but how high are they likely to go? Bankrate’s latest survey shows 30-year fixed mortgage rates averaging 4.03 percent this week, and many experts think they’re unlikely to dip much from here.
        …
        https://www.bankrate.com/mortgages/will-mortgage-rates-hit-4-percent-in-2022/

      2. The experts who write articles about the relationship between mortgage rates and home prices strike me as generally clueless.

        1. Newsletter
          Mortgages
          Daily Rates
          Advertiser Disclosure
          Today’s Mortgage Rates, February 15, 2022 | Rates Jump to 4.2%
          Jason Stauffer, Jon Reed
          February 15, 2022 | 5 Min Read

          Mortgage interest rates surged today, hitting 4.2% a day after topping 4% for the first time in years.

          A driving force behind the recent surge is high inflation, with the Bureau of Labor Statistics reporting a year-over-year inflation rate of 7.5% in January. That figure is the highest in 40 years, driven by increasing costs of energy and food.

          Rates have risen from below 3.3% at the start of the year in part due to the expectation that, to fight inflation, the Federal Reserve will start unwinding its policies designed to help the economy through the pandemic, including raising its benchmark short-term interest rate.Experts tell us rates remain quite low compared to historical standards. For homebuyers, a 4% rate might cut into your buying power a bit, but it shouldn’t be the deciding factor between buying a house and not buying one.
          …
          https://time.com/nextadvisor/mortgages/daily-rates/mortgage-rates-today-february-15-2022/

  9. The South China Morning Post. “A spate of auditor resignations at Chinese property companies is reigniting concerns about financial transparency in an industry facing a credit squeeze and more than US$60 billion of bond redemptions this year.

    I’m sure they all just wanted to spend more time with their families. And avoid being future involuntary organ donors when the financials they signed off on turn out to be fraudulent.

    1. i actually misread the news yesterday. I thought it was accountants within the property companies’ financial departments.

      It turns out to be auditors like PwC etc. Wow – huge news.

      1. Question: why is this big news? Does this mean the CCP really wants to hide to losses and they are bringing in new auditors who sing in tune?

        1. More than one means they have a break down in the system. These auditors are behind the confidence in the bonds. And we’re talking about yuuge peso numbers.

          As for new shady auditors: that’s not going to convince a new bond buyer even at 20%, not that a company could survive borrowing at such a rate. This was baked in the cake as soon as we starting hearing about ‘hidden debt’. There should never be hidden obligations. That’s apparently widespread and long standing securities fraud.

          So the question is, should these auditors have known something was rotten long ago? Magic 8 ball says, absolutely!

          1. should these auditors have known something was rotten long ago?
            Back in the 1990’s my boss was a former “Big 6” Auditor. He used to refer to himself and fellow “Auditors” as Prostitutes in Pinstripes, and laugh.

  10. And this is why we don’t let anti-gun libtards handle guns.

    Alec Baldwin sued by family of late ‘Rust’ cinematographer Halyna Hutchins

    https://nypost.com/2022/02/15/alec-baldwin-sued-by-cinematographer-halyna-hutchins-family/

    Lawyers for Halyna Hutchins’ family filed a wrongful-death suit against actor Alec Baldwin on Tuesday — while releasing a chilling video re-enacting the movie-set shooting that killed the cinematographer.

    The eerie animated footage, titled “Killing of Halyna Hutchins on the set of ‘Rust,’ ” uses computer-generated figures of Baldwin and others on the fated film shoot that day.

      1. Let’s just say that if you or I had pulled the trigger, we would be behinds bars. He might to have to sign a big check to the widower, but that will be it. I suspect that whoever was in charge of production will also be financially liable for the presence of live ammo in the gun. It expect it will be a nice seven figure settlement. But no one will go to jail.

          1. There is no reason, but as I said, no one will serve time. Checks will be signed and that will be the end of it.

    2. https://www.bitchute.com/video/IPLpXorBLIdj/

      Another lawsuit filed by the gun safety monitor on set. If the reenactment in your link is accurate, then Baldwin intentionally pointed the gun at the woman and pulled the trigger. It seems unlikely this was something in the script because the woman in question was not even in the scene. The link above says Baldwin has not complied with handing over his phone to investigators. The link above also claims that the safety monitor was told that the gun was not going to be used on set and was left unattended for a brief interval just prior to the incident, according to the lawsuit.

      The only thing for certain here seems to be that if your average person did this, there would be criminal charges.

  11. US inflation at 9.7 %, UK at 30 yr high. Indian inflation now less than the US. But no cause for panic – not just in news articles quoting expert, but in mailings from financial instructions.

    From Fidelity this morning.
    When inflation began to surge last year, it was often mentioned along with the hopeful-sounding word “transitory.” Now that phrase is passe and many wonder whether the US has entered another period like the 1970s where high inflation persists for years.

    Not to worry, says Director of Quantitative Market Strategy Denise Chisholm, who studies market history. “My analysis shows that the runaway inflation of the 1970s was an exception, not the rule,” she says. “High inflation historically tends to be self-limiting because it creates dynamics that can slow future inflation.” Instead, she thinks inflation is likely to slow over upcoming months, leveling out closer to 3% and presenting opportunities for investors, particularly in value stock

    https://www.fidelity.com/learning-center/trading-investing/markets-sectors/peak-inflation

    1. “High inflation historically tends to be self-limiting because it creates dynamics that can slow future inflation.”

      Would the one year 50 percent U.S. stock market crash in the early 1970s be an example of this? It didn’t much serve to slow inflation, even though plenty of investors got their clocks cleaned. I do realize that this time is different…

    2. “Instead, she thinks inflation is likely to slow over upcoming months, leveling out closer to 3%”
      ↑ interest rate hikes
      “and presenting opportunities for investors, particularly in value stock”
      ↑ stock market crash

      Her timing might be off, but she’s not wrong.

  12. This is a pearl-clutching article. The Comrades of Proven Worth (D) are discovering there might be a backlash for implementing globalist agendas in our NEA indoctrination mills.

    School boards get death threats amid rage over race, gender, mask policies

    https://www.reuters.com/investigates/special-report/usa-education-threats/

    Local school officials across the United States are being inundated with threats of violence and other hostile messages from anonymous harassers nationwide, fueled by anger over culture-war issues. Reuters found 220 examples of such intimidation in a sampling of districts.

      1. Reuters (found) *invented* 220 examples of such intimidation in a sampling of districts.

        Reuters drank the koolaid years ago. What a lame demise of what used to be a legit provider of actual news.

        1. “What a lame demise of what used to be a legit provider of actual news”

          Was it ever? Granted I have been ‘following’ news/media, etc last 15 yrs or so. They have always sucked for me.
          When were they good?

        1. Glenview is two or three towns over from where I live. All the schools boards in the N/NW Chicago suburbs here went full blown communist during the Trump era. This is pretty typical here. Last week my local school board had scores of parents screaming at them to remove the d**n masks off the kids. They looked at the screaming parents with contempt and said in so many words “Never, we will never remove the masks, you Trump supporting rubes. This is IL and progressives run this state.” And voted to keep kids in masks.

          1. Probably has been mentioned here before but surety bonds have been successfully used to end mandate.

            How to Use Bonds to Get Your Child’s School District to Drop Mask Requirements and COVID Policies
            February 8, 2022 by The Vault Project
            https://thevaultproject.org/how-to-use-bonds-to-get-your-childs-school-district-to-drop-mask-requirements-and-covid-policies/

            How One Mom SAVED her ENTIRE School District! Bonds for the WIN!!・Jan 19, 2022
            https://www.youtube.com/watch?v=3KdwaSIOFpE

          2. Probably has been mentioned here before

            I don’t believe so, thanks! A prinicipal and vice-principal at different schools in our district have threatened parents with calling CPS.

          8. Another day

            The school board already had problems with “insurrectionist” parents. Yes, the commie on the board compared the situation to the Jan 6 “insurrection.” The next meeting should be lit with the “Wheel of Privilege” and CPS threats.

    3. My town’s school boards went communist during the Trump era. Progressives encouraged to ‘run for something’. but didn’t expect the natives to be so hostile so gender theory for 6 year olds. Hundreds of people show up to scream at them. They gaze into the crowd and vote the exact opposite of what the board is asking. Then quickly adjourn meetings like cowards and leave within seconds. These communists really believed that the natives would welcome with open arms communist control of their children. How wrong they were.

  13. UK FBs are getting squeezed hard by rising taxes & fuel bills. Something’s got to give.

    Average UK house price rose by £27,000 to a record high of £275,000 at end of 2021 and continued to soar even after end of stamp duty holiday

    https://www.dailymail.co.uk/news/article-10518895/Average-UK-house-price-rose-27-000-record-high-275-000-end-2021.html

    The average UK house price increased by £27,000 last year, ending 2021 on a record high of £275,000.

    The Office for National Statistics (ONS) said the average house price across the whole of the UK, as well as in England and Wales, reached record levels in the month of December.

    1. Don’t forget rising grocery bills in the UK. Last time I was there I was shocked at how expensive some things, like meat and poultry, are over there. I can only imagine how bad it is now. And “Petrol” is now close to 9 USD a gallon.

  15. Every day the globalist Quislings & their media lapdogs drop the mask a bit more.

    Trudeau’s State Media Labels ‘Freedom’ A “Far Right” Concept

    https://summit.news/2022/02/15/trudeaus-state-media-labels-freedom-a-far-right-concept/

    CBC piece claims freedom is now a “malleable term” and is “open to interpretation”

    One day before Canadian Prime Minister Justin Trudeau invoked emergency powers to crack down on anti-vaccine mandate protesters, state media outlet CBC published material claiming that ‘freedom’ is now a “far right” concept.

      1. Reading some Reddit threads on /r/Ottawa about the freedom convoy confirms that it is possible for males (in only their 20s and 30s) to have negative testosterone levels.

        Canada is a cuck country.

  16. Is it safe to venture back into risk assets, now that Vladimir Putin is making conciliatory gestures towards Ukraine?

    1. The Financial Times
      Ukraine conflict
      Nato says Russian troop numbers still rising near Ukraine border
      ‘We have not seen any de-escalation,’ says Stoltenberg despite Moscow insisting it is withdrawing forces
      An image from footage, released by Moscow on Tuesday, that it says shows Russian tanks returning to their bases
      © Eyepress/Reuters
      Andrew Bounds in Brussels and Max Seddon in Moscow an hour ago

      Russia continues to increase the number of troops it has massed on the Ukrainian border, Nato’s secretary-general warned on Wednesday, even as Moscow insisted it was withdrawing forces.

      Jens Stoltenberg said the western security alliance was “prepared for the worst” as tension persisted over Ukraine, despite continuing diplomatic efforts to avert conflict even after Russian president Vladimir Putin announced a partial troop withdrawal on Tuesday.

      “We have not seen any de-escalation,” Stoltenberg said on arriving at a two-day summit of Nato defence ministers in Brussels. “We see they have increased the number of troops and more troops are on their way . . We are prepared for the worst.”
      …

      1. “Jens Stoltenberg said the western security alliance was…”

        NATO is basically a trading block. Any serious retaliation will be prosecuted by the U.S. with the allies possibly committing some of their special forces elements.

  17. It’s beginning to dawn on Democrat-Bolsheviks that “Hell yes, we’re going to take your AR-15s and AK-47s” isn’t a path to electoral victory now that law and order is breaking down, thanks to Democrat hug-a-thug criminal justice policies, while government overreach is seen as a major threat by millions of Americans.

    O’Rourke on past remarks about taking guns: ‘Not interested in taking anything from anyone’

    https://thehill.com/homenews/campaign/593735-orourke-on-past-remarks-about-taking-away-guns-im-not-interested-in-taking

    Texas Democratic gubernatorial candidate Beto O’Rourke on Tuesday said that he has no “interest in taking” assault weapons from gun owners, apparently backing away from a position he took during his campaign for the 2020 Democratic presidential nomination.

    Speaking to reporters in Tyler, Texas, this week, O’Rourke said that he wants to “defend the Second Amendment,” but argued that the state’s gun policy should be driven by law enforcement. He also hammered Gov. Greg Abbott(R) for signing a bill into law last year that allows Texans to carry handguns without a permit or training.

  18. The Financial Times
    Airbnb Inc
    Inflation may push more families to become Airbnb hosts, chief says
    Lodging platform touts ‘economic opportunity’ while investors worry about limited supply as travel rebounds
    Airbnb app on a phone
    Travelers have been ‘confidently booking for the summer travel season early’, Airbnb’s chief executive Brian Chesky said, in a sign that the worst of the pandemic may be past
    © Mateusz Slodkowski/SOPA Images/LightRocket/Getty
    Dave Lee in San Francisco yesterday

    Rising inflation may drive more families to become Airbnb hosts, its co-founder and chief executive said, as investors raised concerns over limited supply on the lodging platform as demand returns.

    Airbnb on Tuesday said it expected bookings to rebound to pre-coronavirus pandemic levels for the first time in the current quarter after concerns about the Omicron coronavirus variant “quickly dissipated” and people become more comfortable travelling.

    But the company is still facing challenges in attracting more hosts to join, or rejoin, the platform. Airbnb said it had 6mn active listings, compared with 5.6mn a year ago.
    …

    1. Sounds like a mid level marketing scam where every poor sap is looking to rent out their own units but not enough renters in the market.

  19. The Financial Times
    US Inflation
    US producer prices accelerate in another sign of inflation dangers
    Additional pressure on Fed after PPI more than doubled in January from previous month
    Employees work on an electric bus
    The data reinforce the case for policymakers to move rapidly to unwind pandemic-era accommodation
    © Bloomberg
    Colby Smith in New York yesterday

    US producer prices jumped more than expected at the start of the year, reinforcing the case for the Federal Reserve to more rapidly remove the economic stimulus it has provided since the early days of the pandemic.

    The producer price index, which tracks the prices businesses receive for their goods and services, rose 1 per cent in January, the Bureau of Labor Statistics said on Tuesday — the biggest gain in eight months. That was well above the 0.4 per cent rise registered in the previous period and double what economists had forecast.

    The large monthly gain translated to an annual increase of 9.7 per cent, in line with December’s surge. Last year was the largest calendar year increase in wholesale inflation since the data were first compiled in 2010.
    …

    1. “The producer price index, which tracks the prices businesses receive for their goods and services…”

      Really?

      1. From CNN this morning:

        The Fed’s battle to fight inflation could cause more pain than higher prices

        Rapidly rising prices have caused economic hardship for millions of Americans. But drastic action to rein in prices could lead to even more pain, including job losses.

        Overall prices jumped 7.5% during the last year, according to the January consumer price index reading, the fastest pace in nearly 40 years. The increases have squeezed household budgets for consumers, caused political problems for Joe Biden and resulted in calls for the Federal Reserve to take relatively severe action, such as its first half-percentage-point hike since 2000.

        But some economists are cautioning that would be a very bad idea, hurting the people that the battle on rising prices is meant to help.

        Sounds like mega deficits and inflation are here to stay.

        1. They’re at that point in the interest rate cycle between a rock and a hard place, as cancerous inflation has taken hold, but the chemotherapy of rate increases may poison the patient.

          1. as cancerous inflation

            I don’t think of government theft as a cancer per se.

            The rich have money (duh) so give them more. The poor have credit so give them less.

      2. Inflation
        Updated on February 15
        Wholesale prices jump 9.7% in January, further evidence of red-hot inflation
        Economists expected producer prices to jump 0.5% in January from previous month
        By Megan Henney
        FOXBusiness

        Wholesale prices accelerated again in January as strong consumer demand and pandemic-related supply chain snarls continued to fuel the highest inflation in decades.

        The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 9.7% in January from the year-ago period, slightly below the 12-year high of 9.8% notched in November and December. But in an unexpected turn, prices rose 1% in January on a monthly basis – well above the revised gain of 0.4% in December.
        …

    3. Federal Government has borrowed Trillions of dollars why would they want to stop inflation the friend of the debtor ?

        1. FixGov
          Inflation politics is clearer than inflation economics
          William A. Galston and Elaine Kamarck Friday, January 14, 2022

          Ever since inflation reared its ugly head, economists have been arguing about whether it is a transitory problem or a structural problem, with some economists going so far as to distinguish between “good” inflation and “bad” inflation. But political scientists think about inflation as it impacts the American voter and in that respect the problem is much clearer. Even if the economists who think inflation will decline this year turn out to be right, the effect on working-class voters may be disastrous for Democrats in the midterm elections.
          …
          https://www.brookings.edu/blog/fixgov/2022/01/14/inflation-politics-is-clearer-than-inflation-economics/

      2. inflation the friend of the debtor

        Only if said debtor’s income increases. Sure, the mortgage would get eaten away by inflation, but everything else will become more expensive.

  22. Comedian Who Collapsed on Stage After Bragging About Booster Says She Won’t Be Getting 4th Shot

    by Paul Joseph Watson
    February 16th 2022, 6:30 am

    As we previously highlighted, Heather McDonald had to be rushed to hospital after taking a tumble at a show in Tempe, Arizona earlier this month.

    “I’m vaxxed, double vaxxed, boosted … and flu shot and shingle shot and haven’t gotten COVID and Jesus loves me most,” said McDonald before collapsing to the floor.

    During a subsequent appearance on Ask Dr. Drew, McDonald revealed that she had taken two doses of the Pfizer vaccine but had a Moderna booster shot “three weeks to the day” of her collapse on stage.

    Drew said that the most common time period for adverse reactions to occur from boosters was within “two to three weeks” of taking the shot and that fainting was one of them.

    Lady Sarah 🔮🌜💫🏋️‍♀️
    @srah_jan111

    Heather Mcdonald talks about her incident on stage and says she won’t get her 4th shot .

    https://twitter.com/srah_jan111/status/1492409820468686852?s=20&t=D7QWCi-u2oR20KrJwgPBVA

    2. two doses of the Pfizer vaccine but had a Moderna booster

      These are f’n gene therapies not cocktails!

    3. Heather Mcdonald talks about her incident on stage

      I thought it was interesting that she began to collapse right after she blasphemed.

    4. When the vaxxed start dropping permanently will the housing shortage be fixed?

      All those shacks and so few people left.

  24. Notice how the overall death rate for 2021 isn’t being talked about in MSM.
    Looks like a 2% more deaths from 2020 verses 2021, and some article saying 2021 was 19% higher than 1919.
    So that’s looking like around 700 thousand more deaths in 2021 . . over 2020.
    So, these numbers are going to be revived no doubt , , but no wonder the insurance companies are claiming a 40 % increase in claims for 2021 for the 18 to 64 age group.
    So 2021 was suppose to be the big roll out of the vaccines, yet deaths went up overall by 2 % in US, according to a number of articles .
    I couldn’t find anything yet on a detailed list of breakdown on causes of deaths and age groups.

    1. yet deaths went up overall by 2 % in US

      Something tells me that 2022 is going to be far worse.

      Few of us know anyone who died of the virus. Many more of us will know someone who died of the jab when 2022 is over.

      1. At this point I know a few from 0 to 1 degree of separation who passed. One dude in my circle went to the doctor for kidney treatment, was diagnosed with COVID-19, and died the next day…early 2022.

        1. Even if the economists who think inflation will decline this year turn out to be right

          Let me guess … he had no symptoms whatsoever yet his death certificate says he died of Covid.

  25. Build Back Better image file — They’re Not Sending Their Best Edition:

    https://imgur.com/a/Cjuw4j9

    This structure is at the corner of 13th and Umatilla in central Denver, and is apparently permanent.

    11,000 homeless in Denver is that a lot?

    1. This structure is at the corner of 13th and Umatilla in central Denver

      That has to be worth at least $300K. 🤡🌎

  26. It is a beautiful sunny 73 degree day with a really nice breeze today here in Jupiter Florida.

    Although there have been many, this is one of the nicest days we’ve had during the winter of ‘severe illness and death’ for the unvaccinated. .

    My 62 year-old unvaccinated @ss can hardly wait for Biden’s Spring of disease and dismemberment, I might even go parasailing.

    https://youtu.be/vaIaYdlzZLw

    Biden warns of winter of ‘severe illness and death’ for unvaccinated due to Omicron

    By Allie Malloy and Maegan Vazquez, CNN
    December 16, 2021

    https://www.cnn.com/2021/12/16/politics/joe-biden-warning-winter/index.html

    1. Raise your hand if you think the President and Dr Fauci are practicing mal practice are false advertising in saying current Covid shots are protective against Omicron.

      Its possible that they ran out of the elderly they polished off who were given mal practice treatment and in hospitals .
      This big thrust in California to drum up a Omicron panic and test, test test , is failing because the symptoms are mild. Who believes their tests anyway.
      The one narrative censorship news , owned by the Corporations trying to take over is getting more and more obvious that they are criminal fraudsters and the Covid was a Scam to loot, steal and kill.
      Unlike when one Country invade another by declaring WAR, the Globalists hid behind the Governments they corrupt , to carry out their agenda of Global One World Governance by private parties . Big Pharmacy and WEF and their Government Puppets have attacked World Countries with intend to destroy current systems for their pre planned Dictorship.
      The moral hazard of the 2009 bail out of the fraudulent Lenders by our Government is that than they would in collusion with about 1000 monopoly Corporations , try to take over as they do nothing but loot , destroy, defraud and now kill populations of the World.

      1. saying current Covid shots are protective against Omicron

        Yet the monoclonal antibodies, which unlike the jab actually do help, were withdrawn because according to the “experts” they do not work against Omicron.

        They just want a needle in your arm. They want you to accept the kill shot.

      2. I was in the car with the radio on today and a public service announcement came on saying to come in for your booster and to do so if you had the J&J kielbasa more than two months ago.

    2. Biden warns of winter of ‘severe illness and death’ for unvaccinated due to Omicron

      We’re right in the middle of Winter and as our local media has had to admit, very reluctantly, that new case numbers have “fallen precipitously”. Boulder County, the final holdout, has announced that it’s dropping its mask mandate this week.

      Of course, they are still shrieking that everyone should get jabbed.

        1. Ha ha…you bring to mind an attractive woman who was part of my wife’s church congregation. When the church enforced the government’s mask mandate, she started sporting one of those clear plexiglas face shields in church. It was fashionable, but didn’t seem likely to keep away the rona.

    2. I see it everywhere in San Diego, people alone in cars with the windows rolled up, people riding bikes, people walking their dogs, all with masks on. I even saw a guy at the supermarket who had his head inside a big Jeston’s style fish bowl space helmet.

      1. “I even saw a guy at the supermarket who had his head inside a big Jeston’s style fish bowl space helmet.”

        I saw a guy at Walmart wearing something like that, and he also had on an kn-95 mask. I commented, “Not taking any chances?” He said he recently caught covid at a rest home where his obese wife died, but not from covid, and he said it was the worst headaches he’d ever experienced. He also said he was losing his house due to the wife’s medical bills. We were in the automotive section, and he also said his car was giving him trouble too. Life was doling out tough times to this poor soul.

  31. I found this fascinating description for a used shack in Salt Lake County:

    “SELLER FINANCING AVAILABLE. Seller is seeking 15% down with a 7.25% interest rate. Possibly lower interest rate with more down. Length of term is flexible. Call agent for details.”

    Why would someone borrow from the seller at 7.25%? Even with rising rates you can still get a mortgage around 4% locked 30-years. Is this a subprime situation for folks who cannot pass underwriting?

    Also, this clown is asking $4,441 to rent the house while also asking $669,900 to sell it.

    Oh wait, there is new paint. Totally legit.

    https://www.realtor.com/realestateandhomes-search/Riverton_UT?pos=40.564132,-112.014738,40.469651,-111.923586,13

  32. 10cc – Dreadlock Holiday

    https://youtu.be/A2xwwkX2T4c

    Well, he looked down on my silver chain
    He said: I’ll give you one dollar
    I said: You’ve got to be jokin, man
    It was a present from me mother
    He said: I like it, I want it, I’ll take it off your hands
    And you’ll be sorry you crossed me
    You better understand that you’re alone (a long way from home)

    And I say, I don’t like reggae, oh no, I love it

  35. The Financial Times
    Asset allocation
    Investors take shelter in cash as central bank fears shake markets
    Fund managers increase cash holdings to highest level since early days of pandemic
    A trader wearing a mask at the New York Stock Exchange
    Some traders worry that the Federal Reserve will need to act so abruptly to cool inflation that it will knock the US economic recovery off course
    © David L. Nemec/New York Stock Exchange/AP
    George Steer
    February 15 2022

    Investors are building their cash stockpiles in a sign that many money managers are bracing themselves for turbulence across global markets.

    Average cash holdings among investors jumped to 5.3 per cent this month, up from 5 per cent in January, according to a closely watched survey by Bank of America of fund managers with a combined $1tn in assets. That marks the highest level since the early days of the coronavirus crisis in May 2020, the report released on Tuesday showed.

    The shift into cash comes during a tumultuous start to the year for many leading asset classes. The MSCI World index tracking global equities is down almost 6 per cent since the start of 2022, while Bloomberg’s multiverse index tracking government and corporate bonds has dropped 3.5 per cent over the same period.
    …

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