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Some Desperate Owners Have Sold At A Loss

A report from Market Watch. “Researchers pointed to Miami as an example for their argument. During the market’s peak in late 2006, buyers there paid nearly $340,000 on average to purchase a home. Only now are many of those buyers able to sell their home for a profit, they said based on their analysis. ‘With the dramatic fluctuations that we’re seeing now, wealth creation through housing is not guaranteed, making homeownership a sometimes-risky investment,’ Ken Johnson, an economist with Florida Atlantic University and the report’s second co-author.”

From Bloomberg. “U.S. home mortgage lenders have spent much of the last two years hiring. Now they might have to spend the coming months laying workers off. Layoffs in the industry are inevitable, said Jeff DerGurahian, chief capital markets officer at LoanDepot Inc., one of the largest lenders to consumers outside of the banking sector in the U.S. ‘With rates moving higher, capacity is going to be adjusted across the entire industry,’ DerGurahian said.”

“Lenders in general are trying to find more work for their staff by lowering their standards a bit. Another area that lenders might focus on more before laying off staffers are borrowers that can’t document income and therefore don’t qualify for mortgages backed by government-sponsored enterprises like Fannie Mae. The home loans for these borrowers, in particular the ones known as ‘non-qualified mortgages,’ might become a bit more popular.”

“‘With refi volume down, lenders will have to work on something else. We think they could focus on non-QM, which take longer to underwrite,’ said Sujoy Saha, RMBS analyst for the structured finance team at S&P Global Ratings.”

From CNBC. “‘Higher mortgage rates have quickly shut off refinances, with activity down in six of the first seven weeks of 2022,’ said Joel Kan, MBA’s associate vice president of economic and industry forecasting.”

From Investing.com. “CoStar stock plunged more than 10% Wednesday after a proposed tripling of an investment in its residential segment led analysts to cut their price targets. Needham analyst Mayank Tandon believes the outlook came in below consensus estimates ‘due to a combination of ongoing softness in the multifamily segment and a significant step-up in investments to drive long-term growth in the residential segment.'”

The Real Deal. “A student housing empire already struggling with foreclosures and lawsuits has made a multi-billion-dollar enemy: Fortress Investment Group. Nelson Partners Student Housing was the subject of a legal notice filed earlier this month by an affiliate of Fortress. The New York Times reported the company controlled by the investment giant is looking to foreclose on a $46 million loan owner Patrick Nelson took out in November 2019 to acquire the Auraria Student Lofts in Denver.”

“The Times reported at least two contractors at the Auraria also obtained court judgments, claiming Nelson Partners owes them approximately $100,000 for work done at the building. In a written statement to the Times, Nelson claimed he was a victim of the investment giant’s dealings.”

“‘The vultures at Fortress bought the loan just weeks before the loan expiration for one reason: to foreclose on a healthy property that has performed well over seven years with the intent to steal millions of dollars in equity they are not entitled to,’ Nelson wrote.”

The Globe and Mail in Canada. “In the opening weeks of 2022, emotion in the Toronto-area real estate market seemed to verge on hysteria. Mid-way through February, that feeling is beginning to dissipate. Some agents say they are seeing fewer showings on new properties and fewer bidders at the bargaining table. Some properties are failing to sell on offer night. ‘The wind is starting to change a little bit,’ says James Warren, a real estate agent with Chestnut Park Real Estate Ltd.”

“Some agents say they are seeing fewer showings on new properties and fewer bidders at the bargaining table. Some properties are failing to sell on offer night. Mr. Warren says listings have picked up in February and with more inventory there’s slightly less FOMO, or fear of missing out. Shane Little, a real estate agent with Re/Max Hallmark Richards Group Realty in Toronto, says showings on one booking platform that agents use are down 49 per cent from last month and 45 per cent from the same time last year.”

“He’s not seeing a lot of properties that fail to receive offers on offer night in the east end where he does a lot of his business, but he is seeing fewer bidders at the table. When demand was at a fever pitch and listings were rare in January, properties were selling for prices far above even recent comparable sales. ‘Buyers who maybe shouldn’t have been bidding on homes were, leading to more offers and artificially adding to the final sale price,’ he says.”

From Newsroom New Zealand. “‘Will house prices actually drop? I think it’s quite possible,’ said our Point Home Loans mortgage adviser Janet Harris yesterday afternoon. Since the law changed on December 1, lenders must have written evidence that taking on a loan won’t cause the borrower financial hardship. Mortgage managers had begun looking very closely at potential borrowers’ spending, I warned then, and would demand to see statements from all their bank accounts and credit cards.”

“This year, that’s come to a head. It has been, says the law firm JD Supra, ‘one of the stories of the summer’ – and not happy reading for the Government. Reports abound of those told they had spent too much on their dog, on their weekly Friday night fish and chips, or turned away because of their Netflix subscriptions. Heartland Bank is taking two hours to pore over wannabe borrowers’ bank statements, chief executive Chris Flood says, and declining three times as many car loans. ‘I haven’t spoken to a banker that doesn’t like the intent of the law, to get rid of predatory lending,’ he tells the NZ Herald today. ‘I think it is a curse on the lower socio-economic [group] who can get caught in those debt traps.'”

A press release. “For months, China Evergrande Group has been teetering on the brink of insolvency. On several occasions, China’s second-largest real estate developer, which has accumulated more than $300 billion in debt, has defaulted on interest payments on U.S. dollar bonds. Now an international creditor, in cooperation with DMSA Deutsche MarktScreening Agentur GmbH, has filed an allegation of criminal conduct against the Evergrande holding company for committing insolvency fraud.”

“Things are getting tighter for Evergande: A bondholder, Liechtenstein-based Financial Market Partners Capital (FMPC) Consulting AG, filed an allegation of criminal conduct on Friday, February 18, 2022 for insolvency fraud against the Cayman Islands-registered Evergrande holding company. FMPC Consulting AG was supported and advised – in addition to internationally active insolvency lawyers – by DMSA Deutsche MarktScreening Agentur GmbH.”

“DMSA Managing Director Michael Ewy explains, ‘With the allegation of criminal conduct, we are trying to save what can be saved for FMPC Consulting AG and other international creditors.'”

The South China Morning Post. “Hong Kong’s lived-in home prices suffered their biggest drop in almost two years. Some desperate owners have sold their apartments at a loss as they flee the city’s worsening Covid-19 crisis. Canto pop star Joey Yung has sold her one-bedroom 465 square-foot flat at Park Haven in Causeway Bay for HK$10.25 million according to sources. The selling price was HK$1.1 million (9.7 per cent) below the HK$11.35 million paid for it in 2012.”

“On Wednesday, a 1,030 square-foot unit at Festival City in Tai Wai sold for HK$12.68 million (US$1.62 million) after the owner cut the asking price by 12.5 per cent, or HK1.82 million, according to Midland Realty. The transaction was about 10 per cent below the market price. A 454 square-foot flat at Island Resort in Siu Sai Wan changed hands for HK$8.2 million, about 12 per cent below market prices, according to property agent Century 21. The vendor had slashed the asking price by HK$1 million to facilitate the deal.”

From Nine News. “A huge cloud hangs over $5 billion in building projects around Australia as Probuild, one of the country’s largest construction companies, this morning plunged into shock administration. In a Probuild statement, it was confirmed Deloitte has been appointed as administrator after WBHO Australia was ‘abruptly informed’ by parent company WBHO South Africa that all cash and securitisation support would cease for the Australian arm. This includes Probuild, WHBO Infrastructure and Monaco Hickey.”

“Tradies this morning turned up to a large Probuild building site in Melbourne’s CBD to try and get rescue their tools, only to find the entry gates locked shut. ‘Just got told, pack up your tools we’re done here. Probuild’s gone bust. No notice. Bit of a worry,’ one tradesman told Today. ‘We’ve seen it coming for a while. We’re a bit upset.'”

“Workers told 9News of chaotic scenes yesterday, as hundreds of tradies were booted off worksites across the country. Subcontractors are believed to be owed huge amounts of money. A tradesman who fled one of the building sites told 9News: ‘All the contractors are owed hundreds of thousands of dollars. No one’s going to get their money,’ he said.”

Related Posts

How Far Did Prices Drop?

https://www.youtube.com/watch?v=QlYaNBNr_V8 https://www.youtube.com/watch?v=piVG4lY_zss https://www.youtube.com/watch?v=HXm6w8ITWaI

This Post Has 83 Comments

  1. ‘pointed to Miami as an example for their argument. During the market’s peak in late 2006, buyers there paid nearly $340,000 on average to purchase a home. Only now are many of those buyers able to sell their home for a profit’

    UHS never said anything about this?

    ‘Lenders in general are trying to find more work for their staff by lowering their standards a bit. Another area that lenders might focus on more before laying off staffers are borrowers that can’t document income’

    Ahem…

    1. Lenders in general are trying to find more work for their staff by lowering their standards a bit.
      One thing the article doesn’t specifically mention is margins.
      Margins are going to be getting cut, big time. So you have much lower margins and much lower volumes. It’s not fun to work in mortgage when margins and volumes are crashing.

  2. ‘Nelson claimed he was a victim of the investment giant’s dealings. ‘The vultures at Fortress bought the loan just weeks before the loan expiration for one reason: to foreclose on a healthy property that has performed well over seven years with the intent to steal millions of dollars in equity they are not entitled to’

    Article mentions crappy maintenance, etc. You gotta make a profit Pat.

    1. “Nelson cited the pandemic as a reason for the firm’s financial problems.”

      It’s difficult to make your loan payments and maintain the properties when the government has shutdown your ability to collect rent and evict tenants due to covid-19.

      1. It’s difficult to make your loan payments and maintain the properties when the government has shutdown your ability to collect rent and evict tenants
        To me this is the most disturbing thing about the Govt’s responses to Covid. The non-elected CDC decided what people could and could not do with their own property. And worse yet, 3 Supreme court justices said it was Legal.

      2. It’s even more difficult when all colleges were remote for 18 months and weren’t using student housing.

  3. ‘The selling price was HK$1.1 million (9.7 per cent) below the HK$11.35 million paid for it in 2012’

    2012?

    ‘With the allegation of criminal conduct, we are trying to save what can be saved for FMPC Consulting AG and other international creditors’

    Hey Bloomberg, wa happened to that ‘Evergrande did pay at the last minute’ series you were running a couple of months ago? Now the lawyers can cut everything apart and target the auditors. Got Enron?

  4. Globalists, GFY:

    “What they’re seeing today is just a prelude of what’s going to come if they don’t sit down and listen to us and get rid of these restrictions. Because then we’ll shut the country down. We control this country. Not the government.

    It’s taken out rights. It’s taken everything America stands for. We’re just simply saying, the rights they took, to simply reinstate them.”

    https://www.thegatewaypundit.com/2022/02/first-group-truckers-reaches-bidens-backyard-massive-peoples-convoy-begins-journey-nations-capital-videos/

    We control this country.

    1. There is no middle ground between supporting freedom or tyranny at this point.

      If you support any of this unscientific medical tyranny, consider yourself an “enemy combatant” of those of us who support freedom.

      You’re not an American. This isn’t your country.

      There will be arrests, trials, convictions, and executions.

      We are taking our country back, and all of you globalists need to die ☠

      1. The Grand Jury Trial going on right now is doing a good job of connecting all the dots on the Globalists plan of taking over the World , by the contrived Pandemic, and unjustified response to it.
        Basically the economic systems will collapse because they had rigged economic systems and unsustainable debt, while these Entities looted the systems by their unsusttainable debt and fake wealth casinos.
        They never had any intentions of paying these massive Government and private pensions.
        Instead these Entities have been looting for decades the people of the Globe.
        The system will collaspe, and the Globalists , 1%, rich Elite, Money changers , WEF under Klaus Schwab plan that , “You will have nothing and be happy.”
        They want a system where they own everything , and they dictate what the populations get.
        They want this One World Order dictorship, so they plan to destroy all current systems and “Build Back Better” under this World dictorship they plan.
        They will dictate what populations get, all freedoms will be eliminated . You will be subjected to mandated injections by Big Pharmacy.
        They probably have a depopulation objective in their sustainable earth not voted for agendas.
        They want to change the human species into some altered chemically compliant slave, obviously not voted for.
        Some meager Universal Income will be doled out , but shut off if you don’t comply.
        They had a goal decades ago of destroying capitalism, and any freedoms or any sovereign States.
        So, yes I agree with you that these Entities called Globalists, need to die, and populations need to take back the Governments that have been captured by this evil force, broadly called the Globalists.
        They have installed their Puppets World Wide, and the rigged US 2020 election installed the Puppets Biden/Harris.
        These Entities have really looted many a Country by these lockdowns that consolidated Money and power in Big Monopolies, while destroying small and medium business.
        Its all about the Monopoly concept of Rockerfeller, of how to destroy any competition by any criminal means. Canceling, smearing, censoring, bribing, extortion, you name it is being employed to destroy any competition or independence by the People. Follow the money on who prospered in the trillions by the Lockdowns, and what was destroyed . Looks like the People have to stop what these.Entities plan to do , and all the fraudulent narratives by Corporate owned fake and censored news.

        1. It is mildly satisfying watching the globalists wring their hands at what is happening in Ukraine. As Ben pointed out, the size of the Russian Federation’s economy is relatively small, yet no one has the stomach to intervene. Other than some economic sanctions, which means that Europeans will have to pay through the nose to heat their hovels, there has been no push back, and there won’t be any. I wouldn’t be surprised if Kiev is under Russian control by next week.

          Of course, it helps Putin that Xi has his back, no doubt in exchange for natural resources that China needs.

          2. The U.S. military is paying for sex changes and hormone treatments for trannies (aka pedophile rapists).

            Putin has a Y chromosome and a pair of testicles.

            P.S. China is gonna take Taiwan too…

          5. Q: If Vlad takes everything and everyone else has nothing, will Klaus be happy?

            Vlad doesn’t have enough troops to do that. But I am sure that Schwab is unhappy about Ukraine, and is worried about Poland, Czechia, Slovakia and Hungary. The Hungarians have been cozy with Vlad lately, though there is an American base in Hungary. I have heard rumors that the WEF is preparing to rig the next Hungarian election, to replace Orban with a globalist who will do their biding.

          6. You gotta feel bad for the Ukrainians. They got used like a 20$ ho in TJ by the west and then used by NATO as a risk-free pawn to threaten Russia’s border. When Russia called the bluff, was the life of even one person in NATO in jeopardy? No, all NATOs commanders are in their cozy offices calling Putin a big meanie while Russia rolls over Ukraine like it was a pie crust.

            Don’t worry Ukraine. Marco Rubio will be on the next C-17 to Eastern Ukraine and drop in in his super hero outfit to put a stop to the big bad Putin’s bullying.

        2. It’s hard to know what these events really mean as we have seen that much of world is controlled by forces secretly coordinating. But how far does that extend?

          Anyway, the US is not going to win a ground war in the Ukraine over territory Russians perceive as their ancestral homeland going back over a thousand years. If this actually was a game of chicken the West just lost because no one in uniform will be motivated to fight trench warfare against Russians over backwater villages in Eastern Ukraine, especially because most everyone knows the Ukraine was just being used as the world’s biggest money laundering enterprise by Western globalists. And those territories are majority Russian. If NATO troops go in there, they will not be met as liberators. There will be Russian Grandmas coming at them with kitchen knives, scissors, and garden tools.

          1. Its wouldn’t surprise me if the Globalists are using “War” as a distraction , or a means to create the next crisis.
            About 25 % of US Citizens are supporting war with Russia.
            If you ask me, people are getting sick of wars, especially after the one that lasted 20 years and didn’t seem to accomplish anything.
            Eisenhower’s warning about the Military Industrial complex comes to mind.
            But as far as Klaus Schwab is concerned, or Bill Gates, or any of the goons, the sooner these psycho tyrants are defeated and prosecuted the better. The People got to stop these creeps.

  5. ‘When demand was at a fever pitch and listings were rare in January, properties were selling for prices far above even recent comparable sales. ‘Buyers who maybe shouldn’t have been bidding on homes were, leading to more offers and artificially adding to the final sale price’

    Winnahs!

  6. ‘Reports abound of those told they had spent too much on their dog, on their weekly Friday night fish and chips, or turned away because of their Netflix subscriptions’

    I guess giving up the avocado sandwiches isn’t going to cut it.

  7. ‘All the contractors are owed hundreds of thousands of dollars. No one’s going to get their money’

    That’s some red hotcakes right there.

    2. ‘All the contractors are owed hundreds of thousands of dollars. No one’s going to get their money’

      I have seen more than a few subcontractors go under still owing six figure material bills when the cash flow stopped.

    2. The stock market and crypto have come roaring back. Is the Ukraine situation over with already? Wow, that was quick.

        1. Garbage article which makes no sense:

          Rate-hike odds are sliding… and rate-cut expectations are rising…

          Sounds like a lot of wishful thinking.

  11. “Lenders in general are trying to find more work for their staff by lowering their standards a bit.”

    “The home loans for these borrowers, in particular the ones known as ‘non-qualified mortgages,’ might become a bit more popular.”

    Reminds me of a story I read on this blog back in 2006 or 2007 where a homeless man who died on the street somewhere on the west coast of Florida turned out to be the owner of 3 condos that were all in foreclosure.

    It seems a mortgage broker and a Realtor were giving the homeless a hundred bucks, using their social security number and buying condos using No-doc loans so they could make the commission on the vastly overpriced units.

    1. Every snowflake who voted for these frauds needs to be on the next plane to Ukraine.

      Boots on the ground. Go fight and die for the Big Lie, loosers!

  15. “The transaction was about 10 per cent below the market price. A 454 square-foot flat at Island Resort in Siu Sai Wan changed hands for HK$8.2 million, about 12 per cent below market prices, according to property agent Century 21. The vendor had slashed the asking price by HK$1 million to facilitate the deal.”

    Funny, I thought the most recent comps set the market price.

  16. Stocks are cratering……. cratering faster than housing prices.

    Granite Bay, CA Housing Prices Crater 19% As Double Digit Price Declines Blanket Northern California

    https://www.movoto.com/granite-bay-ca/market-trends/

    As one national land broker explained, “There is a globe full of land where 95% of it goes undeveloped. If you paid more than $500 an acre, you got burned.”

  17. “Defending freedom will have costs for us as well, here at home,” Biden said Tuesday. “We need to be honest about that.”

    Democrats are more likely than Republicans to think the U.S. should have a major role in the conflict, 32% to 22%.”

    https://apnews.com/article/russia-ukraine-business-vladimir-putin-europe-election-2020-ac251d00b8979cebd0496374fc622a1b

    Who are the 22% who support war? Liz Cheney, Lindsey Graham, the Lincoln Project, and all the other NAMBLA Republicans you’d expect.

    “They’re not sending their best”

    1. Round up those tough Antifa soldiers and send them over. They crushed Portland’s police dept., I’m sure they can take on Putin.

    2. “Who are the 22% who support war? Liz Cheney, Lindsey Graham, the Lincoln Project, and all the other NAMBLA Republicans you’d expect.”

      Believe it or not, a large swath of MAGA still supports the MIC.

    3. Democrats are more likely than Republicans to think the U.S. should have a major role in the conflict, 32% to 22%.”

      Which is why, at every chance I get to talk to libtards, I ask them how they themselves turned into warmongering police state supporters. I have yet to get any sort of reasonable response.

  20. I’ve been thinking about the macro picture of the past couple years, and what’s really going on. Globalists own and control everything that matters in this world, including the governments. That’s become apparent. Just look no further than that marionette CVCK north of the border, or our own puppet FJB who was installed. And they are playing games of “feel my power” with each other and society in general.

    A lot of this was flying under the radar for years, then along comes the Woohoo which likes to kill old people but few others, and it exposed the rot. Why? Because the olds became terrified that they would be taken out by the Woohoo en masse, so they resorted to drastic measures to try to protect themselves so they would not have to leave this mortal coil and their precious billions. There’s nothing a greedy billionaire fock fears more than an early grave. So they adopted a mindset of “anything goes.” But that’s just part of it.

    They also saw an opportunity to see how forcefully they could assert their will and dominance over the people through Draconian measures, how far they could push it before people pushed back under the guise of “public health.” And while they were busy asserting this dominance, they rigged the entire financial system to wipe out competition for all of the corporations they have vested interests in, and looted their respective treasuries. Checkmate.

    That’s the quick and dirty version, but that’s where we are. I do not think anything can change save for a violent revolution of sorts. Why? Let’s circle back to housing for instance. We now have a situation where the average person has no hope of even affording shelter on the median salary. This is the recipe for the aforementioned revolution. When a working person cannot even pay for shelter from the storm, it’s over.

    1. “I do not think anything can change save for a violent revolution of sorts. ”

      I believe so as well. Unless we strike a fear in their heart, they will not relent.

      1. Avid reader, first time poster. Love your work, gang. Truly.

        First found HBB around 2006. About two months ago I wondered to myself if it was still going or back, and I was stoked to find you all! Even more grateful to see that everyone here sees through the covid1984 nonsense…

        For what it’s worth I don’t think violence scares the so-called elite much. “Resistance” actually acts to reinforce their illusion of authority. Validates the hallucination of the masses that there actually is some human power beyond their self-ownership which they should obey.

        I believe what’s most scary to globalists is the thought that people will just stop complying en mass. Simply ignore the “authority” of the governments that globalists control and let the problem die of neglect. Seriously, if even a small portion of a population just stopped paying taxes and ignored the rest of their “rules” for us? Pssshhhhh, it’s over all right, but for THEM.

        They’ve overplayed their hand. Employing mandates which make no sense and which they can’t enforce has helped dozens of people in my own personal life to wake up to the absurdity of so many other lies we’ve been conditioned to believe our whole lives.

        Maybe I’m Pollyanna on this, or whistling past the graveyard, still I genuinely believe there is something good that will ultimately be born from death of The Big Lie, painful as the transition may be.

        Okay, I’ll shut up now – thanks for coming to my TedTalk and keep up the good work! Much love & respect.

        1. “Even more grateful to see that everyone here sees through the covid1984 nonsense…”

          Is almost everyone close enough?

  21. Moderna ‘firmly’ thinks another COVID-19 booster will be necessary this fall

    And my barber firmly thinks I need another haircut. And the used car dealer firmly thinks I need another car. And my insurance company firmly thinks I need life insurance.

    There’s no way this could have anything to do with Moderna firmly looking to pad their bottom line, could it? Naaaahhhh……

    Fock Moderna. Fock Joe Biden. Fock Justin Trudeau. Fock Klaus Schwab. Fock Hillary Clinton. Fock Bill Gates. Fock Jerome Powell. Fock Jamie Dimon. Fock Jeff Bezos…..

    The list is loooooooong…..

    1. “And my barber firmly thinks I need another haircut. And the used car dealer firmly thinks I need another car. And my insurance company firmly thinks I need life insurance.”

      That’s your GDP don’t you know. GDP must rise.

  22. Blackrock is already sitting on over $10 TRILLION in assets. That’s almost 25% of the entire US housing market value. These numbers are staggering. This company shouldn’t even exist.

    In a housing downturn like last time, where credit dries up, does anybody really think Blackrock is going to have trouble coming up with the money to buy a massive chunk of single family houses?

    What we have is a rigged system of controlled larceny, where corporate behemoths with cozy government ties engage in a real world version of Monopoly. It’s over, people.

    1. They plan on buying up everything when the crash takes place. That’s why Klaus Schwab says ” You will own nothing and be happy.”
      Seriously, having nothing usually doesn’t make people to happy. Also being chemically altered like some lab rat isn’t much fun. No freedom under tyrants , while having nothing, does not sound like very much fun at all.
      The point is if this crash takes place, the people should decide what is going to happen, not goons like Klaus Schwab and Bill Gates.

      1. not goons like Klaus Schwab and Bill Gates

        It is interesting how the greed of these goons is never satiated. Even if they are in their final years and already have more wealth than anyone could possibly ever need, they want more.

        1. It’s because they are severely mentally ill psychopaths. They do not view people like you and me as human, only like cattle to be milked and then slaughtered. I’m not kidding. We need to get rid of these people before they get rid of us.

  23. The US financial system – Wall St. and the FED – has become a systemic disease which needs to be eradicated.

    1. The testimony that I viewed today from the GRAND JURY trial was mind blowing. The section on the fraud of the PCR tests was unreal.
      There was a section of testimony on the Fauci protocol for treatment of Covid in hospitals. How they were given 20 % bonus to use a medication proven in the trials to shut down your kidneys with over a 50% death rate, as well as being a highly expensive med under EUA,. In other words, its that drug that’s killing a lot of people.
      Other mind blowing testimony was from a Dr who had a 100% sucessful rate in treating Covid with meds. But what he had to say what was the culprit in the Covid deaths will blow your mind on why some people got a bad case exactly on the 8th day.
      The next part that I’m going to view is the testimony about the vaccines.
      Everything that didn’t make sense is being explained in this trial. Its very long, but I’m viewing every bit of it, because I don’t want to miss anything.
      If people saw this trial in total the pitchforks would be out and the ropes would be demanded.

  24. “The home loans for these borrowers, in particular the ones known as ‘non-qualified mortgages,’ might become a bit more popular.”

    Old moniker = subprime.

    New moniker = non-qualified.

    Same loan type, new moniker.

      1. Vladimir Putin’s Televised Address on Ukraine

        “It is a fact that over the past 30 years we have been patiently trying to come to an agreement with the leading NATO countries regarding the principles of equal and indivisible security in Europe.”

        What’s your problem we never did anything wrong.

        “There are many examples of this. First a bloody military operation was waged against Belgrade, without the UN Security Council’s sanction but with combat aircraft and missiles used in the heart of Europe. The bombing of peaceful cities and vital infrastructure went on for several weeks.”

        But, but, but VP Headboard Harris just told me Europe had been at peace for 70 years.

        “Then came the turn of Iraq, Libya and Syria. The illegal use of military power against Libya and the distortion of all the UN Security Council decisions on Libya ruined the state, created a huge seat of international terrorism, and pushed the country towards a humanitarian catastrophe, into the vortex of a civil war, which has continued there for years. The tragedy, which was created for hundreds of thousands and even millions of people not only in Libya but in the whole region, has led to a large-scale exodus from the Middle East and North Africa to Europe.”

        Well if your gonna nitpick.

  27. Local update: the $2.2M house up the hill is pending as is a $2.1M house down the hill. Still waiting for the local bubble to pop!

    2. For reference: our 1970s original 2,490sf 4bd/2.5ba rental with no functional backyard and a master bath suitable for only one person with its one sink and neo angle shower has a Zestimate of $1.33M.

    3. Still waiting for the local bubble to pop!

      It’s just a blow-off top or something. I don’t even look at prices anymore because I don’t want to waste the time. I will just patiently go about my life until the whole shithouse blows up.

  28. I was wondering what Brandon was going to do to punish us over his Ukraine humiliation. Now I know: even more expensive gas. He’s banning new oil leases.

    It’s like being in an abusive relationship with a drunk. His boss makes him look a fool, and he comes home and beats you.

  29. Suppose you were experiencing the most extreme housing bubble in history, and WWIII broke out. Would the bubble continue to expand at a record pace?

  31. “Would the Bubble continue…”

    It depends on where the bombs are dropping.
    As long as easy loans are available, people seem to go for it.

  32. “Rural white men who identify as conservative are just not interested in this”

    Funny how the Associated Press doesn’t mention the number of African Americans who were not interested in the jab.

    Black Vaccine Hesitancy Rooted in Mistrust, Doubts
    By Saundra Young
    Feb. 2, 2021

    white Americans are being vaccinated at a rate 3 times higher than Black Americans.

    https://www.webmd.com/vaccines/covid-19-vaccine/news/20210202/black-vaccine-hesitancy-rooted-in-mistrust-doubts

    US COVID vaccination drive collapses as omicron subsides

    The average number of Americans getting the vaccine has fallen to a low of 90,000 a day.

    By Associated Press
    Published Yesterday

    The vaccination drive in the U.S. is grinding to a halt, and demand has all but collapsed in places like this deeply conservative manufacturing town where many weren’t interested in the shots to begin with.

    “People are just over it. They’re tired of it,” said Judy Smith, administrator for a 12-county public health district in northwestern Alabama.

    “Rural white men who identify as conservative are just not interested in this. That caught us off guard,” said Dr. Scott Harris, head of the Alabama Department of Public Health. “By the first or second month of the vaccine campaign, it became clear that those folks just weren’t going to come in.”

    https://www.tampabay.com/news/health/2022/02/23/us-covid-vaccination-drive-collapses-as-omicron-subsides/

    1. “By the first or second month of the vaccine campaign, it became clear that those folks just weren’t going to come in.”

      That’s right Doc, “those folks” which includes myself along with millions of my brothers and sisters who are people of color and white remain Pureblood.

      https://youtu.be/tuwoPAWXUYI

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