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You’re Going To See Some Bloodbaths Going On

A report from the Guardian. “Home ownership was initially a pandemic silver lining for Kay Kingsman. After a whirlwind month of house hunting, she made an offer on a Portland townhome in late July; it was only the second property she saw in person. A week later, Kingsman closed the deal and paid her new home a visit. It was there that she felt her first twinges of buyer’s remorse. This, it seemed, was her reward for persevering in a dog-eat-dog real estate market. ‘I thought it would be a good investment,’ she tells me. ‘And then the first mortgage payment hit, and I was like, ‘Oh no. I am trapped.'”

“Real estate grievances are now a mainstay of online forums like Reddit, where calls for commiseration are often phrased in question form and answered, in turn, by commenters’ consensus. ‘Anyone buy a money pit and regret it like I do?’ reads ones post’s header (the answer: yes). ‘How common is buyers remorse?’ asks another (the answer: quite common).”

“Kingsman is trying to make the most of her situation. She says she’s working to reclaim access to her parking spot through a baroque legal negotiation with her home’s previous owners (‘Who I’m still mad at for not cleaning up their beard shavings,’ she adds). And, bit by bit, she’s sprucing up the space. ‘I’m doing the fun house stuff that you get to do, like paint the walls and put in new furniture,’ says Kingsman. ‘So, that’s nice. But also, that money could have been spent in, like, Bali.'”

The Baltimore Sun in Maryland. “People lie on mortgage applications every day. With a few keystrokes and a signature, homebuyers can save themselves tens of thousands of dollars over the life of a 30-year mortgage — if they don’t get caught. Federal prosecutors say they found Democratic State’s Attorney Marilyn Mosby of Baltimore doing exactly that. If anything, it was commonplace, said Eric Forster, an expert witness in mortgage fraud cases who reviewed Mosby’s indictment. ‘I didn’t see anything very clever done on her part,’ he said. ‘Actually, I saw a number of things that were quite dumb. But the point is that I’ve seen people do it all the time.'”

“Many people who lie about a vacation home that’s an investment property aren’t caught because federal prosecutors can’t keep up with the number of mortgage fraud complaints sent their way, Forster said.”

From Mortgage News Daily. “If you received a mortgage rate quote any time in the past few days or weeks, unless it was at the end of the business day on Monday, March 14th, you’re looking at a relic of a bygone era. Print it out and hang it up in the halls of Woulda, Shoulda, Coulda. The average conventional 30yr fixed rate is easily up and over 4.25% now, with lenders anywhere from 4.375 to 4.625% depending on the scenario.”

From Bisnow. “Months into the pandemic, special-purpose acquisition companies exploded in popularity before fizzling out in the spring of 2021. But the repercussions of that brief boom are yet to come. ‘We’re in a correction period, which I think will be fairly lengthy,’ said Peter Lewis, Wharton Equity Partners chair and founder. ‘I think you’re going to see some bloodbaths going on.'”

“For the most brazen of such operators attempting to run multiple SPACs at once, some loans were structured to depend on one SPAC finding a successful acquisition in order to finance and pay back another, said Shadow Ventures founder KP Reddy. ‘It’s kind of like having a second mortgage, but if you have to sell the property when it’s [financially] underwater, everybody gets screwed,’ he said.”

From Newstalk in New Zealand. “REINZ data showed national house sale volumes dropped 33 per cent annually but Auckland volumes fell by 40 per cent. Auckland prices dropped from January’s $1.2m median to $1.1m last month. Westpac’s latest housing research out last month from acting chief economist Michael Gordon said there was now enough evidence to declare that the housing boom has ended, with prices turning downward in the last two months.”

“‘We’ve long been saying that house prices can and would fall once we saw a meaningful rise in mortgage rates. That has now happened, with fixed-term rates now factoring in the prospect of a series of OCR hikes over the next couple of years,’ Gordon said.”

From Bloomberg. “Chinese policy makers are closely watching residential prices, which have now fallen for six straight months. Earlier this month, chief banking regulator Guo Shuqing, signaled he’s comfortable with moves being seen in home prices during the industry slowdown — as long as they aren’t too extreme. ‘A lot of people borrow to buy properties for the purposes of investment, or speculation,’ said Guo. ‘Should property prices drop or other problems emerge, it could turn into a huge financial crisis.'”

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This Post Has 108 Comments

  1. ‘I thought it would be a good investment,’ she tells me. ‘And then the first mortgage payment hit, and I was like, ‘Oh no. I am trapped’

    Well Kay it was cheaper than renting.

    2. Burning stupidity: “And then the first mortgage payment hit, and I was like, ‘Oh no. I am trapped’”

  2. ‘It’s kind of like having a second mortgage, but if you have to sell the property when it’s [financially] underwater, everybody gets screwed’

    This is an interesting report and shows that funny money ends up with tears.

  3. ‘I’ve seen people do it all the time’

    WA?

    ‘Many people who lie about a vacation home that’s an investment property aren’t caught because federal prosecutors can’t keep up with the number of mortgage fraud complaints sent their way’

    That’s some sound lending right there.

  4. ‘We’ve long been saying that house prices can and would fall once we saw a meaningful rise in mortgage rates. That has now happened’

    But central bank won’t let prices fall?

    ‘‘A lot of people borrow to buy properties for the purposes of investment, or speculation…Should property prices drop or other problems emerge, it could turn into a huge financial crisis’

    It’s already happened Guo.

    1. “What do you mean I don’t qualify for this crap shack? I’m true middle management at IKEA. There must be some kind of mistake.”

  5. ‘Real estate grievances are now a mainstay of online forums like Reddit, where calls for commiseration are often phrased in question form and answered, in turn, by commenters’ consensus. ‘Anyone buy a money pit and regret it like I do?’ reads ones post’s header (the answer: yes). ‘How common is buyers remorse?’ asks another (the answer: quite common)’

    Wa happened to my red hotcakes?

      2. Just out of curiosity, would you consider FDR-era retirees who haven’t worked in 30 years to be “losers”?

          1. Retiring doesn’t make you a loser. Saying you never believe in working does.

            Except that that’s not what the antiwork group is saying. Most of them are, in fact, employed. What they’re against is making extraordinary efforts to please one’s boss at the expense of a reasonable present quality of life. They don’t want to be taken in by implied promises of a cushy future retirement such as the WWII generation has. As an actuary, I would tend to agree with them that such promises are unlikely to be fulfilled.

          2. What they’re against is making extraordinary efforts to please one’s boss at the expense of a reasonable present quality of life.

            Is somebody keeping them in the job with a gun to their head? There’s this thing called “I quit.” I’ve done it a number of times in my life, and finally started working for myself.

          3. You can read the posts as well as I can. Some are quitting, some are looking for something better in preparation for quitting, some are drawing lines in the sand about what they will and won’t do, or trying to deal with the issues in other ways. I don’t see it at all as denying the value of honest, serious work, just not wanting to get scr3wed.

        2. Considering theyve collected many multiples more than they contributed to social inSecurity”, yeah…… degenerate losers.

    1. Wow the owners must be quite the visionaries to come up with a company name like Condev Construction. “Condev Construction” meet “ShackGam Liquidations.”

  7. As usual, not a single mention of the chief cause of soaring rents: the Keynesian fraudsters at the Fed and their private equity accomplices turning shelter – a basic human need – into a speculative asset class for the tsunami of Yellen Bux “stimulus” pumped into the financial system since 2008.

    Brooklyn Democratic Socialist Complains of Rent Increase

    https://twitter.com/VibrantSoul718/status/1500903973397671942

    My rent in Brooklyn went from $2,300/mo at the time of my leasing signing in March 2021 to $3,200/mo if I want to renew my lease in April 2022.

    Totally unsustainable for normal people

  8. Russia is winning.

    Who exactly do Senators Mitt Romney and Lindsay Graham support? The United States, and its citizens? Or something else?

    Last I checked, I’m a U.S. citizen. I’m not a citizen of NATO and I’m not a citizen of the World Economic Forum.

    2. “Who exactly do Senators Mitt Romney and Lindsay Graham support? The United States, and its citizens? Or something else?”

      A. Israel, Saudi Arabia, the Rothschild family, and the armaments industry. Not necessarily in that order.

      1. How many of Mitt Romney’s five sons have worn the uniform and been in combat? ZERO, because he is a globalist parasite.

        How many of Lindsay Graham’s sons have worn the uniform and been in combat? ZERO, because he has never been with a woman, therefore he doesn’t have any sons.

          1. “Coming from a family with a tradition of public service, George Herbert Walker Bush felt the responsibility to make his contribution both in time of war and in peace. Born in Milton, Massachusetts, on June 12, 1924, he became a student leader at Phillips Academy in Andover. On his 18th birthday he enlisted in the armed forces. The youngest pilot in the Navy when he received his wings, he flew 58 combat missions during World War II. On one mission over the Pacific as a torpedo bomber pilot he was shot down by Japanese antiaircraft fire and was rescued from the water by a U. S. submarine. He was awarded the Distinguished Flying Cross for bravery in action.” —White House, archives.

    4. As I’ve watched this country slowly go into the sh!tter ever since I was born, I’ve lately been wondering why and how these career politicians who have been in CONgress my entire life are able to get re-elected in spite of their horrific anti-American performance.

      A lot of people say “oh, it’s because they do good things for their constituents in their home states.” I call BS on that. I can’t think of anything good any one of my local CONgresscritters has done my entire life, and I’d bet I could ask any random person and they would fail to remember a single thing as well.

      Back to “how are they getting re-elected?” Aside from the obvious campaign contributions from corporations which flow like water into their pockets, their names are like that of local sports teams which people blindly root for because they’re the home team – ie. NAME RECOGNITION, nothing more. People are stupid.

      1. People keep voting. Keep desperately believing in the illusion of the “great man” (look it up, it’s an interesting psychological theory,) to come and save them.

        The State is a parasite. I’ll never vote in a presidential election ever again. “Red Team, Blue Team…” ha, they’re all liars and I refuse to give my energy to their system or legitimize their claim of authority over me by voting.

        No masters, no slaves.

    2. To me this story is more of a “sports is our idol” issue than a diversity one. I’m sure a future military hero got turned down at West Point so they could recruit a wide receiver.

      1. You also have to get a letter of recommendation from your Congress critter to get admitted. Now consider who is in Congress and it makes more sense.

  11. It must enrage Soros & his fellow globalist oligarchs when money allocated to fund violent Communist insurrection gets diverted so BLM activists can live the high life.

    BLM activist named ‘Bostonian of the year’ whose nonprofit raised $1M is charged with squandering much of it on rent arrears, $1,200 hotel stay and meals at Bubba Gump Shrimp Co. and Shake Shack after being arrested at her $450,000 home

    https://www.dailymail.co.uk/news/article-10617379/BLM-leader-founder-anti-violence-nonprofit-indicted-using-donations-meals-trips.html

    1. Sanctioned Russia teeters on brink of historic default
      Marc Jones
      Tue, March 15, 2022, 6:09 PM·4 min read
      A view shows Russian rouble coins in this picture illustration
      Pedestrians cross the road as skyscrapers of the Moscow International Business Center, also known as “Moskva-City”, are seen in the background in Moscow
      Sanctioned Russia teeters on brink of historic default
      Pedestrians cross the road as skyscrapers of the Moscow International Business Center, also known as “Moskva-City”, are seen in the background in Moscow
      By Marc Jones

      LONDON (Reuters) – The economic cost of Russia’s assault on Ukraine was further exposed on Wednesday as the sanctions-hit country teetered on the brink of its first default on international debt since the Bolshevik revolution.

      Moscow is due to pay $117 million in interest on two dollar-denominated sovereign bonds it sold in 2013. But the limits it now faces in making payments, and talk from the Kremlin that it might pay in roubles – triggering a default anyway – has left even veteran investors guessing at what might happen.

      https://news.yahoo.com/sanctions-savaged-russia-teeters-brink-010904675.html

      1. The Financial Times
        Pimco
        Pimco stands to lose billions if Russia defaults on its debt
        Fund manager exposed to derivatives bet of at least $1.1bn and holds $1.5bn of sovereign bonds
        In selling the credit default swaps to other investors, Pimco effectively wagered that Russia would pay its creditors © (c) Transversospinales | Dreamstime.com
        Joe Rennison and Brooke Masters in New York March 9 2022

        Pimco has billions of dollars riding on the economic fallout from Vladimir Putin’s invasion of Ukraine, after amassing a wager worth at least $1bn in derivatives markets that the country will not default while also holding $1.5bn of its sovereign debt.
        …

        2. This is sick comedy. First we mug the guy and take his wallet. Then we mock him saying he’s going to duck out on his bill (while we wave his wallet at him). Cover your ears, cause we’re going to scream like a little girl.

          A drama staged for idiots.

          2. First we mug the guy and take his wallet.

            I’m pretty sure the guy did something joyful, before we mugged him.

          3. I’m pretty sure the guy did something joyful, before we mugged him.

            Irrelevant. They are making a big deal about Russia defaulting, after trying to sanction it to smithereens. This is a surprise, because?

        3. But does PIMCO (or parent Allianz) care about $1.5B … I think that they will pretend and extend – i am not saying it right – but i think that they will juice up the stated value some way or another.

          1. If it’s 401K or pension fund then no they don’t care. If it’s wealthy clients….another story.

      2. Seems like Russia should be able to borrow some dollars from Xi in China to pay off Shylock. China has to be sitting on trillions of $.

  14. Found the following to be disturbing:
    Ventura County COVID deaths since 3/20 – 1,454
    Ventura County Overdose deaths 2021 – 2,127
    And they’re still trying to get more people vaccinated despite an 80% vaccination rate. Currently the county is offering a chance to win a $150 gift card if you take the shot.

    2. Saying he saved 2 million lives who would’ve died from COVID, based on “data” from Neil Ferguson. He also claimed the Covid vaccines are safe.

      1. “He also claimed the Covid vaccines are safe.”

        His definition and yours are different. And he saved millions of lives.

        Again…. what was DJT ever wrong on? Nothing.

        1. Again…. what was DJT ever wrong on? Nothing.

          According to CNN, Fred should have pulled out in 1945.

    2. At 5:24 “is the govt and corporations creating the illusion of war to economically force people out of the city?”

      hmmmm…..

    3. This fake footage reminds me of the fake China footage and hospital footage to fear monger and create mass hysteria on Covid ,
      Fake news, false flags, bribery, extortion , brainwashing and scapegoating for a Globalists power grab of epic evil.

  18. Two years into the coronavirus pandemic, Fauci hopes the world will not forget lessons from a ‘catastrophic experience’

    PUBLISHED MON, MAR 14 2022

    “The answer is: We don’t know. I mean, that’s it,” Fauci told CNBC when asked what may come next for Covid-19 vaccinations. Given the durability of protection from the shots, “it is likely that we’re not done with this when it comes to vaccines,” he said.

    https://youtu.be/G_nOXbNetVQ?t=22

    1. Given the durability of protection from the shots,

      Except that most of the people who got the shots got Omicron anyway, so they already have better and more durable natural immunity and don’t need any more shots. Congrats, instead of having 4 coronavirus colds, we now have 5. Welcome to endemia.

  19. These Globalist 1% cockroaches just make it so wonderful for the 99%. Like a virus they figured out how to hijack the systems of life for their diseased parasite invasion on humanity.
    They are looters, destroyer , fraudsters and killers, wanting to take all freedoms and alter the human race into genetically altered slaves, that have nothing.
    They are dangerous psychopaths that have to be stopped . The sooner the better.

    1. “They are dangerous psychopaths that have to be stopped . The sooner the better.“

      Word.

  20. For the latest episode of idiocy in Washington, our betters in the U.S. Senate have just voted to make daylight savings time permanent. More proof we are living in an Idiocracy.

  22. Does Zelensky not own a suit? You would think that when he addresses our Republicrat duopoly Parliament of Whores who have profited so immensely from Ukraine being a black hole of corruption, he’d be wearing something more formal than a grubby T-shirt.

    2. he’d be wearing something more formal than a grubby T-shirt.

      It’s Kabuki theater. This is meant for the masses.

      “George, just look at that brave man and how he’s standing up to the Russians”

      “You’re right Martha. I’m going to drive the boys down to the enlistment center. Someone has to do something about this!”

      1. people always bitch about something: if he wore a suit & tie there would be cries about him “not taking the situation seriously!” or some other conjured outrage.

        I mean, people. PEOPLE! he’s in the middle of a freaking WAR, not a brad pitt movie set.
        a real life, honest-to-goodness war.

        people are getting killed. they ain’t worried about their stupid man buns, north face gear & soy chai latte’ batte’ COD tik tok poses.

        1. It might have something to do with the fake pictures of him in combat gear at the front lines.

        3. he’s in the middle of a freaking WAR

          I find this Narrative almost amusing. We are told that the Russian army is just days from collapse, and in the same breath we are told that Ukraine desperately needs a no fly zone and NATO troops.

          1. Ukraine is getting an enema right now to wash out the US & NATO. While unpleasant, it’s good medicine.

    1. Image file courtesy of 4chan.

      And that image is because you are a soul-less husk, nearly devoid of humanity. You are Klaus’ ideal creation, your existence is 100% to his bidding, but you’ve convinced yourself you were/are part of an alleged “Resistance.”

      If this post makes you upset, you’ve already lost, and you’re wife is getting plowed by Chad on the regular, while you worry about your Reddit Karma Score.

      “They’re not sending their best”

      1. “Furthermore, the Ukrainian parliament adopted a resolution “On departure from some obligations enshrined in the International Covenant on Civil and Political Rights” as early as May 2015. This resolution provided a legal foundation for the war crimes committed by the regime against the population living in the Anti-Terrorist Operation (ATO) Zone, the ATO being what Ukraine officially called its war against Donbass.”

        What could have happened to allow this to happen in 2015?

        Ukraine crisis: Transcript of leaked Nuland-Pyatt call
        Published7 February 2014

        Nuland: So on that piece Geoff, when I wrote the note [US vice-president’s national security adviser Jake] Sullivan’s come back to me VFR [direct to me], saying you need [US Vice-President Joe] Biden and I said probably tomorrow for an atta-boy and to get the deets [details] to stick. So Biden’s willing.

        Pyatt: OK. Great. Thanks.

        https://www.bbc.com/news/world-europe-26079957

  25. Are u buying stonks in the bear trap rally?

    Might want to think hard about the Fed’s nearterm plans before getting carried away.

    1. The Financial Times
      Federal Reserve
      Jay Powell channels his inner Paul Volcker with tough stance on US inflation
      Fed chair confident he can fight soaring prices without hurting economy but some are sceptical
      Jay Powell, Fed chair, at a press conference
      Federal Reserve chair Jay Powell said he believed the US economy could still ‘flourish’ despite rising interest rates
      © Bloomberg
      Colby Smith in Washington yesterday

      Testifying before Congress earlier this month, Jay Powell was asked if the US Federal Reserve was prepared to “do what it takes” to get inflation back under control — and if necessary, follow in the footsteps of his venerated predecessor, Paul Volcker, who regained price stability “at all costs”.

      Calling the late Volcker “the greatest economic public servant of the era”, Powell responded: “I hope history will record that the answer to your question is yes.”

      The chair of the central bank on Wednesday sought to drive home that point, framing the first interest rate rise since 2018 as the start of a series of increases and emphasising that the Federal Open Market Committee (FOMC) was “acutely aware of the need to return the economy to price stability and determined to use our tools to do exactly that”.

      Volcker’s efforts to squeeze out inflation sent the US economy into a steep recession. But Powell struck an optimistic note at a press conference on Wednesday, saying the sheer strength of the US economy meant it could “flourish” in the face of less accommodative monetary policy.

      Economists have welcomed Powell’s embrace of a much more aggressive policy approach, compared with the gradual pace signalled just three months ago. They warn, however, that the amount of monetary tightening potentially needed to quell inflation may produce much more economic pain than the Fed is willing to admit.

      “This was a big, important step in the right direction,” said Ethan Harris, head of global economics research at Bank of America. “But there could be other much less friendly steps where they basically say, ‘we’re taking away the punch bowl and we’re really going to end the party’.”
      …

    2. This is not a bad time to HODL a few extra dollars.

      To those who are accustomed to going all into risk assets all the time and always winning, it was nice knowing ye.

    3. The Wall Street Journal
      U.S. Markets
      Stock Futures Slip After Rally on Fed Rate Rise
      Oil jumps on continued supply concerns due to sanctions on Russia; Chinese stocks keep rising
      Japan’s Nikkei 225 surged nearly 3.5%.
      Photo: FABRIZIO BENSCH/REUTERS
      By Clarence Leong and Anna Hirtenstein
      Updated March 17, 2022 8:26 am ET

      U.S. stock futures and government bond yields edged down after the Federal Reserve raised interest rates for the first time since 2018 and investors turned their attention back to the Ukraine war.

      Futures tied to the S&P 500 declined 0.4%, pointing to a decline in the broad-market index after it closed more than 2% higher on the past two consecutive days. Nasdaq-100 futures fell 0.5%, suggesting moderate losses for technology stocks after the opening bell.
      …

    1. Russia says it made a payment to avoid default
      By David Goldman, CNN Business
      Updated 5:47 AM ET, Thu March 17, 2022
      The headquarters of Bank Rossii, Russia’s central bank, in Moscow, Russia, on Monday, Feb. 28, 2022.

      New York (CNN Business)Russia says it has ordered the $117 million in interest payments it owes Wednesday to be sent to investors, attempting to avoid its first international default in more than a century. But it’s not out of the woods yet.

      That’s because the funds the country used to make the debt payments came from Russia’s frozen foreign assets, sanctioned because of its attack on Ukraine — so it remains unclear whether investors will receive their money.

      https://www.cnn.com/2022/03/16/investing/russian-debt-payments/index.html

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