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The Angry Investors Lamented Losing Their Hard-Earned Money

A press release from the used shack sellers. “As the final countdown begins to Realtor.com® Listapalooza, the company today released data that shows homeowners are gearing up to sell this Spring and Summer. According to the report, 64% of prospective 2022 sellers anticipate doing so within the next six months. When asked why they’re planning to list in 2022, surveyed sellers’ top reason was wanting to profit off the current market. Compared to those who planned to list last spring, this year’s prospective sellers have higher expectations of the hot housing market, including asking for more than their home is worth (42% vs. 29%) and refusing to pay for repairs or improvements (28% vs. 24%).”

From Colorado Public Radio. “The number of homes for sale in the Denver metro area, the state’s largest housing market, spiked last month. At the end of March, there were 2,221 homes for sale in the Denver market, which includes Boulder and the surrounding suburbs. That’s an 80 percent increase from the previous month. The surge in listings and higher mortgage rates have cooled the market somewhat, Andrew Abrams, a realtor in Denver, said in the realtor association’s report.”

“Earlier this year, it was common for homesellers to receive dozens of offers on a single home, Abrams wrote, leading some buyers to make offers that were six-figures above the asking price. Now, there’s likely just a few competing offers, he said. But buyers are still primed for bidding wars, he said. ‘It’s become standard for buyers to come in very aggressively on offers,’ according to Abrams.”

The Los Angeles Times. “A few years after risky mortgages and related investments led to a global financial collapse, the Federal Reserve put out a handbook to help consumers make smarter choices about their home loan options. The focus was on adjustable-rate mortgages, whose exotic variants were among the prime culprits in the meltdown. Rates for those mortgages have bounced back up, and on Friday they hit their highest level since 2018. That’s an increase of about $625 per month on a $500,000 loan.”

“It’s important to compare a lender’s margin to its competitors’ and to the current situation. If the margin is large enough, it will guarantee that your rate will go up after the initial period even if interest rates are the same as they are today. In fact, that was a trap often laid in the days before the subprime meltdown. ‘We saw a lot of ARMs that only went up,’ said Ira Rheingold, executive director of the National Assn. of Consumer Advocates. ‘They never went down.'”

“If you use an interest-only ARM, you could be hit with a double whammy once the interest-only period ends: Your interest rate will adjust and you’ll have to start paying down your principal. And because you put off those principal payments for several years, you’ll have to pay more per month than if you had been paying down principal from the start. For instance, on a $500,000 loan with a 5% initial interest rate, you’ll pay $600 less per month with an interest only mortgage. But when the initial period ends, your payments will jump by $840, or more if the interest rate goes up.”

“When property values are rising fast, though, new owners can build up equity without paying down principal. That’s the situation in many neighborhoods today, just as it was during the go-go years of the early 2000s.”

From Bloomberg. “A gauge of global bonds dropped below a key fixed-income watermark after Federal Reserve Governor Lael Brainard signaled a quicker-than-expected rundown of the central bank’s debt holdings. The Bloomberg Global Aggregate Index fell below a measure of so-called par value Tuesday, with its price falling to 99.9 — under the key 100 level at which bonds are often sold to investors. It’s the first time since 2008 that the gauge has traded at a discount to face value.”

From Market Watch. “UBS’s Solita Marcellii’s team pegged monthly mortgage payments nearly 50% higher since December 2020, with the median price of existing homes rising roughly 20% over the same stretch. After two years of ‘mortgage mania,’ the UBS team estimates that roughly 28% of median household income now goes toward monthly mortgage payments, nearing the 31% threshold seen in the mid-2000s in the run-up to the global financial crisis.”

From Yahoo Finance. “Tick off a loss for the modern monetary theorists amid rising inflation, says InfraCap Founder and CEO Jay Hatfield. ‘The Fed policy … has been extraordinarily erratic, really dating back to when Powell took over and almost created a recession in 2018,’ John Kicklighter, chief strategist at DailyFX, told Yahoo Finance Live. ‘But the 82% increase in the monetary base was an experiment to see if we could get away with, effectively, modern monetary theory. And now the verdict is in. You can’t.'”

The Globe and Mail. “I reviewed all the BlackRock iShares Canadian bond exchange-traded funds this week to see whether any sector of the bond market was in the black year-to-date. Out of these 40 funds, the only two that are in positive territory for 2022 are new short-term funds based on U.S. Treasury Inflation-Protected Securities (TIPS). In both cases, the gains were less than 1 per cent. All the other iShares bond ETFs are in the red, with a few in double-digit territory.”

“If this were the stock market, we’d call this a crash. The losses aren’t as great as a full-blown equity plunge, but this is the worst bear bond market we’ve seen in many years. So, what’s the answer? I’m moving much of my fixed income money into one-year guaranteed investment certificates. Some small institutions such as EQ Bank are offering 2.25 per cent and are covered by deposit insurance. That’s not a lot, and it’s below the inflation rate. But it’s better than standing pat in bond funds and watching your money drain away.”

The Street Journal. “Marksman Chinedu Ijiomah, the Chief Executive Officer of Chinmark Group, the firm involved in a ponzi scheme has reportedly fled Nigeria. This comes as one of his investors gave up the ghost after attempting suicide, being unable to retrieve her funds, said to be family money. Also, some of those who invested funds in his company are preparing mass action lawsuit against him. The investors were promised mouthwatering return on investment to commit their funds running into billions of naira in Chinmark said to be into real estate, logistics, hospitality, and food businesses.”

“The angry investors lamented losing their hard-earned money to Chinmark while alleging that the group was fraudulent.”

From Malaysia Today. “Beneath the glitter of Malaysia’s IT city Cyberjaya, a slow decline appears to be taking place, perhaps most clearly seen in its real estate segment which has been struggling to stay afloat in the aftermath of the Covid-19 pandemic. While it once aspired to become the country’s Silicon Valley, throughout the city, a number of luxury condominium complexes are now falling into disrepair – abandoned, neglected and bleeding tenants.”

“Adzman Shah Mohd Ariffin, who has more than 30 years of experience in property research and analysis, said he used to make nearly RM2,000 a month renting out just one residential unit at NeoCyber. ‘But all that’s just a memory now,’ he said. ‘Now there is too much dumping of unrented units. It’s an oversupply.'”

From Radio New Zealand. “The failure of a South Island building company may be a sign of things to come for the construction sector. Otago Homes Limited, a franchise of Landmark Homes, entered into voluntary administration last week. BDO partner and construction industry specialist James MacQueen said the situation was not unique and he expected ‘a lot more’ firms to collapse later in the year. ‘I think by the middle of this year we will start seeing more collapses because it’s pretty tight out there at the moment,’ MacQueen said.”

From Domain News. “This time last year, the run up to the Easter holidays was anything but normal. Australia’s property market was in a state of desperate frenzy. Auction clearance rates along the eastern seaboard were at record levels. Every single capital city was being flooded by new listings as vendors jumped at the chance to sell in a booming market – but even still, the supply of property for sale was no match for the insatiable level of buyer demand. FOMO was pushing prices to unthinkable heights.”

“The lead up to Easter 2022 is looking very different. Australia’s capital city property markets are no longer moving in the same direction. Some, like Sydney and Melbourne, have peaked and are now softening. New property listings are rising again leading into Easter but the difference between this year and last year is the buyers. ‘FOMO is no more. Buyers are taking their time and contemplating decisions. They are not willing to make a compromise like they were last year,’ said Nicola Powell, Domain chief of research and economics.”

From Bloomberg. “The biggest investors in China’s junk property bonds reduced their exposure for the first time in months, a turning point after they previously doubled down through distress and default risks. Institutional investors which publicly file their holdings trimmed exposure in March after adding $3.7 billion of dollar bonds in par value terms between early November and the end of February, according to Bloomberg data. BlackRock Inc. cut $370 million last month to bring the value of its holdings – if calculated at par – to just under $5 billion. A BlackRock spokesperson declined to comment on company holdings.”

“The move underscores how even long-term supporters of China’s beaten-down property bonds may be losing enthusiasm for bargain hunting. While policy maker vows for broader market support helped spark a rally in junk dollar bonds — most of which are from developers — from mid-March, the securities still lost about 18.6% last quarter in the worst tumble in more than a decade. That came amid a wider global bond sell-off, as central banks look to tighten policy to combat surging inflation.”

“‘The market is running out of time and running out of steam. A lot of investors have been caught by surprise over the past couple of months,’ Tam Chun-Him, head of Asia fixed income and currencies at RBC Wealth Management said by phone. ‘If you exit now, there’s zero upside, but at the same time there are no triggers for improvement.'”

“A gauge of Chinese high-yield debt, which was close to par a year ago, has over 50% of its members trading below 30 cents as of the end of March. BlackRock’s Asian High Yield Bond Fund lost 26% over the last 12 months. The Fidelity China High Yield Fund has lost 28% over the same time period. A UBS China High Yield Fund, managed by Briscoe, is down 46%. For all three, 2021 was the worst calendar year for performance since inception.”

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This Post Has 118 Comments

  1. ‘2,221 homes for sale in the Denver market, which includes Boulder and the surrounding suburbs. That’s an 80 percent increase from the previous month’

    Wa?

        1. Saying around these parts is Fire season starts January 1st and last for 365 days. I like Golden too but you have to admit that coors plant omits an aroma that…well just STINKS

        2. *”that Coors plant omits an aroma that…well just STINKS”

          I bet it’s the hops & misc beer contents.
          you could smell the Tampa Budweiser brewery for miles when they got going.

    3. We were out in Boulder last year and while beautiful, I wasn’t willing to pay $800,000 to live in a house that needed work. He!!, single wides were going for over $200,000. No thanks, you can keep the front range.

    5. “this year’s prospective sellers have higher expectations of the hot housing market, including asking for more than their home is worth (42% vs. 29%) and refusing to pay for repairs or improvements (28% vs. 24%).”

      Good luck with that ya greedy dumbass cucks.

      1. Angry investors? Fooking scumbag flippers.

        This guy’s in for a surprise…

        Property Price
        Date Event Price Price/Sq Ft Source
        04/06/2022 Listed $389,000 $187 Tallahassee
        05/12/2020 Sold $285,000 $137 Public Record
        05/08/2020 Listing removed – – Tallahassee
        05/18/2006 Sold $270,000 $130 Public Record

  3. Heckova job, RBA Keynesian fraudsters.

    ‘Ridiculous prices’: Australians’ home ownership dreams turn sour

    https://www.aljazeera.com/economy/2022/4/6/australians-home-ownership-dream-turns-soar-as-prices-soar

    Some Australians see buying a home as increasingly out of reach after a near tripling of prices in the last 20 years.

    Gary Jackson, a freelance photographer in Australia’s second-biggest city Melbourne, started shopping for his first house in 2017.

    But after five years of searching, the 40-year-old singleton has given up. During the last 12 months, house prices in Melbourne jumped nearly 20 percent, raising the median house price in the city to more than 1.1 million Australian dollars ($832,000).

    1. Watch that “Luxe listings Sydney” on Amazon if you want to laugh and cry. Those people are beyond crazy with their pricing and the sales people all think that they are marketing geniuses. If I still drank I’d throw my empties at the screen.

      1. “If I still drank I’d throw my empties at the screen.”

        Most realtors have a kind face…..the kind I like to throw shit at.

  4. ‘When property values are rising fast, though, new owners can build up equity without paying down principal. That’s the situation in many neighborhoods today, just as it was during the go-go years of the early 2000s’

    Every mistake from last decade will be repeated.

    1. When asked why they’re planning to list in 2022, surveyed sellers’ top reason was wanting to profit off the current market.

      The dash for the exits is so predictable but the reality of interest rates and inflation should quickly squash sellers’ enthusiasm.

      1. Where are all these folks planning to move to? Do they put the stuff in storage and get a 2-bed apartment while they figure out where to go?

        I find it interesting that 28% of sellers are refusing to do not only “improvements,” (i.e. Minimalist Millenial Gray reno), but even repairs. I guess we’re back to flipper heaven.

        1. None of that even matters anymore because while the greedheads were trying to time the market top, mortgage rates just damn near doubled. There are no more buyers at these nosebleed prices, it just takes several months for the data to come in and show that.

        2. Get a 2 berm and put everything in storage? That’s exactly what I’m in the process of doing!

      2. “The dash for the exits is so predictable but the reality of interest rates and inflation should quickly squash sellers’ enthusiasm.”

        Given how broke they are, the Debt Donkey Stampede will only get bigger.

        El Dorado Hills, CA Housing Prices Crater 11% As Debt Donkey Stampede Out Of Housing Ravages Sacramento Area

        https://www.movoto.com/el-dorado-hills-ca/market-trends/

      3. the reality of interest rates and inflation

        ZH: FOMC Minutes Signal Bigger, Faster-Than-Expected QT, Multiple 50bps Hikes

    1. Every CA D-voter owns this.

      They don’t know this as the MSM memory holes these sorts of facts. And if someone tells them they cover their ears.

      1. Speaking of memory holes I haven’t heard anything about that guy who intentionally drove through the holiday parade.

        1. It will be like the story of the unlicensed Denver TV station body guard who shot and killed an unarmed man. It will be memory holed for over a year, until the charges are quietly dropped.

          1. I believe it was already announced that the Dumver D.A. has declined to prosecute the Leftist Pistol Shooter.

        2. CNN bleached him to make him look more white, because that’s what globalist scum media does.

          And then the story just drops off the radar.

          1. If you work for CNN, you ARE the problem. You can’t cop out and say “I was just doing what they told me.” If you are actively bleaching photos to try to make a black person appear white, you are a racist piece of trash who deserves to be throat punched.

    2. I’ve been having fun discussing the “Recall Gascon” movement with the people gathering signatures, as well as the loyal Dumbocrats who are sticking by their choices no matter what. The liberals in California (most of them at least) still think Biden is doing a good job and Trump was a disaster. Which is why I will not sign the petition- the only hope for California is for things to get so bad that even dummies realize that voting Democrat is a prescription for disaster. And sadly we are nowhere near that point.

      1. The liberals in California (most of them at least) still think Biden is doing a good job

        I am encountering this same mindset here. The current clusterf*ck is not his fault, he isn’t senile, etc.

        People are admitting that the current economy is hurting them, but insist it isn’t Pedo Joe’s fault. Some are getting hurt for falling for the Narrative. I know a few who quit their jobs with no warning, who were expecting to quickly find a new and better one right away, only to be disappointed.

        1. It’s probably wishful thinking on my part to think that lifelong Democrats can be converted in any significant number, no matter how bad things get. They’ll just say things are bad because we don’t have enough socialism, or the right kind of socialism, blah blah blah.

      2. There’s a reason they’re called libtards. They’d rather have their 16 year old daughter carjacked and raped by MS13 than vote for a Republican.

  6. . “A gauge of global bonds dropped below a key fixed-income watermark after Federal Reserve Governor Lael Brainard signaled a quicker-than-expected rundown of the central bank’s debt holdings.

    What kind of moron is going to “invest” in monetized U.S. debt when the rate of return is so deeply negative relative to the true rate of inflation?

      1. That is the question! With bubbles everywhere and threats of bank bail-ins, it’s a scary time as an investor. I believe that (like in the 2000s) some (a few) parts of the country have relatively small real estate bubbles, and maybe buying something in those areas is the way to go.

        1. True story, I’ve been robbed a few times in my life(old home set back from road). No tricky hiding spots needed for cash. Just clutter and it works. They took a VCR and a watch but didn’t find quite a bit of cash

    1. I’ll bet that a large majority of Americans have not seen this clip. All they ever see of Brandon are the carefully curated clips shown on the evening news.

      1. I’ll bet that a large majority of Americans have not seen this clip.
        I sent the clip to a friend who is a true CNN believer and his response was: I sure wish Obama was President again. Maybe there is hope yet. But ain’t no way he’d ever vote R.

    1. “Destin, FL.”

      has anyone here ever BEEN to Destin, FL?
      I have. or rather, driven through Destin, FL.

      trying to remember what it looked like . . but I blinked.

      (speaking of Fl, hey there Palmetto, you ‘ol He-Coon!)

  9. Aussies who elected a globalist Quisling regime are belatedly discovering that being a globalist looting colony means never-ending parasitic wealth extraction from the population.

    South Sydney residents demand ‘ridiculous’ $7.23 M5 East toll be abolished

    https://www.news.com.au/finance/money/costs/south-sydney-residents-demand-ridiculous-723-m5-east-toll-be-abolished/news-story/a3f1a952ed91b50e42818765a89964cb

    Sydney residents are demanding the removal of this “ridiculous” and unfair toll that’s costing many commuters more than $70 per week.

  10. ‘the 82% increase in the monetary base was an experiment to see if we could get away with, effectively, modern monetary theory. And now the verdict is in. You can’t’

    Glorified central bankster globalist scum, meet yer face plants:

    ‘If you exit now, there’s zero upside, but at the same time there are no triggers for improvement’

    ‘A gauge of Chinese high-yield debt, which was close to par a year ago, has over 50% of its members trading below 30 cents as of the end of March. BlackRock’s Asian High Yield Bond Fund lost 26% over the last 12 months. The Fidelity China High Yield Fund has lost 28% over the same time period. A UBS China High Yield Fund, managed by Briscoe, is down 46%. For all three, 2021 was the worst calendar year for performance since inception’

    You have to ask, is this really a surprise? Trillions of printed up money flow into a sh$t hole communist country, that has slave labor camps, human organ harvesting, etc, but is built on buying and selling each other crumbling concrete squares that cost more than Manhattan.

    1. I’ve commented on this before as I’ve driving through many times. There is room for hundreds of thousands of shacks out there. Yer over an hours drive from Phoenix proper. But on the bright side, it will be way over an hour before long.

      2. When contemplating where I will buy a house when they are selling for 10 cents on the dollar, the greater Phoenix area doesn’t even warrant a glance. The weather is absolutely disgusting. You would have to pay me to live in a house there. Buy one? BAHAHAHAHAHAHA!!!

    2. “They’re expecting the growth in this area to be a million people. And there isn’t the water to sustain that growth. Not with groundwater,” said Kathleen Ferris, senior water research fellow at Arizona State University.

      It’s obvious Kathleen doesn’t care about profits!

      1. The lack of water is bad enough in the Centennial State. I can’t begin to imagine what it’s like in the blast furnace known as Arizona.

    1. ‘F1 Delta Time was released in 2019 before the NFT boom and offered players a “play-to-earn” experience with its Ethereum-based NFTs. It’s just three years later, and the game has folded, leaving players with worthless investments.’

      ‘The officially-licensed F1 game was geared toward racing fans and allowed them to live out their dreams of owning their own team. Unlike most games with paid content, every item in F1 Delta Time, including things like tires, cars, and helmets, were NFTs paid for with the Ethereum-based REVV token. Most in-game items weren’t expensive, but some, like the “111” car, were sold for around $113,000. The pay-to-play model was mandatory, and there was no way to build a team or race without buying the NFT items.’

      ‘The news is disappointing for players who invested real money because their virtual items were only valuable in the game and serve no other purpose. To make matters worse, Aminoca Brands won’t be offering any refunds, and players can swap their now-defunct assets for tokens for other games in its lineup.’

      https://www.msn.com/en-us/sports/esports/owners-left-with-worthless-nfts-after-f1-delta-time-racing-game-shuts-down/ar-AAVSXaN

      1. “That can never happen to my house because Snoop Dog has one just down the street, right?”

        Millenial Biden voter

      2. Shelly Palmer this morning….Will the trading of attention and engagement for assets turn traditional media upside down? Join me and Donald Williams, Executive Vice President and Chief Digital Officer, Horizon Media; Andrew Klein, Vice President, NFT and Metaverse Brand Experience, Sweet.io; and Zack Seward, Deputy Editor-in-Chief, CoinDesk, as we discuss Web3, blockchain, the metaverse, and new engage-to-earn business models.

        https://newhouse.syr.edu/event/2022-apr-13/newhouse-advanced-media-lab-series-engage-to-earn-paradigm-shift-or-parlor-trick

        1. Donald Williams, Executive Vice President and Chief Make-Believe Officer; Andrew Klein, Vice President, Pyramid schemes and Digits on a screen; and Zack Seward, Deputy Editor-in-Chief, Tulips and other manias.

    2. Crypto is just like the stock market, but without having to worry about those pesky P/E ratios.

      1. ** “That rivals Mr. Banker’s charts!”

        uh oh. you have spoken he-who-must-not-be-named!

        (err, just joking, good buddy Mr. B. mortgage check is in the mail, I swear.)

        sometimes you wonder: Mr. B = Fat Bastard?

        again, JUST JOKING.

          1. Well…. The key factor is this….. and I quote, A house is a rapidly depreciating asset that empties your wallet every day it owns you.”

            Highland, UT Housing Prices Crater 29% YOY As Salt Lake City Inventory Soars

            https://www.movoto.com/highland-ut/market-trends/

            As a noted economist stated, “Most borrowers in the last 15 years are better off walking away from the bloated mortgage and rapidly depreciating house.”

  16. Any thoughts on why stock traders are so glum these daze?

    Is this a replay of the Taper Tantrum of several years ago?

  19. Interest rates headed up up up!

    “Fed Moves Toward Slashing Bond Holdings”

    https://kdvr.com/news/money/fed-moves-toward-slashing-bond-holdings-to-fight-inflation/

    Meanwhile housing continues it’s death spiral. Hope you didn’t pay more than $50 a square foot(or $35 a square in the case of a used house).

    Santa Rosa, CA Housing Prices Crater 21% YOY As Californias Fraud Riddled Housing Market Staggers

    https://www.movoto.com/ca/95404/market-trends/

  20. “ involved in a ponzi scheme has reportedly fled Nigeria”

    What’s the deal with Nigeria? How did it become one of the world’s largest scam manufacturers? They flood into Europe claiming refugee status and persecution and, once they get all their social welfare payments, the first thing they do is go back to Nigeria for holiday and flash their new found wealth around. Maybe it’s a historical scam culture like some of the Gypsies.

    Speaking of scams, Brandon extended the forbearance for student loan payments again. Would be curious to know how many people not paying on their student loans managed to get a mortgage and buy a house.

  21. https://www.sfgate.com/bayarea/article/San-Francisco-startup-Fast-shuts-down-17059453.php

    So it has began …

    “The company, despite having raised about $124 million in two rounds of early-stage funding with the aid of the wildly successful fintech company Stripe, according to TechCrunch, seemed to be struggling, according to recent reports. The Information reported last week that the company, once valued at nearly $600 million according to NPR, had only generated $600,000 in revenue — and was looking for a buyer after an unsuccessful fundraising round.”

    1. While shopping around for shingles I discovered a popular building supplier near us is closing down; apparently rising mortgage rates are to blame.

  22. https://wusfnews.wusf.usf.edu/2022-04-05/fast-the-easy-checkout-startup-shuts-down-after-burning-through-investors-money

    “With Fast,” said one former employee who requested anonymity out of fear of retaliation. “It was like, ‘how quickly can we set money on fire?'”

    …

    “Fast hired engineers in Nigeria to build an early version of Fast’s technology that was used to pitch investors–before abruptly firing those engineers. A handful of them told NPR that Holland took credit for their work. While it’s not unusual for companies to hire offshore engineers as they’re starting up, the experience left some of the Nigerian engineers with negative feelings.”

    Yellen and Powell bucks going to Heaven?

      1. “…engineers in Nigeria…”

        Moving up the food chain from sending out emails promising a quick $30 million in your checking account if you just help smuggle out a Nigerian prince.

  23. News item today…

    “…The Federal Reserve on Wednesday laid out a long-awaited, tentative plan to shrink its balance sheet by roughly $95 billion per month.

    Officials said that they’ve made enough progress to start the winddown of its $8.5 trillion portfolio as soon as May.

    The Fed said that after a phase-in of three months or longer, it could settle on a plan reduce its bond holdings by allowing about $95 billion to roll off monthly without reinvestment, beginning with about $60 billion in Treasuries and $35 billion in mortgage bonds….”

    So, at $95b/mo it will take *only* about 89 years to paydown portfolio.

    Is that a lot?

    Anybody see a problem?

    Relax, there is nothing to see hear, now move on…

      2. Some of the details – which seem to be a little scary. They will be able to sell off the ‘safe’ Treasuries, but unclear how much of the MBS (i.e. junk referenced in the Big Short movie) that they will be able to get rid off (at acceptable prices. They are just kicking the losses down the road. Good grief – i wish some someone could audit this effort. I am wondering if this will make the auditors for Chinese property companies look responsible.


        Officials “generally agreed” that a maximum of $60 billion in Treasurys and $35 billion in mortgage-backed securities would be allowed to roll off, phased in over three months and likely starting in May. That total would be about double the rate of the last effort, from 2017-19, and represent part of a historic switch from ultra-easy monetary policy.
        …
        The balance sheet rundown will see the Fed allowing a capped level of proceeds from maturing securities to roll off each month while reinvesting the rest. Holdings of shorter-term Treasury bills would be targeted as they are “highly valued as safe and liquid assets by the private sector.”
        …
        Whether the runoff actually will hit $95 billion, however, is still in question. MBS demand is muted now with refinancing activity low and mortgage rates rising past 5% for a 30-year loan. Officials acknowledged that passive runoff of mortgages likely may not be sufficient, with outright sales to be considered “after balance sheet runoff was well under way.”

        1. with outright sales to be considered

          I hope they keep that rotting crap in a freezer, so that it doesn’t stink the place up too much.

  24. I’m seeing/hearing the word famine from disparate sources. Sri Lanka and Chile are already experiencing riots and unrest.

    1. “Officials said that they’ve made enough progress to start the winddown of its $8.5 trillion portfolio as soon as May”

      Despite the Fed speak, the Fed is still expanding its MBS balance sheet by about 30 billion per month::

      https://fred.stlouisfed.org/series/WSHOMCB

      Exactly what is the “progress” they are referring to? They are talking about removing purchases of 30 billion in MBS and selling about the same per month, adding 60 billion in MBS to the market every month. It can’t work. The only way the central bank can unload all this crap is to dump it on the taxpayer via government guarantees or direct purchases. One way or another the US taxpayer is going to end up holding the bag. It just seems to be the way things work now.

      1. Those MBS purchases are past commitments already in the pipeline. They will be finished in late June or somewhere thereabouts.

    2. I did a search on Chile and found some riot news, but from what I read it’s a student riot demanding that other rioters be released.

    1. He was just talking about Kansas City. I never know if they’re talking about MO or KS so I ignore the issue here.

  26. who the heck are still buying Manhattan condos? Is it bankers with their large bonuses? Is it foreigners still trying to get a safetybox in the sky? Are people still using ARM mortgages?


    Manhattan residential real estate sales topped $7 billion in the first quarter, marking the strongest-ever start to a year as the market shows no signs of slowing, according to new sales data.

    There were 3,585 sales in the first quarter, the highest number ever for a first quarter, according to a report from Miller Samuel and Douglas Elliman. That’s up 46% from the first quarter of 2021. Total sales volume surged by 60% to over $7.3 billion, as falling inventory also led to continued growth in prices.

    The average price of a Manhattan apartment jumped 19% over the previous year’s period, to $2,042,113.

    The strength came despite rising interest rates, concerns about a possible recession and falling stocks, which tend to have an outsize impact on the Manhattan real-estate market given the city’s dependence on the financial industry.

    It doesn’t look like a push for a return to the workplace is driving the increase, either. Only about 36% of New York workers have returned to the office, according to data from Kastle Systems.
    …
    The biggest price gains are at the top. Prices for apartments with four or more bedrooms jumped 31% over last year, to $6.5 million. As buyers droves prices higher, only 20% of apartments sold went for less than $1,200 a square-foot, the lowest percentage on record, according to Corcoran.

    https://www.cnbc.com/2022/04/05/manhattan-residential-real-estate-sales-hit-record-7point3-billion-in-first-quarter.html

    1. “Surveillance footage shows two black females clearly writing the messages on the wall, and even though the hoax caused outrage over alleged racism, it looks like perpetrators will face little, if any punishment.”

      Another memory hole number.

  29. Democrats Prepare Biden for Senocide

    https://michaelyon.locals.com/post/1954622/democrats-prepare-biden-for-senocide

    The end will be cold. Up the mountain, set adrift upon an ice flow, or shuttled away in silence, geronticide of The Big Man draws nigh. His days may count less than one hundred.

    Prepare to say goodbye. His pack of hyenas have turned their backs.

    Hunter, the crack addict and traitor, will be sacrificed roughly, afforded less respect than a lonesome goat.

    The Bidens hold no value for the party. The Bidens are white, and a liability.

    As for “The Big Man,” the Japanese call it ubasute. To carry an old woman up a mountain and leave her to die.

    1. It sure feels like something is brewing, but the general public isn’t aware that something is afoot.

    2. In the snowy north the Indians would abandon their elderly to a freezing death since they couldn’t follow the tribe’s seasonal migration south when Fall arrived.

    1. swooning journalist died.

      Not to speak ill of the dead, but how stupid do you have to be to get hit by a Train while riding your bike.

  31. This article is a globalist smear on Christianity.

    New York Times — The Growing Religious Fervor in the American Right (4/6/2022):

    “The Christian right has been intertwined with American conservatism for decades, culminating in the Trump era. And elements of Christian culture have long been present at political rallies. But worship, a sacred act showing devotion to God expressed through movement, song or prayer, was largely reserved for church. Now, many believers are importing their worship of God, with all its intensity, emotion and ambitions, to their political life.

    At events across the United States, it is not unusual for participants to describe encountering the divine and feel they are doing their part to install God’s kingdom on earth. For them, right-wing political activity itself is becoming a holy act.

    These Christians are joining secular members of the right wing, including media-savvy opportunists and those touting disinformation. They represent a wide array of discontent, from opposing vaccine mandates to promoting election conspiracy theories. For many, pandemic restrictions that temporarily closed houses of worship accelerated their distrust of government and made churchgoing political.”

    https://archive.ph/SktgF

    Remember, the globalist interpretation of the First Amendment is that freedom of speech is reserved only for non-Christians bashing Christianity.

    The New York Times is globalist scum media.

    1. Ah yes the New York Slimes, employer of the loose lipped reporter who flapped his gums to the presumably attractive undercover reporter from Project Veritas in hopes of actually getting some instead of flying solo. Trying to impress by telling her about the “Big Lie” Trump article he was ordered to write then admitting the “stop and steal” plan was very well organized and not a grass roots at all deal before he went on to blab about all the FBI agents at the January 6 “insurrection” that wasn’t an “insurrection” at all and no one was in any danger.

  32. This is Joe Biden’s America.

    Washington Examiner — Prepare for ‘mass-overdose’ events from fentanyl, DEA warns police nationwide (4/6/2022):

    “The leading U.S. drug enforcement agency issued an unprecedented warning to law enforcement nationwide to brace for a spike in “fentanyl-related mass-overdose” deaths as Mexican cartels push the drug into the United States.

    The Drug Enforcement Administration sent a letter to federal, state, and local law enforcement departments nationwide Wednesday, alerting officials they should prepare not only for deaths caused by fentanyl to rise but also for mass-casualty events in which a group of people dies as a result of knowingly or unknowingly overdosing.”

    https://www.washingtonexaminer.com/policy/prepare-for-mass-overdose-events-from-fentanyl-dea-warns-police-nationwide

    The fentanyl is manufactured in China, shipped to Mexico by globalists, and then trafficked across the border by globalists, with not just the permission, but the encouragement of the Democrat Party.

    Parents, when you find your teenage child dead from an overdose, thank the Democrat Party.

    “They’re not sending their best”

    1. Prepare for ‘mass-overdose’ events from fentanyl

      Just another facet of the depopulation plan.

  33. Do rising interest rates worry you more because of their affect on the mortgage market, or due to the inverted yield curve?

    1. The Financial Times
      US Treasury bonds
      An inverted yield curve: why investors are watching closely
      By Chelsea Bruce-Lockhart, Emma Lewis and Tommy Stubbington yesterday

      Bond markets are flashing a warning signal about the growth prospects for the US economy, just as central bankers prepare to tackle soaring inflation with higher interest rates.

      The gap between long-term and short-term government borrowing rates in big developed economies has narrowed drastically since the autumn. In the US, a so-called “yield-curve inversion” occurred last week for the first time since 2019 – an event that in the past has been the harbinger of economic downturns.

      “Historically, a US recession tends to follow a year after the curve inverts, though the variance is large and there are occasional false positives,” said Priya Misra, head of global rates strategy at TD Securities.
      …

    2. The Wall Street Journal
      Markets
      Personal Finance
      As Mortgage Rates Rise, Home Sellers Fear Time Is Running Out to Cash In
      A growing sense of urgency to list properties before the housing market cools
      Three Reasons Why the Red-Hot Housing Market Could Cool in 2022
      U.S. home prices hit an all-time high in 2021, but those increases are expected to slow in 2022 thanks to a number of economic factors.
      By Veronica Dagher
      Apr. 7, 2022 5:30 am ET

      Blood pressure is now rising along with home prices and mortgage rates as homeowners fear missing out on the right moment to stake the “For Sale” sign in the front yard.

      The mood among sellers seems to have shifted in recent weeks from apathy about the slow boil of higher rates to urgency, financial advisers and real-estate agents said.
      …

      2. As the previous bubble began to pop a relative was trying to sell his house. He had already closed on the new shack and was disturbed that his old one wasn’t moving. I told him the crash was beginning and that e had to undercut everyone in the neighborhood. His UHS tried to talk him out of it, but lowered the price as requested. The house quickly sold. A few months later the carnage began. He asked me how did I know when his realtor had no clue?

    3. April 6, 2022 9:11 PM PDT
      Last Updated 8 hours ago
      Fed officials to take cleaver to balance sheet; ‘many’ back big rate hikes
      By Howard Schneider
      and Ann Saphir
      3 minute read

      April 6 (Reuters) – Federal Reserve officials in March “generally agreed” to cut up to $95 billion a month from the central bank’s asset holdings as another tool in the fight against surging inflation, even as the war in Ukraine tempered the first U.S. interest rate increase.

      Minutes of the Fed’s March 15-16 meeting showed deepening concern among policymakers that inflation had broadened through the economy, which convinced them to not only raise the target policy rate by a quarter of a percentage point from its near-zero level but also to “expeditiously” push it to a “neutral posture,” estimated to be around 2.4%.

      “Many” Fed officials said they were prepared to raise rates in half-percentage-point increments in coming policy meetings to try to bring prices under control, even though the rising risks tied to the Ukraine war held them to the standard hike in March, according to the minutes, which were released on Wednesday.

      But they also moved forward with plans to pull out of key financial markets that have been benefiting from massive Fed support since March of 2020, when the coronavirus pandemic prompted the central bank to buy trillions of dollars in Treasury bonds and mortgage-backed securities (MBS).

      After months of debate, policymakers rallied around a plan to as soon as next month reduce the Fed’s holdings of Treasury bonds by up to $60 billion per month and its MBS holdings by up to $35 billion per month, with the amounts phased in over three months or slightly longer, the minutes said.

      The pace of the planned balance-sheet rundown, which should have the effect of increasing long-term interest rates, is nearly double that of the Fed’s “quantitative tightening” from 2017 to 2019, and could also include outright sales of MBS down the road, said the minutes.

      https://www.reuters.com/business/fed-generally-agreed-phased-in-95-bln-monthly-balance-sheet-runoff-minutes-show-2022-04-06/

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