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Inquiries From Buyers Collapsed And Prices Are Going In The Same Direction

A report from KIRO 7 in Washington. “Homebuyers have faced a hot housing market for years, but things may finally be cooling off, and buyers could see more leverage in the market. ‘It’s awesome news for homebuyers who have been waiting for this break,’ said Adriano Tori, CEO of Seattle-based Rexmont Real Estate. ‘That time has come where we’re going to see more of the leverage fall onto the buyers.'”

“According to Redfin, the number of would-be homebuyers leaving Seattle has gone up sixfold since before the pandemic. The area has already seen a big spike in inventory. According to Zillow, Seattle saw a 37.5% increase since February. ‘Those sellers are wanting to expedite their timing, mainly because of the concern of what that may do to them in terms of getting a lower price compared to what their expectations were even a month ago,’ said Tori.”

The Real Deal on California. “Bay Area home buyers are being hit by a ‘double whammy’ of higher prices and rapidly rising interest rates, according to Compass Chief Market Analyst Patrick Carlisle, raising median monthly payments over 50% in just one year. In some East Bay markets, median monthly payments for a three-bedroom home are up 75% in just the last year, according to Compass data. In San Francisco and the Peninsula, where home prices were higher to begin with, monthly payments are up 35% to 45%. Median monthly payments in Marin are up about 60%, according to the analysis.”

“What starts out impacting home buying decisions for those on the lower end may work its way up the market, Carlisle predicted, as media reports about rising costs could impact perceptions across the region, even into the highest income levels. ‘Even a billionaire’s psychology on buying a home shifts if they are reading articles about dramatically changing market dynamics,’ he said.”

From Socket Site in California. “Purchased for $1,098,000 in December of 2015, the lower level two-bedroom, two-bath unit #1B at The Brannan, a ‘fully remodeled and upgraded’ unit and ‘jewel of South Beach,’ was listed for $1,198,500 in April of 2019. Having returned to the market priced at $1,050,000 this past October, the 876-squre-foot unit was re-listed anew for $995,000 this past March and just sold for $985,000, a sale at which was officially ‘within 1 percent of asking’ according to all industry stats but down 17.8 percent on an apples-to-apples basis from the third quarter of 2019 and 10.3 percent below its value at the end of 2015.”

From The City. “Some homeowners facing foreclosure stand to get relief under a bill passed by the state legislature and now heading to Gov. Kathy Hochul’s desk for either a signature or veto — and she’s not saying which. Following the ruling, lenders moved to reopen hundreds of cases statewide that had previously been resolved in favor of homeowners — and are continuing to do so, foreclosure defense attorneys told New York Focus. Jacob Inwald, director of foreclosure prevention at Legal Services NYC, told New York Focus that ‘almost all’ of the cases reopened after the Engel decision date back to the 2008 financial crisis.”

“‘There were an enormous number of cases known as the ‘shadow docket’ where the plaintiffs started the cases but they never filed the paperwork that they were required to,’ Inwald said, meaning that the cases eventually expired — until the decision in Engel revived them.”

From DS News. “According to the new data released by the Federal Reserve Bank of Philadelphia, it’s predicted that roughly 2.15 million mortgages are either in forbearance or past due, with an estimated 630,000 of those mortgages still in forbearance as of April 7. Of the estimated 852,000 mortgages that are seriously delinquent and not in forbearance, roughly 45% are on loss mitigation plans; and while they are in loss mitigation, nearly three-quarters are not paying.”

“As of April 7, nearly 851,621 mortgages not in forbearance are seriously delinquent, with 45% of these in some stage of loss mitigation, many having come out of forbearance. However, note that 72% of these are still not paying at this time. For the 465,903 seriously delinquent loans not in loss mitigation, 62% never entered forbearance. When examined, 60% were originated before 2009. Many of these loans likely had been worked out before, thus loss mitigation may not have been an option.”

“In the case of the private loans, 85% of seriously delinquent loans not in loss mitigation were originated before 2009. Because of the CARES Act foreclosure moratorium and subsequent Consumer Financial Protection Bureau (CFPB) temporary protections, foreclosure activity stopped abruptly in March 2020 for all but vacant or abandoned properties through December 2021. These protections ran out on January 1, 2022.”

The Canadian Press. “Prospective homebuyers saw clear signs of a cooling Toronto market in April as the region’s real estate board reported sales dropped by about 41 per cent since last year and 27 per cent in one month. The year-over-year decline in sales was greatest in the area surrounding Toronto known as the 905 and was particularly apparent in the detached housing category, the board said.”

“Sales of detached homes in the 905 totalled 2,732, a more than 47 per cent plunge from the year before, while the market’s 1,033 townhouse sales amounted to a 44 per cent drop. There were 491 sales of semi-detached homes in the 905 last month, a 40 per cent fall from the year before, and the 685 condo sales decreased by roughly 32 per cent.”

“April detached home sales in the city of Toronto, which is linked to the 416 area code, reached 868, a 34 per cent drop from a year before, and semi-detached home sales fell 26 per cent to 311. Townhouse sales for the month amounted to 335, a 42 per cent fall from the same month a year earlier, while 1,488 condos sold in April, down 35 per cent from the same month in 2021. April’s average home price for Greater Toronto reached more than $1.2 million, down from about $1.3 million the month before.”

From Home and Property in the UK. “Nationwide Building Society reported that the cost of buying a house has risen 14.3 per cent in a year, as house price inflation hit its highest level since 2004. Let’s just pause on that for a moment. The year 2004. That was in the middle of a debt-fuelled house price boom that preceded the financial crisis and a subsequent market collapse between 2007 and 2010.”

“And now for something that might just surprise you. For a long time, Britain’s obsession with rising house prices has felt inexorable, with politicians introducing inflationary measures because they think it is what people want. If there were ever anything akin to The British Dream it has, surely, been the notion that you can buy a home and make more money by sitting in it than you can at work.”

News Talk New Zealand. “Auckland’s average house sale price has dropped from $1.23 million to $1.21m and the median from $1.81m to $1.41m, Barfoot & Thompson says. ‘The decline in Auckland residential property prices that has been predicted following the rise in the rate of inflation and mortgage interest rates has finally shown up in sales figures,’ managing director Peter Thompson said. ‘Buyers are now showing a greater reluctance to meet vendor expectations.'”

From News.com.au. “As interest rates were increased for the first time in more than 11 years this week, the move could trigger a sharp fall in house prices and see a much more cautious approach from Aussie homebuyers, experts have warned. Mark Bainey, chief executive of Sydney-based property developer Capio Property Group, said inquiries from buyers had ‘collapsed’ and were down by a massive 50 per cent.”

“‘Prices are remaining steady, but inquiries are always the best indicator of where prices are going. If inquiries are going down, then prices are going in the same direction. We’re prepared for it, but I think the outlook for the market is quite dire,’ he told the Australian Financial Review.”

The South China Morning Post. “Hong Kong property sales rebounded to a three-month high in April as owners became more willing to offer big discounts, or even sell at a loss to get deals done, a trend that could drag home prices down further. Many homeowners have been willing to drop their prices by as much as 12 per cent, according to analysts. ‘While there is still robust demand keeping home prices stable during the fifth wave of Covid-19, we can see that there are some house owners who are more inclined to offer discounts to close the deals, including those that have just got approval for their immigration applications, and owners of micoflats or studio flats,’ said Hannah Jeong, head of valuation and advisory services, Colliers Hong Kong.”

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  2. ‘down 17.8 percent on an apples-to-apples basis from the third quarter of 2019 and 10.3 percent below its value at the end of 2015’

    Eat yer crowz Thornberg.

    1. Is Thornberg still claiming Bayarya real estate always goes up these daze?

  3. Poway, CA Housing Prices Crater 22% YOY On Plunging Demand As San Diego Area Housing Inventory Goes Through The Roof

    https://www.movoto.com/ca/92064/market-trends/

    As one San Diego broker advised, “Get what you can get for your house today because it’s going to be less tomorrow for years to come.”

  4. ‘almost all’ of the cases reopened after the Engel decision date back to the 2008 financial crisis’

    ‘When examined, 60% were originated before 2009…In the case of the private loans, 85% of seriously delinquent loans not in loss mitigation were originated before 2009’

    AKA unfinished bizness.

    1. Have banks, the MBS servicers, others taken losses/write-offs on this (10 years) later, or are they still in the extend and pretend mode?

      Do auditors even ask questions any more?

  5. ‘Sales of detached homes in the 905 totalled 2,732, a more than 47 per cent plunge from the year before, while the market’s 1,033 townhouse sales amounted to a 44 per cent drop. There were 491 sales of semi-detached homes in the 905 last month, a 40 per cent fall from the year before, and the 685 condo sales decreased by roughly 32 per cent.’

    If yer out feeding penguins this morning in Toronto, you’ll notice a bunch of K-dn reporters sitting in the park with their mouths hanging open. The Globe is still not saying much.

    2. They are busy parroting the current line quoted below. Its just like Fed officials that kept using the phrase ‘transitory inflation’ until they couldn’t.

      I know it is hard to tell online – but the Globe and Mail’s big paper is on Saturday – and there are special real-estate sections. They need to keep up the pretense or they will lose these advertisers.

      “It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months,” said Jason Mercer, TRREB’s chief market analyst, in a release.

  6. ‘the number of would-be homebuyers leaving Seattle has gone up sixfold since before the pandemic. The area has already seen a big spike in inventory…Seattle saw a 37.5% increase since February’

    Wa happened to my shortage Seattle?

    2. The Seattle Times is too busy to report on this. It has to talk about abortion crisis, a new politically-correct appointed (not elected) King County Sherriff that never did a rank and file job, and possible Starbucks wage increases.

      You should assume that housing is doing well and prices continue on their way to the moon.

    1. “(ARM Share Rises To 9.3%)”

      Today’s ARM buyer is tomorrow’s underwater foreclosure victim and deserving bailout recipient.

    2. But Remains DOWN 11% From One Year Ago

      I was expecting the drop to be much bigger. That said, the year is still young.

  9. “According to the new data released by the Federal Reserve Bank of Philadelphia, it’s predicted that roughly 2.15 million mortgages are either in forbearance or past due, with an estimated 630,000 of those mortgages still in forbearance as of April 7.

    Is that a lot?

  10. Just like that… the 2022 midterms became about abortion instead of lockdowns, inflation, Afghanistan, dementia, immigration crisis, supply
    chains, & mandates.

    Well played, globalists.

    1. Leaking the decision would not have mattered for the midterm elections, since the decision would have formally been released in June anyway. The purpose of the leak is solely to give peaceful protestors the opportunity to “influence” justices to change their minds.

      I do expect a higher liberal turnout in November.

      1. The empty-headed pink pussy cap wearers have no idea they’re being played for useful idiots to prevent a Democrat-Bolshevik wipeout. But they might notice the cost of living just keeps going up.

    2. The riots started last night in Portland and Los Angeles.

      It’s gonna be another summer of burning cities.

      “They’re not sending their best”

    3. “Well played, globalists.”

      Ah, shucks. It weren’t nuthin’.

      Like takin’ candy from babies. A nation of dummies.

    4. inflation

      It might not get coverage on the evening news, but people will still notice that it costs more to eat, heat the house, cool the house, fill up the car and if they look into a new car they might be in store for some sticker shock.

  11. “‘It’s awesome news for homebuyers who have been waiting for this break,’ said Adriano Tori, CEO of Seattle-based Rexmont Real Estate. ‘That time has come where we’re going to see more of the leverage fall onto the buyers.’”

    Here’s a word for the wise:

    Try not to catch yourself a falling knife.

    1. I’m still tracking the flip* house on my block. It had two open houses this weekend; but no sign of pending either on the yard sign or on Zillow. I think it’s going to sit until somebody lops off $25-30K.

      —————
      *I hesitate to call it a “flip” since it underwent a full-on reno. My guess is the reno guy put in $70K+ of materials along with six months of his sweat equity.

      1. $70K, 6 months work, overhead, insurance, illegal wall rocker…?

        He needs $200K over buy price to break even.

  12. “Hong Kong property sales rebounded to a three-month high in April as owners became more willing to offer big discounts, or even sell at a loss to get deals done, a trend that could drag home prices down further.”

    Can’t wait until US real estate investors line up at the exit door of the burning theater to dump properties. It will be spectacular.

  13. “Prospective homebuyers saw clear signs of a cooling Toronto market in April as the region’s real estate board reported sales dropped by about 41 per cent since last year and 27 per cent in one month.

    Is that a lot?

      1. “This is your typical pro-death loudmouth.”

        Hard to believe there is anyone who would ever willingly impregnate the (girl?) in the middle of that photo.

      2. One wonders how infanticide is a core issue for ugly lesbians. I notice they’re waving socialism banners.

          1. What about those with *NO* abilities and an endless laundry list of needs?

            “They’re not sending their best”

      3. What’s her beef? With her and her partners non-beef diet pregnancy’s out of the question.

    2. Does anyone else find the timing of this suspect? Arent these guys supposed to be the voice of wisdom and all that happy horse$hit? They could have waited until after the mid term election to disclose this.

      1. The young lady to the right of the stout one who is holding the Party For Socialism and Liberalism sign has the same haircut as Jerry Mathers had in 1963 on Leave It to Beaver https://youtu.be/_0DvXQ05Xw8?t=26

        I’ll call her Retro-Dyke who demands the right to an abortion, presumably after being artificially inseminated with incestuous sperm.

        (shrugging shoulders)

        What else would you call her?

        1. And the one to zir/xir right (left in the picture) looks slightly more female, but unfortunately fell face first into a tackle box.

  16. This morning at the gym, I was speaking with my buddy who is a plumber.

    Just six months ago, he was trying to hire me as an apprentice. He was making $15k/week and working 7am-7pm.

    He told me last week business dropped off a cliff in the last 2-3 weeks, and that he was down to working 1 day a week for himself, that’s how slow it was.

    Today he went back to work for a local plumbing company.

    The economy is falling off a cliff folks. Prepare accordingly.

    2. The economy is falling off a cliff folks. Prepare accordingly.

      This could explain the abortion brouhaha. Of course, if you lose your job you probably won’t give a fig about abortion rights.

      I hope your friend squirreled away some of that weekly $15K and didn’t blow it all on F-350’s, Harleys, boats, Jet skis and and a boob job for the little lady.

      1. Yeah, he said he saved four years worth of income over the last two years.

        He hopped to the other plumbing gig when he saw things about to tank.

      2. I tell ya what, that plumber & all his trade friends can kiss my azz big time!
        when the shoe was on the other foot, they were all gouging everyone to the moon for repairs.
        I couldn’t even get a callback for some urgent home repairs.

        NOW, my phone phone rings off the hook from all the “suddenly available” tradesmen.

        yeah, well, I’ll let this shack collapse into the ground before I ever again pay 4X the normal rate AND get a bad attitude.
        the Ukarianian/Russians are the worst, like they are doing me a favor even showing up, and you better watch every move because they WILL take costly shortcuts.

        (and I pay in-cash, soon as the job is done, no nitpicking delays, even crack a few jokes!)

        some of which might be funny . . .

        ** hey plumber: FUUUUUUK YOUUUUUU & the wrench you rode in on!

        1. I get it. Plumbers were killing it the last 2 years – but then again, most people were who had a work ethic.

          Myself and all my friends were making around $250-300k doing remote IT work in our basements and working 2 jobs.

          The spigot is being turned off though. I’m seeing job offers trickle instead of being thrown at me 24/7, and I see spending habits in my life and friends lives being cut back big time.

          Plumbing is easy stuff though. Really. If you have an issue, just shut off the valve, or water main, and repair what needs repairing. None of it is rocket science.

          1. That’s not plumbing. That’s repair and service.

            If plumbing were easy, my wife and daughter would be on my site hauling around full lengths of Charlotte no hub.

          2. If you have an issue, just shut off the valve, or water main I did that once, only to find the valve shaft broke off in my hand & what remained of the valve started leaking all over the basement floor. City workers then tried to shut off the connection to the water main, and that didn’t full stop the water flow either.

          3. leaking all over the basement floor.

            If you start working on the kitchen faucet in an old house, you will end up working on the well, according to Grampa.

    3. The economy is falling

      The real shame is that we ever had a housing mania in the first place. The sooner the bubble economy falls the better.

      1. My buddy was doing a mixture of residential and commercial. The outfit he went back to work for is all residential, so I’m assuming that was the majority of what he did previously.

    6. I’ll trust that anecdotal advice before ever trusting any government statistic. TY

      You know the Tech stock hammering since November? Consumer cyclicals up next.

    2. Was just looking at an article on mortgage rates from earlier today:

      “If you got prequalified 6 months ago and you’re still in the market looking, you were preapproved at a 3%. Now, we’re at 5.5%. So, you want to make sure what your payment is,” said Sherry Riano, a mortgage lender.

      Take a look at how much more that monthly mortgage payment is today on a median price home in the Triangle with 20% down.

      You’d take out a loan of $320,000. At the 2.98% rate a year ago, the monthly payment was $1,756.

      It’s $2,227 at today’s 5.5% rate — $471 more each month.

      And over time, that interest adds up. A buyer last year will pay close to $62,000 over 7 years. Today’s buyer is paying nearly $117,000 in interest at the higher mortgage rate.”

      And this is based upon borrowing $320k. I see starter homes prices at $650k. This market is so screwed that I don’t have the words to describe it. I could see a 75% drop in prices in some places.

      1. could see a 75% drop in prices in some places

        Indeed. That’s before you factor in extreme denial of lending.

  18. https://www.yahoo.com/news/why-phoenix-places-fastest-growing-173018805.html

    Cant answer the question instead just complain about not enough affordable housing because of unfair zoning regulations.
    “Phoenix has exclusionary zoning laws that make it harder for developers to build multifamily homes, as do many areas. But, says Cook-Davis, who co-authored the Institute’s recently released report on what was holding back affordable homebuilding in the state, that’s not the only barrier. “The Private Property Rights Protection Act, which seems to be somewhat unique to Arizona, is a voter-passed initiative that basically says that municipalities are unable to make any changes to land use policy that would adversely impact property valuation,” she says.”

  19. Why are Soros and his Democrat-Bolshevik minions so terrified of free speech?

    REVEALED: George Soros, Clinton and Obama staffers and European governments are behind anti-Musk campaign to force big corporations to boycott Twitter – after Elon demanded to know ‘who funds these organizations?’

    https://www.dailymail.co.uk/news/article-10780583/George-Soros-Clinton-Obama-staffers-European-governments-anti-Musk-campaign.html

    Some of the most high-profile liberal figures have joined together to encourage advertisers to boycott Twitter if Elon Musk brings in his promised policy of unfettered ‘free speech.’

    Twenty six NGOs and advocacy groups signed a letter expressing concern about the world’s richest man’s plan.

    1. How does Twitter make money? From advertising? If so all the globalists need to do is quietly pull all advertising from Twitter and Musk’s investment goes down the drain.

      All this posturing strikes me as kabuki theater.

  20. Does giving out frees stuff cause inflation ? Does the current Government even care about the economy or just getting more votes by giving away more and more ?

  21. Does the prospect of stocks, bonds, housing, cleptocurrencies, and all other manner of risk assets falling in tandem worry you?

    1. The Wall Street Journal
      Stocks and Bonds Are Falling in Lockstep at Pace Unseen in Decades
      Bonds have long been viewed as a hedge against expected swings in stocks. That hedge has evaporated this year.
      By Gunjan Banerji
      Updated May 3, 2022 4:47 pm ET

      Stocks and bonds are falling in tandem at a pace not seen in decades, leaving investors with few places to hide from the market volatility.

      Through Monday, the S&P 500 was down 13% for 2022 and the Bloomberg U.S. Aggregate bond index—largely U.S. Treasurys, highly rated corporate bonds and mortgage-backed securities—was off 10%. That puts them on track for their biggest simultaneous drop in Dow Jones Market Data going back to 1976. The only other time both indexes dropped for the year was in 1994, when the bond index declined 2.9% and the S&P 500 fell 1.5%.

      It is the latest dilemma for investors who are struggling to manage the large swings roiling financial markets around the globe. This year’s declines have dealt a blow to the 60/40 portfolio model—a mix of 60% stocks and 40% bonds that has long been advertised as offering strong returns and hedging against the expected occasional pullback in stocks, which typically are viewed as being much riskier than bonds.
      …
      https://www.wsj.com/articles/stocks-and-bonds-are-falling-in-lockstep-at-pace-unseen-in-decades-11651551170

  22. Chaos

    “Given the intensity of inflation, the degree to which unemployment has been driven down — to bring that back into an equilibrium, it’s unlikely the Fed is going to be able to manage that to a soft landing,” he said on the IntraFi Network’s Banking with Interest podcast. “The effect is likely to be a recession.”

    Quarles, who left the Fed in December after his term as vice chair had expired, also suggested that the central bank would have acted earlier to try to rein in inflation but for uncertainty over President Joe Biden’s decisions on its leadership.

    “Had clarity been provided, I think the Fed would have acted earlier,” Quarles said. But Biden “didn’t do that for a number of months,” he said.

    Biden in November tapped Chair Jerome Powell for a second term. Powell the following month rejected the idea that he had held off on a hawkish policy tilt until Biden’s announcement.

    1. “Quarles, who left the Fed in December after his term as vice chair had expired, also suggested…”

      Since he left the Fed, is it safe to assume he lost his media muzzle?

    2. “…the central bank would have acted earlier to try to rein in inflation but for uncertainty over President Joe Biden’s decisions on its leadership.”

      Lol! The Fed is only independent when not playing a political blame game.

    1. Get that 5th booster Brandon.

      As long as he doesn’t try to force me to get one, he can get jabbed daily for all I care.

  24. Pro Abortion crowds now rioting. For the right to peacefully vacuum the brain out of a preemie. Clown world never ceases to amaze me….Anyway, hopefully this crowd gets back to work. They have student loans to pay off

    1. For the right to peacefully vacuum the brain out of a preemie.

      There is nothing peaceful about that atrocity. It is the abomination that opened the doors to other abominations.

      A nation that embraces such evil cannot endure.

        1. And approaching the point of no return, though some think we have already passed it.

      2. Its always shocking to see people wearing t-shirts saying they had five ab0rtions like its a badge of honor at these marches. Where do these people come from?

          2. deathbeds regrets and pleadings

            I don’t know. Some of those people are so proud that they would prefer eternity in Hell than to say they are sorry. Plus, they hate God.

          1. A chain reaction of bad decisions never justifies murder. Having to care for the product of mating with a loser is a great disincentive to promiscuity.

          2. For the ladies promiscuity is the spice of a short reproductive life that makes a rote existence worth living. All of the $billions spent on beauty salons, clothing, cosmetics, etc., nurture the fantasy. I wouldn’t deny a woman her feelings, nor would I desire to control them either.

        2. You’re condemning men as deadbeat losers before they even have a chance to become fathers? And citing a song in support of your viewpoint?

          3. Try looking at number of black abortions (almost all single birthing people and largest volume of PP abortions) who would not have a father present if they birthed the child. You look it all up. Exactly what are you defending?

  25. Fed should raise 75 bps today. The damage of inflation is already wild. 75 next meeting too.

  26. The Dow is cratering….
    S&P is cratering….
    NASDAQ is cratering….
    Gold is cratering….
    Silver is cratering…
    Housing is cratering…

  27. I’m guessing Mark Zuckerberg didn’t funnel $419M into local election admin boards for Tuesday’s Indiana and Ohio primaries like he did in battleground states for the 2020 presidential election.

    “Trump once again ran the table: All 22 of his endorsed candidates won.”

    Here are the Trump-backed candidates who won Tuesday’s primaries

    By MARISSA MARTINEZ
    05/04/2022
    01:19 AM EDT

    In Tuesday’s Indiana and Ohio primaries, Trump once again ran the table: All 22 of his endorsed candidates won. He threw his support behind almost every House GOP incumbent running for reelection — and a few hopefuls in open seat primaries — and his preferred candidate won in every case. His pick in the the highest profile race of the day, the Ohio Senate GOP primary, also won the nomination largely due to Trump’s endorsement power.

    https://www.politico.com/news/2022/05/04/trump-backed-candidates-that-won-ohio-indiana-primaries-00029645

    1. It’s 50, like I talked about yesterday. The people who are still in denial about what the FED is going to do are going to get slaughtered. It’s all the speculators with the “the FED has my back” mantra. They are getting crucified as their speculative assets vaporize. Today was a massive short squeeze, nothing more.

    1. Pedo Joe wants $33 billion (for now).

      Zelensky says he needs $7 billion a month.

      Re-post of an image file — Ukrainistan NPC Edition:

      https://ibb.co/k9r8HRk

      An NPC i.e. “non-player character” is a person without a soul, a clone, a blank grey nothingness, an empty husk, a programmable robot.

      Their fourth and fifth and sixth doses of MRNA poison “vaccines” that are not vaccines have erased any semblance of their humanity.

      “They’re not sending their best”

  30. “Purchased for $1,098,000 in December of 2015, the lower level two-bedroom, two-bath unit #1B at The Brannan, a ‘fully remodeled and upgraded’ unit and ‘jewel of South Beach,’ was listed for $1,198,500 in April of 2019. Having returned to the market priced at $1,050,000 this past October, the 876-squre-foot unit was re-listed anew for $995,000 this past March and just sold for $985,000, a sale at which was officially ‘within 1 percent of asking’ according to all industry stats but down 17.8 percent on an apples-to-apples basis from the third quarter of 2019 and 10.3 percent below its value at the end of 2015.”

    Look at the SF prices and inventory. Peak at 1.6 Millions in 2019!

    Highest inventory over 5 years

    https://www.movoto.com/san-francisco-ca/market-trends/

    1. FT Alphaville
      Venture capital investment
      A Minsky moment for venture capital?
      Venture capital returns have puked this year. The next dangerous stage is investor outflows.
      © Reuters
      Robin Wigglesworth
      12 hours ago

      Back in the halcyon days of . . . early 2021, it looked like venture capital was the hottest game in town.

      Hedge funds were piling in. Even private equity firms were getting involved in early-stage company investing. Investors loved the combination of fat returns and the lack of volatility in private markets. But the VC cycle now looks like it has hit a sudden stop.
      …

    2. “The next dangerous stage is investor outflows.”

      Yes it is! And that step is the first one needed to restore housing affordability.

  33. I can’t believe rioting and looting season has already started! I still haven’t taken down my Ukraine decorations

    1. 🙂

      Reminds me of that Gretchen Wilson song…

      I keep my Ukraine flag up on my front porch all year long.

      Redneck Woman
      Gretchen Wilson

      ‘Cause I’m a redneck woman
      I ain’t no high class broad
      I’m just a product of my raisin’
      I say “hey, y’all” and “yee-haw”
      And I keep my Christmas lights on
      On my front porch all year long
      And I know all the words to every Charlie Daniels song

      https://youtu.be/82dDnv9zeLs

  37. Will a 3 percent yield on “risk-free” 10-year Treasurys be enough to offset the double-digit inflation rates the Fed has loaded into the pipeline over the next decade? It’s starting to feel like 1973 again…

    1. PS Your other investing alternatives are stonks or housing which always go down, or dollars, which lose value to inflation faster than Treasurys held to maturity.

      In which pot of boiling oil would you prefer to bathe?

      1. I’m spending mine on booze, boats and broads as fast as I can. The rest I’ll just waste.

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