thehousingbubble@gmail.com
Blog

The Buyers Just Stopped Buying

A report from Forbes. “New home sales unexpectedly plunged much more than economists projected—and for the fourth consecutive month—in April. ‘In short, the party is over,’ Pantheon Macro chief economist Ian Shepherdson said after the report, pointing out the collapse in sales follows a ‘steep downward trend in mortgage applications’ as mortgage rates start to rise.'”

“Bank of America’s Alexander Lin pointed out homes under construction last year exceeded the number of homes built for the first time in history, while the number of homes authorized but not started reached a record high.”

From Fox Business. “Data shows the pace of new home sales fell by 16.6% in April from the month before at a seasonally adjusted rate of 591,000. Analysts surveyed by Refinitiv anticipated a dip of 1.7%. The drop is 26.9% lower than a year ago, and the lowest since April 2020. This is the fourth straight month new home sales have declined. ‘New home months’ supply jumped to 9 months, up from 6.9 months in March and the highest since 2010,’ noted Odeta Kushi, deputy chief economist at First American.”

Better Dwelling. “There was just 9 months of inventory in April, a big jump from the 6.9 months in March 2021. It’s also nearly double the 4.7 months seen in April 2021. US new home buyers haven’t seen this much inventory since May 2010.”

From KXLY on Washington. “For sale signs are up all around Spokane. Realtors say the market is transitioning from active to a slow evenly paced one. Spokane realtor Brad Spears said ‘They’re enjoying a much greater inventory.’ Spears says inventory has doubled now compared to last year. Spears also says a home will spend a longer time on the market.”

From Axios. “Looks like America’s home buying binge is winding down. ‘The buyers just stopped buying,’ said Shauna Pendleton, an agent with Redfin in Boise, Idaho. In the Dallas/Ft. Worth area, Redfin agent Robin Glaysher said five people showed up to an open house last weekend; previously there would’ve been a line out the door. ‘It’s a completely different market now,’ said Glaysher, who works with homes priced around $400,000. The change is a boon for some buyers — like those relying on FHA loans that require only 3.5% down, she said. In the old times they were often outbid by cash buyers, who have now vanished.”

From WTOP on Washington DC. “Now there are signs that the market may be settling down, according to one real estate executive. ‘We’re just getting a sense that it’s slightly cooler right now, we’re still seeing situations where the best properties are getting multiple offers, probably not as many as we had four months ago,’ said Corey Burr, senior vice president at TTR Sotheby’s International Realty. It leaves buyers and sellers adjusting to a ‘new market reality.’ During the peak of things, Burr said it was not uncommon for sellers to have a lot of offers to choose from. However, that isn’t necessarily the case anymore.”

“‘We might have typically seen four to 10 offers on some properties. And now we’re seeing maybe just one to three, but the offers are still very strong,’ Burr said. Another sign of things slowing a bit is more price reductions off list prices and more properties staying on the market past the first week and not selling until the second or third week. For sellers, Burr said that the days of getting sometimes 30% more than the asking price may be going away.”

From Morning Edition. “Some people who’ve signed contracts to buy a new construction home …And so now it’s six months or a year later, and they thought they could buy this house. But now rates are so much higher, and they can’t qualify to get a mortgage. So they can’t buy the house. I talked to Kenny Purcell, a realtor in Spanish Fork, Utah, about this. PURCELL: ‘We’ve had 10 people we’ve been working with that are canceling right now.'”

From ABC 12 on Arizona. “On the surface, it doesn’t make sense. Home prices have skyrocketed in Phoenix climbing hundreds of thousands of dollars. However, some of the companies buying and selling home after home lost millions. iBuyers, like Offerpad, OpenDoor and Zillow, used millions of dollars to buy up homes in the Valley with the hope of selling them later for a profit. However, Zillow and Offerpad lost millions nationwide and the Phoenix market was no exception.”

“According to data provided to 12 News, iBuyers lost money on around 1,900 homes since 2020. Zillow lost at least $100,000 on more than a dozen homes in the Phoenix area over that time. The biggest loss was $192,612 on a home on North 50th Way in Scottsdale. Robert Miller used to own the house on North 50th Way. However, it all changed after he got a call from a friend to see what Zillow would offer. ‘It was an offer online of $585,000 which was $60,000 more than a realtor said it was at the time,’ Miller said.”

“Miller said Zillow then sent an employee out to take pictures of the home for around 15 minutes. A few days later, Zillow bumped up its offer to $662,000. ‘I love the house, I love the neighborhood, but I don’t think it was worth that,’ Miller said. Miller decided to sell. He said the process was easy, he took the money and now rents a house in the same neighborhood. Just 74 days later, Zillow sold the property for $470,000. ‘It kinda made me sick,’ Miller said. ‘My first thought was I wish I had the chance to buy it back for $470,000. I think I was one of the last ones to sell before they just collapsed.’ Miller added.'”

“In essence, the models and algorithms some companies used were wrong. Analysts wonder if the strategy would work if the market wasn’t booming the way it has over the last few years. ‘We’ve seen 50 to 60% appreciation in two years, which is highly unusual,’ Tina Tamboer, a senior analyst at the Cromford Report said. ‘They don’t work in anything other than a seller’s market.'”

From CTN News in Canada. “While home prices in Metro Vancouver remain sky-high, the price for single-family detached homes in two of the region’s fastest-growing markets have seen a significant dip recently, according to one industry group. HouseSigman uses AI to compare historical listings and estimate current values in real-time. Its latest data compared prices from February and May 17, 2022. In Surrey, the average price dropped from $1.9 million to $1.59 million – a decrease of 16.3 per cent. In Langley, the price dropped from $1.75 million to $1.5 million – a decrease of 14.3 per cent.”

From CBC News in Canada. “A couple that bought a house in Sudbury, Ont., sight-unseen with no conditions says they got swept up in a hot housing market and now have major regrets. They’re sharing their story as a cautionary tale to other would-be buyers on the importance of due diligence.  Josh Keyes and Yuri Nakashima were excited to be able buy their first home in Sudbury after being priced out of the market in Vancouver. But when they walked into their newly-purchased house earlier this month, they discovered it was far from a dream home.”

“‘Once we opened the door, immediately we started realizing the terrible condition that this place is in,’ Keyes said. Keyes said he and his wife are now facing tens of thousands of dollars in repairs on a property for which they already paid about $60,000 over the asking price.”

“Not wanting to travel across the country to look at homes, the couple worked with a real estate agent at a distance, relying on listing photos to inform their decisions. Keyes said they were advised by their agent that an offer with conditions was unlikely to be accepted, so they waived a home inspection. ‘We felt a lot of pressure because all of the news just kept on saying that housing prices are going up and up, and we don’t know if there will be a turnaround. It might just continue going up and then we’ll be priced out of the housing market forever,’ Keyes said. ‘We felt like this would be our last chance to get a house.'”

“Keyes and Nakashima bought a house in Sudbury’s west end, which Keyes said looked ‘great’ in the listing photos. He said the sellers did not disclose any issues with the house. But when they entered the home for the first time after getting possession in February, they discovered cockroaches, a sewer line that needs to be replaced, gaps under baseboards, and a rotting support beam under the house.  ‘The floor is caving in, it’s sinking,’ Keyes said.”

“Keyes and Nakashima said they don’t feel they were advised on proper due diligence, and don’t feel their real estate agent acted in their best interest. ‘Of course a lot of it is our responsibility. But as first time home buyers and us relying on the real estate agent to really guide us through the process, I think she is also responsible, and the seller as well,’ Keyes said. CBC contacted the real estate agent the couple worked with, but did not hear back. Keyes and Nakashima said they are considering their options, and are planning to speak with a lawyer, and possibly file a complaint with the Real Estate Council of Ontario.”

Related Posts
This Post Has 141 Comments

  2. “There was just 9 months of inventory in April, a big jump from the 6.9 months in March 2021. It’s also nearly double the 4.7 months seen in April 2021. US new home buyers haven’t seen this much inventory since May 2010′

    Wa happened to my shortage gotdamit!

    1. “There was just 9 months of inventory in April, a big jump from the 6.9 months in March 2021.”

      – The article author says: “‘just’ 9 months of inventory in April,” and then in the same breath says: “…a big jump from the 6.9 months in March 2021. It’s also nearly double the 4.7 months seen in April 2021.”

      – Well, which is it? Is it “just” 9 months of inventory, or is it a “big jump” in inventory? (rhetorical). Yes, that’s a big jump.

      The author goes on to say:
      “Months of inventory are often used to determine whether a market is hot or not, in the US. Between 4 and 6 months of inventory is seen as balanced, where home prices are right for demand. Lower is a seller’s market and a lack of inventory tends to drive home prices higher. Above, which is where we are, is a buyer’s market where home prices are expected to fall.“

      – In any case 9 mo. is above the 6 mo. generally accepted dividing line between sellers (lower) and buyers (higher) market. And where did all of that inventory come from? I thought there was a shortage? Harry Potter has been busy of late, conjuring up houses at a blistering pace. 🙂 Could it be that housing speculators are all rushing for the exits at the same time now the that peak is clearly in (and beyond)? Why didn’t we hear about this from the REIC instead of only the “shortage” narrative? Could it be that the sell-side has their own ax to grind, a conflict of interest perhaps? (rhetorical). House buyers need to remember that the Realtor generally represents the seller, with no fiduciary responsibility, and like most sales people, often no ethics or scruples. Sure go ahead and buy it without an inspection. Buy it “as-is.” That’s a sound practice, said no one with any sense. I sure hope everyone put 20% down and didn’t over pay. Caveat emptor.

      “An ounce of prevention is worth a pound of cure.” – Benjamin Franklin

      “Fools rush in where angels fear to tread.” – idiom

      “Nothing so undermines your financial judgement as the sight of your neighbor getting rich.” – J.P. Morgan

      – First sales decline and inventory rises, then price declines soon follow. Don’t look at the Case-Shiller index for a while though, since that’s a lagging (price) indicator. Check out the Pending Home Sales (PHS) data for April coming out this Thu. at 8:00 a.m. EST. I’m expecting weakness here as well, but we’ll see.

      – I respect Better Dwelling and especially Stephen Punwasi (good twitter acct. to follow, BTW), but this article smells of plagiarism vis-à-vis Wolf Richter’s article at Wolf Street on NHS yesterday. Excellent article BTW.

      1. That guy is a ‘look at me muh hairs on fire’ clown. Those of us that actually work know this. How can you use an entire post to cover one month of new shacks sales? While I cover the globe, every day.

        1. “That guy is a ‘look at me muh hairs on fire’ clown. Those of us that actually work know this. How can you use an entire post to cover one month of new shacks sales? While I cover the globe, every day.”

          – Yes, SP (I think that’s who you meant) is a bit of a showman/clown, but he does challenge the status quo RE money laundering and government/central bank-backed housing bubble economy there in Canada, so I guess one has to take the bad with the good.
          – “entire post….” Maybe that ‘s a WR reference? I certainly didn’t mean to cause offense to you or the HBB.
          – The important Q2, April/May/June Spring housing season is a good indicator for the year’s housing market, and since housing is a leading economic indicator, a good tell on the U.S. economy going forward as well. Certainly one month’s data doesn’t make the year, but the large drop in sales and jump in inventory is significant, esp. with affordability gone due to high bubble prices and now rising rates. I’ll be watching these going forward. Lots of inventory. It’s magic! While the HBB has many articles about slowing sales and falling prices, among other topics, it’s still mostly below the radar in the MSM, since it doesn’t fit the REIC narrative. They’ll ignore until they can’t.
          – All the best.

          1. Let me guess: clown looks at REIC/guberment data and determines – they’re all a lion!

            No! I did the exact same thing – 17 years ago. I’m not impressed. I’m below the radar cuz that’s where I want to be. No SEO, no sponsored guest posts. I’d don’t want more readers. I am interested in retiring early, which gets closer every day. To that end this post CCP virus environment is very interesting.

  3. You will own nothing.

    You will not have enough food.

    You will pay record gas prices.

    You will pay record nat gas prices.

    You will starve your baby.

    You will live in the pod

    1. You will ride the bicycle to work.

      You will eat the bugs and learn to love the crunch.

    2. “You will own nothing.”

      – I’m still trying to figure this out: Are we living “The Matrix” or “The Hunger Games,” or some bizarre combination of the two? 🙂

      “The bold effort the present (central) bank had made to control the government…are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.” – Andrew Jackson

      “The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’ ”– Ronald Reagan – 40th president of US (1911 – 2004)  

      “In order to become the master, the politician poses as the servant.”  ~Charles de Gaulle

      “People will come to love their oppression, to adore the technologies that undo their capacities to think.” ~ Aldous Huxley

  4. ‘On the surface, it doesn’t make sense. Home prices have skyrocketed in Phoenix climbing hundreds of thousands of dollars. However, some of the companies buying and selling home after home lost millions’

    Maybe the red hotcakes was a load of horsesh$t? Phoenix deserves the a$$ pounding they are getting.

    ‘Analysts wonder if the strategy would work if the market wasn’t booming the way it has over the last few years. ‘We’ve seen 50 to 60% appreciation in two years, which is highly unusual,’ Tina Tamboer, a senior analyst at the Cromford Report said. ‘They don’t work in anything other than a seller’s market’

    Sounds like a magic 8 ball would be more accurate Tina. Is that what you use?

    1. ‘However, some of the companies buying and selling home after home lost millions’

      Millions in other people’s money…

      1. Note that the steaming pile of zillow reported a whooping a$$ pounding last quarter and the media didn’t touch it. And what happened to the reports of them being sued by bondholders and shareholders? Vanished too.

  6. “New home sales unexpectedly plunged much more than economists projected—and for the fourth consecutive month—in April.”

    Who is this group of MSM-favored economists who appear consistently clueless?

  7. The Texas school shooting #Narrative smells fishy.

    The shooter is dead, so that trail of clues is a dead end. He was probably recruited by the Feds, groomed by the Feds, and armed by the Feds.

    And the end game of all of it is a disarmed United States that is then turned into a medical prison state like Canada or Australia.

    Globalists gonna globe.

    2. The Vegas news today(my dad was watching it muted with Closed Captioning) was talking about the Tx incident. CC showed they started talking about SH in Ct🤣. I believe they’re all shams, and I also believe Sirhan Sirhan was MK Ultra’d. These events are distractions. Did you see the one about Bush and some Iraqi in Ohio? Another Distraction.

      1. The original headlines on the “Iraqi man” instead read “Ohio man”, which tipped me off to the lying behind the original news reports. His name is “Shihab Ahmed Shihab Shihab”

  8. ‘The buyers just stopped buying,’ said Shauna Pendleton, an agent with Redfin in Boise, Idaho’

    Technically Shauna, if they aren’t buying are they still buyers? Or observers?

    ‘In the Dallas/Ft. Worth area, Redfin agent Robin Glaysher said five people showed up to an open house last weekend; previously there would’ve been a line out the door. ‘It’s a completely different market now,’ said Glaysher, who works with homes priced around $400,000. The change is a boon for some buyers — like those relying on FHA loans that require only 3.5% down, she said. In the old times they were often outbid by cash buyers, who have now vanished’

    Ahh, the old days Robin. So how does a cash buyer vanish? Like superman when he moves real fast? Could be he’s still there, you just can’t see him? Behold, speculators drift away like a bad fart when the SHTF.

  9. ‘A few days later, Zillow bumped up its offer to $662,000’

    That’s the spirit!

    ‘Just 74 days later, Zillow sold the property for $470,000’

    Dong!

    1. Zillow needs to promise me they will keep the paint color and write me a love letter monthly.

  10. ‘A couple that bought a house in Sudbury, Ont., sight-unseen with no conditions says they got swept up in a hot housing market and now have major regrets. ‘‘We felt a lot of pressure because all of the news just kept on saying that housing prices are going up and up’

    Here’s the good new Josh. Lots of people will now turn to that same exact media to watch you wallow in agony for the delight of their viewers/readers, like we’re doing right now! Now that I think about, maybe sux to you after all.

    1. ‘We felt a lot of pressure because all of the news just kept on saying that housing prices are going up and up’

      Stupid should hurt, Josh. Making financial systems based on MSM shilling is the apex of stupidity, but once you’re insolvent, you might be forever inoculated against trusting globalist media mouthpieces.

      1. Once you “own nothing” you will be forever inoculated against losing your own money!

    2. people will now turn to that same exact media

      The picture in that article of the guy holding the supposedly not even attached window makes me suspect that the whole story was a concoction.

    3. It’s one level of stupid to lose $10s of thousands of dollars because you believed the mania BS and pulled the trigger on a dilapidated teardown sight unseen.

      But to compound the situation by letting a reported do a full page story about the deal and letting the world know how incredibly stupid you are is a whole new level of stupid.

      Like stupid to the tenth power kind of stupid.

  12. I’ve seen a number of these “inflection points” over the years. The REIC, spins each day till they can’t escape the reality anymore. What was the basic mistake, or error or lie? There is no shortage of shacks, there never has been and never will be.

  13. ‘We’ve had 10 people we’ve been working with that are canceling right now’

    But these were winnahs! Ken. Not that long ago. Don’t they know K-nians are going to snap up their sweet equity?

  14. “Not wanting to travel across the country to look at homes, the couple worked with a real estate agent at a distance, relying on listing photos to inform their decisions.”

    I’m assuming the agent was local to where the house is. Why wouldn’t they do a Facetime walk-through? And if it was that bad, the agent screwed them. There are ways to prevent this even from a distance.

    1. In any modern economy there really should be a basic disclosure form, e.g., the floor needs to be inspected by a professional, that the seller and seller’s agent must sign before listing the property. This is actually wire fraud across state lines as the listing is on an electronic forum soliciting more than local consumers.

      1. a basic disclosure form

        They do indeed have such things in Canada, but they don’t have States.

        1. Yeah. I know…too lazy to check for province or territory. My point is that taxpayers are ultimately on the hook for this fraud that really shouldn’t be happening in the 21st century. These are financial crimes.

          1. “In any modern economy there really should be a basic disclosure form, e.g., the floor needs to be inspected by a professional, that the seller and seller’s agent must sign before listing the property. This is actually wire fraud across state lines as the listing is on an electronic forum soliciting more than local consumers.”

            I could write a book on this topic. In the end, if the price paid weren’t 4-10x actual value, defects whether unforeseen or deliberately concealed wouldn’t matter. True market forces apply. The used car market has more integrity than housing sales.

            “These are financial crimes.”

            Precisely. Call it what they are.

  16. ‘In December, editor Evette Dionne revealed to her Twitter followers what she’d been working on for months — leading a team of writers for Netflix’s website Tudum, with an editorial strategy around elevating conversations about inclusion and representation.’

    “So sociopolitical stuff? All us,” Dionne tweeted the day Tudum launched. “Thinking about the impact of Netflix in our broader world? All us.”

    ‘But four months later, she and other members of her team were let go. Last week, Netflix laid off 150 employees and dozens of contractors and part-time workers. Some of the cuts impacted social media teams, writers and editors who aimed to elevate diverse content and talent.’

    ‘As the company fights to maintain its leading position in the streaming world, some of the laid-off workers are questioning whether diversity efforts will become part of the collateral damage.’

    ‘Netflix recruited many former journalists with the promise of high salaries, which ranged from $60 to $90 an hour at Tudum, insiders said.’

    “A big shiny company like Netflix comes along offering more money than any of us had ever seen in our lives,” said a contract worker who worked on social media and was laid off last week. “Unfortunately, it now seems like it was too good to be true.'”

    https://www.latimes.com/entertainment-arts/business/story/2022-05-24/lat-et-ct-netflix-lay-offs-poc-diversity

        1. “So sociopolitical stuff? All us,” Dionne tweeted the day Tudum launched. “Thinking about the impact of Netflix in our broader world? All us.”

          So now you get cast out into the outer darkness of our oligarch-looted, Brandon-mismanaged economy to fend for yourselves. This is what we call a teachable moment, lefties.

          1. So now you get cast out into the outer darkness

            They thought they were members of the “inner party”, when they were nothing more than the hired hands.

    3. Tudum is pronounced ‘Too dumb’ right? Perfect. It sounds like Tweedle Dum’s cousin. We live in strange times.

  17. Does leftist ideology create tangible psychiatric issues?

    https://www.americanthinker.com/blog/2022/05/does_leftist_ideology_create_tangible_psychiatric_issues.html

    Even outspoken Democrat Bill Maher is asking questions of the delusional narrative propagated through transgender activism. In a comedic segment posted to Twitter, Maher touched on compelling evidence, suggesting the possibility that“California is creating” trans children. Well, California is notorious for their radical trans agenda like ‘drag queen story hour’ and schools promoting transgenderism unbeknownst to parents – so in light of additional scientific evidence, it seems like Maher could be right.

    A study published on PubMed compared two sets of mothers. The first set was mothers of boys with gender identity disorder, and the second set – the control group – was mothers of normal boys. Researchers found:

    ….mothers of boys with GID had more symptoms of depression and more often met the criteria for Borderline Personality Disorder than the controls. Fifty-three percent of the mothers of boys with GID compared with only 6% of controls met the diagnosis for Borderline Personality Disorder….

    1. Some years ago (long before this trans fad movement) a relative of mine who taught 2nd graders showed me her class photo. The vast majority of the boys barely resembled boys, they all had long girl-like haircuts. Some of the boys looked prettier than the girls! I asked my relative, “Why do all of these boys look like girls? Why do they have girl haircuts?”

      She answered, “Single moms.” All of these boys were growing up with no father figure, and they were being groomed by their moms in the mold of girls. Back in the old days when I was in grade school, boys had boy haircuts and girls had girl haircuts. It was impossible to confuse the two.

      1. All of these boys were growing up with no father figure, and they were being groomed by their moms in the mold of girls.
        I still get a laugh whenever I see dads taking their preschooler girls out without the mom along. Those girls all tend to have weird hairdos fastened with rubber bands, disheveled or mal-aligned clothing, and to look like little ragamuffins. Guys just don’t know how to make little girls look presentable.

        1. make little girls look presentable

          I took my 40something out for an ice cream a week ago Sunday. There were four girls around the age of eight at the place with their mothers. It didn’t seem like they were there “together”.

          All the little girls were sporting full face makeup, lipstick, eyeliner & etc. Is this a thing now? I don’t get out much.

          1. My daughter is 30. Way back when I was shopping for her communion outfit (we’re weakly Catholic) I was chastised for wanting a simple dress like I wore back in the day. I had no idea that you wear supposed to dress a little girl like she was a gypsy bride (only in white). I was appalled, and this was a long time ago.

          3. @In Colorado
            This was in Yorktown Heights, home of Alexandria Ocrazio Cortez. We moved up there from Manhattan in 1993 with a brief stop in the Bronx (Riverdale). I have never seen a bunch of climbers and pretenders as I saw there. Really strange people. Even way back then, I couldn’t understand how they always had new cars and the best of everything when we were paying $10K prop tx a year on a house we bought at $195K, 7 7/8% mortgage. I can’t even imagine what the prop tax must be now.

      2. She answered, “Single moms.”

        A good friend grew up without dad. Mom raised him to be a diligent, reliable worker so that he might support her some day, but she eventually remarried, also someone reliable.

        1. My father died a month after I turned five (died of cancer, two year illness, only 32, mother 26). It was good to have both side of the family rally around to support us (younger brother, mother, me). Male family members initially stepped up but sorry to say, it was the women who were consistent in their support. A knock on men, but this was my experience, their support was sporadic. It was okay, made us self-reliant.

  19. ‘When George P. Bush burst onto the scene at the Republican National Convention in 2000, the handsome, 24-year-old nephew of presidential nominee George W. Bush had all of the makings of a future leader of the GOP.’

    ‘He was already political royalty — heir to a dynasty that included his father, then-Florida governor Jeb Bush, and his grandfather, former President George H.W. Bush. The son of a Mexican mother, and a fluent Spanish speaker, he seemed poised to broaden the appeal of the Republican Party to a younger and increasingly diverse electorate in the 21st century.’

    ‘On Tuesday, the 46-year-old badly lost his runoff primary challenge to two-term Attorney General Ken Paxton. But more significantly, it heralds a shift in the Texas Republican politics away from the pro-business establishment and toward a more populist, combative and harsh style of politics. Bush’s defeat also notches another victory for former president Donald Trump, who has clashed with the Bush family for years and who repeatedly expressed his support for Paxton in the attorney general race.’

    ‘This defeat could mark the end of a four-generation political dynasty, and the end of an era of Texas politics that began when the first George Bush moved to Odessa in 1948.’

    “The Bush family name is essentially what the Romanov family name is in Russia,” said Cal Jillson, a political scientist at Southern Methodist University. “There’s still somebody out there claiming to be czar but nobody’s listening.”

    https://www.click2houston.com/news/texas/2022/05/25/george-p-bushs-defeat-could-be-the-end-of-the-line-for-a-four-generation-political-dynasty/

    ‘Bush moved to Odessa in 1948’

    Sure he did, he just happened to have multiple shacks up north that were way better but no, he chose Odessa! Which even people in Midland call a sh$thole.

    When George the first was VP, his “home” the entire time was a rented Houston apartment.

    1. Are the sheeple finally wising up to these entrenched “political dynasties” that have been selling them down the river for decades?

      1. We can hope. Dynastic politics tends to not work to the advantage of outsiders to the dynasty.

    2. War criminals gonna war crime.

      One of my favorite memories of DJT was his utter demolition of Jeb! in the 2016 primaries.

      “Please clap” LMFAO

      1. That truly was one of the top 5 best moments in the 2016 GOP primary…… and when Trumpy responded to Rand Pauls rhetoric about Trump picking on people over their looks. Probably the funniest moment ever in a presidential election.

        1. 2016 GOP primary

          I wasn’t paying attention then. Are there clips you can link?

    3. That reads like a lullaby. Like a winning lottery ticket.

      Good riddance BushRats.

    4. “This defeat could mark the end of a four-generation political dynasty, and the end of an era of Texas politics that began when the first George Bush moved to Odessa in 1948.”

      George H. W. Bush should have pulled-out in 1952.

    5. George P. Bush burst onto the scene at the Republican National Convention

      I remember that. All the fuss that was made about his Hispanic heritage and how it would change the GOP.

    6. Dubya, the man so stupid that he had to be posted to a grade-school classroom reading a picture book while Cheney orchestrated the 9-11-2001 coup/false flag. Years afterwards he admits guilt about his brutal invasion of Iraq.

      “They’re not sending their best.”

  20. In the Dallas/Ft. Worth area, Redfin agent Robin Glaysher said five people showed up to an open house last weekend; previously there would’ve been a line out the door. ‘It’s a completely different market now,’ said Glaysher.

    And now the financial culling of the profoundly stupid can begin in earnest.

  21. PURCELL: ‘We’ve had 10 people we’ve been working with that are canceling right now.’”

    Sounds like you’re no longer working with these FBs who dodged a bullet, Purcell. Better learn to code.

  22. “According to data provided to 12 News, iBuyers lost money on around 1,900 homes since 2020. Zillow lost at least $100,000 on more than a dozen homes in the Phoenix area over that time. The biggest loss was $192,612 on a home on North 50th Way in Scottsdale.

    Die, speculator scum. Homes are for living in, not turning into speculative asset classes.

  24. “‘Netflix recruited many former journalists with the promise of high salaries, which ranged from $60 to $90 an hour at Tudum, insiders said.’”

    You think any of the people who keep the lights on, the food on your shelves (or maybe not), and the garbage picked up are making that? This was the biggest blow-off top in human history.

    1. I ran into a former research assistant a couple of nights ago. He’s trained as a statistician. He told me he’s working for Netflix now. I told him I didn’t want to know what he makes.

      Should I warn him to have other opportunities lined up, just in case?

      1. He told me he’s working for Netflix now. I told him I didn’t want to know what he makes. At that time, had I been in your shoes, I would have given him my condolences.

        1. He seemed pretty happy. And I might be wrong, but I’d guess he’s getting paid more than I do…and I am decades further into my career.

      2. He told me he’s working for Netflix now. I told him I didn’t want to know what he makes. At that time, had I been in your shoes, I would have given him my condolences.

    2. Get woke, go broke. To Netflix employees upset over getting pink slips, take it up with your SJW colleagues.

    3. “the people who keep the lights on”

      We can’t even get lights delivered to a jobsite in this Brandon economy.

      Netflix is the pedophile TeeVee network. Groomers gonna groom.

      1. We can’t even get lights delivered to a jobsite in this Brandon economy.

        Toyota announced that production is being significantly cut back due to supply chain issues. Have read horror stories about newer cars needing warranty repairs and parts are unobtanium, especially the electronics.

        1. China’s crippling production on purpose. We should hang the traitor politicians and corporate heads who did this to us. They sold us off to the enemy. Nancy Pelosi and B!tch McConnell should be up front. I’d love to see those fossils with crooked necks.

        2. I’ve been waiting all year for 2022 Toyota Siennas just to be available at my local dealers. I have read horror stories about Toyota dealers marking their 2022 models up from an MSRP of $35000 to $55000, and some people are paying that.

          1. I just checked the Fort Collins dealership’s inventory. They have six. Not six Siennas, they have six new Toyotas in stock.

            Some dealers include “in transit” as being “in stock” even though they might not arrive for weeks.

          5. My daughter just traded her 2019 Pacifica in for a new 2022 Chrysler Pacifica Pinnacle. She got what she wanted in about 2 weeks. She initially was going to try a new Sienna and two different dealers told her 2-3 months minimum.

          1. I noticed there was noone else in the showroom (I helped him out with the purchase). Better timing would have been a year from now, but he needs a good car for his new job.

    4. Shopify from 1760 to 323 and its still 223 pe
      Carvana 376 to 31 and losing $$$
      Wayfair 339 to 45 losing $$

  25. ‘We’ve seen 50 to 60% appreciation in two years, which is highly unusual,’

    Sounds like the classic prelude to bubble collapse.

  26. Any thoughts on how much farther tech stocks have to plunge to reach a firm bottom?

  28. **‘We might have typically seen four to 10 offers on some properties. And now we’re seeing maybe just one to three, but the offers are still very strong,’ Burr said.”

    tell ya what I’M “seeing”:
    a trail of fingernail gouges as Burr is pulled off the cliff of mounting debt whimpering stock RE phrases!

    here’s a practical tip: don’t forget to take off the name tag when you donate your real estate blazer to goodwill.

    and STOP SPAMMING ME with desperate texts filched from a long-ago elem. school pta field-trip driving list.

    1. Make no mistake, any way in which the fake President attempts to bribe groups by thief of the tax coffers, will only be temporary bribes , until the Insurrectionists take over, and everyone gets nothing, and will be happy, according to the freak Klaus Schwab.
      You are to die because a small group of psychopaths think only they deserve to live .

  31. As I watch some of the clips from the WEF meeting , I am grossed out how this unelected group of about 2500 talk like they are the rulers of the World , who will determine the fate of this planet. .

    These are a group of Private Party Corporations , under the leadership of Klaus Schwab , that constitute a infiltration of World Governments and sovereign Countries for a One World Order Dictorship by them .
    They are the so called ” Stakeholders”, in this power grab that apparently plans to take over the World , and reduce populations to deprived and hacked slaves , with no freedoms whatsoever.
    The World will be designed to serve the Stakeholder rich Corporations, billionaires and trillionaires, that claim they are saving the earth.

    In a sane World, this small group of insurrectionists
    would been deemed a terrorist group trying to destroy all that has been developed in the Western World .
    And regular people are being labeled terrorists by the Biden Administration, who is the Puppet and byproduct of a rigged election, who is carrying out the treasonous takeover by the WEF , build back better in their agenda.
    Of course World populations didn’t vote for this , and that is why they spent years to infiltrate Governments to carry out this takeover.
    Medical Tyranny and Save the World from Climate Change are the false narratives that they use to wage a assault on humanity.
    No other choice but massive non compliance by populations of the globe , because the governments have been to corrupted by these psychopaths, and the Judicial is being compromised also.
    If you don’t want to be locked down all the time, forced to eat bugs, mandated to be injected with poison, deprived of energy, hacked and every freedom taken , than what choice do you have.
    They are the groups that decided to attack the human race, after a parasite looting and thievery of the labors of humanity.
    They want to own everything, and you own nothing, and that’s the equity they plan.
    After the shock of this takeover being in operation mode, with millions of victims no doubt being killed or injured already, I know this enemy must be defeated, or we are all toast.

      1. I have been trying to figure out what they are.

        I think they use any ideology necessary for the purpose of takeover.
        It appears that they just have a sinister plan to eliminate most the populations of the World, enslave the rest, so they can have some kind of World created for themselves.
        Its just a will to power by psychopaths who think the earth belongs to them , and the rest needs to be killed.
        So, are they actually anarchists , who want to destroy all that has been , for a self serving agenda of Planet earth for the Rich and Elite.

    2. this unelected group of about 2500 talk like they are the rulers of the World

      Who want at least half of us dead and gone, preferably ASAP.

      1. Even that evil bastard Henry Kissinger is calling for peaceful Ukraine/ Russian end of War with Ukraine giving up territory to Russia.

        No doubt Kissinger is getting nervous that these dumb asses are going to push us into a necular war with Russia.
        George Soros wants to go to war with everybody, and that demented Biden is putting the whole World at risk, with his big shot insanity.
        Even the Pope is calling for peace and a end to this .
        This is a dangerous time in history with people like Joe Biden and Nancy Pelosi welding such power .
        The arrogance and pathetic lack of common sense from these crooked nut bags is astounding and alarming .
        Oh, and forget taking the unneeded monkey pox vaccine because I hear its snarly.

        1. No doubt Kissinger is getting nervous that these dumb asses are going to push us into a necular war with Russia.

          Or, they know that Ukraine will eventually fall, meaning they will lose all their Ukrainian a$$et$. Better to let Putin keep the Donbas if that means they can keep almost everything they raided years ago. Not to mention keeping a very useful money laundering operation.

          1. The “elites” of the world are simply milking the people/countries of the world through graft rackets. If the Ukrainian people actually knew what was going on, they’d revolt. Same with the people of the US.

            None of these phony wars are about anything other than billionaires maintaining capital flows, where sovereign wealth flows right into their pockets. “Let them eat cake” is alive and well.

        2. Amazed that someone so old is still so concerned about his own wrinkled ass.

          Went to a doctor today, amazed no masks. Good sign.

    3. As a United States citizen, I will not advocate for the extra judicial deaths of any United States elected officials, because Glowie.

      Non United States citizens are fair game. Find them. Kill them. If they are beyond the jurisdiction of Glowie, they all need to die.

  32. Headline:

    Gas prices have soared so high that the US is now seeing demand destruction ahead of the summer driving season

    This was the objective: they don’t want you to be able to go anywhere, and they plan to eventually make car ownership unattainable for the majority.

    1. Globalists gonna globe.

      I was explaining to a younger electrician today the concept of “torches and pitchforks” and how that was how peasants back in the day could revolt, because it was all they had to fight with.

      The Day Of The Rope is coming.

      Because it has to, f* these globalists…

  33. By Dan Lyman Wednesday, May 25, 2022

    A woman suffered severe injuries when she was viciously attacked by at least three men in New York City last week, according to reports.

    The horrifying incident unfolded in the Bronx just after 9 p.m. on May 18, but police just released footage this week in hopes of identifying suspects involved.

    NYPD NEWS
    @NYPDnews
    ·
    May 25, 2022
    🚨WANTED for ASSAULT: Do you know these guys? On 5/18/22 at approx. 9:14 PM, on the corner of Lydig Ave & White Plains Rd in the Bronx, the suspects assaulted a 37-year-old female, leaving her with a broken jaw. Any info? DM @NYPDTips, or anonymously call 800-577-TIPS.

    https://twitter.com/NYPDnews/status/1529432356473524225?s=20&t=Hearntq0yktnRI3aRHz-Xw

    1. I was attacked majorly on the subway at least twice, and this was when it wasn’t all that common. I’ve mentioned that I’d like to gather all the stories my friends told about things that happened to us over the years traveling on the subway. Some hilarious, others not so funny.

  35. The largest mass killing of school children was in 1993 in Waco, Texas. The perpetrators are all living on a Federal Pension today.

  36. George Floyd was not murdered. He died of a fentanyl overdose due to a drug laced suppository that he inserted into his rectum before he went shopping with forged currency before resisting arrest against several police officers.

    1. George Floyd was a deadbeat dad whose kids did not even recognize him, much to the contrary of the media narrative of doting dad.

      “The mainstream media is the enemy of the American people.”

      ~DJT

  37. This is information from amazingpolly.com that you can take or leave based on wanting to know about a known natural cure for all the pox diseases.
    Ok, so its a North American plant called Purple Picture Plant, or Sarracenia Purpurea.

    A university has been working on it for years and are in the trial stage on it.
    But anyway, this was a well known cure known by the Native Indians. It was written about in the 18th century as a effective cure for the pox diseases.
    Like many remedies, modern medicine buried this natural remedy in favor of the …..vaccine.
    Apparently you can order the seeds and grow the stuff.
    Look, I suspect that a concerted effort is going to be made to erase information on this on the internet.
    Anyway, just passing on information from this website by a researcher named Polly.
    A Dr Daniels says the pox diseases are actually a nutritional deficiency leaving the person vulnerable
    to the pox diseases.

    1. Let’s take those numbers from that Vegas crib and plug them into jeff’s bubulator.

      $615,000 + $120,000 = $735,000 ÷ 3 = $245,000

    2. The stone kitty cats out front have to go along with the three slab tripping hazards. WTF? The exterior beige is the right color for the area, and I like the Xeriscape given the water situation. However, the interior colors are too bright, so the curtains would have to stay closed for ten months of the year. I’d never sign on for $600k worth of stucco in Las Vegas’ service sector economy.

  39. Do you sometimes suspect that #RealFinancialJournalists may read our posts?

    Not that anything is wrong with that. I’m happy if they share our gospel of housing CR8R with the rest of the planet.

    1. The Financial Times
      Opinion Unhedged
      US house prices never go down
      I mean, they don’t, right?
      Robert Armstrong
      yesterday

      Good morning. Once again, I could not bear to write about the Federal Reserve minutes. James Politi wrote a nice newser on them, though. Most pundits seemed to think they were a touch dovish. At Unhedged we think the data that will drop in the next couple of months are way more important than further microanalysis of the Fed’s “reaction function”.

      Am I wrong to wave the minutes away? Was there an interesting nugget in there? Email us: robert.armstrong@ft.com and ethan.wu@ft.com.

      Safe as houses?

      Yesterday we looked at a chart of plummeting US new home sales, one of several examples of slowing consumer activity. Sales are down 40 per cent from their peak month in 2020. That’s striking, but it is more interesting still to look at the drop-off in transactions in the context of stable prices. Here are US existing house sales against median sales prices:

      [FIGURE NOT SHOWN ON HBB]

      Even as 30-year fixed mortgage rates have gone from 3 per cent to over 5 per cent in just five months(!), prices haven’t budged.

      Suppose back in December you were going to buy a house for $425,000 with 20 per cent down. But you didn’t get a deal done for whatever reason. The change in rates means that the monthly mortgage payment on your dream home has now gone up about 30 per cent, from $1,442 to $1,877. That’s $5,220 in additional payments a year. More to the point, if your mortgage budget was fixed at about $1,442, you are now shopping for a $325,000 house. That is a really different house.
      …

    1. FT Collections Economists Exchange
      FT Collections Global Economy
      Olivier Blanchard: ‘There’s a tendency for markets to focus on the present and extrapolate it forever’
      The macroeconomist argues that the current situation is a bump but that we will return to very low real interest rates and the same problems we had before
      Martin Wolf yesterday
      This is part of a series, ‘Economists Exchange’, featuring conversations between top FT commentators and leading economists

      In an Economists Exchange published just over a year ago, I discussed the risks of an upsurge in US inflation with Larry Summers, former US Treasury secretary. Summers, a staunch Democrat, criticised the Biden administration for the scale of its fiscal stimulus, which would, he feared, lead to significant overheating and then inflation. Subsequent events apparently vindicated his worries.
      …

      1. “Olivier Blanchard: ‘There’s a tendency for markets to focus on the present and extrapolate it forever’”

        Herbert Stein’s Law:

        Anything that cannot continue forever will stop.

  41. This is a urine soaked mattress article.

    The Guardian (re-publishing the Associated Press) — False conspiracy theories flourish after Texas shooting in familiar pattern (5/26/2022):

    https://www.theguardian.com/us-news/2022/may/25/texas-school-shooting-false-conspiracy-theories-social-media

    No article excerpt needed, because Real Journalists gonna Real Journalist.

    Three words:

    Registration
    Confiscation
    Extermination

    The Second Amendment of the United States Constitution is more important than this country itself.

    Globey, try grabby grabbing, and you gonna DIE 🙂

Comments are closed.