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The Safety Valve Of Being Able To Sell In A Rising Market Is No Longer There

A report from the San Diego Reader in California. “Like a flock of birds changing flight abruptly and in unison, so could go the real estate market. One Sunday, a few months ago, I held an open house for one of my listings in Mount Helix. The comparable sales supported a list price of $1.2M. Knowing the fervor of the market, we pushed the envelope and listed at $1.4M. Some 200 people came through the open house and at one point, in the middle of the crowd, a man loudly demanded that I ‘shut down’ the open house for his $1.6M cash offer right there and then.”

“Of course, I couldn’t stop the open house and multiple bids flowed in. The sellers accepted an offer for $1.8M making it the highest selling home in Mount Helix history for a house under 3,000 square feet. But now the wind is shifting. Though home prices are at an all-time high – the median price for a home in San Diego is an eye-popping $975,000 – signs are emerging of a cooling market. Days on market are increasing. Price reduction announcements are filling inboxes and when a home generates multiple offers, it’s not quite as many as before.”

The Associated Press. “Price drops are becoming increasingly common, particularly in hot migration destinations, according to Redfin. In Boise, ID, where home prices are up 62% in the past two years, 41% of home-sellers dropped their price in April, the largest share among the 108 metropolitan divisions included in Redfin’s analysis. That’s up from 10% a year ago. Cape Coral, FL (33%), New Orleans (32%), Baton Rouge, LA (31%) and Sacramento (30%) rounded out the five markets that are driving the national rate of price drops to its highest level since October 2019.”

“More than 20% of home sellers dropped their price in April in seven of the 10 most popular April migration destinations (Cape Coral, FL; Sacramento; North Port, FL; Tampa, FL; Atlanta, GA; San Antonio, TX and Phoenix). ‘Conversations with prospective sellers are longer and more emotional now than they were just a few months ago,’ said Boise Redfin real estate agent Shauna Pendleton. ‘If your home has been listed for several days with little or no interest from buyers, it’s time to consider dropping the price. If you do have to drop the price, you are far better off doing one large price drop instead of a series of smaller price drops. A larger number of drops is often interpreted as desperation and encourages buyers to wait even longer or make a lower offer.'”

The Naples Daily News in Florida. “For the first time in two years the ‘snowbirds’ have flown the coop. Seasonal residents are leaving southwest Florida, headed north for the summer. With the mass exodus of seasonal residents, many wonder if this means the scorching hot housing market is going to cool down with inflation now at an all-time high?  It is still a seller’s market but that has started to even out. We aren’t seeing the large offers over asking price or bidding wars as much as we were a few months ago. With rate increases and mortgage requirements for appraisal sellers need to be aware of what the buyers purchase abilities are.”

“Buyers also expect a home to be ‘lipsticked’. They aren’t expecting a fully redone home, but fresh paint, newer carpets and curb appeal are expectations that buyers have.”

From WTVF in Tennessee. “When Sarah Bendorf found her Nashville home for sale , she acted quick. It’s been under construction ever since. ‘But we were thinking we’d be able to refinance when we were done- low to mid three’s- and it would still be plenty affordable,’ said Bendorf. In the end of April she locked in a conventional mortgage at a 45 day rate lock. ‘If we’re not finished [with construction] in a couple weeks and can close on that conventional loan at 4.75- now interest rates are in the high five’s and makes it unaffordable,’ said Bendorf.”

“She’s not alone. ‘We are seeing our interest rates come back from a historical low rate from the past couple of years and it’s starting to stabilize out,’ said Detorie Vaughn Walker, a realtor with The DM Group. That stabilization, he said, could be the reason Nashville’s red-hot market is slightly cooling off. ‘And when we say there’s like a slowdown, what we’re saying is instead of seeing ten offers on a house that we list, we’re going to see maybe two to three,’ said Walker. ‘Or instead of being on the market 24 hours, you might be on the market for a week.'”

From Banker and Tradesman. “Owners who are just now putting their homes on the market appear to be an optimistic bunch. Whether they are too hopeful remains to be seen, but the signs are pointing to a slowdown that could stop the march of ever-higher prices. Even the new-home sector is seeing demand wane. Builders report that traffic has declined to its lowest point since last summer. And the share of adults planning to buy any house, new or existing, within the next year has fallen for three straight months, the National Association of Home Builders reports.”

“‘The decline is evidence that the COVID-induced boost to housing demand is past its peak and is now softening,’ says the NAHB’s Rose Quint.”

“According to new research from Clever Real Estate, a third of potential sellers, fearful of missing out on huge profits, have moved up their plans. And nearly half of them fully expect to sell for more than their asking price. Forget the fact that almost 30 percent also expect to accept an offer within two weeks of listing. The question is: Have they already missed the boat? According to Redfin, 15 percent of sellers dropped their asking price during the four-week period ending May 1.”

From Summit Daily in Colorado. “The past year has seen an unprecedented period in Summit County real estate history, with skyrocketing prices and a flurry of local and national buyers scrambling to capture the limited available inventory. And with the first hints of a recession now on the national horizon, many sellers are wondering if this is the right time to cash in on the momentum, before circumstances change.”

“Debbie Nelson, broker-owner with Nelson Walley Real Estate, suggests that circumstances have indeed changed in recent months, with the gold rush-styled surge in mountain property sales finally taking a breather. ‘We saw an incredible buyers’ frenzy from June until about mid-March – every property got multiple offers and prices were all way over list, based on less than 75 total properties on the market,’ she says. ‘Buyers were rushing to purchase, but that has completely changed. We’re now headed back to market conditions more like what they were, pre-COVID.'”

“‘It’s still a sellers’ market, but things are returning to it being a normal pre-COVID sellers’ market, and we’re seeing the super hyper activity of the last 18 months tapering a bit,’ says Ned Walley, broker-owner. ‘We now have to remind people that, even on under-$2 million sales, it may take four to six weeks to sell a home, not the three days it has been this past winter.'”

The Georgia Straight in Canada. “Home prices in Metro Vancouver have managed to stay up in the face of declining sales. Moreover, a report by Vancouver-based realty agency expects prices to generally hold steady. Dexter Realty stated that the ‘issue of supply will continue to dictate price and how much pressure there will be to come off the highs that have been achieved in the last 18 months. We might even see prices for some areas and types of homes just hover around those highs as opposed to showing much correction at all. Why would home owners sell for less if they don’t have to?'”

“Dexter Realty partner Kevin Skipworth explained that there are ‘two parts to the real estate market: activity and prices.’ He stated that a ‘change in activity doesn’t necessarily correlate to a dramatic change in prices.’ ‘Be prepared for words like ‘plunged, steep declines, slump’ when really, we should be saying ‘average, balancing and expected’,’ Skipworth suggested. The realty executive continued, ‘Many are dusting off their adjectives to try and put a label on current market trends, when in fact this market is really doing what we expected it to do in the face of rising interest rates and global challenges – and more so incredible activity in the last year and a half.'”

The Globe and Mail. “‘The average family is not buying a cottage,’ says Chuck Murney, president of the Lakelands Association of Realtors. ‘The average Canadian has been priced out.’ Median average waterfront properties in Ontario’s cottage country – the Lakelands region – now sell for an eye-popping $1.2-million, up 125 per cent from $535,000 since April, 2020. Mortgage amounts on those properties have ballooned by more than half a million dollars, based on a 20-per-cent down payment.”

“Skyrocketing values and surging interest rates have, in turn, driven up payments on those mortgages – a staggering 159 per cent in the same time frame – from $1,958 to $5,081 a month. And we’re talking just over the past 24 months, my friends. Let’s be honest here. The market’s never seen a price run-up like this. Ever. And these nosebleed prices will now be tested by up to 300-plus basis points of rate tightening and possibly even recession.”

From News.com.au in Australia. “The NSW government is racing to prepare a bailout package for Metricon as the troubled builder teeters on bankruptcy, according to a new report. Many of its customers and employees remain concerned about its future. One Queensland couple who signed a contract with Metricon for the construction of their home near Ipswich said they not received information about the status of their build, with the company pointing them to a media statement in response to questions.”

“Emily Martin told Nine newspapers she had signed a contract with Metricon in November but was unsure when construction would start. ‘Between our land deposit and house deposit we’re $38,000 out of pocket, and we’re not within a month of the build starting,’ she said.”

The New Zealand Herald. “Auckland’s market downturn is leading to quiet auction rooms and one real estate agency recently cancelled five auctions the day before they were due to take place because no one had registered to bid on the homes.  The drop in auction sales is being attributed to Auckland’s slowing housing market and some real estate agencies are looking to avoid wasting their sellers’ time by cancelling auctions if bidders aren’t registered early enough.”

“Property website OneRoof reports just 23.4 per cent of Kiwi homes going under the hammer last month sold during their auctions. In the past week, Auckland real estate agency Barfoot & Thompson had even fewer homes sell: 25 out of 131 homes sold under the hammer – a 19 per cent clearance rate, according to media outlet Interest.co.nz.”

“OneRoof editor Owen Vaughan said the new data pointed to further price drops in the future. ‘The biggest concern for those who bought at market peak is whether or not their property is worth less than what they paid for it,’ he said. ‘For those who plan to be in their home for a long period and can repay their mortgage, negative equity won’t be a pressing issue. But rising interest rates and cost of living pressures will put the squeeze on homeowners and the safety valve of being able to sell in a rising market is no longer there.'”

“Ray White Manukau owner Tom Rawson said his agency had been seeking to pre-register bidders as early as possible before auctions since the middle of last year. Pre-registering allowed Rawson team to ensure all the auction paperwork is done on time, including details of proof of ID, a home loan pre-approval letter, anti-money laundering data and details of the buyer’s lawyer in case they ‘fall off the face of the earth’ after bidding. Most of the industry had now followed in their footsteps and implementing the same processes, Rawson said.”

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This Post Has 94 Comments

  1. ‘The sellers accepted an offer for $1.8M making it the highest selling home in Mount Helix history for a house under 3,000 square feet’

    Winnahs!

    ‘But now the wind is shifting. Though home prices are at an all-time high – the median price for a home in San Diego is an eye-popping $975,000 – signs are emerging of a cooling market. Days on market are increasing. Price reduction announcements are filling inboxes’

    Wa!

  2. ‘Between our land deposit and house deposit we’re $38,000 out of pocket, and we’re not within a month of the build starting’

    Well it was cheaper than renting Emily.

  3. ‘that has started to even out. We aren’t seeing the large offers over asking price or bidding wars as much as we were a few months ago. With rate increases and mortgage requirements for appraisal sellers need to be aware of what the buyers purchase abilities are’

    Naples is a little canary down there. The local REIC does a good job of covering up the crater, so if it gets into the Daily News or News Press it’s already bad.

    1. Well, the wife and I found a home we’d like to buy.

      Asking is 905k.

      Our offer is going to be $715k.

      Property sold last year for $668k.

      I feel that even our offer is inflated, but I can’t in good conscience an offer any higher.

      Highly doubt they’ll accept, but we’re gonna give it a go anyways.

      Whaddya think Ben?

  4. ‘a third of potential sellers, fearful of missing out on huge profits, have moved up their plans. And nearly half of them fully expect to sell for more than their asking price. Forget the fact that almost 30 percent also expect to accept an offer within two weeks of listing. The question is: Have they already missed the boat? According to Redfin, 15 percent of sellers dropped their asking price during the four-week period ending May 1’

    People trying to time a market peak means speculation.

    2. ** “He stated that a ‘change in activity doesn’t necessarily correlate to a dramatic change in prices.’ ‘Be prepared for words like ‘plunged, steep declines, slump’ when really, we should be saying ‘average, balancing and expected’,’ Skipworth suggested.”

      by the same token, Skippy, use similar wordplay papering over undesired personal outcomes, like when you ‘splain the daughter is just “a little bit preggars” from her tatted-up crack dealer.

  6. Re-post from the last thread.

    Servant of the Corrupt (5/27/2022):

    “the portrait of the Ukraine President as a democratic paragon whitewashes the real Zelensky and conceals a vast web of corruption and international skullduggery of which Ukraine is situated in the centre. Understanding the real Zelensky, requires seeing him as a creation of Ukrainian oligarch Ihor Kolomoisky. He is, in truth, a puppet of intrigue.

    It might be hard to believe now, but revelations from documents in the Pandora Papers — millions of files from offshore service providers leaked to the International Consortium of Investigative Journalists and shared with partners around the world — sent Zelensky reeling last year, threatening to end his political career. Though the actor-turned-politico campaigned as an anti-corruption reformer, the Pandora Papers showed him to be just as crooked as his predecessors.

    Of more than 300 politicians and public officials, including several current and former national leaders, in more than 91 countries and territories to whom the documents were linked, Ukraine was home to more secret offshore holdings than any other, including Russia. The Organized Crime and Corruption Reporting Project (OCCRP), which contributed to the investigation, found that just before Zelensky was elected president, “he gifted his stake in a key offshore company, the British Virgin Islands-registered Maltex Multicapital Corp., to his business partner — soon to be his top presidential aide. And in spite of giving up his shares, the documents show that an arrangement was soon made that would allow the offshore to keep paying dividends to a company that now belongs to his wife.”

    As it was with crackdowns on free speech and political opposition, Zelensky’s office attempted to justify the use of offshores by blaming the specter of Russian aggression. An adviser to Zelensky’s chief of staff said the offshores were necessary to “protect” the group’s incomes against the “aggressive actions” of the “corrupt” regime of former President Viktor Yanukovych, who was ousted in a US-backed color revolution in 2014.”

    https://im1776.com/2022/05/27/servant-of-the-corrupt/

    1. More:

      “Shortly after taking the reins, Zelensky and his Servant of the People party began firing, supposedly for inefficiency, Ukrainian ministers with reputations as anti-corruption reformers. Daria Kaleniuk, head of Ukraine’s Anti-Corruption Action Center, told the Washington Post in March 2020 that the affair sent the message that Zelensky “can fire a person who takes a risk, for doing the right things, and blame this person for inefficiency.” Kiev-based reform reporter Oleg Sukhov echoed the sentiment last year, writing that “Zelensky has consistently protected corrupt officials from prosecution and killed anti-corruption reforms.” On the other hand, when faced with a petition calling for his dismissal, Zelensky refused to fire Oleh Tatarov, his deputy chief of staff, who had been charged with bribery …

      In 2019, just after Zelensky won his election, Kolomoisky signaled that he was prepared to pour oil over troubled waters and make peace with Russia. The civil war in eastern Ukraine has so far claimed more than 14,000 lives. The oligarch said it was enough: “They’re stronger anyway. We have to improve our relations,” he said about Russia and Ukraine according to the New York Times. But he also saw an obstacle: “People want peace, a good life, they don’t want to be at war. And you [Washington] are forcing us to be at war, and not even giving us the money for it …

      The war has completely reinvented Zelensky, thus saving his scandal-plagued presidency marked by broken promises. As a Kyiv International Institute of Sociology poll showed, just 24 percent of voters supported him in late January. But now, thanks to the West’s embracement of the actor’s new persona which often places him beyond reproach, Zelensky has become the recipient of unqualified adoration and enormous amounts of international aid money. “Before the war the U.S. was sending $300 million per year to Ukraine,” said to NPR Mark Cancian, a senior adviser at the Center for International and Strategic Studies. “Now, we’re providing $100 million a day” to what was until recently considered “the most corrupt nation in Europe,” reports (of all newspapers) The Guardian.”

      Most corrupt nation in Europe?

      “They’re not sending their best”

      1. Tomorrow is Memorial Day.

        If you are an alleged American and you say you “stand with Ukraine” you are a traitor, and if you do not leave the United States, you need to be stripped of your citizenship and re-classified as an enemy combatant.

        I owe Ukraine NOTHING.

        You have no right to steal my tax dollars and send them to this corrupt sh*thole.

  8. ‘The much-hyped revival of the Terra ecosystem is still sparking concerns over its credibility, with the price of Terra Luna 2.0 falling by around 70 percent Sunday in less than a day after its launch. According to data from CoinMarketCap, the price of the new Luna coin plunged to $5.49 as of 2:20 p.m. (KST), down by 69.15 percent from $17.80 on 6 p.m. Saturday.’

    ‘The rebirth of the Terra-Luna dual coin system came about two weeks after original Luna’s price tumbled to near zero in mid-May after Terra started falling below its intended $1 peg. The abrupt collapse of the two once-promising cryptocurrencies led to losses of trillions won for investors around the globe.’

    “Authorities remain extra vigilant on every single move that exchanges make in the wake of the Luna collapse,” an official from the industry said. “It will be realistically impossible for any Korean exchanges to support trading of Luna at a time when investigative and financial authorities launch probes into Terraform Labs and the scandal-tainted cryptocurrencies.”

    ‘It remains to be seen whether the Terra 2.0 ecosystem will be able to regain its glory, but the likelihood appears slim, as investors remain skeptical over the credibility of Terra and Luna. The unexpected demise of the old Terra ecosystem has triggered fears over the high volatility of cryptocurrencies, resulting in overall price falls of even major cryptocurrencies such as Bitcoin and Ethereum.’

    ‘According to the coin market tracker, the price of Bitcoin has fallen by around 30 percent since May 5. Bitcoin is traded at around $28,900, while Ethereum prices have been experiencing a bigger loss of around 40 percent during the same period.’

    https://www.koreatimes.co.kr/www/biz/2022/05/175_330020.html

  9. A larger number of drops is often interpreted as desperation and encourages buyers to wait even longer or make a lower offer.’”

    I smell fear. Is that you, greedheads?

    1. Just drop it so I can get commissions!! When the cheerleaders are pissing on the players its game over

  10. “‘The decline is evidence that the COVID-induced boost to housing demand is past its peak and is now softening,’ says the NAHB’s Rose Quint.”

    At the start of the scamdemic, the Fed flooded the financial system with trillions of created-out-of-thin-air Yellen Bux funny money. The effects on asset bubbles like housing were predictable.

    Jerome Powell: “As a central bank we have the ability to create money digitally”

    https://www.youtube.com/watch?v=mrjoElG8KGI

    1. From the comments: “Prison bosses launch urgent probe… my childish sense of humour is kicking in.”

    2. Surely she intends the same for her security, right? No “weapons of war” used in protection details for politicians?

      1. No “weapons of war”

        It wasn’t that long ago this administration posted thousands of soldiers in our capitol with automatic weapons pointed toward ordinary unarmed citizens. They have already declared war upon us and demand our surrender.

      1. Image file for Jeff, taken yesterday, just above treeline and just below elevation 12,000 feet.

        https://ibb.co/PNcB0JQ

        P.S. Beau appears to be enjoying his new home Back East with a large yard all to himself and lots of shade trees to sit under.

        1. “just above treeline and just below elevation 12,000 feet.”

          Looking at that reminded me of the line from Forrest Gump…,
          “when the sun comes up…I couldn’t tell where heaven stopped and the Earth began.”

          To my old friend Beau

          Enjoy your own yard and the shady trees, you’ve earned it.

  16. Listening to the callers on this morning’s C-SPAN Washington Journal program, the grabbers are talking about confiscation like its an inevitability, and it’s only a matter of when.

    They never say who will go door to door. Who will walk down those long rural driveways to grab. Who will personally visit the suburban and exurban homes in red states to grab.

    There is an unknown They / Them that will do all the grabbing, the grabbing that these clowns can’t stop running their mouths off about.

    Cold dead hands, @ssholes.

    Don’t even try…

      1. Dr Harari, some psychopath professor, that’s the admired voice of Klaus Schwab and the WEF.
        This creep Dr Harari is constantly revealing the sinister objectives of this group of Stakeholders , not elected , who are the new Gods and Rulers of the World.
        “Free will is over” , according to Dr Harari.
        ” You will own nothing and be happy” said Klaus Schwab.
        This is actually a small group of Entities that want to determine the fate of about 7.5 billion people , against their will.

        And believe me , according to the writings going back about 100 years, these Entities plan to take all personnel property rights of populations, and they are heavy into depopulation.
        They have a basic hate for people, and Dr Harari calls people “useless eaters.”

        Of course they try to demonize and be dismissive to the populations they want to victimize, take their free will, and maybe take their lives.

        They really want to be slave masters, using technology as a means.
        They are the terrorist cult of lunatics that have declared war on humanity.

        1. All of these elite travel around the globe in private jets. Who maintains and refuels all of these jets? Are the mechanics and technicians super rich tycoons? No, they are working class stiffs. What happens when one or two mechanics sabotage Schwab’s jet, for example, tamper with the presurrization system? Payne Stewart’s jet crashed because of problems in these systems.

          The reality is that the Uber rich rely 100% on hundreds of peasants to keep themselves alive and well. They are the most vulnerable people on earth since they have no survival skills themselves. Can you imagine Oprah waddling down the hill from her mansion with a 5 gallon can trying to find water? Turn off the electricity and it’s just a matter of time before these people will turn into begging peasants.

          3. Most people’s view of what things will look like when the apocalypse comes is based on movies and fiction. Nobody looks at what really happens when real apocalyptic events hits a city or country. For example, look at what to all the major German cities looked like after the War. Total devastation, everything destroyed, no water, power, utilities. No food. Same thing happened to Japanese cities. Or look at what just happened to Japan in the Great East Japan Earthquake in 2011. Destruction on a scale that only happen from a giant earthquake, tsunami and nuclear meltdown.

            How did the people react to the situation? It wasn’t like a bad dystopian movie. Japan is an exception in this regard since the social fabric is so tightly woven. For example, almost 20,000 died or went missing and countless thousands were injured. Entire cities and towns were leveled–nothing was left. There were tens of thousands of lost wallets that littered the landscape. What did people do when they found a wallet? They turned it into the police–virtually none was missing any cash.

            So when the SHTF in this country, realistically speaking the vast majority of people are going to have to shelter in place, most likely their homes. And that means that even the well prepared will only have provisions for a relatively short time. Leaving cities or urban areas will be impossible for most since there won’t be any fuel available.

            And being in your car anyplace is probably the most dangerous place you’ll find. The bad guys will descend on any vehicle that looks that it contains supplies, money or weapons. And unless you have a bunker in the middle of nowhere in Nevada stocked with a year of supplies, you’re going to be stuck where you are right now.

            The cottage industry of companies catering to the survivalists and preppers is just making bucks off of people’s unrealistic fears.

            I knew someone who was the CEO of a large nursing facility in a bad part of Los Angeles. They had enough emergency supplies to take care of their elderly residents for a month stocked in their basement. They brought in experts to advise them on how to prepare for “The Big One”. The complex was secured by a heavy security fence to keep the riff raff out. But the experts said that one of the biggest dangers was from the people living around the facility–what were those folks going to do when they ran out of water and food?

            My CEO friend was told that they should be prepared to help out their neighbors if people started suffer from a lack of food and water. When the big one hits, your biggest enemies isn’t going to be a lack of food, water and shelter. It’s going to be the other 1,000,000 people living all around you.

            Sneaking out of town with your “Gray Man” outfit, sunglasses, watch cap, black tactical backpack, Glock with 20 clips, etc will only guarantee that you’ll get shot in the back after about 20 blocks.

            Given how interdependent all of our cities and towns have become for their electricity and basic goods, my worry is if the earth gets hit by a giant solar storm that knocks out the power grid and thus all of our transportation networks (because there won’t be any way to transport or pump fuel, and the entire air infrastructure will be grounded), the consequences could be enormous. Just knocking out the internet would cause chaos.

            Face it, we’re all slaves to technology and without fragile wires and poles, our entire world would cease to exist. And because of the insane decisions made to “fight” globull warming like closing power plants and relying on unreliable and useless windmills, a relatively small natural event could snowball into something affecting our entire country.

            A war in Europe and Asia right now would destroy a huge part of the World economy. And since the rich living in big homes and those that live in ivory towers are easy targets, they’ll be the first place that hungry and desperate people will storm when the food runs out.

  18. ‘Be prepared for words like ‘plunged, steep declines, slump’ when really, we should be saying ‘average, balancing and expected’

    That’s why you make the big bucks Kevin.

    ‘Many are dusting off their adjectives to try and put a label on current market trends’

    Here’s some dusted off stuff, a$$ poundings galore, K-da crater, buyers remorse and Bob Rennie is still the biggest asshole in Canada!

    A Long Rant About Bob Rennie : vancouver – Reddit
    https://www.reddit.com/r/vancouver/comments/…/a_long_rant_about_bob_rennie/

    May 16, 2016 – One year ago I was blood boiling angry with Vancouver “Condo King” Bob Rennie. I recall distinctly thinking “I want to … You’re just rambling about how people are misattributing the housing bubble as being the result of foreign investment and idolizing an asshole developer.

    Sep 13, 2017
    Brace for more housing shortages, warns Vancouver real estate guru

    torqcampbell on Twitter: “bob rennie: current title holder of the biggest …
    https://twitter.com/torquilcampbell/status/744880110449332224
    Jun 20, 2016 – … bob rennie: current title holder of the biggest asshole in canada

    ASKBiblitz on Twitter: “Crash! And take that asshole Bob Rennie with it …
    https://twitter.com/leobiblitz/status/613724921789743104

    And the “Winners” are … the Worst of Vancouver, 2015 | scamcouver
    https://scamcouver.blog/2015/09/…/and-the-winners-are-the-worst-of-vancouver-201…

    Sep 28, 2015 – BMW (possibly an M5, possibly belonging to Bob Rennie) … be an asshole.

    2013: The Scam Reviewed | scamcouver
    https://scamcouver.blog/2013/12/31/2013-the-scam-reviewed/

    Dec 31, 2013 – bob rennie is an asshole

    http://housingbubble.blog/?p=1144

      1. The Financial Times
        Coronavirus pandemic
        China fails to work out a plan to ease its economic malaise
        Covid lockdowns strangle growth but there seems little officials can do to surmount the challenges
        Delivery workers wearing protective gear rest during a lockdown in Shanghai
        Commercial activity has been hammered by restrictions aimed at eliminating Covid-19
        Tom Mitchell in Singapore, Sun Yu in Beijing and Cheng Leng in Hong Kong May 28 2022

        Premier Li Keqiang issued a bleak warning on Wednesday about the perilous state of China’s economy, telling more than 100,000 officials in a nationwide video conference that they urgently needed to boost growth, reduce unemployment and secure the summer grain harvest.

        But the lack of any concrete new initiatives from the central government and muted state media coverage of the event suggest that there is still no easy way out of the economic crisis triggered by president Xi Jinping’s controversial zero-Covid policy. The strategy has brought commercial activity to a complete or near halt in dozens of cities over the past three months.

        Just a few hours after Li spoke, Chinese state television’s main evening news broadcast buried a brief and much softened version of his remarks in the middle of its bulletin. It led instead with a long item about Chinese police officers — who pride themselves on being “the handle on the Chinese Communist party’s knife” — heaping praise on Xi.

        The footage showed more than 1,400 uniformed officers applauding Xi and carried a clear message for cadres across the country that mounting concerns about the world’s second-largest economy would not supplant pandemic control as the party’s priority.

        “After watching the news, it feels pretty hopeless,” said one government official in eastern Jiangsu province, who is trying to help revive the local economy. “There was much more coverage of everyone applauding [Xi].”
        …

        1. It led instead with a long item about Chinese police officers — who pride themselves on being “the handle on the Chinese Communist party’s knife” — heaping praise on Xi.

          All collectivist regimes are all about wielding power for the sake of power, and ensuring the state has a monopoly on coercive firepower. The globalists and their Democrat-Bolsheviks can’t fully drop the mask as long as millions of Americans have the will and means to resist tyranny.

    2. The Financial Times
      Global Economy
      Emerging markets hit by worst sell-off in decades
      Central banks’ rate rises, geopolitical risk and slowing growth trigger investors’ stampede for safety
      An employee working at a textile factory in Anqing, China
      A textile factory in Anqing, China. Large inflows to Chinese markets in the past couple of years have gone into reverse
      Jonathan Wheatley in London May 28 2022

      Emerging market bonds are suffering their worst losses in almost three decades, hit by rising global interest rates, slowing growth and the war in Ukraine.

      The benchmark index of dollar-denominated EM sovereign bonds, the JPMorgan EMBI Global Diversified, has delivered total returns of around minus 15 per cent so far in 2022, its worst start to the year since 1994. The decline has only been slightly eased by the broad rally across global markets in recent days, which ended a seven-week losing streak for Wall Street stocks.

      Nearly $36bn has flowed out of emerging market mutual and exchange traded bond funds since the start of the year, according to data from EPFR; equity market flows have also gone into reverse since the start of this month.

      “It’s certainly the worst start I can remember across the asset class and I’ve been doing EMs for more than 25 years,” said Brett Diment, head of global emerging market debt at Abrdn.

      [Column chart of Weekly flows to/from emerging market mutual and exchange traded funds ($bn) showing Fund managers dump EM debt]

      Developing economies were hit hard by the coronavirus pandemic, straining their public finances. Rising inflation, slowing global growth and the geopolitical and financial disruption caused by Russia’s war in Ukraine have added to the economic pressures they face. The investment outflows threaten to worsen their woes by tightening liquidity.

      David Hauner, head of EM strategy and economics at Bank of America Global Research, said he expected the situation to get worse.

      “The big story is that we have so much inflation in the world and monetary policymakers continue to be surprised by how high it is,” he said. “That means more monetary tightening and central banks will continue until something breaks, the economy or the market.”
      …

  20. This is a Colorado Is Over article.

    Colorado Is Over.

    Colorado Sun — Welcome to Colorado. Do you have a reservation? (5/27/2022):

    “Crowded parking lots aren’t the only reason parks implement a reservation system. Bigger crowds have led to more waste, more shortcut trails that tear down the land, and more poaching of wildlife in the past several years, according to officials at Rocky Mountain National Park.

    Reservations look to be the future of outdoor exploration in Colorado and the emerging approach to accessing public lands. Some of Colorado’s busiest locations will require timed entry reservations that can fill up months in advance.”

    https://coloradosun.com/2022/05/27/public-lands-reservation-national-park-forest/

    When I go camping on holiday weekends, I camp on private land that is OWNED, owned without a mortgage.

    Colorado is OVER.

    1. It’s getting harder and harder to find parking at the trailheads of my favorite local hiking trails.

      1. Around liberal Bellingham, WA the broken window vehicle prowls are happening more frequently at their trail parking spots too. An early riser, my daughter also sees hooded thieves looking in parked car windows along the street from her 3rd floor window.

        1. One of the more strident libtards in my ‘hood had the catalytic converter stolen from her Lexus hybrid. The non-Amish thief was caught on her security camera footage, but he was in and out in a matter of minutes. A replacement was going to cost over $4K, and the garage couldn’t tell her when they’d have the catalytic converter in stock. It took max discipline not to smirk. Ya reaps what ya votes, sweetie.

  21. Re: The biggest concern for those who bought at market peak is whether or not their property is worth less than what they paid for it

    Isn’t that the definition of a peak ?

    1. $50 a square foot and $500 an acre are residential real estate hallmarks, by definition.

      Orange, CA Housing Prices Crater 11% YOY As Mortgage Defaults And Foreclosures Ravage Southern California

      https://www.movoto.com/ca/92705/market-trends/

      As one regulator shared, “Housing sales in California rival any of the known crime syndicates out there. And we’re getting set to deal with it.”

    1. Without the Second Amendment, the Constitution and the Bill of Rights are not even worth the paper they are printed on.

      Medical tyranny happened in Canada and Australia for a reason, because they do not have the means to resist and overthrow tyrannical government.

      We will never allow that to happen here.

      2. “Without the Second Amendment, the Constitution and the Bill of Rights are not even worth the paper they are printed on.”

        Indeed. Completely agree!

    2. “the number of students killed by any sort of gunfire at school in the past decade, including the victims in Uvalde, it works out to 10 deaths per year”

      More than 107,000 Americans died from overdoses last year. This drug is behind most deaths.

      Deaths from the synthetic opioid fentanyl increased 23% to account for two-thirds of overdoses last year, according to the Centers for Disease Control and Prevention.

      Ken Alltucker
      USA TODAY
      May 11, 2022

      https://www.usatoday.com/story/news/health/2022/05/11/illicit-fentanyl-propels-overdose-deaths-us-new-record/9720422002/

      1. And don’t forget all the decades long deaths by pharmaceutical meds/vaccines.

        They love to divert from what is the true cause of premature deaths in USA, including the outrageous amount of deaths and injury due to the Covid vaccine.

  24. The Republican base needs to purge all sell-out RINOs, corporate stooges, and AIPAC hirelings from the GOP.

    ‘Liz, you’re FIRED!’ Trump calls anti-MAGA Republican Cheney a ‘lapdog for Pelosi’ as he rallies for her primary rival Harriet Hageman – and flashes up photo of the Wyoming Rep. with George W. Bush’s face superimposed on hers

    https://www.dailymail.co.uk/news/article-10864151/Lauren-Boebert-wants-hunt-RINO-Liz-Cheney-says-open-carry-restaurant-safest.html

  26. For Australian FBs, the Wile E. Coyote moment approacheth….

    Buying a new home is not worth the risk

    https://www.macrobusiness.com.au/2022/05/buying-a-new-home-is-not-worth-the-risk/

    With Australian home builders falling like flies amid soaring materials costs, as well as the prospect of soaring interest rates and falling property prices, Justin Lawrence – a partner with Henderson & Ball Lawyers – believes a “perfect storm” fraught with danger now faces buyers of off-the-plan properties:

    “We could have a crunch where some buyers are re-assessed by lenders negatively, where they say that you are too great of a risk for us,” Lawrence says…

    Sam Lally​, from Buyer’s Advocate Australia, says at the end of the day, “a property’s loan-to-valuation ratio still has to stack up for a lender”…

    Those who recently signed purchase contracts could find their valuation at completion comes in a lot lower than it is now, he says.

  28. If the globalist media is clutching its pearls over something, it’s usually a healthy phenomenon. I would be delighted to see “Christian nationalists” spearhead a top-to-bottom purge of Establishment GOP globalist and corporate stooges like Mitt Romney and Liz Cheney.

    Christian nationalism on the rise in some GOP campaigns

    https://apnews.com/article/2022-midterm-elections-pennsylvania-religion-nationalism-8bf7a6115725f508a37ef944333bc145

    PITTSBURGH (AP) — The victory party took on the feel of an evangelical worship service after Doug Mastriano won Pennsylvania’s Republican gubernatorial primary this month. As a Christian singer led the crowd in song, some raised their arms toward the heavens in praise.

    Mastriano opened his remarks by evoking Scripture: “God uses the foolish to confound the wise.” He claimed Pennsylvanians’ freedom would be “snatched away” if his Democratic opponent wins in November, and cast the election in starkly religious terms with another biblical reference: “Let’s choose this day to serve the Lord.”

    1. I’m not even religious but I can support this.

      Anecdotal, but every self-proclaimed “atheist” I’ve ever met has only ever been critical of Christianity. Every other religion gets a pass, but they hate Jesus and they hate people who follow his teachings.

      “They’re not sending their best”

      1. but they hate Jesus

        Luke 2:34:

        And Simeon blessed them, and said unto Mary his mother, Behold, this child is set for the fall and rising again of many in Israel; and for a sign which shall be spoken against

  29. Rick Palacios Jr.

    ‘Even the hottest of housing markets now showing signs of cooling. #Austin resale agent from our survey this month: “The market has slowed tremendously in the last 10 days.”

    https://twitter.com/RickPalaciosJr/status/1530904332912037888

    Some replies:

    ‘It’s anecdotal, but here in San Diego I went to an open house on Friday that was packed. I was almost too discouraged to make an offer, but agent says still no offers have been submitted 3 days later’

    ‘SoFL is having a race of price reductions via Zillow’

  30. We’ve seen this movie before, and know how it ends: not well.

    UK’s Credit Market Tells a Grim Story of a Looming Cash Crunch

    https://www.bloomberg.com/news/articles/2022-05-29/uk-s-credit-market-tells-a-grim-story-of-a-looming-cash-crunch?srnd=premium-europe&sref=ibr3A0ff

    The sterling bond market is flashing red, with double-digit losses and borrowers put to flight.

    That’s alarming for firms that need cash. They’re up against the Bank of England’s rate rises, a cost-of-living crisis with inflation at the highest in 40 years and the slow-burning legacy of low productivity. And then there’s the added fallout from Brexit. All in, Bloomberg Economics expects the economy to shrink 0.4% this quarter.

  32. This is a “Rules For Thee But Not For Me” article.

    Alt-Market — Davos reveals building blocks for “green” social credit system (5/24/2022):

    “We’re developing, through technology, an ability for consumers to measure their own carbon footprint. What does that mean? That’s where are they travelling, how are they travelling, what are they eating, what are they consuming on our platform. So: An individual carbon footprint tracker.”

    https://off-guardian.org/2022/05/24/davos-reveals-building-blocks-for-green-social-credit-system/

    The only good globalist is a dead globalist.

    Say it louder for the people in the back?

    THE ONLY GOOD GLOBALIST IS A DEAD GLOBALIST.

      1. “It’s clear at this point in the Reset end game that the globalists have decided their only option is to try to ban the sale of military grade weapons or confiscate guns outright. Their covid agenda failed, and now they have to remove the main obstacle that stopped them in the US. They have openly admitted this intention on numerous occasions this past week. This does not mean they will be successful, only that they will make the attempt. How the public responds to such a maneuver will greatly determine the outcome. If enough people say no, then it’s not going to happen.

        In the meantime, expect a wide array of attacks on the 2nd Amendment BEFORE the November elections. There is little chance of any gun laws being passed if there is a red sweep this year. Beyond that, there is a number of executive orders than Joe Biden might try.”

        The only good globalist is a dead globalist.

    2. All together now….

      THE ONLY GOOD GLOBALIST IS A DEAD
      GLOBALIST.
      Come on now, a little louder, yell it out the window.

  33. Looks like Nancy Pelosi’s husband is a member of DAMM

    Drunks Against Mad Mothers

    Nancy Pelosi’s husband is arrested for DUI in Napa

    Photo of Staff Staff
    May 30, 2022

    Nancy Pelosi’s husband was arrested in Napa for driving under the influence.

    It is not clear if he will remain behind bars. His bail was set to $5,000.

    Nancy has not yet commented upon his arrest. It was not mentioned in her commencement speech to Brown University’s graduating students on Sunday.

    According to her representatives, the couple has a Napa vineyard and a home in San Francisco. However, she doesn’t drink according to previous statements.

    https://colorsofindia.media/world/united-kingdom/nancy-pelosis-husband-is-arrested-for-dui-in-napa/

    1. 1000 kids killed by drunk drivers every year and not a peep out of Pelosi about “the children” killed by selfish drunken fools like her husband. Then again drunks are no threat to her pillaging the wealth of this country and her authoritarian rule.

      Paul Pelosi, age 82, was arrested in Napa County late Saturday evening for a DUI

      His bond was set at $5,000 for driving under the influence and driving with a blood alcohol content level of 0.08 or higher

      Drunk Driving Statistics in 2022

      By Taylor Covington
      Updated May 18, 2022

      Over 10,000 Americans a year are killed by drunk drivers, about 1,000 of them being children. (CDC)

      https://www.thezebra.com/resources/research/drunk-driving-statistics/

      “When Fox totals the number of students killed by any sort of gunfire at school in the past decade, including the victims in Uvalde, it works out to 10 deaths per year—among more than 50 million students.”

      Pelosi Statement on Elementary School Shooting in Uvalde, Texas
      MAY 24, 2022 PRESS RELEASE

      “Across the nation, Americans are filled with righteous fury in the wake of multiple incomprehensible mass shootings in the span of just days. This a crisis of existential proportions – for our children and for every American. For too long, some in Congress have offered hollow words after these shootings while opposing all efforts to save lives. It is time for all in Congress to heed the will of the American people and join in enacting the House-passed bipartisan, commonsense, life-saving legislation into law.”

  34. Another Harari quote:

    “The biggest question..what to do with all these USELESS people. The problem is boredom & what to do with them.. when they are.. WORTHLESS. My best guess..is a combination of DRUGS & COMPUTER GAMES”

    https://twitter.com/MaajidNawaz/status/1528322061839499265

    This is the World Economic Forum.

    Which, last I looked (looks around) was never elected to govern anything. Unelected globalist bureaucrats, never elected to anything, trying to control your lives.

    Bonus beats — NWA — Something Like That:

    https://www.youtube.com/watch?v=qWXivnBhrds

    2. My best guess Mr Harari , is that when the Globe wakes up to what you want to do to people , your psycho ass is going to return to the inferno you were spawn from , where you won’t be bored burning in hell.

    2. Thoroughly unimpressed by Redfin’s CEO. “Home buyers being much more omnivorous about where they live.” People are eating houses now?!

    1. Ouch! Check out the recent futures price of the two-year Treasury note

      The truncation of the Y-axis on any chart like this is misleading.

      What looks like a YUGE drop is really just…about 0.5% ((106.1-105.54)/106.1). Back to the same price it was…7 days ago?

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