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Buyer’s Remorse Kicked In The Minute The Papers Were Signed

A report from WHIO TV in Ohio. “The housing market has seen a significant surge during the pandemic, but now it’s beginning to slow down. Rhonda Chambal, President of Irongate Realtors, said, ‘I actually have a brother-in-law who is an agent in Phoenix. He calls me and tells me what the trends are there. It seems like their market in the past month has hit a screeching halt.’ In Dayton, it’s considered to be at a normal market given factors like average salary. ‘Right now, it’s still a strong sellers’ market. We’re still seeing multiple offers usually within the first 48 hours. It’s usually 2 to 3 offers whereas last spring 10 offers would be a normal occurrence,’ Chambal said.”

From Realty Biz News. “In Boise, Idaho, home prices are up 62% over the past two years. In April, 41% of home sellers dropped their prices, the largest of 108 metro areas tracked by Redfin. More than 20% of home sellers dropped their price in April in seven of the 10 most popular migration destinations, the report says. Other areas that are seeing a rise in price drops include Cape Coral, Fla. (at 33% in April); New Orleans (32%); Baton Rouge, La (31%); and Sacramento, Calif. (30%).”

“‘Many places like Boise or Sacramento that saw a surge in migration and a sharp increase in home prices over the past two years have now seen an abrupt drop-off in demand, leading sellers to drop their prices with increasing frequency,’ said Daryl Fairweather, Redfin’s chief economist.”

NBC San Diego in California. “Homes for sale jumped 9% in the last week compared to the same time last year. Those trends are being seen across San Diego, according to San Diego-area realtors David Stone and Patty Cohen. Stone says the hot housing market that had offers made and accepted within minutes is cooling down. ‘Now my most recent listings that went on the market, there was still a lot of activity but there were only two or three offers,’ Stone said. Cohen says the market is in a transition mode. ‘Sellers are feeling the pressure of getting on the market,’ Cohen said.”

The Dallas Morning News. “Rapid home price growth in North Texas and in cities nationwide continued to break records at the start of the year, but economists expect the market could change its tune in the months ahead. Dallas-Fort Worth home showings were down 9% year over year in April and 11% since March, according to ShowingTime. ‘Mortgage costs are more than 50% higher than they were a year ago, and prospective buyers will likely start to rethink what they can afford,’ said Dan Handy, an economic data analyst for Zillow. ‘Sellers may already be responding, with the rate of price cuts now on the rise, to meet buyers where they are. Price growth will likely begin to come back towards earth as many buyers are priced out and inventory rises.'”

The New York Post. “Hamptons homeowners are quickly learning that the sky-high prices they charged the past two summers for renting out their properties are a thing of the past. The owners of one waterfront rental Enzo Morabito, of Douglas Elliman represented hoped to get $70,000 a month for the place — but, with hundreds of rentals still available, a potential renter felt confident enough to counter with an offer of $45,000. ‘We were hoping the renter would split the difference, but it’s a different market right now,’ Morabito said.”

From KHOU on Colorado. “Demand for homes in Denver remains high, but experts are noticing a few trends in the local housing market that might signal a future shift. In its May report, the Denver Metro Association of Realtors said inventory has increased, the number of showings has decreased, and in some cases, bidding wars have cooled off from the extremes seen in recent months. ‘We’re starting to see a little more of a normalization of the market, and where we’re seeing that is month-end active listing number — basically how much houses are actually on the market at the end of the month. That went up by almost 1,000 properties, which is 40% month over month, which is dramatically higher than historically,’ said Andrew Abrams, Chair of the DMAR Market Trends Committee.”

The Real Deal.”Digital mortgage lender Tomo has laid off nearly one-third of its workforce less than three months after an equity capital injection — the latest casualties in a tech and mortgage industry purge. A total of 44 employe es were let go. It is unclear if any executives were jettisoned in the downsizing, which management attributed to headwinds in the mortgage and venture capital markets.”

“‘The recent shift in the mortgage and venture capital markets due to the rapid increase in interest rates has impacted Tomo’s business plans, and led us to make changes to our near-term strategy,’ CEO Greg Schwartz told the publication.”

The Times Colonist in Canada. “People who waded into Greater Victoria’s real estate market reflect on their sometimes unsettling experiences when homes were constantly being sold above asking price. Sales figures released by the board Wednesday showed 1,776 listings in the region at the end of the month, a 30 per cent jump from the same time last year. Eric Loeper recently bought his first home after losing a series of bidding wars over the past two years. Loeper said he went from looking at townhomes to being forced to settle for a one-bedroom condo, as prices increased by about 50 per cent.”

“‘We lowered our expectations and started looking for condos in Langford. We found one we liked, viewed it the day it was listed, and made an unconditional offer that evening.’ He got that property, but it was the same price as the townhouse he made an offer on six months earlier, although it was half the size and 10 years older. ‘Imagine, you have 15 minutes to look around the property before making an unconditional offer and putting up a $20,000 deposit. The biggest decision you ever make, and you have minutes to make it,’ he said, noting the ‘buyer’s remorse’ kicked in the minute the papers were signed.”

“He said they have been asking themselves if they paid too much, and what happens if the market crashes. ‘To add to that, interest rates started rising. We have endured two interest-rate increases already, and we have not even made our first mortgage payment yet.'”

The Globe and Mail in Canada. “Patrick Rocca, broker with Bosley Real Estate Ltd., says prices are holding up for properties in the core 416 area code, but he is seeing a drop-off in showings and fewer bids when an offer deadline arrives. ‘Activity was down dramatically,’ Mr. Rocca says of the week leading up to the anticipated rate hike from the Bank of Canada on June 1. Manic demand and paltry supply at the beginning of 2022 pushed the average price in the Greater Toronto Area to $1,344,544 in February, according to the Toronto Regional Real Estate Board. In April, the average price in the GTA had slipped to $1,254,436.”

“The average price of a detached house in the 416 area code stood at $1,947,975 in April compared with $2,073,989 in February. The average price of a detached house in the 905 dipped to $1,526,791 in April from $1,727,963 at the February peak, according to TRREB. Farah Omran, economist at Bank of Nova Scotia notes that sellers are sometimes forced to accept offers below what the past two years led them to expect, as well as offers with conditions attached. If prices erode, sentiment can swing sharply: buyers on the sidelines are more likely to think they will get a better deal later on if they wait, Mr. Rocca points out.”

The City AM in the UK. “Falling buyer demand ‘punctured by changing sentiment around the cost of living and personal finances’ will weigh on listings for much of the year, head of research at Zoopla, Gráinne Gilmore, explained. ‘Another signal that the market is starting to soften is the number of properties where asking prices are being cut by more than five per cent,’ said Gilmore, adding that ‘Some one in twenty properties have been re-priced this month, with the average new asking prices some nine per cent below the original.'”

“Though Vincent Dennington, director at Oxford Street-based estate agents John D Wood & Co., noted that a market slowdown may be a sign of property prices rebalancing from their bloated heights. ‘This may also be a sign that properties have been initially overpriced and are not achieving any interest from potential buyers; therefore needing to be adjusted correctly to ensure a reduction generates new interest and ultimately offers,’ he said.”

From Stuff New Zealand. “It seems that every other week we get a data update showing house prices falling. CoreLogic is the latest. House prices are falling. Across the country, they are down about 6% from their peaks. The FOMO (fear of missing out) is gone from the market and buyers are in a better position to negotiate with sellers on the price they are willing to pay. Sellers who are keen to move on are potentially having to take a lower price to do so.”

“The Wellington market peaked in October and the region’s prices had subsequently dropped by 10.4%. Auckland’s peak was in November and its prices had fallen by 10.2% in the five months since.”

From ABC Business. “Two of Australia’s biggest banks have moved to curb high-risk home lending, as the regulator revealed it has been warning some institutions to cut back on risky loans. This week, ANZ told mortgage brokers and its bankers that from June 6 it would no longer make loans to borrowers who would owe more than seven-and-a-half times their annual income. That is down from a previous cap of nine times income. Earlier this month, NAB lowered its debt-to-income (DTI) limit from nine to eight times income.”

“RateCity’s research director Sally Tindall said that change, combined with rising interest rates, will have a much bigger effect on how much people can borrow. ‘If you’re looking to take out a new loan, don’t rely on your bank to tell you how much you can borrow. Work out what your monthly repayments would look like if rates rose by up to three percentage points but also think about how much debt you’re taking on. Property prices can go up and down, but that won’t make your debt magically disappear. You might decide that being shackled with an excessive amount of debt for the next 30 years isn’t actually worth it.'”

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This Post Has 120 Comments

  2. Shortage? Magic wand – brrringgg:

    ‘we’re seeing that is month-end active listing number — basically how much houses are actually on the market at the end of the month. That went up by almost 1,000 properties, which is 40% month over month’

    Phoenix is seeing 1,000 fresh shacks for sale a week, according to some UHS.

    ‘ ‘I actually have a brother-in-law who is an agent in Phoenix. He calls me and tells me what the trends are there. It seems like their market in the past month has hit a screeching halt’

    They are shell shocked in heat sink of 17 cheek to jowl cities called Phoenix. Bunch of greedy bashtards if you ask me.

  3. Heh, I got to hand it to the crew at CelebrityNetWorth. They updated their website late yesterday:

    Amber Heard Net Worth: -$8 Million

    😅

      1. And to clarify, I’m no Johnny Depp fan. The guy is a douche canoe. From his pathetic real estate “investments” and his Keith Richards wannabe attire to his Marlon Brando shtick – the guy bugs. But, what she did to him is filthy.

  4. ‘Many places like Boise or Sacramento that saw a surge in migration and a sharp increase in home prices over the past two years have now seen an abrupt drop-off in demand, leading sellers to drop their prices with increasing frequency’

    Again, these red hotness cities/towns are getting an a$$ pounding.

    Who knew that going up 40% in a year would have a downside? Yer doomed Austin, big D.

    1. I’m in Sac and can’t keep up with the reductions emails for my zip. Today’s numbers were -$30,000, -$50,000, and -$10,000. And that’s a very small search area of about 50 properties. I even get these emails now on weekends and in the middle of the day.

      1. I just love it when a slow motion CR8R action turns into an avalanche of fear and capitulation.

  5. This is a urine soaked mattress article.

    “Covid cases could be undercounted by a factor of 30, an early survey of the surge in New York City indicates. “It would appear official case counts are under-estimating the true burden of infection by about 30-fold, which is a huge surprise,” said Denis Nash, an author of the study and a distinguished professor of epidemiology at the City University of New York School of Public Health.

    About one in five – 22% – of adult New Yorkers likely had Covid between 23 April and 8 May, according to the preprint study, which has not been peer-reviewed or published. That would mean 1.5 million adults in the city had Covid in a single two-week period – far higher than official counts during that time.”

    https://www.theguardian.com/world/2022/jun/01/us-covid-surge-cases-rate

    Bring out yer dead carts?

    Remember when they said everyone who worked at a job with 100 employees or more had to get injected with experimental gene therapy poison, or get fired from their job?

    Do you remember? I remember.

    And the people who did that have names, and they have addresses, and they all need to die ☠️

    The Day Of The Rope is coming…

    1. This is a medical genocide article.

      Pfizer seeks authorization of coronavirus shot for children under 5 (6/1/2022):

      “Pfizer and its German partner, BioNTech, on Wednesday finished submitting an application for regulatory authorization of a coronavirus vaccine for children younger than 5.

      The development marked another important step toward providing vaccination for the last segment of the U.S. population that does not have access to shots.”

      https://archive.ph/v49YS

      Millions of parents will now be able to watch their toddlers and preschoolers die of heart attacks and strokes 🙂

      “They’re not sending their best”

    2. “Covid cases could be undercounted by a factor of 30,
      A friend of mine went in for a Sinus condition she gets every summer wanting a Z Pack. Tested positive for Covid. She is Over 70, diabetic and unvaccinated and never really sick. Just thought her summer sinus/allergy attack arrived early.
      Pharmacists said lots a people coming in saying they tested positive for Covid but didn’t think they were sick, just had a cold/sinus.
      It is beginning to appear that Covid is now a weak cold for 99+% of the people.

        1. Funny. I have been Covid free since this whole thing started. Wife, Kids, Mother and father, Office staff, Sister, brothers, [most] friends. I/we have been around many many people. Concerts, shopping, restaurants you name it.
          You would have to think the odds were pretty good at least ONE of us would have caught it?? But no.

          Funny

          1. I’ve gone many years without a significant cold or flu. It seemed to help tremendously when my snotty rug rats graduated from school.

          2. My wife has spent a career working with day care up to 4th graders, and she’s pretty much impervious to every bug that ever developed since sicks kids want to be held to stop crying, and their runny fluids end up everywhere.

    3. WTF is the “true burden of infection?” Evidently 29/30 infections are no burden at all, at least not enough to get tested. CDC did the right thing to downgrade the whole shebang and shift to hospital metrics.

      1. Please don’t tell me that the CDC, the FDA, the WHO , or any health authority has done the right thing. Your talking about captured and corrupted Entities that are doing the opposite of the “right thing.”
        You can believe they are doing the “right thing” if you want. I on the other hand , have the opposite opinion .

        1. What do you expect her to say?! She works for the NIAID. Remember, Fauci is a distant colleague.

  6. ‘Lumber prices have tumbled over the past 10 weeks as consumers retreat from do-it-yourself projects and builders slow the pace of housing starts. Madison’s Lumber Reporter, a Vancouver-based industry newsletter, said in its weekly commentary that demand sagged further amid shortened work weeks in May, first with Victoria Day in Canada and then Memorial Day in the United States. “Producers found limited success enticing buyers, even with triple-digit price drops,” Madison’s said.’

    https://www.theglobeandmail.com/business/article-lumber-prices-drop-do-it-yourself-renovations-market-cools-off/

    ‘Lumber prices fell 7% on Wednesday and are down 12% so far this week as the essential building commodity hit new 2022 lows of $604.50 per thousand board feet. Now, a glut is forming in the lumber market as inventories start to pile up at both saw mills and home improvement stores where pro-builders tend to shop. The sharp increase in lumber supply could lead to a continued downward spiral in lumber prices if demand doesn’t pick up quickly.’

    ‘Lumber buyers have slowed down their ordering and sawmills are beginning to slash their prices as inventory builds, according to a weekly report from Random Lengths, cited by The Wall Street Journal.”Triple-digit discounts became the rule rather than the exception,” Random Lengths said.’

    https://finance.yahoo.com/news/lumber-prices-plunge-12-2022-173236839.html

    Shortage. Shortage!

    GLUT!!

      1. Now we get to try Quantitative Tightening. I’m sure they will get it right this time. Right?

        Personally, I don’t think it’s much of a stretch to predict that they are going to screw things up in ways we never thought possible. We should start a pool to bet on which city is going to burn first.

    3. There was never even the slightest shortage of lumber. It was all lies, all along. I have been seeing makeshift lumber yards up and down the west coast in my travels for two years.

      The central banks printed trillions and the pigmen went to work speculating in everything. The money washed over every single nook and cranny of the economy. Speculation is bad for business, bad for society, bad all around. Now these asz clowns are looking around mumbling “muh, rate hike, muh, soft landing, muh inflation.”

    4. slow the pace of housing starts

      I’m not up to speed on housing starts but what builder in their right mind would not be working 24/7 to get homes built and cash in on this train wreck?? How could there possibly be “slow starts” with the bagillion dollar ROI in the housing market??

      1. OT. What’s the syntax for italicizing quote text? I tried the that I’m familiar with but it did not work.

          1. Let me try that again: “less than symbol”, em, “greater than symbol” text “less than symbol”,/,em,”greater than symbol”

  7. ‘laid off nearly one-third of its workforce less than three months after an equity capital injection’

    I think the injection was a $600 million a$$ pounding. Winnahs!

    1. “I think the injection was a $600 million a$$ pounding.”

      Or was that the ejection?

    2. workforce less than three months after an equity capital injection
      Who would have been so stupid as to invest in a mortgage company 3 months ago? Volume forecast down 42%, Margins getting crushed (revenue down what 60%) and $ cost/loan going up due to switch to purchase market. I don’t get it.

    1. I couldn’t find this house on Zillow or googlemaps so I don’t know where it is. But if I’m going to pay $8M for a house, I wouldn’t want any neighbors that close.

  10. Private payrolls increased by just 128,000 in May, the slowest growth of the recovery (6/2/2022):

    https://www.cnbc.com/2022/06/02/adp-jobs-report-may-2022.html

    Phony COVID, scamdemic lockdowns, and a stolen election, they are doing all of this on purpose.

    1973 was when U.S. worker pay stopped matching the gains of productivity gains.

    Globalists don’t want a middle class, they want all of you dead.

    “This sucker could go down” — George W. Bush

      1. Jacinda Ardern looks like she’d feel right at home in the University of Pennsylvania “Women’s” Swim Team locker room 🤮

        “They’re not sending their best”

        1. “Oh, that loon”

          Hey Back off!!

          I happen to like the poster that shall remain nameless. 🙂

  12. ‘If you’re looking to take out a new loan, don’t rely on your bank to tell you how much you can borrow.’

    At what point in financial history did banks become eager to make loans that are unlikely to be repaid?

    1. At what point in financial history did banks become eager to make loans that are unlikely to be repaid?
      Keep in mind non-bank mortgage companies (and banks) are selling the loans to Fannie/Freddie and if there is no fraud, these Mortgage companies are off the hook in 24 months and the tax payers are on the hook. So, Can they make payments for 2 years is really the relevant question.

      1. “Can they make payments for 2 years”

        The real question is can the pay the full monthly ticket for two years. That answer is clear considering they couldn’t pay the rental rate which is half that amount.

        1. can the[y] pay the full monthly ticket for two years

          And will they when the resale price of houses is dropping like a rock? Last time around the answer was No.

    2. “If you’re looking to take out a new loan”

      Right after I get back from Canada where I plan to go bar hopping because Trudeau said. “Other than using firearms for sport shooting and hunting, there is no reason anyone in Canada should need guns in their everyday lives,”

      A severed pinky, a hammer and a night gone bad: Details revealed in attempted murder”

      Saskatoon / 650 CKOM
      Lisa Schick
      May 6, 2022 | 12:31 PM

      According to court documents, in October 2020 the victim was at a Regina bar. There he met Jenna Hoffman and left with her and two others in their vehicle to go to a party.

      However, on the way, things went bad, fast.

      The victim said he was suddenly choked from behind by a rope or a belt and his face was covered with something, then he was hit in the head a number of times by something he thought was a hammer.

      He managed to jump out of the moving vehicle, but the attackers stopped and got him back in.

      The victim was tied up in the car’s front seat and robbed of a brand-new $900 watch and his wallet that contained cash, a gift card and all his identification.

      The thieves demanded his PIN and he gave them the wrong one, but when they discovered that, he was attacked again.

      “(Two of the accused) began threatening to cut off (the victim’s) fingers or to kill him if he did not give the correct PIN number,” read the court documents.

      They did cut off the man’s pinky finger with bolt cutters.

      The victim then gave them the right PIN number and passed out. The thieves tried multiple times to access his bank account but didn’t manage it.

      It wasn’t until the victim was being dragged by his tied-up feet through a field near Fort Qu’Appelle that he came to again, only to be kicked and punched again.

      “(Hoffman) described what was done to (the victim) by (the others) as ‘torture.’ She stated that she was so sickened by what (they) were doing and had done to (the victim) that she returned to the vehicle and turned up the music to drown out (the victim’s) screaming,” said court documents.

      The other two took the victim’s shoes, pants and underwear before leaving him in the field.

      The victim was found a few hours later by a couple who’d been driving on the highway; they said he’d been lying on the side on the road in the fetal position. They called 911 and the victim was taken to hospital.

      The court documents catalogue his injuries as a severed pinky finger which was never found, and 19 lacerations to the back of the head that needed 107 staples to close.

      His left ear was almost entirely severed; it was reattached but a doctor said it had “questionable viability.” The victim also had eight broken or missing teeth and scratches and bruises across his entire body.

      https://www.ckom.com/2022/05/06/a-severed-pinky-a-hammer-and-a-night-gone-bad-details-revealed-in-attempted-murder/

      2. “They did cut off the man’s pinky finger with bolt cutters.

        The victim then gave them the right PIN number and passed out.”

        Where do people like these heinous criminals come from?

        And how do they walk free in society?

        1. “They did cut off the man’s pinky finger with bolt cutters.”

          Ouch!

          Most bolt cutters I’ve used are not sharp, and in fact have a flattened edge about 1/32″ wide for durability followed by a chisel like bevel rather than a steep angle and sharp edge like pruning clippers.

      3. “She stated that she was so sickened by what (they) were doing and had done to (the victim) that she returned to the vehicle and turned up the music to drown out (the victim’s) screaming”

        That’s an interesting approach to dealing with an ugly situation.

  14. “…the latest casualties in a tech and mortgage industry purge.”

    Sounds quite ugly…and underreported. Where are the Wall Street Journal headlines to herald the housing industry collapse?

  15. 25 percent is that a lot?

    Inflation to Delay 25 Percent of Americans from Retirement (6/1/2022):

    “President Joe Biden’s inflation is set to delay 25 percent of Americans from retirement, a Tuesday BMO Real Financial Progress Index survey revealed.

    “As a result of inflation, 36% of Americans have reduced their savings and 21% have reduced their retirement savings. A quarter of Americans will need to delay their retirement,” the survey reported.

    “Younger Americans are feeling the most impact – over 60% of those aged 18-34 said they had to reduce contributions to their savings,” it added.

    Inflation will cost American households on average an extra $5,200 in 2022, or $433 per month, according to Bloomberg.”

    https://www.breitbart.com/politics/2022/06/01/survey-inflation-to-delay-25-percent-of-americans-from-retirement/

    You will own nothing.

    1. “Inflation will cost American households on average an extra $5,200 in 2022, or $433 per month, according to Bloomberg.”

      That’s about right.

      Unless it gets worse.

      FJB

      1. “Inflation will cost American households on average an extra $5,200 in 2022, or $433 per month, according to Bloomberg.”

        Yeah but my mortgage is a fixed rate! It will never go up! 🤣🤣🤣

        (but the big fat price you paid isn’t fixed….. it just fell double digits;))

        Raleigh, NC Housing Prices Crater 18% YOY As Debt Crippled Speculators Panic And Inventory Soars

        https://www.movoto.com/nc/27607/market-trends/

        As one industry insider commented, “The stench of mortgage and appraisal fraud is too obvious to ignore anymore.”

      2. “Inflation will cost American households on average an extra $5,200 in 2022, or $433 per month, according to Bloomberg.”

        I haven’t heard much from the MMT crowd lately. Fookin’ retards.

        1. They’ve gone into hiding, which is a good thing. There’s no joy in arguing with self righteous crazy people.

  16. The Financial Times
    Eurozone economy
    Eurozone producer prices hit record as inflation spreads beyond energy
    Consumer goods including food and drink drive factory gate surge, worrying ECB policymakers
    A fishmonger processes a customer’s payment at a market stall in France
    Higher producer prices are likely to feed into increased costs for consumers
    Martin Arnold in Frankfurt an hour ago

    Eurozone producer prices have surged at the fastest pace since the launch of the single currency more than two decades ago, prompting central bankers to warn that inflationary pressures are becoming too broad as well as too high.

    Prices charged by industrial producers in the 19 countries that share the euro rose 37.2 per cent in the year to April, up from March’s all-time high of 36.9 per cent, with wholesale prices of consumer goods such as food and drink contributing to the surge, according to Eurostat data released on Thursday.

    The figures were published as European Central Bank policymakers prepared to meet in Amsterdam next week, when they are expected to outline plans to raise interest rates in July for the first time in more than a decade in an effort to bring consumer price inflation back to their 2 per cent target.

    The surge in producer prices came despite a slowdown in the growth of wholesale energy prices, in a sign that inflationary pressures are broadening beyond the sharp increases in oil and gas costs triggered by the fallout from Russia’s invasion of Ukraine in February.

    “If you look at inflation rates it has been broadening beyond energy for quite a while,” said Oliver Rakau, chief German economist at Oxford Economics.

    “There is always a chain of events and there’s no denying that higher energy and commodity prices will feed through into other products, like food and drink prices, and that could lead to higher restaurant prices, which pushes up services inflation,” he said.

    Factory gate prices for non-durable consumer goods, such as food and drink, rose 11.2 per cent — their first-ever double-digit percentage increase. Makers of durable consumer goods, such as furniture and cars, sold them for 8.5 per cent more than a year earlier. Despite a slowdown in wholesale energy prices, they still increased 99.2 per cent in the year to April.

    François Villeroy de Galhau, French central bank governor and a member of the ECB governing council, signalled it was gearing up to raise rates to tackle soaring prices. “Inflation is not only too high, but also too broad. This requires a normalisation of monetary policy,” Villeroy said in a speech on Thursday.

    Some ECB council members have said it could follow in the footsteps of the US Federal Reserve and raise its policy rate by a half percentage point in July, especially if core consumer inflation — excluding energy and food prices — kept rising faster than expected.
    …

    1. The Financial Times
      US economy
      JPMorgan chief says ‘hurricane’ is bearing down on economy
      Jamie Dimon warns oil could reach $175 a barrel on fallout from Ukraine war
      Jamie Dimon during an interview
      Jamie Dimon, who heads the largest US bank by assets, struck a gloomier tone than in remarks he made just last week
      Joshua Franklin in New York yesterday

      JPMorgan Chase chief executive Jamie Dimon on Wednesday warned investors to brace themselves for an economic “hurricane” as the war in Ukraine and policy tightening by the Federal Reserve roil markets.

      Dimon struck a gloomier tone on the economic outlook than in remarks he made just last week during JPMorgan’s first investor day in two years, when he referred to the threats as “storm clouds”.

      “I said they’re storm clouds, they’re big storm clouds here. It’s a hurricane,” the chief executive of the largest US bank by assets said at a financial services conference organised by Autonomous Research.
      …

      1. Jamie Dimon warns oil could reach $175 a barrel on fallout from Ukraine war

        What’s really weird is the interstate was absolutely packed on Monday. I was not traveling, just had to get on and off a few exits later. There were RVs galore, and of all iterations – Class A diesel pushers, 5th wheels, travel trailers…when will these insane fuel prices start taking a bite out of this? I don’t get it.

        In related news, I saw a brand new “luxury” RV storage lot opened up. I never knew there was such thing as “luxury storage.” So, I looked it up. For only $300 per month, you can store your gigantic RV under cover – outside of course – and you get a trickle charger and a dog park, and you can wash your rig and air up the tires. Oh, and you get fee ice. Wow, what a deal.

        I never knew so many people had such a massive pile of disposable income to afford $300 per month for a glorified parking space for their paper mache trailer, which in its own right is probably costing them close to double that per month.

        Don’t mind me, I’m just a cynic.

        1. “when will these insane fuel prices start taking a bite out of this? ”

          Probably next week. Or at latest next fall. I’m still predicting a party summer and a hunker-down winter.

          1. I think many are just whipping out the credit card and pretend to not see the actual cost.

        2. I never knew so many people had such a massive pile of disposable income to afford $300 per month for a glorified parking space for their paper mache trailer

          A neighbor does just that. Though he pays about half of that to store his RV.

        3. Same story in San Diego. Freeways are as packed as they were when gasoline cost $2 a gallon. I guess everyone is flush with cash and eager to burn it up in their car’s engine. Or perhaps all the other cars on the road besides mine are electric vehicles which require no hydrocarbon combustion to generate power. This is California, after all.

  19. It has been preordained, it has been unleashed, that a power will rise up and wage a great war on humanity and the earth. The evil will….

    Turn man against women ,
    Turn humanity against the Sun and climate,
    Turn race against race,
    Turn truth into lies,
    Turn sanity into fear,
    Turn life into death,
    Turn family into rubble,
    Turn religion into ashes,
    Turn light into dark,
    Turn freedom into slavery,
    Turn food into famine,
    Turn peace into war,

    And they will call themselves the new Gods of a one earthy order.

    2. I was thinking about some things related to mass shootings and calls to make guns illegal. Remember yeas ago in Afghanistan, there was an episode of “thrill killing” by some US soldiers. Collecting body parts, sick stuff. It turned out they had been putting these patches on their jackets from a video game depicting zombies. As in video games, killing zombies was fun! And they aren’t human, so it’s OK right?

      Dehumanizing your enemies is as old as war. Let’s look back when a Trump rally (pre-2016 election) in San Jose was met by an angry mob, waving Mexican flags no less, who beat and threw things at ordinary people who had turned out. Cornering them, eggs, more beatings. Hey, these people backed Trump, they deserve to be beaten, right? After the election, “comedians” holding up fake bloody heads, an actor calls for Trumps son to be put in a cage with pedophiles. That happened, look it up.

      I’m not zeroing in on the Trump people: it’s that violence has been sanctioned by the globalists scum media. Look at how they set the stage with Ukranistan: EVIL. Pour out yer vodka, not more Tchaikovsky!

      How silly is it to attack people that had nothing to do with anything and have been dead for decades? It’s consistent with the hatred the globalist scum media are pushing every day. Men against women, daily barrage of racism, making communism normal, along with riots. Remember the “protestors” going into restaurants and pounding on the tables of people who just wanted to go out and eat? Oh, but the globalist scum media completely supported, even encouraged that.

      Everything is a conflict. You don’t think grown men should compete in women’s sports? Yer a bigot, attack!

      They have done all this, fanning the flames of division in every way. Oh, but the solution to shootings is to force me to hand in my guns. Not only is that not going to happen, but in an age where you destroy the global economy over a virus that you guberment bashtards paid to create and bully and coerce us to inject a dangerous gene manipulation into our blood streams, I kinda think having these guns is more important than ever.

      This is yer fooked up mess in society. How about we start to turn down the temperature, cut down on the “violence is OK if…” crap. Because it’s not.

      1. “globalist scum media”

        I love that phrase. And President Donald J. Trump was, in fact, correct, when he stated that “the media is the enemy of the American people.”

      2. History proves that it happened time after time, that Dictorship went to take the guns , so the people will be left defenseless against their tyranny murder, mayhem , robbery , and forced compliance.
        They didn’t put the 2nd amendment in our rights to maintain a right to hunt. . It was given to combat tyranny or a treasonous government, or any foe that would attack, foreign or domestic.

        A nut abusing a gun , is not grounds to take the 2nd amendment from law abiding citizens that don’t abuse guns.
        Let’s face it , they have been in effect taking free speech to defraud the public with their fake narratives.

      3. The people telling us we don’t need guns, while they arm to the teeth, is the main reason we need to keep them.

  20. here in small town flyover land. things might be getting interesting. House up 3 blocks (so nice neighborhood) went up at 238, went under contract in ONE DAY in mid April. (so probably right at asking right?). closed end of May at 210. hmmmmmmmmmmmmmmmmmm that doesn’t sound good. (probably didn’t appraise, but don’t know)

  21. Aaron “Free Rudy” Layman
    @dfwaaronlayman
    ‘If you aren’t paying attention when a market turns, you could end up like this seller. 4 price reductions in 32 days, $100k off original list price. 🙄’

    https://twitter.com/dfwaaronlayman/status/1532388808003670016

    har.com
    2300 Post Oak Dr, Corinth, TX 76210 – HAR.com
    2300 Post Oak Dr Corinth TX 76210 is listed for sale for $650,000. It is a 2.17 Acre(s) Lot, 2,647 SQFT, 3 Beds, 2 Full Bath(s) & 1 Half Bath(s) in Hi

        1. Toronto shacks are reported down 100-200k. Since February. These outlier areas got the full CCP virus explosion: rural, WFH, yadda. The speculators did the full BS Cray Cray. So it’s falling in on itself.

          1. London Ontario Real Estate Market Update May 2022 – Prices Down $80k since February
            Jun 2, 2022

            London’s Real Estate Market continued to drop in May, showing almost $100,000 in price decreases since our all-time high in February. With the average price, median prices and sales-to-list-price ratios all falling, combined with a flood of inventory and higher borrowing costs, London’s housing market continues to correct.

            The median price of a home in London underwent the most significant drop, with London seeing a $16,000 price reduction in one month’s time.
            The sales-to-list price ratio dropped significantly as well, with the average home going for 8.1 percent over asking, down from 21.6 percent over-asking in March.

            London’s real estate market has dropped significantly, but that does not necessarily mean that the housing market is any more affordable.

            With an average house price $80,000 dollars less than it was in February, the average income required to buy a home in London has only dropped by $10,000.

            Average Price of a Home in London

            London March 2022 Average Price – $807,540
            London April 2022 Average Price – $ $747,433
            London May 2022 Average Price – $ 746,365

            Median Price of a Home in London

            London March 2022 Median Price – $775,000
            London April 2022 Average Price – $703,000
            London May 2022 Average Price – $687,000

            Sales to List Price Ratio – Over Asking Pricing

            London March 2022 Sales to List Price– 121.6
            London April 2022 Sales to List Price– 115.5
            London May 2022 Sales to List Price– 108.1

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

            1.7 months inventory.

          2. the average income required to buy a home in London has only dropped by $10,000

            I wonder how they get that number. Figuring 50% of gross income goes to the loan?

    2. Lots of flatfooted investors are going to find themselves caught out long in real estate at the onset of a major CR8R event.

  22. Oh dear….

    Sydney’s house price crash has arrived

    https://www.macrobusiness.com.au/2022/06/sydneys-house-price-crash-has-arrived/

    The latest data suggests that Sydney’s house price crash has begun.

    CoreLogic’s daily dwelling values index has Sydney leading the nation’s dwelling downturn with values falling 1.5% over the quarter.

    Sydney’s auction clearance rate has also collapsed into the mid-50s. This suggests that buyer demand has evaporated and points to further house price falls.

  23. How’s that “Build Back Better” working out for ya, ‘Murica?

    Gas prices hit new RECORD high of $4.71 nationally and seven states top $5 a gallon as Bidenflation rocks the US and the president throws up his hands and admits he’s powerless to help

    https://www.dailymail.co.uk/news/article-10878889/Gas-prices-hit-new-record-high-4-71-nationally-seven-states-5-gallon.html

    US gas prices have hit a new high of $4.71, just a day after hitting the record as seven states top off at $5 a gallon as inflation soars.

    The national average jumped four cents overnight, leaving drivers in even more despair as gas prices continue to skyrocket emptying their wallets.

    For the first time in history, the average price has exceeded $4.00 in all 50 states – by a longshot.

  24. The Aussie sheeple elected globalist Quislings. Now they’re getting what they voted for, good & hard. I have no sympathy.

    Calls for Albanese Government to pull gas trigger amid fears of ‘apocalyptic’ price rises

    https://www.news.com.au/finance/money/costs/calls-for-albanese-government-to-pull-gas-trigger-amid-fears-of-apocalyptic-price-rises/news-story/cfa4fffbe3ac5addfc04fcfdc329567d

    Businesses in Australia are already collapsing thanks to an impending crisis with some now calling on the government to take extreme action to avoid ‘apocalyptic’ price rises.

  25. Another “Oh dear” moment in time.

    Auction market in free fall amid vanishing buyer demand

    https://www.macrobusiness.com.au/2022/06/auction-market-in-free-fall-amid-vanishing-buyer-demand/

    Australia’s auction market recorded it lowest clearance rate of 2022 last weekend, according to CoreLogic’s final auction results.

    As shown in the graphic below, the final national auction clearance rate slumped to 59.3%, driven by Sydney whose final clearance rate fell to just 56.4%:

    1. Jiminy…… theres falling housing prices showing up on non-housing related YT videos. Whats this world coming to?

  29. Ask Mainers how they like tens of thousands of Somalians resettled in Portland….. which by the way, is a tiny city.

  30. “Think of what they saw”

    I am streaming some C-SPAN Radio with some Congress Creature saying this, about why all of yin’z need to turn in yer gunz.

    Remember what we saw? In February / March 2020, with the Plandemic and forced closure of small businesses? Remember that, globalist sh*tbags?

    Remember the stolen 2020 election, how it was in fact, stolen. How the 2020 election was stolen. The 2020 election was stolen. Did you know the 2020 election was stolen? The 2020 election was stolen.

    The eternal CCP-Flu hoax, the poison vaccine

    1. The eternal CCP-Flu hoax, the poison vaccine

      Was chatting earlier with a friend who lives in suburban Houston. I was telling him that almost no one in my little burg wears masks anymore, the few you see are oldsters at King Soopers. He told me that about a third of his neighbors still mask up when walking alone, outdoors.

  31. I just received an email from a realtor group that has stats for Salt Lake County, UT. It claims new listings in the county are up 82% in April 2022 compared to April 2021 while closings are down 30%.

    Is that a lot?

    1. Sounds awesome! With a massive housing inventory dump underway, maybe my son who wants to live near campus at the U this fall will have hope to find a place.

  34. Dumb question of the evening:

    Were Dimon’s “hurricane” remark and Yellen’s “inflation bad” press release this week signals to the MSM that the picture is bleak enough to justify intervention by the President’s Working Group on Financial Assets to stabilize market volatility and nip a nasty stock selloff in the bud, before stock HODLers lose too much money?

    Just trying to figure out the sudden appearance that Happy Days are Here Again on Wall Street in the wake of their gloomy and pessimistic media assessments.

    1. The Wall Street Journal
      Opinion Review & Outlook
      When Progressives Fail, Inflation Edition
      Why the public has lost confidence in claims to authority.
      By The Editorial Board
      June 1, 2022 7:03 pm ET

      The White House is finally conceding that it made a political mistake in underestimating inflation, with some officials even offering a modified, limited mea culpa. We suppose that’s progress, but the return of soaring prices after a 40-year hiatus is also an historic policy failure that is worth recounting. It represents a failure of progressive expertise that is a lesson for the future.

      “I think I was wrong then about the path that inflation would take,” Treasury Secretary Janet Yellen told CNN on Tuesday, referring to a 2021 comment that there was a “small risk” of inflation. “There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I, at the time, didn’t fully understand, but we recognize that now.”

      Note the default to “large shocks” that were “unanticipated.” This is a way of blaming inflation on Ukraine and pandemic supply-chain issues that ducks the role played by the Biden Administration’s policies. The implication is that no one anticipated those problems or the inflation they could cause.

      The truth is they were anticipated, and many people did warn about inflation. Some of those warnings appeared in these pages from conservative economists. Prominent Democratic economist Larry Summers also warned in March 2021 that too much spending and easy monetary policy could spur an excess of economic demand over supply.

      Why were those warnings ignored? The answer is a combination of politics and mistaken economic models. Democrats ran all of Washington and wanted to justify a huge expansion of the welfare state. Their economic household remedy is always more government spending and easy monetary policy. Most of the press endorsed the Democrats’ $1.9 trillion spending blowout in March 2021 as necessary, though the economy was growing rapidly at the time.

      While the Federal Reserve was making its monetary mistakes, progressives didn’t object. They embraced the fad of Modern Monetary Theory that low interest rates could finance any amount of government spending more or less forever.

      All of this has been another failure of progressive economics. By focusing solely on macroeconomic demand, while ignoring supply-side and regulatory bottlenecks, their policies fueled the inflation we have today. They also ignored the role of excess money, forgetting economist Milton Friedman’s famous lesson. As President Biden declared in an April 2020 interview, “Milton Friedman isn’t running the show anymore.” That is one campaign promise he has kept.
      …

    2. Yahoo
      Caution Merited in an Uncertain Market
      Janus Henderson Investors

      Business Insider
      ‘Brace yourself’: Jamie Dimon warns of a coming economic hurricane that will require preparation as the Fed shrinks its balance sheet
      Matthew Fox
      Wed, June 1, 2022, 11:16 AM·2 min read
      Jamie Dimon, the chief executive of JPMorgan.
      Friedman/Getty Images

      — JPMorgan CEO Jamie Dimon warned of a coming economic “hurricane” that requires preparation.

      — Dimon said JPMorgan is positioning its balance sheet very conservatively in case a recession occurs.

      — “You know, I said there’s storm clouds but I’m going to change it… it’s a hurricane,” Dimon said.
      …
      https://finance.yahoo.com/news/brace-yourself-jamie-dimon-warns-181608789.html

    3. The Financial Times
      Agricultural production
      Soaring costs squeeze farmers’ returns in North American grain belt
      Fertiliser, diesel, herbicides and other inputs offset revenue from higher food prices
      Wheat being harvested in Alberta, Canada
      Wheat being harvested in Alberta, Canada. The primary challenge for US and Canadian farmers is the price of fertiliser
      © Reuters
      Myles McCormick in New York and Derek Brower in Wainwright, Alberta yesterday

      Bryan Perkins, whose family has farmed a patch of the Canadian prairie for more than a century, has never seen his costs rise like they have in recent months.

      The day-to-day cost of running his operation was already escalating quickly coming in to 2022 amid rampant inflation and supply chain bottlenecks: fertiliser, diesel, electricity and freight were all marching higher.

      “Russia-Ukraine has exacerbated the whole issue,” the grain and pig farmer said, sitting at his kitchen table outside Wainwright, a town in the western province of Alberta.
      …

      1. The Financial Times
        Federal Reserve
        Top Fed official warns half-point rate rise may be needed in September
        String of increases could be extended if rampant inflation does not abate, says Lael Brainard
        Fed vice-chair Lael Brainard
        Federal Reserve vice-chair Lael Brainard: ‘We’ve still got a lot of work to do to get inflation down to our 2% target’
        Colby Smith in Washington yesterday

        The vice-chair of the Federal Reserve has warned that the US central bank may need to extend its run of half-point rate rises into September if inflation does not slow sufficiently in the coming months.

        In an interview with CNBC on Thursday, Lael Brainard said: “If we don’t see the kind of deceleration in monthly inflation prints [and] if we don’t see some of that really hot demand starting to cool a little bit, then it might well be appropriate to have another [Fed] meeting where we proceed at the same pace.”

        However, she added: “If we are seeing a deceleration in the monthly prints, it might make sense to be proceeding at a slightly slower pace.”

        Brainard’s comments came just weeks after the Fed implemented its first half-point rate rise in 22 years in a bid to tame rampant inflation. Current market pricing suggests the US central bank will implement two more half-point rate rises at its upcoming meetings in June and July.

        With no meeting in August, the earliest opportunity for the US central bank to implement a fourth rise would be in September.

        Asked whether the Fed had any plans to pause its rate-rising cycle altogether, Brainard pushed back, suggesting the central bank intended to take action at each of its subsequent meetings for the foreseeable future.

        “Right now it’s very hard to see the case for a pause,” she said. “We’ve still got a lot of work to do to get inflation down to our 2 per cent target.”
        …

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