thehousingbubble@gmail.com
Blog

Sellers Are Having To Appreciate That The Joyride Is Over

A report from the Seattle Business Journal in Washington. “The median sale price of single-family homes in Seattle fell nearly 12% from April to May, according to the Northwest Multiple Listing Service (NWMLS). Meanwhile, the number of in-city pending sales declined over 25% year over year, while closed sales tumbled 16% as the number of listings shot up over 15%. It’s a clear sign that the region’s home market is cooling off.”

“May ended with over 4,600 single-family homes listed across the four-county metro. That was nearly 2,100 more than May 2021. The cooling market means sellers really need to rethink their expectations, Mike Larson, managing broker at Compass in Tacoma, said in the NWMLS news release. He said the days of ‘multiple offers and waived inspections, at least in Pierce County, are behind us.'”

The Denver Channel in Colorado. “For what feels like the first time in a long time, the housing market is shifting, and this time in the direction of the buyer. Andrew Abrams, chair of the market trends committee for the DMAR, says while the dip in prices is small, it could mean that rising inflation, interest rates, and a drop in demand are settling in. ‘We are seeing an increase in days in the [Multiple Listing Service], and I think that’s going to be common because as the amount of buyers start to shrink and the seasonality of the market and inventory increases, there’s going to be people that haven’t adjusted,’ said Abrams.”

From CNBC. “After many months of soaring home prices, the real estate market finally seems to be cooling down. According to the Federal Reserve Bank of St. Louis, there were 376,018 homes listed in February 2022. In May 2022, the number jumped to 516,362, showing an increase of 37%. Now, it seems homes are sitting on the market longer and fewer offers are being made on each home.”

“Coby Herzog, a real estate agent in San Diego: ‘Listing agents are starting to respond and be helpful again now that they aren’t receiving 100+ messages a day,’ says Herzog, who is also noticing that offers are more often being recognized and responded to lately, rather than getting rejected.”

The Orange County Register. “The number of U.S. homes for sale jumped 25% from April to May, the biggest one-month jump in a database that dates to 2016. And where did owners rush to sell the most? If one sees the May surge as good news for home shoppers, California ranked No. 7 at 37%. The biggest jumps were in the Western U.S: No. 1 Washington, up 62%, then Utah at 60%, Idaho at 52%, Arizona at 45% and Colorado at 41%. Smallest? South Dakota at 4%, then Hawaii at 8%, West Virginia at 11%, New York at 11% and Louisiana at 12%. And California’s rivals: Texas, No. 19 at 27% and Florida, No. 22 at 25%.”

“An average May in pre-pandemic years saw U.S. listings rise slightly by 4% from April to May. This year, May’s increase was six times bigger. California’s average May jump in 2017-19 was 8%. This year’s jump was 4.5 times bigger. The biggest increases? Wisconsin’s 22% was 18 times bigger than the 2017-19 May pace; Delaware’s 23% was 15 times larger, Arkansas’s 15% was a 14-fold increase, and Oklahoma’s 17% was 10 times faster.”

“Among 50 big metro areas tracked, the year’s largest jump in homes on the market  was in Austin (up 86%), then came Phoenix (up 67%), Sacramento (up 55%) and the Inland Empire (up 52%).”

From USA Today. “About 1 in 5 sellers, or 19% of listings, dropped their price in the four weeks ending on May 22, up from 13% a month earlier and 9.8% a year ago. ‘We’re seeing more and more buyers pull back, whether that’s a decline in people searching for homes, a decline in people touring homes, getting mortgage applications approved for buying a home — pretty much all of these leading indicators show a continuation of buyers reacting to the higher interest rates,’ says Taylor Marr, deputy chief economist for Redfin.”

Hawaii News Now. “The Honolulu Board of Realtors says the single-family home market showed small signs of cooling as there was a drop in closed sales compared to a year ago. ‘As interest rates and median sales prices rise, the question of what families can afford is clearly impacting market dynamics,’ said Chad Takesue, president of the Honolulu Board of REALTORS®. “We see this reflected in the active inventory of single-family homes, which rose 39.8% from a year ago.'”

From CTV News in Canada. “The scorching hot Ottawa real estate market has cooled, but home values here are holding. Marnie Bennet, who has been in the industry for more than four decades, says she is acting as part psychologist and economist as well as realtor right now with ‘managing expectations.’ She reassures everyone that industry growth has been a lottery win for homeowners, even with the cool down. ‘The home equity growth that home sellers have experienced in in the last 2 years would traditionally take 10 to 12 years to realize,’ explains Bennett. ‘The market is cooling, but that cool down isn’t just a reality check. It’s a return to a more normal market.'”

“COVID-19 created a whirlwind of home buying and the highest escalation of home prices on record.  ‘Renters and first time homebuyers raced to buy a home and this created price increases of up to 78 per cent since 2020,’ says Bennett. ‘After experiencing shocking sticker prices for homes and ‘free’ money with the lowest interest rates in the history of Canada. we are now returning to a normal real estate market.'”

“Bennett says homebuyers enjoyed the lowest interest ever offered in Canada at about 1.5 per cent. ‘The result in the housing market is that home buyers are shell shocked about rising interest rates at over four per cent from only 1.5 per cent. Home sellers are having to appreciate that the joyride is over and that increased home prices are leveling off to normal increases,’ says Bennett.”

“For the third straight month there have been double digit decreases in home sales in Ottawa. ‘As a realtor we are having to educate both the homebuyer and the home seller about real estate cycles and that we are all adjusting now to normal times,’ Bennett says. ‘In this market with rising inventory of 168 per cent since January well cared for homes with top level presentation is necessary in order to sell.’ This is a positive for buyers out there as there is more choice and that prices are negotiable and terms. ‘This has all happened very quickly and in some areas we are headed towards a buyers market.'”

From ABC News. “The federal Treasurer has dubbed a rise in interest rates as ‘difficult news’ for home owners and foreshadowed life in Australia is set to become even more expensive. Treasurer Jim Chalmers said people would feel the economic pain of inflation with housing and living costs set to rise even further. Shadow Treasurer Angus Taylor said while the RBA was independent of government, Labor needed to adopt measures that would reduce the likelihood of further rate rises. ‘Today is a tough day for the 3.5 million Australian families who have a mortgage,’ he said.”

From Bloomberg. “China’s yearlong campaign to control runaway property prices has pummeled its biggest developers, tanking home sales 11 months straight and obliterating $65 billion in wealth for real estate moguls. ‘The golden days are over,’ said Craig Botham, chief China economist of Pantheon Macroeconomics Ltd. ‘Property can’t be the engine for economic growth or wealth accumulation. It’s in the past.'”

Related Posts
This Post Has 171 Comments

  1. ‘According to the Federal Reserve Bank of St. Louis, there were 376,018 homes listed in February 2022. In May 2022, the number jumped to 516,362, showing an increase of 37%’

    MSM is having an OH SH$T.

      1. So much of the usual MSM blah, blah, blah in this article.

        Not once, not once, do these writers have the courage to mention ever increasing holding costs (exclusive of mortgage). Property and local taxes, insurance, maintenance, utilities, etc. on ever increasing square footage.

        1. $6+ fuel oil already knocked the daylights out of every DebtDonkey in the mid-atlantic and new england.

          1. The roads were almost empty last Saturday in Sandy, UT. I’ve never seen that before except over a holiday. It felt like I was driving on a Sunday!

          2. Mid-Atlantic generally uses natural gas, not heating oil. At least in the urban and burbs. Still expensive. Gonna be a lousy hunker-down winter.

          3. “Mid-Atlantic generally uses natural gas”

            NatGas up 630%
            Fuel Oil up 370%

            🤣🤣🤣

    3. It turns out that housing is not the only corner of the US economy where inventory is rapidly piling up.

      1. The Financial Times
        Target Corp.
        Target’s inventory pile-up prompts profit warning
        US retailer expects hit to second-quarter margin as it cancels orders and offers additional discounts
        A Target store in New York
        Target said it would focus on categories such as food and beverage, household essentials and beauty
        Mark Wembridge in London and Andrew Edgecliffe-Johnson in New York 2 hours ago

        Target cut its profit outlook for the second time in less than a month as the US retailer said it planned to cancel orders and further mark down prices to clear excess inventories in response to shifting consumer behaviour.

        The Minneapolis-based group on Tuesday warned that it would offer deeper discounts after high inflation ate into consumer spending. That will cut the company’s second-quarter operating margin to about 2 per cent, it said, three weeks after telling Wall Street that margins would be “in a wide range” around the first-quarter level of 5.3 per cent.

        In a statement, Target said it would embark on a programme of “additional markdowns, removing excess inventory and cancelling orders” from suppliers.

        Target shares, which were already down 30 per cent this year, were down by another 7 per cent in early trading. The news shaved 2.8 percentage points off the European retail stocks index and also weighed on other US stocks, with Walmart down 2.5 per cent and the S&P 500 down 0.8 per cent.

        “While these decisions will result in additional costs in the second quarter, we’re confident this rapid response will pay off for our business and our shareholders over time, resulting in improved profitability in the second half of the year and beyond,” said Brian Cornell, Target’s chair and chief executive.

        The US retailer’s shares in May suffered their biggest one-day decline since 1987’s Black Monday stock market crash, losing one-quarter of their value in a single trading session after the company warned that rising costs would dent its annual profits.

        Like its larger rival Walmart, Target has struggled to pass on higher prices to consumers and has been affected by higher freight, fuel and labour costs, as well as supply chain problems.

        On Tuesday it announced fresh plans to address those challenges, saying it would add more holding capacity near US ports, change prices to offset the impact of high transport and fuel costs, and work with suppliers to shorten distances and lead times in its supply chain.

        Census Bureau data show that retailers’ inventories plunged between March and June of 2020 as Covid-19 forced consumers to stay at home, but inventories have since shot up beyond pre-pandemic levels.
        …

        1. If not obvious, then a retail inventory glut is somewhat like a clogged toilet. You can’t put any more sh!t into it until the blockage goes away.

          What could unblock the retail supply glut is increased consumer spending. But with $6 a gallon gas and consumer debt out the wazoo clobbered by rapidly climbing interest rates, that ain’t happening soon.

          The retail toilet blockage translates into wholesale demand for consumer goods dropping off of a cliff. The companies who manufacture such consumer goods might have a hard time paying their workers if they can’t sell the stuff they make.

          Got supply chain clusterfork?

          1. “…the US retailer said it planned to cancel orders and further mark down prices to clear excess inventories in response to shifting consumer behaviour.”

            Lower prices are always part of the solution!

          2. I’m now short, via puts, the auto dealerships. Those forkers are done making bank.

        2. Target cut its profit outlook for the second time in less than a month as the US retailer said it planned to cancel orders and further mark down prices to clear excess inventories in response to shifting consumer behaviour.

          So the jumbotron sized TV’s and other non-essentials are not selling. Big surprise.

          1. I’m hoping that Costco is next to crash. The customer service there was never great but now it’s nonexistent. I won’t be paying for the honor of shopping there after this year.

          2. Guess those household essentials aren’t all that essential.

            As for Costco, I’ve only been in there sporadically over the past 4-5 years, but it seems they are shifting away from food and toward value-added household goods. And their store organization is atrocious. You’ll see table lamps stocked next to 50-pound bags of dog kibble. I guess you’re supposed to walk the entire store and impulse buy.

          3. “…And their store organization is atrocious….”

            Each and every time I visit the Tustin, (Calif) store, I am practical hunted down by Costco “Associates” who want me to bump my card dues up to “Executive”.

            I don’t buy enough stuff to make the 2% back@$60 extra threshold ($3000) where I would even begin to start to get my money back.

            Ditto for all the come on’s to buy giant TV’s, lawn furniture and so much more useless junk.

          4. Funny story about Costco. Seems there is a inside marketing tactic to move useless non-selling goods. Lighten the pallet and consumers every time will say “must be a good item look how many have already sold”

  3. ‘the year’s largest jump in homes on the market was in Austin (up 86%), then came Phoenix (up 67%), Sacramento (up 55%) and the Inland Empire (up 52%)’

    The shortage myth is done. How do these media reconcile this with their readers/viewers?

    ‘The median sale price of single-family homes in Seattle fell nearly 12% from April to May’

    It’s a good thing everybody put 20% down!

  4. ‘The home equity growth that home sellers have experienced in in the last 2 years would traditionally take 10 to 12 years to realize’

    Remember what this was like when it took off? I said about Albuquerque ‘but it’s a sh$t hole.’ There was nothing to sustain 30% shack increases. This was the point the guberment/central banks should have shut it down. They didn’t and now they are FOOKED!

    1. What the FED and .gov did was shameful, and now they’re out stammering sh!t like “we didn’t know” as Granny Yellen uttered the past couple days.

  5. I work for a company with less than 100 employees.

    When the unelected criminal Biden regime declared last year that you have to show proof of being injected with an experimental mRNA poison in order to keep your job with any employer with more than 100 employees, that is stealing food from my table.

    Ben Jones I could be making more money at a bigger company, instead of doing side work nights and weekends.

    This is a medical genocide, and I’m not going to stop posting about it here.

    Stealing food from my table.

    The Day Of The Rope is coming…

    1. Related anecdotal.

      I’ve done electrical work at the Denver airport, in both public and non public spaces. They are still requiring masks for any worker doing any work at the airport, anywhere in the airport.

      It’s more of the same, i.e. masked servants waiting on the unmasked elite. This is the Mass Formation Psychosis created by globalists, and brought to you by Real Journalists and the Democrat Party.

      The Day Of The Rope is coming.

      Rope? Yes, rope 🙂

    2. “Ben Jones I could be making more money at a bigger company, instead of doing side work nights and weekends.”

      This biz has turned into a cluster. Work on some projects has reached stall speed due to equipment delivery issues. There are no issues with site/concrete/steel/masonry/misc metals and woodpecker stuff. On the other side, we’ve projects we can’t man. I got a call out of no where from a headhunter last week. Howd you get my name? He says he cant disclose. Why you calling? “I need your talent at ABC company building blah blah”.

      I told him if I wanted to work ABC I’d call them myself.

      1. if I wanted to work ABC I’d call them myself

        I never understood why so many people don’t get this.

      2. ** “There are no issues with site/concrete/steel/masonry/misc metals and woodpecker stuff.”

        “woodpecker”: that’s a new one. to me, anyway.
        funny!

  6. “The shortage myth is done.”

    We knew It was just a myth. So many people still believe this $hit….The next myth to die hopefully will be “location, location, location…” in this everything everywhere bubble.

    1. ‘COVID-19 created a whirlwind of home buying and the highest escalation of home prices on record. ‘Renters and first time homebuyers raced to buy a home and this created price increases of up to 78 per cent since 2020,’ says Bennett. ‘After experiencing shocking sticker prices for homes and ‘free’ money with the lowest interest rates in the history of Canada. we are now returning to a normal real estate market’

      Last year I told a guy the REIC was now saying CCP virus was the reason shack prices were skyrocketing. He said, “that doesn’t make sense.” And it didn’t. Massive layoffs, millions defaulted immediately.

      Rocket go now! Possibly the biggest monetary policy mistake in history.

      1. “Possibly the biggest monetary policy mistake in history.”

        And we reappointed this guy for another 4 years?

        To steal from another blogger, “They are not sending their best.”

      2. Possibly the biggest monetary policy mistake in history.

        I think it was all intentional. Even a high school kid could figure out what would happen if you printed all that money and also handed out “free stimmies” to everybody. They set fire to asset prices so they could personally benefit. Now all the little people are paying for it in spades.

        One recent estimation said the average person is going to pay more than $6,000 more this year for just the basics in life. But we got, what, a couple of checks for 1/3 of that? This “free money” lie needs to be extinguished for good.

        1. the average person is going to pay more

          And probably increase the balance on their credit card to do it.

        1. Seems that way Mugsy. Last I checked, just pre-pandemic, David had a skeleton website which basically sounded like “if you want me to consult for you, call me” and gave a business phone and an address in Vero Beach. I get the impression he didn’t much care if he got any business.

          2. I guess real estate is going back to local, now that Pope Elon has issued his papal bull on w@h.

            At least his highness won’t impact your NIH work from home gig.

          3. Fetch some falling housing prices

            The grandma finally died house on my block fell $30K in the past couple weeks. Does that count?

  7. Reposting from the last thread:

    Buyers gaining power & farewell real estate honeymoon

    June 6, 2022 By Ryan Lundquist Leave a Comment

    ‘Sellers haven’t had to negotiate much with buyers over the past two years, but that’s changing. As of today, a whopping 35% of active listings in the Sacramento region have had a price reduction (more here). This is a big change from the market we had just a few months back, so let’s talk about one aspect of a power exchange – seller concessions.’

    https://sacramentoappraisalblog.com/2022/06/06/buyers-gaining-power-farewell-real-estate-honeymoon/

    1. Ryan Lundquist
      @SacAppraiser
      Price drops in Sacramento region:

      1) Reductions are shooting up fast
      2) You can overprice at ANY PRICE
      3) Buyers have more options
      4) We have over 3,000 active listings. Haven’t seen this many in two years (still historically low).
      5) 35% of active listings have had a reduction

      https://twitter.com/SacAppraiser/status/1533952850476163072

      Eat yer crows Thornberg…

    1. I’ve been to Surprise. Daughter had a house there.

      Their dog got very sick, I think it was called Valley Fever. Apparently all the digging of the shack builders stirs up a nasty dormant virus.

    2. $136,000 per acre for desert scrub that isn’t even worth $500. There’s yer bubble right there. Land prices need to fall 98%+.

      1. Some deserts are nice to look at. Not this stretch. They’ve got this traffic model with major feeders in and spider webs of subdivisions. Means traffic sux in commute times. Sometimes no turn lanes so you line up if somebody needs to make a left. Oh we’ll get to that later!

        When it’s hot where this place is, I’d sometimes see several huge dirt devils at the same time. That’s about as notable as anything. It’s probably was not even Surprise, just annexed.

        1. I might actually rather live in Kingman than that hellhole, which is saying something – because Kingman might make me want to eat a bullet.

          I think I misspoke when I said land prices needed to fall 98% there. That would mean land would still be priced at $2,720 per acre, which is still waaaaayyyy overpriced. They need to fall 99.5%.

      1. Actually on this stretch of highway going to Wickenburg you cross over a concrete stream of fresh water coming from the north. The Salt River Project is quietly very powerful in Arizona.

        ‘The Salt River Project (SRP) is the umbrella name for two separate entities: the Salt River Project Agricultural Improvement and Power District, an agency of the state of Arizona that serves as an electrical utility for the Phoenix metropolitan area, and the Salt River Valley Water Users’ Association, a utility cooperative that serves as the primary water provider for much of central Arizona. It is one of the primary public utility companies in Arizona.’

        ‘The name, Rio Salado Project – “Rio Salado” is Spanish for “Salt River” – used to refer to the improvement projects along the Salt River through the Phoenix Metropolitan Area, is not related to SRP.’

        https://en.wikipedia.org/wiki/Salt_River_Project

        2. Google maps showed me there are a couple thin blue lines, but I couldn’t find a single drop of water anywhere. Even the fat blue Aqua Fria River was still brown.

    1. Better yet, there’s no law of economics that says such relief for prospective homenuyers can’t come directly in the form of collapsing home prices, as speculators cut and run. Of course price declines will show up much more immediately in commodities than in housing, since the latter bases its official statistics on data that are several months stale.

    1. “Consenting adults in the privacy of their own bedroom” is the libertarian position.

      Now that the LGBBQ “movement” has been hijacked by globalists, it’s not even about civil rights.

      It’s about sexually grooming children (and the destruction of gender roles and the nuclear family, aka Marxism), and the promotion of “medical” treatments for the mentally ill that include hormone therapy and the amputation of breasts and ding dongs, which is of course a taxpayer funded windfall for Big Pharma.

      Monkeypox? Maybe try not having 500+ anonymous sex partners in your lifetime, and you won’t get pus oozing sores on your ding dong 🙁

  11. Squatter McDuck
    June 7, 2022 at 5:25 am
    Gasoline too expensive for me to even buy. I’ve never seen a presidency this damaging.

    And it’s only gonna get worse.

    If you like $10 gas, you’re gonna love the famine.

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

  14. I wanted to mention what I think is significant about the UHS videos I’ve been posting. We didn’t have these last decade. The closest was individual websites. There was a guy in Naples Florida that gave a down and dirty you wouldn’t see elsewhere. He posted from time to time.

    These videos, some are the usual REIC BS, but some like above are startling in their ability to cut through the media gatekeepers. Most of all, it is a detailed window into a mania collapse. I find it fascinating.

    1. “media gatekeepers”

      Aka homeowners with a vested interest in not publishing stories about their life savings disappearing with a collapsing housing bubble…

    2. Are the jumpers going to be live streaming this time? I will probably watch. Is that wrong?

    3. We didn’t have these last decade.

      Contagion will be much faster this time.

  15. “The median sale price of single-family homes in Seattle fell nearly 12% from April to May, according to the Northwest Multiple Listing Service (NWMLS).”

    It might be interesting to convert a 12% one month decline to an equivalent annualized percentage of decline:

    1-(1-0.12)^12 = 78.4%.

    Is that alot?

      1. For clarification, I computed the recent monthly rate of price decline on an annual basis. In other words, how much would prices go down if the 12% monthly rate of decline continued for a whole year.

        I’m not predicting this will actually happen. The one year decline could be smaller, or it could be larger,

  16. Globalist Quisling Lil’ Fidel is giving Brandon a run for his money in the category of “Gun Salesman of the New Millennium.”

    ‘All the stores were crazy’: Justin Trudeau’s gun crackdown sparks handgun panic-buying ahead of the freeze on sales

    https://www.dailymail.co.uk/news/article-10891569/Justin-Trudeaus-gun-crackdown-sparks-rush-purchase-handgun-ahead-freeze-sales.html

    Gun stores across Canada are reporting booming business, after Prime Minister Justin Trudeau announced that he was introducing a freeze on all new sales of handguns.

    Trudeau on May 30 said he was introducing ‘a national freeze on handgun ownership.’

    He added: ‘In other words, it will no longer be possible to buy, sell, transfer, or import handguns anywhere in Canada once this Bill becomes law.’

    1. He added: ‘In other words, it will no longer be possible to buy, sell, transfer, or import handguns anywhere in Canada once this Bill becomes law.’

      Not having a Bill of Rights that Parliament can’t overturn on a whim is for slaves.

      Smuggled guns are gonna be big bizness in Canaduh

  18. ctal77
    June 6, 2022 at 5:47 am

    “Dick and Jane will own nothing and will eat bugs.”

    See Dick.

    See Dick’s house.

    Wait.

    Where is Dick’s house?

    Dick, WTF happened to your house?

    2. “…Dick, WTF happened to your house?…”

      Termites. Property and local Taxes. HOA dues. Insurance. Maintenance. Ever increasing regulations.

      Jane to Dick (at bedtime): “You mean it costs money to own a house?

      Dick: No worries, Jane, my love. We will pay for it all out of our BitCoin account. Sleep easy.

      2. Ever increasing regulations.

        After the Marshall Fire those who lost their homes (about 1000 shacks were lost) discovered that the local authorities were already busy rolling logs in front of them, making rebuilding even more costly and difficult.

        Six long months later, the first rebuild is starting.

      1. Why is it again that everyone wants to live in NYC?

        I am told that it’s for the big salaries. A niece who was making $40K at some cr@p job moved to NYC with her husband. They have much better jobs now and make well over $200K together. Sure, they live in a cr@p apartment, but they were also living in a hovel before they moved.

          1. I took a 70% pay reduction leaving NYC work.

            I couldn’t be happier here in Florida.

        2. Ask her how much they’re paying for federal, state and

          city

          taxes! People mostly live in NYC for the lifestyle. Those big salaries go further by commuting in.

          1. That should have been bold rather than blockquote. Major sleep deprivation the last 10 days.

          2. Ask her how much they’re paying for federal, state and city taxes!

            I’m sure it’s a lot; but my understanding is that they almost tripled their income. She had a dead end job before moving. She just came back from a business trip to Portugal.

            They are looking into getting transferred somewhere else, and are hoping to take the big paychecks with them (good luck with that)

          3. are hoping to take the big paychecks with them

            This reminds me of when I worked for a firm based in Boston. The branch office was in Broomfield (Dumver suburb). We had a guy come out to visit from Boston, and he thought it would be cool to move out here, plus we had an open req in Broomfield. He was gung ho until he saw how big of a pay cut he would have to take, even though it would be a “lateral”. I remember him asking “how do you guys survive on so little?”

          4. Reminds me of a friend who just moved to Austin with her SF salary. I’m not sure if she’s moved in to her new build or had luck finding a new job.

          5. Reminds me of a friend who just moved to Austin with her SF salary. I’m not sure if she’s moved in to her new build or had luck finding a new job.

            She bought a new house with no income? Smart.

          6. She had/has a job working for Alameda County. She left Alameda County shortly after the COVID shutdowns to WFH. She and her immediate family moved to Austin and bought new development homes while she was still employed by Alameda County. Only then did she realize Austin salaries aren’t anywhere near SF salaries. Duh!

        3. “Reminds me of a friend who just moved to Austin with her SF salary. I’m not sure if she’s moved in to her new build or had luck finding a new job.”

          Wish her good luck😂

          Austin, TX Housing Prices Crater 19% YOY As Double Digit Price Declines And Skyrocketing Inventory Blanket Texas

          https://www.movoto.com/austin-tx/market-trends/

  20. The Southern Poverty Law Center harassing Andy Ngo for giving a speech criticizing Antifa:

    https://mobile.twitter.com/MrAndyNgo/status/1533907128913735682?cxt=HHwWhMC9lYSaxMkqAAAA

    The Southern Poverty Law Center supports Antifa.

    In 2020, Antifa and Burn Loot Murder created $2+ billion of property damage, committed dozens of murders, and conducted an actual insurrection that included the seizure of territory and the proclamation of an autonomous state.

    This is who and what the Southern Poverty Law Center supports.

    And who, btw, were in fact never elected to govern anything.

    They have no governmental authority or jurisdiction over anything.

    This criminal cartel organization should rename itself the Defamation League, because that is what their “business” actually is.

    It’s a business. It’s not a “civil rights organization.”

    1. “Pass-through” organizations such as Thousand Currents enable globalist oligarchs to funnel tens of millions of dollars to violent Communist insurrectionists like BLM and Antifa while concealing their sponsorship of these groups and their campaign of mayhem. Our corrupt, captured DoJ and FBI will NEVEER investigate the real insurrectionists.

    1. They were begging and pleading for the jab, sometimes standing in long lines to get one.

      And of course, they wanted to force everyone else to get one.

  24. So I don’t have an economics degree like AOC…but aren’t swelling inventories a leading indicator of a slowing housing market?

    Stale property listings pile up across Sydney and Melbourne

    https://www.macrobusiness.com.au/2022/06/stale-property-listings-pile-up-across-sydney-and-melbourne/

    New data from SQM Research shows that the number of homes that have been listed for sale nationwide for more than 180 days increased to 49,813 in May.

    The number of Sydney dwellings that have been on the market for more than six months rose by 9.4% to 4,032 in May, whereas the number of ‘stale’ dwellings in Melbourne rose by 6.2% to 6,378.

  25. Santa Ana, CA Housing Prices Crater 12% YOY As Orange County California Housing Market Turns Into A Toxic Stew Of Subprime Mortgage Defaults

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

    As one market maker joked, “If you see a realtor in your neighborhood, lock the doors and call the authorities immediately.”

    1. Hey AMLO…I think we’re already there. Installing the epically incompetent Kamala Harris as Border Security Czar was a not-so-subtle way for the Brandon regime to signal the teeming hordes of Mexico, Central America, Haiti, etc. to c’mon in! Resettlement in the red states and a lifetime of entitlements for D-votes awaits. Forward!

    2. From Breitbart:

      “I will go in July to visit [President Joe Biden] at the White House and I want to discuss with him the issue of the integration of all America,”

      From the Mexican Media:

      Ante su viaje a EU en julio para reunirse con Biden, ya sin “el chantaje” de la Cumbre de las Américas, dice que hablará de la regularización de los mexicanos.

      Regarding his trip to the US in July to meet Biden, without the “blackmail” of the Americas Summit, he said that would discuss regularization (amnesty) for Mexicans (illegals).

      I searched in the Mexican media for anything about integrating the Americas and found nothing. I did find a link where AMLO said that Latin America should integrate, and from the wording sounds like it’s what Breitbart was quoting. The article is from March 2022.

      El presidente de México, Andrés Manuel López Obrador, destacó este lunes la necesidad de la integración de los países de América Latina y el Caribe

      In the article AMLO mentions how North America is already integrated via the USMCA (NAFTA replacement) treaty.

      1. Are they going to stop the routine murder of Americans in Mexico? Are they going to allow foreign ownership of their land like we do? Are they going to allow Americans to work anywhere they want in Mexico? No, they want a one sided agreement where they get everything they want and we get nothing.

        1. Actually, foreigners can own land in Mexico. There are some restrictions on the border and the coasts, which are easily circumvented via a bank trust (Fideicomiso)

          Work visas are as hard as rocks to get. I have heard of some Americans who telecomute to US jobs while in Mexico on a tourist or other non-immigrant visa.

          As for the crime and violence, it is completely and totally out of control there. I would consider retiring to someplace like Akumal, but the lack of law and order is a show stopper for me.

    4. Mexican President Calls for American Superstate, Open Borders

      At this point, I’m all for this, but in a different way than this clown imagines. Mexico is very rich in natural resources and beauty. I say we annex the entire thing and send in the US military to absolutely lay waste to the cartels, bring them under our constitution and open up military outposts in every state, then close their southern border so that the central Americans can no longer pour through.

      1. The US almost did that long ago. They were looking down on Mexico City and withdrew. I’ve often wondered what would have happened if they made it a state or states. Pacific coast, Gulf of Mexico, carabeeno. It could have been so different than what it ended up. The Texicans probably considered this route too and decided fudge it.

        1. The US did take Mexico City. This has long been a sore spot for Mexicans, who revere as saints a squad of cadets who were the last to fall to US forces.

          And don’t forget, the US did keep half of Mexico’s territory.

          There is a joke that makes the rounds in Mexico: What was Santa Anna’s biggest mistake? A: He only surrendered half the county’s territory to the US.

  28. AG Merrick Garland Let BLM Rioters Off Easy Just Days Before Charging Proud Boys With Sedition

    by Chris Menahan | Information Liberation
    June 7th 2022, 3:19 am

    We previously discussed the cases of attorneys Colinford Mattis and Urooj Rahman, who were accused of throwing a Molotov cocktail into a police vehicle in New York. They were facing domestic terrorism charges and the possibility of 30 years in jail. This week, the Biden Administration agreed to a massive reduction of the charges in a plea agreement that will likely result only in a couple years of jail time. What is particularly bizarre is that the plea agreement reduces an earlier plea agreement for a more serious offense.

    The plea deal by the Justice Department is a breathtaking reduction in the charges and expected sentencing of the two lawyers.

    Conspiring to assemble the Molotov cocktail and damage the New York Police Department patrol car does not quite capture what these two attorneys did during the violent riot in New York. Rahman was caught on video throwing the firebomb and then fleeing the scene. Colinford Mattis was accused of having a store of firebombs in his vehicle and was videotaped as he attempted to hand them out to other rioters to fuel further violence. Rahman later was unapologetic and declared to reporters that “the only way they hear us is through violence.”

    Garland indicted five Proud Boys on “seditious conspiracy” charges on Monday. A seditious conspiracy charge carries a sentence of up to 20 years in prison.

    The GOP establishment should be screaming bloody murder about this vindictive political persecution but instead they’re busy working with Democrats on new gun control proposals to disarm their own constituents.

    https://www.infowars.com/posts/ag-merrick-garland-let-blm-rioters-off-easy-just-days-before-charging-proud-boys-with-sedition/

    1. I remember 2020. I remember all of it.

      100 consecutive nights of violent riots outside the federal courthouse in Portland.

      David Dorn getting murdered.

      The McCloskeys in St Louis.

      Burning down Wendy’s in Atlanta.

      Antifa attempting to push a flaming dumpster into the pumps at a gas station in Kenosha (Kyle Rittenhouse stopped this from happening, and in case you forgot, Antifa Joseph Rosenbaum who he ventilated did time in prison for raping 10 year old boys).

      Capital Hill Autonomous Zone, and all the murders there.

      1. More.

        I remember the blocked streets and attempted (and successful) carjackings.

        Vandalism of churches and libraries.

        Destruction of statues of dead white males that Antifa and Burn Loot Murder can not allow tp exist.

        I remember the targeting of single family homes because they were flying an American flag.

        The looting, which was done almost entirely by black males.

        The targeted smash and grabs, also done almost entirely by black males.

        Real Journalists defending looting and theft.

        Politicians kneeling in the street.

        Corporations “donating” billions of dollars that belong to their shareholders, to Marxist Burn Loot Murder.

        Lee Keltner getting murdered, on camera, in downtown Denver by Antifa.

        1. I’m not done remembering, I can’t stop remembering.

          Cleveland Indians getting renamed the Guardians.

          No more Aunt Jemima or Uncle Ben or female Land O Lakes mascot.

          I remember Real Journalists, and their coordinated campaign of hatred against anything white or male or Christian or pro-America.

          I remember the church across the street from the White House being set on fire.

          I remember the curfews.

          I remember being told by Real Journalists and globalists that rioting is good because racism is a greater threat to public health than COVID.

          And that Sturgis biker rally bad, because Orange Man Bad.

          1. female Land O Lakes mascot.

            Kept the land, got rid of the Indian. Check!

            I remember the church across the street from the White House being set on fire.

            IIRC, that was an ultra liberal Episcopal church. It doesn’t matter how woke you are, when the time comes, you will get thrown thrown under the bus.

          2. You are witnessing the “Will To Power” that Friedrich Nietzsche predicted would cause millions of deaths . .
            Rockerfeller set up the Monopoly based Medical system , and the seeds of a international One World Order , in the UN. .
            The “will to power” by a monopoly of power by the few , with no morality and outright murderous intent for the human race.
            The power to take free will, hack and reduce humanity to slavery , with no choice or freedoms , is the ideology of these Entities , like the WEF , who are openingly exposing their horrific power grab.
            They are the new Gods that supersede God, and the “useless eaters” will submit to the fate they ordain.
            The problem is 7 or 8 bil!ion people have a “will to power” also , that’s a sleeping giant , that only need to awake to their power.
            I’m pissed that I was subjected to over two years of lockdown prison, masks, fraudulent fear mongering and threat of injections against my will.
            This was the biggest transfer of wealth from the people to a group of criminal looters and fraudsters , who are going for round 2 of their weapons of mass destruction , being war, famine, pandemics, bankruptcy, insanity and mayhem.
            The people have been traumatized, murdered and divided by a small group of hijackers, that in secret planned to dictate the fate of humanity and the earth.
            They have nothing to offer humanity that humanity would want, and their utopia is for themselves in the greatest “Will to Power” attacks on earth by the dangerous few, that have made governments their pawns, including Biden the treasonous fake President.
            So, they are the attackers that waged the war against humanity, while humanity was sleeping .
            I predict humanity will prevail over this insane enemy .

  29. Did your tech bets unravel when the Fed started dropping hints about taking away the punchbowl?

    1. Tonia Cowan/The Wall Street Journal; Getty Images/iStockphoto
      Markets
      Highflying Tiger Global Humbled by Unraveling of Giant Tech Bet
      The New York firm was a heavy investor in technology stocks and startups when the market peaked. The downturn has vaporized years of its gains.
      By Eliot Brown and
      Juliet Chung
      June 6, 2022 11:12 am ET

      Tiger Global Management rode the tech boom like no other investment firm. It was funding more startups than any other U.S. investor when the market peaked last year, and had tens of billions of dollars from pensions, endowments and rich clients riding on some of Silicon Valley’s hottest stocks.

      With tech values plunging, the New York firm is humbled. The market rout has vaporized years of gains in a matter of months, calling into question Tiger’s big bets.

      Fueling Tiger’s rise was a double-barreled business: A stock-picking arm put money mostly into public companies, while its venture-capital funds invested in startups throughout the world. Both bet bigger on tech as the market crested, leaving the firm exposed on both fronts.

      Tiger said in a note to investors last week that its hedge fund, which managed $23 billion at the end of 2021, was down 52% this year. That is one of the largest-ever losses by a hedge fund. Its other large stock fund—a long-only fund that managed $11 billion at the end of 2021 and doesn’t short stocks—has lost 61.7%.

      At the end of April, the rout had wiped out roughly two-thirds of the gains Tiger had made in those stock funds since its founding, estimates money manager LCH Investments.

      Meanwhile, Tiger’s venture-capital funds are bracing for a slowdown in the tech-startup sector. As companies pivot from rapid growth to layoffs and cash preservation, write-downs on Tiger’s venture funds—valued at $64 billion at year-end—have begun and more are likely. Large venture-capital firms are warning of harsh times to come.
      …
      https://www.wsj.com/articles/tiger-global-giant-tech-bet-11654523735

    2. Here’s the little-known reason why Cathie Wood’s ARK Innovation ETF is having such a bad year
      Published: June 6, 2022 at 7:18 a.m. ET
      By Mark Hulbert
      Funds that make concentrated bets on a few stocks are paying the price in this rough market
      Cathie Wood, manager of Ark Innovation ETF. Getty Images

      Referenced Symbols

      ARKK
      -0.39%
      SPX
      -0.40%

      By now almost everyone knows that ARK Innovation (ETF ARKK, -0.39%) is having a very bad year. But poor stock selection is not the only reason why the fund, run by celebrated stock-fund manager Cathie Wood, is doing so poorly. Another, overlooked, culprit: the portfolio is heavily concentrated in just a few stocks.

      According to Morningstar Direct, ARK Innovation’s 10 largest holdings represent 58.9% of the portfolio. That’s more concentrated than 93% of all other actively managed U.S. equity funds (both open-end and ETF) in Morningstar’s database. It’s more than double the concentration of the S&P 500 (SPX, -0.40%) index, where the 10-biggest stocks represent 27.7% of the total market cap of the index.

      This year through June 2, according to FactSet, ARK Innovation is down 51.8%, more than four times the comparable total return loss of 11.9% for the S&P 500.
      …
      https://www.marketwatch.com/story/heres-the-little-known-reason-why-cathie-woods-ark-innovation-etf-is-having-such-a-bad-year-11654495992

      1. “run by celebrated stock-fund manager Cathie Wood”

        Language like this always gets me. Celebrated? Celebrated by who? Not me…not the most people I know…

    3. The Financial Times
      Markets Briefing Equities
      Stock losses continue after Target warns over profit margins
      US retailer’s shares slide as concerns about economic slowdown intensify
      A Target store in New York, US
      Shares in Target plunged more than 5 per cent after the group warned it would have to shift excess stock with deeper discounts
      Naomi Rovnick in London
      35 minutes ago

      Stocks turned lower on Tuesday after US retailer Target slashed its profit outlook for the second time in weeks, intensifying concerns about an economic slowdown driven by soaring inflation and rising interest rates.

      Wall Street’s blue-chip S&P 500 share index, which has registered weekly losses for eight of the last nine weeks, lost 0.9 per cent in early New York dealings, with retailers sustaining some of the heaviest falls.

      Shares in Target dropped more than 5 per cent after the group warned it would have to shift excess stock with deeper discounts, in a move that was expected to lower its second-quarter operating margin to about 2 per cent. The group last month estimated this rate at around 5.3 per cent.

      The warning spooked investors, who have been watching for signs from US businesses that inflation, rising mortgage costs and plans by the Federal Reserve to aggressively increase interest rates will hit consumer spending and ultimately push the world’s largest economy into a recession.

      “It’s possible that consumer spending holds up and inflation recedes quickly enough to keep the US economy going,” said Joost van Leenders, equity strategist at Kempen Capital Management.

      “Equally, there’s a possible story that inflation remains high, the Fed has to do more and there is a recession,” he added.

      US inflation data on Friday are expected to show consumer prices in the world’s largest economy rose at an annual rate of 8.3 per cent in May, the same as the previous month. Money markets anticipate the Fed raising its main funds rate by half a percentage point at its June and July meetings, with some policymakers signalling the run of increases will extend into September.

      Target’s warning dragged rival Walmart’s shares 2.5 per cent lower, and caused reverberations in Europe, with German fashion group Zalando down almost 6 per cent and UK department store group Marks and Spencer losing 5 per cent.

      Following a shortlived rally on Monday driven by China loosening some Covid-19 restrictions, Europe’s regional Stoxx 600 share index lost 0.7 per cent.
      …

  31. This is Las Vegas:

    Home Buyers BACKING OUT Of Contract – Now Home Builders Have Their Backs Against Already-Built Walls

    Jun 2, 2022 People who agreed to buy homes under construction but haven’t yet closed are facing mortgage-interest rates that could be nearly double what they anticipated when they paid their deposits.

    https://www.youtube.com/watch?v=5dtOWlQ-IDw

    3:29.

    1. It’s funny how the Builder Boyz never see it coming.

      As was discussed during the previous crash, they keep building because that is all they know. There is no “save for a rainy day”, ramp down building, let the illegals go, sell the F-350 and the other toys while there is still demand for them.

      Dealer lots filling up with new and repo’d trucks should be coming soon.

  33. ‘The pandemic’s housing boom saw inventory—the number of unsold listings—fall to four-decade lows.’

    ‘Now inventory levels are rising—fast.’

    https://twitter.com/NewsLambert/status/1534166016854577152

    The graphic is from Fortune mag I think. It’s a six week change. First thing that caught my eye was northern Arizona. Looks like Coconino and Yavapi counties. So that would be Flagstaff, Verde Valley, Sedona and Prescott, etc. Lots of second shacks and STR.

    There’s another dark strip on the western side of Nevada. Eastern Washington (much of Washington is on sale). And a big dark spot inland Oregon. Thanks to the reader who sent this in.

  35. Oh dear…

    Naples FL Real Estate Update | May 2022
    May 21, 2022

    How’s the real estate market in Naples Florida? With season winding down, interest rates rising, volatile stock market, and real estate in the news daily, I am talking about this question a lot.

    https://www.youtube.com/watch?v=1Mcjyiw1Hgg

    2:35. This is 3 weeks old. Says “in April, 50% of pending sales had a price reduction”. “49 homes in one community for sale.”

  36. But there is so much ‘equity’ that is yet to be spent. CNBC’s Olick is here with another article on behalf of the banks.

    $1.2 T to spend on Gas, Whole Foods, Electric cars, and luxury clothing. Spend before July 4 and you will have done your patriotic duty …

    Homeowners are in the money, and it just keeps coming. Two years of rapidly rising home prices have pushed the the nation’s collective home equity to new highs.

    The amount of money mortgage holders could pull out of their homes while still keeping a 20% equity cushion rose by an unprecedented $1.2 trillion in the first quarter of this year, according to a new analysis from Black Knight, a mortgage software and analytics firm. That is the largest quarterly increase since the company began tracking the figure in 2005.

    Mortgage holders’ so-called tappable equity was up 34%, or by $2.8 trillion, in April compared with a year ago. Total tappable equity stood at $11 trillion, or two times the previous peak in 2006. That works out to an average of about $207,000 per homeowner.

    Tappable equity is largely held by high-credit borrowers with low mortgage rates, according to Black Knight. Nearly three-quarters of those borrowers have rates below 4%. The current rate on the 30-year fixed mortgage is over 5%.

    Given the current market conditions, homeowners are less likely to sell their homes and more likely to tap some of that vast equity for renovations. Home equity lines of credit are preferable now, as an owner likely wouldn’t want to refinance their first mortgage to a higher rate, even to pull out cash.

  37. Bilderberg reconvenes in person after two-year pandemic gap

    The Washington conference, a high-level council of war, will be headlined by Jens Stoltenberg, Nato’s secretary general

    Charlie Skelton in Washington
    Sat 4 Jun 2022 17.52 EDT

    Many consider it an older, less flashy Davos, staged annually by the World Economic Fund. The two events have a good bit in common: namely, three WEF trustees at this year’s conference, and Klaus Schwab, the grisly head of Davos, is a former member of Bilderberg’s steering committee. His “Great Reset” looms large over the Washington conference, with “Disruption of the Global Financial System” at the heart of the agenda.

    The conference troubles some ethicists, with politicians thrashing out an “Energy Security and Sustainability” talk with the CEOs of oil giants BP, Shell and Total. There’s also “Post Pandemic Health” with the CEOs of Pfizer and GlaxoSmithKline, who are locked away for days with Wall Street investors and no press scrutiny.

    Bilderberg gets scant coverage partly because of its connections to the transatlantic intelligence community.

    Formed in the mid-1950s as a joint project of British and US intelligence, the conference has kept its cards so close to its chest that the world’s press has given up trying to get a glimpse of them.

    This year’s conference lineup, led by the CIA head, William Burns, reflects those roots.

    Burns is a former US ambassador to Russia and was elected to Bilderberg’s steering committee just a few months before Joe Biden gave him the job, whereupon he discreetly resigned his seat.

    Four other active intelligence chiefs are attending: the head of the UK’s Government Communications Headquarters; the director of France’s external intelligence agency, DGSE; the leader of the US Cybersecurity and Infrastructure Security Agency; and Biden’s national security adviser, Jake Sullivan.

    Former spy chiefs at the talks include David Petraeus (CIA) and Sir John Sawers (MI6), now a board member of Bilderberg and BP.

    And of course, holding court at the hotel bar will be Klaus Schwab’s mentor, Henry Kissinger.

    Incredibly, Kissinger, 99, has been attending Bilderbergs since 1957.

    The prince of realpolitik has been the ideological godfather of Bilderberg for as long as anyone can remember. And he’s recently co-authored a book, The Age of AI, with Bilderberg steering committee member Eric Schmidt, the former head of Google, and this year’s Washington conference is noticeably rammed with AI luminaries, from Facebook’s Yann LeCun to DeepMind’s Demis Hassabis.

    Bilderberg knows that however the global realignments play out, and whatever a reset global financial system looks like, the shape of the world will be determined by big tech. And if the endgame is “Continuity of Government”, as the agenda suggests, that continuity will be powered by AI.

    Whatever billionaire ends up making the software that runs the world, Bilderberg aims to make damned sure that it has its hand on the mouse.

    https://www.theguardian.com/world/2022/jun/04/bilderberg-reconvenes-in-person-after-two-year-pandemic-gap

    1. Whatever billionaire ends up making the software that runs the world, Bilderberg aims to make damned sure that it has its hand on the mouse.

      Curiously, a lot of that software is open source. Customers don’t pay companies for Linux licenses, they pay for tech support. Even when running stuff on the cloud, it’s most likely running on Linux.

      Most programming languages are open source, with Java and C# being major exceptions.

    2. CEO of Pfizer?

      He’s not a U.S. citizen. Somebody please kill him. He is guilty of millions of counts of medical genocide.

      No courtroom or trial needed. Just kill him.

  38. Here we go. More warnings. First, JPM’s Dimon, then Yellen, then CitiBank. Now the world bank.

    For many people —- Forget Whole Foods and think lentils and beans.

    Russia’s war in Ukraine will lead to slower than expected growth across the developing world this year and next, pushing millions into extreme poverty and raising the risk of a debt crisis in low and middle-income countries, the World Bank has warned.

    The fallout from the war will exacerbate the effects of the pandemic, leaving 75mn more people in extreme poverty than expected in 2019, the bank warned in its latest economic outlook, published on Tuesday.

    “At the beginning of the year we expected things to be bad,” said Ayhan Kose, head of the bank’s economic forecasting unit. “Now they are going from bad to worse, and the policy response will be critical to avoid them going from worse to much worse.”

    He added: “The faster-than-expected tightening of financial conditions worldwide could push countries into the kind of debt crisis we saw in the 1980s. That is a real threat and something we are worried about.”

    The bank’s twice-yearly Global Economic Prospects report said global conditions today were similar to those of the 1970s, when steep rises in interest rates were needed to control inflation. Those interest rate rises sparked a global recession and a string of debt crises in developing economies.

    2. leaving 75mn more people in extreme poverty

      That literally means starving. Isn’t it ironic that our debt binge makes others starve?

      1. 99.99% of humanity are nothing more than cattle to these globalists.

        See also: Yuval Harari.

  39. Ok, so Biden already saying in essence to put the masks back on pursuant to monkey pox threat.

    What are the odds that the rare monkey pox disease would become a global pandemic, following a test run in 2021, that Bill Gates predicted over 9 months ago, in which they were also doing gain of function research in same China lab as Covid on monkey pox.
    Their test run practice on monkey pox was simulating 3.5 billion people on earth getting the rare monkey pox.
    Having two global pandemic in a row defies the odds…..but monkey pox, a rare disease.
    They must think that people are stupid and fraud news with fear mongering and fake testing will achieve what they did with the Covid Scam.
    So, they are not going to give up on Medical Tyranny , lockdowns , masks, fake vaccines , to destroy and take over the World, while they loot the wealth .
    They have a election to steal, money to steal, and a world to subject to destruction, murder and mayhem.
    Get the ropes

  40. $419,000 4 bd 2ba
    1,880 sqft
    Price cut: $50K (6/7)
    9824 N Medicine Point Dr, Kingman, AZ 86401

    https://www.zillow.com/homedetails/9824-N-Medicine-Point-Dr-Kingman-AZ-86401/191816136_zpid/

    Date Event Price
    6/7/2022 Price change $419,000 (-10.7%) $223/sqft

    5/12/2022 Listed for sale $469,000 (+2368.4%) $249/sqft

    11/19/2021 Sold $19,000 (+18.8%) $10/sqft

    1/21/2000 Sold $16,000 $9/sqft

    This isn’t Kingman, it’s a place called Valle Vista many miles from Kingman on the way to Peach Springs. I worked mucho forcloso out there last decade. Gotforsaken place. No shopping, jobs. Really hot. One time I was cruising around between shacks and bang! my lighter exploded cuz it was in the sun.

    New construction. Note they threw up a 400k shack on a 19k lot. Nice. Not even a month on the market and they slashed 50k.

    2. Gravelscape yard too. I live in a shitty blue state in the Midwest but I have old trees and grass and sidewalks and it rains and it was 70
      Degrees and sunny today. And it’s supposed to rain all tomorrow afternoon.

      1. I don’t understand the West either. And something tells me that Peach Springs doesn’t have any peaches. Or springs.

        1. If you named the place “Miserable Springs” or “Sh!thole Valley,” nobody would want to live there.

        2. Peach Springs doesn’t have any peaches. Or springs.

          Indeed it did at least have famous springs with peach trees. The place was named for that.

          The Indians cultivated peaches long before Europeans showed up. The Seneca grew them here at a place still called Peach Point.

          1. O’Hare airport is ORD which standard for Orchard because it used to be an orchard before it was an airport.

          7. That was a nice set you put together there. Bunch of good road trip songs. I don’t believe I ever saw the “Saturday in the Park & Does Anybody Really Know What Time It Is? (1973)” video but it was pretty cool. The early to mid 70s just looked and felt different to me and that video helped me remember some of that.

            Thanks for posting.

  43. Deep Water (2022)
    “A well-to-do husband who allows his wife to have affairs in order to avoid a divorce becomes a prime suspect in the disappearance of her lovers.”
    *invigorating

      1. They’re both tapping their base instincts, the genetic instructions woven in their double helix. It’s likely what happens when a bigger house or faster car no longer stimulates.

  44. Are you concerned that sharp interest rate increases against a backdrop of uncontrolled inflation will crack the economy?

    1. The Financial Times
      Bridgewater Associates
      Bridgewater bets against US and European corporate bonds on slowdown fears
      Sharp interest rate rises could ‘crack the economy’, hedge fund’s co-CIO Greg Jensen says
      The US Federal Reserve building
      Greg Jensen warns that inflation could lead the Federal Reserve to raise interest rates higher than expected by many on Wall Street
      Eric Platt, Kate Duguid, Ortenca Aliaj and Joe Rennison in New York yesterday

      Bridgewater is betting on a sell-off in corporate bonds this year as the world’s biggest hedge fund takes a gloomy view on the trajectory of the global economy.

      The wager against US and European corporate debt underscores Bridgewater’s assessment that recent weakness across major financial markets will not be shortlived.

      “We’re in a radically different world,” Greg Jensen, one of Bridgewater’s chief investment officers, told the Financial Times. “We’re approaching a slowdown.”

      Jensen, who helps lead investment decisions alongside co-CIO Bob Prince, warned that inflation would be far stickier than economists and the market currently predict, which could pressure the US Federal Reserve — the world’s most influential central bank — to raise interest rates higher than expected by many on Wall Street.

      He added that if Fed policymakers were committed to bringing inflation down to its target of 2 per cent, “they may tighten in a very strong way, which would then crack the economy and probably crack the weaker [companies] in the economy”.
      …
      Bridgewater had already been positioning for a sustained sell-off in the $23tn US government bond market, and has similarly wagered on Wall Street equity prices falling — even after they have already collectively lost $9tn in value this year. High-grade US corporate bonds are down about 13 per cent this year on a total return basis, while those in Europe have fallen 15 per cent, according to ICE Data Services indices.

      Higher interest rates have led to a jump in mortgage rates for consumers and higher borrowing costs for companies securing new debt. Should companies fail to clinch fresh financing they could fall into financial distress or face bankruptcy, and Jensen said the bearish position on corporate bonds reflected Bridgewater’s belief that “it’s going to start to get much more expensive to borrow money”.

      Top Fed officials have signalled their intent to slow the economic expansion as they attempt to rein in the highest inflation registered since the 1980s. To do that, policymakers have started to aggressively raise interest rates from historic lows and this month they will begin to reduce the size of the Fed’s nearly $9tn balance sheet.
      …

      1. “Greg Jensen warns that inflation could lead the Federal Reserve to raise interest rates higher than expected by many on Wall Street”

        I wonder just how high interest rates might have to go to rein in a double digit inflation rate? If memory serves, then the yield on the 30-year Treasury bond topped out around 14 percent in the early 1980s. I recall a friend at the time trying to interest me in buying bank CDs that paid 10%+. I was too young and financially naive to even understand the opportunity I was missing.

Comments are closed.