thehousingbubble@gmail.com
Blog

It Took A Few Months For Sellers To Realize The Demand They Counted On Was Not There Anymore

A report from the Seattle Times in Washington. “In King County, 73% more homes were listed at the end of May than at the same time last year. In Pierce County 74% more and in Kitsap 43%. In Snohomish, more than twice as many listings were still active at the end of the month. In a region dominated by tech companies that offer their employees stock options, homebuyers who hoped to tap into those stocks to help buy a house might be unsettled by recent dives in the stock market. ‘They are not able to get some loans that they wanted to using those stocks,’ said Debbie Barbara, a Redfin agent based on the Eastside.. ‘People who thought they could buy a million-plus home can’t.'”

“And with more homes and less buyer interest come price drops. Barbara recently represented sellers who, after some back and forth with buyers, accepted an offer of about $50,000 below the list price for their five-bedroom home in Sammamish. ‘The fact that we negotiated — that’s just something I haven’t had to do in a very long time,’ she said.”

The News Tribune in Washington. “Pierce County saw a 73.64 percent increase in total active listings for homes compared with a year ago, with 1,909 new listings for single-family residential homes in May. Listings in Snohomish County increased from 500 to 1,182 listings. Cowlitz, Island, and Walla Walla counties also nearly doubled their inventories from a year ago, according to NWMLS. Dick Beeson, managing broker at RE/MAX Northwest Realtors in Gig Harbor, noted some signs of normalcy returning. ‘Sellers are now more often required to consider offers contingent upon financing, inspections or the sale of the buyer’s home. Things that were normal in purchase contracts just two years ago are making their return,’ he said.”

From News 3 in Nevada. “‘I think it’s still crazy, but we’re starting to see signs of it coming back to some reality,’ said Brandon Roberts, the head of Las Vegas Realtors. ‘So about three and a half weeks ago I started feeling a shift in our marketplace with the listings that I had on,’ said Realtor Vandana Bhalla. ‘We weren’t getting as many offers on the listings, we weren’t getting as many buyers viewing the properties.'”

“Why? Buyers face headwinds: a stock market swoon, inflation and rising mortgage rates, which, for a 30-year fixed, sit at over 5%. A year ago it was about 3%. Sellers face a new reality, too. The days of dozens of offers are history, for now. One piece of good news is the inventory of available homes is up. In May, there were 3,570 homes without offers. That’s up 46% from April and 76% from a year ago.”

From Socket Site in California. “The net number of homes on the market in San Francisco ticked another 6 percent over the past week from what was already a higher 11-year seasonal high to nearly 1,300 listings, driven by a pronounced slowdown in the pace of sales, trends which shouldn’t have caught any plugged-in readers by surprise. As such, there are now nearly 40 percent more homes on the market in San Francisco than there were at this time last year, 80 percent more than there were prior to the pandemic, and 150 percent more than there were in June of 2015.”

From WTOP. “Foreclosure starts are on the rise now that government protections against lenders starting them have ended, and 8.3% of homes in some stage of foreclosure in Baltimore are unoccupied, behind only Cleveland among big cities with a large share of vacant foreclosures. Those properties are called zombie foreclosures. ‘Sometimes it can take up to three years for a foreclosure to get processed,’ said Rick Sharga, executive vice president of market intelligence for property data firm ATTOM Data Solutions.”

“‘At some point, the borrowers frankly just give up and move on and leave the property behind because they know it is inevitable that they are going to lose it at some point. Nobody is actually tending to the property. The borrower has abandoned it. And the lender can’t take possession of the property until the foreclosure has been finalized. So now you have a property that nobody is taking care of, and nobody is monitoring,’ Sharga said.”

The Business Times in Colorado. “‘It’s still a healthy market,’ said Robert Bray, chief executive officer of Bray & Co. Real Estate based in Grand Junction. Fewer sales helped bolster inventory. At the end of May, there were 365 active listings. That’s up 68.2 percent over the same time a year ago. Annette Young, administrator coordinator at Heritage Title Co. in Grand Junction, said 16 foreclosure filings were reported in May, bringing to 120 the filings through the first five months of 2022. In contrast, there were eight filings during the same span last year.”

From Blog TO in Canada. “Given how ridiculously unreasonable Toronto real estate prices are known to be, it may be understandably hard to believe the recent chatter about the market potentially cooling off, but the latest numbers indicate that the trend is indeed going that way. The number of home sales was down a shocking 38.8 per cent last month compared to the same time last year, and nine per cent from the month prior, even though listing numbers remained high — active listings were up 26 per cent from May 2021.”

“Though the average price for the month was 9.4 per cent higher than last May, hitting $1,212,806 for the region, prices and the MLS Home Price Index Composite Benchmark did indeed fall month-over-month, reversing a long-running trend. When compared to February’s peak, this marks a drop of a staggering $121,000, which has happened slowly over the last three months.”

Canadian Mortgage Trends. “As it becomes clear that home sales and prices in the Greater Toronto Area (GTA) are declining, industry professionals are trying to figure out what lies ahead. The year-over-year declines in sales actually started in mid-2021, but they became steep only in the last three months (see chart below). Right from the start of 2022, as sellers remained optimistic while buyers became skeptical, the sales-to-new-listings ratio started a steep and steady decline that ended at 39% in May – buyer’s market territory. Thus, in only a few months, the GTA housing market went almost straight from a seller’s to a buyer’s market.”

“There was a three-month delay as the sales-to-new-listings ratio started to fall in January, while the average home price started to decline in March. Clearly, it took a few months for sellers to realize that the demand they counted on was not there anymore and for buyers to learn that they now had enough negotiating power to push down prices.”

The Daily Mail Australia. “‘Liar loan’ applicants who stretched the truth in their mortgage applications are now at major risk of falling behind in their repayments and even losing their homes after the largest rate rise in 22 years. The panic is being sparked by a revealing recent survey by UBS which found 37 per cent of borrowers in the six months to December 2021 ‘made false representations on their application’ in order to get a more desirable home.”

“The research also found that 55 per cent of ANZ mortgage holders had been ‘less than honest’ when borrowing the money. At other major lenders, Westpac had 40 per cent of customers tell fibs, Commonwealth Bank had 30 per cent and NAB had 19 per cent. Dale Gillham from Wealth Within said liar loans are nothing out of the ordinary in Australia. ‘Liar loans are normal and the recent figures would not be a surprise to the RBA,’ he said.”

The Spinoff in New Zealand. “Market rents of comparable Kingsland properties range from $480 a week to $529 at most. Before they moved out, Auckland renter Lucy Whitelock-Bell and her flatmates were offered another year, at $765 a week, on their fixed-term lease. The previous year, the rent had risen $10, to $750. The flatmates declined to renew and as soon as the property was listed online, the price dropped to $760 – ‘a slap in the face’, as Whitelock-Bell describes it. It’s now listed at $690.”

“Barfoot & Thompson director Kiri Barfoot sees parallels with a rental of hers, a two-bedroom unit in St Heliers that, at $500 a week a year ago, had people ‘all over it.’ So far in 2022, though, only one person has inquired about it, she says with a laugh, ‘and that’s after the property manager made a few phone calls.’ Typically, landlords will raise the rent $10 to $20 as they search for new tenants. But Barfoot hasn’t changed the price, ‘which is unusual.'”

“Because of a glut in supply in Wellington, studios and one-bedroom apartments in the CBD have dropped to under $400 a week – a price ‘unheard of’ before the pandemic, says Harrison Vaughan, managing director of property management company Tommy’s. In mid-May, it saw the most active rental listings ever on Trade Me at just under 1,000 (it’s now over 1,450). Usually, the market holds 400 properties at most for mid-autumn, and the increase is giving renters ‘plenty of choice’ for the first time in years. Vaughan believes the rental market is at the start of a ‘major turning point’ and landlords might need to start marketing themselves to stand out. ‘Throw in some whiteware, maybe a free week’s rent, or even offer to contribute towards moving costs,’ he says.”

“Barfoot is hearing that tenants are becoming more price-sensitive, which isn’t surprising. ‘Most landlords would have to up rent by $100 to $200 a week to break even, but ‘you’re not going to get any tenants if you do that.’ Conversely, if renters can save $20 a week on rent, ‘they will.'”

From KPBS. “Marco put his home up for sale, a concrete, one-bedroom house outside the Cuban capital, just blocks from the beach. He’s hoping to sell almost everything he has to fund the journey out of Cuba. ‘Everything is for sale. … Everything,’ he says. Marco doesn’t want to use his full name because he’s afraid he could face government repercussions for talking about his plans to leave the country.”

“Marco was asking $15,000 for his house. Now he says he would even take $8,000. One real estate broker in Havana describes the housing market as ‘fishing season,’ because so much property is up for sale. He asks to be identified only as Alfredo, so he can speak freely about his work. Alfredo sells everything in U.S. dollars and all transactions take place outside Cuba. He has more than 2,000 listings available. ‘If on one block there are 24 houses, 20 of them are for sale. And the other four are considering selling,’ he says, ‘no lie!'”

Related Posts
This Post Has 100 Comments

          1. ** ” does anyone have a backbone these days?”

            a famous image comes to mind of that lone chinese man confronting the tank in tiananmen square.

            no swat team back up.
            no helicopters.
            no fire support.
            not even a meth-head girlfriend egging him on while texting her trick for more walmart needles. (babe)
            or a buncha roided-out bro-buddies that got yer back . . . bruh.

            just one man & his briefcase against the machine.

            looking for a chevette to puchase & order a D-FENS license plate. whammy burgers only after 11:30am

  5. ‘Most landlords would have to up rent by $100 to $200 a week to break even, but ‘you’re not going to get any tenants if you do that.’ Conversely, if renters can save $20 a week on rent, ‘they will’

    That’s the spirit!

  7. ‘Sometimes it can take up to three years for a foreclosure to get processed’

    Sure, back in dinosaur days, last decade, we could get these FBs to GTFO in 30-45 days. But now, oh hell no, it’s years and years.

    This is supposedly a foreclosure info source.

  8. I came across this dated May 11th:

    Kokomo Tribune, Ind.
    May 11, 2022

    ‘May 11—TIPTON — A 300-plus housing subdivision proposed for the far west side of the city of Tipton is in jeopardy after the developer terminated its purchasing contract with the owner of the 140-acre property.’

    ‘Tipton Mayor Tom Dolezal said at Monday’s City Council meeting it was his understanding that Arbor Homes, the Indianapolis-based builder, had terminated its purchasing contract with the owner of the property targeted for the development. The 140-acre property is located just west of Indiana 28, directly west of the new Tipton County Jail.’

    ‘An email sent Monday seeking comment from Austin Schille, vice president of land acquisition and entitlements at Arbor Homes, was not returned as of Tuesday evening, though Schille told the Tipton Tribune late last week “anticipated costs and economics are what deterred us.”

    https://sports.yahoo.com/arbor-homes-subdivision-jeopardy-132100149.html

    1. The REIC built everything on the shortage myth. Loans are good cuz shortage. Prices will hold cuz shortage. It was an illusion.

      BTW, what’s going on in Washington is obviously not just a Seattle thing.

  9. Did you know that the 2020 election was stolen?

    Washington Post Editorial Board — Ignore the GOP spin. The nation still hasn’t reckoned with Jan. 6 (6/7/2022):

    “The House committee probing the Jan. 6, 2021, Capitol attack will begin public hearings Thursday, revealing the evidence it has gathered over 11 months of investigating, including firsthand testimony and information about President Donald Trump’s efforts to overturn the 2020 election results.”

    The Washington Post is globalist scum media.

    “Expect leading Republicans to argue that the committee is a partisan panel dedicated to harming Mr. Trump, and that Americans should disregard the illiberal threat that manifested in the Jan. 6 riot his supporters perpetrated. That would be a tragedy all its own.”

    The 2020 election was stolen.

    “The committee’s work is the best hope the nation has to get a definitive account of one of its most perilous moments. Any political harm that the record does to Mr. Trump will be of his own making, given his role in inflaming the violence.”

    The 2020 election was stolen.

    “Jan. 6 happened because Mr. Trump and his allies tried to hack the electoral college, generating cockamamie legal arguments to justify what would have amounted to a coup.”

    The 2020 election was stolen.

    “As select committee vice chair Rep. Liz Cheney (R-Wyo.) has pointed out, Mr. Trump has shown no remorse for his role in the Jan. 6 disaster — in fact, he has doubled down on his incendiary claims.”

    The 2020 election was stolen.

    “What Americans should be asking now is how to strengthen democracy against future subversion, which Congress still has not done a year and a half since a dangerous mob stormed the nation’s seat of government.”

    The 2020 election was stolen.

    “Republicans reportedly are betting that the public has Jan. 6 “fatigue” and would rather hear about inflation than about a plot to overthrow the democratic order.”

    The 2020 election was stolen.

    “They might take comfort in polls suggesting Americans are less outraged about the attack and less inclined to blame Mr. Trump for it than they were in its immediate aftermath.”

    The 2020 election was stolen.

    “Americans must be reminded how Jan. 6 called into question many things they could previously take for granted: that their leaders would accede to free and fair election results; that the president would defend the U.S. system of government; that violent resistance to the nation’s democratic institutions would find no succor in the White House or in the halls of Congress. There can be no higher priority than restoring those fundamental norms.”

    https://archive.ph/96hQV

    Did you know that the 2020 election was stolen?

    The 2020 election was stolen.

  10. Some good news for a Wednesday.

    Russia Today — Russia claims military success (6/7/2022):

    “Russia and its allies have made more progress towards fully capturing the Donbass, Russian Defense Minister Sergey Shoigu reported on Tuesday. Some 15 communities were recently taken, including Svyatogorsk – the town where Ukrainian forces allegedly torched a wooden church as they retreated last week.

    On Monday, the Russian Defense Ministry claimed that Ukrainian troops had blown up a bridge in the same area, cutting the shortest road connection between the main northern part of the settlement and the rest of the DPR territory. Svyatogorsk is located on the border between the two Donbass republics.

    Russia attacked its neighboring state in late February, following Ukraine’s failure to implement the terms of the Minsk agreements, first signed in 2014, and Moscow’s eventual recognition of the Donbass republics.”

    https://www.rt.com/russia/556750-shoigu-donbass-progress-report/

    The latest talking point circulating among callers to C-SPAN’s Washington Journal and elsewhere, is that all the AR-15’s and other “assault weapons” (a meaningless term) in the U.S. should be confiscated, and sent to arm Ukraine.

    I have a better idea. Everyone who is suggesting that, should have all of their children and grandchildren confiscated, and sent to die in battle in Ukraine, because you’re never getting my guns, @sshole.

    Show us all how much you “stand with Ukraine” by becoming a Gold Star Mother.

    1. Globalist scum media.

      The Hill — Zelensky: Winter will be ‘most difficult’ for Ukraine (6/8/2022):

      “President Volodymyr Zelensky said late Tuesday that the upcoming winter season will be “the most difficult” in Ukraine’s history as an independent nation, adding that the country will not be selling gas and coal internationally to save the resources for its citizens.

      During a virtual address to the nation, Zelensky said he and other government officials are preparing plans for the winter season.”

      https://thehill.com/policy/international/3515580-zelensky-winter-will-be-most-difficult-for-ukraine/

      Do you know what would be less “difficult” to do?

      Surrender to Russia.

      Look at the photo they used for the article, wearing his grubby olive green t-shirt, while he begs for $7 billion a month of my taxpayer money.

      “They’re not sending their best”

    1. as the cost of living soars

      The last time as I was there (2017), I was stunned at how much basics cost at the supermarket. I can only imagine how much worse it is now.

  12. “It Took A Few Months For Sellers To Realize The Demand They Counted On Was Not There Anymore”

    Buh-buy, home equity wealth gains.

    Hello, underwater mortgage.

  13. The Guardian is globalist scum media.

    This article references the Southern Poverty Law Center, therefore it is classified as misinformation:

    https://www.theguardian.com/world/2022/jun/08/a-deadly-ideology-how-the-great-replacement-theory-went-mainstream

    Any article that references the Southern Poverty Law Center is globalist scum.

    They were never elected to govern anything.

    They have jurisdiction over nothing.

    They’re not a “civil rights” organization.

    And they need to have their non-profit tax status revoked.

    BTW, Tucker Carlson is the most popular primetime news show on American television.

    Go ahead and have your little Guardian / NYT / WaPo circle jerk.

    Real Americans know that their country is being stolen from them, and they know who is doing the stealing.

    Globalists gonna globe.

      2. Yes, he actually said that.

        Back in the good old days, an anti-American traitor scvmbag like this would be taken out and shot to death, pronto. This guy deserves nothing better.

      3. Yes, he actually said that.

        And they have the gall to tell us that Replacement Theory isn’t real.

  15. So far this is just the FOMO sellers. Soon to be joined by the hardship sellers.

  16. Link to Revolver News main page, for your HBB enjoyment:

    https://www.revolver.news/

    This is an aggregator site, run by Darren Beattie, which shares links to articles on a variety of topics and counter-narratives that the globalist scum media won’t touch.

    When Revolver said “we are the new Drudge Report” they’ve actually grown to become something better than Drudge ever was.

    Drudge’s rejection of an America First platform confirmed what we knew all along, that he’a just another globalist, enslaved on the globalist scum media plantation.

  17. I thought that CNBC’s Diane Olick was starting to report the facts. However … back to canards today: lack of listings


    Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to drop.

    Total mortgage application volume fell 6.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand hit the lowest level in 22 years.

    The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.40% from 5.33%, with points rising to 0.60 from 0.51 (including the origination fee) for loans with a 20% down payment.

  18. I honestly hope that Seattle and the surrounding areas get absolutely monkey hammered during this crash. So tired of hearing ‘it’s different here, we have Amazon, Microsoft, Google, Boeing, and Meta!’ as long as they are around this area will be immune to price drops!’ What a lot of folks fail to realize is that those high earning jobs are being moved out of Seattle, especially on the Amazon side – more and more jobs are going to Nashville and the DC area. Plus, not everyone that works at Amazon is a Sr SDE! A majority of Amazon employees can’t afford to buy in this area either – the price to economic reality gap is massive around here.

    Anyhoo, check out the action on this bad boy just a few minutes from me. Tried getting a cool million for a place that sold for $560k 5.5 years ago: https://www.zillow.com/homedetails/1723-65th-St-SE-Auburn-WA-98092/113086108_zpid/

    1. nice enough house – but $1M for Auburn??? South of Renton.

      Can you imagine the commute into South Lake Union or Bellevue or Redmond?

  19. ‘People who thought they could buy a million-plus home can’t.’”

    Tried to explain to my wife that these “upper middle class” buyers weren’t really anything of the sort but she wouldn’t buy it. She’s paying a lot more attention now.

    1. They’re renting from the bank for 30 years at twice the monthly price of market rents.

      Not a wise idea.

  20. Ron Butler
    @ronmortgageguy
    This Right Here, Liquidity in Ontario Real Estate Is Drying Up⬇️

    MarkMorris
    @MarkinMetaForm
    Jun 7

    ‘May/June Update from a Lawyers Office: I am seeing the private lending money supply shrink in front of my eyes. Money still remains available but the owners of it are MUCH more stringent with their lending criteria.’

    “60% is the new 80% LTV” should be on a tee-shirt.’

    https://mobile.twitter.com/ronmortgageguy/status/1534188158937616385

  21. ‘The fact that we negotiated — that’s just something I haven’t had to do in a very long time,’ she said.”

    So if agents aren’t negotiating what are they being paid to do? Is it because their amazing marketing prowess enables them to sell a home sight unseen? The worst sales people I’ve ever met are in realty and when the market turns south that’s why so many of them are back out in the streets or begging their old boss at Burger King for their job back.

    1. They are glorified order takers, just waitresses in a fancy car. Most wait staff actually work a lot harder than realtors though.

    1. This whole “Men can be pregnant and give birth” nonsense is straight out of 1984, inspired by the “how many fingers do you see?” scene.

      Anyway, it’s worth remembering that the current regime (I won’t call it an administration) is utterly Orwellian: memory holes, censorship, surveillance, self contradicting propaganda, never ending wars, and now permanent scarcity soon to be followed by widespread squalor.

        1. I always thought Huxley’s version of the future was going to come true. The pharmaceutical side to control emotions definitely did, but then came the pregnant men…

          2. THX1138. ” what’s WRONG !??” blares the medicine cabinet when opened.
            always same suggestion: take a pill. or 2

            even as a young teenager I found that so chilling

  23. Published just now.

    CNBC — Armed man who sought to kill Brett Kavanaugh arrested near Supreme Court justice’s home:

    “A man armed with a handgun, knife, and pepper spray was arrested early Wednesday morning near the Maryland home of Supreme Court Justice Brett Kavanaugh, law-enforcement authorities said.

    The man told police he was there to kill Kavanaugh, who lives in Chevy Chase, a suburb just outside of Washington, D.C. according to authorities.”

    https://www.cnbc.com/2022/06/08/armed-man-arrested-outside-brett-kavanaughs-home-after-threatening-supreme-court-justice.html

    Antifa / Burn Loot Murder just fire-bombed a pro-life pregnancy center in Buffalo, New York too.

    Summer Of Love is back 🙂

    1. Summer Of Love is back 🙂

      The Dumver Comic Con is scheduled for the 4th of July Weekend. Perfect time for BLM and and Antifa to riot in downtown Dumver.

  24. Globalists gonna globe.

    YouTube now censoring journalism for Biden administration (6/8/2022):

    “The Ruling Class has used Jan. 6 to wage a jihad against its political opposition, including an assault on our most basic rights such as free speech.

    Big Tech has reinforced the narrative that views antithetical to regime orthodoxy are dangerous and must be policed accordingly.

    In the latest example, YouTube deleted a Jan. 6, 2021, interview conducted by a Post reporter with a Capitol breach participant.

    In the video, Aaron Mostofsky, son of a Brooklyn Supreme Court judge, explains why he was compelled to come to the Capitol, namely “to express … [his] opinion as a free American … that this election was stolen.”

    To Google-owned YouTube, the footage contains dangerous “misinformation” — speech that it equates with harm — meriting removal. In its removal notice, it asserts that “it’s our job to make sure that YouTube is a safe place for all,” arguing that “content that advances false claims that widespread fraud … changed the outcome of the US 2020 presidential election is not allowed”

    https://www.foxnews.com/opinion/youtube-google-big-tech-journalism-biden

    January 6th was a Fedsurrection.

    And yes, the 2020 election was stolen.

    1. Youtube has gone to complete crap since they started censoring everything. It’s sad watching the ‘do no evil’ crowd become evil incarnate.

      1. It’s sad watching the ‘do no evil’ crowd become evil incarnate.

        They were always evil, they just dropped the mask.

  25. 186,000 is that a lot?

    168,000 deleted files recovered from Hunter Biden’s laptop (6/8/2022):

    “A cyber forensics expert commissioned by the Washington Examiner recovered over 168,000 deleted files from a copy of Hunter Biden’s abandoned laptop.

    Many of the deleted files were system files, application files, or duplicates of user files stored elsewhere on the laptop.

    Some of the recovered data, however, shed light on his financial dealings in 2018 and early 2019, as well as his personal dealings during that time frame.”

    https://www.washingtonexaminer.com/policy/technology/168-000-deleted-files-recovered-from-hunter-bidens-laptop

    Do you remember when Twitter censored the New York Post from reporting the existence of this laptop just weeks before the 2020 election?

    The HBB remembers.

    The 2020 election was stolen.

  27. Major SHIFT is happening in the Bay Area Housing Market

    Jun 6, 2022

    Hello and welcome back to the new edition of Bay Area Housing Market Update. I am Nagaraj Annaiah, your trusted tech realtor from the Bay Area. Did you know that there’s something huge, something massive happening in the US Housing market? And that it’s being reflected in the Bay Area as well?. In this show, I will give you some insightful news about new home sales, $30,000 price cuts, and the general slowdown in the Bay Area housing market. This is great news for home buyers. The sellers can profit here as well. If they don’t sell sooner, they will lose out due to the price drops in the upcoming days and months.

    https://www.youtube.com/watch?v=AKrnp5bnmHQ

    6:22. UHS English is a little hard to follow. You can click the CC and see it. Shows a screenshot of price reductions from the steaming pile. At 3:10 says shacks in Livermore are off $200k from the early spring.

      1. I’m gonna guess he’s a UHS that caters to foreign tech workers, Indians in particular.

        2. Like stocks, tack on the word tech to increase value even if it’s nonsensical.

    2. Jiminy…… there’s falling housing prices posted in the comment section.

      What’s this world coming to?

    3. Latest sales from my former ZIP: San Jose, CA 95125

      1065 Bennett Way $2,375,000 05-20-2022 2586 SF 4 BR 2 BTH
      1747 Braddock Ct $690,000 05-17-2022 841 SF 1 BR 1 BTH
      1727 Braddock Ct $890,000 05-17-2022 1044 SF 2 BR 2 BTH
      1444 Capurso Way $825,000 05-20-2022 1054 SF 2 BR 2 BTH
      1637 Fruitwood Ct $1,630,000 05-19-2022 1954 SF 3 BR 2 BTH
      1136 Kayellen Ct $1,300,000 05-18-2022 1780 SF 3 BR 2 BTH
      2402 Lincoln Village Dr $1,125,000 05-20-2022 1319 SF 3 BR 2 BTH
      856 Minnesota Ave 103 $1,365,000 05-17-2022 1636 SF 3 BR 2 BTH
      2296 Monitor Ct $1,202,000 05-19-2022 1264 SF 2 BR 2 BTH
      1681 Mount Vernon Dr $1,950,000 05-19-2022 1743 SF 3 BR 2 BTH
      932 Pine Ave $2,425,000 05-17-2022 2622 SF 5 BR 3 BTH
      1295 Sandra Dr $2,401,000 05-18-2022 1889 SF 2 BR 2 BTH
      1260 Setareh Ct $1,575,000 05-18-2022 1804 SF 3 BR 2 BTH
      1624 Trona Way $2,000,000 05-17-2022 1842 SF 3 BR 2 BTH

    1. Diane, you doom and gloomer!

      ‘Mortgage rates moved even higher to start this week, according to a separate survey by Mortgage News Daily’

      1. There was a local discussion thread on NextDoor about how the local housing market will perform going forward. Many still believe that the local market still has legs. If you brought up current interest rates and the imminent recession the typical reaction was “I can’t hear you!”

        I calmly pointed out that prices are now much higher than during the previous bubble, we weren’t paying almost $5 for a gallon of gas nor was there double digit inflation last time, and that the local housing market still crashed.

        A realtor piped in saying that it was still a great time to buy. My response was that according to realtors it’s always a great time to buy. That got a few chortles.

        1. “…still a great time to buy…”

          I like to ask Realtors to cite just 1 time period when it *wasn’t* a great time to buy. Ties their tongues every time.

  29. Can we get a stupider law by a political party in power? Never mind – i am not sure how they are planning to ‘solve’ the ‘housing shortage’ problem


    Cow and sheep burps are to be taxed by New Zealand in a world-first draft plan to put a price on agricultural emissions in a bid to tackle one of the country’s biggest sources of greenhouse gases.

    The proposal would make New Zealand, a large agricultural exporter, the first country to have farmers pay for emissions from livestock, the ministry for environment said.

    New Zealand, home to 5 million people, has about 10 million cattle and 26 million sheep.

    Nearly half its total greenhouse gas emissions come from agriculture, mainly methane, but agricultural emissions have previously been exempted from the country’s emissions trading scheme, drawing criticism of the government’s commitment to stop global warming.

    1. The proposal would make New Zealand, a large agricultural exporter, the first country to have farmers pay for emissions from livestock

      I guess Jacinda Ardern woke up one morning and asked herself “What else can I do to screw over New Zealand?” and then snapped her fingers “Of course, I can make our agricultural exports un competitive. bankrupt farmers and have the resulting economic shockwave decimate the country! Brilliant!”

      And how are farmers supposed to reduce emissions? Raise electric cattle?

      1. We need Elon to come up with a Bovine Fart Collection System that converts the farts to electricity so that all those electric cars can run on cow farts. This is a win-win! We just need a good name for it so we can IPO and get it to market.

        1. Bovine Fart Collection System

          Hubby’s version of this, which he’s been joking about for years, is called the cowverter.

  30. New Zealand, home to 5 million people, has about 10 million cattle and 26 million sheep.

    This is offering penance at the Church of Gaia, that’s the National Religion of New Zealand. New Zealand could be swallowed up by the Pacific Ocean and its disappearance wouldn’t alter the World’s climate or CO2 level one bit.

    But to make up for all of the evil things done to the Earth by White people, New Zealand is going to commit suicide.

    1. Some might think these economy wrecking policies are due to incompetence. I think they are a deliberate WEF ploy to bring western economies to their knees, so they can impose their Great Reset on us.

  31. Rate hikes – Market is DEAD – The Canadian Real Estate Show

    Jun 7, 2022

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

    This over an hour. These guys are typical K-dn RE guys. Their show is once a week usually. I’ve watched it for a month now. I’ve never posted it because it’s too long. But each week they are getting more worried. Especially this show. The blame the central bank thing. Flashes of the stages of grief everywhere.

    It’s a live stream, their first. But check out what is said about Toronto condos starting at minute 24 to 25:15. It’s good bubble economics. I won’t watch the whole thing. I never have.

  32. The question I want answered, is did he have any snacks or beverages with him?

    “In the suitcase and a backpack, Roske had a Glock 17 pistol with two magazines and ammunition, tactical knife, pepper spray, zip ties, various tools and duct tape”

  33. The only thing “shocking” about this poll is that 27% of Trump voters still won’t read the writing on the wall.

    73% of Trump voters think Democrats are trying to REPLACE white people with ‘immigrants and people of color who share their political views’, shock new poll shows

    https://www.dailymail.co.uk/news/article-10896935/73-Trump-voters-think-Democrats-trying-REPLACE-white-people-win-votes.html

    A new YouGov poll asked voters: ‘Do you personally believe that in the U.S., Democrats are trying to replace white Americans with immigrants and people of color who share Democrats’ views?’

    Seventy-three percent of Trump voters replied ‘yes,’ while 8 percent of Biden voters said the same. Overall 61 percent of Republicans, 10 percent of Democrats and 33 percent of Independents replied yes to the question.

  34. Make China Great Again.

    Janet Yellen admits Biden administration is looking to ‘reconfigure’ trade tariffs on China imposed under Trump as inflation soars to a 40-year high

    https://www.dailymail.co.uk/news/article-10897917/Yellen-says-China-tariff-cuts-warranted-not-inflation-panacea.html

    Treasury Sec. Janet Yellen said Wednesday the Biden administration could lift some tariffs on Chinese imports but warned it would not be a cure-all for the nation’s 40-year-high inflation.

    Yellen told a House Ways and Means Committee hearing that the Biden administration is looking to reconfigure some tariffs on Chinese goods imposed under President Trump to make product-specific exclusions.

    1. Trying to make things a little easier on the new eaters:

      Amid border surge, Biden admin plans to send migrants to cities deeper inside U.S., starting with L.A., say internal documents

      Biden is the enemy of the American people.

      1. CA Gov Gavin Newsom is ready to provide them with free housing, food, heath care and education.

  35. In Democrat-Bolshevik malgoverned cities, homeowners and landlords should have no expectation their property rights will be upheld.

    Furious Chicago woman reveals squatter has moved into her $175,000 home and is refusing to leave after claiming she signed a lease and paid $8,000 upfront for rent – and cops are refusing to take action

    https://www.dailymail.co.uk/news/article-10896667/Chicago-woman-says-stranger-moved-home-cops-unable-remove-squatter.html

    A Chicago woman who listed her home on the market has revealed she found a stranger living in it who refuses to leave, claiming she already signed a lease and paid $8,000 in rent upfront.

    Danielle Cruz said she was shocked when she found the alleged squatter in her Chatham neighborhood home, and she suffered another horrid surprise when police told her they couldn’t do anything about it, ABC reported.

    1. In a civilized society the local community would solve the squatter problem if the police refused. But we aren’t civilized anymore.

    2. Hello Muddah, hello Faddah
      Could you help me,
      with this Squatta

      She ain’t leaving
      Says she’s staying
      But the rent is what she says
      She won’t be paying

      There’s a U-Haul, wait a minute
      Cops are putting, her stuff in it
      I can sell now, gee that’s bettah
      Muddah, Faddah kindly disregard this letter

  37. Is it safe to assume that China’s pandemic-related economic woes are behind them now?

    1. The Financial Times
      Chinese politics & policy
      China digs in for permanent zero-Covid with testing and quarantine regime
      Shanghai district prepares for new lockdown as authorities build infrastructure to extend approach
      FT reporters yesterday

      China is building hundreds of thousands of permanent coronavirus testing facilities and expanding quarantine centres across many of its biggest cities as part of its zero-Covid policy, despite the economic and human toll on the world’s most populous country.

      Residents of Shanghai woke up on Thursday to an announcement that lockdown measures and mass testing would be conducted in the Minhang district, home to more than 2mn people, for at least two days. The directive was issued just a week after President Xi Jinping’s administration declared victory in defending the city from the pandemic after a punishing two-month lockdown.

      Tough restrictions in scores of cities have driven the country to the edge of recession for just the second time in three decades. But even though measures have been eased in many areas, experts believe the government’s virus infrastructure programme is designed to sustain the mass-testing and quarantine policies through 2023.

      Officials are racing to execute instructions to be able to test entire city populations within 24 hours. Bigger metropolises must now have testing sites available within no more than a 15-minute walk of residents’ homes, and temporary facilities are being replaced with permanent booths sourced from private medical companies.

      The country’s 31 provinces and regions are also following orders from Beijing to prepare new hospitals and quarantine facilities in the case of a Shanghai-style surge in infections.

      Yanzhong Huang, a senior fellow for Global Health at the Council for Foreign Relations think-tank, said such measures demonstrated Beijing’s commitment to zero-Covid “despite this growing social, economic cost associated with this approach”.

      “The government believes they could outrun the virus. But we know for the Omicron variant this is not realistic. And for an even more transmissible variant, that will make it even less feasible,” he said.
      …

    2. The Financial Times
      Chinese business & finance
      Runs on Chinese local banks spur fears over health of regional lenders
      Depositors in Henan province have been fighting for nearly two months to retrieve frozen funds
      Angry depositors stage a rare protest in Henan province after four local banks suddenly stopped allowing withdrawals
      Angry depositors stage a rare protest in Henan province after four local banks suddenly stopped allowing withdrawals. Authorities are blaming fraud but analysts also pointed to an economic slowdown
      Cheng Leng in Hong Kong yesterday

      Thousands of desperate depositors in China have been fighting for almost two months to recover their savings after a bank run that has raised concerns over the financial health of the country’s smaller lenders.

      Authorities blamed fraudulent management practices for the crisis, which was sparked by the sudden suspension of cash withdrawals at four lenders in Henan, one of China’s most populous provinces, on April 18.

      But analysts said an economic slowdown sparked by President Xi Jinping’s zero-Covid policy is also worsening the problems at China’s smaller banks.

      The withdrawal problems at Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and New Oriental Country Bank of Kaifeng have prompted rare street protests by angry depositors, many of whom said their life savings were at stake.

      “They’re supposed to be bank savings backed by sovereign creditworthiness,” said a depositor surnamed Xu who had saved a total of Rmb93,000 ($13,900) at three of the four troubled lenders. “Now you tell me they’re all gone, I feel nothing but furious.”

      Bank runs have risen among China’s 3,902 regional lenders over the past few years. The health of the country’s smaller banks has come under scrutiny since regulators in 2019 seized control of Baoshang Bank, a regional institution in Inner Mongolia, citing “serious credit risk” and its connection to an arrested tycoon, Xiao Jianhua.

      Although such “high-risk” institutions account for just 1 per cent of total assets in China’s banking system, according to central bank data as of December 2021, bank runs have heightened concerns among regulators of potential risk contagion and social instability stemming from the financial system.

      In the Henan province bank runs, authorities accused the largest shareholder of the four banks of using the lenders to illegally raise funds via online platforms.

      “The biggest shareholder of the four lenders, Henan New Fortune Group, is suspected of raising funds illegally using online channels and third-party systems in collusion with bank insiders,” the regulator, the China Banking and Insurance Regulatory Commission, told savers last month after a preliminary investigation. It added that the police had opened a case on the matter.
      …

    3. News Home
      Chinese developer Sunac defaults as Beijing struggles to save the trillion-dollar sector
      By business reporter Samuel Yang
      Posted Thu 19 May 2022 at 11:37am
      Thursday 19 May 2022 at 11:37am, updated Thu 19 May 2022 at 8:39pm
      Thursday 19 May 2022 at 8:39pm
      A man in a white shirt sits in a meeting room.
      Chairman of Sunac Sun Hongbin says his dream is to “keep Sunac steady, calm and long-lasting”.(Reuters)

      About a year ago, Chinese billionaire Sun Hongbin was certain that his luxury real estate company Sunac China would never “bomb”.

      Last week, his firm — China’s third-largest developer — defaulted, missing the deadline for coupon payments on a $US742 million ($1.1 billion) offshore bond.

      Unlike Evergrande, which defaulted in December last year, Sunac appeared to be financially healthy and the boss, Mr Sun, had previously been diligent in repaying debts.

      He even repaid some of the company’s debt out of his own pocket, Chinese media reported.

      Betty Wang, senior China economist from ANZ Research, said Sunac’s default was “another blow to the fragile property sector”.

      “The shock to the market confidence, especially in the private sector segment, was quite big,” she told the ABC.

      “If people regarded Evergrande as an extreme case, it should not be happening to many other developers, especially those with relatively healthy financial performance.

      “There are a lot of downside risks in the economy.”
      …
      https://www.abc.net.au/news/2022-05-20/chinese-developer-sunac-defaults-on-dollar-bond/101077934

    4. Finance
      China readies massive bank bailout fund as slowdown looms
      Lifeline for big institutions aims to mitigate systemic risk in times of turmoil
      The Chinese government’s new financial stability fund aims to provide banks with a stronger safety net. © AP
      IORI KAWATE, Nikkei staff writer
      June 8, 2022 02:40 JST

      BEIJING — China is expanding its safety net for the financial sector with a new rescue fund that could run into the tens of billions of dollars, as a cooling domestic economy and tightening monetary policy abroad pose growing risks.

      The new financial stability security fund is expected to provide a backstop for big institutions, such as banks, insurers and leasing companies, in cases of imminent collapse or widening investment losses sparked by overseas market turmoil that risk undermining the financial system as a whole.

      Other envisioned uses include providing temporary liquidity to keep cash-strapped businesses from abruptly failing, and injecting capital to bring foundering companies under public control for orderly bankruptcy proceedings and eventual sale.

      Capital for the government-controlled fund will come mainly from banks and other players in China’s financial infrastructure, such as payment processors, though some public funds may be contributed as well. A total of 64.6 billion yuan ($9.7 billion) has already been raised from big banks, and Beijing aims to bring the total to the equivalent of tens of billions of dollars to upwards of $100 billion by September.

      The new fund is likely to be similar in size to the 12 trillion yen ($92 billion at current rates) bank bailout fund established by Japan after its late-1990s financial crisis. It is also reminiscent of the $700 billion Troubled Asset Relief Program set up by the U.S. in the wake of the 2008 global financial crisis to rescue banks and other distressed companies.
      …
      https://asia.nikkei.com/Business/Finance/China-readies-massive-bank-bailout-fund-as-slowdown-looms

      1. “…similar in size to the 12 trillion yen ($92 billion at current rates) bank bailout fund established by Japan after its late-1990s financial crisis.”

        Interesting comparison! My recollection is that the Japanese real estate bubble collapse started circa 1990, and by the late 1990s, their stock market had collapsed by at least 50 percent and deflation had taken firm hold in their currency.

        By contrast, since the Chinese economy is still red hot cakes, I wonder if their bailout preparations are premature?

Comments are closed.