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Agents Often Credit Motivated Vendors As The Reason For The Price Drop

A report from BoiseDev in Idaho. “April Florczyk, the founder of 208 Market Real Estate, told BoiseDev that dynamics are shifting – especially in Ada County. ‘The average active price is almost $150,000 higher than the sold price,’ she said. ‘Inventory levels between the month of April to the month of May more than doubled on existing homes in Ada County,’ she said. ‘We had under 500 homes as of the end of April. At the end of May, we had 1,015 homes on the market.'”

“Her data tracking shows there hasn’t been this many existing homes for sale in quite some time. ‘The last time we had this many active existing homes on the market was in 2017,’ she said. ‘Our inventory has been so low for so long, we have not in the last ten years seen it double in a 30-day period.'”

From WKRN in Tennessee. “We’re seeing big changes in our real estate market due to rising interest rates, with housing inventory reaching its highest level since late 2020. Residential single family home inventory grew 47% over the last month, as the combination of higher prices and those skyrocketing interest rates limit what buyers can afford. The median price for a residential single-family home was $498,785, and for a condominium, it was $340,506, according to Greater Nashville Realtors. This compares with last year’s median residential and condominium prices of $400,000 and $277,900 respectively. Inventory at the end of May was 5,836, up from 4,308 in May 2021.”

The Review Journal. “Southern Nevada homebuyers paid record-high prices yet again last month, but the market overall ‘may be starting to calm down a bit’ as sales tumble and inventory climbs, a new report shows. The tally of available homes shot higher, as 3,570 single-family homes were on the market without offers at the end of May, up 46.3 percent from April and 75.8 percent year over year, according to Las Vegas Realtors. Similar to the resale market, homebuilders have also seen their sales activity tumble recently in Southern Nevada.”

“Builders logged 911 net sales — new purchase contracts minus cancellations — in Southern Nevada in April, down nearly 30 percent from March, Las Vegas-based Home Builders Research reported. All told, ‘this trend may continue as mortgage rates continue to rise,’ Home Builders Research President Andrew Smith wrote.”

From 425 Business in Washington. “The Northwest Multiple Listing Service’s May report showed a significant increase in active listings compared to a year ago, a slowdown in sales, and prices still rising, according to a recent news release analyzing the 26-county NWMLS region. NWMLS members added 13,075 new listings to inventory during May, up 9.7 percent from a year earlier and the highest monthly number since June 2021, the release said. At the end of May, buyers could choose from 8,798 active listings systemwide, up 59 percent from a year ago when there were only 5,533 properties in the database. That is the largest selection since September 2020.”

“Snohomish County was among two counties that more than doubled their number of active listings from a year ago. Snohomish County jumped from 500 to 1,182 listings, up 136.4 percent. Total active listing rose 35.7 percent in King County, but they were up 116.6 percent on the county’s Eastside. ‘The only constant is change,’ said Gary O’Leyar, another broker with decades of experience. ‘Although we have been through a long run-up in the market, history tells us that the real estate market never remains static. There is a definite shift in buyers’ patterns.'”

The Sacramento Bee in California. “The dynamic is starting to shift, as rising mortgage rates, flattening prices and increased inventory have allowed homebuyers to be a little more patient. That’s also giving buyers a lot more leverage. The interactive map below shows the difference between the sale price and the listing price for homes sold in every Sacramento region ZIP code in April. The data, compiled for Redfin, shows there are some communities, especially in Yuba and Sutter counties, where buyers had pretty good leverage in April.”

The Houston Business Journal in Texas. “Houston’s housing market remained fairly strong in May, but things might finally be calming down enough to increase inventory, the Houston Association of Realtors reported June 8. Single-family home sales fell just 0.9% year over year to 9,627 units sold in May, the market’s second consecutive monthly year-over-year decline. ‘Conditions appear to be calming a bit across the Houston housing market, so we are not seeing the frenetic pace of buying we did a couple of months ago with dozens of competing offers on new listings,’ said HAR Chair Jennifer Wauhob.”

From West Hawaii Today. “Home sales on the Big Island are already slowing down. ‘It’s hard to tell, but I think it has slowed down a bit,’ said Lori McNeel, real estate agent with First Island Realty in Kailua-Kona. ‘We’re not getting 30 offers on the same property anymore, we’ll get more like five.’ The average sales price — $945,362 in May — has dropped from last year, when it was $1.06 million.”

“Dana Kenny, principal broker for Savio Realty in Hilo, said he expects the full impacts of the rate hikes will not be felt until later this summer. Although McNeel and Kenny both noted that mortgages aren’t being handed out willy-nilly like they were during the subprime mortgage crisis that caused the 2008 Great Recession, Kenny added that the situation could lead to a feedback loop that drives home prices down. ‘I’ve been a broker for 35 years, so I’ve seen this five times before,’ Kenny said. ‘I think we always recover…but this is the first time I’ve looked at it and thought it’s getting a bit scary.'”

The Steamboat Pilot in Colorado. “With a unanimous 6-0 vote on Tuesday, June 7, the Steamboat Springs City Council approved ordinances that will implement regulations on short-term rentals. ‘With one smack of the gavel, you will have destroyed our financial portfolio,’ said Ulrich Salzgeber, who is the managing broker at the Steamboat Springs Board of Realtors. ‘Apparently Steamboat is ready for the Salzgebers to leave.'”

From WKBW. “Erie County Clerk Michael Kerns is out with a renewed warning about an issue that thousands of homeowners are facing across Western New York.’We have been talking about this as a possible crisis. I believe we are in crisis today,’ said Kerns. Numbers provided by Belmont Housing Resources show 4,530 homeowners in Erie County have received a pre-foreclosure notice in the last nine months. About a third of those have come just since March. The zip codes with the greatest concentration of notices are 14215, 14225, and 14150.”

“‘What we have been seeing is basically every quarter, the numbers are doubling in the amount of people that are behind on their mortgages,’ said Sandy Becker, Senior Housing Programs Director of Belmont Housing Resources.”

The Toronto Star in Canada. “Toronto’s west lakeshore and midtown neighbourhoods saw drastic home price losses in May. West Toronto Lakeshore, which includes Roncesvalle-High Park-Swansea area, saw a significant decrease of 21.36 per cent in the average home price from $1.7 million in April to more than $1.3 million in May.”

“West Midtown — from St. Clair Avenue West to Eglinton Avenue West, and Dufferin Street to Yonge Street — saw an even bigger drop by 31.15 per cent for the average home price from $2.6 million in April to just over $1.77 million in May. The main factor for the decrease in these neighbourhoods is that homebuyers are more reliant on institutional money, said Danielle Demerino, a Toronto-based real estate agent.”

“‘They’re more affordable neighbourhoods than Rosedale or Forest Hill. You get the same kind of caché without spending $4 million on a home,’ she said. ‘But as mortgage rates rise, the cost goes up, it’s less affordable and prices fall to accommodate it.’ Prices in the area also rose by almost 20 per cent from the fall of 2021 to February 2022. The home prices weren’t sustainable and quickly came down from the peak, she added.”

The Globe and Mail in Canada. “Borrowers getting a mortgage this month best prepare for more sticker shock. We’re about to see another wave of fixed-rate hikes. CIBC economist Benjamin Tal has data going back to 1990 on the interest-rate sensitivity of Canada’s economy. And comparing 1990 with today, ‘we are 93 per cent more sensitive’ to rate hikes, Mr. Tal told me.”

“The way this is all playing out, the Bank of Canada may have no choice but to break housing’s back by taking its key rate at least 13 times higher than it was on March 1. In other words, to 3.25 per cent or above. If the bank really wants to head off this inflationary spiral, however, there’s one sure way to do it: shock and awe. I’m not in the home-price prediction business but perhaps we get a quick V-shaped bottom like the past few housing market sell-offs. But know this. Given record-high leverage – if stress test rates end up in the high 7-per-cent or 8-per-cent range, all bets are off.”

From One Roof in New Zealand. “The prices on almost 5000 listings have been slashed in the past three months as more owners get realistic about their property’s worth in the current market.The owners of a property on Stanley Road in Glenfield, in Auckland, are so committed to selling their house that they are slashing the price by $50,000 a week until it is sold. The price has already dropped by $350,000 since it was listed for $1.949 million at the end of April.”

“And it is not the only house price being marked down – almost five times more real estate listings have had their price altered by an average 3.95% in the three months ending May 31, 2022 compared to the same period last year. Real estate agents made changes to 15% of all residential listings on OneRoof during the same three-month period with almost 50% of those corrections relating to Auckland properties, OneRoof analysis shows.”

“Across the country – including all parts of Auckland, Waikato, Bay of Plenty, Wellington and Canterbury – listings can be found with significant price reductions while others are being marketed as ‘below CV.’ Agents often credit ‘motivated vendors’ as the reason for the price drop. Wallace Stratton agent Stefan Powney, who is marketing the Stanley Road property, said the owners were really committed to selling so the price would keep dropping by $50,000 increments until it either sold or until further notice. The property was first listed at the end of January, and relisted on April 21 at $1.949m. The price for the four-bedroom, two-bathroom house on 1328sqm is already down to $1.599m.”

“Lodge managing director Jeremy O’Rourke said there was about four months stock sitting on the market which made it a ‘little bit more competitive.’ ‘Vendors are getting more realistic and understanding that you’ve got to be in the range of negotiable acceptance rather than flying a kite in terms of their pricing otherwise it will just get overlooked.'”

From Domain News on Australia. “It’s music to the ears of every Brisbane house-hunter who has spent the past two years watching prices go only one way – and that’s up – as new data reveals the pockets of the city where sellers are dropping their prices. The average reduction in the asking price of Brisbane houses is on the rise overall, according to Domain data, spiking to its highest rate since July 2020. The most significant spike in discounting over the past year was recorded in the Nundah and Carindale regions, which includes suburbs such as Northgate, Banyo, Carina and parts of Camp Hill and Cannon Hill. Discounting has risen by more than 90 per cent in both regions since May last year.”

“‘The dynamics of the market are shifting and they’re shifting quickly,’ said James Kirkland of Upside Realty. ‘It’s no longer feasible to look back on a similar property that sold three months ago and use that as a benchmark for what something will sell for now. The market has changed.'”

“Steve Grimbas of Place Estate Agents Nundah said some vendor expectations were having to be lowered as the market shifted. ‘It’s definitely slowed a little bit; there’s not that frenzy anymore,’ he said. ‘And we were never going to keep that up. There’s less competition in our area now. That’s having an impact.'”

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This Post Has 95 Comments

      1. Your sole value as a human being derives from how much wealth you can generate for the oligarchy. Should you cease to “add value,” you become a useless eater. Klaus & Bill have plans for you in that eventuality.

        1. have plans for you in that eventuality

          IIRC, the average honeybee has a very short lifespan, just a few weeks. Once it outlives its usefulness, it’s expelled from the hive and dies.

        1. ** “‘They’re more affordable neighbourhoods than Rosedale or Forest Hill. You get the same kind of caché without spending $4 million on a home,’ she said.”

          “oh gee, I always wanted more cache'” . . . said no one on their deathbed while dying alone scorned by friends & relatives as a result of their materialistic lifestyle elevating things over people.

          ( “uh Lupe, didn’t my uncle have a Rolex in his nightstand!?)

  2. From the video above:

    TORONTO HOUSING MARKET CRASH | Should I Sell And Cut My Losses | Buyers Remorse |#torontorealestate

    May 29, 2022 The Market has slowly begun to cool down, however many recent homebuyers are in fear of a drop in home prices. In this video I will go over the emotions buyer go through after their purchase and how you can manage those emotions. Also I will discuss strategies on how to handle a drop in house prices and how you can handle a market crash.

    1. The following analysis came out from the Bank of Canada (equivalent of the Fed Reserve) today. Folks that got very low rates and are at very high household debt rates will be in a lot of trouble when they renew in 5 years.

      I wish the Fed would do that about HELOCs, credit card debt and variable rate mortgages in the US.

      Elevated levels of inflation – which is currently at a 31-year-high – could also mean that households allocate more of their income to food and gas if wage increases do not keep pace, the central bank said in its annual financial system review.

      “In this context, highly indebted households are especially vulnerable to a loss of income,” it said.

      The bank increased rates by 50-basis-points in April and June and money markets are betting on another half point rise in July.

      Canadians with a high loan-to-income ratio variable rate mortgages would see payments rise by 45 per cent in 2025-26 upon renewal. The overall increase in monthly payments for all types of mortgages originating in 2020-21 would be 30 per cent.

      The scenario focused on mortgages with a five-year term taken out at banks in 2020-21, when rates were at record lows. It assumed variable- and fixed-rate mortgages would renew at median rates of 4.4 per cent and 4.5 per cent respectively in 2025-26.

      https://financialpost.com/news/economy/bank-of-canada-financial-system-review-mortgage-payments

      1. 4.4 per cent and 4.5 per cent respectively in 2025-26.

        Already blew past that on this side of the border. Don’t most pick the three year renewal?

        The stories of folks not qualifying for the “renewal” at higher payments will be sad!

  3. ‘With one smack of the gavel, you will have destroyed our financial portfolio,’ said Ulrich Salzgeber, who is the managing broker at the Steamboat Springs Board of Realtors. ‘Apparently Steamboat is ready for the Salzgebers to leave.’

    Hey Ulrich, don’t forget the horse you rode in on.

    1. A friend of mine was describing two STRs, one she owns and the other of a friend. Both were “booked solid” in 2021, and both are completely unbooked this year. She can probably keep hers financially, the other one is going to end up in foreclosure or short sale or whatever. That is the way to deal with a temporary problem like too many STRs, let the market forces deal with it. Cheering on Democrat politicians is not the way to deal with it- give them an inch and they will take away your house eventually and give it to your replacement from Central America.

    2. ‘With one smack of the gavel, you will have destroyed our financial portfolio,’ said Ulrich Salzgeber, who is the managing broker at the Steamboat Springs Board of Realtors. ‘Apparently Steamboat is ready for the Salzgebers to leave.’

      🤣🤣🤣

      Consider yourself fortunate you’re not doing a 20 year bid for fraud.

      The best thing that could happen in the US is the Feds go after Realtors using RICO.

      1. Interesting comment. Most people today would view your comment as extreme hyperbole but in another era it would be the truth. It’s funny how perspectives change from one era to another. The amount of fraud it takes to get any attention today is fascinating to me.

        2. Actually it is the truth….. for example, NARs “Realtor of the Year” in NY was sentenced to 10 years IIRC. This “honor” was bestowed on the crook sometime between 2005-2008.

  4. Brit FBs squeezed by the soaring cost of living may soon have to choose between filling their gas tanks or covering their mortgages. 1 GBP = USD $1.26.

    AA demands 10p a litre cut on fuel duty as petrol soars to a record 182.3p and the cost of filling up a family car hits £100

    https://www.dailymail.co.uk/news/article-10899557/100-family-car-TODAY-Cost-litre-petrol-hits-record-182-3p.html

    The cost of filling up the family car today hit £100 as campaigners demanded a 10p cut on fuel duty to help millions facing growing cost of living pressures.

    The price of a litre of petrol rocketed this morning to 180.7p – the biggest daily rise in 17 years. It means drivers will now have to cough up a three-figure sum for the first time in order to fill the tank of a typical 55-litre family vehicle.

      1. Don’t they all drive mini cars?

        I did see a lot of LandRovers, full size Benzes, BMWs, etc., last time I was there.

        I will say, having a Suburban or a pickup with our gas prices has to be painful

  5. It’s going to be delightful watching the globalist Quisling regimes in Australia, New Zealand, and Canada deal with bursting housing bubbles and the epic wipeout of fake “wealth” created by the Keynesian fraudsters at their central banks.

    Auction collapse drops hammer on house prices

    https://www.macrobusiness.com.au/2022/06/auction-collapse-drops-hammer-on-house-prices/

    CoreLogic has released its final auction market results for last weekend, with the nation’s clearance rate falling to a fresh 2022 low of 58.2%.

    The fall nationally was led by Sydney whose clearance rate plunged to just 53.3% – also a 2022 low. Melbourne’s clearance rate was higher at 58.8%, but also a 2022 low:

    1. It is worth remembering that with every economy that collapses the Great Reset is one day closer.

    1. The “ticky-tacky” boxes in “Weeds” were much nicer but you take what you can get I guess.

    3. Push a man so far he has no choice and politicians will be begging for the result to be as peaceful as J6.

      Rope, fire, and wood stacks.

  9. ‘West Toronto Lakeshore, which includes Roncesvalle-High Park-Swansea area, saw a significant decrease of 21.36 per cent in the average home price from $1.7 million in April to more than $1.3 million in May’

    ‘West Midtown — from St. Clair Avenue West to Eglinton Avenue West, and Dufferin Street to Yonge Street — saw an even bigger drop by 31.15 per cent for the average home price from $2.6 million in April to just over $1.77 million in May’

    That’s one month.

    1. A lot of Highpark and Roncesvalle (cutely named Ronci) are 50’s and 60’s smaller houses near quite larger homes – but considered very trendy neighbourhoods. Think stay-at-home moms, but who still have babysitting help. Contractor were buying up homes and completely renovating them – did they get out in time? I am not sure from having in walked in the neighbourhood last month.
      —
      The super interesting item in the quote below – what the @#(&* does institutional help mean. Non-bank loans, corporate transfers … I wish they explained if this was the real reason

      West Midtown — from St. Clair Avenue West to Eglinton Avenue West, and Dufferin Street to Yonge Street — saw an even bigger drop by 31.15 per cent for the average home price from $2.6 million in April to just over $1.77 million in May. The main factor for the decrease in these neighbourhoods is that homebuyers are more reliant on institutional money, said Danielle Demerino, a Toronto-based real estate agent.”

  10. The globalists are going all-out to censor and ban any mention of the “Great Replacement” theory, even as they and their Republicrat duopoly Quislings blatantly carry out this agenda in plain sight.

    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.

    1. Half of humanity is East Asian or South Asian. Whitey is only like 15% of the world’s humanoid population.

      But that’s too much for Globey.

      Whitey, specifically white males, are the demographic most likely to resist, and overthrow tyrannical government.

      This is unacceptable to Globey, therefore whitey must be exterminated.

      Globalists gonna globe.

        1. Do not do dumb sh*t i.e. do not make threats against United States elected officials, even if they are Globey, because that invites Glowie.

          Foreign nationals, say as an example Albert Bourla the CEO of Pfizer, that’s fair game.

          Bill Gates is not a soft target by any means, and you’d be facing murder charges in the United States.

          Don’t be a dumb@ss. Don’t sperg out in a grocery store or a school full of kids and teachers. Leave those people alone.

          Do your homework. There’s probably an abundance of Twitter Blue Checkmarks near where you are. Go find them, and give them the Mad Maxine Waters “get in their face treatment.”

          And if you want to go for extra credit on your homework, remember that the HBB is a blog of peace. All just idle speculation. Minecraft gaming advice.

          Dont’ be a loser. Be a hero.

          A hero like Kyle Rittenhouse 🙂

  11. The dupes & useful idiots who voted for Brandon are belatedly discovering he serves only his globalist oligarch and corporate donors & puppet masters.

    Biden’s base abandoning him, youth, women, minorities, unions

    https://www.msn.com/en-us/news/politics/biden-s-base-abandoning-him-youth-women-minorities-unions/ar-AAYezlr

    President Joe Biden is going to need a lot more than a plea of “C’mon man” to bring his base back.

    In new polling provided exclusively to Secrets, he is losing support among younger voters, suburbanites, women, minorities, especially Hispananics, and union members.

    And the reason is simple: They think the country is headed in the wrong direction and by a country mile.

    2. Wow 27% approval rating. Are there that many ultra rich? I mean who else would welcome hyperinflation?

  12. Tonight is the phony televised hearing for the phony January 6th Fedsurrection.

    The 2020 election was stolen, and January 6th was a joke.

    Nobody believes that Joe Biden won the 2020 election.

    1. This is such a f*ing joke:

      “The directors are hoping that the storyline will have all the elements of a TV smash hit: a King Lear figure ranting and raving as his power slips away from him, a glamorous couple struggling to rise above the fray, shady characters scheming sedition in hotel bedrooms, hordes of thugs in paramilitary gear chanting “hang him” as they march on the nation’s capitol.

      When the US House select committee investigating the January 6 insurrection opens its hearings on Thursday evening, it will do so in prime time and with primetime production values. The seven Democrats and two Republicans – shunned by their own party – who sit on the panel are pulling out all the stops in an attempt to seize the public’s attention.

      They have brought onboard a former president of ABC News, James Goldston, a veteran of Good Morning America and other mass-market TV programmes, to tightly choreograph the six public hearings into movie-length episodes ranging from 90 minutes to two and a half hours. His task: to fulfill the prediction of one of the Democratic committee members, Jamie Raskin, that the hearings “will tell a story that will really blow the roof off the House”.

      To amplify the event, activists are hosting dozens of public watch parties in living rooms and union halls across the country. A “flagship event” will take place at the Robert Taft Memorial and Carillon in Washington, where attendees can watch the hearing on a jumbotron while enjoying free Ben & Jerry’s ice-cream.”

      https://www.theguardian.com/us-news/2022/jun/09/congress-january-6-hearings-tv-production

      1. President Donald J. Trump statement from earlier today.

        “January 6th was not simply a protest, it represented the greatest movement in the history of our Country to Make America Great Again.”

        Trump began, “The Unselect Committee didn’t spend one minute studying the reason that people went to Washington, D.C., in massive numbers, far greater than the Fake News Media is willing to report, or that the Unselects are willing to even mention, because January 6th was not simply a protest, it represented the greatest movement in the history of our Country to Make America Great Again. It was about an Election that was Rigged and Stolen, and a Country that was about to go to HELL..& look at our Country now!”

        An hour later, in a subsequent post, Trump added, “The Unselect Committee of political Thugs, essentially the same group who brought you the now fully debunked and discredited RUSSIA, RUSSIA, RUSSIA HOAX (and many others!), refused to study and report on the massive amount of irrefutable evidence, much of it recently produced, that shows the 2020 Presidential Election was Rigged and Stolen. They want NOTHING to do with that topic because they cannot win on the facts. CANCEL & DENY, call it ‘THE BIG LIE,’ is all they can do. Corrupt Politicians!”

        https://www.thegatewaypundit.com/2022/06/trump-january-6th-not-simply-protest-represented-greatest-movement-history-country-make-america-great/

        The 2020 election was stolen.

        Globalist sh*tbags, 80 million votes for Trump in 2020, you stole this, and now you need to DIE 🙂

      2. DC radio station WTOP has been shilling this pretty hard. Despite having time to cover only the most major of headlines, WTOP has never failed to mention a Jan 6 subpoena or a contempt charge. I think most people have lost interest, even around here.

    2. I was talking to a liberal woman a few months ago, and she mentioned the “insurrection.” I said “that’s not an insurrection, and it’s insulting to the people and countries who have had to deal with one.” She laughed and appeared a little pink in the face. She knew how ridiculous the notion was. I also mentioned the VIDEO of them opening the doors and letting people in.

  13. A reader sent this in:

    Rick Palacios Jr.

    https://mobile.twitter.com/RickPalaciosJr/status/1534517417874903040

    ‘May homebuilder survey results published last week. Top themes: 1) Builder metrics quickly deteriorating across the board. 2) Price cuts on standing ‘speculative’ inventory accelerating. 3) Buyer incentives are back. Market commentary to follow…’

    ‘#Austin builder: “Some parts of town where finished homes are now taking a month to sell versus hours. Market is definitely correcting. Incentives are back and seeing some builders cutting prices on inventory.”

    ‘#Baltimore builder: “Customers now mentioning potential reduction in prices and/or increase in incentives.”

    ‘#Bend builder: “Market drastically changed in last month. Traffic slowed significantly. Sellers of both new and used homes are dropping prices.”

    ‘#Boston builder: “Recently started seeing drop off in buyers wanting to get on interest list. A release of 4 new homes this past weekend may be the first one in quite some time that is not fully sold out from buyers on our waiting list.”

    ‘#Charlotte builder: “Still not meeting [sales] goal and seeing less traffic, with people taking longer to make decisions. Some close-out communities are not getting traffic.”

    ‘#Columbus builder: “May traffic down 25% from April and don’t expect June to compare well to May.”

    ‘#Dallas builder: “Lower priced, outlying communities have slowed. Interest lists are nearly half of what they were.”

    ‘#Denver builder: “Higher rates are definitely bringing a chill to the market.”

    ‘#Harrisburg builder: “Market is soft, inventory is building. Missed May projected sales by 50%.”

    ‘#Houston builder: “Home prices hit a ceiling and incentives are starting to show up.”

    ‘#Jacksonville builder: “Released 4 inventory homes in a HOT community and only sold 1 (first time haven’t sold them in under 48 hours in more than a year).”

    ‘#LosAngeles builder: “Seeing more cancellations due to payment shock for those in backlog that didn’t lock rates.”

    ‘#Philadelphia builder: “Forced to reduce some pricing and become more competitive.”

    ‘#Phoenix builder: “As interest rates rise and pricing continues to escalate, there’s no way we can sustain the type of sales rates we are used to.”

    ‘#Portland builder: “Incentives are back in the market.”

    ‘#RiversideSanBernardino builder: “Pricing in this market will correct by 5-10%. If this administration lets the housing market slide because of inflation, we’ll probably take some more hits to pricing.”

    ‘#SaltLakeCity builder: “Had a rough May.”

    ‘#SanAntonio builder: “Builders are requiring higher earnest money deposits. Rates are impacting buyers due to debt-to-income ratios.”

    ‘#Tampa builder: “Website and phone traffic slowed dramatically in the past 45-60 days. Longer-term pause in buyer traffic would cause alarm for our 2023/2024 business plans.”

    Now that’s some red hotcakes!

        2. In some areas, the inventory is already higher than pre-pandemic levels. Those areas are toast.
          In other areas, the inventory is still about 1.5-2 months’ worth of inventory. Too early to say with those markets whether they will crash.
          In some areas, prices are up 100% in the last three years. Those areas are toast.
          In other areas, prices are up about 15% in the last three years. They will probably have a “soft landing”.

          In the last crash, some areas dropped 60%. Others dropped 5%. This time will be the same. Idaho, Utah, California, Seattle, Austin, Nashville, Raleigh- 50+% crash. Other areas will not suffer anywhere near those levels.

          1. I’d like to know about these “down only 5% the last time” locations. All the data shows everywhere was down 25% minimum.

          2. “I’d like to know about these “down only 5% the last time” locations. All the data shows everywhere was down 25% minimum.”

            Check out Pittsburgh for one.

  14. homebuilders have also seen their sales activity tumble recently in Southern Nevada.”
    Spoke with my former mortgage boss today and he said the Construction Perm Loan (individual home being built not commercial builder) business is still going strong, but the rest of the mortgage market has pretty much died.

  15. The first casualty of war is truth.

    ZeroHedge: Ousted Ukrainian Official Breaks Silence, Admits She Lied About Mass Rape By Russians To Garner More Aid/Arms (no link)

      1. It’s all fake news.

        I don’t even bother looking at it. I do remember “predictions” that Russia’s economy would quickly collapse after we closed all the McDonalds there. Instead, Europe is on its knees, begging Russia for NatGas and oil.

        1. “we closed all the McDonalds there.”

          Ha ha how twisted Amrikkans are. Who’s the winner here for not having any McDonalds and their $hitty food….

          1. BTW…. I was there yesterday picking up a couple MegaMeals and noticed the McRib is back. I got one as they’re better than ever.

    2. Zelensky needs to negotiate the terms of surrender.

      I don’t support one dime of U.S. taxpayer money going to this corrupt globalist piece of sh*t.

      Russia is winning.

      1. Maybe the plan is to refuse all concessions and leave Russia in a position where it feels it has to continue the war. As more of Ukraine gets destroyed the West will hope it can turn enough of its own citizens into supporters of direct involvement.

  16. If you have a small group of people that want to change the human species into hackable animals with no free will, isn’t that a call for the destruction of that species?
    When humans were introduced to computers, did they agree to be merged with computers, against their will?
    Did humans agree to be gene edited by fake vaccines , and be mandated to inject a expierment by a private party manufacturer, that has immunity to the death and injury they had pre knowledge would cause , because the animals died.
    Computers were suppose to be tools for the human race, as was the health system, to improve humans lives , and create mastery by humans over their environment, with free will.
    These tools being used as weapons of mass destruction of the human race , for enslavement by the few, is the agenda of this insane assault on the global populations.
    Its a small group of Corporations and fat cats , like Bill Gates, WEF, and other billionaires and even those with trillions, trying to reverse the World into the dark age, by technology conquering over humans , not the other way around .
    Its like the Movie 2001 Space Odyssey, where HAL the computer take over the Ship, or the Terminator movie , where artificial intelligence is the enemy of humans. Its a Health system corrupted and captured that’s trying to kill you.
    The Stakeholders united to form a private party power based , with the long planned intention to take over the World, and subjugate humans to a One World Order Dictorship , where you own nothing, eat bugs, and you merged with A. I. and gene altering fraud science.
    Just watch and listen to these people talk, and it explains all insanity and destruction being done.
    Stop free speech, take guns, ruin health, take freedoms , take law and order , take energy, take food, take sanity, destroy children.
    This Innsurrection by the few, who are looters and killers and hijackers of Governments, has to be defeated by the many . Just my morning 2 cents.
    Nobody is going to own property or real estate if these monsters get what they want .
    This makes buying real estate having extra risk factors , along with the crash that is starting.

  17. Lately in my town, I’ve noticed an uptick in trust/probate sales. This morning I counted them. 14 out of 72 homes on the market are trust/probate sales. That’s almost 20%.
    According to our county health department, around 80% of the population has taken the jab.
    Another statistic that bothers me is, in this past February the total numbers of deaths attributed to Covid since the beginning was 1,454 which gets a lot of attention. In 2021 alone, 2,127 people died of overdoses which gets hardly a mention.
    Full Disclosure: I live in California.

    1. ** ” in my town ….. in CA ”

      JFC on a stick, would it violate national security to mention WHERE THE FUK “your town” is in CA!?
      would the witness protection program out you if you disclosed, oh I don’t know, which town/area among the THOUSANDS in the HUGE state of CA your referring to in that statement?
      after all, you took the time to type it all out . . oh sorry, silly me: you get to heighten the suspense by keeping everyone guessing as to what super decoder ring secret place your blathering about!

    3. Silent Generation and elder Baby Boomers are in their 70s. They don’t need the jab to die off — diabetes and dementia and even plain-Jane COVID will do the job just fine by themselves.

  20. With the globalists’ Republicrat duopoly puppet show in Panem on the Potomac getting ready for their sham J6 “hearings,” it’s instructive to see the Stalinist show trials this farcical Kabuki theater is patterned after. Corrupt DoJ and FBI apparatchiks now fulfill the role of the Soviet NKVD in the role of Deep State enforcers to extract “confessions” and coerced, falsified testimony against “insurrections” mostly guilty of taking unguided tours of the Capitol building. Forward, Soviet!

    Show Trial Russia 1938 – Bukharin and 20 others

    https://www.youtube.com/watch?v=25JpnWlEfvE&t=153s

  21. To the melanin-deficit Real Journalists at WaPo: your minority colleagues hate you and want you gone. Notwithstanding your zeal for propagating globalist narratives and spewing anti-white venom, when you can be replaced by WaPo’s globalist owners, you most certainly will be.

    WaPo’s Felicia Sonmez torches ‘White’ colleagues for ‘downplaying’ workplace drama with ‘synchronized tweets’

    https://www.foxnews.com/media/wapo-felicia-sonmez-torches-colleagues-drama

    Washington Post reporter Felicia Sonmez continued her scorched-earth tweeting about her colleagues on Thursday, this time taking aim at ‘White,” “star” reporters who expressed solidarity with the paper as the viral infighting has dominated conversation in the media industry.

    On Thursday, Sonmez took a flamethrower to fellow staffers in another lengthy series of tweets, attacking those who had posted recent, strikingly similar messages of support for their paper.

    1. Good old Klaus

      Klaus Schwab
      From Wikipedia

      Schwab was born to Eugen Wilhelm Schwab and Erika Epprecht[2][3] in Ravensburg. His parents had moved to Germany during the Third Reich in order for his father to assume the role of director at Escher Wyss AG.

      Bilderberg reconvenes in person after two-year pandemic gap

      Charlie Skelton in Washington
      Sat 4 Jun 2022 17.52 EDT

      Bilderberg is sometimes dismissed as a talking shop or crazed imagining of conspiracy theorists. But in reality it is a major diplomatic summit, attended this year as ever by extremely senior transatlantic politicians, from the US commerce secretary to the president of the European Council.

      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.

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

  25. The globalists are going to have to bring to bear all of their election-rigging skills if they want to keep their pliant stooge Liz Cheney in office to do their bidding.

    Liz Cheney is 28 POINTS behind her GOP primary opponent Harriet Hageman: 70% of Republican Rep’s party’s voters in Wyoming view her unfavorably as she faces an uphill battle to keep her seat

    https://www.dailymail.co.uk/news/article-10900885/Cheney-28-opponent-Harriet-Hageman-70-Wyoming-Republican-voters-view-Liz-unfavorably.html

  26. Well this is creepy AF, but par for the course under the Biden regime. Forward, Soviet!

    Whistleblower said Biden’s ‘disinformation’ board would have acted on what the government determined to be factual, would worked with social media companies to take down content and picked its ‘Mary Poppins’ for her ties to Twitter, Republican report says

    https://www.dailymail.co.uk/news/article-10900687/Republicans-Whistleblower-said-Bidens-disinformation-board-toed-administration-line.html

  27. Another day, another nosedive deeper into the CR8R on Wall Street…

    Do you think traders have sniffed out the looming housing bust yet?

    1. The Financial Times
      Eurozone economy
      ECB takes hawkish turn to counter record-high inflation
      Bank paves way for first increases in more than a decade, suggests pace could quicken in September
      Christine Lagarde, European Central Bank president, stressed that risks to the inflation outlook were now ‘primarily on the upside’
      Martin Arnold in Amsterdam and Tommy Stubbington in London
      8 hours ago

      Christine Lagarde on Thursday sought to counter concerns that the European Central Bank is doing too little to fight surging inflation, announcing plans to lift interest rates above zero for the first time in a decade by September.

      The ECB surprised markets by signalling it was likely to raise rates by half a percentage point in September, in addition to a planned quarter-point rise in July — a bigger increase than expected.

      Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management, said: “They have reversed the burden of proof. Inflation needs to improve for them not to hike by 50 basis points.”
      …

    2. Yahoo Finance
      Stock market news live updates: Stocks fall sharply as Wall Street gears up for inflation data
      Alexandra Semenova
      Thu, June 9, 2022, 1:06 PM·5 min read

      U.S. stocks plunged Thursday as angst grew on Wall Street over key inflation data due out Friday.

      The S&P 500 tumbled 2.4%, and the Dow Jones Industrial Average shed 640 points, or 1.9%. The Nasdaq Composite slid 2.8.%. The greater share of losses came in the final hour of trading as selling accelerated into the end of a downbeat session.

      Investors are bracing for the Bureau of Labor Statistics’ latest Consumer Price Index (CPI) on Friday as they look for further clues on how aggressively the Federal Reserve will ramp up interest rates. May’s reading is projected to show inflation persisted in May. Consensus economists are looking for headline inflation to rise at an 8.3% annual rate for May — on par with April’s print — and by 5.9% excluding food and energy prices.
      …
      https://finance.yahoo.com/news/stock-market-news-live-updates-june-10-2022-111845609.html

      1. Should we expect the stock market to continuously CR8R until the Fed completes its punchbowl removal and quantitative tightening campaigns?

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