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When Interest Rates Were Down, People Could Borrow More Than They Expected, Now The Reverse Is Happening

It’s Friday desk clearing time for this blogger. “On Thursday, Freddie Mac deputy chief economist Len Kiefer tweeted about what this downward shift means: ‘The U.S. housing market is at the beginning stages of the most significant contraction in activity since 2006.'”

“The MBA’s index which measures applications for new purchases tumbled to 208.2 from 224.1 a week earlier, according to Bloomberg data. It has dropped by more than a third since January, when it stood above 310. ‘In the three months to May, applications fell at a 52% annualized rate, compared to the previous three months,’ Pantheon’s chief economist Ian Shepherdson said in a note. ‘A meltdown, in other words.'”

“‘We’ve seen a lot more cancellations recently than we’ve had in years prior,’ Lizy Hoeffer, mortgage broker at  CrossCountry Mortgage in Arizona. ‘I’ve been in the lending industry for 25 years and when you have periods of time where people walk away from transactions, that’s usually a very bad sign,’ Jeffrey Ruben, president of WSFS Mortgage.”

“More layoffs are coming in the mortgage industry, as Wyndham Capital Mortgage expects to reduce staff for a Charlotte office, according to a required notice. ‘That reduction-in-force may result in a mass layoff,’ the statement reads. More layoffs in the mortgage industry could be coming, too, a North Carolina-based licensed mortgage broker told WRAL TechWire this week, on the condition of anonymity. ‘This is the slowest I have been since 2008,’ the broker said.  ‘Our business is cyclical, booms and busts.’ Some companies may believe they’re now overstaffed, the broker noted.  ‘Too much staff and have to reduce overhead,’ the broker told WRAL TechWire.”

“In Spokane County, 633 single-family homes and condos on less than 1 acre sold in May, a 10.8% decrease compared to 710 homes in May 2021. However, inventory last month was up 93.1% when compared to May 2021. The local market is transitioning from a place where buyers had little to no power in negotiating prices to now having a seat at the table, broker Taelor Fayette said. ‘I’m having conversations with clients and industry peers daily,’ she said. ‘I’m reassuring them that their fear of a fall ought to shift to awareness of a leveling of the playing field.'”

“Several signs indicate that the red-hot market in Northeast Florida is cooling, according to the Realtors association. Association President Mark Rosener noted that Realtors have seen more homes with price reductions, an indication that sellers had set their sights too high. With more homes available, ‘it is very important that sellers be realistic in their pricing strategy,’ he said.”

“By the end of May, Las Vegas REALTORS® reported 3,570 single-family homes listed for sale without any sort of offer. That’s up 75.8% from the same time last year. Likewise, the 797 condos and townhomes listed without offers in May represent a 50.7% jump from one year earlier. ‘The slowdown in sales and increase in our housing supply are signs that things may be starting to calm down a bit,’ said LVR President Brandon Roberts. ‘Even though prices are still going up, it’s welcome news for potential buyers to see more homes on the market. As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unstainable.'”

“Darra Norgaard, president of the Montana Regional MLS, noted that the monthly home sales average of 567 this year is down from 668 last year and 2020’s rate of 578 sales per month. ‘The number of days on market has for the most part normalized this year, averaging at approximately 88 days,’ she said. ‘This is a sharp contrast to last summer for example where this figure was in the low 30s.’ ‘Anecdotally, realtors in our Kalispell area are feeling a slight cooling of the market,’ said Erica Wirtala, public affairs director for the Northwest Montana Association of Realtors. ‘Some of this may be related to the longer cooler spring weather we are experiencing, the end of the school year and a flood of new multifamily units that are coming onto the market.'”

“Some of Canada’s priciest markets, Toronto, Vancouver, Montreal, Ottawa and Hamilton, saw sales drop significantly in May, for many the third month of decline. ‘Clearly the Bank of Canada’s interest rate hikes since March — and the prospects for more in the months  ahead — are changing the game in a big  way,’ wrote RBC’s assistant chief economist Robert Hogue. Now Canada’s housing markets are rebalancing — fast, said Hogue. That was especially evident in Toronto, where ‘demand-supply  conditions  swung from close to the tightest on records to nearly as loose as they were during the 2017 correction,’ he said.”

“The Fraser Valley and Metro Vancouver’s eastern and southern suburban communities  will see the deepest housing downturn in British Columbia, according to Central 1’s new BC economic forecast. ‘Home values in areas such as the Fraser Valley have turned lower amidst higher fixed rates and Bank of Canada hikes on variable rates. Early May data for the Lower Mainland markets pointed to a sharp sales decline and downward pressure in prices in the Fraser Valley region,’  continues the forecast. ‘While sales-to-inventory ratios currently trend in range conducive to a sellers’ pace, downside momentum in transactions and temporary pressures from collapsed sales and re-listing activity, in addition to sentiment could tip markets into buyers’ conditions this year. A wildcard will be the proportion of investor-owned properties and whether more will come to market.'”

“The average house price rose 1pc, or £2,857, in May. This was the slowest rate of growth in 2022, according to mortgage lender Halifax. Alice Haine, of analyst Bestinvest said: ‘Borrowing the maximum possible on a two-year fixed-rate deal to secure a larger home and garden might have seemed like a good idea in the summer of 2020 when interest rates were at the record low of 0.1pc, but with those deals now expiring, homeowners are emerging into a very different mortgage landscape.’  Those who made purchases during the Covid crisis could come to regret their decision to move, she added.”

“Graham Cox of Self Employed Mortgage Hub, a broker, said he expected house prices to fall by 5pc this year and possibly further in 2023. ‘Property prices are already coming off their record highs and transaction levels are falling. Mortgage costs, fuel, food and energy prices continue to soar with no end in sight. Throw in National Insurance and tax rise, the terrible events unfolding in Ukraine and the autumn energy cap increase and it’s a recipe for economic disaster that we won’t see the full effects of until the winter,’ he said. ‘There is nowhere for house prices to go but down.'”

“Danish homeowners are increasingly opting for more risky loans, the central bank warned on Thursday as it repeated earlier recommendations for tighter lending rules. ‘The many loans with deferred amortisation are a structural problem because they make homeowners more vulnerable to a later drop in house prices,’ the central bank said in its biannual financial stability report.”

“Property prices in most Australian cities are expected to fall by double-digit figures after the Reserve Bank of Australiahit the interest rate brakes harder and faster than earlier forecast, crimping the size of loans households can borrow, economists say. Some falls are already under way, with Melbourne posting a slide lasting six months so far and Sydney four. Sally Tindall, research director at RateCity, said that demand for housing was already being sapped by the two rate rises as banks reduced the maximum amounts they would lend.”

“‘Borrowing capacity does have an impact on property prices,’ Tindall said. ‘When interest rates were on the way down, people would go to the bank [and] they would find that they could actually borrow more than they potentially expected, which meant that they could bid more at auctions. Now the reverse is happening,’ she said. ‘It’s going to affect he people that were planning to borrow at capacity or near capacity as those interest rates rises kick in.'”

“Many years ago, a builder told me they remembered the exact moment the property market turned during the global financial crisis (GFC) – it was the day their phone stopped ringing. They even called their provider to check something hadn’t happened to the phone line, but it wasn’t the cabling that was the problem, it was the economy itself. But for people who bought those houses, the situation was largely different, provided they could afford to hold on to their home.”

“In the years after the GFC, many people took away the lesson that the housing market was different to others. It was not an investment like any other – bringing both risk and reward – but a ‘risk free’ one, provided you could make the repayments and hold on to your asset long enough. They weren’t wrong. House prices roared back after the GFC, and it is probably why so many buyers post-pandemic feared they might miss out and leapt into the market with both feet.”

“They may regret it, depending on how late they jumped in, according to Christina Leung, principal economist at the New Zealand Institute of Economic Research. ‘The risk would be most acute for those that have recently taken on mortgages, particularly those that have bought at the peak of the market.’ “

“Fisher Funds head of fixed interest David McLeish agrees there is an element of ‘payback’ in what is happening in the housing market right now. He draws attention to the fact debt levels in our economy are much higher than they have been when the RBNZ raised rates aggressively in the past. ‘The last time we went through a hiking cycle, which was 2014, we only managed to hike interest rates 1% from the lows to the highest of that cycle, and we had a slowdown on our hands at that point,’ McLeish says. ‘The environment is different this time around, and we have to be aware of how sensitive households are to interest rates.'”

“But the rudest shock may come not from the sudden drop of confidence brought on by the interest rate rises, but what happens when homeowners come out the other side of this downturn. Sense Partners economist Kirdan Lees notes many regulations that kept the price of housing high are being whittled away. Which means buyers lured in by the promise of ever-increasing asset prices might well find a different reality on the other side.
This might not be the worst lesson to learn.”

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This Post Has 148 Comments

  1. In the video above UHS first talks about using the crater to fook a seller via inspections. But the real data crater starts about 5 minutes in. More of these million peso igloo cluster prices are under a year ago!

        1. BTW, if you eat termites (and several other bugs), you will be doing your part to reduce methane in the atmosphere. [1]

          Per Google

          [1]
          What insect produces methane?
          Termites, cockroaches, and scarab beetle larvae are the only insects known to emit methane, but they do so in impressive amounts.

          [2]
          Termites are responsible for ∼1 to 3% of global methane (CH4) emissions.

          1. You will own nothing because you rent everything from the bank at twice the monthly cost and eat bugs CraterTaters. Many, many bugs CraterTaters.

            fixt.

            Orlando, FL Housing Prices Crater 11% YOY As The Toxic Rot Of Subprime Mortgage Defaults Looms Over Florida Housing Market

            https://www.movoto.com/fl/32820/market-trends/

        2. My grocery bill continues to inflate. I like to make my own trail mix and the cost of seeds and nuts is skyrocketing. Bulk pumpkin seeds have gone from 3.99 to 7.49 per lb. I prefer seafood for protein but I have had to eliminate most of it due to cost. I am down to pollock fillets. I don’t see any sign that food prices are stabilizing. The price increases are continuing at least at the same pace.

          1. Just went shopping at Trader Joe’s. My favorite whole chicken there was $2.99/lb for more than a year–it’s now $3.99/lb. Every time I go grocery shopping I notice everyday items going up in price.

            Filled the tank in my Rav4 with cheap Costco regular. It cost $74.
            Thanks Brandon.

        1. Kimmel, like all “late-night hosts,” treats Brandon with the usual fawning obsequiousness.

    2. The home inspector was payed by the seller. What do you think he’s going to find??? It’s really hard to fathom that a home buyer with half a brain would take the word of any seller who states or provides anything as proof. It’s a business deal worth hundreds of thousands of dollars. You double check EVERYTHING.

      1. He said in January/February sellers wouldn’t consider an inspection. Now they have to and you can use the inspection to hammer em. I would never skip an inspection, but winnahs! do. Or did, good luck with that senor remorse.

      2. Getting a blind inspector would at least relieve the seller of having to make any declarations.

  4. ‘In the three months to May, applications fell at a 52% annualized rate, compared to the previous three months…A meltdown, in other words…We’ve seen a lot more cancellations recently than we’ve had in years prior’

    I can hear the REIC spinning, to no avail. One thing I noticed about these video: they started to sound very similar. Lending. Borrowing. Where it always falls.

    I’ve told this story before: in Sedona there was a hang out. One of the prominent families was a big shot mortgage guy and his family. They knew about this blog but were always nice enough to me. The undercurrent sucked them down very quickly. I think they came close to losing everything, the dad got health problems and it all went downhill from there. It was a personal experience in what was otherwise an academic exercise. I’ve often wondered how they ended up. It was like the Texas oil bubble. The contrast in wealth and the sudden lack thereof was stark.

    1. It was like the Texas oil bubble. The contrast in wealth and the sudden lack thereof was stark. I was working in the oil fields of Texas in the early 80’s. I remember seeing a very attractive young blonde come out to the oil rig in her Corvette. Being 23 she caught my attention. Anyway shortly there after a Cadillac showed up and some short old bald guy get out. Apparently, I was still checking the blonde after he arrived because my co-worker leans over to me and say “That’s her Husband. He owns a stake in this well.” I wonder how long they remained married after oil crashed.

      1. *”bald old man in a caddy . . . ”

        that was C. Montgomery “Monty” Burns & latest wife checking out the competition for his future nuclear power plant.
        did he toss you a dime, you young scalawag?!

  5. ‘Anecdotally, realtors in our Kalispell area are feeling a slight cooling of the market…Some of this may be related to the longer cooler spring weather we are experiencing, the end of the school year and a flood of new multifamily units that are coming onto the market’

    Don’t worry Erica, those airboxes in Kalispell will be just fine. They aren’t expensive are they?

  6. From one of the articles posted above. This is starting to be a real impact.

    And a record low share of Americans (17%) reported it’s a good time to buy a home in May, according to Fannie Mae’s index measuring home purchase sentiment, while 79% of respondents said it’s a bad time to buy.

  7. ‘inventory last month was up 93.1% when compared to May 2021. The local market is transitioning from a place where buyers had little to no power in negotiating prices to now having a seat at the table…‘I’m having conversations with clients and industry peers daily,’ she said. ‘I’m reassuring them that their fear of a fall ought to shift to awareness of a leveling of the playing field’

    This is why you make the big bucks Taelor.

  8. ‘This is the slowest I have been since 2008,’ the broker said. ‘Our business is cyclical, booms and busts.’ Some companies may believe they’re now overstaffed, the broker noted. ‘Too much staff and have to reduce overhead’

    ‘Our business is cyclical, booms and busts’

    Sound lending!

    1. Real Journalists.

      “Tucker Carlson opened his Fox News show on Thursday evening by making it clear that neither he nor Fox News — unlike every other major news channel — would be broadcasting the prime-time, historic House select committee hearing on the Jan. 6, 2021, attack on the U.S. Capitol.

      The hearing, Carlson intoned, was “deranged” and “insulting,” and he simply refused to “play along.”

      “This is the only hour on an American news channel that will not be carrying their propaganda live,” Carlson said, comparing the hearing to the stuff you might see in “totalitarian regimes.”

      https://www.huffpost.com/entry/tucker-carlson-jan-6-hearing-tantrum_n_62a29af2e4b04a61734c6934

      It’s the Huffington Post. I’ll post a few more examples of this globalist scum media as I find them.

      1. More national tee vee coverage than Watergate. The LA Times wondered, “will anybody watch?”

        1. ‘Ahead of the first of six televised House committee hearings related to the protests that took place at the U.S. Capitol in Washington, D.C. on Jan. 6, 2021, a Jan. 6 prisoner has issued a warning to the American people regarding the “farce” they are about to witness.
          On the evening of June 8, The Epoch Times received an audio recording from Jeremy Brown, which he addresses to the American people. The transcript of the recording can be found here.’

          “I am coming to you today on the 253rd day of my illegal, unconstitutional imprisonment to advise and warn the American people that what you are about to see is part of this compromised government’s well-orchestrated, highly-produced lie, meant to target the minds and perception of the uninformed and misinformed masses with the intent to demonize and dehumanize their opposition,” Brown begins.’

          ‘He also advises that “their opponents are anyone who disagrees or even asks questions about their false authority and their anti-American and anti-liberty agenda.” He says “their goal is to take down America and ‘Build Back Better’ in a form suitable to their authoritarian utopia dreamland, also known as the Great Reset.”

          ‘However, Brown contends he is being held, not because of what the government claims he did, but because the FBI and Department of Justice are aware that he knows “the truth” about what they did. In an alleged effort to keep him from exposing that truth, they have denied him access to any evidence in his case for over eight months. He also reminds Americans that the FBI’s Joint Terrorism Task Force already attempted to recruit him “to be part of their fraud.”

          “But I turned them down,” he said, noting that he even recorded the encounter in order to expose them, and it was after that recording got out that they had him arrested “and planted evidence” in order to keep him incarcerated.’

          “Just look round,” Brown challenged, noting how “bodies of unelected, global elites like the World Economic Forum, the World Health Organization, the United Nations, and many others” are simultaneously and systematically destroying every aspect of what has made America “the most free and powerful nation on earth.”

          “Their goal is to convince us that we are global citizens, not Americans,” Brown said, suggesting they are using a strategy of chaos in an effort to divide Americans by race, gender, medical mandates, the education of America’s children, “and even the weather” in order to turn them against each other. “They need us to blame each other so we don’t blame and hold them accountable,” He asserted, adding that “their gloves are off and they’ve crossed the Rubicon.”

          ‘Brown further notes that while the government is using American tax dollars to arm Ukraine, they are actively seeking to take away guns from the American people. Why? “Think about this statement,” Brown challenged. “When politicians want to take away your guns, that is exactly when you need your guns, and the Founding Fathers knew and lived through this. These criminals know the people are waking up to their corruption and when the lights come on they’ll be the rats and roaches running to hide. What you’re going to see tonight is their attempt to fortify their false narrative and they hope to see this as their final justification to pass laws making all of us domestic terrorists.”

          https://www.theepochtimes.com/exclusive-ahead-of-televised-investigative-hearing-farce-jan-6-prisoner-issues-warning-to-americans_4522315.html

          1. Another +1 for sharing Epoch Times articles.

            If my small periodic donations to the HBB help pay for your subscription, it’s well worth it to bring that kind of content into the discussion.

      2. With the globalists and their Democrat-Bolshevik Quislings dusting off the same playbook used to impose Communist tyranny on the former USSR in the 20s and 30s, it’s instructive to review the Stalinist show trials where “enemies of the state” and their far-fetched plots were foiled by Stalin’s NKVD secret police, played in 2022 by the corrupt FBI and DoJ. Forward, Soviet!

        https://www.youtube.com/watch?v=25JpnWlEfvE&t=121s

      3. The Atlantic:

        “The January 6 committee has done a magnificent opening job of presenting the evidence that Trump’s own inner circle was aware of the president’s anti-constitutional conspiracy in real time, tried to dissuade him, and begged him to halt what he had started. The committee is proving beyond reasonable doubt that the riot was the culminating action of a premeditated plot, and that the president of the United States was the principal plotter.”

        https://www.theatlantic.com/ideas/archive/2022/06/january-6-hearing-congress-insurrection/661234/

        Salon:

        “United States Senator Ted Cruz (R-Texas) claimed on Thursday that this evening’s premier hearing revealing the findings of the House of Representatives’ Select Committee to Investigate the January 6th Attack on the United States Capitol is nothing but a political ruse orchestrated by the “idiocy” of the progressive left.

        The bipartisan panel, which was established last summer, has interviewed a thousand witnesses who provided documents as well as thousands of hours of eyewitness testimony to what went on before, during, and after the violent insurgency that left five people dead and American democracy on the brink of collapse. Hundreds of individuals who participated in the riot have been arrested and charged with crimes.”

        https://www.salon.com/2022/06/10/ted-cruz-calls-jan-6-hearings-theater_partner/

        Globalist scum media.

        I’m not going to even bother with the Washington Post or New York Times, who along with CNN, are the creme de la creme of globalist scum media.

        A 2022 Republican landslide election isn’t enough.

        These unelected globalists are a tumor, a cancer, that must be removed from the United States, permanently.

        Twitter Blue Checkmark, consider that to be the uniform of the enemy, and to be treated as an enemy combatant, supporters of election fraud, and traitors to the United States Constitution.

        The punishment for treason is DEATH ☠️

        1. The Guardian webite’s current headline is “US grapples with Trump’s role in Capitol attack after House panel airs evidence.”

          Grapples? Seriously? What kind of Associated Press Style Guide horsesh*t choice of a verb is that?

          The Guardian, formerly the Manchester Guardian now the UK Guardian, aren’t American, but they’re just as scummy as the good ole USA globalist scum media.

          Grapples with monkeypox lesions? Grapples with $6 gas? Grapples with no baby formula?

          Grapples almost sounds like it could be a noun, or even a clinical diagnosis.

          I’m still grappling with the 2020 election being stolen, globalist scum media.

          And if there will ever be any justice, the globalist scum media will find themselves grappling with a noose, or a bullet to the back of the skull.

          Grapple that, globalist scum.

          1. I saw 2 minutes of Jan 6 show trial yesterday, and that was enough to turn off this display of people with stern faces, that should only be mocked. .
            The display reminds me of the 2 impeachments of Trump show trials. Trials designed to influence elections, slander the political opposition, and distract from a stolen election, that we all know placed that traitor pawn Biden in the White House.

            This isn’t a search for truth, this is a branding of over half the population as being Innsurrectionists, by a Political Party that represent the One World Order, Great Reset, build back better,enemy of the
            US and the Globe.
            Build up to rigging the next election , and the next round of Medical Tyranny by a contrived Pandemic , where the corrupt WHO dictates the response.
            A fake Government , with fake trials, with fake news covering it.

  10. Inflation higher than expected – highest since 1981. Welcome to stagflation


    Inflation accelerated further in May, with prices rising 8.6% from a year ago for the fastest increase since 1981, the Bureau of Labor Statistics reported Friday.

    The consumer price index, a wide-ranging measure of goods and services prices, increased even more than the 8.3% Dow Jones estimate. Excluding volatile food and energy prices, so-called core CPI was up 6%, slightly higher than the 5.9% estimate.

    On a monthly basis, headline CPI was up 1% while core rose 0.6%, compared to respective estimates of 0.7% and 0.5%.

  11. ‘We’ve seen a lot more cancellations recently than we’ve had in years prior,’ Lizy Hoeffer, mortgage broker at CrossCountry Mortgage in Arizona. ‘I’ve been in the lending industry for 25 years and when you have periods of time where people walk away from transactions, that’s usually a very bad sign’

    They are trying to put on a brave face in Phoenix. Like K-da, the chatter is very humble.

  12. ‘Las Vegas REALTORS® reported 3,570 single-family homes listed for sale without any sort of offer. That’s up 75.8% from the same time last year’

    Wa?

    ‘As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unsustainable’

    Let’s go Brandon!

  13. Bayview, ID Housing Prices Crater 26% YOY As Broke Borrowers Flood Market With Inventory

    https://www.movoto.com/bayview-id/market-trends/

    As one national broker explained, “Paying multiples of construction cost (lot, labor, materials and profit) for a rapidly depreciating asset like a 20 year old house is the shortest path to poverty.”

  14. ‘I’ve been in the lending industry for 25 years and when you have periods of time where people walk away from transactions, that’s usually a very bad sign,’ Jeffrey Ruben, president of WSFS Mortgage.”

    Au contraire, Jeffrey. It’s a very good sign, as it means the sheeple are starting to come to their senses and true price discovery is stalking these insane Fed-blown housing bubbles.

    1. **‘I’ve been in the lending industry for 25 years and when you have periods of time where people walk away from transactions, that’s usually a very bad sign,’ Jeffrey Ruben, president of WSFS Mortgage.”

      “bad sign” ?! that all depends upon the view of the “sign”, Jeffrey: are you holding the sign or watching it?

      as a card-carrying member of the cult of more More MORE you need to know these things to time that bandwagon.
      remember these fail-safe excuses:
      * who coulda knowed !?!?
      * like EVERYONE else !
      * buyers have insulting offers
      and the always popular – “they aren’t gonna GIVE it away”!

      try those out to the Telluride repo man as the jesus jugs harpy screeches from the driveway flashing her tramp stamp while the zombie grandkids don’t even look up from their digital cocaine

  15. ‘I’m having conversations with clients and industry peers daily,’ she said. ‘I’m reassuring them that their fear of a fall ought to shift to awareness of a leveling of the playing field.’”

    Realtors are liars. Anyone who buys into a bursting housing bubble is in for a DELIVERANCE-style reaming, sans banjo music.

  16. As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unstainable.’”

    No, Brandon. Like your lying mendacious namesake in the White House, you’ve been telling your marks to buy now or be priced out forever.

  19. The stupid, it burns.

    When a cryptocurrency you never heard of drains your life savings

    https://www.marketplace.org/2022/06/09/when-a-cryptocurrency-you-never-heard-of-drains-your-life-savings/

    Steve Insall has watched his life savings disappear by the second in an app on his phone.

    He spent most of Tuesday, May 10, in his condo, trying to withdraw anything that remained of the $320,000 balance that was there just days before.

    The app wouldn’t let him. While watching Bloomberg TV talk about a cryptocurrency he only learned of the day before, he tried to hide his panic from his wife.

    1. Told you all a while back I was running some crypto rewards with USDC stable coins and earying about $600 to $800 a week on about a $430K balance. I dumped all of that about 2 months ago back into USD in a sh1tty bank savings account because I did not think the risk was worth it.

      These crypto earning platforms took it in the azz when the SEC said ‘no more yield’ for new US customer slave deposits.

      I’m just waiting for the RE crash to see if there will be buying opportunities for GTFO props in 18 months. Who knows we might all be stuck with Weimer style inflation literally eating bugs (or Globalist long pig). Stock up on BBQ sauce either eay.

      1. I’m going long on those blue/orange cargo flats from HD/Lowes to carry my stacks o’ greenbacks in the near future, like the classic depression era b&w pic of the guy-in-suit w/wheelbarrow of cash.

        a relative of mr. banker, perhaps!? haha

        got a deal with the homeless guys camped out back of the Antelope Dr Home Depot (OMFG I mentioned the region where I live, give or take a few miles, instead of “in my area”) to nab, err borrow, a few long flat carts every night since my pots n’ pans banging franchise has dropped off.

        cha ching

  20. Ukraine gives update on combat losses (6/10/2022):

    “Ukraine is losing from 100 to 200 troops daily in the battle for the Donbass against Russia, Mikhail Podolyak, an aide to Ukrainian President Volodymyr Zelensky, told the BBC on Thursday.

    The numbers are higher than earlier figures acknowledged by Kiev.

    Just over a week ago, President Zelensky said that from 60-100 Ukrainian soldiers were killed in the Donbass on a daily basis, with another 500 injured.”

    https://www.rt.com/russia/556932-ukraine-losses-podolyak-donbass/

    Zelensky needs to negotiate the terms of surrender to Russia.

    Every one of these combat deaths is dying in vain, dying in an un-winnable war.

    No more United States taxpayer money for this globalist quagmire.

    Russia is winning.

    1. If the fighting stopped tomorrow, those $billions would still go out to the intended recipients.

      1. Is it hush money to bribe certain parties into silence? I just don’t see how so many Republicrats are going along with this scam?

        1. so many Republicrats

          Any of them that are for massive “aid” are likely in the stream of recirculating money. They all know the US spent the last eight years making the current conflict inevitable.

    2. Our media will keep telling us that Ukraine is winning, until one morning, when we will be told that Russia “suddenly won”.

  22. More dominoes starting to topple in the globalist Quisling WEF looting colonies of Australia, New Zealand, and Canada.

    Queensland-based construction contractor Earthmoving Contractors in strife

    https://www.news.com.au/finance/business/other-industries/queenslandbased-construction-contractor-earthmoving-contractors-in-strife/news-story/2e7ad2b1c93ac41c35c14f6c43a6c4a1

    Another Queensland-based construction contractor has hit a major wall this month, owing over $7 million following a contractual dispute.

  23. Housing.

    I am renewing my lease another year, with a 7% increase. This is the south Denver suburbs, Arapahoe County, Englewood.

    I’ve never lived in the City / County of Denver proper.

    Two or three more years at most and I’m out of here, probably to Colorado Springs.

    1. We lucked out and did a two year lease through year end 2022. So while others are renewing with inflated rents, we are locked in.

      1. You renters will not be among the first to run out of spendable money. There’s a long line of debt donkeys ahead of you on the road.

        1. I have so much “spendable money” that I bought some lots in rural Southern Colorado, with cash, no mortgage.

          Debt Donkeys can not fathom the concept of someone renting an apartment in the city and owning land, whilst not renting money from a bank to pay a mortgage on an overpriced shack in said city of residence.

          I’m never more than 12 months away from the end of a financial contract, and I have no debt.

          Debt is slavery.

          1. Today is a lot different than even10-15 years ago, you can live with a lot less stuff due to this thingy called digital. remember 200lb projector tv or 32″ crts

          2. **”I have so much “spendable money” that I bought some lots in rural Southern Colorado, with cash, no mortgage.”

            congrats Deplorable! well done.

            hey, btw, I got an extra broken fridge you can have to set the mood for your property.
            hell, I’ll even throw-in a slightly used front porch couch to welcome the new neighbors that make it past the minefield & pit bull.
            why, I’d even deliver it all in my truck with the “HUALIN” painted in white letters on plywood for the right price. say a 6-pack of PBR?

            we HBB’rs gotta hang together.
            or we shall all hang separately.

          3. I have so much “spendable money”

            Buying with money already earned is quite a game changer!

        2. Especially when we are out of debt and paying only 21 percent of our in income on rent.

          What share of income does your typical FB pay?

      2. I lucked out when I bought a short sale in 2012 and my payment is about what a bedroom rents for in a condo.

        Inflation what a way to run a country right into the ground.

        1. I bought a short sale in 2012

          Same here, a year later. The trouble with mine was that it was an unfinished renovation. All the dirty work done but no redoing anything. No bank would lend on it, so I don’t have any “payments”. I had to do some work, but I like that better than “payments.” Not for everyone.

        2. People in my circle are pretty freaked out about accelerating, uncontrolled inflation, including my lovely wife. She mentioned even Costco gas is now up to $6…yegads!

  24. This is over an hour so I’m not going to watch it all:

    The San Diego Housing Shift

    ‘Streamed live on Jun 1, 2022 The San Diego Housing Market is Shifting. It hasn’t shown up quite yet in the stats but the housing Inventory is slowly beginning to creep up over the last 30 days. I’m seeing more and more price reductions. So What’s Next?’

    https://www.youtube.com/watch?v=KfWTQmx-3bM

    1. The look on the faces of the San Diego used home sellers in my circle of contacts clearly means, “Oh shit!”

      1. The look on the faces of

        Meaning they are now wondering how they are going to make the payments on:
        -The house
        -The “vacation house”
        -The luxury cars
        -The motorhome
        -The Harleys
        -The jet skis/boat
        Etc.

        1. Just a quick peek through the employee parking lot in a State of Florida building I see many new Lexus’, BMWs, an Land Rovers.

          That’s a lotta home equity cash outs cause it ain’t salary!

        3. A couple we have long known from church are UHS and investors. They have deep roots in our community, yet for cryptic reasons, are severing them and relocating out of state. The looks on their faces express perpetual worry and sadness. It’s painful to watch a once proud couple head towards the exit door in such an unceremonious posture of perpetual distress.

          1. They’re off to where the weather is likely harsh by comparison, and their neighbors unsophisticated.

  27. RNC Research
    @RNCResearch
    ·
    ABC: Gas prices are so high that one Michigan county’s police department has “blown through their fuel budget” and will no longer respond to every 911 call in-person.

    https://twitter.com/RNCResearch/status/1534912573950382082?s=20&t=2qvaTwZD58VnB85MIpiH4w

    Marked
    @mywordsmarked

    Replying to
    @RNCResearch

    Hello sir, I understand you are being shot. Could you please put the shooter on the phone for us? We have stern words for Ze/zir

    2. They actually think that their show trial will distract from this destruction of the US by a criminally rigged election, where they want to take the guns, free speech, energy and food, medical choice , no law and order, A attack on survival.
      And you are to believe that a biological male can give birth .

      1. “you are to believe that a biological male can give birth”

        These globalists are beyond depraved.

        Now they’re coming for the children. They want to physically mutilate underage children, because globalists gonna globe.

        “They’re not sending their best”

    3. You’ll know it’s getting serious when they start selling all of those Police SUV’s and switch to a Prius. How humiliating. It’s a sad time when the armored vehicles need to be sold for scrap to fuel up the Prius fleet.

      Maybe they can just switch all of their activities to Zoom calls. There’s no point in making arrests anyway since they just let them all go.

      2. Outsource the policing to the cartel like they do in Mexico .

        Sinaloa style. Don’t laugh it may come to that in places like Oakland CA

    1. This was one of the top stories on the Salon website yesterday, that has now dropped off the front page:

      “an LGBTQ bar called Mr. Misster hosted a family-friendly “drag queen brunch” advertised with the tongue-in-cheek slogan, “Drag Your Kids to Pride.” The event was intended to be light-hearted, featuring musical chairs, mocktails and a chance for kids to vogue alongside the performers.

      But before the doors had even opened, the whole thing turned ugly, as dozens of right-wing protesters showed up on the sidewalk outside, recording attendees, calling them “disgusting” “groomers” ..: who wanted “to cut the dicks off of little boys” and even following and heckling both performers and attending families as they walked back to their cars.”

      https://www.salon.com/2022/06/09/exclusive-self-described-christian-fascist-movement-is-trying-to-sabotage-lgbtq-pride-month/

      The article continues with the usual laundry list of pearl clutching.

      Importantly, note that they do *NOT* deny wanting to mutilate children.

      I read these articles, and post them here because the public needs to know. Real Journalists, and the globalists they serve, want to seize custody of children from their parents, and mutilate and rape them.

      This is who the globalists are, and this is what the globalists want to do.

      And they’re not even hiding it.

    1. Current news bulletin:

      Barclays now anticipates Fed hike next week of 75 basis points

      Even the price of JiffyPop is going up, but all of this is way to good to miss.

      1. ‘Nother news bulletin: CPI for All Urban Consumers was up 1 percent month over month in May. That’s a 12.7 percent annualized rate, for the curious.

        It’s a “sh!t the bed” moment on Wall Street.

    2. No, but it sure gives some negotiating power when hiring soon to be desperate private local builder.

  31. Fuel, food and rent will consume peoples budgets, so demand for non essentials will drop like a rock.
    Restaurants and small business will suffer about as much as the lockdowns.
    I suspect that places like Las Vegas will go into A
    demand drop of epic nature. The travel business will be toast if this continues.
    And Klaus Schwab will relish the fact that the Globe is getting angry , and will beg for the Great Reset.
    Globalists trying to skin the cat in every way.

    1. and will beg for the Great Reset

      Exactly. When billions can no longer afford to feed themselves and their families, they will plead for the great reset. None of this is happening by accident. People have been conditioned to depend on the state, and they will accept any terms in exchange for bug paste and lentils.

      1. “…exchange for bug paste and lentils….”

        One thing my life experience has taught me is that normally tolerant, understanding, compassionate people can get a bit on the cranky side if they can’t eat.

        Not a good situation brewing.

        1. “understanding, compassionate people can get a bit on the cranky side if they can’t eat. ”

          True, but their anger will be against their fellow man kinds, not against the real perpetrators. Most people are so useless.

          1. “Most people are so useless.”

            Aim for the blue helmets.

            And aim for the blue checkmarks.

            Globalists gonna globe.

      2. People have been conditioned to depend on the state

        100%. I’ve noticed the question these days is always “what is the governement going to do to fix (insert issue here)”. Baby formula shortage, high gas prices, high rent, etc etc.

        People can’t seem to grasp that government is/caused the problem, and absolutely shouldn’t be turned to to “solve” it, other than getting out of the way.

        1. I should also add that it’s always about what the FEDERAL government will do to fix it…

          1. Everyone knows that California is perpetually broke after funneling our tax dollars to the homeless and illegal immigrants…

    1. virtue signaling

      I wonder how long until the deep state decides to flat out replace Old Glory with the Rainbow.

      2. Saw them live at the Mississippi River Festival back in the day.

        And I once found myself on stage, years later, playing in a backup orchestra for Peter Cetera. He’s an enlightened soul.

  34. Canadian Interest Rates to hit “Inconceivable” Levels of 5% after Bond Yields JUST surged to 3.25%..

    Premiered 23 hours ago Over the past 5 days the Canada 5 year bond yield soared past 3% for the first time in a decade!! The last time this level was reached was in 2008. Furthermore the last time the bond yield increased this fast was in the early 1990s when the last housing crash occurred. This definitely is an indicator that the fixed interest rates at major Canadian banks will rise once again and make it even harder for working Canadians to renew their mortgage this year or be approved for a new one. It will be a slow slog for homeowners that need to sell this summer. I advise anyone to not buy a house until the fall and let the interest rates bring house prices back down to reality which is already happening quickly across the country of Canada.

    John Pinton- Vancouver Realtor

    https://www.youtube.com/watch?v=LOSXg_A6CU0

    13:08

    At 6:15 he starts to talk about how they hide price drops! Says “good marketing”. Unbelievable. I’m learning a lot from these videos. The big “shift” is shaking the tree and all sorts of things are falling out.

  35. FWIW….. I haven’t been more pissed off than I was a couple days ago when that hollywood queer McConaughey somehow got the podium at the Whitehouse and started beating on it with his fists declaring “something better be done about guns or else”…

    I didn’t vote for that limpwrist so how is it he got the podium at the seat of power in the US?

    Perhaps you guys didn’t see it or were seeing red and couldn’t talk about it . Whatever the case may be, go look it up if you haven’t seen it.

    1. What is there to say?! Our country is a total farce. The pResident is on Jimmy Kimmel and a Hollywood actor is at the WH press podium. Our elections are rigged. WWIII is raging in Ukraine. And, we’re witnessing global genocide in real-time.

      1. “What is there to say?! Our country is a total farce.”

        Unfortunately that sums it up.

        PS

        “Perhaps you guys didn’t see it or were seeing red and couldn’t talk about it”

        I saw it.

        Watched and listened to him for a few minutes, shook my head in disgust, changed the channel and threw it on my ever growing pile of WTF.

  37. Just in case anyone needed another good reason not to watch the NFL.

    Dissenting opinions will not be tolerated.

    Commanders fine DC Jack Del Rio $100K for comments on Capitol riots

    Published: Jun 10, 2022 at 02:25 PM
    Kevin Patra
    Around the NFL Writer

    Washington Commanders head coach Ron Rivera fined defensive coordinator Jack Del Rio $100,000 for his comments comparing the violent attack on the U.S. Capitol on Jan. 6, 2021 and the protests in the wake of the police killing of George Floyd, the team announced Friday.

    Rivera said in a statement that he met with Del Rio “to express how disappointed I am in his comments.” The head coach added that Del Rio’s fine will be donated to the United States Capitol Police Memorial Fund.

    https://www.thescore.com/news/2370695

    1. Anyone who deviates from The Narrative will be fined or fired. Lee Greenwood could not be reached for comment.

      1. Walton’s buying a sports team? wonder if opening day will have the new owner(s) out in front of the FOOTBALL stadium, playing CRICKET, like the Indian who purchased the Sac Kings BASKETBALL team did a few years ago!?? not a good omen & definitely a head scratcher.

        (err, did someone not inform him “Basket-BALL” has a round orange.bouncy.BALL. thrown through a suspended “Basket” net, many times, by tatted-up prima donna millionaires!?)

        ahh Ranadive: always a bridesmaid

        1. playing CRICKET, like the Indian who purchased the Sac Kings BASKETBALL

          Works for me. Sportsball is for losers

  38. Image file for Jeff.

    All those breakers without wires are spares, that’s what the customer wanted. Note that circuit 1 is not pulled in, because that’s the circuit that feeds 120v to the lighting control panel, that panel is months out from being delivered, because CCP Flu or whatever usual line of bullsh*t.

      1. Looks tight.

        It’s a shame Putin has the lighting control panel tied up in Ukraine with all the baby formula.

  43. ‘The U.S. housing market is at the beginning stages of the most significant contraction in activity since 2006.’

    Translation: CR8R

  45. “The local market is transitioning from a place where buyers had little to no power in negotiating prices to now having a seat at the table,”..

    A seat at the table? More like: pour me another iced tea b*tch while I read these heartfelt letters from sellers wanting me to buy their shack.

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