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Another Bloodbath In The Housing Market

A report from Deseret News. “Real estate firms Redfin and Compass both announced significant layoffs Tuesday. ‘To all the departing people who put your faith in Redfin, I’m sorry we can’t keep our commitment to you,’ wrote Glenn Kelman, Redfin’s CEO.”

From Business Insider. “One economist said US mortgage applications are in a ‘meltdown’ as the threat to house prices mounts. ‘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.”

From Market Watch. “Just over a year ago, the monthly cost of owning and renting were practically identical, according to a blog post from John Burns Real Estate Consulting. ‘Now, owning a home costs $839 more per month than renting. This differential is almost $200 higher than at any time since the turn of the century,’ Danielle Nguyen, senior research manager at John Burns wrote.”

From Forbes. “At the offices of the Dobbs Ferry, New York-based Francie Malina Team, a Compass real estate franchise, the phone had been ringing off the hook for months, says Pamela Grunstein, a real estate agent with the group. Around Mother’s Day, ‘the market completely shifted,’ Grunstein says. Now the phone rings just a few times a day, and some open houses that once could expect dozens of visitors have had zero traffic.”

The Los Angeles Times. “‘The market is not the same as it was a month ago even,’ said Lindsay Katz, a Los Angeles agent at Redfin. On Covello Street in Van Nuys, the owner of a four-bedroom house recently cut the price by $50,000 to $949,900 after the 1950s tract home sat on the market for three weeks. Other homes in the area are listing even bigger price reductions: a $78,000 cut for a two-bedroom home, and a house with an accessory dwelling unit first listed at $1 million now for sale at $860,000 — a $140,000 price cut.”

“The share of homes listed for sale that took recent price cuts has more than doubled since last year. During the four weeks that ended June 5, 16.2% of listings in L.A. County had at least one price cut, up from 7.5% during the same period last year, Redfin data show. In Orange, Riverside and San Bernardino counties the share of price drops rose to more than 20% of listings, up from about 7% a year earlier. Nationwide, there haven’t been this many price cuts since 2019.”

“Carl Izbicki, a real estate agent at RE/MAX Estate Properties in Los Angeles, said homes that used to get about 15 to 25 offers now get three to five. When the market was on fire, one of Izbicki’s clients, a couple, lost out on about eight homes despite bidding well above the asking price. Last week, Izbicki sent them a list of properties that have been on the market for more than 30 days. ‘If they like one of these homes, we are going to offer less,’ he said.”

From CBC News in Canada. “It’s a sign the London market is beginning to return to balance and a far cry from the beginning of the year, according to Durgesh Tiwari, a real estate agent who’s been selling homes in the city for seven years. ‘In January, February and March, there were only 300 listings,’ said Tiwari. ‘People were panicking that, ‘Oh my goodness, there are no houses to buy,’ and people just paid $200,000 sometimes extra for a house, which is not healthy for any market.'”

“For investors who were hoping for a quick flip, or who bought when the market peaked, rising interest rates might be a harbinger of bad things to come. ‘There are people who have bought houses without assessing the saturation. They pour money into it thinking it’s going to grow more,’ he said. ‘The market is shifting downwards and everybody is afraid.'”

The Sydney Morning Herald in Australia. “Home buyers should expect higher interest rates, Reserve Bank Governor Philip Lowe has warned, as the bank will do whatever it takes to get inflation back within its target range. Lowe admitted in a rare interview that the RBA expects inflation to hit 7 per cent by December, well above the 6 per cent forecast by the bank just weeks ago. ‘We’ll do what’s necessary to get inflation back to 2-3 per cent,’ he said on ABC’s 7.30. ‘I think by the end of the year inflation will get too close to 7 per cent, and we need to chart a course to bring it back down.’ The last time inflation rose more than 7 per cent was in the mid-1990s.”

Stuff New Zealand. “New Zealand’s house prices fell at a faster pace last month, new data shows, and prices in one part of Auckland dropped almost 13% compared to a year earlier. Kiwibank economists said it was ‘another bloodbath in the housing market,’ noting the index recorded its six consecutive monthly fall and prices were 6% down from their peak before inflation.”

The Verdict. “Other industry stakeholders Verdict has spoken with share the sentiment. They believe a bloodbath is coming for the industry, but that the survivors of the crypto crash will come out stronger than ever. ‘The current market downturn signals further pain for crypto markets following the extended period of price consolidation since November, which has led to almost $2tn being wiped out from the total industry market cap,’ Sean Dickens, crypto analysts at exchange Kinesis Money, tells Verdict.”

“The volatility shaved off over $1tn from the crypto market’s value within the first weeks of 2022. For anyone keeping score, that’s a more dramatic drop than what was experienced during the market implosion that precipitated the Great Depression in the 1920s.”

This Post Has 146 Comments
  1. From the video:

    Expired Listings…..Who is pulling their homes off market?

    Bay aryan borderline panic? Oh dear…

    1. omg – she is still delusional – a 2-1 buy down??? If the house price is going to fall for the remainder of the year – why would you want to take a mortgage on the sales price right now.

    2. well, she’s not wrong with her advice to sellers. (best value, do all the repairs, show well). Too many sellers still think it’s 6 months ago. And have totally forgotten the lessons of the last 50 years.

      She’s right too, it’s not 2008. it’s going to be worse.

      jingle mail jingle mail jingle mail rock

  2. Like the WSJ fooking the luxury market, Los Angeles Times officially marks the fook for southern California.

    There’s so much crater now I have to just stop searching and prepare a post.

    1. This is an interesting time. So called legacy media are being forced to eat their crowz. LA has been sinking like a turd in a well for some time, but the times ignored it, despite have a RE centered focus for many years.

      What does it matter? Well how many thousands drank their kool aid? Or hundreds of thousands. And it was everything: loans are rock solid! Shortages! that will take decades to overcome. Spinning every new paradigm to fit the narrative. Work from home equals $600,000 shacks in Boise! Never mind that if it was true, what about the market they left? CCP virus equals to the moon Alice! Which is the stupidest thing I’ve ever heard.

      This is one reason I became interested in these videos. It circumvented the gatekeepers. Anyhoo, this sorry display is playing out for all to see. There’s enough crater now that a foreclosure tsunami is baked in the cake.

      1. Here’s some thing else I don’t see anyone asking: reported inflation was low fer decades. Jobs went overseas, wages plunged, cheap crap in all the stores. Suddenly, we got inflation. Why now?

        IMO it’s China. Remember when they shut down the 3rd biggest port over 3 CCP virus cases. Not deaths, cases. It would appear that something is going on inside the globalist beast. Somebody wanted inflation. For decades just in time worked fine. Now all of a sudden, we can’t get baby sugar water.

        1. It’s bad, war is on the horizon.

          I am in manufacturing and there are some interesting changes afoot. For example, a huge US manufacturer of hydraulic fittings, for the past year, has been moving everything from China back to the US. They are flooring machine tools to vendors that have space/skill/staff. During a conference call the CEO of the division we deal with said, I am paraphrasing: “please help us get out of China we are worried about global conflict and being able to supply the US”

          Google “china preparing for war” There are a lot of articles that read like propaganda and war being a foregone conclusion. Like this one…from the US airforce university

          https://www.airuniversity.af.edu/JIPA/Display/Article/2910180/preparing-for-war-with-china-20252032/

          1. Google “china preparing for war”

            China is always preparing for war. China plays the long game. This is nothing new.

          2. Bringing production back often requires machinery, and there is no way that machinery can be brought back from China. So new equipment will have to be procured and that will take time, as in years, even decades.

          3. Everyday brings more interference.. An hour ago I was told by my site sub that he’s not hauling any more material and we have to “come off” the $82 an hr driver/triaxle subcontract. I get it… I understand but it’s not my problem. We have contract. I told him to call his attorney.

        2. Karl Denninger explains this pretty well (market-ticker.com). Basically all the inflation went overseas with everyone wanting dollars. Now that the US killed everyone wanting dollars with magical sanctions nobody wants to do deals in dollars and all those excess dollars are coming back home. right now and there’s no way to stop it.

  3. There is no crisis….. in falling housing prices.

    Laguna Hills, CA Housing Prices Crater 27% YOY As Mortgage Defaults Blanket Orange County

    https://www.movoto.com/laguna-hills-ca/market-trends/

    As one Orange County broker explained, “I had a sale in January of last year for $780k. That same house sold last week for $425k. That’s a helluva beating right there.”

      1. You will own nothing, you will afford nothing, and you hide your bugs away from the neighborhood watch bug patrol, who will confiscate on sight.

  4. ‘Now, owning a home costs $839 more per month than renting. This differential is almost $200 higher than at any time since the turn of the century’

    Easiest bubble sign to calculate.

    1. Time to buy is when Mortgage is cheaper than rent. Because of maintenance it will probably even out unless you bought a junker house.

      Houses are also expensive to sell

  5. Real Journalists.

    “It was one of the biggest and most disturbing stories of the year: An alleged assassination attempt of a Supreme Court justice was thwarted after a man was arrested outside the home of Brett Kavanaugh. If the alleged assailant had been successful, the country would have been further divided over the prospect of President Biden nominating another liberal justice to replace Kavanaugh. It also would have possibly triggered a copycat murder of another conservative justice to tip the balance of the high court to the left for years to come.

    And despite this major story, some lawmakers and journalists simply shrugged their collective shoulders at the plot. On the Sunday morning political shows, the assassination attempt wasn’t mentioned even once.”

    Not even once?

    That’s what you get from the globalist scum media.

    https://thehill.com/opinion/judiciary/3523618-epic-fail-media-apathy-on-attempted-kavanaugh-murder-shameful/

    Globalist scum media.

    President Donald J. Trump was correct when he stated that “the media is the enemy of the American people.”

    1. The Summer Of Love™ is here:

      “At least 23 pro-life organizations have reportedly been vandalized in recent weeks.

      The attacks follow a leaked Supreme Court decision that revealed Roe v. Wade may be overturned this month. If overturned, abortion would no longer be protected by the federal government but would still be legal in many states.”

      https://www.breitbart.com/crime/2022/06/14/report-23-pro-life-organizations-vandalized-firebombed-recent-weeks/

      23 is that a lot?

      “They’re not sending their best”

  6. “Amid record low consumer sentiment, crashing asset markets, and tumbling savings rates, it is no surprise that May retail sales were a disappointment but the 0.3% plunge was remarkable relative to a 0.1% expected rise and downwardly revised 0.7% MoM rise in April.

    “That is the first negative print since Dec 2021.”

    US Retail Sales Unexpectedly Tumble In May | ZeroHedge
    https://www.zerohedge.com/personal-finance/us-retail-sales-unexpectedly-tumble-may

  7. Globalist Scum Media.

    The Atlantic — The January 6 Committee Is Not Messing Around (6/14/2022):

    “The open hearing last week of the committee investigating the January 6 coup attempt plunged viewers back into the brutality and terror of that day. The committee featured footage of insurrectionists beating the law-enforcement officers who attempted to stop them from entering the Capitol, material disturbing enough that YouTube later labeled video of the hearing as “inappropriate for some users.”

    Did you know that the 2020 election was stolen?

    The 2020 election was stolen.

    “The second hearing, yesterday morning, was free from portrayals of violence but no less gripping. Using a combination of live witnesses and video footage from taped depositions, committee members walked through the evidence that President Donald Trump and his campaign knew the Big Lie about election fraud to be exactly that—yet continued to pursue these claims of a stolen election in the run-up to the insurrection.”

    https://www.theatlantic.com/ideas/archive/2022/06/jan-6-committee-asking-more-american-public/661269/

    The real insurrection was in summer 2020 and included the actual seizure of territory, the proclamation of an autonomous zone, and multiple murders.

    Globalist scum media keep publishing these lies, like there will be no consequences for their lies.

    What if the next mass shooter decided, instead of targeting innocent people in a grocery store or a school, to target The Atlantic’s offices, just like what happened to Charlie Hebdo in France?

    No glow, just idle speculation…

    1. Liz Cheney tried to implicate loudermilk as a traitor for giving tours of the capital to high school kids. She used trumps own daughter against him. She needs to be arrested so as to send a message to future politicians who would sink to her level, that baseless witch hunts that squander so many resources of the American people will not be tolerated ever again.

      She is true scum, a rabid hate filled dog that needs reigning in.

      1. What little I saw was spliced video depositions to weave a narrative. We have an adversarial judicial system for a reason.

        1. We’re no better than a banana republic or the USSR with their show trials. No, that’s not right. We’re WORSE than the old Commies because we’re a country with “Freedom” and “Justice” and a “Bill of Rights”. Guess what, the Constitution is just a piece of paper. We’re at the lowest point ever in our formerly great Country’s history.

          If you ever wondered why people followed Hitler, Mao or Stalin, you have your answer now. Evil is everywhere and always has been. This kind of decadence has destroyed every great civilization in the past–America’s worst enemy was itself.

          1. hear! hear!

            used to express one’s wholehearted agreement with something said, especially in a speech.

          2. You must have missed my June 6th comment: 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.

  8. And on the subject of no comsequences.

    “This is All About Money”, “You Will Burn in Hell for Eternity” — Speakers Lambasted FDA Advisers During Advisory Committee Hearing (6/14/2022):

    “I took the second Moderna injection in June of 2021. I got dizzy right away. Two days after the injection, I could not get out of bed for a couple of days. My right leg and my arms were weak.

    I developed facial paralysis and migraines. My eyesight became fuzzy. I was dizzy and confused. I had no choice but to stay down. It has been about twelve and 15 months of reaction to the injections. I still deal with daily fatigue, dizziness, memory problems, nerve and joint pains, burning up the skin, numbness, ringing up the ears, headaches, tingling sensations in my body, my face droops, and my right hand tremors.

    This injection has badly harmed my life, my family, my work, and my health. They have taken me away from everything that made my life happy and fulfilling. So far, there [are] no effective treatments that can help me. I have seen numerous specialists, try special diets, [and] supplements. I have found no answers or guidance. There’s no pathway to improvement. No one knows if I will ever get better.

    The effects of the shots are so extreme and never-ending. As soon as I mentioned that the symptoms are vaccine-related, I feel completely ignored. Most doctors do not want to talk about the possibility of vaccine injury.”

    More:

    “I got the first injection on September 15, 2021, so it’s very emotional for me. I got the first dose and everything was fine until 08:00 am. On Friday morning at 08:00, I woke up and my hands and my arms were completely numb and tingly. I called 911, but instead of going to the hospital, I went to my doctor’s and did a urine sample and an EKG and I was sent home. By Sunday night, I was just watching TV. I got up to go to the bathroom and I said out loud that I was really dizzy. My husband said, we need to take your blood pressure and he took my blood pressure and he immediately called 911. It was 211/105. I took one of my husband’s blood pressure pills because I was not on anything because I was a completely healthy person and I also took 325 mg of Aspirin.

    The paramedics confirmed my extremely high blood pressure, but since I took the pill, I decided to stay home. At 11:30, my husband said, let’s take it one more time before going to sleep. And my blood pressure was even higher, so 911 was called again. I took another aspirin and a second pill from my husband. The ambulance came. They did an EKG and they said my heart looked good and Covid was rampant in the hospital so I stayed home.

    The next morning I woke up. It was 198/98. So I went to the ER. I took a third pill of my husband’s blood pressure medication. I was in and out of the emergency ERs and Urgent Cares Monday and Tuesday. By Wednesday, I went back to my doctor and did another urine sample. He gave me a second blood pressure pill to take. So now I was on two.

    By Thursday, my left arm had pain and numbness and was admitted to the ER. By Friday in the hospital, I got an email from my doctor that I had protein in my urine. In five days it went from zero to 433 and I now have permanent kidney damage. I released all my medical records to Moderna. Moderna called my doctor because I had 100% proof it was vaccine-related. From the urine samples. They said that they’re seeing many cases like mine and that I also had all my blood work taken three months earlier.”

    https://www.thegatewaypundit.com/2022/06/money-will-burn-eternity-speakers-lambasted-fda-advisers-advisory-committee-hearing-video/

    There will be no “get out of jail free card” for the people who did this, or for anyone who supported any kind of “vaccine” mandates.

    Only nooses…

    1. Most doctors do not want to talk about the possibility of vaccine injury

      Mine sure didn’t want to talk about jab injuries. But he sure nagged me to get jabbed, until I told him to shut up.

      1. Dumb question of the day: What makes cryptocurrencies valuable?”

        IDK but every Bubble has something

      2. Bitcoin specifically is supposed to be free of fiat money inflation. Can’t just print more. Gold has the same property. Michael Burry says farm land with fresh water access also shares this quality. Bill gates just bought a lot of farmland near me.

        1. Can’t just print more.

          There is no limit to the amount of crypto that can be created. All one has to do is create a new “coin”, like say HBBCoin. It can have the same restrictions as Bitcoin. Other than perceived value by speculators, there is no inherent difference between the two.

          The only thing that gives Bitcoin value is that greater fools are willing to trade other assets for it. Once they stop, the price collapses. Right now it has dropped to $20,800. Still an absurd price, but less than a third of its price eight months ago.

          Crypto will go down in history with the tulip bulb craze.

          1. Greater fools are willing to trade inflating fiat us dollars for assets too. After many private conversations with Warren mosler, godfather of mmt, the US dollar is ultimately backed by tax men with guns. Whereas bitcoin does not have a tax man with a gun that will shoot you dead for non compliance, so it’s more “moral” for humanity going forward, his argument.

            Still with the pope saying today that the military war weaponry being expunged in Ukraine for profit, at the cost of human lives, is evil, perhaps Warren is right that we need money that is “moral” without a man with a gun enforcing its use, instead voluntary uptake.

          2. FWIW, you don’t need computers or an internet to transact fiats, or PMs.

            And how can a “money” be honest when it is unknown who created it in the first place? For all we know these “creators” own half of all bitcoin in existence. They’re just a new version of the banking clan.

          3. I never did buy that argument that you can create a new coin. Yes, you can create them, but if no one accepts them as currency they’re worthless.

            Bitcoiners specifically were counting on Bitcoin supplanting not only all the alt-coins, but all the fiat currencies too. That’s where they were getting predictions like $10 million price for Bitcoin. (take all the wealth in the world and divide by # of Bitcoin bla blah)

          4. “Greater fools are willing to trade inflating fiat us dollars for assets too.”

            Prince Andrew paid an estimated $20M to Virginia Giuffre, but he can’t recall ever meeting her.

    1. June 14, 2022 2:06 PM PDTLast Updated 16 hours ago
      Bitcoin stabilizes after heavy losses but pessimism reigns in crypto markets
      By Tom Wilson, Elizabeth Howcroft and Hannah Lang
      3 minute read

      LONDON/WASHINGTON, June 14 (Reuters) – Bitcoin steadied on Tuesday after earlier hitting a new 18-month low, as major crypto lender Celsius Network’s freezing of withdrawals and the prospect of sharp U.S. interest rate rises shook the volatile asset class.

      Bitcoin clawed its way to positive territory after much as 7.3% overnight to $20,816, its lowest since Dec. 2020. It was last hovering around $22,470.

      The world’s largest cryptocurrency fell 15% on Monday, its sharpest one-day drop since March 2020. It has shed about half its value this year and over 20% since Friday alone. Since its record high of $69,000 in November, it has slumped nearly 70%.

      https://www.reuters.com/technology/no-let-up-crypto-slide-celsius-halt-leaves-investors-panicking-2022-06-14/

        1. Once it falls below $20,000, it will be a free fall.

          Imagine having bought in at $69,000 and watching your wealth steadily evaporate. A shanty is a better investment by comparison.

          1. Our favorite limited supply of nothing (BTC) is currently
            $21,771.86 down 28.01% for trailing 7 days.

            Just another scam in the current universe of 19,886 cryptos, per site coinmarketcap.

            Even Bill Gates said today: “crypto and NFTs are a sham”

          2. Bitcoin is acting like a car that ran out of gas. HODLers keep trying to restart it, but without new fuel from the big pension funds, it can only sputter.

            I read that Mike Saylor has a margin call at $21000. It’s already dipped below that a couple times, but I’m not sure when margin calls actuate. I read somewhere else that below $17000, Tether craps out. That will be the death knell.

            However, these things still may rise up from the dead. There appears to be a small army of investors who think of 20,000 as a dip to buy, not the last stop to 0. Mike Saylor is calling it a buying opportunity.

            https://www.marketwatch.com/story/bitcoin-bull-michael-saylor-says-recent-downturn-is-absolutely-a-buying-opportunity-11655308821?mod=mw_quote_news

        1. Dumbest.Bubble.Ever.

          Yet millions of people still fall for this nonsense.

          Evolution has a long way to go to shed this species of the lizard brain.

  9. A sign you’re older than you think:

    You read “This differential is almost $200 higher than at any time since the turn of the century” and wonder at how people in 1900 were able to swing this on so little $ per year. And then reality smacks you in the face.

    1. Republican Mayra Flores Flips Texas US House Seat in Special Election

      Latinos come out strong for Republican candidate in the traditionally blue Rio Grande Valley

      ‘SAN BENITO, Texas—Republican Mayra Flores won the special election to fill the vacant Texas Congressional District 34 seat on June 14, flipping a heavily Hispanic district to the Republicans.’

      “I’m forever grateful,” Flores said in a victory speech on June 14, her voice breaking with emotion. “For 100 years we have been taken for granted.”

      ‘Flores becomes the first Mexican-born woman to serve in Congress. She thanked God first, her family, and workers for her success. Flores, a legal immigrant from Mexico married to a Border Patrol officer, pushed the idea that Democrats have taken Latinos for granted. She ran as a pro-life and pro-Second Amendment candidate, blaming Democrats for soaring food and gas prices.’

      https://www.theepochtimes.com/republican-mayra-flores-flips-texas-u-s-house-seat-in-special-election_4528840.html

      1. “pushed the idea that Democrats have taken Latinos for granted. She ran as a pro-life and pro-Second Amendment candidate, blaming Democrats for soaring food and gas prices”

        Yes, yes, yes, yes, and yes.

        Meanwhile, the globalist scum media keep pushing the term “Latinx” as a direct affront to the gendering of nouns in the Spanish language.

        Only white people who listen to NPR use that phony word.

      2. I have read that her district’s boundaries will change, with more emphasis on the border region, which will make her re-election in November a bit more challenging. Still, amazing that she flipped a historically blue district.,

    2. Love him or hate him, everything the libtards, RINOs and globalists do just makes him even more popular. They can’t stand it. He’s exposing them. It leads to rage disorders in them. Their little party is over with.

  10. (Reuters) – The average interest rate on the most popular U.S. home loan climbed to its highest level since the 2008 financial crisis and purchase applications were down more than 15% from last year, Mortgage Bankers Association (MBA) data showed on Wednesday.

    Still, more homebuyers sought properties compared to a week earlier, perhaps signalling a flurry of activity before aggressive tightening by the Federal Reserve further impacts the sector.

    Fed policymakers later on Wednesday are expected to raise interest rates by 75 basis points in order to quell inflation running at a more than 40-year high. The abrupt move, following a worse-than-expected key inflation reading last Friday, would be the biggest U.S. interest-rate hike in decades.

    Expectations for Fed tightening have led to a surge in Treasury yields. The yield on the 10-year note acts as a benchmark for mortgage rates.

    The average contract rate on a 30-year fixed-rate mortgage rose by 25 basis points to 5.65% for the week ended June 10, the highest level since late 2008, towards the end of the financial crisis and Great Recession.

    1. With a FED funds rate of less than 1%, and “official” inflation running near 9% (we know it’s much higher), there has never been a bigger gap between the two. The FED should have been aggressively hiking 18 months ago.

  11. I had a baby two weeks ago, so this is the first post I’ve been able to read in a while. It just reminded me how much I want to punch people who keep saying “There is no housing bubble!”

      1. It is my first, actually. My husband said she needs a sibling and then we’re done. :p

        1. Our daughter, first born, slept well most evenings, so my wife got plenty of rest. My son, however, was up all night, so between the two of them my wife was exhausted. I was gone during the day “hunting and gathering” at my engineering job where it was mostly quiet (yup, selfish) but stressful at times. I learned to cook healthy back in those days.

          1. Our daughter had really bad gas for a few nights and was up screaming violently. I think she was two days old when we were up in the wee hours of the morning and my husband looked at me and said “They don’t come with warranties. We can’t return her.” We got a good laugh.

            It is exhausting work, and since both hubby and I are in our 30s I don’t think we could handle too many more years of screaming babies.

    1. Disgruntled Floridian:
      from personal bubble back to the housing bubble, eh?
      hah !
      in all seriousness, congrats on the new child. many blessings & health to you.

  12. So is Powell going to show Wall street and the debt markets that he has some real eggs in his trousers with a full 1% rate increase?

      1. You won’t have any eggs either if you stay in Florida, the soon to be roving street gangs may start eating you. Best to move way out into the woods, learn to farm, and hope the communists don’t find you. Do it for your baby.

        1. Not desperate, just cant trust the Fed based on their actions last 13 years. I wasn’t expecting them to be this “hokish.” Time will tell how soon they will fold….

          1. “Time will tell how soon they will fold….”

            Right after the final bray from the herd of DebtDonkeys.

            Lesson Learned: If you have to borrow for 15 or 30 years, you can’t afford it nor is it affordable.

  13. “‘To all the departing people who put your faith in Redfin, I’m sorry we can’t keep our commitment to you,’ wrote Glenn Kelman, Redfin’s CEO.”

    It was all fun and games until real estate state stopped going up.

    1. The San Diego Union-Tribune
      San Diego resale home price drops for the first time this year. Sign of a Cooling Market?

      3 hours ago · The resale single-family home price was $940,000, a $10,000 drop from the previous month, said CoreLogic/DQNews on Wednesday.

  14. The Housing Market SHIFT Hits Raleigh NC

    Jun 14, 2022 The Raleigh NC real estate market is shifting. The Raleigh real estate market is finally slowing down, cooling off, and bidding wars are starting to go away. With rising interest rates and buyer burnout, home prices are cooling off in the Raleigh NC housing market.

    https://www.youtube.com/watch?v=G7moldGGM1o

    10 minutes.

  15. HOUSING MARKET SHIFTING. Is the Housing market changing in Sarasota?

    Jun 2, 2022 Housing Market Shifting? The housing market is experiencing some changes and find out what to expect over the next few months.

    https://www.youtube.com/watch?v=JR4Klkmd9uI

    6:12. UHS says previously new shacks wouldn’t be on the MLS cuz red hotcakes. Now 17% of listed shacks are new.

    1. New Home Sales Falling Fast? Incentives on the Horizon | Florida Real Estate Market

      June 8, 2022 Are new home sales crashing in Florida? How did the increase in interest rates negatively impact new build sales in the Florida Gulf Coast area? What are builders doing to encourage buyers? And how can you take advantage of the current new construction market?

      https://www.youtube.com/watch?v=nqX1uE_Pd1o

      5:30. Sarasota as well. Buyers are being turned down for new shacks loans after committing and can’t close. Builders getting them back, incentives!

      1. It’s comical to listen to the realtor videos. utoob has always been on mute until you started posting their links. It’s like they created an entirely new lexicon… I think it’s because they don’t know shit from shinola about much of anything and have to BS their way thru everything. I kinda get why everyone talks like a babbling idiot after listening to these realtor jokers.

  16. Metro Phoenix Housing Report May 2022

    ‘Jun 11, 2022 The Metro Phoenix Housing Market had finally shifted!!!’

    ‘The inventory of SFD homes for sale in Maricopa County on the MLS has more than doubled in the past 60-Days, from 3,017 April 1st, to 3,955 May 2nd, to 5,833 June 1st, to 7,033 June 10th.
    The rapid run-up in inventory caused the Contract Ratio to fall below 100 for the first time since Q1-2020. And home prices have started to decline earlier than expected. (I was anticipating a decline beginning in June or July, but due to the huge increase in inventory prices already declined a very modest $3,000 in May.)’

    https://www.youtube.com/watch?v=9x_BJi1y3-Q

    1:15.

  17. Liz Cheney must be punished like judas. She is a new level of swamp creature, a new low in politics.

    1. She will lose her primary, and leave Congress in January 2023, after which she will golden parachute into the Lobbyist / Deep State Industrial Complex.

      See also: when House Majority Leader Eric Cantor lost his primary in 2014.

      These globalist scum only fail uphill, because globalist scum.

  18. Sacramento Home Prices // Housing Market 2022

    Streamed live 16 hours ago Sacramento Housing Prices are all over the place! With TONS of recent Price Reductions are we seeing House Prices go down?

    https://www.youtube.com/watch?v=uPiPGO-EgMo

    33 minutes. I rarely watch an entire video if it’s this long. I did scroll through to the chart section on price reductions. Later UHS says “definitely seeing cancellations in new build…a year ago you couldn’t get them to pick up the phone, now they’re calling ME…”

  19. I’m betting on a 75 basis point rate hike today, with 100 being a slight possibility – maybe in the 10% range.

    I get a great laugh out of all the speculators who are saying the FED will never crash the stock market, the housing market, etc., because that’s actually THEIR GOAL. It’s the only way to kick the legs out of this inflation.

    The stories of burned speculators will be piling up over the course of the next 5 years. It’s over. Deal with it. Have fun staying poor.

    1. Fed Goals? Do any of them really know what they are doing or are they just guessing? Their mistakes have been piling up for years climaxing with them all trading the market on their own accounts for huge gains and huge moral hazard. Now many people are jumping on their bandwagon saying they are going to fix everything. What if they are making even more mistakes?

      An economy like ours is like a big ship, you have to turn a big ship slowly. If you yank the wheel the ship will way overshoot where you were trying to go and it takes even more effort to get it back on course. How far are they going to overshoot? Stay tuned…

      1. If you yank the wheel the ship will way overshoot where you were trying to go and it takes even more effort to get it back on course. How far are they going to overshoot? Stay tuned…

        Are you another scared speculator? Even with today’s 75 basis point rate hike, rates still aren’t back to pre-wuhoo-flu levels. These rate hikes are still too little, too late. Oversteer my asz….

        1. too little, too late

          Meme: Tom Hanks in Saving Private Ryan (The Fed) shooting at the tank (inflation).

        2. Are you another scared speculator?

          FWIW, if we go into another “Great Recession” a lot of people will get dejobbed.

          1. I unemployment is less than 9% in 2024 I’d be shocked.

            Fed can’t raise rates high enough so we had to “un-employ some folks”.

      2. They got rid of that moral hazard issue roughly around when the stock market started to CR8R. Interesting coincidence of timing!

    2. Any thoughts on why the specuvestors are celebrating the Fed’s 3/4 point rate hike announcement plus news that they expect unemployment to rise, not to mention the onset of quantitative tightening?

      Could this be a classic dead cat bounce before the next leg down?

      1. 28 min ago
        Uh-oh, the Fed thinks its rate hikes will hurt jobs
        From CNN Business’ David Goldman

        The Fed is getting seriously tough on inflation. That could hurt the job market.

        Although the Fed is hardly predicting a recession (as many other economists are anticipating), the central bank predicted that unemployment would rise for the next two years as it tries to slow the economy just enough to get prices under control.

        The Fed now expects America’s unemployment rate to rise modestly to 3.7% this year (it’s 3.6% now). Next year, unemployment will rise to 3.9% and will reach 4.1% in 2024, the Fed predicted.

        All of those expectations are higher than what the Fed foresaw in March. Earlier this spring, the Fed expected unemployment to stay at 3.5% this year and next, rising to 3.6% in 2024. The Fed did not anticipate that it would have to raise its target interest rate by a one and a quarter points since then.

    1. It stayed stuck on $30,000 per imaginary coin for quite a while and now it’s stuck at $20,000 per imaginary coin. It appears to be a highly manipulated market, which hence may take considerable time to revert to fundamental value of $0.

  20. .75% this month…. .75% next month…. and the month after that and the month after that.🤣🤣🤣👍

    1. When the food isn’t at the local stores, only big fat basturds will not starve to death. How fast can u run though? I saw this movie “planet of the apes” where hungry monkeys chased down and slaughtered big fat basterds. My Venezuelan friends say humans taste like pork, bacon. Well if you don’t make it through mad max, bfb, thx for all the laughs, u are a national treasure

        1. FWIW, that does look really good right now. Add a few bottles of 20-oz dark micro-brew beer for some serious Roman style dissipation.

  21. …. and the Dow…. It’s cratering again.🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

  22. This bloodbath just in:

    Canadian Real Estate Sales DROP in May, Prices Down $100K Since Peak: CREA – Home Buyers Gain

    Jun 15, 2022

    Canadian Real Estate prices continued to plunge in May, according a monthly report compiled by the Canadian Real Estate Association. The CREA Report shows that prices have dropped by over $100,000 since February. But is Canada’s housing market any more affordable?

    With prices down almost 9 percent since May, and down 100k since February, increased mortgage rates are having a major impact on the real estate market. However, mortgage qualification standards have also risen, with buyers now having to qualify at 4.79 percent.

    Canadian home buyers are seeing a major switch from the previous two years, with far more supply than there is demand. As a result, buyers can now confidently submit conditional offers, as there is more of a chance that offer will be accepted.

    https://www.youtube.com/watch?v=4xzJtb7CV7U

    6:30.

  23. ha ha casino….
    Everything is green even after the “hokish” rate hike

    rigged rigged rigged

    1. Markets never go straight down. It’s a stairstep pattern. There will always be svckers BTFD, all the way to the poor house.

  24. Our “woke” Navy is discovering the Affirmative Action and Democrat loyalist officers it has been promoting at the expense of the qualified and competent are unfit for their rank or positions. This is my shocked face.

    US Navy PURGE: FIVE officers are FIRED in the space of six days over a ‘loss of confidence’ in their ability to command

    https://www.dailymail.co.uk/news/article-10920269/US-Navy-fires-five-officers-one-week-loss-confidence.html

    The US Navy has dismissed five commanding officers in the span of less than one week, with the latest firing over a ‘loss of confidence’ in their ability to command.

    Cmdr. Peter Lesaca, commanding officer of USS Preble guided-missile destroyer, was relieved from his duties ‘due to loss of confidence in his ability to command,’ according to a Navy statement released on Tuesday.

      1. They’re being reassigned, not losing their jobs. It could happen for any number of reasons especially with so many smartphones around these days. All it takes is one wrong Internet blog comment that command doesn’t like such as speaking the truth about something. There is no freedom of speech under the UCMJ.

    1. Luckily, before the alien signal faded, our crack cryptologists at DARPA were able to capture the signal and translate it. It said “Realtors are liars.”

    1. So a bunch of power plants are offline. Let me guess, because they were forced to jump through unreasonable hoops?

      1. How do we run the printing presses with no electricity? How do we mine bitcoin with no electricity? How do we chat on the housing bubble blog with no electricity? Michael Burry said buy farmland with fresh water access. Even without electricity you can still eat that way, maybe.

        1. The Mad Max future will surely be interesting, to me as an electrician. The local warlord can either kill me, or keep me alive because I am too valuable to die.

          Twitter Blue Checkmarks, see also the cannibalism scenes in The Road (the book, not the movie) by Cormac McCarthy, because that is your only value.

          “They’re not sending their best”

          1. Zerohedge (dot) com/markets/theyre-pulling-plug-its-game-over

            He says “mad max” is coming in this interview, u r fooked as an electrician, best learn how to farm or make beer.

  25. Vancouver Real Estate Market Update – What Sellers and Buyers are Thinking

    Jun 7, 2022

    Gary Wong is the author of “The Book on Vancouver Real Estate” and an award-winning Vancouver Realtor.

    https://www.youtube.com/watch?v=QMiXh3tfva0

    53 seconds. This is classic mania stuff right here, saved on the good old HBB.

  26. Dr Fauci has tested positive for Covid.
    The claim is he had the two vaccines and two boosters.
    So, the 81 year old is going to isolate.
    I don’t believe Dr Fauci took any Covid shots for starters.

  27. zerohedge (dot) com/economics/were-barely-making-it-furious-farmer-goes-viral-explaining-why-food-prices-are-going-go

    Remember Mr banker to buy your wife some extra cookies tonight, have to fatten her up so when the food runs out she has reserves. Billions of people are going to die.

    1. Billions of people are going to die.

      “Excellent. Everything is going as planned.” Palpatine World Economic Forum

      1. Just watched obi wan kenobi new tv series, Darth Vader wins! They kill all the remaining younglings order 66. The force was not with Ben.

    1. BONUS:
      NOTE: If your name is Charlie Kirk or if you work for Turning Point USA, this is NOT YOUR STORY. YOU DID NOT REPORT THIS STORY. YOU CANNOT TAKE CREDIT FOR THIS STORY because THAT WOULD BE THEFT. DO NOT mention this story anywhere without crediting the author and publication above and do not say or insinuate that you “found” this story or “discovered” this information on your own. You did not. Also, please remit payment to me for theft of the One America story, which was published by The Center Square on Jan. 1, 2022. I’m charging you $5,000 for your theft of the story, which ‘earned’ you an appearance on ‘Tucker Carlson Tonight’ and allowed you to pass yourself off as a journalist, though you are not a journalist.

  28. Finally caught up with the credentials to my online edition of the San Diego Union-Tribune.

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