A report from Inc Magazine. "To find the most overpriced cities, GOBankingRates combed through data…
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The Arizona link is 4:24:
‘Jun 16, 2022 Home Builders not building? The shift is happening and fast! These numbers are pretty alarming. Apparently not many homebuyers are in the market right now for housing. ‘
The Texas link is 8 minutes:
‘Jun 17, 2022 OH SHIFT! The housing market shift is ON in New Braunfels! No hype. No exaggeration or clickbait headlines. This is real. Today’s video reveals how the housing market shift is impacting buyers and sellers here in real time, how long this turnaround will last, and will this correction lead to a crash?’
IMO this is recent breaking news you aren’t going to find except on this type of video.
‘A new poll conducted by the National Association of Home Builders shows builder confidence in the market for new single-family homes is at its lowest level since June 2020 after six straight months of decline, “a clear sign of a slowing housing market in a high inflation, slow growth economic environment,” NAHB Chairman Jerry Konter said.’
‘The poll measures builder perceptions of current and future single-family home sales, and the traffic of prospective buyers. All three categories posted declines in the latest monthly data with buyer traffic falling most sharply, a sign that homebuyers — especially first-time ones — are giving up.’
‘Now, with the Fed trying to fight the worst inflation in 40 years, mortgage rates have gone up dramatically from below 3% to more than 6%. All of these factors are adding up to a market where the monthly payment it takes to buy the median priced home in the U.S. has become about twice as expensive in just the last two years. Millions of would-be homebuyers are priced out.’
‘All this has many people wondering whether we might be in another housing bubble that’s about to burst. But most economists say while prices can’t keep rising like they have and might decline in some markets, they don’t expect a huge collapse in prices similar to the one that caused a national and global recession in 2008.’
‘The Stock Market Is Plummeting. Welcome to the End of the ‘Everything Bubble.’
New York Times|17 hours ago
A lot of analysts think the housing market has already peaked. Crypto, whoa, crypto has just been hammered. Crypto markets lost $200 billion just over the last weekend, woof. So we’re seeing valuations collapsing across asset categories…’
The carnage playing out in the crypto space is comedy gold as the baggies belatedly figure out the Greater Fool supply just dried up and they’ve been HODLing worthless digital gambling tokens.
Crypto Traders Turn Against Each Other in a Collapsing Market
With crypto prices tumbling precipitously, traders have begun increasingly turning against one another to eke out ever-elusive profits.
Many shark traders scour blockchains — digital ledgers for recording transactions — seeking information on other traders, particularly those with highly leveraged positions, an anonymous user known as Omakase, a contributor to the Sushi decentralized exchange, said in an interview.
“…traders have begun increasingly turning against one another to eke out ever-elusive profits.”
Profits without production. How that working out?
Scouring block chain for the truth? Isn’t this a good thing?
No dark money pools to be used by the ciA to fund evil projects like hunter Biden biowespons labs to kill innocent Slavic children?
Oh wait, you like a fiat money system of us dollars without block chain so that an evil government can tyrannize and kill you with no ledger on where the money came from or is going to?
Greater Fool supply just dried up and they’ve been HODLing worthless digital gambling tokens.
Putin just said to Xi, the petrodollar is done, the usa has run out of greater fools for their worthless fiat Biden bucks. Lol
That 2nd video (New Braunfels) is SUPER interesting even if the realtor doesn’t want to admit what’s staring him in the face. The phone calls to builders reps are really enlightening.
Yeah, New Braunfels should not be on a video of new shacks not selling, but there it is. If it’s over there, it’s everywhere in Texas.
And BTW, if new construction goes poof, hello recession. Austin, Houston and Dallas/Ft Worth – at the same time.
Bought a lot in “Vintage Oaks” 2 years ago and have been waiting to build on it. We may get our shot in the next few years. Can’t believe New Braunfels became bubble central.
Contractors will be hungry in 6 months probably. Year and half most will be out of business.
Ben this proves al gore was right, the internet cuts through all the biased media propaganda. Real time real world news, raw. As Trump said, the msm is the biggest enemy to the usa.
The worry is that soon, bidens ministry of truth will censor you and youtube content that goes against the official narrative. Communists have infiltrated our country so deeply I am not hopeful the cancer can be removed before the patient dies.
With hundreds of millions of illegal aliens soon to flood our open borders, the usa is done. Diversity was not our strength.
Tell-lie-vision – Scripted fake News Extremely Dangerous to our Democracy/Hypocrisy
Youtube is already heavily censored, that isn’t futuristic.
This is a press release:
‘Threat of a changing market isn’t getting these buyers and sellers in the market down.’
‘BOISE, Idaho, June 16, 2022 /PRNewswire/ — As news headlines boast of rising interest rates and volatile housing markets, the buyers and sellers in the market are giving their view on the industry and shedding some light on a normalizing market.’
“We wanted to take advantage of the market, so we listed our home and had 13-14 offers. It was insane,” said Annellie Tate, who just went under contract on a new construction home built by CBH Homes. “There were so many what if’s with the other resale houses – it wasn’t what we wanted. We did a self-guided tour in Locale, and the whole time I kept saying, ‘is this where we are going to live? I love this place.’ It was a surreal experience. I couldn’t be happier. It was so fast, easy and seamless.”
‘COVID-19 pushed the real estate market into a frenzy of growth and rising home prices from 2020-2021. 2020 and 2021 were an anomaly. As the market begins to correct, home prices normalize. “Even now, we’re still barely over a month’s supply,” said Brett Hughes, broker and owner of Boise Premier Real Estate in a recent Idaho Press article. “People keep hearing stats like inventory is up double… It’s up from two weeks to a month. That is not very much.” Boise Regional Realtors’ May Market Report showed the median sales price increased from May 2021 to May 2022 by 16.1% but CBH expects to see these prices level off, creating more opportunities for new buyers.’
‘Annellie told CBH, “It was so relieving to work with CBH. I said we should go buy a lottery ticket because we feel so lucky.” A home is always a good investment and now is better to buy than later. CBH Homes currently has over 200 homes available and a promotion of up to $20,000 in extras towards a rate buydown, landscaping, and more. CBH encourages buyers to take advantage of these prices before they’re gone. Click here to learn more.’
‘CBH Homes currently has over 200 homes available and a promotion’
jeebus, that reads like a paid promotion. “it was so easy and seamless’ nobody talks like that.
Freight demand succumbs to headwinds as spot rates continue to slide
‘In the week following Memorial Day, freight demand rebounded quite strongly to levels not seen since early April. Unfortunately, tender volumes did not carry that momentum into this week, as the Outbound Tender Volume Index (OTVI) has since stalled out. This inertia does not follow historical trends, since the period between Memorial Day and the Fourth of July is typically a strong season for freight.’
‘OTVI fell 2.82% on a week-over-week (w/w) basis, a worrying signal that retailers are anticipating a slowdown in consumer demand as well as reckoning with their current inventory glut. On a year-over-year (y/y) basis, OTVI is down 19.23%, although y/y comparisons can be colored by significant shifts in tender rejections. OTVI, which includes both accepted and rejected tenders, can be artificially inflated by an uptick in the Outbound Tender Reject Index (OTRI).’
‘ Major retailers, including Target, Walmart and Macy’s, have announced excess levels of inventory, particularly for durable goods such as furniture and home appliances. While some retailers, like Target, plan to offer deep discounts in order to clear their back rooms, others might choose to hold onto their excess inventory and wait out the consumer slowdown.’
‘It has been a long while since OTRI was at such lows: excepting the start of the 2020 pandemic, OTRI has not fallen under 8% since the tail end of 2019. Over the past few months, OTRI had been bound between 8% and 9%, leading some (including myself) to believe that a new floor had been found for the foreseeable future. Rising costs of operation, including diesel fuel, had provided slim upward pressure on rejection rates while everything else pushed it downward. But it now appears that even these costs cannot bolster OTRI against adverse market conditions.’
‘Over the past week, OTRI, which measures relative capacity in the market, fell to 7.93%, a change of 53 basis points (bps) from the week prior. OTRI is now 1,525 bps below year-ago levels. With this latest barrier broken, OTRI could continue to fall to levels as low as 5%, mirroring the dark days of the 2019 downturn.’
‘Prices of used trucking equipment, which skyrocketed when both freight demand and rates were high (and capacity was low) at the start of the pandemic, are now crashing almost as quickly as they rose. Used truck prices were bolstered not only by the promise of rapidly rising spot rates and volumes, but also by the (still ongoing) semiconductor crisis that hindered production of automobiles and trucks. ‘
‘Many new entrants into the market decided to swallow the cost of these used trucks, which they figured would be offset by huge gains in carrier rates. The fact that these carriers, which are especially sensitive to shifting market conditions, are now leaving the market and are trying to recoup some of their investment is a worrying signal for freight demand in the coming months.’
‘Flatbeds are not exempt from the gathering economic headwinds. Housing starts fell to their lowest levels in 13 months, which suggests that the red-hot housing market is cooling. That the housing market is cooling should come as little surprise: According to Freddie Mac, the average 30-year fixed rate mortgage rate has risen 267 bps since the start of the year to 5.78%.’
‘Over the past week, the NTI has fallen 3 cents per mile to $2.88/mi. In the previous year, spot rates climbed steadily over the summer until they plateaued in September. Needless to say, the present decline in rates is both unseasonable and foreboding.’
“Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings,” Lawrence Yun, NAR’s chief economist, said in a statement. “The latest contract signings … are at the slowest pace in nearly a decade.”
‘All the negative housing news is affecting Wells Fargo analysts’ view of homebuilder stocks. “Our proprietary housing-market checks in May confirmed that housing inflection happened in April,” they wrote in a commentary.’
“The slowdown was more evident at the value end of chain (entry level speculative builders) and is slowly broadening — the luxury, build-to-order builders will be the last to feel it.” Further, “given the unprecedented rise in interest rates year to date, housing-market softness is hitting faster than many anticipated,” the analysts said.’
‘“Inflation and Fed actions will determine how trends will play out,” the Wells Fargo analysts said. But “investors will continue to assume the worst-case scenario and value stocks based on risk factors, such as entry level exposure, land risk, margin decline potential etc.”
‘In terms of the analysts’ stock ratings, “given that fundamental housing data is likely to incrementally get worse from here and continue to feed negative investor sentiment, we try to estimate how much lower the stocks can go based on perceived risk,” they said.’
‘Toll Brothers: “It’s a midcycle play, but the current cycle is near an end,” the analysts said. “Build-to-own luxury is holding strong for now, but should follow the general housing market with a lag as the cycle inflects.” Further, “its affordable luxury product line resilience will be tested for the first time.”
Maybe a billion people about to starve, maybe hundreds of millions will pour through the open borders of the usa. Bringing new strains of diseases with them, that we have no resistance too.
Last time European diseases killed native American Indians, we r so fooked.
Intense Shelling Hits Center Donetsk Again (Everyday)
Jun 18, 2022 Intense Ukrainian Shelling has been hitting Center Donetsk Everyday.
This is my Full report from yesterday 06.17.2022 where Ukraine targeted a civilian area hitting many homes and a factory for miner emergency equipment on the edge of the center in the Kuibyshevsky district of Donetsk. Our team was on-site during the attack and filmed the active shelling of the factory being hit and many homes. At the location, we were there was at least one civilian injured. As always our reports have full English and Russian translated Subtitles. As I am writing this Center Donetsk is under intense attack again in the very center.
Report by Patrick Lancaster
US Navy veteran and independent crowd-funded journalist.
I show what the western media will not show you.
36 minutes. I don’t think I’ve ever see footage right under artillery/mortar fire.
“…hitting many homes…”
Collateral, and a waste of an artillery shells, which are difficult for Ukraine to obtain from the West and transport across the country to within 20-miles of the Eastern front lines.
Consider the math: One minute of angle is 1/60-th of a degree! That’s roughly 1-inch of error at 100-yards. At 20-miles that’s about 29-ft for the “dumb” projectiles they are being given rather than a GPS flight corrected munition. FWIW, they’d be considered experts if they could keep the rounds inside a football field.
‘Derek Stevens, who owns three Las Vegas properties, said his customers are scaling back spending on amenities and are gambling less at the tables and slots. “Every weekend has been worse than the prior weekend,” he told CNBC.’
‘He described it as a downward spiral: Bars have suffered the biggest percentage decline, and gaming has seen the biggest impact as slots and table games have experienced a slowdown.’
‘Shares of casino companies have plummeted even as inflation has soared at rates not seen in four decades and fears of a recession rattle consumers and investors alike. Caesars Entertainment stock has plummeted 50% so far this quarter. Bally’s has dropped 40% over the same time period, and Penn National Gaming and MGM Resorts shares have declined 35%. To compare, the S&P 500, which recently entered a bear market, is down nearly 19% this quarter.’
“We are in the throes of a crypto winter,” Future Perfect Ventures partner Jalak Jobanputra told Yahoo Finance Live. Jobanputra notes that despite bitcoin’s sizable drawdown, it has so far held above $20,000, an important psychological level for buyer support.’
“If we see more contagion within the crypto markets and more funds start to fail [things] could change, but I still think of [bitcoin] as the most blue-chip crypto that’s not as exposed to questionable risk management practices,” Jobanputra added.’
‘Inside the sector, a liquidity crisis has pressured a string of crypto hedge funds and lenders. Firms including Coinbase (COIN) have announced layoffs, while some firms have been forced to liquidate positions or freeze customer accounts.’
Following the crypto lender Celsius Network’s move to freeze all customer accounts, Babel Finance has also cooled trading, citing “unusual liquidity pressures” according to a customer note.
‘Amidst the panic, several crypto firms including BlockFi, Genesis Trading and FTX have come out publicly stating they’ve liquidated certain overleveraged counterparties on their platform with some speculation and evidence pointing to Three Arrows Capital.’
“Crypto is going through a classic deleveraging cycle and it has to continue that cycle until it hits bottom,” Matt Hougan, chief investment officer of Bitwise told Yahoo Finance Live, adding that volatility will persist over the next few weeks.’
Jobanputra notes that despite bitcoin’s sizable drawdown, it has so far held above $20,000, an important psychological level for buyer support.’
Ooops! It’s $19,173.09 right now. So, how long until it falls to $10,000?
You will own nothing.
Nothing.
‘Shocking footage obtained by KSL TV first showed a white pickup pulling up next to a truck in the parking lot of — ironically — a fire protection company. “The guy tried to siphon gas out of it and he wasn’t getting the siphon to work,” fed-up Summit Fire and Protection branch manager Travis Mills told the outlet.’
“So he decided to drill the gas tank … and that’s when he caught on fire,” he said of the Saturday morning blaze.’
‘The dramatic footage showed the unidentified thief under the rear of the truck — then suddenly jumping up and running away with his T-shirt ablaze. He then fell to the ground and rolled across the parking lot, before his accomplice in the pickup helped him to get back in.’
‘It was not clear how injured the thief was, or if he was ever identified or found. However, Mills stressed that the raider was lucky the truck was close to empty at the time. Mills said the same truck had already had its catalytic converter stolen — and had previously been targeted by gas thieves, forcing them to upgrade to a $30,000 security system that caught the thief in the act.’
You know, even a teenager can operate a hose siphon.
Back in the seventies everything was being stolen unless it was chained to the ground. Thieves often didn’t know anything about what they were stealing. Retail outlets had to place their inventory behind sliding glass partitions. When fuel prices peaked the streets were empty like a contagion movie. All this was in San Jose, CA.
The housing implosion is a foot-stamping good time so far.
As one noted economist stated, “The current housing downdraft makes 2009 seem like a walk in the park.”</em
Was driving around my neighborhood in a different way last night and was surprised to see new For Sale signs up on every other street.
The word is out.
The word is out.
The rush to the exits has begun.
Bars have suffered the biggest percentage decline,
Ben, when all these retail clerks are laid off, and truckers are laid off, or quit or fired, same with construction workers and bankers and realtors about to be unemployed, and now bartenders being laid off, combined with 10s of millions of illegals flooding our borders, what are all these “idle hands” supposed to do?
Combined with Russia, middle east, China etc stopping exports to the usa for its worthless Biden bucks, what will we have left to offer the world or trade?
They still want our land to grow food on maybe, so as the founding fathers warned, we will wake up homeless on the land they fought and died to give to us. Already locally Chinese own so much land, with bill gates and Saudi hedge funds owning the rest.
The Arizona link is 4:24:
‘Jun 16, 2022 Home Builders not building? The shift is happening and fast! These numbers are pretty alarming. Apparently not many homebuyers are in the market right now for housing. ‘
The Texas link is 8 minutes:
‘Jun 17, 2022 OH SHIFT! The housing market shift is ON in New Braunfels! No hype. No exaggeration or clickbait headlines. This is real. Today’s video reveals how the housing market shift is impacting buyers and sellers here in real time, how long this turnaround will last, and will this correction lead to a crash?’
IMO this is recent breaking news you aren’t going to find except on this type of video.
‘A new poll conducted by the National Association of Home Builders shows builder confidence in the market for new single-family homes is at its lowest level since June 2020 after six straight months of decline, “a clear sign of a slowing housing market in a high inflation, slow growth economic environment,” NAHB Chairman Jerry Konter said.’
‘The poll measures builder perceptions of current and future single-family home sales, and the traffic of prospective buyers. All three categories posted declines in the latest monthly data with buyer traffic falling most sharply, a sign that homebuyers — especially first-time ones — are giving up.’
‘Now, with the Fed trying to fight the worst inflation in 40 years, mortgage rates have gone up dramatically from below 3% to more than 6%. All of these factors are adding up to a market where the monthly payment it takes to buy the median priced home in the U.S. has become about twice as expensive in just the last two years. Millions of would-be homebuyers are priced out.’
‘All this has many people wondering whether we might be in another housing bubble that’s about to burst. But most economists say while prices can’t keep rising like they have and might decline in some markets, they don’t expect a huge collapse in prices similar to the one that caused a national and global recession in 2008.’
https://www.capradio.org/news/npr/story?storyid=1105240933
‘The Stock Market Is Plummeting. Welcome to the End of the ‘Everything Bubble.’
New York Times|17 hours ago
A lot of analysts think the housing market has already peaked. Crypto, whoa, crypto has just been hammered. Crypto markets lost $200 billion just over the last weekend, woof. So we’re seeing valuations collapsing across asset categories…’
The carnage playing out in the crypto space is comedy gold as the baggies belatedly figure out the Greater Fool supply just dried up and they’ve been HODLing worthless digital gambling tokens.
Crypto Traders Turn Against Each Other in a Collapsing Market
https://www.bloomberg.com/news/articles/2022-06-17/crypto-traders-turn-against-each-other-in-a-collapsing-market?fromMostRead=true&sref=ibr3A0ff
With crypto prices tumbling precipitously, traders have begun increasingly turning against one another to eke out ever-elusive profits.
Many shark traders scour blockchains — digital ledgers for recording transactions — seeking information on other traders, particularly those with highly leveraged positions, an anonymous user known as Omakase, a contributor to the Sushi decentralized exchange, said in an interview.
“…traders have begun increasingly turning against one another to eke out ever-elusive profits.”
Profits without production. How that working out?
Scouring block chain for the truth? Isn’t this a good thing?
No dark money pools to be used by the ciA to fund evil projects like hunter Biden biowespons labs to kill innocent Slavic children?
Oh wait, you like a fiat money system of us dollars without block chain so that an evil government can tyrannize and kill you with no ledger on where the money came from or is going to?
Greater Fool supply just dried up and they’ve been HODLing worthless digital gambling tokens.
Putin just said to Xi, the petrodollar is done, the usa has run out of greater fools for their worthless fiat Biden bucks. Lol
That 2nd video (New Braunfels) is SUPER interesting even if the realtor doesn’t want to admit what’s staring him in the face. The phone calls to builders reps are really enlightening.
Yeah, New Braunfels should not be on a video of new shacks not selling, but there it is. If it’s over there, it’s everywhere in Texas.
And BTW, if new construction goes poof, hello recession. Austin, Houston and Dallas/Ft Worth – at the same time.
Bought a lot in “Vintage Oaks” 2 years ago and have been waiting to build on it. We may get our shot in the next few years. Can’t believe New Braunfels became bubble central.
Contractors will be hungry in 6 months probably. Year and half most will be out of business.
Ben this proves al gore was right, the internet cuts through all the biased media propaganda. Real time real world news, raw. As Trump said, the msm is the biggest enemy to the usa.
The worry is that soon, bidens ministry of truth will censor you and youtube content that goes against the official narrative. Communists have infiltrated our country so deeply I am not hopeful the cancer can be removed before the patient dies.
With hundreds of millions of illegal aliens soon to flood our open borders, the usa is done. Diversity was not our strength.
Tell-lie-vision – Scripted fake News Extremely Dangerous to our Democracy/Hypocrisy
https://www.bitchute.com/video/gm9yrjU92ZxU/
1 minute.
Youtube is already heavily censored, that isn’t futuristic.
This is a press release:
‘Threat of a changing market isn’t getting these buyers and sellers in the market down.’
‘BOISE, Idaho, June 16, 2022 /PRNewswire/ — As news headlines boast of rising interest rates and volatile housing markets, the buyers and sellers in the market are giving their view on the industry and shedding some light on a normalizing market.’
“We wanted to take advantage of the market, so we listed our home and had 13-14 offers. It was insane,” said Annellie Tate, who just went under contract on a new construction home built by CBH Homes. “There were so many what if’s with the other resale houses – it wasn’t what we wanted. We did a self-guided tour in Locale, and the whole time I kept saying, ‘is this where we are going to live? I love this place.’ It was a surreal experience. I couldn’t be happier. It was so fast, easy and seamless.”
‘COVID-19 pushed the real estate market into a frenzy of growth and rising home prices from 2020-2021. 2020 and 2021 were an anomaly. As the market begins to correct, home prices normalize. “Even now, we’re still barely over a month’s supply,” said Brett Hughes, broker and owner of Boise Premier Real Estate in a recent Idaho Press article. “People keep hearing stats like inventory is up double… It’s up from two weeks to a month. That is not very much.” Boise Regional Realtors’ May Market Report showed the median sales price increased from May 2021 to May 2022 by 16.1% but CBH expects to see these prices level off, creating more opportunities for new buyers.’
‘Annellie told CBH, “It was so relieving to work with CBH. I said we should go buy a lottery ticket because we feel so lucky.” A home is always a good investment and now is better to buy than later. CBH Homes currently has over 200 homes available and a promotion of up to $20,000 in extras towards a rate buydown, landscaping, and more. CBH encourages buyers to take advantage of these prices before they’re gone. Click here to learn more.’
https://finance.yahoo.com/news/now-time-buy-buyer-says-223700269.html
‘CBH Homes currently has over 200 homes available and a promotion’
jeebus, that reads like a paid promotion. “it was so easy and seamless’ nobody talks like that.
Freight demand succumbs to headwinds as spot rates continue to slide
‘In the week following Memorial Day, freight demand rebounded quite strongly to levels not seen since early April. Unfortunately, tender volumes did not carry that momentum into this week, as the Outbound Tender Volume Index (OTVI) has since stalled out. This inertia does not follow historical trends, since the period between Memorial Day and the Fourth of July is typically a strong season for freight.’
‘OTVI fell 2.82% on a week-over-week (w/w) basis, a worrying signal that retailers are anticipating a slowdown in consumer demand as well as reckoning with their current inventory glut. On a year-over-year (y/y) basis, OTVI is down 19.23%, although y/y comparisons can be colored by significant shifts in tender rejections. OTVI, which includes both accepted and rejected tenders, can be artificially inflated by an uptick in the Outbound Tender Reject Index (OTRI).’
‘ Major retailers, including Target, Walmart and Macy’s, have announced excess levels of inventory, particularly for durable goods such as furniture and home appliances. While some retailers, like Target, plan to offer deep discounts in order to clear their back rooms, others might choose to hold onto their excess inventory and wait out the consumer slowdown.’
‘It has been a long while since OTRI was at such lows: excepting the start of the 2020 pandemic, OTRI has not fallen under 8% since the tail end of 2019. Over the past few months, OTRI had been bound between 8% and 9%, leading some (including myself) to believe that a new floor had been found for the foreseeable future. Rising costs of operation, including diesel fuel, had provided slim upward pressure on rejection rates while everything else pushed it downward. But it now appears that even these costs cannot bolster OTRI against adverse market conditions.’
‘Over the past week, OTRI, which measures relative capacity in the market, fell to 7.93%, a change of 53 basis points (bps) from the week prior. OTRI is now 1,525 bps below year-ago levels. With this latest barrier broken, OTRI could continue to fall to levels as low as 5%, mirroring the dark days of the 2019 downturn.’
‘Prices of used trucking equipment, which skyrocketed when both freight demand and rates were high (and capacity was low) at the start of the pandemic, are now crashing almost as quickly as they rose. Used truck prices were bolstered not only by the promise of rapidly rising spot rates and volumes, but also by the (still ongoing) semiconductor crisis that hindered production of automobiles and trucks. ‘
‘Many new entrants into the market decided to swallow the cost of these used trucks, which they figured would be offset by huge gains in carrier rates. The fact that these carriers, which are especially sensitive to shifting market conditions, are now leaving the market and are trying to recoup some of their investment is a worrying signal for freight demand in the coming months.’
‘Flatbeds are not exempt from the gathering economic headwinds. Housing starts fell to their lowest levels in 13 months, which suggests that the red-hot housing market is cooling. That the housing market is cooling should come as little surprise: According to Freddie Mac, the average 30-year fixed rate mortgage rate has risen 267 bps since the start of the year to 5.78%.’
‘Over the past week, the NTI has fallen 3 cents per mile to $2.88/mi. In the previous year, spot rates climbed steadily over the summer until they plateaued in September. Needless to say, the present decline in rates is both unseasonable and foreboding.’
https://www.freightwaves.com/news/freight-demand-succumbs-to-headwinds-as-spot-rates-continue-to-slide
“Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings,” Lawrence Yun, NAR’s chief economist, said in a statement. “The latest contract signings … are at the slowest pace in nearly a decade.”
‘All the negative housing news is affecting Wells Fargo analysts’ view of homebuilder stocks. “Our proprietary housing-market checks in May confirmed that housing inflection happened in April,” they wrote in a commentary.’
“The slowdown was more evident at the value end of chain (entry level speculative builders) and is slowly broadening — the luxury, build-to-order builders will be the last to feel it.” Further, “given the unprecedented rise in interest rates year to date, housing-market softness is hitting faster than many anticipated,” the analysts said.’
‘“Inflation and Fed actions will determine how trends will play out,” the Wells Fargo analysts said. But “investors will continue to assume the worst-case scenario and value stocks based on risk factors, such as entry level exposure, land risk, margin decline potential etc.”
‘In terms of the analysts’ stock ratings, “given that fundamental housing data is likely to incrementally get worse from here and continue to feed negative investor sentiment, we try to estimate how much lower the stocks can go based on perceived risk,” they said.’
‘Toll Brothers: “It’s a midcycle play, but the current cycle is near an end,” the analysts said. “Build-to-own luxury is holding strong for now, but should follow the general housing market with a lag as the cycle inflects.” Further, “its affordable luxury product line resilience will be tested for the first time.”
https://www.thestreet.com/personal-finance/real-estate/homebuilders-downgrade-wellsfargo-toll-mdc-meritage
Energy futures prices are going down …
https://finviz.com/futures_charts.ashx?t=ENERGY&p=d1
A couple of months ago “experts” predicted that the world was going to run out of wheat and millions of people were going to starve.
The futures market is saying something different …
https://finviz.com/futures_charts.ashx?p=d1&t=ZW
zerohedge (dot) com/commodities/un-food-chief-says-hell-earth-looms-hunger-crisis-triggered-ukraine-war
Maybe a billion people about to starve, maybe hundreds of millions will pour through the open borders of the usa. Bringing new strains of diseases with them, that we have no resistance too.
Last time European diseases killed native American Indians, we r so fooked.
Intense Shelling Hits Center Donetsk Again (Everyday)
Jun 18, 2022 Intense Ukrainian Shelling has been hitting Center Donetsk Everyday.
This is my Full report from yesterday 06.17.2022 where Ukraine targeted a civilian area hitting many homes and a factory for miner emergency equipment on the edge of the center in the Kuibyshevsky district of Donetsk. Our team was on-site during the attack and filmed the active shelling of the factory being hit and many homes. At the location, we were there was at least one civilian injured. As always our reports have full English and Russian translated Subtitles. As I am writing this Center Donetsk is under intense attack again in the very center.
Report by Patrick Lancaster
US Navy veteran and independent crowd-funded journalist.
I show what the western media will not show you.
https://www.youtube.com/watch?v=vDt5dTdMbJc
36 minutes. I don’t think I’ve ever see footage right under artillery/mortar fire.
“…hitting many homes…”
Collateral, and a waste of an artillery shells, which are difficult for Ukraine to obtain from the West and transport across the country to within 20-miles of the Eastern front lines.
Consider the math: One minute of angle is 1/60-th of a degree! That’s roughly 1-inch of error at 100-yards. At 20-miles that’s about 29-ft for the “dumb” projectiles they are being given rather than a GPS flight corrected munition. FWIW, they’d be considered experts if they could keep the rounds inside a football field.
‘Derek Stevens, who owns three Las Vegas properties, said his customers are scaling back spending on amenities and are gambling less at the tables and slots. “Every weekend has been worse than the prior weekend,” he told CNBC.’
‘He described it as a downward spiral: Bars have suffered the biggest percentage decline, and gaming has seen the biggest impact as slots and table games have experienced a slowdown.’
‘Shares of casino companies have plummeted even as inflation has soared at rates not seen in four decades and fears of a recession rattle consumers and investors alike. Caesars Entertainment stock has plummeted 50% so far this quarter. Bally’s has dropped 40% over the same time period, and Penn National Gaming and MGM Resorts shares have declined 35%. To compare, the S&P 500, which recently entered a bear market, is down nearly 19% this quarter.’
https://www.msn.com/en-us/travel/news/casino-stocks-are-taking-a-hit-as-consumers-struggle-with-inflation-and-recession-fears/ar-AAYAOmP
“We are in the throes of a crypto winter,” Future Perfect Ventures partner Jalak Jobanputra told Yahoo Finance Live. Jobanputra notes that despite bitcoin’s sizable drawdown, it has so far held above $20,000, an important psychological level for buyer support.’
“If we see more contagion within the crypto markets and more funds start to fail [things] could change, but I still think of [bitcoin] as the most blue-chip crypto that’s not as exposed to questionable risk management practices,” Jobanputra added.’
‘Inside the sector, a liquidity crisis has pressured a string of crypto hedge funds and lenders. Firms including Coinbase (COIN) have announced layoffs, while some firms have been forced to liquidate positions or freeze customer accounts.’
Following the crypto lender Celsius Network’s move to freeze all customer accounts, Babel Finance has also cooled trading, citing “unusual liquidity pressures” according to a customer note.
‘Amidst the panic, several crypto firms including BlockFi, Genesis Trading and FTX have come out publicly stating they’ve liquidated certain overleveraged counterparties on their platform with some speculation and evidence pointing to Three Arrows Capital.’
“Crypto is going through a classic deleveraging cycle and it has to continue that cycle until it hits bottom,” Matt Hougan, chief investment officer of Bitwise told Yahoo Finance Live, adding that volatility will persist over the next few weeks.’
https://www.msn.com/en-us/money/markets/bitcoin-hits-lowest-since-december-20-amid-throes-of-crypto-winter/ar-AAYAYy1
Jobanputra notes that despite bitcoin’s sizable drawdown, it has so far held above $20,000, an important psychological level for buyer support.’
Ooops! It’s $19,173.09 right now. So, how long until it falls to $10,000?
You will own nothing.
Nothing.
‘Shocking footage obtained by KSL TV first showed a white pickup pulling up next to a truck in the parking lot of — ironically — a fire protection company. “The guy tried to siphon gas out of it and he wasn’t getting the siphon to work,” fed-up Summit Fire and Protection branch manager Travis Mills told the outlet.’
“So he decided to drill the gas tank … and that’s when he caught on fire,” he said of the Saturday morning blaze.’
‘The dramatic footage showed the unidentified thief under the rear of the truck — then suddenly jumping up and running away with his T-shirt ablaze. He then fell to the ground and rolled across the parking lot, before his accomplice in the pickup helped him to get back in.’
‘It was not clear how injured the thief was, or if he was ever identified or found. However, Mills stressed that the raider was lucky the truck was close to empty at the time. Mills said the same truck had already had its catalytic converter stolen — and had previously been targeted by gas thieves, forcing them to upgrade to a $30,000 security system that caught the thief in the act.’
https://nypost.com/2022/06/17/thief-bursts-into-flames-while-trying-to-steal-gas-in-utah/
You know, even a teenager can operate a hose siphon.
Back in the seventies everything was being stolen unless it was chained to the ground. Thieves often didn’t know anything about what they were stealing. Retail outlets had to place their inventory behind sliding glass partitions. When fuel prices peaked the streets were empty like a contagion movie. All this was in San Jose, CA.
The housing implosion is a foot-stamping good time so far.
Stucco it’s time to bust out yer fiddle!
Destin, FL Housing Prices Crater 22% YOY As Double Digit Price Declines Blanket Florida
https://www.movoto.com/destin-fl/market-trends/
As one noted economist stated, “The current housing downdraft makes 2009 seem like a walk in the park.”</em
Was driving around my neighborhood in a different way last night and was surprised to see new For Sale signs up on every other street.
The word is out.
The word is out.
The rush to the exits has begun.
Bars have suffered the biggest percentage decline,
Ben, when all these retail clerks are laid off, and truckers are laid off, or quit or fired, same with construction workers and bankers and realtors about to be unemployed, and now bartenders being laid off, combined with 10s of millions of illegals flooding our borders, what are all these “idle hands” supposed to do?
Combined with Russia, middle east, China etc stopping exports to the usa for its worthless Biden bucks, what will we have left to offer the world or trade?
They still want our land to grow food on maybe, so as the founding fathers warned, we will wake up homeless on the land they fought and died to give to us. Already locally Chinese own so much land, with bill gates and Saudi hedge funds owning the rest.
Biden bucks cratering exponentially.
https://finviz.com/futures_charts.ashx?t=ENERGY&p=m1
As one banker said, best get out of fiat like your life depends on it, because it does.