thehousingbubble@gmail.com
Blog

When Money Is No Longer Free

It’s Friday desk clearing time for this blogger. “Tacoma, Boise, Sacramento and other cities were listed among those seeing home listing-price declines. Provo and Tacoma saw the largest percentage of dropping prices, with 102 of 108 metros Redfin reviewed seeing the share of homes with a price drop increasing from a year earlier. Tacoma, Boise, Sacramento and other cities were listed among those seeing home listing-price declines. Provo and Tacoma saw the largest percentage of dropping prices, with 102 of 108 metros Redfin reviewed seeing the share of homes with a price drop increasing from a year earlier.”

“Kellie Van Essen, an agent with John L. Scott Tacoma University Place office, noted it’s happening nationwide, not just here. ‘It’s a little bit shocking. The change, even looking at some of my listings from even probably March to May or June,’ has been notable, she said.”

“As the U.S. housing market is showing big signs of cooling — from mortgage lender layoffs to several consecutive months of dropping sales — it’s hitting home in Utah in a big way. The tables are starting to turn. Motivated sellers are beginning to temper their expectations that buyers will pay just about anything to lock in a home. And price listing cuts aren’t unusual — in fact they’re common for sellers, especially motivated sellers, to cut their listing price if they’re finding their initial listing price might have been too high to be competitive with other listings. ‘There are two kinds of sellers in today’s market: Those who already know the market has cooled, and those who are learning about the cooling market as they go through the selling process,’ said Redfin chief economist Daryl Fairweather.”

“Homes in Northeast Florida are becoming increasingly less affordable. But there are signals that the market is leveling off, according to NEFAR President Mark Rosener. ‘I was talking to an agent not too long ago. And they said, you know, Mark, I just put a listing on, instead of getting 21 offers in six hours, I got three in four days. So you know, it still is a competitive market, it still absolutely is a seller’s market, but we’re starting to see some of that craziness in the marketplace kind of level out a little bit,’ Rosener said. ‘The demand was kind of plateauing for us, which was a great opportunity for us to start to see inventory, build up a little bit, so that our buyers had a little bit more to choose from.'”

“Like many househunters in the DC region, Liz Mandle’s clients had been running into stiff competition as they searched for a home. ‘We were unsuccessful against six and eight offers, but won recently when we were up against only one other buyer,’ Mandle of Compass told UrbanTurf. ‘There have definitely been some price reductions in recent week,’ said Max Rabin, an agent with TTR Sotheby’s International Realty.”

“Even before the rate hike, according to TrendVision, housing prices in Stanislaus County have dipped by 2% in the past month. Daniel Del Real, a broker associate at PMZ Real Estate said buyers and sellers should be ready for the market to continue to soften through the year. ‘Be prepared for more inventory, less pendings and sold and a pullback of prices in the third and fourth quarter of this year,’ he said. The TrendVision report shows inventory in Stanislaus County has increased by 57% since 2021, but 5.7% fewer houses were sold and there were 5.1% fewer housing sales pending in the same span of time.”

“Home building permits nationwide sank by more than economists projected in May. Year-to-date through May, Frisco has fallen 42%, Celina is down 34%, Prosper is down 17%, Princeton is off 14% and McKinney is down 11%, compared to the same January-through-May period last year. On the DFW sales front, Ben Caballero CEO of HomesUSA.com added that builders are listing more new homes in the MLS. Previously, new homes sold so fast that builders were selling from waiting lists and not listing as many homes in the MLS. Beginning in Mid-March, Caballero began seeing a steady increase in the number of MLS listings, he said. New home MLS listings in North Texas increasing to 1,623 compared to 933 in April, said Caballero.”

“Major brokerages, mortgage lenders, and property-tech companies have all announced varying degrees of layoffs over the last few months and experts expect the trend to continue. The layoffs are a response to the cooling housing market. ‘We could be facing years, not months, of fewer home sales,’ Glenn Kelman, the CEO of Redfin, said in a written statement after announcing the brokerage would be laying off 470 employees, or about 8 percent of its workforce. ‘We don’t have enough work for our agents and support staff.'”

“The reality of a swift and dramatic change in the Toronto-area real estate market is sinking in for sellers and buyers. Andre Kutyan, broker with Harvey Kalles Real Estate Ltd., says the number of properties sitting on the market has swelled in some family-friendly neighourhoods in Toronto as agents try to find an asking price that will entice buyers. Many sellers still have their heads stuck in the first quarter, says Mr. Kutyan, and failed offer nights make buyers even more hesitant. ‘In the past they would put their best foot forward out of fear of not getting it, or not getting a second chance. Now they’re fearful of spending too much.'”

“Meanwhile, agents are reporting that some buyers who signed a sales agreement at the market peak are asking for an abatement in the price from sellers. Some deals fall apart all together and appraisals are falling short as prices slide. There are also buyers who are straining to pay their mortgages with the recent run-up in inflation. Pritesh Parekh, a real estate agent with Century 21 Legacy in Toronto recently heard from one young man who received cash from his family for a down payment and purchased a $600,000 condo unit with his girlfriend in 2021.”

“But they are talking to Mr. Parekh about selling because they feel weighed down by the cost of the mortgage, taxes and monthly maintenance fees. Now, they’re paying more for food, gas and other living expenses. ‘It’s been less than a year,’ Mr. Parekh says. ‘Now they’re really struggling.'”

“Cameron O’Dell, 29, is seeing his buy-to-let margins get hammered because he is on SVR. ‘My mortgage lender has increased my mortgage rate five times since Christmas. Some of the letters telling me the rates are going up again have been less than two weeks apart,’ he said. ‘From an investment point of view, my profitability is becoming close to zero and my outgoings on the property could quickly exceed the income. I am close to the tipping point. If I had more time on my hands, I would sell the property now. If interest rates keep rising, I could soon be at a loss, and if there is a recession and house prices fall off a cliff I could also lose out on the capital growth.'”

“‘I have seen several accidental landlords leave the market because it is no longer profitable and they are worried about about further rate rises eating away at their already slim margins once taxes are taken,’ said Chris Sykes, of mortgage brokers Private Finance.”

“House prices fell in half of the country’s suburbs over the last three months, and that is proof the market downturn is spreading, a property researcher says. Of those suburbs, 11 had price falls of over 5% and another 29 had falls of over 4%. Those suburbs were in regions around the country, whereas in the last analysis the suburbs with the biggest falls were all in the Auckland region. In dollar terms, the biggest drop was in Point Chevalier in Auckland where the median price fell by $104,400, or 4.6%.”

“CoreLogic chief property economist Kelvin Davidson said the signs of market weakness were very clear, and it was noticeable that the downturn had spread and was now geographically broad based. ‘There is no pattern to the types of suburbs, or price brackets, that are being affected. Price declines are occurring in suburbs which are considered more affordable, as well as those that are more expensive.'”

“Many first-home buyers, downsizers and upsizers are now hesitating, waiting to see what the real estate market does next, said Ewan Morton, managing director of one of Sydney’s leading independent agencies, Morton & Morton. ‘The big question is, are prices going to slide further?’ he said. ‘With interest rates going up and inflationary pressures, while prices have come back $315,000 in the eastern suburbs – although that’s compared to the $927,000 gained – will that slow down further? That’s what everyone doesn’t quite understand … We’re all trying to pick the bottom of the market.'”

“Four years ago, real estate agent Wang Zhiqiang was selling up to 30 apartments a day in the northern Chinese city of Dandong.  Chinese speculators in the frontier border city were betting on values soaring on talk that North Korea, just across the river, would soon open up. That was until late last year when the Dandong property market ran out of steam and Wang’s luck ran out.”

“‘The bull run has come to an end. North Korea didn’t keep its word about opening up and reforming, and now China’s economy is suffering,’ Wang told AFR Weekend. ‘It is a struggle as all the construction and property transactions have stopped.'”

“He says it will be difficult to attract new buyers, and is worried that a flood of investors putting apartments back into the market will add more pressure. The situation in Dandong is a snapshot of what is happening in cities throughout China. The once booming property market was in trouble even before the COVID-19 lockdowns started early this year.”

“Wang is confident the country will avoid a housing market crisis. ‘The Chinese government won’t allow it to happen. Besides, Chinese people’s obsession with property will support the market.'”

“With fervor in markets receding, investors will need to critically focus on fundamentals and security selection to ride out the turbulence, Abby Joseph Cohen said. ‘For the last few years, the fundamentals have mattered less than things like momentum and investor enthusiasm,’ she said. ‘When money is no longer free, you get to see a better picture of whether those corporate managers and those portfolios managers are actually doing a good job.'”

Related Posts
This Post Has 150 Comments

  1. From the 5:43 video above:

    What Just Happened to the LA Real Estate Market?

    Jun 23, 2022 Many folks, which would include most Realtors, are asking “what the #$&! just happened to the real estate market?” Price reductions left and right, mortgage rages doubling almost overnight, record inflation, oh my!

    “The Shift” was swift and caught people off guard. In today’s video Scott Himelstein breaks down the “perfect storm” that led to this real estate shift and offers a helpful perspective on what we might expect next!

    You know what’s odd? This guy clearly used some direct quotes from that Utah video I posted a while back. That was an obscure video, I’d bet he had to have found it here on the HBB.

    Good morning Scott!

    1. ‘“The Shift” was swift and caught people off guard.’

      Shift happens.

      And plenty of shift is landing on SoCal markets these daze.

    1. pencil whip inspection

      Where you take the form and just whip the pencil thru “yeah yeah yeah fine fine fine” and boom, passes inspection.

      What a joke.

    2. I feel relieved knowing that they used realistic criteria for the stress tests. It sounds like Mr Banker is well positioned to snap up assets at fire sale prices after the next financial shift storm gives way to depression.

    3. All 33 major US banks pass Fed’s annual ‘stress tests’
      I was doing the Mortgage part of the stress test when they first started. The bank Had some issues initially, as it could not raise the dividend or buy back stock due to our stress test results. In fact, if I recall correctly, we were strongly encouraged to issue more shares, and they did, to generate more of a cash cushion. These tests had some pretty “bad” economic scenarios, at least they did a decade ago or so.

  3. A warning from Mr. Banker:

    Today is the day stocks get hammered and hammered big. All indications tell me the bear market is upon us.

    Sell every stock you own today, this morning, at the opening.

    2. Do you expect the HODLers to just give it away? These people have a God-given right to slowly ride their falling knives all the way to the bottom of the CR8R. Please don’t rush them.

    3. Today is the day stocks get hammered and hammered big. All indications tell me the bear market is upon us.

      Well that didn’t work out. The DOW is enjoying a 700 point moonshot.

        3. My thinking is that they need to pump a bit for quarter end. Don’t want those 401k bagholders to actually see the stats of how far they’re down. I predict up next week, followed by a new downtrend into July or August.

    4. Today is the day stocks get hammered and hammered big.

      Two hours to go. So far stawks are up about 2%.

  4. ‘It’s been less than a year,’ Mr. Parekh says. ‘Now they’re really struggling.’

    It’s all fun and games til somebody losses an eye.

  5. ‘When money is no longer free, you get to see a better picture of whether those corporate managers and those portfolios managers are actually doing a good job.’

    Yes, neeked swimmerz!

    1. NOT AN EXPERT.
      It’s my understanding that the long pipe from the house to the septic tank is buried below the frost line and thus below or through the footings or foundation wall of the house. I plan to reinforce the point through which it enters the foundation with a sleeve. Make certain to include as many “clean out” points as possible.

      Soon to start building. Waiting for the land prices to go way down — my wait won’t be long! Going all-concrete as opposed to all-metal, so am thinking through many of these same issues.

      Enjoy the process!!

    2. If there is a building department there at all, they have a standard detail and they will give it to you. Install your materials accordingly.

      Otherwise the typical lateral is SDR pipe pitched a quarter inch per foot with a clean out and stand pipe outside in a clean out inside. Don’t sleeve the penetration through the foundation wall unless you’re going to link seal it…. And even then link seals leak. I think you already know that. (You should have plenty of those that you use for GRC penetrations in your trade).Otherwise use a wall pipe and form around it or a wall casting in the form work. You can grout the other penetration in because it really doesn’t matter if leaks and water goes in the tank. Actually that’s not a bad thing it’s likely beneficial.

      1. ** ” Otherwise the typical lateral is SDR pipe pitched a quarter inch per foot with a clean out and stand pipe outside in a clean out inside. Don’t sleeve the penetration through the foundation wall unless you’re going to link seal it… ”

        uhhhh, who IS this . .. and what have you done to the REAL Mafia Blocks!?

    3. Those cabins show a post and pier wood foundation. You will just need to pour a slab after all of your supply and waste lines are in place, as well as said electrical. Or, you could pour a regular foundation with a stem wall and crawl space, which would be my preference. But then you’d have to get into steel floor beams.

      2. “You will just need to pour a slab”

        There’s no need to cast flatwork with grade beams.

          2. With any luck the Montana legislature will restrict abortion and the Californians will stop moving here or even leave.

            Most new listings are 700-800k, way too rich for the locals.

          3. “You will just need to pour a slab”

            Which is one option. You brought “grade beams” into the conversation.

  7. Since the corrupt, captured FBI now serves as a de facto Deep State regime protection force, GOP representatives should submit bills requiring it to legally change its name to the Stasi.

    Trump DOJ official Jeffrey Clark tells Tucker Carlson that FBI raid on his house over efforts to overturn 2020 election was ‘Stasi-like’ – as Fox host warns ‘somebody’s going to fight back’

    https://www.dailymail.co.uk/news/article-10948439/Jeffrey-Clark-tells-Tucker-Carlson-raid-house-efforts-overturn-2020-election-Stasi-like.html

      1. There are no “groups” and anyone talking about “groups” is a Fed.

        See also: Idaho a few weeks ago.

        1. I was not sure what ‘glowie’ meant exactly

          A undercover government agent who stands out as if he glowed. But yeah, they also snoop on you.

  8. “Wang is confident the country will avoid a housing market crisis. ‘The Chinese government won’t allow it to happen. Besides, Chinese people’s obsession with property will support the market.’”

    It’s turtles all the way down in the Chinese property market.

  9. WHAT IS THE FED?

    The Federal Reserve, “the Fed”, is the central bank of the United States of America that was created in 1913 by Congress. It is a banking cartel that has a government-granted monopoly on the creation of money and credit. The Fed literally loans “money” (Federal Reserve Notes) into existence. Federal Reserve Notes are paper promises backed by nothing of intrinsic value and they are only functioning as money because the government forces them on the public through legal tender laws. Federal Reserve Notes are referred to as dollars but are not. The definition of a dollar is a weight of silver (371 grains). To put it simply, the Fed is a group of banks running a national criminal counterfeiting racket with the protection of the government.

    http://endthefed.org

    1. “Federal Reserve Notes are paper promises backed by nothing of intrinsic value and they are only functioning as money because the government forces them on the public through legal tender laws.”

      Sounds like cryptocurrencies, except the latter are not functioning as money because they are not legal tender and no central bank regulates them to stabilize their value as a medium of exchange.

      So unlike the dollar, cryptocurrencies are intrinsically worthless and only have value due to Ponzi asset trade plus certain illegal purposes such as financing criminal enterprise and tax evasion.

    2. Just get rates back to the long-term historic range of 12 to 15% and these problems go away on their own.

  10. “With fervor in markets receding, investors will need to critically focus on fundamentals and security selection to ride out the turbulence, Abby Joseph Cohen said.”

    ‘For the last few years, the fundamentals have mattered less than things like momentum and investor enthusiasm,’ she said.

    ‘When money is no longer free, you get to see a better picture of whether those corporate managers and those portfolios managers are actually doing a good job.’”

    https://www.bloomberg.com/news/articles/2022-06-22/abby-joseph-cohen-says-era-of-everything-going-up-is-over
    Markets
    Abby Joseph Cohen Says Era of Everything Going Up Is Over
    By Elaine Chen and Tom Keene
    June 22, 2022 at 10:14 AM MDT

    – I was never a fan of AJC. Mostly a Wall St. sell-side shill/cheerleader. Should have retired years ago. Fossil. Relic.

    – This is more of a statement about the extremely loose government and central bank fiscal and monetary policies over the past 30 years, and especially during the 13 years since the GFC. The Fed put. Maximum moral hazard. Bailouts. TBTF. Growing wealth and income inequality. Why was money “free” in the first place? Every economist since tulipmania that’s worth their salt knows cheap money and credit leads to asset bubbles, and yet, here we are.

    – Now that inflation is high (due to said government and central bank actions), these policies are being forced to reverse, although, in reality the Fed, ECB, BOJ are still easing: The Fed raised rates only a small amount as compared to inflation. The Fed balance sheet has actually increased during “QT.” The ECB hasn’t yet raised rates under roaring inflation. The BOJ is massively buying bonds, in an attempt to keep yields down (YCC). Where’s the actual tightening that’s needed to bring down the inflation? All hat and no cattle. Talk is cheap. Maybe the real objective is to destroy Capitalism and replace it with Communism? Progressives indeed.

    – Enjoyed the boom? Now enjoy the bust.

    “The surest way to destroy a nation is to debauch its currency.” – Vladimir Ilyich Lenin

    “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” – Vladimir Ilyich Lenin

    “The establishment of a central bank is 90% of communizing a nation.” – Vladimir Ilyich Ulyanov Lenin

    “There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved.” – Ludwig von Mises

    1. “There are 2 ways to conquer & enslave a nation. One is by the sword. The other is by debt.” – John Adams

      “The rich rule over the poor,
      and the borrower is slave to the lender.” – Proverbs 22:7

    2. ‘“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” – Vladimir Ilyich Lenin’

      Sounds like California living!

  13. so, my little corner of the west is a small valley, couple towns, but the largest metro area in 100 miles in any direction. population of the whole valley probably 35,000 or so and it’s agricultural mostly. This is just me pulling numbers off the websites

    Last Saturday: 69 homes for sale by agents (not counting FSBO cuz really what’s the point? they sit there forever). This is “for sale” not under contract.

    Today (Friday). 78 homes for sale (for sale not under contract).

    That’s a more than 10% increase IN A WEEK. Those numbers were in the 30’s to 50’s a year ago.

    1. I’ve been randomly checking inventory in several places out west, and there’s been an absolute explosion. Everybody was trying to time the top. Too bad they didn’t account for mortgage rates spiking – they missed it by a mile.

      1. I know that I probably overpaid for my lots that I bought in three separate purchases. But I bought them with cash and have no debt.

        Debt is slavery.

        1. You are not a speculator, and you can afford what you purchased. You’re good in my book. Would like to hear about your area of CO sometime.

    1. It really wont matter much in the end. at least 26 states will keep it the way it is, Larger Companies have stated they will pay for a few days of transportation and hotel room as a new insurance benefit…. Women will have to choose better quality men, and not deadbeat losers who have kids they don’t pay for, still live at home with their mother, lost their driver’s license etc……..And if this is that important to you, no matter how good the job is in Mississippi, you turn it down

      1. It really wont matter much in the end.

        Liberals will nevertheless lose their minds and riot.

        1. “lose their minds and riot”

          And pave the way for 350 R House seats and 75 R Senate seats in November.

          The violent left (redundant, I know) is giving them free campaign advertising.

          Might need Kyle Rittenhouse to come out of retirement and take out some more of the Marxist trash 🙂

        2. Liberals will nevertheless lose their minds and riot.

          One reason I passed on this years local Comic Con, which is next week. They can burn Denver down for all I care.

          2. Fentanyl Floyd riots in 2020

            This is MUCH MUCH bigger. Expect Antifa to go scorched earth, literally. Abortions feed the Democrat party.

          3. They are already outside the state capitol now:

            I remember the aerial views from the 9News chopper during the St. Floyd protests. Lots of bussed in “mostly peaceful protestors”.

            Not sure when the Dumver stop on the “Burn It All Down For Roe Tour” will be.

        3. Liberals will nevertheless lose their minds and riot.’

          Stay away from Foot Lockers and high end malls

        4. What gets me about the sexual revolution, feminist movement and free choice abortion mob, is that from its inception it was a huge gift to men–before the sexual revolution in the 1960’s, it was taboo to have premarital sex. Society frowned upon it, “good girls” didn’t do it and they certainly didn’t flaunt doing it. Countless movies and TV shows danced around the edges of young couples “DOING IT”, it was a worldwide obsession.

          Then came “The Pill”, abortion on demand, feminists and the bras came flying off. And now “good girls” could have all the sex THEY wanted. Even 14 years were “doing it” (I remember this vividly–a guy in my homeroom had an absolute fox for a “girlfriend”. He described to everyone how he nailed her one night.)

          So now boys and men could get all the sex they wanted, it was no longer taboo. In fact, if a girl was known not to embrace the new “normal”, she became a wall flower.

          In short, the real beneficiaries of the sexual revolutions were men since it let them have all the sex they wanted without any strings attached–they didn’t have to offer their “love”, money or security, or anything! They didn’t even have to pay for the abortion!

          Are feminists today so stupid that they still fall for the myth of the sex revolution?

          1. So now boys and men could get all the sex they wanted

            Some could, a minority. But yeah, there was no longer any stigma attached to it.

          2. And, it got to the point of a demand that the Government pay for abortions.
            But now that I know what the agenda of the New One World Order has always been , you can see
            how they implemented step by step the tear down of society , so they could take over.
            Destroy Capitalism
            Destroy the family structure
            Destroy personal responsibility for ones actions
            Destroy rights of the individual for the collective
            Promote a ridiculous Commie notion that everyone has to be equal, regardless of merits or actions
            Destroy religion
            Destroy Constitution protections and rights of individuals
            Bring on Commie Obamacare, followed by Medical Tyranny .
            Promote UN powers over sovereign States
            Open borders
            Loot the public tax coffers for transfer to One World Order private parties.
            Rig economic systems
            Cut off fuel, food and job independence, to monopolize power in few hands.
            False narratives like climate change and planned Panademics , mayhem and crime to take over.
            Mass brainwashing and corruption of school systems , and basically all Institutions .
            Taking parents rights, on and on.
            Fake news with censorship to defraud. On and on.

            All this so their end goal of enslavement of people , with no rights can take place.

          3. You forgot the lie that women can have it all. IIRC, an HBBer posted a link to an old commercial about a woman bringing home the bacon, frying it up, and satisfying her husband.

          4. n old commercial about a woman bringing home the bacon, frying it up, and satisfying her husband

            Wasn’t that an ad for some then trendy perfume?

          6. You forgot the lie that women can have it all. IIRC, an HBBer posted a link to an old commercial about a woman bringing home the bacon, frying it up, and satisfying her husband.

            That was the lie being sold by old fashion Helen Gurley Brown (Having it All), who got ahead in the male world the old fashion way. Nowadays, lots of women get to have it all, I know all kinds of women who have/had a career, had kids, a husband and home etc.

            Every single female physician I know got married and had children, and they stayed married in stable relationships. Typically their husbands were also doctors, but among professional women in general that I know, NOT getting married and having children is the exception.

            Times have changed drastically from the 1950s when my mom was raising 4 kids on her own, and few women went to college. In other countries like Japan, it still is the exception where women can have careers, kids and a husband. I saw a documentary from Japan that featured a beautiful Japanese OB/GYN physician in her late twenties. She said that she would probably never end up married since (1) She was too old (2) No man would marry a physician who insisted on working after they were married. And this woman was gorgeous with a personality to match. In the States, she’d be snatched up by another doc faster than you can say “Gone”!

            So it’s no accident that the women you see protesting today aren’t gorgeous professionals with kids, a husband and a nice house. Life isn’t fair–it never has been and it never will be. But life for women (and men) in America today is not preventing anyone from succeeding because of some old fashion social norms and rules.

          7. Some could, a minority. But yeah, there was no longer any stigma attached to it.

            After 1970, I would guess that very few couples that got married or moved in together had not already “done it”. In fact, people would “shack up” together without even bothering to get married. This is an example of men getting sex without having any strings attached. Before the sexual revolution, this type of behavior was not acceptable to the average respectable American.

      2. That’s just it, abortion rights will be returned to State by. State legislation if they want to be a abortion State or not.
        Roe v. Wade is just overturned because the Constitution never stated abortion rights.
        I watched that Roe verses Wade High Court Hearing years ago.
        I was struck with how those High Court Judges at the time deferred to the Medical Cartel to tell them when life begans , to establish their ruling at the time.
        As I see it , the current High Court is just correcting the Roe v Wade Court error and returning abortion rights to State legislations.
        But fake news won’t explain what this ruling really means , and the riots will begin.
        The democrats will try to incite against Republicans, as well as the Jan 6 bogus Congressional Kangaroo Court taking place.
        The Biden Adminstration really relies heavily on fake and censored news to defraud the Public and incite the Public.

      3. With any luck the Montana legislature will restrict abortion and the Californians will stop moving here or even leave.

        Most new listings are 700-800k, way too rich for the locals.

  16. What a Slowdown Means for the Housing Market | June 2022 San Clemente Housing Market Update

    Jun 23, 2022 The San Clemente housing market is slowing down. After two years of unprecedented growth, things are changing and they are changing fast.

    Here is what we are seeing: – Interest rates are approaching 7%, which has dampened demand. Homes will take longer to sell and days on market will increase. – Demand is down 34% since last year as buyers no longer qualify to purchase in today’s market.

    – Inventory has tripled since the beginning of the year, however, we are operating at a third of the average pre-pandemic inventory. In the five-year period prior to COVID, we were accustomed to having about 300 homes on the market in June and July.

    – Expected Market Time is 45 days, up from 20 days in March, which is still a hot seller’s market.

    So, what are the takeaways?

    Sellers, the frenzied housing market is gone, so it is critical that you price your home correctly. You can definitely overprice a home in today’s market, but you cannot underprice it. If you list at an attractive price, you will still get multiple offers.

    https://www.youtube.com/watch?v=K8plbVvmU_I

    6:40.

  18. Buyers Remorse & What Happens When You Don’t Close A Real Estate Deal in Toronto w/ Gathya Manoharan

    Premiered 21 hours ago Buyers Remorse & What Happens When You Don’t Close A Real Estate Deal in Toronto. We know a lot of people – both buyers and sellers of real estate – are dealing with issues in this shifting Toronto housing market. After seeing how much interest and questions we got from our buyers remorse video we decided it would be a great idea to invite Gathya Manoharan – a Litigation Lawyer from Nava Wilson LLP – to discuss some of the questions we received.

    https://www.youtube.com/watch?v=9o7WSACmveA

    34:38. Tales of woe.

  19. The New World Order, is going to have a little problem with the High Court in regards to the Constitution.
    In spite of the rioters and death threats in recent weeks against the High Court , 6 to 3 High Court Judges affirmed the Constitution regarding conceal and carry gun rights.
    Clarence Thomas even used clever language in the ruling , calling the restrictions “racist.”
    If I was a High Court Judge I would be getting pretty pissed by now in the methods used by the Biden Adminstration to try to take Constitional protections , and undermine the check and balance of the High Court.
    Now comes the reaction to the overturn of Roe verses Wade. Fake News will spin ridiculous analysis of the ruling no doubt.

    1. But how many Americans really believe in the garbage the protesters are peddling? Is reality actually completely different? Today with the internet and social media, the actions of a few people can be amplified a million times. In 1970 this was not possible. Sure the Big Three TV networks covered student riots wall to wall, but nobody who actually lived during those times believed that a huge number of Americans supported flag burning or throwing rocks at the local university.

      Today a few clowns and celebrities can get millions of followers, but does this really reflect the sentiments of the masses? No. I doubt a whole lot of people are going to be very upset with this R v W decision. Or the decision about concealed weapons because neither issue is going to directly affect most people. In fact neither decision is going to even indirectly affect anyone.

      1. In truth, Biden probably has 20% support, and he doesn’t represent the Majority in US, because of a criminal rigged 2020 election.
        I bet a certain percentage of the protesters are going to be paid to protest RvW.

        1. Their current flyers in DC call for mass violence tonight:

          I wonder how many churches will be torched this weekend.

          1. “I wonder how many churches will be torched this weekend.”

            That should nudge the complacent.

        2. The only thing these violent mobs are doing is helping the Republican Party in November. It’s the only thing that the Left has left! The MSM, Democrats, liberals etc. have had major defeat after major defeat. The reason is that most Americans do not support their crazy, corrupt and morally bankrupt ideas. Most Americans don’t approve of Sexual Deviants trying to groom their 5 year old kids. Most Americans don’t approve of people who insist that unborn fetuses are just a glob of cells.

          And more importantly, most Americans don’t approve of $5/gal gas and record breaking inflation. So the only tactic/issue remaining for Democrats and Liberals is to burn down the town. That worked out really well in Watts back in 1964, right? And of course the brave Rodney King L.A. Riots! Those burnt out minority neighborhoods are now filled with wealthy blacks and Hispanics, right? And Rodney King is dead.

          1. As a naive 18yo, I voted for Bill Clinton to appoint RBG. Don’t underestimate the psychological and political, absent practical, impact of today’s Dobbs decision. The match has been lit.

          2. The match has been lit.
            Yeah, but every time the bomb goes off, the MSM/Liberals end up looking like Wile E. Coyote! I’ve never seen so much self-destruction to anything like we’ve seen since Trump left office. The losses sustained by the MSM/Democrats/Liberals are of historic proportion when you look at the magnitude of the failures.

            They’ve got the “Shooting Yourself In The Foot” down to a science. This November is going to be of epic importance, and an event which will live in Infamy (depending on what happens and which side you’re on).

            I can’t imagine the Democrats will try and cheat on an even larger scale than they did in 2020. If they do, then we may end up in a real revolution. And it won’t be like this current dust up with ugly snowflake children crying over R v W. Real guns and real shooting and Real death is much more serious.

  22. – Colorado Springs, CO update for this a.m. via realtor.com. If anyone has a more accurate website for these data, please let me know.

    2356 for sale housing units (inventory)
    553 price reduced; 23.5% price reduced
    195 new listings today (DOM=1)

    – These numbers have been growing steadily and changing by the minute since the recent market “shift.”
    Shortage? Where all of these houses came from is a mystery.
    – BTW, builders are massively building, based on the false “shortage” signals. Coming soon: glut of supply and a dearth of buyers. Boom and bust. Rinse and repeat. Housing bubble 2.0 follows housing bubble 1.0.

    1. population of colorado springs: 478,000

      2300 homes seems like a lot, already. wonder what it was before pandemic and/or in 08?

    1. “4000”

      It’s a number bigger than 0, but still a very small number for an area with on the order of 100 million households. We have a long way to go before the speculator crowd is done capitulating their highly leveraged gambles.

      1. population of San Diego metro area: 3.3 million.

        but his point is still valid. 4000 homes seems like not very many for 3.3 million (but 2500 homes for colorado springs (500k) seems like a lot.

        1. I meant to say circa 1 million households. Shouldn’t make numeric posts before coffee…

        2. Tallahassee has a population of 195,000. 6 months ago there were 600ish SFH for sale. Today 1380.

          Is that a lot?

    1. Ukraine was so yesterday. Today’s virtue signal is RvW.

      Blue Check Marks change your icons accordingly.

  25. Does it seem like the MSM is suddenly overrun with economic Cassandras? They are going to put us bears out of business if they keep it up. And a hand lotion shortage is sure to result.

    1. Reading the market tea-leaves for global recession risks
      By Dhara Ranasinghe
      , Sujata Rao and Yoruk Bahceli
      4 minute read
      A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri//File Photo

      LONDON, June 24 (Reuters) – The fastest rate-hiking cycle in decades and inflation nearing double-digits has got investors scouring market moves and data to gauge whether the world economy is headed for recession.

      Business activity is slowing, many stock indexes are in “bear” territory, while higher borrowing costs are squeezing corporate and consumer spending.

      The U.S. Federal Reserve last week upped interest rates by 75 basis points, its biggest single rate hike since 1994, and has signalled its commitment to containing price pressures even if it brings about a growth downturn.
      …
      https://www.reuters.com/markets/europe/global-markets-recession-risk-2022-06-24/

    3. The Financial Times
      Global Economy
      Recession in US and Europe ‘increasingly likely’, warn economists
      Aggressive rate rises and European energy supply worries are leading to sharp downgrades
      A coal-fired power plant in Peitz, Germany. The country is preparing to reopen more coal plants if Russia carries out its threat to cut gas supplies to the EU
      Valentina Romei in London, Colby Smith in Washington and Martin Arnold in Frankfurt yesterday

      The risks of the US and Europe sliding into recession have picked up sharply, economists have warned ahead of the G7 summit that begins this weekend in Bavaria.

      Economists on both sides of the Atlantic told the Financial Times they had become increasingly pessimistic following the Federal Reserve’s decision to go big on rate rises to counter soaring inflation, and on mounting concerns over Europe’s gas supply in the run-up to winter.

      Holger Schmieding, chief economist at Berenberg Bank, said the balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”
      …

    4. Risk of a US recession now approaching 50%, Citigroup analysis says
      By Thomas Barrabi
      June 22, 2022 12:32pm Updated

      The probability of a global economic recession is now near 50% as the Federal Reserve and other central banks scramble to address inflation by raising interest rates, according to the latest analysis by Citigroup.

      Citigroup analysts cited the impact of sharp interest rate hikes and signs of weakening consumer demand for goods while delivering the forecast update.

      “The experience of history indicates that disinflation often carries meaningful costs for growth and we see the aggregate probability of recession as now approaching 50%,” the Citigroup economists wrote in a note, according to Bloomberg.
      …
      https://nypost.com/2022/06/22/risk-of-a-us-recession-now-approaching-50-citigroup-says/

    5. Business
      US housing market price correction to hit ‘coast to coast,’ economist warns
      By Thomas Barrabi
      June 24, 2022 12:30pm Updated
      10 Markets Where Home Prices Could Plummet by 20%

      The scorching pandemic-era US housing market is on the verge of a “coast to coast” price correction as the Federal Reserve hikes interest rates, a prominent economist warned this week.

      Mark Zandi, chief economist at Moody’s Analytics, said his firm expects home prices to sink in key competitive markets that are the most “juiced” or overvalued. The projected price drops coincide with a massive surge in mortgage loan rates that have sapped the buying power of prospective homeowners.
      …
      https://nypost.com/2022/06/24/us-housing-market-price-correction-to-hit-coast-to-coast-moodys-economist-warns/

    6. Are future US housing price declines under predicted if investors dumping properties is not factored in?

      1. US home prices to sink by 2023 as mortgage rates hit 6%: analyst
        By Thomas Barrabi
        June 20, 2022 4:36pm Updated

        Sky-high prices in the US housing market will sink in the coming months as cash-strapped prospective homebuyers contend with surging mortgage rates, a prominent research firm said in a report Monday.

        Home prices are projected to decline approximately 5% by the middle of 2023, according to the latest projections released by Capital Economics. Property values were previously expected to remain unchanged over that same period.

        The firm revised its outlook for home prices in response to the recent uptick in mortgage rates. The 30-year fixed loan mortgage rate hit 6.03% on Monday, according to data from Mortgage News Daily. The same mortgage rate hovered below 3.5% as recently as January.
        …
        https://nypost.com/2022/06/20/capital-economics-reports-us-home-prices-to-sink-by-2023-as-mortgage-rates-hit-6/

  28. New Construction Incentives and Builder Inventory

    Jun 23, 2022 New Construction Incentives and Builder Inventory

    If you are in the market to buy a home, now might be the time. New communities are releasing their inventory, and builders are offering incentives to entice buyers. Now the market is changing. However, it might benefit you.

    00:00 – Video Introduction
    01:20 – Incentives
    02:22 – How I can help you
    03:26 – Inventory
    04:44 – Home Prices, Rental Prices, Refinancing
    04:48 – Outro

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

    7 minutes. Austin TX. The incentives and inventory sections are worth watching. Near end says don’t buy.

  29. Dumb question of the day: How high will interest rates have to go to slow down the runaway train of double digit inflation? I’m thinking over 10%.

    For reference, 30-year Treasurys topped out at a yield of circa 14% in the 1980-1982 period before Paul Volcker finished bringing inflation under control.

    2. “What’s the over/under”

      Is that even a serious question?

      100% dead certainty there will be looting, if not tonight or tomorrow night, by next weekend at the latest.

      1. The pallets of bricks are being delivered to street corners THAT ARE NOT CONSTRUCTION JOBSITES as we speak. Nothing to see here, move along…

    2. This is the rally that you need to sell into.

      My RSU’s vest on Monday.

      Go, dead cat bounce, go!

  34. Wow

    Roe Vs Wade overturned! Summer of love starts now..
    Dems will milk this for next 10 elections.

    1. Sorry Mrs. Kavanaugh, Mom said I can’t sleep over tonight and her and Dad won’t be able to make it for the barbecue on Sunday.

    2. Another Reddit screenshot salt thread, this one made it to 316 replies before it got archived:

      https://boards.4chan.org/pol/thread/383712327

      What I love the most about this moment, is the feeling of *powerlessness* that these rabid violent leftists are experiencing now.

      There is literally nothing they can do, and their violent lashing out will only elect more Republicans.

      They can only seethe.

      And burn down Wendy’s, smash out the windows of Starbuck’s, et cetera.

      “They’re not sending their best”

  37. I’m wondering if they give him one of these cards before he uses the bathroom or since that’s off camera do they just go in and wipe his Biden for him?

    Biden accidentally flashed a cue card telling him exactly where to go and what to do at a White House event

    Mia Jankowicz 10 hours ago

    The full list of instructions reads:

    “YOU enter the Roosevelt Room and say hello to participants.”

    “YOU take YOUR seat. ”

    “Press enters.”

    “YOU give brief comments” — this note was partially blocked by Biden’s finger.

    “Press departs.”

    “YOU ask Liz Shuler, President, AFL-CIO, a question. Note: Liz is joining virtually.”

    “YOU thank participants.”

    “YOU depart.”

    https://www.businessinsider.com/biden-flashes-extremely-simple-cue-card-instructions-at-meeting-2022-6

  38. “you know, Mark, I just put a listing on, instead of getting 21 offers in six hours, I got three in four days.”

    There’s always a few left at the party to turn out the lights.

  39. Note that tweets like this are acceptable under Twitter’s terms of use:

    “Every member of the Supreme Court who just allowed Roe v. Wade to be overturned should be pulled out of their chambers in shot in the f*ing street … Burn them in their f*ing homes”

    https://twitter.com/MrAndyNgo/status/1540441398603808768

    This is Twitter.

    This is the Democrat Party.

    “They’re not sending their best”

  42. This is when all the future cat ladies get to rage against the sad lonely spinsterhood that awaits them.

    Protesters plan to target Justice Clarence Thomas’ home after he said SCOTUS should now revisit gay marriage and contraception after end to Roe as pro-choice extremists plan ‘Night of Rage’

    https://www.dailymail.co.uk/news/article-10950553/Clarence-Thomas-says-justices-overturn-gay-marriage-Roe-v-Wade-axed.html

    Protesters are planning demonstrations outside the home of Supreme Court Justice Clarence Thomas on Friday night, after he revealed he now has laws protecting gay marriage, gay sexual activity and contraception in his sights, after axing Roe v. Wade.

    Following Friday’s landmark decision, Thomas called on his fellow jurists to overturn previous rulings that followed similar legal precedent.

    1. “…Boise…”

      Can’t wait to see these over-leveraged, purple-haired, phat liberal coastal transplants go upside-down and lose their schitt.

Comments are closed.