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For Several Decades, We Have Traded Houses Among Ourselves At Ever-Increasing Prices In The Belief That We Were Creating Prosperity

It’s Friday desk clearing time for this blogger. “The fact some major forecasters now foresee sustained price declines — something that hasn’t happened in more than a decade — underscores just how quickly the housing market is changing. ‘It’s noteworthy,’ said Jordan Levine, chief economist at the California Assn. of Realtors. ‘Prices are going to go down.'”

“The trajectory of Fort Worth home prices is still upward. But trolling around the internet I noticed something rather interesting. Price cuts. And the cuts are not insubstantial. We’re talking $100K or more.”

“Rising mortgage interest rates continue to depress sales of existing homes in Florida, according to Florida Realtors Chief Economist Dr. Brad O’Connor. ‘This slowdown in the rate of sales was accompanied by an increase in the rate of homes listed for sale in May,’ he said. ‘The number of single-family homes actively listed for sale in Florida at the end of May was up over 23% compared to the end of April, and up 31.5% compared to a year ago.'”

“As Redfin Chief Economist Daryl Fairweather puts it, the market is ‘going into hibernation.’ ‘Everyone’s pulling back right now, because mortgage rates are higher,’ Fairweather explained. And that’s what Seattle experiencing right now, she said: a cold spell, at least compared to the hyper-competitive market that knocked out many buyers earlier this year.”

“Active listings for homes jumped 19% in June, the fastest annual pace since Realtor.com began tracking the metric five years ago. Some markets that saw the biggest surges in demand during the pandemic are now among those seeing the biggest gains in supply: Austin inventory was up close to 145% from a year ago, Phoenix was up 113% and Raleigh up nearly 112%.”

“U.S. mortgage lenders, refinancing companies and real-estate brokers may lay off thousands of employees in the coming months, industry sources said. JPMorgan Chase & Co, the largest U.S. lender, has started laying off employees in its mortgage arm, citing ‘cyclical changes in the mortgage market.’ Executives at mortgage firm loanDepot Inc said in an earnings call last month that they were expecting to cut headcount to manage costs as market volumes drop. A source at Ally Financial Inc said it was focusing on ‘prudent and essential hiring only.’ Both firms added about 1,000 employees last year.”

“‘There is almost no incentive to refinance. So that drop off in business, in addition to our view of slowing (home) sales, suggests there will need to be layoffs across the industry,’ Douglas Duncan, senior vice president and chief economist at Fannie Mae, said.”

“Bruce Gelb is in contract to sell his Upper East Side duplex — following a massive $45 million price slash. The home, at 1060 Fifth Ave., first hit the market for $65 million in 2016 and was last asking $20 million, following multiple broker swaps and dramatic price cuts.”

“Despite competition from another house on the same quiet crescent street in Ajax, about 50 kilometres east of Toronto, this four-bedroom home received four offers. The best offer was accepted, but fell through after the prospective buyer failed to provide a promised deposit cheque. ‘This is only the second time this has ever happened to me where the buyer didn’t come through with the deposit cheque,’ said agent Jenelle Cameron. ‘But things were starting to get weird in the market, and we were seeing things fall through all over the place.'”

“House price growth has slowed to almost zero, marking an end to Britain’s latest property boom. Nick Leeming, of Jackson-Stops estate agents, said: ‘I think we’ll look back and note the first quarter of 2022 as the absolute pinnacle of post-pandemic related property enthusiasm. It’s now apparent that April will be looked back on as an inflection point of the market. We are already seeing many over-ambitious sellers coming back down to the realms of reality.'”

“Vendors are pulling their properties from auction at the fastest rate since the onset of COVID-19 amid growing concerns about rising interest rates, falling prices and a slowing economy. Most of the properties being withdrawn are in Melbourne and Sydney, where one in four homes going to auction last weekend were cancelled, according to CoreLogic analysis. There is evidence the auction downturn is gaining momentum. Property prices on the northern beaches had a boom of almost 40 per cent last year, but have since fallen about 10 per cent in the past three months in areas such as Narrabeen and Collaroy.”

“Many buyers at the top end of the market have travelled to their local snow fields or warmer destinations overseas, according to Emma Bloom, a buyers agent in Melbourne’s multimillion-dollar south-eastern suburbs. ‘You’d be brave to start a sales campaign at this time,’ Ms Bloom said.”

“In late November, the state government declared that Penang has the second-highest number of unsold properties in Malaysia, with 4,683 completed housing units worth RM3.66bil. ‘If there are more houses on the way, the inventory will grow, making it more difficult to clear the glut,’ Real Estate and Housing Developers’ Association immediate past chairman Tan Hun Beng told StarBiz. A large number of unsold units is perhaps an indication that we are building houses that are not in demand due to various factors.”

“Offering a coastal resort villa in Da Nang for sale, Pham Van Quynh, an investor from Hanoi, was very impatient. The villa he bought for nearly VND20 billion in 2018 now can bring a profit. Because of the pandemic and unprofitable business, he has had to sell the villa to get capital for business. Quynh has worked with many estate trading floors and brokers since early 2022 but he cannot sell the property. The financial pressure is stressful.”

“‘The property market is hot and real estate prices have been increasing everywhere, so I hope I can sell the villa quickly to pay debts. But this turns out to be not easy work,’ he said. ‘I have offered high commissions for brokers and accepted to cut prices.’ There are many ads on websites offering to sell resort villas in Da Nang. Many villa owners now accept to sell villas on Truong Sa, Vo Nguyen Giap and Ngo Quyen streets at a loss of VND200-300 million.”

“While sustainability is determined by fundamental drivers in the housing market, affordability is about where the cost of purchasing a house sits relative to the income of the home-buyer. ‘Unfortunately for many New Zealanders trying to buy a home, the current level of sustainable house prices – determined by market fundamentals – is still by no means affordable,’ said Reserve Bank Chief economist Paul Conway.”

“Housing market dynamics in future were unlikely to be the same as in the past and, given the importance of housing to the economy and the ‘national psyche,’ that would be a huge change, he said. ‘For several decades, we have traded houses among ourselves at ever-increasing prices in the belief that we were creating prosperity. But the tide may well have turned against housing being a one-way bet for a generation of Kiwis,’ he said.”

“Looking to buy a home in the Portland area? You’ll need to earn more than $130,000 to make that happen. That’s a problem for many would-be homebuyers in southern Maine, where the median household income is under $62,000. A decade ago, an income of just $58,000 was needed to buy a typical Portland home for around $230,000. The income required to buy a home in the Portland area jumped from $92,600 in April 2021 to $130,000 this year as median home prices went up 20 percent.”

“Over the past year, Beth Tembreull and her husband, Jarrod, have seen how high prices and stiff competition make it seem nearly impossible for first-time homebuyers to get into a home. The couple, who rent in Portland’s West End, started looking for a house in April 2021, after he finished his residency at Maine Medical Center and took a job as a physician in the Midcoast. ‘If we, as a physician and a teacher, can’t find a place to live, how will the influx of immigrants that are arriving in Portland ever find a home?’ she said.”

This Post Has 113 Comments
  1. The 14 minute California video:

    Eric’s Neighborhood Watch – June 29, 2022 – 92056

    Jun 29, 2022 Let’s head to the coast and have a look at Oceanside!🏄🏽‍♀️ Inventory is up and pending sales are down!

    The 14 minute K-da video:

    Home Prices Down 30% From Peak In Vaughan, Richmond Hill & Markham – June 22

    Jun 30, 2022 Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of June 16 – June 22, 2022. This video will focus specifically on Vaughan Richmond Hill & Markham.

  2. I was going for a hat trick but I only got two and a half. Better luck next time I suppose.

  3. ‘The number of single-family homes actively listed for sale in Florida at the end of May was up over 23% compared to the end of April’

    Florida is a really big place. So for shacks to hit the market like this means thousands upon thousands have appeared. Harry Potter!

  4. ‘Active listings for homes jumped 19% in June, the fastest annual pace since Realtor.com began tracking the metric five years ago. Some markets that saw the biggest surges in demand during the pandemic are now among those seeing the biggest gains in supply: Austin inventory was up close to 145% from a year ago, Phoenix was up 113% and Raleigh up nearly 112%’

    I think we’ve put this CCP virus boom in it’s coffin. There was never a justification for 20-30-40% or higher price increases. The guberment/REIC fooked up big time.

    ‘It’s noteworthy,’ said Jordan Levine, chief economist at the California Assn. of Realtors. ‘Prices are going to go down.’

    How the mighty have fallen.

  5. WTF headline of the day.

    Price of virtual real estate on the metaverse soars 879 percent in 18 months: Study

    https://english.alarabiya.net/business/technology/2022/06/30/Price-of-virtual-real-estate-on-the-metaverse-soar-879-percent-in-18-months-Study

    Prices of blockchain-based virtual real estate on the metaverse increased by 879 percent between September 2019 and March 2022, according to a study.

    Blockchain data platform Chainalysis’ study uncovered big differences in the prices of land in various metaverse projects and found that investors have been doubling down on digital assets for the purpose of “flipping” to turn a quick profit.

    1. “…Price of virtual real estate on the metaverse soars 879 percent…”

      Metaverse heads up: I have some really nice picture NFT’s of some rat holes that would be perfect to adorn your virtual real estate backyard.

      Get in now! before the rats wise up and raise prices!

    1. Right. Because we saw this movie “only” 15 years ago. At that time, very few people were old enough to remember a true housing crash. But we had a real crash in 2007-2010, so all adults are old enough to remember.

  6. Not a good day for crypto:

    “…Ruja Ignatova, also known as “Cryptoqueen,”…” “…accused of defrauding investors out of $4 billion by selling a fake cryptocurrency called OneCoin has been added to the FBI’s list of its ten most-wanted fugitives, US officials said on Thursday.

    But no worries, there are 20,085 other cryptos in existence as of this morning. All the rest of the are totally legit, right?

  7. ‘For several decades, we have traded houses among ourselves at ever-increasing prices in the belief that we were creating prosperity. But the tide may well have turned against housing being a one-way bet for a generation of Kiwis’

    This guy works for the central bank. And they want us to believe this? An economist no less, and he can’t see that buying shacks from each other has zero economic benefit? That’s how much you guys screwed up.

    1. – Evergreen OpEd by the Bernank.
      – “Smartest guys in the room.”
      – Wile E. Coyote, Super Genius

      http://www.washingtonpost.com/wp-dyn/content/article/2010/11/03/AR2010110307372.html

      What the Fed did and why: supporting the recovery and sustaining price stability

      By Ben S. Bernanke
      Thursday, November 4, 2010

      “Two years have passed since the worst financial crisis since the 1930s dealt a body blow to the world economy. Working with policymakers at home and abroad, the Federal Reserve responded with strong and creative measures to help stabilize the financial system and the economy. Among the Fed’s responses was a dramatic easing of monetary policy – reducing short-term interest rates nearly to zero. The Fed also purchased more than a trillion dollars’ worth of Treasury securities and U.S.-backed mortgage-related securities, which helped reduce longer-term interest rates, such as those for mortgages and corporate bonds. These steps helped end the economic free fall and set the stage for a resumption of economic growth in mid-2009.”

      “With short-term interest rates already about as low as they can go, the FOMC agreed to deliver that support by purchasing additional longer-term securities, as it did in 2008 and 2009. The FOMC intends to buy an additional $600 billion of longer-term Treasury securities by mid-2011 and will continue to reinvest repayments of principal on its holdings of securities, as it has been doing since August.”

      “This approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth [asset bubbles and speculation]. For example, lower mortgage rates will make housing more [less] affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment [stock buybacks]. And higher stock prices will boost consumer insiders and 1%’ers] wealth and help increase confidence [wealth and income inequality], which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle [doom loop], will further support economic expansion [contraction when these asset bubbles burst].”

      – No bankers went to jail after the GFC. Party on Garth!
      – Artificial stimulus since the GFC 13 years ago and before. No organic growth, just asset bubbles and growing wealth and income inequality. Debt, and liabilities aren’t wealth. Wall St. has taken over from Main St. The tail wagging the dog.

  8. ‘The trajectory of Fort Worth home prices is still upward. But trolling around the internet I noticed something rather interesting. Price cuts. And the cuts are not insubstantial. We’re talking $100K or more’

    Some are new. So where is the Dallas Morning News on this? Or the Star Telegram.

    1. A half gallon of Kroger store brand milk has gone from $1.99 to $2.69.

      That is a 35% increase.

      FJB

  9. Something to think about for this Independence Day:

    “The profound failure of lockdowns and now vaccines have woken many average folks to the dangers of bureaucratic overreach, expert overconfidence, and authoritarianism in the name of safety.

    They took our rights. The media and public health authorities would like you to forget the closed playgrounds and shuttered malls and mask mandates of 2020. And the vaccine mandates of last fall. They want you to forget that for a while, the federal government tried to take the right to work from tens of millions of unvaccinated people. State and local governments went even further; and countries like Canada and Australia further still. UNTIL 10 DAYS AGO, CANADA DID NOT ALLOW UNVACCINATED PEOPLE ON PLANES – effectively curtailing their right to travel in a country that stretches more than 4,000 miles from British Columbia to Newfoundland.

    And they took our rights FOR NOTHING.”

    https://alexberenson.substack.com/p/on-covid-schools-and-the-death-of/comments

    There are thousands, if not millions, of other young male Americans just like me, and we are going to clean up this mess.

    Have a great day everybody!

    1. From the comments: “Looks like the California Democrat voting rolls just went down one.”

      Amen.

    1. Is he actually growing anything on the zillions of acres he owns, or is it all just laying fallow?

  10. California First To Cover Health Care For All Undocumented Immigrants:

    “The budget will make all low-income adults eligible for the state’s Medicaid program by 2024 regardless of their immigration status”

    https://www.huffpost.com/entry/california-health-care-immigrants_n_62be8dcce4b0f61257250f3e

    Almost 250 years ago the colonial Americans decided to overthrow the British and create their own sovereign nation.

    And now look at what we have become.

    1. California First To Cover Health Care For All Undocumented Immigrants:
      Going to be interesting when the 2021 budget surplus goes negative in 2022 and possibly 2023. (due to much lower capital gains in 2022 & possibly 2023) How many people will want to pay higher taxes and have less timely access to healthcare to insure the illegals? I guess we will find out.

  11. This is all propaganda and lies.

    Ukraine Has Exposed Russia as a Not-So-Great Power:

    “The Russia-Ukraine war is now cutting through much of the nonsense that dominated the discussion of international power politics, posing particular challenges to blasé assumptions about what makes a state powerful, and what makes a country’s leadership effective. This reassessment doesn’t just concern the question of debatable prewar military analysis of Russia and Ukraine, or theories of international relations. Instead, it is aimed at the whole way we think about how countries interact with one another, about national power, and about leadership.”

    https://www.theatlantic.com/ideas/archive/2022/07/rethinking-russia-ukraine-international-political-power-military-strength/661452/

    Russia is winning.

    1. From the UK piece: “It’s now apparent that April will be looked back on as an inflection point of the market.”

      We’re at a turning point, not an inflection point.

  12. Orange County

    Housing Market Update: Winter Is Coming?!
    Jun 30, 2022 Housing Market Overview: Winter Is Coming?!

    In this video I will be discussing the current dynamics within the housing market using accompanying graphs and figures to illustrate the concerning trajectory ahead

    Inventory:

    The overall inventory of the housing market has tripled in a very short period of time. We are sitting at just over 400k houses on the market – which in the grand scheme of things is not a large number – but the rate in which we went from 150k to over 400k on the market is alarming

    This is showing that demand is heavily muted given inventory is rising at such a fast rate while still being a fairly low number aggregate wise. For example…in January of 2020 there were over 600k houses listed on the market and we are currently at only 420k houses

    Price Reductions:

    The % of properties with recent price productions on their homes has risen over 10% since March and is currently at 27.2. When the Fed rose rates in 2018…price reductions peaked at 37.2% meaning there is a lot of room for the market to cool off even more given we expect the Fed to keep rising interest rates

    Market Time:

    The average amount of time it takes your house to go from market to escrow is a great indicator of how hot the market is. In Orange County on March 17th…it took 24 days (on average) to get your home into escrow. As of today…the current average is 61 days from market to escrow which is a very big jump. This uptick in time on the market can also increase the aggregate inventory of houses for sale. My prediction is that the market continues to slow down and we go to triple digits of days from market to escrow

    13,125 homes are in escrow which was over 19k at the same time last year…a 46% discrepancy year to year

    Conclusion:

    Over the last 20 months we have had a feeding frenzy within the housing market…and we are experiencing a major shift within the climate. Inventory is rising, interest rates are rising, demand is dropping…most every major indicator for the housing market leads to a softer market for the near future which can be very advantageous for upcoming prospective buyers. If you are listing your home on the market…I suggest listing at or right below market value because the demand is still strong enough that your home will sell.

    https://www.youtube.com/watch?v=nJF5SJ8JaKk

    10 minutes.

    ‘When the Fed rose rates in 2018…price reductions peaked at 37.2%’

    This was the ebola! era.

    1. Now is the point and going forward that if you want to sell and get out you price 10% below market and you’ve got a chance. At the beginning and during the last crash I preached this to sellers but emotion gets in the way almost every time. Never fall in love with a number. If you chase a market down you’ll get hosed. You get ahead of the drop. And if your realtor doesn’t agree with this then fire them on the spot and get one that does.

  13. People Who Care About January 6 the Same Who Gave Us $6 a Gallon for Gas:

    “No, because they’re talking about issues that only they care about that nobody else cares about,” Hawley replied. “That doesn’t affect the lives of real people or that they’re wrong on.

    That’s what they’re telling people. January 6, the only people who care about January 6 are the Democrats in Washington, D.C. These are the same people who have given us five and six dollars a gallon for gasoline.”

    https://www.breitbart.com/clips/2022/07/01/hawley-people-who-care-about-january-6-the-same-who-gave-us-6-a-gallon-for-gas/

    FJB, and F* Liz Cheney too

  14. California pushes to be sanctuary state for transgender children:

    “California is on its way to becoming a sanctuary state for transgender children who want to circumvent laws banning medical procedures in their home states.

    A bill creating a safe haven against parents, insurance companies, and other state courts passed a California State Assembly committee Tuesday despite a barrage of testimony from parents and former trans children who wanted the lawmakers to reconsider. It is almost certain to pass the full legislature due to California’s Democratic supermajority, becoming one of the first states to create such a safe haven.”

    https://www.washingtonexaminer.com/restoring-america/equality-not-elitism/california-pushes-sanctuary-state-transgender-children

    A safe haven against parents?

    Under Marxist rule, childen are the property of the state.

    1. More:

      “I’ve been the lone voice in the wilderness crying out about this,” said Dr. Quentin Van Meter, the president of the American College of Pediatricians. “The system is the problem. It is a cult machine sucking these children in and putting them on a conveyor belt.”

      There is language in the Old Testament of the Bible that discusses this, and the term for it is abomination.

      1. Hey, as long as the sickcare industry gets a new source of income and profits, who cares? It’s all good. Doctors and hospitals are all here for your benefit. Really, that’s why they keep putting up hospitals and doctor’s offices on every corner.

    2. “Under Marxist rule, children are the property of the state.”

      In a perfect world they, along with their parents, would be the property of the banks.

  15. They’re Not Laughing Now: Wood-burning Stoves and Firewood in Short Supply in Germany as Citizens Fear Freezing to Death Due to Gas Shortages:

    “gas prices are so high in Germany today that wood-burning stoves and firewood have become scarce nationwide.

    German citizens are loading up on wood to heat their homes next year — just like they did in the Middle Ages.”

    https://www.thegatewaypundit.com/2022/07/not-laughing-now-wood-burning-stoves-firewood-short-supply-germany-citizens-fear-freezing-death-due-gas-shortages/

    Russia is winning.

    1. Looks like Hans got tired of trolling here, or maybe his paymasters sent him to troll elsewhere.

      1. ‘Looks like Hans got tired of trolling here, or maybe his paymasters sent him to troll elsewhere’.

        Again – my name isn’t ‘Hans’ and as Ben knows my name I can’t comment here anymore since Kyle Rittenhouse showed up.

        I just don’t want to get shot.

  16. Las Vegas New rates and new opportunities for new home buyers!
    Jun 30, 2022 The New Home Experts Founder Jennifer Graff is with the news anchor Lauren Martinez from @FOX5 Las Vegas talking about what’s happening in our market. From waitlists to bidding wars, the hot housing market is seeing a cooling trend after a sudden rise in interest rates.

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

    2:32.

    1. fell out

      This one’s gotta sting: 13367 Calle Colina, Poway, CA 92064

      7/1/2022 Listed for sale $1,895,000 $599/sqft
      5/17/2022 Pending sale $1,895,000 $599/sqft
      5/13/2022 Price change $1,895,000 (-0.2%) $599/sqft
      5/5/2022 Listed for sale $1,899,000 $600/sqft

  17. Sacramento / Stockton Real Estate Report for 6/30/2022

    Jun 30, 2022 The Sacramento / Stockton area real estate market is showing a clear trend of reduced prices as both the median list price and median sales prices are dropping. Inventory is climbing while the pending sales are dropping. Look for this trend to snowball as more buyers take the sideline and wait.

    https://www.youtube.com/watch?v=3xF6KuT0Tfo

    5 minutes. Prices headed down. Price reductions at 3:30. Shaazam!!

  18. Dallas Housing Market – Good News & NOT So Good News!

    Jun 30, 2022 There is some Good News & NOT so Good News For The Dallas Housing Market. Has the Dallas Tx Housing Market Hit Its Peak, and Will The Dallas Housing Market Experience a real estate crash…

    Just a brief overview of the Dallas Housing Market:
    – We are seeing More Dallas Tx Home Sellers Reducing Their Asking Prices
    – The FED Has Raised Their Interest Rate, and it was the largest increase since 1994
    – More Dallas Tx Housing is Coming up for sale, so home buyers DO HAVE a great opportunity to get into a property without bidding wars.

    https://www.youtube.com/watch?v=_BKfowBn7EM

    5 minutes.

  19. Denver Housing Market Predictions for 2022
    Jun 30, 2022

    00:00 – Introduction
    00:36 – Introducing Our New App!
    01:12 – Back to Regular Programming
    2:27 – Start of Discussion
    02:07 – Interest Rates
    06:00 – Seasonal Change
    07:26 – Rental Market
    09:09 – New Builds
    12:28 – Outro and Contact Number

    https://www.youtube.com/watch?v=ctxCNdj8v98

    13 minutes. I only watched the new builds section.

  20. How’s the Market? Denver – June 2022
    Jul 1, 2022 * In the Denver Metro in the single family market we have had 5.41% fewer homes close YTD than the same time last year.

    * Median close price in the DETACHED market is down 1.4% to $670,106 with the average close price down 1.9% to $805,508

    * We’re seeing a lot of price reductions and a lot of sellers offering concessions to buy down the buyer’s interest rate to make the monthly all in payment more palatable.

    https://www.youtube.com/watch?v=RfLI2zeGEK4

    10 minutes.

    1. Dumver is so ridiculously overpriced. When it was affordable and relatively crime free, it was a good place. Now, I can’t imagine why anyone would want to live there. Even up north in Larimer county life isn’t what it used to be: it’s expensive and crime is also up, just not as bad as Dumver.

      1. Photo taken yesterday exiting northbound 25 onto Hampden Ave:

        https://ibb.co/nmMvLVB

        This is just their garbage pile, the pair of tweakers who “work” this intersection were out of photo frame panhandling drivers in the far left turn lane.

        1. Yup. The last time I was in Dumver, that’s what I saw: tents and garbage, and not just under overpasses.

        2. They work the exit ramps here but PBSO wouldn’t let the shopping cart condo and garbage go like that.

          Kyle you know the Southern Blvd. / I-95 exit in West Palm. There is an old one legged beggar that has been there for a couple of years, I see her a few times a week when I’m going over to Palm Beach. I thought One Leg Emma was dead in her wheel chair a couple of months ago but I was relieved to see she was only passed out when I saw her a later that week.

          1. Same intersection today, on the right side of the turn lanes. The City was out there cleaning it up, looks like maybe they salvaged the tweakers’ belongings and let them put them in carts and keep them?

            https://ibb.co/WvtFzqj

            There were not people passed out on the sidewalk in daylight hours in very high traffic places in my neighborhood three years ago, this is all new.

    1. “I’m Danny Greco, REALTOR® with Keller Williams Greater Seattle. The ability to adapt and persevere throughout the years has allowed me to succeed and become a trusted resource when it comes to Seattle real estate.”

      From the looks of that video he adapted and persevered his @ss right into his parents attic.

      He reminded me of this guy…

      https://youtu.be/urYQcEahJcw

  21. The Financial Times
    Opinion The Long View
    A soft landing is becoming a distant dream
    Aeroplane metaphors do little to disguise the fact that central bankers are struggling with the inflationary overshoot
    An American Airlines plane lands at Ronald Reagan Washington National Airport
    Policymakers have been focused on landings of late: hard landings, soft landings, and bumpy landings in between
    Katie Martin yesterday

    Major moments in markets tend to come with some sort of gimmick to explain them. In 2020, it was letters of the alphabet. After the initial Covid crash in markets and in the economy, investors focused on what shape the recovery would take. Would it be V-shaped, with a rapid pick-up from the depths? Or W-shaped, with a succession of setbacks? Or would it take an L-shape, with us all getting knocked down, unable to get up again?

    Economists and central bankers spent considerable time using letters to help the public understand what might lie ahead. In the end, the V prevailed. Now, a historic overshoot in inflation is causing concern — the invisible hand drawing the upward flick in the winning letter just won’t put the pen down.

    Central bankers are fighting back but the letters have been discarded. Instead, the framework to help us all understand the task for Fed chair Jay Powell and fellow policymakers, has been focused on landings: hard landings, soft landings, and bumpy landings in between.

  22. June Market Update – Peel Region
    Jul 1, 2022 Prices in the Peel Region have dropped over $600,000 since Feb this year. Is it a good time to buy or just wait?

    00:00 – Intro
    00:58 – Canada’s Housing Market Crash History
    01:24 – Historic Statistics (Graph)
    01:45 – Market is PSYCHOLOGICAL
    03:50 – Signs of a Declining Market
    06:37 – If You’re a Buyer
    06:40 – If You’re a Seller
    07:24 – Whoever Held on to their PROPERTIES (5 years later)
    08:31 – Video of the Summer Market in 1982
    11:05 – Outro

    https://www.youtube.com/watch?v=o8tRd4JDsz4

    11 minutes.

  23. New Construction Review Taylor Morrison Bordeaux Plan

    Jul 1, 2022 We will be reviewing some of the latest discounts and deals for new construction home builders in the Dallas Fort Worth area. Not only will you be able to take advantage of the latest builder discounts but if you work with us you can get up to $10,000 cashback to use as you like.

    https://www.youtube.com/watch?v=8rGiqxEPtAU

    2:11.

    1. “Just closed my Halifax account after nineteen years with them. They can stick their pronouns up their his/her”

      Andy?!

      1. “…suspends withdrawals…”

        It sux to find out you can’t get your money back.

        1. I thought the whole point of crypto was that you didn’t need to keep it in a bank. Just store on a hard drive, and back it up just to be fer sure, fer sure. And don’t lose the encryption key.

          Of course, the trick is converting it into fiats. I don’t think I can waltz into the local Wells Fargo or Chase branches and exchange BTCs for Uncle Buck. So I suppose you have to rely on something like Voyager. And that can turn sour, as we are seeing.

    1. It’s painfully obvious we are already in a recession. Inventory is piling up at retailers as broke and worried customers stay home.

      I’ve also noticed that some automotive inventory is starting to accumulate, despite the so called “chip shortage”.

      1. Take a look next time you drive by your local used car lots. Inventory here is building up so much they’re parking cars in closed businesses nearby.

  24. Dallas Morning News — Feds show up at home of North Texas woman who posted angry tweets after Roe decision:

    “A federal agent and two police officers showed up to a North Texas woman’s house on Thursday morning warning her to stop threatening the government on Twitter after she posted in anger over the Supreme Court decision overturning Roe v. Wade.

    The feds’ letter to Madeline Walker of Garland came after she tweeted about burning government buildings on the day the Supreme Court handed down its decision.

    Using expletives, Walker tweeted, “Burn every … government building down right … now. Slaughter them all,” in reply to video in which President Joe Biden urged protestors to remain peaceful.

    As of noon on July 1, Walker’s original post — which landed her a warning letter from the feds — had 8 retweets and 31 likes. She has since deleted the post.”

    https://www.dallasnews.com/news/crime/2022/07/01/feds-show-up-at-home-of-north-texas-woman-who-posted-angry-tweets-after-roe-decision/

    Remember, kids, don’t make threats against people.

    Don’t shoot up schools or grocery stores.

  25. Did Poland – a NATO member – just join the fight against Russia in Ukraine?

    Watch: Polish Armor in Action as Ukrainian Commander Praises Allies

    https://www.newsweek.com/watch-polish-armor-action-ukrainian-commander-praises-allies-1721180

    Images released by Ukraine military show a Polish howitzer in action against Russian troops as the commander-in-chief of the Ukrainian Armed Forces praises the country’s allies for their military support.

    The footage was obtained from the commander-in-chief of the Armed Forces of Ukraine, Valerii Zaluzhnyi, 48, on Friday, along with a statement saying: “We did not attack anyone. We protect our own. We are the first army of peace.

    “Arms, ammunition, and equipment provided by partner countries help us protect peace in Ukraine and throughout Europe.”

      1. German soldiers who were caught wearing American uniforms as a subterfuge during the Battle of the Bulge were summarily executed. I would expect Russia would deal similarly with Polish forces captured in Ukrainian uniforms.

        1. This is not the same situation.

          The Germans wearing American uniforms were trying to pass as Americans. The Poles wearing Ukraine uniforms as are not trying to pass as Russians.

  26. What a delightful “innovation” – 50 year mortgages for a lifetime of debt serfdom. Sounds like something a globalist stooge like Boris Johnson would cook up.

    Johnson Weighs 50-Year Mortgages That Children Can Inherit

    https://www.bloomberg.com/news/articles/2022-07-01/johnson-weighs-50-year-mortgages-that-children-can-inherit?srnd=premium-middle-east&sref=ibr3A0ff

    Boris Johnson is exploring plans to offer British home-owners longer mortgages that can be passed between generations, the latest move by the government to stimulate housing demand.

    Buyers could be offered mortgages for 50 years or more, with the outstanding debt when they die passed to their children, according to a person with knowledge of the matter. Longer loan durations would allow home buyers to pay more for properties because they would have lower monthly payments.

    1. “Longer loan durations would allow home buyers to pay more for properties because they would have lower monthly payments.”

      Financiers have no shame.

    2. And these would NOT be 50 year fixed mortgages. They would be adjustable rate, guaranteeing that at some point interest rates will soar and the loan will be defaulted.

  27. It would be a darn shame if SUV-driving NYC libtard soccer moms ran afoul of their ideological bedfellows in the green movement.

    ‘We will NEVER be caught’: Brazen eco-zealots who slashed 40 SUV tires in NYC vow they’ll spring up across major US cities as ‘autonomous groups’ after wreaking havoc on Britain

    https://www.dailymail.co.uk/news/article-10974329/Brazen-eco-zealots-slashed-40-SUV-tires-NYC-vow-theyll-spring-major-cities.html

    Brazen eco-zealots Tyre Extinguishers are celebrating their expansion into America, after slashing the tires of 40 SUVs in New York City Thursday night and bragging that they’ll ‘never be caught.’

    The movement, which originated in the United Kingdom, seeks to dissuade people from owning SUVs in urban areas, and switch instead to more environmentally-friendly vehicles.

    Tyre extinguishers took credit for deflating the tires of 40 SUVs on Manhattan’s Upper East Side Thursday.

    1. While safe in NYC, elsewhere they might find themselves at the wrong end of a gun barrel.

  28. How are those vaccine mandates working out for ya, air travelers?

    Misery as more than 300 flights are canceled ahead of Fourth of July: Delta boss APOLOGIZES for ‘unacceptable’ airline chaos as firm ‘offers flyers $10,000 bumped from overbooked flights’ and airports face busiest weekend since the start of the pandemic

    https://www.dailymail.co.uk/news/article-10973189/Delta-CEO-apologizes-unacceptable-cancelations-amid-hectic-Fourth-July-travel.html

    1. I wonder how many jabbed pilots are failing their physicals and getting grounded because of an irregular heartbeat showing up in an ECG?

  29. ‘Many villa owners now accept to sell villas on Truong Sa, Vo Nguyen Giap and Ngo Quyen streets at a loss of VND200-300 million’

    I liked it better when they said Dong all the time. This just in:

    Sellers Panicking! HUGE Increase in Listings as Arizona Housing Market Shifts

    Jul 1, 2022 We have seen the number of listing increase drastically in the Arizona housing market over the past few weeks. Sellers are panicking to get their homes sold before the market shifts. Who is listing these homes and where are they coming from? We get into all of that in this video.

    https://www.youtube.com/watch?v=jGl1t3KtUig

    11:28. At 2 minutes she gets into who is listing. Note 55% of active listings are vacant. New construction at 2:45. DR Horton info. At 7:20, iBuyers. A solid video.

  30. Frum outta da blue …

    Off Campus Texas A&M Housing With “Resort Style” Rooftop Pool Defaults On Debt Payment
    Tyler Durden’s Photo
    BY TYLER DURDEN
    FRIDAY, JUL 01, 2022 – 06:55 PM
    Who could have possibly thought, amidst all this euphoria, that luxury college housing complexes for students might not be the best idea in the world?

    It’s looking like for one complex – with, of course, a “resort style” rooftop pool (which everybody knows is integral to ones studies) – near the Texas A&M University campus is starting to find out this harsh reality.

    The 3,400-bed student housing complex, called Park West, is going to default on its July debt payment according to Moody’s Investors Service, who downgraded the company’s bonds deeper into junk territory this week.

    The property, which provides off-campus housing for students, is located in College Station, Texas, Bloomberg reported in a mid-week wrap up. It has reportedly been struggling since even before the pandemic, thanks to the building’s higher rents.

    Moody’s commented: “The project’s financial distress is directly linked to prolonged weakness within its College Station, Texas student housing submarket which has been an ongoing problem since Park West opened for fall 2017.”

    $15.3 million is due in principal and interest, but the complex will only pay $8.5 million. The company that sold the bonds, NCCD-College Station Properties LLC, still has about $342 million in bonds outstanding, Bloomberg reported.

    The vice president and director of operations for the company confirmed that the company would default but offered up no other color.

    https://www.zerohedge.com/markets/campus-texas-am-housing-resort-style-rooftop-pool-defaults-debt-payment

    1. “The property, which provides off-campus housing for students, is located in College Station, Texas, Bloomberg reported in a mid-week wrap up. It has reportedly been struggling since even before the pandemic, thanks to the building’s higher rents.”

      I’m certain though that the COVID19 pandemic ate through any budget reserves they might of had. The only landlords capable of surviving the shutdowns were outright owners.

    1. The Financial Times
      Fintech
      Klarna valuation crashes to $6.5bn from $46bn
      Swedish fintech’s decline highlights how investors are souring on ‘buy now, pay later’ sector
      A Klarna logo
      Klarna is set to raise $600mn from investors including Sequoia Capital and Mubadala
      James Fontanella-Khan in San Sebastián, Ortenca Aliaj in New York and Siddharth Venkataramakrishnan and Arash Massoudi in London 8 hours ago

      Payments fintech company Klarna is set to raise fresh capital at a valuation of about $6.5bn, a fraction of the $46bn it was valued at just a year ago, three people with direct knowledge of the matter said.

      The $600mn deal, which is being finalised, will involve investors including Sequoia Capital and Abu Dhabi’s Mubadala putting money into the Swedish company, two of these people added.

      The dramatic decline in the worth of what was one of Europe’s most valuable private companies highlights the extreme reversal in sentiment for cash-guzzling, growth-chasing start-ups.

      It also shows how investors have soured on “buy now, pay later” companies such as Klarna, which provide a form of short-term credit.

      Only a year ago, Klarna was able to double its valuation to $46bn after a $639mn funding round amid a boom in ecommerce during the coronavirus pandemic. That funding round was led by Japan’s SoftBank, the investment group behind a disastrous bet in office-sharing group WeWork.

      Klarna; its adviser Goldman Sachs; and Sequoia, whose partner Michael Moritz is also the chair of Klarna, each declined to comment. Mubadala did not immediately respond to a request for comment. The Wall Street Journal first reported the new funding terms.

      The company was founded in 2005 and is a pioneer of the buy now, pay later business, which allows customers to delay payments or divide them into instalments. However, 40 per cent of its transactions are now paid in full through its “Pay Now” option.

      The new valuation would be Klarna’s lowest since August 2019, when it was worth $5.5bn, and follows a series of efforts to raise cash this year, according to people briefed about the matter.

      In May the company was tapping investors, including institutional investment firms and family offices, for new cash at a $25bn valuation. However, it failed to get any significant traction, according to those people.

      1. “…crashes to $6.5bn from $46bn…”

        That’s down by 86% so far, of you were wondering.

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