thehousingbubble@gmail.com
Blog

Buyers Have Disappeared And Sellers Are Shocked

A report from the Tribune in California. “When will the San Luis Obispo County housing market return to normal? Housing prices have seen ‘enormous growth’ in the past couple of years, Cal Poly finance professor Ziemowit Bednarek said, increasing as much as 20% in the first quarter of 2021 and 18% in the first quarter of 2022. ‘We’re not going to see price reversal, home prices going back to what they were pre-pandemic,’ Bednarek said. ‘That’s not going to happen, at least not anytime soon. I don’t think it ever will happen, actually.'”

“Richardson Properties Realtor Lindsey Harn agreed. ‘I don’t see housing prices dropping,’ said Harn, who’s been selling homes in SLO County for 12 years. ‘One of the nice things about the Central Coast is we are a small enough market and we are kind of insulated,’ Harn said. ‘So if there were a dip in prices to an extent, there’ll be a whole set of new buyers looking to fill in.'”

The San Jose Spotlight. “What’s driving the soaring increase in mortgage payments in America’s 10th largest city? The easy answer is supply and demand, but that’s not all. Brett Caviness, president of the Silicon Valley Association of Realtors, attributes the increase to ‘a combination of rising prices in the real estate housing market, paired with rising interest rates.’ Caviness called a monthly mortgage payment north of $9,000 ‘very reasonable.'”

“Most first-time homebuyers are young tech workers in their 30s who earn a high salary but haven’t saved enough to make a large down payment, said Julie Wyss, a South Bay realtor with Compass. Despite the demand, Wyss thinks the market is at a standstill. Wyss, who has been a realtor in the area for 15 years, said her 10 active listings in the South Bay haven’t drawn much interest. She said rising interest rates and lack of liquidity are starting to impact sales. ‘Open houses are dead. We’re doing $100,000 reductions every two weeks. Just nothing,’ Wyss said.”

The Press Enterprise. “The typical Californian renter in these big six metro areas can expect to pay an average $3,190 a month to the landlord, assuming mid-2022 rents increase at a 4% annual rate. Meanwhile, a California homebuyer can expect to spend on average $5,054 a month in the same five-year period. This expense includes making house payments on a 5.5% fixed rate, no-money-down mortgage; paying property taxes at a 1.5% annual rate; paying down 8% of the mortgage balance, and tax savings worth an assumed 20% of interest and taxes paid.”

“The result is a $1,863 savings per month for renters — or $112,000 extra paid by owners over five years. And if this math does not hit home hard enough, so to speak, consider that a hypothetical California buyer in mid-2022 needs 17% appreciation — after 6% closing costs — to sell five years from now and break-even vs. renting.”

“San Jose: $3,641 a month spent on rent over five years, No. 1 among the 50 U.S. metros. A homeowner will pay $8,317 monthly in net house expenses, also No. 1, for a house that cost $1.7 million. That’s $4,676-a-month renter savings or $280,500 over five years. So home prices must appreciate 23% over five years to break even. San Francisco: $3,551 rent, No. 2 nationally, vs. $7,291 on a house, No. 2, for a $1.5 million residence. That’s $3,739 a month saved by renters or $224,400 over five years. So home prices must appreciate 22% over five years to break even.”

“Los Angeles-Orange County: $3,229 rent, No. 5 nationally vs. $4,546 on a house, No. 3, for a $948,000 residence. That’s $1,317 a month saved by renters or $79,000 over five years. So home prices must appreciate 15% over five years to break even. San Diego: $3,314 rent, No. 4 nationally vs. $4,489 on a house, No. 4, for a $936,472 residence. That’s $1,175 a month saved by renters or $70,500 over five years. So home prices must appreciate 14% over five years to break even.”

From KSFN. “FRESNO, Calif. — The housing boom born out of the pandemic is now going through a cooling-off period. The real estate frenzy that excited sellers and frustrated buyers over the past two years has settled down. Linda Leonard of Guarantee Real Estate says homes are starting to stay on the market longer. As a result, sellers are having to lower their listed prices because demand has died down. ‘Since mid-June, 25% of the homes on the market have had a price reduction. Now imagine two months ago, almost every home – as long as it was in good condition – was going at asking or over,’ says Leonard.”

“Those bidding wars are long gone. Leonard has noticed the Valley’s housing inventory has increased. ‘Some buyers that I’ve been working with these last few weeks have actually been able to get homes under the list price, and that was unheard of within the last two years,’ says Leonard.”

The Lookout. “After 11 years of a rising market, home prices in Santa Cruz County have leveled off in recent months, and have even begun dropping across the board. Multiple listing service (MLS) data shows a two-month decline in home prices in the county. March saw median prices of over $1.6 million for single-family homes. That fell to just over $1.4 million in April, and to about $1.25 million in May. Local realtors have also noticed many properties remaining on the market for much longer than has been typical.”

“Celeste Perie, a local broker and owner of Schooner Realty, describes this moment in local terms, noting that prices are lower on average, but within the uniqueness of this market. While prices are dropping in many areas of the country, Santa Cruz is a special case. She sees tangible differences in how potential buyers are approaching offers. ‘Six months ago, we had 10 really good offers on a listing and now we might have one or two,’ she said. ‘There may be one unicorn that wants to pay over the asking price, but that still indicates that we’re going back to a buyers’ market. We kind of have a recession-proof market — it dips, and then it comes to a high. I think we’re in a dip at the moment,” she said. “We have a unique place to live with the ocean and the funkiness, and people are going to continue to want to be here and I see that fueling our market.'”

“‘There’s absolutely a shift happening in the market, and that’s especially compared to the market’s crescendo that we saw in February and March where the markets reached the peak of their peak,’ said Sereno Group Regional Vice President Tom Brezsny. ‘If you might have gotten 10 offers on a property then, it may be only five now; and if you might have gotten five offers then, you might get only two or three now.'”

“Marvin Christie, co-owner and president of Anderson Christie Real Estate, explains that change. ‘The prices and frenzy we’ve seen over the last two years has been unreasonable, and that’s disappeared by every account,’ he said. Christie points to the sharp interest rate increase — from about 3% to nearly 6% in a matter of months — that has likely caused much hesitancy among buyers. ‘To be able to borrow money for 30 years at 3% interest is, by all indications, ‘free money,’ since the inflation rate has almost always been higher than 3%,’ he said. ‘That’s very low and people got comfortable with it.'”

“Christie — appropriately speaking from the site of a slow open house in Rio Del Mar — said he thinks things will pick back up given the historically high demand for housing in the area, even if properties are currently spending far more time on the market than usual. ‘We’ve seen a real pause in the market and we always do at this time of year, but this is much slower,’ he said. ‘I’m feeling as though the market is already picking back up; however, I don’t think that we’ll be back into that frenzy we had.'”

Santa Clarita Magazine. “I closed six homes in May. I consider that a wonderful month helping buyers and sellers. I love what I do, it’s one of my many passions. Realtors, sellers and buyers got used to homes selling with multiple offers, over asking, within days of coming on the market. In the beginning of June I listed two houses in Castaic. I always do Open Houses. The first weekend I had an Open House. I set up my signs, flags, brochures and all the goodies I normally have. I was ready and now waiting for the stream of buyers, and lookie loos.”

“I’m waiting, looking out the window thinking, ‘This is not normal. No one is coming.’ A few hours later two people showed up. That was it. Sunday another Open House, same thing, I had five people come through. This continued every single weekend. Buyers have disappeared and sellers are shocked.”

“But, guess what else I’ve been experiencing? Sellers starting to offer help. I actually have a wonderful, smart buyer that thinks this is still a good time to buy. They don’t like the interest rate, but they’re renting a house and are done with that. They’ve saved their down payment and are in the market looking for a home. Last Thursday I showed them five houses, Friday one. Guess what’s happening? Every house I showed the sellers agents have called me wanting feedback, telling me they’ll credit closing costs, help pay points to lower interest rate for my buyers and willing to drop their price. Now the tables are turning.”

From ABC 7. “Strip club employees who talked to ABC7 News and dancers in the business say the expected post -pandemic recovery never materialized. Some strippers are predicting a recession, with many citing empty strip clubs and poor bookings as indicators of stormy econmic times ahead. ‘I can speak for our dancers who work for multiple agencies and in the strip clubs because they have to get enough work and they’re still not making enough money,’ says Asshley, (her stage name was requested to be used to protect her family) a dancer for 10 years.”

“‘It’s been bad,’ says Brandon, co-owner of SinCal Party Entertainment and Asshley’s husband. The couple has been in the adult entertainment business together for 10 years. ‘Normally, as we come into spring and summer, it’s busy for bachelor and bachelorette parties,’ he said. ‘Everybody wants to throw their parties. As the year progressed, it just hasn’t happened, it has only gotten worse. It has gotten slower, where we as business owners have had to look at other forms of revenue, trying to start other businesses just to keep ourselves afloat, let alone all of our strippers. It’s terrifying.'”

“Based in California, the couple manages an agency that dispatches more than 50 strippers across the state. Many of the dancers at their agency also worked at strip clubs and have reported similar difficulties. ‘You have all these girls in the strip clubs who are used to heavy traffic, that have no traffic,’ Asshley said. ‘So they’re reaching out to agencies hoping that our broader net and what we serve as our service area being broader that they’re going to be busier, have more work, and it is just not the case for the strip clubs and the agencies. Strippers really have taken a huge hit.'”

The Marina Times. “Over the last several months, we’ve been reporting that while San Francisco’s residential real estate market has been extremely hot, there were some early signs that things might be cooling off a bit. Now we have some proof. The sky isn’t falling, but for the first time in years, buyers have the upper hand in some transactions. ‘We are definitely moving into a more balanced, equal footing between buyers and sellers. Especially when it comes to condos, where there’s a buyer’s advantage or market,’ said Marcus Miller, broker at Helm Real Estate.”

“‘We’re seeing more units coming to market, both single family homes and condos. Meanwhile, the stock market is being hammered, inflation and the cost of living are impacting consumer confidence, and the cost of real estate financing has increased significantly — all of which has cooled activity in our marketplace,’ he said.”

“Ted Andersen, with the San Francisco Business Times, reported in mid-June that active residential inventory in San Francisco is rising, but the number of listings accepting offers was down by double digits year-over-year, with condos most affected. Comparing May 2022 with May 2021, the number of listings accepting offers was down 22 percent, with houses down roughly 19 percent and condos, co-ops, and TICs down 24 percent.”

“If nothing else, all of this should tell buyers in San Francisco that opportunities are now out there, especially in the condo market. Miller said that many buyers have given up searching for a home, assuming a ‘wait-and-see’ position.  He described one condo listing that languished on the market, even though it would have sold immediately just a few months ago. It remained unsold even after two price reductions.”

“SFGate published a great piece recently, entitled, “The Hater’s Guide to the Bay Area real estate market”). Drew Magary, a writer from the East Coast, visited the city for a week to tour houses and talk with market analysts and agents. He writes, ‘I wanted to figure out whether it’s possible to live in San Francisco if your income is less than that of Klay Thompson’s, and what your home will look like if you do manage to find a place.'”

“The piece is funny, irreverent, candid, and insightful. His conclusion?  ‘There is the upside of San Francisco itself. There is no better city in America to be f—ed in than this one. If you live here, you know that innately. If you don’t live here, and I do not, you’ll grasp it very quickly,’ he writes. ‘This is the second-most densely populated city in America for a reason: because its citizens decided that San Francisco is worth any price, even if their apartment only has enough room for a f—ing daybed.'”

Related Posts
This Post Has 128 Comments

  2. The first 21 minute video:

    July 2022 Housing Market Update for Orange County – First hints of a possible buyer’s market

    Premiered Jun 30, 2022 July 2022 Housing Market Update for Orange County – First hints of a possible buyer’s market. For the first time in what seems like forever the trends in the housing data for Orange County are starting to show that there is a way for us to get to a buyer’s market before the end of the year. However, the chances are still very slim and even if we do, don’t expect prices to fall in any significant way. THIS IS NOT 2007. So what should you do if you are thinking of buying or selling a home this Summer in Orange County? Check out the video to see what’s currently happening in the market, what to expect over the remainder of summer, my advice for both buyers and sellers in this quickly shifting market, and what would cause us to slip into a buyer’s market by the end of the year.

    The second 22 minute video:

    Lack Of Offer’s in Sarnia Creating Opportunities for Buyers | Time To Buy in Sarnia, Ontario?

    Jun 30, 2022 Are you considering investing in the Sarnia, Ontario Real Estate Market?

    In today’s video we have Sarnia real estate investor, public speaker and coach, Kory MacKinnon takeover the channel and he sits down with our latest realtor investor expert to join the channel from the Sarnia, Ontario real estate market Sarah Arseneault aka She Will Sell It where they dive deep into the latest statistics for the region and share their personal experiences of what they see going on in the Sarina Real Estate market!

    The third 4 minute video:

    Lack of transparency in Canadian Real Estate Listings?

    Jun 29, 2022 In the first half of 2022 I noticed a couple of listings that did not have complete listing history. After a deep dive of the MLS backend I found out why…

  3. ‘We’re not going to see price reversal, home prices going back to what they were pre-pandemic,’ Bednarek said. ‘That’s not going to happen, at least not anytime soon. I don’t think it ever will happen, actually.’”

    “It’s hard to get a man to understand something, when his paycheck depends on his not understanding it.” — Upton Sinclair

    1. ‘That’s not going to happen, at least not anytime soon. I don’t think it ever will happen, actually.’

      I hear this a lot from longtime Californians. None of them realize how the Fed bailed out their bacon with Quantitative Easing targeted on suppressing mortgage interest rates beginning in 2012.

      The wild card is whether they will continue with mortgage interest suppression in the Quantitative Tightening era.

    3. “Housing prices have seen “enormous growth” in the past couple of years, Cal Poly finance professor Ziemowit Bednarek said, increasing as much as 20% in the first quarter of 2021 and 18% in the first quarter of 2022.”

      And San Luis Obispo county has some of the highest energy and water rates in the entire state of California. But the weather is awesome!

  4. ‘Multiple listing service (MLS) data shows a two-month decline in home prices in the county. March saw median prices of over $1.6 million for single-family homes. That fell to just over $1.4 million in April, and to about $1.25 million in May’

    Eat yer crowz Thornberg. I’ve said recently from the videos California looks the weakest except for maybe Phoenix and Las Vegas.

  5. ‘One of the nice things about the Central Coast is we are a small enough market and we are kind of insulated,’ Harn said.

    You’re in a Democrat-Bolshevik malgoverned state that’s spiraling into dystopia, Harn. But go on whistling past the graveyard if reality is too frightening to contemplate.

  7. ‘“The result is a $1,863 savings per month for renters — or $112,000 extra paid by owners over five years. And if this math does not hit home hard enough, so to speak, consider that a hypothetical California buyer in mid-2022 needs 17% appreciation — after 6% closing costs — to sell five years from now and break-even vs. renting’

    That’s quite the pickle.

    ‘Now imagine two months ago, almost every home – as long as it was in good condition – was going at asking or over’

    Winnahs!

  9. ‘To be able to borrow money for 30 years at 3% interest is, by all indications, ‘free money,’ since the inflation rate has almost always been higher than 3%…That’s very low and people got comfortable with it’

    More than that Marv, they structured their lives and financial reality around it. Good luck!

  10. It’s the bargaining phase already….. DebtDonkeys are hopelessly attempting to anchor prices to “pre-pandemic” levels. 🤣🤣🤣

    Bradenton Beach, FL Housing Prices Crater 27% YOY As Tampa Bay Area Housing Market Nose Dives

    https://www.movoto.com/bradenton-beach-fl/market-trends/

    As one Gulf Coast broker explained, “The market hit a wall. Prices are falling fast.”

    1. “Liberal World Order.”

      CONSPIRACY THEORIST!!!

      Oh,

      “Biden economic advisor Brian Deese said that Americans should ‘stand firm’ on paying record-high gas prices because the ‘future of the liberal world order’ is more important”

    1. “The tragic truth is, that if the West had not pursued NATO expansion into Ukraine, it is unlikely there would be a war in Ukraine today and Crimea would still be part of Ukraine. In essence, Washington played the central roll in leading Ukraine down the path to destruction. History will judge the United States and it’s allies with abundant harshness for it’s remarkably foolish policy on Ukraine. Thank you.”

      Response from Biden Administration attorney to Obama appointed judge.

      https://youtu.be/ytDcJo2LTP0

      1. my bad on it’s instead of its

        Transcribing isn’t or is not 🙂 something I’m good at.

      3. Too bad he’s old now, and the jooz marginalized he and a colleague years ago, so his national influence was greatly diminished.

  13. The beginning of wisdom is to unplug from the corporate media. Even the dullest of the sheeple are starting to see through the globalist propaganda & DNC talking points being presented as “news” by CNN and its ilk. “Get woke, go broke” is only going to get worse, globalist scum.

    CNN suffers biggest ratings dip in SEVEN YEARS: Viewers plummet 13% in June in largest freefall since 2015 despite new CEO Chris Licht vowing to turn the network away from ‘extremes’

    https://www.dailymail.co.uk/news/article-10973931/CNNs-ratings-continue-plummet-network-worst-month-July-2015.html

  14. Will Average Denver Home Soon Cost $1 Million?

    “According to a new study, the Denver-Aurora-Lakewood metropolitan statistical area (MSA) is now the sixth-worst among major U.S. cities for people looking to make their initial purchase of a house.

    And in Denver County, one expert predicts that the average home will soon cost $1 million, despite recent signs of moderation.”

    https://www.westword.com/news/denver-average-home-price-nearing-1-million-14375720

    What will you get for $1 million? You will get needles, feces, and tents. You will get your catalytic converter stolen from your driveway in broad daylight, and the Denver Police will do nothing.

  15. It would take a heart of stone to see the crypto bros getting financially devastated, and not laugh.

    Crypto Bros Can’t Afford Rolexes Anymore

    https://www.bloomberg.com/opinion/articles/2022-07-01/crypto-crash-makes-rolex-patek-philippe-audemars-piguet-cheaper?srnd=premium-asia&sref=ibr3A0ff

    Everything is terrible, but at least the crypto crash is refilling our nation’s Strategic Schadenfreude Reserve. Nouveau riche who have spent years telling us to “have fun staying poor” are now apparently returning, Lambo dreams in tatters, to the job market.

    This is good news for people worried about tight labor supply fueling inflation. It’s also a boon for people shopping for ludicrously expensive watches, admittedly a much smaller demographic. I thought I was indulging when I bought myself an Apple Watch, but that thing is a Casio in a spinny rack at Sears (ask your parents) compared to your typical Rolex or Audemars Piguet.

  16. The New York Times is forced to reluctantly report on the coming global famine, which was created by the World Economic Forum:

    “Families worry how to keep the lights on, fill the car’s gas tank, heat their homes and cook their food. Businesses grapple with rising transit and operating costs and with demands for wage increases from their workers.

    As is usually the case with crises, the poorest and most vulnerable will feel the harshest effects. The International Energy Agency warned last month that higher energy prices have meant an additional 90 million people in Asia and Africa do not have access to electricity.

    Expensive energy radiates pain, contributing to high food prices, lowering standards of living and exposing millions to hunger. Steeper transportation costs increase the price of every item that is trucked, shipped or flown — whether it’s a shoe, cellphone, soccer ball or prescription drug.

    “The simultaneous rise in energy and food prices is a double punch in the gut for the poor in practically every country,” said Eswar Prasad, an economist at Cornell University, “and could have devastating consequences in some corners of the world if it persists for an extended period.”

    Leaders of three French energy companies have called for an “immediate, collective and massive” effort to reduce the country’s energy consumption, saying that the combination of shortages and spiking prices could threaten “social cohesion” next winter.

    https://archive.ph/PjdGM

    Threaten social cohesion? Happy *TWENTY EIGHT MONTH* anniversary of “two weeks to flatten the curve”

    1. My new line is “this new development threatens our democracy.”

      BTW if you haven’t, you should check out the New Braunfels video on new construction in the predictions thread. This is the most interesting (and recognizable) phase of the mania at this point.

    3. Expensive energy radiates pain, contributing to high food prices, lowering standards of living and exposing millions to hunger.

      Many of you will suffer and some will die; but that is a sacrifice we are willing to make – WEF

    4. Leaders of three French energy companies have called for an “immediate, collective and massive” effort to reduce the country’s energy consumption, saying that the combination of shortages and spiking prices could threaten “social cohesion” next winter.

      France is home to many Islamic terrorists, and they’re minting more every year in Mosques that are everywhere.

  17. This is an article that contains a large number of names.

    Specifically, the names of the persons responsible for the Mass Formation Psychosis that has been inflicted on the world since March of 2020. Names, quotes, and dates.

    The Insufferable Arrogance of the Constantly Wrong:

    “The media, and the people who work in and around it, the Blue Checks™ of Twitter, have upped the ante over the past few years regarding how far they are willing to go to enforce various preferred narratives.

    In the meanwhile, our civilization was ripped apart, our citizens were gaslit and impoverished, and in countries across the Western world, innocent people were removed from polite society, branded as lepers, and fired from their jobs.

    Why? Because there is one story that just won’t die and for which no corrections have been issued—the shibboleth that vaccination can prevent infection, transmission, and help “end” COVID.

    The saddest thing is that these media outlets and their flag bearers really think their readers are all morons. The New York Times believes that, in the midst of the Omicron wave as boosted person after boosted person was getting COVID, they could tell you these particular vaccines are still the way to eradicate this thing, and expect you to deny reality and nod your head.

    It calls to mind the quote attributed to Solzhenitsyn (or Elena Gorokhova), “The rules are simple: they lie to us, we know they’re lying, they know we know they’re lying, but they keep lying to us, and we keep pretending to believe them.”

    https://brownstone.org/articles/the-insufferable-arrogance-of-the-constantly-wrong/

    1. Related article from The Atlantic on the topic of Mass Formation Psychosis.

      The New Rules of Feeling Sick:

      “The first and most important rule of feeling sick is to stay home.

      For white-collar workers, the normalization of working from home has made this a good deal more convenient than it was…

      For much of the labor force, though, remote work isn’t an option”

      I can’t believe that The Atlantic acknowledges the existence of these non-remote workers.

      “After a couple of years of COVID management, we at least in theory have better tools and practices for helping people manage these situations. Many of us have gotten into the habit of regularly testing and retesting ourselves for COVID, and now is no time to stop.”

      https://www.theatlantic.com/health/archive/2022/07/respiratory-viruses-transmission-prevention-knowledge-action/661463/

      People in Denver are wearing masks while driving alone, while outside walking on the sidewalk alone.

          1. Hubby’s got COVID again.

            OK, what’s the deal in Clownifornia? I don’t know anyone here who got it more than once, but know of several Clownifornians who have. I thought you guys were all jabbed and boosted, wore three masks and stayed home.

            A bay aryan coworker needed to get tested so he could pick up his kids from some sort of day camp.

        2. Same out west. I went shopping yesterday, and there were lotsa olds in masks. I refuse to wear a mask unless it is mandated. Even then, I’m hesitant.

          1. I’m heading out to do some last minute grocery shopping. If anyone is masked, it’s usually an octogenarian. We are so over this in my neck of the woods. The local rag doesn’t even report new covid cases in the county anymore.

  19. Deal volume in NYC luxury real estate market has tapered off tremendously: Top agent

    Jul 1, 2022 Christopher Kromer, Brown Harris Stevens real estate broker, joins ‘Power Lunch’ to discuss Kromer’s read on the NYC luxury real estate market, where rents are going from here and more.

    https://www.youtube.com/watch?v=E5KRMitHfuc

    3:23.

  20. Builder Incentives Are Back! | New Construction Updates in Central TX

    Jul 1, 2022 After an explosive few years of high demand and limited inventory, we’re seeing a market shift and multiple builders are offering some enticing incentives to attract buyers.

    I’m talking up to $10,000 toward closing costs, $10,000 in upgrades, interest rate buy-downs, interest rate locks, no bidding wars…the whole SHABANG! If you’ve been considering new construction now may definitely be the time!

    https://www.youtube.com/watch?v=wx0p9UmbQPg

    7 minutes.

    1. “up to $10,000 toward closing costs, $10,000 in upgrades, interest rate buy-downs”

      So about 22K on a $500K house that was 300K a few years ago. Deal of the century!!

      1. What’s significant is that 6 weeks to 8 weeks ago this was not only not happening, but in the big red-hotness areas, they held lotteries of new shacks. As for the amounts, yesterday I posted 100k drops in Fort Worth, and most of them were new.

        What to look for next: golly these guys bought this land way cheap and they can slash prices and still make a profit! Which they will do until there is no more profit. Burying recent buyers underwater.

        1. Summer Funds Sale Event! Up to 27K Closing Cost Incentives | Port St Lucie | Florida
          Jul 1, 2022 Summer Funds Sales Event! Buyers get up to 27k closing cost incentives & buy down interest rate to 4.99% Limited time only!

          New Construction homes available!
          ✅ Quick move in homes available!
          ✅ 9 beautiful Floorplans to choose from!
          ✅ Lake & preserve lots to choose from!
          ✅ Luxury Resort style community & clubhouse!
          ✅ Gated community!
          ✅ 600 Homesites!
          ✅ 8,300 Acre Master planned community!
          ✅ Located In the heart of Tradition! And so much more….

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

          9 minutes showing around shack.

        2. The speed at which this is happening is a little surprising, then again when rates skyrocket and virtually everyone is in the “I can afford $X per month” club, it shouldn’t be too shocking that almost all the buyers disappeared overnight.

        3. What’s significant is that 6 weeks to 8 weeks ago this was not only not happening, but in the big red-hotness areas, they held lotteries of new shacks.

          Exactly. It takes time. Prices aren’t going to fall from $800k to $200k overnight. It will take years.

      2. So about 22K on a $500K house that was 300K a few years ago. Deal of the century!!

        It won’t be a true buyer’s market until well after the crater. We’re not even close yet.

  21. Peccole Ranch Real Estate Market Report June 2022

    Jul 1, 2022 Peccole Ranch real estate market report June 2022 gives the details for sellers in Peccole Ranch. With fears of bubbles bursting and markets crashing, here we see what is really going on for the Peccole Ranch area of Las Vegas.

    Peccole Ranch houses show greater numbers of sellers with buyers seeing lower prices. Peccole Ranch condominiums show lower activity this month, but next month that may all change.

    Peccole Ranch is providing wonderful real estate values compared to nearby Summerlin. Prices seem to have stabilized more as well.

    https://www.youtube.com/watch?v=kO6f7LLU5BU

    2:30.

    1. Peccole Ranch
      My favorite street name there – Odda Way.
      Someone must have had a sense of humor here at one time.

      1. I have to keep reminding myself that the numbers we’re seeing are contracts (or lack thereof) that were sealed 30-45 days ago. We aren’t seeing the interest rate effect on closed sales.

        1. I’m seeing pending sales dropping out with MLS confidential remarks like “BOM buyer unable to perform.” I love how it’s always the buyer’s problem when realtors speak. It’s a seller’s problem!

  23. July 2022 Bay Area Real Estate Market Update | San Jose, Sunnyvale, Santa Clara, Campbell

    Jul 1, 2022 30% of Home Sellers did WHAT???
    It’s July 4th weekend out here in the Bay Area, and we’re having a FIRE SALE on homes! If you’re a buyer that’s been waiting, the time is now to start thinking seriously about getting into the market.

    Also, we have a great home buyer success story to share, taking advantage of this market, we were able to submit a winning offer more than 10% below the nearest comparable home!

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

    10 minutes.

    1. “It’s July 4th weekend out here in the Bay Area, and we’re having a FIRE SALE on homes!”

      Would Chris ‘Bay Area Real Estate Always Goes Up’ Thornberg care to offer a comment?

  24. Las Vegas MOVE-IN READY Home for Sale | Dahlia at Palmer Ranch | $524,000 1885 Sq Ft 3 BR 2 BA

    Jul 1, 2022 New Construction Homes for Sale in The Heights at Palmer Ranch – Tour the Dahlia model by Taylor Morrison.

    Single Story | 3 BR plus Office | 2 BA | 1,885 Sq Ft | Options and Upgrades Available | $524,000 | QUICK MOVE-IN Incentives

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

    11 minutes. Says right at the beginning they cut 26k off the price.

  25. Ready to Move-In New Summerlin Home I $738,078 I 1,980 Sq Ft I 3 Bdrm | Savannah by Taylor Morrison

    Jul 1, 2022 List Price: $738,078

    BUILDER INCENTIVES:
    – 5% towards Buyers Closing Cost
    – Additional credits for flooring

    https://www.youtube.com/watch?v=QrhNUcN5Tmo

    I looked the shack up:

    $738,078 3 bd 1,980 sqft
    11819 Pippa Ave, Las Vegas, NV 89138
    New construction
    Zestimate: $725,897

    https://www.zillow.com/homedetails/11819-Pippa-Ave-Las-Vegas-NV-89138/337615370_zpid/

    Date Event Price
    6/29/2022 Price change $738,078 (-2.9%) $373/sqft
    Source: GLVAR #2404878
    6/25/2022 Price change $759,900 (-2.3%) $384/sqft
    Source: GLVAR #2404878
    6/6/2022 Price change $778,078 (-0.1%) $393/sqft
    Source: Taylor Morrison
    5/20/2022 Listed for sale $778,958 (+103.2%) $393/sqft
    Source: Taylor Morrison
    12/29/2021 Sold $383,384 $194/sqft
    Source: Public Record

    So they’re off 50k. And they apparently paid 380k for a lot to throw up an 800k shack. Nice!

    1. Almost 400k for some dirt in Las Vegas? And then they put a 1900 square foot mini house on 400K worth of dirt in Las Vegas? A place where you don’t want to go outside for 2/3 of the year.

      1. I’m feeling this way right now. All part of falling out of like with this place.

        Just went through a week hassling with the charming young girl who is the new PM (old PM father sadly has cancer, she’s taken over mgmt) regarding overflowing toilets. She’s told my husband and me to go F ourselves several times. I suggested that she did not have the temperment to do this job.

        Renting is stressful and I’ve had it, would do the last ten years differently if I could.

        1. Renting is stressful and I’ve had it, would do the last ten years differently if I could.

          Sorry it’s been so rough for you. Totally agree – renting is a PITA, especially if renting a house/SFH.

          1. Thanks. I think it’s mostly due to LV’s transient nature and hyper-speculation (duh). For LLs/PMs lying is like breathing. Few are in it for the long term. Our first LL (2006/he was an electrician-RE agent) was a doll. After him, nut cases.

            Temporarily low on resiliency, need to fill up the well. The heat makes it harder 🥵.

      2. 400k for a piece of desert? I mean maybe no one has noticed but Las Vegas is in the middle of a LOT of desert. The lots should be dang near free.

    2. And they apparently paid 380k for a lot

      Right. An absolutely worthless piece of desert scrub which should be free.

      1. An absolutely worthless piece of desert scrub which should be free.

        The only thinkgthat gives it any value at all are its water rights. Given how Lake Mead is draining quickly, those water rights could end up being worthless

  26. From KUSI News:

    According to HHSA data, 182,035 or 76% of the 239,401 San Diegans ages 12 through 17 have completed a primary vaccine series, while 114,748 or 36.9% of the 310,643 children between 5 and 11 years of age have received the primary vaccine series.

    Of the 207,723 children 6 months through 4 years of age, only 3,323 or 1.6% are partially vaccinated. A San Diego County statement says this number is lower because they only “recommended” it.

    Comparatively, 83.8% of the overall population eligible for COVID-19 vaccines has completed a primary vaccine series.

    1. Comparatively, 83.8% of the overall population eligible for COVID-19 vaccines has completed a primary vaccine series.

      Whoa! That many San Diegans willingly rolled up their sleeves? And people are still getting reinfected multiple times?

      1. Colorado is about 1% lower than California in terms of vaccine compliance. Colorado is at best 5 years behind California in terms of liberal insanity.

        1. I just looked it up. 80% have one dose. 67% two doses.

          67% is less than 84%. Still too high if you ask me. I also agree that the long term in Colorado is not promising. The day TABOR is repealed by voters is the day I’ll know it’s time to leave.

          2. 13. California
            Number of people fully vaccinated: 28,773,716
            Percentage of population fully vaccinated: 72.8

            I was referring to the 83.8% number quoted from KUSI Not sure if that number is just for San Diego. Whatever the case, it’s a lot higher than the different numbers quoted for Colorado.

          3. The day TABOR is repealed by voters is the day I’ll know it’s time to leave.

            Speaking of TABOR, while the state Democrats HATE it with a passion, they decided to take those lemons and make lemonade. Normally, TABOR refunds are given as a credit when filing state income tax returns. When state tax revenues exceed the TABOR limit for a given year, the surplus is returned to the taxpayers.

            Now the Dems grind their teeth at not being able to keep and spend those surpluses. However, this being an election year, they decided to issue the refunds early, as in September, just a month before the election (wink, wink). Every adult in the state should be getting an $800 surplus refund check. And of course the Dems are going to try to take the credit for this, when in fact we all have Douglas Bruce to thank, as helped get the state constitution amended to make TABOR law.

      2. It’s probably why they’re getting reinfected. At least they’re not jabbing young kids in large numbers.

      3. This is actually surprising since San Diego brags about being a bit “smarter” than most other cities. It has one of the highest percentages of Phd’s and was traditionally fairly conservative. Apparently that is changing fast. The rainbow flag people are taking over. 🙁

  27. Hispanics Will Not Join a Black/Brown Coalition:

    “A “black/brown” coalition led by blacks is pure fantasy. It is hard to imagine two more antagonistic groups who often live in proximity. This conflict is frequently physical, as reflected in gang battles over turf, schoolyard and particularly violent prison battles plus acrimonious minor encounters in stores and restaurants.

    The academically-crafted message that all racial and ethnic minorities, including “the Latinx,” must unite against white oppression is totally foreign in Californian cities like Compton where an influx of Hispanics are pushing out blacks from a city they long dominated.

    There are also deep differences over bread-and-butter issues. Many of the small businesses destroyed during the post-George Floyd riots were Hispanic-owned, a disaster exacerbated by the lack of sympathy among blacks who framed the destruction as a legitimate outrage over historic injustice. Many Hispanics also personally see that an open southern border brings economic competition that will invariably lower their own wages. Especially for those near the border, the influx of drug, gang violence, sex trafficking, and other criminal behavior is a personal matter, not an ideological abstraction. Meanwhile, while black leaders call for defunding the police, Hispanics are increasingly joining the force. Hispanics no doubt take the defund movement personally — they have family serving as police officers.

    Nor does the current Democratic Party agenda seem relevant to Hispanics. How many Latinos embrace the woke agenda of LGBTQ+ rights, reparations for slavery, renaming buildings, subsidizing black home ownership, and, perhaps most of all, government mandated Diversity, Inclusion and Equity? It’s hardly surprising, since many of today’s Hispanics were not educated here and thus are immune to the siren song of guilt-heavy identity politics. Pandering to blacks is a losing strategy in Hispanic neighborhoods. It is hardly surprising then that when affirmation action was on the ballot in California, Hispanics generally refused to support it.

    Moreover, unlike white liberals, Hispanics are not easily cowed by accusations of racism. It helps to be a minority of color when, for example, black activists demand that you step aside in dividing up the spoils or occupying positions of power. In fact, given the macho nature of Hispanic culture, blacks will think twice about trying to push them around. As such, Hispanics are great allies in resisting black demands.

    Predictably, poll after poll reports a mass exodus from the Democratic Party to the GOP. A political party dominated by blacks and influenced by ideas promoted by rich whites, especially academics, hardly offers Latinos a comfortable home. They want a booming economy, business-friendly law, and could care less about promoting Critical Race Theory. Today’s Hispanics may resemble the Irish of the 19th century who flocked to the Democrats when that party offered a better life, not an agenda to transform America. Today the GOP may be that political home, and this is not a happy outcome for blacks.”

    https://www.americanthinker.com/articles/2022/07/hispanics_will_not_join_a_blackbrown_coalition.html

    1. “A “black/brown” coalition led by blacks is pure fantasy.

      It’s a pipe dream. A majority of Hispanics identify as “white”, regardless of skin color. They are also sick of everything being about blacks and pride.

      I’m not so sure about them being opposed to open borders. The ones I talk with all seem to think more paisanos is better.

    2. A “black/brown” coalition

      Is there anything more racist than a club based entirely upon skin color? The veil has been lifted – DEMS are the party of racists. They’d make the KKK blush.

  28. “The typical Californian renter in these big six metro areas can expect to pay an average $3,190 a month to the landlord, assuming mid-2022 rents increase at a 4% annual rate. Meanwhile, a California homebuyer can expect to spend on average $5,054 a month in the same five-year period.”

    Obviously California monthly rents are ridiculous, but mortgage payments are much worse. We’ll keep renting, thank you…

  29. The J6 Show Trial Is Lying About Election Fraud:

    “The purpose of the January 6 committee is to further the lie that there was nothing seriously wrong with the 2020 election and to criminalize any questioning of the election. The January 6 riot gives the committee a nice hook, but that’s not what they really care about.

    They want to prevent you from admitting the election was irregular, faulty, or anything less than the most perfect election in the history of mankind, and from supporting people who fought against those irregularities. In service of this goal, the January 6 committee repeatedly lied about the actual claims Donald Trump supporters have made about the flaws in the election.

    The January 6 Committee is conducting a show trial, not a criminal one. Show trials, common in authoritarian regimes, are held for propaganda purposes, to punish political opponents, and to cover up the truth of what the regime has done.”

    https://thefederalist.com/2022/07/01/the-j6-show-trial-is-lying-about-election-fraud/

    The 2020 election was stolen.

  30. Latest from #ClownWorld.

    Woke Disney shows transgender man offering little girl advice on which tampons to buy in new children’s animated series Baymax!

    https://www.dailymail.co.uk/news/article-10975901/Disneys-new-kids-animated-series-Baymax-shows-transgender-man-buying-tampons-supermarket.html

    A new Disney+ animated kids series Baymax!, features what is believed to be the company’s first transgender character, buying tampons at a supermarket.

    Christopher Rufo, an academic at the conservative Manhattan Institute, tweeted what he claimed to be a ‘leaked’ version of the upcoming Baymax series, which has since been uploaded to Disney Entertainment Studio’s YouTube page.

    2. Woke Disney shows transgender man offering little girl advice on which tampons to buy in new children’s animated series Baymax!

      Call me old fashioned, but that is mom’s job. And since when do little girls need tampons?

      1. “In a new Disney+ show, shows a transgender character (pictured in the transgender flag shirt, right) among a large group of others offering robot nurse Baymax advice on period products to bring back to 12-year-old Sofia, who just got her first period”

        12yo is about right.

    1. Massive price hikes in public transport

      So, not only will a car become out of reach for the masses, but they won’t be able to afford bus fare as well.

      The future is so bright, I need shades!

  32. Dear Peasants

    Quit bitc#ing about high gas and grocery prices. Get used to Drag Queen story hour and teachers telling your 3rd grade boy got in a fight because he is really a girl. The Barn door at the Southern Border is and will remain open, the fentanyl that comes across the border and kills 100.000+ Americans a year will continue as will the middle of the night charter flights that distribute the illegals throughout the country. Prepare yourselves to mask-up, lockdown and bend over for a vax when we say so. Shut up when our Soros/tax payer funded mobs Burn Loot and Murder for any political advantage we deem necessary. Be prepared to sweat it out with no AC in the summer, freeze with no heat in the winter and not be able to charge that electric car we made you buy.

    “This is about the future of the Liberal World Order and we have to stand firm.”

    1. California will become the first state to guarantee free health care for all low-income immigrants living in the country illegally, a move that will provide coverage for an additional 764,000 people at an eventual cost of about $2.7 billion a year.

      1. Things are bad enough in the Centennial State, but when I read stuff like this I am reminded that it can get worse, a lot worse,

  33. Asshley, (her stage name was requested to be used to protect her family) a dancer for 10 years.

    Hey ASShley, 10 years of being ridden hard put away wet tends to wear on you. You might think about getting your Realtors License!

    1. Transport Secretary Pete Buttigieg ‘gives up’

      That seems to be a theme with Brandon administration: it’s not our fault and there is nothing we can do about it.

      Is there anything those well credentialed folks in DC haven’t bungled yet?

      1. That seems to be a theme with Brandon administration: it’s not our fault and there is nothing we can do about it.

        Each day Atlas Shrugged and Idiocracy become more and more real…

        Competency and accountability are hard to find these days

  38. Honey, tell your sister we won’t be making the drive to Akron for her Fourth of July picnic after all.

    Protests in Akron, Ohio after initial autopsy confirms police shot unarmed Jayland Walker 60 times

    Jacob Crosse
    20 hours ago

    Popular anger is brewing in Akron, Ohio and throughout the United States following the latest heinous police killing of a young unarmed African-American worker. Jayland Walker, a 25-year-old DoorDash delivery driver and former Amazon employee, was shot and killed in a fusillade of nearly 100 bullets fired by at least eight police officers sometime after 12:30 a.m. Tuesday morning.

    Following the killing, and attempted police cover-up, small groups of protesters have gathered outside the Akron police department on Thursday and Friday carrying signs reading “Cops are Killers,” “Justice for Jayland” and “Arrest the Murderers.”

    https://www.wsws.org/en/articles/2022/07/02/yvmk-j02.html

    1. Unarmed? Maybe not, just like many of the other times:

      “Walker died shortly after leading police on a four-minute chase that ended just after midnight Monday. He was killed when he jumped from his slow-moving vehicle and tried to run away, according to reports. Police followed, and initially used Tasers that missed him. Police say that Walker fired his own gun during the chase, that at times reached more than 80 miles per hour. They said they later found a gun and bullet casing inside Walker’s 2005 Buick sedan.”

      https://nypost.com/2022/07/02/jayland-walker-shooting-akron-ohio-may-protests-over-police-video/

    1. Pfizer Signs New $3.2B Covid Vaccine Deal With US Government

      June 29, 2022 8:53 PM
      Reuters

      Pfizer Inc. and partner BioNTech said on Wednesday they signed a $3.2 billion deal with the U.S. government for 105 million doses of their COVID-19 vaccine, which could be delivered as soon as later this summer.

      The deal includes supplies of a retooled omicron-adapted vaccine, pending regulatory clearance, according to Pfizer.

      https://www.reuters.com/business/healthcare-pharmaceuticals/pfizer-signs-32-bln-deal-with-us-government-covid-vaccine-doses-2022-06-29/

    2. “ABC talk show host Jimmy Kimmel, for example, has publicly spoken about his experience contracting Covid twice in the month of May alone. Kimmel, who is fully vaccinated and boosted, reported mild conditions and is back on television after testing negative post-infections”

      My youngest daughter’s boyfriend has contracted Covid twice, the second time being about two and a half weeks ago. He also reported mild conditions and is back at work. He was never vaccinated and never boosted.

  40. Given all the real threats that we face, the latest omicron variant is in 527th place on my list of things to worry about.

  42. Fortune
    FINANCE HOUSING
    A closer look at the 40 housing markets at risk of a 15% to 20% home price decline
    If a recession hits, these 40 “overvalued” housing markets are most likely to see a 15% to 20% home price decline.
    BY LANCE LAMBERT
    June 30, 2022 6:38 PM EDT
    …

          1. Two weeks out in the fishing boat with my boys. Freezer is full of Walleye. The cabin cruiser is waiting. Provisioning and final mechanical checks for the next couple of days.

  45. Would you buy crypto if your government tried to convince you that it’s a legitimate currency?

    1. The Other Americans: El Salvador’s Bitcoin House of Cards Falls
      The collapse of cryptocurrency has cost the country millions of dollars, but President Nayib Bukele is telling residents not to focus on the economic downturn.
      by Jeff Abbott
      June 30, 2022
      8:57 AM

      Bitcoin, the best-known of the world’s virtual currencies, has collapsed, losing trillions of dollars in the process along with all of the other cryptocurrencies. This has created massive losses for the nation of El Salvador, which in 2021 became the first country in the world to accept Bitcoin as legal tender. It is estimated that the fall in Bitcoin’s value has cost the Central American government more than $50 million.

      Nayib Bukele, resident of El Salvador, invested more than $100 million in the digital currency after a law was pushed through the country’s legislative branch in less than seventy-two hours last September. The law was approved without any oversight or fiscal research into what the cryptocurrency would mean for the country’s economy.

      But the crypto crash is not being felt equally: the majority of Salvadorans remained skeptical of the currency and did not utilize Bitcoin.

      “Most people still use dollars to make their transactions,” Ricardo Castaneda, a Salvadoran economist with the Central American Institute for Fiscal Studies, tells The Progressive. “The main impact is the loss of public money that had been used to buy Bitcoin. The fall of Bitcoin does have implications directly because of the money that [the people] have paid through their taxes.”

      He adds, “It is as if someone went to bet in a casino with the people’s money, and they are currently losing.”

      The lack of popular support for the use of Bitcoin throughout El Salvador means that the effects of the loss on residents have yet to be seen.

      “The failure of Bitcoin has freed us from a catastrophe,” Carlos Acevedo, an economist and former president of the Central Reserve Bank of El Salvador, tells The Progressive. “If Bitcoin had been successfully received that would have meant people were using Bitcoin, that taxes were being paid through Bitcoin, that people were sending remittances through Bitcoin. Then this fall in the price of Bitcoin would have been catastrophic, but almost no one is using it.”

      El Salvador was the first country in the world to recognize cryptocurrency as legal tender; it was presented as a cheap and easy way for migrants to send remittances from the United States home to family members.
      …
      https://progressive.org/latest/el-salvador-bitcoin-falls-abbott-220630/

  46. The Atomic bomb was created in World War 2 as a response to the notion that if Germany gets the bomb first , they will win and take over the World.

    Gain of function creation of disease had no basis in being created, yet there is no conversation regarding these new methods of mass destruction by global Pandemics , faked or not.

    Just lockdown while the stakeholders make a fortune on vaccines , and Medical Tyranny becomes the new response to the threat.
    . No talk of shutting down bio labs and the threats they are imposing on the World.

    All you get is Bill Gates , way ahead of time , predicting the next pandemic could be released by terrorists in airports and could be small pox. Than a practice run on smallpox , than followed by a monkey pox outbreak in many Countries. Than evidence that monkey pox gain of function research was going on in these bio labs, just like Covid.
    Oh no , nothing to see here.
    Dr Fauci could divert public funds to these gain of function bio labs, located in foreign Countries, but nothing to discuss here , he is the Spokesperson for the US response to Covid.
    Lets have congressional Jan 6 kangaroo court trials instead,all designed to convict the opposing political party, and take out bad man Trump.
    Anything to divert from the massive damage from the fake vaccines, the fact that Biden policies are destroying the US, and that the Biden policies are not sustainable for survival for millions of US citizens.
    So, you can’t discuss anything but what fake news with censorship narratives are, in spite of mass genocide taking place with enormous consequences of a rigged election, and a traitor puppet in the White House.
    The Liberal World Order ( One World Order) build back better, Great reset, destruction of constitution and sovereign State is the agenda of the Biden Adminstration.
    Withdraw of fuel with no replacement, famine , medical tyranny, transgender grooming, invasion of borders, epic crime, Biden transfer of powers to the corrupted WHO, economic destruction, and a transfer to a One World Order Dictorship by Corporate Governance as expressed by the WEF.
    You will eat bugs, have no sustainable fuel, you will own nothing and like it, forced lockdowns and injections, promotion of war with Russia, digital control and surveillance of populations, with no free will, the new slavery with depopulation murder being built in the agenda.
    That’s it, the evidence shows what the plan is.

Comments are closed.