thehousingbubble@gmail.com
Blog

We’re Giving Away Our House At This Price

A report from the Everette Daily Herald in Washington. “Active listings in Snohomish County more than doubled in May to 1,182, up from 500 a year ago. Sam Mansour, a broker with John L. Scott Lynnwood, said more sellers put their homes on the market to try to capitalize on high prices. ‘Usually a lot of sellers think the market is going to adjust and are trying to get ahead of that, while in reality they are a little bit too late,’ he said.”

From Forbes. “Redfin chief economist Daryl Fairweather said, ‘Data on home tours, offers and mortgage purchase applications suggest that home buyers have noticed the shift in power and are no longer leaving the market in droves. Buyers coming back will provide support to the housing market, but between now and the end of year, I think the power will continue to shift towards buyers, resulting in mild price declines from month to month.'”

“‘On the other side, sellers are adjusting to this new reality and learning that sometimes there’s not much they can do to increase buyer interest,’ said Redfin Seattle-area real estate agent Caroline Loudenback. Meanwhile, inventory is improving. According to the National Association of Realtors, inventory rose 25% during April and May compared to 8% — the pre-pandemic average for the same time frame.”

From WRAL in North Carolina. “In Wake County, June had 1,807 closed home sales transactions in the residential market, with the median sale price of $474,900, according to Triangle Multiple Listing Service that was obtained by WRAL TechWire. That’s a drop from the prior month, when the median price of residential property in Wake County was $485,000 on 2,332 transactions. In Durham County, across 508 residential transactions, the median sale price dipped below $400,000 in June 2022. That’s down from a median sale price across 570 properties in May 2022 of $424,250.”

“‘If a house has been for sale two weeks or more, the buyer will most likely not have to pay above asking price to win it,’ said Linda Craft, CEO of Linda Craft & Team, Realtors, in Raleigh,  ‘And, yes, may get a few dollars off or a little closing cost help.'”

The Herald Tribune in Florida. “Tammy Garner, who is affiliated with the Coldwell Banker Realty office in downtown Sarasota, said that while there is pent-up demand in the Sarasota-Manatee housing market, the ultra-competitive frenzy has settled down. ‘Earlier this year, there was a listing with 26 offers. Last week, one home had three offers,’ Garner said recently. And those are not uncommon examples; Garner has even seen price reductions this spring and summer, although inventory remains tight. There could be some relief in sight, however, due to new construction of move-in-ready spec homes starting at $500,000.”

From Bloomberg. “The turn in the US housing market has been sharp and swift. Just ask Karlyn and Jack Stenhjem, would-be downsizers who dropped the asking price for their home near Seattle by almost $100,000 since May. The brick Everett, Washington, house, with private access to lakes and trails, is now available for $899,000, a price that makes Karlyn Stenhjem ‘cringe.’ ‘Two months ago our house was valued at $1.1 million on Zillow,’ she said. ‘When you look at the map of listings now, the little red dots are on top of the other little red dots.'”

“Sellers with lofty ambitions are having to pare expectations. In the Austin, Phoenix and Las Vegas metro areas, almost a third of listings in June had price cuts, the Realtor.com data show. In Naples, Florida, agent Jennifer DeFrancesco is advising some sellers to drop prices. The flood of calls from buyers in the Northeast have eased. ‘In the month of May, everything came to a screeching halt,’ DeFrancesco said. ‘We have a rule of thumb that says if you don’t have any showings in 14 days, it’s suggested that you’re 10% overpriced.'”

“Older buyers are especially worried because they depend on their stocks and savings to live, said Carolyn Young, broker associate with Christie’s International Real Estate Sereno in the East Bay region outside of San Francisco. The buyer pullback has been dramatic for homes she’s marketing at Trilogy at the Vineyards, a 55-and-over community in Brentwood.”

“She has reduced list prices by $50,000 to $100,000 because cuts that are quick and substantial get buyers in, she said. ‘For sellers, it’s devastating, especially if they bought something else earlier and paid too much for that,’ Young said.”

“For now, Daniel Sweeney, a Realtor with Berkshire Hathaway HomeServices in Henderson, Nevada, is telling sellers not to panic. Buyers are in shock because of higher rates, but they’ll be back, he tells them. Still, a house flipper is trying to pull out of a contract to buy a property from one of Sweeney’s sellers. The investor had 40 properties listed for sale and ‘nobody looking at them,’ Sweeney said. ‘It’s a fast change and that has made people feel concerned that it could get worse,’ he said.”

“The Stenhjems are up against the clock. They’re already paying rent on a one-story home they plan to move to. Jack Stenhjem is 87 and Karlyn’s not much younger, and the stairs in their old house are getting harder to manage. The price cut has gotten a couple buyers interested but now they’re wondering whether to make some improvements to the house because so many competing properties have been updated, Karlyn said.”

“‘It would be nice to make enough on this home in case we live to 100,’ she said. ‘We’re giving away our house at this price.'”

The Los Angeles Times in California. “When the megamansion known as The One was auctioned off in March for less than half its $295-million list price, it wasn’t just a deal for the buyer: It set the stage for what is turning out to be a nasty fight among creditors. Hamid Rafatjoo, Nile Niami’s attorney, scoffed at the lawsuit, which does not name his client as a defendant, as little more than a ploy by the developer’s former investor to muddy up the waters. He said it was late in the game to make a claim that Hankey wasn’t first in line to be repaid given that the estate filed for bankruptcy in October.”

“‘This has been outlined in a bankruptcy case since Day One. And only after the sale closes and there’s a disappointing sale price these theories arise,’ he said. ‘At the end of the day, you try to kick up some dirt and see if there’s a settlement somewhere where you can get some money. My client did nothing wrong. He lost $30 million to $40 million of his own money on this project. To say that signatures were forged or that funds were misused is just a waste of time.'”

From iNFOnews in Canada. “While the ultra-rich really don’t care what interest rates are doing when it comes to buying homes, those aren’t the people buying into the relatively modest luxury market in the Okanagan.
That means people wanting to buy luxury homes at $2 million and more are taking note of rising interest rates, high inflation and a soft stock market.”

“‘This is where you see markets changing,’ Faith Wilson,CEO of Faith Wilson/Christie’s International Real Estate, told iNFOnews.ca. ‘Before, you may have hit it out of the park on every single one – you knew the market value was there and there were enough buyers and there was enough heat in the market and there would be more than one buyer coming to the table. Multiple bids are not always happening now.'”

From CBC News in Canada. “A Calgary man who defrauded investors out of tens of millions of dollars has been taken into custody after a judge convicted him in a decades-long Ponzi scheme. Arnold Breitkreutz, 74, was found guilty of fraud over $5,000 by Court of Queen’s Bench Justice Colin Feasby, following a trial that took place earlier this month. When charges were first laid in 2018, RCMP said there were hundreds of investors affected. Those men and women invested in Breitkreutz’s company, Base Finance, and believed their money was secured by mortgages on real estate in Alberta.”

“‘He’s been convicted and we know he’s going to go to jail,’ said Bill Janman, an investor who lost nearly $3 million in the fraud. ‘There was no way to recover from the loss,’ said Janman, who is in his 70s.”

From ABC News in Australia. “A new completion date has been set for a long-delayed riverside Brisbane apartment building, three years after the initial deadline, but buyers are still concerned it won’t be finished on time. The $375 million apartment tower named 443 Queen Street, developed by Cbus Property, is set to be finished by the end of the second quarter of 2023, with settlements forecast in the following quarter.”

“Bob McKercher signed a contract to buy one of the apartments at 443 Queen Street. ‘Quite frankly given all the delays that have been going on, I don’t have any faith that Cbus will finish on time,’ he said. ‘In the interim we’ve bought a very small townhouse that is suiting us over the short term. When we had a get-together with various owners, many people have sold out and renting and they’re out of pocket tens perhaps even hundreds of thousands of dollars.'”

The Vietnam Express. “Many property developers are slowing down their activities due to lack of access to credit, legal challenges and falling demand. During the second half of this year Quoc Cuong Gia Lai would slow down investment and wait for property policies to be streamlined, CEO Nguyen Thi Nhu Loan told shareholders at the annual general meeting. ‘The stalling of projects means developers cannot sell them and therefore their cash flows are blocked. The market is burdened by a shortage of capital.'”

“The head of a property developer based in Thu Duc City, who asked not be identified, said his company achieved the worst second quarter sales in the last five years. The plummeting demand has forced it to stop marketing campaigns, he said. ‘We do not expect much this year, just waiting for this difficult period to be over and be ready for another race next year.'”

From Stuff New Zealand. “In May, the Auditor-General sent a letter to the Treasury regarding the lack of accountability and transparency in $74 billion of Covid-19 spending. It appears that Treasury and some government officials used the pandemic to give many billions of dollars to businesses that were overpaid or did not actually need the money.”

“There were 36 financial and other measures introduced to assist businesses, with the wage subsidy being the largest. MSD staff had been happy to pay property investors up to $3000 per week for properties to use for emergency housing that in some cases weren’t fit for use, including places littered with debris, and others with no ovens, furnishings or bedding.”

“A well known economist and financial journalist, Bernard Hickey, has written that ‘New Zealand’s economic response to Covid was among the worst in the world in terms of widening wealth inequality and the wasteful use of taxpayer funds.’ He calculated that asset owners had increased their wealth by $1 trillion over two years, while those on low incomes went backwards and ended up borrowing $400 million from the MSD. The vast amounts of money given away by officials to businesses who did not need it has cost each taxpayer several thousand dollars and all the surplus cash started an asset price bubble.”

Related Posts
This Post Has 165 Comments

  1. From the top 11 minute video:

    Toronto Housing Crash 2022 – how low will it go?
    Jul 2, 2022

    The second 7 minute video:

    Real Estate Housing Market Dump Has Began In Port St. Lucie

    Jul 3, 2022 The real estate housing market dump has began in Port St Lucie, Florida. In the last 30 days housing inventory is up by 59.9%. More inventory means houses sit on the market longer and after they sit they get stale and price drops and negotiations are necessary for a sale to take place. Basic economics the law of supply and demand. If you are a home owner and thinking of selling “SELL IT NOW”. If you are a buyer be patient Port St Lucie will soon be a buyers market with prices headed toward pre pandemic prices unless inventory begins to slow from its current pace.

    The third 16 minute video:

    Twenty Year Low In Home Sales For Parts Of Canadian Real Estate

    Jul 2, 2022 We are seeing 20 year low in home sales in some pockets of Canadian Real Estate. The Greater Toronto Area and the Fraser Valley in the suburbs of Vancouver are both enduring 20 year low in home sales. This should not come as a surprise for regular listeners as we highlighted a similar theme in 2018 when mortgage rates nearly touched 4%. Simply put, Canada’s two major metro markets are not designed for higher mortgage rates.

    1. From first video.
      “Seeing almost as many terminations as sales – indicative of a slowing market”. Keep in mind that once all conditions are met (home inspection, finance etc) which were listed in the offer, the buyer is on the hook for the difference in price if a subsequent sale looses more $s.

  2. The shift has kinda hit the fan.

    ‘a house flipper is trying to pull out of a contract to buy a property from one of Sweeney’s sellers. The investor had 40 properties listed for sale and ‘nobody looking at them,’ Sweeney said. ‘It’s a fast change and that has made people feel concerned that it could get worse’

    What could go wrong?

      1. Gosh, I sure hope Mr. Real Estate mogul didn’t lever up on debt to fund his shack purchases. Cuz that would be like, a calamity.

        1. I sure hope Mr. Real Estate mogul didn’t lever up on debt to fund his shack purchases.
          Last place I worked I would frequently see a Investors do a cash out refinance (2018-2020) 4 or 5 homes. Not sure what he did with the money but, if I had to guess, I would say he bought more rentals.

    2. ‘It’s a fast change and that has made people feel concerned that it could get worse’

      “Concerned” isn’t the word I would use. Die, speculator scum.

    3. “The investor had 40 properties listed for sale…”

      Cockroach Theory application: If the MSM reports on one investor dumping 40 properties on the market, you can be sure there are many, many others that are going to dump multiple investment properties.

      And this just covers the individual investors who went crazy with greed. The real flood will hit if corporate buyers panic and dump inventory before the CR8R becomes common knowledge.

      1. It’s 4th July and the fuse has been lit.

        If the Fed at next regular meeting ( July26-27 ) has the courage to raise another 75->100bps, then the spiral downward can only accelerate.

        Me thinks the big hedge funds (i.e. Blackstone) are have/are liquidating but are in stealth mode as to not spook the fish ball.

  3. ‘For sellers, it’s devastating, especially if they bought something else earlier and paid too much for that’

    Stuck with two shack loans? Sound lending!

    1. Stupid SHOULD hurt, otherwise fools would never learn. Take the 66 million mental and moral defectives who voted for Biden. How’s that “Build Back Better” working out for ya, f*cktards?

  4. ‘In Naples, Florida, agent Jennifer DeFrancesco is advising some sellers to drop prices. The flood of calls from buyers in the Northeast have eased. ‘In the month of May, everything came to a screeching halt,’ DeFrancesco said. ‘We have a rule of thumb that says if you don’t have any showings in 14 days, it’s suggested that you’re 10% overpriced’

    i love a good screeching halt in the mornin’. Shall we draw the curtain on the “6 months is a balanced market,” Larry? It’s pretty funny on these videos to hear UHS insist their igloo cluster is still a sellers market when a$$ poundings are over 600k K-dn pesos.

    1. Realtor “rules of thumb” are intended to spur quick sales and easy commissions, I’ve noticed.

  5. ‘those aren’t the people buying into the relatively modest luxury market in the Okanagan. That means people wanting to buy luxury homes at $2 million and more are taking note of rising interest rates, high inflation and a soft stock market’

    Yep, $2M is modest luxury.

  6. ‘more sellers put their homes on the market to try to capitalize on high prices. ‘Usually a lot of sellers think the market is going to adjust and are trying to get ahead of that, while in reality they are a little bit too late’

    This is the behavior of gamblers Sam.

  7. ‘According to the National Association of Realtors, inventory rose 25% during April and May’

    Wa happened to my shortage Larry?

    ‘If a house has been for sale two weeks or more, the buyer will most likely not have to pay above asking price to win it,’ said Linda Craft, CEO of Linda Craft & Team, Realtors, in Raleigh, ‘And, yes, may get a few dollars off or a little closing cost help’

    Most people reading this don’t realize how big the triangle market is, nor how inflated. This is where you find out how “solid” the lending was.

    1. Wow. so 9% of all phoenix for sales are unoccupied flippers all to one company who’s monthly carrying costs have to add up. (even if they got money cheaper than the regular guy. Not just mortgage, but all the money spent to contractors, materials, payoffs to inspectors, etc.

      So figure other big flipper investors, UHS’s owning and flipping (cuz they always do) and other regular guys doing the flipping. What’s that number, probably double that. So about 30% of current Phoenix listings are empty speculator homes that are being flipped???? That can’t be good.

      1. I’ve got a video I’ll post in the morning that says they have over 500 shacks in “shadow inventory” in addition to those listed. And says offerpad is in the same boat.

    2. This sh!t should be illegal. Turning shacks into speculative widgets while simultaneously impoverishing tens of millions leading to record homelessness is absolutely despicable.

      1. Yes!
        – and may I repeat this:
        ‘This sh!t should be illegal. Turning shacks into speculative widgets while simultaneously impoverishing tens of millions leading to record homelessness is absolutely despicable’.

  10. Happy Independence Day and happy 246th birthday to the United States of America, the greatest nation in the history of the world, and the last truly free nation in the world!

    1. “The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants” — Thomas Jefferson

  11. ‘We’re giving away our house at this price.’”
    I guess this is better than what we will be hearing soon which is “I’m not going to give my home away” as they ride the market down. And yes, I did hear a neighbor say that during the lat down turn. She wanted to move to Florida but she’s be damn if she was “going to give her home away.”

    1. The old “not giving away my house” routine.

      Soon to be followed by “I gotta bring how much to the table to close?”

      1. Completely agree. The house (widget, item) is worth what the market says it’s worth. What you paid for it or have invested in it is meaningless.

        1. “The house (widget, item) is worth what the market says it’s worth.”

          That’s not the way the world works my good friend…. That’s not the way the world works.

          In the case of new housing, it’s production cost (lot, labor, materials and profit) or roughly $45-$55 per square foot. In the case of resale housing, is that same unit price adjusted for depreciation.

          San Diego, CA Housing Prices Crater 19% YOY As Decades Of Appraisal And Mortgage Fraud Surface Across California

          https://www.movoto.com/ca/92127/market-trends/

  12. ‘Usually a lot of sellers think the market is going to adjust and are trying to get ahead of that, while in reality they are a little bit too late,’ he said.”

    Party’s over, greedheads. Better get to sawin’ and slashin’ like you mean it, because it’s all downhill from here as Jimmy Carter 2.0 “leads” us into stagflation and economic malaise.

  13. “‘On the other side, sellers are adjusting to this new reality and learning that sometimes there’s not much they can do to increase buyer interest,’ said Redfin Seattle-area real estate agent Caroline Loudenback.

    Caroline, like all realtors, is a liar. All that’s necessary to “increase buyer interest” is to price your shack to sell in the current market. But that means dispensing with delusional greedhead wish prices.

  14. This must be a dilemma for the globalists. If they unleash the Soros Scum BLM-Antifa rent-a-mobs, that will only intensify the backlash against their Democrat-Bolshevik Quislings during the midterms. You can only rig elections so far before the electoral process loses all credibility and people realize we’re not going to vote our way out of the current mess.

    ‘City gonna burn’: Akron police fire tear gas to quell rioters after black man, 27, was shot 60 times and killed by cops following chase as union reveals victim was involved in ANOTHER pursuit the day before

    https://www.dailymail.co.uk/news/article-10979331/City-gonna-burn-Akron-police-deploy-tear-gas-quell-rioters-bent-destruction.html

      1. I have a VPN I set for K-da:

        Video unavailable
        The uploader has not made this video available in your country

        1. Set VPN on another country.

          COVID Dinner Discussion – SNL
          2.5M views · 4 months ago

          1. Ok, in summary, Dr Ruby on Rumble exposed that on June 28, 2022, the FDA ruled that Big Pharmacy doesn’t have to do testing on new variant vaccines. .
            So basically your a lab rat to Big Pharmacy injections, as if you weren’t before on the roll out of these vaccines.

            How much more evidence do you need that you have corrupted and captured Government Protection agencies, that are approving crimes against humanity , where the death and injury toll , safety or effectiveness doesn’t matter to them.
            No more test data to be reviewed, because its not required accordingly to the FDA.
            The corruption of Goverment agencies, that are suppose to work on behalf of the public, are now working on behalf of Private Party Big Pharmacy profit, and at worse mass genocide and depopulation, with Big Pharmacy having no liability on the results.
            And how is the corruption of a Government agency addressed? How about Dr Fauci using tax dollars to fund gain of function research in foreign Countries, that was illegal in US. The creation of disease by gain of function , than profit on vaccines as remedy for leaked gain of function bio weapons.
            And Biden trying to give power to the WHO to decide on global lockdowns and mandates on any vaccine they dictate, as Biden’s / One World Order attempt to supersede sovereign states and Constitutional protections.
            Fortunately, Countries like Africa and India have delayed the amendments Joe Biden introduced to give Sole Power to the corrupt WHO, on health mandates for most Countries.
            It was always in the plan of the One World Order to defeat constitutional protections and sovereign States by bogus health emergencies and unproven climate change emergencies .
            You eat bugs, take all the injections we mandate, your under lockdowns or masked whenever we say, you will own nothing and be happy, and you will be hacked against your will because we want surveillance and control on your ever move.
            We have the right to depopulate and murder people , take their freedoms, subject them to a deprived and slavery type of existence, because as the One World Order, we have been planning this for a century. The earth belongs to us , and we are the new Gods , that will dictate the fate of 8 billion people, because that’s the agenda we planned.

          2. No more test data to be reviewed, because its not required accordingly to the FDA.

            Look what happened when the FAA took Boeing’s word that the 737Max was airworthy. And Boeing did test the Max, just not correctly. Would anyone fly on an airliner that had never been tested? Yet that is what they want to do with Jab 2.0

          3. “And Boeing did test the Max, just not correctly.”

            When all of your flight controls are “fly by wire” trust becomes a real issue. I’ve been moved by some of these incidents back east where the control tower has inbound flights stacked-up in a holding pattern during icing conditions, and the flight computer compensates for developing ice until control is lost. Only then does the flight crew become aware of the problem when they can’t do anything about it.

    2. A Hidden Alliance of former WEF Young Global Leaders working in Lockstep to enforce the Great Reset include Macron, Trudeau, Ardern, & Boris Johnson

      https://expose-news.com/2022/07/03/wef-global-leaders-macron-trudeau-ardern-johnson/

      How is it that more than 190 governments from all over the world ended up dealing with the Covid pandemic in almost exactly the same manner, with lockdowns, mask mandates, and vaccination cards now being commonplace everywhere?

      The answer may lie in the Young Global Leaders school, which was established and managed by Klaus Schwab of the World Economic Forum (“WEF”), and that many of today’s prominent political and business leaders passed through on their way to the top.

      1. Its called infiltration of Governments , to make them into bought out pawns for a Innsurrection and take over by private parties for a objective of a One World Order dictorship .A small group of psychopaths, that want to kill and enslave the populations of the World.

        1. A small group of psychopaths, that want to kill and enslave the populations of the World.

          The problem is that as far as they are concerned, the world is theirs and we are just in their way. Unless you are useful to them, you’re just a “useless eater”

      2. “The answer may lie in the Young Global Leaders school…”

        Reminds me of the first 20-min of that Matt Damon – Angelina Jolee movie, “The Good Shepherd.”

      3. How is it that more than 190 governments from all over the world ended up dealing with the Covid pandemic in almost exactly the same manner, with lockdowns, mask mandates, and vaccination cards now being commonplace everywhere?

        And how they all covered up the problems with the jabs. Even in Mexico, where they didn’t go batsh!t crazy with mandates and barcodes, you never read about people injured by the jab in the news, yet my friends and relations down there all know people who were harmed by it. My contacts there refuse to get the jab.

        1. How is it that more than 190 governments from all over the world

          I think the global response to the next deadly pandemic was scripted and agreed to long before the CCP virus showed up.

          1. “I think the global response to the next deadly pandemic was scripted and agreed to long before the CCP virus showed up.”

            Most don’t understand this. The coordination before the fact.

      4. Nobody elected Klaus Schwab to anything. He needs to be curb stomped to death, and even that’s too good for him.

        1. We’re not doing much this time. After 3 days, Hubby is feeling better. Son is bouncing back after less than 24 hours like last time.

      2. So sorry. We had our family outbreak last December, thanks to a Thanksgiving Dinner super-spreader event that confirmed beyond any reasonable doubt that the vaccines do not confer immunity.

        Hopefully the Omicron variants in circulation today are milder than what we came down with (Delta?).

        1. We presumably had Delta last August and now have Omicron version ???. It’s milder.

  18. Some snippets from r/deadbedrooms:

    How many of us would be homeless if we tried to leave?

    I work full time but the pay is low and my city is very expensive. My professional license is only in this State. I don’t know if I would leave if I had money but I do know that I can’t so there’s no point making a decision I can’t follow through on. Anyone else in this boat?

    1. From the comments: “Oh, thanks. I’m not doing well. Since thecpandemic I’ve been working 60+ hours a week. I deliver food and that has put me in debt, I spend a lot of time away from home. Meanwhile the didn’t get a job until a few months ago and only contribute like $350mnth towards bills. My rent alone in $2200 and for our family there isn’t much lower than that in our community.”

      1. From the comments: “Lol saving money. Have you tried saving 5k lately? Rent in my metro area is this bad. Even a downgrade is 2k. The kids are teenagers and need their own rooms. Moving is difficult without a lot of money and planning.

        I also just got a job working for state government so I’m trying to stay in my community. I love where I live. That shouldn’t be a thing I have to worry about. But here we are in end stage capitalism.”

        1. How many of the sheeple have made the link between their votes for the crony capitalist status quo, and the shafting they’re getting from same?

        2. kids are teenagers and need their own rooms.
          B.$.
          How much other worthless B.$. are you spending your money on. Think about college dorms, at least back in my day. 2 people per room. And they were damn small rooms.

  19. From the comments: “I moved out of my house in February of 2020. I was able to buy by the skin of my teeth a house I could afford on my low salary. Basically in a way I was lucky, the housing market and even the rental market is so insane that there is no way I could afford to move out today. The average rent in the US is $2000/mo (where I live closer to $1200/mo) and I only make a little more than that a month. The math doesn’t add up.

    Everything is piling up and is so expensive. I’ve cut all extras–no once a week doordash if I’m hungry and dont’ feel like cooking (I’ll eat cereal or something) no once a month pedicure, I’ve dropped my haircuts to once a year, I’ve streamlined my beauty routine to bar soap, Jergens lotion, Meijer brand shampoo/conditioner, and that it. No treats like chocolate or wine at home (good for my waistline honestly but I miss desserts.) I haven’t bought any clothes since I turned 40 a few years ago besides a few necessities like tshirt and socks. I don’t go to the doctor for any sort of annual visit because I can’t afford it.”

    1. From the comments: “I haven’t traveled or taken any trips besides seeing my grandmother and cousin twice over the last two years.

      I need new tires on my car, especially before the snow flies, I have to make a few home repairs, and my house is so over inflated (I live in a 600 square foot house that is currently way, way over valued) that my mortage went up to pay for the $1500/year property tax increase.

      I got a 1.5% raise last year and do not expect a better one this year.

      My divorce was financially equitable and I don’t owe any debt on that. But both me and my exhusband are running households on half the income.

      Things are getting so tight tough that if anything bad happens health or house wise, I am seriously considering selling my house and moving back in with my ex husband (he already said I could.)”

      1. My divorce was financially equitable and I don’t owe any debt on that.
        Let me translate that for ya.

        “He got screwed!”

      2. but but but stronk independent single mother. That whole death til you part thing that you thought wasn’t important? Yeah, too bad. You are free to make choices, you aren’t free from the consequences.

          2. or monkey branching?

            You know the answer. They already have the next mark lined up, pun intended.

      3. I am seriously considering selling my house and moving back in with my ex husband (he already said I could.

        An emasculated cvck.

        1. Don’t some states have laws where if ex spouses move in with each other, they are automatically remarried?

    1. Thought I’d pull up Sh!tcon to see what it’s up to. It keeps trying to go straight up past $20k and failing, then slowly drifting back down. The parabolic spikes are obvious pump (and dump) activity. This stuff should be illegal.

  21. ‘Usually a lot of sellers think the market is going to adjust and are trying to get ahead of that, while in reality they are a little bit too late,’

    He who panics first, panics best.

  22. “‘If a house has been for sale two weeks or more, the buyer will most likely not have to pay above asking price to win it,’ said Linda Craft, CEO of Linda Craft & Team, Realtors, in Raleigh

    “Win” a shack? I see what you did there, Linda. Only the indescribably stupid are signing Mr. Banker’s infamous dotted line to “purchase” a shack on the cusp of a bursting housing bubble that is going to make the 2007 housing bubble implosion look like child’s play.

    1. What kind of idiot offers above asking on something on the market for 2 weeks? You might get asking (not above) in the first day or two of listing. After that the offer is only going down.

      For the amount of money they are charging (5-6%) one would think that “professional” UHS’s would have even the slightest idea how to negotiate.

    2. I wish to God this whole class of parasites could be disintermediated by the Internet already. Should have happened years ago.

      1. Given how how easy it was to sell until recently, I’m surprised that more people didn’t just FSBO and save the 5-6% commission.

        1. Cuz it rarely works. FSBO’s are always WAYYYYYYY overpriced and will listen to nothing. “i know what i have here”. And there’s no intermediary to help break the news. Most realtors won’t even show FSBO’s because they never work out because they won’t even listen to a lower offer or bad inspection or whatever. Plus FSBO’s are surprised when they are expected to buy buyer’s broker side. Plus they don’t do any of the paperwork right. And their marketing generally sucks. And their price (if it’s even in the ballpark) is at least 3% too high (since they aren’t paying selling broker’s fee). It’s not worth the effort as a buyer.

          Look you wanna do business in NYC you pay your 10% protection money to the mob. You wanna sell a home in FUSA you pay your 6% to the mob, errr I mean realty business.

          1. I know people who have been successful with a FSBO. It’s true that realtors won’t show them. But when there are bidding wars I don’t see why it wouldn’t work. You could save $30,000 on a 500K sale

          3. Makes sense to split the used home seller’s 6% commission between buyer and seller.

  23. Selling Your Home in a Shifting Real Estate Market

    Jul 4, 2022 Santa Clara’s real estate market has shifted. Homes are taking longer to sell, and there are more homes on the market. Home values have also declined since their peaks and are anticipated to continue to decline. What can you do as a home seller to sell your house quickly and for a good price in this market?

    https://www.youtube.com/watch?v=1-kMrZftA0A

    9 minutes. Eat yer crowz Thornberg.

    1. signature response in a self serve line: “please wait for assistance.”

      signature response in HB Blog: “eat yer crowz, thornberg”

  24. “For now, Daniel Sweeney, a Realtor with Berkshire Hathaway HomeServices in Henderson, Nevada, is telling sellers not to panic.

    He who panics first, panics best, greedheads.

  25. Kitsap County Home Sales Drop – Real Estate Changes Course

    Jul 3, 2022 Worried about a housing market crash in the Kitsap County Real Estate market or Silverdale housing market? This is a great opportunity for buyers who now have motivated sellers or who can wait a bit…and Sellers…look at these stats; Silverdale homes for sale are still selling and selling for strong amounts although buyer demand is slowing – by how much?

    https://www.youtube.com/watch?v=KGi8tqGIDNo

    12 minutes. Where is the Kitsap Sun?

  26. The property developer dominoes are starting to fall in rapid succession in the globalist Quisling looting colonies of Australia, New Zealand, and Canada.

    Victorian builder Langford Jones Homes the latest to enter liquidation

    https://www.news.com.au/finance/business/victorian-builder-langford-jones-homes-the-latest-to-enter-liquidation/news-story/26014b8810b2fb495f632e77b1cd0e79

    Another builder which has been building homes for 50 years has entered liquidation, owing creditors more than $10 million.

    1. “…building homes for 50 years…”

      They should have recognized the storm clouds forming on the horizon. Gotta wonder how many sub-contractors they’re taking down with them? It’ll be like Country Music lyrics, wife is gone, 4×4 truck is gone, etc.

  27. Should I Buy a House Now in Boise Idaho?

    Jul 3, 2022 Should I Buy a House Now in Boise Idaho?

    With house prices falling, house prices dropping, a likely recession in 2022, and rising mortgage rates, it’s no wonder people are wondering if they should buy a house now, especially in the boise housing market. Everyone’s trying to make housing market predictions on when will the housing market crash again (or IF it will), and you’re just wondering if you should buy or rent, or if you should buy a house now. The Boise real estate market is shifting, and potential home buyers have more options and more power to negotiate. Then why all the hesitation in the Boise housing market? I’ll try to help you weed through all the media noise, and help give you up to date information on the Boise housing market to see if you should buy a house now..or wait…

    https://www.youtube.com/watch?v=l2h85aGy3Sw

    11:40.

  28. ST. CLOUD
    New Home Incentives

    Sep 25, 2018 There are some Moving-Ready new home specials just 5 miles from Lake Nona. Here are some of the incentives:

    -Smart Move Financing to obtain lower interest rates
    -Lender Paid Mortgage Insurance which lowers your monthly payment
    -Rebates from $5,000-$12,000 to use toward closing costs or upgrades
    -Pick two Special to use toward washer, dryer or blinds

    Offers are subject to change.

    https://www.youtube.com/watch?v=JX-_7afb0SA

    1:32.

    1. ** “-Pick two Special to use toward washer, dryer or blinds”

      after renovating 2 hoarder-houses-from-hell, I can say with authority that the blinds is the better deal.
      appliances are pretty standard: pick out a pair, even a used set to save money if inclined, borrow/rent a truck, wake yer lazy teen kids from their sleep till noon lifestyle, bring appliances home, use a dolly to set in place, connect hoses/cords. DONE!

      blinds!? holy shitzu, what a pain in the azz!
      from dealing with hard to find snarky staff to precise measurements for many different windows to colors, styles, designs, availability, etc . . .
      I’d rather have a root canal than attempt to handle another DIY housewide blind install.

      (my new ukrainian neighbors w/the exact same house dimensions are still using sheets in some windows after 3 months of residency. and they ain’t poor!)

      2. Curtains (and curtain rods) are way cheaper and easier than blinds and easier to change colors/patterns and clean. Also with thermal/blackout curtains it actually somewhat efficient in reducing heat/cold movement and actually stopping the light from coming in at night. Blinds are generally a poor choice and are outrageously overpriced. Maybe our ancestors knew something

    2. “Lender Paid Mortgage Insurance which lowers your monthly payment”

      Because they KNOW the buyer will fail, just a matter of when.

  29. Holiday weekends in housing market give buyers chance to beat competition

    Jul 4, 2022 Buying a home in Denver can feel like more of a dream than reality. However, while the rest of the city is celebrating the Fourth of July, it can be one of the best time for buyers to find a home.

    https://www.youtube.com/watch?v=XUSDOcE5cE0

    1:46.

    1. ** “Holiday weekends in housing market give buyers chance to beat competition”

      same strategy I used to score tickets to Air Supply concert. next is Pablo Cruise
      no more overnight sleeping in front of the ticket window for THIS savy shopper.

  30. “DeFrancesco said. ‘We have a rule of thumb that says if you don’t have any showings in 14 days, it’s suggested that you’re 10% overpriced.’””

    OMFG UHS’s are dumb. Seriously. If you get zero showings in the first 14 days esp. in the busy season of spring and summer, you are WAY OFF. The market has spoken and it says you aren’t even in the ballpark. 10% ain’t going to do it. You might as well start over and pull the listing for a while because no matter what you do that listing is now damaged goods. Why exactly pay a UHS for their “expertise” when it leads to an initial price that far off?

    Showings are the key to knowing if your property is priced correctly. An offer takes the right person to see the house, but if there’s interest and people willing to look at it, at least you’re close. But zero showings when first listed? You’re ridiculously high.

  31. Santa Clara, CA Housing Prices Crater 24% YOY As Bay Area Seethes In A Pot Of Mortgage Defaults, Soaring Inventory And Plunging Rental Rates

    https://www.movoto.com/ca/95054/market-trends/

    As one Bay area broker explained, “Our internal forecast is falling prices to a level not seen since the 1990’s.”

    1. Have no fear, the youth in China are largely urbanized now. They are fat, weak, diabetic, and spoiled.

      The countryside people are tough but a quickly shrinking population.

      The engineers are smart though regardless of BMI.

  33. Garlic, Watermelon or Wheat as Down Payment for House, China Has Enough Vacant Houses for 96M People

    Premiered 12 hours ago China’s real estate market continues to slump. With sales plummeting and the market sluggish, recently, many cities in China have come up with various promotional policies, and all kinds of strange house-selling tricks have been launched.

    In addition to the fancy promotions done by developers, various local governments have also made surprising moves to stimulate the property market. In addition to loosening the property market regulation policy of restricting purchases and sales, they have also introduced policies such as “job gifting” and “house voucher”.

    https://www.youtube.com/watch?v=SlRTMVcqn3Q

    18 minutes.

    1. A perfect solution: deport 66 million Biden supporters to the PRC so they could live under their beloved Communism, and those vacant flats could gain tenants, albeit the most useless, parasitic elements of the U.S. population.

      1. No way does Biden have that many supporters, now that its obvious what his true colors are.

        Biden is the leader of the One World Order, recently called Liberal World Order.
        People are discovering that Bidens build back better agenda isn’t building back better.

        1. People are discovering that Bidens build back better agenda isn’t building back better.

          I attended a gathering yesterday. One woman was “terrified” that Colorado will elect a Republican governor this November, and that abortion would be banned in Colorado. I think she needs to stop watching A Handmaid’s Tale.

          You would be surprised how many lefties are still hoping that things will soon improve, that we just have to stay the course and it will eventually work. Some will pull the D lever, no matter how awful it gets.

          1. You would be surprised how many lefties are still hoping that things will soon improve, that we just have to stay the course and it will eventually work. Some will pull the D lever, no matter how awful it gets.
            You must know my family! Nice enough, just totally naive and clueless but they are very happy now there are no mean tweets.

        2. ‘Biden is the leader of the One World Order, recently called Liberal World Order.
          People are discovering that Bidens build back better agenda isn’t building back better’.
          – and you don’t understand that if Biden really would be the leader of something you like to call ‘the One World Order’ there wouldn’t be any people discovering that Bidens build back better agenda isn’t building back better’ and at the next US election there might be a (political) change – again?

          2. ‘Ben Jones, please ban this troll’.

            Well –
            the last time I talked to Ben I asked him if there is any constructive and workable solution to avoid the repeated
            speculator ‘manias’ – and as he didn’t have an answer then – and the so called ‘World Order’ – or some German Schwab never had an answer either – perhaps this time there will be an answer we can broadcast?

    1. “It comes as the building industry is in crisis as fixed price contracts and rising material costs have left many business no choice but to collapse…”

      Seems like they should go long, e.g., purchase options for their materials since they’re locked into a fixed price contract.

  35. ✌🏻Two Examples of How the Real Estate Market is Changing. 🏡🏷💦

    Jul 4, 2022 2 Examples of How the Real Estate Market is Shifting in Park City, Utah.

    https://www.youtube.com/watch?v=FWv_cm8hCAM

    50 seconds. I don’t know if this is the same sunglasses girl from yesterday. She said massive price drops. Oh dear…

    1. Hotdam…. the comments sections all seem to grind to a halt at the mere mention of appraisal and mortgage fraud…..

      Why is that?

  36. Look, the end game objective of the One World Order /WEF is that no private party ownership of property will exist for the populations of people.

    They won’t let you own real estate, if they get their way and take over. They plan to own and control all resources and property of the earth, that includes real estate.
    They have revealed a agenda to dismantle private party ownership, or any other rights previously enjoyed by the masses.
    And just because the plan is so bizarre, and self serving to a very small percentage of the population of tyrants attempting this takeover, doesn’t mean they are going to back off on it.
    They think because they have the technology for enslavement, hacking and trans humanism, that this is the way it should be used.
    No, technology shouldn’t be used to improve the life of humans, but it should be used to enslave and alter humans against their will. Humans should be deprived of anything humans desire, because that’s only for the Elite stakeholders that will own and control everything.
    They are already controlling the Main Stream News, with censorship of dispute. They are trying to take the guns. They are brainwashing and grooming the youth in schools. They are labeling anybody that is opposed to their agendas, a terrorist, a racist, a fascist, homophobic, etc etc.
    They are into defrauding the public , by false information, fear mongering, fake narratives , and mass psychosis and brainwashing. If that doesn’t work, it extortion, threat of job loss, cancelling, false arrest, slander, and some are having their lives threatened.
    They have corrupted Washington DC so much, that it needs to be purged of Politicians on both sides who are working for the One World Order. They rig elections , and place puppets in high places.
    And I don’t need to say that their health policies have nothing to do with health.

    Everything is going to crash, and a recession is in the cards. No soft landing is possible under current conditions. IMHO

    1. This:
      ‘They won’t let you own real estate, if they get their way and take over. They plan to own and control all resources and property of the earth, that includes real estate’.
      – in combination with this:
      ‘Everything is going to crash, and a recession is in the cards. No soft landing is possible under current conditions. IMHO’
      – makes NO sense –
      And don’t take me wrong – as I also believe that some greedy speculators try to ‘own and control as much resources and property’ as they can –
      BUT in order to do so – ‘they’ do – and HAVE to compete against each other – as if they wouldn’t – there wouldn’t be the Crazy Boom and Bust Economy, which every few years destroys so many lives.
      AND the major point: IF there would be some kind of ‘order’ to this… this
      what a lot of Americans call ‘Free Market’ – and ‘they’ -(whoever?) would be in control – there wouldn’t be these type self-defeating Bust of Bubbles.

      Right?

      1. ” Right?”
        No wrong.
        Please be advised to read up on the One World Order, and the World Economic Forum, headed up by some screwball German named Klaus Schwab.
        Once you have deep dived into the study I recommend you do, than you might understand what they have in store for the globe.
        In fact, there are many tapes where they openingly expose what they plan to do. Destruction of Capitalism and everything else is part of the end game plan of this group.
        But , if you aren’t sincere in finding out the truth , than what can I say.

        1. “Right”?

          Do you need some cuddly validation? Did mommy not breast feed you long enough?

          1. @
            ‘Do you need some cuddly validation?’

            a constructive answer about how to make sure that there isn’t a ‘deja vue’ again in 8 to 12 years would be greatly appreciated.

        2. @
          ‘Please be advised to read up on the One World Order, and the World Economic Forum, headed up by some screwball German named Klaus Schwab’.

          I did – but why should you/we take a ‘screwball German named Klaus Schwab’ seriously – if he didn’t manage to stop the repeated crazy Housing and Cryptocurrency Speculation of the last years?

          And what about this… this dude and all of his plans and what you called ‘World Order’ put in total Disorder by a Virus?

          And if there is this HUUUUGE Bubble – this time of ‘everything’
          is going to burst – you really believe he will be able to stop it –
          or to do anything about it?

          As he is the head of some ‘First World Order’?
          OR – to be a bit more realistic – will it be again the Central Banks –
          (you jokingly could call the ‘Central Capitalists’)- who will be able to do what they did in 2008-09 – but hopeful this time learning from all the chaos?

    2. Everything is going to crash, and a recession is in the cards. No soft landing is possible under current conditions. IMHO

      And this crash will be global. All part of the plan to get us to sign on the dotted line for the Great Reset.

      1. @
        ‘And this crash will be global. All part of the plan to get us to sign on the dotted line for the Great Reset’.

        Exactly like last time in 2008-09 or what will be different this time?
        (besides that this time it’s ‘the Bubble of Everything)

    1. Indeed, history does repeat itself as the periphery goes down first, to wit Bakersfield, Riverside and Stockton. They’re most likely the, “How much a month?” crowd who commute 90-min each way to their menial jobs that will disappear as the economy’s sneeze develops into a runny nose.

    1. No vibrancy anywhere near Highland Park. It’s straight out of a 1980’s John Hughes movie. It’s one of the wealthier towns in the Midwest.

  39. Another day, another crypto investment firm closes its doors to HODLer withdrawals.

    It sux to not be able to get your money back.

    1. The Financial Times
      Cryptocurrencies
      Coinbase-backed Vauld halts withdrawals as crypto credit crisis intensifies
      Digital asset lender says customers have pulled $200mn from its platform since mid-June
      Coinbase’s logo and a representation of cryptocurrency
      Coinbase is one of the backers of crypto lender Vauld, which raised $25mn in a funding round last year
      Adam Samson in London
      7 hours ago

      Vauld, a crypto lender backed by Coinbase and investor Peter Thiel, has halted withdrawals and trading on its platform as the credit crisis in the digital asset market intensifies.

      The company, which offered clients annualised returns of up to 40 per cent to lend out their crypto tokens, said on Monday clients had yanked almost $200mn from its platform in the past three weeks as high-profile failures ricochet through the industry.

      It had appointed advisers to look at all potential options, including a restructuring, Vauld said in a statement on Monday.

      The Singapore-based group’s decision to suspend redemptions is the latest sign of how a powerful pullback in digital asset prices in recent months has severely caught out what was once a flourishing market for lending digital tokens.

      Companies have been hit by the aftershocks of the collapse of digital token luna in May. Last month, lenders BlockFi and Celsius both said they would have to halt withdrawals and hedge fund Three Arrows Capital — one of the market’s biggest investors — failed, ensnaring other parties.

      Vauld said on June 16 that it did not have any exposure to Celsius or Three Arrows Capital. “We remain liquid despite market conditions. Over the past few days, all withdrawals were processed as usual and this will continue to be the case in the future,” it said.

      But it noted on Monday that Three Arrows’ collapse had been a factor in triggering a stream of client withdrawals.

      “We are facing challenges despite our best efforts,” Vauld said on Monday. “This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us and the current market climate.”
      …

      1. “The company, which offered clients annualised returns of up to 40 per cent to lend out their crypto tokens,…”

        Interest rates that seem too good to be true are a red flag warning for future collapse.

        1. Interesting data point. At 40% interest it should only take around 1.75 years to double your money if you compound it. What were they charging the debtor? This would seem to be bubble ponzi finance at its most flagrant. How long until a ‘real’ bank closes up over exposure to this mess?

          1. “How long until a ‘real’ bank closes up over exposure to this mess?”

            About as long as it takes the Fed leadership to realize that the cryptocurrency meltdown represents a highly contagious systemic risk event and cryptocurrency is too-big-to-fail and bailout worthy.

            Hurry up and buy the dip in cryptocurrency before the Fed rides in to the rescue!

      2. “The Singapore-based group’s”

        You put your money there? In crypto?

        You got just you should have seen.

    2. Would it be unfair to suggest that cryptocurrency is the biggest Ponzi scheme in human history?

      2. Crypto Analyst Who Nailed Bitcoin Collapse This Year Issues Warning, Says Fresh BTC Crash Imminent
        Daily Hodl Staff
        July 3, 2022

        A closely tracked crypto strategist who accurately predicted Bitcoin’s correction below $30,000 says that it’s almost time for BTC to collapse to fresh 2022 lows.

        Pseudonymous analyst Capo tells his 425,900 Twitter followers that the top crypto asset by market cap’s inability to stay above the key psychological price area of $20,000 suggests that another sell-off event is imminent.

        “It’s time… This is exactly what has happened. Support to resistance flip, another bull trap. Strong rejection and straight to new lows.”
        …
        Capo also adds that his expected BTC correction could bring about a massive devaluation in the altcoin markets.

        “Expecting 45-50% drop on altcoins from current prices.”
        …

    3. Breaking
      Investing
      ‘Tragic Contagion’ Spreads: Major Crypto Lender Vauld Suspends Trading After $198 Million In Customer Withdrawals
      Jonathan Ponciano
      Forbes Staff
      Jul 4, 2022,10:26am EDT

      Singapore-based Vauld on Monday became the latest cryptocurrency platform to pause customer withdrawals as a result of the nascent market’s steep decline over the past month, telling customers it will also explore restructuring options as analysts warn the market downtrend will likely continue until broader recession fears subside.

      In a blog post early Monday, crypto lender and trading platform Vauld said it “made the difficult decision to suspend all withdrawals, trading and deposits… with immediate effect” as a result of “financial challenges” stemming from volatile market conditions.

      The four-year-old startup, which has raised about $27 million from investors like Coinbase Ventures, blamed bearish sentiment—fueled by the collapse of Terraform Lab’s UST stablecoin, other platforms pausing withdrawals and Three Arrows Capital defaulting on its loans—for sparking “significant” customer withdrawals of $197.7 million since June 12.

      As a result of the weakness, Vauld also said it has enlisted financial and legal firms to explore restructuring options that will “best protect the interests of Vauld’s stakeholders,” and claimed freezing customer withdrawals would help “facilitate” the efforts.

      Just last month, the company’s CEO Darshan Bathija announced the firm would lay off about 30% of its more than 100 employees, while tempering concerns by saying the cuts would not affect the firm’s services, products or client investments.

      Vauld’s announcement comes three days after New Jersey-based crypto brokerage Voyager Digital announced it would also suspend withdrawals after hedge fund Three Arrows Capital failed to make the required payments on roughly $660 million worth of bitcoin and stablecoin loans; 3AC filed for bankruptcy the same day.

      The collapse of Three Arrows Capital has led to a “tragic contagion” in the crypto market and triggered the downfall of other firms, GlobalBlock analyst Marcus Sotiriou said in emailed comments Friday, noting some companies have struggled to keep up with customers trying to cash out their funds “at an extraordinary rate.”

      Though he says the fear and uncertainty has led bitcoin to become “extremely cheap” according to several indicators, Sotiriou warns the crypto market downtrend is likely to continue until there is a slowdown in inflation. For months, consumer prices have surged at the highest level in 40 years—pushing the Federal Reserve to hike interest rates and unwind economic support while investors worry the aggressive actions might start a recession.

      Surprising Fact

      The world’s cryptocurrencies have lost some $300 billion in value over the past month—pushing the market to an 18-month low of $890 billion and piling on to losses nearly $2 trillion since November.

      Key Background

      Historically low interest rates and government stimulus measures fueled skyrocketing cryptocurrency prices during the pandemic, but Fed interest rate hikes to curb rising inflation have since battered overall market sentiment. Highlighting industry troubles, popular brokerage Coinbase last month laid off about 18% of employees while the firm’s billionaire CEO, Brian Armstrong, warned investors that a potential recession could lead to a prolonged bear market for cryptocurrencies. The price of bitcoin, at roughly $19,500, has fallen more than 70% from an all-time high of about $69,000 in November.
      …

      1. What is playing out currently in the cryptoverse are the cryptocurrency equivalent of bank runs without the benefit of deposit insurance to make HODLers whole on their investment losses. Think of Jimmy Stewart’s role in the movie, It’s a Wonderful Life, and you’ll have the idea.

        Luckily only the relatively small number of investors who gambled in cryptocurrencies are getting wiped out by this panic.

    1. “…a 15% to 20% home price decline
      If a recession hits…”

      Luckily everyone put 20% down.

  43. My prediction has to do with which areas I believe are the most bubblicious and prone to the steepest overall price declines once this whole thing shakes out. Here are my top 10:

    1st place – Bend, OR
    2nd place – Boise, ID
    3rd place – Reno, NV
    4th place – Salt Lake City, UT (all of Utah, really)
    5th place – Las Vegas, NV
    6th place – Phoenix, AZ
    7th place – Inland Empire, CA
    8th place – Austin, TX (and beyond)
    9th place – Seattle, WA
    10th place – Portland, OR

    I realize this is heavily slanted towards the west, but for good reason. First, it’s all I really know. Next, the bubble seems to be much worse out west than back east, for some unknown reason.

    1. That is a decent list. There will be a ton of houses that wind up on repo disposal lists in those cities. Don’t count out back east tho. There will plenty to go around.

      1. “That is a decent list.”

        Agreed, especially the first two. The rest of them have fairly diverse economies, so it’ll take longer to play-out. Bend, OR has a very limited bifurcated economy. Either you have a medical or technical skillset, or it’s the topless coffee drive-through. In addition, the region is wintery four to six months per year and icy slick on and off for two months when the rain freezes. It sure is pretty though compared to the Columbia Basin.

    2. “Next, the bubble seems to be much worse out west than back east, for some unknown reason.”

      The reason is that these are California bubble spillover markets. When California real estate went up like a rocket, investors reinvested their home equity in neighboring markets.

      When the California bubble craters, the spillover markets will be left high and dry, with naked swimmers flopping around on the beach.

    1. Seems like future grain prices are dropping like a rock. So much for the false hypothesis that food price inflation will wipe out the US middle and lower classes.

          1. Indeed. And combine that with the squeeze between higher energy prices and higher interest rates.

  45. A monitor displays stock market information on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York
    By — Alex Veiga, Associated Press
    By — Stan Choe, Associated Press

    From the stock market to crypto, a punishing six months for investors
    Economy Jun 30, 2022 5:25 PM EDT

    Americans with stock portfolios or retirement investment plans would likely prefer to forget the last six months.

    The S&P 500, Wall Street’s broad benchmark for many stock funds, was on pace Thursday afternoon for a 20 percent loss through the end of June after starting the year at an all-time high. It’s the worst start to a year for stocks in decades.

    Investors have been grappling with uncertainty and fear this year following a sharp rise in interest rates as the Federal Reserve and other central banks scrambled to tame the highest inflation in more than 40 years. Higher rates can bring down inflation, but they also slow the economy, raising the risk of a recession. That’s helped drag down the value of stocks, bonds, cryptocurrencies and other investments.

    READ MORE: Markets tumble worldwide, bear market growls on Wall Street
    …

Comments are closed.