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A Frank Message For Sellers Who Wonder If They Missed The Peak: Yes You Did

A report from Market Watch. “Frederick Warburg Peters, the president of Coldwell Banker Warburg, sounded a grimmer outlook for the Manhattan real-estate market in his own second-quarter market report. ‘Throughout the second quarter, that slowdown has accelerated: fewer signed contracts, fewer bidding wars, more price reductions, and a gradual increase in available inventory,’ he wrote. ‘The gradually slowing sales market manifests in all boroughs and at all price points throughout the city.'”

From Newsweek. “One analysis just out has shown that prices in the Arizona state capital may be on their way down. Independent real estate market analyst John Wake showed that prices in Phoenix had been growing steadily throughout 2021 from $365,000 to $458,000, before hitting a peak of $515,000 in May 2022. But between May and June, the median price has gone down by $10,000 and now sits at $505,000. It prompted housing journalist Lance Lambert to share the graph, ‘Did the home price top already get blown off in Phoenix?'”

“Chief Strategist of Quill Intelligence, Danielle DiMartino Booth, tweeted last week that in the Austin, Phoenix & Las Vegas metro areas ‘a third of June listings had price cuts.’ ‘In the month of May, everything came to a screeching halt,’ she added.”

Flagstaff Business News in Arizona. “Realtor Freddi Paulsrud of Russ Lyon Sotheby’s International Realty: ‘And the market can change very quickly. We saw it’s meteoric rise in the last year, and in the last month it changed once again, on a dime…We don’t’ have as big of a buying audience in Flagstaff as we did in the past two years…It’s important that we, as realtors, have a team to discuss ideas. It takes strategy to sell a distressed property and it takes strategy to get the most money for our sellers in this market, while still keeping their heads in reality.'”

From KDVR in Colorado. “Prices have stalled and inventory climbed through the late spring and early summer months. The Denver market’s competitiveness is no longer at the delirious stages it once was, according to Nicole Rueth, producing branch manager and SVP of The Rueth Team of Fairway Mortgage. Home sellers cannot command the prices they did when inventory was at its lowest.”

“In January, the Denver metro area had only 1,719 new listings for single-family homes. In June, it had 5,674. ‘Buyers are using discernment,’ said Rueth. ‘If they think that home price is too high, then they’re going to ignore it. And we’re seeing that. We’re seeing a lack of showings, we’re seeing a lack of offers and we’re seeing longer days on market for those homes that come out wanting whatever their neighbor sold for last week or last month.'”

The Seattle Times in Washington. “The Seattle-area housing market is offering homebuyers new leverage and, in some cases, cheaper prices. More houses are sitting on the market, fewer people are buying homes and home prices in some areas are dropping, according to the Northwest Multiple Listing Service. Sellers are more realistic and willing to work with buyers,’ said Margo Wheeler-Willis, a John L. Scott agent in Tacoma.”

“In King, Pierce and Kitsap counties, twice as many homes were still for sale at the end of June than at the same time last year. In Snohomish, more than three times as many homes were for sale. Across all 26 counties the NWMLS covers, the number of homes and condos still listed for sale at the end of the month was the highest since October 2019. The median home price in King County, which reflect sales that closed in June, is down 6% from May. The recent change is especially apparent on the Eastside, where the median sale price dropped 13% in the last two months.”

“Sellers are coming to grips with the shift, too. In May, sellers dropped prices on 27% of listings in Seattle, 48% in Tacoma, 54% in Everett and 36% in Bremerton, according to Redfin. Some homeowners ‘think they’re still in the market that we had as late as February, March and April of this year, which it isn’t,’ Andrea Keyes, a RE/MAX agent who works with buyers and sellers in Kitsap County. ‘It’s evidence of sellers coming back down to Earth.'”

The Review Journal. “Southern Nevada house prices fell last month for the first time in more than two years as increased borrowing costs threw cold water on the once-sizzling market. At the same time, the tally of available listings shot higher, as 5,746 houses were on the market without offers at the end of June, up 61 percent from May and more than double from June of 2021, according to LVR.”

“‘Rising mortgage interest rates sparked a slowdown that was bound to happen at some point,’ LVR President Brandon Roberts said in a news release. ‘Local home prices can’t keep going up at the rate they have been the past few years. More stable prices, along with the increasing number of homes on the market and decreasing number of homes being sold, are providing some relief for potential buyers.'”

The Orlando Business Journal. “More Orlando sellers cut their listing prices last month than at any point since at least 2018, signaling a shift from the whatever-it-takes housing market faced by buyers for two years. From May 30-June 26, 8% of metro Orlando home listings recorded price cuts, according to Redfin Corp. That’s the highest number since December 2018, the oldest data available from Redfin. It’s a stark reversal from the last two years, when the Central Florida housing market was so competitive that a home’s list price typically was considered its starting price, with bidding wars only driving prices upward.”

“It’s a stark reversal from the last two years, when the Central Florida housing market was so competitive that a home’s list price typically was considered its starting price, with bidding wars only driving prices upward.  However, price reductions increasingly are common this year, said Armel Real Estate Inc. broker and CEO Deanna Armel. ‘Now people are far more calculated about what they’re willing to offer because of the rates.'”

The Times Standard in California. “There were 365 residential properties listed for sale in Humboldt County at the time of the report, of which 153 were not fixer-uppers. Of those 153, 14 were under $300,000, 66 were under $500,000 and 23 were more than $1 million. ‘May and June saw more properties being listed and in June 2022, the sale to list price dropped below 100% for the first time since the January/February, which shows either a glut of properties, properties listed over value and/or the effects of extreme interest rate hikes mid-month. Possibly, all of the above,’ the report states.”

The Globe and Mail in Canada. “Real estate agent Leslie Battle has a frank message for sellers who wonder if they missed the Toronto market peak. ‘Yes you did. I’m sorry, but you did. There’s just no other way to say this.’ Ms. Battle does much of her business in the luxury pockets of west-end Toronto and Etobicoke, where low inventory has kept prices stable, but the froth has dissipated. Three weeks into May, homeowners were still holding on to their desired price. By the third week of June, they began to grasp the veracity of the slowdown. ‘Their heads are spinning,’ she says.”

“She adds that agents need to have forthright discussions with sellers about current prices. ‘Psychologically, they’ve got to be brave enough to tell them ‘this is the price right now.’ It’s the best we can do,’ she says. ‘Craziness is gone. We all knew that was unsustainable. Don’t bank on craziness for a very, very, very long time.'”

“Elli Davis, real estate agent with Sotheby’s International Realty Canada, is getting calls from serious sellers and others who are just testing the water. Those who say ‘I’ll see if I can get $4-million for my house – if I can’t, I’m not selling,’ are not ready, in her view. As for the mindset of buyers, Ms. Davis is seeing more caution these days. She doesn’t believe buyers who plan to stay in their home for the long term have any reason to panic. ‘It’s a correction but it’s not drastic at this point,’ Ms. Davis says. ‘It might not be drastic.'”

From Global News in Canada. “Housing prices have dropped for the fourth consecutive month in the area in June, according to the Kitchener-Waterloo Association of Realtors. After the average sale price reached a peak of $1,007,109 in February, that number slid down to $791,674 in June, the realtors say. KWAR says 1,285 new listings were created last month, which is an increase of 49.2 per cent over a year earlier. ‘For the fourth consecutive month we’re seeing home prices moderate as the number of properties available for sale has steadily increased,’ KWAR president Megan Bell stated.”

From News.com.au. “According to SQM research, five Australian capital cities recorded a decrease in asking prices in June, after the cash rate was increased to 0.85 per cent. First National Real Estate CEO Ray Ellis says while property prices may be decreasing in some cities following the Reserve Bank of Australia’s (RBA) rate hike, the demand for properties remains. ‘Don’t get greedy, a realistic price on a realistic house or an apartment in a realistic suburb will sell for a good price,’ Mr Ellis told news.com.au.”

From Yicai Global. “Shanghai’s second-hand home market is booming, with a fast turnover of properties and high prices. However, in most other parts of the country, there are not enough buyers for the glut of pre-owned homes coming on the market as China relaxes real estate curbs. ‘I am planning to sell my apartment in downtown Shanghai,’ said Wang Mei, a white-collar worker. The real estate agent told me that there is no need to reduce the asking price as the deal could be closed in as little as a week.”

“The number of pre-owned homes up for sale in Chongqing, southwestern China, has doubled in the past month to 17,400 units, according to Lianjia data. In Chengdu, southwestern Sichuan province the number jumped nearly 10 percent to 171,000 units and Hangzhou in eastern Zhejiang province saw 7,000 more such properties listed for sale in the last 10 days of May, bringing the total to 95,000.”

“In Nantong, a city close to Shanghai in neighboring Jiangsu province, there are 64,590 pre-owned apartments on the market, a gain of 2,000 units from early March, according to Beijing-based Lianjia. It may take more than five years for all the apartments to be sold based on the city’s usual sales rate, it said. ‘Selling pre-owned apartments has become really hard recently,’ said Jiang Min, an apartment owner in Nantong. Jiang’s apartment been on the market for eight months, and the number of potential buyers asking to view it are getting fewer and fewer.”

“Over 230 apartments in her neighborhood are for sale and almost every unit’s price is falling, she said. The asking price of some apartments has dropped by CNY200,000 (USD29,821) and some even by CNY500,000.”

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This Post Has 126 Comments

  1. From the videos top to bottom:

    Prices drop over $300,000 in 4 months in the GTA. June 2nd slowest month so far. Detailed Report.

    Jul 6, 2022 June market update for Halton to York to Durham.

    Brampton Detached Homes Down $406,000 In 6 Months. Extremely Detailed Market Update For June.
    Jul 6, 2022

    Caledon Detached Homes Down $502,000 since January. June Unbiased Market Update with Extreme Detail.

    Jul 6, 2022 Caledon real estate market continues to slow down at an extremely fast rate. House prices are dropping. If you’re thinking of buying or selling in Caledon please watch this before signing anything.

  3. Odd, the MSM incuriosity regarding who funded the establishment of these creepy occult “Guidestones” inscribed with globalist mantras.

    Georgia Guidestones dubbed ‘America’s Stonehenge’ and believed to be ‘satanic tablets’ by far-right conspiracy theorists are blown up in mystery attack

    https://www.dailymail.co.uk/news/article-10989201/Georgia-Guidestones-dubbed-Americas-Stonehenge-blown-mystery-attack.html

    A rural Georgia monument that some conservative Christians and far-right conspiracy theorists have criticized as satanic was bombed before dawn on Wednesday, damaging one of four granite panels that some people dubbed ‘America’s Stonehenge.’

    The Georgia Bureau of Investigation said the Georgia Guidestones monument near Elberton was damaged by an explosive device at 4:30 a.m. by ‘unknown individuals.’

    1. they ended up knocking down the whole thing yesterday afternoon then, it was all so unstable , so that’s gone now

  4. ‘The recent change is especially apparent on the Eastside, where the median sale price dropped 13% in the last two months’

    Another example of “we knew already cuz of the videos.”

  5. ‘Rising mortgage interest rates sparked a slowdown that was bound to happen at some point’

    Let’s go Brandon!

  6. ‘And the market can change very quickly. We saw it’s meteoric rise in the last year, and in the last month it changed once again, on a dime’

    Good luck with those $600,000 shacks Flagstaff.

  8. ‘Some homeowners ‘think they’re still in the market that we had as late as February, March and April of this year, which it isn’t,’ Andrea Keyes, a RE/MAX agent who works with buyers and sellers in Kitsap County. ‘It’s evidence of sellers coming back down to Earth’

    That Subaroo payment isn’t going to make itself.

  10. ‘Yes you did. I’m sorry, but you did. There’s just no other way to say this.’

    How about, “Lower your list price now, or else look forward to riding your falling knife 🔪 property all the way down to the bottom of the CR8R.”

    1. If your a seller right now, it’s real easy. Research your comparable listings, find the lowest one and undercut it by 10%. Don’t trust your realtor to do this. And if they disagree, find another realtor. It’s the only way to avoid the stupidity described above.

  11. ‘In the month of May, everything came to a screeching halt,’ she added.”

    But surely in June we saw a deferred Spring Miracle Revival, right?

  12. The Biden regime says the answer to soaring gas prices is for all of us to drive EVs. Sage advice, Brandon, except how many of the proles in our oligarch-looted economy can afford such a costly “solution”?

    ‘Insane’ lithium price bump threatens EV fix for climate change

    https://www.aljazeera.com/economy/2022/7/7/lithiums-insane-costs-threaten-ev-fix-for-climate-change

    The price of the metal used in batteries for electric cars has risen six-fold since the start of the year.

    2. You will own nothing and like it

      A bright side to sky high gas prices

      High gas prices are “unequivocally” good for fighting climate change because people use less fossil fuel and emissions go down, but the poorest people, who don’t have other options also “suffer the most,”

      The Democrats LOVE hurting the poor. They hate them.

      I don’t provide links, because globalist scvm don’t deserve the ad revenue.

  13. When I grew up in the Midwest, people in our community struggled to purchase and maintain one residential property. So it came as a surprise to me upon arriving in SoCal a few decades later that so many of my new friends and neighbors, and even my wife’s hairdresser, were real estate investing geniuses who had figured out how to multiply their incomes by buying and holding multiple residential investment properties.

    On my recent visits back to the Midwest, it has occurred to me that this California acumen for real estate has spread across the country. Now it almost seems foolish to not at least try to own more than one house, if you can afford it, due to the guaranteed wealth effects as the value of your properties increase.

    What’s wrong with this picture?

          1. I drove thru near Downtown Denver early this morning (Colfax & Logan, 17th Ave) and there are more people sleeping in doorways than I have ever seen in a decade plus of living here.

            “Vote blue no matter who” and this is what you get.

    2. Prologue: “By some estimates, the next three decades could see a transfer of wealth in excess of $30 trillion dollars from the Boomer generation to the next, more than double the amount transferred by the previous generation to its offspring.”

      “So how do we steal that?” —Goldman Sachs et al.

      1. Isnt that what people always wanted? to leave something for the kids, a paid-off house some life insurance, and maybe a car or two? I know on the street i grew up on some of my high school friends moved back into their deceased parent’s house and are quite happy saving for the future, it also helps we were walking distance to the elementary and High school in one direction and the middle school in the other, 4 houses sold in less than a month this year to young couples…..and all a little over asking…..so the location must be a factor…

      2. The sickcare industry (medical) is going to get it ALL. It’s designed too and boomers are so into me me me that they will do any medical treatment that might give them one more day, one more week no matter how much pain and how much it costs. (they don’t care after all “medicare pays for it”.

        1. You seem to be quite cynical and really like generalizations about people of which you know nothing. If you are lucky, some day you may be dealing with the same issues.

          1. If you’re lucky and you did your paperwork correctly, your kids won’t fight over the scraps.

    3. ‘On my recent visits back to the Midwest, it has occurred to me that this California acumen for real estate has spread across the country.’

      Succinct

      1. California acumen for real estate

        It’s not so much acumen as a desire for passive income and anticipated appreciation.

  14. The Comrades of Proven Worth (D) in our NEA indoctrination mills are doubling down on their “woke” lunacy. Parents who object should be prepared to have a dossier opened on them by the corrupt DNC adjuncts at the DoJ and FBI.

    National Education Association teachers union proposes resolution to change ‘mother’ to ‘birthing parent’

    https://www.foxnews.com/media/national-education-association-teachers-union-proposes-resolution-change-mother-birthing-parent

    Tiffany Justice from Moms for Liberty said she refers to the NEA as the ‘K-12 Cartel’ for holding parents and children hostage to a radical agenda

  15. Posted on July 7, 2022 by Jonathan Symcox
    In Crypto: $670m of cryptocurrency stolen in just 3 months
    Cryptocurrency

    A huge $670 million of cryptocurrency was stolen in the second quarter of 2022.

    Bug bounty and security services platform Immunefi revealed the figure in its Crypto Losses report, which said the figure was up 52% compared to the same period in 2021.

    Four massive hacks contributed most to the 2022 figure: decentralised stablecoin protocol Beanstalk, which lost $182m; layer-1 blockchain bridging protocol Harmony Horizon, which lost $100m; and decentralised finance protocols Mirror and TribeDAO, which lost $90m and $80m respectively.

    The vast majority of the losses – almost 97% – were the result of hacks. There were 50 successful hacking attempts in the period, with 49 of those targeting DeFi projects.

    However the losses for Q2 were actually down by 45.5% from the $1.23 billion figure in the first quarter of 2022.
    …
    https://businesscloud.co.uk/news/in-crypto-670m-of-cryptocurrency-stolen-in-just-3-months/

    1. “However the losses for Q2 were actually down by 45.5%”

      Maybe because the values of the currencies themselves were down by that much?

  17. So a 200% to 300% +++ increase is good not hyperinflation and a 17% drop is a cratering plummeting crash?
    Not in my sane world

  18. No more “Have fun staying poor” jibes from the crypto bros.

    Stockhead: Crypto lender Nexo looks to scoop up troubled rival Vauld; Voyager files for bankruptcy

    https://www.news.com.au/finance/money/investing/stockhead-crypto-lender-nexo-looks-to-scoop-up-troubled-rival-vauld-voyager-files-for-bankruptcy/news-story/e1b525d31f958deaa203be4e1ded726d

    The crypto contagion news keep on coming, and the dominoes keep falling. Major crypto-lending firm Nexo has its eyes on rival Vauld, while big crypto brokerage Voyager has just filed for bankruptcy.

    The London-based leading cryptocurrency lender Nexo has offered to buy embattled Singaporean competitor Vauld, which halted operations earlier this week in the face of financial problems.

  21. Why the housing crash is going to take forever. A personal antecedent.

    Lady from church remodeling home (forever, years) decides to up and move states from out here in midwest nowhereland (prices are “cheap”). House still isn’t finished “oh the contractor will finish it off but I’m going to put it on the market now” (ummm ok, not sure why anyone wants a not finished house, nor how that is going to show).

    Her lot is the corner lot (on a busy street) and across the street is a field with 6′ weeds and a irrigation ditch (so it will never be built on). Landscaping ummmmmmm needs work, the back is just weeds and rocks, and it’s a regular 80’s house. in a whole row of 80’s houses (all pretty similar). she had all these great plans but clearly ran out of money so it’s juxtaposition of custom front door (1000’s of $) and formica countertops on home depot cabinets for a kitchen.

    Has realtor “friend” come over. Realtor says comps of maybe 300. (last house on the block sold late last year at like 250k (better lot, better landscaping no idea on inside). But this is a dramatically different market. She says “no way, it’s worth $350k at least” no way am i listing this for 300k. I”ll just do for sale by owner (FSBO) at 350k and keep it all”

    Uh huh, those always work well. When even the realtor says you’re overpriced by 50k and I won’t even list it. Also wait a minute you moved out of state, how are you going to show it? Oh, the contractor will show it (no really this is her plan). Also she’s put it on zillow and redfin with no pictures cuz it’s not done. Not MLS though cuz you know MLS is for realtors.

    How many showings do you think this house is going to get?
    How many offers?
    How long does it sit watching the market go down and down and down until she finally reacts and lets reality hit her in the face?

    At least a year I figure.
    I figure she’ll be lucky to get what she paid for it (200k 4 years ago) without the extra “remodel” money if she manages to sell it at all.
    But multiply times a million people “my house is WORTH X” and you can see why this is going to take a while to play out.

      2. dammit, you’re right. can i blame the spellchecker? Why doesn’t it know what i”m thinking?

    2. *” lady from church”

      yer missing the obligatory “bless her heart” at the end of all that.

    3. There’s always gonna be stupid people who never sell because they don’t realize they have zero market power and cannot set a price way above the comps and attract a buyer.

      Where the quick adjustment may happen is with smart investors who decide to dump properties before prices begin to seriously CR8R.

    5. “sold late last year at like 250k”

      That $250K was when the market was hot. Given that the house like needs $30K(?) of work just to even out the reno and make it presentable, I’d be surprised if anyone offered more than $175K. That’s assuming the systems (roof, drainage, HVAC) are in working order.

    1. @ 02:00 —> “…you know, nothing to see here, you know, no ship sinking…{nice belly laugh accompanied by a big smile}…” LMFAO!!

      1. Business is obviously slowing, but he can still laugh because he likely prepared for a rainy day.

  24. The Fed is going apesh!t over rate rises, and Wall Street is celebrating.

    What is prompting Wall Street to ignore the Fed’s messaging?

    1. They know Fed will pivot, which is very likely considering the past actions.

      In a strange way, if the ‘market’ wanted the Fed pivot, they don’t seem to mean it so far. Just crash 10% in a week, and see how the Fed reacts.

      1. Seems like Greenspan started raising rates circa 2006, similar to Powell and company in 2022.

        How did that Fed pivot work out for Wall Street by the spring of 2009?

      2. They know Fed will pivot, which is very likely considering the past actions.

        Says the rate hike denier who has been wrong on both past rate hikes. You’re a speculator, aren’t you? Because you keep missing the boat on the FED’s moves, hoping for something else.

        1. I am not sure what your problem is, but for the last time I am not a denier, I just don’t trust that criminal bowell and the government branch he lies about.

          2. Hi Butters,
            I sympathize with you Sir, and agree with you on past history. The difference this time (IMO) is that the Fed has their back against the wall. If they do not rein in this raging inflation, the entire economy will absolutely explode. Therefore, they have no choice but a controlled implosion. Somehow, I forsee all the MoU of WallStreet ending up with all the loot (yet again).
            –Geezer

  26. Houston Market Update

    Jul 6, 2022 According to the Houston Association of Realtors’ (HAR) article:
    “Conditions appear to be calming a bit across the Houston housing market, so we are not seeing the frenetic pace of buying we did a couple of months ago with dozens of competing offers on new listings,” noted HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “New listings increased nine percent in May, helping boost inventory to its highest level of the year, so hopefully we can begin to see signs of normalcy in terms of supply, demand and pricing in the months ahead.”

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

    1 minute.

    1. This city (and its voters) tolerated 100+ consecutive nights of violent riots in 2020, because that’s what they voted for. I want to see these people suffer.

      This is what you voted for, @ssholes.

      Bed, made, lie.

      1. “building vacancies have increased by 80% since 2019” at about 2:10 into the video.

        This is what you voted for, @ssholes.

  29. Boise Idaho Real Estate Market Update: July 6, 2022

    Jul 6, 2022 We are continuing to see an increase in new listings coming on market and when homes are priced correctly, we are seeing an average of 16 days on market.

    If overpriced we are seeing an increased number of days on market above 30 days with little to no activity before price corrections are made.

    Many buyers are taking a pause to re-evaluate their buying power with interest rates having gone up recently.

    Buyers have amazing buying power in this current market!! Buyers are not up against as many competing offers, sellers are bringing prices down a bit and we are seeing both new home builders and traditional sellers offering buyer concessions.

    These concessions can be used to offset interest rate increases to meet your home buying goals.

    Median SOLD home prices were just above $609,000.00 and at around $599,000 Median list price for the last few weeks.

    This past week we just started showing home appreciation in our market is slipping slightly….Median list price of homes Sold is now $594K and Median List price are now $582,000

    So far we have just one week of data showing a slip in appreciation so it will take several more weeks to see the trends.

    https://www.youtube.com/watch?v=i9_tPi9efus

    1:27.

    1. “So far we have just one week of data showing a slip in appreciation so it will take several more weeks to see the trends.”

      Give it six years, then snap up a bargain at fire sale prices.

      1. Give it six years

        Given all these YT videos, this one’s not gonna take that long! I may need to knock on the door up the hill later this year and make the 83yo widower/realtor an all cash offer he’d be stupid to refuse given his $900K in loans taken in 2016 & 2017.

        1. We’ll see what hare brained schemes the PTB come up with this time. Will foreclosures be sold quietly at fire sale prices to corporate land lords, and not show up as comps? Will they languish for years as shadow inventory like last time?

          2. If they are foreclosures, they didn’t sell quietly unless no one was paying attention. Depending on the state, generally a public auction is required by law. Anyone can be present and bid provided you got the ten grand or whatever is required and pay the rest the next day, in Arizona for example. That is the formal act of foreclosure. The FB can bid, I’ve seen that before. And if no one meets the minimum bid, it goes back to the lender. I’ve witnessed this before: the lender literally make a bid (usually through the auctioneer). The auctioneer in that case is acting as an agent of the lender. I’ve seen auctioneer actively bid against another party. Which is odd cuz they are conducting the auction.

            In 2007 in Flagstaff I watched a second lien holder (BoA) win a bid for a shack. So basically it was the first lien holder bidding against the second. The first just wants to get to the reserve amount and after that they don’t care who gets it. Sure there are shenanigans,but overall it’s a fair process. Now it’s complicated greatly cuz you probably have no knowledge of the interior condition, if you got the tell the FB to GTFO, etc.

            FHA/HUD is even more tilted towards joe sixpack as they typically have a two week initial “no investors” period. Meaning only bids from people who will live there. And FHA/HUD is subprime by design so there are lots of those. What really keeps foreclosures out of the hands of regular people is lack of hard cash, experience with repairs, and are not willing to deal with the multiple uncertainties of condition. That’s not a minor risk.

            On the quietly part: once I went to an auction at the Tucson courthouse. I was kinda new. I sat close to the auctioneer and she was reading something and a guy was next to her listening. Turned out she was conducting an auction and I was right there and couldn’t tell. You have to assert yourself into the process. Walk up to who ever is holding clipboards, 5 cell phones and tell them you are there for the auction. And I’ve seen auctioneers sit just saying the legal words out-loud that they have to say, with no one listening, do 4 or 5 shacks and walk off.

          3. I should add the reserve amount is usually kept secret. It’s the amount owed most often but they want to get more. And when you present yourself to an auctioneer they will “register” you to bid. With auction.com this is very formal. You have an account, can bid electronically or in person. And they will verify you got the ten grand cashiers check before you can participate. I’ve seen guys at auctions that had dozens of 10 grand cashiers checks.

          4. As ben has highlighted it is generally a very public process but there is no fancy marketing budget to get the word out. You have to do the research and make a plan to participate. It just takes willpower and a stash. There will be so many lists soon that even the well informed wont be able to keep up with it all.

            The example ben gives above of the quiet auction is probably because that person doing it is used to no one showing up or caring. The general public generally has no clue about these things. It is worth learning how the game works at this fundamental level. Occasionally a clear property will go on the block over unpaid property taxes because someone died or became ill etc and it just went vacant for years. It gets sold for a song especially at the cycle lows when the fat cats are already stuffed.

          5. Also, FHA/HUD will have long lists 3-4 years out in many cities. Sacramento, Phoenix, Nashville, etc will have huge lists of houses that have gone through the process. After the first rounds of absorption they start to linger for long periods. This is when they start accepting low balls. There will be a point where almost anyone can score a decent home (with a few repairs) by timing it correctly and having a stash. You can get away with as little as 10k in some spots. The properties get nicer as your stash gets bigger but you can score a really sweet pad for well under 50k when the market is ripe. I have purchased homes through this process in both the savings and loan bust and the bust in 2008. Many of you wouldn’t even believe some of my stories so I won’t go there but for the young lurker reading and wondering how you can ever get on the ladder, I’m telling you that you can not only get on the ladder you can own the ladder free and clear if you prepare for what is coming.

  30. Kennewick, WA Housing Prices Crater 11% YOY As Double Digit Price Declines Blanket Washington State

    https://www.movoto.com/kennewick-wa/market-trends/

    As one Seattle broker explained, “A housing ‘recovery’ is falling prices to dramatically lower and more affordable levels by definition. Welcome to the housing recovery.”

  31. Real estate slowdown continues in Canada’s most expensive markets

    Jul 6, 2022 Canada’s housing market is showing more signs of significant cooling in the wake of interest rate hikes by the Bank of Canada, with both Toronto and Vancouver seeing huge drops in overall sales and average housing prices. Smaller markets like Calgary are also seeing fewer sales.

    https://www.youtube.com/watch?v=6PAht7ZDCHk

    2 minutes. A couple of examples of big slashin’s given.

  32. 331 Comments

    David 3755 • 14 hours ago
    You can’t throw a rock anywhere around creepy joe without hitting some kind of freak.

    jordanminn nonsheepoele • 9 hours ago
    When does Hunter Biden get arrested for all of that underage porn on his laptop

    Mchebrew jordanminn • 7 hours ago
    The same laptop AG Barr and the FBI shelved during the election to protect Joe Biden

    Netflix’s ‘Cheer’ Star, Biden Campaign Surrogate, Jerry Harris Sentenced to 12 Years for Child Pornography

    ALANA MASTRANGEL
    O6 Jul 2022

    Harris held an Instagram chat with Joe Biden mere weeks before he became the center of an FBI investigation into sex solicitation.

    0:27
    https://youtu.be/7nses9-w5BU

    In 2020, Harris was arrested on production of child pornography charges after he was accused of soliciting sex from minors, and pressuring 14-year-old boys to send him phonographic photos and videos.

    An affidavit further stated that one of underage teens reported having “one in-person encounter” with Harris, and that the Netflix star “solicited oral sex” the minor, “in a bathroom at a cheerleading event.”

    In February, the former Cheer star pled guilty in a deal to one count of receipt of child pornography and another of traveling with intent to engage in illicit sexual conduct.

    At the time, prosecutors said that if the case had gone to trial, their evidence would show that in the summer of 2020, Harris communicated with a minor — whom he knew was under the age of 18 — via Snapchat, where he repeatedly asked for photos of a sexual nature.

    As for the second charge, Harris had traveled from Dallas, Texas, to Orlando, Florida, in May 2019 intending to engage in sexual conduct with a 15-year-old, whom he asked to meet in a public bathroom.

    Oprah Winfrey speaks with the stars of Netflix’s Cheers, (L-R) Monica Aldama, Jerry Harris, Gaby Butter, Lexi Brumback, TT Baker and Dillion Brandt during Oprah’s 2020 Vision:

    https://www.breitbart.com/entertainment/2022/07/06/netflix-jerry-harris-sentenced-to-12-years-for-child-pornography/

    1. phonographic photos and videos

      Can only be viewed using an old record player apparently.

    1. San Ysidro, CA

      I understand you’re in MA. But, do you know anything about the desirability of San Ysidro, particularly with pResident Biden?

      1. do you know anything about the desirability of San Ysidro

        Do people still call it “San Is Skid Row”?

  34. Georgia Guidestones monument is destroyed after explosion

    July 7, 2022,
    By Tim Stelloh

    The monument — dubbed “America’s Stonehenge” — stood at 19 feet and contained a 10-part message in 12 languages, according to the tourism site Explore Georgia.

    The message called for keeping the earth’s population under 500 million “in perpetual balance with nature,” a “living new language” and to “guide reproduction wisely,” among other things, according to the Elbert County Chamber of Commerce.

    https://www.nbcnews.com/news/us-news/georgia-monument-called-satanic-gubernatorial-candidate-destroyed-expl-rcna37039

    I believe the Guidestones should be replaced with a 19 foot Cow Bell with one message in one language…

    From my Cold Dead Hands

    https://youtu.be/hqqkGxZ1_8I

    2. Lucky takes the long way around the barn and slowly, educating those who know little about money. But he really nails it.

      Thanks, a good catch!

  37. Making my daily check of the local AO and up pops this “new” listing. Wait a minute, I know this house. Check price listing.hmmmmmmmmm just a price change.

    It started late Jan at 440k and about once a month it goes down. Today’s new “bargain” price: 357k.

    In January it probably would have sold for that 350ish. now?

    1. wait there’s more (i didn’t realize this). It was bought in June of 2020 for 180k. IT’S A FLIPPER. And it started back on the market Jan 1 at 450k.

      I think I see someone losing all their profits on this.

      1. From the way people are pricing things, you would think that gray paint costs $5000/gallon. And that gray fakewood flooring cost more than Carrera marble.

        1. well I have no idea what the house looked like before, but at a rough guess they probably got a 100k in it.
          plus financing, fees, taxes, utilities, realtors to sell etc.
          they probably got 280 to 300k already in it.
          lotta work and risk to maybe make 25k. (if they actually sell it soon, which appears unlikely)

        2. Flippers will always try to bend you over hard. That’s why I smile when one gets it in spades right back.

        3. At the rate we are going 5000 dollar paint might not be as far off as you think. Have you seen how much that stuff has gone up? Jeepers! A tube of silicone caulk is over 10 bucks now. A quart of acetone is over 10 bucks too! Insane.

  38. 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.”

  39. ‘A plan to mandate COVID-19 vaccine shots for hundreds of thousands of students in the Los Angeles Unified School District (LAUSD) will remain on pause after a Los Angeles County judge ruled on July 5 that the district lacks the authority to do so.’

    ‘In his ruling, Judge Mitchell Beckloff of the Superior Court of Los Angeles County sided with a parent, whose 12-year-old son attends a public magnet school in North Hollywood. The parent filed the complaint in October 2021, about a month after the LAUSD announced its vaccination mandate.’

    ‘Under the district’s mandate, all eligible students aged 12 and above must show proof of COVID-19 vaccination, or get approved for exemptions by Jan. 10 in order to attend school in person. Those who don’t comply would be transferred into the district’s remote learning program, City of Angels, which offers a mixture of live instruction and self-study.’

    ‘The suing parent, identified as G.F., argued that it is unfair and unlawful for the child, identified as D.F., to have to lose his hard-earned place at a competitive school just because he and his parent have chosen to not get vaccinated on the basis of personal beliefs.’

    ‘According to G.F., his son had acquired natural immunity after recovering from COVID-19. He also said he worried that vaccinating the child would put the child’s health in jeopardy.’

    ‘The judge also noted that the LAUSD mandate is in conflict with California’s public health law, which allows personal beliefs-based vaccination exemptions.’

    “Judge Beckloff’s ruling confirms that individual school districts do not have the authority to impose local vaccination requirements in excess of statewide requirements,” Arie Spangler, an attorney for G.F., said in a statement. “We are very pleased with the ruling, as it ensures that no child will be forced out of the classroom due to their COVID-19 vaccination status.”

    https://www.theepochtimes.com/judge-sides-with-parent-strikes-down-los-angeles-school-vaccine-mandate_4580965.html

    1. A plan to mandate COVID-19 vaccine shots for hundreds of thousands of students in the Los Angeles Unified School District (LAUSD)

      These bastards are just not going to give up, are they. The virus has devolved into nothing worse than a common cold, yet we are already being told why we should get another booster this fall..

      Also, notice how the media is no longer telling us that it’s the unjabbed who are being hospitalized and dying of Covid? Now it’s the jabbed, just as was predicted by naysayers.

      1. And yet there are still so many people wearing masks at the local King Soopers.

        Mass Formation Psychosis is one hell of a drug.

        1. And yet there are still so many people wearing masks at the local King Soopers.

          They are a rare sight at the ones in my little burg.

      2. It’s more than a common cold and it’s killing the most vaccinated. Look at the breakthrough death stats. It’s mostly vaccinated people dying these days.

        1. It’s mostly vaccinated people dying these days.

          Exactly. For pure bloods, it’s no worse than a cold. For the jabbed and boosted …

          We were warned that the jabs would make people more vulnerable to variants, and it’s happening. And these fools will trip over each other to get the next booster.

          1. I’ve still got a nasty cough (typical for me with any URI) but don’t want to deal with healthcare providers after my experience last year. We’ll see how many puffs my inhaler has left.

          2. Both of our children went to the San Francisco bay area for a 4th of July gig with extended family, and the returned with covid. They’re both sick, particularly my son with a very sore throat, fever and a steady headache despite being vaccinated and the third booster. Incubation time was short at roughly five days, and the symptoms hit fast and all at once.

  41. ‘Craziness is gone. We all knew that was unsustainable. Don’t bank on craziness for a very, very, very long time’

    ‘We all knew’

    Leslie, the sun is going down. Could you face it and smile? Perfect.

    CLICK!

  43. ‘It may take more than five years for all the apartments to be sold based on the city’s usual sales rate’

    Harry Potter, this is getting ridiculous.

  45. We are lucky that we have a current generation of leaders at the Fed who are not ignoring inflation.

    1. The Financial Times
      Federal Reserve
      ‘Fed’s credibility’ strained as inflation rages, senior official says
      Comments by James Bullard come as he and Christopher Waller support another 0.75 percentage point rate rise
      James Bullard, president of the Federal Reserve Bank of St Louis
      James Bullard, president of the Federal Reserve Bank of St Louis, saw a ‘good chance’ the central bank will bring down inflation without causing painful job losses
      Colby Smith in Washington
      6 hours ago

      Two senior Federal Reserve officials have warned that failure to tame soaring inflation will damage the US economy, with one of them saying the situation is already testing the central bank’s credibility.

      Christopher Waller, a Fed governor, and James Bullard, president of the St Louis branch, used separate events to insist the central bank is committed to fighting runaway prices that have engulfed nearly every corner of the economy and appear increasingly at risk of becoming entrenched.

      “Inflation is a tax on economic activity, and the higher that tax, the more it suppresses economic activity,” Waller said at an event hosted by the National Association for Business Economics.
      …

    2. The Financial Times
      Federal Reserve
      Federal Reserve officials warn entrenched inflation poses ‘significant risk’
      Minutes from June meeting suggest even tighter monetary policy may be needed from US central bank
      Federal Reserv chair Jay Powell testifies before a House Financial Services committee hearing in June
      Federal Reserve chair Jay Powell has acknowledged the risk of a US recession in recent weeks, saying it was ‘certainly a possibility’
      Colby Smith in Washington yesterday

      Top Federal Reserve officials think entrenched inflation is a “significant risk” to the US economy and fear tighter monetary policy will be needed if price growth exceeds their expectations, according to an account of their most recent meeting.

      The minutes of the US central bank’s June meeting, when the Fed delivered the first 0.75 percentage point rate rise since 1994, also showed that policymakers now support raising interest rates to the point at which economic activity is restrained, with the possibility that they could become “even more restrictive” if warranted by the data.

      “Many participants judged that a significant risk now facing the committee was that elevated inflation could become entrenched if the public began to question the resolve of the committee to adjust the stance of policy as warranted,” the minutes said.

      The notes from the Federal Open Market Committee, which were released on Wednesday, revealed the alarm spreading through the top ranks of the US central bank over inflation, which is running at an annual pace of 8.6 per cent. The account also showed the lengths officials were willing to go to ensure prices do not spiral further out of control.

      The Fed will decide whether to raise rates by 0.50 percentage points or 0.75 percentage points at its meeting this month, although several officials have indicated their support for the larger increase.

      “If inflation becomes entrenched in consumer and business psyches, it will be much more difficult to lower it over the medium term,” said Kathy Bostjancic, chief US economist at Oxford Economics. “That is the breaking point for [the Fed], and they really want to do their best to ensure that it doesn’t happen.”

      She added: “The longer inflation remains high, the more it will become embedded in expectations.”

      The minutes showed that participants were increasingly aware that their plans to tighten monetary policy would slow the pace of economic growth. Most noted that the risks to the outlook were “skewed to the downside” given the possibility that further tightening could weigh on activity.

      The minutes echoed recent comments from Fed chair Jay Powell, who has emphasised that the central bank has little room for manoeuvre as it tries to tame inflation without causing widespread job losses.

      A US recession is now “certainly a possibility”, and would in large part depend on factors outside of the Fed’s control, he said last month, pointing to the war in Ukraine and prolonged Covid-19 lockdowns in China.

      Powell reiterated that message last week on a panel with other central bankers, when he warned that a failure to restore price stability would lead to an even worse outcome for the US economy.

      “The process is highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” he said.

      The account of the June meeting shed further light on why the Fed abruptly decided to dramatically step up the pace at which it is tightening monetary policy, opting to jettison its previously signalled plans for a second consecutive 0.50 percentage point rate rise.

      Instead, a 0.75 percentage point increase lifted the federal funds rate to a new target range of between 1.50 per cent and 1.75 per cent.

      The decision followed the publication of two economic reports, one showing a large jump in consumer prices in May and the other a rise in inflation expectations.

      Participants expressed concern that the former report suggested inflationary pressures were not yet abating and “[solidified] the view that inflation would be more persistent than they had previously anticipated”, according to the minutes.

      The June meeting also featured revised forecasts, which indicated officials envisaged rates rising to just under 3.5 per cent by year-end. Further rate increases that push the policy rate to 3.75 per cent are expected next year before reductions in 2024. Officials also pencilled in higher unemployment and lower growth over that period.

      The minutes detailed why the Fed scrubbed an important line in its policy statement last month, in which it had said it expected inflation to fall back to its 2 per cent target and the labour market to “remain strong” as it tightens monetary policy.

      “As the further firming in the policy stance would likely result in some slowing in economic growth and tempering in labour market conditions, members also agreed to remove the previous statement language,” the minutes said.
      …

    1. Gotta love the YT warning:
      Context
      New World Order
      Wikipedia
      The New World Order is a conspiracy theory which hypothesizes a secretly emerging totalitarian world government.

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