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Wait A Minute, I Thought This Was A Seller’s Market

A weekend topic starting with Yahoo Finance. “BRIAN CHEUNG: Yeah, let’s start off with Wells…Double digit decline in mortgage income for this company when you consider that it used to be an over $1 billion revenue line. It declined 79%. Again, not a typo.”

From CNBC. “‘Sellers have to be more realistic,’ said Bill Kowalczuk, real estate broker at Coldwell Banker Warburg. As the market cools, sellers should no longer expect one open house to draw multiple competing offers or bidding wars to 20% to 30% over the asking price, Kowalczuk said. ‘Those days are gone.’ When preparing to list a home, hire an experienced real estate agent or broker who knows your neighborhood or region to help you figure out the right asking price, he said. If your pricing is too aggressive, ‘it’s going to be the kiss of death.'”

From The Edge. “In some ways, the trials and tribulations of online used-car platforms mirror the dramatic rise and fall of online real estate firms such as Zillow Group Inc, Redfin Corp and OpenDoor Technologies Inc, whose stocks have declined sharply from their own pandemic peaks. Zillow stock is down 85% from its pandemic peak; OpenDoor shares have plummeted 87%; and Redfin stock is down 92%. And those three are the leaders in what has been the hottest real estate market that the US has seen in decades. The comeuppance for global online used-car giants has been as brutal as online housing firms.”

The Washington Post. “Invitation Homes advertises that it is leading a real estate ‘revolution.’ Yet some of the company’s homes have missed basic quality checks: Renovations at the company’s rapidly assembled collection of 80,000 homes often were made without building permits, according to a review of Invitation Homes properties in several states, a California lawsuit and a Washington Post analysis of building data in three cities. ‘We’re paying $4,000 a month to live in hell,’ said Celeste Jackson, a Los Angeles entrepreneur who lives with her husband in an Invitation Homes property.”

“Outside Dallas, another couple said they discovered water pouring through their walls and soaking the carpet after a bathroom renovation for which no permits are on file with the city. And near Tampa, contractors hired by Invitation Homes reframed rotted floors and walls and rewired a living room without pulling permits, according to county records. The contractors then left the living room gutted for seven months before the company fixed it properly, according to one of the tenants, Kristi McKenzie, and photos she provided. ‘They hire people who will just do anything without doing it to code,’ McKenzie said.”

The Reporter Herald in Colorado. “Boulder remains on top of the price list with the June median resale price of $1.49 million, down from $1.5 million in May and up from $1.32 million in June a year ago. Estes Park’s median home price dipped from $850,000 in May to $735,000 in June; the June 2021 median was $625,000. Inventory of homes for sale was at 105, up from 87 a year ago. Loveland/Berthoud median prices dropped from $560,000 in May to $545,000 in June.”

From KOLO in Nevada. “Real estate agent Mona Lloyd has noticed a growth in inventory. ‘We’re just basically kind of getting back to normal so it has increased a little bit,’ she said. ‘We’re currently sitting at about 1,400 homes for the Reno-Sparks area.’ As a result, some sellers are having to lower prices and offer incentives. ‘We’re definitely seeing offers coming in a little bit under the asking price,’ said Lloyd.”

“‘We’ve seen appraisals that came in below what the sale price was and before this, you know, the buyer had to make up the difference,’ said Rory Butler, loan officer. ‘I think you’re in a much better position to go back to the table and say ‘Hey the appraisal came in $10,000 below of what we agreed to buy the home at, I’d like you to lower the price.'”

The Daily News in Washington. “Recent real estate data shows Cowlitz County housing market is starting to stabilize as more homes go on the market and stay available longer. The major drive is a doubling of the number of homes listed for sale over the span of a few months. Katie Keaton, a realtor for Realty One Group Pacifica based in Longview, said homeowners who were on the fence about possibly selling their home may be doing so now to avoid missing a possible peak in the market. She said it was becoming less common to see homes sell four days after going up for sale, or receive offers $20,000 or more above the asking price.”

“‘The prices are back to where the market is telling us, not trying to get ahead of what it’s telling us,’ Keaton said.”

The Dallas Morning News in Texas. “‘We’ve seen a big shift in sentiment,’ said Laila Assanie, senior business economist at the Dallas Fed. ‘More and more firms are concerned about the second half of the year. We’ve heard comments from a small share of our contacts who’ve actually seen a drop in demand for their goods or services. That is just starting to emerge now.’ The Dallas Fed started to see some slowing in housing in May, and there’s been more erosion since. ‘In the last few weeks, the market changed quite quickly,’ Assanie said.”

“Builders expected home sales to taper off as mortgage rates rose, but they were surprised by the speed of the turn, she said. And few buyers are willing to pay a premium these days. ‘Builders and even sellers don’t have as much pricing power,’ Assanie said.”

From KCRA in California. “‘I think it’s ironic because a few years ago Sacramento was the hottest market ever and now we’re making the opposite side of the list,’ said Ryan Lundquist, housing analyst. Lundquist said there are currently 4,000 homes for sale and of those 4,000, nearly half have had price drops. ‘Last month for the first time in 17 months, the average the buyers paid was one percent below the list price,’ Lundquist said. ‘For all sales, last year on average buyers paid four percent over the list price. The reality check is the honeymoon is over. We’ve had this two-year stint of the most aggressive market ever and now the market has shifted into something else.'”

From Moonshine Ink. “‘Within the last few months, I’m seeing the market changing from a seller’s market,’ said agent Tom Mills who has been selling property in the North Tahoe region for more than 30 years. ‘I can’t demonstrate with stats for sales because if we look back a few months it is not indicative. But multiple offers are no longer the norm. Properties are sitting on the market longer. It used to be ‘no contingencies and quick close;’ Now we are seeing buyers negotiate repairs. We are seeing a correction.'”

From WPBF 25. “Housing experts say the effects of inflation have had an impact on the real estate market in South Florida. Kevin Kent, a broker associate at KW Reserve Luxury Real Estate, told WPBF 25 News they’ve seen some changes in the industry. ‘We were selling our houses so quickly that a lot of people were waiting to get their house on the market until right where they needed to be somewhere. And now that there’s been an adjustment in the marketplace, we’re seeing some price reductions in the inventory that’s out there,’ Kent said.”

“He had just reduced a home by $50,000 and another condo by $100,000. Officials said while a normal housing market has around five months-worth of inventory, just recently they had around two weeks-worth. And with not as many buyers on the market right now, than they’re used to, due to inflation, they have more than two months’ worth. ‘The more interest rates… the Fed keeps raising the interest rate to try to cool off the markets? It’s definitely having the impact. It’s cooling off the market a little bit. How long that’s going to last, I have no idea. I’m hoping it’s a short-term thing especially for our area,’ Kent said.”

From Fox 35 Orlando in Florida. “As interest rates increase, realtors said fewer people are shopping for homes. Realtor Ken Pozek said around 300 customers used to reach out a month. That’s been cut down to around 175. ‘People that are looking to sell that expected 10,15, 20 offers on their house, are like wait a minute, I thought this was a seller’s market.’ Pozek said it still is, ‘Meaning that it might take a month to sell your house and that’s ok. What we were going through before just wasn’t healthy, so it’s re-educating our clients.'”

The Georgia Straight in Canada. “Real-estate boards have reported about downward pressure on Metro Vancouver housing prices. What’s not captured in these reports is what Vancouver realtor Marty Majerski describes in a note to the Straight as ‘some shocking stats.’ ‘There have been MASSIVE price drops from the peak of the market in the early part of this year, and they are simply not getting reported accurately by our real estate boa[r]d,’ the REMAX Crest agent wrote.”

The Canadian Press. “In the London area, which includes Strathroy, St. Thomas and Elgin and Middlesex counties, only 663 homes sold last month – the worst June in 10 years. Other local numbers are stark: The average sale price of a home dropped by $76,000 between May and June – to $686,287, down from $762,397 – and those prices have dropped an average of nearly $140,000 since the market’s frenzied peak this winter.”

The Financial Post. “‘We’ve had everything happen to us in the past couple weeks,’ said Joe Baglieri, broker at Re/Max Realtron Property Shop in Markham, Ont. ‘We’ve had deals fall through, we’ve had renegotiations happen.’ The problem is, borrowing costs have been so low for so long, many households have forgotten what it’s like when interest rates bite. Geoff Morgan, a brand marketer from Toronto, said his bank raised his variable mortgage rate within hours of the Bank of Canada’s shock policy announcement on July 13, while his variable-rate savings account barely budged. ‘I’ve asked my bank for an explanation,’ Morgan said. ‘They tell me they offer competitive rates.'”

“The Bank of Canada observed in its latest quarterly report that a ‘sharp slowdown’ in housing is ‘underway.’ Robert Kavcic, an economist at Bank of Montreal, called the latest data the ‘early days of correction’ in a note to clients. ‘Sales have now fallen back into pre-COVID ranges and below the 10-year average for the first time since the pandemic broke out,’ Kavcic wrote in a note to clients. ‘The period of extreme excess demand is essentially over, and we are on track for a very weak year ahead for resale volumes and prices.'”

From CBC News. “Canada’s housing market continued its slowdown last month, with the average selling price of a home touching $665,850 — a decline of almost 20 per cent since February. ‘What goes up must come down, and the Canadian housing market continued to cool in June under the weight of higher interest rates,’ TD Bank economist Ksenia Bushmeneva said. Ontario led the way down, as selling prices in the province’s suburban markets that rose the most during the pandemic are now coming back to earth.”

“Waleed Hamed has been on the sidelines of Canada’s housing market for years, waiting for a chance to buy, but he said he could never justify making the leap. The market in and around Courtice, Ont., where he’s living with his parents, has definitely turned in recent months, he said. Yet Hamed is still reluctant to buy, because he thinks further price declines are coming. ‘I think we are going to see prices drop for a while,’ he told CBC News. ‘I still feel like we are near the very top.'”

From Global News. “‘What we’re seeing now is our market actually normalizing,’ Remax realtor Morgan Taylor said. Taylor said Edmonton is in a declining market, but it needed an adjustment. ‘People were overextending themselves,’ she explained. The Bank of Canada’s interest rate hike this week has changed the game.”

The Globe and Mail. “The supersized interest rate increase caught the real estate industry off guard. ‘This was a total shock and completely unexpected,’ said Samantha Brookes, the chief executive of brokerage firm Mortgages of Canada. ‘It’s going to have a huge effect on people.’ Ms. Brookes said some of her clients had said before this latest increase they were unable to afford higher mortgage payments.”

“At the same time, federal rules have made it harder for borrowers to qualify for a loan from banks – which typically offer the cheapest mortgages. Federal rules require borrowers to prove they can make their mortgage payments at an interest rate at least two percentage points above their actual mortgage rate. With interest rates on five-year fixed rate mortgages near 5 per cent, that means borrowers have to prove they can make their mortgage payments with an interest rate near 7 per cent.”

“‘More and more of everybody’s daily personal income is going to be taken up by shelter costs by the mortgage cost,’ said Don Scott, the chief executive of Frank Mortgage, a mortgage brokerage. ‘It’s going to put stress on their ability to continue to pay the mortgage, but also put stress on their ability to continue to pay for other things.'”

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This Post Has 108 Comments

  1. From the 22 minute video above:

    North Florida Real Estate Housing Bubble [Week 9]
    Jul 15, 2022 North Florida Real Estate Housing Bubble Week 9. Week nine of my Bubble Watch series. Should you buy or should you sell? Everyone has the real estate housing market on their minds. Tom Kerr a Realtor in North Florida takes you into the back end of his MLS account to show you what is actually happening now. This is the nine of a weekly video series to keep tabs on the conditions for just you, a regular person. We call it Bubble Watch. Is North Florida’s housing bubble about to burst?

    IMO Mr. Kerr does an excellent job and his videos may be a little long but are worth the time, especially regarding new builds. He is covering a large area so there is a lot of data.

    1. agreed, his analysis is getting better too. finding more interesting data to track. The % at list or below (starting about 16min) is pretty interesting

      total withdrawn is interesting too. Why is that going up so much? I mean people don’t usually just list their house for sale and then decide not to sell? People sell when they move. Even investors decide to sell and they are going to sell.

      1. ‘people don’t usually just list their house for sale and then decide not to sell?’

        Speculators behave this way.

  2. ‘People that are looking to sell that expected 10,15, 20 offers on their house, are like wait a minute, I thought this was a seller’s market’

    That’s what you get listening to the REIC. They’ll still report prices down 30% “but it’s a sellers market!”

  5. ‘We’re paying $4,000 a month to live in hell’

    As an accountant, I listen up with stories like these. The media tries to virtue signal with tales of corporate greed, yadda. But what’s up with their cash flows if they can’t fix stuff and use unqualified contractors?

      1. Insert sympathetic accountant clucking noises as the FBs drone on with their tales of woe.

  6. Beijing’s assurances on mortgage protests fail to convince investors

    Gosh, if investors can’t trust assurances from the CCP Comrades of Proven Worth, what’s the world coming to? (ABQ Dan could not be reached for comment.)

    https://www.reuters.com/world/china/chinese-property-shares-slide-despite-beijing-assurance-mortgage-protests-2022-07-15/

    HONG KONG/BEIJING, July 15 (Reuters) – Chinese regulators’ assurances of help in delivering property projects on time failed to convince some homebuyers threatening to stop mortgage payments and investors continued to sell shares in embattled developers on Friday.

  7. The ECB is about to go full retard with its bond-buying – which means the Fed will be following suit. So much for the incessant jawboning about tightening. “No limits” to bond buying means Money Printer Go BRRRRR is going to be ramped up to Zimbabwe-like levels.

    ECB Bond Tool Seen Having No Limits as Steeper Rate Hikes Loom

    https://finance.yahoo.com/news/ecb-bond-tool-seen-having-040000033.html

    ECB Bond Tool Seen Having No Limits as Steeper Rate Hikes Loom

    The European Central Bank will unveil an unlimited bond-buying tool next week to help markets better adjust to steeper and faster interest-rate increases than previously thought, economists surveyed by Bloomberg say.

  8. When preparing to list a home, hire an experienced real estate agent or broker who knows your neighborhood or region to help you figure out the right asking price, he said.

    If these UHSs know their local market so well, why are so many of them underwater on their flopped flips?

  9. ‘We’re paying $4,000 a month to live in hell,’ said Celeste Jackson, a Los Angeles entrepreneur who lives with her husband in an Invitation Homes property.”

    Were you somehow unaware you were residing in a Democrat-Bolshevik malgoverned deep blue state and city, Celeste? Sounds like some vibrant cultural enrichment might round out your education.

      1. When it all comes crashing down, conservative rural residents better have a plan for dealing with the Golden Horde of Democrat-Bolshevik dependency voters who are going to come pouring out of the big cities as they go up in flames.

  11. Yet none of them seem to know how to use the internet and read about the landlord-tenant laws in your state and how to withhold the rent and let a judge decide..

    ‘We’re paying $4,000 a month to live in hell,

    1. ‘The Gates in the Wall Stand Open Wide.’ What Happened the Day the Berlin Wall Fell

      BY ALBINKO HASIC
      NOVEMBER 7, 2019

      To Jager, it was obvious that the five dozen men guarding the border were grossly outnumbered. He repeatedly attempted to contact his superior, Rudi Ziegenhorn, in order to ascertain how to handle the increasingly chaotic situation, as more and more people gathered at the gates. He was unable to get any clear guidance on how to proceed, but a superior in the background called Jager a coward for being unable to handle the situation. After 25 years of loyal service to the regime, according to Sarotte, Jager felt insulted and pushed to his limit.

      Jager was instructed by his superiors to let the biggest troublemakers through on a one-way ticket. But many of these so-called troublemakers were students and other young individuals who briefly entered West Berlin and then returned to the checkpoint for re-entry into East Berlin. However, the GDR was serious in its warnings that this was a one-way ticket. Their angry parents began to plead with officials not to keep them separated from their children, and by that point Jager was unwilling to argue on behalf of his superiors. After Jager made an exception for the parents, others demanded the same treatment as well. Having gone that far, it was simply too late. Thousands of people were demanding that the gates be opened. He was facing a momentous decision — open fire on the civilians, or let them through.

      At 11:30 pm, Jager phoned his superior and reported his decision: he would open all the remaining gates and allow the crowds to stream across the border.

      West Berliners greeted their counterparts with music and champagne. Some citizens began to chip away at the physical barrier with sledgehammers and chisels. The crowd began to chant “Tor auf!”—Open the gate! By midnight, the checkpoints were completely overrun.

      Over that weekend, more than 2 million people from East Berlin visited West Berlin to participate in the mass celebration.

      https://time.com/5720386/berlin-wall-fall/

      1. He was facing a momentous decision — open fire on the civilians, or let them through.

        In the not-so-distant future, Comrades of Proven Worth (D) are going to be facing similar situations as popular disaffection with globalist Quisling regimes boils over. But in America, at least, firing on civilians is likely to result in return fire. Bless you, Founding Fathers, for giving us the means of self-defense against collectivist tyranny.

  13. We have great seats for the play, he’s the president…

    “What could go wrong?”

    “I thought: ‘They just remodeled. What could go wrong?’ ” Scott recalled.

    The Washington Post

    In the middle of the pandemic, for example, Candy Scott and her family moved into an Invitation property in Denton, Tex., in December 2020. Recent photos of the property showed that the bathroom had been remodeled to replace a whirlpool tub with a shower stall.

    The week she moved in, she found water from the shower filling the bathroom and running into the master bedroom, soaking the carpet. “When you walked on the carpet in the master bedroom, it was soaking wet. For a while, we tried to put towels on the carpet, but then we realized it was coming through the walls.”

    1. ** “For a while, we tried to put towels on the carpet, but then we realized it was coming through the walls.”

      sounds like a Armando Montelongo flip horror story.
      tip: avoid any green lawns until the green paint dye has washed away to it’s natural dead brown color.

    1. I have noticed that my regular pizza joint, much like the burger places, is a lot less busy than usual.

      1. very interesting – i would have expected this with inflation and potential job losses.

        However, in downtown Seattle, everything restaurant/bar is super crowded. It was almost like everyone said f@(#&* it – lets enjoy ourselves while we can, and worry about it next month.

        1. Perhaps people in my little burg are more averse to maxing out their credit cards.

          Also, it’s possible that the people you see in those pricey restaurants in Seattle are from the managerial class, and they can still afford it.

        1. Tallahassee is getting slower. Mostly State and University workers here so not as many high wage earners. The less vibrant areas are still doing OK with some slowing.

  16. Simply Unaffordable? Or Is The Fed Killing-off Housing In Its Quest To Crush Inflation? (REAL Home Price Growth Is 12% YoY While REAL Wage Growth Is -3.95% YoY)

    https://confoundedinterest.net/2022/07/16/simply-unaffordable-or-is-the-fed-killing-off-housing-in-its-quest-to-crush-inflation-real-home-price-growth-is-12-yoy-while-real-wage-growth-is-3-95-yoy/

    Housing in the US is simply unaffordable for the middle class and low-wage workers. Combine rising food costs and gasoline/heating costs, and we have an economic disaster on our hands.

    US existing home sales for June will be released on Wednesday. But can The Fed kill-off home price inflation?

    A preliminary analysis of existing home sales for June is for a seasonally adjusted annual rate of 5.1 million, down 5.4% from May and down 14.2% from last June. As The Fed cranks up its target rate (green line) and eventually shrinking its balance sheet, we will see further shrinking of existing home sales this summer.

    But home price inflation remains high (Case-Shiller National home price index at 21.23% YoY, Zillow’s rent index at 14.75% YoY) while the Consumer Price Index YoY is at 40-year high of 9.1% YoY. In other words, home price inflation is 233% of the stated inflation rate from Uncle Sam.

    1. **” ‘I’ve asked my bank for an explanation,’ Morgan said. ‘They tell me they offer competitive rates.’”

      I’m sure our residentexpert will agree you pukes are just wasting time until you unleash the Kraken, aka “The Karen” on the branch manager!

      equity tip: if it starts raining, hide the umbrellas.

  18. Most uprisings and revolutions in China have historically started in marginalized rural areas. Probably not coincidental that most rural residents in the USA have nothing but disdain for the Comrades of Proven Worth (D) on the coasts and in Le Cesspool Grande (Washington D.C.) and NYC.

    A rural banking crisis is brewing in China

    https://qz.com/2187346/a-banking-crisis-is-brewing-in-rural-china/

    On Sunday (July 10), angry comments flooded the Weibo page of the US embassy in China, urging Washington to pay attention to a banking scandal. The comments came from depositors whose funds have been frozen in village banks, some of which are indirectly controlled by a city-level government in Henan, a central Chinese province. The same day, protests staged by nearly 1,000 depositors in Zhengzhou, the capital of Henan, were crushed by authorities.

    Despite the crackdown, Henan authorities agreed the following day to repay deposits totaling 50,000 yuan ($7,434) or less. Frozen deposits exceeding that amount will also be repaid eventually, the authorities said, although they gave no timeline for this process.

    1. those corrupt double-dealing chinese mouthpieces would put our local N. CA grifter gypsies to shame!

      1. If we didn’t have a 2nd Amendment, the Comrades of Proven Worth (D) would’ve fully dropped the mask by now and revealed themselves to be every bit as corrupt, repressive, and unaccountable as their CCP ideological mentors.

        1. ‘would’ve fully dropped the mask by now’

          Placing hundreds of millions under indefinite house arrest for over a year, forcing millions of businesses to close indefinitely, closing schools, churches and hospitals to people who will die without surgery: just what mask dropping are we missing here? And this was both parties.

          3. “hundreds of millions under indefinite house arrest for over a year, forcing millions of businesses to close indefinitely, closing schools, churches and hospitals to people who will die without surgery”

            Nuremburg Trials v2.0

            The people who did this all have names and addresses, and what they did will never be forgotten or forgiven.

    2. According to Serpenza, the government turned depositor’s health codes to red to suppress the protests.

  19. The Washington Post is the enemy of the American people.

    Washington Post Editorial Board — In a close race, Texas’s Abbott talks war — against migrants (7/15/2022):

    “As polls in Texas show Republican Gov. Greg Abbott in a tough reelection fight for what would be his third term, his rhetoric, actions and stunts involving illegal immigration have become increasingly extreme. Egged on by conservative allies — including his lieutenant governor, who likened the current flow of immigrants crossing the U.S.-Mexico border to the attack on Pearl Harbor — Mr. Abbott is now challenging constitutional norms that have generally put immigration policy under the federal government’s purview. He is also defying U.S. law and treaty commitments.”

    Hundreds of thousands of military age males crossing the border illegally every month is an INVASION.

    “he speaks openly of declaring that an immigrant “invasion” is underway at the border, a move that supposedly would enable Texas to claim war powers, forbidden to states under the U.S. Constitution unless they are “actually invaded.” Such a declaration might, in turn, empower the governor to deport immigrants, usurping the federal government’s authority.”

    https://archive.ph/JF8P8

    The Washington Post is the official newspaper of record advocating for Replacement Theory, which is not a theory. And the Southern Poverty Law Center is a criminal terrorist organization.

    “They’re not sending their best”

    1. The Washington Post is the enemy of the American people.

      Jeff Bezos, globalist, is the enemy of the American people.

      1. NOT Dutch farmers, BUT Swiss farmers pointed out the most wanted globalists
        Premiered 4 hours ago

        The first ones who have pointed out the most wanted globalists are the Swiss people
        These wanted people have caused problems in Sri Lanka, the Netherlands, and many other countries
        The poster is still there on the streets of Zurich, Switzerland
        So far, this is what happening in the Netherlands and around the world at weekend
        1. The Dutch truckers have answered the farmers’ call for help
        2. The Dutch and German farmers have blocked both sides of the highway connecting Germany and the Netherlands…

        #dutchfarmers #nofarmersnofood

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

        2 minutes.

  20. Exclusive – Steve Moore: Biden’s ‘Insane Climate Change Policies’ Causing ‘Hunger,’ ‘Starvation’ Abroad

    ROBERT KRAYCHIK
    15 Jul 2022

    Moore said, “In the United States, [it means] people have to pay more at the grocery store, and that’s a hardship, especially for lower-income people, because I thought they were trying to help lower-income people, but they’re the ones who are really suffering because this puts a real punch in their budget.”

    “In other countries, you’re talking about real hunger and malnutrition, and even — God forbid — starvation, because they can’t get enough food produced because of this world economic crisis that, unfortunately, was started by these insane climate change policies of the Biden administration,” he determined.

    Moore stated, “We were obviously mystified by how the Biden administration could screw up the economy so quickly. You go back 15, 16 months ago, we had a one-and-a-half percent inflation rate. Now we’re at nine percent. It’s incredible that you could derail the economy so rapidly, and I think one of the explanations comes from this report.”

    Most high-level Biden administration officials have no business experience, either as employees or owners, Moore shared.

    He went on, “We found that the majority of high-level people in the Biden administration, starting with the top — starting with Joe Biden and Kamala Harris, down to his cabinet agencies, down to the people who run the regulatory agencies down to the people who are key economic finance people in the White House — it turns out that the majority of them, not only have they never run a business, they’ve never actually even worked for a business, at least in their professional lives.”

    “Most of them are either lawyers, community activists, professors, or people from other kinds of walks of life that have no experience in business whatsoever.” he remarked. “The average Trump appointee has about four to five times more business experience.”

    https://www.breitbart.com/radio/2022/07/15/exclusive-steve-moore-insane-climate-change-policies-causing-hunger-malnutrition-starvation-abroad/

    1. To be fair, the Brandon admin has a lot of help and support from the EU in project “Starve the 3rd World”. I can’t help but think that it’s a deliberate depopulation activity.

      1. Also, I expect the MSM to not report on the famines, and for the “fact checkers” to label any independent reports of mass starvation as “fake news” and ban it from social media.

  21. More stalled housing market challenges California home buyers, sellers
    KTVU FOX 2 San Francisco
    Jul 15, 2022 New challenges are confronting both buyers and sellers in just the last four months. Just since last March, 30-year fixed market rates went from 3.2% to today’s high of 6.8 percent — more than double.

    https://www.youtube.com/watch?v=YPn3KeUnbdg

    2:51.

    1. Just checked the movoto page for my little burg. Listings are still hovering around 600 (vs. 100 in Feb). Price drops were 60 a couple of weeks ago. 100 now.

  24. Trump accused Germany of becoming ‘totally dependent’ on Russian energy at the U.N. The Germans just smirked.

    By Rick Noack
    September 25, 2018 at 2:44 p.m. EDT

    BERLIN — Out of President Trump’s speech at the U.N. General Assembly on Tuesday, it probably won’t be the script that will be remembered by diplomats but, rather, world leaders’ laughter, caught on camera and shared in viral videos.

    One of them captured the amused reactions of the German delegation as Trump said: “Germany will become totally dependent on Russian energy if it does not immediately change course. Here in the Western Hemisphere, we are committed to maintaining our independence from the encroachment of expansionist foreign powers.”

    German Foreign Minister Heiko Maas could be seen smirking alongside his colleagues.

    https://www.washingtonpost.com/world/2018/09/25/trump-accused-germany-becoming-totally-dependent-russian-energy-un-germans-just-smirked/

    Germany’s Climate Alarmist Chancellor Claims Return to Coal Power ‘Temporary’ Amid Russia Sanctions War

    BREITBART LONDON16 Jul 2022

    BERLIN (AP) – Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war in Ukraine is only temporary and his government remains committed to doing “everything” to combat the climate crisis.

    In a video message Saturday, Scholz expressed regret over Germany’s decision to fire up 16 dormant fossil fuel power plants and extend the operating permission for 11 more amid fears of further cuts in natural gas supplies from Russia.

    https://www.breitbart.com/europe/2022/07/16/germanys-climate-alarmist-chancellor-claim-return-coal-power-temporary/

    1. Out of President Trump’s speech at the U.N. General Assembly on Tuesday, it probably won’t be the script that will be remembered by diplomats but, rather, world leaders’ laughter, caught on camera and shared in viral videos.

      Who’s laughing now?

      Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war in Ukraine is only temporary

      Can those power plants be brought back online quickly?
      Where will they get the coal? It’s not like the world’s supply chain is humming flawlessly.
      Buildings and homes that are heated with NatGas won’t be able to switch to electric heat.

      I think the Germans will still freeze this winter, with their thermostats set to 55F; but the lights will be on most of the time.

  25. “Can money pay for all the days I lived awake but half asleep?”

    Probably not, but making amends and living well might pay the late fees.

    Primitive Radio Gods – Standing Outside A Broken Phone Booth With Money In My Hand

    https://youtu.be/4XJxFAoiWSY

    1. top 3 reason

      1-They’re too expensive
      2-They’re too expensive
      3-They’re too expensive

    2. Watching these realturds dummy up at the mere mention of mortgage and appraisal fraud is priceless. And I mean dummy up in a hurry.

  27. It’s Been 7 Years Since We’ve Had This Many Homes For Sale! | Boise Housing Market Update
    Jul 15, 2022
    If you are planning on buying or selling a home this Summer, NOW is the time to meet with your local trusted agent if you haven’t already. It is so crucial to get your home preparations, home search, and/or financing underway now in order to make your timeline a reality.

    – FOR BUYERS – Our local market will remain competitive for buyers, especially on entry-level homes.
    ***Make sure you have your ducks in a row & hire an agent that knows how to WIN!
    ***With less competition out there, and lots of Buyer’s throwing in the towel. NOW might be just the right time to jump into the market!
    ***Rates are set to continue to rise, and Buyers will continue to lose purchasing power as they do. Home prices may not be appreciating at the same rate they have been over the past two years, but the market is still appreciating as a whole. Don’t delay or you’ll end up PAYING MORE for the same home you could’ve bought now. Example — at 3.5% a 450k house cost 1600/mo with 20% down, at 5.5% that same 450k house now cost 2000/mo with 20% down.

    – FOR SELLERS – We will continue to experience a seller’s market, similar to what we saw prior to the pandemic.
    ***Have some work to do to get your house ready for market? This is where we specialize! Find an agent who can help you navigate the process. Don’t give away your equity to investors, when you can put that money in your pocket!
    ***Don’t overprice your house!! The biggest mistake I’m seeing sellers make right now, is asking too much for their property and then it sits on the market making people wonder “what’s wrong with it?”. Make sure you have an agent that understands how to interpret the market to price your home correctly in order to be one of the few homes that actually sells within the first week!
    ***In addition to price, buyers are getting pickier than ever when it comes to the home they choose, so investing a little money upfront to make your home more “move-in ready”, will attract a larger pool of buyers.

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

    7:38. 2:15 – “Out of 486 new listings since July 1st to today, only 47 of those went pending or have sold.”

    1. It’s Been 7 Years Since We’ve Had This Many Homes For Sale!

      Holy sh!t, that is some shortage!

  28. The global financial system is run by and for criminals.

    How HSBC laundered money for Mexican drug cartels, paid a US$1.9b fine and hardly anyone noticed

    https://www.scmp.com/magazines/post-magazine/books/article/3185472/how-hsbc-laundered-money-mexican-drug-cartels-paid

    Did you hear about the bank that was fined US$1.9 billion in 2012 for covering up money laundering?

    “It was one of those stories that was not as heavily reported as it should have been,” says Chris Blackhurst, on a video call from Britain. “And it certainly didn’t lead to the official scrutiny that it should have done.”

  30. The greedheads of Colorado Springs are realizing too late that the market here peaked back in April. Now inventory has shot up past 2,700, with 819 of those being “reduced price.” Most of the reductions are piddly, far short of the serious sawin’ and slashin’ that’ll be required to offload those alligators. But the fear is palpable now, and anyone who bought in the past two years is starting to realize they’re looking at a one-way ticket to Schlongville.

    https://www.realtor.com/realestateandhomes-search/Colorado-Springs_CO/show-price-reduced

  33. Double digit decline in mortgage income for this company when you consider that it used to be an over $1 billion revenue line. It declined 79%. Again, not a typo.”
    Hey, at least income is positive, Kudos to Wells. There are going to be one h$ll of a lot of mortgage companies with losses for the next several quarters, at least. See Loan Depot as a reference point.
    When your volume tanks, margins get squeezed and your cost/loan goes up it is damn hard to make a profit.

  34. MBS just told Brandon to pound sand.

    MBS says Saudi Arabia cannot greatly increase oil production

    https://www.foxnews.com/live-news/biden-middle-east-trip

    Prince Mohammed bin Salman says Saudi Arabia is almost tapped out on increasing oil production.

    The Saudi prince said that they will not have the capacity to produce beyond 13 million barrels per day.

    According to the US Energy Information Administration, the country is currently producing approximately 10,211,000 barrels of crude oil per day.

    1. What incentive is there for the Saudis to increase production, when it will lower the price of crude?

  35. If you want misinformation read the New York Times and the Washington Post.

    Russia Today — Tucker Carlson slams ‘corrupt’ Ukraine (7/15/2022):

    “Fox News host Tucker Carlson issued a fierce condemnation of Ukrainian President Volodymyr Zelensky on Wednesday over his crackdown on political opposition. While members of both parties in Washington rail against Russian President Vladimir Putin, “it is China that is on its way to controlling the world,” Carlson claimed.

    “What does the cause of liberty have to do with Ukraine?,” Carlson asked. “Well, very little. Last February the Ukrainian government shut down opposition media, then they arrested the leader of the main opposition party. Now President Zelensky has decided to combine all television stations in Ukraine into a state-owned propaganda ministry.”

    “What is that?” Carlson continued. “It’s not the profile of a free country. Not even close.”

    https://www.rt.com/news/559074-tucker-carlson-ukraine-putin/

    Any alleged American who claims to “stand with Ukraine” needs to be stripped of their citizenship and be deported to Ukraine, immediately.

    Get out of our country, globalist traitors.

  36. Real estate and Chinese banks ‘hand in hand to plummet’ due to the wave of construction freeze
    Jul 16, 2022 Due to the collapse of the real estate developments in China, many projects have been suspended. Homebuyers of unfinished projects are in desperate circumstances, and they blame the government’s mismanagement and also point fingers at the banks. This issue affected grade A bank shares, as they continued declining, and the market value evaporated by nearly $104 billion in ten trading days.

    https://www.youtube.com/watch?v=1He4ZFYnmmI

    4:46. The Four Crimes section is interesting.

    1. A few more comments:

      “Reminder that leftists’ extreme tendencies towards censoring the opposition are the result of them being aware of just how revolting their views are to the average citizen.”

      “So I can no longer call groomers what they are? That makes me think that the reddit executives are all pedophiles”

      “The word is now one of the many, many things that are forbidden to talk about. They banned it because adult homosexuals who teach sexuality to kids is sane and normal.”

      “Just use the word “Disney”. Everyone will understand what you are saying. Eg. Ok disney (ok groomer)”

      “groomers” are child abusers and pedophiles. Reddit has many subs that support, if not openly promote, said insanity”

      “Then just call them babyrapers instead. The left’s war against the real world continues.”

      BTW, when you buy a house and pay property taxes that support public education, you are paying money to promote this.

  38. Now the MSM is beating the UBI drum again:

    19% of people think universal basic income would alleviate work frustration—here’s what experts say

    Sure, who doesn’t want free money? But as we are all seeing now, you will be worse off than before.

    UBI studies found that ‘full-time employment increased’

    Studies? We already have a real world study of what happens when you give everyone free money. The result: inflation.

    1. ‘Tom Hoenig was the Kansas City Fed president from 1991 to 2011, which put him on the policy-setting Federal Open Market Committee that whole period. He said that it all began innocently. Here’s part of my May 27th Rock and a Hard Place letter.’

      “The initial mistakes seemed innocent. The Fed became more accommodating to markets in the Mexican peso crisis, then later with Asian and Russian debt crises. These were indeed bad situations. The Fed had to respond, which it did, preventing the markets from imploding. Wall Street hailed Greenspan as a genius. This was the genesis of the overconfidence Bill White talked about, and other central banks had it, too.”

      “Hoenig saw early on the Fed was really just bailing out hedge funds. Later, he saw them announcing policies with open-ended, ‘for a considerable period’ commitments. This came to be called the ‘Greenspan Put.’”

      “I think we all kind of knew what was happening, but it’s still startling to hear this inside description. Fed officials knew full well their policies were creating asset inflation—higher stock and real estate valuations, etc. They thought that was fine as long as it didn’t become broader price inflation. Which it wasn’t, at least according to the Fed’s benchmarks.”

    1. Remember when average days on market was 3 to 6 months, even 9 months wasn’t a big deal? 2 days and everyone is worried.

      FFS

  43. Ben Rabidoux

    Largest seasonally adjusted monthly decline in 🇨🇦 benchmark house prices on record last month. Larger than during Financial Crisis, larger than 2017 mini downturn. BoC hiked 100bps since then.

    https://twitter.com/BenRabidoux/status/1547972331611439105

    Lisa Abramowicz

    Copper prices keep falling, and are down 35% from a record high set just four months ago.

    https://twitter.com/lisaabramowicz1/status/1547868884316737536

    Robin Brooks

    Global recession is coming. Goldman’s financial conditions index for the US, which averages credit spreads, mortgage rates and equity prices into a broad index, is up 300 bps this year, the same tightening as in the COVID shock in March 2020 & the global financial crisis in 2008.

    https://twitter.com/RobinBrooksIIF/status/1547855172423917568

  44. I guess there wasn’t enough time left on our MSM Evening News programs to show video of the ‘green’ government regulations protests taking place all over Europe after they were done with the my cousin heard her boyfriend say the Secret Service agent’s plumber was told Donald Trump tried to grab the wheel of the Beast on the January 6 committee tax payer funded Democrat infomercial.

    (I wonder how much they paid that low level staffer to spew that horsesh#t?)

    “We Are Not Slaves”: Farmers In Italy, Spain, & Poland Join Dutch Protests

    SATURDAY, JUL 16, 2022 – 02:00 PM

    Farmers in Italy, Spain and Poland have joined Dutch farmers in protest of ‘green’ government regulations that will decimate the industry by forcing them to reduce their use of nitrogen fertilizer compounds.

    “We are not slaves, we are farmers,” said Italian farmers, who drove tractors through the streets of Milan and blocked city traffic.

    https://www.zerohedge.com/commodities/we-are-not-slaves-farmers-italy-spain-and-poland-join-netherlands-protests

    1. I guess there wasn’t enough time left on our MSM Evening News programs to show video of the ‘green’ government regulations protests taking place all over Europe

      Does anyone other than the oldsters (age 70+) still watch the evening news, both national and local? I’m surprised they still exist.

      1. “Does anyone other than the oldsters (age 70+) still watch the evening news,”

        Not much, but still has the same talking points and propaganda as the Washington Compost New York Slimes, MSN, CNN, Late Night Comedians etc.

        EVENING NEWS | RATINGS

        By A.J. Katz on Jul. 12, 2022 – 11:50 AM

        Nielsen live-plus-same-day averages for the week of July 4 2022:

        ABC • Total Viewers: 7,041,000
        A25-54: 1,129,000

        NBC Total Viewers: 6,246,000
        A25-54: 960,000

        CBS Total Viewers: 4,483,000
        A25-54: 731,000

        Additionally, on YouTube, full episodes of NBC Nightly News reached 734,000 views and 589,000 viewers. That’s according to data from Adobe Analytics and Partner Portals; YouTube Analytics Portal.

        https://www.adweek.com/tvnewser/category/evening-news

        1. Hell, Zero Hedge only has 1.2 million Twitter followers (how many of them are real?) and look how the MSM and U.S. intelligence officials (presumably the same intelligence officials who said Hunter Biden’s laptop was Russian propaganda) get their panties in a knot over them.

          U.S. Accuses Zero Hedge of Spreading Russian Propaganda

          February 15, 2022

          Washington (AP) — U.S. intelligence officials on Tuesday accused a conservative financial news website with a significant American readership of amplifying Kremlin propaganda and alleged five media outlets targeting Ukrainians have taken direction from Russian spies.

          The officials said Zero Hedge, which has 1.2 million Twitter followers, published articles created by Moscow-controlled media that were then shared by outlets and people unaware of their nexus to Russian intelligence. The officials did not say whether they thought Zero Hedge knew of any links to spy agencies and did not allege direct links between the website and Russia.

          Zero Hedge denied the claims and said it tries to “publish a wide spectrum of views that cover both sides of a given story.” In a response posted online Tuesday morning, the website said it “has never worked, collaborated or cooperated with Russia, nor are there any links to spy agencies.”

          https://www.bloomberg.com/news/articles/2022-02-15/us-accuses-financial-website-of-spreading-russian-propaganda

        1. “I buy the occasional NY Post at Publix”

          If I were to pick up a paper anywhere it would be the NY Post, I wouldn’t take a Washington Post if they were giving them away.

          Good for Dutch farmers for fighting back against a gov’t bowing to enviro-radicals

          By Michael Shellenberger
          July 12, 2022

          Dutch farmers make for an unlikely cause célèbre. For starters, most are conservative, not liberal. And they are fighting against stricter environmental regulations, not for them.

          Yet they are winning over liberal-minded people like me who sympathize with the family farmers who provide us with our daily bread and yet receive so little respect from society’s ruling elites. And they’re inspiring protests by other farmers across Europe, including in Germany, Poland and Italy.

          https://nypost.com/2022/07/12/good-for-dutch-farmers-for-fighting-back-against-a-govt-bowing-to-enviro-radicals/

  45. ‘It’s going to put stress on their ability to continue to pay the mortgage, but also put stress on their ability to continue to pay for other things’

    Ma?

    Yeah Pa.

    Start buyin’ tuna fish.

  46. OK, here’s one I haven’t seen before:

    The US’s selfish war on inflation will tip the world into recession

    Later in July US interest rates are expected to jump for a second time this year, and that’s going to wreck any chance of a global recovery.

    The Federal Reserve could push its base rate up by as much as a full percentage point, ending 15 years of ultra-cheap money, intended to promote growth.

    This jump, to a range of 2.5%-2.75%, would take the cost of borrowing money in the US to more than double the Bank of England’s 1.25%. And yet the Fed could just be taking a breather as it contemplates even higher rates.

    This column, though, is not about the US. It is concerned with the terrible impact on Britain and countries across the world of America’s selfish disregard when it decides to tackle high inflation with higher borrowing costs. Britain is already feeling the effects of the Fed’s pledge to tackle inflation until it is “defeated”, come what may.

    Because inflation won’t crush people everywhere, especially in the third world. And given the Fed’s half hearted attempt to curb inflation, I don’t see how the US is being “selfish”.

  49. JEDDAH, Saudi Arabia (Reuters) – Saudi Arabia’s Crown Prince Mohammed bin Salman said on Saturday more investment was needed in fossil fuel and clean energy technologies to meet global demand, and that unrealistic emission policies would lead to unprecedented levels of inflation.

    Sounds like a rebuke to the West.

    Also, I’m wondering if Brandon will sign an Executive Order to reduce/ban nitrogen fertilizer use in the US.

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