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Sellers Are Not Getting The Prices They Want, And They Are Incredulous At The Change

A report from the Sun Sentinel in Florida. “More inventory is coming back to the housing market and closed sales are plummeting as the buyer frenzy of the past year starts to taper. ‘Buyers cannot handle these high prices and high rates … they’re not making offers,’ said Patty Da Silva, real estate broker with Green Realty Properties in Cooper City. ‘And for sellers, I think a big portion of them wanted to take advantage of the market and they were holding for the top, and when it turned a little bit, they put it on the market.'”

“Sellers haven’t necessarily caught up to this change and some have priced their homes too aggressively, believing that the market is still the same as it was a year ago. Mor and more South Florida sellers have had to adjust their prices down, according to Redfin. For West Palm Beach, 20% of homes for sale had a price reduction, up from 12% last year. In Fort Lauderdale, 15% of homes had a price reduction, up from 11% the same time last year. In Miami, 13.7% of homes had a price reduction, an increase from 8% last year. ‘There is no sense of urgency on the buyer’s side. The rates are higher and the prices are still too high and there is a lot more inventory,’ Da Silva said.”

The Tampa Bay Times. “Florida Realtors reported 6,573 active listings across Tampa, St. Pete and Clearwater in June. That’s a 77.7% increase from that same time last year and a 47.9% increase from May. More inventory means sellers may be forced to make some concessions. ‘They’re not getting six offers above asking on the first day anymore,’ said Renee Celli, a Realtor with RE/MAX in St. Pete. So if a buyer finds a home they like that’s slightly out of their price range, ‘make a lower offer. You might be pleasantly surprised.'”

From KTSP. “Minnesota Realtors have released their latest housing report and it shows the market may be slowing slightly. For sellers, Chris Galler, the CEO of Minnesota Realtors recommends patience. ‘It’s not going to sell in a week,’ he said. ‘It’s going to take a few weeks, you’re going to have to be competitive, your property is going to have to be in great shape.'”

The Center Square. “More options are coming to the Maryland housing market for those seeking to buy a home. In addition, escalations and multiple offers are starting to ease, said Maryland Association of Realtors President Craig Wolf. Sellers’ expectations haven’t caught up. He told of one broker’s experience with a homeowner who anticipated a much faster sale. He said, ‘They put their house on the market Friday and the house did not sell by Monday, and they were contemplating canceling their agreement’ with that real estate agent and finding another one because the house took more than three days to sell.”

National Public Radio. “The average sales price continues to climb nationwide, but prices have actually dropped a bit in some of the most overheated markets like Las Vegas, where Tom Blanchard is president-elect of Nevada Realtors. TOM BLANCHARD: I’m sure everybody feels like it’s been a sudden stop. When you’re doing 100 on the highway and all of a sudden you see a cop and you have to slow down to the normal 75, you feel like you’re going really, really slow. Let’s face it, the greed factor was pretty huge. They were trying to get everything they could and then some, and they could do it when there was everybody beating down at their door. Now you’ve got to come back to reality and realize that your house isn’t worth the million dollars that you thought it was. It was only worth $800,000.”

Utah Public Radio. “Utah has now seen one of the biggest housing price cuts in the nation. Salt Lake City has taken the third highest ranking in price cuts according to Redfin, which saw more than half of homes on the market with lowered housing prices. Boise, Idaho and Denver, Colorado took the number one and two spots. Experts say that sellers might have missed the chance to sell their homes at the peak of housing prices, but that it is better to sell sooner rather than later.”

From Geek Wire. “Flyhomes is the latest tech startup to cut jobs. The Seattle real estate company laid off approximately 20% of its staff, a spokesperson confirmed to GeekWire. The company did not provide an updated headcount. It has 763 employees. ‘To build the world’s best home buying and selling experience, we must operate in a manner that is both fiscally prudent and sustainable in the face of uncertain economic conditions,’ the company said. Redfin, another Seattle real estate company, laid off 8% of its workforce last month. Compass also cut jobs and shut down its Seattle-based title business.”

“Other Seattle-area tech startups including Convoy, Qumulo, and Esper have laid off employees in recent months. Google is freezing hiring for two weeks, The Information reported Wednesday. Founded in 2016, Flyhomes helps people buy homes using a cash offer program which presents customers as the equivalent of cash buyers. A majority of the company’s revenue comes from agent commissions.”

From Arizona Family. “A Valley-based realtor says the long-term rental market appears to be growing. According to Shelley Sakala, as of Monday afternoon there were nearly 3,000 active listings in the Valley. She says that’s an 18% increase from last month, and a 113% increase from the same time last year. ‘You’re also going to see a lot of people that are you know, waiting for the market to crash, which we are not thinking is going to be a crash whatsoever,’ Sakala said. ‘But they’re kind of hanging around some of these investors hoping it’ll crash hoping to pick up some properties and then they’re in turn going to turn and use them as rental. So in that case it will create some more rentals for the area.'”

The Herald Banner in Texas. “Buyers are beginning to see more inventory on the market and properties are staying there longer. Sellers are still seeing demand for homes as well as appreciation in prices — just not as great as before. Those broad findings are according to a new in-depth analysis of the DFW-area real estate market by M&D Real Estate. ‘There is a huge shift in the market going on right now,’ said M&D Real Estate Managing Director Danny Perez. ‘The part of the shift we are in currently is what I call, the pause. I call it the pause, because on one hand, there is a seller up here expecting 25% year-over-year growth like we had been seeing. Then on the other hand, there’s a buyer down there saying, ‘Hey, wait a minute.'”

“‘The sellers will have to be the ones to come down from those 25 % appreciation number expectations to more normal numbers to meet the buyers where they are at,’ said Perez. ‘Not all the way down to (market) correction territory; I don’t believe that is going to happen in this area. But down to a more normalized expectation. These are still crazy numbers on price appreciation for last month.'”

The Houston Chronicle. “In another sign of a cooling housing market, home sellers in Houston are increasingly knocking down their asking price as fewer buyers enter the market. Redfin estimates more than a third (38 percent) of homes on the market in June saw price reductions in the Houston area last month. In Texas, home sellers are seeing the biggest price drops in Austin. About 41.6 percent of homes on the market in Austin had price drops in June, compared to only 14.9 percent the same time last year, according to Redfin. Meanwhile, about 37.5 percent of homes for sale  in Dallas and San Antonio had price drops in June, slightly less than Houston.”

The Los Angeles Times. “Southern California home prices and sales edged lower in June from the month before, adding to the pile of evidence that the housing slowdown is starting to pull home values lower. ‘It’s not a huge surprise. We’ve been expecting things to turn negative for a while now,’ said Scott Wild, senior vice president of consulting at John Burns Real Estate Consulting. ‘There’s more supply and less competition, so buyers have a few more options than they used to.'”

“The same trend is carrying across the entire state, according to the California Assn. of Realtors. California’s median home price dropped to $863,790 in June, a 4% decrease from the revised record high of $900,170 recorded in May. The group noted that the price moderation was in part due to a change in the mix of sales in June, ‘as the high-end market started pulling back.'”

KPBS on California. “Mortgage rates remain high but home prices in San Diego seem to be going down. Voltaire Lepe is a real estate broker in San Diego, who thinks the market is slowly turning more neutral. ‘I’m seeing properties on the market a lot longer and I’m seeing buyers have some negotiating power,’ he said. ‘Right now there’s about 4,500 homes for sale compared to the beginning of the year, [when] we had about 1,700 homes for sale,’ he said. ‘So almost triple the amount of homes for sale. So buyers just have more negotiating power. They have a lot more options.'”

The New York Post. “A Brooklyn real estate developer allegedly vanished with over $4 million of his clients’ money — putting the group of 20 Asian immigrant families at risk of being booted from their homes, The Post has learned. The families had entrusted developer Xi Hui ‘Steven’ Wu with tens to hundreds of thousands of dollars each in deposits to buy condos at their Bay Ridge residential building, located at 345 Ovington Ave., according to lawsuits brought by the families and their lawyer.”

“But Wu allegedly disappeared without giving the residents ownership titles to their units — because as it turns out, he didn’t actually have permission from New York state to sell condos in the building, lawsuits brought by the families allege. Edward Cuccia, an attorney representing the families, told The Post that Wu allegedly ‘ran a massive scam where he cheated over 20 immigrant families not only of their life savings but also of their hopes and dreams of owning a home.'”

“‘Now these families are facing eviction and total loss,’ Cuccia said. ‘This is the most egregious case of real estate fraud I have ever seen in my over 30 years of practicing law.'”

The Globe and Mail. “Struggling sellers in Toronto’s condo market are bringing a wave of units for rent to the downtown core. Some frustrated owners are trimming their asking price and still not getting showings, says Christopher Bibby, broker with Re/Max Hallmark Bibby Group Realty, who estimates that condo prices in the city have slipped between six and eight per cent since the peak in early spring. Consumer confidence in Canada has recently plunged to crisis-era levels – and that reading was recorded before the central bank’s 100 basis points interest rate hike in July, says Stephen Brown, senior Canada economist at Capital Economics. The changes have turned buyers’ ‘fear of missing out’ into paralysis.”

“The GTA has seen the number of terminated condo listings surge 643 per cent since January, according to real estate platform Strata.ca. To Anna Wong, a real estate agent with Strata, the cancelled listings signal that sellers are not getting the prices they want, and they are incredulous at the change. ‘They’re saying, ‘I can’t get what my neighbour got a month ago?’ In January, Strata recorded 380 cancelled listings in the condo segment. In June, that number swelled to 2,822.”

“Ms. Wong says investors have been quiet lately because – even when a unit seems like a good deal – they can’t make the math work with the higher interest rates. Looking ahead, Ms. Wong says inventory may diminish and prices may strengthen after Labour Day, but that could cause another swell in listings. ‘If people do well in September and the neighbours see that, they’ll say ‘we’re going to sell too,’ she says. ‘All of a sudden you have 3,000 listings versus 600.'”

From CBC News. “Thousands of Canadians carrying hefty mortgages are scrambling to balance their home budgets after the Bank of Canada raised its benchmark interest rate by a full percentage point to 2.5 per cent last week. ‘If I don’t receive a pay increase or maybe some supplementary income, it will be really tough,’ Kartik Soni said recently as he headed back into the office from a break in downtown London, Ont. Soni has a variable-rate mortgage on the home he bought in London after moving from Brampton with his family six months ago. ‘In January this year, I was paying somewhere around $1,920 and now I’m paying $2,500,’ said Soni of his monthly mortgage payments.”

“Soni’s colleague, Amandeep Singh, is in a similar predicament. He’s locked into a fixed-rate mortgage, but his term is up in six months. ‘I’m scratching my head what to do because the worst is yet to come,’ said Singh. Singh figures once he negotiates the terms of his new mortgage, he’ll also be on the hook for another $500 a month. ‘Going forward, it seems like we will crash,’ said Singh.”

“In an office tower across the street, Ann Leitch is also on a break. ‘We bought our house during COVID, so we’re in a nice interest rate,’ said Leitch, whose home is in Kilworth just outside London. ‘We locked ourselves in safe and sound.’ But Leitch is still facing stresses of her own. ‘Right now my dad has his house up for sale and he’s just happened to put it in at the wrong time,’ she said about the home that’s been on the market for two weeks. ‘It’s actually putting us in a bit of a panic because he’s got an apartment at a seniors’ residence, so this house needs to sell.'”

From Bloomberg. “Some suppliers to Chinese real estate developers are refusing to repay bank loans because of unpaid bills owed to them, a sign that the loan boycott that started with homebuyers is starting to spread. One group of small businesses and suppliers circulated a letter online saying they will stop repaying debts after Evergrande’s cash crisis left them out of pocket. ‘We decided to stop paying all loans and arrears, and advise our peers to decline any requests to be paid on credit or commercial bill,’ the group said in the letter dated July 15, which was sent to the developer’s Hubei office.”

“Homebuyers’ refusal to pay mortgages stems from the widespread practice in China of selling apartments before they’re built. In the past year, overleveraged Chinese developers have been in crisis mode over debt repayment as funds ran dry, and construction has stopped on more and more projects.”

The South China Morning Post. “Henan’s local authorities assigned a bad-loans manager and a state-owned real estate developer to clean up the province’s property mess, taking drastic action to contain a crisis ahead of China’s twice-a-decade leadership conclave. Henan’s provincial capital Zhengzhou is ground zero in the mess, where a banking scam by local fraudsters has combined with a mortgage boycott by disgruntled homebuyers. The scam has run up a tally of 40 billion yuan (US$6 billion) in missing bank deposits and a rare protest by nearly 1,000 depositors. Henan, the home province of China Evergrande Group’s founder Xu Jiayin, also had more unfinished residential projects than anywhere else in China, according to mainland Chinese media.”

“Still, the AMCs face an uphill challenge in cleaning up China’s property mess. Of the mass revolt by mortgage borrowers to pay their loans – affecting more than 280 projects in 86 Chinese cities – over grievances from shoddy quality to non-completion, mostly in Henan province.”

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This Post Has 133 Comments

  1. in·cred·u·lous
    /inˈkrejələs/
    adjective: incredulous

    -(of a person or their manner) unwilling or unable to believe something.
    “an incredulous gasp”

    The first 6:28 video:

    Cape Coral Northeast Real Estate Market Update
    Jul 20, 2022

    The second 15 minute video:

    Home Sellers Face Tough Reality In Brampton, Mississauga & Durham Real Estate
    Team Sessa Real Estate
    Jul 20, 2022
    Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of July 7 – July 13, 2022. This video will focus specifically on Brampton, Mississauga, Ajax, Whitby, Pickering.

    2. On the YT channels run by realtors, some of the comments are priceless. I’m mean…. talk about panic just under the surface of the commenters.

      Dumb bastards….. truly dumb bastards.

    3. Hmmm, just got this from the place where I’m renting. It’s the most amenity filled apartment complex for 30 miles around….

      “Hello Neighbors, Please be advised that our corporate office, XXX has made the decision to stop filing “jointly” for Covid relief on tenants’ behalf. In order to avoid eviction, in the event that rent is not paid due to Covid, the tenant will need to provide evidence in writing that i) the ERAP application was in process PRIOR to the date of ten-day notice to vacate AND ii) pending receipt of payment. The written evidence of such pending payment (i.e. acknowledgment from the program administrator) will need to be provided to the property manager within the ten-day period in order to avoid eviction. If a resident has a pending application, they should contact the state to see if it has been accepted or denied. Thank you and have a wonderful rest of your day. -TPL Staff”

      Looks like they’re trying to clear out some deadbeats.

  2. ‘And for sellers, I think a big portion of them wanted to take advantage of the market and they were holding for the top, and when it turned a little bit, they put it on the market’

    When south Florida rolls over, stick a fork in it.

  3. ‘as of Monday afternoon there were nearly 3,000 active listings in the Valley. She says that’s an 18% increase from last month, and a 113% increase from the same time last year. ‘You’re also going to see a lot of people that are you know, waiting for the market to crash’

    3,000 empty cash hemorrhaging shacks in Phoenix, what could go wrong? And that’s not counting new shacks and short term rentals, which are going to hell in a hand-basket.

    1. “3,000 empty cash hemorrhaging shacks in Phoenix,…”

      – But it’s a dry heat… 🙂

      – “May the odds be ever in your favor.”

      – No worries. Everyone put 20% down and cap. rates were 10%! 😉

    2. Phoenix, Boise, Bend, Las Vegas, Reno – those areas are going to get absolutely annihilated.

  4. ‘Average prices are still up right now — 18% in Hunt County and the Greenville area with more inventory just now coming in, according to M&D. Therefore, sellers will see their properties sit on the market a little longer than they have recently.’

    Last decade these areas weren’t even considered part of DFW. That’s some shortage! Red River here we come.

  5. ‘The same trend is carrying across the entire state, according to the California Assn. of Realtors. California’s median home price dropped to $863,790 in June, a 4% decrease from the revised record high of $900,170 recorded in May’

    Eat yer crowz Thornberg…

    ‘The group noted that the price moderation was in part due to a change in the mix of sales in June, ‘as the high-end market started pulling back’

    The MIXXX!

    1. “price moderation” Nice deflection on what would otherwise be called a price drop! Reminds one of the good old days when such action was called ‘normalizing’.

    2. “dropped to $863,790 in June, a 4% decrease from the revised record high of $900,170 recorded in May”

      That was fast. Somebody said that it will be years before we see any drop.

      2. They are reporting MOM because it’s changing so rapidly and they want to get out in front of it.

    3. ‘California’s median home price dropped to $863,790 in June, a 4% decrease from the revised record high of $900,170 recorded in May’

      California median income $78,675
      California per capita income $38,575

      Seems reasonable…..

      🤡🤡🤡

  6. ‘Redfin estimates more than a third (38 percent) of homes on the market in June saw price reductions in the Houston area last month’

    Greater Houston has almost 20,000 shacks on the market.

        1. Greater Phoenix is near 18000 when airboxes and townshacks are included

          I just laughed out loud at the absurdity. I can only imagine in a year’s time what it’s going to look like, with 9% mortgage rates.

    4. “Greater Houston has almost 20,000 shacks on the market.”

      Housing shortages are killing me.

  7. ‘Soni has a variable-rate mortgage on the home he bought in London after moving from Brampton with his family six months ago. ‘In January this year, I was paying somewhere around $1,920 and now I’m paying $2,500’

    Brampton, eh? Yer fooked Kartik.

    ‘ ‘I’m scratching my head what to do because the worst is yet to come’…‘Going forward, it seems like we will crash’

    Amandeep, it seems clear. Stamp yer little feets or put yer head between yer knees and kiss yer a$$ goodbye!

    1. I don’t know what they call the pre-game show in the UK, but that’s where things are now. The two teams are just starting their warm up stretches. If the buyers mentioned above (none of which are ethnic British) think it’s bad now, they ain’t seen nothing yet.

  9. ‘Some suppliers to Chinese real estate developers are refusing to repay bank loans because of unpaid bills owed to them, a sign that the loan boycott that started with homebuyers is starting to spread. One group of small businesses and suppliers circulated a letter online saying they will stop repaying debts after Evergrande’s cash crisis left them out of pocket. ‘We decided to stop paying all loans and arrears, and advise our peers to decline any requests to be paid on credit or commercial bill,’ the group said’

    This is the same bloomberg that said they made the bond payment at the last minute? Twice they said that.

  10. When realtors starting using words like “normalized”, “neutral”, “shift” and “pause” you know the implosion is under way. Got popcorn?

      1. Hanged, drawn and quartered

        To be hanged, drawn and quartered became a statutory penalty for men convicted of high treason in the Kingdom of England from 1352 under King Edward III (1327–1377), although similar rituals are recorded during the reign of King Henry III (1216–1272). The convicted traitor was fastened to a hurdle, or wooden panel, and drawn by horse to the place of execution, where he was then hanged (almost to the point of death), emasculated, disembowelled, beheaded, and quartered (chopped into four pieces). His remains would then often be displayed in prominent places across the country, such as London Bridge, to serve as a warning of the fate of traitors.

  12. Re: Experts say that sellers might have missed the chance to sell their homes at the peak of housing prices

    It is a mathematical impossibility for everybody to sell at the peak just like everybody to be above average . . .

  13. What happens if the people who pay the bills get fed up of taxation without representation by Democrat-Bolshevik regimes that hate them?

    Half of Americans expect a second U.S. civil war within YEARS, more than 40% agree with ‘great replacement theory’ and nearly a fifth expect they will choose to bring a gun to a violent political row, alarming poll shows

    https://www.dailymail.co.uk/news/article-11032711/Americans-survey-violence-University-California-Davis-democracy-threat-civil-war-politics.html

    Half of Americans expect to see a second U.S. civil war within years and nearly a fifth say they could one day be toting guns at a political face-off themselves, according to an alarming new study about the nation’s deepening divisions.

    Researchers at University of California, Davis uncovered worrying levels of ‘alienation’, ‘mistrust’ and a growing tendency to turn to violence in their recently-conducted survey of 8,620 adults across the country.

    More than two-thirds of respondents said they saw a ‘serious threat to our democracy’ and 50.1 percent agreed with the statement that ‘in the next few years, there will be civil war in the U.S.’

          1. “Sorry – can’t resist ”

            Very good. 🙂

            Now if you will excuse me I’m going to try to get a count on how many humans, Cows and Yaks died this month drinking water that was contaminated by Cobalt (which is shipped to China for green lithium batteries) mining in the Congo that is performed by thousands of slave children and their families

          2. and why – if somebody in Germany tells somebody in America about a completely (energy) ‘autark’ house – where there is no dependancy on any blackmailing Sheiks or Russian or American
            Corporations…
            Why?
            Then?
            diverting to… Africa?

            Since the completely (energy) autark German House might be completely ‘autark’ mainly due to Hydropower?

            Aren’t all Americans dream about something like that too?

          3. if somebody in Germany tells somebody in America about a completely (energy) ‘autark’ house

            If these houses exist, why was Germany soiling its collective pants over a possible Russian embargo.

            As to why Africa, where do you think the raw materials for solar panels and batteries come from?

            We have been told that affordable solar technology is “imminent” for decades. Still waiting.

          4. ‘If these houses exist, why was Germany soiling its collective pants over a possible Russian embargo’.

            Because most of the Russian gas gets used by the German Industry – and about the autark houses which are still a lot more expensive than a usual house connected to the grid –
            soon will become far more affordable if the Russian Blackmailer
            really stops the gas.

    2. Half of Americans expect to see a second U.S. civil war within years and nearly a fifth say they could one day be toting guns at a political face-off themselves, according to an alarming new study about the nation’s deepening divisions.

      Police in Democrat-Bolshevik cities stood by with folded arms while Soros rent-a-mobs engaged in violent assaults on Trump supporters exercising their 1st Amendment right to assemble and show their support. This led directly the rise of groups like the Proud Boys who showed up at Trump rallies to confront the BLM-Antifa scum. The globalists are trying to disarm Les Deplorables while a the same time installing corrupt Democrat DAs who will facilitate the criminal element in their “redistribution of the wealth” and Red Guard attacks on political opponents. Sorry, Dimms, that’s just not going to fly. Molon labe.

    3. They will confiscate legally owned firearms, which Nadler said yesterday openly is the goal, well before there is any kind of civil war. The PTB know all too well that it ain’t no fun when the rabbit got a gun.

    4. Some believe that Gandhi style civil disobedience will work, but as were seen:

      Yellow vest protests didn’t work
      Canadian trucker protests didn’t work
      Dutch Farmer protests do not appear to be working.

      Is it any wonder that people are increasingly concluding that violence will be necessary?

    5. All of the older, white, libtard, woke women I meet in the course of business are terminally single. There are no takers. And now they’re getting canceled because of their skin color, as rms pointed out yesterday. They are becoming the pariahs of society. Enjoy the consequences of your myopic decisions, ladies.

      1. Mental illness seems to run amok in this crowd:

        A Truckee, CA woman accused of starting the July 7 Butterfield Fire in Truckee is a healing arts and yoga teacher who suffers from a mental health condition, according to her family.

        In a Facebook post on her website, her dad, Dave Walters, said Ellen Lindsey Walters is “being treated with medication for a newly diagnosed mental condition.”

        “She wants people to understand that she would never have done this in her right mind, that the mental illness itself prevented her from knowing what she was doing…,” he wrote.

        1. https://www.ellenlindseywalters.com/

          About Ellen Lindsey Walters

          I am a lifelong student of the healing arts, a traveler on the winding path of evolving consciousness, and a lover of nature and animals. I stay physically active, do a lot of nothing, and get outside as much as possible to maintain my mental/emotional/spiritual well-being, and I love supporting others in doing the same. I believe in magic, science, and space for what we do not know. I enjoy learning about and working with principles of mythology, philosophy, history, shamanism, astrology, herbalism, nature medicine, and spirituality of all kinds. It is my intention to serve the world with love and enthusiasm in any way I can.

          You forgot to mention you’re fookin’ nuts.

          1. It is my intention to serve the world with love and enthusiasm in any way I can.

            I guess that includes starting fires.

          3. Could enjoy spanking that peach of an ash. Yoga!

            I bet she’s so annoying to listen to that you wouldn’t even get that far – you’d bail.

          4. “I bet she’s so annoying…”

            A fire-starter, so more likely cunning and wile. Since she exercises I thought I’d highlight her positive features.

  16. Unsheltered Homelessness Jumped in Metro Denver During the Pandemic (7/20/2022):

    “In the 22 months after the pandemic descended on Colorado, unsheltered homelessness increased significantly in metro Denver, according to the 2022 Point in Time Count, whose results were just released.

    According to the 2022 count, the overall number of people experiencing homelessness increased from 6,104 in January 2020 to 6,888 this January, a rise of 12.8 percent.

    “We’re seeing increases specifically in people staying outside in their vehicles,” says Jamie Rife, executive director of the Metro Denver Homeless Initiative, which conducts the annual survey every January.”

    https://www.westword.com/news/denver-homeless-unsheltered-metro-count-increase-14582809

    Correction: CCP Flu did not “descend” it was inflicted by government. But this being local globalist scum media The Westword they only report it using these propaganda guidelines.

  17. School Board Candidate Says Doctors Helping Trans Kids Should Hang From A Tree:

    “A Florida school board candidate received applause after saying doctors who treat trans kids “should be hanging from the nearest tree.”

    Alisabeth Janai Lancaster, who is running in an August primary for Santa Rosa County School Board, made the remarks at the Gulf Coast Patriots’ event near Navarre, Florida on Monday, the Pensacola News Journal reported.

    In a video posted to the NWFlorida Conservatives Facebook group, Lancaster weighed in on gender reassignment during her address to area Republicans.

    “These doctors that are going along with mutilating these children and prescribing hormone blockers to these kids, in my opinion, they should be hanging from the nearest tree,” Lancaster said.

    https://www.huffpost.com/entry/school-board-candidate-trans-kids-tree_n_62d8c136e4b06e213fbaafc3

    When you buy a house, your property taxes are paying for this to be promoted in the public schools.

    1. There was an All Star game? I had no idea. I guess when you quit watching sportsball cold turkey, it just stops existing for you.

      1. every so often I flip by an NBA game and I wonder “Who are these guys!?” and watch about 30 seconds of garbage then I just keep flipping.

        1. Sometimes when I glance at the online headlines for the Dumver Post and there will be a headline about some local sportsballer who signed a new contract. Chances are I’ve never heard of the guy before.

  19. Is the ECB finally running out of road for extend-and-pretend?

    Italy Political Crisis Adds Pressure on ECB as Bond Rout Worsens

    https://news.yahoo.com/italy-worsening-political-crisis-sparks-074813644.html

    (Bloomberg) — Italian bonds and stocks dropped after Mario Draghi resigned as the country’s prime minister, setting the stage for snap elections and threatening to unleash a fresh phase of turmoil for the nation’s debt.

    The latest political crisis doesn’t just create uncertainty for Italy. It also ups the pressure on the European Central Bank, which is just hours away from announcing a new bond-purchase program intended to shield countries such as Italy from market speculation. It’s had to design such a tool as it prepares to increase interest rates for the first time in more than a decade.

  20. Happy Valley, OR Housing Prices Crater 13% YOY As Soaring Mortgage Defaults And Skyrocketing Inventory Blows The Doors And Windows Off Portland Housing Market

    https://www.movoto.com/happy-valley-or/market-trends/

    As one local broker explained to his clients, “You may as well start slashing double digits if you want to sell….. because the bottom is a long way down.”

  22. Jul 20, 2022 🤔🤔What’s is happening with the market? Is it ❄️❄️cooling? I prefer the term, normalizing. It is no secret we are seeing another shift in the Nashville Real Estate market. 📈📈Higher interest rates can change a buyer’s purchasing power, hence the cooling or normalizing. As a seller in this market, it may be time to get creative. One strategy I have put into play is offering a seller incentive to apply towards buying the buyers interest rate down, this can lead to a significant monthly savings for the buyer. For Example: If the home is $500,000, with a $5000 incentive, the buyer will see a $160 savings monthly, double that to $10,000 and the buyer will see a $260 savings monthly. The market may continue to shift and push and pull but investing in real estate is a sound investment but the terms around your purchase might look a little different than it did say 6 months ago.

    https://www.youtube.com/watch?v=yc5FV__mFvE

    1 minute.

  24. Watch: Dems Openly Admit Gun Control Bill Will Confiscate Firearms In ‘Common Use’

    by Steve Watson
    July 21st 2022, 6:07 am

    New York Congressman Jerry Nadler openly admitted at a House Judiciary Committee hearing this week that the point of gun control legislation being pushed by Democrats is to confiscate firearms in “common use”.

    When questioned by GOP North Carolina Rep. Dan Bishop if Democrats dispute that the “Assault Weapons Ban of 2021,” proposes to ban guns currently in “common use” nation-wide, Nadler, chairman of the committee, replied “That’s the point of the bill.”

    “So, to clarify, Mr. Chairman, you’re saying it is the point of the bill to ban weapons that are in common use in the United States today,” Bishop again asked.

    “Yes,” Nadler responded, adding “The problem is that they’re in common use.”

    Bishop went on to tell the Democrats that “What you suggest that this order can possibly comply with what the Supreme Court has held (as regards the Second Amendment) in now three separate cases is absolutely absurd.”

    Bishop also declared that “the Democrats of the 1960s are the Democrats of the 2020s.”

    Watch:

    House Judiciary committee considers bills on gun maker liability, assault weapons ban

    Streamed live 23 hours ago
    https://youtu.be/9avxOodHew4?t=8061

    1. You notice not a single word on punishing people who use or carry illegal guns. ya know its raycis

      5 years No bail for each illegal gun you carry, 10 years NO bail if the serial numbers are filed off, and double everything if you have priors, even if you are a minor.

      2. LOL they aren’t concerned about their own constituents, they want to disarm YOU so they can hurt you.

    1. “It’s a paradox.”

      It goes well beyond being a mere paradox, it is a totally unexplainable cosmic happening, a riddle wrapped in a mystery inside an enigma.

    2. Like this paradox: “Mortgage rates remain high but home prices in San Diego seem to be going down.”

      What a maroon! I guess the reporter thinks that high mortgage rates lead to high prices?

    3. Wouldn’t it be crazy if home prices started plummeting in cities from coast to coast in the US, and the facts became so obvious that the MSM had no choice but to report them?

  27. Denver Metro/ N. Colorado New Home Deals
    Jul 20, 2022 Today, I’m talking about Denver/Northern Colorado new construction deals, the best interest rates in Colorado, and buying a home in Denver. New construction homes have been a really great alternative to all the chaos that’s been happening in this market for the last two years. New construction is again offering you the best alternative to this continually challenging market, and I’ve built some great relationships with some of the top builders in the Denver Metro Northern Colorado area. I’m excited to tell you that I found some amazing incentives, offers and even interest rates that you simply can’t ignore and can’t be beat. Some of these top builders in our area are offering exclusive rates starting as low as 3.875 all the way up to 4.99.

    These rates are a full one percent or even one and a half percent below what your current lender is able to offer you. It’s almost like we’ve gone back three or four months before the rise of these rates. In addition to these amazing interest rates, some of these home builders are also paying you up to $10,000 for your closing costs, plus offering you a two-one buy down on homes that close by October of this year.

    https://www.youtube.com/watch?v=y9TRBkiqtbc

    4 minutes.

      1. “Didn’t he just say he has cancer?”

        That was yesterday, in April he told the exact same story only it was Asthma then.

        ASTHMA or CANCER?? Joe Biden Keep Repeating The Same Story with different Facts Using God’s Name

        350 views
        Jul 21, 2022

        Joe Biden can’t choose between Cancer and Asthma

        https://youtu.be/l_WZdna4mPg

      3. First Dr Fauci, now Joe Biden. Both claiming they had the shots and boosters.
        No doubt the hype will be that the shots and the pharmacy pill they are pushing saved them from Covid death.
        In a world in which the vaccinated are getting Covid, and vaccine injury and death skyrocking, how do you get people to take the fake vaccine and boosters. .
        First, if you believe these figure heads ever took the vaccine to begin with , your just dumb. Second, if you believe some PCR test can determine you have Covid, your also a dumb ass.
        They are trying to sell to the public that useless toxic vaccines are preventing death from Covid by reducing the symptoms. You will still get Covid and you will still transmit Covid, but the vaccine kept you from death is the spin.
        Also , current Climate Change emergency they are trying to spin , based on some hot weather that happens in summer , is the ridiculous false narrative , as the Covid fake Panademic was.
        They have planned for about a Century to used false emergencies to take over. Its all in their writings , its all fraud. Its in last stage operational stage to bring on the Great Reset takeover.

      3. “I would laugh if this clown died”

        He already did, we’ve just been watching 18 months of Weekend at Bernie’s

  29. – Just an observation on U.S. resi RE asset bubble courtesy of the Fed’s “wealth effect.”

    – Resi RE asset bubble is bursting. Price declines follow (lag) sales declines, typically by several months, but can be faster this time due to digital world.

    – Resi RE bubble part of “The Everything (aka central bank) Bubble.”

    – All of the included asset bubbles are now bursting, including stonks, bonds, autos, NFTs, crypto, SPACs, IPOs, WTF, etc.

    – Asset bubbles always burst and in proportion to the magnitude.

    – How is it that “The Experts” are expecting a “soft landing?” Must be a steady diet of psychedelics. 😉

    1. autos

      Autos are lagging a bit because of the production crimp. What’s weird to me is that some semiconductor producers are talking about dialing back production due to oversupply, yet car manufacturers are still talking about a shortage. Their business models are a failure.

      1. There was never any “production crimp”. Anybody that needed a vehicle found one and bought it. Demand collapsed. Just like housing.

        Which begets the question;

        What percent of houses sold in the last 3 years were to end users? 5%? 10%? Maybe 12%?

        1. There was never any “production crimp”.

          There actually was. Remember the shutdown? Or did you forget?

      2. I heard through the grapevine that many enterprise computing hardware suppliers are running 3 to 6 months late in deliveries, due to some parts not being available. Note that I said “enterprise”. I’m talking about server clusters and mainframes, not laptops or PCs.

      3. As I’ve mentioned here before, watch the auto dealership aggregators stocks. Yesterday LAD, today AN. Both reported significant drops in new auto sales and in the low-end sub-$20K used vehicles. Their stocks suffered. A lot more pain to come. Tech’s been sheared, banks and autos up next.

    2. ‘All of the included asset bubbles are now bursting, including stonks, bonds, autos, NFTs, crypto, SPACs, IPOs, WTF, etc’

      A lot of Jerry bucks going to money heaven right now.

    3. It’s a long way down from here for risk assets to reach fundamental value, then overshoot to the bottom of the CR8R in the capitulation phase.

      1. Wouldn’t it be interesting if Air Force 2 had an “accident”?

        They could replace her with someone “sensible”, washout any skeletons in the closet. The Dems should have someone like that stashed away somewhere. Then Joetato resigns, new VP becomes prez, they appoint a new VP (also skeleton free closet), all in time for the election. “See! We aren’t a party of radicals! We’ll even allow more oil drilling, while remaining long term committed to “renewables”.

        2. Why go to that trouble when the swamp can just put out a hit piece on Kamala about how she was on the take in California and is still on the take as VP, and be forced to resign.

          Which is exactly what happened to Spiro Agnew in 1973. Much less bloody to get the courts and the “newspapers” to do the dirty work to oust someone you don’t like.

          Imagine Biden putting Hillary in there haha oh man that would be something.

  33. Here’s one you won’t read in the US MSM: Canada and the US are suing Mexico over its “excessive dependence” on fossil fuels, claiming it violates the United States-Mexico-Canada Agreement (NAFTA’s replacement).

    They want to force Mexico to go green.

    2. Canada and the US are suing Mexico

      The governments or corporations in those countries? What court?

      1. My understanding is its the governments, claiming the the “Agreement” is being violated.

        As for which court will rule on the lawsuit, I found this in Wikipedia:

        Chapter 19 specifies that a USMCA Panel will hear the case and act as an International Trade Court in arbitrating the dispute.[58] The Trump administration attempted to remove Chapter 19 from the new USMCA text, though it has thus far endured in the agreement.

        From what I have read in the Mexican media, there is concern that Mexico will be punished with tariffs on exported goods and reduced investments in Mexico.

        Mexico is one of the closest US allies that has not jumped on the globalist bandwagon. They refused to economically sanction Russia after the Ukraine invasion. I’m not sure why the US is so hell bent on forcing Mexico to use less fossil fuel, other than zealotry.

        And speaking of climate zealotry, I’ve noticed that the MSM has quickly pivoted from Covid to “climate emergency”, right after Manchin spoiled Brandon’s green energy sock hop. I am anticipating an Executive Order, along the lines of the jab mandate, to force everyone to use less energy, maybe along the lines of rolling blackouts, gasoline rationing, or maybe even fines or loss of employment if you don’t use less electricity. You have an electric car? Take the bus.

    3. Pretty sure the Cartel is going to do whatever they want. Also pretty sure the Cartel doesn’t care at all what some judge says about some lawsuit.

      1. Also pretty sure the Cartel doesn’t care at all what some judge says about some lawsuit.

        The drug cartel isn’t involved. Their business has nothing to do with Mexico’s energy sector, which is controlled by the Mexican Federal Government.

        Not saying that the drug cartels are not powerful in Mexico. They are. But contrary to popular belief, they don’t run the country. They still get arrested. Caro Quintero was recently arrested. Out in the sticks the cartel does pretty much rule. But not in the big cities.

    2. I don’t see any downside to removing their DNA from the gene pool.

      Like any woman would bear their kids. They will have Chad’s and Tyrone’s kids, but not soiboi’s.

  35. “Let’s Tap The Brakes” – America’s Largest Landlords Pull Back From Home-Buying-Spree

    America’s largest landlords have changed course as the highest interest rate increases in decades to squash rising inflation has slowed down acquisitions of single-family homes.

    KKR & Co.’s My Community Homes, American Homes 4 Rent, and Amherst Holdings have reduced home buying in recent weeks, according to Bloomberg, citing people familiar with the efforts.

    The people, who asked not to be named, said some institutional buyers slashed buying activity by more than 50%.

    Mynd Management, a real estate platform that helps investors find, buy, lease, manage, and sell residential investment properties, has advised institutional clients to dial back acquisitions and wait for housing prices to readjust to the interest rate shock.

    In an interview, Mynd’s CEO Doug Brien told Bloomberg that market conditions could improve in the fall as “buying opportunities” emerge. He said, for the time being, “let’s tap the brakes and watch the markets.”

    Brien’s ‘wait and see approach’ comes as the Biden admin’s intention to crush the housing market (with the help of the Federal Reserve’s rate hikes) and spark a powerful recession to combat the highest inflation in forty years.

    Home sales have been rapidly slowing as 30Y mortgage rates jumped in the year’s first half, spiking at the fastest pace on record and unleashing a housing affordability crisis, curbing demand.

    … setting the stage for a sharp repricing lower in home prices, hence why Brien has told institutional clients to pause buying due to the risk of overpaying.

    Industry executives say the recent slowdown has not dampened their enthusiasm for single-family rentals, and many expect the housing market to offer better opportunities in the months ahead. Those could come in the form of lower home prices, rising rents, or an increased willingness by homebuilders to sell properties in bulk. -Bloomberg

    Institutional homebuyers are already preparing for the price slide (we point out this slide already started). NexPoint Advisors raised $2.5 billion for a new single-family rental fund in June.

    “When there’s no certainty in the market, everybody pauses,” said Mike McMullen. He runs Prominence Homes, a Birmingham, Alabama, home builder specializing in rental houses and a real estate brokerage that helps investors acquire properties.

    So if institutional buyers have paused buying and millions of Americans can no longer afford homes, how far do prices fall until a buyer remerges?

    https://www.zerohedge.com/markets/lets-tap-brakes-americas-largest-landlords-pull-back-home-buying-spree

  36. Blackstone Prepares A Record $50 Billion To Snap Up Real Estate During The Coming Crash

    The past two months have seen a barrage of negative news coverage focusing on the US housing market…

    Is The Housing Crash Starting?

    Why The Housing Bubble Bust Is Baked-In

    The One Housing Chart That Shows A ‘Buyer’s Market’ Has Returned

    As Mortgage Rates Explode Price Cuts Soar And Buyer Demand Collapses

    Housing Market Peaks: Home Prices Finally Drop From All-Time Highs

    … which is predictable: after all, with mortgage rates soaring at the fastest pace on record to decade highs, and sending US housing affordability to the lowest in history…

    … only a handful of the “1%” can afford the American Dream.

    Alas, it also means that just like in 2007, a housing crash is now just a matter of time.

    That much is known. What is also know, is that once housing craters, the largest US residential and commercial landlord – private equity giant Blackstone – is about to get even bigger. That’s when it will deploy some (or all) of the record $50 billion in dry powder it has raised to prepare for just the coming housing crash.

    According to the WSJ, Blackstone is the final stages of raising a new real-estate fund that would set a record as the biggest vehicle of its kind, defying market volatility and a crowded landscape for fundraising.

    The private-equity giant said in a regulatory filing Wednesday it has closed on commitments totaling $24.1 billion for Blackstone Real Estate Partners X, the latest iteration of its main real-estate fund.

    According to the WSJ, Blackstone is committing about $300 million of its own capital and has allocated an additional $5.9 billion to investors, which will bring the fund to $30.3 billion when it is finalized. The firm raised the fund, expected to be the largest traditional private-equity vehicle in history, in just three month. It was also Blackstone that set the prior record, with the $26 billion buyout fund it raised in 2019. The new real-estate fund will be 50% larger than its predecessor, a $20.5 billion pool raised in 2019.

    Together with funds dedicated to real estate in Asia and Europe, Blackstone will have a war chest of more than $50 billion to do so-called opportunistic investments, which tend to be higher-risk deals with the potential for higher returns.

    That, according to the WSJ, “could allow the firm to take advantage of a downturn in the public markets.” Translation: at a time when Americans are liquidating their housing en masse to shore up liquidity when the bottom falls out from the economy, Blackstone will step in and buy all the distressed properties at pennies on the dollar, becoming an even bigger presence in US, and global, real estate.

    Not surprisingly, many of Blackstone’s best-performing deals—like its 2014 purchase of the Cosmopolitan casino and hotel in Las Vegas and its 2016 deal for life-sciences buildings owner BioMed Realty Trust —were struck during periods of market turmoil.

    It won’t be just Blackstone that goes bottom fishing in a few months: a slew of private-equity funds are in the market this year, with many trying to raise huge sums even after stocks fell and deal-making dried up. The surge in requests for new cash has overwhelmed investment teams at institutions such as pension funds and endowments and has meant many have delayed making commitments to all but the top managers.

    The size of Blackstone’s new fund and the speed at which it was able to raise the money demonstrate that institutional investors are still eager to participate in vehicles being offered by established managers with good records. And while the ranks of $20 billion-plus buyout funds have been growing, there are still relatively few real-estate megafunds comparable with Blackstone’s.

    As the WSJ adds, just like the firm as a whole, Blackstone’s $298 billion real-estate business has embraced a thematic investment strategy with the goal of targeting areas of the economy where growth is outpacing inflation. That has led it to focus on four key areas: warehouses used for e-commerce; life-sciences office buildings; rental housing; and hospitality tied to travel and leisure. It has also excelled in all four areas, long ago becoming the largest US residential landlord much to the chagrin of tens of millions of Americans who dutifully pay Steve Schwarzman for the privilege of having a roof over their head.

    https://www.zerohedge.com/markets/blackstone-prepares-record-50-billion-snap-real-estate-during-coming-crash

    1. “…Blackstone will step in and buy all the distressed properties at pennies on the dollar…”

      Main street will never have this opportunity.

  37. I ran across this …

    https://www.investopedia.com/articles/markets-economy/090716/why-bank-bailins-will-be-new-bailouts.asp

    (snip)

    “KEY TAKEAWAYS”

    “Big banks were deemed too big to fail following the financial crisis of 2007-2008, resulting in government bailouts at the expense of taxpayers.
    “Financial reforms ushered in with the Dodd-Frank Act eliminated bailouts and opened the door for bail-ins.
    “Bail-ins allow banks to convert debt into equity to increase their capital requirements.
    “They shift the risk to unsecured creditors, including depositors whose account balances exceed the FDIC limit of $250,000.
    “You can avoid bail-ins by spreading your assets across different banks and by monitoring changes in financial regulations.”

    FWIW.

  38. “More inventory is coming back to the housing market and closed sales are plummeting as the buyer frenzy of the past year starts to taper. ‘Buyers cannot handle these high prices and high rates … they’re not making offers,’…”

    Why would anyone buy when prices are falling? Sounds like a guaranteed recipe for losing money!

  39. ‘Right now there’s about 4,500 homes for sale compared to the beginning of the year, [when] we had about 1,700 homes for sale,’ he said. ‘So almost triple the amount of homes for sale. So buyers just have more negotiating power. They have a lot more options.’

    If memory serves, San Diego inventory reached over 20,000 during the CR8R event in the 2007-2009 episode.

  40. Nothing makes me happier than Utah catering. 😁

    Original ask 1.5m
    Today 900K
    https://www.redfin.com/UT/Lehi/1969-N-Hidden-Creek-Dr-84043/home/137463553?utm_source=android_share&utm_medium=share&utm_nooverride=1&utm_content=link&2010988919=variant&813945303=variant
    900K – still too high. Get back down to 550K where you belong and stay there.

    Congratulations to all the non-brainwashed patient buyers out there who will get your fair-priced home! Thank you, brilliant Ben, and all the smart HBB’ers!

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