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On The Wrong Side Of A Speculative Bet

A report from USA Today. “Kristina O’Donnell, a real estate agent in Collegeville, Pennsylvania, said some sellers’ asking prices are now falling almost daily. ‘Instead of sellers having 30 appointments over a weekend, maybe it’s down to about a handful for some homes,’ O’Donnell said. ‘It’s amazing because homes were selling 10% to 20% more about three months ago and that’s probably frustrating for a seller today who saw their neighbor get as much as $100,000 over their asking price,’ said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors.”

Bay Area News Group in California. “Brace yourself: Home foreclosures are on the rise in the Bay Area after grinding to a halt for most of the pandemic. In recent weeks, Jason Estavillo, a foreclosure attorney in Oakland has been flooded with calls from homeowners worried their forbearance agreements are now ending. ‘Banks are asking for a balloon payment up front of all arrears during the forbearance period,’ Estavillo said.”

“The spike in foreclosure activity comes as the scorching pandemic Bay Area housing market is entering a cooling phase amid rising interest rates squeezing buyers and a growing supply of homes for sale. The median sales price of existing single-family houses in the region dipped 7% from May to June to $1.4 million, according to the California Association of Realtors.”

From NBC 4 in California. “San Diego is one of the fastest cooling housing markets in the entire country, according to Redfin. ‘The last two months I would say we’ve seen a slow down so even with people attending open houses it’s a little bit slower, but I will say for the buyers that are out in the field right now, they’re making huge wins because sellers are realizing the market has shifted and now, we are actually seeing concessions and those concessions were not happening before,’ San Diego Realtor Destiny Roxas said.”

From Realtor.com. “For the week ending July 16, new listings dropped by 3% year over year—the second straight week of declines. Danielle Hale, chief economist for Realtor.com theorizes this downward dip comes from panicked home sellers worried that the bacchanalian sellers market that has showered them in bidding wars over the past two years might be waning. ‘If sellers get spooked that they’ve ‘missed the peak’—a question I’ve been asked more times than I can count lately—the market will stagnate,’ warns Hale.”

“Meanwhile, housing inventory overall rose by 29% over a year earlier, but with new listings dwindling, a larger portion of these homes for sale are ‘stale’ ones that many buyers have already picked through and passed over. This might help explain why the share of homes that slashed their list price reached 14.9% in June versus 7.6% a year earlier.”

The Ahwatukee Foothills News in Arizona. “The question to ask is how much of that value is going to disappear as the market slowly shifts to a more buyer-oriented market? Let’s look at the factors that have affected both the supply and demand for housing across the Greater Phoenix area, then we’ll examine the Ahwatukee market in particular. More sellers are placing their properties on the market sensing that now might be the best time to cash in on historically high prices and ease of selling. Unfortunately, new sellers in most cases have missed the top of the market and are having to reduce prices or offer incentives to get their properties sold.”

“Keeping pace with the broader Phoenix Metro area, Ahwatukee has seen a significant increase in properties for sale from the 60s earlier this year to 201 at the end of June. Sellers should make certain their properties are in excellent condition and priced for a market that has buyers more in control of the transaction. Price reductions or concessions to complete a transaction are becoming more common, overbidding the asking price by aggressive buyers has all be disappeared. Focusing on recent closing prices of similar properties is likely to value the property above the market, leading to chasing the market down with price decreases.”

From The Street. “West Coast Schadenfreude (Is That Boom Finally Over)? Home Sellers are Doing the Unthinkable (in Some Markets). The leader, by far, was the city of Reno. The second-biggest city in Nevada has a median listing price of $677,500 but saw 32.6% of its listings with price cuts. The trend, by now, is clear — almost every city on this list saw a spike in new residents during the pandemic and had its sights set by developers as a city that was ‘exploding’ into a prime investing opportunity.”

The Los Angeles Times. “Healthcare worker Cleveland Wishop landed at Baltimore-Washington International Airport last fall expecting to retrieve his car from long-term parking and drive home. His blue Camaro had vanished. The dealer who sold him the 2010 car a year earlier seized it after Wishop fell just 19 days behind in making his August payment. ‘I was pissed, extremely,’ Wishop said.”

“Pentagon Federal Credit Union has one of the largest portfolios of used-auto loans, about $3.6 billion as of March. That’s up a whopping 80% from a year earlier. As of March, the dollar volume of delinquent accounts 60 days or greater has more than doubled from a year ago to about $45 million, according to quarterly filings. Other lenders may face higher risk because of their large exposure. In Orange County at Westminster-based LBS Financial Credit Union, for example, autos make up 70% of its total loans.”

“‘You do see some financial institutions, including credit unions, pretty deep in subprime autos, and should that market turn suddenly and viciously, they’ll find themselves on the wrong side of a speculative bet,’ said Aaron Klein, a senior fellow at the Brookings Institution.”

“Iieska Packard of Fresno, a 43-year-old licensed vocational nurse, was at her company office last year when a colleague asked, ‘Isn’t that your car getting towed?’ Packard raced down the stairs and out the door, but it was too late. Her 2017 Lincoln MKX was gone. ‘I didn’t know what was going on. At first I thought it was theft,’ she said. Later, Packard learned her SUV, which she had purchased only a month earlier, had been towed by an unmarked truck. She said the dealership, LA Auto Exchange in Montebello, told her that the financing had been canceled because it couldn’t confirm her employment.”

CBC News in Canada. “An Ottawa family is packing up their belongings and moving to what they hope will be their ‘forever home,’ but they won’t be bringing nearly as much cash with them as they’d hoped to get from the sale of their first house. ‘We figure we lost about $150,000,’ said Robert Hawkins. ‘I know we didn’t ‘lose it’ because it was not ours, right,’ said Natalie Hawkins, ‘but to not earn as much as other people have earned three weeks earlier … that’s a lot of money to miss out on.'”

“To make ends meet, the family will be renting out an upstairs bedroom in their new home. ‘And that’s something … we’ve never considered,’ said Natalie Hawkins.”

“Sellers are having to come to grips with the reality that sky-high sale prices will soon be a thing of the past. Robert and Natalie Hawkins bought their four-bedroom, three-bath detached home in Barrhaven in 2015. They paid $350,000. They’ve since finished the basement, landscaped the backyard, put in a fence, a deck, a patio, and stainless steel appliances. Recently, they spotted a slightly larger home being built just up the street that had a two-car garage and a bigger yard — perfect for the couple and their two young children.”

“‘It looked like our forever home,’ said Natalie Hawkins. ‘And just the way that the market was, we could sell this house for maybe not too much of a difference to get to the new house price. That was our expectation.’ The Hawkins put down a $100,000 deposit and prepared to sell their first house. They had watched their next-door neighbour sell a mirror-image model of the same house for $890,000 and hoped to fetch a similar price for their own home.”

“But then market conditions changed abruptly. They considered keeping their first house as a rental, but securing an additional mortgage proved difficult. They hired a realtor as the value of their home continued to plunge. A buyer was found and the sale closed. The price: $740,000. While the family did lock in a sizeable profit from their first home, they are now facing what they expect will be nearly a decade of extra mortgage payments to make up the difference in value between that house and their new one.”

“For those who’ve been keeping a close eye on the housing market, a correction was always in the cards.’Things went up too far. They went up too fast,’ explained Garth Turner, a financial advisor, author and a former member of Parliament. ‘It was inevitable we would see the pendulum swing back. And here we are.'”

From News.com.au on China. “They’re paying for homes that haven’t been built. And nobody wants to live in them anyway. Now Chairman Xi Jinping is racing to silence angry homebuyers ahead of his inauguration as China’s eternal leader. Xi Jinping Thought – the doctrine set to define the future of his nation – talks of common prosperity and win-win scenarios. No one dares speak otherwise. Which is why Communist Party controlled social media platforms are clamping down hard on unhappy homebuyers threatening to stop paying their mortgages.”

“Now about 20 per cent of all apartments in major Chinese cities are vacant. They have no tenants. And hundreds of massive new tower blocks are still being built. Add to that a strained economy under severe Covid-19 restrictions and global supply chain difficulties, and the boom has gone bust. Regulators are reportedly considering formalising the mortgage boycott by allowing homeowners to delay payments on stalled housing projects. But Bloomberg intelligence analyst Francis Chan warns that such official moratoriums could escalate boycotts. ‘They may eventually choose to default as they already started not paying anyway,’ he says.”

Daily Mail Australia. “Yet another property and construction group has gone to the wall blaming the effects of the Covid-19 pandemic, with receivers appointed to Caydon Property Group. The multi-billion dollar Melbourne-based property group is behind a number of high-profile projects in the southern capital. Non-bank lender OCP Asia, which holds security over Caydon’s assets and properties, appointed receivers McGrathNicol on Tuesday, the Australian Financial Review reported. The collapse follows on from a raft of recent insolvencies among Australian builders.”

From Bloomberg. “Central banks are responsible for soaring inflation rates around the world and should admit that they over-stimulated economies during the pandemic. That’s the view of former New Zealand central bank governor Graeme Wheeler and Bryce Wilkinson, a senior research fellow with the New Zealand Initiative think tank, who have co-authored a paper released Tuesday in Wellington titled: ‘How Central Bank Mistakes After 2019 Led to Inflation.'”

“‘The main cause of inflationary pressures lies in the errors of judgment made by central banks in conducting monetary policy during the Covid pandemic,’ they write. Central banks ‘overdid interest-rate cuts and the scale of their quantitative easing,’ and many continued asset purchases ‘when it was clear from the tightness of the labor market and rise in bond yields from late 2020 that their economies were stronger than forecast and that inflation pressures were starting to build,’ Wheeler and Wilkinson say.”

“While the paper is critical of central banks generally, it contains barbed comments about the RBNZ. In one section, Wheeler and Wilkinson say policy makers ‘took their eye off their core responsibilities and focused on issues that were much less central to their roles.’ ‘Confident in their ability to maintain low inflation, central banks in recent years began diverting resources to other topics such as climate change and inequality (and in the case of the RBNZ also embracing New Zealand’s indigenous history and culture and adopting a Māori world view in the operations of the central bank),’ they write. ‘Such issues bear little if any relationship to the reasons why central banks exist — ensuring price stability and financial stability. Current monetary excesses and fiscal imbalances are undoubtedly much more pressing risks.'”

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This Post Has 150 Comments

  1. From the 6:25 video above:

    HORRIFIC Real Estate Stats For July. Slowest Month This Year? Unofficial Stats From July 1 to 24.
    Honest real estate talk
    Jul 25, 2022 Unofficial real estate market stats from July 1st to July 24 only. Looking like the slowest month of the year so far for all major cities. I will update again when the official stats come out at the end of the month from the Toronto Real Estate Board. Stay Tuned.

    Everywhere from Toronto to Halton to Durham. Every region showing major signs of a real estate slowdown. Home sales down in every city so far.

    1. Does it seem like all risk assets are CR8Ring at once this year internationally, including housing, bonds, stocks, and crypto, to name a few?

      1. The DOW is off a mere 12% or something, and the BTFD crowd have been pouring back in. Not only that, they’ve been gobbling up the tech garbage that cratered.

        1. It’s all good. It normally takes over a year for the stock market to capitulate at the end of a massive speculative bubble.

          We’re not there yet, as the dips buyers can attest.

  2. ‘In recent weeks, Jason Estavillo, a foreclosure attorney in Oakland has been flooded with calls from homeowners worried their forbearance agreements are now ending’

    That was fast.

  3. ‘To make ends meet, the family will be renting out an upstairs bedroom in their new home. ‘And that’s something … we’ve never considered’…While the family did lock in a sizeable profit from their first home, they are now facing what they expect will be nearly a decade of extra mortgage payments to make up the difference in value between that house and their new one’

    And a decade of having a stranger live upstairs. Joy!

    2. “…the family will be renting out an upstairs bedroom…”

      Hey honey, why did you start doing kegel exercises?

    4. To make ends meet, the family will be renting out an upstairs bedroom in their new home.

      Not sure about anybody else, but I wouldn’t even consider paying to insert myself into the middle of a relationship/family like that.

  4. ‘But Bloomberg intelligence analyst Francis Chan warns that such official moratoriums could escalate boycotts. ‘They may eventually choose to default as they already started not paying anyway’

    They already defaulted Francis.

  5. ‘Wheeler and Wilkinson say policy makers ‘took their eye off their core responsibilities and focused on issues that were much less central to their roles.’ ‘Confident in their ability to maintain low inflation, central banks in recent years began diverting resources to other topics such as climate change and inequality (and in the case of the RBNZ also embracing New Zealand’s indigenous history and culture and adopting a Māori world view in the operations of the central bank),’ they write. ‘Such issues bear little if any relationship to the reasons why central banks exist’

    Click!

    1. Absolute power corrupts Absolutely.

      Wonder how the Māori traditionally treat deadbeats?

      I bet a tad harsher thank a bankruptcy judge.

    2. adopting a Māori world view in the operations of the central bank

      What exactly would that be? Pay it back if you feel like it, otherwise we’re good? The Maori were not exactly known for being industrious.

          1. I suspect the recounts will be useless because they will just recount the same fake ballots.

        2. The only advantage that Pam Anderson had in this race: she’s on the Board of Directors for Mark Zuckerberg’s private election mafia, the “Center For Tech And Civic Life.”

          Elections aren’t stolen; they’re bought by Zuckerberg!

    3. ‘Wheeler and Wilkinson say policy makers ‘took their eye off their core responsibilities and focused on issues that were much less central to their roles.’

      Yellen the Felon has been pushing “racial equity” and said she’ll be battling “climate change” while the inflation she called “transitory” continues to soar.

  6. ‘Focusing on recent closing prices of similar properties is likely to value the property above the market, leading to chasing the market down with price decreases’

    = sinking like a turd in a well.

  7. Does the string of falling profits at major wealth managers lead you to fear the worst is yet to come?

    1. The Financial Times
      UBS Group AG
      UBS profit falls short as slumping markets hit clients
      Second-quarter earnings at world’s largest wealth manager edge higher but miss analyst estimates
      A sign on the roof of a UBS bank branch in Geneva, Switzerland
      UBS chief executive Ralph Hamers said the second quarter was ‘one of the most challenging periods for investors in the last 10 years’
      Owen Walker in London 3 hours ago

      UBS has warned that further turmoil in markets will prompt clients to retreat after its second-quarter profits fell short of expectations, sending shares in the world’s largest wealth manager down more than 5 per cent.

      The Swiss group’s private bank bore the brunt of a bruising quarter, with pre-tax profit for the business falling 11 per cent as clients “stayed on the sidelines”, UBS said on Tuesday.

      In contrast to the first three months of the year, when UBS traders managed to capitalise on the volatility in markets, earnings at its investment banking fell 39 per cent in the second quarter.

      Overall, the group’s pre-tax profit edged up 1 per cent from a year earlier to $2.1bn, as the bank benefited from an $848mn gain from the sale of a real estate joint venture with Mitsubishi. However, analysts had predicted UBS would make a profit of $2.4bn in the quarter.

      UBS said it expected market conditions to continue to cause investors to pull back from the market, warning this could hamper its third-quarter results.
      …

  8. I have always respected this blog. It’s been a huge education for me and helped me years ago navigate the market and wait it out. My question to you all is this. I think everyone agrees a correction of some sort is bound to happen. How far back do you think the correction will go? Are we looking at prices dropping to pre-pandemic levels? Maybe halfway between what they are now and what they were then? Just wondering what your collective thoughts are.

    1. Individual house buyers will own nothing.

      Blackrock is set to deploy $50 billion to buy up used houses then rent them.

      “You will own nothing” is not a cliche, it is the globalist blueprint for the elimination of the middle class.

      1. ^^^This. The Wall Street-Federal Reserve Looting Syndicate’s engineered boom/bust cycles are the most efficacious means of looting and asset-stripping the soon-to-be extinct middle class and transferring their wealth to the Fed’s vulture fund and oligarch accomplices. All of our captured, co-opted institutions of governance are in on the fraud, and will actively target anyone who attempts to expose the Fed’s fiat currency swindles or defend themselves from the gold collar criminals on Wall Street.

      2. I sold end of June. Had one guy who wanted to buy and rent it out. Was not having that in my old neighborhood. Ended up selling to a family with 2 school age kids (house is in an ideal area for schools). I remember trying to buy back on early 2000s when prices were soaring. I thought a personal, human touch might help so I wrote a couple letters with offers. Nope. No one cared who was buying, just that they could get top dollar. In June, I did exactly what I had wanted for myself. I put aside top dollar and sold to a nice family.

    2. Traditionally, the average household could afford to buy a house 2.5-3.0 times their combined household wage.

      Additionally, the average house price was 100-120 times average rent.

      All data is local but should be able to be found, especially in census.

      And this is “average” – many times dips below average before the advent of trillions in QE and the government buying mortgages.

      1. A house was about 2.2 times income in the Midwest, before the Housing Bubble blew up the ratios.

      3. The ECB announced last week it was rolling out “tools” that would enable “unlimited” bond buying – in other words, as investors dump the PIIGS bond, the ECB is now the buyer of last resort to prevent true price discover from showing up in the debt markets, which would signal the wheels are coming off the bus in the underlying economy. The Fed WILL follow suit – already indications that they’re buying up both ends of the yield curve with Yellen Bux conjured out of thin air. This is going to be MASSIVELY inflationary, and will further devastate the middle and working classes.

        1. This is going to be MASSIVELY inflationary, and will further devastate the middle and working classes.

          As I said the other day, the bad guys are a well oiled machine.

    3. years ago navigate the market and wait it out

      Those were crazy days, weren’t they? Houses needed to fall by half to be reasonable. House prices have doubled since then. The price of everything else doubled too, while businesses were shuttered. Now the cost of a mortgage just doubled. The only reason to buy such expensive houses was because they always go up, right? Now they are falling.

      Buckle up down there in Jax. Just my opinion.

    4. My prediction is a drop to just pre-pandemic levels. As an example, Maryland City is a small development of nearly identical Cold War-era 3/1 ranch houses, on the line between DC and Baltimore. Data from Redfin:

      2017-2019: ~$300K
      October 2021: $400K
      March 2022: $500K frenzy short-lived
      Now: about $475K
      My prediction: Drop to about $400K depending on the house.

  9. ‘You do see some financial institutions, including credit unions, pretty deep in subprime autos,
    A few years ago when in the mortgage business several Loan officers were telling their clients who had been turned down by the bank to check out the Credit unions. Apparently, at the time CUs were drilling pretty deep in the mortgage pools. Not sure if that is still happening.

    2. It wasn’t only this one incident. The pool opened on July 5 and there have been break-ins almost nightly since then.

    3. When there are no consequences for actions , you get more of those actions.

      It truly is a great time to be a vibrant in America.

    1. ‘These people are odious on the inside and out,’ Gaetz said at the summit. ‘They’re like 5’2″, 350 pounds and they’re like, “Give me my abortions or I’ll get up and march and protest.” And I’m thinking, “March?” You look like you got ankles weaker than the legal reasoning behind Roe v. Wade.

      I’ll venture a guess that Matt is able to lift and carry his wife through the front door of their house.

      1. “March?” You look like you got ankles weaker than the legal reasoning behind Roe v. Wade.

        That’s what mobility scooters are for.

    2. I dunno bout that. I’ve seen plenty of People of Wal-Mart types in rural areas who one would think wouldn’t get pregnant either. Then I got a look at their husbands/partners. And the kids. 😦 Gaetz is speaking out of turn.

  12. What do Walmart’s poor results portend for the US economy, which is 2/3 consumer driven?

    2. When demand for Walmart’s goods dwindle you just know they’re spending too much for their housing.

  13. Denver metro sees 30% spike in unsheltered homeless since 2020 (7/25/2022):

    “There are more people who are homeless, and more of them are not living in shelters than ever before.

    The number of homeless people in the Denver metro has been climbing for the last five years and now sits at a new record, according to the most recent data from the Metro Denver Homeless Initiative.”

    https://kdvr.com/news/data/unsheltered-homeless-denver-metro-point-in-time-2022/

    30% increase is that a lot?

    1. Call them what they are: bums, vagrants, and junkies. In a perfect world, every Denver homeowner who pulls the D lever would be required to take in and be financially responsible for their fellow D-voters.

      2. They “own” at least a half dozen stolen bicycles at each of their grubby tweaker campsites.

        I’m in central Denver right now and it’s disgusting.

  14. A preview of coming attractions as the Brandon regime & the Keynesian fraudsters at the Fed hurtle us down the road to ruin.

    As inflation in Argentina skyrockets, everyone is poorer

    https://www.aljazeera.com/economy/2022/7/26/as-inflation-in-argentina-skyrockets-everyone-is-poorer

    The country’s challenge is to avoid triple-digit inflation by year end.

    Buenos Aires, Argentina — After Ivana Roa lost her job a few years ago as a manager at an energy company, she went back to school to study law and economics with the aim of building a new career and income. But those hopes are dwindling fast as a deepening economic crisis is breaking thirty-year inflation records and pummeling the value of the Argentine peso.

    1. Damian Di Pace, an Argentinian economist at the helm of consulting firm Focus Marketing, does not see a way for the government to put the brakes on inflation in the short term. Argentina is a country used to inflation in the double digits, but the pandemic dealt it another blow along with the war in Ukraine. And while countries around the world had to print currency during the global shutdown, in Argentina the pace has continued, he said.

      I hate to say it, but their economy is always a wreck. I don’t know what it is about Argentina, other than perhaps clinging to Peronism. Of course high energy prices don’t help.

    2. As inflation in Argentina skyrockets, everyone is poorer

      Funny how this does not get reported in the MSM. Nor any of the protests in places like Ecuador. Pretty much all of Latin America is ready to explode. I expect the same is also true in Africa and Sia, but we won’t hear about it.

    1. “Shopify’s shares fell 15% to about $31 in Tuesday morning trading after The Wall Street Journal first reported on the layoffs. The shares have fallen more than 80% since they peaked in November near $175 adjusting for a recent stock split. The company reports quarterly results on Wednesday.”

      Future’s so bright gotta wear shades!

    2. “CEO Tobi Lütke says company made wrong bet on pandemic-fueled boom in e-commerce growth lasting.”

      I hate it when that happens!

      1. I hate it when that happens!
        But Kudos for owning up to the screw up. Lots of people wouldn’t have.

  17. Russia Today — What is this ‘rules-based international order’ that Western elites keep talking about?

    “So, what exactly is this “world order”? Why can’t Western officials stop evoking it? And what does the conflict in Ukraine have to do with it?

    In short, it’s a vision of a world that’s Western-led with dominant classic Western values of economic and trade freedom serving as a foothold for spreading political freedom to the ultimate benefit of the average citizen. At least in theory.

    The reality is much more complicated. All too often, the spreading of freedom hasn’t been free — at least for the average person. Military interventions or covert political interference are typically used to upend unwanted systems so that a compliant leadership can be installed that will primarily serve the economic and political interests of Western elites. The concern for the people and their personal economic situation generally ends there, even if they end up worse off than before, as is often the case.”

    https://www.rt.com/russia/558490-liberal-world-order-explained/

    Globalists gonna globe.

    1. “people are seeking permanent sterilizations”

      Wow. Worse thing is these people are your relatives/friends/colleagues and they vote.

        1. Just be thankful they’re voluntarily removing themselves from the gene pool.
          My thoughts exactly!

    2. Post-‘Roe,’ people are seeking permanent sterilizations — and some are being turned awa

      Just get another booster, it might do the trick.

        1. Utopia Vaccine Scene 4m58s
          Well, “they” always tell you what they are going to do.
          Didn’t watch the America version, spoiled by the original British (two seasons), so good. The music, the colors, the dialog, the murderous raisin guy are 👍🏻
          Available on Amazon Prime, youtube channel TheOncomingStorm.

          First episode:
          https://www.youtube.com/watch?v=-8Vu3Hyv_Vk

          Many trailers, reviews. Second season just as disturbing, but not as good.

    3. But doctors will cut off a kids t!ts or d!ck because they “feel” trapped in their body!

  19. New Zealand cucks elected a horse-faced unwed mother to rule over them and impose a globalist Quisling regime. Now as their housing bubble is bursting and vaccine injuries and deaths are rising, the Kiwi sheeple are starting to second-guess globalist-approved Narratives. This has provoked a finger-wagging reminder from Dear Leader Jacinda Ardern that “We are the sole source of truth” – and don’t you dare deviate from approved Narratives, restive peasantry. Globalists gonna globe….

    Jacinda Ardern – “We will continue to be your single source of truth”

    https://www.youtube.com/watch?v=ENEUktOrQV8

    1. Legally, they can’t give your kid a Tylenol at school, but they can do this without your consent,

  22. Calm Down, It is Only a Market Shift!
    Jul 25, 2022 Calm down, it’s only a market shift! 😲

    So you’ve heard the sky is falling in the housing market. Well, this current market is actually a correction and you don’t need to run for cover. ☂
    Interest rates come and go.. this too is temporary.
    Remember, you marry the house, date the rate!
    In fact, it is better right this moment to be a buyer than it has been in 24 months!
    BTW; Seller’s should be negotiating directly with buyers, that is how it should be. Instead of buyers competing with other unknown buyers.
    If you are a seller, steady yourself, your house will still sell, it will just take a little more patience. 🙏🏼

    https://www.youtube.com/watch?v=L_rqw6IiWkc

    1:35. Orange County CA

    2. “Interest rates come and go.. this too is temporary.”

      Interest rates just bounced off a 500 year floor. They may bounce around, but the trend from here through your remaining time on the planet is UP.

    3. You cannot change the rate if your house is under water!!!!!!!!!!!!! Amazing how all the UHS all forget to mention this fact.

  23. “a real estate agent in Collegeville, Pennsylvania, said some sellers’ asking prices are now falling almost daily. ‘Instead of sellers having 30 appointments over a weekend, maybe it’s down to about a handful for some homes,’

    Woman….. you got rocks in yer head. There isn’t a buyer in sight at any price and that’s the way it’s gonna be for a good long time.

    Jacksonville, FL Housing Prices Crater 12% YOY As Double Digit Price Declines Expand Across Florida

    https://www.movoto.com/fl/32204/market-trends/

  24. ——–
    “Now Chairman Xi Jinping is racing to silence angry homebuyers ahead of his inauguration as China’s eternal leader. Xi Jinping Thought – the doctrine set to define the future of his nation – talks of common prosperity and win-win scenarios.”
    ——–

    Translation: 25+% of China will be broke and starving within couple years.

    2. “builders are now offering one hundred thousand dollars off of a home.”

      Gee, that was quick.

  26. Dedham, MA Housing Prices Crater 13% YOY As Vacancy Rates Soar And Rental Rates Plummet Across Boston Area

    https://www.movoto.com/dedham-ma/market-trends/

    As a renown economist explained, “The Fed is accomplishing their objective of double digit lending rates and resetting housing prices to dramatically lower levels.”

  27. ST. AUGUSTINE
    2022 Housing Market Correction | Florida Housing Market
    Jul 25, 2022 Are we seeing a 2022 housing market correction in St Johns County Florida? Signs are pointing to YES! Buyers shopping the Florida Housing Market are going to start seeing more deals, price reductions and increased inventory.

    https://www.youtube.com/watch?v=RhW_dJK7DHI

    5 minutes. Builders handing out incentives.

    1. A friend just moved into her new build 6/4. Her brother moved into the same development 3 weeks ago. Their parents moved into their new build early this year. 😬

        1. Parents sold their Murrieta house last year. Friend sold her Murrieta house quite some time ago. Don’t know about brother.

  31. Communities that care about their children do not entrust their safety to Democrat-Bolshevik diversity hires.

    Principal of Uvalde elementary school is placed on paid leave for failing to get classroom’s broken door lock fixed – allowing gunman to enter and kill 19 kids and two teachers

    https://www.dailymail.co.uk/news/article-11048321/Principal-school-massacre-occurred-placed-leave.html

    The principal of the Texas elementary school where a gunman killed 19 students and two teachers has been suspended with pay for knowing the school building had security problems and failing to fix them.

    Mandy Gutierrez, principal of Robb Elementary School in Uvalde, was placed on paid administrative leave Monday by district Superintendent Hal Harrell.

  32. How’s that globalist Quisling regime working out for ya, Fritz & Helga?

    Germany on the brink: EU’s economic powerhouse is heading for recession and energy rationing – with bills tripling – after Merkel ignored warnings Putin could cripple Europe by choking gas supplies

    https://www.dailymail.co.uk/news/article-11050187/Germany-warned-recession-Russia-throttles-gas-supplies.html

    Europe’s summer heatwave has only just finished, but already panic is growing in Germany over what horrors may lay in store for its citizens this winter.

    Vladimir Putin is choking the country’s gas supplies – officially because of ‘essential repair work’ to pipelines, though few doubt he is exacting revenge for Berlin’s defiance over Ukraine. Flows through Nord Stream 1, Germany’s main gas pipe, are now at 20 per cent of normal levels. There are fears it could soon close for good.

    1. ‘Germany on the brink: EU’s economic powerhouse is heading for recession and energy rationing – with bills tripling – after Merkel ignored warnings Putin could cripple Europe by choking gas supplies’

      Just a reminder –
      that Merkel was THE European Politician who probably tried the hardest for a lasting PEACE with Russia – and that she tried it by closely co-operating in such an important field as energy doesn’t negate that she – like most Germans wanted final PEACE with one of Germany’s Arch Enemies – and that a Brutal War Criminal Monster fooled such a peaceful politician is NOT the victims fault.

      Or only in America?

      1. Air conditioning set at 62 degrees at home (Fahrenheit for the EuroCucks). We drive around all day in the van with the AC at max and the windows down:

        https://ibb.co/QJPtskz

        EuroCucks LMFAO

    1. I have to paraphrase because a big tech google search just turns up derogatory articles about Rush Limbaugh or BS articles about the 2020 election.

      Rush Limbaugh said the democrats move from one big lie to another and by the time one lie has been proven to be false they are already on to the next 3 or 4 lies.

    2. Grassley and Johnson are arguably the only two senator working for We, The People. Paul, Cruz and Hawley just talk big.

  35. Why would anyone want to buy a house when prices are CR8Ring?

    Good luck over the next five years, sellers!

  37. Oh dear…the Brandon regime better change the definition for “contagion” like they did for “recession.”

    Concerning reason for huge lines outside bank in Sydney revealed

    https://www.news.com.au/finance/economy/world-economy/concerning-reason-for-huge-lines-outside-bank-in-sydney-revealed/news-story/0e012f46d08dfd3b0230a2439a093cdf

    Huge lines have been spotted forming every morning outside of a bank in Sydney’s CBD – and it could point to a worrying issue overseas.

    Lengthy lines outside a Sydney bank have come as an eerie warning about what is unfolding in China, where hundreds of thousands of customers have been left unable to withdraw their own money.

    Dozens of members of the public have been spotted forming a long line every day outside the Haymarket branch of the Bank of China in the CBD.

  38. “San Diego is one of the fastest cooling housing markets in the entire country”

    It’s not just San Diego housing prices that are cratering. It’s a fast spreading DonkeyPox epidemic causing a Debt Donkey Stampede from coast to coast.

    San Diego, CA Housing Prices Crater 12% YOY As Broke Borrowers Bray And Howl

    https://www.movoto.com/ca/92108/market-trends/

    1. Look at the weather forecast for 92101:
      76H, 67L, 75H, 68L, 75H, 68L, … can’t beat that!!

  39. Citizens! The Comrades of Proven Worth (D) wish to remind you that the sole arbiters and sources of truth are the authorized spokespersons for our duly installed globalist Quisling regimes, and their MSM lapdogs. Non-Narrative Compliant information and statements such as “globalists gonna globe” are evidence of BadThink, which will necessitate sending a Black Maria van to your dwelling place to deliver you to the railhead for a boxcar ride to the re-education camp. Forward!

    Jacinda Ardern – “We will continue to be your single source of truth”

    https://www.youtube.com/watch?v=ENEUktOrQV8

  41. “To make ends meet, the family will be renting out an upstairs bedroom in their new home. ‘And that’s something … we’ve never considered,’ said Natalie Hawkins.”

    Have you considered OnlyFans yet Natalie? You know, since you “missed out”?

    1. They should have let the finance professor discuss credit supply. That’s what matters. But no, they cut to a realtor with talking points.

  46. ‘It’s amazing because homes were selling 10% to 20% more about three months ago and that’s probably frustrating for a seller today who saw their neighbor get as much as $100,000 over their asking price,’ said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors.”

    “Oh the humanity!”

  47. “builders are now offering one hundred thousand dollars off of a home.”

    But they just can’t afford to “build! They just can’t make a profit at any price under $900k!🤣

    Irvine, CA Housing Prices Crater 10% YOY As Appraisal Fraud Surfaces Across Southern California

    https://www.movoto.com/ca/92606/market-trends/

  49. “Senator Bewley was involved in a three-vehicle accident”

    Corrections: Senator Bewley was yapping on the phone not paying attention to the road and caused a three-vehicle accident.

    “The Milwaukee Journal Sentinel reported on Monday that Bewley revealed to a reporting intern of the outlet that she had undergone cataract eye surgery the day before the crash.”

    “Bewley reportedly stopped talking mid-sentence minutes later after making the startling revelation. When the intern asked if she was “OK,” the State Sen. responded, “Yeah, I’m OK. This is not a good accident.”

    “The interview had been previously arranged before the accident regarding the fall elections.”

    Heartbroken Dad Slams Wisconsin Democrat Leader over Fatal Car Crash That Killed His Daughter

    ETHAN LETKEMAN26 Jul 2022

    The accident occurred in Ashland, Wisconsin, at Maslowski Beach on Highway 2 at around 12:25 p.m. on Friday, according to the Ashland Daily Press, citing a police report.

    Bewley was pulling her vehicle out of a parking lot from the beach and drove straight into the path of Alyssa Ortman, 27, who was with her daughter. After the two collided, Ortman’s vehicle spun out and hit another oncoming car.

    Ortman later died after being taken to the hospital, while her daughter, Khali, 5, was pronounced deceased at the scene.

    Police say that Bewley was uninjured and has not determined whether charges will be laid as the investigation is still ongoing. Bill Hagstrom, Chief of the Ashland Police Department, did note that no alcohol or substances were believed to have been involved.

    Grieving from the tragedy, Brandon Fink, the father of Khali, said in a post on Facebook, “I still can’t believe this, all I can do is curl up in your blanket and miss you forever my poor sweet little girl.”

    Bewley, who is not seeking reelection, released a statement from her office regarding the accident:

    Senator Bewley was involved in a three-vehicle accident in Ashland, Wisconsin on Friday, July 22nd. Tragically, two people lost their lives. This is a heartbreaking event for the community. Our thoughts and prayers are focused on the individuals involved, their families and their loved ones. Senator Bewley, who was not seriously injured in the accident, wants to thank all the dedicated law enforcement and emergency medical personnel who helped in the aftermath of the accident. A police investigation is ongoing. Out of respect for that investigation and the privacy of all the families involved, our office will be withholding further comment at this time. Thank you for your patience and concern.

    https://www.breitbart.com/politics/2022/07/26/heartbroken-dad-slams-wi-democrat-leader-over-fatal-car-crash-killed-his-daughter/

    1. In a subsequent post, Fink revealed that Bewley had not even reached out to him as of Monday, saying, “Wow… my daughter was taken from me after a US Senator, Janet Bewley for Wisconsin , hit her and her mother into traffic and to their demise. Hasn’t even reached out… great people we elect.”

    2. Do not contact the other party after an accident, it will be used against you in court, aka you admitted wrongdoing…..

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