An Experiment That Failed Around The World
A report from Austin Culture Map in Texas. “In June, the city’s median home price reached $615,000, a record for the month of June, but a drop from the May 2022 median of $667,000. The report highlights a 218 percent year-over-year increase in the number of active listings in the Austin-Round Rock metro area. ‘The trajectory of our market over the last two years was unsustainable and it was in no way going to last… We are now seeing a move more towards pre-pandemic sales activity and inventory,’ said Cord Shiflet, 2022 ABoR president.”
News At 10 in Florida. “Local realtors say the Tampa Bay housing market is slowing down. Local realtor, Candis Carmichael says the housing market has already adjusted to higher interest rates, meaning it’s a little more affordable to buy a home now compared to a couple months ago. ‘Adjustments of sales prices, homes that were listed 30% higher than they should have been are now listed at actual price,’ said Carmichael.”
From Deseret News. “For the first time in about two years, Utah has actually seen a small dip to its median home price. ‘Instead of a home taking a couple days to sell, it probably will take a few weeks,’ said Dejan Eskic, chief economist for the Salt Lake Board of Realtors . It’s something Eskic feels personally. He remembers the sense of urgency he felt when he bought his home in the height of the frenzy, quipping that he likely ‘spent more time deciding what running shoes to buy’ than he did considering whether to put in an offer on his home.”
“Utah home prices were already steadily rising before the COVID-19 pandemic hit. It only accelerated that to insane levels. ‘We were exploding way before the pandemic,’ Eskic said. ‘It was just more fuel on the fire.’ Now we’re coming off of that sugar high. National headlines have noted Utah has recently seen some of the largest shares of home sellers slashing their prices — but that’s because sellers have finally found homebuyers’ breaking points, and they’re adjusting their listings to reality.”
The Phoenix Business Journal in Arizona. “Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession. Through the middle of July, the cancellation rate was in the 30% range, up from 8-10% in 2020 and 2021, and up from 15% in 2018 and 2019, said Steven Hensley, advisory manager for Zonda housing market research firm. Cancellations hit 48% in May for Richmond American Homes in metro Phoenix, up from 11% in January, Michael ‘Frenchy’ IlesCremieux, senior division president of Richmond American Homes, told a group of 300 homebuilders and real estate professionals in a Zoom event organized by Rose Law Group on July 28.”
“In a July 28 regulatory filing, Scottsdale-based Taylor Morrison Home Corp. reported a 10.8% cancellation rate nationwide for the three months ended June 30, up from 5.2% during the same period last year. ‘The decrease in sold homes in backlog is primarily the result of a decrease in net sales as well as an increase in cancellations,’ according to the filing. CFRA Research reiterated its hold opinion on shares of Taylor Morrison, citing the doubling of the homebuilder’s cancellation rates. ‘Rapid deterioration of demand in June and July poses more uncertainty on future orders,’ Kenneth Leon, research director at CFRA Research said in his report.”
From 10 New in Tennessee. “Sellers are searching for buyers of more homes, helping alleviate some of the pressure on Knoxville’s real estate market that pushed prices sky-high in recent years. Suzy Trotta, Knoxville real estate expert, wrote that the number of active listings is approaching 2020 levels for the first time in more than 2 years. ‘One thing we’re seeing more often, and this is a national trend, is buyers walking away from deals for legitimate reasons,’ she said. ‘I think sellers definitely are still not willing to do any kind of repairs on a house, almost. So if you’re paying top dollar with no repairs, at a higher interest rate — you might look at walking away.'”
“Trotta emphasized that although the rates are higher, they are still historically low compared to eras like the Reagan administration when they reached more than 13%. ‘There’s nothing else that you can borrow money for at that low of a rate. Not cars, not your credit card, anything. We call it free money as realtors,’ she said.”
The Real Deal on New York. “Months after Oceanwide Holdings lost control of its Financial District project, the note secured by the development site has been sold. An anonymous buyer purchased the note for $169 million, PincusCo reported. The buyer may have been formed with this purchase in mind, as the Delaware-based company was registered in late May, days after the development site fell into receivership. Oceanwide had big dreams for the site, 80 South Street, when it bought the property for $390 million in 2016. The Chinese firm invested another $20 million into it but never began construction.”
“By roof height, it would have been the tallest building in Lower Manhattan. Last year, Oceanwide started trying to sell the site again, looking for around $200 million. But potential buyers might have surmised that they could get it for less by waiting. Ownership of the property then passed to Kalo, an insolvency and restructuring firm headquartered in the Cayman Islands and the British Virgin Islands, according to the Hong Kong filing.That left Oceanwide with only one project in the United States, a 2-million-square-foot condo, hotel and apartment development in Los Angeles that remains unfinished.”
The Los Angeles Times in California. “After living in the Bay Area for nearly seven years, Hari Raghavan and his wife decided to leave for the East Coast late last year. Raghavan said that their Oakland house had been broken into four times and that prior to the pandemic, his wife called him every day during her seven-minute walk home from the BART station because she felt safer with someone on the phone. After moving to Miami, Raghavan said they accidentally left their garage door open one day and were floored when they returned home and found nothing had been stolen.”
“‘We moved to the Bay Area because we had to be there if you want to work in tech and start-ups, and now that that’s no longer a tether, we took a long hard look and said, ‘Wait, why are we here again?’ Raghavan said. ‘The Bay Area has become a land of minor inconveniences, and some are not-so-minor anymore,’ he said. ‘Housing and real estate have ripples across everything. It makes rent more expensive for restaurants, which raises food prices, and it causes people to commute over longer distances. Everything becomes a burden.'”
The San Francisco Examiner in California. “Last week Twitter announced it is letting go of a big chunk of its headquarters in SoMa — its 10th Street offices connected to its main Market Street building. Etsy also dumped office space last week, following Salesforce, Block, PayPal and others. It hurts to see them all go. It feels like a rejection. But Twitter is the one that sticks. The City threw itself at Twitter’s feet in 2011, when the fast-growing startup suggested it might move to Brisbane to escape payroll taxes and get cheaper real estate.”
“The same thing happened with the opening of Salesforce Tower at First and Mission. But I’ll let you in on a little secret: I worked in Salesforce Tower for a while, and it was never very full. If you got off the elevator on to the wrong floor, it was often so empty we used a word you hear said about vacant parts of downtown a lot these days: It was eerie. That could also be true about the Twitter Building, a 1-million-square-foot barn that literally echoes with emptiness in places. Remember, that was in the good times — when we think of all the buildings in downtown as being full.”
The Globe and Mail in Canada. “1264 Scarborough Rd., Bowen Island, B.C. Asking price: $649,000 (Feb. 14). Selling price: $585,000 (Feb. 25). The house was listed on Valentine’s Day, and the Bowen Island market was hot, buyer’s agent Mary Lynn Machado says. Most properties were selling in less than a week, and the house went without an offer for 11 days. Ms.Machado’s clients, a young couple with long-time Bowen Island connections, wrote a lowball offer. They wrote a personal letter to go with it. Another offer came in, but the seller accepted the offer from the young couple.”
“Only three homes have sold for less than $600,000 in the last two years, she says. The summer season has slowed considerably, with several price reductions on homes. ‘The market has pretty much come to a standstill. Very few properties are selling, and we have more than quadrupled the inventory of single family homes since the end of March.'”
The Daily Mail Australia. “A lively corner on one of Sydney’s busiest streets has again been packed with customers waiting to get inside a Chinese state-owned bank. Hundreds of people have queued outside the Bank of China on George Street this week in what many believe to be a response to fears the Communist nation’s economy is spiralling, which has included Xi Jinping putting a freeze on a series of banks. An accused criminal conglomerate from the country’s central province ‘manipulated’ five banks in the Henan and Anhui regions to ‘illegally absorb and occupy public funds’, which saw the state freeze $8.5billion in customer’s money.”
“One customer said they were transferring money sent from family back in China, while others alluded to a bigger issue. ‘I just want my money,’ another man said, who confirmed he wasn’t a ‘student’.”
The Taipei Times. “An even more serious problem is a real-estate crisis emerging across the country and engulfing 25 provinces. Scores of home buyers are refusing to pay mortgages on unfinished residential projects, abandoned by heavily indebted developers that have run out of credit. The situation has exposed the extent to which China’s economy is reliant on real estate to maintain growth, a market which has become a gigantic Ponzi scheme.”
“Having barreled along at breakneck speed for more than four decades, China’s economy is clearly in serious trouble. In reality, this crisis has lain dormant within China for a long time, but Beijing has repeatedly papered over the cracks with huge injections of monetary and fiscal stimulus, as well as currency manipulation, to keep the plates spinning.”
“Meanwhile, the problem of unfinished construction projects continues to smolder in the background, exacerbating the situation and guaranteeing an even greater reckoning when the bubble eventually bursts. The phenomenon of unfinished construction projects is created by the way Chinese developers pre-sell properties before the first drop of cement has even been poured.”
“Some analysts have estimated that there are as many as 20 million people who bought into unfinished residential construction projects and are living in partially completed homes, many of which have no water or electricity. Colloquially known as lanweilou (爛尾樓, ‘rotten tail buildings’), the people residing in the homes, which are likely in a wretched state, are living in substandard conditions.”
The Telegraph. “We have lived in a world of near-zero interest rates for 14 years now. We have become so used to them, we hardly even discuss them anymore. And yet, it now appears they are finally coming to an end as central banks around the world start to grapple with soaring inflation. The Bank of England is steadily raising rates and will no doubt do so again in August. Even the European Central Bank (ECB) has finally, although belatedly, joined the party. It is also possible that zero rates were always an illusion, and one that ended up doing more harm than good.”
“Free money might have helped rescue the economy in the wake of the financial crisis of 2008 and 2009. But one day interest rates will have to get back to normal – and now is the moment. ‘By any historical measure, interest rates have been exceptionally low for the last 14 years,’ says Nicholas Crafts, emeritus professor at Warwick University and an expert in British economic history. ‘Even in the 1930s they did not go below 2pc, and even that was only for a few years. And yet, over that time, growth and productivity and investment have also been very weak.'”
“From 5pc before the crisis, by March 2009 the Bank of England had taken rates all the way down to just 0.5pc, the lowest level since it was founded in 1694, in an effort to boost the economy. At the same time, it launched the first round of what was then a new-fangled strategy called “quantitative easing”, a polite term for what used to be known as printing money. It was sold as a short-term crisis measure to prevent a re-run of the Great Depression.”
“Indeed, many of the architects of the policy of near-zero rates appear to regret the monster they unleashed back in 2008 and 2009. ‘This ratcheting up of central-bank balance sheets and government balance sheets, I think, is a real problem for the future,’ said the former Bank Governor Lord Mervyn King in a lecture last year, a startling admission for a man who presided over the first dramatic cuts in rates. In its wake, ‘zombie companies’ were being supported by low borrowing costs and needed to be ‘allowed to fail’ to help a more efficient allocation of resources as the economy adapted to a post-pandemic world.”
“‘People have failed to recognise that the problem is one that can’t just be solved by even lower interest rates or even more fiscal stimulus,’ he argued. Likewise, Ben Bernanke, the Fed chairman who cut American rates to close to zero, said as early as 2015 that he never expected them to stay so low for so long.”
“Looking back on the last 14 years, this was surely an experiment that failed, not just in this country but around the world. Shutting a generation out of the property market, creating a legion of zombie companies, inflating asset bubbles, and creating a debt-fuelled economy kept afloat on a tidal wave of cheap and printed money was hardly a great achievement. Nor has it done much for growth, equality, opportunity, or investment.”
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From the first 5 minute video:
Jul 28, 2022 The Sacramento / Stockton area real estate market once again experienced a climb in the available inventory while pending sales seemed to have stop the downward trend. Last week we saw the median sales price take an unexpected jump up but the data this week is showing prices are still trending down.
The second 8:41 video:
Major price reductions hitting the Florida real estate market?
Jul 28, 2022 The Florida real estate market is not typically a fast moving market. The past couple of years have changed a lot of that. You’ll see in this month’s market report an obvious change which is happening rather quickly. All signs point to us being past the peak, now it’s just a matter of where things go from here.
Hello fellow HBBers I put this together yesterday because it seemed like time to look back at history.
A Walk Down Memory Lane circa 2005 because there can’t be a bubble until the experts tell you there isn’t one.
The CATO Institute
https://www.cato.org/commentary/no-housing-bubble-trouble
Any risk of loan defaults would be negligible. In hot spots where home prices just rose 30 percent, even an unprecedented 25 percent price drop would have no effect on a seller who held a home just one year.
In short, we are asked to worry about something that has never happened for reasons still to be coherently explained. “Housing bubble” worrywarts have long been hopelessly confused. It would have been financially foolhardy to listen to them in 2002. It still is.
The Wall Street Journal
https://www.wsj.com/articles/SB112250505320798017
If you want to be scared out of your wits these days, you basically have two choices: go watch Steven Spielberg’s latest, or listen to the hysterical warnings of economists and journalists about the imminent popping of our so-called housing bubble.
The academies
https://link.springer.com/article/10.2145/20050203
There is no evidence of a housing “bubble” in the United States and housing demand should stay strong for years to come.
…overall homeowners’ equity is at record levels above $9 trillion. Delinquencies are still less than one percent of mortgages outstanding.
NBC news and Ben Bernanke
https://www.nbcnews.com/id/wbna9831894
Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst
increases, he said, “largely reflect strong economic fundamentals,”
The Brookings Institute
https://www.brookings.edu/wp-content/uploads/2006/03/2006a_bpea_smith.pdf
Our evidence indicates that, even though prices have risen rapidly and some buyers have unrealistic expectations of continuing price increases, the bubble is not, in fact, a bubble…
CNN
https://money.cnn.com/2004/08/26/news/economy/housing_bubble/index.htm
“People waiting for rates to fall have been squeezed out of the market,” said Jason Schenker, economist at Wachovia Securities. “We’re not going to see housing sales plummet, but we will see sales moderate.”
“It’s also possible that housing prices could slide back somewhat,” he added. “I don’t think they will plummet, but a slight pullback is within the realm of the reasonable.”
Most economists doubt there is a national housing bubble about to pop.
The FDIC
https://www.fdic.gov/analysis/archived-research/outlook/t1q2004.pdf
There Is No U.S. Housing Bubble, but Local Volatility Has Occurred
The NY Fed
https://www.newyorkfed.org/medialibrary/media/research/economists/mccarthy/athens_bubble_paper.pdf
Our overall conclusion is that although home prices are not as “inexpensive” relative to fundamentals as they were at the time of our previous study, they are not yet at levels inconsistent with those fundamentals.
Pepperdine economist in 2006
https://gbr.pepperdine.edu/2010/08/is-the-real-estate-market-a-house-of-cards/
The annual double-digit price increases are probably coming to an end, but large price decreases and a significant economic downturn seem unlikely.
Even the US Forest Service had to get in on the act
https://www.fs.usda.gov/treesearch/pubs/15593
Economic environment – housing bubbles: no national bubble, some regions vulnerable
Bloomberg
https://www.bloomberg.com/news/articles/2005-06-21/housing-bubble-or-bunk#xj4y7vzkg
Are home prices soaring unsustainably and due for plunge? A group of experts takes a look — and come to very different conclusions
Washington Times
No housing bubble trouble
At the national level, what could possibly kick national home prices downstairs? There is nothing to suggest massive job loss ahead or a huge oversupply of new homes. That leaves only the dubious assumption of a big increase in mortgage interest rates as the trigger for any nationwide decline in home prices. But national housing prices did not fall in the past when mortgage rates rose to twice their current level.
SFGate
https://www.sfgate.com/bayarea/article/Experts-see-no-housing-bubble-Economist-notes-2731921.php
Experts see no housing bubble / Economist notes predicted price cuts haven’t happened
People who talk about a bubble are blowing smoke,” said real estate economist Michael Carney with California State Polytechnic University Pomona
Carney said even if mortgage rates rise another percentage point or two, he thinks that the increase in California housing prices would only be slowed, but they wouldn’t fall.
“I don’t see anything to stop them,” Carney said
LA Times
https://www.latimes.com/archives/la-xpm-2005-sep-25-re-update25.2-story.html
Housing bubble a myth, study says
Most cities in the United States showed little evidence of a housing bubble as of the end of 2004, according to a new study conducted by Columbia Business School and the Wharton School of Business at the University of Pennsylvania, which looked at 46 single-family housing markets from 1980 to 2004.
They were even using the housing shortage mantra back then too.
https://voiceofsandiego.org/2006/01/19/the-myth-of-the-housing-shortage/
The real estate experts at REMAX Bruce Benham, Chief Operating Officer of RE/MAX International, Inc.
http://www.6717000.com/blog/2005/07/bursting-the-bubble-myth/
The alleged bubble, rooted in fears created during the dot-com aftermath of the early 2000s, is a media-manufactured myth. It’s based on the projected collapse of a national housing market that simply doesn’t exist.
And still available on amazon.com from National Association of Realtors Chief Economist a 2005 classic
https://www.amazon.com/Are-Missing-Real-Estate-Boom/dp/0385514344
Are You Missing the Real Estate Boom?: The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade
The long-term fundamentals for housing remain strong into the foreseeable future, claims Lereah. Far from a real estate “bubble,” what we are experiencing today is a phenomenon that takes place only once every other generation: a long-term real estate market expansion.
Thanks, Good reminder
Also worth noting is the Phoenix chart. Unlike the other ‘top’ cities, Phoenix flatlined last time. My guess is that Phoenix will unravel the most. Not a good time to get stucco there.
No one could have seen it coming
The Denver chart is interesting. The previous bubble mostly passed over Dumver, though there were stil plenty of foreclosures,
The last link is worth reading in full:
‘How many zombies are out there? According to the think tank Onward, one in five British companies now rank among the living dead. Put them all together, and they are tying up huge amounts of capital, land and labour, resources that could all be put to work more productively among faster growing businesses.’
‘True, our departure from the European Union has hardly helped. But investment rates in the UK have been dismal since rates were slashed to zero, as they have been across most of the developed world. A coincidence? To some degree. But there can be little question that keeping money artificially cheap has meant the economy is cluttered up with too many poorly performing companies.’
‘In the meantime, governments have borrowed more and more. In the UK, the debt to GDP ratio stood at less than 50pc before the crash. It carried on rising even during the supposed “austerity” of the Cameron-Osborne era, and then shot up again during the pandemic. By last year that had almost doubled to 94pc, its highest level since the 1960s when we were still paying for the cost of the Second World War.’
A bevy of zombie companies is the proud legacy of over a decade of central bank-engineered ultralow interest rates.
‘By any historical measure, interest rates have been exceptionally low for the last 14 years,’ says Nicholas Crafts, emeritus professor at Warwick University and an expert in British economic history. ‘Even in the 1930s they did not go below 2pc, and even that was only for a few years. And yet, over that time, growth and productivity and investment have also been very weak.’
It’s incredible how low central bankers suppressed rates for so long.
The upside of all of this is that the Everything Bubble may have reached a point of no return where further efforts to maintain it are futile. Maybe by the time my kids want to buy homes, the investor horde who glommed on to Ben Bernanke’s extraordinary housing market Quantitative Easing demand stimulus measures will be wiped out by rate normalization.
The Hooters – All You Zombies
https://www.youtube.com/watch?v=2LE0KpcP05I
‘The trajectory of our market over the last two years was unsustainable and it was in no way going to last… We are now seeing a move more towards pre-pandemic sales activity and inventory,’
The absence of any mention there of Austin prices seems conspicuous.
‘The trajectory of our market over the last two years was unsustainable and it was in no way going to last… We are now seeing a move more towards pre-pandemic sales activity and inventory,’
Reno’s years-long streak as an unbridled seller’s market appears to be losing momentum as the metro area topped the list of cities seeing the largest rate of listing price reductions in the country for homes on the market.
Reno, NV ranked No. 1 among the 200 largest metropolitan areas in the United States for its share of sellers who are cutting prices on their listings, according to an analysis by Realtor.com.
The Biggest Little City saw price reductions on 32.6% of its listings, edging out second-place Austin, Texas, by just a fraction.
It’s looking ugly out there.
Oh, so not only did my friend, her brother and parents recently purchase new homes in the Austin area, she started a new job with a 5yo Series B financed company with an “AI-enabled data science platform and catalog of predictive models [to] help healthcare organizations improve clinical and financial outcomes.” What could go wrong?!
Pretty much anything that sells itself as AI is vaporware. The demos appear to work, but in the real world, much like with self driving cars, the limitations quickly appear.
AI is vaporware
Yep.
The kicker in healthcare: anything not “standard of care” isn’t covered by insurance. It doesn’t matter what AI enables. My former friend and co-founder is/was invested in a company called CureMatch that effectively scams cancer patients claiming personalized and better clinical outcomes.
Yup. probabilities of outcomes are well known, it’s what actuaries do. You don’t need an AI to tell a patient: that treatment is unlikely to succeed and is unbelievably expensive. Sorry, request denied.
‘Cancellations hit 48% in May for Richmond American Homes in metro Phoenix, up from 11% in January, Michael ‘Frenchy’ IlesCremieux, senior division president of Richmond American Homes, told a group of 300 homebuilders and real estate professionals in a Zoom event organized by Rose Law Group’
Why would this law firm host a RE event? They are one of the companies that handle foreclosures in Arizona.
“This sucker could go down” — George W. Bush
‘Some analysts have estimated that there are as many as 20 million people who bought into unfinished residential construction projects and are living in partially completed homes, many of which have no water or electricity. Colloquially known as lanweilou (爛尾樓, ‘rotten tail buildings’), the people residing in the homes, which are likely in a wretched state, are living in substandard conditions’
Also some of the most expensive residential RE in the world. You gotta use candles and throw yer poop in the street like mid-evil times. Heck of an operation yer running pooh bear.
A related article …
“In China, owning a home is a prerequisite before a man can marry. It is expensive to buy a home in China’s big cities, so why are Chinese men put under such heavy pressure?”
https://cardiffjournalism.co.uk/life360/for-many-chinese-men-no-house-means-no-marriage/
And I thought Pacific Salmon had it tough.
I’d rather come back as a male Pacific salmon than a Chinese man who has to buy a crap speculative home to attract a female partner.
That said, the nesting instinct was a powerful fundamental driver of the US housing bubble as well, as young couples competed with the investor horde for a limited supply of shacks in the face of a central bank engineered artificial shortage.
‘rotten tail buildings’
Butt rot housing, at premium prices…
Should be called the rat catcher house, like the pied piper’s in Hamelin Germany.
‘Adjustments of sales prices, homes that were listed 30% higher than they should have been are now listed at actual price’
Are shack prices down 30% Candis?
A reader sent these in:
THE SWISS CENTRAL BANK REPORTED A FIRST-HALF LOSS OF $100.08 BILLION. THE BIGGEST HALF YEAR AND QUARTERLY LOSS SINCE 1907.
Central banks continue to see losses.
https://twitter.com/GoldTelegraph_/status/1553087385755435008
Real wages are FALLING OFF A CLIFF…
https://twitter.com/WallStreetSilv/status/1553206243682050049
I found this photo under ‘bullish’ in the book of retail investor trading
https://twitter.com/DonMiami3/status/1553198588511100929
Respectfully walked out of listing presentation for home in $3.5m range. Seller disagrees sales are down because “I see lots of Sold signs”. Disagrees with valuation because “My assessment is much higher”. Won’t declutter despite near-hoarder status because “Buyers don’t care”.
https://twitter.com/PasqualeSasso/status/1553091809575706626
Ali Wolf
One of the rare counterexamples – Builder in the Southeast said they dropped prices and did NOT see an increase in demand. Said the buyers are expecting more price cuts so are holding off.
Note, their price cut was a smaller % than the others I’ve heard too though. Here’s another example. Builder in the PNW was selling well with prices $1M+ earlier this year. Sold one home total in April and May. Dropped prices 19% and had 15 sales in June.
https://twitter.com/AliWolfEcon/status/1553054036978327552
Rick Palacios Jr.
LasVegas housing market about to hit 5 months of supply.
https://twitter.com/RickPalaciosJr/status/1553154559085645825
I’ve been noticing a lot posts about Opendoor (and Airbnb) while diving into the real estate situation recently. Anyway, I’ve received 9 emails from OpenDoor since Sunday – never got any from them before, and I didn’t sign up for anything recently. Each email has over 50 homes.
https://twitter.com/RudyHavenstein/status/1553050006554169344
I’ve been noticing a lot posts about Opendoor (and Airbnb) while diving into the real estate situation recently. Anyway, I’ve received 9 emails from OpenDoor since Sunday – never got any from them before, and I didn’t sign up for anything recently. Each email has over 50 homes.
The FED’s cheap money scam led to the rise of these money-losing behemoths. They probably have Feng Shui offices with vegan lunches for staff. Check that, they’re WFH in their speculative 3rd houses.
“National headlines have noted Utah has recently seen some of the largest shares of home sellers slashing their prices — but that’s because sellers have finally found homebuyers’ breaking points, and they’re adjusting their listings to reality.”
It seems possible that the flood of Californians relocating to Utah has slowed down to a trickle. The end of a flood comes with receding water.
‘It’s something Eskic feels personally. He remembers the sense of urgency he felt when he bought his home in the height of the frenzy, quipping that he likely ‘spent more time deciding what running shoes to buy’ than he did considering whether to put in an offer on his home’
Click!
Insanity. The more money something costs, the more I agonize over it.
I fear we could be looking at the real possibility of a bursting housing bubble.
The interesting question is whether the central bankers will try another hair of the dog cure to save current homeowners and investors. It became clear after the 2007-2009 episode that Ben Bernanke had no trouble picking housing market winners to reward and losers to screw in the aftermath, but he’s long gone from the Fed leadership. The current generation of leaders may be more free market oriented than those of the Greenspan-Bernanke-Yellen era were.
Of course Janet Yellen as Treasury Secretary creates another wild card. And when the SHTF in 2008, former Goldman Sachs CEO Henry Paulson went all in on banking bailouts.
I think it is important to realize that the big banks have already been bailed out. They got massive aid packages during covid. This is one of the main reasons why there seems to be no real concern from them about what has already happened. It is because of this fact that I think the system is emboldened to create a recession. Wallstreet is already positioned for it. The big question is whether they can keep it orderly. For some it will be but for others it is going to be gut wrenching. Luckily the adults are back in charge in Washington so I’m sure everything will work out fine. :/
We are now seeing a move more towards pre-pandemic sales activity and inventory,’ said Cord Shiflet, 2022 ABoR president.”
In other words, the bubble has burst. Go ahead and say it, Realtor Boy.
WHAT’S up with BIDEN’s nose?
https://www.bitchute.com/video/Cpu8AilU7WAu/
29 seconds.
TWO VERY DIFFERENT DR. BIRX
https://www.bitchute.com/video/G922Z63rHQ51/
29 seconds.
I dunno, but children everywhere will rejoice if his COVID means he can’t sniff them out anymore.
It’s something Eskic feels personally. He remembers the sense of urgency he felt when he bought his home in the height of the frenzy, quipping that he likely ‘spent more time deciding what running shoes to buy’ than he did considering whether to put in an offer on his home.”
And this impulsive asshat who bought his shack at Peak Bubble is the Chief Economist for the Salt Lake City Association of Realtors?
It’s amazing to me how overpowering the urgency to buy at a bubble peak becomes for so many. My niece and her longtime partner are currently trying to buy in the St. Petersburg area. The reason? Current rents are unaffordably high
Unfortunately for those employing such logic, rental and owner occupied housing are substitute goods, with positively correlated prices. If you buy now to avoid high rents, you may be inadvertently trading temporarily astronomical housing expenditures for permanently high ones, as you pay off your fixed rate mortgage over the coming decades. If rents and housing prices fall during the incipient recession, the lower housing costs will not benefit those who locked in their monthly payment at the peak.
I don’t have the energy to try to talk my niece into taking a more patient approach.
PS For readers who are interested, my wife and I owned two different homes in the early part of our marriage, both bought after prices and rents fell and inventory rose. We weren’t in the market in the post-2009 period, which was the only point since 1997 that buying made sense as a long-term wealth accumulation strategy.
We weren’t in the market in the post-2009 period, which was the only point since 1997 that buying made sense as a long-term wealth accumulation strategy.
There was only a brief time when houses approached affordability, then it was off to the races again.
Starting in 2012, the Fed targeted Quantitative Easing at housing, which ended the trend in rices towards affordability.
prices
Bear, everyone has lots of excess stuff to sell, have they downsized to live in less space? Myself i had over 5000 lps and 2000 cd’s now I’m down to less the 200 lps and 250 cd’s, I copied them to the HD…………..in case you have that kind of cd collection this product takes all the worry out of it….
https://store.acronova.com/nimbie-usb-plus-bd-cd-dvd-autoloader-nb21.html
Finance ·real estate
New housing market data reveals a stunning shift as these 21 of the top 50 metro areas show price declines for June
BY Shawn Tully
July 30, 2022 at 6:00 AM CDT
…
https://fortune.com/2022/07/30/new-housing-market-data-reveals-a-stunning-shift-as-21-of-the-top-50-metro-areas-show-price-declines-for-june/
Seems like the current US market is a knife catcher’s paradise.
‘“The market just reached a turning point,” says Ed Pinto, the AEI Housing Center’s director. “Prices will keep falling on a national basis for August through December. It’s likely that we’ll see declines in around four out of five metros in some of the months ahead.”’
I saw Pinto give a seminar once. I liked him…no BS, shot from the hip.
I believe the analysis he presented showed that after considering other determinants of credit worthiness, there was no evidence of racial discrimination in lending. It wasn’t exactly a politically correct subject on the UC Berkeley campus, but the guy nonetheless had the temerity to present his no-nonsense research findings on this topic.
He is an “expert”, how dare you question him.
“Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession.
Alarming? It means buyers are coming to their senses.
‘One thing we’re seeing more often, and this is a national trend, is buyers walking away from deals for legitimate reasons,’ she said.
I’d say opening your eyes is a legitimate reason.
Europe might be in for a long cold winter.
Now Russia cuts off gas supply to Latvia amid growing energy panic in Europe after supplies to Poland, Finland, Netherlands and Denmark were axed – and some cities go dark to save power
https://www.dailymail.co.uk/news/article-11064513/Russian-energy-giant-Gazprom-cuts-gas-supply-Latvia-refused-pay-roubles.html
Russian has cut off gas to Latvia amid growing energy concern for winter in Europe after supplies to Poland, Bulgaria, Finland, Netherlands and Denmark were also axed.
Europe is facing an acute energy crisis as Putin weaponizes energy supplies in apparent retaliation for leaders defying him over Ukraine.
And it’s still Summer in A/C free Europe, and they already can’t keep the lights on. Winter is going to be a blast.
I’ll be living in Paris for several months this fall/winter.
Should be fun?
1. bring woolen clothing
2. enjoy civil war up close and personal
3. take pics and write text to send stateside
“Civil war”- hope you’re on the Muslim side. Otherwise you’re dead meat.
“Gas Levy Could Triple Household Heating Bills In Germany”
(snip)
“Germany plans to introduce a levy for all its gas consumers beginning in October as the government looks to avoid a wave of collapsing gas-importing and gas-trading companies amid record-high natural gas prices, a new bill seen by Reuters showed on Thursday.”
(snip)
“The German government has already intervened to rescue energy group Uniper, Russia’s single largest gas buyer in Germany. Uniper—and many other German gas traders and suppliers—have been reeling from reduced Russian supply and soaring prices of non-Russian gas. Germany and Uniper agreed last week on a $15 billion bailout package, including the German government taking a 30-percent stake in the company and making more liquidity and credit lines available to the group.”
(snip)
“Under the plans of the government, all consumers of gas, including households, will have to pay an additional levy, which will go to support Germany’s gas importing companies, which struggle with a lack of Russian gas and sky-high prices of non-Russian alternatives. The details of the bill are set to be announced next month.”
Go here to read the entire article …
https://www.zerohedge.com/markets/gas-levy-could-triple-household-heating-bills-germany
To heat a flat. There won’t be much under the Tannenbaum this year. Maybe there won’t even be a Tannenbaum.
If tapped-out consumers in #BidensAmerica can’t afford to buy ordinary retail goods at deep discounts from liquidators, how are they going to buy insanely overpriced shacks?
Retail’s ‘Dark Side’: As Inventory Piles Up, Liquidation Warehouses Are Busy
https://dnyuz.com/2022/07/30/retails-dark-side-as-inventory-piles-up-liquidation-warehouses-are-busy/
PITTSTON, Pa. — Once upon a time, when parents were scrambling to occupy their children during pandemic lockdowns, bicycles were hard to find. But today, in a giant warehouse in northeastern Pennsylvania, there are shiny new Huffys and Schwinns available at big discounts.
The same goes for patio furniture, garden hoses and portable pizza ovens. There are home spas, Rachael Ray’s nonstick pans and a backyard firepit, which promises to make “memories every day.”
bicycles were hard to find. But today, in a giant warehouse in northeastern Pennsylvania, there are shiny new Huffys and Schwinns available at big discounts.
Still a long wait if you want an expensive model. Been told some people have been waiting for almost a year for their bikes.
Stop by your local Bidenville homeless encampment. They’ll probably have a wide selection of expensive bikes to sell ya. Just pray you don’t encounter the original owner.
Bed, Bath And Beyond is said to be close to closing the doors and liquidating.
I was in one the other day (Henderson, NV). Empty. A little hot. I read their stores are cutting down on the AC.
San Jose’s Lowest & Highest Week of: July 29, 2020 #shorts
Jul 29, 2022 Some Crazy numbers for sure.
You have to see the biggest % Loser this week!
https://www.youtube.com/watch?v=u6GhLQfAa1g
1 minute.
The cost of a typical suburban San Jose 3/2 spec ranch is higher than anywhere in the U.S. due to the tech companies.
The fact that the “biggest loser” tract home sold for $2 million says exactly where we are in this bursting bubble (first inning).
It Sure Feels Like the Close-in Condo Market in Portland Oregon has Flattened Out.
Jul 29, 2022 We hit a hard inflection point in the condo market with rising interest rates back in March. The momentum that the close-in condo market was showing early this year got stopped short. So, what does this mean to sellers and buyers right now? Let’s take a look at the main market stats and see what we can find out.
We’ve been following the real estate sales numbers for from the North Pearl District to Downtown to the South Waterfront area and from the Willamette River to the West and Southwest Hills for a few years now. Here are the latest market statistics for condo housing in the Pearl District and beyond.
https://www.youtube.com/watch?v=C54tTTcy3DU
12 minutes.
I live in the Portland, Oregon area suburbs. Have been watching the condo market off and on. Condo prices fell dramatically in 2020 after the Antifa riots, etc. With low interest rates, condo sales picked up. But regardless, downtown Portland is a hell hole—murders, drugs, hobos, anarchists. Whenever I would see a condo for sale at a decent price, there would be a murder right around the block.
“2020 after the Antifa riots … downtown Portland is a hell hole—murders, drugs, hobos, anarchists”
I’m sorry you live close to there, feel the same way about Downtown Denver from here in the south suburbs. It wasn’t like this three years ago.
Shutting a generation out of the property market,
So kids will have no choice but to live in their parent’s inherited house and take whatever jobs are there. And those who locked in a 3% 30 year will have the same future
“You’ll own nothing, and you’ll like it.”
“You’ll own nothing, and you’ll like it.”
I hope to see a video on Bitchute one day showing Klaus Schwab getting curb stomped.
+1
Slowly beaten to death with a crowbar would be nice too. Everyone connected with the World Economic Forum or who supports it needs to die.
The American Indians had a trick of coating an enemy in honey and tying them down on an ant hill. Just a suggestion. “Eaten by bugs.”
https://youtu.be/BIZorMuD0vE
Young kids are not locked out. What happened to thinking outside the box?
Remind me again what we gained from the neocon fiasco in Iraq.
https://www.dailymail.co.uk/news/article-11064559/Followers-firebrand-cleric-Moqtada-al-Sadr-storm-countrys-parliament-Baghdad.html
“Remind me again what we gained from the neocon fiasco in Iraq”
It kept barrels of oil from being sold in anything but the U.S. Dollar thus keeping it the world reserve currency.
I learned that here on the HBB.
Go figure.
But…but…most popular president ever with 81 million votes!
All-time Joe: Biden polls lower than any modern president, Gallup finds
https://nypost.com/2022/07/29/biden-polls-lower-than-any-modern-president-gallup-finds/
I know of a handful of white, middle-aged libtard women who have been voicing their displeasure with Biden lately – but they voted for him. My first thought is “stfu, you are the problem,” but I just listen and chuckle out loud. They have no idea what my actual thoughts are.
The opening sentence from “The Fate of Empires”, by Arthur John Hubbard, published in 1913:
“The turning point in past civilisations (sic) has been marked, again and again, by the appearance of Socialism coincidentally with a failure of the birth rate.”
The “appearance of Socialism” is a given.
The US birth rate in 1950 was 24.268 per 1000 people. The rate in 2022 is 12.012/1000. https://www.macrotrends.net/countries/USA/united-states/birth-rate
In 2017, the birth rate was 16% below the replacement rate of 2100 births per 1000 women. https://www.cnn.com/2019/01/10/health/us-fertility-rate-replacement-cdc-study/index.html
This is not going to end well.
civilisations (sic)
I believe that’s how the Brits spell it.
Welcome to Gilead
A scientific scandal with huge implications for women’s health is brewing and you weren’t going to hear about it – until now.
TLDR: A paper was published in October showing how the mRNA vaccines could massively impact ovarian and breast cancer risk. Two scientists linked to the NIH and Pharma conspired to remove it from publication – putting a generation of women at risk.
Gotta make room for all the Nuevos Americanos.
This is horrifying. I refused to be jabbed, but almost everyone I know was vaccinated. Sometimes eagerly!
And now, they may die.
damn it’s good to be a Pureblood.
Red
I don’t know if you and your husband are still shopping vehicles but I got an owner’s review this week of one you were considering.
Started a job this week which has a longtime Ford F-150 owner superintendent who I have known since the 90s and is now driving a Ford Maverick with a 2.0-liter EcoBoost (turbocharged). He loves it, he says it’s quick, he’s getting 18 MPG around town and 30 highway, carries what he needs to in the bed plywood, insulation etc. nice interior with utility not to mention IMHO a pretty sharp looking new truck which is for the time being (given Bidenflation) reasonably priced.
He said he wanted the hybrid engine but it was too long of a wait. After driving the 2.0-liter EcoBoost he is glad he didn’t wait.
You can’t buy any of this sh!t. It’s unavailable. The people that have them were on waiting lists. It’s a joke.
Per cars.com there are just 3 available in Dumver
“Per cars.com there are just 3 available in Dumver”
Ford’s inventory finder has 10 within 100 miles of Jupiter Fl.
The one I would want, a 2022 MAVERICK XLT would be 73.85 miles away for $28,090
There is a Lariat with the hybrid at $31,755 15 miles away,
Another Lariat with a 2.0-liter EcoBoost that is 45.39 miles away in Pompano for $37,970
If I wanted the basic XL with a 2.0-liter EcoBoost for $22,755 I would be driving 80.75 miles.
We’re making do with our two “weekend” cars. The MINI is in the shop getting the recently damaged hood repaired, some parts repainted after 18 years of sun damage, and new decals. I’m excited!
“I’m excited!”
Good for you. My 2004 F-250 still does all my heavy lifting and will till she can’t lift no moe. 🙂
Hope the MINI comes out of the shop looking sharp and tell your husband he has a good eye for utility, value and performance in pickup trucks according to pickup truck drivers I know.
Car research is fun for him.
Wearing a MAGA hat is now an offense that can get you arrested in #BidensAmerica. Lee Greenwood could not be reached for comment.
https://twitter.com/WenMaMa2/status/1553384124807000064
Not the most shocking thing I’ve ever seen, but it’s up there.
And this is when millions of Deplorables are still armed to the teeth. If the Democrat-Bolsheviks ever succeed in disarming us, the tyranny is going to get orders of magnitude worse.
I live in the Portland, Oregon area suburbs. Have been watching the condo market off and on. Condo prices fell dramatically in 2020 after the Antifa riots, etc. With low interest rates, condo sales picked up. But regardless, downtown Portland is a hell hole—murders, drugs, hobos, anarchists. Whenever I would see a condo for sale at a decent price, there would be a murder right around the block.
WEF calls for the end of private car ownership, according to numerous news articles….
Ok, so let me get this right .
You will eat bugs and be happy.
No fuel but be happy.
No cars but be happy.
Take toxic lab rat injections , because it will make you so happy.
You will have your every move monitored, ,but you will be happy.
As useless eaters, we will feed you drugs and video games and you will be happy.
Live on a Universal Income, while we figure out how to eliminate you, don’t worry be happy.
Lockdowns and masks are good for you, kinda like prison with air deprivation, be happy.
Give up you life for the collective good, which is a collective of rich corporations and rich fat cats and money changers. You got to make them happy.
Be happy with fake news, its always happy time to be defrauded.
Don’t complain, you will own nothing and be happy.
Save the planet for the collective good of a small group of psychos who have a plan to murder about 7.5 billion people , leaving only 500 million , that’s their happy number.
Accept climate change fraud, pandemic fraud, election fraud, because how else can a psycho group of fraudsters bring on a One World Order .
Free will is gone, be happy about it.
Elon musk moves into ten thousand dollar tiny home. Soon to sell them planetwide.
https://m.youtube.com/watch?v=o7yQOG4Ty-s
tiny home
Bullsh!t. Per WSJ, he lives in a billionaire friend’s waterfront Austin mansion.
Bullsh!t. Per WSJ, he lives in a billionaire friend’s waterfront Austin mansion.
Exactly this. The guy’s a fraud.
‘Ok, so let me get this right’.
Don’t worry –
there ALWAYS will be Americans who live in 10 000 sq feet
Mansions!
It’s long past time for local communities to start defending their residents against property speculator locusts by slapping the latter with punitive vacant home taxes and fines for not keeping up their properties.
Investors are snapping up homes at a furious rate — in some regions they bought up to 20% of houses for sale
https://www.marketwatch.com/story/investors-snap-up-homes-at-a-furious-rate-in-some-regions-they-bought-as-many-as-20-of-houses-for-sale-11659043901?mod=mw_latestnews
Investors scooped up 9.5% of homes in April, up 64% from the same period in 2019
An acquaintance of mine owns a vacant house in the same town where she owns her primary residence. Is she a “local” or a “locust”?
You will rent FOREVER and be happy (the great housing manipulation)
https://www.youtube.com/watch?v=pwmEJWKCLF8
Did your emerging markets investments submerge?
The Financial Times
Global Economy
Emerging markets hit by record streak of withdrawals by foreign investors
Global recession fears and rising interest rates drive stampede for the exit
Shoppers at a local market in El Salvador, which is struggling to deal with a fiscal deficit
Jonathan Wheatley
2 hours ago
Foreign investors have pulled funds out of emerging markets for five straight months in the longest streak of withdrawals on record, highlighting how recession fears and rising interest rates are shaking developing economies.
Cross-border outflows by international investors in EM stocks and domestic bonds reached $10.5bn this month according to provisional data compiled by the Institute of International Finance. That took outflows over the past five months to more than $38bn — the longest period of net outflows since records began in 2005.
The outflows risk exacerbating a mounting financial crisis across developing economies. In the past three months Sri Lanka has defaulted on its sovereign debt and Bangladesh and Pakistan have both approached the IMF for help. A growing number of other issuers across emerging markets are also at risk, investors fear.
Many low and middle-income developing countries are suffering from depreciating currencies and rising borrowing costs, driven by rate rises by the US Federal Reserve and fears of recession in major advanced economies. The US this week recorded its second consecutive quarterly output contraction.
“EM has had a really, really crazy rollercoaster year,” said Karthik Sankaran, senior strategist at Corpay.
Investors have also pulled $30bn so far this year from EM foreign currency bond funds, which invest in bonds issued on capital markets in advanced economies, according to data from JPMorgan.
The foreign currency bonds of at least 20 frontier and emerging markets are trading at yields of more than 10 percentage points above those of comparable US Treasury bonds, according to JPMorgan data collated by the Financial Times. Spreads at such high levels are often seen as an indicator of severe financial stress and default risk.
…
How are these economies going to look if a stagflationary recession in the West hammers import demand?
Will the Fed cave on its inflation containment campaign as soon as February 2023?
Stock Market Today: Stocks Wave Off Recession Worries
The latest gross domestic product data showed the U.S. economy contracted for a second straight quarter in Q2.
by: Karee Venema
July 28, 2022
Stocks posted solid gains for a second straight day on Thursday, even as preliminary data showed the U.S. economy contracted 0.9% in the second quarter.
The latest report from the Commerce Department marks back-to-back quarterly declines in gross domestic product (GDP), and sparked a whirlwind of recession chatter on Wall Street.
“Two consecutive quarters of negative GDP meets our humble definition of a recession,” says Dan Eye, chief investment officer at financial advisory firm Fort Pitt Capital Group. “But we agree with the view that labor market strength and a well-positioned consumer limits the severity of the economic contraction.” Eye adds that the market sees lower odds of a third 75 basis-point rate hike (a basis point is one-one hundredth of a percentage point) at the Federal Reserve’s September meeting and is beginning “to price in interest rate cuts as early as February 2023.”
…
https://www.kiplinger.com/investing/stocks/604991/stock-market-today-072822-stocks-wave-off-recession-worries
“… a well-positioned consumer limits the severity of the economic contraction.”
Here is an article with a chart that shows how well positioned these well positioned consumers are …
https://www.ceicdata.com/en/indicator/united-states/household-debt
WASHINGTON (AP) — President Joe Biden tested positive for COVID-19 again Saturday, slightly more than three days after he was cleared to exit coronavirus isolation, the White House said, in a rare case of “rebound” following treatment with an anti-viral drug.
So now we have “rare cases of rebound?” C’mon, man, you’re just making sh!t up now.
He just needs another jab.
They need more time to make better deep fakes of him.
And, apparently, the original Star Trek series foresaw this. There is an episode where they come upon a “culturally contaminated” world that has adopted Nazism. The Fuhrer is the Federation officer at fault, and he has been reduced by his handlers to being a puppet who gives speeches behind closed doors while drugged.
will this happen here?
accusing it of rushing children, particularly girls, into medical treatment for supposed gender dysphoria,
https://www.breitbart.com/europe/2022/07/30/doomed-uk-trans-kids-clinic-left-thousands-of-damaged-children-in-its-wake/
“This crowns San Diego the most splendid housing bubble on this list, followed by Los Angeles and Seattle.”
Splendid isn’t the word I would use. Horrific, perhaps.
$500,000 4 bd 2ba 1,962 sqft
Price cut: $40K (7/28)
2843 Cimarron Dr, Kingman, AZ 86401
https://www.zillow.com/homedetails/2843-Cimarron-Dr-Kingman-AZ-86401/64955976_zpid/
Date Event Price
7/28/2022 Price change $500,000 (-7.4%) $255/sqft
7/14/2022 Price change $540,000 (-6.1%) $275/sqft
7/4/2022 Listed for sale $575,000 (+125.5%) $293/sqft
6/15/2016 Sold $255,000 (+2%) $130/sqft
4/24/2016 Listing removed $249,900 $127/sqft
4/22/2016 Listed for sale $249,900 (+35.1%) $127/sqft
8/19/2011 Sold $185,000 (-2.1%) $94/sqft
7/10/2011 Listing removed $189,000 $96/sqft
5/20/2011 Listed for sale $189,000 (-41.8%) $96/sqft
7/15/2005 Sold $325,000 (+75.7%) $166/sqft
9/11/2003 Sold $185,000 $94/sqft
I’d bet this was a foreclosure:
7/15/2005 Sold $325,000 (+75.7%) $166/sqft
8/19/2011 Sold $185,000 (-2.1%) $94/sqft
Kingman, AZ is an absolute shithole. Did I mention Kingman is a shithole?
I don’t recall signing away my 1st Amendment rights to the CDC.
How the CDC Coordinated With Big Tech To Censor Americans
https://freebeacon.com/biden-administration/how-the-cdc-coordinated-with-big-tech-to-censor-americans/
The Centers for Disease Control and Prevention coordinated with social media companies and Google to censor users who expressed skepticism or criticism of COVID-19 vaccines, according to a trove of internal communications obtained by America First Legal and shared exclusively with the Washington Free Beacon.
Over the course of at least six months, starting in December 2020, CDC officials regularly communicated with personnel at Twitter, Facebook, and Google over “vaccine misinformation.” At various times, CDC officials would flag specific posts by users on social media platforms such as Twitter as “example posts.”
Some local news.
“A 71-year-old man was beaten and robbed at a Denver gas station Thursday morning and left traumatized by the incident.
“I have a cut inside my mouth where one of them punched me,” the man, who wanted to remain anonymous due to fear for his safety, said Friday. “I never thought it would happen to me. Never.”
It was shortly before 5:30 a.m. when he stopped by the 7-Eleven on East Colfax Avenue and North Ogden Street. He just wanted to buy a pack of cigarettes, but a group nearby wanted more from him.”
A group? A group of what?
Let’s check the Associated Press style guide: youths, students, spring breakers, etc.
“The man says the group beat him up, went through his pockets and robbed him.
“Took my keys, stripped me of everything and then stole my car — a brand new car,” the man said.
Denver Police records show there have been at least 41 crimes reported at this 7-Eleven so far this year. That includes five robberies and three aggravated assaults.”
https://www.thedenverchannel.com/news/crime/no-respect-whatsoever-71-year-old-man-beaten-robbed-at-denver-gas-station
This isn’t Facebook, this isn’t Twitter, and this isn’t Reddit, so we can say it: young black males without fathers.
This is the Democrat Party.
“They’re not sending their best”
“but a group nearby wanted more from him.”
I have one of these in my right front pocket everyday. With a little practice you can become very proficient deploying it with one hand.
Fox 599 Black G10 Folding Karambit – Emerson Wave
Fox Knives
https://www.karambit.com/shop/karambits/fox-karambits/fox-599-black-g10-folding-karambit-emerson-wave/
“Fox 599 Black G10 Folding Karambit”
Too bad the Russians don’t have these. That Ukrainian officer’s “junk” would have been cut loose in one pull rather than the 20 or 30 small cuts with a short box knife.
WARMINGTON: Triathlete, 27, becomes 5th GTA doctor to die in July (more “sudden unexplained deaths”)
https://2ndsmartestguyintheworld.substack.com/p/deathvax-strikes-again
Joe Biden is dying.
Breitbart — Joe Biden Moves Back into Isolation After Testing Positive Again for Coronavirus (7/30/2022):
“President Joe Biden announced Saturday that he would return to isolation after testing positive again for coronavirus.
“Folks, today I tested positive for COVID again,” Biden wrote on social media Saturday afternoon.”
https://www.breitbart.com/politics/2022/07/30/joe-biden-moves-back-into-isolation-after-testing-positive-again-for-coronavirus/
He’s gonna die. They’re gonna push Heels Up Harris out and put Gavin Gruesome in, forever. Kiss America Goodbye!
Sponsored content post provided by the World Economic Forum, you heard it here first.
He’s definitely putrefying, as his clueless diversity hire VP waits in the wings. I hope China doesn’t decide this is an opportune time to pick a fight with us.
“Joe Biden is dying”
Oh that’s awful.
I’m going to have to play his favorite song.
https://youtu.be/ShlIDGPVQzs
“He’s gonna die. They’re gonna push Heels Up Harris out and put Gavin Gruesome in, forever. Kiss America Goodbye!”
…will outlaw grass fed beef, propane BBQ grills and adult beverages!
He’s gonna die.
Like I’ve mentioned before, we’re gonna wake up one morning and be told he died in his sleep.
Will the Senate confirm Gruesome? They need 51 votes, and there is no VP to tie break a 50-50 vote. Of course, Heels would become the president regardless should Joetato go into the night.
Right, that’s something that most people don’t understand. The VP slot will be left vacant and the Ds will not be able to get anything through the Senate without some RINO traitors helping.
I’m sure that’s the only reason POTATUS is still sort of upright.
“I’m sure that’s the only reason POTATUS is still sort of upright.”
I suppose they could tie him to an easel like FDR.
He’s gonna die. They’re gonna push Heels Up Harris out and put Gavin Gruesome in, forever. Kiss America Goodbye!
Rather than get angry anymore, I’m just going to prepare for living in a 3rd world ghetto. Whenever I drive I’m gonna have my 10mm on the center console, loaded at all times.
Why would anyone buy a shack in LV when there’s only a 50-day supply of clean water left?
Las Vegas, NM declares emergency, with less than 50 days of clean water supply left
https://www.yahoo.com/gma/las-vegas-declares-emergency-less-163500105.html
The city of Las Vegas has declared an emergency over its water supply after the Calf Canyon-Hermits Peak Fire, the largest wildfire in New Mexico history, contaminated the Gallinas River. The city relies solely on water from the river, which has been tainted with large amounts of fire-related debris and ash, according to city officials.
New Mexico Gov. Michelle Grisham said in a tweet that $2.25 million in state funding has been made available to ensure residents receive access to safe drinking water.
Don’t fight the Fed my good friends….. Don’t fight the Fed.
Kennewick, WA Housing Prices Crater 14% YOY As Lot And Land Prices Plummet Across Eastern Washington And Oregon
https://www.movoto.com/kennewick-wa/market-trends/
So ya wanna buy a electric car? pay up and pay up
Tesla LOCKS customer’s battery to 66% capacity after unrelated service.
https://www.youtube.com/watch?v=87poTGAasbE
This is not housing related …
“US Poised to Deliver Bumper Wheat Crop the World Badly Needs”
https://www.yahoo.com/finance/news/us-poised-deliver-bumper-wheat-000132675.html
“Bloomberg) — The US is poised to deliver a bumper spring wheat crop in the upcoming weeks, which if realized could help relieve global shortfalls caused by turmoil in the Black Sea.”
“(Bloomberg) — The US is poised to deliver a bumper spring wheat crop in the upcoming weeks, which if realized could help relieve global shortfalls caused by turmoil in the Black Sea.
“Fields in North Dakota, the top producing US state, are forecast to yield a record high 49.1 bushels per acre of the grain, according to the final estimate of a three-day crop tour led by the Wheat Quality Council. North Dakota makes up about half of the US’s spring wheat crop.
“The world is counting heavily on American farm supplies to help refill grain silos as Russia’s invasion of Ukraine continues to put more than a quarter of global wheat exports at risk. While all signs now point to an ample harvest, weather woes caused growers to plant the crop later than normal. The timing has made the wheat highly vulnerable to late-season problems that could still hurt production.”
“… Russia’s invasion of Ukraine continues to put more than a quarter of global wheat exports at risk.”
This is a lie; Ukraine does not even come close to supplying one quarter of global wheat exports.
Here:
“Wheat Exports by Country”
“Russia: US$7.9 billion (17.6% of total wheat exports)
“United States: $6.32 billion (14.1%)
“Canada: $6.3 billion (14%)
“France: $4.5 billion (10.1%)
“Ukraine: $3.6 billion (8%)”
http://www.worldstopexports.com/wheat-exports-country/
Wheat futures …
https://finviz.com/futures_charts.ashx?p=d1&t=ZW
The “quarter of global wheat exports” obviously includes both Russian and Ukrainian exports, which add up to 25.6%.
Math is hard?
Nobody is stopping Russia from exporting grains.
Nobody is stopping Russia from exporting grains.
We might refuse to buy them, but that doesn’t mean there aren’t other customers.
I recall in the 70’s and 80’s there was this big thing about “non aligned countries”. I’m sure they have no problem buying from Russia, especially if the price is right.
The Financial Times
Evergrande Real Estate Group
Evergrande misses deadline for $300bn debt restructuring plan
Chinese real estate developer’s update lacks concrete proposal for investors on liabilities
An Evergrande housing complex in Beijing. Around $20bn of the company’s $300bn in liabilities are held by international investors
Thomas Hale in London and Tabby Kinder and Cheng Leng in Hong Kong July 30 2022
Evergrande has failed to meet a self-imposed deadline for a proposal to restructure its $300bn in liabilities, adding to uncertainty over the fate of the world’s most indebted real estate developer.
The struggling property business, which was the most prominent default last year in a sector-wide liquidity crisis in China that shook its entire real estate market, said in January that it would publish a “preliminary restructuring proposal” by the end of July.
Last month, it told creditors it was on track to meet the deadline and urged patience amid threats of legal action.
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Casual observation: Unless the Chinese government provides a $300 bn hair-of-the-dog hangover cure bailout for Evergrande, it seems like the money is gone forever.