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Sellers Were Expecting Yesterday’s Price And Buyers Were Wanting Tomorrow’s Price

It’s Friday desk clearing time for this blogger. “‘Prices are down well over 20% from the height in April and May,’ said Lori Abbey with The Abbey Collection at Compass Real Estate. Metro Denver had twice as many homes with price drops compared to the same time period in 2021. ‘In two or three years, they’re going to be just fine,’ Abbey said of those who bought the past two years. ‘They’re not way upside down. Very few people are in a really terrible position because we are still a growing market.'”

“The number of homes in foreclosure jumped 116% in a year in California as restrictions end on the ability of lenders to move against seriously delinquent borrowers. The U.S. number was even higher, surging 153%. Given the opportunity, after roughly two years of foreclsoure moratoriums, lenders are acting. California ranked only 36th with its 116% jump in foreclosure activity vs. 2021’s first half. The biggest jumps were seen in Colorado at 595%, then Michigan at 497%, Minnesota at 268%, New Jersey at 245% and New York at 227%.”

“La Dune, an oceanfront Hamptons compound owned by Louise Blouin, is returning to market for $150 million. Comprising two homes on more than 4 acres, La Dune has been on and off the market since 2016, when it asked $140 million, records show. The listing comes as Ms. Blouin is fighting in bankruptcy court to maintain control of the compound. She placed one of the two houses in bankruptcy in April in order to avoid a foreclosure auction, bankruptcy filings show. The property is located just off the dunes on tony Gin Lane, one of the most exclusive addresses in the Hamptons.”

“Home sales last month had their biggest drop since the pandemic lockdowns in the spring as high prices and higher mortgage rates cut buyers out of the market. The sharp decline is another sign that the Houston housing market is undergoing a clear shift. While still a seller’s market, buyers are beginning to regain some negotiating power. Inventories are rising, homes are staying on the market longer, and price increases are moderating. Homes in July sold for less than listing prices after selling for more in the previous three months, the Houston Association of Realtors reported.”

“‘Now that it’s slowed down, buyers have a lot more choices,’ said Shad Bogany, a realty agent with Better Homes and Gardens Real Estate Gary Greene. ‘In the past, they were standing in line to bid higher. Now we’re not seeing it.'”

“Kevin Brown, a Houston, Texas realtor, told Bloomberg that he has witnessed a significant shift in the market. What used to be jam-packed days of back-to-back appointments has dramatically slowed, and now he has five new homes completed for sale, another 55 in construction, all unsold.”

“Cooling demand is starting to impact Reno’s red-hot housing market. The median sales price for an existing single-family home fell below $600,000 for the first time since February. In total, Reno-Sparks saw 425 unit sales, which is down by 34% year-over-year. The combined median home price for both cities was $574,510, a decrease of more than 4% from June. ‘It’s not a full-on buyers’ market but it is shifting to one because homes are sitting longer,’ said Sarah Scattini, president of the Reno/Sparks Association of Realtors. ‘Sellers are now willing to cooperate with buyers who maybe need some closing cost assistance or credit repair.'”

“Most brokers have been through this many times and are not particularly surprised. Since second quarter of 2020, the median price of U.S. homes climbed nearly 40% and most knew that wasn’t sustainable. In addition, the number of REALTORS® has ballooned with more licensed agents in America than ever –1.57 million- which is 13% more than in 2006 when the housing bubble was at its peak. As the pendulum continues to swing, one thing I’m personally looking forward to is watching a lot fewer agents posting brag videos of themselves all over social media doing the ‘happy dance’ because their listing sold in twenty minutes at 100% above the asking price with twenty-seven offers. They’ll find their world is becoming a very different place.”

“Rising interest rates and fears of inflation and an economic slowdown threw cold water over the Baltimore region’s once-scorching housing market. Fewer homes sold last month than in any July since 2014. James Weiskerger of the W Home Group in Timonium, has been watching inventory ‘stacking up’ recently and expects home prices could slip and eventually stabilize. ‘I do think that the current trend of appreciation is kind of a mirage,’ Weiskerger said.”

“‘Yes, they’ve gone down. In February, the average price was just over a million dollars, and now, it’s just over 825,000. But two years ago, it was 600,000, 400,000,’ said Luc Woolsey, president of the Barrie and District Association of Realtors. Housing prices have dropped by as much as 30 per cent in some areas in recent months, but that only brings consumers back to the prices they saw in 2021. ‘Interest rates are going to continue to climb a little bit over the next few months. They have another interest rate announcement scheduled for September, where we expect the rate to be higher,’ said realtor Peggy Hill. ‘Something’s got to give. The consumer can not be paying interest rates at this price and having housing prices be inflated the way they are.'”

“Less than a year after purchasing their four-bedroom townhouse in Surrey, B.C. for $870,000, Aneesh Bhandari and his wife decided to sell their home in early May. They were both were looking forward to their first open house, Bhandari said, making bets on how many showings the home would get. They later discovered only one person came to view the property. ‘It was an eye-opener,’ Bhandari told CTVNews. ‘My realtor didn’t expect that, nobody expected that.'”

“After 30 days on the market, the 167-square-metre home listed for $1.15 million still had not sold, despite being listed for $50,000 below similar homes in the area, said Bhandari. In mid-June, he took the home off the market. ‘At that point in time, the sellers were expecting yesterday’s price and buyers were wanting tomorrow’s price,’ said Bhandari.”

“‘Ive spoken to a lot of vendor agents over there lately, and they are telling me the market has softened,’ said Yellow Brick Home Loans Executive Chairman Mark Bouris. ‘Days on market have blown out and homes are taking longer to sell. What was previously selling in four weeks might now be taking four to six months – that is unheard of in Sydney.'”

“House prices nationwide have decreased annually for the first time since 2011, and are now more than 10% down from the market peak, new Real Estate Institute figures show. In Auckland, the median price has dropped from its peak by $200,000. The country’s median price was down 1.8% annually to $810,000 in July from $825,000 at the same time last year. It fell 4.7% from $850,000 in June. Of the five regions that had annual decreases in the median price, it was Auckland and Wellington that had the biggest. Infometrics principal economist Brad Olsen said Auckland was a key driver of the weakening in prices, with underlying prices in the region down 15% from their peak in November 2021, compared to a 6% drop outside of Auckland.”

“‘Buyers remain cautious about overpaying in a declining market, but are also restricted in what lending they can access,’ he said. ‘Sellers will have to continue adjusting their prices lower if they want to make a sale.'”

“Newly married and with his first child on the way, auto worker Wang wanted to move into the apartment he bought in Wuhan three years ago but those hopes were dashed by China’s ballooning property crisis. Saddled with $300,000 in debt and with his unit nowhere near completion, the 34-year-old decided he had had enough and stopped making mortgage payments. Beijing-based Wang was planning to start a family after purchasing the home. ‘It wasn’t easy for us to buy this home. It all came from my savings,’ said Wang. ‘Now there’s no home, and we still owe two million yuan ($300,000) in mortgage payments. There’s no hope in life, carrying on with payments like this.'”

“Another young homebuyer Xue said almost all of his salary now goes to rent and mortgage payments. ‘I don’t want to pay any more,’ the 24-year-old said. ‘Our hearts are cold.’ Xue’s family put down 800,000 yuan for the flat while he took on a 600,000 yuan loan that he has been repaying for two years.”

“Homebuyers’ ability to make mortgage payments is not the main issue, said Oxford Economics lead economist Tommy Wu in a report. But a loss of confidence in developers will worsen the real estate downturn, he added. ‘The chance of a vicious cycle — declining housing sales and prices, mounting developers’ distress, and deteriorating local government finances — developing is concerning.'”

This Post Has 85 Comments
  1. ‘prices have dropped by as much as 30 per cent in some areas in recent months, but that only brings consumers back to the prices they saw in 2021…’Something’s got to give. The consumer can not be paying interest rates at this price and having housing prices be inflated the way they are’

    Looks like it was the prices that gived Peggy.

    1. “Looks like it was the prices that gived Peggy.“

      – With real (inflation-adjusted) wages down and general costs up, there’s no other option. Prices have to come down.
      – The entire OECD housing market is jacked-up by the Keynesian/Progressive/Communist Central Banks.
      – Mean reversion’s a bitch.
      – Free markets work, but the globalist Marxists want social engineering. Be careful what you wish for. There will be pushback.

    2. In many cases I’m seeing (from Vermont/ western mass-upstate NY even outside prime areas to Orange County, CA homes purchased in 2019-2021 being listed at 50-90% more with recent increases in 2022.

      I also see reductions but still over 2021. I’m at a loss – but someone is buying these flips.

      I’m looking east for my retired mom who downgraded – I live on the west coast.

      1. ‘someone is buying these flips’

        I’ve been following this a bit differently via these videos. One thing that struck me early on and continues. Take Phoenix for example: you may read sales are down 30 something percent. But that’s from crazy 2021 levels. Sales have dropped from around 8,000 a month, at a pace of about 1,000 shacks less per month. But they are still selling many thousands every month. How many is that a day? A similar scenario is playing out in many metros I follow.

        Yet it does look like not that many more shacks are being listed in Phoenix than crazy 2021, but demand faded with the interest rates. An interesting phase.

      2. “…someone is buying these flips.”

        Could be institutional investors with no owner occupancy constraints (e.g. no need to qualify for a mortgage) using other people’s money to buy.

        1. Why the Road Is Getting Even Rockier for First-Time Home Buyers

          Investors and corporations are buying up houses and turning them into rental properties. In Charlotte, N.C., that is adding to the hurdles facing would-be buyers navigating a brutal market.
          By Sophie Kasakove
          Published April 23, 2022
          Updated April 25, 2022

          CHARLOTTE, N.C. — At her first meetings with clients, many hoping to buy a first home, Sarah Ortiz Hilton runs through a list of warnings.

          They may have to offer tens of thousands of dollars over the asking price only to have those offers rejected anyway, Ms. Hilton, a real estate agent, tells them. They might have to put up thousands of dollars in nonrefundable fees to get a seller to consider their offer. And if they’re looking for a home for less than $300,000, they might be out of luck.

          In part, her cautionary message reflects the red-hot housing market, rising interest rates and limited supply around the country. But particularly in booming Sun Belt markets like Charlotte, it also reflects something else: the increasing influence of real estate investors buying up houses, especially at the lower end of the market, and turning them into rental properties.

          In cities like Charlotte, that trend is exacerbating the shortage of houses for sale, driving up prices and putting homeownership out of reach for many first-time buyers, the biggest losers in today’s market.

          About 2.5 million households shopping for a first home will be shut out of the market this year, estimates Nadia Evangelou, senior economist with the National Association of Realtors. That amounts to 15 percent of all first-time home buyers. In an already daunting market, investor purchasing is adding to the obstacles.

          “The more that investors buy up entire communities and turn them into rental communities — people don’t have a choice anymore,” said Ms. Hilton, who moved from New York to Charlotte in 2007, drawn by the opportunity to buy a house in an affordable market. “They either can’t afford to buy anymore, or there’s nothing to buy.”

          A map compiled by Mecklenburg County, which includes Charlotte, shows a sea of dots signifying corporate ownership throughout the area; the exception is a pie slice-shaped segment extending out from downtown Charlotte — the historically whiter, wealthier neighborhoods often referred to as “the wedge.” More than 93 percent of homes purchased by corporations as of May 2021 were bought for under $300,000. Many of them were in predominantly Black neighborhoods.

          Nationwide, large investment companies remain a small fraction of America’s home buyers.

          “It’s really difficult to make the case that a handful of companies that own 300,000 homes across the country really have the ability to influence things like home prices and rental rates,” said David Howard, executive director of the National Rental Home Council, which represents the single-family rental home industry.

          But their share is growing: Real estate investors bought a record 18.4 percent of the homes that were sold in the United States in the fourth quarter of 2021, up from 12.6 percent a year earlier, according to the realty company Redfin.

          And in some markets, especially in the relatively affordable Sun Belt metro areas, their share is far higher.

          In Charlotte and Atlanta, investors purchased more than 30 percent of the homes sold in the fourth quarter of 2021, according to Redfin. In Jacksonville, Fla., Las Vegas, and Phoenix, they bought just under 30 percent.

          Housing industry representatives note that these numbers, which define investors as any institution or business, represent purchases by smaller, local owners, too, who may own just one or two buildings through a limited liability company.

          For decades, Marjorie Parker knew all of her neighbors in the east Charlotte neighborhood of Hidden Valley. Living there wasn’t always easy, as gang violence periodically rattled the streets. But Ms. Parker found comfort in the strength of the community and the economically stable, middle-class life it afforded Black families.

          The first change she noticed was the fliers outside her door. They offered to buy her home for cash. Soon her phone began ringing multiple times a day with calls offering the same.

          She was committed to holding onto her home, but for many of her neighbors, some who were behind on property taxes or who struggled to keep up their properties in their older age, the offers were a welcome way out.

          When a house next door from her went up for sale last year, young families poured in to visit. But the house quickly sold to a rental company.

          “There should be some cap on that — you can’t have a few people have all the homes,” Ms. Parker said. “Where regular citizens can’t buy a home is a sad day in America.”

          With apartments in her neighborhood typically renting for $1,500 or more, Ms. Parker and other longtime homeowners worry that property tax increases will displace even more residents.

          And there are issues for renters, too. Various studies have found that corporate landlords are more likely to raise rents, evict their tenants and poorly maintain their properties than smaller landlords. One by the Department of Housing and Urban Development in 2018 found that large corporate owners in Atlanta were 68 percent more likely than smaller owners to file eviction notices.

          Facing a steady encroachment of corporate buyers, some neighborhoods are fighting to stave them off.

          Just north of Ms. Parker’s neighborhood, residents in the townhome community of Avalon at Mallard Creek watched as companies quickly snatched up homes for sale and converted them to rentals. By last year, over 40 percent of the homes there were occupied by renters, according to Keri Miller, the homeowners association treasurer.

          The association, frustrated at what it said was poor maintenance of the renter-occupied homes, took a vote on a leasing amendment that would require anyone buying a home in the community to live in the unit for at least a year before renting it out.

          The amendment passed, and by this past February, the percentage of renters had dropped by 10 percent, Ms. Miller said.

          Industry officials criticize these efforts as discriminatory toward renters.

          “Why should a young family who is not in a position to buy a home for whatever reason be prevented from living in a neighborhood that is close to schools, close to jobs and other neighborhood amenities?” Mr. Howard said.

          Demand for rental homes is high, and “the companies are coming in and trying to satisfy that demand,” he said. He added that companies are also addressing the supply shortage by building new rental home communities from scratch.

          But critics say that renting a single-family home comes with far less opportunity for long-term stability and building wealth than owning one. And the typical starting rent of about $1,500 in the area is hardly helping meet the needs of renters at the lower end of the market.

          Jameisha Wilkes spent months searching for a home that would keep her close to her daughter’s therapy for autism, her job at a food services warehouse and her mother’s house in the same subdivision.

          For sale signs were popping up outside modest homes in her subdivision in the northeast suburbs of Charlotte. With the help of a down payment assistance program and financing for a mortgage up to $180,000, she thought maybe she would have a shot.

          But when she searched for the homes on Zillow, she was shocked to find that many houses in her neighborhood were selling for more than $300,000, double what some had been sold for just about five years before. Occasionally she would find something in another neighborhood closer to her price range, but it would be gone quickly.

          “If there’s a house that’s affordable, it’s already gone within 24 hours,” Ms. Wilkes said. “Most times I don’t even get to make it to the open house before there’s already an offer in.”

          Now Ms. Wilkes is busy packing her belongings, but not to move to her own house. After her landlord, Tricon Residential, which now owns more than 1,600 single-family homes across Mecklenburg County, offered to renew her lease for $88 more a month, she decided to move with her daughter into a small one-bedroom apartment nearby while she saves money to buy.

          Local officials are exploring ways to give people like Ms. Wilkes a fighting chance at homeownership, like buying land and offering it for below market value, and creating legislation to add barriers to corporate ownership. But no specific policies have been proposed.

          Efforts to curtail the spread of corporate homeownership are slow going at the federal level, too. A Senate bill that would close legal, tax and regulatory loopholes “that allow private equity firms to capture all the rewards of their investments while insulating themselves from risk” has sat in committee since Senators Elizabeth Warren of Massachusetts, Sherrod Brown of Ohio and others introduced it in October.

          In the meantime, many home buyers feel like their last hope is a stroke of luck.

          1. “They either can’t afford to buy anymore, or there’s nothing to buy.”

            A distinction without a difference…

          2. Corporate landlords will be showing up on the 1st of the month to collect rent In cash in some of these neighborhoods. It’s tough to make money off poor people especially as a landlord renting out used single family homes.

      3. You gotta be able to peel back the layers to reveal the rotten core. And right now you don’t have to peel that deep. But even during what should be obvious to anyone that a correction is underway, you’ll find clueless buyers. I had a spec I sold in ‘07 in Reno area at just under 5% ‘06 top-of-the-market prices. But there were signs everywhere we were in correction and headed for a crash. And yeah, I did have remorseful feelings that I was totally hosing the poor idiot. But in the end, the market has got to have idiots too. It’s how we have price discovery. Even in ‘08 I still people jumping into the market completely clueless.

    3. From the same article. Gotta love the relitters:
      “If you can buy something, anything, even if it’s not perfect, you buy it, and prices will be going up. They always have gone up in this area, and you’ll be able to flip that into a home that’s more suitable for you a little later on,” advised Woolsey.
      The Barrie and District Association of Realtors says if you’re waiting but can afford something now, you should buy it because it’s not going to get more affordable.”

  2. ‘making bets on how many showings the home would get. They later discovered only one person came to view the property’

    Ima countin’ my chickens – before they hatch!

    ‘despite being listed for $50,000 below similar homes in the area, said Bhandari. In mid-June, he took the home off the market. ‘At that point in time, the sellers were expecting yesterday’s price and buyers were wanting tomorrow’s price’

    That’s right Aneesh, hold yer line, don’t give it away.

    1. the sellers were expecting yesterday’s price

      With today’s interests rates, inflation, and recession.

    2. “Aneesh”

      This jack@ss thinks he is entitled to 200k or more equity in less than a year. I was told immigrants are ‘reasonable’ people.

  3. ‘Prices are down well over 20% from the height in April and May…In two or three years, they’re going to be just fine,’ Abbey said of those who bought the past two years. ‘They’re not way upside down’

    Don’t ferget the big plus Lori, they can date that rate!

    1. Prices are down well over 20%
      In two or three years, they’re going to be just fine,’
      Assuming down 22%, HPI would need to be 12.5% to 8.3% respectively for 2 and 3 years just to break even.
      Anyone want to take the over on 12.5% HPI?
      Note this data excludes the 6% fee and incremental costs if you need to sell.

      1. Oh, and there’s absolutely no holding costs when it comes to home ownership. So they’ll be just fine……Got lube?

          1. Except it doesn’t. Every dollar spent on shelter is a dollar that isn’t spent elsewhere. Unnecessarily diverting capital towards shelter means other more productive activities may go under funded. It’s a waste of natural resources and land. And it always hits a limit and the debt cracks up. This is especially true when you have a bunch of idiots who are supposed to be monitoring and regulating. Look at how Wrong Way Jerry® and others had the pedal to the metal right up until the SHTF. This is unprecedented. Denver goes from a housing food fight to dropping 20%? That’s never happened before except in K-da (Vancouver 2016, Toronto 2017). Phoenix just dropped 10% in 30 days.

          2. I’m signed up with for Kingman AZ, among other places. I just got this:

            20 new price decreases

            Every one is new construction (some not started or in various stages). Most of the cuts were an even $20,000 with a few $25,000 mixed in. I’ve never seen this happen since I’ve signed up for notifications in 2014.

          3. I guess the obvious question then is why do it? IMO to mask the job/income loss from globalism. The shack makes rocket go now started in the mid-1980’s, when the giant sucking sound was beginning to roar. US shacks were affordable in the 1970’s – everywhere.

          4. The attitude of entitlement from Denver loanowners is nauseating.

            I’m looking forward to seeing their cash out refi money spigot shut off, and force them to actually live on their incomes.

          5. A 10% drop in 30 days happens at an annualized rate of
            1 – (1-0.10)^(365/30) = 72%.

            That’s alot of CR8R!

          6. The Achilles heel of our debt based system is that while it requires greater and greater debt to grow it can never fully be repaid without total failure of the system. Real estate inflation and subsequent bust makes a convenient place to sweep a bunch of debt under the rug during the resets. This is why it is so important to be in tune with the cycle otherwise you get swept under the rug too.

            The game is to run it up, reset it, and run it up again. There is a natural cycle at work that Fed conveniently amplifies and the insiders make money on the upside and the downside. Once you can see the cycle it becomes fairly predictable. They aren’t exactly the same each time but they do closely rhyme. We are now heading down the backside towards the reset. People buying now are sorely misinformed to put it nicely.

  4. ‘Xue said almost all of his salary now goes to rent and mortgage payments. ‘I don’t want to pay any more,’ the 24-year-old said. ‘Our hearts are cold’

    I would say it was cheaper than renting Xue, but yer paying that too.

    1. I would say it was cheaper than renting Xue, but yer paying that too.
      This is funny as he$$. Cynical, but funny!

      1. The Chinese idea to make mortgagors pay to pay a mortgage for a condo that doesn’t exist yet is one of the dumbest ideas I’ve ever heard and I’m surprised it’s lasted this long.

    1. The Wall Street Journal
      Heard on the Street
      Don’t Let This Irrational Stock Rebound Make You Insolvent
      The rapid rebound in some of last year’s favorite stocks doesn’t make much sense, but that’s totally normal in a bear market. Make sure you don’t start ‘anchoring’ on what those pandemic darlings did before.
      By Spencer Jakab
      Aug. 12, 2022 5:30 am ET

      Don’t believe everything you read on the Internet.

      For example, more than a million Google search results, thousands of articles and dozens of books and investment letters will tell you, without evidence, that the great economist John Maynard Keynes said “the market can remain irrational longer than you can remain solvent.”

      The man who actually said it 36 years ago, Wall Street veteran Gary Shilling, is no slouch at the dismal science himself and, unlike Lord Keynes, is still with us at age 85. He has some opinions about how rational the recent stock market rebound is: After the mildest of bear markets, the hardest-hit companies, many still unprofitable, have been leading a recovery the past eight weeks. Dr. Shilling is skeptical, saying stocks never reached their “puke point”—a stage of despair that serves as the basis for a sustainable rebound.

      The more those one-time retail favorites rebound, though, the more convinced both individuals and pundits seem to become that the bottom is already in. Strategists at Citigroup note that analyst levels of optimism, based on the number of stock buy recommendations, are back to the 2000 and 2007 market peaks. And longtime newsletter follower Mark Hulbert maintains a measure called the Hulbert Nasdaq Newsletter Sentiment Index tracking the average recommended allocation to stocks by short-term market timers. It is back to “extreme levels of bullish optimism.”

      It’s hard to conceive, but some individual investors are even more bullish than that. Last week theater chain AMC Entertainment announced that it would distribute preferred stock to shareholders with the unsubtle ticker symbol APE—a reference to what enthusiastic AMC shareholders call themselves. But the issuance is a possible backdoor maneuver to sell dilutive common stock to them. AMC shares initially fell on Friday following the news, which makes sense, but then bounced, trading almost 50% above Friday’s intraday low by Monday afternoon.

      True, many darlings of 2020 and 2021, from futuristic tech companies to pandemic stars to meme stocks like AMC remain at half or less of their peaks. Their rebounds have been noteworthy, though. Electric car company Rivian Automotive is up by 102%, exercise bike maker Peloton Interactive is up 45% and GameStop, the original meme stock, has more than doubled from its 52 week low.

      Actively betting that the spring meltdown would continue could well have left a bearish speculator insolvent, but the market’s behavior is actually pretty typical, if not rational, says Dr. Shilling. As the 2½ years it took for the tech bubble to hit bottom shows, the unwinding of a retail-led mania doesn’t happen all at once but is instead punctuated by premature bargain-hunting. He sees the S&P 500 eventually bottoming 40% below its peak, requiring another 30% selloff from today’s level. For what it is worth, he almost exactly predicted the bottom of the 2007-2009 bear market.

  5. “All animals are equal, but some animals are more equal than others.”
    — George Orwell, ANIMAL FARM

    Hunter Biden laptop repairman John Paul Mac Isaac says FBI agent threatened him to hush up

    The computer repair shop owner who blew the whistle on Hunter Biden’s infamous laptop claims in a new book that an FBI agent threatened him to stay silent.

    John Paul Mac Isaac said two federal agents came to his Mac Shop in Wilmington, Del. in December 2019 to recoup the laptop following a subpoena, he details in his new book “American Injustice: My Battle to Expose the Truth.”

  6. Nothing to see here the 87,000 new IRS agents will only be assaulting the suburban homes where the evil corporations that don’t pay their fair share live.

    Training Included Armed Agents Carrying Out Simulated Assault on Suburban Home

    Paul Joseph Watson
    Published 3 mins ago on 12 August, 2022

    An Internal Revenue Service internal report shows heavily armed agents simulating an assault on a suburban home as part of their training.

    The training was featured in the 2021 IRS annual report, which shows agents at the agency’s National Criminal Investigation Training Academy (NCITA), which is located within the Federal Law Enforcement Training Center (FLETC) in Brunswick, Georgia.

    The report documents how the agents are given “firearms training” and another image shows agents wearing tactical clothing that says ‘POLICE’ and ‘IRS-CI’.

    Another image shows agents having entered a house with guns drawn.

    The training simulation is likely to prompt concern following the revelation of an IRS job posting that announced it was looking to hire people who are ready to kill.

    The job ad listed one of the “major duties” of IRS agents to be able to “carry a firearm and be willing to use deadly force, if necessary.”

    The IRS subsequently deleted the job posting, which was discovered after the Democrats introduced a new bill that would give $80 billion in funding to the IRS to hire 87,000 new IRS agents.

    Although the Biden administration claims the newly empowered IRS will target the rich, 75% of IRS audits target Americans making under $200,000 a year.

    1. Why don’t the just call them the money police at this point. Jeez. Is it fear they want to breathe down our backs? What happens when disgruntled joe6p has enough?

  7. How’s that voting for Bolshevism working out for ya, New Yawkers?

    NYC rent hits a new record, no break for New Yorkers in sight

    These small-town blues, they are melting away. I’ll make a brand new start of it in old New York — but will I be able to pay?

    Record-high New York City rents, following a pandemic-era plunge into record lows, continue to hit all-time, and bank-busting, highs — and July was no different.

    That’s according to the latest rental market report from Douglas Elliman and Miller Samuel — a monthly release tracking pricing in Manhattan, Brooklyn and parts of Queens — which found that median and average rents in Manhattan climbed to a respective $4,150 and $5,113 per month.

  8. “Congestion fees”: the Democrat-Bolsheviks’ latest trick when it comes to extracting wealth from motorists and trying to force people to use vibrant-infested public transportation as the globalists’ war on private autos goes into high gear.

    NYC could become the first American city to implement a $23 congestion charge fee for motorists entering its busiest areas from next year

    New York City could become the first US city to implement a congestion fee for motorists entering its busiest areas.

    The Big Apple’s new plan, laid out Wednesday by the Metropolitan Transportation Authority, could see drivers charged as much as $23 to enter Manhattan’s central business district.

    1. London was the dry run for “congestion fees.” From what I saw, it didn’t make dent in traffic.

  9. “‘Prices are down well over 20% from the height in April and May,’ said Lori Abbey with The Abbey Collection at Compass Real Estate.

    Call it a hunch, call it an intuition, but I am beginning to FEEL we might be in the early stages of a bursting housing bubble.

  10. ‘In two or three years, they’re going to be just fine,’ Abbey said of those who bought the past two years. ‘They’re not way upside down. Very few people are in a really terrible position because we are still a growing market.’”

    Realtors are liars.

    1. Japanese house buyers circa 1990 found themselves deeply underwater with prices still deflating a decade later.

  11. “The number of homes in foreclosure jumped 116% in a year in California as restrictions end on the ability of lenders to move against seriously delinquent borrowers. The U.S. number was even higher, surging 153%.

    Is that a lot?

  12. Central bankers can’t print water. How will a sustained drought impact the quality of life, and shack prices, in affected areas?

    Britain dries up: Millions face threat of household water rationing as drought is declared while shops clampdown on panic-buying with limits on bottled water

    Swathes of England are officially in drought today amid scorching temperatures and hardly any rain since June as supermarkets began rationing bottled water to prevent panic buying and millions more households edged closer to a hosepipe ban.

    Residents in London, the South West, Southern and Central England and East of England have been move into drought status where they are being urged to be frugal with water because of the driest summer in 50 years with no rain and 35C [95f] forecast today, 37C [98f] forecast tomorrow and 35C [95f] on Sunday.

    Where in the UK is there an official drought?

    View gallery
    The Environment Agency has confirmed that eight of its 14 areas are officially experiencing drought.

    These are:

    Devon and Cornwall
    Solent and South Downs
    Kent and South London
    Herts and North London
    East Anglia
    Lincolnshire and Northamptonshire
    East Midlands

    It came as an Aldi in London put up posters limiting customers to between three and five bottles of drinking water each amid panic buying.

  13. A reader sent these in:

    YIKES. Right as median sale price dropped 4% in one month

    My mom worked as both a realtor and an interior designer in Chicago. Her advice on assessing any residential market “go talk to the local furniture stores.”

    Popped into a few in Asheville. According to them things “really slowed down” about two months ago. Lots of 50% off sales.

    $5,279,193,253: the dollar volume of real estate traded on TRREB in July 2022.

    $12,140,344,085: the dollar volume of real estate traded on TRREB in February, 2022.

    Good morning. Woke up to this in my inbox. #DFW

    Highest ever

    “Won” a bidding war back in April 2022…

    Sale just being reported now…

    5966 5968 VICTORIA DRIVE, Vancouver

    Bought: $2,003,008 (April 2022)

    Asking: $1,799,900

    Assessed: $1,566,000

    Today in ‘Frisco condo news… “It’s a block from the Tenderloin. The only people buying there have a scat fetish.”

    Bought 2016 $5,200,000…. tenanted for last 5 years at $6,000 per month and the tenants would love to stay…

    Yet selling… 🤔

    Asking: $4,098,000


    1. “5966 5968 VICTORIA DRIVE, Vancouver
      Bought: $2,003,008 (April 2022)
      Asking: $1,799,900
      Assessed: $1,566,000”

      I bet Zestimate says $2.5 mil.

  14. Bought 2016 $5,200,000…. tenanted for last 5 years at $6,000 per month and the tenants would love to stay…

    Yet selling… 🤔

    Asking: $4,098,000

    A great example how houses depreciate…. rapidly. What are actual losses to depreciationg, fees, taxes, etc….. 30% in 6 years?

  15. Who knew that debt-fueled “growth” based on a tsunami of central bank funny money was unsustainable in the long run?

    Aussie company collapses up 50 per cent since April, Creditorwatch finds

    The sheer scale of a “disturbing trend” affecting the Australian economy has been revealed, as its consequences keep growing.

    It’s no secret there has been a “massive rise” in Australian companies collapsing but new findings show they have skyrocketed by a whopping 50 per cent since April.

    The construction industry has faced a particular crisis with dozens of firms going under this year, but everything from billion dollar tech starts up to grocery delivery companies have become casualties of this “disturbing trend”.

    1. “Nations, like individuals, cannot become desperate gamblers with impunity. Punishment is sure to overtake them sooner or later.” – Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds

  16. In summary, Klaus Schwab leader of WEF, calls for censorship of ” hate speech and disinformation”,before its posted.

    Seriously, the only reason for censorship and control of free speech, information, and dispute to fake new narratives, is for warfare purpose. These are life and death matters that they want to control information.

    Along with defrauding the Public with the fake news narratives, they are changing the definition of words ” 1984 Orwell” style.

    Its now at 16 Doctors dead in Canada , in about a month, after taking the 2 jab 2 booster protocol…..and that isn’t world wide news?
    Vaccines are ” safe and effective” is the only information considered to not be disinformation , and all dispute to that is disinformation.
    Doctors and nurses better realize that they are stooges for a big Pharmacy capture of the Medical system, and keeping their job isn’t going to matter if they end up like one of those dead 16 Doctors in Canada.

    Its time for a rebellion by the Doctors and nurses , who know darn well that people are dead and injured by the vaccines.

    When the Public finally gets mad over the death and injury of their love ones , they are going to come after the Doctor or nurse, or pharmacy, that administered the poison and even recommended it.

    Its already apparent that Biden lied to the Public by saying that vaccines were safe and effective and they won’t get Covid, you lose your job if you don’t comply. He lured people to their death and injury by his outrageous endorsement and mandating of a killer expiermental vaccine.
    And other Governments and Leaders did the same in lockstep.
    And life gets weirder by the minute as insanity on every level is tearing down civilization, so they can “Build Back Better” and have a Great Reset, that nobody voted for.

  17. “‘In two or three years, they’re going to be just fine,’ Abbey said of those who bought the past two years. ‘They’re not way upside down. Very few people are in a really terrible position because we are still a growing market.’”

    Why would I trust some moron who literally makes money of trying to get me to spend as much money as possible?

    1. It’s not really over. The Covid mask virtue signalers are still at large, and they will do their best to make you uncomfortable if you don’t mask up.

    2. Nope, its not over. A matter of justice involving dead and injured people . Its not over until these corrupt Institutions and all the culprits are brought to justice .

      A little back off from these entities and people, is not enough, when you look at the enormous harm they did to people.

      I don’t know why they backed off, but it doesn’t mean it isn’t just temporary.

      1. It’ll be over once the body separates from the rotting neck leaving the head in the noose.

  18. Pandemic #3?

    Via ZH (no link): NYC Warns “Polio Circulating” City After Virus Found In Sewage

  19. Exclusive: Warrant Shows DOJ, FBI Waited Several Days After Judge Approved to Conduct Mar-a-Lago Raid

    12 Aug 2022
    6 hours ago

    The document, obtained and reviewed by Breitbart News, shows that the DOJ and FBI waited several days after Reinhart approved the warrant to conduct the raid, something that severely undercuts the talking points issued by Attorney General Merrick Garland in a public statement on Thursday when he broke his silence to discuss the matter in televised remarks.


    1. The Leftist Trump hating seals who cheer and clap for these laws in the name of Climate Change will change their tune when they push their shopping carts up and down the empty aisles of their local grocery stores and realize they have been duped.

      Why tractor-riding Dutch farmers are protesting against emissions regulations

      By Madison Selcho, Deseret News | Posted – July 10, 2022 at 9:54 p.m.

      The new environmental rules say that farmers need to drastically reduce the amount of nitrogen oxide and ammonia emissions that their livestock produce.

      1. the empty aisles

        The real target may be to reduce the two footed variety of carbon and nitrogen emitters.

  20. The Inflation Reduction Act passed Congress. What does this mean for the housing market?

  21. An alarming prediction.

    Aug 12, 2022

    7 hours ago
    Honestly, this doesn’t bother me. I’m convinced that pain will finally break the apathy of the average voter who will finally realize they’re under assault. At least, I hope.

    80 REPLIES

  22. Videos show some cold blooded MFERs

    BRIETBART GRAPHIC: Radio Crew, Witnesses Gunned Down in Mexican Border City near Texas

    12 Aug 2022

    Cartel gunmen shot and killed a radio crew and several bystanders during a series of attacks on businesses throughout Ciudad Juarez. Authorities note 11 murders and several cars and businesses set on fire in a span of 10 hours. The violence is attributed to a cartel turf war that began inside a local prison.

    Gonzalez and three of his coworkers were broadcasting outside a local pizza shop when cartel gunmen shot at them before storming the business, targeting customers. The gunmen killed the media workers and injured four other nearby victims. In a separate attack at a convenience store, gunmen shot two women, La Verdad reported.

  23. Migrant is the only term I now see in any news or opinion piece for describing what used to be called “illegal aliens”.

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