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The Elephant In The Room Has Spoken

A report from the Orlando Sentinel in Florida. “‘The normal day now, I wake up, look at the [multiple listings service for agents], see a hundred new listings and 400 price decreases,’ said Jeremy Wood, an agent with Keller Williams Heritage Realty in Altamonte Springs. Higher end luxury home sales have nearly dried up, Wood said, while competition has eased even among homes selling for less than $300,000. ‘Sellers were still … riding that high of thinking, ‘Oh my gosh, I could ask for anything,’ he said. ‘Begrudgingly, a number of them have had to bring their prices back down to what the home is worth.'”

Fox 13 on Tennessee. “Within days of listing her East Memphis home, Lisa Caufield said she received her first offer. However, that first offer was $30,000 less than her listing price. ‘I can’t say (the market) is hot,’ Caufield said. ‘Our prices have gone down as far as what we thought we could be selling our house for.'”

“‘We won’t have this bidding war that we had before,’ explained Cassandra Bell-Warren, the Division Vice President for Tennessee Realtors. ‘So for buyers, it’s going to be great’. Bell-Warren said buyers can take their time to make a decision after touring a home because inventory has grown significantly. ‘Six months ago, people were going to look at a house and they were having to make a decision right there because there were 18 other people outside waiting to see the same house,’ Bell-Warren explained.”

NBC DFW in Texas. “As housing demand continues to decline following the uptick in mortgage rates, realtors and lenders are seeing signs of hope for people who have struggled in the competitive homebuying market. Crystal Parkinson, Area Manager for Cardinal Financial, explained several emerging trends that are more favorable for families searching for a home. ‘It is nice to be able to make a call to somebody and tell them the market is softening, hold on you’re going to have a chance. One thing we are seeing now is more contingent offers are accepted. So, if a buyer has to sell their home before they can close those, are finally getting accepted,’ said Parkinson.”

The Aspen Daily News in Colorado. “The elephant in the room is trumpeting a shift. At the recent Inman Connect gathering of luxury U.S. brokers from all over the country, the changing market got enormous attention. On my last REALM.Global weekly Zoom call, eight top-tier luxury brokers from major U.S. markets reported on the undeniable shift in market conditions. Globally, the story is the same. Throughout the U.S., sellers are living in the recent past of unrealistic pricing. ‘But Aspen is different’ — that is the anecdotal chatter on the hiking circuit. Is it?”

“From Aug. 1 to Aug. 12, price reductions are popping up daily. ‘Price changes’ is now the more delicate euphemism for reductions. The high end is no exception, with one listing reduced from $29 million to just under $25 million. Throughout the entire MLS, there have been a total of 61 price reductions this month for properties listed at $1 million and up. Now that the elephant has spoken, you can proceed with confidence that the market is going back to the future. If you are a real seller, reasonable pricing will deliver a positive outcome for your next sale.”

The Review Journal in Nevada. “With home sales recently falling in Las Vegas and around the country, U.S. builder confidence has dropped for the eighth consecutive month as developers face a ‘housing recession,’ a new report shows. Coldwell Banker Premier Realty agent Tricia Kiefer said recently that Las Vegas Valley builders have ‘totally switched.’ She said they are offering to apply money toward closing costs and are offering commissions again to buyers’ agents. Some builders have also started to slash their base asking prices lately ‘for the first time in a very long time,’ Andrew Smith, president of Las Vegas-based Home Builders Research, reported.”

“Century Communities, a national homebuilder with projects in Southern Nevada, recently announced that it was ‘bringing back its popular Purple Tag sale’ through August. The sale offers ‘major savings’ through special pricing, closing-cost assistance, competitive financing and rate-lock programs, and move-in packages, the builder said.”

“On the resale side, Southern Nevada is seeing fewer purchases, fast-rising inventory, plenty of price cuts and more negotiating power for buyers. Amid the pullback, sales prices fell month to month in July for the second consecutive time after not dropping for more than two years. The median sales price of previously owned single-family homes — the bulk of the market — was $465,000 last month, down 3.1 percent, or $15,000, from June,Las Vegas Realtors reported. ‘We’re definitely seeing a shift in the housing market,’ LVR President Brandon Roberts said. ‘We haven’t seen prices slow down like this in several years.”

The Las Vegas Sun. “The number of conventional mortgage applications in July in Nevada was down more than 34% from the same month in 2021, according to the Mortgage Bankers Association. And the number of refinanced mortgage applications last month was down more than double — about 84% — from July 2021. ‘We went from all-time record-high applications to a 22-year low, which is a brutal swing,’ said Jonathan Gedde, CEO of SimpliFi Mortgage and chairman of the Nevada Mortgage Lenders Association.”

“‘All of these (mortgage-lending) companies had been doing all this hiring to take advantage of all the business that was out there,’ Gedde said. ‘We’re talking significantly higher-than-normal capacity, then, all of a sudden, we have significantly lower application numbers. It’s caused a radical shift.’ Last week, mortgage lender LoanDepot, a national firm that does business in Las Vegas, announced a second-quarter loss of $224 million. The dwindling business is forcing some difficult decisions.”

“‘LoanDepot is the fifth-largest wholesaler in the entire country, and they just closed that whole department,’ Gedde said. ‘We’re seeing lots of layoffs. The last time we had a radical market shift was 2008, which is really the only time we can compare this to. Even 2008 and 2009 (the Great Recession), that wasn’t as drastic of a shift.'”

“Corey Gehlken, a senior loan officer for Keller Mortgage in Las Vegas, said the refinance business has almost completely gone away. ‘It’s a rough time out there in the mortgage industry,’ Gehlken said. ‘Those rates around 2%, those just weren’t realistic. They were real at the time, but that wasn’t a normal type of situation.'”

The Nevada Current. “Builders in Southern Nevada sold 434 homes in July, down from 713 the previous month, according to analyst Home Builders Research, sparking concerns about rippling economic effects. Sales of new homes in the valley peaked this year at 1,256 in March. ‘I’ve heard of one builder making some layoffs but I don’t know any details so I’d imagine with permit activity also falling there will be some residual effects across the industry,’ Andrew Smith president of Home Builders Research, said in an interview.”

“‘We are busy for the next two weeks, still catching up from supply chain and labor issues,’ says Patricia Farley, president of Southwest Specialties. ‘After that you will see massive layoffs.’ Farley says one competitor has already laid off 150 workers. ‘I know people who qualified last year for a new home, which is a one-year build out, but can’t qualify this year with the higher interest rates,’ says Sarah Scattini, president of the Reno/Sparks Association of Realtors. Builders must either shave the price or cancel the sale and start over, she says.”

“‘It’s pretty easy to connect the dots between higher interest rates and reduced demand, which is going to suppress prices,” says fiscal analyst Guy Hobbs of Hobbs, Ong, and Associates. ‘Suppressed prices are probably a strong signal to the homebuilders. If they’re thinking about undertaking another project, the way their margins are anyway, doing it in a market where the prices are dropping is probably not to their advantage.'”

“At a July auction, builders made no offer on eight of 20 tracts of land belonging to the Clark County Department of Aviation. ‘The per acre price for what these are zoned for was too high for builders to secure financing,’ the SNHBA said of the parcels. Farley doesn’t expect commercial projects to offset the anticipated lull in the residential market. ‘Commercial construction is on a drip now and companies are struggling with having the financials necessary for bonding on big projects,’ she says.”

“Farley is equally pessimistic about a quick recovery, citing inflation concerns. ‘I don’t think the market will turn quickly,’ she says. ‘I think it’s ugly through year-end.'”

From Business Insider. “Homebuilder stocks slipped Monday as sentiment among construction companies fell to a level indicative of contraction. About 1-in-5 home builders, or 19%, reported reducing prices in the past month to boost sales or limit cancellations, with the median price reduction at 5%.”

From Bloomberg. “Compass Inc., the real estate brokerage led by Robert Reffkin, is taking new cost-cutting measures as it seeks to generate positive cash flow in a slowing US housing market. The New York-based company said it would implement a cost-cutting strategy that should save the brokerage about $320 million in expenses next year, according to an earnings release Monday. The move, which should be completed by the end of the year, follows earlier measures, announced in June, that included a 10% reduction of Compass’s salaried workforce.”

“The main cuts will come from Compass’s technology operation and from the incentives used to acquire agents, Chief Operating Officer Greg Hart said Monday on a conference call discussing second-quarter results. Compass reported a net loss of $101 million in the second quarter, missing an estimate for an expected loss of $63 million based on analyst forecasts compiled by Bloomberg.”

From The Street. “Mark Cuban should have expected it. Since crypto lender Voyager Digital filed for Chapter 11 bankruptcy, criticism of the billionaire and owner of the NBA Dallas Mavericks team has been raining down on social media. These critics accuse him of promoting the platform and therefore hold him responsible for the losses they say they suffered as we wrote on July 8. These reproaches now result in a class action lawsuit against the successful entrepreneur.”

“These angry individual investors claim that Cuban and the Dallas Mavericks tricked them into investing in Voyager Digital, which went bankrupt and cost them some $5 billion in total, according to the complaint. The complaint is based on another complaint filed already in December against Voyager Digital. The ‘deceptive’ Voyager Platform ‘was an unregulated and unsustainable fraud, similar to other Ponzi schemes,’ claim the plaintiffs. ‘It was specifically alleged in detail in that complaint how defendants Mark Cuban and Stephen Ehrlich were key players who personally reached out to investors, individually and through the Dallas Mavericks, to induce them to invest in the deceptive Voyager platform.’ Ehrlich is Voyager Digital’s Chief Executive Officer.”

“Cuban and Ehrlich, as will be explained, went to great lengths to use their experience as investors to dupe millions of Americans into investing — in many cases, their life savings — into the deceptive Voyager platform and purchasing Voyager earn program accounts (‘EPAs’), which are unregistered securities,” the plaintiffs add. ‘As a result, over 3.5 million Americans have now all but lost over $5 billion in cryptocurrency assets.'”

“‘In stocks and crypto, you will see companies that were sustained by cheap, easy money — but didn’t have valid business prospects —will disappear,’ Cuban said in an interview in June with Fortune. ‘Like [Warren] Buffett says, ‘When the tide goes out, you get to see who is swimming naked.’ The plaintiffs included this last statement in their complaint.”

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This Post Has 104 Comments

  1. ‘Those rates around 2%, those just weren’t realistic. They were real at the time, but that wasn’t a normal type of situation’

    Gosh, I hope no one overpaid in such a ‘situation’.

      1. The cratering in the globalist Quisling looting colonies of Canada, Australia, and New Zealand is especially satisfying.

  2. ‘Some builders have also started to slash their base asking prices lately’

    Wa happens to the suc… I mean winnahs! earlier this spring Andy?

  4. ‘These reproaches now result in a class action lawsuit against the successful entrepreneur’

    Yeah, this clown has to resort to ‘alleged’ ponzi schemes. Success! You should try renting f&*$ing desks.

  5. ‘The normal day now, I wake up, look at the [multiple listings service for agents], see a hundred new listings and 400 price decreases’

    Wa happened to my shortage Jerry?

  6. If there’s anything more enjoyable than seeing Real Journalists at failing globalist propaganda outlets being told to hit the bricks, it’s seeing white libtards, especially the Comrades of Proven Worth (D) in our NEA indoctrination mills, reap the consequences of the anti-white “diversity” agenda being pushed by the globalists & their minions.

    Fury as Minneapolis teachers’ union negotiates clause requiring WHITE educators to be laid off first regardless of seniority to make up for ‘past discriminations’: Rule is part of contract that ended two-week strike this past March

    https://www.dailymail.co.uk/news/article-11114637/Fury-Minneapolis-teachers-union-says-WHITE-teachers-laid-regardless-seniority.html

    A new contract between public schools and the teachers’ union in the city of Minneapolis is causing outrage because it may see white teachers laid off at the expense of teachers of color.

    The stipulation is part of a new agreement starting in spring 2023 between the Minneapolis Federation of Teachers and Minneapolis Public Schools ending a two-week long teachers’ strike.

    Part of the agreement was an attempt to re-format how the school district hires and keeps teachers of color.

  7. ‘Begrudgingly, a number of them have had to bring their prices back down to what the home is worth.’”

    Gosh, but what happens if “what the home is worth” keeps heading south?

  8. ‘Our prices have gone down as far as what we thought we could be selling our house for.’”

    What you “think” you can sell your shack for is irrelevant, Greedhead Lisa. The market gets a vote, remember?

  9. ‘It is nice to be able to make a call to somebody and tell them the market is softening, hold on you’re going to have a chance.

    A chance to rush into your financial Waterloo. You’d have to be completely devoid of anything resembling a conscience to be a UHS.

  10. Peasants! As “the science” keeps changing and the number of “unexplained deaths” multiplies, remember, our globalist Quisling overlords like Jacinda Ardern are our self-appointed “single source of truth.” Spoken like a true dictator.

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

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

        1. You’d think that people might be LESS stressed now that the WuFlu pandemic is over. I simply do not think about it anymore. I haven’t bothered to look at the Worldometers website in a while. Dang, now I gotta look … as I expected, sinking like a turd in a well.

          1. I am cruising Lake Ontario on the US side. There are still silly restriction signs on the glass doors but nobody acts like there is a virus. Are they just keeping them at the ready for the next state mandates?

          2. I suppose that it being New York state, they might be expecting more restrictions this fall and winter,

      2. Lots of fresh Graves (92 to be exact) in one small town in NZ.

        What the hell is going on?

        I’m sure it was not reported in the local newspaper. Though 92 sudden deaths in a small town is probably hard to cover up from the locals. Aaaaand, those are the ones who were buried (and who probably received the Rite of Christian Burial). How many more were cremated and had their ashes scattered?

    2. If you have the capture of Governments and their Agencies, by all these Entities that want a Great Reset One World Order Dictorship, than everything is weaponized to tear down current systems. . .

      Two weeks to flatten the curve to locking down the globe , with a false medical tyranny of epic destruction .
      Fake news control of the narratives , that have reached the point of defrauding on a epic scale .
      Big Pharmaceutical, and guys like Bill Gates buying off the news. Corporations ( WEF) in collusion with the takeover. Bought off Politicians treasonous alliance with this attack on global humanity.
      In a normal World, those vaccines would of been taken off the market. But no, they accomplish all their goals , so this pull back by CDC, doesn’t suffice when they are planning more pandemics and campaigns for jabs not fit for human consumption.
      A shift to Climate Change narratives, that’s all part of the scheme or plan to take over humans, enslave them, hack and surveillance, forced bugs and fake food.
      Nobody voted for this , so they are doing it by brainwashing, fraud, force, bribery and extortion, fear mongering and fake news.
      Take out your opposition by any means. Censorship of thousands of Doctors and Scientists opposing the scam , slander them as disinformation .
      I have never seen anything like this in my life. So similar to Hitler tactics. Hitler took control of information ( the news) , destroyed political opposition, committed genocide, and wanted to take over the World.
      This time its the Rich Elite, Mega Rich Corporations, Money Changers, UN and bizarre secret entities, that are behind this takeover. All these different private parties that infiltrated , corrupted , and are in operational mode to take over.
      The 99 % of humanity that they are in open warfare against can comply with this.
      Their narratives get more ridicules by the minute .
      The entire capture of the medical system where Doctors/ nurses are afraid of losing their jobs if they don’t go along with medical mal practices and fraud . Whistle blowers coming out in droves , but than they are censored , fired and slandered.
      Overwhelming evidence the vaccines are killing and injuring people in epic numbers, and they don’t prevent Covid, but they continue with this genocide , injury and fraud.
      The attack on the unvaccinated , who need to be fired, taken to camps , punished by fines, deprived of commerce, etc, if they don’t comp!y to this madness.
      So obvious now, so unbelievable, and so evil.

  15. A report from the Orlando Sentinel in Florida. “‘The normal day now, I wake up, look at the [multiple listings service for agents], see a hundred new listings and 400 price decreases,’ said Jeremy Wood, an agent with Keller Williams Heritage Realty in Altamonte Springs. Higher end luxury home sales have nearly dried up, Wood said, while competition has eased even among homes selling for less than $300,000. ‘Sellers were still … riding that high of thinking, ‘Oh my gosh, I could ask for anything,’ he said. ‘Begrudgingly, a number of them have had to bring their prices back down to what the home is worth.’”

    Does this mean my family gets to actually move into a house soon?!? Maybe that rents will fall too?!

    2. “Does this mean my family gets to actually move into a house soon?!? Maybe that rents will fall too?!”

      Soon?

      I don’t know.

      I had been renting and waiting from 2005 till 2007-08 when the bubble popped and prices started to crash. Problem back then was they stopped foreclosing and put an artificial floor under house prices. It was mid 2012 before I begrudgingly bought a house in Jupiter Fl. when I could see their plan had or at least was working.

      Today prices although way higher than 2007 have started dropping, inventory is building just like last time. I know how frustrating it is to wait , question is do the PTB let it crash or not?

      There was a good dude who used to frequent this blog who ended his posts with…

      Got popcorn?

      2. Jupiter Florida is super expensive. I wouldn’t expect a major rock bottom there because there is so much northern money there. It’s not exactly a middle class part of the state. 😬

        2. “Jupiter Florida is super expensive”

          Didn’t used to be.

          Right now even with the recent price drops (which I have to believe are just the beginning) the hood in Jupiter (and yes there are sections I could drive you to and you would say.. Damn, this is the hood) are outlandishly priced. There are sections that are mostly immigrants that used to be cheap but not anymore. There is a ton of middle class housing that was $140k plus or minus before bubble 1 back in 2000 and in some cases all these hoods got back close to those 2000 prices in 2010 – 2012.

          Now maybe you wouldn’t expect a major rock bottom here and maybe there won’t be but I’m here to tell you it happened before.

          1. “Really! I used to live on Hutchinson island with the hoi polloi — Jupiter was way out of budget.”

            Taken from Realtor.com today, I could go on and on but it’s dinner time. 🙂

            Pending
            $530,000
            3 bed
            2 bath
            1,734 square feet
            236 Moccasin Trl W, Jupiter, FL 33458

            Property Price
            Date

            07/13/2022 Price Changed $530,000

            06/24/2022 Listed $565,000

            09/23/2013 Sold $161,000

            03/27/2001 Sold $161,000

            02/28/1989 Sold $126,000
            —————————————————————————————
            $479,000
            3 bed
            2 bath
            1,143 square feet
            6415 Barbara St, Jupiter, FL 33458

            07/13/2022 Price Changed $479,000 $419 BeachesMLSFlex
            05/26/2022 Listed $499,000 $437 BeachesMLSFlex
            06/02/2004 Sold $190,000 $166 Public Record
            12/12/2001 Sold $129,900
            ———————————————————————————————–

            For Sale
            $550,000
            3 bed
            2 bath
            1,159sqft
            1,159 square feet
            18254 Jupiter Landings Dr, Jupiter, FL 33458

            Date Event Price Price/Sq Ft Source
            08/10/2022 Price Changed $550,000 $475
            07/19/2022 Listed $585,000 $528 BeachesMLSMatrix
            09/23/2013 Sold $106,000 $96 JTHSMLS
            09/21/1999 Listed $109,900 $99 JTHSMLS

  16. Adam Kinzinger (R-IL) is the RINO de jour.

    ‘Liz Cheney Is Standing Up Against Evil’ — GOP in a ‘Bad Place’ if She Loses

    Published on
    16 August 2022

    Representative Adam Kinzinger (R-IL) said Monday on CNN’s “Situation Room” that if Rep. Liz Cheney (R-WY) loses her primary on Tuesday, the Republican Party was in a “bad place,” given she “is standing up against evil.”

    Cheney is the vice chair of the House Select Committee investigating the January 6, 2021 riot at the Capitol and voted to impeach former President Donald Trump, who endorsed her challenger, attorney Harriet Hageman.

    https://internewscast.com/news/liz-cheney-is-standing-up-against-evil-gop-in-a-bad-place-if-she-loses/

    1. The globalist Quisling and neocon stooge is openly calling on Democrats to register as Republicans to vote for her. That’s an open call to electoral fraud. Hopefully the sheeple who have given her three turns at the trough have wised up by now. She will be well rewarded for her fealty to her puppet masters.

      1. Electoral fraud?! Why I’m a R voter all the way on the general ballot yet a registered D.

        Someone needs to mess with their primaries! 🙂

    2. The skank lost.

      In a watershed moment for the GOP, Rep. Liz Cheney, the most fearsome and resolute Republican opponent of former President Trump’s lies about the 2020 election, was rejected by Wyoming voters in her own party Tuesday night.

  17. Why would any young white guys want to put their life on the line in the service of a globalist Quisling regime that hates them, or serve in a military “led” by feckless “woke” political dilettantes in uniform?

    ‘Woke’ Military Policies To Blame For Recruitment Crisis, Servicemembers Say

    https://www.theepochtimes.com/woke-military-policies-to-blame-for-recruitment-crisis-servicemembers-say_4664277.html?utm_source=partner&utm_campaign=ZeroHedge

  20. A reader sent these in:

    The Kobeissi Letter

    Housing market update:

    1. Buyer competition lowest since 2019

    2. New listings down 12% in July, most since June 2020

    3. 8% of listings had price drops over last month

    4. Mortgage demand at 20 Yr low

    5. Existing home sales lowest since 2011

    Housing markets remain in turmoil.

    https://twitter.com/KobeissiLetter/status/1559336244903043074

    *NY FEDERAL RESERVE MFG INFEX COLLAPSES TO LOWEST POINT SINCE 2008 FINANCIAL CRISIS

    https://twitter.com/DonMiami3/status/1559156361065381888

    Let it burn

    https://twitter.com/DonMiami3/status/1559179984576585729

    Time to commit fraud

    https://twitter.com/NipseyHoussle/status/1559365759918391297

    ANZ_Research

    We now expect Australia’s #housing prices to fall nearly 20%, before a modest recovery in 2024 as mortgage rates fall.

    https://twitter.com/ANZ_Research/status/1559336897096327168

    US homebuilder sentiment turns net-negative in August via the Housing Market Index, a survey-based profile of the industry outlook. The index fell to 49 this month — below the neutral 50 mark, which suggests a housing recession is expected.

    https://twitter.com/jpicerno/status/1559188816023388160

    CANADIAN HOME SALES FELL 5.3% IN JULY FROM JUNE – CREA.

    https://twitter.com/financialjuice/status/1559163312889368577

    Housing activity is very important for the business cycle as it is a leveraged sector that accounts for a good proportion of economic activity. Well, the US NAHB housing index just recorded its 8th monthly straight decline – last time it happened was in 2007. Soft landing my a*s?

    https://twitter.com/MacroAlf/status/1559183614604083201

    The mortgage volume in Austin has dropped off a cliff.

    https://twitter.com/atxREpodcast/status/1559302313021476865

    China is learning the hard way that deleveraging the biggest (real estate) market in the world bears very negative consequences for growth. And that you can cut rates & stimulate but once they get really burned, borrowers are reluctant to play the same game again – ask Japan.

    https://twitter.com/MacroAlf/status/1559149450819473408

  21. “One thing we are seeing now is more contingent offers are accepted. So, if a buyer has to sell their home before they can close those, are finally getting accepted,’ said Parkinson.”

    Which translated means yes, I’ll buy your house. But only if I get my house sold at my wish-price. Which really is no where near a “pending sale”. When I see “contingent” under a listing in this market I immediately think “dream on”.

  22. Price Adjustments in the Vermont Real Estate Market
    Aug 15, 2022 It comes as no surprise that the housing market has been pretty freakin’ competitive over the last two years. Low inventory and interest rates coupled with a surplus of demand caused home appreciation to sky rocket.

    However, today we are seeing a slight shift from an all-time sellers market to the scale tipping back towards buyers. One trend I point out in this video is the increase in price adjustments on active listings. They have more than doubled since April! This is likely caused by interest rates increasing in addition to inventory.

    https://www.youtube.com/watch?v=fV3CU7qUMZs

    1:32.

    1. Will Hurd, VT realtor: “It’s still competitive out there, but there are opportunities to get good value on a home compared to where it might be a year from now.”

      I’m curious (living nearby near Boston, MA) as to why Will thinks that values on a home in Vermont will be higher a year from now.

    1. We have a small grocer in town that specializes in selling stuff that is past the “best used by” dates. Typically canned goods.

    2. Dented, Dated, Discontinued? At the Salvage Grocery, It’s Called a Deal
      Kim Severson

      Mon, August 15, 2022

      Despite the insanity of the inflated prices at my grocery store I’m going to keep paying the price because I don’t want Biden and the Climate Wokees to be able to take me out with a dented can of peaches.

      The Dangerous Reason You Shouldn’t Eat from a Dented Can
      Erin Kayata

      April 17, 2019

      Dented cans and food poisoning

      The USDA says that while rare, dented cans can lead to botulism which is a deadly form of food poisoning that attacks the nervous system. Symptoms include double vision, droopy eyelids, trouble swallowing and difficulty breathing. Leaking and bulging cans can also be signs of compromised canned food.

      https://www.yahoo.com/now/dangerous-reason-shouldn-apos-t-142917260.html

      PS

      Besides that someone with “double vision, droopy eyelids, trouble swallowing and difficulty breathing” sounds like a person who would be attacked by a Yute who was released without bail by a Soros sponsored DA.

      1. “released without bail by a Soros sponsored DA”

        There was a break in last night at the tenant next to our shop. They cut open the fence and stole a small tow behind trailer.

        Vote like California, become California.

  26. Home sales fall for 5th consecutive month across Canadian markets
    CBC News: The National
    Aug 15, 2022 New data from the Canadian Real Estate Association shows homes sales slowed for the fifth consecutive month. While prices are also dipping, potential homebuyers are still struggling to enter the market as interest rates rise.

    https://www.youtube.com/watch?v=iYwf2NIVhlw

    2 minutes.

    1. “Home sales fall for 5th consecutive month across Canadian markets”

      The Real-estate experts sound like they did in 2006, 5% drop here,10% drop there, we’re not expecting big price drops in our area because blah-blah-blah.

      Just once I’d like to hear a Realtor describe what was happening from the massive run-up in prices like this…

      https://youtu.be/0Ad9tholMEM?t=6

  27. “‘We’re seeing lots of layoffs. The last time we had a radical market shift was 2008, which is really the only time we can compare this to. Even 2008 and 2009 (the Great Recession), that wasn’t as drastic of a shift.’”

    Luckily there’s no subprime this time…right!?

  28. Consider that you have additional risk in the purchase of real estate.
    If the goal of the One World Order is that you will ” own nothing and be happy” they plan on owning or controlling all resources and property.
    They aren’t at the point of doing that yet , but its all part of a step by step takeover, that nobody voted for.
    The corrupted UN 2030 sustainable earth goals show a lot of the intent.

    They even show films depicting moving populations to these enclosed living centers, while previous human habitats are returned to nature. Basically these population centers look like concrete prisons, where your not allowed to leave , like that movie “Logan’s Run .”
    Just listen to Dr Harari , who is one of the esteemed speakers of WEF, and adviser to Klaus Schwab. Obama said Dr Harari is one of his favorite Authors.
    Its some kind of a communist overthrow, but than the fascist Corporate Stakeholders will control all resources and rule , with so called Governments carrying out their agendas. Its the worse of all the economic or political ideology of the past, to rule by wealthy stakeholders. Worse than rule by a monarchy.

    1. Basically these population centers look like concrete prisons, where your not allowed to leave , like that movie “Logan’s Run .”

      And don’t forget, everyone who lived in the domed city was put to death when they turned 30, which is why many became “runners”

      1. Loved Jenny Agutter in Logan’s Run. She was an eyeful.

        She now plays the old nun in Call the Midwife.

        God I’m getting old!

  29. Ben, I’ve noticed housing inventories are rapidly increasingly, while prices are dropping and more buyers are sitting on the sidelines. In addition, rising interest rates and lower appraisals mean fewer would-be buyers are qualifying for mortgage loans. Taken together, this creates a confluence of factors where I believe we could very well see a bursting housing bubble. This is something that perhaps you and your blog should look into.

  31. China has 50 million vacant skyboxes. America has 66 million Biden voters who yearn to live under Communism. I think I see a win-win solution here.

    Fifty million empty flats threaten to plunge China’s troubled property market further into crisis, warns think tank

    https://www.scmp.com/business/china-business/article/3188781/fifty-million-empty-flats-threaten-plunge-chinas-troubled

    Liu Hong and her parents own four homes in different cities across mainland China. At any one time, as many as three of them are unoccupied.

    The 36-year-old, who works as an auditor in Shanghai, bought a flat in her hometown of Harbin in northern Heilongjiang province 13 years ago for 320,000 yuan (US$47,500). It stands just two blocks away from her parents’ place, which was given to her father for free by the school he taught at three decades ago – a common practice in mainland China at the time.

    “My dad and mum insisted I should have my own home as they held the firm belief that I would someday go back and live in Harbin, or I might need it to save money before I get married,” Liu said.

  32. from a few days ago:

    “In the inner East Bay — a region that includes Oakland, Alameda, Emeryville, Berkeley and Richmond — the median home sales price is down 12.5% to $1.223 million from the area’s high of $1.4 million in April and May. Compared to last July, that section of the East Bay has now seen a slight reduction in median sales price, which stood at $1.225 million in the summer of 2021.”

    When the month over month and year over year numbers are both lower, how does a relitter describe the market without actually saying that prices are falling?

  33. 72% Of Millennials Have Regrets About Homes They Overpaid Or Settled For In 2021 And 2022 | ZeroHedge
    https://www.zerohedge.com/markets/72-millennials-have-regrets-about-homes-they-overpaid-or-settled-2021-and-2022

    (snip snip snip)

    “As new inventory is finally starting to hit the market and demand has temporarily slowed down thanks to rising rates, the housing expansion between March 2020 and now is still very likely to go down in history as blowing unprecedented amounts of air into an unprecedented bubble.

    “And now we have the data to show it. A new online survey commissioned by Anytime Estimate and Clever Real Estate has shed light on how much millennials paid for homes during this period, and the answer likely isn’t going to surprise you: more than any other generation, ever.

    “This is why it is no surprise to hear that more than 70% of millennials have regrets about their purchases.”

    (snip)

    “Here are some of the additional statistics the study returned (emphasis ours):

    “70% of buyers in 2021–2022 bought a home for the first time. Among new buyers, one-third (33%) thought the process was more difficult than expected.
    Nearly 1 in 4 buyers (22%) were not satisfied with their home-buying experience.
    Survey respondents paid a median amount of $495,000 for their home — about 15% more than the national median of $428,700.
    Almost one-third of buyers (31%) paid over asking price. The median amount buyers paid over the listing price was $65,000.
    80% of buyers made more than one offer, with 41% making five or more.
    More than 1 in 3 buyers (36%) made an offer on a home sight unseen.
    1 in 3 buyers spent three months looking for a home, while 1 in 8 spent six months or more.
    80% of home buyers had to compromise on their priorities.
    The No. 1 priority for half of buyers (50%) was finding a home in a good neighborhood, but 1 in 5 (20%) settled for a home in a worse location.
    Three-fourths of home buyers (72%) have regrets about their home purchase, with 1 in 3 (30%) saying they spent too much money.
    More than half of buyers (55%) bought a fixer-upper, but 1 in 4 (24%) regret it.
    1 in 10 buyers paid for their home in cash, with nearly half of all-cash buyers (43%) saying they make enough money to afford it.
    But 29% of all-cash buyers had to withdraw money from savings, and 27% had to borrow funds from their investments.
    Of those who financed, 40% of buyers put down less than or equal to 20% on their home.”

  34. “But 29% of all-cash buyers had to withdraw money from savings”

    As opposed to the 71% who dug up the money in the backyard.

    2. As opposed to the 71% who dug up the money in the backyard.

      I suppose they could have sold stonks or other “non savings” equities. But yeah, a cash out loan from a currently owned property could also do the trick.

      2. But yeah, a cash out loan from a currently owned property could also do the trick.
        When working in Mortgage is was not uncommon to see clients refinance 4 or 5 properties as Cash out refis. Not sure what they did with the money but if I had to guess, I would think buy another property

    1. “Bill Gates experiment”

      What a ghoul.

      Some people ask me why I believe in God.

      The short answer I usually give is…

      I’d rather believe in God, die and find out I was wrong than not believe in God, die and find out I was wrong.

      When Bill Gates dies I hope he wishes he had put my philosophy into practice while he walked the earth.

      1. If one does believe in things seen and unseen, nothing else matters… You’re on your own.

  37. Heard this Grass Roots song on satellite 70s station and it got me remembering.

    Summer of 1971 I was 10 going on11 and since I lived in Old Greenwich Connecticut my transistor radio picked up Cousin Brucie on WABC in NYC not the LA station below but one thing for sure we had it good.

    Riding our Schwinn Stingrays with the banana seats to baseball practice, swimming in our friends pools that actually had diving boards, dogs running around with nary a leash in sight, putting baseball cards that would now be worth a fortune on our spokes with clothes pins so our bikes sounded like what we thought were motorcycles, following baseball teams like we would be following girls in a few short years, running bases, then home for dinner and back out again, playing hide and seek, putting fireflies in jars and being bummed when we got called to come home at dark.

    Then perhaps a rerun on one of the 3 network channels we got or a game on one of the 2 New York channels, then to bed where you would fall asleep listening to your transistor radio.

    The Grass Roots – Sooner Or Later – [original STEREO]

    https://youtu.be/D-TC8CRCIKM

          1. Perhaps as an independent, to siphon off some GOP voters and hand the victory to the WEF stooge the Dems end up nominating.,

        2. She said she might run for the White House.

          She just got annihilated 66% to 29%, or whatever. Tone deaf doesn’t even begin to describe what she is. Psychotic?

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