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The Pandemic Housing Bubble

A report from Nerd Wallet. “Michelle Doherty, a Realtor in northern Virginia, notices the same thing. Buyers ‘hold off, thinking, ‘You know what? We’ll wait for them to drop [the price].’ She prods clients to make offers below asking instead of waiting for sellers to reduce prices. The worst that sellers can say is no, she points out.”

The Oregonian. “Chris Suarez, a broker with PDX Property Group said, he also is seeing buyers regain some clout. ‘Buyers will walk, and sellers honestly need to get less stubborn,’ he said. ‘If it’s not pending, then it’s not the market, it’s you.'”

The Spectrum in Utah. “A typical Washington County home listed for $711,000 in July, down 5.1% from the previous month’s $749,500. The market added 756 new home listings in July, compared with the 608 added in July 2021. The market ended the month with some 1,528 listings of homes for sale. Across all of Utah, median home prices were $625,000, falling 3.8% from a month earlier.”

The Times Free Press in Tennessee. “‘Buyer traffic is slowing down, although seller expectations are still extremely high,’ Chattanooga Realtor Jay Robinson said. ‘I think it’s going to be an adjustment in the market that is going to continue to take place over the next three or four months.’ The number of single-family homes sold by Chattanooga Realtors in July dropped by 12.7% from the total in June while the median price of those homes sold also dropped 5.7% from the previous month.”

The News & Observer in North Carolina. “Triangle-area homes sold less quickly and for less money in July, according to new data provided to The News & Observer. That’s a trend that is expected to continue as home prices further recede from their recent record-highs, according to Matt Fowler, executive director of Triangle MLS, a real estate listings platform covering eight local counties. ‘For buyers, all the metrics show that prices appear to have peaked in the area and should become more approachable this fall and next year,’ Fowler said. Durham County saw a more substantial price drop last month, with its sales price sliding 4.5%, from $430,000 in June to $410,600.”

The South Haven Tribune. “The number of single-family home sales in June rose 43 percent in the South Haven area – 30 versus 21 – from June 2021, according to the Southwestern Michigan Realtors Association. Conversely, the average selling price for single-family homes fell 2 percent to $434,648 from $442,999 in June 2021. The median selling price for single-family homes also dropped 9 percent to $318,000 compared to $351,000 in June 2021.”

From ABC 15. “President of Arizona Realtors Gary Nelson says there is now more inventory on the market. He says within the past month, the average cost of a home in Arizona has gone down from $350,000 in June to about $340,000 in July. The Phoenix Business Journal reports for the Phoenix area specifically, costs are down from about $600,000 in June to $546,000 in July.”

From KXAN in Texas. “Austin’s housing market continues to ‘trend towards more normal and sustainable levels,’ according to the July housing report from the Austin Board of Realtors (ABoR). ‘I do expect to see some price decreases as sellers come to terms with the shifting market,’ said Ashley Jackson, ABoR president-elect. ‘As time on the market passes, a seller may feel compelled to lower their price so that they can attract a buyer.’ Median prices have decreased over the past couple of months in Travis, Williamson and Hays counties. In the city of Austin, prices were down 5% since May. Travis County prices are down 7% since May, while Williamson and Hays counties are down 5% and 4%, respectively.”

From CNBC. “Homebuilder cancellation rates have more than doubled since April, according to John Burns Real Estate Consulting. Texas and the broader Southwest are seeing the biggest jumps in builder cancellations, at 27% and 25%, respectively. Cancellations are also higher than the national average in Northern California and the Northwest, at 23% and 19%, respectively. Cancellations on existing homes are particularly high in Florida, which saw a massive influx of buyers during the first year of the pandemic and also saw some of the strongest home price appreciation in the nation during that time.”

“The city of Jacksonville saw the most contracts canceled in the state, about 800 agreements in July, or 29.3% of homes that went under contract. Orlando, Daytona, Palm Bay and Pensacola also saw some of the highest cancellations, in addition to Las Vegas and San Antonio.”

From Market Place. “In the short term, Daniel McCue at Harvard’s Joint Center for Housing Studies said this could be a good thing for some buyers, ‘because builders will have to lower prices in the face of this declining demand.'”

From Zacks Research. “Building Permits actually bettered expectations in July: 1.674 million seasonally adjusted, annualized units were reported last month, down from a flat 1.70 million in June by -1.3%. Again, we hearken back to 2021 prints to find levels this low. If we see a silver lining in this data, it’s that homebuilders are biting the bullet and working down inventory, as housing has enjoyed a +30% increase over the last two years.”

“Whatever strength we see in this starts data is decidedly on the multi-family side, although what’s currently needed more than anything in this economy is affordable multi-family housing. Right now, the supply glut is roughly double what a normal cycle would present: 9.3 months’ supply versus 4-5 months average. We’re also seeing a record number of mortgage cancellations in the current market: 63K in July alone.”

The Los Angeles Times in California. “‘It’s turning into a buyer’s market,’ said Keith Hernandez, a real estate agent in Whittier. ‘When my buyers look at homes, they have some time to think about it now,’ said Carl Izbicki, a real estate agent in Los Angeles. ‘It’s a normal market.’ For his seller clients, that new normal might mean taking less than they could have when rates were lower. Case in point: Izbicki said he’s about to list a three-bedroom townhome in North Hollywood for $645,000. That’s 14%, or $105,000, less than what he sold an identical unit for in the same complex last year.”

The Globe and Mail in Canada. “39 Thorncliffe Ave., Toronto. Asking price: $2,350,000 (May, 2022). Previous asking price: $2,195,000. (April, 2022). Selling price: $2,050,000 (June, 2022). As the market downturn gathered steam, no potential buyer felt willing to make an offer. ‘It took about three weeks to do those [preparations] and in that time, the mortgage rates went up,’ agent Lucille Chenoweth said. The price was raised to $2.35-million in May, but interest rates rose again. In June the seller accepted a low-ball $2.05-million offer.”

iNFOnews in Canada. “Sales of single-family houses in Kelowna in July were the third lowest they’ve been in 30 years. ‘Inventory is limited because there was such a high demand since we had all these people moving here in the last two years and we had so many sales,’ Colin Krieg of Krieg Family Re/Max Kelowna Real Estate told iNFOnews.ca. ‘Forty to fifty per cent were to people coming from out of Kelowna. That’s serious. Now they can’t sell their house in Vancouver or Toronto for big money so they’re not coming here anymore so our sales numbers went down.'”

“‘When it’s a hot market, it’s easy,’ Krieg said. ‘You buy first and you turn around and you know your house is going to sell overnight. That’s not the case now.'”

Daily Mail Australia. “Home prices are falling in sea change areas as interest rate rises hit regional markets a short drive away from capital cities. Idyllic towns near the beach have been popular with professionals able to work from home – but that is changing as the lending capacity of banks is constrained. The Richmond-Tweed area of northern NSW, covering Byron Bay and Ballina, has been the worst-affected house market since the Reserve Bank began raising the cash rate from a record-low of 0.1 per cent in May. In the three months to July, the median house price has plunged by 4.5 per cent to $1,034,826. It was one of 10 regional areas to suffer a quarterly fall in house values, CoreLogic data showed.”

From Fox News. “The possibility of a ‘severe downturn’ in the US housing market has increased, according to a new report from credit ratings and research agency Fitch. In the case of ‘a more pronounced’ housing downturn, Fitch analysts said home prices could fall 10% to 15% in the next few years, and housing activity could fall roughly 30% or more in the same multi-year period. ‘Only the Great Depression and the Great Recession have seen price cuts of that magnitude. If home prices actually fell 15%, we’d likely see the Pandemic Housing Boom remembered as the Pandemic Housing Bubble,’ Fortune reported.”

Related Posts

As Prices Are Reduced, Are Values Dropping?

https://www.youtube.com/watch?v=ePQUyFE6qEk https://www.youtube.com/watch?v=6pHfSjkrBl8 https://www.youtube.com/watch?v=vfGZrBe9oQE https://www.youtube.com/watch?v=9u_DD1o9hcs

This Post Has 116 Comments

  1. Rapidly rising inventory…prices being slashed…rising interest rates shrinking the pool of qualified buyers….gosh, I’m beginning to think we might be looking at a bursting housing bubble.

  3. ‘In the city of Austin, prices were down 5% since May. Travis County prices are down 7% since May, while Williamson and Hays counties are down 5% and 4%, respectively’

    An awful lot of shacks in these counties. Now we find out how rock solid the lending is.

    ‘Right now, the supply glut is roughly double what a normal cycle would present: 9.3 months’ supply versus 4-5 months average. We’re also seeing a record number of mortgage cancellations’

    Shortage.

    SHORTAGE!

    GLUT gotdam it!

    1. I’ve been reading this blog for almost a year and it’s amazing how right it has been. People would tell me “low inventory!” and I’d tell them “nah.” We’d leave with an amicable disagreement, and now we’re learning the truth.

  4. ‘Buyers will walk, and sellers honestly need to get less stubborn,’ he said. ‘If it’s not pending, then it’s not the market, it’s you’

    That’s the spirit Chris, you tell em!

    1. Hangry realtors losing patience with greedhead sellers is another sign of a bursting housing bubble.

      1. So is former realtors waiting tables at the Greek diner by day and playing Only Fans at night!😂

    2. It’s at this time in the market where it’s good fun to email a seller’s agent and offer 100k under a recently reduced listing. The responses are good popcorn munching fodder. And please share. If you’re looking for some entertainment….just sayin’.

  5. ‘he’s about to list a three-bedroom townhome in North Hollywood for $645,000. That’s 14%, or $105,000, less than what he sold an identical unit for in the same complex last year’

    via GIPHY

    1. the three types of insects authorised as ‘novel food’

      So, how long until they are no longer “novel food”?

  7. She prods clients to make offers below asking instead of waiting for sellers to reduce prices.

    You seem a bit pushy Michelle, like maybe you’ve got an SUV payment coming up and the commission checks are drying up.

    1. “Vander Stelt acknowledged that a seller these days is unlikely to recoup the cost of replacing a roof, furnace or water heater.”

      A former co-worker has a rental property in town that I ride past on my daily exercise ride. It is empty as the former tenants bought a new spec nearby likely with lower monthly payments as the developers can afford to lower their prices. Anyway, the rental remains empty because she’s waiting for the hot weather to pass before listing it as there’s only one window A/C unit, and place is in the low 90s by the afternoon. It used to have a swap cooler, but it leaked ruining the underlying roof decking, which also had to be replaced with the shingles. Hence, no money for a heat pump HVAC system. 🙁

  8. ‘As time on the market passes, a seller may feel compelled to lower their price so that they can attract a buyer.’

    That right there is why REIC analysts get paid the big bucks.

  9. A readers sent these in:

    Holger Zschaepitz

    Good Morning from #Germany, where air is hissing out of the housing bubble. In July, Europace German House Price Index plunged 1.94%, the sharpest drop since Sep2012 b/c fewer & fewer Germans can afford real estate due to high mortgage rates, high inflation & falling prosperity.

    https://twitter.com/Schuldensuehner/status/1559805518063013889

    Global Central Bank Update:
    -New Zealand hikes rates for the 7th time in the last year, 50 bps increase to 3.00%.

    https://twitter.com/charliebilello/status/1559929090152566785

    The Chinese economy is experiencing a near-complete collapse. Nearly half a million customers have lost their deposits as the banks lent indiscriminately to housing developers who are now facing cascading defaults.

    Here’s the story the Chinese Govt. doesn’t want you to know 👇

    https://twitter.com/GrahamStephan/status/1559878464114724865

    1. Here’s the story the Chinese Govt. doesn’t want you to know 👇

      They locked down their country for two years. What were they expecting?

      1. The lockdown was their opportunity to quell the dissidents in secrecy. All repaid by the generosity of the dissidents by way of organ donations

    2. So IIUC, China has a collapsing economy, cascading defaults in real estate, no water, no electricity, suffering a pandemic, an aging population, and these are the folks that are going to take over the world?

          1. I compliment China on their bubblicious Ponzi scheme. It was an economic booster while it soared.
            Surely MonkeyPox will complement them as well.
            –Geezer

          4. I’m using a dictation module from Dragon, but phonetic words need to be reviewed especially after a 20-oz dark beer.

  10. Globalist Quisling regimes have their marching orders.

    RAF jobs boss quits amid claims ‘offers to white men are paused to meet diversity targets’

    https://www.dailymail.co.uk/news/article-11116917/RAF-jobs-boss-quits-amid-claims-offers-white-men-paused-meet-diversity-targets.html

    Job offers to white male recruits of the RAF have effectively been paused to meet diversity targets, defence sources have claimed.

    Women and ethnic minorities are reportedly being favoured in recruitment drives to meet ‘impossible’ targets, which has prompted the Head of Recruitment at the RAF to resign in protest.

    2. Think the same thing is happening here ….One of my tenants’ Sons, a tough looking white High School grad, spent 2 months this summer trying to Join up with the Army……He finally sensed he wasn’t getting anywheres ,so he checked with the Marines, they took one look at him, he’s headed for Paris island, They still want the best, not the wokest ….

  12. Comrades of Proven Worth (D), you should follow the admonition of your CCP ideological fellow traveler and buy into a bursting housing bubble.

    China’s bursting housing bubble summed up in a viral video, as official tells citizens to ‘Buy one property, then a second. Bought a second? Buy a third, and fourth’

    https://fortune.com/2022/08/17/china-property-crisis-housing-bubble-viral-video-official-says-buy-homes/

    As China’s property crisis deepens and Chinese homeowners across 100 cities refuse to pay their mortgages, some local government officials are taking matters into their own hands.

    Deng Bibo, a county party secretary of China’s Hunan province, encouraged everyone to buy multiple homes during his opening speech for a real estate exhibition fair in Shimen, a county of Hunan, on Tuesday.

    “I hope that today all comrades will take the lead in buying property,” Deng said. “Buy one property, then buy a second one. If you purchased a second one already, then buy a third. Bought a third? Then buy your fourth.”

  14. Biden Administration to Stop Buying COVID Vaccines, Tests

    https://www.webmd.com/vaccines/covid-19-vaccine/news/20220817/biden-administration-to-stop-buying-covid-vaccines-tests

    Aug. 17, 2022 – The Biden administration will stop buying COVID-19 vaccines, treatments, and tests as soon as this fall to move beyond the crisis phase of the pandemic, a White House official said this week.
    As a result, access to the products would shift to the regular health care system, with vaccines and treatments at doctor’s offices, hospitals, and pharmacies, according to CNN.

    1. That’s going to leave a dent in Pfizer’s and Moderna’s top lines and likely stock prices.

    2. COVID has been the greatest FRAUD of my lifetime.

      The medical genocide aspect of it all has yet to be known. How many millions more will die from these “vaccines” that are not vaccines?

    3. If Biden is no longer buying COVID vaccines, does that mean he’s not going to push any more boosters?

    1. Finland’s glamorous Prime Minister Marin Sanna, 36, says she has ‘nothing to hide’

      I recall reading a story where she was incommunicado during one of her club crawls when an emergency happened.

      I can envision a Finnish Chad telling one of his drinking buddies: “You’ll never guess who I banged last night.”

  16. So now we have catalytic converter cartels. “Brennan Doyle” sounds Irish, so Soros-installed DAs won’t be coming to the rescue this time.

    Cops: Oregon crime ring moved $22M in catalytic converters

    https://apnews.com/article/crime-oregon-arrests-portland-f93bc54d46c3fea68b5b6d96d5b1f720

    PORTLAND, Ore. (AP) — Police in suburban Portland, Oregon, said Thursday they arrested a crime ring leader responsible for trafficking more than 44,000 catalytic converters stolen from vehicles on the West Coast since 2021.

    Detectives said they identified Brennan Doyle, 32, as the leader of the operation and searched his Lake Oswego home last week, along with seven other properties. The detectives seized over 3,000 catalytic converters hundreds of thousands of dollars in cash, a high-end car and jewelry, Oregon Public Broadcasting reported.

  17. Looks like we’re gonna need a bigger gulag.

    How dangerous is today’s Republican Party? Very, ex-CIA Director Michael Hayden believes

    https://www.marketwatch.com/story/how-dangerous-is-todays-republican-party-very-ex-cia-director-michael-hayden-believes-11660785930

    Retired Gen. Michael Hayden, the former director of both the CIA and NSA, has called out the Republican Party as extremist and dangerous, on an unprecedented level.

    Hayden was responding Wednesday to an Aug. 11 tweet from journalist and author Edward Luce, who said: “I’ve covered extremism and violent ideologies around the world over my career. Have never come across a political force more nihilistic, dangerous & contemptible than today’s Republicans. Nothing close.”

    “I agree. And I was the CIA Director,” Hayden tweeted.

    1. Ok, so…………..
      Republicans are dangerous
      The unvaccinated are dangerous
      People with red caps are scary
      Trump colluding with Russians
      Alternative news is disinformation
      Climate change is going to get you
      Cows should be eliminated, bugs are good
      Fossil fuels and Co2 is evil
      Whites are racist
      Covid, monkey pox , polio, and xxx xxx going get you.

        1. Best of all is the southwest running out of water. It’s going to be interesting to see how “the powers that be” spin it.

          3. brown lawns on SoCal

            Already are. And, what golf courses have survived replaced non-course landscaping some time ago.

      2. They are terrified of losing this November. They are demonizing everyone, even nuns with Rosary beads are extremists now.

        1. Oh , I forgot some of the dangers…

          Praying Christian are public enemy
          Supreme Court Justices are unlawful
          Sitting Republicans in Congress should have their phones seized by FBI
          Guns must be taken
          The Sun should be blocked out….bad
          US Constitution bad, freedom bad
          But,………..
          Open borders are good
          War is good
          Criminals should be released
          Expiermental toxic killer vaccines are good
          Lockdown prison and air blocking masks are excellent.
          One World Order good
          UN and WHO should rule
          WEF , Klaus Schwab , Dr Harari, Gates Soros, have great plans for humanity.
          Technology is good when used to enslave
          Famine and freezing good
          2030 Sustainable Earth agenda good, even if nobody voted for it.
          Rigged elections good
          Fake news good, fear mongering good
          Capitalism bad, Corporate Stakeholder Governance good.
          Communism/ fascism good stuff.

          And the Citizens should have the tax coffers looted by crooks , and check written should go to ……THEM.
          Big Pharmacy should rule your life, because they are going to save you and save lives. Dr Fauci is the face of Science.
          PCR tests are accurate , and testing healthy people is advisable.
          Dr Fauci making money off every shot isn’t conflict of interest, profits good
          Gain of function, funding by FAUCi in foreign Countries is good, creating disease is good stuff.

          We are in the operational stages of a war on the human race, by the infiltration of a smaller group of evil mother f***kers.

    1. The Financial Times
      Country Garden Holdings Co Ltd
      China’s largest property group Country Garden warns of 70% plunge in profit
      Plight highlights ‘humongous moral hazard’ for Beijing from cash-strapped developers
      Unfinished apartment buildings in January at the Phoenix City residential project in Shanghai, developed by Country Garden
      Gary Jones in Hong Kong and Edward White in Seoul yesterday

      Chinese property developer Country Garden estimated that first-half profits fell as much as 70 per cent in the first half of the year, as the country’s largest real estate group by sales was drawn into a crisis that has raged through the heavily indebted sector.

      The company, in a filing on Thursday, said core profit was between about Rmb4.5bn and Rmb5bn ($6634mn and $736mn) in the first six months of 2022, down from Rmb15.2bn a year earlier.

      Country Garden, which lost its last investment-grade rating after Fitch downgraded it to junk status on Tuesday, cited a market downturn, the effects of the coronavirus pandemic and foreign exchange losses for the fall in earnings. Unlike a growing number of its highly leveraged peers, Country Garden has not defaulted on its debts.

      The Chinese property sector has been rattled by a liquidity crisis following last year’s high-profile collapse of Evergrande, the world’s most-indebted developer.

      Country Garden had managed to retain access to offshore bond markets for refinancing, helping the group maintain some stability at a time when tens of thousands of Chinese homebuyers are refusing to pay mortgages on unfinished apartments.

      However, as Beijing has sought to revive the sector with refinancing loans, there are signs that confidence in Country Garden is receding.

      The company’s Hong Kong-listed shares slumped as much as 15 per cent during a single trading session in July, wiping about $1.7bn from its market value, after it announced a heavily discounted capital raising.

      Alicia García Herrero, chief economist for Asia-Pacific at French investment bank Natixis, said Country Garden was suffering from worsening investor sentiment towards the sector. There are fears of falling prices as demand wanes and new apartments remain uncompleted, with cash-strapped developers running out of money.

      “Now even Country Garden couldn’t basically proceed with presales for new projects because the contagion is so extreme,” she said.
      …

    1. I would love to be a fly on the wall to see how you come up with your “data”. Random number generator?

      “Median days on market: 8,712”

      “The median list price of Condos/Townhomes in Plano, TX was $429,900 in July 2022 , compared to $997,500 in 2021.”

  20. “The possibility of a ‘severe downturn’ in the US housing market has increased, according to a new report from credit ratings and research agency Fitch. In the case of ‘a more pronounced’ housing downturn, Fitch analysts said home prices could fall 10% to 15% in the next few years, and housing activity could fall roughly 30% or more in the same multi-year period.”

    I wonder how they get their ‘prices could fall 10% to 15% in the next few years’ estimate? Back of the envelope calculations I post here daily show prices in many US markets are currently dropping at an annualized rate of 30% or more. And this rate of decline could accelerate, once the masses catch on that US housing is dropping like a turd in a well.

    I guess it’s different wherever Fitch gets the data for their analysis?

    1. “In the city of Austin, prices were down 5% since May.”

      This is in July, two months or 1/6 of a year later. The annualized rate of decline is:

      1-(1-0.05)^6 = 26.5%.

        1. I’m just extrapolatoing the current rate of decline. My calculations answer the question,”what if the recently observed rate of housing price decline continued for an entire year?”

          I actually expect the rate of decline to accelerate as awareness of falling home prices spreads, as most people would prefer not to lose hundreds of thousands of dollars in a ginormous financial blunder. However, I don’t claim to know how to predict the rate or duration of accelerated price decline. So I use the conservative assumption of linear decline (in logs).

    2. “The Phoenix Business Journal reports for the Phoenix area specifically, costs are down from about $600,000 in June to $546,000 in July.”

      1-(546/600)^12 = 67.8% annualized rate of decline.

      CR8R

      1. “He says within the past month, the average cost of a home in Arizona has gone down from $350,000 in June to about $340,000 in July.”

        1-(340/350)^12 = 29.4% annualized rate of price decline

    3. “Across all of Utah, median home prices were $625,000, falling 3.8% from a month earlier.”

      1-(1-0.038)^12 = 37.2% annualized rate of price decline

    4. “Durham County saw a more substantial price drop last month, with its sales price sliding 4.5%, from $430,000 in June to $410,600.”

      1-(410600/430000)^12 = 42.5% annualized rate of decline

    5. Odd coincidence:

      Every single one of my calculations shows a current rate of housing price decline well over 15%. But according to Fitch, prices are only going to drop by 10% to 15% over multiple years.

      Somebody’s a lion.

  21. It pays to be rich! America’s wealthiest, including Tom Brady, Khloe Kardashian, Reese Witherspoon, Kanye and Nancy Pelosi’s husband took millions in PPP loans – and nearly all have been forgiven

    By CHRIS WHITE FOR DAILYMAIL.COM
    PUBLISHED: 09:29 EDT, 17 August 2022

    The loan program cost US taxpayers $953billion, with the University of Texas estimating that 15 percent of PPP claims – around $76billion – were fraudulent.

    It was claimed that after the first round of PPP loans, up to 90 percent of ethnic minority business owners were unsuccessful at getting the loan and were at the ‘end of a line’, according to an Associated Press survey, which showed a disproportionate amount of white people in rich areas being approved for a loan.

    Yet celebs and their businesses had no problems.

    Kanye West’s Yeezy LLC, based in La Palma, California, borrowed $2,363,585, with $1,772,689 being spent on payroll for 106 staff

    Jay-Z is associated to two firms approved for a loan two years ago. Malibu Entertainment is linked to his streaming platform Tidal and took $2,106,398 to secure 95 jobs and was let off of repaying the full amount

    Sean Combs’ cable network, Revolt Media and TV LLC, took $1,929,252 for 134 jobs, which was forgiven

    Tom Brady’s company, TB12 Inc, was given $960,855 to help secure 80 jobs. The full amount, plus interest of nearly $12,000, is fully forgiven. Brady co-founded the company with body coach Alex Guerrero

    Reese Witherspoon’s clothing company, Draper James LLC, was given $975,472 in the first PPP round for payroll and rent, and had the loan wiped out

    Jeff Koons is America’s richest artist, but his firm Jeff Koons LLC still applied for $1,091,200 to keep 53 jobs, which was fully forgiven

    Green Day Inc and Green Day Touring Inc succeeded with three loans between them, worth $452,302 for 39 jobs, with it all being forgiven apart from $66,000

    Jared Kushner’s family were granted three PPP loans for their various businesses. All three loans were forgiven, including interest

    Esplanade Livingston LLC, which owns the land housing Kushner’s family’s Westminster Hotel in New Jersey, was granted a $630,735 loan, which went to paying 56 employees. The entire loan was forgiven

    House Speaker Nancy Pelosi’s husband Paul Pelosi has a 8.1 percent share in EDI Associates, a restaurant business which took out two PPP loans, totally over $1million. Both loans were forgiven in full

    https://www.dailymail.co.uk/news/article-11113221/Wealthy-Khloe-Kardashian-Reese-Witherspoon-got-millions-PPP-loans-didnt-pay-back.html

    3. The rich get richer, thanks to the hard working taxpayers.

      When they bailed out the Fraudulent Money Changers in 2009, it was a obvious sign of a infiltrated and corrupt Fed Government.

    4. “Tom Brady’s company, TB12 Inc, was given $960,855”

      The first year I stopped watching NFL games was Tom Brady’s first year with Tampa Bay. I was flipping channels and stopped on a Tampa Bay game just to see Brady in that uniform. Within 2 minutes he turned his head and the pad at the back of his helmet said… “End Racism”

      I hit the channel button as if there was an impending man kiss. To this day I couldn’t tell you who they played or how his year ended.

      1. he turned his head and the pad at the back of his helmet said… “End Racism”

        According to a google search, this tool is worth $250M. Does he really need more money? Or is he afraid he won’t get to yammer his wisdom on TV at halftime after he retires or be inducted into the hall of fame.

        On a related note, the local media just won’t shut up about the local sportsball team and its new quarterback. Dumver fans are especially pathetic when it comes to the Broncos. When it was announced that the team was for sale far too many people lost their minds, out of fear that the team would be moved. Anyhoo, I expect the new owners, once they have settled in, will demand a taxpayer funded multibillion dollar Taj Mahal to replace the current stadium, or they’ll move the team.

        When you shop at King Soopers (Kroger) your receipt proudly displays the Broncos logo. And on game day a non trivial number proudly wear their Broncos jersey as they shop for junk food.

    5. “Yet celebs and their businesses…”

      They applied through law offices that specialized in accessing this money for their clients. Anyone who thinks you can sit at home on your computer and successfully apply for that money and avoid the graft and corruption is blissfully naive.

    6. The US is at that end stage of empire where all the elites are just stealing whatever isn’t nailed down.

    7. “Oh, there’s a virus – quick, let’s loot the US Treasury and give it to the wealthy!”

      Really despicable. I hate what this country has become.

  24. Nothing to see here, we have cow farts destroying the planet, terrorist parents storming schoolboard meetings to stop kindergarten teachers from telling their little boys they may actually be a little girls, right wing extremists that don’t believe the man who can’t put on his own jacket on got 81 million votes.

    We don’t have time to notice the drug that the number one cause of death for Americans between the ages 18 to 45 which is pouring in through our open border is now being packaged to look like children’s chalk or candy.

    Portland officials warn of ‘rainbow’ fentanyl that looks like children’s chalk

    Maroosha Muzaffar
    Wed, August 17, 2022 at 4:12 AM

    A more potent form of fentanyl in the form of a multicolour “rainbow” variety instead of the usual blue pills has made its way into Portland, officials have warned.

    This type of fentanyl can be mistaken for kids’ chalk or other innocuous things, they warned.

    “To a little kid, it can look like sidewalk chalk. It can look like a Pixy Stick,” Mr Jordan added.

    https://sports.yahoo.com/portland-officials-warn-rainbow-fentanyl-081218971.html

  25. Here we go – sales are down – lowest level since Sept2015. But Realtors say that homeowners are not in trouble (i guess for now unless they need to have refis in their future).


    The sales count declined to a seasonally adjusted annualized rate of 4.81 million units, the group added. It is the slowest sales pace since November 2015, with the exception of a brief plunge at the beginning of the Covid pandemic.

    Sales dropped about 20% from the same month a year ago.

    “In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors. “However, are homeowners in a recession? Absolutely not. Homeowners are still very comfortable financially.”

    The July sales figures are based on closings, so the contracts were likely signed in May and June. Mortgage rates spiked higher in June, with the average rate on the 30-year fixed loan crossing 6%, according to Mortgage News Daily. It then settled back into the high 5% range. That rate started this year around 3%, so the hit to affordability in June was hard, especially coupled with soaring inflation.

  26. There were hundreds of Reddit posts last year of random office workers talking about how stable their jobs were lol. I’m sure 75% are living in mortal fear now.

    https://twitter.com/NipseyHoussle/status/1560072927072206852

    Total mortgage demand hits 22 year lows. Yes that’s lower than 2008.

    https://twitter.com/StealthQE4/status/1559863620699299840

    The dislike for him rests on the fact that he has widened the wealth gap and created more wealth inequality than any Fed chair in history. He also single handily created the biggest housing bubble on record with his relentless MBS purchases at a time housing was going nuclear.

    https://twitter.com/BartsQuandry/status/1559682599366295553

    Growing house seller consensus: Let’s take it off market, continue to make payments, then list it for less in 3 months. LOL

    https://twitter.com/GRomePow/status/1559958604341358593

    *6% of home listing prices for sale suffered drops via a 4week rolling avg. ~ one of the sharpest increases in years

    The post-2020 housing boom (courtesy of both incompetent policies via Fed + gov) is now suffering a bust phase. This trend will only increase IMO.

    https://twitter.com/RadicalAdem/status/1559930325781819392

  28. Spotted in my hood: a moving man and a moving pod. The one with the moving pod has got to be quite a fixer upper.

  29. Boise, Idaho Real Estate Market Update: August 17, 2022 – Idaho Real Estate Market Shift
    Aug 17, 2022 What are we seeing with Home Buyers & Sellers in the Boise, Idaho real estate market? Buyers who purchased in recent months faced larger monthly mortgage payments due to higher mortgage interest rates and home prices.

    This has had a cooling effect on the demand for housing which has caused a slight increase in inventory, reduction in home prices and an increase in days on market. As a result, home price growth and sales have slowed.

    Buyer sentiment shows we are seeing more opportunities for buyers due to better pricing and sellers are having to make repairs and concessions to get their homes sold.

    Seller sentiment shows that some sellers are still on the fence about selling. While sellers who price their homes well are selling in a shorter amount of time.

    So what does this mean for you as a buyer? It means an increase in opportunity and buying power as rates dip, sellers give concessions and lenders are offering more creative financing.

    The median sales price for homes in Ada County was $589,990 in July, down 0.4% from June but 9.3% higher than July 2021. Buyers who purchased in recent months faced larger monthly mortgage payments due to higher mortgage interest rates and home prices, which has had a cooling effect on the demand for housing. As a result, home price growth and sales have slowed.

    This point is made more obvious when looking at the existing/resale segment, which had a median sales price of $549,000 in July, a 3.7% decrease from the previous month, but a 4.6% increase from a year prior. The existing segment can react more quickly to changes in what buyers are willing or able to pay in contrast to new construction which must factor in land, labor, materials, and other fixed costs into the final home price.

    The month-over-month price declines indicate that the local housing market continues to be driven by supply versus demand, not speculation like we experienced over a decade ago. As demand decreases and supply increases, prices are responding accordingly.

    There were 2,408 homes listed for sale at the end of July, a 128.2% increase from July 2021, and the highest level of inventory we’ve seen since September 2015. Even with the uptick in inventory, the month’s supply of inventory in July was 2.8 months, meaning, if no additional homes were listed, the supply of homes would run out in about three months. A “balanced” market, or one that does not favor buyers or sellers, is typically between 4-6 months of supply.

    Metrics that indicate competition in the market continued to show signs of normalizing in July. Focusing on the existing/resale segment, homes that closed last month spent an average of 21 days on the market before going under contract, compared to 11 days in July 2021. Additionally, the average original list price received for existing homes in July was 95.6%, which means that on average, buyers paid less than asking through a lower accepted offer, price reductions, or seller concessions. In July 2021, the average original list price received was 101.3%, meaning that on average, buyers paid more than the asking price.

    https://www.youtube.com/watch?v=tt3jkMKXIzY

    1:20.

  30. Housing Markets Cooling As More Homebuyers Back Out Of Contracts
    NBC News
    Aug 17, 2022 There are new signs of trouble in the housing market as more homebuyers back out of contracts. A survey, citing rising costs and falling confidence in the market, has triggered homebuilder cancellation rates to more than double since April.

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

    1:43.

  31. SANTA CLARA
    Real Estate Market Favors First-Time Homebuyers
    Aug 17, 2022 There’s no doubt that there’s been a shift in the real estate market, but as NextHome Lifestyles explains it to KPIX, the market is just returning to a pre-pandemic normal, bringing more opportunity for first-time homebuyers.

    https://www.youtube.com/watch?v=YllPa0rnvTk

    3 minutes.

  32. In 1920 the Nazi Party was formed. Hitler became a member. By 1926 the ” Hitler Youth ” program had 6 thousand members. By 1936 it became mandatory for all youth to be in Hitler Youth , the Nazi brainwashing of youth to be a good Nazi, and even turn in their parents if they didn’t worship Hitler and the Nazi ideology.

    Nazi Party at some point controlled all news and information .
    Hitler/ Nazi Party eliminated all political opposition , one by one.
    Nuremberg crimes against humanity occurred , mass genocide and medical genocide, mass slaughter of Jewish race.
    You know the rest of the story.

    Fast forward. Current enemy using same tactics of all villains like Hitler/ Stalin/Mao.

    The news is controlled by fake news narratives, where any dispute is labeled disinformation.
    Political opposition to Liberal World Order is being targeted for elimination.
    Youth being brainwashed and groomed in public school system on fraudulent premises like…..

    Critical race theory

    Transgender grooming

    Hating US , hating capitalism, distortion of history, pushing Marxism and fascism at same time.

    Climate Change Fraud

    Technology is cool, trust the Science and Government
    Klaus Schwabs father helped Hitler with war programs . Klaus Schwab and the Great Reset……

    1. I live in the Tampa/ Orlando middle ground and a lot of the inventory is over priced trash. The prices of new build homes are starting to drop. I can’t believe what people are asking and still getting for some of these homes.

        1. I think far too many people are hoping that if they keep their heads down that they will be left alone and not be affected by the corruption and insanity,

  35. This is the latest CAR info:

    California Housing Update Aug 2022
    Aug 18, 2022 This is the latest report from the California Association of Realtors for August 2022.

    Basically the number of transactions is down. Month-to-month price change is down but year-to-year prices are still up. Inventory is starting to climb. Number of days also starting to climb. I believe moving forward this will continue.

    https://www.youtube.com/watch?v=2IF5JbTdQ78

    14:35.

    1. Home prices in SoCal fall 1.7% in 30 days, data show
      July sales fall 35 percent from a year ago, a 27-year low
      New York
      Aug. 18, 2022 02:00 PM

      A once speedy Southern California housing market has hit a curve, putting the brakes on prices and dropping July sales to a 27-year low.

      Prices in the shadow of rising mortgage rates edged down for a second straight month as sales dropped to their third-lowest level since the pandemic, the Orange County Register reported, citing new data from CoreLogic and DQNews.

      Bidding wars now are scarce. Sellers are cutting prices. And homes take longer to sell.

      The rising rates have priced some buyers out of the market, while others wait for prices to fall.

      “We hear it every day: ‘We just want to see where the market is headed,’” Suzanne Seini, CEO of Irvine-based Active Realty, said of home shoppers. “There are not as many buyers now.”

      The median price of a home in six Southern California counties fell to $740,000 in July, down 1.3 percent from the month before and down 2.6 percent from April’s all-time high of $760,000, according to CoreLogic figures released by DQNews.

      Last month’s median price was still 8.8 percent higher than in July of last year. But it marks the smallest annual price gain, and the first single-digit increase, in 23 months.

      July sales toppled 34.8 percent from last year to 16,390 transactions, according to DQNews/CoreLogic. Last month’s sales fell 20 percent from June, marking the second slowest July in records dating back to 1988. The last July with fewer sales was in 1995.

      Blame higher mortgage rates for the slower sales and sluggish price growth, said Redfin Chief Economist Daryl Fairweather.

      “When mortgage rates go up and make borrowing to buy a home less affordable, more homeowners are just simply priced out,” Fairweather said. “And in Southern California, those higher mortgage rates can translate into hundreds, if not thousands, of extra dollars a month.”
      …
      https://therealdeal.com/la/2022/08/18/home-prices-in-socal-fall-1-7-in-30-days-data-show/

      1. 1-(1-0.017)^12 = 18.6% annualized rate of decline

        18.6% × $760,000 = $141,360

        This is most likely a lower bound on price declines, given that price declines are likely to accelerate once they become common knowledge, leading buyers to stand by and stand back.

        Try not to catch yourself a falling knife buying SoCal real estate when prices are CR8Ring.

  36. Horror: NYC Cabbie Beaten to Death by Pack of Thugs
    Fare evaders kill taxi driver during confrontation, authorities say

    By Dan Lyman Thursday, August 18, 2022

    By Dan Lyman Thursday, August 18, 2022

    A taxi driver was beaten to death by a pack of thugs in New York City last week, according to reports.

    The horrifying incident unfolded at around 6:30 a.m. on Saturday in Queens.

    Kutin Gyimah, 52, was driving five people in his cab when they ran away from his vehicle in an effort to skirt the fare.

    Gyimah chased after them, managing to catch one of the riders before the group circled back and launched a vicious mob assault that ultimately led to the death of the married father of four.

    New York City police released surveillance footage of the barbaric attack.

    WARNING: DISTURBING CONTENT

    Male and female suspects can be seen kicking and punching Gyimah as he struggles to defend himself.

    One male suspect then punches Gyimah in the face, causing him to fall backwards and slam his head on the sidewalk.

    The suspects fled the scene and some can be seen apparently laughing as they walk up a staircase inside a residential building.

    Gyimah was found by officers but was later pronounced dead at St. John’s Hospital.

    https://www.newswars.com/horror-nyc-cabbie-beaten-to-death-by-pack-of-thugs/

    1. Amazing how this effort has spread so quickly as if some group is issuing orders to democratic governments.

  41. Article for Jeff.

    Family shares grave warning of teen dying from suspected fentanyl overdose:

    “Jose’s family said they were told from students at his school that someone gave Jose a pill on their walk home.

    “We learned there is a student who sells pills and marijuana to other students. That is where we believe he got it from,” Abisaid said.”

    https://kdvr.com/news/local/family-shares-grave-warning-of-teen-dying-from-possible-fentanyl-overdose/

    Open borders have consequences…

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