thehousingbubble@gmail.com
Blog

It’s Like Somebody Flipped A Switch

It’s Friday desk clearing time for this blogger. “‘Broadly speaking, all real estate valuations are likely to come down in the coming months, since there is little doubt that interest rates will continue to rise, perhaps substantially,’ Reveeille Hospitality Chief Investment Officer Marco Roca Jr. said.”

“Redfin noted a ‘nosedive‘ in home-touring activity, which is down 38% since January over the last four weeks, with declining demand that led a near-record share of homeowners to lower their asking prices. ‘The housing market always cools down this time of year, but this year, I expect fall and winter to be especially frigid as sales dry up more than usual,’ Redfin Chief Economist Daryl Fairweather said.”

“The housing market took off like a bottle rocket in 2020 and continued its ascent for two years. Now, it’s coming back to earth. Atlanta’s median home price has fallen from its record high in June. ‘It’s like somebody flipped a switch,’ said Sam Morgan, director of sales for Engel & Volkers Atlanta.”

“Stephanie Eiger, a real estate agent with Coldwell Banker Realty in Oak Park adds that in later summer, a few of her listings have languished. ‘We’ve done price reductions — almost unheard of in April,’ Eiger said. Linda Rooney of Oak Park’s RE/MAX In the Village says that the spring market carried over to closings in June and July but that selling activity then slowed. Rooney said that this fall, she expects to see longer market times and sellers making more concessions to get their properties sold due to increased interest rates. ‘Sellers aren’t in the driver’s seat so much anymore,’ she said.”

“Oahu’s housing market continued its yearlong slowdown in August as sales declined by about a quarter for the second straight month, bidding wars subsided and the median price for condominiums dipped. ‘Following the frenzy we saw last year, sellers are working with their trusted Realtors to reevaluate how to price their homes as the market cools off,’ said Chad Takesue, president of the Honolulu Board of Realtors. ‘Our data indicate that fewer properties are selling at a premium, and price reductions are rising.'”

“Statistics compiled by the Kerrville Board of Realtors, plus comments from local realtors, indicate the local real estate market is beginning to adjust downward. Board of Realtors data shows the median price of a home has dropped from $401,000 in June back to $375,000 in July. The number of active residential listings grew from 113 in June to 137 in July and closed sales dropped slightly from 57 in June to 55 in July. Realtor Rob Irvin agreed that the market is cooling in the Kerrville area and around the state. ‘We are definitely in transition. 60 days ago a house on the market would get multiple offers above the list price,’ Irvin said, ‘but that’s no longer the case.’ Irvin said the realtors are seeing some price reductions already but mostly in homes that were ‘egregiously overpriced in the beginning.'”

“‘Prices are stabilizing, which is attracting more buyers in this segment who are typically less influenced by interest rates,’ said Alida Zwaan, an associate broker with Berkshire Hathaway HomeServices Colorado Properties’ Vail/Lionshead office. ‘There are still some sellers who have yet to realize — or accept — that the market is flattening. Homes that are overpriced are sitting on the market. Only the most remodeled properties with the best location and views are selling at premium prices.'”

“It’s not just the Craftsman down the block dropping in price. Home prices across the Puget Sound area continue to trend down. That includes some of the priciest homes on the market. Windermere Chief Economist Matthew Gardner called the local figures ‘eye-opening,’ but argued ‘they are simply indicating the market is trending back to the more normalized conditions that we were seeing before the pandemic.’ Gardner said in a statement he expects prices to continue to drop this fall.”

“Keller Williams agent Nicole Dankworth described the trend as ‘a stalemate market.’ Buyers are holding off to see if the market will cool even further, while sellers are hesitant to let go of their homes for less than the prices they saw a few months ago, Dankworth said. ‘I’ve never really seen anything like this.’ Dankworth worked with one recent buyer who secured a Craftsman home in West Seattle for $185,000 under its list price. She listed an updated four-bedroom in Kenmore for $1.35 million in June that sold for $1.2 million last month. Those trends extend to the luxury market, too, she said. Meanwhile, luxury sellers who have been reluctant to drop their prices are finally ready to go for a huge reduction or accept a low offer, according to Dankworth.”

“In an era when people can work from anywhere, few choose downtown Portland. Now WW has learned that three high-end hotels in the downtown core—including the city’s flagship Hilton—are in foreclosure proceedings with the banks that issued their mortgages. Such proceedings are the first signal that the emptiness of downtown Portland has reached a critical stage. Property owners are irate. Greg Goodman, whose company owns a patchwork of properties downtown, calls the vacancy rate ‘a full-fledged disaster’ and says city leaders ‘are doing nothing about it.'”

“Nathan Sasaki, owner of Apex Real Estate Partners, says their fates show the consequences of a derelict downtown. ‘If we don’t do something with downtown, there will be an amazing amount of properties that will go into foreclosure,’ Sasaki says. ‘We haven’t even started to feel the pain yet. The banks are trying to keep these properties off the foreclosure list, because why would you want to take something back that you know is a bloody mess? But eventually they have to.'”

“‘A three-per-cent increase to prime in such a short period of time has changed the landscape for homebuyers,’ said Frances Dares, a real estate broker in Calgary. She said there has been more balance in the market, which benefits buyers who are able to get proper inspections done or have multiple viewings, something that was not happening in the spring. Sarah Stachiw, a public relations specialist at Bromwich and Smith, reported an increase in the number of people coming through their doors looking for help from insolvency trustees in Calgary.”

“The problem is complicated by those with high debt levels, noting the average Canadian has $1.86 worth of debt for every dollar of disposable income. Insolvencies across Canada were 19.1 per cent higher in July 2022 than the year before. ‘Our clients are scared,’ she said. ‘They don’t know what the future has to hold and they know that they’re in a bad situation when they come to us.'”

“Meriton Managing Director Harry Triguboff, one of Australia’s richest men, has slammed the Reserve Bank for interest rate rises, which he labelled ‘idiotic.’ ‘Raising those interest rates is a complete idiotic thing. We are following the Americans, I don’t know how clever they are … What’s happening is there is not enough workers,’ Mr Triguboff said. ‘People who buy Meriton apartments are definitely more nervous now than they were in the past. Interest rates had to be dropped because of Covid. That was the cleverest thing we ever did, I was really very worried because 80 per cent of my buyers were from China. Everything has to be done in proportion – if we don’t want to ruin the country, interest rates can’t continue to rise.'”

“Knowing we wanted to sell our Lower Hutt home in early 2022, we started house hunting and found our dream home in December 2021. We snapped it up. When we then listed our property on the market in February, we were ill prepared for the sharp decline in house prices. We had bought our new house at the peak of the market, and then listed it at the very start of the drop. We went to market at the beginning of February 2022 with a deadline sale of buyer enquiries over (BEO) $1,085,000.”

“By the time we went unconditional 202 days later, we had already dropped our asking price several times and were down to an asking price of $795,000. We got our first offer at 190 days on the market, which was $80,000 below our then asking price of $839,000. We’ve sold now for $786,000 and moved on, so it is best not to dwell on what could have been if we had only listed our house six weeks earlier. We did extensive renovations and made it a wonderful family home. We tried a deadline sale, multiple large price reductions and changing agents. We had a lot of people through the open homes, but only one offer, which took us six months to get.”

“Finance seemed to be the big factor in buyers’ willingness to offer. We had people enquiring and then learning their pre-approval amounts from the bank were being reduced. We weren’t in a financial position to hold it as a rental, so needed it sold as we had already purchased elsewhere. We are happy the house has now sold and no longer sitting vacant while we pay for staging and two mortgages.”

Related Posts

SELL NOW

https://www.youtube.com/watch?v=ivU_34wgDmc https://www.youtube.com/watch?v=9Vj14F8LkoI

This Post Has 111 Comments

  1. ‘the median price of a home has dropped from $401,000 in June back to $375,000 in July’

    This is in what they call Texas ‘hill country’. No real jobs, isolated by terrain. Shacks out there should be under 50k.

  2. ‘Gardner said in a statement he expects prices to continue to drop this fall’

    But the ‘economist’ didn’t see this coming.

  3. Your federal income taxes are paying for this.

    Washington Post — Ukrainian hit squads target Russian occupiers and collaborators (9/8/2022):

    “Since Russian forces invaded in late February and began seizing Ukrainian cities and towns, close to 20 Kremlin-backed officials or their local Ukrainian collaborators have been killed or injured in a wave of assassinations and attempted killings.

    They have been gunned down, blown up, hanged and poisoned — an array of methods that reflects the determination of the Ukrainian hit squads and saboteurs often operating deep inside enemy-controlled territory. The unpredictability of the attacks is meant to terrify anyone who might agree to serve in the puppet governments Russia has been creating with an eye toward staging sham referendums and ultimately annexing the occupied lands.”

    Sham referendums? Like the 2020 U.S. presidential election?

    “As Ukrainian soldiers press forward in the country’s south and east to try to reclaim occupied territories, Ukrainian authorities say the shadowy behind-the-lines operations are undermining, if not outright thwarting, Moscow’s plans to take political control, and especially to stage the sham referendums the Kremlin hoped to use to justify annexation.

    The assassination campaign, while cheered by many Ukrainians, nonetheless raises legal and ethical questions about extrajudicial killings and potential war crimes, particularly when the targets are political actors or civilians and not combatants on the battlefield or other military personnel. And those questions cannot simply be waved away by pointing to the illegality of Russia’s invasion.”

    https://archive.ph/jruLP

    Zelensky is not a Christian, and if you support him, neither are you.

    Marxism can not be negotiated with, it must be destroyed ☠️

  4. Diana Olick from CNBC will be live on C-SPAN at 9am Eastern today.

    Please call in and call her out on her LIES!

    I will post a link to the segment later today when it’s published on the C-SPAN website.

    Realtors are liars.

  5. Steve Bannon said yesterday prior to his arraignment “if you want to silence me you’ll have to kill me.”

    The 2020 election was stolen.

    Attorney General Merrick Garland is a domestic terrorist.

    You can’t be a globalist and be an American. If you are a globalist, this isn’t your country.

    America doesn’t belong to you.

  6. The Queen is dead ,and “God save the King”, etc , is all we hear about this morning…..I happened to see the Queen twice in my lifetime, and that was plenty for me, wasn’t too impressed as to the whole Idea ….and am Glad George Washington turned down that offer for him to be our King, especially after the founding fathers were hunted down like as they were rabid animals …..The British would have strung them all up as traitors to the King back then ,if they’d have caught them ,

    3. She wasn’t our queen. She was loved by many to whom she was queen. Marxists hate anything that is traditional, including our freedom.

      Don’t join in the mocking.

    1. “Never forget what they did to us.”

      We won’t. There were trials in Nuremberg in 1946, and there will be again.

      It’s a medical genocide.

      And we will not be silenced.

    2. I will never forget how I was treated like a criminal, denied most activities. Than at one point they were talking about taking the unvaccinated to camps, or charging severe fines, or being denied health care , yet you still have to pay your health care premiums. They were even at one time pushing that the unvaccinated be denied grocery shopping. People threatened they lose their job if they don’t take a vaccine not fit for human consumption…

      And in CA. I get a notice on my phone that a blackout of energy might take place, so be prepared. So now comes the depriving of energy and food , as the next weapon of mass destruction.
      And the CDC now says the unvaccinated should be treated the same as the vaccinated.
      So the CDC is the body of Government that determines the Constitutional rights of Citizens and now the unvaccinated can be treated the same after months of severe prejudice and discrimination?

      And a poll shows that 53 % of voters think Biden should be impeached, yet Biden keeps up with his attack on MAGA Republicans proposals being a threat to ” the Soul of the Nation” , and democracy.
      What proposals would Biden be talking about, that’s a threat to the very Soul of the Nation.
      Biden wants the US to lead in a One World Order, Great Reset, build back better , take over that is evident by his acts and policies.
      Impeachment isn’t good enough for this fake President who got in by a criminally rigged election. Treason is more fitting a word for Biden .

      1. “treated like a criminal, denied most activities. Than at one point they were talking about taking the unvaccinated to camps, or charging severe fines, or being denied health care , yet you still have to pay your health care premiums. They were even at one time pushing that the unvaccinated be denied grocery shopping. People threatened they lose their job if they don’t take a vaccine”

        Remember, this actually happened in much of Western Europe, Canada, and Australia.

        They are not free nations, their “citizens” do not have rights.

        This is why we will fight to the death if needed to keep our rights, given by God, not by government.

        Globalists should not be thought of as an opposing faction, they are enemy combatants, they are forces of EVIL.

      2. People threatened they lose their job if they don’t take a vaccine not fit for human consumption…

        A concoction designated as experimental, and which you had to sign away all your rights to receive. If something bad happened to you, tough frijoles, you signed on the dotted line, remember?

        But people are sheeple. I still remember that video, where all the people are lined up for the jab, and a victim is carted away, convulsing. And the sheeple obediently stayed in line.

  8. A reader sent these in:

    Rick Palacios Jr.

    August home builder sentiment and sales/prices/starts survey results are in. Top themes: 1) Home price cuts along with other incentives are helping sales (for now). 2) Supply chain is healing as demand drops and builders quickly slow housing starts. Market commentary to follow…

    #Phoenix builder: “Incentives continue to grow, with some communities pushing 20% in total discount packages. The positive is there’s light at the end of the tunnel for improving build cycle times. The negative is there won’t be customers on the other side of said tunnel.”

    https://twitter.com/RickPalaciosJr/status/1567855122310656000

    Home prices collapsing in these markets

    https://twitter.com/GRomePow/status/1568027228499488768

    2008 here we come! 🚨

    https://twitter.com/WallStreetSilv/status/1568051819674206209

  9. Russia Today — Major LNG supplier issues dire warning to EU (9/9/2022):

    “Grindal noted that for now the current price environment indicates that LNG supplies will continue to go to Europe. Prices, which were $2 per million British thermal units (MMBtu) in 2020, have rocketed 2,750% to $57 per MMBtu in August.”

    https://www.rt.com/business/562494-us-lng-supplier-warning-eu/

    2,750% is that a lot?

    Russia Today link provided because the New York Times and Washington Post are globalist scum media.

    1. My Euro colleagues are all whistling past the graveyard, insisting that the situation isn’t all that bad.

      Meanwhile, in Clownifornia, IT is hoping to finally bring the R&D labs back online in Santa Clara. The campus went dark again last night from 3 to 10.

      1. Considering how Europeans have voted for the last few decades, and allowed their governments to be “penetrated” by the World Economic Forum (that’s actual language from the WEF) they deserve everything they have coming, and worse.

        Zelensky needs to die.

        1. We do zoom meetings with them. These chumps already wear light jackets indoors at home in the winter. Maybe this year they will also wear a ski cap or a balaclava. I will make a point to just wear a t-shirt and shorts, and tell them “Wow, it looks cold over there! Why don’t you turn up the heat?”

          1. I think the European energy crisis will result in massive globally coordinated money printing by Mid-October. Just watch energy magically flowing by end of October.

    2. Lots of moving parts here, but mainly Europe is playing chicken with Russia. EU is trying to tell India and China to either not buy fossil from Russia, or to force Russia to sell fossil at a loss. Who’s going to break first: Europe who needs heat and electricity, or Russia who needs the income from fossil exports? Will individual countries break from the EU?

      Either way, energy is going to be very expensive in Europe. LNG is just too difficult to pack and ship compared to pipelines.

      I have to wonder if the EU has any real on-the-ground intel. If Russia wins, I imagine that the EU will never see cheap Russian methane again. If Ukraine wins, will Russia play scorched-earth and destroy their pipelines? Will Russia itself be defeated and the EU take over the pipelines? Whatever happens, I don’t think the current limbo can last more than a year or so. Europe can’t afford high energy prices, Russia is running out of ammo and money, and Ukraine of course is in the worst shape of all.

        1. FWIW, the Narrative, since the war began, was that Ukraine was going to win and that the Rainbow flag would be flying over the Kremlin by now, because sanctions.

          Meanwhile, most NATO countries are running out of weapons and ammo to give to the Ukrainians. Then there is the coming Winter of Discontent in Europe.

          Brandon might as well wish Europe a “Winter of severe illness and death” while he’s at it.

          I’ve toyed with the idea of taking one of those “Christmas” river cruises. The top disincentive has been you need to be jabbed, which for me is a show stopper. But now there won’t be any Christmas markets and everything will be dark, so why bother? Plus, there could be civil unrest. Fun stuff.

        2. I bet there was a lot of laughter about the prospect of the New England Colonies defeating the mighty British military in the Revolutionary War.

          And about the Viet Cong defeating the mighty U.S. military in the Vietnamese War.

          And about the prospect of Afghanistan defeating the mighty U.S.S.R. in the war that brought about the demise of the Soviet Union.

          The country with overwhelming odds to win typically has more to lose, especially when fighting on foreign soil. History offers many examples where the strongest country walked away in defeat.

      2. Who’s going to break first: Europe who needs heat and electricity, or Russia who needs the income from fossil exports?

        Oil and NatGas are expensive, so even with reduced sales volume Russia should be doing just fine.

        1. Why would China and India listen to the EU?

          Agreed. What the western media fails to mention is that there is a shifting away from the so called western alliance. Increasingly, smaller nations are throwing in with the China/Russia/India block. A great example is the Solomon Islands, who have signed a treaty with China and told the US Navy that they are not welcome in their ports. Mexico, and many other LatAm nations refused to sanction Russia. US Ambassador to Mexico, Ken Salazar, has threatened Mexico over this.

  10. A Slight Seller’s Market | Orange County Housing Report
    Sep 8, 2022

    The insane pace of the housing market has come to an end and the instant marketplace has shifted to a much more normal, typical speed for this time of year.

    The Expected Market Time reveals the true speed of the market and is based upon supply and demand, the number of available homes to purchase and the number of buyers in the marketplace writing offers. In pairing low supply with low demand, the Orange County housing market lines up slightly in favor of sellers. The Expected Market Time is at 61 days, a Slight Seller’s Market (between 60 and 90 days). It has actually improved since the end of July when it was at 72 days. Yet, it is much slower than the 19-day level reached at the beginning of March.

    From August of 2020 to June of this year, the market was an INSANE Hot Seller’s Market with an Expected Market Time below 40 days. At those levels, buyers lined up around the block just to see a home. There were very few open houses because homes sold too quickly.

    Those days are gone. A Slight Seller’s Market means that a seller must carefully arrive at the asking price, considering the home’s condition, upgrades, amenities, location, and overall appeal. For everyone else, the further a home is away from being turnkey, in great condition, or in a great location, the longer the home is going to take to sell. Sellers need to pack their patience. The market is no longer instant. As a result, more and more homes are sitting on the market.

    Buyers:
    → Sellers taking longer
    → Competition between buyers
    → Low inventory

    Sellers:
    → Right price point is crucial
    → Seller pricing competition
    → Slow 4th quarter

    https://www.youtube.com/watch?v=Tpo3OspVFK0

    2 minutes.

  13. Reduced homes in Colorado Springs. Check out homes that have reduced their price to sell.
    Sep 8, 2022 Take a look at a few homes in Colorado that are ready to go. These sellers are looking for offers, they have reduced the price to get these homes sold. Take a look and make us an offer.

    https://www.youtube.com/watch?v=GUL9UJTppTM

    23 seconds.

    1. “A Slight Seller’s Market”

      – Some data:

      https://www.car.org/aboutus/mediacenter/newsreleases/2022releases/july2022sales
      July home sales and price report
      For release: August 17, 2022
      CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

      July 2022
      Southern California
      Orange [County]

      Median price July, 2022: $1,231,000
      Median price June 2022: $1,265,000
      Median price July 2021: $1,090,000

      Price change MoM: -2.7%
      Price change YoY: 12.9%
      Sales change MoM: -16.3%
      Sales change YoY: -38.8%

      – Housing prices were already unaffordable before rates went up. Now add higher mortgage rates (by 2x).
      – Real, inflation-adjusted incomes are negative, since nominal wage increases are less than inflation. #FJB.
      – Sales and inventory lead price by several months.
      – Case Shiller home price index is a lagging indicator by 3-6 months.
      – Higher rates for shelter-buyers means lower prices coming soon, and in fact this has already begun. Rates have doubled from from a year ago.
      – Speculators also see that housing prices have peaked and are exiting the market.
      – The Fed’s “wealth effect” works both ways: on the way up and on the way down.
      – “The Everything Bubble,” including housing, inflated for the past 13 years due the the Fed’s artificially low rates + QE. Just check out their balance sheet. QT allegedly starting in earnest this month (we’ll see). Asset bubbles always pop. Now on the downside. Rinse and repeat. Not rocket science, but don’t ask for a rational explanation from a Realtor®.

      1. “Price change MoM: -2.7%”

        Annualized rate of price decline
        1-(1-0.027)^12 = 28%.

        Smallish MoM declines add up to big annual declines, through the magic of exponential decay. This is especially so if the rate of price decline accelerates, as prospective buyers decide it would be smarter to wait until prices stop falling before entering the market.

        1. And, like the slow boiling frog, sellers will wake up one day wondering why they couldn’t sell their over priced shack after dropping their ask $5K a month.

    2. “Reduced homes in Colorado Springs. Check out homes that have reduced their price to sell.”

      – Colorado Springs, CO is one of the major bubble cities in Housing Bubble 2.0, IMHO.
      – Now 35% price reduced, although these are mostly small reductions for now.

      – realtor.com inventory:
      https://www.realtor.com/realestateandhomes-search/Colorado-Springs_CO

      – realtor.com price reduced:
      https://www.realtor.com/realestateandhomes-search/Colorado-Springs_CO/show-price-reduced

      – No real pain yet in the U.S. housing market. Waiting for the next leg down in stonks (starting later this month?) + higher unemployment as the Fed inflation fighting policies (fighting the inflation that they caused) will lead to a significant recession starting early next year, IMHO.
      – Think about it: If generally fast and loose financial conditions + QE and Fed balance sheet growth led to inflating “The Everything Bubble,” then general financial tightening + QT will lead to deflating said bubble. Seems reasonable to me. Rinse and repeat.
      – “Don’t fight the Fed,” but rather, end the Fed.

  15. It’s like somebody flipped a switch

    That “somebody” was Jerome Powell fighting his transitory inflation.

  18. Reading the New York Times for free.

    U.S. Urges European Nations: Don’t Let Putin ‘Bully’ Over Energy Prices (9/9/2022):

    “Emphasizing that the United States was prepared to support Ukraine “for the long haul,” Defense Secretary Lloyd J. Austin III said Thursday that Washington will send an additional $675 million in military supplies to Ukraine, including air-launched missiles designed to destroy enemy radars.

    The new shipment — which will also include 105-millimeter howitzers, artillery ammunition, vehicles, anti-armor weapons and guided rockets — was announced as Secretary of State Antony J. Blinken pledged an additional $2 billion in long-term support for Ukraine and other countries at risk of Russian invasion.

    In his nightly address, President Volodymyr Zelensky of Ukraine said both aid packages would help in “making a common cause, defending freedom.”

    https://archive.ph/veb3w

    Defending freedom? Any alleged American who supports this is guilty of TREASON.

  20. – Cue tiny violin… 🙂

    https://www.battleswarmblog.com/?p=52410
    Lawrence Person’s BattleSwarm Blog
    September 8, 2022

    Then: Commercial Investors Are Sucking Up All American Housing! Now: They’re Losing Their Shirts!

    “If you can remember all the way back to pre-Flu Manchu 2020, housing prices were soaring and there were a raft of articles decrying how commercial investors were snapping up housing as fast as they possibly could, pricing ordinary Americans out of the market.”

    “Now, some two years later, it’s evident that a lot of those commercial investors kept buying right up through the peak of the market, and are now proceeding to lose their shirts on those deals thanks to the Biden Recession.”

    …

    “Like the fear of Japan buying everything in the late 1980s, fear that institutional investors will make owning a home impossible for ordinary Americans turned out to suffer from the same recency bias, assuming that what is going on right this minute will continue for the foreseeable future.”

    “Like assuming that the giant ants are unstoppable, or that Hispanics will always vote for Democrats, assuming that housing prices will always go up and that credit will always be cheap are categorical mistakes that the market will eventually punish you for making, and the companies that made it are now bleeding red ink.”

    “People who sold during the bubble made out like bandits, and people who bought during it got screwed, but what can’t go up forever won’t. Bubbles pop. Absent government distortions of the market*, supply and demand have a way of adjusting.”

    “Anyway, if need to buy a house, nine months from now is probably going to be a great buyer’s market…”

    1. “People who sold during the bubble made out like bandits, and people who bought during it got screwed,…”

      I wonder how many recent buyers are like my nieces…first-time home buyers who felt pressured to buy in order to avoid unaffordable rent increases, just as the Fed initiated a rate hike campaign to bring down inflation, including rents, and inadvertently, housing prices.

      Oops…

  21. $724,269 3 bd 4ba 3,543 sqft
    Price cut: $54.8K (9/8)
    4208 Edgerock Ave, Kingman, AZ 86401

    https://www.zillow.com/homedetails/4208-Edgerock-Ave-Kingman-AZ-86401/104018459_zpid/

    Date Event Price
    9/8/2022 Price change $724,269 (-7%) $204/sqft

    8/25/2022 Listed for sale $779,019 (+78.3%) $220/sqft

    2/10/2022 Sold $437,000 (-19.5%) $123/sqft

    12/14/2021 Listing removed $542,785 $153/sqft

    9/23/2020 Pending sale $542,785 (+3.4%) $153/sqft

    9/23/2020 Listed for sale $525,000 (+854.5%) $148/sqft

    7/10/2019 Sold $55,000 $16/sqft

    Here’s what is strange. I got this via UHS.com auto email. It clearly states this is new construction. The photos on both sites show like never lived in. On this:

    2/10/2022 Sold $437,000 (-19.5%) $123/sqft

    Is this guy trying to flip a brand new shack? Anyhoo this thing of waaay over the top shacks in Kingman can only mean one thing: they think equity locust Californians want these. It’s 2005 again! Rich people don’t move from Phoenix or Las Vegas to Kingman to buy 800k shacks (formerly less than 500k in February). Only desert loving fools do that. There’s only one way for them to get there and that’s from the west. Look honey, it’s less than $1,000 per square foot!

    1. I’ve heard of postage stamp yards but I didn’t realize they were trendy. Imagine paying all that money for worthless land in the middle of no where just to have a yard like that.

      1. My understanding is that tiny yards are allegedly appealing as there is less yardwork to do. I have been told this by people with postage stamp sized yards.

  22. Speaking of flipping the switch, how long from now will da Boyz on Wall Street turn out the lights on the muppets who are presently buying the dip?

    2. Market Views: How are investors adjusting to a bond bear market?
      Hans Poulsen
      1 day ago
      Global bonds are in their first bear market in a generation. AsianInvestor asks how investors should cope with the unusual situation.

      Global bonds have slumped into their first bear market in a generation, spurred by the pressure from central bankers determined to quash inflation even at the cost of a recession.

      The Bloomberg Global Aggregate Total Return Index of government and investment-grade corporate bonds has fallen more than 20% from its 2021 unhedged peak on an unhedged basis, in the biggest drawdown since its inception in 1990.

      Rapid interest-rate hikes deployed by policymakers, in response to soaring inflation, have ended a four-decade bull market in bonds. This has created a difficult environment for investors, with bonds and stocks sinking simultaneously.

      On a hedged basis, the bond index fell as much as 12% from its peak. Combined with MSCI’s index of global stocks, which has slumped 19% this year so far, the combination has undermined the traditional approach of investing strategies over the past 40 years or more.

      That has pushed a US measure of the classic 60/40 portfolio split between stock and bonds, respectively, down 15% this year, on track for the worst annual performance since 2008.

      Considering this unusual situation, AsianInvestor asked asset managers and analysts how institutional investors are adjusting their portfolios in response to the unusual bear bond market over the coming 12 months.
      …
      https://www.asianinvestor.net/article/market-views-how-are-investors-adjusting-to-a-bond-bear-market/481285

  23. Reading the New York Times for free.

    You Can’t Talk About MAGA America in Hushed Tones (9/9/2022):

    “President Biden is right. The so-called MAGA movement, led by Donald Trump, is a direct threat to democratic self-government in the United States.

    The proof is everywhere you look. Of the 540 Republican nominees on the ballot nationwide this year, 199 deny the legitimacy of the 2020 presidential election, according to an analysis by FiveThirtyEight. An additional 62 candidates have raised doubts about the legitimacy of the election, and 118 candidates didn’t answer the question. Pro-insurrection candidates lead the Republican ticket in Arizona, Michigan and Pennsylvania — key presidential swing states — and Trump-aligned Republican activists are targeting election officials across the country with harassment and threats of violence.

    The simple truth is that the best way to undermine and weaken the MAGA movement at this moment is to win elections.”

    Correction: steal elections. The best way to undermine and weaken the MAGA movement is for Democrat Party to steal elections, just like in 2020.

    “If there is a critique to make of Biden’s Philadelphia speech, it is that he did not say enough about the sentiments behind the MAGA movement’s contempt for democracy. In that sense, it was a missed opportunity.”

    https://archive.ph/VVESs

    Hushed tones, Jamelle Bouie? How’s this for hushed tones?

    AMERICA FIRST.

    The New York Times is what President Donald Trump was correctly referring to when he stated “the media is the enemy of the American people.”

    1. Besides denying the election results these loony-tune Fascists deny COVID vaccines, Russia Gate, Jan 6th insurrection, multi-genderism, slavery reparations, and that Sandy really was from the Bronx!

      Put them all in re-education camps!

  24. Archive link provided to deny The Guardian clicks and revenue.

    Biden seeks to motivate voters from all parties against ‘Maga Republicans destroying politics’ (9/9/2022):

    “Biden has repeatedly hammered the theme of Republican extremism in recent weeks, as the president has turned more of his attention to the midterm elections. In the past month, Biden has compared Donald Trump’s “Make America Great Again” philosophy to “semi-fascism”, and he has warned that the former president and his allies “represent an extremism that threatens the very foundations of our republic”.

    Biden continued his attacks on “extreme Maga Republicans” on Thursday night, as he spoke at the Democratic National Committee’s summer meeting in Oxon Hill, Maryland.

    “We’re in a serious moment in this nation’s history,” Biden said on Thursday. “That’s why those who love this country – Democrats, independents and mainstream Republicans – have to be stronger, more determined and more committed to saving American democracy than the Maga Republicans are to literally destroying American politics. You just have to vote.”

    Mainstream Republicans? Liz Cheney? Adam Kinzinger? Mitt Romney? Globalists gonna globe.

    “There is some evidence to suggest that Biden’s pro-democracy messaging is resonating with voters. According to a Reuters/Ipsos poll taken this week, 58% of Americans believe Trump’s “Make America Great Again” movement is threatening the country’s democratic foundations.”

    Democratic foundations? The 2020 election was stolen.

    “Fear over the fate of American democracy also appears to be weighing on voters’ minds more, which could negatively impact Republicans’ midterm prospects. One NBC News poll taken last month found that voters now name “threats to democracy” as the most important issue facing the country, outranking “cost of living” and “jobs and the economy”.

    Biden has similarly sought to directly tie attacks on democracy to threats on other rights, including abortion access. In the wake of the supreme court’s decision to overturn Roe v Wade, ending federal protections for abortion access, Democrats have framed the midterm elections as a vital fight for fair healthcare.”

    Godless communist baby killers do not win elections, not without stealing elections. And regarding “fair healthcare” this coming from Democrat Party that wanted you FIRED FROM YOUR JOB for not getting injected with experimental mRNA poison.

    “I want to be crystal clear about what’s at stake on the ballot. Your right to choose is on the ballot,” Biden said on Thursday. “Your right to vote, even our democracy, is on the ballot. Are you ready to fight for these things?”

    https://archive.ph/6UdVJ

    The allegedly receding midterm Red Wave exists only in globalist newsrooms and the minds of globalist residents of Washington and New York.

    There can be no negotiation with Marxism. The only option is its total extermination.

  25. This house has been pending since 7/14. What could be taking so long? Perhaps the new development of 160 new homes on the old golf course? Note that the Event Barn will be across the road behind this house. How do you appraise that property with so much in flux?

  26. Housing wealth drops as tappable equity falls
    CNBC Television
    Sep 9, 2022 CNBC’s Diana Olick joins ‘The Exchange’ to discuss the decrease overall household wealth as home prices fall.

    https://www.youtube.com/watch?v=3gVpTYhaNzA

    3:47. At 2:15 “Who wants to catch a falling knife?” Been waitin’ fer you to say that Diane.

      1. Walsenburg was originally settled under the name of La Plaza de los Leones in 1859. The settlement was named after settler Don Miguel Antonio de Leon, who came along with others from New Mexico. A post office called Walsenburg has been in operation since 1870.[13] The community was named after Fred Walsen, an early settler.[14] Robert Ford, the assassin of outlaw Jesse James, operated a combination saloon and gambling house in Walsenburg; his home at 320 West 7th Street still stands.[citation needed] The town is also remembered in sports history due to a famous newspaper gaffe (“Will Overhead”) after the 1933 Indianapolis 500.

        https://en.wikipedia.org/wiki/Walsenburg,_Colorado

        ‘originally settled under the name of La Plaza de los Leones’

        Screw that, takes too long to say.

      3. This “diamond in the rough” just went pending for $35,000.

        Oh wow. I mean, WOW. That’s a teardown if I ever saw one.

      4. In any developed suburb, that would sell within minutes. You can build a decent house on a 5000 sq ft lot. But that neighborhood doesn’t look like it’s worth the effort.

        Now, if you’re a rich Chinese investor and you buy the entire block and build a safe-house type homestead for your family, it might make sense.

      1. Their debt will pile up until close to Thanksgiving, and the fed will quietly buy the bottom tranches of non-performing debt from the credit card banks, and the debtors statements will magically show some spending room on their pre-holiday statements. Capitalism will continue until an asteroid strike.

  27. “Wall Street Journal Exposes Gov. Newsom & California’s High-Cost Energy and Reliability Debacle”

    https://wattsupwiththat.com/2022/09/09/wall-street-journal-exposes-gov-newsom-californias-high-cost-energy-and-reliability-debacle/

    (here is the last paragraph of the article …)

    “The Wall Street Journal’s article addressing the real-world energy and reliability debacle in California is a milestone event in the U.S. regarding a major media publication presenting an honest and accurate assessment of the debacle of Democrat climate alarmist driven mandated renewable energy use in the U.S.”

    1. ‘California started its climate alarmist campaign in 2006 with the Global Warming Solutions Act (AB32) that triggered commitments to reduce its CO2 emissions back to 1990 levels by year 2020. It further escalated these reduction commitments in additional state legislation over the coming decades to a “net zero” mandate by 2045.These schemes are incredibly costly, unreliable and real world irrelevant.’

      That last bit is as far as one needs to go.

    3. I had breakfast today with an old friend who works for a major oil producer. I asked her if they were worried about Newsom’s announcement that no new gasoline powered automobile sales will be permitted in California after 2035. She said her colleagues view this as a pipe dream, due to a lack of infrastructure needed to support the centrally planned transition to electric.

      1. California Is Facing An Electricity Crisis. But It Has Also Mandated A Switchover To Electric Vehicles
        Nives Dolsak and Aseem Prakash
        Contributor
        We write on environmental issues, climate politics and NGOs.
        Sep 8, 2022,12:58am EDT

        On August 25, California announced a ban on the sale of new gasoline vehicles by 2035. On August 26, the state of Washington followed, and about 12 additional states are expected to announce similar mandates.

        Without doubt, the switchover to electric vehicles (EVs) is important for decarbonization because the transportation sector accounts for 27% of U.S. greenhouse gas emissions. But for policy change to have political support, the switching costs should be low. This is especially true for cars on which the modern society is dependent. Gasoline car owners drive up to gas stations anytime to fuel up. EV owners would probably expect the same: charge their cars at their convenience.

        But can they? Apparently not.

        California’s EV announcement came at an unfortunate time because the state soon thereafter experienced a heatwave. This led to a surge in electricity demand, creating the possibility of widespread rolling blackouts.

        The heatwave continues. For eight successive days, California’s independent grid operator (Cal ISO), the body that manages the transmission grid, has issued “Flex Alerts” asking households to voluntarily reduce power use, including not charging EVs between 4:00-9:00 pm. Officials are asking companies to switch production hours and use generators, which often work on diesel. The Navy has not been spared either. At the San Diego Naval base, ships were disconnected from their port-based power connections and asked to sail out to sea.
        …
        https://www.forbes.com/sites/prakashdolsak/2022/09/08/california-is-facing-an-electricity-crisis-but-it-has-also-mandated-a-switchover-to-electric-vehicles/?sh=68adf14f5671

        1. At the San Diego Naval base, ships were disconnected from their port-based power connections and asked to sail out to sea.

          Disconnecting power is one thing, but putting a ship out to sea requires many preparations; they must by kidding?

          2. Orders from the local utility!

            I know SDG&E thinks it’s powerful, but yeah, I can’t see them ordering the USN to deploy their ships.

            I’m sure the USN has backup generators, plus the ships can generate their own power too.

  28. ‘Greg Goodman, whose company owns a patchwork of properties downtown, calls the vacancy rate ‘a full-fledged disaster’ and says city leaders ‘are doing nothing about it.’”’

    You reap what you sow. What happened to all that compassion? Maybe those vacant buildings identify as being fully occupied.

  30. ‘We weren’t in a financial position to hold it as a rental, so needed it sold as we had already purchased elsewhere. We are happy the house has now sold and no longer sitting vacant while we pay for staging and two mortgages’

    How many won’t be so happy?

  31. 1986 THE MOVIE
    Infertility the movie.com

    Up above are a couple free movies by Dr Andrew Wakefield.
    Dr Wakefield was a British Dr who decades ago started to notice damage like autism following the vaccine schedule for children ..
    He became vocal about it, and just wanted more studies done on the damage link.
    Well, Big Pharmacy and the Medical Authorities went to take his license and medical career.
    So after being destroyed he turned to making movies. He was involved in that movie called VAXXED.
    So, Infertility the movie .com is about how they were giving vaccines in Africa , while they lied and said they were tetanus shots, when they were really injections to destroy fertility. 1986 The Act is a movie about what was done in the United States regarding vaccines.
    Dr Wakefield never gave up, in spite of being destroyed ,and turned to educating the world thru movies.

    1. Whatever path you take for you and your families housing needs I hope this “Las Vegas Home Sales Collapse” ends up putting you in a good situation.

      You deserve it.

      1. Thanks, jeff. I’m out as far as buying a house here. I think Las Vegas is plumbing the depths (not just water.) When a local politician stabs a reporter to death, you wonder how low can it go?

        I was naive enough to think my immediate family was relatively unscathed by the scamdemic (daughter one shot J&J, 7/21) but everyone around me has gone a bit crazy. My brother constantly talks about cryptos, my husband tells me the same stories over and over, and my daughter still won’t talk to me at all (I got a hint – it’s political.)

        I’m going to try to get a job, because money and I can’t hang around here much longer without going completely nuts 😜

    1. I saw that the other day. The way things are going, I need to start buying my facepalms in bulk at CostCo.

  35. Lara Logan
    @laralogan
    ·
    Follow
    BREAKING: South Carolina U.S. Senate Candidate Krystle Matthews ESCAPES Through Back Door Then DRIVES AWAY to Avoid Answering Questions on Statements to “Treat [White People] Like Sh*t”

    https://twitter.com/laralogan/status/1568302713125076992?s=20&t=CGUElo64GMR7YDArxoU9sA

    BREAKING: U.S. Senate Candidate Krystle Matthews [D-SC]: “Treat them [white people] like sh*t”

    Sep 7, 2022

    U.S. Senate Candidate Krystle Matthews (D-S.C.): Treat White People ‘Like Sh*t’

    https://youtu.be/K-Zt3TFlluI

    2. Not the same thing, but in NYC there were (are?) constant skirmishes between usually Korean produce store owners and certain people who viewed the outside stands as free sample holders. Saw fights myself. Koreans don’t back up.

  37. Personal Finance ·home buyers
    Homebuyer’s remorse: most people who bought a house recently have regrets
    BY Kaitlyn Koterbski
    September 7, 2022 at 6:00 AM MDT
    Woman standing in front of her home.
    Kali Nine—Getty Images

    The homebuying experience over the last two and a half years has been nothing short of extraordinary, but not all homeowners were satisfied with the process.

    Nearly three in four Americans have at least one regret about their new home or the homebuying process, according to a new survey from Anytime Estimate, a homebuying website, based on homebuyer experiences throughout 2021 and 2022.

    Buyers are most remorseful about overpaying for a property, which 30% of Americans say they did. The median amount buyers paid over the original asking price on their new homes was $65,000, according to the survey.
    …
    https://fortune.com/2022/09/07/homebuyers-remorse-most-people-who-bought-a-house-recently-regret-the-process/

    1. Buyers are most remorseful about overpaying for a property, which 30% of Americans say they did. The median amount buyers paid over the original asking price on their new homes was $65,000, according to the survey.

      But it sure was fun showing those losers who is ‘da winnah!

  38. September 9, 2022 7:28 PM MDTLast Updated 2 hours ago

    Wall Street Week Ahead: More worries for U.S. stocks, bonds
    By David Randall
    4 minute read
    The Union Jack flies at half staff outside the NYSE in New York
    Morning commuters walk on Wall St. as the Union Jack flies at half staff outside the New York Stock Exchange (NYSE) in New York City, U.S., September 9, 2022. REUTERS/Brendan McDermid

    NEW YORK, Sept 9 (Reuters) – As the Federal Reserve accelerates the unwinding of its balance sheet this month, some investors worry that so-called quantitative tightening may weigh on the economy and make this year even more brutal for stocks and bonds.
    …
    https://www.reuters.com/markets/europe/wall-st-week-ahead-more-worries-us-stocks-bonds-fed-ramps-up-qt-2022-09-09/

Comments are closed.