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A Showcase Of Economic Malaise And Broken Dreams

A report from Honolulu KHNL in Hawaii. “The good news is that the supply chain disruptions that was causing havoc in the building industry will likely ease over the next year. ‘We had a big spike because you could gouge your buyers simply on supply and demand. Now that’s lightening up,’ said real estate expert Ricky Cassiday. ‘And I think it’ll continue to lighten up because as we go forward.’ The jump in interest rates is cutting into developers profits, forcing some to rethink their plans. Developer Stanford Carr said some developments won’t survive. ‘Some projects may no longer even be feasible especially affordable housing projects,’ said Carr.”

From Market Place. “Houston prices are down 4.5% from their highest point earlier this year. LaTisha Grant executive managing broker at TAS Realty Group in Houston, joined Marketplace’s Amy Scott to talk about what she’s hearing from buyers and sellers. Scott: How about sellers? You know, we got used to a seller’s market, and they’ve been raising prices and, you know, cashing in a lot of equity. Are people starting to have to get a little more realistic and maybe lower their asking prices?”

“Grant: Yeah, they’re kind of crying. They’re not happy about it. But they’re absolutely not only getting realistic about their asking price, but they’re also having to get realistic about doing repairs. So now they’re like, ‘Well, do I have to do that?’ and I’m like, ‘If you want to keep the offer, you may want to go ahead and make those repairs.”

The Ahwatukee Foothills News in Arizona. “Recent reports from the leading analyst of the Phoenix Metro housing market as well as national housing experts suggest that homebuyers and sellers are facing a volatile fall. Neither Cromford Report nor analysts of national mortgage trends last week painted much of a rosy picture for either group. The Cromford Report also noted that the trend in successful rates declined to 70.4% in August – ‘the lowest we have seen for late August since the year 2010. Any new sellers need to be realistic: 30% of listings fail to sell these days. At the end of March, the percentage was less than 8%. Listing agents now need to focus on marketing instead of worrying about how to handle the deluge of offers in the first few days.'”

“It also saw a decline in the number of ‘coming soon’ listings, prompting it to note, ‘It is no longer a matter of great excitement that your home is shortly to be listed for sale.'”

The Norman Transcript in Oklahoma. “The Norman housing market is no longer the frenzy seen in recent years due to increased interest rates, and local experts say while it may still be a sellers market, the pendulum could be swinging back to buyers. In recent weeks, realtor Cody Simmons  said he’s had sellers ask, ‘Why hasn’t my house sold after multiple showings?’ ‘I say, well this is normal for your house to have several showings and not receive an offer — that’s a normal market in my opinion,’ Simmons said.”

Bisnow Washington DC. “Peter Loftus said he got to know the Uber and Lyft drivers that stopped in his neighborhood personally before the pandemic. But today, those familiar faces have melted away, ‘We had a fleet of drivers that we were in touch with, and they all, after the pandemic, they just disappeared,’ said Loftus. Ryan Gordon, owner of taverns The Queen Vic and Granville Moore’s on H Street, cautioned that other factors, including fears about crime, could partly explain the decline in foot traffic, but he has seen ride-share prices spike in the neighborhood. ‘When the [dinner] rush is gone, we definitely see a downtick in the people that are coming to H Street,’ Gordon said. ‘It looks ghost town-ish.'”

A press release. “Home sales were down 18.4% in the Mid Atlantic, as mortgage rates have continued their upward trend, according to the Bright MLS August Housing Report released today. ‘The Mid Atlantic housing market slowdown of 2022 that began earlier this year marches on,’ said Dr. Lisa Sturtevant, Bright MLS Chief Economist. ‘While inventory ticked up in July, supply shrank again in August. We have a long way to go to declare a buyers’ market in the region, as months of supply still lingers just over a month. However, as we head into the fall market, buyers should expect to find more options and will potentially have more leverage on price, as sellers are readjusting their expectations.'”

The Triangle Business Journal in North Carolina. “The company behind one of the largest housing developments in Johnston County has filed for bankruptcy in what the project’s developer describes as a ‘pause’ in development at the site. NRP Ventures out of Chapel Hill filed for Chapter 11 restructuring on Sunday. The petition – signed by company president and sole shareholder Ray Perkins, Jr. – estimated NRP Ventures has between 1 and 49 creditors, between $1 million and $10 million in assets, and between $10 million and $50 million in liabilities.”

The Berkshire Eagle in Massachusetts. “The man behind several Berkshire County residential housing ventures has defaulted on mortgages of two Pittsfield projects. Development rights for both properties will be sold at two separate foreclosure auctions next week. Two limited liability companies owned by David Ward of LD Associates of Lenox have defaulted on the commercial mortgages obtained for The Pines at Bousquet Mountain, off Dan Fox Drive, and Woodmonte Estates, located off West Street near Berkshire Community College.”

The Denver Business Journal. “Median prices for a single-family in the Denver metro area have dropped for the fourth straight month, according to the newest report from the Colorado Association of Realtors (CAR). At $620,000, that median price for Denver-area homes has fallen by $40,000 since April’s record high, but it’s still up by approximately 10% from August 2021. Likewise, the condo/townhome market has also seen a decline in median pricing to $405,000, a $38,000 decrease from this April.”

“The median price for a single-family home in Denver County decreased by 9.5% from July to August. ‘The sky isn’t falling, there isn’t some explosive market change as the market itself is always in motion, always in a state of flux and is about as reliable as a 1973 Ford Pinto,’ Denver-area realtor Matthew Leprino said in the report.”

“CAR also offers insight into what’s happening in specific cities and counties throughout Colorado. In the city of Aurora, inventory rose 40% year over year, with one particular zip code reporting a huge 128% increase. Similarly, Douglas County inventory was up as well, with 70% more homes on the market compared to August 2021, while median prices for Douglas County homes dropped for the fourth straight month. The Boulder and Broomfield counties demonstrated a common theme of big-time price reductions on listings, while other categories saw big increases. Home prices have increased 11% since the beginning of the year, and the list price-to-sale price ratio is at 104%.”

The San Francisco Chronicle in California. “Realtor.com, is laying off an undisclosed number of employees due to a recent slump in the housing market. In an email that was sent to the company’s employees and shared with SFGATE, CEO David Doctorow said slowing sales volume in the real estate market has led the company to take the ‘difficult step’ of reducing its workforce. ‘While we remain bullish on the long-term potential of what is a $200 billion addressable market, we must always take prudent steps to drive improved efficiency, including now,’ Doctorow said in the email. Realtor.com is headquartered in Santa Clara. About 200 of the company’s approximately 2,500 employees live in the Bay Area, according to LinkedIn.”

The Globe and Mail. “In no way does the sharp decline in house prices crush the idea that owning real estate builds wealth. But, wow, Canadians have put way too much faith that owning houses and condos will bring them financial success over the long term. An Ipsos poll of 18,000 people documents how much of this country’s total household assets are tied up in real estate. For all Canadians, it’s 77 per cent. It’s now clear that this rise was fuelled by two things in particular – low interest rates and pandemic lockdowns that had people reassessing their living arrangements with an eye to bigger homes with yards. The demand for homes ignited prices, which in turn stoked further demand from both owners and investor/speculators.”

“Think of this period as a freakish boom generated by circumstances that won’t likely be repeated in your lifetime. We are not in a waiting period just ahead of a new housing gold rush. Interest rates today are too high for that and unlikely to come down much in the next year. Without a vicious recession or a catastrophe like the pandemic, we won’t see rates at the 2020-21 level again.”

Stuff New Zealand. “New Zealand’s housing market’s performance through the end of winter has been weaker than expected, the Real Estate Institute says. House prices have now dropped by the largest amount in six months since the institute’s records began. Across the country, the median price for residential property dropped 5.9% year-on-year in August, from $850,000 last year to $800,000 this year. There was a 1.2% drop from July.”

“Four regions now have house prices that are lower than a year earlier. Auckland’s median was down 8.3% on August 2021, to $1.1 million. Waitakere had the biggest annual increase within Auckland, down 13.4%. In Wellington, the median was down 9.3% year-on-year, to $780,000.”

The South China Morning Post. “Hong Kong’s housing market is in a ‘depression’ according to one leading property expert, who pointed to poor sales at a prime new development in the city centre amid a backdrop of falling home prices, an interest rate upcycle and a new wave of Covid-19 infections. Only about 30 per cent, or 41 of the 137 flats on sale at Miami Quay in Kai Tak have been sold, according to agents. ‘The market is panicking amid rising interest rates and the pandemic. So it’s been much quieter,’ said Louis Chan, chief executive of the residential division at Centaline Property Agency. ‘It is Hong Kong’s problem. The entire Hong Kong property market is in a depression.'”

The Economist on China. “The 120km train ride between the cities of Luoyang and Zhengzhou is a showcase of economic malaise and broken dreams. From the window endless, half-built residential towers pass one after another for the duration of the hour-long journey. Many of the buildings appear near completion; some are finished and have become homes to families. But many more are empty skeletons where construction ceased long ago. Developers have run out of cash and can no longer pay workers and buy materials. Projects have stalled. Families will never get their homes.”

“The train ride through China’s heartland helps to explain one of the country’s biggest crises in recent memory: the public’s loss of confidence in the government’s economic model. Firms that just months ago were considered safe bets are now struggling. Take Country Garden, China’s biggest developer by sales. Earlier this year most analysts shrugged off concerns that it would come under pressure. Investors continued to buy its bonds. But on August 30th Country Garden revealed that profits for the first half of the year had fallen by almost 100%. The property market has ‘slid rapidly into severe depression,’ it noted in its earnings. The strain on Country Garden indicates that problems are no longer specific to certain developers. The entire industry is at risk.”

“Mr Liu, who has asked to be referred to by his family name, purchased a flat in Zhengzhou in 2014, making an initial 250,000 yuan ($40,000) down-payment. The home was scheduled for completion in 2017. But that day never came. Instead, he rented a flat, before eventually buying another one in an old building without an elevator. It is hardly the life he imagined for himself. Mr Liu never started paying his mortgage and has engaged in endless discussions with the property developer on getting back his down-payment. ‘There’s no use,’ he says.”

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This Post Has 98 Comments

  1. I don’t know if I’ve ever seen an Economist article that wasn’t behind a paywall.

    ‘It is no longer a matter of great excitement that your home is shortly to be listed for sale’

    Wa happened to my shortage Cromford?

  2. ‘The sky isn’t falling, there isn’t some explosive market change as the market itself is always in motion, always in a state of flux and is about as reliable as a 1973 Ford Pinto’

    Yer words Matt.

  3. Happy Valley, OR Housing Prices Crater 13% YOY As Soaring Mortgage Defaults And Skyrocketing Inventory Blows The Doors And Windows Off Portland Housing Market

    https://www.movoto.com/happy-valley-or/market-trends/

    As one Portland area broker conceded, “If you’re a buyer, the broker is lying to you. I know a liar when I hear one. I’ve been lying my entire life.”

  4. FBI Tracks Down Mike Lindell On Hunting Trip, Surrounds His Car And Seizes Cell Phone

    by Zero Hedge
    September 13th 2022, 7:59 pm

    Prominent Trump supporter and 2020 election integrity skeptic Mike Lindell says he was stopped by the FBI Tuesday and had his cell phone seized.

    While heading home from a hunting trip with a friend, Lindell said he was at a Hardees in Minnesota when “cars pulled up in front of us, to the side of us and behind us, and I said ‘they’re either bad guys or the FBI,’” he said. “Well, it turns out they were the FBI.

    https://www.infowars.com/posts/fbi-tracks-down-mike-lindell-on-hunting-trip-surrounds-his-car-and-seizes-cell-phone/

    Tucker Carlson: J6 Subpoenas “Unlawful and Unprecedented In American History”

    Sep 13, 2022 A full-blown political purge is being carried on by Garland’s DOJ.

    https://youtu.be/Gw4KNbYf2C8

    1. Steve Bannon Tells Charlie Kirk That 35 Trump Allies Were Raided Thursday by FBI

      September 10, 2022

      “They didn’t serve the subpoenas to the lawyers,” Bannon said of the FBI’s tactics. “They wanted to make a big display of it.”

      Bannon said that the FBI rolled in on the homes of these 35 Trump supporters in order to “be muscle” for Biden’s Department of Justice.

      https://tennesseestar.com/2022/09/10/steve-bannon-tells-charlie-kirk-that-35-trump-allies-were-raided-thursday-by-fbi/

    2. Did they at least let him eat his Hardee’s before detaining him?

      Picturing the bag of Hardee’s, sitting on the front seat, uneaten, and getting cold.

      Sad 🙁

      1. Never for a minute think that Mitch “The Turtle” McConnell and Lindsey Graham aren’t loving every minute of it. These RINOs couldn’t be happier.

  5. The Most Common Side Effects Of The New Bivalent COVID Booster (9/13/2022):

    DEATH.

    https://www.huffpost.com/entry/side-effects-bivalent-covid-booster_l_631f4b7ce4b027aa405dee0a

    Covid Vaccine Destroys Natural Immunity, New England Journal of Medicine Study Shows (9/12/2022):

    https://dailysceptic.org/2022/09/12/covid-vaccine-destroys-natural-immunity-nejm-study-shows/

    Trust the Science™.

    Not those other sciences, only trust the Science™. New England Journal of Medicine non-sciences misinformation linked here:

    https://www.nejm.org/doi/full/10.1056/NEJMc2209371

    Do boosters save people from getting very sick with Covid? New data from Britain say the opposite (9/7/2022):

    “The mRNA vaccine miracle just keeps getting more special. Don’t blame me; the numbers come straight from the British government.”

    https://alexberenson.substack.com/p/do-boosters-save-people-from-getting

    Straight from the British government? Oi, mate ye got a loiscence for that Science™?

    1. More Science™:

      “Some people are starting to think that Florida Democrat Charlie Crist is trying to lose his race for governor.

      In a little noticed segment on Good Morning America back in May, Crist said that he thinks vaccine passports are a good idea for Florida.

      “We should have vaccine passports. I think that’s important. I met with some of the cruise line industry CEOs. And what they told me is that they don’t want to have a ship go out, you know, when we have three ports that really have an awful lot of cruise line industry, business jobs, etc. I mean, you know, if you talk about having 98% and you have 2% on the ship that are not vaccinated, you could suffer an outbreak. It would decimate the industry if that were to happen. I don’t know why the governor doesn’t believe in safety first, you know, I don’t get it. I really don’t. And that’s why I’m running against him.”

      https://www.thegatewaypundit.com/2022/09/trying-lose-democrat-charlie-crist-says-wants-vaccine-passports-florida-video/

      Two weeks to flatten the curve.

      We’re all in this together.

      Et cetera…

      2. I mean, you know, if you talk about having 98% and you have 2% on the ship that are not vaccinated, you could suffer an outbreak.

        It happens even when everyone on board is jabbed. So now he wants vaccine passports to visit Disney and other tourist attractions in Florida. That will make him popular /sarc

        1. The word I heard is that the vaccines can’t stop spread because the incubation period is too short. Basically the antibodies can’t get there in time to stop the infected person from becoming contagious. This is especially true for Omicron since But by this reasoning, then natural immunity wouldn’t stop spread either. So I guess there’s something weird going on?

  6. ‘Some projects may no longer even be feasible especially affordable housing projects,’

    Sounds like affordable housing is too unaffordable to build anymore

  7. “But on August 30th Country Garden revealed that profits for the first half of the year had fallen by almost 100%.”

    Does that mean from some substantially positive amount to $0? It’s hard to gauge without seeing profit levels.

    “The property market has ‘slid rapidly into severe depression,’ it noted in its earnings.”

    That sounds ominous. Luckily whatever happens in China stays in China…like the CCP virus did.

  8. “From the window endless, half-built residential towers pass one after another for the duration of the hour-long journey. Many of the buildings appear near completion; some are finished and have become homes to families. But many more are empty skeletons where construction ceased long ago. Developers have run out of cash and can no longer pay workers and buy materials. Projects have stalled. Families will never get their homes.”

    I understand the next step is supposed to be for the government to pay people to knock down partially completed buildings. Wouldn’t it have been cheaper to never have built them to begin with?

    The workings of planned economies baffles me.

      1. The U.S. military has to keep lowering recruiting standards because too many white males are refusing to enlist and be systematically marginalized and passed over for promotions or advancement opportunities with “diversity” and “inclusivity” trumping merit. In addition, enforcement of standards is rayciss, so conscientious and capable white officers and NCOs are getting out of the military in droves.

          1. “It’s true. I have a brother who is fixing to leave.”

            He might want to rethink that as the economy tanking will lead to massive job losses and uncertainty. I’d much rather have the security of that Federal job to fall back on during times like that.

        3. I read that a lot of the “quiet quitters” (new term for just getting by on the job) are also white males. Why bother to strive harder at the job?

          3. I simply can’t agree. I guess older guys who were brought up in a decades-long meritocracy might hang on for the work ethic. But what about young guys who see a decades-long future of being passed over because of DEI? If you work, you get paid. If you work really hard, you get paid the same. No, I see a lot of quiet quitting. Now, if this DEI nonsense ever gets resolved, things will get better.

          4. If you work really hard, you get paid the same.

            Perhaps in government work. In my experience, striving to be the best at something has rewards if one does any navigation at all.

          6. true in Corporate America.

            Perhaps I am a relic of an age where production of a real thing, quality parameters, meeting deadlines and budgets, making a profit for the owners, solving customer’s problems and stuff like that were noticed.
            No matter, I’m just a boat bum now.

          8. Perhaps I am a relic of an age where production of a real thing, quality parameters, meeting deadlines and budgets, making a profit for the owners, solving customer’s problems and stuff like that were noticed.

            It’s still a thing, in the right places. Heck, even at Amazon, folks who moved the needle (even white males) would be recognized and get promoted.

    1. All MAGA extremists have to do is wait. The Libtard extremists are killing themselves and their cities off at a rapid pace. The leftist hives are all in terminal decline. There is no need to disturb them while they are self destructing all by themselves. We should encourage them all to go get boosted. It is for the common good!

      1. Keep in mind that Leftists don’t care how bad things get, as long they are in charge and can live in gated communities with high walls and security patrols.

  12. No heat for you!

    ‘Dark winter’ could bring utilities controlling your thermostat (9/14/2022):

    “You thought you turned the thermostat down. In the Texas late summer heat, it keeps getting warmer inside. No matter how much you fiddle with the temperature, you cannot control the climate in your house. When winter comes, those with “smart thermostats” could find themselves without the means to do the same. A combination of smart devices, utility control, unreliable “green” energy, and poor planning will mean a retread of Soviet-style shortages and rationing.

    For those who need the energy at the hottest and coldest times of the year, the effects will be critical. And as difficult as this summer was in Texas, the issues will be far worse in energy-strapped blue states.

    Indeed, energy failures are already accelerating while the rise of “smart” technology is often another way of giving away manual control. When a device becomes programmable, don’t always expect that it will be you doing the programming. During a heatwave in Colorado two weeks ago, thousands of utility customers were shut out from using their own thermostats. Around 22,000 customers lost the ability to change their thermostats as the temperatures in their homes ticked up to 88 degrees. Ironically, the customers opted into this loss of autonomy through their energy provider, Xcel, in exchange for a $100 sign-up rebate and $25 per year.

    Many of the manipulative energy coercions are “opt-in” right now — but there is little question that in the months and years ahead, they will become “opt-out” or non-negotiable. The energy needed to support California’s Rube Goldberg-esque energy plans simply isn’t there. The state broke new ground in declaring the end of new gasoline car sales in just 13 years. Seventeen states are now considering similar provisions. The transition to electric vehicles is slow to manifest, to say the least, and it shows the most during times like this. During the recent heatwave, California asked residents not to charge their cars because of the strain on the grid following restrictions on electricity generated from nuclear and fossil fuel. California is showing the nation (and the world) that central planning of energy doesn’t work. Much of Western Europe is going through the same revelation.”

    https://thehill.com/opinion/energy-environment/3641459-dark-winter-could-bring-utilities-controlling-your-thermostat/

    And remember, the people who advocate the loudest for this are always least affected by it. Always always always.

    King Obama installs propane tanks at mansion while pushing green policies (6/16/2022):

    “Former President Barack Obama installed three propane tanks at his Martha’s Vineyard property as he backs green initiatives amid rising gas prices in the United States.

    Obama turned to home storage to guard against soaring prices. National fuel prices set a record high of $5 per gallon as he backed environmentally friendly policies, warning of the dangers of climate change.

    “When it comes to climate change, time really is running out. Earth Day is a reminder that if we pledge to do our part and then follow through on those commitments, we can help preserve and protect our planet for future generations,” he tweeted on April 22.

    Obama’s underground propane tanks, totaling 2,500 gallons of propane gas, were installed at the property for “residential purposes,” the office of the select board of Edgartown, Massachusetts, reported.

    https://www.washingtonexaminer.com/news/gas-prices-obama-propane-tanks

    No heat for you, peasant!

  13. In recent weeks, realtor Cody Simmons said he’s had sellers ask, ‘Why hasn’t my house sold after multiple showings?’

    Because it’s not priced to sell in the current market, greedhead. Get to sawin’ and slashin’ like you mean it.

    1. Just imagine if instead of the English Channel separating Britain from the continent, it was an anemic river like the Rio Grande.

      1. Geography Is Destiny — Britain and the World: A 10,000-Year History:

        “Ian Morris, the critically acclaimed author of Why the West Rules―for Now, describes how technology and organization have steadily enlarged Britain’s arena, and how its people have tried to turn this to their advantage. For the first seventy-five hundred years, the British were never more than bit players at the western edge of a European stage, struggling to find a role among bigger, richer, and more sophisticated continental rivals. By 1500 CE, however, new kinds of ships and governments had turned the European stage into an Atlantic one; with the English Channel now functioning as a barrier, England transformed the British Isles into a United Kingdom that created a worldwide empire.”

        https://www.bookbrowse.com/bb_briefs/detail/index.cfm/ezine_preview_number/16708/geography-is-destiny

        Not giving Bezos any clicks he can monetize. I’m about 400 pages into this now and it is excellent.

    1. People like Eric Cantor only fail uphill. From Wikipedia:

      “On Tuesday, September 2, 2014, advisory firm Moelis & Company announced that it was appointing Eric Cantor as vice chairman and managing director and that he would be elected to the Moelis & Company board of directors.”

      “Moelis & Company is a global investment bank that provides financial advisory services to corporations, governments, and financial sponsors. The firm advises on strategic decisions such as mergers and acquisitions, recapitalizations and restructurings and other corporate finance matters.

      It was founded in 2007 and is headquartered in New York, with 20 offices in North and South America, Europe, the Middle East, Asia and Australia. It has 900 employees, including 600 investment bankers. Of the 127 managing directors, averaging more than 20 years of experience each, 62 are former sector and product heads.”

  16. Real Journalists and the Deep State really think that 80+ million 2020 Trump voters are just going to go away?

    CNBC — Election deniers advanced to November ballots in 27 states, report finds (9/14/2022):

    “Candidates who deny the results of the 2020 election have advanced to November ballots in statewide races for positions that will oversee, defend or certify elections in more than half of the states, according to a nonpartisan group tracking the races.

    In the races in 27 states for governor, attorney general and secretary of state, at least one election-denying candidate will be on the ballot who has echoed former President Donald Trump’s continuing false claims that the 2020 election was stolen from him, according to a report to be published by States United Action, which has closely tracked the progress of election deniers throughout the 2022 primary season.”

    https://www.cnbc.com/2022/09/14/election-deniers-advanced-to-november-ballots-in-27-states-report-finds.html

    An “election denier” is anyone who believes that Joe Biden won the 2020 election and that he is the legitimately elected president of the United States.

  18. A reader sent this in:

    I’ll just leave this right here.

    https://twitter.com/Sir_VIXaLot/status/1569849775037505537

    Rinsed 💦💦

    https://twitter.com/ManyBeenRinsed/status/1569780554312347648

    6.28%.

    Every retiree in this country who doesn’t have enough retirement savings — which is basically everyone — entire net worth tied up in a 3- or 4-bedroom house that comprises 99% of their net worth, gets their realtor on the phone, now.

    Nobody wants to be the bagholder.

    https://twitter.com/JeffWeniger/status/1569821978508263424

    Danielle DiMartino Booth

    We’re FAILING to appreciate what’s transpired since Fed bailed out the corporate bond market & Hovered up 1/3 of MBS. Monetary policy DOES act w/a lag but that lag is MUCH shorter when the wall of monetized fiscal easing (43.2% GDP) bests that of the New Deal (40.1%) IN 12 MONTHS

    https://twitter.com/DiMartinoBooth/status/1569823513917136898

    1. The thought of having a million dollar boat anchor tied around my neck sends shivers down my spine. The interest alone to service that debt is over $5,000 a month, plus taxes, insurance and maintenance. Sounds like the train to Shlongville.

      Yeah, they were going to rent it to “producers and actors” for $20K a month. They’d better find a good BK lawyer while they can still afford to pay him up front.

      1. “…going to rent it to “producers and actors…”

        [insert loud Hollywood laugh track]

        Someone in the REIConplex really pulled a fast one on these couple of suckers. Betcha’ they even promised a limo to the academy awards to mingle with all the other rich people.

        [insert violin music here]

        The reality is that the majority of “producers and actors” are one gig away from the unemployment line.

        [insert audio ‘But Suzanne said we could do this’]

        1. The reality is that the majority of “producers and actors” are one gig away from the unemployment line.

          Plus, don’t they live in trailers on site at the studio while filming because of the long hours?

          1. “…live in trailers on site at the studio…”

            Actor / crew trailers are big business. See them on the lot and on location. Most [non-name] actors, assistant directors, crew members don’t make a lot of money. Most of them are in for the glamour and the hot women.. (of which there are many).

  19. Linked from No New Normal (which btw was a sub-Reddit that got nuked last year and moved over to dot win).

    No More COVID Vaccines Offered for Under-50 in Denmark:

    https://igorchudov.substack.com/p/denmark-no-more-covid-vaccines-offered

    Note that these articles and discussions only appear on alternative, non-globalist platforms like dot win, Substack, Bitchute, etc.

    If you open Google News on a browser (not that I recommend doing this) there is a banner stickied at the top for “COVID-19 News” and if you open the default navigation app on an i-phone (TomTom) the stickied top suggestion is “find COVID vaccines.”

    The only way out of this Mass Formation Psychosis is to talk to people in your life, in person or on the phone, and not subject to some globalist social media filter.

    The boosted NPC Blue Checkmarks are all likely going to die, as they should. But it is possible there are people that can still be saved.

    Getting to the point of the new Nuremberg Trials will not be easy, so you can’t stop trying.

    Do not let these globalists sweep the medical genocide that they created under the rug.

    There will be no get out of jail free cards.

    1. “Note that these articles and discussions only appear on alternative, non-globalist platforms like dot win, Substack, Bitchute, etc.”

      Another reason I’m getting a Ham license.

  20. Victoria BC Market Update Fall 2022 | Great Time to Buy in the Buyers Market!
    Sep 13, 2022 In this video I share an update about the Victoria BC housing market going into Fall 2022.

    If you are thinking about moving to Victoria – or buying a property anywhere in the greater Victoria area – NOW is the time! Not since the end of 2018 has there been such a cool-down in the housing market in Victoria.

    The cool-down in the housing market is caused by the rising cost of borrowing, as interest rates begin to rise. But interest rates are still historically low and this is why NOW is the best time to look at buying a property. Access to financing is still relatively good, but the market has already moved in favour of the buyers of properties in Victoria.

    So if you’ve been waiting for a market that is leaning more towards the buyers – where we are even seeing home prices go down in some neighbourhoods – then this is the right time for you!

    https://www.youtube.com/watch?v=K9fLueQg2eg

    2 minutes.

  21. DOW -0.45%
    S&P 500 -0.24%
    NASDAQ +0.08%

    Fear & Greed Index
    The Fed could crash the housing market
    By Nicole Goodkind, CNN Business
    Updated 10:50 AM EDT, Wed September 14, 2022
    New York CNN business —

    Investors are getting spooked that the Federal Reserve’s aggressive interest rate hikes could damage the US economy (just look at Tuesday’s selloff).

    One area of growing concern: housing. Interest rate hikes can lead to higher mortgage rates, which could cause people to think twice about buying a home.

    So far, sales are slipping, while prices are holding steady. But some economists warn continued historic rate hikes by the Fed could risk crashing the housing market, underscoring the difficult task ahead for the central bank.

    What’s happening: According to Tuesday’s Consumer Price Index report, housing costs rose 0.7% in August and are up 6.2% year-over-year, the largest increase since 1991.

    That increase was largely responsible for August’s higher-than-expected pace of inflation. Combined with a tight labor market, those high prices give the Fed reason to continue to go hard at its policy meeting next week and beyond, Marvin Loh, senior strategist at State Street, told me.
    …
    https://www.cnn.com/2022/09/14/investing/premarket-stocks-trading

    1. Every leveraged homedebtor joirnalist cheers when housing prices inflate like crazy. If they ever drop, it’s the end of the world and we are collectively doomed.

      2. The boom is what does the damage. The bust only reveals it. It’s like any drug addiction, and indeed the liars call it the “hangover theory” because they can’t refute it, so they have to resort to name-calling.

  22. It’s a Buyers Market in Tennessee Right Now!
    Tennessee Real Estate – TN Home Agent
    Sep 14, 2022 VIDEO CHAPTERS
    00:00 Intro
    00:22 Why We’re In A Buyer’s Market
    04:19 Why is this Important?

    VIDEO DIALOGUE
    Why I Think We’re in a Buyer’s Market Right Now in Nashville
    If you’re not watching this video in quarter 3 or probably q4 of 2022, this may not be relevant for you. I’m not saying don’t watch it, I’m saying you may have to fact check me. I normally try to put out stuff that can last a long time and be relevant, but that’s just not possible all the time. Do the thing, please like the video, because it does help me out and we all know this channel needs to be in more eyes 😉

    Now this is short… this is why I think we’re in a Buyer’s market right now. Sellers are getting and excepting offers lower than asking… like 10, 15, 20, 30k below. Also there appear to be a lot less buyers than listings at the moment – 2000 more homes on the market since June! That means less competition for your dream home, next investment, or whatever you’re looking for. I know rates are high, but there are ways to combat that, I’ve covered it before maybe I’ll cover it again.

    Why is this so important?? I have been licensed since 2019. I’ve done dozens of deals in that time and I work with people that have been around doing this for decades. With the real estate market in this town so strong, this is a unicorn moment. Once in a blue moon. Not gonna happen again any time soon, more than likely. I’m not pressuring but I am stressing, it’s not a good time to wait, at least be looking. At minimum go to my site and set up an alert for yourself so when the places you’re looking for come up for sale, you know it.

    That’s it. I’ll talk to sellers in the next one. This isn’t a race or a competition. It’s the dirty deets folks. See you soon.

    https://www.youtube.com/watch?v=dWE95e-omPQ

    1:41.

    1. “I have been licensed since 2019.”

      I have been bubble watching since 2004 and have looked at data back to 1890 or so. We are heading into a historic real estate price correction, following a historic price spike. Interest rates are headed up off historic lows. Unless this time is different, prices may take over five years to bottom out.

  23. LOS ANGELES (CN) — A judge vacated a permit to use a former natural gas pipeline to pump water from an underground reservoir in the Mojave desert to Southern California after the U.S. Bureau of Land Management told a federal judge it wants to reconsider the decision made in the final days of the Trump administration.
    …
    The Cadiz water project aims to extract roughly 16.3 billion gallons of groundwater every year for 50 years from aquifers north of Joshua Tree National Park.

    https://www.courthousenews.com/cadiz-water-pipeline-permit-vacated-after-feds-ask-to-reconsider-decision/

    1. the U.S. Bureau of Land Management told a federal judge it wants to reconsider the decision made in the final days of the Trump administration

      So, one more bad thing about living in SoCal. Who needs water?

      At some point, the weather doesn’t compensate for all the other cr@p.

      1. And where would you suggest is better? Not everyone has the ability to pick up and start over in a new state.

        1. There are some places that are still fairly conservative and almost vibrant free, plus you could probably buy a real mansion with your Encinitas money. But the weather might not be your cup of tea.

          1. I got off the Trump train when he promoted the vaccine. But that’s a lot of water. He gave California which they may never see.

          2. I lived in Boston and NYC. I can deal with weather. It’s the lack of disability services in red states that’s the biggest problem.

          3. My dad’s family has been in CA since at least 1900. My grandmother was born in Paso Robles in 1914.

          5. Do they have “services” in Northern California?

            Being in NY and having a special needs daughter, I don’t need to run from anything. I’m in the conservative part of the state, but I do wonder how our “services” will fare if state finances go belly up.

            I think if you put that $Million into a trust fund instead of a desert ranch house on a postage stamp, you could provide some “services”. JMO. We’ve done something of the sort.

          6. Do they have “services” in Northern California?

            My sister raised two autistic kids in Texas. Both are in college now.

          7. Both are in college now.

            My son’s not diploma bound. Texas would be the worst state for him. I’ve looked.

          8. Do they have “services” in Northern California?

            Services are good in Northern California (Silicon Valley) but it’s more expensive and more liberal. Why move?

          9. Services: special day classes, adaptive physical education, occupational therapy, speech, behavioral therapy, In-Home Supportive Services. That last one is roughly $5K/mo tax-free because my son requires 24-HR supervision.

  25. Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.

    Housing affordability hits worst level in 37 years

    https://finance.yahoo.com/news/housing-affordability-200916571.html

    Housing affordability hasn’t been this bad since Ronald Reagan was president.

    It now takes 35.51% of the median household income to make a principal and interest payment on the median home with 20% down, according to figures mortgage technology and data provider Black Knight shared with Yahoo Money.

    That’s the highest payment-to-income ratio since October 1985 when it took 36.01% of household income to make that payment. Just in January, that ratio was 24.61%, below the long-term average of 25.1%.

  26. The Financial Times
    Federal Reserve
    Fed’s faster ‘quantitative tightening’ adds to strain on bond market
    Accelerated balance sheet reduction threatens to intensify already fragile trading conditions
    Federal Reserve chair Jay Powell after the central bank’s May meeting: ‘I would stress how uncertain the effect is of shrinking the balance sheet’
    Ethan Wu and Kate Duguid in New York yesterday

    The Federal Reserve’s more rapid exit from crisis-era policies is set to place the $24tn US government bond market under extra strain, heightening concerns about the bedrock of the global financial system.

    The ease with which traders can get deals done in the Treasury market has declined to the lowest levels since the early days of the pandemic in March 2020, according to a Bloomberg index. Gaps between prices where traders buy and sell have yawned wider and huge moves in price, on a scale unthinkable even a year ago, have become commonplace.

    The Fed is this month accelerating the pace of winding down the nearly $9tn balance sheet it built up for more than a decade in an effort to cushion the economy from shocks. It aims to shrink the total by $95bn a month — double the August pace.

    As a result, “we could have a problem of liquidity stress in the banking system,” said New York University economist Viral Acharya. “And whenever banks are stressed, it usually spreads over to non-banks and Treasury markets and other [funding] markets.”

    Bank of America has described Treasury market strains as “arguably . . . one of the greatest threats to global financial stability today, potentially worse than the housing bubble of 2004-2007.”
    …

    1. Who is gonna want to buy Treasurys and MBS as the bond market gets used to the absence of the high volume blast from the Fed’s QE firehose?

    1. “But the company is still on the hook to deliver water to its four industrial customers and is now paying the city of Henderson to provide that water to the businesses instead. But that potable water from Henderson is coming at the cost that is “four to five times higher than the rate for raw water,” according to Zimmerman.“

      Hehe, no comment.

  28. Zillow being very naughty. Here in my So Cal neighborhood they’re saying homes that have sold in last 6 months are up 0.5% in past 30 days and are priced near their sale price. Homes that have not been on market in the last year on same streets are down 5% over same 30 day period according to their Zestimate. Hmmm???

    1. How many of these idjots are due to get their clocks cleaned when Boise home prices dive into the CR8R?

      “Last year, BoiseDev reported that as many as one in five homes in Boise are owned by someone who does not plan to live there. This matches with national real estate transfer data tracked by real estate consulting firm John Burns Real Estate Consulting, which estimates a fifth of homes sold nationwide go to investors. The percentage of investors buying homes climbs to 31% for homes priced under $200,000 nationwide.

      Who are these investors in the Treasure Valley? How many of them are Idahoans looking for extra income, and how many are linked to out-of-state interests cashing in on the real estate boom?”

      1. Everybody knows that Wall street brings competition to the market, which will increase supply and lower prices, a win-win for consumers! 🙂

  31. Ron DeSantis sends two planes of illegal immigrants to Martha’s Vineyard

    Don’t stop, Ron. Keep sending them!

    1. “Fox News Digital reported in April that Florida’s budget since approved by the state legislature included $12 million for the Florida Department of Transportation to remove illegal immigrants from the state and relocate them.”

      Tax $ well spent.

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