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The Biggest Financial Bubble In The History Of Bubbles Continues To Deflate

A report from the Spokesman Review in Washington. “Homebuyers in Spokane County may have an easier time finding a property in a real estate market is beginning to swing in their favor. Many area homes are undergoing price reductions. Some are remaining on the market longer. ‘We’re seeing a housing market slowdown,’ said Rob Higgins, executive officer of the Realtors association. ‘Our increase of inventory is pretty significant when compared to 2020 and 2021. The pendulum is swinging more toward buyers in that there’s more choices out there.'”

“Sales are decreasing and prices are softening from record highs seen earlier in the year. The median closing price for homes and condos on less than 1 acre was $416,450 in August, a 7.6% increase from $387,000 in August 2021. Last month’s median, however, was a drop from $419,950 in July and the all-time high of $450,000 in May, according to data from the Spokane Association of Realtors.”

The Colorado Sun. “Buyers are no longer snapping up houses within 12 days of hitting the market in Denver. They’re waiting 21 days. They’re not paying more than the seller originally asked for. Median sales prices have also dipped each month this year since May, according to the organization’s data. Between May and August, the median sales price in Colorado fell 4.8% and 4.6% in Denver. ‘I hate it when people say the market is crashing because what I always will respond is: ‘To whom?’ said Matt Leprino, head of real estate brokerage Remingo in Denver. ‘It’s a great, great opportunity. It’s better than it’s been in three years for buyers.'”

Sarasota Magazine in Florida. “The latest numbers point to a cool-down. According to August data from the Realtor Association of Sarasota and Manatee (RASM), the local housing market showed a decrease in sales and a rise in the median number of days from listing date to contract. At the end of August, there were 4,288 active listings combined in the two counties, a 133.6 percent increase from last year. Prices are shifting both ways. In Sarasota County, the median sale price for single-family homees increased year-over-year by 21.8 percent to $475,250—but that’s lower than the record-breaking price of $525,000 in July.”

“What is notable, however, is that for the first time since March of 2021, the median percent of single-family homes sold at or above the original list price was reported below 100 percent in the North Port-Sarasota-Bradenton area, dropping by 2 percent to a 98 percent list-to-sale ratio. Although it’s still a good time to sell, Sarasota realtor Brandy Coffey points to a few things that have changed with sellers. ‘Compared to the last two years, we’re no longer seeing waived contingencies, regardless of price point,’ she says. ‘In the past, it’s as though buyers had a fear of missing out and were rushing in.'”

“‘We’ve been playing catch-up. During the last two years, it almost didn’t matter how you priced a home, you would get bids,’ Coffey explains. ‘Now, if you’re motivated to sell, listing it slightly under market value is best to gain more offers. It’s best if homes are showroom-ready. People weren’t concerned how things looked and would buy just about anything, but that’s now changed.'”

News 5 Cleveland in Ohio. “Realtor Jessica Chodaczek told News 5 that the cooling down appears to have already started, impacting homes that are in the process of closing. She said that means sellers’ expectations have to change. ‘Houses are sitting on the market a little longer than they were and we’re seeing a lot less multiple-offer situations,’ she explained. ‘Inventory is still low compared to the last several years, however [sellers] have to be realistic that their experience selling in the fall is going to be different than their neighbors who sold in the spring.'”

From Columbus WTVM. “‘Now we’re seeing rates that are comparable to what we were seeing around 2008 when the market kind of took a tumble there,’ said Norman Hardman. Hardman is a licensed realtor in Georgia and Alabama. He says the average price for a home in Columbus is around $200,000 saying, ‘It’s not uncommon to see a home start at a certain list price and for it to be reduced by like $20,000 until they meet the price that buyers are ready to pay for that home.'”

The Union Tribune in California. “Price reductions at the luxury level tend to be quite high. Here are a few examples: 2681 Idle Hour Lane: This nine-bedroom mansion in La Jolla was listed for $23.5 million in January. It has had its price reduced several times and is now listed for $18.9 million. 13985 Old El Camino Real: This five-bedroom mansion in Carmel Valley, on an 18.6-acre lot, went on sale for $19.9 million in late February. It is now listed for $16 million. 16701 Camino Sierra Del Sur: This 10-bedroom mansion in Rancho Santa Fe was first listed for $23.9 million in July. It is now on the market for $14.8 million.”

“San Diego luxury real estate agent Brett Dickinson’s view was that the luxury market was fine and going back to normal after a particularly crazy pandemic buying season. For example, he said there were about 45 single-family homes for sale in La Jolla about two months ago, but there are now around 90. Dickinson said it’s easy to freak out that inventory is shooting up, but it ignores that there are normally around 150 to 200 homes for sale around this time.”

The San Francisco Chronicle in California. “Some of San Francisco’s most expensive real estate has had its sticker price slashed in the past month. Three listings, all in Pacific Heights, have had price cuts of $10 million or more, dashing hopes of record-breaking sales and instead pricing to sell in a cooling market. The penthouse at 2006 Washington St. was the first to cut its price and is still the city’s most expensive listing at $35 million, down from an original list price of $45 million. The 10th-floor unit came on the market in October 2021 and would have broken both the city’s sale price and price per square foot records if it had sold.”

“The 1924 co-op is a coveted city address, but it must not be enticing enough, as a lower-floor listing at 2006 Washington St., Apt. 2, had an $11 million price cut published the day after the penthouse was reduced. Dropping from $30 million to $19 million, the 7,808-square-foot condo spans two floors and includes six terraces. It has its own private entrance, oversized windows and massive living spaces and is on the market for the first time since 1999. Just this week, 2950 Pacific Ave. came back on the market after disappearing in June at an original list price of $29.5 million. It reemerged for $20 million — but that’s for a home that doesn’t even exist yet. What is actually 2895 Broadway comes with ‘fully approved architectural plans and building permits’ and is ‘shovel-ready,’ utilizing the existing home and expanding its footprint.”

From NBC DFW. “The Dallas-Fort Worth housing market has been super hot for the last couple of years, but those in the housing industry say recent trends indicate the market may be cooling down. The stiff competition in North Texas and across the state to buy a home was due to a low inventory of homes, causing buyers to purchase quickly and way over the asking price. ‘The craziest one I heard is someone offered to give the seller an RV if they would accept their offer,’ said Shana Acquisto, president-elect of the Collin County Association of Realtors.”

“She says those situations aren’t happening as much these days as the market shifts due to higher interest rates and more inventory available. ‘The market is cooling somewhat, but I don’t panic at all. I think the rate increase is good and it’s doing what it was meant to do, which is stabilize and cool off our market, it was just out of control,’ said Acquisto.”

“In Collin County, the August housing report said buyers had 77.3% more inventory to choose from compared to a year ago. ‘We are seeing you know, more homes come into inventory, which means more opportunity for buyers. And we are seeing some price reductions because if a seller needs to sell they’re having to do something to entice a buyer,’ said Acquisto.”

From Bloomberg. “Week by week, the bond-market crash just keeps getting worse and there’s no clear end in sight. Prices are tumbling as traders race to catch up. And with that has come a grim parade of superlatives on how bad it has become. ‘Bottom line, all those years of central bank interest-rate suppression — poof, gone,’ said Peter Boockvar, chief investment officer at Bleakley Advisory Group. ‘These bonds are trading like emerging market bonds, and the biggest financial bubble in the history of bubbles, that of sovereign bonds, continues to deflate.'”

The Free Press in Canada. “August market updates have given realtors a reason to believe Winnipeg’s housing market is normalizing, not crashing. ‘So you had all this purchasing power and crazy amounts of demand but you had like 30 per cent less inventory of homes to buy, so that’s why anything that was out there was selling,’ said Sandeep Singh, a fourth-year realtor with Royal LePage. For that reason, Singh, 31, called the two-plus years of COVID-19 the ‘Armageddon era.'”

“But now the market is normalizing in more than one way. Winnipeg experienced a two per cent increase in new listings in August, while 63 per cent of single-family homes sold for under the list price (29 per cent went for above list price). Singh has found himself reminding sellers to be patient during these competitive times. In 2021, houses were nearly guaranteed to sell within the first seven days of being listed. The new normal, he said, is anywhere from 18 to 25 days.”

From Reuters. “For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city’s clean air. Her living conditions, however, are far from those promised: unpainted walls, holes where electric sockets should be and no gas or running water. Every day she climbs up and down several flights of stairs carrying heavy water bottles filled with a hose outside.”

“‘All the family’s savings were invested in this house,’ Xu, 55, told Reuters from the Xiulan County Mansion complex, her room bare except for a mosquito net-covered bed, a few necessities and empty bottles on the floor. She declined to give her full name, citing the sensitivity of the matter. Xu and about 20 other buyers living in Xiulan County Mansion share a makeshift outdoor toilet and gather during the day at a table and benches in the central courtyard area.”

“They are part of a movement of home buyers around China who have moved into what they call ‘rotting’ apartments, either to pressure developers and authorities to complete them or out of financial necessity, as numerous cash-strapped builders halt construction amid the country’s deep real estate slump. Construction stopped in mid-2020, which Xu found out months later, describing her feelings at the time as ‘crashing from paradise.’ Xu, who is unemployed, said she bought the apartment for her only son, with the hope that he would be able to raise a family there. She said her son and her husband, who live far away in the northern province of Hebei, blame her for their financial predicament, and no longer speak to her.”

The Guardian. “China Evergrande Group, is all too well known as the poster child of the country’s economic woes. House prices in China have fallen in each of the 12 months since Evergrande’s now prophetic warning, with Xi Jinping’s government now preparing to throw billions of dollars at a property market that experts say increasingly resembles a giant Ponzi scheme. Nearly a third of all property loans are now classed as bad debts – 29.1%, up from 24.3% at the end of last year, according to research by Citigroup this week – with once safe state-owned property developers driving the increase.”

“It resembles a Ponzi scheme where money taken from new investors is used to pay off existing clients in an ever-decreasing spiral to collapse. It is even how the sober pages of the Economist sees it. George Magnus, an associate at the China Centre at the University of Oxford, said the Chinese market was not quite a classic Ponzi scheme in the style of Bernie Madoff’s notorious scam that was exposed after the global financial crisis, but it was very similar.”

“‘Developers raise huge amounts money from customers to basically fund the purchase of the next construction projects. This continues on and on before it has got to the size it has,’ Magnus said. ‘It’s not strictly a Ponzi in the asset management sense, the Madoff style, but they’re essentially using clients’ money to fund the next project, so yes, it’s the standard definition of what that means.'”

“‘There’s what they can do and there’s what they will do,’ said Anne Stevenson Yang, a China expert. ‘What they can do is to transfer money to households such as by gifting apartments, allowing people to live in places where mortgages are unpaid, and boosting pensions so people have confidence and spend again. But that’s not of course what is going to happen. The Chinese political system is not built around individuals, it’s built around companies, they are the constituents. The political system operates through them. The property market was not designed to be a Ponzi scheme – a Ponzi scheme needs to be designed. But it is an investment bubble. And the bubble has ended.'”

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This Post Has 155 Comments

  1. Let’s get one thing out of the way: Sandeep and all these other gloom and doomers above are PERMA BEARS and they don’t even know it!

  2. ‘She said her son and her husband, who live far away in the northern province of Hebei, blame her for their financial predicament, and no longer speak to her’

    Well that would make holiday gatherings awkward.

    ‘about 20 other buyers living in Xiulan County Mansion share a makeshift outdoor toilet’

    Turn that frown upside down Wu, and get yerself some cardboard, fold it around yer toilet and enjoy the fresh air!

    1. “They are part of a movement of home buyers around China who have moved into what they call ‘rotting’ apartments, either to pressure developers and authorities to complete them or out of financial necessity, as numerous cash-strapped builders halt construction amid the country’s deep real estate slump. Construction stopped in mid-2020, which Xu found out months later, describing her feelings at the time as ‘crashing from paradise.’ Xu, who is unemployed, said she bought the apartment for her only son, with the hope that he would be able to raise a family there. She said her son and her husband, who live far away in the northern province of Hebei, blame her for their financial predicament, and no longer speak to her.”

      Tell your husband and son is was still cheaper than renting!!!

    2. “They are part of a movement of home buyers around China who have moved into what they call ‘rotting’ apartments, either to pressure developers and authorities to complete them or out of financial necessity, as numerous cash-strapped builders halt construction amid the country’s deep real estate slump. Construction stopped in mid-2020, which Xu found out months later, describing her feelings at the time as ‘crashing from paradise.’ Xu, who is unemployed, said she bought the apartment for her only son, with the hope that he would be able to raise a family there. She said her son and her husband, who live far away in the northern province of Hebei, blame her for their financial predicament, and no longer speak to her.”

      Tell your husband and son it was still cheaper than renting!!!

    3. I can’t make fun of these Chinese FBs anymore. They have almost no way to save for retirement. Property is the only thing they are allowed to own; no 401Ks or stock market. And with one-child policy, there aren’t enough kids to take care of them. They don’t have many options.

      1. That said, I think they’re allowed own gold. It’s a way to store wealth, but it’s also very easy to physically confiscate.

    4. I wish for all the politicos, bankster wankers, Covidiots, etc. to rot in Hades. OTOH, I really feel sad for this poor woman.
      –Geezer

  3. ‘Bottom line, all those years of central bank interest-rate suppression — poof, gone’

    But negative interest rates are the new normal Peter? Central bankers are the magic people?

    ‘These bonds are trading like emerging market bonds, and the biggest financial bubble in the history of bubbles, that of sovereign bonds, continues to deflate’

    Is that a lot?

  4. ‘People weren’t concerned how things looked and would buy just about anything’

    Sound lending!

    ‘but that’s now changed’

    Well fudge…

  5. ‘Between May and August, the median sales price in Colorado fell 4.8% and 4.6% in Denver. ‘I hate it when people say the market is crashing because what I always will respond is: ‘To whom?’

    That’s the spirit Matt!

    1. “To whom?” To everyone Matt put in a house in May. Soon to be everyone stupid enough to buy in Colorado in the last couple years.

  6. ‘The market is cooling somewhat, but I don’t panic at all. I think the rate increase is good and it’s doing what it was meant to do, which is stabilize and cool off our market, it was just out of control’

    Why that sounds savagely unhealthy Shauna.

  7. ‘with Xi Jinping’s government now preparing to throw billions of dollars at a property market that experts say increasingly resembles a giant Ponzi scheme’

    As soon as I read about the presales thing with Evergrande I said it was a ponzi scheme. Sure, pooh bear is just chomping at the private jet seat in front of him to bail all the developers out: the ones he doesn’t kill or imprison that is.

  8. Ben, the HBB has become too data-driven. I believe we need to listen to what our feelings are telling us. Suzanne, my realtor, is very intuitive – she told me so. She explained that the current downtick in the local housing market is just a gully, but as the benefits of the Inflation Reduction Act and Build Back Better are felt across the broader economy, lifting all boats, the housing market will experience a Spring miracle revival. Suzanne says this with conviction, so I have to believe her and must take advantage of the nervous nellies heading for the exits. She is an expert on the local market and has access to the research from the NAR’s housing analysts, so I feel I’m in very good hands here.

  9. ‘I hate it when people say the market is crashing because what I always will respond is: ‘To whom?’ said Matt Leprino, head of real estate brokerage Remingo in Denver.

    UHSs react to truth bombs in exactly the same way vampires react to silver crosses.

    1. That was a “woke” crowd in the Democrat-Bolshevik bastion of NYC. Imagine if Comrade Pelosi showed up at a music venue in flyover country.

      We’re gonna need a bigger election steal come November.

      1. Oh but Michael Moore says that the Dems are motivated to vote by the overturning of Roe.v.Wade. Well maybe they are, but how many of them are there?

        2. “Oh but Michael Moore says that the Dems are motivated to vote by the overturning of Roe.v.Wade.”

          There are millions of happily married conservative women and the post menopausal cohort who are seriously pissed-off about the overturning of Roe v. Wade, and I expect they’ll vote accordingly.

  13. Prediction: 2023 will be the year that the Keynesian fraudsters at the central banks are finally exposed as charlatans and criminals to even the dullest of the sheeple.

    British pound hits a record low in big warning for Australia

    https://www.news.com.au/finance/markets/world-markets/british-pound-hits-a-record-low-in-big-warning-for-australia/news-story/36c1a1c7b5c3431147948a9dcea5395a

    The British pound has crashed to an all-time low against the US dollar as the currency’s slump serves as a major warning for Australia.

    1. She’s Fellow at the Aspen Institute…another cabal puppet.

      Nobody is coming to save us. We’ll have to save ourselves.

    1. The Financial Times
      Markets Briefing Capital markets
      European stocks fall and bond prices slide on interest rate fears
      Yield on Italian sovereign debt rises following election victory of rightwing coalition
      The stock exchange in Frankfurt
      Investors are worried about the impact of aggressive interest rate rises on the global economy
      Nikou Asgari in London an hour ago
      European stock and bond prices slid on Monday as investors fretted over the impact on the global economy of aggressive interest rate rises.

      The regional Stoxx 600 share gauge was down 0.4 per cent by the early afternoon in London. The UK’s FTSE 100 dropped 0.6 per cent, while Germany’s Dax 30 was steady. In futures markets, contracts tracking Wall Street’s S&P 500 slipped 0.7 per cent.

      Those moves came after global equities closed out a second straight week of declines on Friday, knocked lower by concerns over monetary policy tightening and a gloomy economic outlook. The Stoxx had ended the session in “bear market” territory — typically defined as a decline of 20 per cent or more from a recent peak.

      Government debt markets also came under renewed pressure on Monday, on expectations of central banks jacking up borrowing costs to curb persistently high inflation. Last week, the US Federal Reserve led the charge on a series of interest rate rises by other global peers, implementing a third consecutive increase of 0.75 percentage points to a target range of 3 per cent to 3.25 per cent.

      “Markets picked up today where they left off on Friday as Monday morning started on a ‘risk off’ footing, with yields making fresh highs around the world without much relief in sight,” said analysts at Citigroup.

      “We expect the king dollar sentiment to continue until we see a follow through in US unemployment numbers and a ‘Fed pivot’, but we might still be far away from that point,” they added.

      The yield on the US 10-year Treasury note added 0.07 percentage points to 3.77 per cent on Monday, as the price of the benchmark debt instrument fell. The UK’s 10-year gilt yield surged by around 0.3 percentage points to 4.11 per cent, extending historic moves from Friday’s session, as traders reacted to the government’s package of tax cuts designed to boost the economy.
      …

    2. Investor’s Business Daily
      Stock Market Today
      Dow Jones Futures Continue To Fall As Stock Market Correction Worsens; Treasury Yields Surge
      SCOTT LEHTONEN 08:36 AM ET 09/26/2022

      Dow Jones futures briefly dropped more than 200 points Monday morning, threatening to extend a losing streak to four sessions. Last week, the Dow Jones Industrial Average sold off with heavy losses and hit new 2022 lows.
      …
      https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-continue-to-fall-as-stock-market-correction-worsens-treasury-yields-surge/

      1. “October clearly has arrived early this year.”

        Walmart started rolling out the Halloween trappings right after the Labor Day weekend. Did investors get spooked?

        1. I saw some pretty fancy stuff at Sams Club. Hundreds of dollars. Some neighbors have already but his stuff up on the front lawns: 12 foot tall animated mummies or witches and other expensive cr@p

    4. Updated Mon, Sep 26 2022 11:58 AM EDT
      Dow falls 100 points as slumping British pound adds to market woes
      Sarah Min
      Tanaya Macheel
      Once bond yields go down and the dollar peaks, you can form a bottom in equities, says Mike Wilson

      The Dow Jones Industrial Average fell on Monday as investors worried surging interest rates and foreign currency turmoil could push the S&P 500 to a new closing low for the year.

      The Dow fell 120 points, or 0.4%. The S&P 500 dipped 0.2%, and the Nasdaq Composite advanced 0.4%.

      Consumer discretionary lent support to the broader market index after a surge in casino stocks. Wynn Resorts jumped 12.9%, and Las Vegas Sands was 12.5% higher, following news that China would allow tour groups in Macau for the first time in nearly three years.

      The British pound dropped to a record low on Monday against the U.S. dollar, falling 4% at one point to an all-time low of $1.0382. The pound has since come off its worst levels on speculation that the Bank of England may have to raise rates more aggressively to tamp down inflation.

      The Federal Reserve’s aggressive hiking campaign, coupled with U.K.’s tax cuts announced last week has caused the U.S. dollar to surge. The euro hit the lowest versus the dollar since 2002. A surging greenback can hurt the profits of U.S. multinationals and also wreak havoc on global trade, with so much of it transacted in dollars.

      “Such U.S. dollar strength has historically led to some kind of financial/economic crisis,” wrote Morgan Stanley’s Michael Wilson, chief U.S. equity strategist, in a note. “If there was ever a time to be on the lookout for something to break, this would be it.”
      …
      https://www.cnbc.com/2022/09/25/stock-market-futures-open-to-close-news.html
      https://www.cnbc.com/2022/09/25/stock-market-futures-open-to-close-news.html

  18. “If I had a son, he’d look like Trayvon” — Barack Hussein Obama

    “Dozens of rampaging youths trashed a Wawa convenience store in northeast Philadelphia Saturday night — hurling food and drinks at one another as one belligerent young woman twerked on a counter, video of the chaos shows.

    The rowdy group of about 100 young people were captured on video — shot inside the chain location at 7001 Roosevelt Blvd. — as they ransacked the shop at about 8:20 p.m. and recorded the pandemonium on their phones.

    A video of the aftermath shows the store completely torn apart. The floor is covered with items pulled off shelves, spilled drinks and trash.

    The unruly crowd also broke several shelves at the shop, according to the footage.

    The lawlessness apparently continued into the store parking lot, where the vandals were caught yelling, cursing and fighting one another, the video shows.”

    https://nypost.com/2022/09/25/rampaging-youths-ransack-philadelphia-wawa-twerk-on-counter/

    The Cloward-Piven Strategy, working exactly as intended.

  20. A reader sent these in:

    This isn’t a sh$tcoin. It’s the British Pound.

    https://twitter.com/WSBChairman/status/1574207751110230016

    I once considered moving to a developing economy but decided 10% inflation and a 20% currency collapse was too unstable so I decided to move to the UK instead. Joke’s on me.

    https://twitter.com/NorthmanTrader/status/1573705401018847232

    Two years ago I started a company to help people buy and sell real estate in the metaverse. I’m excited to announce I just signed a new term sheet this morning!

    https://twitter.com/ChrisJBakke/status/1574087309758238720

    Looks like the bond market bubble has burst. The value of global bonds has plunged by another $1.2tn this week, bringing the total loss from ATH to $12.2tn.

    https://twitter.com/Schuldensuehner/status/1574060420410777601

  21. AMAZING New Construction Home in Queen Creek Arizona | 3984 W Serpentine Drive, Queen Creek, AZ.
    Sep 26, 2022 Today we are taking you inside a brand new amazing home for sale in Queen Creek Arizona! You won’t want to miss this beautiful home tour! Put this one first on your list and come see this impressive NEW Single Story, 4 Bedroom, Split Floorplan Home with 3 car garage! You deserve to live in the Preserve at San Tan, a Luxury Toll Brothers community with breathtaking mountain views. Beautiful finishes throughout, upgraded flooring, backsplash, large walk-in pantry, dual bathroom sinks, multi-sliding patio doors, stainless steel appliances, refrigerator, washer/dryer & blinds included. Situated on an pool sized interior lot with NO two story homes behind you, N/S exposure & just a short walk to several community amenities such as playgrounds, pickleball/tennis, firepits, bocce ball & amphitheater. Enjoy outdoor recreation nearby such as hiking/mountain biking at the regional park. Well BELOW builder’s current base price and it’s move-in ready.

    https://www.youtube.com/watch?v=kDJOJ2dACEw

    1:37.

    3. “…You deserve to live in the Preserve at San Tan…”

      I also deserve to have a hot Playmate of the month dressed in a Santa Claus costume show up at my front door waving a satchel of $100 bills, cooing “com’on do you want to have some fun?’

      Can I get both?

  22. Housing prices Pull back and interest-rate Spike
    California Lending Group
    Sep 25, 2022 Homeownership is so much more than a purchase price and an interest rate. It’s the place where generational memories are made. It’s a place you can call your own and feel safe raising a family. It’s a place that can be passed down to future generations and provide a wealth-billing effect unlike any other.

    Yes, housing prices may temporarily pull back. Although, as soon as the economy stabilizes, it’s off to the races again. Consider this pullback a blessing and use it as an opportunity to get into your house.

    Yes, interest rates are high. We must ensure that the monthly payment figures make sense for the short term. Next year, all high interest-rate loans that California Lending Group writes will be refinanced for free when interest rates drop.

    https://www.youtube.com/watch?v=ikjBFClD1uU

    2:29.

    1. “California Lending
      Free Refinance”
      How will the free Refis work if the company gets shut down by its warehouse lender or it goes BL?
      Hmmmm

  24. Soooooo, ladies, how’s that vote for Biden and his fellow Democrat-Bolsheviks working out for ya?

    ‘No wonder consumer confidence has been falling’: Women’s financial well-being sinks to five-year low

    https://www.marketwatch.com/story/no-wonder-consumer-confidence-has-been-falling-womens-financial-well-being-sinks-to-five-year-low-study-finds-11663961530?mod=mw_latestnews

    Only 14% of women say they’re prepared for a recession, compared with 30% of men, according to a new survey

  26. I wonder why this now common tale twice deported death isn’t being widely reported?

    Not that it can be found on the local news site WPBF 25 but on air this morning they reported this illegal alien from Honduras had been deported 2 times before this incident.

    Go to the 2:00 mark of the video accompanying this story to see what the twice deported valedictorian and his coworker did to get away after he knew he had just killed a man.

    Whoever hired him should be up on manslaughter charges too.

    Worker on front end loader hits, kills Florida deputy

    By CURT ANDERSON and FREIDA FRISARO
    Published: Sep. 23, 2022

    ST. PETERSBURG, Fla. (AP) — A Florida sheriff’s deputy working an overnight shift providing safety in a construction zone was accidentally struck and killed by a worker operating a front end loader who is in the U.S. illegally, officials said Friday.

    The initial name given by the worker, Victor Vazquez-Real, was false, Gualtieri said. His real name is Juan Ariel Molina-Salles, 32, who the sheriff said is a migrant from Honduras who arrived in March and was deported previously.

    https://www.kktv.com/2022/09/23/deputy-hit-with-forklift-construction-site-killed-florida-sheriff-says/

  27. Clinical trial results? LOL

    “Pfizer on Monday asked the Food and Drug Administration to authorize its new Covid booster shots that target the omicron BA.5 subvariant for children ages 5 to 11.

    Pfizer’s application to the FDA comes before clinical trial results of the new vaccines have been published. The company, in a statement, said its request is based on human data from a similar vaccine that targets the omicron BA.1 subvariant and data from animal studies on the BA.5 shots.”

    https://www.cnbc.com/2022/09/26/pfizer-asks-fda-to-authorize-omicron-covid-booster-shots-for-kids-ages-5-to-11.html

    1. Biden gets Covid twice.
      Fauci gets Covid Twice.
      Pfizer CEO claims he has now again tested positive for Covid again within a month, while also claiming he took the vaccine and booster.
      If anyone believes for one minute that any of the above people took the expiermental vaccines and boosters is just stupid.
      This big lie that this fake vaccine prevents Covid or prevents a severe case is just ridicules.
      Dr Michael Yeadon ,in summary has stated that they have known for a couple of decades that the flu shot didn’t prevent death in older people with co morbidities. It gets to the point the immune system just breaks down in advanced age.
      Those cheap drugs were effective on older people , but thousands were just killed by the hospitals, while they were denied effective drugs, that even worked on older people.
      The evidence shows that its a fake vaccine , that kills and injures people, and does nothing to prevent Covid.
      The new Booster shot is the objective now, along with putting this failure gene technology into everything they can get it into.
      They won’t let go of Covid vaccines, and Biden buys the vaccines regardless of how many are taken.
      The medical system has been hijacked by forces that don’t care what harm they cause. It was all planned.

      1. Funny, how after getting it a year ago I didn’t get it again. I was even told that my natural immunity wouldn’t protect me from the new variants, and yet it did.

          1. Talked to friend last night. She’s had two Covid shots, retiring to avoid third (works in hospital, heard CDC made some changes announced today, but she’s done.)
            Slapped my head when she said she is going to get a flu shot asap. Most of the time, I’ve read they don’t always target the correct strain (true?) Anyway, I never got one of those either and “Now with mRNA!”

      3. I don’t believe any of these named politicians and so on have had either Covid or the real shot as they get a placebo.

    2. “Pfizer Covid booster that targets the omicron BA.5 subvariant”

      I just received this covid injection last Friday, my fifth, and I pedaled above average times both days this weekend and this morning too. The latest flu shot was a pretty rough; hope it works.

          1. There’s a whole lot of IDK going around. I’m glad you’re robust enough to still be standing. Glad I am too.

      2. my fifth

        For what other “disease” have you taken 5 shots within 2 years? Before considering the experimental gene therapy nature of these jabs.

          2. I will admit an issue, but I’m unsure if there’s correlation. A couple of years ago I noticed an increased evening frequency to urinate, i.e., wake up a couple times per evening for nature’s call. PSA is under 3, no blood trace in urine, just getting older, right?

            Well, I got the latest booster, and boom, up three times each evening for a squirt! Is my body just trying to rid itself of something foreign, or is my prostate squeezing the urethra preventing the bladder from emptying? Now I’m wondering if this started when the covid vaccine regimen began?

          5. DRE

            Your doctor puts on some latex gloves, lubes the index finger and the proceeds to examine your prostate.

          6. I already visited a Urologist in Seattle, and did the entire testing routine. He was surprised that I don’t take any prescription medicines, and he looked over my bulked muscle tone and odd tan lines and said, “You’re a cyclist.” I told him about my high liquid intake, urine volume and frequency, but the covid injections were never discussed. However, I am readying some personal observations for my online medical notes between us.

          8. “Don’t expect a doctor to find correlation let alone causation.”

            Agreed, especially if his paycheck depends on his not discovering either instance.

  28. Remember, when you buy a house, your property taxes are paying to promote this in the public achools.

    New York Times — More Trans Teens Are Choosing ‘Top Surgery’ (9/26/2022):

    “Michael is part of a very small but growing group of transgender adolescents who have had top surgery, or breast removal, to better align their bodies with their experience of gender. Most of these teenagers have also taken testosterone and changed their name, pronouns or clothing style.

    Few groups of young people have received as much attention. Republican elected officials across the United States are seeking to ban all so-called gender-affirming care for minors, turning an intensely personal medical decision into a political maelstrom with significant consequences for transgender adolescents and their families.

    Gender-related surgeries, in particular, have been thrust into the spotlight. Arizona and Alabama passed laws this year making it illegal for doctors to perform gender-related surgeries on transgender patients under 18. Conservative commentators with large followings on social media have recently targeted children’s hospitals that offer gender surgeries, leading to online harassment and bomb threats.

    Genital surgeries in adolescents are exceedingly rare, surgeons said, but top surgeries are becoming more common. And while major medical groups have condemned the bans on gender-related care for adolescents, the surgeries have presented challenges for them.”

    https://archive.ph/oGu15

  29. The globalists and the corporate hirelings of the Republicrat duopoly are trying to drive independent farmers out of business and consolidate their farmland and herds into huge agribusinesses owned by globalist oligarchs. Once the latter have a monopoly on the means of food production and distribution, anyone who pushes back against globalist diktats is going to learn in a hurry that he who controls the food supply, controls the population.

    Commentary: U.S. Farmers Grab the Lobbying Pitchforks as Greens Sow Costly New Reporting Mandates

    https://tennesseestar.com/2022/09/22/commentary-u-s-farmers-grab-the-lobbying-pitchforks-as-greens-sow-costly-new-reporting-mandates/

    Echoing conflicts from Sri Lanka to Canada to the Netherlands, tensions between farmers and green-minded government policymakers are building in the United States, where producers are squaring off against a costly proposed federal mandate for greenhouse-gas reporting from corporate supply chains.

    The U.S. Securities and Exchange Commission in March proposed requiring large corporations, including agribusinesses and food companies, to report greenhouse gas emissions down to the lowest rungs of their supply chains as a means of combatting climate change, which environmental campaigners contend imperils the planet and life on it.

    1. Let there be no doubt: the zealots know that their restrictions will curtail agricultural production, especially in countries that produce the bulk of global food exports. They want a global famine. They are evil, Satanic ghouls.

      1. Of course, they will use every tool possible to distract us from what they are doing: Warmism, celebrity drama, sportsball, etc.

        Speaking of sportsball, the World Cup is coming up and will be played in Sharia Law Qatar. Should be a barrel of fun.

        1. At the end, in a city of 16 million people in lock down, screaming from their windows at night. No, this isn’t a horror movie.

          1. The Comrades of Proven Worth (D) would be orgasmic at the thought of having that level of arbitrary control over a disarmed population.

          2. They did have that control. They only backed off when it became clear people were sick of their sh$t and stopped following orders. We’re going to have to deal with these people. What they did was mass murder (closing hospitals to people dying awaiting surgery – just one example), the death injection is mass murder. The courts are guilty too. They didn’t do a damn thing to help and instead rubber stamped it all.

          3. At the end, in a city of 16 million people in lock down, screaming from their windows at night.

            This is one reason why globalists want to cram people into high rise apartments, it’s easier in enforce absolute house arrest that way.

            Other than simply wielding power over the populace I can’t see any reason for the Chinese lockdowns. Their economy is imploding.

  30. ‘Ordinary voters’ pushing back against ‘woke agenda’ of European Union
    Sky News Australia
    Sep 26, 2022 Spiked Online Editor Brandan O’Neill says there are “real attempts” by the media to paint Italian politician Giorgia Meloni as a “modern-day fascist”.

    “This is not about people wanting the far right to come back into power,” he told Sky News host Andrew Bolt.

    “This is about ordinary voters wanting to push back against the anti-borders, woke agenda of the European Union in particular.

    “And to reclaim some of those things that we used to think were good – like national sovereignty, democratic rights and the right for a nation to determine the future of itself.”

    https://www.youtube.com/watch?v=Jg1VKE99Sxg

    6:27.

    3. I am very curious as to how Brussels will try to stop this. They must be concocting some very serious economic punishment for Italy.

      1. Canada just dropped most of its COVID restrictions. I think the globalist Quislings are starting to grasp how hated they are.

        1. Canada just dropped most of its COVID restrictions.

          Coincidentally, just before the constitutionality of the restrictions was to be tested in court. A pattern begins to emerge.

    1. No f**ks given. These FBs priced the prudent and responsible out of the market. Now they can become cautionary tales for those who buy into asset bubbles and depended on the MSM for their information.

    1. It wasn’t that long ago when they thought BoJo would save the day.

      People were hoping Truss would be another Thatcher. It sounds like she’s going to be more like Angela Merkel.

  34. Oh dear…can you spell “systemic contagion” boys and girls? I knew you could.

    UK banks and lenders suspend offering new mortgages amid market turmoil

    https://news.stv.tv/scotland/uk-banks-and-lenders-including-halifax-bank-of-scotland-suspend-offering-new-mortgages-amid-market-turmoil

    Halifax, the UK’s largest mortgage lender, has temporarily withdrawn all of its mortgage products that come with a free from the market amid continuing volatility surrounding the pound.

    The move comes after chancellor Kwasi Kwarteng announced a raft of tax cuts last week, prompting concerns for the impact on inflation.

    While the majority of mortgage holders are on fixed-rate deals, 1.8 million fixed deals are scheduled to end next year – meaning some homeowners could be in for a bill shock when they do eventually come to take out a new mortgage.

  35. Italy for the Italians:

    “In the 15-minute speech, Giorgia Meloni shares her remarks at the God, Honor, Country: President Ronald Reagan, Pope John Paul II, and the Freedom of Nations – A National Conservatism Conference in Rome, Italy – February 3, 2020.

    “Our main enemy today is the globalist drift of those who view identity and all its forms to be an evil to overcome. And constantly ask to shift real power away from the people to supernational entities headed by supposedly enlightened elites.

    “Let us be clear in our mind because we did not fight against and defeat communism in order to replace it with a new international regime, but to permit independent nation states once again to defend the freedom, identity, and sovereignty of their peoples”

    Why is the family an enemy? Why is the family so frightening? There is a single answer to all these questions. Because it defines us. Because it is our identity. Because everything that defines us is now an enemy for those who would like us to no longer have an identity and to simply be perfect consumer slaves.

    And so they attack national identity, they attack religious identity, they attack gender identity, they attack family identity. I can’t define myself as: Italian, Christian, woman, mother. No. I must be citizen x, gender x, parent 1, parent 2. I must be a number. Because when I am only a number, when I no longer have an identity or roots, then I will be the perfect slave at the mercy of financial speculators.

    We will defend God, country, and family. Those things that disgust people so much. We will do it to defend our freedom. Because we will never be slaves”

    https://www.thegatewaypundit.com/2022/09/italy-new-leader-giorgia-melonis-speech-new-world-order-attack-national-identity-attack-religious-identity-attack-gender-identity-attack-family-identity/

    1. I wouldn’t drive a $35,000 car in that neighborhood.

      What is interesting is that all these muggings and acts of violence are getting recorded and yet the thugs don’t seem to care. Gee, the catch and release program couldn’t have anything to do with that?

      1. Those thugs have political top cover from their fellow Democrats who have subverted the judicial and LE systems. I’d be very surprised if Democrat apparatchiks in City Hall weren’t getting a cut from the proceeds of all these robberies.

    1. “…..but but it will go right back down!….”

      The gyraters just ain’t getting it because they don’t want to get it….. but like my father always used to say, want in one hand and shit in the other and see which fills up quicker.

      Double digit rates are going to be with us for a good long time…. likely not 40 years but a few decades. Cut your losses now because they grow the longer you wait…. and I have to admit… the contortions and word twisting rationalizations are getting more irrational and desperate. Each day brings more foot stamping and tantrums. Priceless.😂😂😂

      Santa Ana, CA Housing Prices Crater 14% YOY As Double Digit Price Declines Blanket Orange County California

      https://www.movoto.com/ca/92706/market-trends/

        1. Funny how when you remove the biggest buyer of last resort of craptastic MBS’s no matter what you actually have to price them at a more reasonable point to entice people to buy. Funny how ECON 101 still works even at these rarefied levels. When they let it.

      1. $445 million!

        That was my stomping ground for a few years. I presume Apple is going to bulldoze the whole thing and start from scratch.

      1. Entry from February 12, 2011
        “The sun don’t shine on the same dog’s butt every day” (investment proverb)

        “The sun doesn’t/don’t shine on the same dog’s ass/back/butt/eyes/tail every day/all the time/forever” means that one can’t expect to get lucky and have some nice sunshine every single day. The saying has been cited in print since at least 1927 and appears to come from the South.

        The saying has been popular with baseball players. New York Yankee baseball greats Mickey Mantle (from Oklahoma) and Catfish Hunter (from North Carolina) both used the saying. In finance, the saying means the same as “into each life. some rain must fall” or “you can’t win them all.”

        https://www.barrypopik.com/index.php/new_york_city/entry/the_sun_dont_shine_on_the_same_dogs_butt_every_day_investment_proverb

  42. Oh dear. What happens when local or regional authorities refuse to carry out orders issued by globalist Quislings at the federal level?

    The Government of Alberta has sent instructions to the RCMP K-Division, the arm of the federal police force with authority in Alberta, to ignore direct orders from the federal Trudeau Government.

    https://thecountersignal.com/kenney-commands-alberta-rcmp/

    In a bid for assistance with the firearm confiscation program, federal Minister of Public Safety Marco Mendicino issued a direct request for support from the Kenney government in Alberta.

    “I am writing to seek your support in implementing the buyback program,” Mendicino pleaded in a secret letter to Alberta’s government. He added that his office would be working directly with policing authorities to successfully implement the “buyback program.”
    To make a long story short, the Alberta government declined.

    Alberta’s Minister of Justice, Tyler Shandro announced today in a press conference that he will obstruct the gun grab by any means necessary. His office, in a coordinated response to Trudeau, issued orders to the K-Division expressly directing them to ignore federal orders on the matter.

  43. I just witnessed some junkie getting arrested, cited for criminal tresspass, and wheeled out of Home Depot on a stretcher while nodding off.

    Glendale Depot on Colorado Blvd in the middle of the afternoon.

    “They’re not sending there best”

    1. Notice the Russians weren’t stopping women and men who say they’re women at the borders.

      No, just young men.

      1. The Russian women have a rich history as battlefield medics, fierce fighters, snipers, etc., but realize that Russia also has a serious demographic problem as does greater Europe.

  45. So it seems some Gimme Dats don’t appreciate Democrat-on-Arrival illegals who might be cutting into their share of the free cheese.

    ‘Take your a** home!’ Heavily-armed black rights groups march through Austin chanting anti-illegal migrant slogans, demands Biden ‘close the border’ and calls for ‘reparations to be paid NOW’

    https://www.dailymail.co.uk/news/article-11251579/Heavily-armed-black-rights-groups-march-Austin-demanding-Biden-close-border.html

      1. Even for the Democrat-Bolsheviks, reparations might be a hard sell when millions of whites are seeing the value of their 401(k) funds and shacks plummet as trillions in Yellen Bux “wealth” wing off to debauched currency heaven.

    2. Some legitimate grass roots support there, but this event was heavily infiltrated by Feds.

      Know your limits.

      Don’t so stupid sh*t out there kidz.

  48. ATTN: This post is not housing related.

    “Psaki Admits Democrats Will Lose If Midterms Are A ‘Referendum’ On Biden”

    https://www.zerohedge.com/political/psaki-admits-democrats-will-lose-if-midterms-are-referendum-biden

    (snip snip)

    Former White House press secretary Jen Psaki on Sunday said the Democrats will lose if the November midterm elections are a “referendum” on President Joe Biden.

    “If it is a referendum on the president, they will lose. And they know that. They also know that crime is a huge vulnerability for Democrats, I would say one of the biggest vulnerabilities,” Psaki said on NBC’s “Meet the Press” on Sept. 25.

    On the contrary, Psaki said that if the focus of the midterm elections is on the “most extreme” party, mentioning House Minority leader Kevin McCarthy (R-Calif.) and Rep. Marjorie Taylor Greene (R-Ga.) by name, the Democrats will secure a victory in November.

    With a little more than 40 days to go before the November elections, Biden’s public approval rating remains low. According to a recent Reuters/Ipsos opinion poll, 39 percent of Americans approved of the president, while 57 percent disapproved.

    Additionally, 67 percent of the respondents said the United States was heading in the wrong direction, while 21 percent said the country was on the right track.

    Another recent Reuters/Ipsos opinion poll found that 50 percent of Americans thought Biden “should do more” on “blocking illegal immigrants” from entering the United States.

    Even Democrats are abandoning Biden as the party’s nominee for president in 2024. According to the latest ABC News/Washington Post poll, just 35 percent of Democrats and Democratic-leaning independents prefer Biden for the 2024 nomination, while 56 percent say the party should pick someone else.

    Referendum
    Some Republicans have long billed the midterm elections as a referendum on Biden, most famously former President Donald Trump.

    “This election is a referendum on skyrocketing inflation, rampant crime, soaring murders, crushing gas prices, millions and millions of illegal aliens pouring across our border, race and gender indoctrination, converting our schools,” Trump said during a campaign rally in Pennsylvania on Sept. 3.

    Trump added, “And above all, this election is a referendum on the corruption and extremism of Joe Biden and the radical Democrat Party.”

    Also on Sunday, Rep. Darrell Issa (R-Calif.), a member of the House Judiciary Committee, wrote on Twitter that “It’s not breaking news Democrats don’t want the midterm elections to be a referendum on Biden.”

    Earlier this month, Joe O’Dea, the GOP candidate for senator in Colorado, also said the November race is a referendum on the president.

    “This election is a referendum on the trillions in spending and debt by Joe Biden and Michael Bennet that’s caused this inflation crisis,” O’Dea wrote on Twitter, who is facing incumbent Sen. Michael Bennet (D-Colo.).

    Pennsylvania
    Psaki also said she has been following the senate race in Pennsylvania, where Lt. Gov. John Fetterman is facing Republican candidate Mehmet Oz, noting that Republicans have been spending money on ads portraying the Democrat candidate as soft on crime.

    “What’s been interesting to me is it’s always you follow the money, and where are people spending money,” Psaki said. “And in Pennsylvania, the Republicans have been spending millions of dollars on the air on crime ads against Fetterman because that’s where they see his vulnerability.”

    She added, “So, yes, the economy is hanging over everything. But you do have to look at state-by-state factors, and crime is a huge issue in the Pennsylvania race.”

    Oz and Fetterman are scheduled for a televised debate on Oct. 25. On Sunday, Oz took to Twitter to say he has a different approach to border management compared to his opponent.

    “John Fetterman would be a rubber stamp for Biden’s reckless border policies & make the crisis at our southern border even worse,” Oz wrote on Twitter. “Securing our border may not be Biden or Fetterman’s top priority, but I’ll do everything I can to address this issue.”

    Psaki left the White House in May and took a job at MSNBC as host for a new streaming program starting in 2023.

  49. This is from Yale, (what a surprise) …

    “$1 Million Yale University Research Project To Combat Racist Video Game Hair”

    https://www.zerohedge.com/political/1-million-yale-university-research-project-combat-racist-video-game-hair

    Yale University’s Computer Science Department recently announced a $1 million donation given to them from the Bungie Foundation for a research project that fights against racist hair graphics in video games.

    “It is widely assumed that the algorithms used to generate virtual humans are based in biological underpinnings that accurately reflect all races and ethnicities,” the announcement reads. “In reality, however, these algorithms are deeply biased and based on predominantly European features.”

    The project will be led by Theodore Kim, Associate Professor of Computer Science at Yale.

    According to Kim, the project will “serve as an example of how to identify the products of systemic racism in computer graphics and demonstrate how to take concrete steps to ameliorate their harm.”

    Kim believes that this racial bias in video game hair stems from Computer Graphics Researchers that have “historically favored the simulation and rendering of straight hair, which is racially coded as European or Caucasian hair.”

    As stated on Kim’s admin page, “[h]e researches topics in physics-based animation, which include the simulation of fire, water, muscles, skin, and virtual humans.”

    In 2015, Pew Research Center conducted a study on how various racial and ethnic groups feel about video games. Their article showed that “[r]oughly half (47%) of American adults say they are unsure of whether video games portray minority groups poorly. Interestingly, this is the most common response regardless of race or ethnicity.”

    The Pew Research Center’s study continued by adding, “Blacks (13%) are more likely than whites (7%) to say most video games portray minority groups poorly.” However, “close to half of all blacks (47%) say they are uncertain if video games depict minorities in a bad light.”

    Campus Reform reached out to Yale University, Professor Kim, and the Bungie Foundation for comment but did not receive a response in time for publication.

    1. The Financial Times
      Markets Briefing Capital markets
      Wall Street’s S&P 500 closes at lowest level since December 2020
      US government bonds sell off after tumultuous day in Britain’s gilt market
      Exterior of the New York Stock Exchange
      The S&P 500 share index ended the day down 1 per cent
      Jaren Kerr in Toronto and Nikou Asgari and Harriet Clarfelt in London
      4 hours ago

      Wall Street equities closed at the lowest level since December 2020, while US Treasury yields lurched higher after intense volatility in Britain’s gilt market and a lacklustre sale of new Treasuries shook investor sentiment.

      The blue-chip S&P 500 share index ended the day down 1 per cent, after having lost 4.7 per cent over the course of the previous week. The technology-heavy Nasdaq Composite fell 0.6 per cent on Monday.

      Monday’s wobble in equities came as the yield on the 10-year US Treasury note, a benchmark for global borrowing costs, added 0.22 percentage points to 3.92 per cent — the highest level since 2010. Bond yields rise when prices fall.

      The selling in the US followed a brutal session in London, in which gilt yields surged for the second trading day in a row after the UK government’s plans for big tax cuts spooked investors. Britain’s 10-year gilt yield rose on Monday by its most in 40 years, according to Refinitiv data.

      A sale of US two-year Treasuries on Monday also highlighted how fund managers are demanding the government pay higher borrowing costs on expectations the Federal Reserve will continue pushing interest rates sharply higher.

      The difference in yield between what investors anticipated ahead of the auction, and the actual result, was the highest since the market ructions in 2020, according to Thomas Simons, money market economist at Jefferies. The debt was also issued with the highest yield of any two-year auction since 2007 at 4.29 per cent per cent, Simons said.

      “On the one hand, the yield appears to present compelling value . . . but this crazy volatility is hard to stomach,” he added.
      …

      1. Markets
        Mortgage Rates Now at 20-Year Highs
        By: Matthew Graham
        Mon, Sep 26 2022, 4:52 PM

        The most recent historical high water market for mortgage rates was “14 years.” It was broken so many times in September that we officially declared it to be boring last Tuesday. Now, less than a week later, 14-year highs would be more exciting than boring. As of mid-day today, we’re officially at 20 year highs.

        Perhaps it should be “unofficial,” because our daily rate records only go back to the beginning of 2009. We’re relying on weekly survey data for the historic highs and it’s entirely possible that there was a day or two in 2008 where rates were higher than today, but we digress. Comparing current rate levels to various points in the past isn’t really important.

        What’s important is that less than a year, the payment on a new $400k mortgage is up at least $1000/month. Many lenders are now quoting top tier 30yr fixed rates over 7%.

        Why have rates spiked so quickly? One might assume is has something to do with last week’s Fed rate hike. After all, the Fed hiked rates and then mortgage rates went higher, but that’s actually not the issue at the moment.

        The issue stems from strange goings-on in the realm of fiscal policy in The UK. Yes, that’s an odd thing to consider when it comes to mortgage rates in the US, but it’s important to understand just how huge the market reaction to recent events in The UK has been. Without going into tedious detail, the best way to convey the drama is by noting that British 10yr yields have risen more than 1.00% in 4 business days.

        Contrast that to US 10yr yields which have only jumped by about a third of that. Also consider that “a third” is a smaller than normal correlation for these two markets.

        In other words, the market movement overseas is so big that, even with a far diminished echo, it’s been enough for another major jump in rates.

        Don’t expect any emergency help from the Fed either. Multiple Fed speakers were out today reiterating that they’re still waiting for evidence that inflation has turned a corner and for evidence that their policies are producing a certain amount of economic pain. Pain is normally bad, but in this case, the Fed views it as evidence of traction in the fight against inflation. In any event, at best, it will take weeks and probably months for economic data to open the door for a softer stance from the Fed.

        Bottom line: 7% or close to it is the new 30yr fixed rate reality for now.
        …
        https://www.mortgagenewsdaily.com/markets/mortgage-rates-09262022

        1. You can stick a fork in housing demand. With 7% mortgage rates, sellers expecting to capture anything near last year’s prices are truly and duly fooked.

        2. “20-Year Highs”

          I had to do the math. In 2002, interest rates were trending down as home prices climbed towards astonishing heights. We lived in a low-cost part of the Bay Area at the time, and couldn’t believe the rate of home price gains in our modest community.

          Today rates are rocketing up the other direction, and market values are rapidly retracing to the downside.

    1. The Financial Times
      Chinese economy
      China growth to fall behind rest of Asia for first time since 1990
      World Bank is latest financial institution to slash Chinese economic forecast
      A vendor talks with a customer at his spices stall at a market in Beijing
      Consumer activity has been sapped by Xi Jinping’s commitment to his zero-Covid policy
      Edward White in Seoul and Mercedes Ruehl in Singapore 2 hours ago

      China’s economic output will lag behind the rest of Asia for the first time since 1990, according to new World Bank forecasts that highlight the damage wrought by Xi Jinping’s zero-Covid policies and the meltdown of the world’s biggest property market.

      The World Bank has revised down its forecast for gross domestic product growth in the planet’s second-largest economy to 2.8 per cent compared with 8.1 per cent last year, and down from its prediction made in April of between 4 and 5 per cent.

      At the same time, expectations for the rest of east Asia and the Pacific have improved. The region, excluding China, is expected to grow at 5.3 per cent in 2022, up from 2.6 per cent last year, thanks to high commodity prices and a rebound in domestic consumption after the pandemic.

      “China, which was leading the recovery from the pandemic, and largely shrugged off the Delta [Covid variant] difficulties, is now paying the economic cost of containing the disease in its most infectious manifestation,” Aaditya Mattoo, the World Bank’s chief economist for east Asia and the Pacific, told the Financial Times.

      China had set a GDP target of about 5.5 per cent this year, which would have been a three-decade low. But the outlook has deteriorated markedly over the past six months.
      …

  55. A Blast from the Past, from February, 2015 …

    “U.N. Official Reveals Real Reason Behind Warming Scare”

    https://www.investors.com/politics/editorials/climate-change-scare-tool-to-destroy-capitalism/

    (snip)

    At a news conference last week in Brussels, Christiana Figueres, executive secretary of U.N.’s Framework Convention on Climate Change, admitted that the goal of environmental activists is not to save the world from ecological calamity but to destroy capitalism.

    “This is the first time in the history of mankind that we are setting ourselves the task of intentionally, within a defined period of time, to change the economic development model that has been reigning for at least 150 years, since the Industrial Revolution,” she said.

    Referring to a new international treaty environmentalists hope will be adopted at the Paris climate change conference later this year, she added: “This is probably the most difficult task we have ever given ourselves, which is to intentionally transform the economic development model for the first time in human history.”

    The only economic model in the last 150 years that has ever worked at all is capitalism. The evidence is prima facie: From a feudal order that lasted a thousand years, produced zero growth and kept workdays long and lifespans short, the countries that have embraced free-market capitalism have enjoyed a system in which output has increased 70-fold, work days have been halved and lifespans doubled.

    1. Communists cannot be reasoned with. There is no compromise with them. And the outcome of their being in power and control is death and misery.

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