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Not Only Are Bubbly Markets Shifting Fast, They Also Look Like Early-Inning Housing Busts

It’s Friday desk clearing time for this blogger. “‘We aren’t crashing; we’re leveling out,’ said Becky Enrico-Crum, the president of Boise Regional Realtors. ‘We’re just trying to find out what that level price is. That’s what everybody is trying to figure out.’ Prices in the area dropped 4.4 percent between July and August. Homes now last weeks on the market, as opposed to days. Her clients don’t have to duke it out in fierce bidding wars or scramble to put in all-cash offers. ‘Right now, it’s just a matter of going from this hyper-acceleration to finding our feet again,’ said Phil Crone, executive director of the Dallas Builders Association, ‘which may make for a bumpy six months or so until we find that.'”

“Over the past five months, inventory levels have spiked in bubbly markets like Boise (where inventory is up 298%), Austin (up 435%), Phoenix (up 317%), and Las Vegas (up 192%). Not only are bubbly markets—like Boise, Las Vegas, and Phoenix—shifting fast, they also look like early-inning housing busts. There’s no doubt about it: Opendoor—a national iBuyer of homes—is taking some hefty losses on some of its recent “flips.” The epicenter of those losses could be Las Vegas.An example is this North Las Vegas home that Opendoor bought for $540,800 in May. Just weeks later, Opendoor put the home on the market for $581,000. However, it obviously didn’t get many bites. As of Thursday, the list price was down to just $490,000. That’s 10.4% below what Opendoor paid for the home this spring.”

“Phoenix is once again at the center of a cooling housing market: Between March and August, Phoenix inventory was up 317%. That’s already translating into a sharp home price decline. According to Zillow, Phoenix home values are down 4.4% from their 2022 peak.”

“Since the rate hikes began this past year however, the average sales price of a home in Phoenix has corrected 6%. Listing prices adjusted down 7%. As recently as March, of this year the Cromford Index was calculated at over 400, giving a heavy advantage to sellers in real estate transactions. In September, the Cromford Index hit 105.”

“‘People are waiting to see where the market goes,’ said Hugo Meza, Realtor at eXp Realty in Montclair. ‘Buyers and sellers are sitting on the sidelines.’ Meza works with buyers and sellers primarily in Clifton in Essex County and Wayne in Passaic County. Buyers who qualified for a $500,000 loan six months ago now have to downsize to $400,000. Would-be buyers are canceling signed contracts. Buyers are holding back due to higher borrowing costs and sellers are reluctant to put their homes on the market, fearing they will not realize the prices they sought. Even cash buyers are taking a wait-and-see attitude — realizing they now have the upper hand, North Jersey real estate professionals say.”

“The seasons are changing in South Carolina and so are conditions on the residential real estate market. ‘It’s harder to buy and harder to rent right now than it was last year,’ said John Smith, president of the Central Carolina Realtors Association. ‘That is something we’re seeing in the Midlands and also what we’re hearing from people in Greenville and Charleston as well. The market for sellers is still good, but some sellers are pulling back because the demand has dropped. In many cases, they’re not getting the prices for their home that they got back in March and April of this year.'”

“Analysts at Zillow have for much of 2022 been among the most bullish. But their thinking now is, in the Washington DC area at least, a pricing downturn is not only here, but could be here for a while. Washington, which ranks as the sixth largest metro area in the Zillow ranking, is in good company. The most populous areas – New York City, Los Angeles and Chicago – all are projected to have lower home values a year from now.”

“Last week, there were 16 residences priced at $4 million or more sold in Manhattan, four fewer than the previous week, according to the report. The second priciest deal last week was a condo in Chelsea that was asking $10 million, according to the report. That’s a $3.5 million reduction from its original price of $13.5 million in 2015.”

“The San Antonio housing market continues to show signs of distress as its median asking price declined for a third consecutive month. The median asking price for homes here hit $339,200 in August, according to the San Antonio Board of Realtors. The local median asking price peaked in May at around $348,800. Beyond that, nearly half of the homes on the market in San Antonio this August experienced a price reduction. Only 3,272 single-family homes were sold in and around the Alamo City last month, down from 3,333 in July and a whopping 13% drop from August 2021. At he same time, available inventory continues to climb, according to SABOR’s market reports archive. The city had 9,570 active listings in August, the highest number since at least September 2020.”

“Orange County homebuying cooled this summer. August sales were 31% below a year ago as house hunters were scared off by 47% higher house payments. The median: $984,000 for all homes was down 1.6% in a month while increasing 9% over 12 months. Record O.C. high? $1,054,000 set in May. So, prices are 6.6% off their peak. Builders sold 202 new homes, down 27% in a year. Median of $969,500 was down -4% over 12 months.”

“A Newhallville two-family house that was built a decade ago by a local affordable homeownership nonprofit will soon be owned by the federal government — and then put out for sale again — after no bidders showed up to the property’s foreclosure auction. That bidder-less ​’auction’ took place Saturday at noon outside of 132 Newhall St. Because no bidders showed up to try to buy the Newhall Street property Saturday, the Connecticut Housing Finance Authority (CHFA) will take ownership.”

“CHFA is the quasi-public organization that issues low-interest loans to low- and moderate-income Connecticut residents looking for help buying their own homes. According to state court records, First Niagara Bank assigned 132 Newhall St.‘s mortgage to CHFA in 2014. CHFA then moved to foreclose on that mortgage in June 2019 after the previous owner defaulted on his loan payments.”

“According to NHS Executive Director Jim Paley, ​’No more than a handful of people have lost homes that they purchased from [NHS] in foreclosure’ across NHS’s many years of work in the city. ‘I was heartbroken to learn of the foreclosure,’ Paley said about 132 Newhall St. ‘I remember vividly during the open house standing with [the owner]’s son in what was to become his bedroom and how proud he was as we looked out the window of his new home and new bedroom.'”

“For Calgary buyers, selection among listings is unlikely to get better over the next several months, a local realtor says. ‘If you think supply will get better this fall — a busier season than summer — it’s not likely going to happen,’ says Richard Fleming, broker/owner of Re/Max Real Estate Mountain View. Still, current market conditions do offer upside for buyers. As well, with prices down 20 per cent from the peak in March, based on September benchmark price data from the Calgary Real Estate Board, buyers now have a window of opportunity. ‘I call it ‘a sale on real estate,’ Fleming says. ‘You’re not having to compete and you can get prices down on offers.'”

“”Around 150 people who shelled out thousands for deposits on off-plan apartments at Salford Quays are still left in limbo four years after they were supposed to be built. Furious investors are rejecting a request from developer Fortis to surrender the leases for which they each paid about £100,000 – 50 percent of the asking price of the apartments – to convert them into loans.”

“None of the investors wanted to be identified, but one said: ‘I bought the apartment off plan and sunk my pension money into it and I’ve got nothing. I wanted it to be a base in the UK for myself and my kids because I love Salford because that’s where I’m from.’ Another said: ‘I invested £156,000 and have seen nothing for it. I have been suffering from ill health for a long time and I was going to use the investment to fund my retirement, but now I’m going to have to sell my house.’ I thought it would be a good investment. They have taken £12 million and all we’ve got are two empty shells of buildings.'”

“A 53-year-old medical doctor said he would have to prolong his career after investing £168,000 in his deposit which he fears he will now lose. ‘I have invested my entire career savings into the property and I am in no other pension scheme,’ he said. ‘I am absolutely devastated. I will now have to continue working long after I would’ve otherwise retired.'”

“Australian Lili Zhang is like many homeowners. While she has a healthy portfolio of properties, she is now facing the biggest threat to her investment, rising interest rates. Zhang, who is in her 40s and works in finance in Sydney, owns her own home worth $3 million Australian dollars (nearly $2 million) and invests in two other apartments in the city’s popular eastern suburbs. To finance that, she has taken out bank loans worth about A$3 million (nearly $2 million).”

“Zhang said her repayments will soon double to about A$16,000 a month and she is worried. Her tenants are on fixed rental agreements and she cannot raise rents to cover her new mortgage outgoings. Neither is she expecting a commensurate pay rise. ‘Not the time to panic, but the feeling of not seeing the end of the tunnel on rising costs is keeping me from sleeping tight at nights,’ Zhang said, adding that the central bank was slow to react to rising costs. ‘I thought we had inflation last year already, yet we didn’t see any steps to curb rising costs.'”

“National house prices have fallen for a fourth straight month as demand for homes start to slide due to higher costs of borrowing, according to Corelogic. The monthly price fall in August was also the largest since 1983, Corelogic said in its most recent Home Value Index Report. ‘Every capital city apart from Darwin is now in a housing downturn, with a similar scenario playing out across the rest-of-state regions, where only regional South Australia recorded an increase in housing values for the month,’ Corelogic said. In Sydney, Australia’s biggest city, home prices have fallen over 7% since prices started unwinding at the start of the year, just before interest rates lifted.”

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This Post Has 156 Comments

  1. ‘I remember vividly during the open house standing with [the owner]’s son in what was to become his bedroom and how proud he was as we looked out the window of his new home and new bedroom’

    Good times! Now GTFO kid.

  2. ‘Not the time to panic, but the feeling of not seeing the end of the tunnel on rising costs is keeping me from sleeping tight at nights’

    There are some herbal teas that can help with that Lili.

    1. Zhang, who is in her 40s and works in finance in Sydney

      You’d think that she would know better, working in Finance. But no.

  3. ‘We aren’t crashing; we’re leveling out…We’re just trying to find out what that level price is. That’s what everybody is trying to figure out’

    HBB to Becky – worser.

    ‘Right now, it’s just a matter of going from this hyper-acceleration to finding our feet again…which may make for a bumpy six months or so until we find that’

    It’s going to sux all year Phil.

  4. ‘Washington, which ranks as the sixth largest metro area in the Zillow ranking, is in good company. The most populous areas – New York City, Los Angeles and Chicago – all are projected to have lower home values a year from now’

    How did you lose yer airbox taxpayer?

    The steaming pile of zillow said we were in good company.

  5. ‘Even cash buyers are taking a wait-and-see attitude — realizing they now have the upper hand’

    That’s the spirit, kick em while they’re down!

  6. ‘I bought the apartment off plan and sunk my pension money into it and I’ve got nothing…I invested £156,000 and have seen nothing for it. I have been suffering from ill health for a long time and I was going to use the investment to fund my retirement, but now I’m going to have to sell my house…I thought it would be a good investment. They have taken £12 million and all we’ve got are two empty shells of buildings’

    ‘I have invested my entire career savings into the property and I am in no other pension scheme,’ he said. ‘I am absolutely devastated. I will now have to continue working long after I would’ve otherwise retired’

    That’s some red hotcakes right there.

    1. I was going to use the investment to fund my retirement

      Had grocery money for the next 50 years. Lost it at the casino.

      1. A “moderate retirement” is for losers. Roll the dice, plus, it’s a sure thing, a money printing machine.

    2. I bought the apartment off plan

      So, Brits are expected to put down huge deposits on an unbuilt airbox? I can understand maybe making a 5-10K deposit, but 160K? Why not just buy something that is already built?

    1. I love reading comments here that attribute a 40% increase in shack prices to a “respiratory illness.”

      Just picked up a coffee and bagel from Einstein Brothers by the University of Denver, every employee in there was wearing a mask.

      So sick of this Clown World and the endless Mass Formation Psychosis.

      1. I stopped going to those kinds of places. There’s no need for my money to support their sickness. Somewhere there is a company that isn’t insane that wants my business. IF not (or i can’t find it) well guess I’ll save that $8 or so.

          1. The school district is experiencing a lot of absences this week. 10 out of roughly 100 bus drivers called in sick yesterday. My son’s bus driver was out sick again today. On Tuesday, my son’s teacher didn’t have any support staff. They’ve been scrambling all week.

          2. 10 out of roughly 100 bus drivers called in sick yesterday

            And right after the latest booster was rolled out.

  9. I got a lot of puddle watching links, may have to post in multiples:

    We’re all very impressed. #QT

    https://twitter.com/RudyHavenstein/status/1575592571178348545

    QE “1, 2 and 3 really did not lift the economy. The academic studies show that. The Fed won’t accept that, but to me, the nasty aspect of the quantitative easing is that as it came in, it exacerbated the income and wealth divides.” – Lacy Hunt on @Realvision

    https://twitter.com/RudyHavenstein/status/1234553946737344512

    Fed MBS holdings: $0 (zero dollars) in 2008, $2.698 TRillion today. There’s no mandate for this. This is ongoing criminal market manipulation. (For those with personality disorders, this is a linear chart):

    https://twitter.com/RudyHavenstein/status/1575625366625886210

    Steve Saretsky

    CMHC is revising their house price forecast lower, says prices will drop 10-15%. Newsflash, the national home price index is already down 12% since peaking in March!

    https://twitter.com/SteveSaretsky/status/1575635706822926336

    Few realtors understand this. The better learn it and realize they need to lower the prices on their listings or they’ll never sell another house again.

    https://twitter.com/StealthQE4/status/1575728984347779073

    Many are saying the Fed is making a “mistake” in hiking rates “too fast” in an attempt to break inflation. Where were these critics when the money supply was increased by 40% in 2 years and the Fed was buying mortgage bonds, artificially suppressing rates during a housing bubble?

    https://twitter.com/charliebilello/status/1575494617486983170

    During a housing bubble the Fed cuts rates to 0% & buys trillions in mortgage bonds to push mortgage rates to record lows & make housing prices skyrocket even further but when they raise interest rates back to normal levels & stop buying mortgage bonds that’s the policy mistake?

    https://twitter.com/charliebilello/status/1575506575778791427?s=20&t=cFsQb2A_SREGnMM1bMAfcw

  10. Zombie firms in the US… how long before we start to see a wave of bankruptcies, as borrowing costs keep ticking up….?

    https://twitter.com/WallStreetSilv/status/1575650152807026688

    The common hoomer line is that housing can only drop if there’s mass unemployment and economic wreckage. I’ve been making fun of this line of thinking for a year.

    https://twitter.com/NipseyHoussle/status/1575581737404739584

    Chart of the year.

    https://twitter.com/APompliano/status/1575332915247910918

    Lisa Abramowicz

    US mortgage brokers were quoting buyers 30-year rates above 7% this week in some areas, according to loan officers. The last time the average 30-year rate crossed 7% was in 2002: Freddie Mac.

    https://twitter.com/lisaabramowicz1/status/1575657193868824578

    @BenRabidoux points out that ‘we’ve never seen houses out-earn people … until now’

    https://twitter.com/JasonWattBCC/status/1575502768059871232

    PROVE ME WRONG: A substantial decline in housing prices is the most mathematically probable bet in markets today now that 30yr fixed mortgage rates have spiked from 2.77% in Aug 2021 to 6.7% today.

    https://twitter.com/menlobear/status/1575524387586920456

  11. By Jonathan Capehart
    September 22, 2022

    During his recent interview on CBS’s “60 Minutes,” President Biden made a few controversial comments:

    JOE BIDEN: “Watch Me If You Think I Don’t Have The Energy Level Of The Mental Acuity”

    If I am allowed to do so this will be the first post in a new series I am going to call…

    “Watch Me”

    Anyone who comes across a video of the Alzheimer’s Patient in Chief shaking hands with air, falling up a flight of stairs, spinning in circles trying to put his jacket on, asking if people who died 2 months ago are in the audience, falling off a bike that isn’t moving or wandering aimlessly away from a podium hopelessly looking for an exit please feel free to post it under the heading “Watch Me”.

    RNC Research
    @RNCResearch
    ·
    “Mr. President………?”

    https://twitter.com/RNCResearch/status/1575536332461543424?s=20&t=77BMp9wzt0rpRVjPCj9O-Q

    1. What a sad, sorry, sack of sh*t.

      I would try to feel bad for him, but even if he doesn’t know where he is most of the time, he retains just enough cognitive ability to focus on the mission his globalist handlers have assigned him:

      The complete and total destruction of the United States.

      Dementia does not diminish the demonic evil of this unelected, illegitimate president, the hellfire of hate burns eternal within him.

    2. I really thought they would have removed him by now. It is so painfully obvious that he should be in a memory care unit, not the Oval Office. Of course, he was merely a figurehead since day one.

      1. “I really thought they would have removed him by now.”

        Unfortunately, Kamala doesn’t know that she doesn’t know.

    3. If you watch the video, after he goes rouge and gets away from the woman saying “Mr. President” and just before he stops to shake hands with the obviously surprised dressed for success ripped jeans FEMA worker with the blonde ponytail you can see a Secret Service agent bust through the onlookers at the back of the room while two other agents move in from behind and communicate with the other agents in the room as they try to corral the wandering Alzheimer’s patient whose life they are charged with protecting.

      1. Ok I watched it again.

        This time I noticed the bald dude who I believe is the head of FEMA standing next to the woman who says “Mr. President” look to his left presumably at the Secret Service agents as Brandon goes rogue as if to say… oh sh#t you guys got him. 🙂

        1. That bald guy is Alejandro Mayorkas the Cuban they put in charge of Homeland Security. He is a lying weasel who needs to be drawn and quartered for the crimes he is committing on a daily basis.

  12. “‘We aren’t crashing; we’re leveling out,’ said Becky Enrico-Crum, the president of Boise Regional Realtors. ‘We’re just trying to find out what that level price is. That’s what everybody is trying to figure out.’”

    Perhaps the market in Boise has achieved a permanently high plateau?

    “Prices in the area dropped 4.4 percent between July and August.”

    Nope. Prices were already dropping this summer at an annualized rate of 1-(1-0.044)^12 = 41.7%. And that was before mortgage rates recently spiraled up towards 7% in the volatility vortex.

    1. The Financial Times
      US Treasury bonds
      ‘Volatility vortex’ slams into $24tn US government bond market
      Key measure of turbulence in Treasuries reaches highest level since 2020 coronavirus crisis
      A water vortex
      Fixed income investors’ nerves have been frayed by a series of events most commonly seen during market crises
      Kate Duguid and Adam Samson in New York and Colby Smith in Washington September 27 2022

      The $24tn US Treasury market has been hit with its most severe bout of turbulence since the coronavirus crisis, underscoring how big swings in international bonds and currencies and jitters over US rate rises have spooked investors.

      The Ice BofA Move index, which tracks fixed income market volatility, has reached its highest level since March 2020, a time when deep uncertainty about how the pandemic would affect the world economy set off massive fluctuations in US government bonds.

      “Right now it is all about market volatility,” said Gennadiy Goldberg, a strategist at TD Securities. “You have investors staying away because of the volatility — and investors staying away increases volatility. It is a volatility vortex.”
      …

    2. US economy
      US mortgage rates climb to 6.7%, highest for 15 years
      Mortgages rise for sixth straight week, threatening to sideline even more homebuyers as Americans struggle with cost of borrowing
      A sign for new homes in Hesperia, California. Last year, prospective homebuyers were looking at rates well below 3%.
      Associated Press
      Thu 29 Sep 2022 12.23 EDT
      Last modified on Thu 29 Sep 2022 12.28 EDT

      US mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession.

      Mortgage buyer Freddie Mac reported on Thursday that the average on the key 30-year rate climbed to 6.7% from 6.29% last week. By contrast, the rate stood at 3.01% a year ago.

      The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.96% from 5.44% last week.

      Rapidly rising mortgage rates threaten to sideline even more homebuyers after more than doubling in 2022. Last year, prospective homebuyers were looking at rates well below 3%.
      …
      https://www.theguardian.com/business/2022/sep/29/us-mortgage-rates-high-freddie-mac

  13. Democrat Party Brownshirt goons:

    “The FBI is purging ‘conservative’ employees and retaliating against bureau whistleblowers, according to Congressman Jim Jordan (OH).

    At least 14 FBI whistleblowers have gone to Rep. Jordan with allegations of misconduct and abuse within the bureau under Christopher Wray’s leadership.

    Rep. Jordan received new information about retaliation against at least one whistleblower and a ‘purge’ of conservative employees.

    Jim Jordan said security clearances of conservative employees are being revoked as punishment.”

    https://www.thegatewaypundit.com/2022/09/fbi-purging-conservative-employees-retaliating-whistleblowers/

    Merrick Garland is a domestic terrorist.

    1. Federal Bureau of Intimidation: The Government’s War on Political Freedom

      https://www.rutherford.org/publications_resources/john_whiteheads_commentary/federal_bureau_of_intimidation_the_governments_war_on_political_freedom

      “In so many of the little places of everyday life in which life is lived out, somehow democracy doesn’t exist. And one of the creeping hands of totalitarianism running through the democracy is the Federal Bureau of Investigation… Because why does the FBI do all this? To scare the hell out of people… They work for the establishment and the corporations and the politicos to keep things as they are. And they want to frighten and chill the people who are trying to change things.”—Howard Zinn, historian

    1. Stock Market Today
      Dow Jones Futures Reverse Lower On Hot Inflation Data; Tesla Stock Falls Before AI Day
      SCOTT LEHTONEN 08:36 AM ET 09/30/2022

      Dow Jones futures reversed lower Friday morning on hot inflation data, which came from the personal consumption expenditure price index, heading into the final trading session of the quarter. Tesla stock fell before the company’s AI Day, while Micron Technology and Nike were key earnings movers.
      Inflation Data

      The Federal Reserve’s preferred measure of inflation came out Friday morning at 8:30 a.m. ET, with the personal consumption expenditure price index rising 0.3% for the month of August, with a year-over-year increase of 6.2%. Both numbers were hotter than expected. Personal income rose 0.3% in August, in line with Econoday estimates.

      The PCE price index is one measure of U.S. inflation, tracking the change in prices of goods and services purchased by consumers throughout the economy.
      …
      https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-ahead-of-key-inflation-data-tesla-stock-ai-day/

    2. The Financial Times
      Eurozone inflation
      Eurozone inflation hits record 10% as energy prices continue to soar
      September’s double-digit figure bolsters calls for more big rate rises from the ECB to slow price growth
      A customer hands money to a vegetable stall holder in Madrid, Spain
      Prices of food, alcohol and tobacco rose 11.8% in September, up from 10.6% in August
      Martin Arnold in Frankfurt
      an hour ago

      Inflation in the euro area hit a new high for the 11th consecutive month as energy prices continued to rise, bolstering calls for the European Central Bank to continue aggressive interest rate rises when it meets next month.

      Consumer prices in the eurozone rose 10 per cent in the year to September, accelerating from 9.1 per cent in August, which was already the highest level in the euro’s 23-year history. The price rises also outstripped the 9.7 per cent expected by economists polled by Reuters.
      …

    3. The Financial Times
      US inflation
      Fed ‘attentive’ to spillovers from global rate rises, vice-chair says
      US central bank is monitoring financial stability but is committed to increasing rates in inflation fight
      Federal Reserve vice-chair Lael Brainard
      Fed vice-chair Lael Brainard said: ‘The global environment of high inflation and rising interest rates highlights the importance of paying attention to financial stability considerations for monetary policy’
      Colby Smith in New York an hour ago

      The second-in-command at the US central bank has said the Federal Reserve is “attentive to financial vulnerabilities” posed by the global campaign under way to tighten monetary policy and combat high inflation, but affirmed interest rates must keep rising until price pressures have abated.

      Lael Brainard, the vice-chair, spoke at a volatile moment for global financial markets, which have whipsawed this week due to turmoil in the UK related to the government’s new fiscal plan and broader concerns about how aggressively the Fed will need to stamp out the worst inflation problem in four decades.

      As central banks globally have raised interest rates and begun to shrink their record-setting balance sheets, that has resulted in a surge in borrowing costs and retreat from risky assets such as stocks.
      …
      The IMF and other multilateral organisations have repeatedly warned about the acute risks confronting emerging and developing economies, many of which are saddled with large stocks of debt and whose servicing costs have ballooned as interest rates globally have risen.

      Brainard spoke of this dynamic on Friday, cautioning that if concerns about debt sustainability mount, “deleveraging dynamics” could rise as market participants flee.

      Despite these warnings, the vice-chair was unwavering in her view that monetary policy needs to tighten further in order to guard against future expectations of inflation getting out of hand and underscored the Fed’s commitment to “avoiding pulling back prematurely”.

      In August, the Fed’s preferred inflation gauge — the core personal consumption expenditures price index — gained 0.6 per cent and is running at an annual pace of 4.9 per cent, data on Friday showed. The Fed targets 2 per cent inflation.
      …

    4. The Financial Times
      Markets Briefing US equities
      US stocks on track for longest run of quarterly declines since 2008 crisis
      Losses on Friday cap grim period for equity markets
      Traders at the New York Stock Exchange
      The broad S&P gauge is poised to close a third consecutive quarter of declines
      Joshua Oliver in London
      43 minutes ago

      US stocks were on course for their longest streak of quarterly losses since the 2008 financial crisis, as central banks’ determination to tame inflation through tighter monetary policy weighed on share prices.

      Wall Street equities fell after the New York opening bell on Friday at the end of a tumultuous week in which the Bank of England intervened to calm turbulence in the UK government debt market.

      The broad S&P gauge lost 0.6 per cent, poised to close a third consecutive quarter of declines, down about 4 per cent for the three months ending September 30. The technology-heavy Nasdaq Composite also slipped 0.6 per cent.

      Those moves follow a grim period for stock markets, as central banks signalled they would stay the course on raising interest rates, reducing support for their economies in an effort to contain inflation.
      …
      Wall Street had suffered a gloomy session on Thursday, with the S&P 500 down 2.1 per cent. The Nasdaq Composite tumbled 2.8 per cent after Bank of America cut its rating for tech giant Apple from “buy” to “neutral”.
      …
      Bonds steadied in the wake of the BoE this week launching a new programme to buy long-dated debt to stabilise the gilt market, which had been unnerved by the UK government’s plans to borrow more to fund tax cuts.

      The yield on the 10-year US Treasury note, the global benchmark for borrowing, slipped 0.05 percentage points to stand at about 3.7 per cent after breaking above 4 per cent on Wednesday for the first time since 2010. Yields rise as their prices fall.
      …

    5. Yahoo Finance
      Stock market news live updates: Stocks rise in choppy trading after the S&P 500 touches new lows
      Alexandra Semenova
      Fri, September 30, 2022 at 7:43 AM·3 min read

      U.S. stocks attempted to find their footing Friday after a vicious sell-off in the previous session that sent the S&P 500 to lows not seen since 2020.

      The bellwether index nudged 0.4% higher, while the Dow Jones Industrial Average was just above breakeven. The technology-focused Nasdaq Composite gained 0.7%.

      Investors will close out a brutal month and quarter on Friday. The S&P 500’s 2.1% drop on Thursday marked its 49th decline of 1% or more this year, marking the most downside volatility since 2009, according to Compound Advisors’ Charlie Bilello. For the month, the index is down roughly 8%, the Dow roughly 7%, and the Nasdaq about 3%.

      In economic releases, the Federal Reserve’s preferred inflation gauge showed prices climbed more than expected in August. The personal consumption expenditures (PCE) price index rose 0.3% last month after retreating in July. On an annual basis, the PCE price index increased 6.2%. The so-called core PCE price index — which excludes the volatile food and energy components of the measure — rose 4.9% year-over-year in August, up from a 4.7% increase in July.
      …
      https://finance.yahoo.com/news/stock-market-news-live-updates-september-30-2022-112137262.html

    6. Dow on track for its worst month since March 2020
      By Paul R. La Monica, CNN Business
      Updated 12:50 PM ET, Fri September 30, 2022

      New York (CNN Business)September has been a horrible month for stocks. The Dow is on track to fall more than 7%, its worst monthly drop since March 2020, when pandemic lockdowns started in the United States. The index was in the red Friday too.
      …
      https://www.cnn.com/2022/09/30/investing/dow-stock-market-september/index.html

          3. sheeple

            Debt Donkeys.

            It doesn’t matter if these people can do math. Higher interest means they must pay lower principle. They don’t have to think it through. Higher gas, heat, electric and food with declining credit limits they also do not have to think through.

            “Honey, the checkbook is empty!”

        1. “And yet I know a large part of the fault for his infidelity rested with me. Graham and I were having sex only once every two years, if that, and we’d made love maybe five times over the previous decade. I’d lost count of the times I’d rebuffed his sexual advances, closed my bedroom door on him and shut down any conversation around our love life. Graham and I were having sex only once every two years, if that, and we’d made love maybe five times over the previous decade.”

          But ‘ya still want half of everything he earned, right? 🙂

  17. News flash, sheeple: the “reckless financiers” are able to engage in the unfettered looting of your pension funds because you elected globalist stooges who ensured our captured, complicit regulators, enforcers, and policymakers gave these private equity vampires free rein to rig these “markets” and defraud retail investor muppets with impunity.

    https://www.dailymail.co.uk/news/article-11264825/Is-real-scandal-financiers-able-risk-pensions-asks-GUY-ADAMS.html

    One day in May 2019, a Dutch financier named Hans Van Zwol hit ‘send’ on a document outlining what he suggested was a ‘terrible’ threat to the global economy.

    It was several months before Covid would up-end money markets – and the Ukrainewar, which would later turbo-charge our cost of living crisis, was but a figment of Vladimir Putin’s imagination.

    Van Zwol was, therefore, sounding the alarm about something entirely different.

  18. “‘We aren’t crashing; we’re leveling out,’ said Becky Enrico-Crum, the president of Boise Regional Realtors.

    Three things:

    1. Realtors are liars
    2. Realtors are liars
    3. The Boise housing market is crashing

  19. “Over the past five months, inventory levels have spiked in bubbly markets like Boise (where inventory is up 298%), Austin (up 435%), Phoenix (up 317%), and Las Vegas (up 192%).

    Is that a lot?

  20. Furious investors are rejecting a request from developer Fortis to surrender the leases for which they each paid about £100,000 – 50 percent of the asking price of the apartments – to convert them into loans.”

    Die, speculator scum.

  21. “A 53-year-old medical doctor said he would have to prolong his career after investing £168,000 in his deposit which he fears he will now lose. ‘I have invested my entire career savings into the property and I am in no other pension scheme,’ he said. ‘I am absolutely devastated. I will now have to continue working long after I would’ve otherwise retired.’”

    Were you somehow unaware that you were living in a globalist looting colony?

    1. outside of their really narrow specialty doctors aren’t the brightest bulbs in the bunch. Their sense of “i am never wrong” combined with lots of money (in US) and their massive lack of interpersonal skills leave them easy prey to con men. This has been known for a long time.

  22. ‘Not the time to panic, but the feeling of not seeing the end of the tunnel on rising costs is keeping me from sleeping tight at nights,’ Zhang said, adding that the central bank was slow to react to rising costs. ‘I thought we had inflation last year already, yet we didn’t see any steps to curb rising costs.’”

    Au contraire, Zhang. Panic is exactly what this situation requires.

  23. This is Joe Biden’s America. This is the Democrat Party’s agenda working exactly as intended.

    “The U.S. suicide rate resumed its upward climb in 2021 after two years of decline, with young people and men hit hardest by the persistent mental health crisis, according to provisional data released Friday by the government.

    The 4 percent increase almost wiped out modest decreases in the two previous years, bringing the country back near the most recent peak in suicide deaths, 48,344 in 2018. There were 47,646 suicides in 2021, according to the data, boosting the rate to 14 per 100,000 people, up from 13.5 in 2020.

    Suicide is a complex, multifaceted problem whose causes can defy generalization. In individuals, it is linked to depression, family history of suicide, physical illness, childhood trauma and substance abuse, among other factors. In interviews, experts also cited a recent increase in guns in the home, loss of jobs and loved ones to the pandemic, last fall’s covid-19 surge and the influence of social media on teens as a few of the issues that may aggravate those risks.”

    https://archive.ph/KkrWZ

    If you are a young, white, male, American, you are the most hated demographic in this country, and the taxpayer funded public schools exist only to make you hate yourself, and make every other demographic hate you even more.

    1. If you are a young, white, male, American, you are the most hated demographic in this country, and the taxpayer funded public schools exist only to make you hate yourself, and make every other demographic hate you even more.

      Then the usual globalist pearl-clutchers blame “the internet” for radicalizing young white men.

      1. New York Times globalist David Brooks pretends to care:

        “If you’ve been paying attention to the social trends, you probably have some inkling that boys and men are struggling, in the U.S. and across the globe.

        They are struggling in the classroom. American girls are 14 percentage points more likely to be “school ready” than boys at age 5, controlling for parental characteristics. By high school two-thirds of the students in the top 10 percent of the class, ranked by G.P.A., are girls, while roughly two-thirds of the students at the lowest decile are boys. In 2020, at the 16 top American law schools, not a single one of the flagship law reviews had a man as editor in chief.

        Men are struggling in the workplace. One in three American men with only a high school diploma is now out of the labor force. The biggest drop in employment is among young men aged 25 to 34. Men who entered the work force in 1983 will earn about 10 percent less in real terms in their lifetimes than those who started a generation earlier. Over the same period, women’s lifetime earnings have increased 33 percent. Pretty much all of the income gains that middle-class American families have enjoyed since 1970 are because of increases in women’s earnings.

        Men are also struggling physically. Men account for close to three out of every four “deaths of despair” — suicide and drug overdoses. For every 100 middle-aged women who died of Covid up to mid-September 2021, there were 184 middle-aged men who died.

        There are many reasons men are struggling — for example, the decline in manufacturing jobs that put a high value on physical strength, and the rise of service sector jobs. But I was struck by the theme of demoralization that wafts through the book. Reeves talked to men in Kalamazoo about why women were leaping ahead. The men said that women are just more motivated, work harder, plan ahead better. Yet this is not a matter of individual responsibility. There is something in modern culture that is producing an aspiration gap.

        Many men just seem less ambitious. College women are roughly twice as likely to enroll in study abroad programs as college men. In 2020, amid Covid, the decline in college enrollment for male students was seven times that of female students. As Reeves puts it: “It is not that men have fewer opportunities. It is that they are not taking them.”

        https://archive.ph/dUgUw

        They’re beginning to realize that there is no reward for trying.

        Hated for the crime of existing, having white parents, and XY chromosomes, they understand that their existence is only tolerated to be tax slaves to finance the destruction of the nation their ancestors founded.

        They know they don’t have a future, so why not check out on video games and porn and weed?

        1. Perhaps the writers perspective on opportunity and the young white male’s perspective on opportunity differ? Some people don’t think playing dress up with a bunch of catty liberal women and diversity hires is an ‘opportunity’. Personally, I would rather try just about anything else than be stuck in that hell. This winds up severely limiting my ‘opportunities’. Luckily I’m one of those ‘privileged’ white males who will figure something out that doesn’t involve any of them. I have to laugh when they keep harping on people not wanting to work. No, we just don’t want to work around THEM.

      2. “If you are a young, white, male, American, you are the most hated demographic in this country, and the taxpayer funded public schools exist only to make you hate yourself,…”

        No. Old white males are more hated than young ones.

        1. White womyn are somehow desired, but while men are hated? There’s no white womyn without white men.

          Don’t they see the flaw in their logic?

          2. You can always change your gender by saying that you feel like a woman today. Gender fluidity is the new black.

  25. As millions of former sheeple get red-pilled, more and more of these globalist propaganda “shows” are going to enter a death spiral.

    Trevor Noah QUITS The Daily Show after ‘wokery’ saw viewing figures slump to around 363,000 a show – seven years after taking over from Jon Stewart who routinely pulled in audience of 1.5m

    https://www.dailymail.co.uk/news/article-11265187/Trevor-Noah-LEAVING-Daily-seven-year-run-latest-late-night-shakeup.html

      1. You wish. He’s gonna be with us rest of his miserable life. It’s sad we can’t filter/forget people out even if we consume less and less media.

  26. Not one of our worthless Republicrat duopoly “representatives” are calling out the #1 cause of inflation: the Fed and its Zimbabwe-like expansion of the money supply. That said, of all the incompetents in this sorry administration, Yellen the Felon ranks #1.

    EXCLUSIVE: Republican demands Treasury Secretary Janet Yellen tell Congress how Biden’s multi-trillion dollar bills have impacted inflation – with prices at record-breaking highs

    https://www.dailymail.co.uk/news/article-11266615/Treasury-secretary-janet-yellen-house-republican-resolution.html

    1. “…the Fed and its Zimbabwe-like expansion of the money supply…”

      There was a big push some years ago to audit the Fed.

      That would seem to be a good start to end this nonsense.

      What ever happened to that effort?

  27. Putin ups the ante.

    Putin annexes four Ukrainian regions and vows to use ‘all forces’ to defend them raising nuke fears: Ranting despot vows to ‘SMASH’ the West in blistering Kremlin speech – even as thousands of his troops are surrounded in Donbas

    https://www.dailymail.co.uk/news/article-11266851/Putin-declares-occupied-regions-Ukraine-Russia.html

    Vladimir Putin has annexed four Ukrainian regions to Russia in a blistering Kremlin speech in which he also vowed to ‘smash’ the West and liberate the world, raising fears he is preparing to deploy Moscow’s huge nuclear arsenal.

    The Russian despot, speaking in front of his cronies in Moscow, declared that ‘millions of people’ had ‘opted’ to become vassals of Russia after staging sham referendums in which gun-toting troops went door-to-door with clear glass ballot boxes in order to force people to vote.

    ‘They are our people, forever,’ he said to a standing ovation inside the Kremlin’s grand Georgian Hall before calling on Ukraine and its Western allies to abandon hopes of re-taking them, repeating a threat to use ‘all forces’ to defend ‘Russia’s new territories’.

    1. We have reached the point where they can say whatever they want and no matter how outlandish the claim, they never get called out on their bald faced lies.

  30. Bleakley’s Peter Boockvar explains why he sees signs of the 2008 financial crisis
    CNBC Television

    Sep 30, 2022 Peter Boockvar, Bleakley Financial chief investment officer, joins CNBC’s ‘Squawk Box’ to weigh in on the U.K.’s move to cut taxes despite high inflation.

    https://www.youtube.com/watch?v=tZeHvX_fD60

    3 minutes. New exotic financial product?

  33. Top 10 Massachusetts Real Estate Markets that could see Home Prices go down!
    Selling Boston & the Burbs by Jeffrey Chubb
    Premiered 3 hours ago In this episode we discuss the towns in Massachusetts that could possibly see a home sales price correction should the real estate market slow down. Some markets are more prone to others for a housing price correction due to large increases in sales prices as well as the category of homes that were sold. This data analysis takes into both accounts.

    https://www.youtube.com/watch?v=BYwSrP3AKzc

    16:21.

  34. CA
    7% Rates Mean Trouble For Market
    Sep 29, 2022 The last time 30-yr rates were at 7%, the year was 2002. iPods were the newest gizmo, Tom Brady had just won his 1st Super Bowl, and the median home price in Sacramento was only $187,000.
    Housing affordability has become a huge market concern, and these high interest rates only further the problem. Either rates need to fall significantly, or home values have no other choice but to retreat.

    https://www.youtube.com/watch?v=LTd9sKTU11k

    5 minutes.

    1. “Housing affordability has become a huge market concern, and these high interest rates only further the problem.”

      Time will tell, but I expect home prices to become far more affordable over the next few years, as mortgage rates normalize and investors head for the hills in the face of CR8Ring prices.

      1. I suspect we’ll be in limbo for a few months as sellers and investors wait to see if rates will come down again.

        1. I think many are hoping that inflation will be quickly “defeated” and that rates will come back down. They will be disappointed.

  35. Harris Co. filed thousands of evictions within 1 month, data shows
    ABC13 Houston
    Sep 29, 2022 Harris County leaders are calling the number of evictions happening in the area a massive problem. According to data science firm January Advisors, landlords have filed nearly 60,000 evictions just in 2022.

    https://www.youtube.com/watch?v=eZY4TQeh-ZI

    3 minutes.

  36. The Atlantic is globalist scum media.

    The Pandemic’s Legacy Is Already Clear (9/30/2022):

    “Recently, after a week in which 2,789 Americans died of COVID-19, President Joe Biden proclaimed that “the pandemic is over.” Anthony Fauci described the controversy around the proclamation as a matter of “semantics,” but the facts we are living with can speak for themselves. COVID still kills roughly as many Americans every week as died on 9/11. It is on track to kill at least 100,000 a year—triple the typical toll of the flu. Despite gross undercounting, more than 50,000 infections are being recorded every day. The CDC estimates that 19 million adults have long COVID. Things have undoubtedly improved since the peak of the crisis, but calling the pandemic “over” is like calling a fight “finished” because your opponent is punching you in the ribs instead of the face.”

    This is all lies. There is no clinical diagnosis of a “COVID death”. They are dying from the experimental mRNA injections that are not vaccines.

    “Experience is reputedly the best teacher, and yet the U.S. repeated mistakes from the early pandemic when faced with the Delta and Omicron variants. It got early global access to vaccines, and nonetheless lost almost half a million people after all adults became eligible for the shots. It has struggled to control monkeypox—a slower-spreading virus for which there is already a vaccine. Its right-wing legislators have passed laws and rulings that curtail the possibility of important public-health measures like quarantines and vaccine mandates.”

    Vaccine mandates?

    The HBB remembers the second half of the year 2021, and the coordinated campaign by government and Real Journalists to destroy the lives of anyone who would not get injected with mRNA poison.

    “The U.S. will continue to struggle against infectious diseases in part because some of its most deeply held values are antithetical to the task of besting a virus. Since its founding, the country has prized a strain of rugged individualism that prioritizes individual freedom and valorizes self-reliance.”

    There is no pandemic clause in the Constitution, and the rights it guarantees are defines as granted by God, not government.

    “Each person’s choices inextricably affect their community, and the threat to the collective always exceeds that to the individual. The original Omicron variant, for example, posed slightly less risk to each infected person than the variants that preceded it, but spread so quickly that it inundated hospitals, greatly magnifying COVID’s societal costs. To handle such threats, collective action is necessary. Governments need policies, such as vaccine requirements or, yes, mask mandates”

    Ed Yong, we are done with your Mass Formation Psychosis.

    “The allure of biomedical panaceas is still strong. For more than a year, the Biden administration and its advisers have reassured Americans that, with vaccines and antivirals, “we have the tools” to control the pandemic. These tools are indeed effective, but their efficacy is limited if people can’t access them or don’t want to”

    https://archive.ph/3bi0U

    How many people were deliberately killed by Big Pharma and the Health Care Industrial Complex, Ed Yong?

      1. Greatest fraud of my lifetime.

        “Pfizer CEO Albert Bourla announced Saturday that he tested positive for COVID-19 — again.

        Bourla, who last tested positive for the virus in August, was waiting to receive his bivalent booster vaccine. “I’m feeling well & symptom free,” Bourla wrote in a tweet. “While we’ve made great progress, the virus is still with us.”

        In mid-August, when Bourla last tested positive for COVID-19, he said, “I am grateful to have received four doses of the Pfizer-BioNTech vaccine and I am feeling well while experiencing very mild symptoms.”

        https://www.washingtonexaminer.com/policy/healthcare/pfizer-ceo-covid-19-second-time-two-months

        Albert Bourla is guilty of medical genocide.

        1. “I’m feeling well & symptom free,”

          Then he isn’t sick. Either it was a false positive or more likely a stunt to get people to roll up their sleeve.

          1. Regardless of what they will say, “money printing” is the main cause of the inflation we see today.

            Fook you Greenspam! Fook you BernaQE! Fook You Fellon! and major fook you to Bowell!

          2. Greenspam!

            Just who do these mouthpieces work for? Congress works for the same people. Focus on the root of the problem, not the foliage.

          4. Blue Checkmark image file of the day, courtesy of 4chan:
            Serious question: Is that a man or a woman?
            I am old forgive me for not being in touch with the current verbiage/politically correct language.

        2. “I am grateful to have received four doses…”

          I just had #5 last week, the 3rd booster w/ BA.4 & 5. I’m cranking out better times on my regular cycling routes, but that’s likely due to the cooler temperatures. Funny thing, I’ve been really thirsty lately, downing lots of tea, but still only one 20-oz dark beer per day.

          1. How many more boosters are you planning on taking?

            Also, keep in mind that people who die of suddenly die with no warning, sometimes after competing in an athletic event.

          2. #5 last week

            Not believing any possibility of weakening immune system or cumulative side effects I suppose. Anyway, if we get the Oldzimers, we won’t be processing any of this stuff.

          3. I’m hoping the boosters remain a sort of a correction or nudge as mutations develop.

            About a year ago I got the dtap or something like that along with a flu shot, no issues. This recent flu shot was the real deal though, felt like schitt the following day, diarrhea for a few days, etc., which was based on flu strains currently happening in Australia, if I understand correctly (likely not). I also live in a huge Ag region, so there are lots of illegal and legal farm workers from poor countries commingling with us at Walmart, etc., so no hiding these days.

          4. “Also, keep in mind that people who die of suddenly die with no warning, sometimes after competing in an athletic event.”

            My resting heart rate is under 80-bpm, 100-bpm walking and roughly 130-bpm when cycling as I wear a chest strap with a transmitter, so I change gears if the effort increases too much. Depending on the temperature and wind conditions I choose from one of three routes that average 35-min, 50-min or 80-min keeping my heart rate above 120-bpm. I’m too bulked up to compete with the bony athletic types.

  37. Gavin Newsom Signs Law Making California a Sanctuary for Child Transgender Surgery (9/30/2022):

    “The bill, SB 107, was sponsored by Sen. Scott Wiener (D-San Francisco), who also sponsored a law in 2020 that reduced penalties for adults who had oral or anal sex with a willing minor child within ten years of their age by removing a requirement that they register as sex offenders, leaving that to judges’ discretion.

    SB 107 “would prohibit a provider of health care, a health care service plan, or a contractor from releasing medical information related to a person or entity allowing a child to receive gender-affirming health care or gender-affirming mental health care in response to a criminal or civil action” from another state that bans transgender surgery or drugs for minor children under 18. It would also prohibit California police from enforcing arrest warrants for transgender treatments for minors that are illegal in their own states.

    The bill would also “prohibit the enforcement of an order based on another state’s law authorizing a child to be removed from their parent or guardian based on that parent or guardian allowing their child to receive gender-affirming health care” in California.

    In a signing statement, Newsom described SB 107 as a bill about “parental choice.” However, there is nothing in the bill that requires that the “gender-affirming health care” be performed with parental consent. It also does not specify a minimum age at which a child qualifies for surgery or pharmaceuticals that would cause potentially irreversible physical changes to genitals or other organs.”

    https://www.breitbart.com/health/2022/09/30/gavin-newsom-signs-law-making-california-a-sanctuary-for-child-transgender-surgery/

    Under Marxism, children are the property of the state.

    You’re not going to vote your way out of this Clown World…

    2. “Seattle Children’s is the only pediatric academic medical center with fellowship-trained plastic surgeons who provide gender-affirming surgery in our region — Washington, Wyoming, Alaska, Montana and Idaho,” the website says. “We treat teens and young adults who are patients of Seattle Children’s Gender Clinic. We also accept patients who are receiving gender-affirming care through providers outside of Seattle Children’s.”

      While the hospital claims to only perform genital surgeries on patients over 18, the Seattle Children’s Gender Clinic page states that they accept patients as young as nine years old for other treatments.

      The page says that they offer puberty blockers, “gender-affirming hormones,” “gender-affirming surgeries”

      Speaking to the Daily Caller, a spokesperson for the hospital stood by the practice of mutilating minors.

      “We will continue to offer evidence-based gender-affirming care because it is lifesaving care and is aligned with our mission to help every patient live their healthiest and most fulfilling life possible,” a Seattle Children’s spokesman told the Daily Caller. “Seattle Children’s providers are specifically trained to care for the unique needs of adolescents, teens and young adults. This allows our team to offer personalized care that is tailored to meet each patient’s individual needs and goals.”

      https://www.thegatewaypundit.com/2022/09/seattle-childrens-hospital-vows-keep-performing-gender-surgeries-children/

      There is no such thing as a trans child.

      There are only groomer parents, groomer teachers, groomer school paychologists, groomer social workers, and groomer doctors.

      And remember, when you buy a house, your property taxes are paying to promote this in the public schools.

  38. JOE BIDEN: “Watch Me If You Think I Don’t Have The Energy Level Of The Mental Acuity”

    Aug. 3, 2022, 4:03 PM EDT

    By Scott Wong

    WASHINGTON — Rep. Jackie Walorski, R-Ind., and two of her staffers were killed in a car crash on Wednesday, authorities said. Walorski was 58.

    Sep 29, 2022

    Joe Biden: Representative Jackie — are you here? Where’s Jackie?

    https://youtu.be/PsSz1IEUAig

    1. What’s next? Brandon has seizures and face plants at the hoop de doo?

      My late in laws spent their last year in a memory care unit. I met patients at the place who were far more articulate than Brandon, but who were locked up for their own protection.

      1. I know of an elderly lady who went to stay with relatives in the Phoenix area. One summer day she decided to go for a walk around, it was over 100 degrees. The relatives promptly sent her back home to Texas.

  39. $6,995,000 4 bd 6ba 4,869 sqft
    Price cut: $1M (9/26)
    1417 N Doheny Dr, Los Angeles, CA 90069

    https://www.zillow.com/homedetails/1417-N-Doheny-Dr-Los-Angeles-CA-90069/20799233_zpid/

    Date Event Price
    9/26/2022 Price change $6,995,000 (-12.5%) $1,437/sqft

    9/6/2022 Price change $7,995,000 (-4.8%) $1,642/sqft

    7/13/2022 Price change $8,395,000 (-4.5%) $1,724/sqft

    6/21/2022 Price change $8,795,000 (-2.2%) $1,806/sqft

    4/7/2022 Listed for sale $8,995,000 (+67.9%) $1,847/sqft

    6/24/2016 Sold $5,358,000 (+7.3%) $1,100/sqft

    5/29/2015 Sold $4,995,000 (-5.4%) $1,026/sqft

    5/21/2015 Pending sale $5,280,000 $1,084/sqft

    4/2/2015 Price change $5,280,000 (-0.3%) $1,084/sqft

    3/13/2015 Price change $5,295,000 (-3.6%) $1,087/sqft

    1/21/2015 Price change $5,495,000 (-2.7%) $1,129/sqft

    12/2/2014 Price change $5,650,000 (-1.7%) $1,160/sqft

    9/18/2014 Price change $5,750,000 (-4.1%) $1,181/sqft

    8/18/2014 Listed for sale $5,995,000 (+100.2%) $1,231/sqft

    8/9/2013 Sold $2,995,000 (-4.9%) $615/sqft

    9/27/2012 Listing removed $3,150,000 $647/sqft

    5/14/2012 Listed for sale $3,150,000 $647/sqft
    Public tax history
    Year Property Taxes Tax Assessment
    2021 $70,615 (-0.9%) $5,948,133

      1. “Is it possible your neighbors do not enjoy your music selections?”

        Maybe the one neighbor who had a Biden/Harris sign in front of their house before the last election. 🙂

  41. Are you hoping to HODL your highly leveraged, devalued risk assets until the Fed intervenes with bailouts?

    1. Markets
      BofA Strategists See Wall Street Rout Forcing Asset Sales
      – NYSE Composite Index breaks multiple technical support levels
      – BofA strategists stay tactically bearish until Fed intervenes
      A Wall Street subway station near the New York Stock Exchange.
      Photographer: Michael Nagle/Bloomberg
      By Michael Msika
      September 30, 2022 at 3:58 AM PDT
      Updated onSeptember 30, 2022 at 6:51 AM PDT

      Spiraling losses on Wall Street are now snowballing into forced asset liquidation, according to Bank of America Corp. strategists.

      The NYSE Composite Index, which includes US stocks, depositary receipts and real estate investment trusts, has broken multiple technical support levels including its 200-week moving average, the 14,000 mark, as well as 2018 and 2020 highs. Now accumulated losses could be forcing funds to sell more assets to raise cash, accelerating the selloff, according to Bank of America.
      …
      https://www.bloomberg.com/news/articles/2022-09-30/bofa-strategists-see-wall-street-rout-forcing-asset-liquidation#xj4y7vzkg

      1. “BofA strategists stay tactically bearish until Fed intervenes”

        That’s stated as though Fed bailouts are a foregone conclusion. Perhaps the BoA strategists missed the memo that dumping buckets of money into the market in order to make risk asset HODLers whole is inflationary?

        1. “BofA strategists stay tactically bearish until Fed intervenes”

          Another conspiracy theory becomes a FACT.

      1. Not until inflation expectations are reined in. And that may first require quite a bit more air to be released from the QE-fueled bubble.

      2. There sure do seem to be a lot of current news stories about forced liquidation of risk assets.

        When do the fire sales begin? Especially in real estate?

        1. The Financial Times
          UK business & economy
          UK pension funds sell assets and tap employers in rush for cash
          Forced selling aimed at meeting collateral calls as crisis continues to roil markets
          The Bank of England building
          The Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sector
          Josephine Cumbo, Adrienne Klasa, Daniel Thomas and Sylvia Pfeifer yesterday

          UK pension schemes are dumping stocks and bonds to raise cash and seeking bailouts from their corporate backers as the crisis in the industry rages on a week after the government’s “mini” Budget.

          Most of the UK’s 5,200 defined benefit schemes use derivatives to hedge against moves in interest rates and inflation, which require cash collateral to be added depending on market moves.

          The sharp fall in the price of 30-year government bonds, triggered by last week’s tax cut announcement, led to unprecedented margin calls, or demands for more cash.

          To raise the funds, pension funds sold assets — including government bonds, or gilts — causing prices to fall further. The Bank of England stepped in to buy gilts on Wednesday, stabilising the market, but the pension funds are continuing to sell assets to meet cash calls.

          “There’s a lot of pain out there, a lot of forced selling,” said Ariel Bezalel, fund manager at Jupiter. “People who are getting margin called are having to sell what they can rather than what they would like to.”

          He said the BoE’s intervention had helped to bring down yields in longer-dated bonds but other assets such as corporate bonds remained “under pressure” because pension schemes were “having to liquidate paper”. He added: “We’re seeing really quality investment grade paper coming up for grabs . . . names like Heathrow, John Lewis, Gatwick, BT — solid fundamentals — to raise cash.”

          High-grade corporate bonds denominated in sterling have come under severe selling pressure, with yields soaring 1 percentage point since the UK fiscal package was announced to 6.58 per cent, according to an Ice Data Services index. Yields have jumped 1.63 percentage points this month in the biggest rise on record.

          Christian Kopf, head of fixed income fund management at Union Investment, said the €416bn asset manager was able to scoop up sterling-denominated debt, such as Telefónica bonds, “on the cheap”. The Telefónica debt matures at the end of this year, meaning it is very low risk, and yet was priced at a discount due to “panic selling by [UK] pension funds”, he said.

          “Some people have lost money, but it was our gain,” Kopf added.
          …

    3. DOW 30 -1.71%
      S&P 500 -1.51%
      NASDAQ 100 -1.73%

      The ‘market riot’ won’t stop until the Fed pivots from quantitative tightening, Societe Generale strategist says
      Carla Mozée
      Sep 29, 2022, 1:00 PM
      Fed Chair Jerome Powell
      Federal Reserve Chair Jerome Powell. Win McNamee/Getty Images
      – A “market riot” won’t stop until the Fed reverses course on its aggressive tightening strategy, Societe Generale global strategist Albert Edwards said.
      – UK gilts “have crashed horribly,” forcing the Bank of England to buy long-dated bonds, he said Thursday.
      – The “markets are still in charge and they just won’t tolerate QT,” in Edwards’ assessment.
      …
      https://markets.businessinsider.com/news/stocks/markets-bonds-fed-pivot-yields-uk-us-boe-quantative-tightening-2022-9

      1. “…until the Fed pivots from quantitative tightening…”

        These investment firm spokesmen seem 100% confident that it is only a matter of time until the Fed pulls the plug on Quantitative Tightening.

        What will become of all the highly leveraged risk asset speculators in case the Fed stays the course on its QT plans?

    1. “Its about us, we the people”

      She oughta run with that.

      Keeping the verbal @ss whipping of Liz Cheney wouldn’t be a bad idea either.

  44. House Speaker Nancy Pelosi said on Friday that Republican governors should welcome the influx of migrants coming across the southern border because they can “pick the crops,” in their states.

    “We have a shortage of workers in our country, and you see even in Florida, some of the farmers and the growers are saying, ‘Why are you shipping these immigrants up north? We need them to pick the crops down here,’” she said at a press briefing.

    1. The last time I went to Florida January 2020 we visited Sanibel Island and the Edison / Ford Museum in Fort Myers. Sanibel and Captiva have (had?) some nice beaches.

  46. Mass Formation Psychosis from Reddit (43 upvotes on this as of now):

    “People who socialize in-person and ignore and downplay COVID risk willingly and mock people who mask up and avoid socializing in-person are worse. Imagine caring more about being able to go to parties or bars with friends than keeping you and your loved ones and your community safe, especially with virtual options exist to socialize.

    Selfishness from people has been sick. People care more about personal satisfaction than taking easy steps to stop the spread.”

    https://old.reddit.com/r/Coronavirus/comments/xrgf85/new_york_times_new_infectious_threats_are_coming/

    Hasn’t been in the Sun in 2+ years, Mountain Dew and Doritos, gaming chair maybe even a gaming room.

    “They’re not sending their best”

    1. “I’ve had 4 Pfizer covid shots, 2 monkeypox, getting flu shot tomorrow, have to wait 28 days after That for the omnicron booster. I wear a mask all the time, use hand sanitizers, rubbing alcohol, but this is getting tiring at this point.”

      You know you’re gonna die, probably really soon?

      You don’t have a functioning immune system.

      The mRNA poison injections destroyed you.

          1. ” the crowd who rationally fears contracting monkeypox”

            Then perhaps they should stop doing you know what with strangers. That would be rational.

          2. Rational and responsible?! That’s no fun, especially when there’s a shot for it. Big Pharma will protect them!

  47. Tragedy: 20-Year-Old Med Student Dies from Heart Attack ONE DAY After Covid Vaccine

    by Adan Salazar
    September 30th 2022

    Connie Werth Lewis
    on Tuesday

    I can’t say for sure that there is a link, but our beautiful 20 year old healthy daughter, Regan Lewis had a Covid shot yesterday so she could participate in her clinicals. Today, she went into cardiac arrest and has been flown to Kearney. She is on a ventilator and is fighting for her life. PLEASE PLEASE PRAY FOR HER!

    “Today, she went into cardiac arrest and has been flown to Kearney. She is on a ventilator and is fighting for her life. PLEASE PLEASE PRAY FOR HER!”

    In subsequent updates, Connie later revealed her daughter “coded,” meaning her heart rate flatlined, and she passed away shortly thereafter.

    https://www.infowars.com/posts/tragedy-20-year-old-med-student-dies-from-heart-attack-one-day-after-covid-vaccine/

    1. “coded,” meaning her heart rate flatlined

      My understanding is that “code blue” is any form of cardiac arrest, and usually starts with an arrythmia, like tachycardia or fibrillation. Unless a normal sinus wave can be promptly restored then the next step is flatline.

      Contrary to popular belief, a defibrillator is not only used on a patient with no heartbeat. It is often used during arrhythmias as well. Sometimes it works, and sometimes it doesn’t.

      The problem with an arrhythmia is that while the heart is still beating it doesn’t actually pump any blood. Cardiac arrests aren’t only treated with a defibrillator. Depending on the arrhythmia, drugs, such as epinephrine, can be used first.

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