Yes There’s Stress, Yes It’s Going To Get Worse, And Yes There’s Going To Be Failure
A weekend topic starting with the Dallas Morning News in Texas. “‘A lot of builders are very worried right now,’ said Phil Crone, executive director of the Dallas Builders Association. ‘They pushed all their chips in to try to keep up with demand … and now there’s a whole bunch of inventory being built out there.’ He said builders pushed through supply chain challenges, labor shortages and permitting delays to deliver as many homes as they could when demand was sky high, and now they are stuck with a large amount of inventory. ‘A lot of them said, ‘You know what, forget about it, we just have to power through it and get this thing done, and do whatever it takes,’ Crone said. ‘Now the sentiment’s starting to change.'”
From D Magazine. “Could this be the end of a ten-year run for multifamily investors? Will the massive run-up in equity gains continue to erode in the North Texas multifamily market? Bridge financing effectively poured rocket fuel on the multifamily market, and investors couldn’t get enough as multifamily properties began trading like stocks. Every party has to eventually end at some point, right?”
“In a matter of a few months, all-in interest rates quickly jumped from the 3 percent range to 6 percent range and beyond. Multifamily cap rates and prices also started to increase. In a matter of two months, we were heading into the summer at prices 5-15% below the peak in the first quarter of 2022.”
From NBC Dallas. “‘2021 is a year that we’ll probably never see anything like that again, anytime soon. Maybe in our lifetimes,’ said Jay Parsons, Head of Economics for RealPage. But now, it’s all changing and the market is shifting. The pendulum is finally swinging in favor of renters. ‘2022 is just a very different year. Rent prices have flattened over the last few months across the country and North Texas. Just like you’ve seen in the for-sale housing market, there’s been a significant slowdown in demand for rentals and 2022,’ he said. ‘One thing I’ll tell you is that the rental market moves with the for-sale housing market. And right now demand for for-sale homes is going away and demand for rentals is going away.'”
From Yahoo Finance. “The report found that the national vacancy rose 5.4% at the end of September as the pace of newly delivered units nearly doubled to 120,000 units, signaling a shift in market conditions from just a year ago when demand significantly outpaced supply. ‘This is the fourth quarter in a row in which new supply additions just significantly outpaced the demand. We’re still seeing a lack of cluster demand and the new supply is not getting absorbed. It’s putting upward pressure on the vacancy rate,’ said Jay Lybik, National Director of Multifamily Analytics, CoStar Group. As a result, landlords are ‘really desperate’ to get tenants to occupy their units, he explained, which is leading to rents nationally declining on a nominal basis as more tenants stay in their current apartments.”
From CBS Los Angeles in California. “Lining the sidewalk off of Exposition Boulevard is a row of triplexes, most of which are owned by mom-and-pop landlords. ‘I moved into the area in ’83,’ said Linda Samm. Fifteen years later, Samm decided to become a landlord, purchasing one of the triplexes lining the boulevard in South Los Angeles. She lives in one unit and rents out the other two. It was a way for her to retire until the pandemic hit and one tenant stopped paying rent. Samm says she received back rent from the state’s housing is key program but that only paid her through March. Since then, she is out more than $10,000 in rental income while still having to pay her mortgage. ‘It means having difficult repairing things,’ said Samm. ‘It means not being able to eat decently. It means that now I have to go to the church to get food.'”
“Diane Robertson is one of the founding members of the coalition of small rental property owners, she owns a duplex and four-plex in South L.A. She said many of her members are looking to sell and cut their losses. Landlord Owen Smith owns two triplexes in South L.A. Next to his properties. ‘I am ready to get out of the business,’ he said. He charges $860 for a one-bedroom apartment but with four tenants not paying rent he said he can’t afford to remain a landlord. ‘The government doesn’t realize that with a stroke of the pen they can turn my world upside down,’ he said.”
From SiliconValley.com in California. “Two big Bay Area residential projects engulfed in a real estate fraud case — one in San Jose and one in Fremont — are moving closer to completion, court papers show. The court-appointed receiver has found some evidence that Archarya and Silicon Sage used a Ponzi-style approach to paying some investors in the Bay Area projects.”
“‘The receiver is in the process of analyzing the use of investor funds to determine if funds from later investors were used to make distributions to earlier investors,’ the court papers stated. ‘In an analysis of 14 random transactions in 2021, the receiver determined that three of those investments by new investors were used … to make payments to earlier investors.'”
From Market Watch. “After a 21st-century gold rush created by big tech, downtown San Francisco is going to have to reinvent itself. Again. Now tech companies are joining their workers, scaling down their presence in San Francisco, shedding office floors and keeping a smaller, almost satellite presence in some cases. Sentiment in the city is depressed, as crimes caused by opioids and homelessness have turned many residents, possibly for good. Kelsey Bishop, chief executive of a startup, left San Francisco in 2021. ‘I think San Francisco is going to have a hard time recovering from this,’ she said. ‘What we have seen, whether it is a hybrid model or not, people want to live in beautiful places…Why work in downtown SF? I frequently heard gunshots out there, I remember huddling under my desk because there was an active shooter outside.'”
“The city’s downtown Financial District and South of Market have some of the lowest office attendance rates in the U.S., and San Francisco’s commercial office vacancy rate was 23% in the third quarter, according to Cushman & Wakefield Research, the same level it reached in 2003 amid the fallout of the dot-com bust. ‘San Francisco has a Frankenstein tax system,’ said Jennifer Stojkovic, executive director of a tech trade association, adding that all the recent tax measures voted on by the city were during boom times. ‘It was all based on the longest bull market in 100 years. We said we cannot keep adding all these taxes.'”
Bisnow Chicago in Illinois. “Millbrook Properties Executive Director Jen Sweeney sums up the doldrums of Chicagoland’s office market in an anecdote involving blue gift bags filled with candy bars, pens and other goodies meant to welcome tenants back to the office in June 2020. The bags were left in conference rooms in suburban Chicago and across the Midwest a few months after the pandemic hit in a gesture of solidarity and hopefulness the business world would soon return to rights. ‘Now here we are two years later, and we still have a whole bunch of those blue bags left and we’ve had to throw away those candy bars. They’ve gone stale,’ Sweeney said.”
“For now, though, panelists advised the CRE community to pick its shots carefully amid rising interest rates, foundering interest in the Chicago market and a potential wave of distress as loans on troubled properties come due and banks hike loan-to-value ratios. ‘Some of those owners are going to just hand back the keys,’ Sweeney said. In the past month alone, two LaSalle Street office properties saw their loans transferred to special servicers in a sign they are in danger of defaulting on their loans. ‘The distress [Sweeney] was talking about is real and it hasn’t even really started,’ said North Wells Capital CEO James Fox. ‘I think you’re gonna see plenty of distress. And I believe that for the next couple of years, there’s going to be some good things if you really pick through all of it. But by and large, it hasn’t gotten beat down enough for it to really be that big macro opportunity.'”
From Bisnow New York. “About 50 office blocks have been converted or are in the process of being redeveloped into multifamily since the pandemic set in, The Wall Street Journal reported, citing CBRE data. For conversions to ramp up significantly, the value of office buildings needs to come down further than it already has. The value of the residential property needs to be around 50% more than an office for it to be worthwhile, Olivier Elamine, the CEO of Alstria, a European office real estate investment trust, told the WSJ.”
“‘I think the value destruction of an office is going to be really severe,’ said PGIM Real Estate Global Chief Operating Officer Cathy Marcus. ‘I think that will ultimately lead to interesting opportunities. I don’t know that we’re there at present.'”
The Real Deal. “As interest-rate hikes slow the housing market, one developer believes the real estate industry could be in for years of pain. Peebles Corporation CEO Don Peebles expressed doubts over the Federal Reserve’s ability to execute a ‘soft landing’ for the economy. ‘My concern is we’re in for a crash landing,’ Peebles said, predicting that rate hikes will bring down home prices across the country as more buyers are priced out of the market, particularly in areas that saw rapid appreciation during the pandemic. The developer singled out Los Angeles, where he said he ‘wouldn’t be surprised’ to see home prices fall 15 to 20 percent in the next 18 months.”
“Peebles said he expects multifamily projects to present more lucrative opportunities for residential developers, pointing to ‘unsustainable’ rent hikes in markets like Miami. ‘For-sale projects that would get delivered in the next two to three years will be problematic,’ he said. Peebles went on to criticize the Fed for not acting sooner to address inflation. ‘Interest rates were too low for a long time,’ he said. ‘The Fed should have moved interest rates a couple years ago, slowly. All these buyers were looking at it as free money, because it was.'”
The Evening News. “Demand has slowed in Indiana’s housing market compared to last year. Lisa Batts, a realtor in Lebanon, said she is noticing a trend of price reduction as homes stay on the market for a longer period of time. ‘It used to be you didn’t see a realtor having an an open house because the houses weren’t on the market long enough — they were snatched up — but now they’re sitting there a bit longer, and I see that they’re having a lot more open houses and marketing for homes,’ Batts said. One of Batts’ concerns is ‘buyer’s remorse’ and buyers paying too much for a home as its value was driven up by limited supply. ‘People were desperate to buy a house, and so they were paying things they didn’t necessarily want to pay — it was almost like a board game,’ Batts said.”
“Overvaluing of rental properties is another issue Barb Anderson, executive director of Haven House Services in Jeffersonville, said sees in her community, including aging apartment complexes going at the same rates of newer buildings. ‘If it’s 25 years old, why should you be able to charge at the same rents as a brand-new apartment complex,’ she said. ‘You need to take in consideration its age, because the wear on the unit is probably going to be pretty fierce, and what are the utilities, because they probably weren’t building for energy efficiency 35 years ago.'”
The Motley Fool. “The past two years have been downright awful for mortgage real estate investment trusts (REITs). First, the COVID-19 pandemic caused the mortgage-backed securities market to freeze, triggering a wave of margin calls. The margin calls caused every mortgage REIT to sell parts of its portfolio at fire-sale prices to raise capital. Every mortgage REIT either cut or suspended its dividend. Finally, the interest rate hikes and potential sale of the Fed’s mortgage-backed securities portfolio has caused mortgages to underperform Treasuries.”
“Once the Fed is done with its tightening cycle, the outlook for the sector should improve vastly. So income investors should keep an eye on the sector, and if the Fed signals it is pausing rate hikes (which the Fed Funds futures imply would be the end of the year), then the sector might be investible again. At the moment, the REITs are a falling knife.”
The London Free Press in Canada. “A stalled north London development is going to the auction block, and may finally get built. Construction of the Applewood project, an ambitious north-end residential and commercial development, shut down this summer when its London builder was placed in receivership because it owed its lender, MarshallZehr, more than $60 million, according to court documents. The project, on two one-hectare parcels of land has a residential apartment development about 75 per cent complete and adjacent vacant land. There also are more than $11-million in liens owed on both properties. Applewood has not made a payment to MarshallZehr since April. In all, more than six phases of building are proposed that would eventually add about 1,500 homes plus commercial and office space.”
The Telegraph. “A bout of volatility in the UK government debt market in recent weeks forced the Bank of England into a multi-billion pound intervention to prevent a crisis that could have spiralled out of control and threatened the entire economy. ‘Yes there’s stress, yes it’s going to get worse, and yes there’s going to be failure,’ is the frank assessment of the state of the financial sector from Keith Skeoch, former chief executive of investment giant Standard Life Aberdeen. ‘If you go back and look at previous crises, you see the first signs of stress and it’s quite a slow fuse. This stuff can take months or even years and we are in the early days.'”
“Warning lights are flashing in three corners of the financial markets, Skeoch says: pension funds, property funds, and large financial institutions. Many property funds have been forced to put limits on how much people can withdraw in recent months as investors try to cash out. A rush to the exit could spark a fire sale of property assets and push prices down across the sector. That would ultimately lead to losses for those invested in the sector.”
“Most property funds invest in commercial assets, such as offices and shopping centres, but a snarl-up in the mortgage market is also threatening the housing market. Mortgage deals have been pulled at record rates. Former Prime Minister Gordon Brown issued a public warning last week when he said there would be ‘grave’ difficulties for companies as interest rates rise. He singled out the ‘shadow banking’ sector as the one most likely to trigger a meltdown. Shadow banks now account for almost 50pc of the global financial sector, according to the UN, up from 42pc in 2008. These lenders controlled $226.6 trillion of global financial assets out of a total of just over $468.7 trillion by 2021.”
“Non-banks wrote two-thirds of all US mortgages in 2020 and made almost as many loans to businesses as mainstream banks. Gary Greenwood, a banking analyst at London stockbroker Shore Capital, says: ‘The risk has basically moved from the banking system to the shadow banking system, so all these other deep pots of money just sitting in asset managers’ and private equity funds are carrying a lot of the risk now. That’s where I would expect the bombs to go off now.’ Greenwood says: ‘There is massive complexity within the financial system, so you can think you’re not exposed to something, but then it gets you by the back door.'”
The Business Post. “Any fall in the price of new-build homes will make their construction unviable, one of the biggest developers in Ireland has warned. Michael Kelleher, group operations director at O’Flynn Group, said any decline in new home prices would have a drastic effect on the delivery of housing in Ireland. ‘The reality is that [new-build homes] are at an economic price. If there was a sense that they were to drop they wouldn’t be built, because they’re not economically viable. They’re just at margin at the minute, with all the cost increases, so now the purchaser, unfortunately, has to pay more for the mortgage,’ Kelleher told the Construction Industry Federation’s annual conference in Dublin last week.”
“Kelleher estimated that 40 per cent of planned homes in Ireland are not viable because they are unsellable apartment schemes. ‘What we’re seeing now is 40 per cent of what’s planned for in the system, in the planning developments, will not be built because it’s not viable,’ he said. ‘We need to look at other ways, new housing typologies, that will still get quality homes but actually do it in a different way. We have to deal with house typology because apartments are too expensive. The average price of an apartment is probably up around €450,000 now, so for developers to sell that, it’s €550,000.'”
“Fiona Cormican, new business director at Clúid Housing, the social housing body which is one of the biggest developers of housing in Ireland, said planning authorities didn’t consider the economics of actually delivering housing when approving permission. ‘Building apartments or insisting on apartments in schemes that are outside the city don’t work,’ Cormican said. ‘The only people who are buying them are us because we have a need for them.'”
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‘In a matter of two months, we were heading into the summer at prices 5-15% below the peak in the first quarter of 2022’
How do those 5% cap rates look now?
If cap rates need to come up to 8%, 10%, and beyond, how much lower will that push down the prices? Another 30% beyond what would be needed for a 5% rate?
‘one of the biggest developers of housing in Ireland, said planning authorities didn’t consider the economics of actually delivering housing when approving permission…’The only people who are buying them are us’
If yer the only bidder Fiona, stop bidding.
‘people want to live in beautiful places…Why work in downtown SF? I frequently heard gunshots out there, I remember huddling under my desk because there was an active shooter outside’
You know Kelsey, I’ve never huddled under a desk. I’m pretty sure I’ve never even meet someone who huddled under a desk. Wake up and smell the human sh$t.
BTW bay aryans, how long does it take for bum urine to bring down a light pole these days? It could be a valuable life quality measure that tells investors when to snap up yer garbage.
And Kelsey needs to remember that she’s a refugee, not a missionary, and should not try to convert her new home into what she fled from.
‘The bags were left in conference rooms in suburban Chicago and across the Midwest a few months after the pandemic hit in a gesture of solidarity and hopefulness the business world would soon return to rights. ‘Now here we are two years later, and we still have a whole bunch of those blue bags left and we’ve had to throw away those candy bars. They’ve gone stale’
We’re all in this together Jen. Solidarity!
‘In the past month alone, two LaSalle Street office properties saw their loans transferred to special servicers in a sign they are in danger of defaulting on their loans’
If a servicer is involved, they already stopped paying.
Gosh, I hope this doesn’t affect the underlying collateral value.
‘A lot of builders are very worried right now…They pushed all their chips in to try to keep up with demand … and now there’s a whole bunch of inventory being built out there’
Wa happened to my shortage Phil?
‘… and now there’s a whole bunch of inventory being built out there’
– A “whole bunch” of inventory. Let me quantify that! As of August, 2022, there are 1.7M units currently under construction. This is a record number.
– Builders received false economic signals from the Fed. Malinvestment ensues. Overbuiding into a perceived shortage. Now demand is falling fast due to 7% mortgage rates. The free money spigot was suddenly turned off. The Fed is removing the punch bowl.
https://fred.stlouisfed.org/series/UNDCONTSA
New Privately-Owned Housing Units Under Construction: Total Units (UNDCONTSA)
Observation: Aug 2022: 1,702 | Updated: Sep 20, 2022
Units: Thousands of Units, Seasonally Adjusted
Frequency: Monthly
I get a visual of someone put in that box with money blowing around and they grab all they can.
Then the fan stops.
https://www.youtube.com/watch?v=AMrNKuZeHHQ
The science of the CONvid-19 restrictions etc……”We made it up”
https://www.bitchute.com/video/M4uPWoN0mGDd/
2:12.
‘San Francisco’s commercial office vacancy rate was 23% in the third quarter, according to Cushman & Wakefield Research, the same level it reached in 2003 amid the fallout of the dot-com bust’
DONG!
Ah, the joys of unaccountable, incompetent Democrat-Bolshevik malgovernance.
https://www.youtube.com/shorts/ic4gQsYMBW0
Military retention is going to be a huge problem as white troops exit in droves rather than put up with the “wokeness” and anti-white discrimination they would face if they stuck around – not to mention the coerced COVID vaccinations.
National Guard struggles as troops leave at faster pace
https://apnews.com/article/health-middle-east-covid-government-and-politics-987f5dbc245858f372eaeeb3edc018bd
WASHINGTON (AP) — Soldiers are leaving the Army National Guard at a faster rate than they are enlisting, fueling concerns that in the coming years units around the country may not meet military requirements for overseas and other deployments.
For individual states, which rely on their Guard members for a wide range of missions, it means some are falling short of their troop totals this year, while others may fare better. But the losses comes as many are facing an active hurricane season, fires in the West and continued demand for units overseas, including combat tours in Syria and training missions in Europe for nations worried about threats from Russia.
According to officials, the number of soldiers retiring or leaving the Guard each month in the past year has exceeded those coming in, for a total annual loss of about 7,500 service members. The problem is a combination of recruiting shortfalls and an increase in the number of soldiers who are opting not to reenlist when their tour is up.
Looks like the plan moving forward is to have proxies fight our wars for us
‘It means having difficult repairing things,’ said Samm. ‘It means not being able to eat decently. It means that now I have to go to the church to get food.’”
There out there having fun in that warm – California Sun
https://youtu.be/Yy57Xdk9u0o
I suppose they’re out there having fun but the again I don’t ask to be called Dr. jeff. 🙂
Inside ‘Dr.’ Jill Biden’s Error-Ridden ‘Dissertation’
By Hans Bader | December 17, 2020 |
Jill Biden calls herself “Dr.” because she received an Ed.D. degree. To get that degree, she wrote a dreadfully bad “dissertation/executive position paper.” It was not, in substance, a dissertation, and its quality was simply awful. Indeed, its quality was so poor that people would likely have raised questions about its adequacy, if her husband hadn’t been a powerful politician in Delaware, whose state university gave her the degree.
As Tucker Carlson notes, “Dr.” Jill Biden’s “dissertation” was utter tripe — full of typos and math mistakes even a child wouldn’t make, that wouldn’t be tolerated in a high-school paper. Biden’s paper also showed deep ignorance about history and our educational system.
For example, Mrs. Biden’s paper shows that she doesn’t understand fractions, or basic arithmetic, unlike most schoolchildren and adults. In it, she mistakenly wrote that three-quarters plus one-quarter does not add up to one: “Three quarters of the class will be Caucasian; one quarter of the class will be African American…the remaining seats will be filled with students of Asian descent or non-resident aliens.” What remaining seats?
https://www.cnsnews.com/commentary/hans-bader/inside-dr-jill-bidens-error-ridden-dissertation
I hope Jill Biden won’t be the one calculating the number of boxcars they’ll need to transport 75 million MAGA “extremists” to the gulag.
https://www.youtube.com/shorts/am2p2w2He_c
As a result, landlords are ‘really desperate’ to get tenants to occupy their units, he explained, which is leading to rents nationally declining on a nominal basis as more tenants stay in their current apartments.”
Gosh, I fear that in such a scenario, any landlord that overpaid for a property won’t be able to recoup their expenses plus profit from a creditworthy tenant, and their business model would be rendered non-viable. This is my “deeply concerned” face.
Samm says she received back rent from the state’s housing is key program but that only paid her through March. Since then, she is out more than $10,000 in rental income while still having to pay her mortgage.
Was Samm somehow unaware she was residing in a commie-run state?
I’m sure she’ll be pulling the D lever next month.
A reader sent these in:
Ron Butler
What’s Happening in Real Estate? Nothing Good…I will go out on a limb here but my best guess is the worst 3 months in RE Sales in the last 25 years are coming up. The quietest Fall in a Generation.
https://twitter.com/ronmortgageguy/status/1578365779904729088
I’m sure they’ll have no problem buying all the boomers 1.2 million dollar homes with a 7% interest payment.
https://twitter.com/texasrunnerDFW/status/1578830809318182912
The Kobeissi Letter
Housing market update:
1. Average mortgage payment up 50% in 1 year
2. Mortgage rates higher than 2008
3. Home sales down 25% this month, most since May 2020
4. Homebuyer demand down 26% this year
5. Housing prices post biggest monthly loss since 2011
The recession is here.
https://twitter.com/KobeissiLetter/status/1578759962909892608
Sentiment in the city is depressed, as crimes caused by opioids and homelessness have turned many residents, possibly for good.
Wrong. The crimes are caused by the impunity the criminal element enjoys thanks to Soros-installed DAs, corrupt and incompetent Democrat judicial officials, and “woke” police departments led and staffed by diversity and “inclusivity” hires.
“A bout of volatility in the UK government debt market in recent weeks forced the Bank of England into a multi-billion pound intervention to prevent a crisis that could have spiralled out of control and threatened the entire economy.
Sounds like a house of cards built on quicksand. Heckova job, regulators, enforcers, and policymakers.
A rush to the exit could spark a fire sale of property assets and push prices down across the sector. That would ultimately lead to losses for those invested in the sector.”
Got popcorn?
‘There is massive complexity within the financial system, so you can think you’re not exposed to something, but then it gets you by the back door.’”
That sounds painful.
MILTON Real Estate September Update.
Honest real estate talk
Oct 7, 2022 Milton real estate prices continue to decline each month. This was the 2nd slowest month of the year so far.
Detached homes to condos in Milton are all down in prices.
Number of homes sold are also down.
https://www.youtube.com/watch?v=_9TbWdzAepI
38 seconds.
Irish Wanking Bankers – An Irishman Abroad – Denis Ryan (epic rant – language)
https://www.youtube.com/watch?v=q2nA2szz8dY&t=46s
CRE = CR8R
Stacked Firewood
Europeans are hoarding wood, cleaning chimneys, and mulling horse dung as winter looms in an energy crisis
Finance Economy
Meet the globe-trotting ‘money doctor’ who has helped slay inflation all over the world—and is convinced the Fed is botching the job here in the U.S.
One of the last monetarists, Hanke has had a wild career saving troubled economies all over the map. But these days he’s concerned with one basket case in particular: the U.S.
BY Shawn Tully
October 08, 2022 7:00 AM EDT
…
https://fortune.com/2022/10/08/money-doctor-steve-hanke-inflation-economy-recession-outlook/
It’s HERE: the financial crash of a generation (has already begun) – Sorelle Amore Finance
https://www.youtube.com/watch?v=7UXwCa22CsM
Sounds like 2023 might be a year full of financial time bomb explosions. Watch your step!
“Non-banks wrote two-thirds of all US mortgages in 2020 and made almost as many loans to businesses as mainstream banks. Gary Greenwood, a banking analyst at London stockbroker Shore Capital, says: ‘The risk has basically moved from the banking system to the shadow banking system, so all these other deep pots of money just sitting in asset managers’ and private equity funds are carrying a lot of the risk now. That’s where I would expect the bombs to go off now.’”
Would now be a good time to buy the stock market dip?
DJIA 2.11%▼
S&P 500 2.80%▼
Nasdaq 3.80%▼
U.S. 10 Yr 3.889%▼
Crude Oil 0.60%▲
Euro 0.54%▼
The Wall Street Journal
Finance
A Jittery Stock Market Heads Into Earnings Season
JPMorgan, PepsiCo and others are set to report results, giving investors a look at how business is holding up amid Fed rate increases
Four Key Market Metrics That Signal Investors Are Prepping for Recession
A look at the markets shows asset managers are moving money around in ways that suggest they see a recession coming. WSJ’s Dion Rabouin explains what to look for and why they tell us investors are increasingly pricing in a recession. Illustration: David Fang
By Karen Langley
Oct. 9, 2022 5:30 am ET
A stock market fixated on the Federal Reserve’s fight against inflation is about to see how rapidly rising interest rates have affected companies’ bottom lines.
The S&P 500 has fallen 24% in 2022 as the central bank ratchets up rates and investors attempt to reassess stock valuations and the durability of corporate profits. The third-quarter earnings season that kicks off in earnest this week will give analysts the broadest look yet at how business has held up as costs continue to rise, higher rates threaten demand and a strong dollar squeezes overseas income.
…
https://www.wsj.com/articles/a-jittery-stock-market-heads-into-earnings-season-11665258248
DOW 30 -2.11%
S&P 500 -2.80%
NASDAQ 100 -3.88%
Markets need to abandon hope of the ‘Fed put’ after the September jobs report – and another jumbo rate hike is all but certain in November
Carla Mozée
1 hour ago
Federal Reserve Board Chairman Jerome Powell, February 12, 2020 REUTERS/Yuri Gripas
Federal Reserve Chairman Jerome Powell Reuters
– Stocks will likely fall further in anticipation of the Fed delivering another jumbo rate hike, analysts say.
– Investors priced in a more hawkish outlook for rate hikes after the strong September jobs report.
– The stock market “is simply going to be collateral damage” in the inflation fight, one analyst said.
…
https://markets.businessinsider.com/news/stocks/stock-market-outlook-fed-put-inflation-jobs-report-economy-powell-2022-10
Cryptocurrency
Investing
Banks
Real Estate
Finance · investing
So you just checked your 401(k). Here’s how experts say you should navigate the nightmare
BY Will Daniel
October 8, 2022 at 8:02 AM PDT
How to protect your 401(k) in trying times.
Getty Images
Ok, so you just checked your 401(k) and it doesn’t look good. Actually, it looks pretty terrible.
But don’t worry, you’re not alone.
With the bond market experiencing one of its worst years in history and the S&P 500 falling over 24% since January, most U.S. investors are feeling the pain.
And as predictions of an impending recession—or “something worse”—continue to flood in from Wall Street, even the most seasoned investors are battening down the hatches.
…
https://fortune.com/2022/10/08/what-to-do-401k-investment-stock-market/
Tough times have hit the 401(k) millionaire set!
It was only Yellen Bux. Easy come, easy go.
‘Deer in the headlights’: It’s been years easier for young bankers on Wall Street – but they’re about to face a bloodbath
by Shawn Johnson
October 9, 2022
‘Deer in the headlights’: It’s been years easier for young bankers on Wall Street – but they’re about to face a bloodbath
If you can spare yourself compassion for anyone on Wall Street during these volatile times, please consider the youth. For the past decade, interns and college grads joining the world of finance have only known a world where stocks rise, interest rates sit at zero, and commodity prices remain fairly stable.
But he’s gone. The children of Wall Street’s beloved summer are experiencing their first season of violence: a bear market for stocks, layoffs across the industry, and perhaps a recession. At this point, young investors are like “a deer in the spotlight,” JPMorgan Asset & Wealth Management CEO Mary Callahan Erdough said at CNBC’s Delivering Alpha conference last week.
It’s not that young investors have never seen a bear market – it’s also that the market volatility we’re experiencing is due to massive, permanent changes in the global economy. The world is no longer going back what it was in the past decade. Inflationary pressures are likely to continue, globalization is breaking down, and geopolitics has moved to the forefront of corporate concerns.
…
https://biz.crast.net/deer-in-the-headlights-its-been-years-easier-for-young-bankers-on-wall-street-but-theyre-about-to-face-a-bloodbath/
I worry about these finance kidz. My nephew just got a nice job offer from a prominent financial firm. Will he lose his job within a couple of years of starting? And I know other young people whom I never envisioned as financial analysts who have recently entered the field. Where will this financial market hurricane underway leave their fledgling careers? I went through a similar experience in the early 1990s that didn’t end well.
Did they take any coding classes while in school?
Coding will not help. Most IT jobs will be offshored…WFH was just the test.
My son is (on his father’s advice…).
Young financial analysts should practice this phrase: “You want fries with that?”
Commentary
5 minute read
October 7, 20226:57 AM PDT
Last Updated 2 days ago
Interest rate delusion may be biggest error of all
By Edward Chancellor
3D printed percentage symbols are seen in front of dollar banknotes in this illustration taken May 25, 2020.
REUTERS/Dado Ruvic/Illustration
LONDON, Oct 6 (Reuters Breakingviews) – Great bull markets are propelled by a dominant belief: a “new era” of permanent prosperity, an exciting new technology, and so on. Bear markets occur when that belief is proven wrong. The severity of the downturn depends on how wrong the previously bullish notion turned out to be. The false idea exposed by the current bear market is that interest rates would remain low indefinitely. That’s turned out to be a colossal mistake.
Consider some of great financial errors over the past 25 years. The Asian crisis erupted once it became clear that Southeast Asian “Tiger” economies were on an unsustainable development path. The dotcom bust revealed that earlier forecasts for growth in internet traffic were too optimistic. The global credit boom in the early years of this century ultimately rested on the widespread belief that American home prices would never decline. The subsequent meltdown triggered the euro zone debt crisis which exposed another false belief, namely that sovereign credit risk in the single currency area was a thing of the past. These crises reveal a disturbing trend: each successive market collapse has tended to generate greater financial losses over a greater geographical reach than its forerunners.
The belief that interest rates would remain at permanently low levels could prove the most costly error of all. That’s because, as the former Federal Reserve governor and Harvard economist Jeremy Stein commented a decade ago, “monetary policy gets into all the cracks.” Over the last decade, easy monetary conditions transformed the world’s financial markets and economies. Seth Klarman, the Boston-based hedge fund manager, wrote early last year: “The idea of persistently low rates has wormed its way into everything: investor thinking, market forecasts, inflation expectations, valuation models, leverage ratios, debt ratings, affordability metrics, housing prices, and corporate behavior.”
The great American economist Irving Fisher declared that interest is an “omnipresent phenomenon”. The lowest-ever interest rates gave us the “Everything Bubble”. Now that interest rates are rising, everything is at risk. Since the start of this year, major global bond and stock market indexes are down more than 20%. Regional real estate markets from Australia to China are cracking. Meanwhile, 30-year U.S. mortgage rates have doubled since January and British lenders are rapidly repricing their home loans.
As the Fed tightens monetary policy to restrain U.S. inflation, the dollar has soared against other currencies. That has upset the calculations of foreigners who borrowed trillions of dollars at low rates. Domestic carry trades are also unwinding. Many leveraged loans are trading well below par, high-yield bond spreads have widened, private equity buyout deals are creaking, and corporate mergers have ground to a halt.
These responses are painful but not completely unexpected. If interest rates are to valuations what gravity is to matter, as Warren Buffett maintains, then it was always likely that asset prices would fall when the cost of borrowing eventually picked up. In the terminology made famous by former U.S. Secretary of Defense Donald Rumsfeld, these consequences count as “known knowns”.
However, investors also confront a series of “known unknowns”. The recent turmoil in the UK government bond market belongs in this category. The period of low rates proved particularly challenging to British defined-benefit pension funds. According to current accounting standards their reported liabilities increase as bond yields fall. Large pension funds sought to hedge against the prospect of falling rates with a strategy known as liability driven investment (LDI). This involved acquiring long-dated government bonds whose maturities matched future expected payouts.
The idea was that if interest rates rose, future liabilities would decline in tandem with bond prices, and the pension funds would be no worse off. The wrinkle was that, rather than buying gilts, many funds gained much of their exposure through interest-rate swaps. Furthermore, they applied leverage by borrowing against shorter-dated bonds. But as expectations of future interest rates rose quickly, gilt prices cratered. At the end of last month one inflation-indexed government bond maturing in 2073 was down 85% from its peak just 10 months earlier. The pension funds faced margin calls on their loans, and the bond market seized up as they scrambled to raise cash.
In some respects, this debacle resembles the failed portfolio insurance strategies that triggered the October 1987 stock market crash. In both cases, market liquidity dried up just when it was urgently needed. A few astute observers had spotted the flaw at the heart of LDI. Simon Wolfson, the head of UK retailer Next, says he warned the Bank of England of this potential “time bomb” five years ago.
The great “unknown unknown” is how the broad derivatives complex, which has notional positions measured in the hundreds of trillions of dollars and incorporates unfathomable leverage, with the vast majority linked to interest rates, will react as borrowing costs rise from their lowest levels in history.
This episode demonstrates how, after years of easy money, the global financial system is acutely sensitive to rate hikes. It also points to regulatory shortcomings. For years, central bankers maintained that monetary policy should be separate from so-called macroprudential regulation – the management of financial risks. The trouble is that, as Jeremy Stein understood, regulators were always likely to be behind the curve as market participants eagerly sought to enhance returns. Just as the losses at Bear Stearns’ hedge funds in June 2007 signalled the onset of the financial crisis triggered by U.S. subprime mortgages, the gilts crash provides a warning of more problems to come.
…
https://www.reuters.com/breakingviews/global-markets-breakingviews-2022-10-06/
“Just as the losses at Bear Stearns’ hedge funds in June “Just as the losses at Bear Stearns’ hedge funds in June 2007 signalled the onset of the financial crisis triggered by U.S. subprime mortgages, the gilts crash provides a warning of more problems to come.”
In case you haven’t been paying close attention, the gilts crash referenced in the article, and subsequent Bank of English bailout, are current news. We are in the first inning of a global financial crisis. May the odds be ever in your favor.
UK Bonds, Pound Tumble as Traders Eye BOE Exit
30-year yield jumps to highest since BOE started operation
Citi sees ‘big depreciation’ in pound if UK policies continue
Commuters cross the Millennium Bridge in view of Tower Bridge in London, UK.Photographer: Jason Alden/Bloomberg
By Naomi Tajitsu
October 6, 2022 at 6:20 AM PDT
Updated on October 6, 2022 at 8:32 AM PDT
The pound fell and UK gilt yields surged amid concern over the government’s plans to loosen fiscal policy and as traders braced for an end of the central bank’s market backstop.
On Thursday, 10-year maturities led the fall in gilts, with the corresponding yield surging as much as 21 basis points to 4.24%.
That’s the highest since Sept. 28 — when the Bank of England staged a dramatic intervention to stave off an imminent crash in the gilt market by pledging unlimited purchases of long-dated bonds. By doing so it prevented a full-blown crisis spurred by forced selling from pension funds, as concerns about Prime Minister Liz Truss’s unfunded tax-cut policy tore through markets.
With that backstop set to end on Oct. 14, traders are now facing up to the prospect of further turbulence.
…
The Financial Times
Investing in funds
Investors pile out of UK property funds after bond market shock
Withdrawals gather pace after Kwarteng mini-Budget, raising risk of assets fire sale
The 21 Moorfields office building in the City of London, developed by Landsec. It sold the site for £809mn, below the £1bn the company had hoped to achieve earlier in the year
George Hammond, Joshua Oliver and Adrienne Klasa in London
3 hours ago
The pace of withdrawals from UK commercial property funds has accelerated rapidly since the government unveiled its “mini” Budget last month, in a shift that analysts warned could spark a rush to sell buildings at depressed rates.
More than £100mn was pulled from a sample of property funds tracked by Calastone, a fund trading provider, in the 10 days after UK chancellor Kwasi Kwarteng laid out plans to cut taxes and borrow heavily from financial markets — almost eight times the volume withdrawn over the previous three weeks.
Commercial property markets are already under strain from a jump in borrowing costs and a drop in the volume of deals that makes it hard to judge valuations. Now analysts warn that consistent withdrawals by investors could force funds to jettison assets, dragging prices down further.
“One way or another those assets are going to have to be sold into a down market,” said Zac Gauge, head of European real estate strategy at UBS.
Gauge and other property analysts expect sales completed today to be at values 20 to 25 per cent lower than they were earlier this year, before interest rates rose to rein in inflation stoked by Russia’s invasion of Ukraine.
The rush by investors to retrieve their cash comes after turmoil in the market for UK government debt, which forced some pension funds to sell assets to meet collateral calls on their hedging strategies.
Rapid withdrawals pose a problem for some property funds, which can take several months to offload properties in their portfolio. Earlier this week, funds run by Schroders, BlackRock and Columbia Threadneedle announced measures to slow the pace of investor redemptions so they could sell assets in an orderly way.
Other large UK-based investment houses contacted by the Financial Times have said their property funds are still running as normal. However, the pace of outflows indicates that pressure is building.
The move has renewed criticism of the vehicles, which came under fire after they blocked withdrawals in the wake of the Brexit vote in 2016 and again following the outbreak of the pandemic in 2020.
Roger Clarke, head of IPSX, an exchange for property, said there is a fundamental issue with the structure of funds that often give buyers the opportunity to jump out at just a day’s notice. “The funds are forced to sell their best assets. The redeeming investors are then getting their redemption at the expense of the rest of the people in the fund [if valuations decline]. So the rational investor puts in a redemption request,” said Clarke, who expects funds to gate if redemption requests continue.
…
LIVE UPDATES
Updated Sun, Oct 9 2022 6:58 PM EDT
Dow futures fall 170 points to start week with key inflation data, earnings ahead
Alex Harring
Traders on the floor of the New York Stock Exchange.
Getty Images
Stock futures are lower Sunday night as the markets come out of a tumultuous week and traders look ahead to key reports coming in the next week that can offer insights into the health of the economy.
Futures connected to the Dow Jones Industrial Average slid 0.6% to 29,175 points. S&P 500 futures dropped 0.7% to 3,626.25 points, while Nasdaq 100 futures slipped 0.8% to 11,014.25 points.
Market observers generally consider the week ahead as the kickoff to earnings season, with four of the world’s largest banks – JPMorgan
, Wells Fargo, Morgan Stanley and Citi – reporting Friday. PepsiCo, Delta and Domino’s are also among companies reporting next week.
Inflation will also take center stage as new monthly Consumer Price Index data comes Thursday morning.
It will follow a week of whiplash for market participants. The first half brought a relief rally that pushed the S&P 500 up more than 5% in its largest two-day gain since 2020.
But jobs data that economists say will keep the Federal Reserve on a path to continue raising interest rates and OPEC+’s decision to slash oil supply rattled investors, diluting wins later in the week. When day trading ended Friday, the S&P was up 1.5% compared to where it started the week. The Dow and Nasdaq were up 1.5% and 0.7%, respectively.
Still, the Dow, S&P 500 and Nasdaq
had the first positive week in the last four. All remain down substantially so far in 2022, however, and the Nasdaq is less than 1% away from its 52-week low.
Meanwhile, the 2-year Treasury yield
rose 6 basis points, closing at 4.316%. One basis point is equivalent to 0.01%.
“The direction of the stock market is likely to be lower because either the economy and corporate profits are going to slow meaningfully or the Fed is going to have to raise rates even higher and keep them higher for longer,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, on Friday.
“Given the conditions that we are operating under, we believe it’s prudent to begin preparing for a recession,” he added. “The talk of a shallow recession that is now the narrative-du-jour strikes us as eerily similar to the ‘inflation is transitory’ narrative of last year.”
…
https://www.cnbc.com/2022/10/09/stock-futures-are-down-as-market-exits-rollercoaster-week.html
I’m targeting 3400 on the spx, not to mention, we finally have both capitulation and fear, and with rents falling, that will bring the CPI down and cause the fed to pivot.
I’m not telling anyone else what to do, but I’m definitely legging in, and I think this next week should be the bottom, since inflation numbers from September should show some cooling effect compared to previous months, which, in conjunction with the santa claus rally, should bring the markets back up.
That is until we see cascading defaults in the financial system.
Re-post from a few weeks ago.
Post Millennial — Heavily armed Antifa militants ‘stand guard’ outside Texas ‘kid friendly’ drag show (8/29/2022):
“A “kid friendly” drag brunch for all ages was guarded against protests by armed Antifa militants carrying AR-15s. The drag event was held at the Anderson Distillery and Grill in Roanoke, Texas.
The local chapter of the John Brown Gun Club, an #Antifa militia linked to domestic terrorism, led the call to direct action. It is headed by Christopher Guillott & Garrett Lee.
Kris Cruz from Blaze TV reported that Antifa militants armed with AR-15s acted as “bodyguards” and escorted attendees to their vehicles. He added that Antifa and the staff worked together to provide “protection” for attendees.
Kruz also reported that Antifa was placed strategically during the “kid friendly” drag show and “was armed like snipers on the 3rd floor of the parking garage.”
https://thepostmillennial.com/breaking-heavily-armed-antifa-militants-stand-guard-outside-texas-kid-friendly-drag-show
This event brought to you by Attorney General Merrick Garland, the Southern Poverty Law Center. and the Anti Defamation League.
Anderson Distillery and Grill
So now the kids are getting their drag queen story hour at a bar? Careful, that bar might have some hetero men looking to score hetero women… and we can’t be having any of that.
Stay classy, Comrades of Proven Worth (D) in our NEA indoctrination mills.
https://www.dailymail.co.uk/news/article-11295403/Sleazy-teachers-exposed-One-flashed-boobs-kindergartners-held-sleepovers-home.html
NYC thief pick-pocketed dead victim who was pinned under truck
https://nypost.com/2022/10/08/thief-pick-pocketed-dead-nyc-man-who-lay-pinned-under-truck/
A soulless thief pick-pocketed a dead man crushed by a truck in Manhattan — as ghoulish onlookers cheered her on, video obtained by The Post shows.
The woman was recorded apparently pick-pocketing the body of a pedestrian who had been crushed under a tractor-trailer in Midtown — and the sickening crime has left police unable to identify him or notify his family of his death, sources said.
Archive link provided to deny clicks and revenue to globalist scum media.
Washington Post — How social media ‘censorship’ became a front line in the culture war (10/9/2022):
“What people can and can’t say online — and the role of Big Tech in making those calls — has emerged as a critical fault line in American politics. The left cries for content moderation to tamp down disinformation, racism and misogyny. The right decries that as censorship and demands the right to free speech.
“We’re approaching a pivotal moment for online speech,” said Daphne Keller, who directs the Program on Platform Regulation at Stanford University’s Cyber Policy Center. “The political pressures on content moderation have increased tremendously.”
How online forums set and enforce rules for what users can post wasn’t always so divisive. When the consumer internet was born in the mid-1990s, lawmakers in both parties shared a desire to see American tech firms thrive.
But as social media’s influence on politics and social mores has grown, it has become clearer that free speech for some users could mean real harm for others.
By the end of 2017, an industry that had previously enjoyed widespread trust and popularity among Americans — the same industry Wyden had seen as “the little guy” in need of protection two decades earlier — had come to be known by left and right alike as “Big Tech.” The epithet, an echo of past crusades against Big Business, Big Banks, Big Tobacco and Big Pharma, conjured not only power but corruption, a force that needed to be reined in.
The outbreak of covid-19 in 2020 brought new tests for the platforms. Large swaths of the right, including Trump, rejected scientific guidance on how to stop the spread.
Again, the companies managed to infuriate both left and right. Their algorithms rewarded enticing yet unsubstantiated conspiracy theories, such as a viral video titled “Plandemic” that advanced a slew of conspiratorial claims about the virus’s origins, how it spreads, and the safety of masks and vaccines. At the same time, their moderation systems — by now partly automated, with human moderators sent home because of covid restrictions — scrambled to remove such content under new policies prohibiting misinformation about the virus.
A galvanizing moment for the right came in October 2020, just weeks before the election in which Democrat Joe Biden unseated Trump.
The New York Post, a right-leaning tabloid, published a story about illicit materials found on a laptop that had reportedly belonged to Biden’s son Hunter. Facebook and Twitter later said they had been warned just days earlier by federal authorities to be on the alert for foreign influence operations related to the election, including possible “hack-and-leak” maneuvers. Both reacted swiftly and aggressively, with Facebook using its algorithms to limit sharing of the Post’s story on its network. Twitter banned all links to the article and suspended the Post’s account.
While questions remain about the laptop story, a later investigation by The Washington Post appeared to validate at least part of the New York Post’s reporting. Twitter’s then-CEO, Jack Dorsey, eventually apologized for what he described as an honest mistake, while Facebook’s Mark Zuckerberg recently acknowledged his company got it wrong as well.
The platforms finally suspended Trump after the Jan. 6, 2021, attack on the U.S. Capitol, on the grounds that his continued posts disputing the election risked inciting further violence. Twitter banned him permanently, and Facebook and YouTube issued indefinite suspensions.
The moves, which came only after Trump had lost his grip on power, reinforced the sense among critics on both sides that the tech companies were making up the rules as they went”
https://archive.ph/KPf0w
Making up the rules as they went?
Never mind the 2020 stolen election for a minute and consider the weaponization of ever-evolving The Science™ and how this globalists enacted a medical genocide.
Washington Post scum lie “both sides” is total bullshit. The censorship is the entrenched tyranny of Big Tech, World Economic Forum, Democrat Party (and their brownshirt thug armies Pantifa and Burn Loot Murder).
Related article linked from Revolver News.
Rutherford Institute — When Anti-Government Speech Becomes Sedition (10/5/2022):
“In more and more cases, the government is declaring war on what should be protected political speech whenever it challenges the government’s power, reveals the government’s corruption, exposes the government’s lies, and encourages the citizenry to push back against the government’s many injustices.
Indeed, there is a long and growing list of the kinds of speech that the government considers dangerous enough to red flag and subject to censorship, surveillance, investigation and prosecution: hate speech, conspiratorial speech, treasonous speech, threatening speech, inflammatory speech, radical speech, anti-government speech, extremist speech, etc.
Enacted during the Civil War to prosecute secessionists, seditious conspiracy makes it a crime for two or more individuals to conspire to “‘overthrow, put down, or to destroy by force’ the U.S. government, or to levy war against it, or to oppose by force and try to prevent the execution of any law.”
Note: this is how the Glowies try to snare you in their Glowbait Glowtrap. There is no such thing as a “group” because anyone talking about “groups” is a Fed.
“In recent years, the government has used the phrase “domestic terrorist” interchangeably with “anti-government,” “extremist” and “terrorist” to describe anyone who might fall somewhere on a very broad spectrum of viewpoints that could be considered “dangerous.”
What the government cares about is whether what you’re thinking or speaking or sharing or consuming as information has the potential to challenge its stranglehold on power.
Why else would the FBI, CIA, NSA and other government agencies be investing in corporate surveillance technologies that can mine constitutionally protected speech on social media platforms such as Facebook, Twitter and Instagram?
Why else would the Biden Administration be likening those who share “false or misleading narratives and conspiracy theories, and other forms of mis- dis- and mal-information” to terrorists?
According to the Department of Homeland Security’s terrorism bulletin, “[T]hreat actors seek to exacerbate societal friction to sow discord and undermine public trust in government institutions to encourage unrest, which could potentially inspire acts of violence.”
By the government’s own definition, America’s founders would be considered domestic extremists for the heavily charged rhetoric they used to birth this nation.
Thomas Jefferson and Benjamin Franklin would certainly be placed on a terrorist watch list for suggesting that Americans should not only take up arms but be prepared to shed blood in order to protect their liberties.”
https://www.rutherford.org/publications_resources/john_whiteheads_commentary/from_sedition_to_domestic_terrorism_has_anti_government_speech_become_a_four_letter_word
Undermine public trust in government institutions?
The 2020 election was stolen. Stolen, stolen, stolen.
The following quote is from Doug Noland”s latest weekly commentary (Oct. 7):
“We cannot overstate the significance of the so-called “Fed put” during the previous cycle. This liquidity backstop – that morphed over time into “whatever it takes”, zero rates and endless Trillions of QE – created the perception of safety and liquidity – of “moneyness” – throughout the financial markets. Stocks became a can’t lose, corporate debt the same, and even the crazy cryptocurrencies. Can’t lose included derivatives and Wall Street structured finance – private equity, venture capital, hedge funds and leveraged speculation. With central bank backing, perceptions crystallized that the entire new financial structure was a can’t lose.”
http://creditbubblebulletin.blogspot.com/2022/10/weekly-commentary-mcalvany-wealth.html
“With central bank backing, perceptions crystallized that the entire new financial structure was a can’t lose.”
– With QT and higher rates, what is it now? Can’t win? (rhetorical)
“Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits.” – Hyman Minsky
“Consider a turkey that is fed every day. Every single feeding will firm up the bird’s belief that it is the general rule of life to be fed every day by friendly members of the human race “looking out for its best interests,” as a politician would say. On the afternoon of the Wednesday before Thanksgiving, something unexpected will happen to the turkey. It will incur a revision of belief.*” – Nassim Nicholas Taleb, The Black Swan: The Impact of the Highly Improbable
– Unless you’re part of the 1%, the Fed is not your friend. Prepare accordingly.
“Unless you are part of the 1%…”
Suggested strategy: Invest as though you are part of the 1%, and let the Fed’s special treatment apply to you.
Obviously hair-of-the-dog hangover cures don’t work very well on hardcore alcoholics.
Kensington, MD Housing Prices Crater 28% YOY As The Mortgage Fraud Epidemic Envelops Northern Virginia And Washington DC Area
https://www.movoto.com/kensington-md/market-trends/
As a noted economist questioned, “Why buy a house when you can rent one for half the monthly cost. Buy it later after prices crater for 70% less.
Re-post of your 2022 midterm elections voter guide. If you live in these states or districts, these are candidates you should vote for.
Washington Post (Archive link, no revenue for you!) — A majority of GOP nominees — 299 in all — deny the 2020 election results (10/6/2022):
https://archive.ph/nNhkQ
Undermine public trust in government institutions?
Joe Biden will never be the legitimately elected president of the United States, because the 2020 election was stolen.
Facebook? The 2020 election was stolen.
Twitter? The 2020 election was stolen.
YouTube? The 2020 election was stolen.
Talk to ten people you know personally, and talk about how the 2020 election was stolen. Get them to each talk to ten people about how the 2020 election was stolen.
Globalist scum media / social media can’t censor personal conversations (but if you start talking about “groups” you may end up in the January 6th gulag / Merrick Garland torture chamber).
NPC’s / Blue Checkmarks and other soy-addled Reddit karma score cucks won’t listen to you, but the majority of people that you know personally will.
Start that conversation today!
“NPC’s / Blue Checkmarks and other soy-addled Reddit karma score cucks won’t listen to you…”
But their wives will do more than listen.😂
From yesterday’s C-SPAN Washington Journal, segment that aired 7am-8am EDT: Viewers called in to answer if they were “living paycheck to paycheck.”
https://www.c-span.org/video/?523194-2/washington-journal-news-headlines-viewer-calls
A rather depressing sample of the economic misery created by the unelected Biden regime, and even more depressing, the lobotomized, lead in the drinking water Pedo Joe supporters calling in to defend the worst president in this country’s history.
This is what The West considers to be “winning.”
Russia Today (because f* the New York Times and Washington Post) — Ukraine is preparing a law on full control over the media, as the last vestiges of press freedom disappear in Kiev (10/9/2022):
“While fierce battles continue to rage between the Ukrainian and Russian armies in Donbass, Kherson Region, and Zaporozhye, the Kiev regime is busy eradicating the last vestiges of freedom of speech in the country.
On August 30, Ukraine’s rubber-stamp parliament, the Verkhovna Rada, passed a bill on the media at the first reading. Despite the numerous changes that the 300-page document has undergone since President Vladimir Zelensky’s team developed and submitted it a few years ago, its essence remains unchanged. If it becomes law, the authorities’ power over virtually all outlets will be essentially limitless.
The main danger this bill presents is that it grants government agencies the authority to block internet resources without any court proceedings, and revoke licenses from broadcast and print media solely on the basis of complaints. This huge power would be vested in the National Council for Television and Radio Broadcasting.”
https://www.rt.com/russia/564217-ukraine-vs-freedom-of-speech/
Zelensky’s parents live in a $8 million house with a $12,000 a month security detail.
Who paid for that? American taxpayers. You paid for that. Keep gloating about your “winning” suckers.
I certainly have no love for the Ukrainian gov’t. But Putin started this war and has completely lost whatever sympathy he might have had in the West, as far as I’m concerned.
All he had to do was keep making speeches about the degeneracy in the US and Western Europe, and there would have been lines outside of Russian embassies world-wide, and Russian language teachers would have been booked months in advance with people wanting to learn the language and move there. Instead he has now gotten, what 70-80,000 *Russians* killed and created total pandemonium with this botched attempt at “mobilization” such that people are now waiting in line for days to get *out* of there. If you’re looking at Putin as the white knight to save Christianity and Western civilization, I’m afraid your love is destined to end in heartbreak.
+1
My perspective on this war is: If GloboHomo wins, Heaven help us.
Asia and especially Europe are in a demographic crisis of increased longevity and falling birth rates. Russia’s military ability to strike offensively is being steadily degraded, and when this conflict is over their military will be reduced to only defensive capability. A cut dog comes to mind.
What concerns me is that if GloboHomo wins the war they will feel empowered and will shove even more evil down our throats. Say like cornering the world’s food supply and starving billions to death.
this botched attempt at “mobilization”
It’s a done deal and an additional eager volunteers have been added.
You might be interested in what was going on in 2014 in Ukraine. It’s easy to look up.
additional eager
70,000 volunteers
As well as a great documentary film.
These doctors are the lowest form of scum.
Controversial Vanderbilt University Medical Center SUSPENDS transgender operations for kids – after video emerged of hospital doctor boasting about how surgeries are ‘huge money makers’
https://www.dailymail.co.uk/news/article-11296557/Vanderbilt-University-Medical-Center-suspends-transgender-operations-kids-report.html
The prestigious Vanderbilt University has suspended gender altering surgeries at its medical center after outrage over claims the hospital ‘chemically castrates’ minors for financial gain.
Vanderbilt University Medical Center [VUMC] confirmed it was freezing all ‘gender affirmation surgery’ on underage patients pending a review of their processes, in response to calls from Tennessee lawmaker to investigate the hospital.
after video emerged of hospital doctor boasting about how surgeries are ‘huge money makers’
There has to be a special place in Hell for those monsters
Since I now self-identify as a Yemeni lesbian, I have removed my hijab in solidarity with protesting Iranian schoolgirls. Feel the virtue radiate forth!
https://www.youtube.com/watch?v=SRJJDjZMFxY
Well played, even if it borders on elder abuse.
Lauren Boebert Conducts a Masterful Troll of Joe Biden and the Left
https://redstate.com/nick-arama/2022/10/08/lauren-boebert-conducts-a-masterful-troll-of-joe-biden-and-the-left-n639918
Articles linked from the sub-Reddit /r/Coronavirus.
The New Yorker — How Many Times Will You Get COVID? (10/8/2022):
“During the first year of the pandemic, when reports of coronavirus reinfections started to trickle in, the phenomenon was considered exceedingly rare—“a microliter-sized drop in the bucket,” as one virologist put it. As of October, 2020, the world had recorded thirty-eight million coronavirus cases and fewer than five confirmed reinfections. Two years later, the bucket is overflowing. It’s now clear that not only will just about everyone contract the coronavirus, but we’re all likely to be infected multiple times.”
https://www.newyorker.com/science/annals-of-medicine/how-many-times-will-you-get-covid
I’ve had hangovers that were worse than CCP Flu.
Reuters — Nearly 4 million Americans received updated COVID boosters last week (10/6/2022):
“The CDC said a total of 11.5 million Americans had received the shot as of Oct. 5, the first five weeks the booster has been available. This is up from the 7.6 million people who received the shot as of Sept. 28.
The shots are being administered at a slower pace than last year, when the United States initially authorized COVID boosters just for older and immunocompromised people. Around 20 million people received their third shot in the first five weeks of that vaccination campaign.
A recent survey conducted by the nonprofit Kaiser Family Foundation found that nearly two-thirds of adults in the United States do not plan to get updated COVID-19 booster shots soon.”
https://www.reuters.com/world/us/nearly-4-mln-americans-received-updated-covid-boosters-last-week-cdc-2022-10-06/
Blood clots, heart attacks, and strokes coming soon to 11.5 million more people. Update your will!
Vox — A wave of anti-vaccine legislation is sweeping the United States (10/6/2022):
“Across the country, Republican lawmakers have drafted a pile of anti-vaccine mandate bills this year, chipping away at a foundational health practice for the last half-century. More than 80 anti-vaccine bills have been introduced in state legislatures, according to academics tracking the phenomenon, dwarfing the number of countervailing pro-vaccine bills. Public health experts are preparing for an all-out war on school mandates and other vaccine measures in states like Texas.
Fewer Americans said this year and last year that they will get the flu shot compared to the few years before, according to a new poll from the National Foundation for Infectious Diseases. The fear among experts is that these drops are not a pandemic-driven blip but an accelerating trend, following a decades-long drift in trust in childhood vaccines; we should get updated numbers early next year.
Experts are also bracing for a severe flu season, in part because of the lagging vaccination rates, which are usually below 50 percent annually.
But what is clear by now is projections like these, or all the pleading of public health leaders, cannot overcome the rampant anti-vaccine skepticism that has taken hold in the US, particularly on the right. As Dorit Reiss, a UC Hastings law professor who is tracking anti-vaccine legislation in the states, put it to me, the pandemic “turbocharged things that were already happening.”
“We’ve seen increasing politicization of vaccine mandates before the pandemic,” she said. “But not to the degree we’re seeing now.”
https://www.vox.com/policy-and-politics/2022/10/6/23389145/covid-19-anti-vaccine-legislation
Democrat Party that wanted you FIRED FROM YOUR JOB for not getting injected with experimental mRNA poison. Democrat Party the party of medical genocide.
Nuremberg Trials v2.0 coming soon…
Based Florida Man speaks the truth.
State Surgeon General Dr. Joseph A. Ladapo Issues New Mrna COVID-19 Vaccine Guidance (10/7/2022):
“This analysis found that there is an 84% increase in the relative incidence of cardiac-related death among males 18-39 years old within 28 days following mRNA vaccination. With a high level of global immunity to COVID-19, the benefit of vaccination is likely outweighed by this abnormally high risk of cardiac-related death among men in this age group. Non-mRNA vaccines were not found to have these increased risks.
As such, the State Surgeon General recommends against males aged 18 to 39 from receiving mRNA COVID-19 vaccines. Those with preexisting cardiac conditions, such as myocarditis and pericarditis, should take particular caution when making this decision.
“Studying the safety and efficacy of any medications, including vaccines, is an important component of public health,” said Surgeon General Dr. Joseph Ladapo. “Far less attention has been paid to safety and the concerns of many individuals have been dismissed – these are important findings that should be communicated to Floridians.”
https://www.floridahealth.gov/newsroom/2022/10/20220512-guidance-mrna-covid19-vaccine.pr.html
Dr. Ladapo is probably going to be in a fatal single vehicle crash soon…
Meanwhile in Clownifornia…
Associated Press — Docs May Be Disciplined for Spreading COVID Lies (9/30/2022):
“Doctors who spread coronavirus lies could be disciplined for unprofessional conduct in California under a law signed Friday by Gov. Gavin Newsom.
The bill, AB2098, introduced by Democratic Assembly Member Evan Low, declares that a physician or surgeon commits professional misconduct if they disseminate “misinformation or disinformation” about the nature and risks of COVID-19, its prevention and treatment and the development, safety and effectiveness of vaccines.
More than 80% of the population has been vaccinated with at least one dose of a COVID-19 vaccine but Low’s bill said the spread of disinformation about vaccines “has weakened public confidence and placed lives at serious risk.”
I’m making it my life mission to weaken public confidence, globalist sh*tbags.
“In August, state Sen. Scott Wiener announced that he wouldn’t pursue a vote in the Assembly for a bill allowing teens 15 and up to be vaccinated for COVID-19 without parental consent.
Wiener said it didn’t have enough support to pass.
Wiener, a Democrat from San Francisco, blamed the lack of support on “months of harassment and misinformation” by “a small but highly vocal and organized minority of anti-vaxxers.”
https://www.usnews.com/news/best-states/california/articles/2022-09-30/california-docs-may-be-disciplined-for-spreading-covid-lies
Scott Wiener? Why does that name sound so familiar?
“State Sen. Scott Wiener, D-San Francisco — the same lawmaker who co-sponsored a bill in 2017 to remove the felony penalty for knowingly exposing another person to HIV — has introduced a bill, Senate Bill 145 to give judges more flexibility in sentencing gay men who abuse minors.
https://thefederalist.com/2020/08/12/no-california-shouldnt-decriminalize-adult-sex-with-14-year-olds/
Knowingly exposing people to A.I.D.S. and raping kids, sounds like a Democrat Party thing.
“They’re not sending their best”
The plan is for all vaccines to be mRNA tech.
During the first year of the pandemic, when reports of coronavirus reinfections started to trickle in, the phenomenon was considered exceedingly rare—“a microliter-sized drop in the bucket,” as one virologist put it. As of October, 2020, the world had recorded thirty-eight million coronavirus cases and fewer than five confirmed reinfections. Two years later, the bucket is overflowing
Not smart enough to know what a “variant” is, I guess.
Democrat Party that wanted you FIRED FROM YOUR JOB for not getting injected with experimental mRNA poison.
You can get legal with one shot of J&J, which is not experimental mRNA poison.
It still is experimental and uses the spike protein. Perhaps not as Frankensteiny as the Pfizer or Moderna jabs. Anyway, I did manage to dodge that bullet, but it came way too close for comfort.
I will not forget.
#FJB and his puppet masters. They can take their “we’re losing our patience with you” and shove it where the sun doesn’t shine.
Binance said a cross-chain bridge linking with its BNB Chain was targeted, enabling hackers to move BNB tokens off the network.
In total, hackers withdrew 2 million BNB tokens — about $570 million at current prices — from BNB Chain said in a blog post on Friday.
https://www.cnbc.com/2022/10/07/more-than-100-million-worth-of-binances-bnb-token-stolen-in-another-major-crypto-hack.html
Vanderbilt pauses gender affirmation surgeries on minors, says genital surgeries not performed
BY: ANITA WADHWANI – OCTOBER 7, 2022 4:07 PM
The Daily Wire’s Matt Walsh first posted edited video clips last month of Vanderbilt staff discussing transgender surgery: one depicts a physician calling it a “big money maker,” although she does not mention minors;
Vanderbilt has been tight-lipped since the controversy emerged. Hospital officials simply noted the healthcare provided to transgender kids is “in compliance with state law and in line with professional proactive standards and guidance established by medical speciality societies,” but declined to answer specific questions.
“We are pausing gender affirmation surgeries on patients under 18 while we complete this review, which may take several months,” the letter said.
The pause may become indefinite. Pinson acknowledged GOP lawmakers have plans to introduce legislation regarding transgender care, which could be taken up as soon as the Legislature reconvenes in January.
https://tennesseelookout.com/2022/10/07/vanderbilt-pausing-gender-affirmation-surgeries-on-patients-under-age-18/
It’s clearly wrong to perform life altering surgery on a minor. If an adult wants to do it, it’s their own choice, but the state should be left out of covering the cost.
Why do Democrats have such a difficult time with such simple principles?
Be Young Be Foolish Be Happy – The Tams – 1968
https://www.youtube.com/watch?v=QKeh7WhfOmo
Mass Formation Psychosis sponsored and implemented by the World Economic Forum.
The Guardian (Archive link, no revenue for you!) — Covid has left a third of young people feeling life is out of control (10/3/2022):
“More than a third of young people feel their life is spiralling out of control, according to findings released to the Guardian ahead of a nationwide campaign that highlights Covid’s impact on the younger generation.
The Prince’s Trust Class of Covid research also found that more than 60% of 16-25-year-olds said they were scared about their generation’s future, having lived through a pandemic only to face a cost-of-living crisis. One in three think their job prospects will never recover from the pandemic.
The research, which surveyed more than 2,000 young people across the UK, is part of a campaign the charity is launching this week to raise awareness of the longer-term impact of the pandemic on the younger generation.
There is also evidence of widespread “retarded development” among young people as a result of missing developmental milestones during the pandemic, according to findings from the Savanta State of the Youth Nation report.
The report found that almost a quarter of 16-19-year-olds missed out on having their first kiss because of Covid. For those aged 20 to 25, the figure was was 17%.
A significant number also missed out on starting their first romantic relationship, with one in five of those aged 16 to 19 and 15% of those aged 20 to 25 not having a relationship when compared with the experiences of people of the same age before the pandemic.
Researchers found that the pandemic had ushered in a new era of uncertainty and a lack of self-confidence. “The impact of those two years of lost independence could have far-reaching consequences,” said Josephine Hamson, the organisation’s vice-president. “There are all sorts of key developmental milestones missed that could well hold young people back now the world has opened up again.”
https://archive.ph/yog1L
It’s October 2022 now? Happy *THIRTY ONE MONTH ANNIVERSARY* of “two weeks to flatten the curve.
The UK was already a dreary and hopeless place before the scamdemic. Of course, it’s even worse now.
Weather stinks, food sucks, women are homely….never understood UK’s relevancy in the world stage.
The place is so dreary that they got some guns, got on some boats, and went to the sunny parts of the world stage.
” (Archive link, no revenue for you!) ”
Make certain to click on all Democrat political ad links. It’ll cost them.
Epoch Times — FBI Team Involved in Censorship of Hunter Biden Laptop Story Identified (10/7/2022):
“The FBI team that was in communication with Facebook before the social media company censored the original Hunter Biden laptop story has been identified, according to a new court filing.
Meta, Facebook’s parent company, identified the team as the FBI’s Foreign Influence Task Force (FITF), according to an updated complaint entered late on Oct. 6.
Meta named the team after receiving a subpoena in a case alleging the federal government pressured Big Tech firms to censor users.
“Pursuant to the third-party subpoena, Meta has identified the FBI’s FITF, as supervised by Laura Dehmlow, and Elvis Chan as involved in the communications between the FBI and Meta that led to Facebook’s suppression of the Hunter Biden laptop story,” the updated complaint states.
“We talked with all of these entities I mentioned regularly, at least on a monthly basis. And right before the election, probably on a weekly basis. If they were seeing anything unusual, if we were seeing anything unusual, sharing intelligence with technology companies, with social media companies, so that they could protect their own platforms. That’s where the FBI and the US government can actually help companies,” Chan said.
Plaintiffs in the case said that helping social media companies protect their platforms “includes censorship and suppression of speech at the FBI’s behest.”
https://www.theepochtimes.com/fbi-team-involved-in-censorship-of-hunter-biden-laptop-story-identified_4781643.html?utm_source=partner&utm_campaign=ZeroHedge
FBI is Democrat Party’s personal Gestapo.
And yes, the 2020 election was stolen.
Irish MEP Clare Daly goes off on Globalist-West-Warmongers over Ukraine
https://www.bitchute.com/video/LtBjAN6pSuUP/
1:39.
“Irish MEP Clare Daly goes off on Globalist-West-Warmongers over Ukraine”
What she said!
Ok, who let the rebellious kids and the patients from the memory care unit play with the Nuclear Arsenal?
Kirby: Biden’s Armageddon Comments Reflected the ‘Very High Stakes that Are in Play’
PAM KEY
9 Oct 2022
White House national security spokesman John Kirby said Sunday on ABC’s “This Week” that President Biden’s remarks regarding “armageddon” reflected “the very high stakes that are in play” with Russian President Vladimir Putin’s threats.
At a fundraiser last week, Biden said, “We have not faced the prospect of armageddon since Kennedy and the Cuban Missile Crisis.”
https://www.breitbart.com/
So, what do we think are the odds that nukes will fly and major cities will be reduced to piles of radioactive ash? 1%? 5%? 20%? 50%? Near certainty?
It depends on US. I think US will remain the only country that has used nuclear weapons on civilians for another couple of decades.
1%? 5%? 20%? 50%? Near certainty?”
I heard someone say recently it’s not as much that an intentional launch will happen but the chance of an accidental launch goes up exponentially when tensions are this high.
Keep in mind during all 8 of these both sides had leaders who didn’t call out to people in the audience who had been dead for 2 months, when done speaking didn’t shake hands with people who weren’t there and all of them could find their way off stage without the help of the Easter Bunny.
8 Nuclear Close Calls that Nearly Spelled Disaster
Lucy Davidson
08 Mar 2022
1. False alarm of a Soviet attack (5 November 1956)
2. Kirtland Air Force Base accident (22 May 1957)
3. Goldsboro B-52 crash (24 January 1961)
4. Volk Field bear incident (25 October 1962)
5. Palomares B-52 crash (17 January 1966)
6. Cuban Missile Crisis submarine incident (27 October 1962)
7. False US missile attack (26 September 1983)
8. False US airstrike (25 January 1995)
On 25 January 1995, Russian warning radars suggested that an American airstrike was incoming. President Boris Yeltsin was alerted and given a suitcase that contained instructions about how to launch a strike in retaliation, and instructed Russian nuclear forces to be on alert.
Eventually, Yeltsin decided not to launch a counterstrike. It later emerged that the Russian warning systems had actually picked up a Norwegian-US research rocket that had been launched by scientists studying the northern lights.
https://www.historyhit.com/nuclear-close-calls-and-near-misses/
Well. we know that Joetato isn’t calling the shots. That said, his puppet masters do appear to be insane and actually believe we can win a nuclear war.
“Well. we know that Joetato isn’t calling the shots.”
True, but he is speaking on the world stage and I damn sure wouldn’t want to figure out what they’ve told the senile old b@stard and what he’s made up if I was charged with defending my country from a tactical nuke.
He could say something that would have the missiles flying before his handlers got a chance to walk it back.
If Russia invades Ukraine, there will be no Nord Stream 2, Biden says
Reuters
February 8, 202212
WASHINGTON, Feb 7 (Reuters) – U.S. President Joe Biden on Monday warned that if Russia invades Ukraine, there would be no Nord Stream 2, but did not specify how he would go about ensuring the controversial pipeline would not be used.
Speaking at a joint news conference with German Chancellor Olaf Scholz, Biden said, “If Russia invades… again, then there will be longer Nord Stream 2. We will bring an end to it.”
When asked how he would do that, he responded, “I promise you we will be able to do it.”
https://www.reuters.com/business/energy/if-russia-invades-ukraine-there-will-be-no-nord-stream-2-biden-says-2022-02-07/
Biden’s ‘Armageddon’ talk edges beyond bounds of US intel
By AAMER MADHANI, ELLEN KNICKMEYER and JOSH BOAK
October 7, 2022
The president’s grim assessment, delivered during a Democratic fundraiser on Thursday night, rippled around the globe and appeared to edge beyond the boundaries of current U.S. intelligence assessments. U.S. security officials continue to say they have no evidence that Vladimir Putin has imminent plans for a nuclear strike.
Biden veered into talk about Ukraine at the end of his standard fundraising remarks, saying that Putin was “not joking when he talks about the use of tactical nuclear weapons or biological or chemical weapons.”
“We have not faced the prospect of Armageddon since Kennedy and the Cuban Missile Crisis,” he added. He suggested the threat from Putin is real “because his military is — you might say — significantly underperforming.”
In Europe, leaders sought to turn down the volume after Biden’s stark warning.
Asked about Biden’s remarks, French President Emmanuel Macron said it was crucial to speak with care on the nuclear threat.
https://apnews.com/article/russia-ukraine-biden-taiwan-nuclear-weapons-c16335a78be70e051d8701695e41715d
Experts say Biden’s comment that Putin must go could give the Russian president the freedom to show no restraint
Sarah Al-Arshani
March 26, 2022·
President Joe Biden’s remarks that Russian President Vladimir Putin should no longer be in power could give Putin the freedom to stop showing any restraint, experts told The Washington Post.
At the end of his speech from the Royal Castle in Warsaw, Poland, on Saturday, Biden said, “For God’s sake, this man cannot remain in power.”
The White House has since walked back the comments, saying Biden’s remarks were not calling for a regime change in Russia.
https://news.yahoo.com/experts-bidens-putin-must-could-034704973.html
Realtors are Monkeypox superspreaders – have proof!
Monkeypox peaked in early August. It’s just not that contagious.
The WEF has already pivoted to Warmism. They have to tax cow farts and ration fertilizer for reasons.
G7 central bank assets have skyrocketed since the financial crisis 14 years ago
https://www.bitchute.com/video/liC23J55FYAL/
1 minute. Short graphic, audio is distracting, I muted it.
Latest from #ClownWorld.
Fury over woke Tufts University event where white staff will be SEPARATED from colleagues – in ‘radical healing dialogue series’ to ‘unpack whiteness’
https://www.dailymail.co.uk/news/article-11296805/Fury-woke-Tufts-University-plots-diversity-event-thatll-separate-white-staff-ones-color.html
Segregation now! Segregation forever!
to ‘unpack whiteness’
What is that supposed to even mean?
Was it within the Fed’s mandate to prop up housing prices?
Barron’s
Economy & Policy
The Fed Is Driving an Unusual Contradiction in the Housing Market
COMMENTARY
By Susan Wachter
Sept. 14, 2022 11:16 am ET
A new home under construction in Monterey Park, California
Frederic J. Brown/AFP via Getty Images
About the author: Susan Wachter is the Sussman professor of Real Estate and professor of Finance at The Wharton School of the University of Pennsylvania and co-director of the Penn Institute for Urban Research. She is currently an advisory committee member of the Bureau of Economic Analysis of the Department of Commerce.
The U.S. housing market has entered an unusual and confusing phase. House prices and rents year over year continue to grow at historically high rates. But construction and sales activity are at the kind of lows that normally characterize a recession. Rents and housing-cost equivalents are more than 40% of the consumer price index and their rises are big contributors to inflation. Despite high prices, developers are walking away from deals, and firms are halting production mid-process. Sales activity is also falling. What is causing these seemingly contradictory outcomes?
Construction-industry profits are at a low, due to high input costs. Supply shortages are driving profits down by causing construction costs to rise faster than prices. New-construction inventory is growing. But the major source of for-sale home inventory is the pool of existing homes, and this inventory is still low.
The reason inventory is low is monetary policy. In an unintended result of the Federal Reserve’s ongoing round of rate increases, monetary policy is causing a locked-in effect that motivates existing homeowners to stay put. When interest rates rise, homeowners frequently decide to retain their attractive mortgage rate and not move to another home. Instead, they may do a home improvement, or simply stay in their current living situation.
…
https://www.barrons.com/articles/fed-housing-market-recession-prices-rent-mortgage-51663168519?noredirect=y
Tampa, FL Housing Prices Crater 19% YOY As Double Digit Prices Declines Blanket Gulf Coast Florida
https://www.movoto.com/fl/33603/market-trends/
As one market insider shared, “The US housing market is riddled with mortgage fraud.”
This is the weekend show I listen to but don’t usually post cuz I swore off linking long videos. But check out 17: 15 to 31:30:
INFLATION IS ENTRENCHED – The Canadian Real Estate Show
Oct 9, 2022 #canadianrealestate #canada #realestate #toronto #vancouver #calgary
INFLATION IS ENTRENCHED – The Canadian Real Estate Show
Darryl and TK discuss the Canadian Real Estate Market in depth from their own unique perspectives with a particular focus on The Toronto Real estate Market. Today we are lucky to have Mark Morris on the show to discuss real estate.
https://www.youtube.com/watch?v=3JIe4ObYMPc
Morris is a lawyer.
Let’s all enjoy some classic Kanye from 2005, before these links get removed.
Just kidding. Ye has a net worth of over billion dollars, is loved by countless millions of fans, and has Jesus in his heart. Globalists can’t cancel him <3
Kanye West — Touch The Sky:
https://www.youtube.com/watch?v=B95OUKk7alM
Kanye West — Gold Digger:
https://www.youtube.com/watch?v=p5yJgu38D24
Kanye West — Late:
https://www.youtube.com/watch?v=YRwTaWWK3dI
Tribe Called Quest — Show Business:
https://www.youtube.com/watch?v=6vTn8qUYHEw
Ice T — Mic Contract:
https://www.youtube.com/watch?v=900wWRDCgIY
Ice Cube — What They Hittin’ Foe:
https://www.youtube.com/watch?v=2860arthmBM
I guess savings gives way to eating!
https://cms.zerohedge.com/s3/files/inline-images/personal%20savings%20rate_0.jpg?itok=4kb2P0uJ
The U.S.A, a nation of broke-assed losers …
https://cms.zerohedge.com/s3/files/inline-images/personal%20savings%20rate_0.jpg?itok=4kb2P0uJ
Hard to salt away money when you have a $1000 a month car payment on a luxury vehicle you didn[t really need.
“Hard to salt away money when you have a $1000 a month car payment on a luxury vehicle you didn[t really need.”
By the time you indemnify the lien holder with full coverage insurance and keep the tank full, the typical $40k car costs nearly $1k per month. And if you have a DUI on your record… 🙂
L.A. City Council Leaders Apologize for Racist Slurs Against Black Child; ‘
JOEL B. POLLAK
9 Oct 2022
Washington, DC
Los Angeles City Council President Nury Martinez and Councilmember Kevin de Léon — the former president pro tem of the California State Senate — apologized Sunday for a conversation including racial slurs against the black child of a white colleague.
NBC Los Angeles reported:
Los Angeles City Council President Nury Martinez and Councilman Kevin de León apologized Sunday for an attack on colleague Mike Bonin during a recorded conversation in October 2021 that included racist slurs by Martinez directed at Bonin’s young son.
Martinez also called the child “ese changuito,” Spanish for “that little monkey.”
“Su negrito, like on the side,” Martinez added, using a Spanish term for a Black person that’s considered demeaning by many.
De Léon, who ran for mayor but lost in the primary, did not object to the racial slurs, and mocked Bonin over his son.
Not surprising. California Hispanics have been running blacks out of town for years.