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We Are Fighting For Fewer Customers, Everyone Is Competing To Be Cheaper

A report from the New York Post. “The median home listing price has plunged by more than 10% in Austin, Texas, since June, according to Realtor.com. That marked the steepest decline of any city in the US over that period. ‘Sellers are thinking, ‘Gee, this is painful,’ Paul Reddam, an Austin-based real estate agent with Homesville Realty Group, told Realtor.com. ‘We’re kind of seeing what we saw in 2001, when the dot-com bubble burst. We had a lot of people leaving at that time, and people didn’t want to sell because they were underwater.'”

“Phoenix, Ariz., ranked second among the markets with the steepest three-month declines in listing prices. The city’s median home list price declined 9.9% to $493,500 in September. Palm Bay, Fla., was third on the list, with a decline of 8.9% to $379,995 for the month. Other cities rounding out the top 10 list of buyer-friendly markets included Charleston, SC; Ogden, Utah; Denver, Colo.; Las Vegas; Stockton, Calif.; Durham, NC and Spokane, Wash.”

From KING 5 in Washington. “According to Redfin,Seattle’s housing market is cooling faster than any other city in the US. Ginger York with Marketplace Sotheby’s International Realty said homes are also decreasing their listing prices, allowing buyers more opportunities to negotiate. ‘Back in April, they had two to three homes to choose from, now they have ten to twenty homes to choose from and that might allow them to get into their favorite neighborhoods,’ said York.”

The News Herald in Florida. “According to Susan West, president of the Central Panhandle Association of Realtors, Bay’s housing market had an approximately three-month absorption rate as of Thursday, meaning it would take about three months for all available homes in the area to be purchased if no new listings were added. Bay County currently has about 1,700 properties for sale, split between single-family homes, condos, townhomes and manufactured homes, according to CPAR. This is about 1,000 more than it had at the beginning of the year. ‘We’ve been in a … rising market since around 2013 or 2014, (and that) can only run for so long,’ said Charlie Commander, manager of Century 21 Commander Realty. ‘It’s going to be an incentive-laden market for the foreseeable future.'”

From Barron‘s. “Median listing prices in Ketchum peaked at $2.172 million in March 2022, according to Realtor.com, more than double the $925,000 median price in October 2019. By September, however, median listing prices had softened to $1.2 million. ‘Things are calming down,’ said Kirsten DeHart, associate broker at Wood River Properties. Christy Morrison, an agent with Corcoran Global Living in Truckee said property values here doubled through the pandemic, Ms. Morrison said. Average prices now hover around $1 million, though a post-Covid rebalancing has curtailed prices by about 10%.”

The Daily Press in Virginia. “The median sales price of new homes in Hampton Roads is ‘cooling, slowly,’ from an all-time high of $328,795 in May to $315,990 in August, said Liz Moore, board president of REIN, the multiple listing service serving Hampton Roads. A silver lining is that ‘for the first time in a long time, many sellers are reducing their asking prices in order to get their homes sold as quickly as possible,’ Moore said. A bit more good news, is that ‘the cooling is going to mean fewer bidding wars, and buyers won’t have to pay the crazy prices like they did six months ago,’ Moore added. Moore also said buyers are in a better position to get concessions from sellers, ‘like paying buyer closing costs, which was unheard of in the last two years.'”

From Mansion Global. “New York City’s luxury home market saw its third week of declining sales in the seven days ending Sunday, according to Monday’s Olshan report. Last week’s No. 1 deal was a penthouse at 25 Columbus Circle, which was developed as the Time Warner Center—now the Deutsche Bank Center—and completed in 2003. Last asking $49.9 million, down from its original list price of $75 million in July 2019, the condo has gone into contract for $40 million.”

The Long Beach Post in California. “Following month-after-month, year-after-year increases in Long Beach home prices—generally growing upward by 14-18%—things are beginning to swing the other way as the real estate market teeters on the verge of a serious decline. Back in March of last year I wrote about the horrible and sad situation the first-time home buyers faced, with prices skyrocketing and monied buyers outbidding new homebuyers with bids far in excess of asking prices, frequently offering cash. Many would-be homeowners at the time told me they were laying low until things simmered down—often referring to ‘when the bubble bursts.'”

“The downturn is being caused by what Phil Jones, Realtor and past president and director of the Greater Long Beach Board of Realtors terms ‘a perfect storm’ of several unfavorable factors occurring at once. Home prices are no longer appreciating wildly and, in fact, have backed off a bit to the point where Jones says the median price for a home in Long Beach has backed down from a bit over $900,000 to about $830,000.”

“And those who choose to list their home for whatever reason—perhaps to snag a still-considerable amount of equity and move to a more financially amenable location outside of California—will likely have to sell their home at a reduced price relative to, say, as recently as a couple of months ago. And selling at a reduced price, says Jones, is ‘something we haven’t seen in eons.’ The raising of interest rates, Jones said, ‘was like turning the faucet off’ the real estate boom. In short, said Jones, ‘the Federal Reserve has dumped a bucket of ice water on the long-hot real estate market.'”

The Sarnia Observer in Canada. “Home prices in the London area fell for the seventh straight month in September, taking the average resale price of houses in the region below the level a year ago. The average price dropped to $635,250 in September from $648,000 in August and also down from $641,800 a year ago, figures released by the London and St. Thomas Association of Realtors show. It is the first time in recent memory that the number has dropped year over year. As well, only 497 homes exchanged hands last month, 42 per cent fewer than in 2021.”

“‘We are closer to a balanced market, which is a good sign,’ said Randy Pawlowski, LSTAR’s president. ‘We started the year with some big fluctuation, but in the last couple of months, things have stabilized a bit. I’ve never seen anything quite like this roller-coaster ride we’ve been on this year . . . but hopefully, with some luck, within a one-year time period, we’ll get ourselves back to some normalcy.'”

The Telegraph in the UK. “Ollie Marshall, of buying agency Prime Purchase, noted a London house that was marketed new with a £55m guide price in 2016. When the pound was at its peak against the dollar in June 2016, just before the Brexit referendum, this was equivalent to $81m. Since 2016, PCL house prices have fallen. The property has also lost its new build premium. Now, it is on the market for £35m. When the pound hit a record low against the dollar on the Monday after the mini-Budget, with an exchange rate at 1.035, for an American buyer, this property cost $36m. This was a saving of around $45m compared to five years ago – a drop of 56pc.”

The Daily Telegraph. “A growing number of Australians are facing ‘mortgage prison’ whereby they are unable to refinance their home loans following recent hikes from the Reserve Bank. Data from comparison site Mozo found three in five mortgage holders were under financial stress because of rising interest rates, with one in three claiming this would become severe if their interest rate rose to between 5 and 7 per cent. Compare Club Home Loan Expert Broker Sophie Matthews said the RBA’s 25 basis point increase had taken some mortgage holders to full borrowing capacity.”

“She said a further 25 basis point increase would make it ‘nearly impossible to refinance’ for borrowers already at their max. ‘Then loans will technically be beyond what that homeowner can afford,’ she said. ‘This is what’s known as being in a ‘mortgage prison’.”

“CEO of Sydney brokerage Shore Financial Theo Chambers said about 30 to 40 per cent of the firm’s clients looking to refinance were becoming stuck. He said the majority of home loan customers borrow at their maximum borrowing power based on the lender’s assessment, which include various forms of income discounting as well as an interest rate buffer or floor rate. ‘People who borrowed at their max need to wait until their financial circumstances improves; they pay down their debt, get a pay rise or a combination of the two,’ he said.”

“He said many clients were anxious about the rising costs. ‘I do feel like there is some unprecedented panic,’ he said. Borrowers are also being stung with loyalty tax, he said, with many lenders increasing their variable rates for existing customers at a higher rate than the RBA increases. ‘I’ve fallen off my chair looking at some of the rates my clients are on,’ he said.”

From Bloomberg. “On a recent Saturday, more than 100 salespeople swarmed the floors of a luxury shopping mall in Hong Kong, haranguing shoppers to check out deals at one of the city’s latest residential projects. One Innovale – Bellevue, built by Henderson Land Development Co., priced its first batch of apartments 9% lower than the nearby second-hand homes in New Territories, about 25 miles from the Central financial district. But the response has been below par since its launch last month: about a third remained unsold as of the first week of October.”

“It’s even worse for others. At the end of the first day on sale, a 139-unit development failed to move a single unit — rare for a city where projects get snapped up within hours in a robust market. Another widely-advertised project only found buyers for two units throughout the day, according to sales records. ‘We are fighting for fewer customers due to concerns about interest rates,’ said realtor Sam Wong. ‘Everyone is competing to be cheaper.'”

“The sliding demand shows how a city at the forefront of a global property downturn is bracing for an even deeper slump in coming months as interest rates rise. ‘A higher interest rate usually contracts economic activity, especially considering the already weakened demand in Hong Kong under the pandemic and control measures,’ said Aries Kin-Ming Wong, who teaches economics at Hong Kong Baptist University. ‘It can have an even greater impact on property markets as the recent wave of emigration has already put a downward pressure on the prices.'”

“A 250-square-feet studio, smaller than an average parking lot, is selling for more than $500,000 in the emerging middle-class neighborhood of Kai Tak. With that kind of money, one can buy a unit near Soho in New York. ‘Everyone can feel the market worsening — interest rates keep rising and the local economy is not doing great,’ said Greg Cheung, 37, who has been looking to buy a home in Hong Kong for a few years. ‘I have less desire to buy now.'”

“‘Sellers have to cut their prices several times before buyers accept a deal and many of them have become disheartened,’ said Jason Hau, who works for Centaline Property Agency Ltd. ‘It wasn’t as bad even during the 2008 financial crisis.'”

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This Post Has 108 Comments

  1. ‘We are fighting for fewer customers due to concerns about interest rates…Everyone is competing to be cheaper’

    That’s the spirit Sam, keep it up!

  2. ‘I’ve fallen off my chair looking at some of the rates my clients are on’

    It’s after the boom you find the fraud. This ‘borrowing to the max’ stuff: remember how during the CCP virus, Australia and New Zealand quietly pushed the income to loans up to 10? It’s almost like they set the whole thing up.

      1. The crater is intentional. They want everyone, everywhere to be utterly dependent on the globalists and to accept their great reset.

  3. ‘Sellers are thinking, ‘Gee, this is painful,’

    That’s some red hotcakes right there.

    ‘We’re kind of seeing what we saw in 2001, when the dot-com bubble burst. We had a lot of people leaving at that time, and people didn’t want to sell because they were underwater’

    I was living there and Austin did crash after the dot bomb.

    1. “…and people didn’t want to sell because they were underwater.”

      Haha, you really mean they couldn’t sell because they’d have to bring money to the closing.

  4. ‘Back in April, they had two to three homes to choose from, now they have ten to twenty homes to choose from and that might allow them to get into their favorite neighborhoods’

    Now Ginger, back in April you clowns were saying you had 4 offers per shack in minutes, down from 30. Now you say I got 20 shacks to choose from?

  5. ‘The average price dropped to $635,250 in September from $648,000 in August and also down from $641,800 a year ago’

    Again, these igloo clusters have wiped out the spring cray cray entirely and are down YOY.

  6. DOW FUTURES -0.17%
    S&P 500 FUTURES -0.29%
    NASDAQ 100 FUTURES -0.35%

    Jamie Dimon says the economy is on the verge of a recession and the stock market could fall another ‘easy 20%’ from here
    Matthew Fox
    18 hours ago
    JPMorgan Chase CEO Jamie Dimon. Misha Friedman/Getty Images
    – The stock market could fall another 20% as a recession is likely to hit the US economy over the next six to nine months, according to Jamie Dimon.
    – He said higher inflation, interest rates, and war uncertainty are all contributing to volatile markets.
    – “The far more serious thing is this war,” Dimon told CNBC on Monday.
    …
    https://markets.businessinsider.com/news/stocks/jamie-dimon-stock-market-fall-20-percent-economic-recession-looms-2022-10

    1. LIVE UPDATES
      Updated Tue, Oct 11 2022 10:25 AM EDT
      S&P 500 notches fresh 2-year low as as 10-year Treasury yield climbs back toward key 4% level
      Carmen Reinicke
      Sarah Min
      Wall Street set to open in the red after the Nasdaq Composite closes at 2-year low

      U.S. stocks fell Tuesday and bond yields spiked as investors worried that higher interest rates and stubborn inflation will tip the economy into recession and hurt corporate earnings.

      The Dow Jones Industrial Average fell 108 points, or 0.37%. The S&P 500 and the Nasdaq Composite fell to new 52-week lows, slumping 1.08% and 1.65% respectively, weighed down by falling big tech names such as Meta Platforms, which are sensitive to rising rates. Semiconductors also declined, continuing a rout that began Monday.

      The moves lower kicked off the fifth consecutive day of stock market declines.

      Bond prices also fell. The yield on the U.S. 10-year Treasury rose about five basis points to 3.937% after nearing the key 4% level overnight. Bond yields are inverse to prices, and a basis point is one hundredth of one percent.
      …
      https://www.cnbc.com/2022/10/10/stock-futures-are-little-changed-after-the-nasdaq-composite-closes-at-a-2-year-low.html

      1. The 10-yr Treasury yield stuck near 4% suggests that investors believe inflation may take a while to bring down to the Fed’s 2 percent target.

        1. CNBC
          EUROPE NEWS
          Bank of England intervenes in bond markets again, warns of ‘material risk’ to UK financial stability
          PUBLISHED TUE, OCT 11 2022 2:09 AM EDT
          UPDATED 5 HOURS AGO
          Elliot Smith
          KEY POINTS
          “Dysfunction in this market, and the prospect of self-reinforcing ‘fire sale’ dynamics pose a material risk to UK financial stability,” the Bank of England warned.
          The move marks the second expansion of the central bank’s extraordinary rescue package in as many days, after it increased the limit for its daily gilt purchases on Monday ahead of the planned end of the purchase scheme.
          The Bank of England raised rates by 0.5 percentage points Thursday.

          LONDON — The Bank of England on Tuesday announced an expansion of its emergency bond-buying operation as it looks to restore order to the country’s chaotic bond market.

          The central bank said it will widen its purchases of U.K. government bonds — known as gilts — to include index-linked gilts from Oct. 11 until Oct. 14. Index-linked gilts are bonds where payouts to bondholders are benchmarked in line with the U.K. retail price index.
          …

          2. The Financial Times
            Bank of England
            Bank of England warns of ‘fire sale’ risk as it widens government bond purchases
            Downing Street says Liz Truss is sticking to tax cut plans
            The Bank of England introduced its emergency bond-buying programme after chancellor Kwasi Kwarteng’s mini-Budget on September 23
            Adam Samson, Tommy Stubbington and Josephine Cumbo in London
            45 minutes ago

            The Bank of England has widened its emergency bond-buying programme to include inflation-linked gilts in its latest attempt to stem “fire sales” by pension funds that have created a “material risk to UK financial stability”.

            The move, which marks the first time the BoE has purchased index-linked debt, helped steady gilt markets on a day the UK government reiterated it was sticking to the tax cutting plans that unnerved markets.

            The central bank said on Tuesday it was prepared to buy up to £5bn a day in index-linked UK government bonds as it warned of “dysfunction” in the gilt market, where the cost of long-term borrowing this week hit its highest levels since the BoE began its emergency intervention. Later on Tuesday, the BoE said it had bought £1.95bn of the bonds on the first day of its new intervention.

            The measures came just a day after the BoE unveiled a new short-term funding programme that it hoped would act as a pressure release valve for pension schemes that have been caught up in a vicious circle after chancellor Kwasi Kwarteng’s September 23 “mini” Budget set off a historic sell-off in gilts.

            “Two interventions in 24 hours is pretty extraordinary,” said Sandra Holdsworth, UK head of rates at Aegon Asset Management, adding that the BoE’s steps showed how the problem in the pension industry was “much bigger than anyone thought a week ago”.
            …

          3. warns of ‘material risk’ to UK financial stability

            It occurs to me that this scenario, which is being repeated in countries across the globe, is not an accident nor the result of incompetence. What better way to usher in the Great Reset than with a global economic crash? And the crater is everywhere. Lesser economies are watching their currencies shrivel up, with price inflation of 100% in many places. That said, people around the world are getting fed up with the Globalist American Empire. For example: the US is once again threatening to punish Mexico if it doesn’t adopt green energy more aggressively. You won’t see these reports in the US MSM

  7. If you guys have a chance, the youtube thread posting has a great set of financial/business news clips (good job) that really seems to capture where the economy might be heading.

  8. Long Beach is not exactly Bel Air.

    Expect those prices to be cut at least 50% from the top as is most of socal/LA. And even then they would still be overpriced based on median income even factoring in a 20% sunshine tax.

    1. Really! We’re talking smallish post-WWII inner city housing on small plots, priced crazy high because there’s a beach nearby.

    2. And Truckee is not exactly Incline Village. WTF are they thinking? I honestly can’t even fathom 1 million dollars for a shack in Truckee. A forest fire will probably start in one of those houses in a year or two. For those not familiar with the area, historically Truckee was just a train stop in the mountains and the 80 runs thru it. It is miles from anything worth being up there for. It is where you stop to take a leak on your way to somewhere else.

      1. “…1 million dollars for a shack in Truckee.”

        Yeah, and that’s an average price. LOLZ

        No mention of annual snowpack levels dropping, and the trees are dying from a bark beetle infestation and/or lack of moisture.

  9. Plano, TX Housing Prices Crater 29% YOY As Dallas Area Land And Lot Prices Plunge

    https://www.movoto.com/plano-tx/market-trends/

    As a national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”

    1. “Darren Mew became digital engagement officer…”

      Darren is definitely an odd duck, and WTF is a digital engagement officer?

      1. It’s a social media manager, in other words he’s in charge of the company’s presence on social medial. He probably also hires trolls to shout down anyone who disagrees with the company’s official stance on issues.

  11. “According to Redfin, Seattle’s housing market is cooling faster than any other city in the US.

    Seems like there’s a correlation between “woke” dystopia and cooling housing valuations in all these Democrat-Bolshevik malgoverned municipalities.

  12. ‘It’s going to be an incentive-laden market for the foreseeable future.’”

    I’m incentivized to sit tight & wait for the REAL carnage to unfold. Got popcorn?

  13. Many would-be homeowners at the time told me they were laying low until things simmered down—often referring to ‘when the bubble bursts.’”

    Seems that despite the MSM’s shilling for its REIC advertisers, the more intelligent portion of the population is perceptive enough to know a bursting housing bubble when they see one.

  14. Last week’s No. 1 deal was a penthouse at 25 Columbus Circle, which was developed as the Time Warner Center—now the Deutsche Bank Center—and completed in 2003. Last asking $49.9 million, down from its original list price of $75 million in July 2019, the condo has gone into contract for $40 million.”

    Let’s all please observe a moment of silence for those dear departed Yellen Bux.

  15. People who borrowed at their max need to wait until their financial circumstances improves; they pay down their debt, get a pay rise or a combination of the two,’ he said.”

    Shirley once “Build Back Better” and the Brandon regime’s wise and able stewardship of the economy delivers the promised benefits, a rising tide of prosperity will lift these grateful debt donkeys out of their dire financial straits.

  16. ‘It wasn’t as bad even during the 2008 financial crisis.’”

    Oh dear – and the real cratering hasn’t even started yet.

  17. We’re #1 !!!

    “The Denver metro was top in the country for package thefts in 2021, according to a report from SafeWise in 2021, edging out the previous title holder of San Francisco. According to Denver police, 939 packages have been reported stolen this year. That’s slightly lower than the number of reports at this point last year, but higher than this point in 2020 and more than double compared to this time in 2017.”

    https://www.denver7.com/news/local-news/denver-metro-no-1-in-the-nation-for-package-theft-as-holiday-shopping-nears

    1. “Denver is one of the nation’s least safe cities, according to a data analysis from financial advisor website WalletHub. The study analyzed 182 U.S. cities for home and community safety, natural disaster risk and financial safety, then gave each city an overall score with the results.

      Colorado’s largest city ranked 166th for home and community safety, in between Baltimore and Fort Lauderdale. Colorado’s recent troubles with elevated violent and property crime, low first responder recruitment, high homelessness concentrations and growing drug overdoses play large roles in the low ranking.”

      https://kdvr.com/news/data/denver-ranks-low-for-overall-safety-levels-in-us-cities/

      District Attorney Beth McCann does not prosecute, these findings are no surprise.

  21. Survey– 32% Americans Paying Bills Late amid Bidenflation: ‘Life Getting More Expensive by the Day’

    AMY FURR
    10 Oct 2022

    LendingTree chief credit analyst Matt Schulz noted some have fallen short of making ends meet.

    “Life is getting more expensive by the day and it’s shrinking Americans’ already tiny financial margin for error down to zero,” Schulz continued.
    “Unless they’ve been able to increase their income, millions of Americans have had to make sacrifices because of inflation to pay the bills. Perhaps the worst part is that inflation likely isn’t going anywhere anytime soon. That means that short-term quick fixes won’t cut it,” he added.

    Qualtrics was commissioned to conduct the online survey of 1,577 American consumers whose ages ranged from 18 to 76 and was performed August 19-26.

    In September, data showed the average American lost the equivalent of $4,200 in annual income due to inflation and rising interest rates, according to the Heritage Foundation.

    More recently, 62 percent of voters said Biden’s economy is crumbling as the midterms approach, a Civiqs poll revealed on Monday.

    https://www.breitbart.com/economy/2022/10/10/survey-32-percent-americans-paying-bills-late-bidenflation-life-getting-more-expensive/

    1. Thou shall not finance a $4000/month depreciating pile of dung while ignoring the economical and affordable option or thy pockets will be empty for eternity.

      Housing Crater Proverb, Article VII, para 1.b

    2. I recall when Trump started his “trade war” I was treated to weekly MSM articles lamenting the cost of washing machines and other consumer items cost an average household an additional amount of money per year.

      Notably, those outlets, such as Bloomberg, are relatively silent on Brandon’s economy.

  22. A reader sent these in:

    US real estate investments must be ugly $AGNC

    https://twitter.com/AlessioUrban/status/1579601088147525632

    CarDealershipGuy

    This is kind of a big deal: “it will take 3 to 6 mths for the auto industry to end up in oversupply, which will put an abrupt end to a 3-year phase of unprecedented” pricing power and profit margins for OEMs.
    – Patrick Hummel, an Autos analyst at UBS, to investors this morning

    https://twitter.com/GuyDealership/status/1579565338622324736

    What happens when after decades of massive returns you decide to put markets on steroids in 2020-2021 too via an unprecedented amount of fiscal & monetary stimulus? Well, boomers retire and never look back. And a smaller labor force compounds the inflationary backdrop we are in.

    https://twitter.com/MacroAlf/status/1579144909713440769

    This chart speaks volumes about the current environment. The monthly mortgage payment on a median priced home even with a 20% down payment is now $2,081. Before 2022 the record high was $1,249.

    https://twitter.com/LizYoungStrat/status/1579444741925908482

    Rick Palacios Jr.

    September home prices deteriorated further, namely big West Coast markets. #LosAngeles and #SanFrancisco home prices have already dropped -11% from spring 2022 peaks per our index. #SanDiego and #Seattle not far behind, with home prices down -9% from peaks earlier this year.

    https://twitter.com/RickPalaciosJr/status/1579486435182202881

    1. This is kind of a big deal: “it will take 3 to 6 mths for the auto industry to end up in oversupply, which will put an abrupt end to a 3-year phase of unprecedented” pricing power and profit margins for OEMs.
      – Patrick Hummel, an Autos analyst at UBS, to investors this morning

      I’m not sure what data this guy is looking at, but new car inventories are at the lowest ever. It’s hard to imagine an oversupply developing so quickly. I hope he’s right, but I’m extremely skeptical.

  23. Tulsi Gabbard says she’s LEAVING the Democrats:

    By WILLS ROBINSON FOR DAILYMAIL.COM
    PUBLISHED: 07:30 EDT, 11 October 2022

    Former congresswoman Tulsi Gabbard announced Tuesday morning she is leaving the Democratic Party in a series of tweets criticizing their ‘cowardly wokeness’ and accusing them of ‘stoking anti-white racism’.

    The ex-representative for Hawaii’s 2nd district and United States Army Reserve officer accused the party of ‘demonizing the police’, ‘protecting criminals’, ‘believing in open borders’ and ‘dragging us even closer to nuclear war’.

    She also urged those who agreed with her to leave with just a month until the crucial midterm elections in a video attacking the institution whose members she clams ‘actively work to undermine our God-given freedoms’.

    ‘I can no longer remain in today’s Democratic Party that is now under the complete control of an elitist cabal of warmongers driven by cowardly wokeness, who divide us by racializing every issue & stoke anti-white racism, actively work to undermine our God-given freedoms, are hostile to people of faith & spirituality, demonize the police & protect criminals at the expense of law-abiding Americans, believe in open borders, weaponize the national security state to go after political opponents, and above all, dragging us ever closer to nuclear war, ‘ she wrote in a lengthy tweet posted with a video.

    ‘I believe in a government that is of, by, and for the people. Unfortunately, today’s Democratic Party does not.

    ‘Instead, it stands for a government of, by, and for the powerful elite.

    ‘I’m calling on my fellow common sense independent-minded Democrats to join me in leaving the Democratic Party. If you can no longer stomach the direction that so-called woke Democratic Party ideologues are taking our country, I invite you to join me.’

    https://www.dailymail.co.uk/news/article-11302821/Tulsi-Gabbard-says-shes-LEAVING-Democratic-party.html

    1. These are some excellent statements. Don’t know if anyone could have said it better.

      #FJB

      1. That 17:42 – 18:40 in the “What Crimean Residents Think Of The Attack on the Bridge” video above was carved out for you.

        It contains…

        “And Biden, – Biden in general.. I wanted to say a bad word.. but I’m sorry. – Well what? He’s not a good person. He has no Nation. He is not an American, he also draws you into poverty. Isn’t it so?”

  24. State of the Housing Market – San Diego, CA 3rd Quarter 2022
    Derek Betyar
    Oct 10, 2022 In July, we saw several factors that lead to reductions in asking prices across the board. Since then, the number of homes listed for sale has fallen, perhaps due to the seasonal end of summer trend we see each year, giving us just shy of 2 months of housing inventory for sale.

    Days on market is up to just over a month, giving buyers time to shop around, since most homes aren’t selling as soon as they hit the market like they were a few months ago. Even though home prices are still up for the year, mortgage interest rates have risen sharply since the beginning of August, flirting with 7% for the last two weeks. The Fed is still expected to increase rates further to combat inflation. Rents, from this time last year, are up an average of 13.4% and they’re expected to go up even more in the months ahead.

    Purchasing a home, among other benefits, offers a solution to continued rental rate hikes. To help many home buyers, lenders suggest that they really look into adjustable-rate mortgages for a short-term solution – and then refinance to a lower fixed rate mortgage in the future. Depending on your unique situation, you may also want to consider this approach – just call me if you want to discuss this. If you’re considering selling your home, now is probably better than later, unless you can wait until interest rates fall back down, the Russia-Ukraine war resolves, and energy prices stabilize lower. I’m not an economist, nor a fortune teller – so I can’t help you with the timing of these concerns.

    It’s true that home prices are a bit below their Spring 2022 highs, but they’re still higher than at any point prior to 2022. Also, the inventory of homes on the market is near all-time lows. If the inventory of homes and interest rates increase, the seller’s market may not be so favorable.

    https://www.youtube.com/watch?v=bs14pqm8fNc

    2:13.

    2. Derek Betyar

      I used to work with his father, Laszlo Betyar. Laszlo used to be a software engineer, until he became a UHS. Looks like his son followed in his UHS footsteps.

    3. It’s true that home prices are a bit below their Spring 2022 highs, but they’re still higher than at any point prior to 2022.

      A lot of bargaining going on. I forget which stage of grief this is, but they seem to be there.

    4. To help many home buyers, lenders suggest that they really look into adjustable-rate mortgages for a short-term solution – and then refinance to a lower fixed rate mortgage in the future.

      This time is different than 2008 because we don’t have ARMs, everyone is on a fixed 30 year!

    5. This buy now at adjustable rate and refinance later is just Realtor(r) BS to try to squeeze a few last commissions out. This working is predicated on the fact that:

      1. Rates will be lower at the end of the adjustment period.
      2. Prices will plateau or continue to rise.

      If rates stay the same or increase (likely) and and/or prices drop (likely) then these people will be underwater and not able to refinance.

      Sounds downright irresponsible.

  25. Here’s a two fer, stats only.

    Santa Clara County Real Estate Statistics – September 2022 – Single Family Residential / Condos
    Oct 10, 2022 The official Santa Clara County Real Estate Statistics for Single Family Residential from the month of September 2022. All information is sourced from Aculist which is an MLS company.

    https://www.youtube.com/watch?v=-oBvRCN9zXA

    Santa Mateo County Real Estate Statistics – September 2022 – Single Family Residential / Condos
    Oct 10, 2022

    https://www.youtube.com/watch?v=tWqgAp-IXz0

    Both are 2 minutes. Crater.

  26. “…and people didn’t want to sell because they were underwater.”

    Haha, you really mean they couldn’t sell because they’d have to bring money to the closing.

    1. “Obama pledges a $1Billion loan guarantee for Ukraine…”

      There’s a first payment default right there.

    1. Other than the “no, haha” the response is technobabble while confusing transmission with immunization. “[W]e had to really move at the speed of science to really understand what is taking place in the market.” Wa?!

    2. Below the tape Ben posted is a tape that is a grave estimate that there has been 20 million deaths World wide from the Covid vaccines and 2 billion adverse reactions from the fake vaccine.
      The data does not include the deaths by sucide, or lack of medical care that occurred during the Covid scam. Data does not include future effects from these vaccines.
      The vaccine that doesn’t stop transmission, doesn’t stop you from getting Covid , that is still on the market, with people still being mandated to take it or lose their job .
      Now in Canada , the Doctor deaths are up to 35 after the 4 shot mandate of that Country.
      The Medical system and Big Pharmacy in collusion with Governments and Mega Corporations and fake news shut down the World , made peop!e wear useless masks, they stonewalled real cures like ivermectin , and they mass injected people with vaccines that were not safe or effective.
      Seriously, people should of backed off from the fake medical system when pharmaceuticals started being listed for over a decade as the third cause of death in US .
      The Rockerfeller created medical system was created for pharmacy profit and they socially engineered generations to believe that chemical pills for everything was health. The Covid scam exposed the fraud and total corruption of medical science by Big Pharmacy and the capture of Governments to enforce poison vaccines on the populations.
      What else could it be but a profit motive combined with a depopulation agenda.
      Taking away energy that will starve or freeze populations , under the illusion of it being necessary to stop the fake narrative of climate change , is round 2 of this pre planned assault on humanity.
      No sane body of Governments would be playing with necular war, as the current regime is.
      The majority never voted for this insane agenda , and we just had a illusion that our vote counted . Everything was rigged basically. Its so obvious now that they have gone operational on this big take down of humanity.
      They will be stopped.

      1. In addition I heard some talking heads talk about this little problem with the life insurance Companies having unsustainable
        loss from a 40 % increase in death claims from the 18 to 50 age bracket.

        The word is the Insurance Companies plan to sue , and than the prediction is that the governments will do a bail out. . . . So, the people will pay for the loss from the massive increase in death.

        In Germany a Guy died from the jab, and the life insurance co. didn’t want to pay the death claim.
        The Estate sued for the death policy, and a Judge backed the Insurance Co. saying in essence the guy was disqualified because he took a expiermental jab.

        In England the Government has been paying a meager 120 thousand pounds from death claims from the jab, that are hard to get because of the cover up of cause of death.
        But, as time goes on the death and injury from this jab is going to be in the trillions . Thousands will be injured, not able to work or function , with extensive medical needs.
        So, what your fellow man does will affect you in one way or another in rigged systems designed to defraud the public.

        1. And years from now, when the mainstream narrative is that this was the worst failed drug experiment, all the sheep will just shrug and say “Who could have known?”

          2. And years from now, when the mainstream narrative is that this was the worst failed drug experiment

            Fat chance. There’s no way they’d be able to pivot to that narrative after the lies they’ve peddled.

      1. Neither do I. I think she’s an infiltrator. Cucks fawn over her because she “served” and is moderately attractive.

        But she’s still pro-abort, pro-gay, etc. She is what Dems were 10 -15 years ago, and since the right has been constantly conceding ground, she comes across as a moderate to conservative.

        She’s no Boebert.

    4. Deep state sponsored kumbaya/we’re all in this together BS imho.

      What does President Trump have to say about this?

  30. “Americans Continue To Pay For Inflation With Credit Cards”

    I like it …

    “In August, revolving credit increased by a staggering 18.1% as total consumer debt surged to a record $4.68 trillion, according to the latest consumer credit data from the Federal Reserve.”

    I love it …

    “Meanwhile, average credit card interest rates have eclipsed the record high of 17.87% set in April 2019. The average annual percentage rates (APR) currently stand at 18.45%. That’s up from 18.03% just a month ago.”

    And I want more of it.

    Bahahahahahahahahahahahahahahahahahahahahahahahahaha.

    https://www.zerohedge.com/personal-finance/americans-continue-pay-inflation-credit-cards

    https://www.zerohedge.com/personal-finance/americans-continue-pay-inflation-credit-cards

    1. You’re gonna hate me, Mr. Banker, because I just got my bill, which I will be paying in full.

      That makes me a “deadbeat”, right?

      1. “You’re gonna hate me, Mr. Banker…”

        I won’t hate you, I don’t hate anyone. I just enjoy exploiting them.

        “… I just got my bill, which I will be paying in full.”

        Oh, so used your credit card, did you? Thank you for that. The vendor pays a fee to me each and every time you do that.

        I may not get you of the back end of the transaction, but I do deeply enjoy getting you on the front end.

        1. I may not get you of the back end of the transaction, but I do deeply enjoy getting you on the front end.

          Unfortunately, I don’t get discounts for paying cash, otherwise I would. And merchants have pretty much stopped accepting checks, so I will tip my hat to you there. But I won’t pay you 20+% interest. Sorry.

          1. Unfortunately, I don’t get discounts for paying cash, otherwise I would

            Even without a discount..do you really want 2-3% of your purchases to go to multinational banks, rather than to your local restaurant, retailer, etc?

            It’s not just about “what’s in it for me right now”. Stop giving the people who are ruining our country/world your money!

        2. Oh, so used your credit card, did you? Thank you for that. The vendor pays a fee to me each and every time you do that.

          Exactly.

          1. I always walk around with at least $200 cash in my pocket and keep a few $K in the safe. Never know when I may need to hit Lowes harder than usual. Plus the waiters like me better for it! 😁

      2. “Is there anything that hasn’t been infiltrated?”

        Better look next to the bed every morning for an empty giant pea pod.

    1. Absolutely correct on the “proxy war.” The U.S. is providing aerial reconnaissance via aircraft and satellite, and that data is fed into an electronic GIS battlefield management database monitored by thousands of analysts. The decisions are being made half a world away by people who have years of experience in the middle east conflict. The goal is to degrade Russia’s offensive ability into something similar to the European countries and to get their vast resources into the marketplace and hopefully lift the standard of living of everyday Russians who are sixty years behind European health care and standard of living. Their current strongman oligarchy is a dated model not suitable for the 21st century.

        1. “The woke template that Europe and the west are currently working off might be worse.”

          I doubt it.

          We are no longer swinging from the trees in a world full of free bananas. However, we are free to educate and teach ourselves how things work and to choose to live and work in noisy cities or the countryside. Most of humanity is caste right where they were born.

          1. I remember reading a story about 30 years ago of a poverty stricken young man from Africa whose family sent him to the US for an education and a better life. He was miserable and hated living in the US, and returned to a life of poverty in Africa. Americans always think they know what is best for people.

      2. get their vast resources into the marketplace and hopefully lift the standard of living of everyday Russians

        I think you’re missing something. Getting their resources out raises our standard of living. Do you think we’re fighting a war with them to improve their lives? We can’t let them keep their own resources because they’re not sophisticated enough to deserve to use it themselves?

  35. BY SCOTT PELLEY

    SEPTEMBER 18, 2022

    Scott Pelley: Mr. President, you are the oldest president ever.

    President Joe Biden: Pretty good shape, huh?

    Scott Pelley: Which leads to my next question. You are more aware of this than anyone. Some people ask whether you are fit for the job. And when you hear that, I wonder what you think.

    President Joe Biden: Watch me.

    Clay Travis

    Joe Biden says he wants to start his speech with just two words: “Made in America.” It just keeps getting worse.

    Oct 7, 2022
    ·
    https://twitter.com/ClayTravis/status/1578441497904812032?s=20&t=o_u4eiqxPvRIt7ttWlfg_A

    1. Stock Market Today
      Dow Jones Futures: S&P 500, Nasdaq Hit Fresh Bear Market Lows; Big Inflation Reports Due
      ED CARSON 10:10 PM ET 10/11/2022

      Dow Jones futures tilted higher Tuesday night, along with S&P 500 futures and Nasdaq futures, as investors look ahead to big inflation reports and Federal Reserve news.

      The Nasdaq and S&P 500 hit fresh bear market lows Tuesday. The Dow Jones led an intraday rally, but the major indexes faded to mostly negative by the close. Chip stocks continue to sell off in the wake of weak demand and U.S. controls on China sales. Tesla (TSLA) extended its sharp slide.

      Investors should be on the sidelines, entirely or nearly all in cash.

      On Wednesday morning, the Labor Department will release the producer price index, a warm-up for Thursday’s consumer price index. Meanwhile, Fed minutes from the September policy meeting will be out Wednesday afternoon.
      …
      https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-s-and-p-nasdaq-hit-bear-market-lows-big-inflation-reports-due/

      1. “Investors should be on the sidelines, entirely or nearly all in cash.”

        Interesting advice, given the highest inflation since the 1970s. Where’s the real value when cash is king, yet its value is being inflated away?

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