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We’ve Just Listed The Property And The Phone Hasn’t Rung Yet, What’s Going On?

It’s Friday desk clearing time for this blogger. “Since the end of the Great Recession, home prices in the Rochester area have pretty much gone in one direction: up. In the last several years, they’ve soared. But could that change soon? ‘I think there will be some adjustments, now that we see that overall prices are beginning to stabilize; knowing that, people may not be willing to grossly pay above list price,’ says Mike O’Connor, president-elect of GRAR. ‘I won’t say overpriced, because when you have multiple offers on a property, you have three or four people willing to pay that price, in my opinion that’s not overpaying for the property.'”

“‘Homes are sitting on the market longer, just lingering on the market,’ said Lawrence Yun, NAR’s chief economist. ‘The buyers have disappeared.'”

“Is York County heading toward another market crash? Twenty-six houses went to sale in the first three quarters of 2022, compared to 10 properties in first three quarters last year, according to data provided by the York County Sheriff’s office. While foreclosures might not be on the radar this year, local sheriff sales could increase, said Elle Hale, the president of the Realtors Association of York and Adams Counties. ‘This may be something that comes up in the near future because of all the people who are spending or buying homes at well over the asking price,’ Hale said. ‘That may catch up to them.'”

“Now, bidding wars have largely faded, inventories have loosened and the feeling of frothiness is gone. ‘The market is clearly turning,’ says NAR chief economist Lawrence Yun.”

“The bidding wars and frenzied atmosphere have ended thanks to more houses on the market for longer periods of time. Summit Sotheby’s reported that Park City is seeing homes on the market for an average of 80 days (a 50% increase from September 2021), 57 days in Snyderville (down 13%), and 43 days in Heber and Midway (up 30%). ‘There is definitely a doomsday theme happening within the news and concerns that our real estate market is crashing,’ said Julie Snyder, local realtor. ‘This is simply not the case in Park City and the surrounding areas. What happened over the past 2 ½ years was unprecedented. However, it was not sustainable. It was only a matter of time before we stopped seeing the amount of appreciation in values as quickly as we did. It is just that we were going at such a rapid pace that, in comparison, it feels like we are crashing, but we are merely slowing down to a healthier pace.'”

“Lawrence Yun, chief economist at the National Association of Realtors said that existing home sales have further to drop. ‘We are not yet at the bottom,’ as interest rates are still rising. California will see ‘sizable’ price drops of as much as 10%, he said.”

“Wake County home prices peaked in June at more than $493,000. Since then, median sales prices have sunk and houses are sitting on the market longer. Overall, Wake prices have decreased 5% since reaching their high in June. The combined Cary, Apex and Morrisville market has seen a 6.2% decline; the combined Knightdale, Wendell and Zebulon market has slipped by nearly 8%, as has the Garner market. John Wood, a Realtor with Re/Max United in Cary, noted that some sellers are reluctant to accept that the pandemic era housing boom is over. ‘We are having obstacles right now getting sellers to understand that our pricing is not the same as it was six months ago,’ he said.”

“‘Try negotiating down the sale price; now’s the time to make what would have been considered a lowball offer six months ago,’ continued Redfin Economics Research Lead Chen Zhao.”

“‘You know, anytime we see inflation and rates rise like this, I think you’ll get a little bit of seller fear going on, San Diego realtor Felicity Hunter said. ‘Now we’re seeing our buyers, you know, get their offers accepted, they don’t have to compete with 20 other people and all-cash offers.'”

“Among the country‘s largest 896 housing markets, 121 saw a home price decline between May and September. The markets getting rocked the hardest by the home price correction fall into one of two groups. The first group includes frothy markets like Austin (down 8.23%), Boise (down 6.35%), Colorado Springs (down 4.13%), and Phoenix (down 6.6%). Those markets, according to Moody’s Analytics, all became ‘significantly overvalued’ during the Pandemic Housing Boom. That’s beginning to change. Not long after spiking mortgage rates poured cold water on those markets, prices began to fall.”

“The second group are high-cost tech hubs like San Francisco (down 7.88%), San Jose (down 10.59%), and Seattle (3.93%). Those markets got hit by a double whammy: Not only are their high-end real estate markets more rate-sensitive, but so are their tech sectors. When Fortune coined the term Pandemic Housing Boom, we did so knowing that if the boom ended in a bust we’d have to relabel it a Pandemic Housing Bubble or Pandemic Housing Bust. We even set a criteria for it: Any market that sees a greater than 10% peak-to-trough decline, gets the Pandemic Housing Bubble label.”

“So far, just San Jose (down 10.59%) has received our Pandemic Housing Bubble label. However, other markets are getting close. In total, 19 regional housing markets notched a home price decline greater than 5% between May and September. That includes Western markets like Santa Cruz, Calif. (down 7.51%) and Boulder (down 7.46%).”

“The Fitzgerald family should be ecstatic — they’ve finally achieved their lifelong ambition of owning a horse farm. But a mortgage mishap has turned their dream into a nightmare. In early June, the couple fell in love with a 17-acre farm a few hours north of Calgary. They had an existing mortgage with Scotiabank, on which they still wed roughly $370,000, but had heard that the bank wasn’t adept at handling acreages. Instead, they got pre-approved for a new mortgage at a local credit union. The Fitzgeralds approached Scotiabank to break their pre-existing mortgage.”

“The second appraisal came in at $20,000 less than the price of the home, a value that Scotiabank said was ‘workable.’ With such a significant discrepancy between the appraisals, though, CMHC settled in the middle, with the Fitzgeralds on the hook for the remaining $70,000. When all was said and done, the couple was left with less than $10,000 from the sale of their home — not nearly enough for farm equipment, new furniture, or even movers. ‘We had a gun to our head at that point. We’d already made arrangements to move up there with two kids and nine animals,’ the Fitzgeralds said. ‘We didn’t have a backup plan. It was this place or no place, even though it was going to financially wipe us out. They destroyed our life for a learning opportunity. We should be happy. We have our dream property. But we’ve been crying the entire time we’ve been living here. If we knew this was going to happen, we would have walked away,’ they said. ‘This has been hell.'”

“Estate agents across the UK have seen a steep reduction in interest and offers from potential homebuyers in the past few weeks. Luke Gidney, managing director at the Leeds-based estate agency HOP, told i that demand from buyers had fallen significantly since the end of last month, describing the state of the market as ‘a real mess.’ ‘Back in April we would list a property for sale and we would normally have to cap the viewings round about 30 viewings, because there were too many people that wanted to view it. We’d list the property and within an hour the phone would just be off the hook. Now it’s totally the opposite. We’re sometimes scratching our heads thinking ‘we’ve just listed the property and the phone hasn’t rung yet, what’s going on?’ he said.”

“A ‘neglected‘ terrace could end being one of the hottest bargains in Sydney’s flat property market. An unflattering photo of the back yard on the advertising hoarding for three-bedroom terrace 18 Turner Street, Redfern is what greets passers-by when they encounter this classic ‘renovator’s delight’. ‘Given state of property there’s no point in trying to hide it,’ said selling agent Hayden Richards, of Ray White Touma Group.”

“But with a buyer’s guide of ‘just’ $1million for the large block, walking distance from the city its looks are unlikely to worry potential buyers. Redfern’s median house price remains an eye-watering $1.75million. The ‘neglected’ terrace goes under the hammer on November 5. Overall, house prices in inner-city Redfern have plummeted 11.8 per cent – a massive $315,772 – since April, in line with the downward trends across the city.”

“You’d be hard-pressed to find a more efficient way of losing money over the last two years than investing in real estate startups when they went public. Venture-backed real estate companies that went public in the last two years have lost an average of 85% of their debut value, according to an analysis by Crunchbase. The losses from these companies — which include Opendoor, WeWorkCompassloanDepot and Vacasa — total more than $42B. None of them have gained value from their opening price.”

“Opendoor saw a 42% drop in value in homes it sold in August 2022, and the company paid $62M to the Federal Trade Commission for misleading home sellers. But private investors haven’t been deterred so far this year, according to Crunchbase, pumping some $4.6B of seed capital into growth-stage U.S. startups tied to real estate.”

This Post Has 101 Comments
  1. ‘We didn’t have a backup plan. It was this place or no place, even though it was going to financially wipe us out. They destroyed our life for a learning opportunity. We should be happy. We have our dream property. But we’ve been crying the entire time we’ve been living here. If we knew this was going to happen, we would have walked away,’ they said. ‘This has been hell’

    Well it was cheaper than renting. Plus you can paint the barn any color you like!

  2. ‘now’s the time to make what would have been considered a lowball offer six months ago’

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

  3. “Lawrence Yun, chief economist at the National Association of Realtors said that existing home sales have further to drop. ‘We are not yet at the bottom,’ as interest rates are still rising. California will see ‘sizable’ price drops of as much as 10%, he said.”

    After going up by how much during the pandemic?

  4. Re: it feels like we are crashing, but we are merely slowing down to a healthier pace.

    Retreat, hell! We’re not retreating, we’re just advancing in a different direction. = Maj. Gen. O.P. Smith, Commanding General of the 1st Marine Division at the Battle of Chosin Reservoir.

  5. “…Lawrence Yun, chief economist at the National Association of Realtors said that existing home sales have further to drop. ‘We are not yet at the bottom,’ as interest rates are still rising. California will see ‘sizable’ price drops of as much as 10%, he said…”

    This guy, Lawrence Yun, is a real piece of work.

    It wasn’t that long ago that he and the rest of the REIConplex were talking about rockets to the moon. Never mind, these guys are only years behind the curve. Apparently they don’t read HBB.

    1. Larry is a short sighted perma bear who wants to crush yer soul and wants you to be poor – forevah! The HBB is the last man standing who believes a shack IS the American Dream of getting rich by doing ABSOLUTELY NOTHING!!

      Damn yer perma bear eyes Larry! Yer a stuck clock! Turn those machines back on!!

  6. Wow– after more than a decade, imagine my surprise to see that there’s not only another housing bubble, but the Housing Bubble Blog is still around! Nice job keeping people informed, Ben.

    I used to run the Billings (Montana) Housing Blog and make videos about Montana real estate. I did buy a house nearly 10 years ago, in a rural area where purchase and renovations still totaled below 6 figures (and even here we’ve seen healthy price appreciation the last year or two).

    Well, good luck in the next downturn everyone! We’ll see how badly the banks, job market, and overall economy get hit this time.

    1. I did buy a house nearly 10 years ago, in a rural area where purchase and renovations still totaled below 6 figures

      Hey TU. I found a similar workaround. The insanity has doubled. Something spectacular to watch from a safe distance.

  7. Meanwhile, not a single Wall Street banker went to prison for causing the 2008 financial crash, nor have any of the BLM-Antifa rent-a-mob bankrollers and controllers ever been investigated, much less charged, for the REAL insurrection that played out in U.S. cities in 2020.

    Justice Department asks Congress for $34million in extra funding to continue the investigation into January 6 and bring rioters to justice

    1. Meanwhile, not a single Wall Street banker went to prison for causing the 2008 financial crash,

      That is one of most confounding features of bubbles and explains why they repeat so often. To have a big bubble you need participation from the establishment. And the establishment generally doesn’t police itself or hold itself accountable. This aspect of bubbles is discussed in A Short History of Financial Euphoria by Galbraith. He was a socialist but the book is worth a read.

    1. +1 for sharing Bitchute links.

      You’ll find things there that never get posted on YouTube.

  8. “‘Homes are sitting on the market longer, just lingering on the market,’ said Lawrence Yun, NAR’s chief economist. ‘The buyers have disappeared.’”

    – Wait. What?
    – Bidding wars – I want to pay more than asking
    – Feed the squirrels
    – Love ❤️ letters
    – First born children
    – This is Sir Lawrence The Oracle of RE
    – Where are all of the housing horny now?
    – Better get busy burying those St. Joseph statues next to the For Sale signs!
    – Don’t forget to include lots of 8’s in the price!
    – Another Fed-induced asset bubble bites the dust.

  9. White males are being systematically marginalized and maligned in our “woke” military and society, then the globalist Quislings clutch their pearls when they discover young white guys with no future under the current system are becoming radicalized. Cause, effect – this isn’t going to end well.

    American Terror: The Military’s Problem With Extremism In the Ranks

  10. “It was only a matter of time before we stopped seeing the amount of appreciation in values as quickly as we did. It is just that we were going at such a rapid pace that, in comparison, it feels like we are crashing, but we are merely slowing down to a healthier pace.”

    Right Julie Snyder, local Park City realtor—real estate always goes up! Besides, it’s different there, right?

    1. Realtors are so far into the culture of appraisal fraud they don’t even try to conceal it anymore. For them, appraisal fraud is routine.

  11. A reader sent these in:

    The Bank of America is warning the United States treasury market is at risk of large scale forced selling. The world’s biggest bond market. Keep an eye on Japan.

    30 year-fixed mortgages rates hit 7.37%, the highest since 2000.

    The reason we had a spike down in months’ supply for new homes is that in August, mortgage rates fell to 5%, and that spurred new sales.

    We’re at 7.4% rates now, so that month’s supply figure could make a high near GFC levels in the next month or two.

    It’s going to be bigger, faster, and worse than 2008 and not a single analyst will admit it

    The Kobeissi Letter

    Current situation:

    1. Treasury yields officially above 2008 high

    2. Mortgage demand at fresh 25 year low

    3. Housing prices falling at fastest rate since 2011

    4. Inflation near 10% for the entire year

    5. GDP down 2 straight quarters

    There is no debate, we are in a recession.

  12. South Florida – The Media Is Lying About the Housing Market and WANTS IT TO CRASH!
    Oct 20, 2022 South Florida – The Media Is Lying About the Housing Market and WANTS IT TO CRASH!
    A recent inflation report is was worse than expected & the FED has said they have no choice but to get more aggressive to fight inflation as its getting worse not better. Meanwhile the media and those in charge are celebrating their new spending programs, things are getting more expensive for all of us here in South Florida, and the Housing Market is on the verge of crashing. Is the media lying to us? Do you know that FED wants the value of your home to go down? Do they want the South Florida Housing Market to crash? Today we take a dive into all of this and why The Media Is Lying About the Housing Market and WANTS IT TO CRASH!

    14 minutes.

  13. The real estate market is NOT crashing and the sky is not falling in Beverly Hills & Los Angeles.
    Christophe ChooOct 20, 2022 Beverly Hills & Los Angeles Westside, Market Update Thru the end of September 2022

    Homes sold over $10 million in the last 13 years.
    2021: $10,000,000 + 395 up 605% increase in 10 years.
    2020: $10,000,000 + 219
    2019: $10,000,000 + 162
    2018: $10,000,000 + 160
    2017: $10,000,000 + 185
    2016: $10,000,000 + 160
    2015: $10,000,000 + 140
    2014: $10,000,000 + 131
    2013: $10,000,000 + 95
    2012: $10,000,000 + 92
    2011: $10,000,000 + 56
    2010: $10,000,000 + 68
    2009: $10,000,000 + 39
    2008: $10,000,000 + 47

    Average sales prices for September 2022 versus 2021
    Beverly Hills city: $10,121,824 in 2022 vs $9,009,508 in 2021 up 12.35%
    Bel Air & Holmby Hills: $6,502,833 in 2022 vs $4,402,671 in 2021 up 48%
    Sunset Strip Hollywood Hills West: $4,832,111 in 2022 vs $3,085,347 in 2021 up 57%
    Malibu Beach: $7,746,667 in 2022 vs $5,001,250 in 2021 up 55%
    BHPO: $4,073,714 in 2022 vs $5,540,125 down 26%

    $40,000,000+ 19 in 2022 vs 13 in 2021 Up 46%
    $30,000,000+ 33 in 2022 vs 24 in 2021 Up 37.5%
    $20,000,000+ 70 in 2022 vs 78 in 2021 down 10%
    $10,000,000+ 256 in 2022 vs 293 in 2021 down 12.5% – 25 pending sales vs 52 in 2021.
    $5,000,000+ 780 in 2022 vs 880 in 2021 down 11%
    74 pending sales compared to 119 in 2021

    70 Sales over $20 million
    14 in Bel Air
    14 in Malibu
    11 in the city Beverly Hills
    11 in BHPO – Beverly Hills Post Office
    10 in Pacific Palisades
    3 in Brentwood
    3 in the Sunset Strip Hollywood Hills West
    2 in Hancock Park
    2 in Holmby Hills


  14. 5000 Rental Homes Coming Las Vegas Rents Crack | Rents Drop
    Steve Hawks
    Oct 20, 2022 5000 Homes To Hit the Las Vegas rental market!

    For the last decade Las Vegas rents have been going up up up.

    The last 2 years more than last 10!

    The FED has had enough! Rents are coming down at all cost no matter the pain it causes including massive layoffs.

    We have about 10,000 homes on the market right now and about 30% of them will not get their price, sellers will put them back into the rental pool

    Then you have approximately 2000 hedge fund homes that are not rented yet they’re going to be thrown into the mix

    Don’t forget hedge funds bought over 18,000 in 18 months in Vegas

    Sellers turned landlords are about to get a rude awakening, the high rents and lines of people to rent their houses are gone.

    Raul just leased an Inspirada home way below list rent and was available for rent over 50 days! Unthinkable 90 days ago

    This is just the beginning even the CEO from one of the largest hedge funds has noticed a change in the tide.

    Just a few months ago Raul and myself were just talking how if you didn’t have at least 650 scores, Raul wouldn’t even take you out because landlords were accepting anything under 650

    Those days are over as landlords change their tune.

    The Fed is now going to crush landlords like they are doing to new home builders and homeowners 🏡

    An Epic Battle is Brewing FED vs Wall Street Landlords

    The fed wants a housing reset in prices and RENTS

    We are seeing the prices crash will we see a rental crash too?

    We are seeing early signs but still too early to predict the rental crash.

    But definitely cracks and rents are dropping.

    The fed has jammed up credit card rates which increases credit card payments, less money for people to pay for rent.

    The cost of living is skyrocketing, food, cars, insurance is driving people to offer less for rent out of necessity.

    The free money days are gone and the rents are on the way down

    Multiple applicants are now over

    Mandatory 650 credit scores gone

    Criminal background checks being waved or accepted

    Raul just got a 590 approved! 90 days ago not a chance!

    Sellers may be getting a $1000 a month surplus on their rent over payment but the home losing 5k 10k 30k plus a month

    12k cash for 60k to 100k drop in in value in 12 months 12 months or a $700000 house losing $200000 12 months.

    Listen folks we are not telling you the rents and prices are going down.

    The prices are crashing right now and the fed said more pain is coming

    The fed told you they’re resetting housing and they are correcting it.

    Powell said more pain is coming this means rents are going to fall the fed’s telling you this, not us!

    Prepare and get ready the Fed is about to get down!

    3 minutes.

    1. Looks like Steve Hawks’ gig is drying up, but he looks smart enough to stash a few bucks for downturn. His sidekick, however, is going to starve until Steve leaves a few kernels on the cob.

  15. Why Are Bay Area Home Sale Prices Still Falling?
    NBC Bay Area
    Oct 20, 2022 The latest figures from Zillow show home sale prices in Palo Alto have dropped 7.1% since its highest point last year.

    2:31. Again, down YOY. Meaning the a$$ pounding since the cray cray spring are WORSER!

  16. Housing is in ‘trouble’ – here’s why
    Fox Business
    Oct 20, 2022 Macro Trends Advisors founding partner Mitch Roschelle argues the housing market is slowing down ‘dramatically.’

    3:15. Realtors are going to get hurt? See Larry, yer perma bear crap is spreading! I blame you Larry, damn yer eyes!

  17. Buyers Let’s get you a Deal and Buy a House🏡 Now is just an Amazing Time to Buy/No Bidding Wars💰!
    Oct 20, 2022 🚨 We are in an interesting Housing Market for Home Buyers.

    📈 Interest rates are HIGHER which means we are seeing a lot less people looking to buy a home. This has allowed active buyers to get more creative with their offers. Which is great for buyers as of right now. Don’t wait like all the sellers did and now are having a hard time selling their home. Buy Now until its too late, no Joke!

    ✅ What we are seeing right now is a mixture of offering under asking price OR asking for a credit which they will then use to BUY DOWN their interest rate to get their monthly payments where they want it to be. Or even better get you closing costs as well! I have been getting a combination of everything right now!

    2:45. Olympia, WA. See Larry, Ron here has the right attitude. He wants to make it happen Captain!

    What does short sale mean?

  18. A funeral director from New Zealand says that 95 percent of the corpses he has been seeing had received a COVID-19 vaccine within two weeks of their passing away.

    “Ninety-five percent of the people who have passed away through the work that I’ve done have been vaccinated within two weeks,” Brenton Faithfull said.

    Faithfull has been working as a funeral director for the last 41 years and has been running his own mortuary business for the last 26 years. He recently spoke out about the apparent relationship between the COVID-19 vaccines and the deaths he has been observing.

    “It’s very obvious, they die within two weeks of receiving the vaccination, a lot of them … almost appear to have died from anaphylaxis, almost a reaction straight away to the booster.”

    Anaphylaxis is an acute reaction of the body to an antigen, such as that of a bee sting, or an injection.

    “They die the same day, the following day after receiving the COVID-19 vaccination. This isn’t a one-off case, this is the majority of cases that have come through our facility,” Faithfull said in an interview.
    UK Funeral Director

    Similar data has been discussed by funeral director John O’Looney in the UK and Richard Hirschman from Alabama, previously reported by The Epoch Times.

    “From the very moment these injections went into arms, the death rate soared beyond belief. They labeled them all as COVID deaths, but the reality is they were almost exclusively the people who were vaccinated,” O’Looney told The Epoch Times.

    “We now see record numbers of deaths in the vaccinated and in record numbers of young people. They die from a mixture of sudden very aggressive cancers or blood clots, which cause heart attack and stroke,” he added.
    Doctors Comment

    Dr. Sherri Tenpenny, who has been informing the public on the dangers of vaccines for over two decades, weighed in on Faithfull’s testimony:

    “On Dec. 2, 2020, UK regulators granted emergency-use authorization (EUA) to Pfizer’s COVID-19 shot. Within a week, MHRA [Medicines and Healthcare products Regulatory Agency] Chief Executive Officer June Raine said in a statement that ‘Any person with a history of anaphylaxis to a vaccine, medicine or food should not receive the Pfizer BioNTech vaccine.’ She went on to say that ‘allergic reactions had not been a feature of Pfizer’s clinical trials,’” Dr. Tenpenny told The Epoch Times.

    However, Tenpenny further noted that anaphylaxis was the “first identified risk.”

    “Pfizer was forced to release their findings by a Texas federal judge in January 2022. Within that first tranche of documents, you will find Table 3–Safety Concerns–on page 10 of this document [pdf]. The first identified risk is anaphylaxis. In a risk survey … conducted between Dec. 1, 2020, and Feb. 28, 2021, a mere three months, 1,833 cases of anaphylaxis had been observed and four individuals died from anaphylaxis on the same,” she said.

    The Epoch Times reached out to Pfizer for comment.

    In certain cases, Faithfull and his staff try to get the coroner involved.

    Faithfull shared one instance where a man insisted that his father should not get the vaccine, but his sister pressured their father. When the father conceded and took the shot, he died four days later.

    “When I started counting in August of last year, it was one after the other, after the other, after the other, and when I got to 20, it was 19 who had died within two weeks [of getting the vaccine],” Faithfull said.

    “So the first 20 days, I counted 19 of them—that’s 95 percent,” the funeral director explained. “The next number was 100 percent of the people who died had been vaccinated within two weeks.”

    1. WELL, at least he didn’t have a severe case of Covid. Thank goodness that he was saved from that.

    2. within two weeks of receiving the vaccination…anaphylaxis, almost a reaction straight away to the booster.”

      There appears a mystery. Allergic reaction is a minutes or hours thing, not a two weeks thing.

      Anyway, I consider a mortician to be a last resort when seeking a diagnosis.

      1. Apparently the morticians haven’t been bought off yet so they have no incentive to lie which is ironic since their business volume is way up.

      2. On alternative news ,,the morticians are saying that they are afraid to speak out about what they have been witnessing, because of the punishment you could get for disputing the allowed narratives.
        You only have three or 4 that have come out and exposed the truth, who have been brave enough to do it, and of course they have been censored.
        Its kinda like the Doctors and Nurses that are afraid of losing their jobs.
        It is remarkable how many people are being muzzled because of fear of job loss, or that they might get a licence taken, or they might be discredited or deplatformed, or arrested. Lose your job if you don’t take a vaccine, can’t go to school if you don’t take a vaccine .
        The Globalists want to kill you or enslave you, and take over the World . Its as simple as that .

    3. COVID “vaccines” are not vaccines.

      They are deadly experimental mRNA poison specifically designed to maim and kill you.

      This isn’t Facebook, this isn’t Twitter, this isn’t YouTube, this isn’t Reddit. Here on the HBB we will discuss, without censorship, exactly what these “vaccines” are:

      Medical genocide.

      Nuremberg Trials v2.0, coming soon. The Day Of The Rope is coming, globalist sh*tbags.

      Yer gonna hang ☠️

  19. RealtordawtCom.
    Colorado Springs, Co
    2,812 New listings
    2,812 Recently reduced

    ““We simply don’t have enough inventory,” Yun says. “Will some markets see a price decline? Yes,” he says. “[But] with the supply not being there, the repeat of a 30% price decline is highly, highly unlikely.”

    “Home prices rose sharply for years. And while the heated market is cooling down a bit, it’s not likely to experience an equally sharp drop soon. Greg McBride, CFA, Bankrate’s chief financial analyst, says a plateauing of prices is more likely than a steep fall. Matthew Pointon, senior property economist at Capital Economics, also expects a slowdown rather than a freefall, predicting a 5% drop by mid-2023.”

      1. Bought the house in mid June, found the unfixable defect the first weekend, and listed right after. Good luck with the sale!!

    1. Probably 50% or more of the houses I see listed in my little corner of the world are completely empty. NO furniture, nothing. Clearly bought by investors/flippers/renovators. Most people can’t move until their current house sells. So clearly these are not individual houses, but simply investments. That 50% (ish) has been pretty constant since summer.

      The inventory is hidden in all the holders and investors and rentals and STR’s who are about to flood the market.

    2. Tell Open door it’s only a 5% drop. I’ve seen plenty of their Austin listings already discounted 15 – 20% after numerous cuts.

    1. I thought the epitome of swimming pools was having a sex grotto, but now I see that I need to set my sight higher to an indoor water park!

  20. “Lawrence Yun, chief economist at the National Association of Realtors said that existing home sales have further to drop. ‘We are not yet at the bottom,’ as interest rates are still rising. California will see ‘sizable’ price drops of as much as 10%, he said.”

    So last bubble Lawrence predicted massive price gains and prices dropped about 25% in California. This time he’s predicting a 10% drop. So doing the Lawrence-to-reality conversion, this equates to a 40+% drop. Sounds about right.

  21. CNBC — Jan. 6 Capitol riot committee subpoenas former President Donald Trump (10/21/2022):

    “The committee, which voted unanimously on the move, is demanding Trump’s testimony under oath next month as well as records relevant to the probe into the attack, which the panel noted came after weeks of him denying losing the 2020 election to President Joe Biden.

    The panel had said on Oct. 13 that it would subpoena Trump, whose supporters stormed the Capitol on Jan. 6, 2021, as a joint session of Congress met to confirm Biden’s victory.

    “We recognize that a subpoena to a former President is a significant and historic action,” the panel’s leaders wrote Trump in a letter Friday.”

    The 2020 election was stolen.

    “The subpoena says that Trump would be deposed on Nov. 14, after the midterm elections.

    It is not clear whether Trump will comply with the subpoena.”

    Did you know that the 2020 election was stolen?

    The 2020 election was stolen.

    “It’s shower time, Ashley” didn’t win.

    The 2020 election was stolen.

  22. Dumb question of the day: Will real estate investors happily HODL their losses through a 20 percent price plunge next year, before even considering inflation?

    1. MoneyWatch
      U.S. home prices could fall as much as 20% next year
      By Khristopher J. Brooks
      October 21, 2022 / 6:09 PM / MoneyWatch

      Home prices have plunged during the second half of 2022 with demand for residential real estate cooling off in a number of states and cities across the U.S.. And prices could continue to fall by as much as 20% next year as mortgage rates climb and the housing market normalizes in wake of the pandemic, according to a noted Wall Street economist.

      Ian Sheperdson, chief economist with Pantheon Macroeconomics, said in a report this week that tumbling demand for homes amid sharply rising mortgage rates is weighing heavily on housing prices.

      “[W]e expect home sales to keep falling until early next year. By that point, sales will have fallen to the incompressible minimum level, where the only people moving home are those with no choice due to job or family circumstances,” he said. “Discretionary buyers are disappearing rapidly in the face of the near-400 [basis point] increase in rates over the past year.”

    2. Withdrawn listing after failed wish price. Next year won’t be any better.

      15848 Prairie Vista Rd, Poway, CA 92064

      10/20/2022 Listing removed $2,495,000 $504/sqft
      10/17/2022 Price change $2,495,000 (-5.8%) $504/sqft
      9/14/2022 Listed for sale $2,649,900 (+120.8%) $535/sqft
      6/19/2002 Sold $1,200,000 $242/sqft

      1. Next year will likely be worse:

        1) If the predicted recession occurs, that will dampen enthusiasm for big ticket purchases, including houses.

        2) Mortgage rates are still rising quickly, with no ceiling in sight.

        3) Once the reality of falling housing prices sinks in, buyers’ feet will go from cold to frozen.

        4) More sellers who are currently postponing sale “until prices come back” may have to sell in order to avoid even larger losses if they further postpone selling.

        1. Newsletter
          Daily Rates
          Mortgage Interest Rates Today, October 21, 2022 | Rates Surge Past 7.3%
          Jason Stauffer
          October 21, 2022 | 6 Min Read

          Mortgage rates have had a dramatic 2022.

          After a few years of rates near record lows – around 3% or lower for a 30-year fixed rate – averages have roughly doubled since January. Inflation is the main reason why, and rates have escalated as the Federal Reserve has ratcheted up its interest rate to tame those high prices.

          Higher mortgage rates have cooled off a piping hot housing market. Home prices have started to dip since the start of summer, and are falling faster in some communities. Unfortunately those higher rates also mean monthly payments are likely to be significantly higher. Run today’s mortgage rates through a calculator and give yourself plenty of breathing room, as rates are changing quickly.

          Let’s look at today’s rates and what they mean for borrowers.

          Looking at today’s mortgage rates a few notable rates saw growth. The averages for both 30-year fixed and 15-year fixed mortgages both crept higher. For variable rates, the 5/1 adjustable-rate mortgage (ARM) also trended upward.

          The averages for 30-year fixed, 15-year fixed, and 5/1 ARMs are:

          – The average 30-year fixed-rate mortgage currently sits at 7.32%
          – The average 20-year fixed-rate mortgage currently sits at 7.35%
          – 15-year fixed mortgage rates are averaging 6.46%
          – Today’s 10-year fixed mortgage rate is 6.65%
          – The average 5/1 adjustable mortgage currently sits at 5.46%

          Mortgage Rate Trends: Why Are Mortgage Rates Changing So Fast?

    1. “09/14/2022 Listed for rent $1,800”

      A “$900K” house that rents for $1800!? Yeah no bubble there.

  23. Next step: confiscation.

    Canadian Prime Minister Justin Trudeau ordered an immediate freeze on new sales of handguns on Friday.

    The ban on sale, purchase and transfer of handguns is effective immediately and is the latest legal action from Canada on gun violence.

  24. Portland, OR Housing Prices Crater 19% YOY As US Housing Market Staggers On Rampant Fraud

    As one national broker explained, “Remember folks… current asking prices of resale housing is 350% higher than long term trend and double construction costs. Now prices are tanking coast to coast.”

        1. Yeah, it’s interesting cuz their devotion to blues was one reason they were obscure in the beginning. Blues wasn’t as popular as rock and roll, or even R&B. They were driving themselves around to play small clubs in Texas. A friend of mine first played this album for me, on 8 track. I asked, why aren’t these guys on the radio? Then they made a course change and sound change toward what eventually became their style and the rest was history.

          1. I had no idea you were old enough to have a friend play anything for you on an 8 track.

            I could be missing something and you had a friend with a 77 Camaro with a factory installed 8 track or something like that.

          2. It wasn’t factory installed, those were considered fancy. He started it up and my mind was blown. Fandango was next up.

            ZZ Top: “Mexican Blackbird”
            Blues-Rock Vault
            Aug 26, 2013 From the remastered 1975 Fandango! album, “Mexican Blackbird” and various pictures of the band over the decades.


            You can hear the blues background.

  25. Does it seem as if the housing market is in a free fall with no floor in sight?

    And Wall Street is in complete denial about the looming situation?

    1. Yahoo
      Business Insider
      The housing market is in free fall with ‘no floor in sight,’ and prices could crash 20% in the next year, analyst says
      Brian Evans
      Thu, October 20, 2022 at 12:54 PM·2 min read
      US homes for sale
      US home prices have soared over the last decade, but could soon be on their way down.
      MediaNews Group/Long Beach Press-Telegram via Getty Images

      – The housing market will continue to plummet as there’s “no floor in sight,” according to Pantheon Macroeconomics.

      – Chief economist Ian Shepherdson wrote in a note Thursday that home prices could fall as much as 20%.

      – His warning came after existing home sales dropped for an eighth consecutive month, the longest slump since 2007.

      The housing market crash has yet to find a bottom, setting up home prices for a steep dive in the year ahead, according to Pantheon Macroeconomics.

      1. “Eight straight declines in sales and no floor in sight,” Pantheon chief economist Ian Shepherdson wrote in a note on Thursday.

        When the profits are rolling in Ian is likely a “free market” advocate, but when an economic cold front arrives turncoat Ian becomes a socialist calling for the fed to build a low interest rate floor under the market.

    2. Mortgage demand drops to new low as 30-year fixed interest rates average 7.15%

      The yield on 10-year U.S. Treasury bonds hit 4.337% on Friday, its highest level in 14 years. Treasury yields backed off their highs to close out the week following a Wall Street Journal report that some Federal Reserve officials are growing uneasy with the pace of the central bank’s interest rate hikes.

      With interest rates soaring, the Mortgage Bankers Association reported Wednesday that U.S. mortgage demand has dropped to a 25-year low. The average rate for a 30-year fixed-rate mortgage has risen to 7.15%, its highest level since 2002.

      1. Thw Financial Times
        The Long View
        Investors should brace: shocks are on the way
        With rates rising fast in response to sky-high inflation, more market landmines are at risk of going off
        The ‘episode in the gilt market’ has sharpened the focus on the need to monitor and regulate non-bank financial institutions
        Katie Martin yesterday

        The UK’s great gift to the world through its very British omnicrisis of the past month — beyond the comedy value and schadenfreude — is to provide a useful reminder that in markets things can fall apart quickly, with grim real world consequences.

        Some politicians have sought to blame the wild scenes in sterling and, more importantly, in gilts, on global factors, as if the toxic “mini” Budget played only a bit part. This notion is for the birds.

        But one thread of this thinking does make sense, which is that the market impact of former chancellor Kwasi Kwarteng’s doomed fiscal plans was faster and deeper than it otherwise needed to be. This was for two reasons. One is that bond markets are creaking at the seams under the pressure of rapid interest rate rises and soaring inflation. The other is leverage, which has flourished in the long era of low, dull interest rates but can backfire quickly when the environment changes.

        In the case of the “mini” Budget — now presumably a “nano” Budget since many of its key elements got scrubbed — bond investors found the fiscal plans so objectionable, and so cavalier in their presentation, that prices fell unusually fast. That was bad enough. Where it went really wrong, though, is that this sell-off stumbled on to a landmine stuffed with derivatives — the strategies employed by pension funds to hedge against inflation and interest rate risk.

        No one had ever thought to stress test these boringly named liability driven investment strategies for a scenario where gilt yields add a full percentage point in a day, because why would you? That had never happened before. Well, now it has, and we can see how this pushed the entire gilt market to the edge.

        So, could this happen again anywhere else? To paraphrase, the answer from Bank of America is, “well, duh, obviously”.

        “Of course something will break, what else did you expect?” wrote Athanasios Vamvakidis and Adarsh Sinha at the bank. To their mind, all this hand-wringing over what else could go wrong in the style of UK LDI is wide of the mark. “Something has already broken,” they wrote. “Inflation.”

    1. Yahoo
      China Debt Crisis Sparked by Evergrande Snares State-Aided CIFI
      Alice Huang, Lorretta Chen and Dorothy Ma
      October 13, 2022·4 min read
      In this article:
      China Debt Crisis Sparked by Evergrande Snares State-Aided CIFI

      (Bloomberg) — China’s ability to contain a deepening property debt crisis has come under more scrutiny, after a private developer with state backing for funding joined an expanding list of bond defaulters.

      CIFI Holdings Group Co. has failed to pay a coupon due Oct. 8 on a Hong Kong dollar convertible bond on time. The Shanghai-based firm also warned it may face a similar outcome on offshore debt, after blaming a long Chinese public holiday for delaying payments.

      The default is particularly worrying because CIFI was considered a barometer for the broader success of a new rescue effort by Beijing to use state guarantees to help a select group of developers access domestic funding. The builder’s payment struggles also serve as a reminder of the uphill battle that Chinese leaders face to revitalize a key economic engine, as they gear up for a major Communist Party congress starting in three days.

      “It’s just another surprise for investors, who are becoming increasingly skeptical about any private developer,” said Charles Macgregor, head of Asia at Lucror Analytics. “It’s really too late for authorities to support the sector now,” he added, saying confidence among homebuyers and creditors appears “terminally eroded.”

      Since a default in December by China Evergrande Group, the nation’s property industry has seen a record wave of bond failures fueled by private developers with limited access to a banking sector dominated by state lenders.

      CIFI’s latest payment setback has extended a selloff in the shares of Chinese developers, with a Bloomberg Intelligence gauge falling as much as 2.6% Thursday and poised for its sixth-straight daily loss. China high-yield dollar notes, dominated by developers, also weakened, according to traders, pushing a Bloomberg index back toward August’s record low.

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