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Investor Mania Has Been Replaced By Investor Panic

A report from CNBC. “‘It is definitely a hard landing for housing,’ said one homebuilder in the Denver area. ‘There’s this cliff that’s happening in January,’ said Gene Myers, CEO of Thrive Homebuilders in the Denver area. He predicted that the market will be ‘ugly’ by the start of next year. ‘Any hope of a soft landing really evaporated last spring, when it became so clear that our customers who are accustomed to such low mortgage rates just were going to go on strike. I think we’re seeing the most abrupt change in the market in my career, and I’ve been around a while,’ he said. ‘I’ve never seen sales just turn off, which for us happened in May.'”

“Sheryl Palmer, CEO of Arizona-based homebuilder Taylor Morrison, said entry-level buyers are clearly struggling. But she also admitted that higher-end buyers are not flooding in the door either anymore. ‘When we look at our move-up and our resort lifestyle buyers they absolutely can still afford to buy, but emotionally, you need to have the confidence,’ Palmer said. ‘Even at today’s rates, both our FHA and conventional buyers have a great deal of room, but being able to afford it doesn’t mean they have the confidence, given everything that’s going on in the economy today.'”

“Myers said he has heard talk of a 20% drop in prices for new construction. ‘And it sounds really harsh, but when we were looking back, because our construction costs have gone up so rapidly, we only have to dial back a little over a year to be 20% less than we are now,’ Myers said. ‘So to think about, well, we’re just going to go back to 2020 doesn’t sound nearly as crazy as a 20% price correction. But I think it definitely has to happen if we’re going to get velocity back.'”

The Aspen Times in Colorado. “By now, experts, buyers, sellers, and prognosticators agree we are in new territory — coming as weather predicted, if not already upon us. The numbers clearly show a dip in demand and sales activity around June the first as the Fed raised rates, and new listings came to market at stupid numbers. Buyers pumped the brakes, and summer offerings either sat or prices reduced. Dive into the data for Aspen, Snowmass Village, and the greater Roaring Fork Valley, and you’ll find shock and awe but also a few surprises. Year-to-date homes sales from Aspen to Carbondale are down dramatically, from 35% lower in Carbondale to 58% fewer in Aspen.”

“On the other hand, sales prices were off the charts at the first six months of 2022. The average price of a single-family home in Aspen was up 40%; condos and townhomes were even higher at 60%. That said, the chart does show those stunning numbers finally leveling off across the board. And, I can tell you I’ve not seen as many price reductions since the crash. I expect even more in the next six months.”

The Sun Sentinel. “As the housing market has cooled considerably, sellers are now wrestling with whether to sell their homes as soon as possible or hold off on selling. ‘It does appear that prices will come down a lot more because people are cutting their asking price,’ said Eli Beracha, director of the Hollo School of Real Estate at Florida International University. For Dr. Imran Mirza, the decision to put his home up for sale was an easy one. He saw the bidding wars around him and properties flying off the market, and decided to capitalize on South Florida’s record boom before a possible correction took place.”

“He finally closed on his five-bedroom, five—and-a-half bathroom house in Boynton Beach about a week ago for $1.4 million, a slight down adjustment from the price he wanted — $1.895 million. It was still a significant profit from the $900,000 he paid for the home in 2017. There are ‘these kind of profits where people live in their homes for 20 years, and they don’t see these kind of profits,’ he noted.”

The Tampa Bay Times in Florida. “A home buying frenzy triggered by historically low mortgage rates helped elevate Tampa Bay from a hidden gem to a real estate hot spot over the past two years. But now that rates have shot back up, experts say buyers are finally hitting the brakes. Now may be a good time to find a deal, especially if you’re able to buy in cash said Rachel Sartain Tenpenny from YES-Homes. Now that there’s less competition, buyers have more room to negotiate. ‘We’re starting to see the list prices come down but we’re not seeing the home values come down,’ she said.”

“For average buyers who still want to move, Lei Wedge, a professor of finance at the University of South Florida said their best bet is to look for new construction. ‘Builders are desperate to sell right now so many of them are subsidizing mortgages and dropping their prices,’ she said.”

Virginia Business. “Charlottesville Realtor Denise Ramey has a client who put in multiple bids for houses over the summer, when the market was booming, but they were all turned down. Now, with mortgage rates topping 7% for the first time in more than 20 years, he’s not sure if he will buy a house at all — or whether he might look outside Virginia to markets where he can get more bang for his buck. ‘That was a real eye opener for me,’ said Ramey, the president of Virginia Realtors. ‘I expected he would be reducing the price range, but I did not anticipate the level of frustration and negativity he expressed today.'”

“Normally, at this time of year, she would have 10 to 15 houses under contract to close in December. But not this year. ‘We’ve had another great year, but what I’m seeing is, it wasn’t even a slowdown, it was a ‘hit the brakes,’ she said. ‘It will be interesting to see what plays out. It really is that crazy of a market right now, where it’s very transitional.'”

The Hollywood Reporter in California. “A tight mayoral race will not be the only thing getting attention on Angeleno ballots on Nov. 8. Measure ULA, dubbed ‘the mansion tax,’ will also be up for a vote in the city. To put the tax in context, for a house like the one Shonda Rhimes sold earlier this year in Hancock Park, there would be a $1.155 million tax on the $21 million sale; for Ashley Tisdale, who sold in the Hollywood Hills for $5.9 million, a $236,000 tax. ‘Right now we’re dealing with multiple issues in real estate: a declining market, high-interest rates and high inflation,’ says Compass agent Aaron Kirkman. ‘The last thing we need is more imposed taxes in an industry that’s already struggling.'”

From Fortune. “Fast-forward to October, and that investor mania has been replaced by investor panic. To Redfin CEO Glenn Kelman, the Pandemic Housing Boom’s investor frenzy helps to explain why home prices are correcting faster this time around. Kelman is insinuating that real estate investors, including Redfin’s iBuyer business, helped to drive home prices up faster during the boom and will push prices down faster during the correction.”

“‘My take is that because builders and iBuyers account for more inventory, that leads to a faster correction. We’re one of them, we’re an iBuyer,’ Kelman says. ‘We notice immediately when fewer people are on our website and fewer signing up for tours…we’re sitting on $350 million worth of homes for sale that we bought with our own money, or worse bought with borrowed money. And what we always told investors is that we would protect our balance sheet by acting quickly. We don’t have hope as a strategy. We immediately started marking down things.'”

“‘As soon as demand weakened, we were marking properties down, and that drives prices down. Every other home for sale in a neighborhood where we marked the listing down now has a comparable sale that every buyer is going to know about and talk about,’ Kelman says. Look no further than this property in North Las Vegas. In May, Opendoor bought the home for $540,800. Just weeks later, Opendoor listed it for sale in July at $581,000. But Opendoor was too late: The Las Vegas housing market had already rolled over. Fast-forward to October, and the listing just got taken off the market after a series of price cuts brought its list price to $472,000.”

“‘I think that the religion people had from 1946 to 2008, that housing prices always go up, is dead. My parents believed that it was literally inconceivable for [home] prices to go down,’ Kelman says. But that housing ‘religion’ got broken, he says, by the 2008 crash. ‘So folks respond [now] to that [the correction] with almost PTSD, and they pull back much more quickly.'”

The Toronto Star in Canada. “Pre-construction condo sales plunged 79 per cent year over year in the third quarter amid soaring interest rates and construction costs that sent Toronto region developers to join their customers on the market’s sidelines. Sixty-seven per cent of developments, 189 projects with available units, sold no condos in the third quarter, said development tracking market research firm Urbanation on Monday. It calls into question the viability of a some projects, particularly those that launched a while ago and still haven’t met their sales targets to qualify for construction financing, said Urbanation president Shaun Hildebrand.”

“For now there’s about a 20 per cent premium buyers pay on a brand new unit. But if the gap between new and resale doesn’t narrow, that could lower the price of presale condos, said Hildebrand. ‘With more and more higher priced projects coming to completion and resale prices declining, by the second half of next year, if resale prices don’t see any improvement, basically these presale units will be worth less than what the buyer paid in pre-construction,’ he said.”

“That could lead to a glut in assignment sales — those are sales by investors who bought resale construction units but then sell them before the building is completed. It’s a trend that has already begun, but because assignment sales aren’t listed on the real estate industry’s Multiple Listings Service (MLS), it’s not clear how many of those are already on the market.”

The Aldergrove Star. “The word ‘glut’ isn’t one you associate with housing construction in Canada, but I saw it in print the other day, a prediction of the near future state of the market. I’m not sure it’s entirely right, but it’s worth looking at this question – are we finally building enough housing in Canada? Or even… too much? That depends on how you interpret the Canada Mortgage and Housing statistics. It’ll be no surprise to anyone living in the Lower Mainland that there’s a lot of housing being built, especially in suburbs like Langley, Surrey, Maple Ridge, and Abbotsford.”

“And over and over again, you will see pundits saying that Canada only builds about 200,000 homes a year, far fewer than we need. That last part, though? It’s not true. The number of homes being completed for years did hover around 200,000. But it’s been rising – in 2020 it was 222,670 – but that’s far below federal goals of building 400,000 homes a year. So how are we on the verge of a potential glut in homes? Total housing under construction at the start of 2019 – 250,510 units. 2020 – 270,202 units. 2021 – 302,729 units. 2022 – 337,459 units. As of the most recent data, for the third quarter of this year, that number stood at 367,977 units, a record.”

“But now, we’re seeing a lot of those homes, which were planned and designed and permitted several years ago, finally finish construction. And there’s more to come – the CMHC’s most recent data says the seasonally adjusted rate of home starts this year is hovering just below 300,000 for September.”

From Coventry Live. “The Bank of England said mortgage approvals for house purchases decreased from 74,400 in August to 66,800 in September. Alice Haine at investment platform Bestinvest, said: ‘The panic in the market in the first three weeks of September might have been driven by rising interest rate expectations – with the Bank of England increasing the base rate by 50 basis points on September 22 to 2.25% – but the situation escalated dramatically when former chancellor Kwasi Kwarteng unveiled his radical fiscal plan of unfunded tax cuts a day later. The mini-budget spooked the financial markets.’ Ms Haine said the ‘mortgage pain is far from over’ and that many people with deals expiring soon will have difficult decisions to make.”

“Karen Noye, a mortgage expert at Quilter, said: ‘Later this week, the Bank of England will likely once again ratchet interest rates up to try and tame inflation.’ She added that increasing mortgage rates and energy bills could ‘make some homes simply unaffordable for people to stay in this winter.'”

The Sydney Morning Herald. “Reserve Bank governor Philip Lowe fears Australians could find themselves lost in one of Dante’s circles of hell – the one named inflation. Hours after inflicting a little more pain on home buyers, business operators and ordinary households by lifting the official cash rate for a record seventh consecutive month, Lowe was in Tasmania explaining the RBA’s decision. Lowe revealed the bank’s board members had openly discussed how family budgets were dealing with the previous six rate rises, which were mixing with high petrol prices, skyrocketing grocery bills and soon-to-be-soaring power costs.”

“But before his crowd started to believe the bank was about to seek absolution for its past mis-deeds, Lowe effectively warned them to abandon all hope of financial relief: the RBA is not yet finished with rate rises. Like a preacher, Lowe described inflation in terms a sinner could easily understand. ‘It is a scourge. High inflation devalues your savings. It worsens inequality in our society and it undermines our living standards. It hurts us all by impairing the functioning of our economy,’ he said.”

“He went on to note that if the bank did not increase rates, as some have suggested they should not, the circles of hell would slowly constrict the country. ‘If this were to happen, the evil of inflation would be with us for longer and the eventual increase in interest rates needed to bring it down would be greater,’ he said. ‘This would increase the risk of a severe recession and a sharp rise in unemployment. It would be much better to avoid such a costly outcome and so we have acted strongly to avoid it.'”

“The only ray of divinity amongst all this is the expectation that unemployment will only gradually increase through to 2024. Yet that relies on everything going right. As Lowe noted, the bank is trying to walk a difficult trail and ‘we could be knocked off that narrow path.’ Off that path is a world of high unemployment, business bankruptcy, households unable to make ends meet, mortgagors paying off loans worth more than their homes. That’s a hell in anyone’s language.”

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  2. ‘he’s not sure if he will buy a house at all — or whether he might look outside Virginia to markets where he can get more bang for his buck. ‘That was a real eye opener for me,’ said Ramey, the president of Virginia Realtors. ‘I expected he would be reducing the price range, but I did not anticipate the level of frustration and negativity he expressed today’

    That’s the spirit, let that sh$thole stew in it’s own juices!

    1. That dude dodged a bullet….he has not realized yet. In a year he will, it went right over his head….missed him by a foot!

  3. “For average buyers who still want to move, Lei Wedge, a professor of finance at the University of South Florida said their best bet is to look for new construction.

    Horrible “advice.” Most new construction is shoddily built and riddled with defects, using cowboy contractor illegal labor and sub-par materials to maximize profits. I’ll take a hard pass on anything built during the bubble years.

    1. “riddled with defects”

      Exactly like the millions of defective mortgages founded on appraisal fraud. They’re near ubiquitous.

      Centreville, VA Housing Prices Crater 17% YOY As Fairfax County Housing Demand Tanks As Rental Rates Plunge

      https://www.movoto.com/centreville-va/market-trends/

      As a distinguished 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.”

    2. “…Most new construction is shoddily built and riddled with defects…”

      Whenever I go into a home, I carry a measuring tape and a small carpenters square with a bubble level.

      Compared to the odds of find a square, level anything (especially in new construction), winning this upcoming Wednesday’s Power Ball is a sure thing.

      1. “Most new construction is shoddily built”

        I’ll take that challenge. Whats new and whats old? So the older the better? Take the challenge yourself and bring a marble with your level and tape. I personally guarantee that marble rolls so fast across the floor of a 20 year old floor it blows a hole in the nearest wall.

        1. “…bring a marble with your level and tape….”

          That’s a very good piece of advice. Thx.

          I do have a pretty big ‘snake eye’ glass marble that I will add to my open house kit.

  4. ‘With more and more higher priced projects coming to completion and resale prices declining, by the second half of next year, if resale prices don’t see any improvement, basically these presale units will be worth less than what the buyer paid in pre-construction’

    ‘That could lead to a glut in assignment sales — those are sales by investors who bought resale construction units but then sell them before the building is completed. It’s a trend that has already begun’

    I watched recent videos that’s made up of lawyers talking about this bloodbath. Flippers buying pre-construciton condos: who could possibly know that would blow up? Well at least you have an expensive lawsuit against a hole in the ground.

  5. “A tight mayoral race will not be the only thing getting attention on Angeleno ballots on Nov. 8. Measure ULA, dubbed ‘the mansion tax,’ will also be up for a vote in the city.

    To Democrat-Bolsheviks intent on packing the serfs into densely-packed multifamily buildings where they can enjoy the bountiful blessings of multiculturalism, any SFH is going to be categorized as a “mansion.”

  6. ‘Any hope of a soft landing really evaporated last spring, when it became so clear that our customers who are accustomed to such low mortgage rates just were going to go on strike. I think we’re seeing the most abrupt change in the market in my career, and I’ve been around a while,’ he said. ‘I’ve never seen sales just turn off, which for us happened in May’

    Yer a doom and gloomer stopped clock perma bear Gene.

    ‘Myers said he has heard talk of a 20% drop in prices for new construction. ‘And it sounds really harsh, but when we were looking back, because our construction costs have gone up so rapidly, we only have to dial back a little over a year to be 20% less than we are now,’ Myers said. ‘So to think about, well, we’re just going to go back to 2020 doesn’t sound nearly as crazy as a 20% price correction. But I think it definitely has to happen if we’re going to get velocity back’

    How did you lose yer shack?

    The a$$hole who sold me this dump had to get velocity back.

  7. Sixty-seven per cent of developments, 189 projects with available units, sold no condos in the third quarter, said development tracking market research firm Urbanation on Monday.

    Another “oh dear” moment in time. Watching housing speculators in the globalist Quisling looting colonies of Canada, Australia, and New Zealand get absolutely destroyed is going to make my day.

  8. Dreams of effortless wealth for wanna-be Aussie real estate moguls make a muffled screaming sound as they die in the arse.

    Aussie mortgage holders face interest rate Armageddon

    https://www.news.com.au/finance/economy/interest-rates/aussie-mortgage-holders-face-interest-rate-armageddon/news-story/2456eff92e76026856251ebb50a61369

    The hits keep coming for Australian mortgage holders, with the Reserve Bank of Australia’s latest hike hitting homeowners harder than ever.

  9. Like a preacher, Lowe described inflation in terms a sinner could easily understand. ‘It is a scourge. High inflation devalues your savings. It worsens inequality in our society and it undermines our living standards. It hurts us all by impairing the functioning of our economy,’ he said.”

    Like Jack the Ripper bemoaning how London streets after dark had become so unsafe for prostitutes.

    1. “As Lowe noted, the bank is trying to walk a difficult trail and “we could be knocked off that narrow path”.

      Off that path is a world of high unemployment, business bankruptcy, households unable to make ends meet, mortgagors paying off loans worth more than their homes. That’s a hell in anyone’s language.”

      Haha, we know how that worked out back in 2008.

  11. Welcome to the CCP’s dystopian nightmare. The collectivist control freaks of the DNC are cursing the 2nd Amendment for being such a bulwark against such totalitarian overreach.

    Workers flee Foxconn’s largest iPhone factory in China after brutal Covid lockdown

    https://www.news.com.au/world/coronavirus/global/workers-flee-foxconns-largest-iphone-factory-in-china-after-brutal-covid-lockdown/news-story/72e17685a23598d19562c533886ba1cc

    Haunting footage has shown a glimpse of what life is like inside Covid-zero China, with workers forced to flee a brutal lockdown on foot.

    1. Citizen! Pointing out that Democrats have engaged in wholesale electoral fraud since the Kennedy-Nixon election, or that the Democrat Party’s entire business model is based on fraud and criminality, is evidence of BadThink for which re-education will not suffice! Once the DNC imports enough Democrat-on-Arrival dependency voters to get its uni-party super-majority, rest assured, your beloved 2A, the last great check on totalitarianism, will finally be abolished, and we can break ground on the gulag for the likes of you! Forward!

  14. The Atlantic is globalist scum media.

    The Atlantic — LET’S DECLARE A PANDEMIC AMNESTY (10/31/2022):

    “We need to forgive one another for what we did and said when we were in the dark about COVID.”

    https://archive.ph/DuGUX

    Forgive? How does NO and GO F* YOURSELF sound?

    There will be no “get out of jail free card” for these genocidal tyrants.

    It is a long, long list of names. Journalists, Blue Checkmarks, and other middle tier soft targets.

    Klaus Schwab would be a hard nut to crack, so focus your list of names on the soft targets, like the author of this article for example…

    1. The Atlantic — LET’S DECLARE A PANDEMIC AMNESTY (10/31/2022):

      “We need to forgive one another for what we did and said when we were in the dark about COVID.”

      No, we need trials, lengthy prison sentences, and executions. NEVER FORGET. NEVER FORGIVE.

      1. We need to…

        Despite proving that they are the biggest idiots, or the most degenerate bullies on the planet, they still think we should do as the tell us.

  15. “We’re starting to see the list prices come down but we’re not seeing the home values come down,’ she said.”

    That makes zero sense.

  16. UK sheeple elect globalist Quislings, then whinge about the “diversity” lunacy affecting every aspect of public life. Truly you can’t fix stupid.

    NHS advertises £700,000’s worth of diversity officer roles in just a month! Outrage as ‘precious’ cash is used to hire equality and wellbeing positions – despite op waiting list sitting at record high of 7million

    https://www.dailymail.co.uk/health/article-11376619/NHS-advertises-700-000s-worth-diversity-officer-roles-just-month.html

  17. “‘I think that the religion people had from 1946 to 2008, that housing prices always go up, is dead. My parents believed that it was literally inconceivable for [home] prices to go down,’ Kelman says. But that housing ‘religion’ got broken, he says, by the 2008 crash. ‘So folks respond [now] to that [the correction] with almost PTSD, and they pull back much more quickly.’”

    Kelman is so smart he only ALMOST bankrupted his company.

    1. Back in the late 90’s I had to spend an afternoon with a random individual for a job assignment that had nothing to do with real estate. He was probably 40ish at the time. At one point in the conversation he got very emotional and exclaimed that his generation would never see the return on their houses that his parents had. He sounded upset about it. The reality is that all he had to do was wait a few years for the cycle to turn. Many people in 2012 probably thought the same thing and there will people lamenting the current period for a while as well but the seeds for the next bubble are already being sown. First we crash, then the failed inventory has to be absorbed, and then the set up begins and before you know it people are going crazy for plywood boxes again. This cycle will continue to repeat as long as the current dollar system remains.

    1. 4chan has the home addresses of all of the “medical professionals” who participate in this at this alleged hospital.

      Sure would be a shame if some bad things happened to those people, wouldn’t it now.

      Sure would be a shame…

    2. I remember when warnings that this would happen were made and were dismissed as “conspiracy theory”. It wasn’t that long ago.

      How long until men are punished for refusing to date men posing as women? Five years? Two years? Next year?

  21. The UK sheeple keep electing globalist Quislings who share their bankrollers’ and puppetmasters’ pathological hatred of Western Civilization, then whinge that the invasion of unassimilable 3rd World illegal migrants is “out of control.” No, heritage British sheeple, it’s very much under the control of your globalist overlords – they have plans for you, and they’ve been completely up-front about what fate awaits you and all former sovereign western countries.

    https://www.dailymail.co.uk/news/article-11376451/Tories-join-backlash-Suella-Braverman-claim-Channel-migrants-invading.html

  23. Gateway Pundit — Facebook and Twitter Private Portals Where Democrats, Government Officials and Corporate Elites Meet to Ban Unwanted Conservative Content (10/31/2022):

    “But it is not just Twitter that has a special relationship with government bureaucrats, Democrat operatives and business elites.

    Investigative journalists Lee Fang and Ken Klippenstein released a report this week on how The Department of Homeland Security, the FBI, DOJ, Democrat operatives, and business elites are working with Facebook to silence dissenting voices.

    In 2016 The Gateway Pundit was the 4th most influential conservative website on Facebook. In 2017 Facebook cut off our traffic. Years later Facebook created its “fact-checkers” to use as an excuse to shut down conservatives and independent journalists who challenged their lies and fabrications.

    There is also a formalized process for government officials to directly flag content on Facebook or Instagram and request that it be throttled or suppressed through a special Facebook portal that requires a government or law enforcement email to use. At the time of writing, the “content request system” at facebook.com/xtakedowns/login is still live. DHS and Meta, the parent company of Facebook, did not respond to a request for comment. The FBI declined to comment.
    HS’s mission to fight disinformation, stemming from concerns around Russian influence in the 2016 presidential election, began taking shape during the 2020 election and over efforts to shape discussions around vaccine policy during the coronavirus pandemic. Documents collected by The Intercept from a variety of sources, including current officials and publicly available reports, reveal the evolution of more active measures by DHS.

    According to a draft copy of DHS’s Quadrennial Homeland Security Review, DHS’s capstone report outlining the department’s strategy and priorities in the coming years, the department plans to target “inaccurate information” on a wide range of topics, including “the origins of the COVID-19 pandemic and the efficacy of COVID-19 vaccines, racial justice, U.S. withdrawal from Afghanistan, and the nature of U.S. support to Ukraine.”

    https://www.thegatewaypundit.com/2022/10/discovered-facebook-twitter-private-portals-democrats-government-officials-corporate-elites-meet-ban-unwanted-conservative-content/

    Globalists gonna globe.

    1. Globalists gonna globe.

      And they are in overdrive. They stuffed one of their stooges into 10 Downing St, and just stole the Brazilian election.

      Next Tuesday is the big showdown. Hopefully Larry Kudlow is right and the cavalry will arrive.

  25. Soot-covered coal miner goes viral for taking family to basketball game straight after shift

    Sravasti Dasgupta
    Thu, October 27, 2022 at 10:07 AM·

    A coal mine worker in Kentucky has gone viral on social media after photos emerged of him attending a University of Kentucky Wildcats practice game with his son, straight in his work uniform.

    In the photo, Michael McGuire can be seen sitting with his son in the stands at Saturday’s Blue-White game that was played in Pikeville in eastern Kentucky, reported CNN.

    The photo was shared by coach John Calipari, who also expressed his admiration for Mr McGuire’s love for his son.

    “My family’s American dream started in a Clarksburg, WV coal mine, so this picture hits home,” he said in a tweet.

    “From what I’ve been told, after his shift, he raced to be with his son and watch our team. Don’t know who this is, but I have tickets for him and his family at Rupp to be treated as VIPs!!”

    https://sports.yahoo.com/coal-miner-goes-viral-attending-062545289.html

  27. Dear House Hunters,
    If you are still out shopping with a mortgage, just remember that you are now paying *more* for that overpriced $500K house than buyers paid for a nice $750K house less than a year ago. Does that sound like a good deal to you?

    https://twitter.com/OccupytheFeds/status/1586738289561706499

    The Kobeissi Letter

    It’s tough to think of a bigger corporate failure than $META over the last year. Stock down nearly 80% from its high and $META has dropped from being the 3rd most valuable company to 20th. What tops this?

    https://twitter.com/KobeissiLetter/status/1587161226513186818

    Umm, about that “strong economy”… 37% of US small businesses, which between them employ almost half of all Americans working in the private sector, were unable to pay their rent in full in October

    https://twitter.com/menlobear/status/1587218159978749952

    This is not a joke. ECB head Lagarde went on an Irish late-night talk show and proclaimed the inflation crisis has come from “pretty much nowhere Nowhere Christine??? … Years on the job and she still appears/acts unqualified to head the ECB.

    https://twitter.com/biancoresearch/status/1587119540013613057

    Came out of nowhere and went straight to 12%…even a 3 years old challenged suffering from dyscalculies would see straight through this bullsh*t

    https://twitter.com/INArteCarloDoss/status/1587049637587869701

    *META STOCK FALLS OVER 5% TO LOWEST SINCE 2015

    https://twitter.com/Investingcom/status/1587167755261939713

    The bull case is to keep rates at these levels until we achieve soft landing in markets and the economy.

    https://twitter.com/SuburbanDrone/status/1587129582192312320

    Danielle DiMartino Booth

    The narrative is changing as fast as quicksand under our feet.

    https://twitter.com/DiMartinoBooth/status/1587154889607610369

    It’s not a 35M mansion then is it

    https://twitter.com/NipseyHoussle/status/1586932082281938944

    Liz Ann Sonders

    Pending home sales fell by more than 30% y/y in September … only one other month during which sales fell at faster rate: April 2020

    https://twitter.com/LizAnnSonders/status/1587038126026985472

    This Mornington Peninsula holiday home just lost $300,000 in one year

    https://twitter.com/cjoye/status/1586889756142895104

    John Burns

    The land market for home building has completely reversed course in just 6 months, according to 78 land brokers we just surveyed. 41% report that prices are falling – probably based mostly on renegotiations.

    https://twitter.com/johnburnsjbrec/status/1587052515253682177

    John Wake

    In March 8% of Phoenix single-family MLS listings failed to sell. The listings were canceled or expired without a sale. In September, 32% failed to sell. October will likely have the highest listing failure rate since 2011.

    https://twitter.com/JohnWake/status/1586748483393900544

    Rick Palacios Jr.

    CEO of Camden Property Trust (big apartment REIT) sharing candid thoughts on new home market during earnings call last Friday: “I serve on the Board of the largest privately held homebuilder in America. Our sales are down -50% from June forward, and they’re not going up.”

    https://twitter.com/RickPalaciosJr/status/1587088552168341504

    Price reductions are continuing unabated.

    43% of the homes on the market have had a price cut. And it hasn’t topped out yet. Normally by now the market is starting to clean up loose ends before the holidays. It’s been 8 weeks since rates jumped

    https://twitter.com/mikesimonsen/status/1587164811883819008

    The Fed’s balance sheet hit its lowest level of the year last week, down $242 billion from its peak in April and $94 billion over the last 5 weeks. This is the largest 5-week decline since July 2020. The Fed is finally starting to ramp up the pace of QT.

    https://twitter.com/charliebilello/status/1586910676567588866

    US middle class weath peaked in March due to disinflation in tangible assets, interest rates and higher cost of living crisis.

    Clearly a pivot won’t help..it will accelerate the wealth destruction.

    https://twitter.com/AlessioUrban/status/1586812668064710657

    1. “It’s tough to think of a bigger corporate failure than $META over the last year. Stock down nearly 80% from its high and $META has dropped from being the 3rd most valuable company to 20th. What tops this?”

      On a percentage basis there are plenty of others that are worse. The crash is well underway but apparently discussion of it in the MSM is NOT APPROVED. Until the midterms are over, the stock market is UP BIG since that other guy.

      Clown world.

      1. It’s a fake vaccine obviously. They lied to you and they don’t care what the injury or death toll from the injections are, or will be. They don’t care about famine and freezing , or false narratives.
        Hard to take that Global Governments and United Nations have been corrupted and captured by these EVIL Entities that want to force a One World Order/ Great Reset on humanity. They want to have total control by 2030.
        They tell you what their plans are, and people find it hard to believe that something this insane could be in operational attack on the Globe.
        What else can explain the madness that has been unleashed on the World?

  30. “…we’re sitting on $350 million worth of homes for sale that we bought with our own money, or worse bought with borrowed money.”

    Which is it? I’m thinking they used borrowed money, which suggests lots of underwaterness.

    “And what we always told investors is that we would protect our balance sheet by acting quickly. We don’t have hope as a strategy. We immediately started marking down things.’”

    How can they afford to mark down prices if they are underwater?

    “‘As soon as demand weakened, we were marking properties down, and that drives prices down. Every other home for sale in a neighborhood where we marked the listing down now has a comparable sale that every buyer is going to know about and talk about,’”

    He speaks as though the supply side controls the market. The big problem iBuyers and other investors face is collapsed fundamental demand, due to mortgage rates topping 7%. It pretty much doesn’t matter what price investors choose to list; if there are no buyers who can afford the monthly at that price point, there will be no sale.

    1. Money
      Why Are Mortgage Rates Going Up?
      Q.ai – Powering a Personal Wealth Movement
      Contributor
      Making wealth creation easy, accessible and transparent.
      Oct 31, 2022, 04:13pm EDT

      Key Takeaways
      – Mortgage rates have increased dramatically, with the average 30 year fixed rate increasing from around 3% at the start of 2022 to around 7% now.
      – This is down to the Fed’s policy of increasing interest rates in a bid to slow the economy and, most importantly, slow the rate of record high inflation.
      – Would-be homeowners are facing monthly mortgage repayments hundreds of dollars higher than just a few months ago, which is likely to mean purchase timelines are pushed back.
      – For some, investing is one way to help make up the difference over the coming years.
      …
      https://www.forbes.com/sites/qai/2022/10/31/why-are-mortgage-rates-going-up/?sh=3e8966d31dc0

    2. PB, perhaps you could help him out and do the math for him as to when they can expect to be in bankruptcy and announce the sudden closure of business that they were unable to see coming. By this time next year all of the ibuyers will probably be closed and will no longer be offering their wisdom. Sad!

    1. About 87% of the condo space in the Waldorf tower has been sold, Mr. Maloney said. Condo units that start at $2 million are sold out

      It’s not like anyone actually lives in those things, though when they come crashing down (physically) debris will fall on bystanders and other structures. Oh well, I don’t live in Miami, so it’s not my problem.

      How’s that leaning tower in San Francisco doing? Are they still trying to fix it?

    2. “….100-story building requires special foundations and a pendulum-like device to prevent swaying…”

      Couple of nagging architectural / technical things come to mind:

      1) Miami is due to flood out due to sea level rise. (albeit in the future)

      2) How far down do you have to sink a foundation pile until
      you hit bedrock? I understand that Florida geology is not your friend.

      3) Pendulum or no pendulum, standing in a 100 story building during the next big hurricane has just got to be a major hoot. I suppose the REIConplex would try to sell you that hurricanes are a ‘feature’. How do I sign up for the 100th floor webcam?

  35. LET’S DECLARE A PANDEMIC AMNESTY

    We need to forgive one another for what we did and said when we were in the dark about COVID.

    By Emily Oster
    OCTOBER 31, 2022

    https://www.theatlantic.com/ideas/archive/2022/10/covid-response-forgiveness/671879/

    Nolte: COVID Tyrants at Left-wing Atlantic Beg for Amnesty

    JOHN NOLTE
    1 Nov 2022

    Our COVID oppressors at the far-left Atlantic are now begging for a COVID amnesty in the wake of all their anti-science COVID oppression.

    That’s not going to happen.

    Ever.

    First, never forget the Atlantic is owned by this fascist who did this while you and I weren’t allowed to visit our relatives in hospitals or nursing homes or attend funerals.

    Because I’ve needed both, I’m a big fan of forgiveness and second chances. Before that can happen, however, there must first be an admission of wrongdoing, an apology, accountability, and repentance.

    We’re seeing nothing even close to that from our COVID oppressors. Instead, all we see is lying and gaslighting. The best example is Dr. Anthony Fauci — the COVID opressor’s tin idol — running around saying, Who me? I didn’t call for lockdowns. I didn’t call for school closures.

    https://www.breitbart.com/the-media/2022/11/01/nolte-covid-tyrants-at-left-wing-atlantic-beg-for-amnesty/

    1. Updated Tue, Nov 1 2022 3:28 PM EDT
      Stocks slip as Fed decision looms
      Samantha Subin
      Alex Harring
      We need the labor market to soften and get wage growth down, says Moody’s Zandi
      watch now

      Stocks tumbled on Tuesday as a new month of trading commenced, and traders assessed better-than-expected economic data and what it spells for Federal Reserve policy going forward.

      The Dow Jones Industrial Average fell 30 points or 0.1%. The S&P 500 and Nasdaq Composite shed 0.2% and 0.7%, respectively.

      All the major averages opened higher but turned negative after job openings in September showed a resilient labor market, suggesting the central bank may keep its hawkish stance.

      “Anytime you get good news, the market doesn’t like it because it just means that the Fed is probably going to be tightening more and potentially for longer,” said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research. “We’re still in the bad news is good news cycle.”
      …
      https://www.cnbc.com/2022/10/31/stock-futures-flat-as-indexes-exit-winning-month-and-investors-look-to-fed-meeting.html

      1. Yahoo
        Fortune
        The world’s top stock strategist called markets’ unexpected October rally—what he sees coming next isn’t as pretty
        Will Daniel
        Tue, November 1, 2022 at 9:26 AM·3 min read
        Christopher Goodney—Bloomberg/Getty Images

        After a dismal start to the year, the Dow Jones industrial average just capped off its best month since 1976, defying the forecasts of many Wall Street analysts.

        But not all.

        The world’s top stock market strategist, Morgan Stanley chief investment officer Mike Wilson, foresaw the recent rebound, and he is sticking to his guns about what’s coming next.

        Near the beginning of October, Wilson turned “tactically bullish” on the stock market, arguing that investors had become overly pessimistic about inflation and the Federal Reserve’s interest rate hikes, which meant a rally was likely on the way.

        “Bottom line, inflation has peaked and is likely to fall faster than most expect,” Wilson explained when discussing his previous call in a Monday Thoughts on the Market podcast. “We’ve now reached a point where both bond and stock markets may be pricing in too much hawkishness…This could provide some relief to stocks in the short term.”

        Wilson believes the S&P 500 could reach 4150, or roughly 7% above current levels, during this short-lived run-up—known to market watchers as a bear market rally. But he also made it very clear that the good times are temporary.

        “This call is based almost entirely on technicals, rather than the fundamentals, which remain unsupportive of most equity prices and the S&P 500,” Wilson said. “We realize that going against one’s core view in the short term can be dangerous—and maybe wrongheaded—but that’s part of our job. It’s like a double-breaking putt in golf—hard to make, but you still gotta try.”

        In a separate Sunday research note, Wilson warned that “lower lows for the S&P 500 are still ahead after this rally is over.” And after those lower lows, the CIO expects the S&P 500 will take some eight months to recover back to current levels.

        Don’t forget about ‘fire’ and ‘ice’

        For over a year now, Wilson and his team of strategists at Morgan Stanley have argued that the stock market is facing a toxic combination of economic headwinds, which he calls “fire” and “ice.”

        On one hand, inflation and the Fed’s attempts to combat it with interest rate hikes act as “fire” against stocks, Wilson says, significantly lowering their valuations as costs increase across the board for companies. And at the same time, slowing economic growth, or “ice,” is pulling down consumer spending and corporate earning potential.

        Wilson believes that until this toxic combination is taken into account by companies and earnings estimates are slashed, stocks have further to fall. The CIO has also noted that most companies decided to “punt” on providing any guidance for 2023 earnings in the third quarter.

        As a result, despite weak earnings, 12-month forward earnings per share (EPS) estimates have remained “relatively unchanged.”

        “This is why the primary index [the S&P 500] didn’t go down in our view,” he wrote. “We think the current rally in the S&P 500 has legs to 4000 to 4150 before reality sets in on how far 2023 EPS estimates need to come down.”
        ….
        https://www.yahoo.com/video/world-top-stock-strategist-called-162631029.html

      2. The Financial Times
        Federal Reserve
        Economists warn of deeper US downturn as Fed keeps up inflation fight
        Central bank expected to implement fourth 0.75 point rate rise despite calls for slower pace
        Montage of Fed chair Jay Powell and Federal Reserve logo
        Fed chair Jay Powell has refused to rule out the possibility of a recession in the world’s largest economy
        Colby Smith in Washington October 31 2022

        When Federal Reserve officials last met to set US monetary policy, chair Jay Powell made it clear that a recession in the world’s largest economy could not be ruled out.

        “No one knows whether this process will lead to a recession or if so, how significant that recession would be,” he said at the press conference after the Federal Open Market Committee’s gathering in September.

        As the Fed convenes this week, inflation remains at the highest level in decades and is becoming more embedded, meaning policymakers are set to ratchet up their response and implement the fourth 0.75 percentage point increase in a row while also signalling more tightening ahead. Economists warn that means a more severe downturn is on the cards.

        “Each adverse [inflation] report and each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said David Wilcox, a former Fed staffer who now works at the Peterson Institute for International Economics.

        He added: “Doing more means a higher probability of a recession, and if [it] happens, in all likelihood a deeper recession.”
        …

  39. Looking at the mug shot I would say this boy broke into the apartment just after the three people inside had opened up a big can of whoop@ss for a midnight snack.

    Residents fight back, take down would-be robber in apartment break-in, police say

    By Jordan Gartner
    Published: Oct. 27, 2022

    KOKOMO, Ind. (Gray News) – Authorities in Indiana are investigating an incident where residents were able to fend off a would-be robber.

    The Kokomo Police Department reports officers were called to an apartment complex at about 3:30 a.m. Thursday, with reports of a break-in and burglary in progress.

    Authorities said the incident started when a man, later identified as 18-year-old Marrell B. Tyler, entered an apartment wearing a ski mask and pointed a gun at the three people inside.

    According to police, the residents grabbed Tyler, and a struggle ensued to knock the gun out of his hands. The suspect lost that gun but pulled a second firearm.

    The department said Tyler’s gun went off but did not hit anyone as the group tried to disarm him again. One of the residents then retrieved his gun and held the suspect at gunpoint until officers arrived.

    Kokomo police said the 18-year-old received multiple facial injuries during the struggle.

    Tyler was arrested and is facing a felony burglary charge.

    Authorities said Tyler was transported to the Community Howard Hospital for treatment before being booked at the Howard County Criminal Justice Center.

    https://www.kktv.com/2022/10/28/residents-fight-back-take-down-would-be-robber-apartment-break-in-police-say/

    1. “Looking at the mug shot…”

      Clearly he slipped striking the edge of the kitchen counter before hitting the floor.

  40. Clutch those pearls harder, globalist sh*tbags.

    Lead article on The Hill — Conspiracy theories aided by Musk, Trump soar after Paul Pelosi attack (11/01/2022):

    “False information and conspiracy theories began to circulate online quickly in the days after the break-in and attack on Paul Pelosi at his and Speaker Nancy Pelosi’s (D-Calif.) home in San Francisco on Friday, underscoring the hold such misinformation has on a part of the culture.

    In this case, the conspiracy theories were also spread by some of the most powerful people in the world — Elon Musk and former President Trump.

    Democrats say the ugly pattern involves people with big megaphones like Trump or Musk putting out disinformation, and then seeing that disinformation become fact for millions.”

    Experts?

    “Disinformation experts worry that proposed changes to Twitter’s content moderation procedures such as Musk has proposed could open the floodgates for conspiracies like the one he shared on Pelosi.

    “It’s a pretty radical change when literally the owner of the platform is promoting this false content,” said Kenneth Joseph, an assistant professor of computing science at the University of Buffalo whose area of study focuses on prejudice, bias, social media and news consumption.”

    Who anointed you the gatekeeper of anything, Kenneth Joseph?

    ““As much as we like to think of social media as a public space, we always have to remember that somebody owns these platforms. So when the public space becomes a place where those who own it are pushing this content, we have to rethink whose space is this and what is its purpose.”

    Whose space this is? It isn’t yours, Kenneth Joseph.

    https://thehill.com/homenews/media/3714718-conspiracy-theories-aided-by-musk-trump-soar-after-paul-pelosi-attack/

    And because this is the HBB, have some more links:

    https://www.bitchute.com/
    https://rumble.com/
    https://parler.com/
    https://gab.com/

  42. Clutch those pearls, groomers and kiddie diddlers (i.e. Democrat Party).

    Lead story on Politico — Ads targeting transgender kids flood swing states (11/1/2022):

    “A deluge of radio spots and mailers targeting transgender children is hitting swing-state voters as part of a broad ad campaign directed by prominent Trump administration alums.

    Polling rarely registers transgender-related issues as a top priority for voters, with other topics like the economy and public safety taking the lead in this midterm cycle. But America First Legal, launched by longtime Donald Trump aide Stephen Miller, has plastered airwaves and mailboxes with the issue ahead of the election — all without mentioning candidates currently running for office, as both groups are registered nonprofits.

    Ads targeting transgender children have spread in at least 25 states across the political spectrum — from Texas to Illinois to Michigan — in the last month, according to the Human Rights Campaign.

    America First Legal has made more than $4 million in radio buys across Atlanta, Philadelphia, Pittsburgh, Cleveland and Detroit — cities in competitive states with significant Black populations. The radio ad features a man speaking over ominous music, claiming that children have been pushed to take puberty blockers and get gender-affirming surgery.

    “The Biden administration is pushing radical gender experiments on children,” the narrator says in the original radio spot. “Tell Joe Biden and left-wing leaders across America, ‘Hands off our kids.’

    https://www.politico.com/news/2022/11/01/ads-targeting-transgender-kids-swing-states-00064505

    The libertarian attitude of nobody cares what consenting adults do in the privacy of their bedrooms died when these globalists started coming after the kids.

    Under Marxism, children are the property of the state. And if you object, you will get tossed in the January 6th gulag.

    Not for much longer, globalists. This isn’t your country. You’re not American, and you need to leave…

  43. The Associated Press is globalist scum media.

    Associated Press — Elon Musk Emerging As Twitter’s Chief Moderator Ahead Of Midterms (11/1/2022):

    “Days after taking over Twitter and a week before the U.S. midterm elections, billionaire Elon Musk has positioned himself as moderator-in-chief of one of the most important social media platforms in American politics.

    Musk has said he won’t make major decisions about content or restoring banned accounts before setting up a “content moderation council” with diverse viewpoints. But his own behavior as a prolific tweeter has signaled otherwise.”

    Reddit: Why don’t you build your own Twitter?

    Hey Blue Checkmark, your wife’s bull is hungry, why don’t you go make him a sandwich.

    “He’s engaged directly with figures on the political right who are appealing for looser restrictions, including a Republican candidate for Arizona secretary of state who credits Musk with enabling him to begin tweeting again after his account was briefly suspended Monday.

    Musk even changed his profile to “Twitter Complaint Hotline Operator” — with a photo of himself when he was a toddler holding a telephone. But it is almost impossible for those outside of Twitter to know what strings he is pulling or whose accounts have been suspended: The company has stopped responding to media questions, except for the few that Musk answers by tweet.

    One of Musk’s first big moves was an open letter to advertisers — Twitter’s chief revenue source — promising that he would not let Twitter descend into a “free-for-all hellscape” as he follows through with his plans to promote free speech on the platform. And he’s suggesting asking users to pay $8 for a coveted verified blue check mark as a way to diversify revenue.

    The check mark has been criticized as a symbol of elitism on the platform. But its primary purpose has been to verify that accounts in the public eye — such as politicians, brands and journalists — are who they say they are. It’s been a tool to prevent impersonation and help stem the flow of misinformation.”

    https://www.huffpost.com/entry/elon-musk-twitter-midterms-moderation_n_63618f92e4b0ae77bc1f1957

    $8 for a Blue Checkmark?

    “They’re not sending their best”

  44. ‘Like a preacher, Lowe described inflation in terms a sinner could easily understand. ‘It is a scourge. High inflation devalues your savings. It worsens inequality in our society and it undermines our living standards. It hurts us all by impairing the functioning of our economy’

  45. ‘Myers said he has heard talk of a 20% drop in prices for new construction. ‘And it sounds really harsh, but when we were looking back, because our construction costs have gone up so rapidly, we only have to dial back a little over a year to be 20% less than we are now,’ Myers said. ‘So to think about, well, we’re just going to go back to 2020 doesn’t sound nearly as crazy as a 20% price correction. But I think it definitely has to happen if we’re going to get velocity back’

    Acceptance <- Gene you are here. Funny how much faster he got there.

  47. President of El Salvador on Tucker tonight saying destruction of U.S. cities being done by design.

    “the demise of the U.S. has to come from within”

    “the enemies have to be inside”

    “cities that were pristinely beautiful thirty years ago are a wasteland”

    “when you look how the cities are eroding so fast, this has to be by design”

    “who would make so many stupid decisions?”

    “ok, we’re gonna give you money for drugs”

    “they are literally giving people drugs in some U.S. cities”

    “we’re going to give you money if you don’t work”

    “They have high crime, ok I have a solution let’s defund the police”

    “Lets allow shoplifting up to this amount”

    ‘They make the decisions openly, I mean it’s not even a secret”

    “we all know what will be the consequence of it”

    “When they see more problems they say oh we need more of these solutions that caused the problems in the first place”

    “You would think these people, they can be so dumb, of course they’re not they are smart, they are very smart people. So why are they doing this? It’s by design, it has to be by design there is no other logical explanation”

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