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Historical Precedent Suggests The ‘Last Batch’ Of Buyers Often Become Resentful

A report from NPR. “‘People are stuck,’ says Lawrence Yun, chief economist with the National Association of Realtors. Yun and others describe the market as frozen, one in which home sales activity has declined for 10 months straight, according to NAR. It’s the longest streak of declines since the group started tracking sales in the late 1990s. At an open house for a charming starter home in Hollywood one recent weekend, agent Elijah Shin didn’t see many people swing through like he did a year ago. ‘A year ago, this probably would’ve already sold,’ he says. ‘This home will sell, too. It’s just going to take a little bit longer.’ Or a lot longer. The cottage first went on the market back in August. Four months later, it’s still waiting for an offer.”

From Money. “Lawrence Yun, chief economist at NAR thinks the 30-year mortgage rate will end 2023 at around 5.5%. ‘I think the peak has already occurred and we are on a downward path,’ said Yun, during the Real Estate Forecast Summit.”

From Mansion Global. “If you’ve ever wished to live in a house where no one has cooked a meal or taken a bath before you, 2023 may be your year. Newly built homes grew to represent an increasing share of homes for sale in the U.S. this year up to a record high of 29% of single-family listings during the third quarter of the year, according to Redfin. ‘In the Raleigh [North Carolina] market, we have more newly built homes available now and 37% of new single-family homes have sold for less than the asking price in the past 90 days,’ said Deb Brown, a real estate agent with Century 21 Triangle Group in Raleigh. ‘But some of this may be due to the fact that it’s the end of the year and builders are trying to get inventory off their books.'”

“Whether you’re looking in a market with a large or limited supply of newly built homes, real estate agents say you can negotiate with the builder. ‘Be brave and ask for a price reduction—all they can do is say no,’ said Tracy Kasper, owner of Berkshire Hathaway HomeServices Silverhawk Realty in Boise. ‘But typically, it’s better to negotiate on financial incentives, upgrades or a landscape package.'”

From Marketplace. “We’re in a very different housing market, said Igor Popov, chief economist at the online rental marketplace Apartment List. ‘It’s like the housing market stepped out of a sauna in 2021 into a cold, air-conditioned room in 2022,’ he said. ‘It felt good at first, but now it’s really cold.'”

From Bankrate. “‘The housing recession is here,’ says Marty Green, principal at mortgage law firm Polunsky Beitel Green. ‘The big question now is how quickly it spreads to the rest of the economy.’ Adjustable rate mortgages are growing more tempting, but Greg McBride, CFA, Bankrate’s chief financial analyst says borrowers should steer clear. ‘Don’t fall into the trap of using an adjustable-rate mortgage as a crutch of affordability,’ says McBride. ‘There is little in the way of up-front savings, an average of just one-half percentage point for the first five years, but the risk of higher rates in future years looms large. New adjustable mortgage products are structured to change every six months rather than every 12 months, which had previously been the norm.'”

From Lew Sichelman. “Buyer’s remorse is likely to take on a more sinister turn in the coming months, as people who purchased their houses at the top of the market take out their frustrations on their real estate agents. Historical precedent suggests that as housing values stagnate and then fall, the ‘last batch’ of buyers often become resentful – so much so that they may lash out at their agents or other professionals involved in the process, according to Victor Insurance Managers. The firm, a major vendor of errors-and-omissions policies to agents and brokers, said that realty companies should expect to see a jump in the number of lawsuits filed against their agents in the coming months. When tempers rise, matters ordinarily considered minor inconveniences could become major issues to be litigated.”

“As the firm points out, agents who are sued in these market conditions face no greater liability of being found at fault than they would any other time. But that doesn’t lessen the ordeal of defending themselves in a court of law. Some builders are even offering cash bonuses or higher commissions to agents who bring buyers to their doors. Now, price cuts are imminent – or already taking place, said Ben Caballero of HomesUSA. The Dallas-based brokerage lists new homes for sale for more than 60 builders in the four major Texas markets. ‘Builders offer the incentives and bonuses before lowering prices,’ Caballero told me. ‘They are now lowering prices.'”

From Community Impact in Texas. “As the housing market in Round Rock, Pflugerville and Hutto continues to normalize, the area is seeing lower prices and higher inventory levels, according to the Austin Board of Realtors’ November market report. The report shows the median price of a home sold across all three cities in November was $431,000—the lowest median price so far in 2022. That price is down 5.87% from $457,876 the previous month and up just 0.81% from $427,550 in November 2021. Round Rock, Pflugerville and Hutto combined had 1,169 active home listings in November, up more than threefold over 372 listings last November.”

From Alabama.com. “‘The market here is not going to collapse,’ said Tim Knox of Revolved Realty. ‘That’s not what we have going here, Everybody’s in agreement. Next year is probably going to start off a little slow.’ ‘The market has been irrational,’ said Bennie Waller, William Cary Hulsey Faculty Fellow with the Department of Economics at the University of Alabama. ‘I just think we’re going to see a reversion to the middle.'”

“‘We’re seeing prices kind of come back down a little bit,’ Knox said. ‘Prices here really peaked in October. They were down a little bit toward the end of October. They actually had gone up just a little in Madison. Huntsville’s kind of flat. This isn’t the bottom falling out. It’s really prices settling back down to reasonable levels.'”

From The Real Deal in Illinois. “Chicago housing prices are getting hit harder than they have in a decade by rising interest rates. Data from Illinois Realtors found that the median price of a home sold in Chicago last month dropped more than 6 percent from the same time last year, Crain’s reported. The decline is the steepest tumble Chicago home prices have taken since November 2011, when the housing market was recovering from the Great Recession’s housing crash and foreclosure crisis.”

“Only 1,522 homes in the city of Chicago sold in November, which is the lowest number in more than a decade. Sales were down by more than 36 percent year-over-year in the city and 35 percent in the larger area. The steep drop aligns with the nationwide number of homes sold dropping by 35.4 percent last month.”

The New York Post. “A newly built Southampton home that’s on the market for $14.98 million is facing foreclosure after allegations that the owners defaulted on their mortgage and now owe $6.9 million. An anonymous Cayman Islands company, Blue Sky Ltd., is pursuing the foreclosure in federal court in addition to the UCC sale to assure that they get paid, according to the Real Deal. Court documents allege that Mark and Nicole Gallagher of Port Jefferson Station defaulted on their mortgage on Oct. 1, 2021, citing multiple judgments and tax liens.”

“The two purchased the land for $1.02 million in 2017. The home was completed by 2021. The home initially listed for sale in Feb. 2021 for $18 million. If successful, Blue Sky Ltd. will take possession of the six-bedroom, eight-bathroom estate, located at 145 Wickapogue Rd., which spans 10,000 square feet. While the loans remain in default, interest rates skyrocket to a whopping 24%. The loan was sold several times before landing in the hands of Blue Sky, TRD said. The Gallaghers are now in a race to sell the home before the UCC sale, which is expected to take place on Jan. 12. Potential buyers have until Jan. 10 to submit a bid.”

From Better Dwelling. “Canadian real estate is in the largest bubble the county has ever experienced. RBC warns that housing affordability has eroded right across the country in November. In a research note to investors, the bank explains it’s now even harder to buy a home than during the 1980s bubble. A correction is now required to stabilize the economy, and even then it won’t be quick.”

“Canadian households have never needed to spend a larger share of their income to own a home. November home buyers would need to spend 62.7% of their household income to service a mortgage. It’s 14.5 points higher than last year, an incredibly sharp increase, and that’s right across the country. The bank emphasized the country has never seen affordability erode to this level. Not in the 1990s bubble. Not even the 1980s bubble, when mortgage rates briefly rose above 14%. This is a challenge Canada has never seen before, and it’s no longer just a Toronto and Vancouver issue.”

“Every market in Canada is seeing homeownership spiral, but not like Ontario and BC. In Toronto a household needs to spend 85.2% of its income to service a mortgage. Nearly a third of that increase occurred over the past two years, as prices surged. RBC sees the market giving back some of those gains not so far into the future. Meanwhile in BC, its major real estate market is now one of the hardest markets to buy in the world. Vancouver buyers need to dedicate 95.8% of their income to service a mortgage. No other generation in Canada’s history has ever seen home prices outrun the incomes on such a scale. ‘It will likely take years to fully reverse the tremendous deterioration that took place since 2021,’ said Robert Hogue, RBC’s assistant chief economist.”

From Globes. “So far in 2022, there have been 224 homes bought for more than NIS 10 million, according to the Israel Tax Authority including eight deals worth more than NIS 30 million. But this is less than half the number of homes bought for more than NIS 10 million in 2021 and 2023 is likely to see even less deals. Past experience has shown that the high-end market jumps quickly, as we saw in 2020-2021, but also that fades quickly. The rapid contraction of 2022 is reminiscent of the real estate crisis that hit the country in the first decade of the 2000s. At that time, there was talk of a very large decrease in the number of deals, sometimes even accompanied by sharp price drops.”

The Herald Sun in Australia. “Sellers who strike it rich — especially in a short amount of time — are often celebrated in real estate. But there is, of course, a sadder side to the market. Victorian vendors who copped significant losses on the property market after buying homes in 2021 and then selling in 2022 have been revealed in new PropTrack data. Check out the residential biggest re-sale losses between 2021 purchases and 2022 sales below.”

“6 Montpellier Drive, Avondale Heights. BOUGHT FOR: 9/12/2021 $1.175. SOLD FOR: 25/10/2022, $915,000. 11 Viola Ave, Brooklyn. BOUGHT FOR: 1/7/2021 $905,000. SOLD FOR: 27/4/2022, $720,000. 20 Balonne Close, Taylors Lakes. BOUGHT FOR: 11/6/2021, $1.2m. SOLD FOR: 27/4/2022, $985,000. 17 Tamar St, Ringwood North. BOUGHT FOR: 4/12/2021, $1.07m. SOLD FOR: 5/10/2022, $900,000.”

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This Post Has 124 Comments

  1. ‘That price is down 5.87% from $457,876 the previous month and up just 0.81% from $427,550 in November 2021’

    More sh$tholes rolling over YOY. Hello Austin, Chicago!

  2. ‘Don’t fall into the trap of using an adjustable-rate mortgage as a crutch of affordability,’ says McBride. ‘There is little in the way of up-front savings, an average of just one-half percentage point for the first five years, but the risk of higher rates in future years looms large. New adjustable mortgage products are structured to change every six months rather than every 12 months, which had previously been the norm’

    It is different this time.

  3. Sellers who strike it rich — especially in a short amount of time — are often celebrated in real estate’

    Winnahs!

    ‘But there is, of course, a sadder side to the market. Victorian vendors who copped significant losses on the property market after buying homes in 2021 and then selling in 2022 have been revealed’

    Well fudge.

  4. ‘While the loans remain in default, interest rates skyrocket to a whopping 24%’

    Mark, Nicole, you gotta roll with it. Don’t give it away!

    1. Whatever you do, don’t listen to this knuckle dragging election denying Russian agent antivaxxer perma bear stopped clock doom and gloomer Larry:

      ‘I think the peak has already occurred and we are on a downward path’

  5. The cottage first went on the market back in August. Four months later, it’s still waiting for an offer.”

    Get to sawin’ and slashin’ like you mean it, greedheads. This is as good as it gets.

  6. “buyers need to dedicate 95.8% of their income to service a Mortgage”
    This is going to be interesting to watch. (Enjoy the show)

    1. “buyers need to dedicate 95.8% of their income to service a Mortgage”
      “This is going to be interesting to watch. (Enjoy the show)”

      – The historical mortgage to gross income ratio has been about 25-33% max. This has worked for generations. How on God’s green earth is it even possible to go above 40-50% and “make ends meet?” There’s no $ for anything else. The buyers with these ridiculously high DTIs are just plain stupid, IMHO, and the governments, lenders, and REIC that promote, support, condone, allow this type of lending are evil. Welcome to the modern world. No thanks! Just say no to the insanity!

      “The rich rule over the poor,
      and the borrower is slave to the lender.” – Proverbs 22:7

      “There are 2 ways to conquer & enslave a nation. One is by the sword. The other is by debt.” – John Adams

      “Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.” – Norm Franz, Money & Wealth in the New Millennium: A Prophetic Guide to the New World Economic Order

      “Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal, that there is no human relation between master and slave.” – Leo Tolstoy

      “None are more enslaved than those who falsely believe they are free.” – Goethe

  7. “Lawrence Yun, chief economist at NAR thinks the 30-year mortgage rate will end 2023 at around 5.5%. ‘I think the peak has already occurred and we are on a downward path,’ said Yun, during the Real Estate Forecast Summit.”

    You have zero basis for such assertions, Yun. Interest rates still haven’t caught up with the true rate of inflation.

  8. Historical precedent suggests that as housing values stagnate and then fall, the ‘last batch’ of buyers often become resentful – so much so that they may lash out at their agents or other professionals involved in the process, according to Victor Insurance Managers.

    No surprise that the greedy, reckless FBs who buy into a housing bubble are going to blame everyone but themselves for their disastrous financial decisions. ZERO accountability for these degenerate gamblers.

  10. If successful, Blue Sky Ltd. will take possession of the six-bedroom, eight-bathroom estate, located at 145 Wickapogue Rd., which spans 10,000 square feet

    And then you’re going to invite us all over, right BlueSky?

  11. The firm, a major vendor of errors-and-omissions policies to agents and brokers, said that realty companies should expect to see a jump in the number of lawsuits filed against their agents in the coming months.

    This legal drama could be avoided if realtor “clients” were required to sign disclaimers affirming their understanding that realtors are liars.

  12. “‘The market here is not going to collapse,’ said Tim Knox of Revolved Realty. ‘That’s not what we have going here, Everybody’s in agreement.

    You mean the same liars who refused to acknowledge the first housing bubble bust in ’07 are back in denial mode? That should be a huge red flag for any prospective buyers.

  13. Sales were down by more than 36 percent year-over-year in the city and 35 percent in the larger area.

    Is that a lot?

  14. An anonymous Cayman Islands company, Blue Sky Ltd., is pursuing the foreclosure in federal court in addition to the UCC sale to assure that they get paid, according to the Real Deal.

    Sounds totally legit. I’m going to really enjoy seeing these offshore corporate “investors” end up absorbing huge housing-related loses. Corporations and speculators should be banned by law from buying residential housing.

    1. “Corporations and speculators should be banned by law from buying residential housing.”

      Yes, regarding single family homes.

  15. If successful, Blue Sky Ltd. will take possession of the six-bedroom, eight-bathroom estate, located at 145 Wickapogue Rd., which spans 10,000 square feet.

    As utility costs soar, heating and cooling such monstrosities is going to make ownership of such alligators prohibitively expensive.

  16. In Toronto a household needs to spend 85.2% of its income to service a mortgage. Nearly a third of that increase occurred over the past two years, as prices surged.

    Canada’s WEF puppet regime gave Tiff at the central bank free rein to blow the most insane housing bubble in history, and the same indescribably stupid Canuck sheeple who elected Lil’ Fidel flocked – operative word – to sign up for non-recourse mortgages that are going to be their financial Waterloo. Watching their financial destruction is going to be schadenfreude at its most sublime.

    1. spend 85.2% of its income

      For a brief time, the blissful deluded thought that the house provided 85% of their income.

    2. I wonder how many realize that in Canada mortgage rates automatically adjust every 5 years of the loan.

      Canada….meet the cliff….and it’s a long way down.

      1. mortgage rates automatically adjust every 5 years of the loan.

        or 3. As far as I understand, the rates don’t simply adjust. You need a new loan. Many may not qualify.

  17. 𝗞𝗶𝗿𝗸𝗹𝗮𝗻𝗱, 𝗪𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟵% 𝗬𝗢𝗬 𝗔𝘀 𝗦𝗲𝗮𝘁𝘁𝗹𝗲 𝗦𝗲𝗹𝗹𝗲𝗿𝘀 𝗚𝗲𝘁 𝗧𝗮𝗸𝗲𝗻 𝗧𝗼 𝗧𝗵𝗲 𝗖𝗹𝗲𝗮𝗻𝗲𝗿𝘀

    https://www.movoto.com/kirkland-wa/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘚𝘦𝘢𝘵𝘵𝘭𝘦 𝘣𝘳𝘰𝘬𝘦𝘳 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘏𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘤𝘳𝘢𝘵𝘦𝘳𝘪𝘯𝘨.”

    1. Domestic production slid 3.3% to 266,174 vehicles

      Dealer lots are still ghost towns. I think it’s all by design to “protect margins.” Dealers want to continue scalping people.

    1. Wow, 82-degrees in Palm Desert, CA says Jeremiah Babe.

      In the Columbia Basin we have thick black ice and dense fog that has brought the town to a standstill, eerily quiet for a Monday. However, the forecast calls for warm rain and temperatures near 40-degrees in the next few days that should wash away all the ice and snow. Fingers crossed!

  22. A reader sent these in:

    Clown World ™ 🤡

    NYC

    https://twitter.com/ClownWorld_/status/1606743544177512448

    Credit Card debt is at an all time high, Personal Savings rate is at an all time low. Wen credit crisis?

    https://twitter.com/eliant_capital/status/1607199435477635073

    MarketWatch

    Hit by high inflation, more people turn to GoFundMe to pay for gasoline, groceries and baby formula

    https://twitter.com/MarketWatch/status/1607235273682821120

    The greatest financial scandal of 2022: The collapse of the FTX crypto Ponzi scheme and arrest of Sam Bankman. Investors can breathe a sigh of relief in 2023.

    https://twitter.com/SuburbanDrone/status/1606658663766163456

    CarDealershipGuy

    The hottest car right now is NOT a Toyota or Tesla. The hottest car right now is anything worth $7 to 15K (and in good shape). It’s what 90% of Americans can afford at the moment.

    https://twitter.com/GuyDealership/status/1607036300187648001

    As painful as 2022 was for stock investors… The decline could have a lot further to go if the markets of 1973, 2000 or 2007 will repeat… or worse… the decline during the Great Depression was 90%… 😰 Suggestion: Don’t use margin and keep a healthy cash reserve.

    https://twitter.com/WallStreetSilv/status/1606620712319348736

    To battle inflation with more money printed..🧐 When the unemployment rate increases during 2023, the pressure will be on Congress to expand unemployment benefits, food stamps and stimmy checks. And the Fed will be forced to buy the Treasury bonds to cover the deficits. 🔥🔥🔥

    https://twitter.com/WallStreetSilv/status/1606650909928439808

    Federal Reserve remittances to the US Treasury keep falling 🚨 Normally the Fed sends it’s interest income profits to the US Treasury. Now it is all going to commercial banks that have $2+ trillion parked in reverse repos.

    https://twitter.com/WallStreetSilv/status/1606730614383992832

    As you celebrate Christmas, big brother sees you… excerpt from Edward Snowden’s book…

    https://twitter.com/WallStreetSilv/status/1607066086150742017

    Share of young adults living with parents is the highest since the Great Depression…Or the inverse, adult children supporting their parents at earlier ages. 🧐

    https://twitter.com/WallStreetSilv/status/1606922829097799682

    Terrible Maps

    California explained

    https://twitter.com/TerribleMaps/status/1606450203476852736

    The economy is healing

    https://twitter.com/GRomePow/status/1594536465295323136

    Something is going to $12, but not oil…should we say Merry Christmas?

    https://twitter.com/anasalhajji/status/1606879752509341697

    Rick Palacios Jr.

    Another US home price forecast predicting 20% decline.

    https://twitter.com/RickPalaciosJr/status/1606759946951196672

    Stages in the Real Estate Cycle by Stephen E. Roulac

    https://twitter.com/NewLowObserver/status/1473694032882720779

    Lots of people paid crazy prices when interest rates were 2.5% and they are NEVER going to find somebody to buy the place now for more than they paid. Looking at a condo bought for 360 in 2021. Sold in 2016 for 240. Been listed for 170 days at 440.

    https://twitter.com/NipseyHoussle/status/1606478563418447872

    Aspirations were lofty

    https://twitter.com/NipseyHoussle/status/1606663839520796672

    A-B-B cant go bankrupt? Half their listings in New York, Barcelona, Berlin, Paris and all of Japan have been found to be illegal under local laws, prompting calls for EU wide regulations in 2019.

    https://twitter.com/Stimpyz1/status/1606678087751827456

    A-B-B is also increasingly a target for PI attorneys under the screening laws.If they arrange a rental they are obliged to do a criminal background check on both customers. Guess what happens when they dont?

    https://twitter.com/Stimpyz1/status/1606680431482789889

    The war on short term rentals is just getting revved up

    https://twitter.com/GRomePow/status/1606681573927321600

    The rich get so worried about the poor when they lose their taxpayer provided welfare.

    https://twitter.com/GRomePow/status/1606707414585470976

    Many will tell you that one’s home is not an asset…If that’s true, then how did I spend the past 7 years leveraging my home’s equity to acquire 3 additional income properties, worth a combined $2.6M, that cash-flow more than $6K/mo…?

    https://twitter.com/Fire5280/status/1473688119207673873

    Who is going to service these visitors when there is no workforce housing in a hundred mile radius? In my resort town restaurants are closed 3-4 days a week now, hospitals bus in workers from 75 miles away. We have to buy condos for our ee’s & discount rent to keep them.

    https://twitter.com/greatmundanee/status/1606691584145494016

    Just put all the STR permits in a pile and have a Mile High FIRE

    https://twitter.com/Stimpyz1/status/1606693496752320523

    “A parliamentary review into the RBA has questioned the use of interest rates to curb high and rising inflation particularly in light of mounting cost of living pressures on households.”

    Reliance on the housing market has broke this country.

    https://twitter.com/AvidCommentator/status/1606226985272938496

    Friday afternoon one of my relatives got a message from the agent managing their rental, their rent is going up 20%. Merry Christmas. And the rental component is getting its weighting reduced in the CPI 🤷‍♂️

    https://twitter.com/AvidCommentator/status/1606462270951010305

    Its interesting looking at rental markets around the world. In some nations where stimulus was relatively minimal during the pandemic rental increases have been roughly at trend to non-existent. While in much of the developed world rents are going to the moon.

    https://twitter.com/AvidCommentator/status/1606490617781325824

    In my last Substack article for the year, I take the temperature of the Aussie property market. In the analysis I look at debt servicing ratios, immigration, fixed mortgages expiring and more. I hope you enjoy it and thank you for your readership in 2022

    https://twitter.com/AvidCommentator/status/1606163495254429697

    Ali Wolf

    Our millennial survey last year had only 5% of respondents that said they were “waiting for prices to drop” as a reason they were renting. This year, our preliminary results show 57%! Amazing how quickly affordability and market perception can change

    https://twitter.com/AliWolfEcon/status/1605964675589361671

    1. Many will tell you that one’s home is not an asset…If that’s true, then how did I spend the past 7 years leveraging my home’s equity to acquire 3 additional income properties, worth a combined $2.6M, that cash-flow more than $6K/mo…?
      This tweet is from Dec. 21, 2021. I wonder what he will be tweeting related to his housing empire in Dec. 2023,

    2. There is probably an interesting story behind the scenes to explain the unprecedented sharp negative plunge towards the end of this figure. It seems like something suddenly broke loose which may trigger other breakages in systemically linked entities.

      Liabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury: Wednesday Level (RESPPLLOPNWW)
      2022-12-21: -16,040 | Millions of U.S. Dollars | Weekly,
      As of Wednesday | Updated: Dec 22, 2022
      https://fred.stlouisfed.org/series/RESPPLLOPNWW

    3. “Share of young adults living with parents is the highest since the Great Depression…Or the inverse, adult children supporting their parents at earlier ages. 🧐”

      Both equate to shrunken housing demand and lower future market values than with generations living independently.

    1. John D Rockerfellers father was a con artist
      selling fake snake oil treatments, even pretending he was a medical doctor.

      So, the unfortunate happenstance that John D Rockerfeller got into the oil game, in which his monopoly model of business made him the richest man in the US.
      Rockerfeller expanded into the medical business in creating the Monopoly Cartel of
      the Pharmaceutical based medical system by the elimination and destroying of all other forms of medical healing, just like he did with the oil business.

      Rockerfeller IMHO , and his monopoly model of destroy the competition, probably stopped innovation in the energy and the medical fields.

      So, for over 100 years the Public was socially engineered into Big Pharmacy, that became the third cause of death in US in recent decades. Big Pharmacy is the biggest advertisers and biggest lobby in Washington DC. Health care came to extract over 4 trillion a year in US by Commie Obamacare. The Pharmacy Business has immunity with vaccines, thanks to Politicians..
      And now the corrupt medical system shut down the world and forced fake vaccines on
      global populations, for what purpose is the question.
      Hard to get ones head around how medical tyranny is being used as a weapon of mass destruction .
      Rockerfellers father was a snake oil salesman fraudster, where that original evil now translate into a means of taking over the world by people who are committing mass murder.
      Unfortunately, John D Rockerfeller is one of the most evil forces in history.

      1. global populations

        We don’t hear much from the parts of the world that couldn’t afford the “vaccines”.

        1. Unrecorded chronic pulmonary diseases take the lives of so many in the 3rd world that it would be impossible to isolate any specific cause of death.

    1. Russia Today — US spies pushed Twitter to censor ‘anti-Ukraine narratives’ (12/25/2022):

      “The Pentagon, CIA and other US intelligence and law-enforcement agencies became increasingly “more aggressive” with takedown requests, the latest trove of Twitter files has revealed. The documents suggest the agencies were effectively pushing the platform to censor foreign-policy stories that ran against the Washington-approved narrative.

      “The files show the FBI acting as doorman to a vast program of social media surveillance and censorship, encompassing agencies across the federal government – from the State Department to the Pentagon to the CIA,” journalist Matt Taibbi wrote in the Christmas Eve edition of the Twitter Files, released with the blessing of the social media platform’s owner, Elon Musk.

      https://www.rt.com/news/568879-twitter-files-cia-collusion/

      Zelensky is not a Christian.
      Secretary of State Blinken is not a Christian.
      Attorney General Garland is not a Christian.

      And BTW, why was Merrick Garland in the room with Zelensky, Blinken, and various other military and State Department personnel last week? What does the head of the Department of Justice have to do with foreign policy?

      Oh, wait. Stop noticing.

      P.S. Russia is winning.

  28. Subprime & deep subprime make up 23% of all auto loans. Wait until millions of idiots who massively overpaid for new and late model used cars during the “chip shortage,” while stimmy checks were raining down like manna from heaven, decide they’re better off letting their cars be repoed, then replacing them with beaters purchased at firesale prices once repo and dealer lots are overflowing.

    https://twitter.com/GuyDealership/status/1607395255980105730?cxt=HHwWhIC95YHezs4sAAAA

    1. It is my understanding that if your car is repo’d and the banks sells it for less than what you owe on it, that they can come after you for the difference.

      1. This is going to be a dilemma for the Democrats, since they promote and enable irresponsibility and deadbeat behaviors for their voting base, but get most of their donations from the financial sector.

      3. So many cars are financed by the credit arm of the manufacturers (fmc, gmac, etc.) these days, and they typically charge-off the uncollected balances. The feds wouldn’t bail them out if they implemented draconian collection measures. Used car lending is a completely different story.

    1. Governor Kathy Hochul towers over Buffalo police chief as he reads his employer’s scripted message. He says several looting incidents were reported, not arrests made. Another obedient cuck!

  32. “‘People are stuck,’ says Lawrence Yun, chief economist with the National Association of Realtors.”

    People do have a tendency to get stucco with real estate they can’t sell for the price they would like. It’s a highly illiquid asset on the way down.

    “Yun and others describe the market as frozen, one in which home sales activity has declined for 10 months straight, according to NAR.”

    Sounds like 2023 is going to be tough for relitters.

    “It’s the longest streak of declines since the group started tracking sales in the late 1990s.”

    Might this be a sign that the historic housing bubble that took off in the late 1990s is finally coming to an end?

      1. Any jab that generates the spike protein, mRNA or not, is dangerous. Many firms realized this early on and stopped working on covid jabs. Only the most unethical continued, and lied through their teeth when they said they were safe and effective.

        1. It does, but if your immune system is healthy it won’t get past the mucous membrane in your lungs. The “vaccine” skips the primary immune system protection and goes right into the muscle tissue. From there to all your organs. Then you get your protein good and hard, along with plenty of unnatural and dangerous things that come from the way they manufacture it. Leaves your immune system all effed up.

          Alison Morrow. How do Covid vaccines affect the immune system? Stephanie Seneff.

          It’s a bunch of ill advised experiments all rolled into one.

        2. Sorry folks. ‘Covid’ itself has never been actually verified to exist. The fake vaccines were based on bogus data from the Chinese in early 2020.

          What is actually Covid was the 2020 seasonal flu.

          Good luck!

          3. Wouldn’t doubt it. I had a flu in the early 2000s that five days in I suddenly realized I felt so awful I might die and that I had screwed up not going to the doctor. Next morning, I woke up over it. Very scary.

        3. The spike protein is toxic. With mRNA AND DNA jabs, your cells become spike protein manufacturies. What do you not understand about that?!

          1. your cells become spike protein manufacturies

            In the early days of the jab, this was sold as a good thing: that your own body was now a “vaccine factory”, and that this new technology was going to obsolete conventional vaccines.

  34. This is a Mass Formation Psychosis article.

    New York Times — The Last Holdouts (12/26/2022):

    “It can be tough being a committed mask wearer when others have long since moved on.

    Like many of the dwindling group of Americans still taking precautions like masking indoors and limiting face-to-face interactions, Mx. Cherry, who uses gender-neutral courtesy titles and pronouns, had been fielding nudges to return to pre-Covid routines from all corners. Doctors’ offices that have dropped mask protocols encouraged Mx. Cherry to come in for a physical exam. Friends suggested repeatedly that gathering on the porch might be safe enough. And there was President Biden, who in remarks on CBS’s “60 Minutes” had declared the pandemic “over.”

    But when the board-game organizer finally asked this month if Mx. Cherry was ready to go back to gathering on the Cornell University campus, Mx. Cherry fumbled for an answer. The online gaming group on Saturday afternoons had become a key social outlet for Mx. Cherry, who has remained largely confined at home with Nathanael Nerode, Mx. Cherry’s partner, since March 2020 because of an autoimmune disorder that raises the risk of a severe outcome from Covid.”

    https://archive.ph/zMS4v

    A tranny with an autoimmune disorder?

    “They’re not sending their best”

    1. The Financial Times
      Markets
      Investors rush out of equity funds to end rough year
      Weekly net outflows accelerate after upbeat run in markets
      Fed building
      Scale underscores how Fed’s plan to keep interest rates high next year even as the US economy slows has dented optimism
      George Steer
      December 23 2022

      Investors rounded off a bruising year of rising interest rates and high inflation by retreating from equity funds at the fastest pace in more than two decades.

      New data from EPFR show a net withdrawal of nearly $42bn from global equity funds in the week to Wednesday, with the Federal Reserve’s subsequent warning that borrowing costs are unlikely to fall until 2024 denting what little festive cheer remained.

      Analysis of the data by Barclays shows this is the biggest outflow from products including exchange traded funds in the asset class since 2000, and marks only the second example, after the same week last year, of weekly outflows exceeding $40bn, despite the 15 per cent jump in global stocks from mid-October to the start of December.
      …

    2. Global equity funds see biggest weekly outflows since March 2020 -Lipper
      Credit: REUTERS/ANDREW KELLY
      December 23, 2022 — 09:11 am EST
      Written by Patturaja Murugaboopathy for Reuters

      Dec 23 (Reuters) – Global equity funds have recorded their biggest weekly outflows since March 2020, hit by recession fears as central banks vow to keep interest rates higher to tame inflation.

      Data from Refinitiv Lipper showed a net withdrawal of $33.6 billion in the week to Dec. 21.

      The U.S. Federal Reserve and the European Central Bank raised interest rates in their final policy decisions of the year last week, with the Fed Chair saying the central bank would deliver more hikes in 2023 to combat inflationary pressures.

      The Fed has delivered 400 basis points (bps) of rate hikes this year, and the European Central Bank a record 250 bps.
      …
      https://www.nasdaq.com/articles/graphic-global-equity-funds-see-biggest-weekly-outflows-since-march-2020-lipper

    1. The Financial Times
      European Central Bank
      Leading ECB policymaker hints at sharp climb to peak rates
      Dutch governor Klaas Knot signals European Central Bank will keep raising rates as ‘second half’ of tightening cycle begins
      Klaas Knot, head of the Dutch central bank: ‘The risk of us doing too little is still the bigger risk’
      Martin Arnold in Amsterdam yesterday

      A veteran member of the European Central Bank’s rate-setting council believes it has only just passed the halfway point of its tightening cycle and needs to be “in there for the long game” to tame high inflation.

      After more than a decade of aggressive easing, 2022 was the year when many leading central banks began to raise rates in response to soaring prices. The ECB increased borrowing costs by 2.5 percentage points, capping the year with its fourth rise in a row to leave its benchmark deposit rate at 2 per cent.

      Klaas Knot, head of the Dutch central bank and one of the governing council’s more hawkish rate-setters, told the Financial Times that, with five policy meetings between now and July 2023, the ECB would achieve “quite a decent pace of tightening” through half percentage point rises in the months ahead before borrowing costs eventually peaked by the summer.
      …

    2. Fed Raises Rates Half a Point To Wrap Up 2022, Warns Additional Increases Are Coming
      Yaёl Bizouati-Kennedy
      December 14, 2022·7 min read

      In a move that was widely anticipated — especially since Chair Jerome Powell’s Brooking Institute speech last month — the Federal Reserve unanimously said it will raise interest rates by half a point for its last meeting of the year.
      …
      “The Fed is taking away the punchbowl just as the party was getting started. Despite a lower-than-expected CPI inflation report yesterday, the Fed’s statement today signals that they are going to be even more restrictive than they had previously indicated,” said Chris Zaccarelli, CIO, Independent Advisor Alliance. “The market had rallied all week, punctuated by a big jump in stock prices after Tuesday’s CPI inflation report, but it quickly fell once it became clear that the Fed is planning to hold rates higher for longer.”
      …
      https://finance.yahoo.com/news/fed-raises-rates-half-point-204046968.html

    3. How far will the market correction go?
      December 22, 2022 | Market news

      Key takeaways
      – A bear market – defined as a decline of 20% or more – hit U.S. stocks in 2022.
      – The significant policy shift by the Federal Reserve in early 2022 was a major factor that led to the latest bear market.
      – Investors should anticipate a volatile equity market environment to persist in 2023.

      U.S. stocks, as measured by the benchmark S&P 500 index, moved in and out of “bear market” territory repeatedly in 2022. After first dropping into a bear market in June of 2022, and then partially recovering, stocks slipped again and reached a new low for the year in September 2022. What is a bear market? A bear market is defined as a decline that exceeds 20% of the peak value of the index. The technology-heavy NASDAQ Composite Index (which includes about 3,000 common equities) and the Russell 2000 Index of small-cap stocks also experienced bear markets in 2022. And the U.S. was not alone. For much of 2022, stocks worldwide were down significantly as well. A key question is whether the markets can sustain a recovery, or if further declines could occur in 2023.

      Stock market downturns occur periodically, and for various reasons. Sometimes the changes are related to excessive market valuations after an extended bull market. In other cases, they may be due to external events which overwhelm other fundamental factors that traditionally drive stock market performance.

      “The market’s downturn in 2022 can be attributed to the rising level of uncertainty for investors,” says Rob Haworth, senior investment strategy director at U.S. Bank Wealth Management. Three key events contributed to the environment, including persistently high inflation, a significant change in monetary policy by the Federal Reserve and the economic fallout from Russia’s invasion of Ukraine. Other contributing factors were continued uncertainty created by the presence of COVID-19 and a contentious election season in the United States.
      …
      https://www.usbank.com/investing/financial-perspectives/market-news/is-a-market-correction-coming.html

    4. Cathie Wood’s Ark Innovation ETF Just Hit a 5-Year Low: Will It Rebound?
      By Dan Caplinger – Dec 23, 2022 at 1:35PM

      Key Points

      High-growth innovation stocks have suffered big declines in 2022.
      The Ark Innovation ETF invests in many of those stocks, and it fell to its lowest levels in five years recently.
      Ark Invest leader Cathie Wood believes the stocks in that ETF will rebound sharply in the years to come.
      …
      https://www.fool.com/investing/2022/12/23/cathie-woods-ark-innovation-etf-just-hit-a-5-year/

    5. The money party is over
      No one was celebrating in 2022’s economy.
      By Emily Stewart
      Dec 26, 2022, 7:00am EST
      A messy hotel room after a party.
      You’re sober. Go home.

      If you got into investing in mid-2020 or in 2021 — which many people did — you probably had a nice time. Stocks soared after the market crashed at the onset of the pandemic. Crypto took off, too. The meme stock craze driven by GameStop and AMC was comically profitable for some, at least while the joke lasted. NFTs were pretty completely made up, but hey, they were worth a lot of money. And isn’t all money just made up, anyway?

      The situation certainly felt like a bubble, but it was a fun bubble to be in, as many bubbles are. It can feel like quite the party. It’s less fun when the bubble bursts … which is where we landed in 2022. The line that kept going up suddenly couldn’t stop going down.

      It has been a rough stretch for the economy overall. For stock market investors, major indexes like the S&P 500, the Dow Jones Industrial Average, and the NASDAQ are all set to end the year in the red. Crypto winter is most definitely here. The housing market is in trouble, and mortgage rates, which have been low for years, are climbing. Inflation is at a 40-year high, cutting into recent wage gains. The Federal Reserve’s fight against inflation by increasing interest rates is threatening to throw workers out of jobs and push the country into recession. Americans, on the whole, still have hundreds of billions of dollars in excess savings built up during the pandemic, but they’re spending that money down.
      …
      https://www.vox.com/the-goods/2022/12/26/23517732/stock-market-economy-inflation-crypto-2022-in-review

      1. “And isn’t all money just made up, anyway?”

        Yes, that’s about what I’d expect from an MSM “expert” on money.

    6. This is How Much Money Crypto Billionaires Have Lost in 2022
      Arslan Butt
      Last updated: December 26, 2022

      The year 2022 has been difficult for the cryptocurrency market and crypto billionaires. Because of the market’s trillion-dollar meltdown, it was a difficult financial year. One estimate claims that crypto billionaires lost 116 billion USD this year. Investors who were let down have filed several lawsuits to recoup their losses.

      The loss reflects the aggregate personal equity of 17 community members, more than 15 of whom have lost more than half of their wealth since March. Furthermore, ten names were removed from the list of cryptocurrency billionaires.

      One of the massive losses was attributed to Changpeng Zhao (CZ), the founder and CEO of Binance. Notably, CZ was the crypto billionaire who experienced the greatest net loss, with an $82 billion drop in net worth.
      …
      https://www.business2community.com/crypto-news/this-is-how-much-money-crypto-billionaires-have-lost-in-2022-02594125

    7. The Financial Times
      Opinion Cryptocurrencies
      What this year in crypto has taught us
      Saying I told you so is not much use, but the market implosion holds some real lessons
      Jemima Kelly
      Ben Hickey illustration of flies circling bitcoins stuck in a pile of manure
      Jemima Kelly December 21 2022

      At various points over 2022 — particularly since the collapse of the terra/luna ecosystem in May, and then the FTX exchange in November — people have suggested I take some sort of virtual victory lap for calling out, over several years, the steaming pile of horse manure that is crypto.

      And I guess I do feel a certain sense of vindication at seeing the market start to implode, having stood my ground against numerous crypto bros telling me to “have fun staying poor”. But I have been reluctant to write an “I told you so”, because I’m not sure that I really did.

      In April, I explained why I was still refusing to take crypto seriously despite many supposedly serious people doing so. (The market has more than halved since then.) In May, I made the moral case against crypto, arguing that it was not just “harmless fun” for the many who couldn’t afford it. (FTX has lost some $8bn, ruining many of its customers’ lives.) And last year, I argued that NFTs were not the future of art or of asset ownership but just the latest crypto get-rich-quick scheme.
      …

    1. indoor propane

      If by “indoor” you mean that the products of combustion remain indoors with you, keep a window open.

    1. Massive Southwest Airlines disruption leaves customers stranded and call centers swamped
      Forrest Brown, CNN • Updated 26th December 2022

      (CNN) — Last week’s winter weather travel mess is lingering like a hangover into this week — and the headaches are migraine-proportioned for Southwest Airlines and its frustrated passengers on Monday.

      More than 3,600 flights within, into or out of the US had already been canceled by 4:10 p.m. ET Monday, according to flight tracking website FlightAware, while almost 5,800 flights had been delayed.

      But Southwest accounts for a whopping share of those. None of the other US carriers have canceled nearly as many flights or as much of their schedule as Southwest.

      The Dallas-based airline had canceled roughly two-thirds of its flights — about 2,700 total — as of 4:10 p.m. Monday, according to FlightAware. At one point, it canceled around 300 flights in the span of a half hour Monday afternoon.

      On social media, customers are complaining loudly about long lines to speak with representatives, problems with lost bags and excessive wait times or busy signals on the airline’s customer service telephone lines.
      …
      https://www.cnn.com/travel/article/flight-cancellations-christmas-2022-winter-storm/index.html

      1. This is what you get when “shareholder value” and obscene salaries for CEOs and senior staff are prioritized above customer service.

  39. I started reading the book “Russia: Revolution and Civil War, 1917-1921” by British historian Anthony Beevor (Viking Books, 2022), and what is notable when compared to other, earlier books on the events of this time period, is what has been omitted.

    The communist Bolsheviks in Russia had a disproportionate number of non-ethnic Russians among their ranks. The book openly discloses that Leon Trotsky’s real name is actually Lev Bronstein, but the hundreds, thousands, of other high ranking Bolsheviks have that information omitted.

    Beevor’s editors at Viking told him to tone down the noticing, or we won’t publish your book, and he complied.

    And BTW there is a reason that Solzhenitsin’s book “Two Hundred Years Together” has never been published in an English translation, but you’re not supposed to notice that.

    2. Hmmm…..are you implying there is a certain group or perhaps tribe behind these affairs? Impossible.

      2. $100 on Ashkenazi “Jews.” AFAICT, Marxism/Communism/Socialism all have roots in Satanism and Ashkenazi’s are fake Jews originating from the Ukraine region.

    3. “Beevor’s editors at Viking told him to tone down the noticing, or we won’t publish your book, and he complied.”

      Is there a footnote reference for this effort?

  40. Will the Fed and other central banks line up to backstop cryptocurrency if Megabank, Inc manages to confer systemically important status to the asset class?

    1. Goldman Sachs and the return of ‘Blockchain not Bitcoin’
      BY Jeff John Roberts
      December 9, 2022 at 7:39 AM PST
      David Solomon, CEO of Goldman Sachs, speaks at an event in Los Angeles
      Goldman Sachs CEO David Solomon onstage in Los Angeles, Oct. 20, 2022

      Here we go again. The CEO of Goldman Sachs, David Solomon, published an op-ed in the Wall Street Journal headlined “Blockchain Is Much More Than Crypto,” which claims there’s a future for the technology—so long as that future gets to be determined by a small group of powerful people. Here’s a selection from the op-ed:

      “I still see blockchain as a promising technology if allowed to innovate under the right conditions. Under the guidance of a regulated financial institution like ours, blockchain innovations can flourish,” Solomon wrote (emphasis mine). “Although some blockchain startups are calling for regulatory oversight, not all have the capability to meet such requirements because they are young organizations.”

      You get the idea. The message from the Goldman CEO, in essence, is that the only way crypto and blockchain can be viable is if they are left to big banks like his.
      …
      https://fortune.com/crypto/2022/12/09/goldman-sachs-and-the-return-of-blockchain-not-bitcoin/

    1. Markets News Report
      Crypto Community Fears For Binance BNB as FTT is Declared Security
      By Oluwapelumi Adejumo
      24 December 2022, 19:13 GMT+0000
      Updated by Paolo Besabella
      24 December 2022, 19:13 GMT+0000
      In Brief
      – Fears have emerged around Binance BNB token following FTT’s declaration a security.
      – Binance CEO said BNB has utility on Binance exchange and is also the native coin on two blockchains.
      – BNB is up 7% over the last seven days.
      …
      https://beincrypto.com/crypto-community-fears-for-binance-bnb-as-ftt-is-declared-security/

  42. Rand Paul’s Annual ‘Festivus’ Report: $482,276,543,907 in Government Waste

    HANNAH BLEAU
    26 Dec 2022

    Sen. Rand Paul (R-KY) on Friday continued the annual tradition of celebrating “Festivus,” airing out his many grievances as it relates to government waste.

    Paul’s 2022 Festivus report highlights $482,276,543,907 in government waste and includes $2.3 million used by the National Institutes of Health (NIH) for an experiment involving injecting puppies with cocaine, $202,000 used by the Department of Defense (DOD) on Starbucks espresso machines, and $3 million for the construction of a Gandhi museum.

    The NIH also wasted a significant amount of money. That includes $2.1 million on encouraging Ethiopians to wear shoes, $2.3 million injecting beagle puppies with cocaine, $1.1 million on “training mice to binge drink alcohol,” over $519,000 using mice to study racial aggression, and $187,500 on “verifying that kids love their pets.”

    According to the report, the pet grant went to Kent State University, which used the funds to apparently “verify that the relationship between pets and children is beneficial to mental health.”

    Other highlights directly from the report include:

    Maintaining 77,000 empty Federal buildings (GSA)………………..………….$1,700,000,000
    Helping illegal immigrants avoid deportation (DHS)……………………….…. $168,000,000
    Overpaying government contractors for a terminated contract (GSA)…………..$69,000,000
    Using COVID relief funds to construct an 11,000 square foot spa……….……. $140,000,000
    Watching hamsters fight on steroids (NIH)………………………..………….…..$3,000,000
    Studying the romance between parrots (NSF)……………..………………………….…$689,222
    A radio campaign telling drivers to stop at railroad crossings (DOT)………………..$200,000

    https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwju0ojxmpn8AhWRTTABHaxRC3UQFnoECBoQAQ&url=https%3A%2F%2Fwww.breitbart.com%2Fpolitics%2F2022%2F12%2F26%2Frand-pauls-annual-festivus-report-482276543907-government-waste%2F&usg=AOvVaw0oslzBsuBkm3EvgbUZdAoF

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