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With Fear That Real Estate Prices Will Drop Without Stopping, Investors Can Tell Themselves To Sell Quickly To Cut Their Losses

It’s Friday desk clearing time for this blogger. “Markets like Phoenix and Las Vegas, which saw a boom in sales during the pandemic, are now experiencing a glut of homes for sale, said Jeff Tucker, senior economist at Zillow. ‘There are a lot of homes on the market, and that does put downward pressure on prices,’ he noted. ‘For sellers, the reality is that the prices that they were hoping to get based on the last few years are simply no longer there,’ explained George Ratiu, manager of economic research at Realtor.com. ‘For buyers, prices have shot up so high in the last two years that even a 10% to 20% discount is not going to get them a bargain.'”

“A year ago, business was booming for Touchstone Living Inc. The Nevada builder had a list of 639 qualified buyers who wanted homes in its development about 15 miles north of the Las Vegas Strip. Today, that list has shriveled to about 30. Owner Tom McCormick said, ‘I’ve never seen it change this fast,’ referring to the rapid decline in sales.”

“The median price of a home in San Diego county has dropped by 10% according to CoreLogic. In November, the median home price in the county was $765,000, just a few months earlier in May, the median home price was $850,000. Coldwell Banker realtor Matt Sorensen showed CBS 8 a 3,900 square foot home in Encinitas that recently had to drop it’s price by $100,000. ‘Look if you want to sell you’re going to have to come down and that’s the bottom line. The most motivated sellers are going to drop their prices until they find the right buyer,’ Sorensen said.”

“It’s been a hard sell because just two years ago we saw a housing boom. ‘They look at their neighbors and go, wait a minute, you’re saying I can only get $800,000 for mine, when six months ago my neighbor got $1 million down the street and it’s the same model match,’ Frank Powell, Incoming president San Diego Association of Realtors said.”

“Tim Yee, president of REMAX Gold Bay Area, has 40 years of experience in California real estate. He described the market over the last few years as, ‘a wild and crazy ride.’ ‘Sellers have to be realistic. Pricing, pricing, pricing. Location will always sell,’ he said. ‘They can’t look a year ago and say my neighbor got this and I want this. They need to see what the most current comparables in the market are.'”

“All of the new homes popping up along Interstate 75 north of Palmetto, along Moccasin Wallow Road in Parrish, and in Lakewood Ranch offer proof that Manatee County’s explosion of growth has not yet run its course. Even so, 2022 may be remembered as the time when growth in the Bradenton area went from a rolling boil to a rapid simmer. In October, existing homes were taking longer to sell, sellers were not always getting their asking price, and there were more homes on the market. ‘We recognize the COVID bump was really an anomalous period,’ said Laura Cole, senior vice president of LWR Communities.”

“The median price of a home sold in Fauquier County as of November 2022 was approximately 14% lower than in November 2021, and the number of homes sold declined 43% from the prior year, according to the Greater Piedmont Realtors. Compared with the prior November, the median home sales price in Fauquier has declined about $77,000, from $539,000 to $462,000. Greater Piedmont Realtors President Kelly Thornton noted that the housing market across the region, including Culpeper, Fauquier, Madison and Rappahannock counties, ‘continued to regress in November, with sales falling over 30% or 55 homes compared to November 2021, to just 122 sales area wide.’ But she noted that on average interest rates have fallen, inventory has increased and median sales prices have fallen over ‘12% to $400,500, setting the table for what we believe will be a strong new year.'”

“Families across Maui County have been priced out of homes, as median home sales prices continued to surpass $1 million this year and high borrowing rates discouraged many buyers. As a result, the housing market has weakened significantly and faces the possibility of a sharper downturn, the report said. Price tags on homes in Maui have already fallen 13 percent since May.”

“Closed home sales plummeted more than 30 percent in Fort Worth and Tarrant County during November compared to a year ago, even as prices continue to decline. The median home price in Fort Worth slid to $333,009, a price level not seen since February, and well below May’s median price peak of $367,000. Similar patterns occurred in Parker and Johnson counties. In Parker County, price declines during November resulted in a median sales price of $431,950, a drop from an April high of $481,800. Johnson County’s median sales price in November was $364,750, down from a June peak of $381,250.”

“Following an announcement last week from the National Association of Realtors that existing home sales in the U.S. declined for the tenth straight month in November, comparisons were drawn between the trajectory of the current market and the market in the lead-up to the last housing bubble. ‘Following the same pattern as last housing bubble: Affordability collapses -> Sales plummet -> Prices decline…,’ Charlie Bilello, CEO of Compound Capital Advisors, tweeted on December 21.”

“In March 2022, the monthly average price for a home in Windsor-Essex peaked at $723,739, but that has sunk back down to $511,275 for November, according to data from the Windsor-Essex County Association of Realtors. That average price was about 10 per cent less than the same time the year before. ‘[The market] was not healthy the last few years at all, but we are definitely seeing a more balanced market right now and as I said in the beginning, the buyers have the upper hand. And I believe that they will continue to have the upper hand going into 2023,’ said Mohamed Heddad, a representative with LC Platinum Realty. ‘The climate at the moment is very favourable toward the buyers, not as much for the sellers.'”

“Home sales and prices have fallen in 2022 as the Bank of Canada raised its policy interest rate. ‘I’ve seen people who buy homes maxed out and they can’t afford furniture when they move in,’ said John Pasalis, president of Realosophy Realty. ‘You don’t want to put yourself in that position where you’re just stretching so much that you’re sleeping on the floor because you can’t afford a bed.'”

“Romania’s housing market is slowing dramatically, amidst slowing demand. On a quarterly basis, Romanian real house prices dropped 4.06% during the latest quarter.”

“Joseph Tsang, Chairman of JLL Hong Kong said, ‘A high level of inventory will intensify the competition between developers in launching new projects. Developers will offer deeper discounts to boost sales. The first launched prices of recently launched projects are already 7% to 13% lower than the average price of secondary projects in the same precinct.'”

“China’s housing affordability problem is so entrenched that the massive crackdown on the once-frothy real estate sector has made little difference for residents such as Qian, a teacher in the high-tech centre of Shenzhen. For nine years, she’s been sharing a two-room school dorm while saving to buy an apartment in one of China’s most expensive cities. Although prices came down about 10 per cent after the recent market crash, her salary has been cut by 9 per cent. She needs to save for a few more decades to afford her own place. ‘I was frightened by home prices when I came to Shenzhen, and all the big policy changes didn’t give me any hope,’ says Qian, 31, who declined to give her full name discussing a sensitive topic. ‘The idea that I might stay as a dorm dweller until retirement terrifies me.'”

“Surging prices and stagnant wages over the last few decades have pushed real estate out of reach for young buyers from Sydney to Stockholm. For 19 countries in the Organisation for Economic Cooperation and Development, the average price-to-rent and price-to-income ratios are higher now than before the 2008 financial crisis. Home prices in Beijing and Shanghai have jumped tenfold and twelvefold, respectively, this century, according to government statistics, after the economic opening prompted more people to park their life savings in real estate rather than in stocks or other investments. The ratio of median home prices to income surged to more than 25 at the end of 2021 in Beijing, compared with about 20 in Hong Kong and just seven in the US, according to research from Nordea Bank Abp.”

“Tran Minh Hoang, deputy general secretary of the Vietnam Association of Realtors, assessed the difficulty of the market in 2023 will remain if interest rates have not been reduced. ‘Real estate prices will be far from reaching the high levels reported before the fever, especially in the context of many fluctuations. If investors hold up well, they can still overcome the difficult period,’  Hoang said. ‘But if their financial capacity is tight, they are forced to reduce the expected price to cut losses. Besides that, with fear that real estate prices will drop without stopping, investors can tell themselves to sell quickly to cut their losses.'”

“At least hundreds of customers burned by the collapses of FTX, Celsius Network LLC and Voyager Digital Ltd. are seeking to sell their cryptocurrency claims at deep discounts so they do not have to wait months or even years to see what they might recover as the platforms move through Chapter 11. Customers and other creditors, holding roughly $1 billion in FTX claims and about $100 million in Celsius claims, have expressed interest in selling them through an online market run by Cherokee Acquisition, a bankruptcy claims broker and buyer, the firm said. ‘[Bankruptcy] takes more time than people can deal with,’ said Vladimir Jelisavcic, founder of Cherokee Acquisition. ‘Some people need or want money now.'”

“Some customers decided to hold on to their accounts. Josh Ragusa, a Voyager customer in California, said, ‘[I’d] rather take my chances with my holdings in the hope that I will be able to recoup my portfolio and that digital currency will again have its day. Hope is a powerful drug.'”

“But for others, the venture into crypto has been a costly, yet valuable, lesson. One customer who sold his claims to Serrur’s fund was Dylan Jones. The California resident collected 16.5 cents on the dollar on his $165,205 Celsius claim through Xclaim. Jones said he opened his account because Celsius promised high returns that he thought ‘were unmatched anywhere else.’ He said he has some regrets ‘about not listening to my inner conscience when the market got rocky. It was a life lesson learned in that there are very few opportunities to rapidly gain wealth without massive risk,’ he said.”

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This Post Has 164 Comments

  1. ‘They look at their neighbors and go, wait a minute, you’re saying I can only get $800,000 for mine, when six months ago my neighbor got $1 million down the street and it’s the same model match’

    Down 200,000 pesos, got it Frank.

    1. Sadly, whoever bought for $1 million has to repay all of it, including the $200,000 that cannot be recovered in a sale. Somebody really got stucco.

  2. ‘In March 2022, the monthly average price for a home in Windsor-Essex peaked at $723,739, but that has sunk back down to $511,275 for November, according to data from the Windsor-Essex County Association of Realtors. That average price was about 10 per cent less than the same time the year before’

    You can see the upcoming YOY comparison will be brutal.

    ‘Mortgage agent Rasha Ingratta agrees that now or in the near future is a good time to buy a home because despite higher interest rates, with home prices being lower, it’s a good time to jump’

    Rasha wa happened to yer hair? I think she slipped on the ice and fell down the stairs right before the photo.

    1. So, in November 2021 the median price was around 560k, and four months later it was 723K. Canadiens lost their minds.

    2. “Experts provide Windsor-Essex real estate tips and predictions for 2023”

      “If you can buy now, buy now,” stressed Mohamed Heddad, a representative with LC Platinum Realty.”

      Listen to your local Relitter®. They are the experts.

  3. ‘The first launched prices of recently launched projects are already 7% to 13% lower than the average price of secondary projects in the same precinct’

    It’s a good thing everybody put 20% down in Hong Kong.

  4. ‘Markets like Phoenix and Las Vegas, which saw a boom in sales during the pandemic, are now experiencing a glut of homes for sale, said Jeff Tucker’

    Jeff, yer a knuckle dragging antivaxxing election denying Putin puppet stopped clock doom and gloom perma bear.

  5. Listed on foreclosure.com this morning:

    $300,000 4 bd 4 ba 6,209 sqft
    1532 Rim View Dr, Page, AZ 86040

    https://www.zillow.com/homedetails/1532-Rim-View-Dr-Page-AZ-86040/7386757_zpid/

    Date Event Price
    12/28/2022 Listed for sale $300,000 (-49.9%) $48/sqft

    9/29/2018 Listing removed $599,000 $96/sqft

    11/9/2017 Price change $599,000 (-9.1%) $96/sqft

    7/24/2017 Price change $659,000 (-5.7%) $106/sqft

    6/22/2016 Price change $699,000 (-6.2%) $113/sqft

    8/17/2015 Listed for sale $745,000 (+24.4%) $120/sqft

    6/22/2015 Listing removed $599,000 $96/sqft

    6/1/2015 Listed for sale $599,000 $96/sqft

    Got shadow inventory?

    1. You found a good one Ben. This home had a reverse mortgage credit line attached 8/29/12. For $807,000!!! Trustee Sale was filed Aug 2021 for$807,000. I guess granny won’t be leaving this home to the kids. No matter, not enough water in Lake Powell to ski anyway. Happy New Year Ben, Bill B.

    2. I honestly can’t believe people live in such squalor. The ceiling probably caved in due to a plumbing leak. They had this thing HELOCd all the way to over $800k but couldn’t even call a plumber or fix it themselves? Geez.

      1. “The ceiling probably caved in due to a plumbing leak.”

        Everything freezes solid annually up in Page, AZ, so that shack probably has broken pipes throughout.

        FWIW, there won’t be any Power Dispatcher or many other jobs up there either as minimum pool elevation is now just months away. Another small town bites the dust! [no pun intended]

    1. Glenn Greenwald — Reflecting New U.S. Control of TikTok’s Censorship, Our Report Criticizing Zelensky Was Deleted (12/28/2022):

      “For Monday night’s show, I devoted my opening monologue to documenting how reporting by mainstream Western media outlets on Ukraine and President Zelensky completely reversed itself as soon as Russia invaded in February. When one reviews the trajectory of how these media outlets radically reversed everything they had been saying about Ukraine and Zelensky, one can see the Orwellian newspeak — we have always been at war with Eastasia — happening in real time.

      For years, for instance, mainstream news outlets in the West repeatedly warned that the Ukrainian military was dominated by a neo-Nazi group called the Azov Battalion, that the Kiev-based government was becoming increasingly repressive and anti-democratic (including ordering three opposition media outlets closed in 2021), and that Zelensky himself was not only supported by a single Ukrainian oligarch but he himself had massive off-shore accounts of hidden wealth as revealed by the Pandora Papers. And the U.S. State Department itself, in 2021, had documented a long list of severe human rights abuses carried out either with the acquiescence or even active participation of the Zelensky-led central government.

      One of the video excerpts from our program that was posted to all social media sites, including TikTok, was this indisputably true and rather benign review of how media outlets, including The Guardian, had previously depicted Zelensky as surrounded by corruption and hidden wealth. To be sure, the excerpt was critical of Zelensky, but there is absolutely nothing even factually contestable, let alone untrue, given that the whole point of the clip is to show how the media had spoken of Ukraine and Zelensky prior to the invasion as opposed to the fundamentally different tone that now drives their coverage ..:

      Shortly after posting this video, we were notified by TikTok that the video was removed by the platform. The cited ground was “integrity and authenticity,” namely that the video, for unspecified reasons, had “undermine[d] the integrity of [their] platform or the authenticity of [their users].” The warning added that TikTok “removes content and accounts that…involve misleading information that causes significant harm.” In a separate communication, TikTok notified our program that our “account is at high risk of being restricted based on [our] violation history” (the sole violation we were ever advised of was this specific video). As a result, TikTok warned, “the next violation could result in being prevented from accessing some feature.” A more ambiguous warning could scarcely be imagined.

      https://greenwald.substack.com/p/reflecting-new-us-control-of-tiktoks

      Russia is winning.

  7. ‘Similar patterns occurred in Parker and Johnson counties’

    These bum fook Texas sh$tholes never had any bizness having 300k shacks.

    ‘The median price of a home sold in Fauquier County as of November 2022 was approximately 14% lower than in November 2021… Compared with the prior November, the median home sales price in Fauquier has declined about $77,000, from $539,000 to $462,000…Culpeper, Fauquier, Madison and Rappahannock counties, ‘continued to regress in November, with sales falling over 30% or 55 homes compared to November 2021’

    The YOY sh$thole roll over continues.

    1. The reality of Texas is very boom and bust with long periods of general malaise. Huge areas of Texas are barely habitable to begin with. I expect to see a lot of tears over the next few years as people realize they way overpaid for a shack there.

      1. Restroom Graffiti:
        “Here I sit, cheeks a flexin’
        Givin’ birth to another Texan”
        —Lolly in Philmont, New Mexico

  8. ‘a 3,900 square foot home in Encinitas that recently had to drop it’s price by $100,000. ‘Look if you want to sell you’re going to have to come down and that’s the bottom line. The most motivated sellers are going to drop their prices until they find the right buyer’

    That’s the spirit Matt, keep it up!

    2. had to drop it’s price by $100,000

      A drop in the bucket given the list price. See my post below.

  9. ‘he opened his account because Celsius promised high returns that he thought ‘were unmatched anywhere else.’

    Promised returns are high in ponzi schemes Dylan.

    ‘He said he has some regrets ‘about not listening to my inner conscience when the market got rocky. It was a life lesson learned in that there are very few opportunities to rapidly gain wealth without massive risk’

    You gotta be in it to win it.

    2. “It was a life lesson learned in that there are very few opportunities to rapidly gain wealth without massive risk,’ he said.”

      Wow!! How could anyone know that in advance?

  10. 𝗢𝗿𝗹𝗮𝗻𝗱𝗼, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟳% 𝗬𝗢𝗬 𝗔𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗗𝗲𝗳𝗮𝘂𝗹𝘁𝘀 𝗦𝗼𝗮𝗿 𝗔𝗰𝗿𝗼𝘀𝘀 𝗙𝗹𝗼𝗿𝗶𝗱𝗮

    https://www.movoto.com/orlando-fl/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘳𝘦𝘢𝘭 𝘦𝘴𝘵𝘢𝘵𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘰𝘣𝘴𝘦𝘳𝘷𝘦𝘥, “𝘎𝘪𝘷𝘦𝘯 𝘵𝘩𝘦 𝘮𝘢𝘴𝘴𝘪𝘷𝘦𝘭𝘺 𝘪𝘯𝘧𝘭𝘢𝘵𝘦𝘥 𝘱𝘳𝘪𝘤𝘦𝘴 𝘱𝘦𝘰𝘱𝘭𝘦 𝘩𝘢𝘷𝘦 𝘣𝘦𝘦𝘯 𝘱𝘢𝘺𝘪𝘯𝘨, 𝘮𝘰𝘴𝘵 𝘩𝘰𝘮𝘦𝘰𝘸𝘯𝘦𝘳𝘴 𝘢𝘳𝘦 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘲𝘶𝘢𝘥𝘳𝘪𝘱𝘭𝘦𝘨𝘪𝘤𝘴. 𝘕𝘰𝘸 𝘩𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘤𝘳𝘢𝘵𝘦𝘳𝘪𝘯𝘨 𝘦𝘷𝘦𝘳𝘺𝘸𝘩𝘦𝘳𝘦.”

  11. Location will always sell,’ he said.

    CA shacks are located in a commie-controlled state that’s spiraling into dystopia. Even formerly secure upscale enclaves are being invaded by the mentally ill homeless & vibrancy run amok, as Democrat-on-Arrival illegals keep flooding in. Anyone who can read the writing on the wall will be dumping their shacks & bailing before the herd catches on.

  12. “The median price of a home sold in Fauquier County as of November 2022 was approximately 14% lower than in November 2021, and the number of homes sold declined 43% from the prior year, according to the Greater Piedmont Realtors.

    Is that a lot?

  13. But she noted that on average interest rates have fallen, inventory has increased and median sales prices have fallen over ‘12% to $400,500, setting the table for what we believe will be a strong new year.’”

    Three things:

    1. Realtors are liars
    2. Realtors are liars
    3. The long-deferred financial reckoning day is about to lay waste to the Fed’s asset bubbles and Ponzi markets, triggering a Great Financial Crisis that will make 2008 look like a walk in the park. Reminder: the Fed has blown its wad with 14 years of “emergency measures,” and they won’t be able to print their way of of what’s coming without going full Zimbabwe and risking major social unrest.

    1. The real crash hasn’t happened yet, it is coming in 2023, but the bailout already happened in 2020. It’s going to be very interesting to see how these idiots (Biden admin) try to spin it. I’m sure Karine will advise us that this is all just a normal adjustment and that everything is fine. No one will dare question the magic negro.

      https://en.wikipedia.org/wiki/Magical_Negro

    2. In theory, the Fed might try to print their way out, but that could lead to higher inflation and a future need to raise interest rates to a far higher future level in order to extinguish an inflationary conflagration.

      Historic reference: 1974 – 1982 inflationary episode, which ended when Paul Volcer raised rates above 10%.

      If this were a chess game, I would say risk asset HODlers face checkmate.

      1. In theory, the Fed might try to print their way out, but that could lead to higher inflation and a future need to raise interest rates to a far higher future level in order to extinguish an inflationary conflagration.

        History is littered with central banks that printed away, possibly because they feared the civil unrest that severe austerity could bring. Of course, hyperinflation can also bring civil unrest.

  14. ‘Following the same pattern as last housing bubble: Affordability collapses -> Sales plummet -> Prices decline…,’ Charlie Bilello, CEO of Compound Capital Advisors, tweeted on December 21.”

    FBs steeped in the Democrat-Bolshevik ethos of personal and financial irresponsibility and state-sponsored parasitism & freeloading stop paying their mortgages and squat in place in their millions, with lenders taking months or years to evict them as the underlying collateral on their residential loans becomes impossible to price.

  15. ‘I’ve seen people who buy homes maxed out and they can’t afford furniture when they move in,’ said John Pasalis, president of Realosophy Realty.

    These would be the same sheeple who elected globalist Quisling Lil’ Fidel. Seeing such moral and mental defectives get financially destroyed won’t bother me one bit.

    1. People need to learn where to buy discount furniture. I know a place that sells scratch and dent furniture. It’s basically fine, but since it has a tiny little defect here or there the fancy places that wanted to sell it dump it off at the discount place.

      1. Forget discount, buy quality used or antique furniture. Recover items with good bones. There’s plenty of it because Millennials don’t want it. Since manufacturing was shipped to China, today’s furniture is expensive crap.

        2. I’m with you there. We have a beautiful china cabinet and kitchen dining room set that we picked up for a song when we were young and poor. It’s served us well for decades.

          1. Someone nearby is selling for $600 a wooden king size sleigh bed that matches bedroom furniture I bought in 2000! We don’t have room for it now but at that price, not to mention others selling on eBay for $2K+ plus shipping, I’d be stupid to pass it up.

        4. This is true too. I found an absolutely gorgeous cherry wood table and hutch at a Habitat For Humanity store, but our apartment was and is too small to have it. I was SO sad.

  16. At the grocery store yesterday there wasn’t a dozen eggs of any type available for less than $6.

    Joe Biden’s America.

    1. Stopped at King Soupers on the way home yesterday. No organic eggs at all, and limit of 2 cartons of eggs per customer. How long before the Brandon regime starts issuing ration books like its ideological guiding lights in the former Soviet Union?

    3. Starting Sunday grocers in the Centennial state can no longer sell “caged eggs”. So the “cheap” eggs, the ones in the gray cartons, are gone for good. You want to buy eggs, you have to buy free range eggs.

      The bill that banned cheap eggs was passed very quietly. It wasn’t covered by the local TV news or the newspapers. I suspect it was buried inside another, much bigger bill.

      2. I love how no one reads these bills, but they know enough about them to enforce stupid rules two days after the bill is passed.

        1. I’m sure the zealots who lobbied to have cheaper eggs banned have been counting down the days for the ban to take effect.

          And, amazingly, most people I talk to about this say they are OK with the ban, as free range egg production is “more humane”. When I ask them “what about poor people who can’t afford designer eggs?” all I get is a shrug.

          2. Free range eggs taste much better.

            They do. It’s what I buy. But not everyone can afford them. And now that the gray carton option is gone, that means more will be vying for the free range eggs, which will push their price up even more.

          6. I’m not sure that means anything in the winter.

            I’m not sure free range means outdoors, perhaps they could be kept indoors, in an uncaged, lower density environment, to meet the “rules”.

          7. In your head. Perception is not necessarily reality.

            I think it depends a lot on what they are fed. Yolk colors and flavor can vary.

          8. In your head.

            You may not notice the difference or care to pay for the difference but there is a difference.

  17. ‘The idea that I might stay as a dorm dweller until retirement terrifies me.’”

    Wut? But I thought commie regimes took care of you from cradle to grave. At least a dorm is better than a WEF pod.

    1. She could take her savings and go back to her village. If she’s a teacher in Shenzhen , I’m sure she can teach back home too. Life will be less stressful and less hectic back at the village. Not as glamorous, but the life of glamour wasn’t hers in Shenzhen anyway.

      1. “…saying that revealing their identities could expose them to identity theft and other scams.”

        OTHER scams. LOL. Maybe there is hope for them after all.

        “A man’s got to know his limitations”. Dirty Harry

        1. The ones that want their names kept secret most likely are in the confidence game, acting as fund managers and financial advisers. Some are probably entities that proudly proclaim how they invest OPM in safe investments. These people/ entities have a lot to lose if the loss in crypto/FTX is a big percentage of their invested portfolio, triggering a tsunami of withdrawals. We could see a lot more gated funds.

      2. So the spoils of FTX are supposed to be distributed across some deserving, though anonymous, list of creditors?

        I’m not a bankruptcy attorney, but something tells me that it doesn’t work that way.

  19. Josh Ragusa, a Voyager customer in California, said, ‘[I’d] rather take my chances with my holdings in the hope that I will be able to recoup my portfolio and that digital currency will again have its day. Hope is a powerful drug.’”

    Yer digital tulip bulbs have an intrinsic value of zero, Josh. All of these scam digital gambling tokens deprived their “value” from the likelihood that a Greater Fool would come along to take them off your hands for more than what you paid. In case you hadn’t noticed, an extinction event of sorts is hitting the crypto space as $2 trillion in fictitious value has already been erased. But you hang onto that hope, Josh.

  20. He said he has some regrets ‘about not listening to my inner conscience when the market got rocky.

    Reckless, greedy, and stupid is no way to go through life, Dylan.

    1. eggs

      “This year’s deadly Avian flu has been reducing poultry flocks, on top of inflation that continues to be a problem for many grocery stores, he said. The price of eggs can vary depending on where you go, and which eggs you buy.”

    2. As I mentioned above, suburban housewives, at least the left leaning ones, seem to be onboard with the higher egg prices, because “reasons”.

    1. Guess again. Reminder that Daily Mail is a globalist rag.

      https://twitter.com/MarkWix2/status/1608651325126107137?cxt=HHwWgoDTme72idMsAAAA (with 1m31s video):

      ANDREW TATE and his Brother have been Released.
      NO CHARGES.
      #TopG with the W.

      🖕 Take the ( L ) Greta fans🖕

      https://twitter.com/ZubyMusic/status/1608615657159151618?cxt=HHwWhMDSkdva-dIsAAAA (with 1m53s video):

      This part of my recent interview with Andrew Tate was so ominous…

      I’m not going to comment on the arrest situation because nobody actually knows what’s going on yet.

      It’s innocent until proven guilty. Not the other way around. Wait and see is always the wise move.

      CONTEXT

      https://mobile.twitter.com/Cobratate/status/1597150218411466752?cxt=HHwWgIDT1avqm6osAAAA (w/ 1m56s):

      Do you understand how deep the rabbit hole goes?

      #BalenciagaGate #BalenciagaGroomers #balenciaga

    2. Looks like St. Greta is having the last laugh.

      You seem to be morphing into a msm sheeple. The links you provide…..uggh….just say no, man.

  24. LOL@ she calls them “comrades” because they are all Marxists:

    “Earlier this week Democrat Rep. Alexandria Ocasio-Cortez riled up the comrades and told them to show up to the library to protect the drag queens.”

    https://www.thegatewaypundit.com/2022/12/protests-erupt-outside-drag-queen-story-hour-nyc-aoc-encourages-comrades-protect-event-video/

    Globalists want you to believe that this is some kind of logical extension or next step of a “civil rights” movement.

    It’s Marxism.

    Grooming little kids for sex is Marxism.

    And btw your property taxes are paying to support it in the public schools and public libraries.

    Globalists gonna globe.

    1. I think the New World Order embraces Orwell and 1984 ,boot on the neck , just raw power , we tell you what to think.
      If we tell you 2+2 equals 5, that’s the official truth.
      Look at how they are are changing the definition of words and concepts to warp perception of reality.
      Some Politician the other day said ” Big Brother is protecting you..”
      George Orwell said his book was a warning..
      The New World Order doesn’t care about
      equity or social justice or equal distribution
      of the wealth, so Facism /Marxism is just the cover for a total dictorship and enslavement of humanity.
      They are going to save you from Pandemics and Climate Change because the Ministry of Science wants to save you.
      You will own nothing ,eat bugs, no freedoms , hacked and injected deprived and enslaved 24/7. .
      Oh , what a beautiful vision of life that these monsters want for the human race .
      1984 is the vision of these psyopathic masterminds, except worse. Genocide of billions is part of the plan , as shocking as that sounds. They have shown their true colors .

      1. I haven’t dug but I saw something somewhere suggesting that Orwell had family with ties to intelligence communities that would explain his prescience.

      2. The “how many fingers do you see” scene in 9184 was so powerful that it was ripped off for Star Trek The Next Generation, though in that show it was “how many lights do you see”.

  26. Have you ever tried to buy the dip, only to discover that you caught yourself a falling 🔪 knife 🗡️?

    1. Yahoo
      ARK Innovation: Will the Meltdown Ever End?
      John Engle
      Tue, December 27, 2022 at 1:59 PM PST·5 min read

      After a very rough 2021, investors in Catherine Wood (Trades, Portfolio)’s ARK Investment Management and its ETFs were hoping the firm could turn things around this year. Alas, this was not meant to be, as 2022 has proven even worse. Every single one of Arks nine exchange-traded funds has posted severe losses this year. From a peak of more than $60 billion last year, Arks total assets under management across all nine of its ETFs has fallen to less than $12 billion.

      Even Arks flagship fund, the ARK Innovation ETF (ARKK), has suffered badly in 2022. Despite its continued declines in 2022, however, investors hopes for a belated reprieve have not faded completely. With the new year beckoning, now would seem to be an ideal time to take a look at what might lie in store for ARK Innovation in 2023.
      …
      https://finance.yahoo.com/news/ark-innovation-meltdown-ever-end-215912475.html

    2. The Financial Times
      Markets Briefing Equities
      Global stocks set to post worst year since 2008 financial crisis
      Central bank rate rises send equities prices tumbling almost 20% while also knocking bonds
      The American flag in front of the New York Stock Exchange building
      Bourses from Wall Street to Shanghai and Frankfurt all notched up significant losses
      Adam Samson and Tommy Stubbington in London
      4 hours ago

      Global stocks were on Friday set to close out the worst year since the 2008 financial crisis after the battle by central banks to tame inflation and the war in Ukraine sent powerful waves rushing across asset markets.

      The broad MSCI All-World index of developed and emerging market equities has shed nearly a fifth of its value in 2022, with bourses from Wall Street to Shanghai and Frankfurt all notching up significant losses.

      Bond markets also endured heavy selling: the US 10-year government bond yield, a global benchmark for long-term borrowing costs, has shot up to 3.8 per cent from about 1.5 per cent at the end of last year — the biggest annual increase on Bloomberg records stretching to the 1960s.

      A 9 per cent surge in the US dollar against a basket of half a dozen major peers has placed further pressure on many markets. Developing economies have taken an especially big hit, since they often borrow in dollars and many key imports, such as crude oil, are priced in the US currency.

      The grim year for financial markets came as central banks led by the US Federal Reserve ratcheted up borrowing costs in an attempt to control the worst spell of inflation in decades. Rapid increases in interest rates globally dealt a particularly powerful blow to many high-growth companies that prospered when central banks and governments provided a flood of stimulus measures to support the global economy during the 2020 coronavirus crisis.

      “We had this situation for years where equities and bonds were both expensive because they were the same game, driven by low inflation and low interest rates,” Luca Paolini, chief strategist at Pictet Asset Management said. “The lesson of this year is that at some point there’s a day of reckoning, and when it comes it’s brutal.”
      …

      1. The Financial Times
        Markets Briefing Equities
        Stock and bond markets shed more than $30tn in ‘brutal’ 2022
        Central banks’ inflation battle and war in Ukraine trigger big swings
        Pedestrians walk in front of the New York Stock Exchange
        Stocks from Wall Street to Shanghai and Frankfurt all notched sizeable losses
        Tommy Stubbington and Adam Samson in London and Kate Duguid in New York 58 minutes ago

        Global stocks and bonds are set to register losses of more than $30tn for 2022 after inflation, interest rate rises and the war in Ukraine triggered the heaviest losses in asset markets since the global financial crisis.
        …

    3. Markets
      CNBC TV
      LIVE UPDATES
      Updated Fri, Dec 30 2022 11:50 AM EST
      Stocks fall in 2022′s final trading session as Wall Street wraps up worst year since 2008
      Jesse Pound
      Samantha Subin

      Stocks fell on Friday as investors made their final trades in the worst year for the market since 2008.

      The Dow Jones Industrial Average slipped 247 points, or 0.7%. The S&P 500 shed 0.8%, while the Nasdaq Composite dropped 0.9%.
      …
      https://www.cnbc.com/2022/12/29/stock-market-futures-open-to-close-news.html

    4. Do HODLers plan to keep buying the dip in 2023, or will there come a point when lots of them decide to cut their losses and capitulate by dumping their devalued HODLings?

      I personally don’t care, but note that there’s a lot more unwinding that needs to take place before the Everything Bubble finishes deflating.

    5. Solana and Associated Tokens Down Over 96% From All-Time Highs As SOL Gets Delisted From Crypto Exchange
      Mehron Rokhy
      December 30, 2022

      Smart contract platform Solana (SOL) and other digital assets associated with it continue to freefall as a crypto exchange platform announces it’s going to delist them.

      According to crypto reporter Colin Wu, crypto exchange Matrixport will delist SOL and its accompanying digital assets starting December 30th, a move that sent the already-ailing cryptocurrencies on another downswing.
      …
      https://dailyhodl.com/2022/12/30/solana-and-associated-tokens-down-over-96-from-all-time-highs-as-sol-gets-delisted-from-crypto-exchange/

    6. Fortune
      Musk says the U.S. is headed for a ‘stormy’ recession—but Tesla will shrug off ‘stock market craziness’ and become the ‘most valuable company on Earth’
      Will Daniel
      Thu, December 29, 2022 at 9:21 AM PST·4 min read

      A recession, stagflation, “a variant of another Great Depression”: The forecasts for the U.S. economy this year haven’t exactly been rosy—and Elon Musk has been a leading voice sounding the alarm.

      “It does seem like we’re headed into a recession here in 2023,” Musk said during an episode of the “All-In Podcast” released last week. “My best guess is that we have stormy times for a year to a year-and-a-half.” But while Musk believes a recession is on the way, he still has faith that Tesla will survive and come out on the other side stronger than ever—or at least that’s what he’s telling his staff.

      “Long-term, I believe very much that Tesla will be the most valuable company on Earth!” the billionaire CEO wrote in an email to Tesla employees on Wednesday, Reuters reported, amidst a month that saw the electric vehicle maker head towards its worst year ever in the markets.
      …
      https://finance.yahoo.com/news/musk-says-u-headed-stormy-172111510.html

    7. Santa Claus rally hasn’t come yet. There’s still time, but will it even matter for stocks?
      Medora Lee
      USA TODAY

      Time is quickly running out for Santa Claus to arrive on Wall Street with a rally, but not everyone has given up hope yet, even though the market’s been uncertain and volatile up until the very end.

      Major stock indexes closed lower on Wednesday, with the Nasdaq-100 even ending at its lowest level this year, making things look bleak for the so-called “Santa Claus rally,” which has occurred 79% of the time since 1950, according to LPL Financial. A rebound across the major indexes on Thursday brought back what has turned out to be false hope for the late, short-lived rally, which some use as an indicator of what’s to come in the new year. Indices slid again on Friday, the last trading day of the year. 

      But we still have two more days to make up the lost ground. The Santa Claus rally typically happens during the last five trading days of the year and the first two of the new year. On the first day of trading in January 2022, the benchmark Standard & Poor’s 500 stock index closed at a record high of 4,796.56.
      …
      https://www.usatoday.com/story/money/business/2022/12/29/santa-claus-rally-means-2023-stocks/10966603002/

    8. The Biggest Investment Winners and Losers from 2022
      December 21, 2022
      Category: Financial literacy, Investing, Portfolio Design
      By Dr. James M. Dahle, WCI Founder

      2022 has certainly been an exciting year to be an investor. Note that exciting does not necessarily mean good and, in fact, often means bad. Good investing is supposed to be boring, remember? Investing dorks like me find it fascinating and even exciting to watch what markets do through different economic conditions. I thought it would be fun to take a look at my own portfolio this year (as well as a few non-portfolio items that have had a big effect on my financial life) and consider which ones were the losers and which ones were the winners.

      Note that I don’t see having losers in my portfolio as some sort of failing. Since I use a static asset allocation composed of a wide variety of assets, I fully expect something in the portfolio to have terrible performance each year. In fact, I’m counting on it as an opportunity to buy more shares of that asset at a lower price. Diversification works, whether you want it to or not. Maintaining a static asset allocation naturally forces you to buy low all the time as you pour more money into assets that have not done as well recently.

      One caveat before you read any further. I’m writing this post on October 26, 2022. If the markets do something crazy between now and whenever this post runs and I don’t get a chance to update the numbers, you’ll know why they seem a little off. Now, let’s talk about the losers.
       
      The Biggest Investment Losers of 2022

      Plenty of losers this year, and they’re not trivial. Lots of retirees have seen their nest eggs take a big hit.

      US Stocks

      Our first big loser of the year is the US stock market. As I write this, the Vanguard Total Stock Market Index Fund is showing a Year To Date (YTD) return of -19.71%. And that’s up 7.6% from the low for the year. US stocks are officially in a bear market, and since they are a huge part of our portfolio (40% total), that has had a massive impact on our nest egg (20% * 40% = 8%). It’s painful to multiply my portfolio x 8% and know that’s how many dollars I’ve lost this year just in US stocks.

      International Stocks

      But wait! There’s more. In case the US stock bear market wasn’t painful enough for you, international stocks have also been in bear territory this year. Right now, the Vanguard Total International Stock Market Index Fund is down 23.54%, even more than US stocks! And yes, they’re up 4% from their low for the year, too. There is a bit of a silver lining here, though. International stocks have actually performed better than US stocks this year; it’s just that the dollar has strengthened so much that once you move the money back into dollars, your return is actually negative. For example, the dollar has strengthened as much as 19% this year against the euro and as much as 25% against the yen. Twenty percent of our portfolio is in international stocks, so this one also hurt a lot.
       
      Publicly Traded REITs

      Real estate makes up 20% of our portfolio, and publicly traded REITs make up 1/4 of that (5% of our portfolio). The Vanguard REIT Index Fund is down 28.38%. The public real estate markets react quickly to even a hint of rising interest rates. Combine that with an overall market downturn (publicly traded REITs have moderate correlation with other stocks), and it was pretty ugly.
      …
      https://www.whitecoatinvestor.com/biggest-investment-winners-losers-2022/

    9. The Financial Times
      Opinion The FT View
      A new era: the end of cheap money
      Higher interest rates will bring casualties but also opportunity
      The editorial board
      Traders on the floor at the New York Stock Exchange. The US Federal Reserve, like other central banks, has rapidly tightened monetary policy over the past 12 months
      The editorial board 14 hours ago

      The era of ultra-low interest rates and quantitative easing died in 2022, with the arrival of high inflation. This transformation has, for now, upended prior assumptions about markets and the economy. Central banks will no longer come to the rescue of damaged markets. As Sam Bankman-Fried of FTX has learnt, hawking speculative assets is no longer a sure road to riches. This is a new world. The question, as we go into 2023, is how long it will last.

      The proximate cause of this upheaval is the unexpected surge in inflation. All important central banks, with the notable exception of the Bank of Japan, have rapidly tightened monetary policy over the past 12 months: the Federal Reserve has raised the federal funds rate by 4.25 percentage points, to a level last seen in early December 2007; the Bank of England has raised rates by 3.25 percentage points to a level last exceeded in November 2008; and the European Central Bank has raised rates by 2.5 percentage points to a level last seen in December 2008.

      Bond yields have also risen. Since the end of December 2021, yields on 10-year gilts have jumped more than 2.6 percentage points, on German Bunds 2.2 percentage points and on US Treasuries 2.3 percentage points. Rates are low by longer-term standards. But US yields have not been this high since early 2011. Real rates have jumped too. Over the past year, the yield on inflation-protected 10-year US Treasuries has gone from minus 1 to more than plus 1.5 per cent.

      Inevitably, higher rates have destabilised asset prices. Stock markets were notably volatile, ending the year well below peaks, though hardly cheap. Bitcoin fell from $65,000 in late 2021 to about $16,600 now. Crashes reveal what the economist JK Galbraith called the “bezzle”. This one has already revealed the ills of FTX.

      The new year will be one of uncertainty. Beyond those of geopolitics and energy, the biggest doubts concern the future of inflation and monetary policy. If inflation quickly subsides, monetary policy is likely to ease in the important jurisdictions before the end of the year. If it does not, it will not. So long as this uncertainty remains, so must that over the outlook for monetary policy.

      Higher interest rates will bring casualties, as debt becomes costlier. Given the uncertainty, market turmoil is also likely to continue. The combination is likely to shake out overbought assets and increase defaults. If rates rise further, defaults will become more likely. That will not just be in developing and emerging economies, where distress is already visible. Highly leveraged ventures will be under pressure in high-income countries, too. The Austrian economist Joseph Schumpeter argued that recessions caused “creative destruction”. Expensive money will at least do the needed job of reminding everybody that leverage is never a one-way bet.

      A longer-term uncertainty is over whether the era of free money is going through a temporary interruption or if it is ending for good. Some, notably Charles Goodhart and Manoj Pradhan, in The Great Demographic Reversal, argue that demographic forces will mean higher inflation and higher interest rates over the long term.
      …

      1. “A new era: the end of cheap money
        Higher interest rates will bring casualties but also opportunity”

        This new era is neither widely recognized nor fully reflected in Everything Bubble era risk asset prices.

        The market shifts needed to achieve the necessary repricing of risk offer the prospect of many more dip buying opportunities in 2023.

        1. “Central banks will no longer come to the rescue of damaged markets.”

          That’s huge, if true, as risk asset HODLers have been dependent on the Greenspan Put ever since its introduction in 1987… essentially my entire investing lifetime.

          Risk asset prices will have to fall much further to reflect the withdrawal of this implicit Fed-funded risk subsidy.

      2. “The combination is likely to shake out overbought assets and increase defaults.”

        It would be a huge shame if untold numbers of debt-funded real estate purchases at peak bubble valuations led to margin calls on devalued collateral, widespread loan defaults, and mass liquidations at fire sale prices.

    10. William Suberg
      Dec 28, 2022
      Bitcoin beats Tesla stock in 2022 as BTC price heads for 60% losses
      Market Update
      Collect this article as an NFT

      Bitcoin may be in line for worse losses in the new year, analysts say, but BTC price action has a least fared better than TSLA.

      Bitcoin (BTC tickers down $16,550) circled $16,750 after the Dec. 28 Wall Street open after stocks dragged markets lower.

      Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it recovered from local lows of $16,559 on Bitstamp.

      After days of barely any movement up or down, Bitcoin finally saw a flicker of action as traditional markets opened after the Christmas break. Unfortunately for bulls, volatility was to the downside, with BTC/USD seeing its lowest levels since Dec. 20.

      On equities markets, United States indexes improved after a weak first day, which nonetheless failed to leave much of an impression on BTC commentators, many of whom stuck to grim short-term price forecasts.

      “I can’t stress this enough,” Toni Ghinea wrote in part of a Twitter update.

      “The sell-off will accelerate in the coming weeks. This bear market is far from over.”

      Accompanying charts showed targets for Bitcoin and several altcoins, with Ether (ETH tickers down $1,195) due a trip as low as $600.

      Fellow analytics account Illiquid

      Markets likewise told followers to “be prepared for even lower prices in 2023,” with these to be “lower than most expect.”

      Amid an absence of buyer interest, only MicroStrategy and its CEO, Michael Saylor, were on record for increasing BTC exposure.

      The firm, already the public company with the largest Bitcoin treasury, added another 2,500 BTC to its reserves, it confirmed in a filing.

      Down, but better than Tesla
      …
      https://cointelegraph.com/news/bitcoin-beats-tesla-stock-in-2022-as-btc-price-heads-for-60-losses

      1. The Financial Times
        Federal Reserve
        ‘Emphasise the pain’: Jay Powell keeps hawkish tone even as inflation eases
        Fed chair tries to manage investor expectations following shift down to half-point rate rises
        Federal Reserve chair Jay Powell leaves a news conference
        ‘It’s good to see progress, but let’s just understand we have a long way to go to get back to price stability,’ Fed chair Jay Powell told reporters on Wednesday
        Colby Smith in Washington
        December 14 2022

        As Federal Reserve officials prepared to kick off their final policy meeting of 2022 on Tuesday, they received some welcome news: inflation, which has been running at multi-decade highs for more than a year, fell decisively in November.

        The better than expected data, which followed a moderation in October, sparked hopes the Fed might not have to inflict as much damage on the economy to bring inflation back down to its 2 per cent target.

        But if Fed chair Jay Powell was relieved, he did not show it when he addressed reporters at the conclusion of the gathering on Wednesday. Even as the US central bank slowed the pace of rate rises — shifting to a half-point increase after a string of 0.75 percentage point rises — he warned the job was far from done.

        In fact, Powell said officials might still need to take harsher action to damp economic demand to a level that would root out the price pressures proving hardest to shift.

        For any let-up in the fight against rising prices, the Fed would need to see “substantially more evidence” that inflation is abating, Powell said at the press conference after the central bank lifted the federal funds rate to a new target range of 4.25 per cent and 4.50 per cent.

        He added: “My view and my colleagues’ view is that this will take some time . . . It’s good to see progress, but let’s just understand we have a long way to go to get back to price stability.”

        Rick Rieder, BlackRock’s chief investment officer of global fixed income, described Powell’s message as “almost a dismissal” of the recent improvements in inflation. It was aimed at those investors who believe the Fed will lose its nerve next year and abandon its fight against high prices as job losses mount and the economy tips into a recession.

        The idea that the Fed will eventually balk as the impact of its tightening campaign becomes more apparent in the real economy has led to a substantial loosening of financial conditions: in recent weeks, stocks have rallied, borrowing costs have declined and mortgage rates have fallen from their recent peaks. In aggregate, the moves undid some of work the Fed did to put a lid on demand.

        Powell warned it was “important” for financial conditions to align with the Fed’s intentions and repeatedly stated the central bank’s main concern was high inflation that had to be tackled with higher rates for longer. He even dismissed investors pricing in two rate cuts by the end of next year.

        Vincent Reinhart, who worked at the Fed for more than 20 years, said Powell needed tighter financial conditions to bring demand into better alignment with supply and thus tame inflation.

        But Reinhart, now at Dreyfus Mellon, warned Powell would be unable to push up borrowing costs sufficiently “if investors are more optimistic about the path for rates in the near-term”.

        He added: “So he has to downplay any good news on inflation, emphasise the hard work that has yet to be done, and emphasise the pain that will be inflicted.”

        The Fed sent a clear signal of more such pain to come on Wednesday with a new set of economic projections that showed the benchmark rate hitting a higher level than previously projected and sitting at that threshold for an extended period. Meanwhile growth will be slower and unemployment higher, the forecasts suggest.

        Most officials now see the fed funds rate topping out at 5.1 per cent, with a large cohort of the view that it may need to exceed 5.25 per cent. Powell also warned that he could not “confidently” say the Fed would not again move up its estimates.

        Rate cuts are not expected until 2024, when the benchmark rate is projected to decline to 4.1 per cent before falling to 3.1 per cent in 2025.

        Despite these upward revisions, traders in fed funds futures markets are still wagering the Fed will halt its tightening campaign before the rate hits 5 per cent and deliver cuts by the end of next year.

        “What the market does not have right now is patience of any kind,” said Elaine Stokes, a portfolio manager at Loomis Sayles & Company. “They want this thing over and to be through this cycle by the end of next year.”
        …

  27. A reader sent these in:

    Danielle DiMartino Booth

    2023 will be the year of the strong balance sheet. Great 🧵

    https://twitter.com/DiMartinoBooth/status/1608695593093984258

    Tesla investors today

    https://twitter.com/ParikPatelCFA/status/1608160265148694528

    Called an owner a few months ago asking if he was interesting in selling land he bought for $80k 3 yrs ago
    Me: How much r u willing to sell for?
    Him: $4M
    Me: I can’t pay $4M but interested around $3M
    He’s now going to live the rest of his life thinking his land is worth $3M

    https://twitter.com/TripleNetInvest/status/1608478194666987527

    The pandemic pulled forward a bunch of household formation and housing demand. Then mortgage rates jumped, crimping affordability.
    “We’ve never seen a period like this, where we’ve had so much job growth, but so little demand for any type of housing”

    https://twitter.com/NickTimiraos/status/1607700319965773828

    Luxury home sales plunge 38% in the 60 large counties tracked by @Redfin. Nassau County NY saw the largest decline in the tracked counties down 65.6% in the 3-months ending November 2022 YOY. Redfin defines luxury homes as those priced in the top 5% in each market

    https://twitter.com/DrTCJ/status/1608564714639921154

    “Now many people who have built businesses around short-term rentals say the change will doom their livelihoods”
    Nationwide, the regulatory walls are closing in on a 2023 Airbnbust

    https://twitter.com/texasrunnerDFW/status/1608592473588113410

    Lisa Abramowicz

    The slowdown we’ve seen in housing is the fastest on record: Apollo’s Torsten Slok

    https://twitter.com/lisaabramowicz1/status/1608437568831471616

    Mortgage payment as a percentage of income now over 100% in Toronto

    https://twitter.com/daniel_foch/status/1608449814186045440

    One big ponzi scheme scam orchestrated by the @federalreserve
    Quote Tweet
    Redfin concluded that affluent buyers have held off on buying luxury homes in part because of the stock market’s poor performance.

    https://twitter.com/GRomePow/status/1608493863404212224

    #MMT died this year. What stood out for me is that all those #MMT folks who were so vocal in 2020 and 2021 went silent in 2022. Their inability to defend their “theory” amid high inflation is the final, pathetic epitaph to what was always just quackery…

    https://twitter.com/RobinBrooksIIF/status/1608490007647469568

    Many buyers have been “canceling” their new home purchases

    Cancellations are not reported by the Census Bureau Data from @JBREC /@RickPalaciosJr shows us that the cancellation rate, or the difference between gross & net sales, exploded to more than 20% at the end of 2022! 6/

    https://twitter.com/EPBResearch/status/1608502549770031104

    My mistake was paying attention to the price of things in relation to income. This doesn’t matter at all to Americans. The ONLY thing they care about is payment.

    https://twitter.com/GRomePow/status/1608509693059821570

    Is it bad when houses are falling 5 X faster than GFC? 🤔

    https://twitter.com/WinfieldSmart/status/1582005104378773504

    *Note that the spread b/w 3% and 7% interest adds up to roughly $1,000 more in a monthly mortgage payment on the mid-priced American home (which has risen roughly 40% on avg. since 2020). Lots of pain ahead for housing IMO

    https://twitter.com/RadicalAdem/status/1608510413465088001

    Almost one in three car buyers are now taking out six- to seven-year loans on used vehicles to help lower monthly payments, per Bloomberg.

    https://twitter.com/unusual_whales/status/1608478194780225536

    Commercial tenant moves out in the middle of the night
    There’s $16,000 left to pay on the lease
    What would you do?
    (This is happening to me now)

    https://twitter.com/CaseyMericle/status/1608440438490337283

    Lance Lambert

    The average 30-year fixed U.S. mortgage hits 6.55%.

    https://twitter.com/NewsLambert/status/1608522849261875200

    Office REITS (red) are still BELOW their March 2020 COVID lows and way behind all REITS (green) and the SPX (blue). I’m aware of no other Index still BELOW its panic March 2020 low, not even the ARKK! The market message here is the office property market is a total disaster.

    https://twitter.com/biancoresearch/status/1608518259208515585

    Danielle DiMartino Booth

    Great 🧵 on housing that dispels much of the conventional wisdom that’s oh so dim. Of the entire thread, though, this is the “money” chart.

    https://twitter.com/DiMartinoBooth/status/1608521534209150976

    1. “My mistake was paying attention to the price of things in relation to income. This doesn’t matter at all to Americans. The ONLY thing they care about is payment.”

      This is one around which I just can’t wrap my head. That monthly payment might be low, but the amount of interest one pays over the long term would be much better invested somewhere else.

      On the inverse, if I just save money as much as I can and buy as house that is in my price range there is no reason I should have to worry about the interest rates since having as much down payment as possible makes interest a non-issue.

      I just don’t get it.

      2. BEcause most people can’t do math. They really don’t care what something costs, they only care about the monthly. You can especially see this in the car market. They will barely even tell you the cash price, they only want to know what you can afford per month.

        Everything has gone to a monthly payment. Instead of getting a deal by paying up front/once a year. No no, we don’t do that. Fine, not interested.

        You will own nothing and rent everything.

    2. “Now many people who have built businesses around short-term rentals say the change will doom their livelihoods”
      Nationwide, the regulatory walls are closing in on a 2023 Airbnbust

      Airbnb’s business model was predicated on evading regulations the hospitality industry had to follow. Enter regulations, exit profits.

    3. “Now many people who have built businesses around short-term rentals say the change will doom their livelihoods”

      I can’t wait to watch these people crash and burn. Yes, I actually do hope for their financial demise. I guess I’m just an aszhole because I like affordable shelter in the hands of users, not speculators.

    4. Almost one in three car buyers are now taking out six- to seven-year loans on used vehicles to help lower monthly payments, per Bloomberg.

      If you can’t pay cash for the car, you can’t afford the car.

      1. My goal is a 2-3 year old low mileage Toyota Tacoma 4×4 for $25,000 cash once the market crashes and burns. Right now they’re priced above msrp for new.

  28. Anybody heard from Yoel Roth lately?

    The former “Online Safety Expert” at Twitter had to go into hiding after the Twitter Files started dropping.

    He was an FBI mole inside of Twitter, and before that he wrote his PhD dissertation on picking up underage boys on Grindr.

    Where are you, Yoel?

    Attorney General Merrick Garland could not be reached for comment…

      1. Naming. Always be naming. I learned that from 4chan (don’t visit the 4chan website, seriously, just don’t).

        What is his NAME, you ask?

        His name is Yoel Roth. Two months ago he had the FBI, DHS, CIA all on speed dial, and these globalists think we’re all just gonna forget his name?

        His name is Yoel Roth.

        We haven’t forgotten you, Yoel, wherever you are…

  30. “They need to see what the most current comparables in the market are.’”

    What if there are none?

    The local relitter’s flier he recently dropped off showed plenty of 2022 sales through July…then none since.

    1. 4 minute readDecember 30, 2022
      6:47 AM PST
      Last Updated 20 min ago
      New Fed research flags rising risk of U.S. recession
      By Michael S. Derby
      People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City

      NEW YORK, Dec 30 (Reuters) – Just over half of the 50 U.S. states are exhibiting signs of slowing economic activity, breaching a key threshold that often signals a recession is in the offing, new research from the St. Louis Federal Reserve Bank report said.
      …
      https://www.reuters.com/markets/us/new-fed-research-flags-rising-risk-us-recession-2022-12-30/

    2. Fed watch 2023: When will rate hikes slow down
      By Alicia Wallace, CNN
      Updated 9:14 AM EST, Fri December 30, 2022

      America’s central bank found itself in a glaring spotlight for much of this past year, as Federal Reserve Chairman Jerome Powell wielded blunt tools of interest rate hikes and quantitative tightening to curb surging inflation.

      As 2022 draws to a close, inflation metrics show some of that may have worked: Consumer prices are cooling, home sales have ground to a halt, and some of America’s best-known companies have made plans to slow their roll and pull back on capital investment.

      The latest measure of inflation showed that the Consumer Price Index for November came in at 7.1%, down from the 40-year high of 9.1% hit in June; prices for used cars, lumber and gas — once poster children for the painfully steep price hikes — have come down; and housing prices and rents have also been on a downward trajectory.
      …
      https://www.cnn.com/2022/12/30/economy/federal-reserve-2023-outlook/index.html

      1. “…housing prices and rents have also been on a downward trajectory. ”

        It’s great to know that housing price and rent affordability improvements are working in tandem to help bring down inflation.

  32. Don’t click on this link:

    https://gab.com/

    Seriously, just don’t. And stay away from Bitchute, Rumble, Revolver, Epoch Times, Post Millennial, Western Rifle Shooters, all of those bad scary places.

  33. Keep paying those federal income taxes, slaves.

    “Russian Foreign Minister Sergey Lavrov has alleged that up to “hundreds” of American servicemen are deployed to Ukraine. Lavrov claimed that US soldiers, military advisers, and intelligence officers have long been direct participants in the conflict.

    Sitting down with Russia’s Channel One for an interview on Wednesday, Lavrov spoke at length about Washington’s deep involvement in the hostilities in Ukraine, which has steadily grown despite repeated assurances from American leaders that US personnel would have no role in the fighting.

    Lavrov went on to argue that Western states declared “war” on Russia nearly a decade ago, soon after the 2014 Euromaidan revolution, which was followed by US and NATO military support for the post-coup government.

    https://www.rt.com/russia/569154-lavrov-us-troops-ukraine/

    1. “What was fascinating about the orgy of praise and support for the massive amount of U.S. aid heading to Kyiv is the way most of the Republican congressional leadership seemed just as eager to fawn at the Ukrainian leader as the Democrats.

      Most Americans sympathize with opposing a blatantly illegal and brutal invasion of Ukraine by Russian President Vladimir Putin. But the notion that “Providing assistance for Ukrainians to defeat the Russians is the number one priority for the United States,” as Minority Leader Mitch McConnell put it, is quite another thing. The same can be said for doubling the amount of money the United States was spending on Afghanistan in its last years for this war’s first year.

      Once Putin’s war began and Ukraine became a plucky underdog successfully resisting the aggression of its larger neighbor, it also became the darling of an uncritical media while the Washington uniparty circled the wagons around the idea that its security was somehow synonymous with the battle for democracy. Since then, any scrutiny of Ukraine, even if only to discuss what exactly American taxpayers are supporting, is treated as only something extremists care about.

      https://thefederalist.com/2022/12/28/zelenskys-groveling-pr-offensive-hits-the-dc-unipartys-sweet-spot/

  34. Will the last taxpayer leaving California please turn out the lights?

    “In total, more than 47,000 people have been laid off across 252 San Francisco Bay Area technology companies in 2022, according to Layoffs.fyi, a site that has tracked a vast majority of the tech layoffs that have taken place since 2020. That’s nearly 30% of all the layoffs listed on the site globally, Roger Lee, its creator, pointed out.

    Lee says that the economic conditions both in and surrounding the tech industry resulted in an especially tough year for workers in 2022. An “unprecedented hiring spree” and an “easy monetary policy” from the Federal Reserve, he said, proved to be favorable conditions for tech leading up to this year, even as the pandemic walloped other industries.

    “Both of these trends sharply reversed in 2022,” he said. “Faced with a slowdown in growth and a downturn in the broader economy, tech companies began cutting staff after realizing they over-hired in recent years.”

    https://www.sfgate.com/tech/article/2022-bay-area-tech-layoffs-17681603.php

  35. Time Magazine — The White Supremacist Origins of Exercise:

    “How did U.S. exercise trends go from reinforcing white supremacy to celebrating Richard Simmons? That evolution is explored in a new book by a historian of exercise, Natalia Mehlman Petrzela, author of the book Fit Nation: The Gains and Pains of America’s Exercise Obsession, out Jan. 2023.”

    https://time.com/6242949/exercise-industry-white-supremacy/

    “Time magazine is getting mercilessly mocked over an article about “the white supremacist origins of exercise” that claims racism was the motivator for the fitness movement.

    The mag ran the eye-catching headline Wednesday based on a chat with history professor Natalia Mehlman Petrzela, whose lessons at New York’s The New School often focus on Black Lives Matter protests.

    In the interview, the self-styled “scholar, writer, teacher and activist” insisted that being fat used to be “desirable” — and the push to work out in the 20th century was racism at work.

    “This is totally part of a white supremacy project,” insisted Petrzela, calling it “a real ‘holy crap’ moment” in her research for her upcoming book, “Fit Nation: The Gains and Pains of America’s Exercise Obsession.”

    https://nypost.com/2022/12/30/time-magazine-roasted-for-article-suggesting-exercise-has-racist-origins/

    1. Time Magazine — The White Supremacist Origins of Exercise:

      Will this idiocy ever end?

      Does anyone, other than Dr’s offices, still subscribe to Time? Or are they now simply a heavily subsidized propaganda outlet?

      1. “Will this idiocy ever end?”

        Marxists gonna Marx.

        Note the pathological need of these globalists to defile any and everything that is aesthetically pleasing.

        Modern “art” post 1900. Modern architecture after the Art Deco 1930s. Pop culture, film, music, television, all of it.

        Globalist Marxists exist to destroy beauty, to destroy everything that is pure and good.

        And for some reason, we’re not supposed to notice.

        Stop noticing, seriously just stop.

        1. Right, stop noticing how depraved and uncivilized and perverse the New World Order is. Don’t notice the fraud, the censorship, the mass murder of even children.
          Don’t notice the destruction of sustainable society, to be replaced with slavery and deprivation.
          Don’t notice crimes against humanity , or that something very sinister has unleashed weapons of mass destruction and declared war on the human race.
          Don’t notice the corruption of Global Governments and government agencies , the United Nations, the school system , the Universities and Science itself and medicine. Don’t notice they are attacking the family, religion, free speech and they are coming for the guns and don’t notice the invasion of borders, and withdraw of energy.
          And don’t notice Klaus Schwab and the one World Order/ Great Reset Entities, that already act like they rule the World.
          Don’t notice anything, just comply .

  37. Originally published in the Colorado Gazette on Dec 12:

    Busloads of immigrants. It was only a matter of time. It began last week with the arrival of at least 150 people. A shelter director says most escaped the scarcity and human rights atrocities of Venezuela’s socialist government. They need our compassion, guidance and care.

    Southern cities and states see big, beautiful Denver — full of opportunity — and heed The New Colossus. They will send to Colorado their tired and poor huddled masses, including the wretched refuse, teeming their shores and yearning to breathe free.

    They will send them our way despite Colorado’s landscapes of homeless camps and stressed social services.

    The Gazette has discussed this eventuality with Gov. Jared Polis and other ranking and wannabe Colorado politicians. Each responded as if this were a hypothetical bridge, one we may conceivably cross in the distant future. No one offered a plan. None had given it much thought.

    We predicted imminent busloads of immigrants. Colorado communities, most notably Denver, asked for it and would get what they wanted.

    1. https://www.coloradopolitics.com/opinion/colorado-asked-for-a-barrage-of-immigrants-denver-gazette/article_7ab7801e-7a39-11ed-9ae6-5f920c92b5a8.html

      In more updated news, the Governor asked Larimer County to accept busloads immigrants. The county board of supervisors said no. Fort Collins has already said it has no resources to accept them. Loveland? Loveland kicked the homeless out of town by banning outdoor camping within city limits

      Maybe all those people in Dumver who have “immigrants welcome here” signs on their lawns will take them in? Or were they just virtue signalling? Say it ain’t so, Joe!

        1. Given that the hired help have long commutes to their jobs in Boulder, due to insane housing costs, I doubt the city is welcoming them. The rest of the county (say Longmont), I don’t know,

  38. Andy Ngo on Twitter:

    “Melissa Lewis
    @_claudio_please
    has also gone into sex work after failing to win a big payout from the multiple people she’s sued (including me) in frivolous lawsuits. Read my report:

    https://patreon.com/posts/portland-antifa-76536728

    “So to make ends meet l’m going to be selling nudes for a bit you can DM for prices and more info”

    https://mobile.twitter.com/MrAndyNgo/status/1608739217831784448

    I recommend not opening this link if you are eating. The comments on this are comedy gold 😂

    “They’re not sending their best”

    1. “Might get some interest from various government security services for use as an alternative to waterboarding.” LOL

  39. Yuval Harari approves:

    “The level of rank incompetence that Southwest Airlines demonstrates here is also widely demonstrated by banks, government offices, utility companies and many other service providers. But many people miss the reasons behind it all. One of the primary reasons is that the covid vaccine is removing competent, experienced people from the work force by killing or injuring them.

    In fact, as Ed Dowd reveals, the vaccine did the most damage among those who are employed. 2021 was a very dangerous year to have a job, it turns out, as the Biden regime forced employers across the country to mandate vaccines for all their workers. Many workers complied with the jab mandates and have since died or become disabled as a result. The fact that 7,500 additional Americans are suffering this fate every day points to not merely an economic recession or depression, but a decivilization outcome that risks ending western civilization as we know it, forcing the vaccine survivors into an existence they hardly recognize.

    Ed Dowd calls this the “glacial Mad Max” scenario: It’s going to get very bad but not all at once. The slow, steady erosion of the pillars of civilization will become increasingly apparent over time as another 2.7 million people are killed or disabled by the vaccines each year. And that’s based on current rates of mortality and disability… rates that may become significantly worse among those who continue to take the mRNA jabs that obliterate their immune systems and caused their bodies to generate mysterious fibrous clots (which are not simply blood clots, by the way).

    “Globalization is over,” Dowd declares in the interview (below). And that means the era of cheap, easy stuff is also coming to an end. The world we once knew, where we could visit a local Walmart or Target store and pick up foreign-made goods on the cheap, is over. From here, things are going to become a lot more expensive and less available. Rather than a global expansion into long, complex supply chains and economies of scale, we are living through the early stages of a global contraction and the collapse of globalism itself. The world is about to become a lot more local, with all the global supply chain efficiencies vanishing in short order.

    And this is colliding with the fact that the U.S. work culture is practically non-existent among younger Americans. They have grown up never expecting to actually produce anything. They are consumers, after all, not factory workers or creators of anything real (your favorite celebrity NFT or crypto coin doesn’t count). Thus, at a time when globalization is collapsing and when Americans are going to have to grow, manufacture and process things at the local level, there’s hardly any local work knowledge remaining that could accomplish such a transition.

    https://discernreport.com/warning-from-ed-dowd-7500-americans-are-killed-or-disabled-each-day-as-jabs-take-heavy-toll/

    P.S. please stop noticing.

    1. One of the primary reasons is that the covid vaccine is removing competent, experienced people from the work force by killing or injuring them.

      Plus many who got stuck under jab mandates that where were not overturned by courts resigned rather than accept the experimental jab.

    2. In summary, we are not merely watching genocide; we are witnessing the permanent rejiggering of the economic order by malicious, anti-human Luciferians who celebrate death and destruction. Every person who takes another booster shot is inadvertently working on their behalf, by the way, helping to achieve their malicious aims.

      And to top it all off, the oblivious masses have no idea any of this is happening, even as their own family, friends and coworkers are being maimed or killed by the vaccines. The global vaccine holocaust is being carried out right under the noses of the ignorant, and thanks to CIA-controlled narratives across media and tech platforms, those who don’t possess the mental capacity to question false authority are instead spellbound by it, and they will soon be destroyed by it.

    3. 7,500 Americans killed each day…

      Roughly, that’s about 3 million, which is how many die each year. Every year. We’re mortal.

      I may make mistakes and take risks, but I like to avoid hysteria.

  40. a 3,900 square foot home in Encinitas that recently had to drop it’s price by $100,000

    Cry me a river.

    1475 Heritage Ln, Encinitas, CA 92024

    12/13/2022 Price change $2,750,000 (-3.5%)
    10/28/2022 Price change $2,850,000 (-4.8%)
    9/8/2022 Listed for sale $2,995,000 (+30.2%)
    4/30/2021 Sold $2,300,000
    4/1/2021 Pending sale $2,300,000
    3/27/2021 Listed for sale $2,300,000 (+85.5%)
    5/19/2015 Sold $1,240,000

    1. A friend has a vacation home in Encinitas on the west side of N Coast HWY 101. Lots of old money with a view around there.

  42. ‘A year ago, business was booming for Touchstone Living Inc. The Nevada builder had a list of 639 qualified buyers who wanted homes in its development about 15 miles north of the Las Vegas Strip. Today, that list has shriveled to about 30. Owner Tom McCormick said, ‘I’ve never seen it change this fast,’ referring to the rapid decline in sales’

    I’ll have a blue Christmas without you
    I’ll be so blue just thinking about you
    Decorations of red on a green Christmas tree
    Won’t be the same dear, if you’re not here with me
    And when those blue snowflakes start falling
    That’s when those blue memories start calling
    You’ll be doing all right
    With your Christmas of white
    But I’ll have a blue, blue, blue, blue Christmas
    You’ll be doing alright
    With your Christmas of white
    But I’ll have a blue, blue, blue, blue Christmas
    You’ll be doing all right
    With your Christmas of white
    But I’ll have a blue, blue, blue, blue Christmas

  43. 𝗛𝗼𝗻𝗼𝗹𝘂𝗹𝘂, 𝗛𝗮𝘄𝗮𝗶𝗶 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟰% 𝗬𝗢𝗬 𝗢𝗻 𝗦𝗼𝗮𝗿𝗶𝗻𝗴 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗗𝗲𝗳𝗮𝘂𝗹𝘁𝘀 𝗔𝗻𝗱 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗕𝗮𝗻𝗸𝗿𝘂𝗽𝘁𝗰𝗶𝗲𝘀

    https://www.movoto.com/honolulu-hi/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘳𝘦𝘢𝘭 𝘦𝘴𝘵𝘢𝘵𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘴𝘢𝘪𝘥, “𝘔𝘰𝘴𝘵 𝘩𝘰𝘮𝘦𝘰𝘸𝘯𝘦𝘳𝘴 𝘸𝘦𝘳𝘦 𝘪𝘯𝘴𝘰𝘭𝘷𝘦𝘯𝘵 𝘣𝘦𝘧𝘰𝘳𝘦 𝘩𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘴𝘵𝘢𝘳𝘵𝘦𝘥 𝘤𝘳𝘢𝘵𝘦𝘳𝘪𝘯𝘨.”

  44. $1,695 3 bd 2ba 1,430 sqft
    3728 May St, Bullhead City, AZ 86442

    https://www.zillow.com/homedetails/3728-May-St-Bullhead-City-AZ-86442/104046126_zpid/

    Date Event Price
    12/30/2022 Listed for sale (rent) $1,695 (-99.5%) $1/sqft

    8/22/2022 Sold $320,000 (-4.5%) $224/sqft

    8/8/2022 Pending sale $335,000 $234/sqft

    8/2/2022 Listed for sale $335,000 (+106.8%) $234/sqft

    8/31/2016 Sold $162,000 (-1.8%) $113/sqft

    7/19/2016 Listing removed $164,900 $115/sqft

    7/16/2016 Listed for sale $164,900 (+1732.2%) $115/sqft

    8/31/2015 Sold $9,000 (-17.4%) $6/sqft

    9/14/2014 Listed for sale $10,900 $8/sqft

    I don’t think yer getting 1700 pesos a month in BHC. I could be wrong. But you just bought one expensive rental shack mister.

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