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For Those That May Have Overpaid The Last 2 Years The Question Will Be, How Low Will They Go To Get Out Of A Mortgage?

A report from KTVZ in Oregon. “The Bend home market ‘finished with a stabilizing median sale price’ of $678,000, down $18,000 from November and close to October’s figure. It’s also a drop of nearly $100,000 from the spring, when Bend’s median sale price hit a record $773,000, appraiser Donnie Montagner said. Redmond’s home price market, meanwhile, showed a drop in the median sale price for a third straight month, down $28,000 to $425,000, Montagner said.”

425 Business in Washington. “December’s median sales price of single-family homes and condominiums combined fell 1.9 percent in King County and 0.14 percent in Snohomish County from December 2021, hitting $735,000 and $679,000, respectively. On King County’s Eastside, the median sales price for single-family homes fell 15.1 percent from a year ago, hitting $1.3 million. The biggest percentage drop on the Eastside was in the Kirkland/Bridle Trails area, where the median fell 28.7 percent, to $1.45 million. The highest median sales price was in Bellevue west of I-405, at $3.945 million, which was down 8.2 percent. In Snohomish County, the largest percentage drop in median sales price of single-family homes occurred in the southwest part of the county, down 11.2 percent to $761,000.”

Fox 31 in Colorado. “In the Denver metro, prices slid from a high last April consistently through December, according to the January report from the Denver Metro Association of Realtors. In December, the median price for a single family detached home was $600,000 – about $80,000 less than in April and matching the median prices in December 2021 and January 2022. Buyers are not falling over each other to snap up available homes, either. Homes are spending about twice as much time in the MLS than they were a year ago. Sellers have less leverage and are having to concede they can’t command the kind of prices seen earlier in the year.”

Fort Myers Beach Talk in Florida. “Real estate is a major engine of economic activity on Fort Myers Beach. Like other businesses on the island, Hurricane Ian crashed down on the industry. In the entire month of October, there was only one closing on Fort Myers Beach. Lahaina Realty owner Paula Kiker said she is expecting a correction that began in the summer to continue in the first quarter if this year, though she does not expect a crash in prices as occurred in 2007. Prices in some cases are about 30% off pre-Ian depending on condition.”

“She believes there could be a ‘saturation’ of the market in the first quarter as more homes go up for sale. Kiker said there are a still a lot of ‘derelict properties’ that property owners have yet to begin working on. ‘I believe once folks receive their insurance funds, we will see more units hitting the market,’ Kiker stated. ‘For those that may have overpaid the last 2 years and need the rental income, may need to sell also, and the questions will be, how low will they go to get out of a mortgage?'”

The Payson Roundup. “The housing fever has broken in Rim Country, but it’s going to take a while before it returns to health. Between rising interest rates and an average home price close to half a million dollars in Payson, first-time homebuyers find themselves priced out of the market. ‘Many homebuyers have found themselves priced out of the market … or they want to wait to see if prices will fall,’ she said. ‘Sellers appear to be unwilling to lower prices currently.’ Orris believes sellers might change their mind as the current market trend continues.”

The Gotham Gazette in New York. “I can’t say I am optimistic about 2023. Increasingly I am hearing from owners of rent-stabilized apartment buildings that they will not be able to make their mortgage payments this month or soon thereafter. A confluence of ‘once in a lifetime’ events is pushing this much needed housing toward the brink of insolvency.”

KTVB Boise in Idaho. “For the past several years, we watched as Idaho made just about every housing market list and we witnessed people from all over the country moving to the gem state. ‘I don’t think that that’s a big indicator that suddenly the pipeline has dried up, or people are not moving into Idaho,’ said Debbi Myers, the 2023 President of Boise Regional Realtors board of directors. ‘We’re still seeing plenty of people purchasing homes in Idaho and moving here and of course, the market has slowed, the interest rates went up and we’re just seeing some normalization, basically, prices are getting to be more realistic, which is a good thing for consumers.'”

From Axios. “Oh, how the tables have turned. Now, it’s homebuyers who must be wooed. Homebuilders are offering concessions to real estate agents who bring in buyers, too. One builder in Houston, Texas is giving agents a $10,000 bonus on top of their typical 3% commission and a chance to win a Mercedes, per a flyer, shared with Axios. The rising popularity of concessions could help explain why home prices haven’t fallen faster, said Angela Cherry, communications director at Redfin. With a concession, buyers pay less money, but list prices and closing prices don’t change. ‘They’re kind of masking the true cost of the transaction,’ she said.”

ABC 30 in California. “Just like Valley temperatures, the real estate market has cooled considerably over the past few months. Steve Flach, president of the Fresno Association of Realtors, says the new year will bring a return to normalcy in the housing market. ‘2020 and 2021, the appreciation in our market was 18-20%, and that’s just not sustainable and not healthy,’ he said. ‘Sellers are coming down on prices a little bit but again, this is good. If we look back two years ago, buyers were ‘Take it or leave it’ and they were having to come in above appraised value, guaranteeing cash above appraised value.'”

NBC Bay Area in California. “When it comes to making it in the Bay, 10% not enough. That’s the price drop for the average home in San Francisco. In fact, home prices are down throughout the Bay Area. But sales remain extremely slow. According to a report by Redfin, prices are down. On average, more than 10% in San Francisco and almost 6% in San Jose. While it may be good news for buyers, but it means far fewer sellers. ‘I do think that sellers are a little nervous, like, I don’t want to sell for 6% less than what my neighbor sold for a year ago. That’s painful,’ said Holly Barr of Compass Real Estate.”

CTV News in Canada. “December had the lowest number of home sales according to London and St. Thomas Association of Realtors (LSTAR) President, Randy Pawlowski. ‘No one could have predicted that at the beginning of the year when the local housing market peaked, fueled by the lingering pandemic and its socio-economic effects. Once the economy started to get back on track and the Bank of Canada began increasing its benchmark rate, the dynamics of the local housing market changed drastically. One could say that, for LSTAR Members, 2022 came in as a roaring lion and went out like a lamb.'”

“The average price for all homes in the region peaked in February, 2022 at $825,221 and has since fallen 25.7% to the current level of $612,770. For single-family homes, the price peaked back in February, 2002 at $904,800, and has now dropped 27.4% to $656,792.”

The Langley Advance in Canada. “In December, just 716 homes sold in the region from North Delta through to Abbotsford, according to the Fraser Valley Real Estate Board. In December, prices continued to dip across most categories of housing in Langley. The benchmark price – the average price of a ‘typical’ single family home – dropped to $1.48 million, down below $1.5 million for the first time since October 2021. It’s a significant drop from the market peak in May, 2022, when the benchmark price was over $1.8 million, and 10.9 per cent below the $1.66 million homes cost in the same month a year before.”

The Paris Star in Canada. “The average sale price of a home in the Brantford area is down 24 per cent from the same time a year ago. A report from the Brantford Regional Real Estate Association indicates there were 92 homes sold in December at an average price of $680,540, down about $170,000 from December 2021. Along with Brantford, other areas with some of the largest declines in property values include Cambridge, London, Kitchener-Waterloo, Kawartha Lakes and Hamilton/Burlington.”

Better Dwelling in Canada. “The world’s largest real estate bubble is officially ‘crashing.’ Greater Toronto real estate continues to fall lower, reversing gains. The TRREB benchmark, or typical home, price fell to $1,089,400 in December. This represents a drop of 0.8% (-$8,400) from last month, and 8.9% (-$105,647) lower than last year. Prices have now rolled back to September 2021 levels, wiping out over a year worth of gains. Annual price declines obfuscate just how fast home prices are falling across Greater Toronto. Since prices peaked in March 2022, the TRREB benchmark has dropped 21.4% (-$294,600). The benchmark home in the City of Toronto dropped 22.2% (-$303,800) from peak. The technical term for asset prices that fall more than 20% from peak within a span of 12 months is a ‘crash.’ People can now objectively say Toronto real estate has ‘crashed,’ and be correct.”

The Korea Times. “‘I took out non-collateral loans worth around 100 million won ($78,600) back in 2021 and built an investment portfolio with a focus on U.S. stocks ― particularly Tesla,’ a Tesla shareholder here said. ‘Few investors would have expected the stock to take such a steep fall back then. I have no choice but to wait for it to rebound, even paying interest on the loans comes as a big financial burden.'”

“‘The stock fall, in itself, does not matter unless I sell them off at a loss,’ a 30-something office worker said. ‘But the problem is that I have to delay my life plans ― such as marriage and purchasing a home ― due to the untimely stock investment. Most young investors face similar mental stress.'”

“‘Apple has long maintained its dominant leadership as the world’s most valuable company, so I was in love with Apple stocks and purchased 30 million won worth gradually until early 2022 with a long-term viewpoint,’ an office worker in his 40s said. ‘But shares of the seemingly unbeatable company also showed a downward trajectory when the market entered the bearish cycle. Fears of a further price fall are constantly on my mind.'”

“‘I purchased a home in 2021 when the housing market bubble reached its peak, and then started purchasing U.S. stocks to make pocket money,’ a small business owner in Seoul said. ‘But I did not pay special attention to any potential risks from the interest burden. I am having to pay more interest for mortgage and non-collateral loans, and my business does not prosper as it used to as people are reducing spending in what could be the early phase of a recession,’ he said. ‘I will place top priority on analyzing risks by forecasting the possible worst-case scenario before making any real estate and stock investments from now on.'”

Related Posts

Will The Bubble Burst?

https://www.youtube.com/watch?v=UiIELRVzWyE https://www.youtube.com/watch?v=DL3VVYScHIs https://www.youtube.com/watch?v=RiLxz3fnZ74 https://www.youtube.com/watch?v=4h6AMugOMeU

This Post Has 102 Comments

  1. ‘I do think that sellers are a little nervous, like, I don’t want to sell for 6% less than what my neighbor sold for a year ago. That’s painful’

    I’ve got fantastic new fer yer sellers Holly! They will most definitely not sell fer 6% less. It’ll be 26% less.

    2. Never understood the whole “what my neighbors got” thing.

      Reminds me of the parable of the workers.

  2. ‘The stock fall, in itself, does not matter unless I sell them off at a loss’

    That’s right 30-something office worker, don’t give it away.

  3. ‘In December, prices continued to dip across most categories of housing in Langley. The benchmark price – the average price of a ‘typical’ single family home – dropped to $1.48 million, down below $1.5 million for the first time since October 2021. It’s a significant drop from the market peak in May, 2022, when the benchmark price was over $1.8 million, and 10.9 per cent below the $1.66 million homes cost in the same month a year before’

    ‘A report from the Brantford Regional Real Estate Association indicates there were 92 homes sold in December at an average price of $680,540, down about $170,000 from December 2021’

    Again, the igloo cluster YOY a$$ pounding arrived earlier than the spring. When we get into February/March they’ll be looking at 40% plus.

    1. Brantford was a small (very nice) town that had retirees and exurb workers. The fact that prices when up so much just because of panic pandemic FOMO is just crazy. Hopefully the long time residents did not take out HELOCs.

  4. ‘The housing fever has broken in Rim Country, but it’s going to take a while before it returns to health. Between rising interest rates and an average home price close to half a million dollars in Payson, first-time homebuyers find themselves priced out of the market’

    This highlights just how badly Jerry fooked up. You could probably fit all the people in Payson who can afford half a million peso shack into a Taco Bell. Which is the local cultural mecca.

    2. I remember a Walmart in Payson and a Casino, maybe a McDonald’s .

      Don’t want to be there during a fire

    3. This highlights just how badly Jerry fooked up.

      I’m still trying to understand why he did it. It was intentional.

  5. ‘Sellers are coming down on prices a little bit but again, this is good’

    That’s the spirit!

    ‘If we look back two years ago, buyers were ‘Take it or leave it’ and they were having to come in above appraised value, guaranteeing cash above appraised value’

    But these were the winnahs! Steve?

  6. ‘she is expecting a correction that began in the summer to continue in the first quarter if this year, though she does not expect a crash in prices as occurred in 2007. Prices in some cases are about 30% off pre-Ian depending on condition’

    So a 30% a$$ pounding isn’t a crash Paula? That sand is GOLD!

  7. ‘With a concession, buyers pay less money, but list prices and closing prices don’t change. ‘They’re kind of masking the true cost of the transaction’

    What Angela is saying is, no matter how much % crater HBB posts, it’s worser!

  8. In an interview on CBS News’ “The Takeout,” Fauci said: “I have no idea what [Musk]’s talking about. I mean, there’s a lot of misinformation, conspiracy theories, and disinformation going on. I have nothing to say to him. I don’t understand what he’s doing. It’s just unfortunate.”

    Last month, Musk also criticized Fauci, tweeting, “My pronouns are Prosecute/Fauci.”

    https://reclaimthenet.org/fauci-responds-to-alleged-upcoming-fauci-files/

    via GIPHY

    1. Covid vaccines are poison.

      Remember who wanted to get you FIRED FROM YOUR JOB for not getting injected with experimental mRNA poison?

      Remember who? Because all of them have NAMES and ADDRESSES, and there is a noose on the gallows waiting for every one of them ☠️

  9. “The Bend home market ‘finished with a stabilizing median sale price’ of $678,000, down $18,000 from November and close to October’s figure. It’s also a drop of nearly $100,000 from the spring, when Bend’s median sale price hit a record $773,000, appraiser Donnie Montagner said.

    Gosh, that would’ve paid my rent many times over.

    1. What business and jobs are really in Bend and Redmond OR?

      Income per Cap. $33,619
      Household Income $60,563
      Family Median Income $72,870
      Unemployment Rate: 6.0%
      Recent Job Growth: -2.7%
      Future Job Growth: 57.7%
      Sales Taxes: 0.0%
      Income Tax: 9.0%

      1. What business and jobs are really in Bend and Redmond OR?

        I’ve come to the conclusion that the entire area is a product of housing speculation and nothing more. Because there’s nothing there.

  10. The biggest percentage drop on the Eastside was in the Kirkland/Bridle Trails area, where the median fell 28.7 percent, to $1.45 million.

    Is that a lot?

  11. Lahaina Realty owner Paula Kiker said she is expecting a correction that began in the summer to continue in the first quarter if this year, though she does not expect a crash in prices as occurred in 2007.

    All of these lying realtors work off the same script. FBs stupid enough to trust UHSs or the REIC shills in the MSM with “due diligence” might be permanently inoculated against ever trusting such dissemblers again once they find themselves deep underwater on their shacks.

  12. Funny – the news and realtors both seem to characterize this as an expected, regular correction – and then it is back to an upwards trajectory.

    Lets see with the higher interest rates, new supply coming online, and whether ‘investors’ will keep buying.


    Since prices peaked in March 2022, the TRREB benchmark has dropped 21.4% (-$294,600). The benchmark home in the City of Toronto dropped 22.2% (-$303,800) from peak. The technical term for asset prices that fall more than 20% from peak within a span of 12 months is a ‘crash.’ People can now objectively say Toronto real estate has ‘crashed,’ and be correct.”

  13. With a concession, buyers pay less money, but list prices and closing prices don’t change. ‘They’re kind of masking the true cost of the transaction,’ she said.”

    I’ll pass on the stupid gimmicks, sellers. I’ve got all the time in the world to wait as the carnage in the Fed’s Everything Bubble wipes out trillions of fictitious Yellen Bux “value” from the housing market. For you, on the other hand, this is as good as it gets.

  14. ‘No one could have predicted that at the beginning of the year when the local housing market peaked, fueled by the lingering pandemic and its socio-economic effects.

    Here we go again with the REIC shills and their “no one saw it coming” BS.

  17. A reader sent these in:

    Massive drop-off in ISM Services PMI for Dec, coming in at 49.6 vs 55.0 est. First contractionary print since May 2020 (50=neutral), with slowdowns in nearly every underlying component. This is what could change jobs data in coming mos, as services have been holding it up.

    https://twitter.com/LizYoungStrat/status/1611379758293467140

    Los Angeles-Orange County homebuying plummets 44% to record low

    https://twitter.com/DonMiami3/status/1611751073945096192

    Sister in law in Scottsdale bought her house beginning of pandemic. Prices doubled like most places….. She’s now saying similar houses are selling below what they bought for in 2020. Just taking more time in some areas

    https://twitter.com/ssun5555/status/1611872347652325378

    Behind every idiot showing off his cash on social media, there’s a story…How it Started: How it’s Going:

    https://twitter.com/agnostoxxx/status/1611405456433364992

    Remember how early 2022 everyone was adamant that CBs will not be able to raise rates at all because of the huge debt burdens and how everything was about to collapse and how QT would never ever happen and how more QE was about to hit? Where are the 🤡?

    https://twitter.com/INArteCarloDoss/status/1611684817086685187

    Welcome to the UK … now heating their homes with cat litter. 😢 The UK used to be an empire that dominated the planet. “Households are using cat litter to heat their homes, according to pet shop bosses.”

    https://twitter.com/WallStreetSilv/status/1611811885560758273

    So you think interest rates will stay at 5%+ for years like the Fed is saying? By the end of 2025 a huge portion of the debt will mature and refinance at higher rates. $38 trillion in debt at 5% = $1.9 trillion in interest expense per year. That is ~50% of tax revenue.

    https://twitter.com/WallStreetSilv/status/1611853506398371840

    My house in Denver hit a high of $650k on Zillow last June. Today it’s $520k

    https://twitter.com/WhiskeyZeroPrep/status/1611850381902106626

    Yup. My landlords house was like 750k…now probably 550k. North Austin

    https://twitter.com/wenlll/status/1611850097167400961

    I’m in Austin. This is correct and houses are sitting unsold. New home starts have started to drag as well.

    https://twitter.com/limabean9412/status/1611849779788529673

    Portland Oregon. At one point my house was worth $800k+ on Zillow. Currently at $590k. One year difference

    https://twitter.com/terpsandsats/status/1611849450389114882

    We’ve been seeing lots of price reductions in LA. Rates are too high to sustain prices. Things will get interesting in the spring when the inventory arrives but the buyers do not.

    https://twitter.com/RyanCrownholm/status/1611883060546662400

    My son is a construction manager for a well known home builder. They stopped making portions of their subdivisions for black rock type rental investors and for the custom homes, prices dropped 150k in the last few months.

    https://twitter.com/takemeto_texas/status/1611852031995551745

    Austin, Texas Housing Prices Are Crashing Fast
    – Down 21% in 6 months 🔥🔥🔥 Is this spreading to other areas in the coming months? What does you area look like?

    https://twitter.com/WallStreetSilv/status/1611848904823250952

    CarDealershipGuy

    By popular request: New Vehicle availability by major brand 👇

    https://twitter.com/GuyDealership/status/1611555171623903232

    Fed sees soft landing

    https://twitter.com/texasrunnerDFW/status/1611573204555894784

    Steve Saretsky

    Everyone waiting for the bottom in housing and the start of the next bull market. What if we drop another 10% or so and move sideways for five years?

    https://twitter.com/SteveSaretsky/status/1611525983039008769

    Do you wonder what affordable housing is like? I Toured a distressed portfolio this near DFW and I am ashamed at what I saw. Tenants left in pure squalor, while absentee syndicator group is off in other states and no management in place to take care of the properties

    https://twitter.com/excel_ranger/status/1611407935803899907

    If you ever question if the housing market is a ponzi scheme, remember builders mailed Volcker a 2×4 to protest him raising interest rates.

    https://twitter.com/GRomePow/status/1611850281305927680

    “When interest rates go below 3% and especially as they approach 2%, investors become desperate for higher yields. This creates an environment where speculative bubbles become attractive, which become self-reinforcing as they grow.”

    https://twitter.com/RudyHavenstein/status/1611820315017113600

    On my way to save the market again

    https://twitter.com/alifarhat79/status/1611033276885467138

    You’re going to start to see a lot of people listing their cars on Craigslist for what they owe on it, not what it’s worth LOL

    https://twitter.com/GRomePow/status/1611785950295883777

    I’m old enough to remember when 7% Fed Funds rate would have been considered “free money”. Not many people around who remember those good times of double-digit short term treasuries and home mortgages north of 15%.

    https://twitter.com/tastytradeninja/status/1611764396249972739

    Including Tom Lee, Cathie Wood, and CNBC were all called by Fortune(who wrote this piece) and asked for comment. None of them responded to defend themselves. There’s never accountability on Wall St for being wrong. Just go into hiding until the next bull market arrives.

    https://twitter.com/StealthQE4/status/1611797781139562497

    1/2 Great read. Completely agree. The zero rates era created some of the most ridiculous Wall St forecasts ever. They all thought the good times would never end. They always do. I find it funny how all of the analysts with these insane forecasts…

    https://twitter.com/StealthQE4/status/1611796823194193923

    Every time I hear someone crying about interest rates, the debt, their precious little ponzi scheme, I lose a little more respect for them. I get a little angrier at the system. I realize they’re all just reliant.

    https://twitter.com/GRomePow/status/1611801194112094208

    @DiMartinoBooth Interest rate just adjusted on one of my commercial real estate mortgages. This loan is less than 50% LTV today and cash flow is not a problem. Still unpleasant. Would suck to be highly levered with struggling tenants and revive a notification like this right now.

    https://twitter.com/JustinAulden/status/1611566789531693056

    Now Big Tech has also lost all Corona gains. The combined market capitalization of Apple, Microsoft, Alphabet, Meta and Amazon (AMAMA) has fallen from $10.2tn to $5.9tn now.

    https://twitter.com/Schuldensuehner/status/1611163941240963072

    Good Morning from #Germany where housing market has come to standstill. Monthly mortgage lending has collapsed by 40% in Nov YoY, representing 3rd neg record in a row since start of statistics in 2003. Mortgage volume dropped to €1.4Bn, lowest since 2011.

    https://twitter.com/Schuldensuehner/status/1610913835392667648

    1. By popular request: New Vehicle availability by major brand

      Not surprised that Buick has the biggest availability. All they sell now are rebadged Chevy SUV’s, for which you have to pay a premium.

    2. Good Morning from #Germany where housing market has come to standstill.

      Right now Germans are worried about how to pay their 1000 Euro monthly heating bills. Buying a shanty is probably the last thing on their minds,

  18. Bitchute
    Rumble
    Gab
    Parler
    Gateway Pundit
    Revolver News
    Daily Stormer
    Russia Today
    Consume Product
    No New Normal
    News To Keep You Out Of The Camps
    Burning Platform
    American Greatness
    Post Millennial
    Western Rifle Shooters
    4chan, if you can stomach all the bots and shills

    That’s just a handful of sources.

    Anything published by the New York Times or Washington Post I assume by default is propaganda and lies.

  19. The Kinks — Dedicated Follower Of Fashion:

    “And when he pulls his frilly nylon panties right up tight”

    https://m.youtube.com/watch?v=pSnzFI2iwjw

    This song is dedicated to Dr. Richard Levine. He prefers that you call him Rachel, but his name is Richard. And speaking of names, what kind of last name is Levine? Interesting.

    Too much #Noticing going on around here. Have you ever #Noticed a pattern with the people who advocate the loudest for mutilating and raping children?

    A pattern, did you say?

    #Noticing

  21. “‘I took out non-collateral loans worth around 100 million won ($78,600) back in 2021 and built an investment portfolio with a focus on U.S. stocks ― particularly Tesla,’ a Tesla shareholder here said. ‘Few investors would have expected the stock to take such a steep fall back then. I have no choice but to wait for it to rebound, even paying interest on the loans comes as a big financial burden.’”

    The stupid, it burns.

    1. That is a most impressive takedown of the folly which is US government housing policy.

      How did the Fed come to the decision to take possession of 25% of all US mortgages?

      And how did turning every American household into a homeowner household become a federal government priority?

      It all seems very communistic, considering that we supposedly have a free enterprise economy.

      2. And how did turning every American household into a homeowner household become a federal government priority?’

        No worries they are unwinding it now . Pretty soon you wont own Sh$t but probably wont be happy either .

    1. Yahoo
      Cathie Wood Sells 99% of Silvergate Stake as Customers Flee
      Matt Turner
      Fri, January 6, 2023 at 6:44 AM PST·3 min read

      (Bloomberg) — One of Cathie Wood’s funds sold virtually all of its shares in Silvergate Capital Corp. after the cryptocurrency-focused bank announced that it was forced to sell assets at a steep loss as customers pulled out most of their deposits during the fourth quarter.

      Her ARK Fintech Innovation exchange-traded fund unloaded roughly 404,000 shares of Silvergate on Thursday, cutting the ETF’s holdings by more than 99%, according to data compiled by Bloomberg. The fund’s remaining holdings, which amount to less than 4,000 shares, are worth about $43,000 — only about 0.01% of the fund’s total portfolio.

      Silvergate told investors on Thursday that customers’ deposits of digital assets tumbled from $11.9 billion to $3.8 billion during the fourth quarter, when the fallout from the FTX collapse rattled investors’ faith in cryptocurrency lenders. The exodus forced it to sell securities and related derivatives at a loss of $718 million.

      The revelation sent Silvergate shares down by a record 43% Thursday, and they slipped as much as 6.9% more on Friday. The stock has been in a downward spiral for more than a year amid the deepening crypto industry rout. Since its record closing high of $222.13 in November 2021, the stock has fallen more than 94%, erasing about $5.5 billion in market value.
      …
      https://finance.yahoo.com/news/ark-fund-unloads-silvergate-stake-131252888.html

  26. From yesterday:

    “Translated from Fedspeak, the FOMC members do not like stock market rallies, since they fear it could result in potentially inflationary consumer spending,”

    Is this the official admission that the smart money is long gone and the stock market is now J6P’s bag to hold (again)? After all, asset inflation is good and noble unless too much trickles down to those darn little people.

    the “proverbial Fed put is officially dead and gone,”

    I guess now it’s a Fed call.

  28. Is it safe to say the bears have gone into hibernation and a new bull market is dawning on Wall Street in 2023?

    1. This May Be the Longest Bear Market in History
      By Sean Williams – Jan 8, 2023 at 5:21AM

      Key Points
      – Stock market corrections are commonplace and usually reach their nadir within 10 months.
      – If the current bear market follows the pattern of other Federal Reserve rate-easing cycles this century, we’re still a long way from the bottom.
      – There are a number of smart ways to invest during a lengthy bear market.
      …
      https://www.fool.com/investing/2023/01/08/this-may-be-the-longest-bear-market-in-history/

  29. I haven’t had a chance to catch up one reading this weekend, but to respond to a few people:

    “Yesterday at Safeway I bought pack of 6 rolls of Brawny paper towels, two avocados, four vine tomatoes, and a small spring mix salad for $37.20. No kidding!”

    Walgreens sells knock off Scotts TP. I buy that. It went up in price- used to be $.50 per roll, now it’s $.60. It’s still the cheapest I’ve found and I don’t care about the ply. They also sell paper towels that are 180 per roll and $1 per roll.
    I only buy meat on sale.
    I cook almost all of our meals. Walmart brand frozen veggies are cheap.
    I get Saturdays off- my husband buys us take out.
    Baby formula has its own budget. Baby needs like diapers and wipes are another budget. Baby food is part of my weekly food budget. I make most of our baby food myself.
    I get $75 per week, but if I don’t spend it all whatever I don’t spend gets rolled into the next week. So, if I only spend $50 one week, the next week I have $100. That means that on weeks when sales aren’t great I usually have more money on hand when there are sales.
    My husband manages the budget because line items stress me out. If we need something and we don’t have money for it in the appropriate budget our discretionary spending (which isn’t a huge budget) just gets cut.

    1. Reminds me of shopping with my daughter, who asked, “Do we have to buy only the stuff that’s on sale?” My answer, “Yes, we do.”

    1. I’m not anti-vaccine. I’ve had them in my life, was taught the basics of them in grade school. This thing is not a vaccine.

        1. I was so scared someone would jab my autistic son at school and I wouldn’t know about it. Luckily, his aide (his former behavioral therapist) is anti-vaccine for good reason. She was injured by the HPV vaccine and she had clients as a behavioral therapist who had “vaccine damage” noted in their files.

        2. I agree. There’s no need for the old shots after childhood and I wouldn’t trust this system for a band-aid.

          1. I suppose that someday I will need a tetanus booster. I will reevaluate when that time comes.

        4. I’ve taken my last shot of anything. The trust is broken.

          As have I, my husband and my son.

        6. “The new COVID-19 strain XBB.1.5 binds tighter, appears more transmissible, and is also immune-evasive…”

          Two weeks ago, my wife came home early with a headache and a dry cough, so after the school nurse took a nasal culture she excused herself for the remainder of the week following protocol. The headache was gone the next morning, but the dry cough persisted for several more days. No other symptoms, e.g., fatigue, runny nose, sneezing or muscle aches.

    2. who wrote an editorial calling on readers to mock the deaths of anti-vaxxers

      They were legion, so it’s not surprising that they are keeling over.

  31. 𝗢𝗰𝗲𝗮𝗻 𝗜𝘀𝗹𝗲 𝗕𝗲𝗮𝗰𝗵, 𝗡𝗖 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟬% 𝗬𝗢𝗬 𝗔𝘀 𝗖𝗼𝗮𝘀𝘁𝗮𝗹 𝗔𝗻𝗱 𝗩𝗮𝗰𝗮𝘁𝗶𝗼𝗻 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗗𝗲𝗺𝗮𝗻𝗱 𝗣𝗹𝘂𝗺𝗺𝗲𝘁𝘀

    https://www.movoto.com/ocean-isle-beach-nc/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘤𝘰𝘢𝘴𝘵𝘢𝘭 𝘣𝘳𝘰𝘬𝘦𝘳 𝘣𝘦𝘨𝘨𝘦𝘥, “𝘚𝘰𝘮𝘦𝘰𝘯𝘦 𝘱𝘭𝘦𝘢𝘴𝘦 𝘤𝘰𝘮𝘦 𝘣𝘶𝘺 𝘢 𝘩𝘰𝘶𝘴𝘦…. 𝘢𝘯𝘺𝘰𝘯𝘦.”

  33. “Lahaina Realty owner Paula Kiker said she is expecting a correction that began in the summer to continue in the first quarter if this year, though she does not expect a crash in prices as occurred in 2007. Prices in some cases are about 30% off pre-Ian depending on condition.”

    In what universe is 30% off peak price in a highly leveraged asset not a crash?

    And this is just the beginning. There is no telling at this point how far down it is to the bottom of the CR8R.

  35. Salt Lake City was one of the red hot pandemic bubble housing markets.

    How is it faring now that air is rapidly leaking from the bubble?

    1. KSLTV Logo
      NATIONAL NEWS
      Housing market slows in November; SLC area sees 50% decline in home sales
      Dec 21, 2022, 1:52 PM | Updated: 8:02 pm
      BY ANNA BAHNEY, CNN BUSINESS

      (CNN) — Home sales in the United States declined for the 10th month in a row in November as surging mortgage rates topped 7% and stubbornly high prices kept buyers out of the market.

      Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 35.4% in November from a year ago and down 7.7% from October, according to a National Association of Realtors report released Wednesday. Sales declined in all regions of the United States month-over-month and year-over-year.

      That continues a slowing trend that began in February and marks the longest streak of declining sales on record, going back to 1999.

      Sales in November were at their weakest level since May 2020, when the real estate market was at a standstill during the pandemic lockdowns. If not for that anomalous month, sales last month would have been at the lowest level since November 2010.
      …
      https://ksltv.com/515280/home-sales-continued-to-drop-in-november/

    2. What to expect for Utah’s housing market in 2023
      by Daniel Woodruff, KUTV
      Wednesday, January 4th 2023

      SALT LAKE CITY (KUTV) — Utah’s housing prices are expected to keep falling over this new year as high interest rates keep many buyers on the sidelines.

      Dejan Eskic, senior research fellow at the Kem C. Gardner Policy Institute, told KUTV 2News he expects a “slow year” in the housing market.

      Year-over-year prices will likely fall five to 10 percent, Eskic said. Prices in Utah remain high but have fallen from their peak in May.

      Meanwhile, new construction is forecasted to continue to slow down, which could spell trouble for Utah’s housing supply. Before mortgage rates rose and pushed more buyers out of the market, the state had a housing shortage of roughly 31,000 units.

      “I expect our housing shortage to worsen a little bit in the next three to four years,” Eskic said.

      Isaac Rogers, 23, lives in Utah County and is preparing to buy a house.

      “I want to get a house within six months to a year,” Rogers said, adding that he’s considering buying a duplex to live in one side and rent out the other. “Real estate is a great long-term investment, and it’s going to pay off eventually if you go about it the right way.”

      Eskic said there are still deals out there with new houses that builders are trying to get rid of.

      For the year ahead, he said, the housing market depends totally on where mortgage rates finally settle.

      “We’re not in a buyer’s market. We’re definitely not in a seller’s market,” Eskic said. “We’re kind of in the middle but leaning a little bit more towards buyers.”
      …
      https://kutv.com/news/local/utah-housing-market-2023-dejan-eskic-kem-c-gardner-policy-institute-prices-mortgage-rates-salt-lake-city

      1. Isaac Rogers, 23, lives in Utah County and is preparing to buy a house.

        “I want to get a house within six months to a year,” Rogers said, adding that he’s considering buying a duplex to live in one side and rent out the other. “Real estate is a great long-term investment, and it’s going to pay off eventually if you go about it the right way.”

        Everybody’s a rentseeker. Nobody wants to work for a living. Imagine if nobody had to work and everybody lived off of passive income. Who would do all the work that needs to be done? We need 20 years of economic hell to get rid of the entitlement mentality that is a result of these asset price bubbles.

    1. The San Francisco Standard
      Community
      Thousands Moved Out of San Francisco Last Year. Here’s Where They Went
      Written by Noah BaustinPublished Jan. 06, 2023 • 5:00am
      A U-Haul truck and other vehicles travel along Interstate 10 as wind turbines generate electricity near Palm Springs. | Robert Alexander/Getty Images

      As California’s population shrank for a second year in a row, a steady stream of San Franciscans left the city last year, according to a new analysis by The Standard. But many of those erstwhile San Franciscans remained in the state: Los Angeles, San Diego and Sacramento were the top destinations for people who booked one-way U-Hauls out of town.

      Covid sparked a mass exodus from San Francisco that peaked in August 2020, U.S. Postal Service (USPS) data shows. That month, nearly 7,000 more people requested permanent address changes moving away from SF than arrived in the city. After the August 2020 crest, the change of address rate consistently dropped until it reached pre-pandemic levels in May 2021 and stayed steady throughout 2022. 

      That steady rate, however, still had thousands leaving the City by the Bay each month last year.

      With the new year just beginning, it will be months before official figures show where the most San Franciscans decamped to in 2022. In the meantime, data from moving-truck rental company U-Haul provides insight into trends that are likely to emerge. The company tracks the origin and destination of its one-way truck rentals with the assumption that those customers are in the process of a move.

      U-Haul’s data shows that the top five destination cities from San Francisco were all in California: Los Angeles, San Diego, Sacramento, San Jose and Sunnyvale. Las Vegas and Reno were the only out of state cities that cracked the top 10, along with Santa Monica, Santa Rosa and Antioch.

      Domestic migration out of San Francisco exploded in 2020, but it’s actually long been the norm that SF loses more residents to other American cities than it gains. This mirrors larger trends in California, which lost the most people to domestic migration of any state from July 2021 to July 2022.
      …
      https://sfstandard.com/research-data/thousands-moved-out-of-san-francisco-last-year-heres-where-they-went/

      1. “U-Haul’s data shows that the top five destination cities from San Francisco were all in California: Los Angeles, San Diego, Sacramento, San Jose and Sunnyvale. Las Vegas and Reno were the only out of state cities that cracked the top 10, along with Santa Monica, Santa Rosa and Antioch.”

        One of mom’s CRE tenants notified her of a feces stool and a sticky plume of urine in the building’s entry alcove. The common area janitor is supposed to be there at the crack of dawn six days per week. A photo shutdown his lies. The new mayor is another woke cuck just like the departing one.

    2. The San Francisco Standard
      Community
      California’s Population Shrank for the Second Year in a Row
      Written by Noah BaustinUpdated at Jan. 04, 2023 • 9:04amPublished Jan. 04, 2023 • 5:00am

      Californians have become famous for fleeing their state. 

      The Golden State led the nation in resident departures between July 2021 and July 2022, new data from the U.S. Census Bureau shows. Continuing a pandemic-era trend, a staggering 343,000 more people left California than moved here during that time period.

      That migration out caused California’s population to shrink more than almost any state in the U.S. Only New York saw a larger decline. Data from U-Haul adds additional context to that population loss: In California, the moving company counted more trucks moving out than in any other state, with many movers decamping for Texas and Florida.
      …
      https://sfstandard.com/research-data/californias-population-shrank-more-than-just-one-state-in-2022/

    3. If the Democrats succeed in getting Gavin Newsom elected president, the whole country can enjoy the governance that is leading Californians to flee the state in droves.

    4. California ranks as the number one state for outbound U-Haul trucks for third year
      Ria Roebuck Joseph, Center Square contributor Jan 4, 2023
      A sign at a UHaul store looking to hire employees is also offering a bonus, Thursday, May 20, 2021, in Boynton Beach, Fla. (AP Photo/Marta Lavandier)
      Marta Lavandier / AP Photo

      (The Center Square) – For the third consecutive year, California ranked dead last in a report released by U-Haul on Growth States for 2022. As more people sought to leave the state, U-Haul saw the highest demand for one-way equipment from California outbound residents, and saw the highest net loss of one-way U-Haul trucks from the Golden State.

      U-Haul compared the net gain of one way U-Haul trucks arriving at a particular city or state to those leaving that city or state from January to December 2022, to arrive at its Growth Index.

      John Taylor, International President of U-Haul stated, “We still have areas with strong demand for one-way rentals. While overall migration in 2021 was record-breaking, we continue to experience significant customer demand to move out of some geographic areas to destinations at the top of our growth list.”

      America’s most populous state, had the highest net outward domestic migration out of all 50 states in Fiscal Year 2022, according to the U.S. Census Bureau. In that stretch, 343,230 more Americans moved out of California compared to those who moved into it.

      A California Department of Finance report demonstrated that outmigration is outpacing the state’s birth and death rate adding to the negative impact on its total population.

      Since Covid, the California Policy Lab has found that the state has seen a 12% increase in the number of people leaving. 

      In 2022 a number of companies relocated southern California offices to other states. Corporations like Chevron and American Airlines looking to make the change offered to pay their employees to relocate or help with the cost, if staffers chose to continue with the company at the new location.
      …
      https://www.thecentersquare.com/california/california-ranks-as-the-number-one-state-for-outbound-u-haul-trucks-for-third-year/article_78549e00-8c69-11ed-b649-1302b3b675bf.html

  37. These “celebrities” should have brought all of their sons with them to Ukraine, and left them there to fight and die.

    The Guardian — How Zelenskiy became Hollywood’s man of the hour (1/8/2022):

    “When Ben Stiller walked into the office of Ukraine’s president, Volodymyr Zelenskiy, in June, he embraced the wartime leader telling him, “You’re my hero.”

    Stiller is one in a line of stars from the entertainment world who made the long journey to Kyiv to meet Zelenskiy – himself a former actor and comedian. A journey that involves an overnight train journey from Poland as commercial flights – let alone private jets – cannot fly in Ukraine’s airspace for safety reasons.

    Before Stiller came the actor Sean Penn, who has visited three times since the invasion, and is making a documentary about the war, in which Zelenskiy will no doubt feature.

    Other stars hosted by Zelenskiy include the British adventurist Bear Grylls, the Virgin founder, Richard Branson, the actor Jessica Chastain, U2’s Bono, the TV host David Letterman, the Spanish-American celebrity chef José Andrés and the historian Timothy Snyder.

    Angelina Jolie and the 1980s action star Jean-Claude Van Damme, who did shoots in Kyiv for a Netflix production two years ago, have also visited Ukraine to meet refugees and troops. Van Damme posed for videos with Ukrainian soldiers in December, giving the traditional Ukrainian war cry, “Glory to Ukraine, glory to the heroes.”

    https://archive.ph/RYDTP

    Russia is winning.

    1. Russia Today — Zelensky deprives Orthodox priests of citizenship (1/7/2023):

      “Ukrainian President Vladimir Zelensky has stripped 13 priests within the canonical Ukrainian Orthodox Church (UOC) of the country’s citizenship, the Levy Bereg (Left Bank) newspaper reported on Saturday, citing government sources.

      The presidential decree targeting the clerics was purportedly signed by Zelensky in late December but has not been published officially, since it contains the personal data of the priests whose citizenship was being revoked.

      Later in the day, however, the newspaper circulated a list of the affected individuals. For instance, it includes Ionafan, the metropolitan bishop of the Tulchin diocese in Vinnitsa Region, who was targeted by the Ukrainian Security Service (SBU) last October.

      The domestic security agency accused the cleric of sowing religious discord and supporting Russia, claiming it had seized incriminating materials, including various “printed pro-Russian content and propaganda literature.” The list also includes his subordinate vicar, Bishop Sergey, who allegedly serves as a “caretaker” for Ionafan’s property of dubious origin, the newspaper noted.

      https://www.rt.com/russia/569528-zelensky-orthodox-priests-citizenship/

      Make Christianity illegal, import trannies to rape all the kids. It’s the globalist way.

      Globalists gonna globe.

      1. He’s replacing the Ukrainian Orthodox Church with a breakaway church that is loyal to him.

        Expect to see this happen in the US with the Catholic Church. At some point it will be accused of hate crimes and a group of bishops will break away and form a new body, say the “American Democratic Catholic Church” which will receive the state’s approval while those loyal to Rome will be arrested and jailed. Just like they do in China.

  38. Although not yet sworn in, first-year U.S. Rep. Andrew Ogles (R-Tenn) from Tennessee’s 5th Congressional District found himself in the middle of a historic maelstrom when he arrived in Washington on Dec. 31, 2022, in the company of his family.

    However, Ogles knew a bit of what he was getting into because he had already become a member of the Freedom Caucus and was already involved in the ongoing negotiations that, as of this writing, seem to have vastly reformed the way the U.S. Congress will do business in exchange for allowing Rep. Kevin McCarthy (R-Calif.) to become House speaker.

    Ogles should be known to many Epoch Times readers for his participation in the unique primary debate—using domain experts instead of journalists to ask the questions—sponsored by this company in concert with the Nashville Republican Women.

    Little did we know, nor probably did he, that Ogles would end up being one of the 20 to instigate this monumental change they say will return the Congress to the original intention of the Founders as The People’s House.

    I spoke with Ogles by phone the night of Jan. 6, 2023, before the roll call vote during which, it was said, two of the remaining rejectionists who couldn’t accept McCarthy personally would absent themselves so that the magic number would be lowered and the new speaker could go over the top.

    Apropos, Ogles informed me that what many had guessed was true. His absence from voting in a previous round also was planned. He waited to see that all was going according to plan before stepping forward to flip his vote to McCarthy after the initial round.

    For Ogles, the basis of all the negotiations was to establish the rules of the game in Congress that had been altered over the years beyond recognition. As he pointed out, the rules of a game almost always determine the winner.

    He shared with me a list of some of what has been roughly negotiated to date. The devil, as always, is in the details.

    As has been reported, it will only take a single congressperson, acting in what is known as a Jeffersonian Motion, to move to remove the speaker if he or she goes back on their word or policy agenda.
    A “Church”-style committee will be convened to look into the weaponization of the FBI and other government organizations (presumably the CIA, the subject of the original Church Committee) against the American people.
    Term limits will be put up for a vote.
    Bills presented to Congress will be single subject, not omnibus with all the attendant earmarks, and there will be a 72-hour minimum period to read them.
    The Texas Border Plan will be put before Congress. From The Hill: “The four-pronged plan aims to ‘Complete Physical Border Infrastructure,’ ‘Fix Border Enforcement Policies,’ ‘Enforce our Laws in the Interior’ and ‘Target Cartels & Criminal Organizations.’”
    COVID mandates will be ended, as will all funding for them, including so-called emergency funding.
    Budget bills would stop the endless increases in the debt ceiling and hold the Senate accountable for the same.

    That’s all Ogles would tell me for now, but there is undoubtedly more in ongoing negotiations that could continue even after the final speaker vote. No word, from him anyway, on committee assignments or agreements, although there are discussions on positions for Freedom Caucus members. Ogles did acknowledge his own interest in the Financial Services Committee, due to his economic background, or the Judiciary Committee.

    No word either, so far, of a different kind of Jan. 6 investigation, unless that is intended to be wrapped into the new “Church” committee.

    https://www.theepochtimes.com/mkt_app/rep-andrew-ogles-reveals-what-concessions-were-made-in-battle-for-speaker-of-the-house_4968315.html

    1. A comment:

      Yep I was watching The Mike Huckabee show and I know know he himself is a swamper!
      Painting a negative picture of what was going on.
      Pelosi removed the option to remove the Speaker.
      We got it back.
      They have not had debate on issues going into bills in 18 years!
      This is how we have soo much pork in these bogus bills that hurt us.
      McCarthy was not interested in defunding some of these new department such as the 187,000 new ARMED IRS agents.
      Or the increase in the ATF Dept to keep track US!

      Another:

      The “media” has painted the few days to negotiate and elect a speaker as embarrassing, petty personal politics and so terrible. Whatever the mockingbird media says, flip-it 180 degrees and you have the truth! The speaker negotiations was democracy in action and led to more representation of the people! Procedures are now more inclusive! Bills will be more transparent and easier to understood before being voted on! Legislators will have the opportunity to object to Bills in committees and in discussion on the House floor! The dictatorship of Nancy Pelosi and her exclusive House procedures have been ended! The Democrats talk about “democracy,” but their meaning of it, is shut up and submit!

        1. 👍🏻 Bring out the guillotines (RIP Trevor Moore). No one noticed when Huckabee set up a gift registry to make it easy to bribe him (not sure if it was during or at the end of his term, too lazy to look it up.) They’re all so full of sh!t.

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