thehousingbubble@gmail.com
Blog

Some Agents Have Reported That Numerous Cheeky Offers Are Now Being Presented To Sellers

It’s Friday desk clearing time for this blogger. “RE/MAX reported the median sales price in the Los Angeles metropolitan area, including Orange County, in Dec. 2022 was $810,000, a 4.7% drop from the previous year’s $850,000 sales price. The San Francisco Bay Area metro, Honolulu, Hawaii and Seattle saw a 5% and 4% drop in median sales price, respectively. ‘Sellers are shocked,’ said Alex Avilez, broker-owner at REMAX West Covina. ‘A lot of sellers got used to seeing the [bidding wars]. Now that’s not happening. It’s like they list their home, and a week goes by, and they blame their agent for not doing their job. Buyers have always controlled the market.”

“The Treasure Valley housing market has seen a marked decline in the price of single-family homes over the past several months. The median price of a single-family home in Ada County fell by $31,000 to $515,000 in December, according to the Intermountain Multiple Listing Service. In Canyon County, the median price of existing homes in December was $342,000, a 10.9% decrease.”

“Dallas-Fort Worth home prices were down 10% in December from their peak in June, according to data from North Texas Real Estate Information Systems. The median DFW-area home price in December was $390,000. ‘As mortgage rates have gone from about 3% to as high as 7%, all housing activity has come to a standstill,’ said Chris Dougherty, economist for Wells Fargo. ‘Buyers have disappeared, and sellers who refinanced their homes and have 3% mortgage rates aren’t going to trade up into a 7% mortgage rate. So it’s a frozen housing market, and this is the big reason why, especially with the buying side.'”

“Residential sales continued spiraling downward across South Florida, as mortgage rates stayed high compared to their pandemic lows, and housing prices fluctuated, according to Douglas Elliman’s fourth quarter reports. Jonathan Miller, who authors the quarterly Douglas Elliman reports, is adamant that the annual declines in sales aren’t telling the full picture. Miller instead likes to compare recent sales and pricing statistics to 2019. ‘There is a disconnect in what’s happening in using the year-over-year comparisons,’ said Miller, of the appraisal firm Miller Samuel. ‘2021 was such an outlier in performance that anything against it looks like a collapse or significant decline.'”

“Across the board, on-market home and condo sales experienced significant annual drops in sales in the fourth quarter. The combination of a rush of inventory absorbed at the peak of the market, bidding wars driving up pricing, migration patterns shifting, and, of course, mortgage rates surging, have driven the slowdown over the past nine months or so. Many would-be sellers are also ‘wedded’ to their low rates and are less likely to sell, Miller added. ‘I hate people who say this time it’s different, but this time it’s different.'”

“The median sales price of homes in Massachusetts fell last month, but that doesn’t mean the outlook is rosy for buyers. Massachusetts Association of Realtors President David McCarthy says the surge in home sales during the pandemic means there are less people currently looking to move. ‘It almost feels like we’ve stolen sellers from the future,’ he told WBUR.”

“Bankers, traders and others in the financial-services industry historically have used their bonuses as down payments, but Wall Street bank executives are warning that this year’s payouts will be significantly smaller after deal making slumped in 2022. Lisa Chajet, a broker with Coldwell Banker Warburg, said concerns about the economy are spooking buyers, and prices are dropping as a result. ‘I just had a luxury buyer pull out of something very large because he was nervous that there was going to be a recession,’ Ms. Chajet said. ‘Some of these large condos are selling significantly below the asking price.'”

“The days of multiple offers above asking may be over for sellers in the New Orleans Metro area, and local real estate experts say it’s time for buyers to be in the spotlight. Mirambell Realty CEO Craig Mirambell said things have been slow in the New Orleans area market for several months, but he said he has seen the market in worse shape. ‘It’s not like we’re seeing bubbles or crashes or things like that,’ Mirambell said. ‘We’re not there, and we don’t expect to be there. It’s just slower than it was, and it was at a frantic pace during COVID.'”

“The real estate market in Toronto, Ottawa and many Ontario cities is off to a slow start in January. In many cases, sellers are stubbornly unrealistic about their asking price, says Andre Kutyan, broker with Harvey Kalles Real Estate Ltd., pointing to the days on market. One condo unit Mr. Kutyan visited with clients had been on the market for 207 days. ‘You’re the first one here in a while,’ the concierge said when he signed in. Mr. Kutyan points to one new listing he is currently bringing to market at 96 Duplex Ave. in midtown Toronto. A builder renovated the older house and listed it for sale with another agent in the fall for $3.25-million. The house failed to attract a buyer and the builder asked Mr. Kutyan to take over the listing. He recommended a significant cut in the asking price to $2.849-million. ‘In the short term, I think there’s going to be some pain,’ he says.”

“In Burlington, Ont., Tanya Rocca of the Rocca Sisters Team at Royal LePage Burloak Real Estate says the average price jumped about 65 per cent during the pandemic, then dropped 25 per cent from the peak in February of last year. Some homeowners have lamented missing the high water mark, but Ms. Rocca believes they are getting past that now. ‘I feel like people are starting to come around to reality.'”

“For decades, investing in land in Kenya’s capital, Nairobi was a sure bet and a safe haven in a market where prices doubled every two years driven by speculation, a bulging middle class and a club of high-net-worth earners chasing after assured returns at low-risk. But a Business Daily analysis of data covering the past five years challenges this trend, showing that at least seven of the high-end suburbs in Nairobi have lost value by up to 11 percent between 2018 and 2022, reflecting the stagnating demand for Grade A office space and high-end residential apartments as a result of oversupply.”

“‘Kilimani and Upperhill have experienced supply saturation and because of that the market is now correcting itself as demand goes down in those localities…these places are fully developed and people had overpriced their land over time, so the market is correcting and with time the prices will tend to go down significantly,’ said Stephen Katei, the CEO of Regent Management.”

“From 1 January to 31 December last year, the largest recorded drop in average home value across NZ’s main urban centres occurred in the Wellington region (-18.6%). Palmerston North (-15.7%), Hastings (-13.4%), Auckland (-12.3%), and Napier (-11.6%). Local QV valuer Hugh Robson commented: ‘The Auckland market has continued to slow down – a trend that first began in December 2021 and has continued throughout 2022. It’s predicted that this downward trend will continue until at least midway through 2023. Many buyers are now waiting to see how far sale prices will eventually fall. Some agents have reported that numerous ‘cheeky’ offers are now being presented to sellers, while the number of development land sales has also dropped off considerably, indicating developers are now being very cautious due to rising building costs and declining sale prices,’ he added.”

“Hong Kong developers are likely to roll out incentives to lure buyers after a dismal year that saw home sales – both new and second-hand – plunge to a record low, according to CBRE. In the first 11 months of 2022, lived-in home prices fell by 13.8 per cent. From a peak of 398.1 in September 2021, the lived-in home price index data compiled by the Rating and Valuation Department is down by 14.75 per cent. With unsold stock of between 16,000 and 18,000 units currently, and new supply in the pipeline, about 45,000 new flats are likely to become available this year, the property consultancy said in its latest report. That is about four times more flats than were sold in the whole of last year.”

“China’s reopening last month after pandemic-inspired restrictions has big potential implications for American business and commercial real estate. Being open to investment and inspiring a burst of optimism is one thing, but it’s only part of the picture. Until recently the economic growth mecca of the world, China took a turn for the worse during the pandemic. On Tuesday, the Chinese government reported that the country’s population shrank for the first time in about 60 years, when Mao Zedong’s failed economic experiment, the Great Leap Forward, led to famine and the death of millions. This time around the event is less horrific, but real nonetheless, as a legacy of earlier draconian population control efforts — and the country’s growing middle class with less ambition to have children — has slowed the birth rate dramatically.”

“‘[China] will no longer be the young, vibrant, growing population,’ Wang Feng, a professor of sociology at the University of California at Irvine who specializes in China’s demographics, told The New York Times. ‘We will start to appreciate China, in terms of its population, as an old and shrinking population.'”

“Now that China is open, experienced investors might have reasons to be glad, but less experienced ones still have reason to pause, according to University of New Haven associate professor Robert Sanders, a geopolitical risk expert. The problems go beyond current tensions, he adds. Some longstanding issues with investing in China have yet to be resolved. ‘For instance, does their legal system have not just equality, but even equity in terms of outside investors who are foreigners, and natives? No,’ Sanders said. ‘The government is trying to cover up the real effects of the pandemic on their country,’ Sanders said. ‘So we don’t really know how Covid-19 is affecting China. We just know what they want us to know at this point. And as a result, there’s a bit of shooting in the dark for investors.'”

“The slump in the world’s biggest asset class has spread from the housing market to commercial real estate, threatening to unleash waves of credit turmoil across the economy. Almost $175 billion of real estate credit is already distressed, according to data compiled by Bloomberg — about four times more than the next biggest industry. As the toll from higher interest rates and the end of easy money mounts, many real estate markets are almost frozen with some lenders telling borrowers to sell assets or risk foreclosure amid demands for additional capital from landlords.”

“Distress levels in European real estate are at the highest in a decade, in part because of a decline in liquidity, according to a study by law firm Weil, Gotshal & Manges. UK commercial property values fell more than 20% in the second half of 2022, MSCI Inc. data show. In the US, the drop was about 9%, according to Green Street.”

“‘What we have in this downturn is a fairly unique set of economic circumstances. Interest rates are tightening instead of softening the blow for real estate and other corporates,’ said Ian Guthrie, a senior managing director at the loan advisory team at Jones Lang LaSalle Inc., a real estate broker. ‘You have a pipeline of potentially defaulting loans’ where ‘values are under pressure and cash flows are under pressure.’ This year, he added, ‘is when those problems will start to manifest themselves.'”

“The abrupt halt to more than a decade of easy money has been made worse for property companies by a pandemic that has changed the way people work and live, leaving many commercial real estate owners high and dry. The repercussions are being felt across the world. ‘We expect to see some casualties’ among UK developers, said Nicole Lux, who studies real estate credit at Bayes Business School. ‘There will be fire sales.'”

“Commercial property — from offices to shopping malls — is more sensitive to economic conditions than other asset classes, said Andreas Dombret, who served on the boards of Germany’s Bundesbank and the Bank for International Settlements, adding that ‘in the past, when the bubble did burst, very often this was related to commercial real estate.’ ‘But it’s ever so hard to ruin the party,’ added Dombret. ‘This is why regulators often shy away from introducing countercyclical buffers at the right time: when there is no stress in the real estate market.'”

Related Posts
This Post Has 93 Comments

  1. 𝗖𝗼𝗹𝗼𝗿𝗮𝗱𝗼 𝗦𝗽𝗿𝗶𝗻𝗴𝘀, 𝗖𝗢 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟲% 𝗬𝗢𝗬 𝗔𝘀 𝗖𝗼𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻 𝗖𝗼𝘀𝘁𝘀 𝗦𝗹𝗶𝗽 𝗨𝗻𝗱𝗲𝗿 $𝟱𝟬 𝗣𝗲𝗿 𝗦𝗾𝘂𝗮𝗿𝗲 𝗙𝗼𝗼𝘁

    https://www.movoto.com/colorado-springs-co/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘣𝘳𝘰𝘬𝘦𝘳 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘏𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘧𝘢𝘭𝘭𝘪𝘯𝘨 𝘪𝘯 𝘢𝘭𝘭 50 𝘴𝘵𝘢𝘵𝘦𝘴. 𝘐 𝘩𝘰𝘱𝘦 𝘯𝘰 𝘰𝘯𝘦 𝘱𝘢𝘪𝘥 𝘵𝘰𝘰 𝘮𝘶𝘤𝘩.”

  2. ‘Some agents have reported that numerous ‘cheeky’ offers are now being presented to sellers’

    That’s the spirit!

  3. ‘[China] will no longer be the young, vibrant, growing population…We will start to appreciate China, in terms of its population, as an old and shrinking population’

    But Wang, Dan told us empty cities was how China does things? Are you saying Dan has to eat his crowz?

    1. Peter Zeihan was 100% right on China’s demographic crisis. China had a VERY good ~35 years, starting about 1995. When they were invited into global trade, they accomplished 120+ years of industrialization in about 40 years. At the same time, they had a huge population of energetic youngsters to do that work. That’s where all that 10% annual GDP growth came from. They were just catching up to the West.

      Too many analysts counted on this growth lasting indefinitely, but now it’s all crashing at once. Now that China as caught up technologically with the West, they can only grow as fast as the West. At the same time, that bottomless generation of energetic youngsters were packed into high-rises and were short on women (thanks, one-child), so they didn’t have many kids along the way. They’re all 45+ now and past childbearing age.

      The only reason the population hasn’t started to shrink right away was advances in medicine. People who historically would have died at, for example, age 65 are now living until age 85. I guess the oldest of them are now starting to pass away, leaving few grandchildren to replace them. It’s only going to get worse with time.

      1. The CCP has ruined every body of water with pollution. Some advancement.

        ‘Now that China as caught up technologically with the West’

        The other day I was watching the ADV China guys review some film production. They said even high end Chinese productions have to dub the voices cuz they can’t do on set audio.

      2. “Now that China as caught up technologically with the West, they can only grow as fast as the West.”

        I suspect this was another reason Japan topped around 1990 (made worse by monetary policy mistakes). What industries we didn’t give away to them, we’ve since given away to China.

      3. Now that China as caught up technologically with the West

        If true, that would be because of intellectual property theft.

        1. It was a lot of IP theft, but I guess also a lot of largely public information. I mean basic sewer systems and electrical grids. They got to skip right over landlines and steam engines and go straight to iPhones and modern electric subways. Nice gig, but they’ve run out of basic infrastructure IP to steal.

          1. basic infrastructure IP to steal.

            They didn’t have to steal everything, plenty of it was simply for sale. Some of their best vendors have been US Presidents (and their associates).

    2. China was in a race to get rich before they got old. This was known 20 years ago.

      They have failed. They were always going to fail, massively low trust society.

    1. “some reaction to Jacinda Ardern’s exit crosses an ugly line”

      She is guilty of medical genocide.

      Trial.
      Conviction.
      Sentencing.
      Execution.

      It’s gonna take some revolutions or civil wars to achieve any actual justice for what these globalists did to hundreds of millions of people, because there will be no justice in the present legal system.

      These people need to DIE ☠️

    2. While she falls into the “good riddance” category, I suspect her replacement will be an ideological clone. Kiwis will still be told that their government is the one source of truth.

    1. “I know what this job takes, and I know that I no longer have enough in the tank to do it justice,” she said.

      I believe that article is a new record for the number of times far right and conspiracy is used.

      1. I double-dog dare HBB readers to sink a shot every time the article uses the word “unhinged” to describe those resisting globalist tyranny.

      2. “Disinformation Project director Kate Hannah”

        A title as fake as my username, which is a joke about all these phony official sounding credentials.

  7. The median price of a single-family home in Ada County fell by $31,000 to $515,000 in December, according to the Intermountain Multiple Listing Service.

    Is that a lot?

    1. Think outside the box: “Jamie Lee Curtis recently revealed that her son Thomas transitioned into a woman and now goes by the name Ruby. The actress said she fears transphobia toward her son-turned-daughter.”

  9. ‘In the short term, I think there’s going to be some pain,’ he says.”

    In the long term, there’s going to be blood in the streets.

  10. If you wake up in the morning with a compulsive desire to lie to someone, the REIC racket is your natural calling in life.

    3. I find this hard to believe. California has a total population of 40 million. 10 million would be close to half the votes.

    1. Being an older white male I’ve experienced unemployment due to the three previously mentioned “conditions”. As terrible as that unemployment experience was, I am finding it hard to have any sympathy for the 18,000 woke “Googlers”. 🤣

  13. The last few months of 2021 and early 2022 were the darkest, most authoritarian time of my lifetime in the United States, with the lockstep government and media stance on vaccine mandates.

    Real Journalists, and Twitter Blue Checkmarks, all of you who participated in this, your names are circulating on compiled “kill lists” on non narrative sites on the internet.

    LMFAO@ someone posted Brian Stelter’s home address yesterday on a site that shall be unnamed.

    There will be no pandemic amnesty, despite anything The Atlantic publishes. No amnesty, no forgiveness, and no quarter given.

    You are all complicit in, and guilty of, a medical genocide.

  14. A reader sent these in:

    jobless claims lowest reading since april 2022.. i’m not convinced this is a recession until i see unemplyoment going higher.. according to FED beige book on 5 districts wages remain hot and inflation readings remain elevated.

    https://twitter.com/AlessioUrban/status/1616072227249852417

    Regardless of your stance..everyone should be angry at unelected officials living in seaside mansions, flying into Davos in their private/rented jets attempting to make decisions for your life. Agree, we need to make the world a better place…but these people dont care about you

    https://twitter.com/chigrl/status/1616222641337298945

    CarDealershipGuy

    Used car prices are STILL 43% higher vs. Dec ’19. Let that sink in.

    https://twitter.com/GuyDealership/status/1616121341635166208

    Historians believe he survived the spike and became the world’s first variable rate mortgage borrower.
    Quote Tweet
    A Roman era skull found impaled with a large spike. It is currently on display in Bonn, Germany.

    https://twitter.com/StephenPunwasi/status/1616225553677225985

    Housing market collapsing, mainstream media trying to brush it under the rug

    https://twitter.com/GRomePow/status/1616229915166380033

    BREAKING: Only 19 of 196 Congresspeople who took money from FTX have stated they will return the funds.

    https://twitter.com/unusual_whales/status/1615690845365178370

    Suckers wanted. Apply within.

    https://twitter.com/Stimpyz1/status/1616184186947371008

    Meanwhile, somewhere in the Rockies…

    https://twitter.com/Stimpyz1/status/1616182386219450368

    A little bit of normal cash deal snowbird business in Phoenix Metro. Pretty typical. Cash is king and deals are out there… sellers motivated everywhere in this market

    https://twitter.com/48thStateRE/status/1615919208235413504

    Auto loan delinquency rates (90 days or more delinquent) in December hit 1.84% … the highest rate since February 2009. Subprime delinquency rates hit 7.11% in December. The highest since 2006. Carry on …

    https://twitter.com/shefska/status/1616197878342369281

    Fed Governor Lael Brainard sees high rates ahead even with progress on inflation

    https://twitter.com/ssun5555/status/1616194804265717768

    John Wake

    “The Arizona Department of Water Resources is responsible for determining whether there is a 100-year “assured” water supply for all new subdivisions in the state’s most populated areas…”

    https://twitter.com/JohnWake/status/1616193074467831808

    🔎Spoke w/ a homeowner facing a non-renewing, non-bank, post-maturity, un-refinance-able mortgage. We gently suggested that they consider speaking w/ a local realtor to ‘get in front of a likely inevitable issue aka Power of Sale’ – “no thanks, I’d rather burn the house down”. 🔥

    https://twitter.com/DanielVyner/status/1616142903792762881

    ponzi benefactor asking for more ponzi
    Quote Tweet
    Elon Musk
    Fed rate increases make cars more expensive for consumers, increasing the difficulty level for automotive companies

    https://twitter.com/GRomePow/status/1616188716594401281

    Fed’s Mary Daly has said she sees interest rates rising above 5%. In Aug, she said I don’t feel the pain of inflation. I see prices rising but I have enough. I don’t have to make tradeoffs because I have enough. Many Americans have enough. Her active salary is $422,900. Wild.

    https://twitter.com/unusual_whales/status/1616058140914483202

    Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.

    https://twitter.com/lopp/status/1616136430102650880

    Did incomes increase 2x since 2018?

    https://twitter.com/GRomePow/status/1616162932227989504

    32,000 condos closing this year… 1/3 of properties purchased by investors. ~10,000 units hitting the rental market this year… if you believe rents are going up, I got a bridge to sell you.

    https://twitter.com/sm_cmc/status/1616091623699382272

    One by one they will fall

    https://twitter.com/INArteCarloDoss/status/1616019414100414464

    Is now the time for the greatest generation ever, Gen X, to replace the Boomers? 🤨

    https://twitter.com/WallStreetSilv/status/1616209010700521492

    Why are so many economists coming out with these gloomy Canadian RE stories? Like seriously, don’t they know what that yield curve is telling us? 🤣 They better consult with some award-winning Realtors to get a more thorough understanding! 🤣🤣🤣

    https://twitter.com/loveurhome/status/1616045107278397440

    If you’re not ready, you’ll miss the opportunity of your lifetime.

    https://twitter.com/ShlomoChopp/status/1616118244246536204

    $100K HELOC on primary approved in 5 days by my regular lender. Sometimes is pays to be loyal (they hold all 5 of my mortgages). Rate is prime -.5%. 3% rate for first six months. I’ll be pulling $50K out to pay $32K in real estate credit card debt. Rest goes to buy rental #5

    https://twitter.com/realfrugalmogul/status/1615890525831454726

    🚗 Auto Loan Delinquencies 🌙 as we have been projecting

    https://twitter.com/DisruptorStocks/status/1616092832946593793

    Ron Butler
    @ronmortgageguy
    It’s the end of January and we will hit a 2% inflation rate in 6 months??? And we will get a 75 bps Rate Cut immediately??? I just cannot fathom how this can be real or even how it can be considered. Please folks: be VERY wary of unreasonable reports and false predictions

    https://twitter.com/ronmortgageguy/status/1616087216777990144

    FOMC Unemployment Ranges:
    2023 = 4.4-4.7%
    2024 = 4.3-4.8%
    2025 = 4.0-4.7%
    The problem: banks are tightening their loan books. Put me down for “OVER.”

    https://twitter.com/JeffWeniger/status/1616227757997842432

    US Savings rate vs credit card debt. At what point does this break?

    https://twitter.com/burrytracker/status/1616231971843371008

    So apparently I’m “financially irresponsible” for using my credit card to buy stocks but the US government literally needs to increase their credit card limit for the 79th time?

    https://twitter.com/ParikPatelCFA/status/1616111954275303424

    CEO of a building products company taking a discount to sell…Sold for $6,500,000. Was asking as high as $7,995,000. West Vancouver

    https://twitter.com/mortimer_1/status/1615567251293495296

    C’mon with all the risk out there who is honestly buying the long bond? 3.55% FFS got to be the worst investment ever…. Let’s see I have a really good cunning idea – I am going to stuff it in my retirement accounts, take carry way below inflation and then wait for Zero rate/QE

    https://twitter.com/judahrhodie/status/1615791793995452418

    Bullard said his SEP rate projection for 2023 would take the funds rate to 5.25%-5.5% this year. He sounded open to raising rates by 50 basis points on Feb. 1. He likes the idea of taking out “insurance” against developments that could keep inflation high.

    https://twitter.com/NickTimiraos/status/1615728894400765953

    Cleveland Fed President Loretta Mester tells the AP’s @ChrisRugaber
    rates need to continue rising: “We’re not at 5% yet, we’re not above 5%, which I think is going to be needed.” On 25 v 50 bps in Feb: “We’ll discuss at the meeting how much to do.”

    https://twitter.com/NickTimiraos/status/1615737286271926273

    Banks are telling you to buy stocks, saying the bottom is in & cancelling their recession calls for Europe. Meanwhile, all of them are closing investments, departments & laying off staff. Seems unusual, no? 🤔

    https://twitter.com/FinanceLancelot/status/1615189338731732993

    “The interest in reverse mortgages is growing as more people look for options to finance their retirement and they are recognizing their home can be part of their retirement plans – both to stay in the home they love and also to meet their financial needs”

    https://twitter.com/RE_MarketWatch/status/1616267153799364609

    WHY DO WE KEEP PRETENDING THIS IS PROSPERITY?
    “3 in 4 millennials (71%) say home buying has caused them stress, and 44% say it has negatively impacted their personal relationships”
    “More than half (54%) have less than $10,000 in savings”

    https://twitter.com/texasrunnerDFW/status/1616087438769770497

    I can walk out of my house a half mile, and there’s a massive KV Hovnanian neighborhood that is at least 50% built out, dozens or hundreds of homes that are 100% done or nearly complete, almost none of them sold. It’s real

    https://twitter.com/Yukon_GoldRef/status/1615648679859466241

    Jacinda Ardern was the more manly version of Justin Trudeau.

    https://twitter.com/TheRealKeean/status/1616148652254466049

    1. Auto loan delinquency rates (90 days or more delinquent) in December hit 1.84%

      All those $1000 a month car payments are coming home to roost.

      1. Once you’re behind the likelihood of catching-up is probably not good while bleeding out at $1,000 per month.

  16. Is now the time for the greatest generation ever, Gen X, to replace the Boomers?
    None of the people listed are boomers, they are “The Greatest Generation.”
    Wait until the boomers (which includes me) start running things. It will really get screwed up.

        1. Haha, if only. Many of them are not content to live in idleness for decades while demanding ever-increasing pensions from the working generations. They need to feel important and relevant and intelligent. They need to feel like being retired is some sort of noble exalted status in life. So they spout off all manner of opinions– about vaccines and everything else– mostly derived from sitting in a recliner watching TV all day. They become like electronic repeater and amplifier devices for the MSM.

          And no, I am not talking about any specific person or persons among the present company of commenters. This is a macro issue.

    2. Yahoo Finance
      Crypto lender Genesis files for bankruptcy protection
      David Hollerith
      Fri, January 20, 2023 at 4:54 AM PST·3 min read

      Crypto lender Genesis Global Capital filed for Chapter 11 bankruptcy protection in New York early Friday morning, marking the latest business in the industry to file for bankruptcy as the fallout from last year’s collapse in crypto prices continues to ripple through markets.

      The filing estimates the firm has between $1 billion and $10 billion assets and between $1 billion and $10 billion in liabilities, with more than 100,000 estimated creditors.

      The Chapter 11 filing is a long time coming for Genesis, a wholly-owned subsidiary of the Digital Currency Group (DCG), which took major losses beginning in June of last year and ultimately could no longer operate following the collapse of crypto exchange FTX.
      …
      https://news.yahoo.com/crypto-lender-genesis-files-for-bankruptcy-protection-125411795.html

      1. Gemini, the Winklevoss’s exchange, gave most of their customer account funds to Genesis hoping for a return. Now the Gemini customers will likely see pennies on the dollar, if at all, and of course they are livid.

        Seems like all these outfits were lending to each other. Now that everyone wants their assets back at the same time, there’s not enough to go ’round. Sorry guys, live by the lack of FDIC, die by the lack of FDIC.

        1. Time to restart FTX in order to solicit more irrevocable contributions from rubes to crypto moguls.

          1. They’re not going to solicit those mythical institutional investors, that’s for sure. Someone dropped the due diligence ball and they got bit. And without pensions funds coming to the space, crypto doesn’t have a prayer. They’ve pretty much maxed out the crypto bros money.

          2. Sam Bankman-Fried
            Published January 20, 2023 3:59pm EST
            FTX scandal rocks Florida school district; victims may include high school teens
            FOX Business investigation shows scandal spreads beyond crypto world
            …
            FTX CRYPTOCURRENCY JUMPS MORE THAN 35% AFTER CEO JOHN RAY SAYS BANKRUPT CRYPTO EXCHANGE MAY RESTART

            Some unlikely people and places are also grappling with what seems to be the dual realities of Bankman-Fried. It’s hard to imagine that the school district of Broward County, Florida, would be mired in the controversy surrounding the FTX implosion. Yet the district and students who were on the receiving end of SBF’s charitable efforts find themselves in the middle of the mess — and possibly in the crosshairs of FTX’s bankruptcy trustee John Ray III, FOX Business has learned.
            …
            https://www.foxbusiness.com/markets/ftx-scandal-rocks-florida-school-district-victims-may-include-high-school-teens

          3. It’s hard to imagine that the school district of Broward County, Florida, would be mired in the controversy surrounding the FTX implosion.

            Not really. Broward County is a corrupt Democrat stronghold.

    3. The Financial Times
      Opinion Cryptocurrencies
      The clowns of cryptoland haven’t given up
      Making money out of failure is morally bankrupt
      Jemima Kelly
      Illustration of a tower made from cards looking like it is about to topple over, with its peak tilting to the right
      Jemima Kelly
      January 18 2023

      You would be forgiven for thinking that, with Sam Bankman-Fried awaiting trial over the allegedly “epic” fraud at FTX, the collapse of a raft of crypto platforms and US regulators suing two major crypto firms for selling unregistered securities, the clowns of cryptoland might try to stay below the parapet for a while. But, sadly, you would be wrong.

      This week the giggles and groans came courtesy of a new venture calling itself “GTX”, whose co-founders, Su Zhu and Kyle Davies, are none other than the co-founders of the bankrupt crypto hedge fund Three Arrows Capital. The fund collapsed last year, dragging many other crypto firms down with it. It is being investigated in the US over whether it broke rules by misleading investors about the health of its balance sheet.

      But this new venture, which is seeking to raise $25mn “ASAP by end of February” according to its pitch deck, is not just any old crypto exchange. Zhu and Davies are partnering with the co-founders of CoinFLEX, an exchange that filed for debt restructuring last year as it sought to recover losses of $84mn. Their aim is to set up an exchange that allow customers to trade their crypto bankruptcy claims.
      …

  19. Existing home sales fell 1.5% to a seasonally adjusted annual rate of 4.02 million units last month, the lowest level since November 2010, the National Association of Realtors said on Friday. That marked the 11th straight monthly decline in sales, the longest such stretch since 1999.

    Home resales, which account for a big chunk of U.S. housing sales, tumbled 34.0% on a year-on-year basis in December. They fell 17.8% to 5.03 million units in 2022, the lowest annual total since 2014 and the sharpest annual decline since 2008.

    “Markets in roughly half of the country are likely to offer potential buyers discounted prices compared to last year,” said Lawrence Yun, NAR chief economist.

    https://www.reuters.com/markets/us/us-existing-home-sales-lowest-since-2010-price-growth-slows-2023-01-20/

    1. Google parent Alphabet to cut 12,000 jobs
      4 hours ago

      Google’s parent company Alphabet will cut 12,000 jobs, in the latest staff redundancies to hit the tech industry.

      Google and Alphabet CEO Sundar Pichai said he took “full responsibility” for the cuts, in an internal email.

      The cuts will affect 6% of Alphabet’s workforce worldwide, in teams including recruitment and engineering.

      This comes days after Microsoft announced 10,000 jobs would be lost, and weeks after Amazon announced 18,000 job cuts.

      Mr Pichai thanked staff for “working so hard” in their roles, adding that their “contributions have been invaluable”.
      …
      https://www.bbc.com/news/technology-64346921

      1. Google and Alphabet CEO Sundar Pichai said he took “full responsibility” for the cuts, in an internal email.

        What an utterly empty statement to make. Will he lose his multimillion dollar bonus this year?

    2. US hits debt ceiling, prompting Treasury to take extraordinary measures
      By Tami Luhby, CNN
      Updated 1:38 PM EST, Thu January 19, 2023
      Video Ad Feedback
      The debt ceiling drama, explained in 2 minutes
      01:58 – Source: CNN Business
      CNN — 

      The US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills and escalating pressure on Capitol Hill to avoid a catastrophic default.
      …
      https://www.cnn.com/2023/01/19/politics/debt-ceiling-deadline-treasury/index.html

      1. the Treasury Department to start taking extraordinary measures to keep the government paying its bills

        So, will Ukraine and The Big Guy give some of their loot back?

        1. The Financial Times
          Opinion The Long View
          The $1tn coin: a silly idea to resolve the US debt ceiling wrangles
          The proposal is a response with uncertain outcomes to a threat with known and catastrophic consequences
          Brendan Greeley 28 minutes ago
          The writer is an FT contributing editor

          I have been covering the debates in the US Congress over the debt ceiling for a decade. For only slightly less time, I have been covering the suggestion to have the White House end those debates by instructing the US Mint to issue a $1tn platinum coin. These conversations have been going on for so long that since they began I have lost one dog and had two more children, one of whom is already old enough to play ice hockey. The ceiling and the coin are as familiar to me as the five-year conversation with my wife over whether to share our to-do lists in an app.

          I miss the dog. Hockey rinks are cold. I prefer a shared to-do list. The debt ceiling is a dangerous waste of everyone’s time. And I still worry about the coin, for the most small-c conservative of reasons: it is a radical departure from the way we have manufactured money in the past.
          …

          1. And I still worry about the coin, for the most small-c conservative of reasons: it is a radical departure from the way we have manufactured money in the past.

            While the idea of the coin has been unthinkable because we all know what will happen, the “adults” running the country are insane.

          2. what will happen

            The “coin” is a simple con, aimed at idiots. They are already skimming off the wealth of the nation without such foolery.

    3. The Financial Times
      3 hours ago
      US existing home sales decline for 11th straight month
      Alexandra White in New York

      Sales of previously owned homes in the US fell for an 11th consecutive month in December, as high mortgage rates continued to constrain buying activity.

      Existing home sales in December declined 1.5 per cent from November to a seasonally adjusted annual rate of 4.02mn, the National Association of Realtors said on Friday. That was above Wall Street forecasts for 3.96mn units and left sales down 34 per cent from a year ago.

      Although high mortgage rates and home prices have challenged housing affordability and dented demand, some economists expect buying activity to pick up now that mortgage rates have fallen.

      “December was another difficult month for buyers,” NAR chief economist Lawrence Yun said. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”

      The 30-year mortgage rate averaged 6.15 per cent this week, down from November’s peak of 7.08 per cent, according to Freddie Mac.

      Still, home prices remain high, with the median US home price increasing 2.3 per cent to $366,900 in the year from December 2021. However, Yun said markets in roughly half of the country are likely to offer discounted prices to new buyers.
      …

    4. Yahoo
      Business Insider
      The stock market is about to be flipped upside down as inflation rebounds ahead of an upcoming recession, Bank of America says
      Matthew Fox
      Fri, January 20, 2023 at 7:52 AM PST·3 min read

      – The stock market is about to be flipped upside down as inflation rebounds ahead of an upcoming recession, according to Bank of America.

      – BofA said the reopening of China’s economy and ongoing conflict between Russia and Ukraine will lead to higher commodity prices.

      – That means secular trends that dominated the market over the past decade are going to be reversed.

      A rebound in inflation and an upcoming recession are going to flip the stock market upside down, according to Bank of America.

      In a Friday note, the bank acknowledged that over the past three months, inflation has fallen to an annualized rate of about 0%. But that’s going to change due to a persistently tight labor market, which is seeing no relief as immigration trends in America remain subdued relative to previous years, according to the note.

      BofA said another factor that will push up inflation is a renewed spike in commodity prices as the reopening of China’s economy will spark a wave of demand for oil. That, combined with supply issues stemming from the ongoing conflict between Russia and Ukraine, will put renewed pressure on oil prices, which dropped nearly 40% from their 2022 peak.

      The expected spike in inflation will come at a time when central banks around the world are backing off from their tight monetary policy of raising interest rates. Some could even be on the verge of cutting interest rates, based on market expectations.

      “Central banks quietly accepting higher structural inflation, wittingly or unwittingly,” BofA’s Michael Hartnett said.
      …
      https://finance.yahoo.com/news/stock-market-flipped-upside-down-155256976.html

    5. The Wall Street Journal
      Markets Roundup
      Personal Finance
      Your Money
      8 hours ago
      Yield Curve Extends Record Inversion
      By Eric Wallerstein

      The bond market’s long-time recession indicator has never looked so bad—and it keeps getting worse.

      The yield on the 10-year Treasury dropped to 1.32 percentage points below the three-month bill yield on Thursday. It had never been more than a percentage point lower before this year, according to Federal Reserve data back to 1982.

      Wall Street has long used the Treasury yield curve—the difference between yields on long-term bonds and short-term notes—as a barometer for economic health. Long-end yields are typically higher because investors demand more income for future uncertainty.

      When short-end yields rise above longer ones, that has historically represented expectations for the Federal Reserve to raise the benchmark rate enough to drag the economy into a recession.

      In 1982, the spread’s widest inversion prior to this year, then-Chairman of the Federal Reserve Paul Volcker was fighting double-digit inflation by inducing a recession.

      To be sure, some investors say “this time is different.” Read more about yield curve inversions here.
      …

  21. When you see those clips from the WEF Davos meeting, its proof that a group of unelected Mega Corporations,Banks, and Fat Cat Elites, who are dangerous deranged
    power mongers, have launched war on the
    Globe.
    They have to crush free speech so their fraud narratives won’t be challenged. Your not suppose to notice that their fake vaccines are killing and injuring people in record amounts.
    The human race can’t have a seat at the table in determining their future because these psychopaths want to force their bizarre fate for the world.
    They are going to save the planet from those useless eaters,so the globe is for them and them alone.
    It’s not as this group hasn’t been looters and parasites off the backs of populations all along.

    And what do they want to offer humanity now?
    They want a One World Order Dictorship, where they rule 1984 style, but worse.
    They will control all resources and you will own nothing, eat bugs and fake foods , deprived of freedoms and energy.
    A plan to enslave the human race in a prison type of existence , forcing injections , and gene altering humans and surveillance of every move.
    This is how they want to use technology , basically for enslavement and mass genocide.
    They have spent decades corrupting and infiltrating just about everything so they could go operative on their attack on the human race.
    Con Artist fraudsters and lunatics , that in a sane world would be arrested as a terrorist cult and threat to the world.
    I’m not making this up, just listen to them talk, because they reveal their plans.
    It was bound to happen that a evil group like this would collude to take over the planet , in spite of their small numbers.
    They have to be stopped and the people have to do it because of their corruption of Governments/Agencies, institutions, etc.

    1. Con Artist fraudsters and lunatics , that in a sane world would be arrested as a terrorist cult and threat to the world.

      As I have mentioned before, they are the real world version of SPECTRE (or Hydra or Cobra, etc., pick your fandom), minus the space lasers and underwater lairs.

      1. Via The Weather Channel: Steering Bolts from the Blue: Scientists Successfully Use Rapid-Fire Laser Beams to Control Lightning

  22. A couple of evenings ago I watched a 50-min video of a Ukrainian militia attempting to take out a dug-in Russian T-72 and a group of infantry. They were working from a civilian pickup truck loaded with an 120-mm mortar and six or more rounds in crates, which filled the truck’s bed. A drone team collected the Russian’s coordinates, and they recorded the mortar crews progress.

    They had roughly six minutes before the Russian back-track the incoming mortar’s trajectory and return fire with a large number of much heavier 152-mm artillery rounds, so they have to “shoot-n-scoot.” Both the Ukrainians and Russians are terrible at calculation the required adjustments to “walk” their rounds to their intended targets. Both sides wasted so much ammo. Now I understand why the countryside is pock-marked with craters.

    Near the end of the video a call comes in to the Ukrainian crew that a HIMARS team that is about 40-km away can support them. The give them the coordinates, and about 5-minutes later a single M30A1 round makes a direct hit on the dug-in tank also igniting a nearby cache of ammo!

    1. “No Leopard tanks for Ukraine as NATO allies fail to agree”

      Indeed. NATO is nothing without the U.S. behind it.

  23. 𝗦𝗵𝗶𝗽𝗽𝗲𝗻𝘀𝗯𝘂𝗿𝗴, 𝗣𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟯𝟭% 𝗬𝗢𝗬 𝗔𝘀 𝗗𝗼𝘂𝗯𝗹𝗲 𝗗𝗶𝗴𝗶𝘁 𝗣𝗿𝗶𝗰𝗲𝘀 𝗥𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗙𝗮𝗶𝗹 𝗧𝗼 𝗟𝗶𝗳𝘁 𝗗𝗲𝗺𝗮𝗻𝗱

    https://www.movoto.com/shippensburg-pa/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘴𝘵𝘢𝘵𝘦𝘥, “𝘩𝘰𝘮𝘦𝘰𝘸𝘯𝘦𝘳𝘴 𝘢𝘳𝘦 𝘣𝘳𝘰𝘬𝘦 𝘢𝘴 𝘢 𝘫𝘰𝘬𝘦. 𝘕𝘰𝘸 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘱𝘭𝘶𝘯𝘨𝘪𝘯𝘨 𝘢𝘴 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘥𝘦𝘧𝘢𝘶𝘭𝘵𝘴 𝘴𝘰𝘢𝘳.”

  25. ‘There is a disconnect in what’s happening in using the year-over-year comparisons…2021 was such an outlier in performance that anything against it looks like a collapse or significant decline’

    We’ve all agreed to pretend 2021 didn’t happen. Better not to speak of it.

    ‘I hate people who say this time it’s different, but this time it’s different’

    Here’s just one more way it’s different: the Chinese aren’t going to be pouring 100 years of concrete in 3.

  26. ‘But it’s ever so hard to ruin the party…‘This is why regulators often shy away from introducing countercyclical buffers at the right time: when there is no stress in the real estate market’

    You give these guys one job. One Job! And they choke.

    1. The Fed took the punch bowl away when the party was already ‘pissed drunk’ and now a US recession is a sure thing, says top economist David Rosenberg
      Zahra Tayeb
      Oct 25, 2022, 6:14 AM

      – The Federal Reserve acted too late to start battling inflation by raising rates, David Rosenberg said.
      – It removed the punch bowl when everyone was already “pissed drunk,” the veteran economist said.
      – The Fed’s “full steam ahead” policy means a US recession is a sure thing, he told MarketWatch.

      David Rosenberg has warned a US recession is now a sure thing, as he criticized the Federal Reserve for going too far, too fast after dragging its heels on cutting stimulus in order to cool inflation.

      The chief economist of Rosenberg Research compared the Fed to a bartender that handed out drinks for free, with its overly loose monetary policy during 2020 and 2021. 

      “Now it’s payback time. They are taking the punch bowl away,” Rosenberg said in a MarketWatch interview published Monday.

      “The Fed’s job is to take the punch bowl away as the party gets started, but this version of the Fed took the punch bowl away at 4 a.m. when everybody was pissed drunk.”
      …
      https://markets.businessinsider.com/news/stocks/fed-interest-rate-hikes-took-punch-bowl-late-david-rosenberg-2022-10

  27. 𝗚𝗿𝗮𝗻𝗶𝘁𝗲 𝗕𝗮𝘆, 𝗖𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟭% 𝗬𝗢𝗬 𝗔𝘀 𝗧𝗵𝗲 𝗜𝗿𝗼𝗻 𝗚𝗿𝗶𝗽 𝗢𝗳 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗔𝗻𝗱 𝗔𝗽𝗽𝗿𝗮𝗶𝘀𝗮𝗹 𝗙𝗿𝗮𝘂𝗱 𝗦𝗾𝘂𝗲𝗲𝘇𝗲𝘀 𝗧𝗵𝗲 𝗟𝗶𝗳𝗲 𝗢𝘂𝘁 𝗢𝗳 𝗖𝗮𝗹𝗶𝗳𝗼𝗿𝗻𝗶𝗮 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁

    https://www.movoto.com/granite-bay-ca/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘚𝘢𝘤𝘳𝘢𝘮𝘦𝘯𝘵𝘰 𝘣𝘳𝘰𝘬𝘦𝘳 𝘴𝘩𝘢𝘳𝘦𝘥, “𝘔𝘰𝘴𝘵 𝘰𝘧 𝘵𝘩𝘦𝘴𝘦 𝘴𝘦𝘭𝘭𝘦𝘳𝘴 𝘢𝘳𝘦 𝘣𝘦𝘵𝘵𝘦𝘳 𝘰𝘧𝘧 𝘸𝘢𝘭𝘬𝘪𝘯𝘨 𝘢𝘸𝘢𝘺. 𝘛𝘩𝘢𝘵’𝘴 𝘩𝘰𝘸 𝘧𝘢𝘳 𝘶𝘯𝘥𝘦𝘳𝘸𝘢𝘵𝘦𝘳 𝘮𝘰𝘴𝘵 𝘰𝘧 𝘵𝘩𝘦𝘮 𝘢𝘳𝘦.”

  29. This is Democrat Party.

    Townhall does some actual journalism about the stories that Real Journalists won’t report (Brian Stelter speaking in Davos about “disinformation” his address is near Columbus Circle)

    This is what Democrat Party supports, this is what Democrat Party will do to your children once they get custody of them.

    “A months-long Townhall investigation reveals disturbing new details about the affluent LGBTQ-activist couple accused of sodomizing their young adopted sons—now ages 9 and 11—and distributing “homemade” child pornography of the sexual abuse. Half a year after the shocking story made national news, Townhall is the only outlet following up on the criminal case in Georgia that has since seen zero headlines written about it. We’ve found that it’s far, far worse than what was first reported.”

    https://townhall.com/tipsheet/miacathell/2023/01/17/zulock-case-pt-1-n2618219

    Democrat Party. This is what Democrat Party, the Anti Defamation League, the Southern Poverty Law Center, have done to your country.

    “They’re not sending their best”

      2. Absolutely.

        Long ago, I worked for a private company whose owners were gay. Not my thing, but they were decent seeming people. They hired a number of gay employees from their circle, maybe half a dozen, but by and large the majority of the 50 or so workforce was hetero.

        That being said, I got a glimpse into the lives of gay couples since I worked there several years and not only attended the company parties, but got to know the gay employees just working with them and listening to their stories. Pretty much every gay coupling was a dysfunctional disaster. Even the owners broke up and got back together while I was there.

    2. “Not only did the married men allegedly rape the two boys who were adopted through a Christian special-needs adoption agency, they were pimping out their children to nearby pedophiles in Atlanta-area suburbs, Townhall’s follow-up investigation discovered.”

    1. “Age-restricted adult content. This content might not be appropriate for people under 18 years old. To view this media, you’ll need to log in to Twitter. Learn more”

Comments are closed.