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It Is Better To Sell At A Loss Than To Have A False Expectation Of Profit And Then Drown And Lose All Your Assets

A report from Deseret News. “In December, Salt Lake County’s median single-family home price dropped to $541,900 — 6% lower than the county’s median price in December 2021, according to the Salt Lake Board of Realtors. In May of last year, the county’s single-family median home price was $650,000. Since then, home prices have fallen 17%. Meanwhile, sales in Utah have fallen off a cliff. Sales of all housing types fell to 761 units in Salt Lake County, down 50% compared to 1,508 sales in December 2021, according to the Salt Lake Board of Realtors. In all of 2022, Salt Lake County’s annual sales totaled 13,087, down 26% from 2021. That’s the ‘steepest single-year drop on record, (1997 to the present),’ according to the board.”

From Arizona PBS. “After a seeing prices soar, housing prices are heading down. The Valley’s median home price slipped $1,000 last month to $438,000, according to the Arizona Regional Multiple Listing Service. Real estate prices in Phoenix are dropping and are expected to dip again next month, according to Senior Real Estate Reporter at the Arizona Republic, Catherine Reagor. The median home price in the Phoenix area is on track to drop to $419,000 in November, based on pending sales. That’s down almost 12% from the $475,000 record hit in May.”

Maui News in Hawaii. “Median sales price for a single family home on Maui in December was at $1.08 million, slightly higher than November’s price of $1.025 million, according to the Realtors Association of Maui. There was only one month last year in which the median sales price did not hit a million dollars, which was in August, when the median sales price for a single family home was at $983,575. In 2022, the highest median sales price was in June at $1.25 million. Last month, the median sales price for condominiums was at $773,500, which was down from the $850,000 median sales price in November.”

From Fortune. “Below is Fortune‘s Q&A with Ali Wolf. ‘Homebuilders now represent over 30% of overall housing inventory. Builders are in the business of building and selling homes. As a result, we’ve seen builders offer both price cuts and incentives to entice consumers. Builders learned quickly that it was a lot better to ‘rip the band aid off’ with home prices, but just adjusting once hard and fast to find the market. As a result, roughly 40% of builders have already lowered home prices between 5 and 15%. Our December builder survey showed that 43% of builders cut prices month-over-month, while 56% left prices flat. For January, our early read is that 56% of builders held prices flat, 32% lowered prices, and 12% increased [home prices]. In some markets we have seen average detached new home list prices come down 20% from peak; in others current pricing is still at peak.”

The Oregonian. “In December, Portland-area home prices did something rare: They fell. The median home price for the metro area in December dropped to $507,000 — just 0.7% lower than the previous December. The last time prices dropped year over year was in January 2019, and before that during the sustained housing crash of 2008 to 2012. Hayley McAuliffe purchased her first home late last year. McAuliffe and her partner, who were renters in Southeast Portland, will close on a small house in the same area later this month.”

“‘The seller started at $389,000 and after three weeks went down to $350,000,’ McAuliffe said. ‘We offered $325,000.’ The home, on the market for a month and a half, was ready for a new owner to move in immediately. McAuliffe said she was surprised that they didn’t have more competition. But their offer was accepted.”

The Gazette Journal in Nevada. “Apartment rents in Reno-Sparks fell toward the end of last year — the second straight quarter that the monthly average rent in the area saw a decrease, according to two separate apartment reports. In addition to adding about 7,200 apartment units over the past five years, Reno-Sparks also has about 3,900 apartment units under construction, which increase local apartment supply by a little over 9%, according to the NVSAA. The flattening in rent growth in Reno is occurring at the same time as a normalizing of the Reno-Sparks housing market. The median sales price for an existing home in Reno-Sparks fell to its lowest point in a year and half in December at just under $520,000. In addition to falling home prices, housing inventory has also jumped significantly.”

KTVU in California. “The median home price in San Francisco fell by 5.1% in December compared to the year before, making it the steepest decline among 53 US cities, according to a real-estate report. That real-estate decline put the median San Francisco home price at $985,929 last month, compared to $1,038,444 a year ago, the RE/MAX study said. Los Angeles saw the second-biggest decline line median home prices last month. LA’s median price slipped 4.7% to $810,000 from $850,000, the study said.”

“The stats from RE/MAX are consistent with a downward trend in Bay Area home prices that was spotted earlier in 2022. San Francisco and Los Angeles were previously identified by Redfin as the two cities that had the biggest exodus of homeowners.”

Yahoo Finance Canada. “‘One of these biases that investors sometimes have that lead them to make bad decisions is they tend to be overly optimistic about rates falling quickly and significantly, and the housing market returning to boom times again,’ said John Pasalis, president of Toronto-based brokerage Realosophy. ‘They’re looking at what they could have got for the property at the peak,. Even if they still made money compared to when they bought, they perceive that as a loss. And this is what keeps them hanging on and taking on debt to pay more debt. It’s this feeling that they didn’t sell at the peak and they just lost 300 grand. They just don’t want to sell because they’re hopeful prices will rise, but they’re bleeding cash because these numbers don’t work when you’re paying 5 per cent on your mortgage.'”

The Globe and Mail in Canada. “130 Chudleigh Ave., Toronto. Asking price: $1,595,000 (October, 2022). Selling price: $1,915,000 (November, 2022). Previous selling price: $2,206,000 (December, 2021). The owner of this four-bedroom house by Lawrence Park Collegiate Institute acquired it for $2.206-million in 2021, but decided to part with it a year later despite selling into a weaker market. Agent Andre Kutyan sold a three-bedroom house on the same street for $1.82-million two weeks prior in October, so he reckoned this one should start lower at $1.595-million to pull in buyers.”

“Three bidders competed, with one adding $320,000 to the asking price. The seller accepted, despite this being 15 per cent less than what they had paid just a year earlier. ‘But if you looked at what it sold for last year at $2.206-million versus this year, the price is almost down 15 per cent. It’s the perfect example of the exact same property – nothing has changed – and the difference in 12 months,’ said Mr. Kutyan.”

The Telegraph in the UK. “The number of buyers pulling out of property sales and collapsed chains has risen sharply over the past three months. Andrew Oulsnam, of Birmingham estate agents Robert Oulsnam and Company, says: ‘During October to December, we were running at a very high level of fall-throughs. Sales do collapse all the time for a variety of reasons but normally we only suffer about 15pc to 20pc. Whereas during the last three months of last year it was up to 50pc. Chains were just collapsing. If you have one person in a chain of five or six who suddenly couldn’t get their mortgage, the whole chain collapses. And then a lot of people saw all the bad news and decided not to proceed anyway.'”

“‘It felt like someone had pulled the plugs out the wall,’ says Jeremy Leaf, a north London estate agent. ‘It went really dead, we weren’t getting emails, people weren’t coming in, we weren’t getting calls, it was awful. People were pulling out of deals or having to renegotiate.'”

Vietnam Investment Review. “HoREA head Le Hoang Chau stated that the real estate market is challenging. The most critical obstacles to overcome are legal problems and a lack of financial resources. ‘It’s not just small firms, even huge organisations and multinationals have significant financial issues,’ Chau warned. According to the chairman of HoREA, transactions in the real estate market have decreased to the point where it is no longer viable to mobilise funds from clients. Access to financing is problematic not just for enterprises but also for homeowners and investors.”

“In 2020, only 1 per cent of the available housing in Ho Chi Minh City was affordable (at or below $1,280 per square metre). Since 2021, there have been no commercial affordable housing developments. In the meantime, the share of luxury homes climbed steadily. In 2020, high-end housing accounted for 70 per cent of the market share, which rose to 80 per cent between 2021 and 2022.”

“‘Many firms have made attempts to reorganise and restructure their investments,’ said Chau while discussing remedies. ‘We requested a price reduction on homes. It is better to sell at a loss and determine how much property you still have than to have a false expectation of profit and then drown and lose all your assets because you can’t sell.'”

From Seven News. “Property values have continued to trend downwards across many Australian capital cities, with Sydney and Canberra experiencing the steepest declines. Sydney market values had fallen by almost 13 per cent from a peak in January 2022, Corelogic research head Eliza Owen said. House values in Surry Hills, less than 3km from Sydney CBD, recorded the biggest annual decline of 25 per cent, according to Corelogic. That was followed by similar declines in Taren Point in southern Sydney and Bayview on the Northern Beaches. Unit prices in the beachside suburb of Bondi fell by 20 per cent, while similar trends were reported in the suburbs of Paddington, Newport and Bronte.”

“In Victoria, the suburb of Sunshine, 12km from Melbourne, has the most improved affordability, according to Domain, after a 28 per cent drop in house values to an average $424,900. It was followed by the Sydney suburbs of Little Bay, Cremorne, and Marsfield. Other areas including Paddington, Toorak and Eastwood experienced an annual price fall of up to 18 per cent.”

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This Post Has 115 Comments

  1. ‘The median sales price for an existing home in Reno-Sparks fell to its lowest point in a year and half in December at just under $520,000’

    A year and half? Oh dear…

    ‘The seller started at $389,000 and after three weeks went down to $350,000…We offered $325,000’

    That’s the spirit!

    1. As former 25 year resident of Northern NV I can tell you 500k median is completely loco and unsustainable. And it’s unraveling fast. Just had a friend there who rented a 3/2 house for $1275. That same house sells for about 500k. How do you spin that Mr. Realturd?

      1. Yep. More outrageous and laughable than words can describe. 100% pure speculation from Bay Aryans, nothing more. They’ve been gambling in Reno real estate with their own bubble proceeds since the bubbles began.

        I look for places like Reno, Boise, Bend, Salt Lake City and Spokane to absolutely collapse. The bottom will completely fall out. Remember, last bubble Reno went from a median of $365,000 to $135,000. It was a great depression in real estate. And this one’s worse.

  2. ‘For January, our early read is that 56% of builders held prices flat, 32% lowered prices, and 12% increased [home prices]. In some markets we have seen average detached new home list prices come down 20% from peak’

    Well. It’s a good thing everybody put 30% down!

  3. ‘The median home price in the Phoenix area is on track to drop to $419,000 in November, based on pending sales. That’s down almost 12% from the $475,000 record hit in May’

    Like they don’t know the December numbers.

    1. Ben, the benefits of “Build Back Better” and the “Inflation Reduction Act” should be kicking in any day now, so a Spring Miracle Revival is surely on the horizon.

    2. Yeah, what’s with the slow data? Almost every market released December’s numbers the first week of January.

  4. Sales of all housing types fell to 761 units in Salt Lake County, down 50% compared to 1,508 sales in December 2021, according to the Salt Lake Board of Realtors.

    Is that a lot?

  6. The Valley’s median home price slipped $1,000 last month to $438,000, according to the Arizona Regional Multiple Listing Service.

    Gosh, shedding $1,000 a month in Yellen Bux “value” from one’s shack must be distressing, though I can’t really relate.

  9. 𝗦𝗰𝗼𝘁𝘁𝘀𝗱𝗮𝗹𝗲, 𝗔𝗭 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟬% 𝗬𝗢𝗬 𝗔𝘀 𝗦𝘂𝗯𝗽𝗿𝗶𝗺𝗲 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗜𝗺𝗽𝗹𝗼𝘀𝗶𝗼𝗻 𝗕𝗹𝗮𝗻𝗸𝗲𝘁𝘀 𝗣𝗵𝗼𝗲𝗻𝗶𝘅 𝗔𝗿𝗲𝗮

    https://www.movoto.com/scottsdale-az/market-trends/

    𝐴𝑠 𝑜𝑛𝑒 𝑃ℎ𝑜𝑒𝑛𝑖𝑥 𝑏𝑟𝑜𝑘𝑒𝑟 𝑒𝑥𝑝𝑙𝑎𝑖𝑛𝑒𝑑, “𝑇ℎ𝑒 𝑛𝑜𝑡𝑖𝑜𝑛 𝑡ℎ𝑎𝑡 𝑃ℎ𝑜𝑒𝑛𝑖𝑥 𝑖𝑠 𝑎 𝑑𝑒𝑠𝑡𝑖𝑛𝑎𝑡𝑖𝑜𝑛 𝑖𝑠 𝑎 𝑙𝑖𝑒. 𝐴 𝑏𝑖𝑔 𝑓𝑎𝑡 𝑙𝑖𝑒.”

    1. Woohoo! San Diego made the list.

      “San Jose, California; Austin, Texas; Phoenix, Arizona; and San Diego, California will likely see boom and bust declines of more than 25%.”

    4. 4 cities?

      What a joke. It should read, all cities, all towns, all countries….
      20% if they are lucky, but it will be worse for most.

    6. Goldman Sachs sees a bottom middle of this year. Considering how accurate they were (not) on the peak, call me skeptical.

  13. ‘It went really dead, we weren’t getting emails, people weren’t coming in, we weren’t getting calls, it was awful.

    No, it’s glorious. Long buttered popcorn.

  17. A reader sent these in:

    Danielle DiMartino Booth

    As noted by @t1alpha
    the stocks of Tesla & Bed Bath & Beyond are trading like kissing cousins with related business models. How odd, no? And why do we care? READ ANSWER CAREFULLY “Because we are NOT seeing fundamentals at work… we are seeing flows into inelastic markets.”

    https://twitter.com/DiMartinoBooth/status/1617945483737202688

    CarDealershipGuy

    Expect a big uplift in auto insurance fraud in 2023. Tons of recent auto loans are severely underwater. People aren’t able to trade these cars in. There’s too much ‘negative equity’ to roll into a new loan. Your guess is as good as mine as to what happens next…

    https://twitter.com/GuyDealership/status/1617566713708527634

    CarDealershipGuy

    Carvana’s wild journey — 20 months ago:
    – First profitable quarter
    – Stock at all-time high
    – Overwhelmed with consumer demand
    Now:
    – Stock down 97% from all-time high
    – On the brink of bankruptcy
    – Facing severe car market headwinds

    https://twitter.com/GuyDealership/status/1617891700042498054

    Absolutely shocking set of inflation numbers just released in Australia. Housing and food up almost 10% over the year. Broad measure of non discretionary items up 8.4%. Major policy failure that can only be fixed with unpopular policy decisions. Sad day for the Australian economy

    https://twitter.com/_warrenhogan/status/1618046980760170497

    The American dream is dead

    https://twitter.com/davenewworld_2/status/1617761911726309376

    Gave an offer to a seller last year. At that time, he declined. He just came back to me, accepting the offer. I told him that unfortunately, interest rates went up significantly and I can no longer offer what I did a year ago. His answer: Interest rates are not my problem.

    https://twitter.com/SamIAmtheREMan/status/1617975722194403328

    BREAKING: Walmart, $WMT, increases average hourly wage to more than $17.50.

    https://twitter.com/unusual_whales/status/1617977785758388226

    Have reviewed three deals in the past two days that are worth less than the debt. Sellers have each said “yea…I know…probably gonna give the keys back.” Something grizzly is on its way.

    https://twitter.com/mu2myoc/status/1618014036481970176

    Probably the best analogy of where the housing market is right now. Still a very long way to go down

    https://twitter.com/linzcom/status/1617794652652081153

    Nothing is moving in Manhattan. Received this report today. Everyone who thinks that NYC transplants are still coming to buy fart boxes in the middle of nowhere are going to be deeply disappointed this year 😢

    https://twitter.com/stepnlady/status/1618012666131542016

    Saw a vacant Dollar General in a rural market for sale for $200,000. Sits on 0.18 acres of land. 5-mile pop 2.300. Guessing the investor pd $800K-$1M. Sad some 1031 investor poured their capital into this loser just to avoid paying taxes. Preservation of wealth? No.

    https://twitter.com/TeamHerrold/status/1617741091171860480

    Holy smokes, look at the leaders for 2023 inventory jumps! Texas has 2 cities with home sellers rushing for the exits. SF will be a bloodbath with tech layoffs

    https://twitter.com/texasrunnerDFW/status/1617980920606363648

    All eyes on Microsoft but, this is also one to take notice of: Capital One $COF
    Provision for credit losses $2.42B vs FS $1.88B. Net charge-offs $1.43B vs FS $1.32B. Credit cards are in trouble and companies are bracing for impact.

    https://twitter.com/AyeshaTariq/status/1617996767789985792

    went to an open house the the loan officer was there speaking sweet nothings about how rates were coming down and this spring tons of buyers were going to be entering the market. loud for me to overhear (only one there) i blew lots of air out of my nose it was so funny

    https://twitter.com/cpw21/status/1617971871508729856

    Spoke with someone in a new build community in the Nashville area
    Out of 150 units, 8 are in delinquency, up from 6 the prior month
    At least half the homes sold to CA transplants
    Buyers HAD to be pre-approved by the builder lenders adhering to stricter standards

    https://twitter.com/texasrunnerDFW/status/1617932867442708481

    “It’s a remarkable delusion that I think has developed – just buy a house and you will get rich”

    https://twitter.com/RE_MarketWatch/status/1617808100215652352

    Look what happens when house prices are sky high and mortgage rates suddenly double.

    The mortgage lender doesn’t want to see more than 28% of gross income going to housing payments. Too risky. With 6.15% mortgages, that’s a problem. Home prices down more from here, IMO.

    https://twitter.com/JeffWeniger/status/1617929471289397250

    My friends grandmother just had to sell her house because she couldn’t afford it anymore. Here’s the catch. It was paid off. But the property taxes went up every year. You spend your life paying off your house but never own it. The government owns you.

    https://twitter.com/TrackInflation/status/1618059277499006980

    Australia CPI hot… wakey wakey

    https://twitter.com/eliant_capital/status/1618059933777559552

    1. Gave an offer to a seller last year. At that time, he declined. He just came back to me, accepting the offer.

      The seller declined the buyer’s offer. The seller is making a new offer that the buyer is declining.

    2. “yea…I know…probably gonna give the keys back.” Something grizzly is on its way.”

      everybody sing:

      JIngle mail,
      jingle mail,
      jingle all the way
      Oh what fun it is for Mr Banker
      To get a two pound letter in the mail

    3. There’s too much ‘negative equity’ to roll into a new loan.

      There should never be any amount of negative equity that can be rolled into a new car loan. This is just another example of banks and their subprime lending standards creating an auto price bubble during the biggest credit bubble in history.

      1. The success of repo firms makes it easy for the credit arm of the manufacturers, e.g., gmac, tmc, etc., to move their own brand off the lots particularly in the last quarter of the year. But now that the auction yards are chock-full, and used car lenders have raised their lending standards it’s game over for the underwater borrowers needing a timing belt, idler(s) and water pump replacement.

        1. Just because it’s easy to repo the vehicle doesn’t make it right – at all. This is predatory lending exemplified. This entire situation goes right back to the same problem we had in the last bubble – the banks. And it’s the FED who created their horrors.

          1. If you can’t make the payments as you promised, the right thing would be to deliver the vehicle yourself.

            Not as good as being completely honest and never buying something you can’t actually pay for, but better than hiding out.

          2. “If you can’t make the payments as you promised, the right thing would be to deliver the vehicle yourself.”

            This is true for more than 90% of cases, a voluntary repo, and the banks do these in-house. The remainder of cases are usually in the barrio and ghetto neighborhoods, and those repo orders go to the hard scrabble guys.

        2. it’s game over for the underwater borrowers needing a timing belt, idler(s) and water pump replacement.

          Or anything that breaks out of warranty.

    4. “It’s a remarkable delusion that I think has developed – just buy a house and you will get rich”

      The way Robert Shiller flippantly laughs as he states this, acting like it’s a great mystery as to what’s caused it, is really off-putting.

  18. 𝗠𝗶𝗮𝗺𝗶 𝗕𝗲𝗮𝗰𝗵, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟳% 𝗬𝗢𝗬 𝗔𝘀 𝗗𝗼𝘂𝗯𝗹𝗲 𝗗𝗶𝗴𝗶𝘁 𝗣𝗿𝗶𝗰𝗲 𝗗𝗲𝗰𝗹𝗶𝗻𝗲𝘀 𝗕𝗹𝗮𝗻𝗸𝗲𝘁 𝗙𝗹𝗼𝗿𝗶𝗱𝗮

    https://www.movoto.com/miami-beach-fl/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘔𝘪𝘢𝘮𝘪 𝘣𝘳𝘰𝘬𝘦𝘳 𝘴𝘩𝘢𝘳𝘦𝘥, “𝘚𝘦𝘭𝘭𝘦𝘳𝘴 𝘢𝘳𝘦 𝘥𝘦𝘴𝘱𝘦𝘳𝘢𝘵𝘦. 𝘔𝘰𝘳𝘦 𝘥𝘦𝘴𝘱𝘦𝘳𝘢𝘵𝘦 𝘵𝘩𝘢𝘯 𝘦𝘷𝘦𝘳.”

  20. “Is the housing market crashing?”

    Is the sun rising in the east?

    “While it’s significant that Salt Lake County has seen real estate prices drop for the first time in over a decade, it’s also important to note these year-over-year declines come after about two years of wild price run-ups fueled by the pandemic home buying frenzy, which hit the West and states like Utah and Idaho particularly hard.”

    As the night follows the day, a hard landing follows mania.

    “That rush caused Salt Lake County’s median single-family home price to jump nearly 60% from 2020 to 2022. In May of last year, the county’s single-family median home price was $650,000. Since then, home prices have fallen 17%.”

    At a glance, it seems like prices are falling faster than they did in 2008.

    “Housing experts and economists in Utah do expect 2023 to bring a painful hangover to the housing market after two years of unprecedented price increases and a flurry of demand — but they also don’t predict a 2008-like crash.”

    ‘It is difficult to get a man to understand something, when his salary depends on his not understanding it.’

    — Upton Sinclair

    1. “In all of 2022, Salt Lake County’s annual sales totaled 13,087, down 26% from 2021. That’s the ‘steepest single-year drop on record, (1997 to the present),’ according to the board.”

      Ahem…

    2. “That rush caused Salt Lake County’s median single-family home price to jump nearly 60% from 2020 to 2022. In May of last year, the county’s single-family median home price was $650,000. Since then, home prices have fallen 17%.”

      A 17% drop wipes out almost half of a 60% increase- and this crash is just getting started.

      1. A 17% drop wipes out almost half of a 60% increase- and this crash is just getting started.

        Right. People are stupid. They’ll say “well, a 17% drop after going up 60% – pfffft, big whoop.” When said another way, HALF – 30% of that 60% increase – is already gone.

    1. Investor’s Business Daily
      Stock Market Today
      Nasdaq Slides 2% As Microsoft, Other Earnings Hurt Stock Market; Tesla, IBM Set To Report
      JUAN CARLOS ARANCIBIA 10:40 AM ET 01/25/2023

      A disappointing outlook from Dow Jones component Microsoft (MSFT) and weak earnings from other blue chips fueled a stock market decline Wednesday morning.
      …
      https://www.investors.com/market-trend/stock-market-today/nasdaq-slides-2-as-microsoft-other-earnings-hurt-stock-market-tesla-ibm-set-to-report/

        1. Boeing reported a $650 million operating loss in the fourth quarter, surprising Wall Street analysts who had expected the aircraft giant to turn a profit.

          The company blamed the unexpected loss on “abnormal production costs” as it tried both to deliver the remaining backlog of 737 Max jets and to step up deliveries of the 787 Dreamliners. The company’s production of the 787 remains below normal rates.

          It’s not going to be pretty, which is why so many firms are having pre-emptive layoffs.

          1. To the contrary, I’d say there is little these policies haven’t screwed up. Wealth disparities, debt, zombie companies, overpriced shacks and cars.

          2. To the contrary, I’d say there is little these policies haven’t screwed up. Wealth disparities, debt, zombie companies, overpriced shacks and cars.

            And they keep adding more of the poison that brought us here. Bernanke just received a Nobel prize, right? Those people are living in an alternate reality to ours.

          3. Those policies sure made U.S. rents and housing prices rocket skyward to unaffordable heights for American family budgets.

            Some believe unaffordable housing costs lead to increased homelessness, which makes perfect sense.

    3. Millionaires predict gloomy US stock market will get much worse in 2023
      By Thomas Barrabi
      December 19, 2022 3:29pm Updated

      Wealthy investors expect this year’s stock market nightmare to get even worse in 2023 — with most predicting a US recession, according to the results of a survey released Monday.

      Bearish sentiment has hit its highest level since the Great Recession, with 56% of millionaire investors predicting the broad-based S&P 500 will post a double-digit loss next year. Nearly of a third of respondents expect losses to exceed 15%.

      The gloomy outlook reflects mounting fears on Wall Street that a year of sharp interest rate hikes by the Federal Reserve will topple the US economy into a recession — with 28% of millionaires indicating a plunging stock market was the greatest threat to their wealth.

      “This is the most pessimistic we’ve seen this group since the financial crisis in 2008 and 2009,” said George Walper, president of Spectrem Group, which conducts the CNBC Millionaires Survey.

      Recession fears are top of mind for millionaires, with 60% indicating they expect the US economy to be “weaker” or “much weaker” by the end of next year, according to CNBC. Investors are taking a more passive approach, with 46% stating they have more cash in their portfolio than they did last year.

      Older millionaires were more likely to be pessimistic about the state of the market than their younger counterparts, the survey found.

      Eighty-one percent of millennials expect their holdings to rise in value by the end of next year. Conversely, 61% of baby boomers see their assets going lower or much lower in the year ahead.

      “The millennial millionaires have never lived through a true inflationary environment,” Walper told CNBC. “For their entire business life, they’ve seen interest rates that were managed by the Fed. They’ve never seen rate hikes this aggressive.”

      The stock market has already plunged into bear market territory this year as decades-high inflation and tightened fiscal policy hammered US firms. The S&P 500 was down about 20% since January through late trading on Monday afternoon.

      Losses are more extreme for the Nasdaq, where large-cap giants such as Meta and Amazon have conducted layoffs in an effort to trim costs. The tech-heavy index is down a whopping 33% so far this year.

      The Dow Jones Industrial Average has sunk more than 10% over the same period.

      Some of the country’s most prominent business leaders have sounded the alarm about a looming recession in recent months — often pointing to the Fed’s rate hikes as the catalyst.

      Earlier this month, JPMorgan Chase CEO Jamie Dimon warned that ongoing rate hikes “might derail the economy and cause this mild to hard recession people are talking about.”

      The online CNBC survey polled a total of 761 respondents in November. The participants had to show at least $1 million in investible assets to qualify, according the outlet.
      …
      https://nypost.com/2022/12/19/millionaires-predict-gloomy-us-stock-market-will-get-much-worse-in-2023/

    4. Yahoo
      Cathie Wood Gets Back on Track; Here Are 2 Stocks She’s Snapping Up
      Wed, January 25, 2023 at 12:13 PM PST·5 min read

      Cathie Wood made her name by backing growth-oriented and cutting-edge stocks with her Ark Innovation ETF (ARKK) delivering huge returns for investors before and during the Covid-era. That all changed, however, as market sentiment shifted, and the past two years have seen the once-lauded investor’s reputation take a hit with the ARKK fund posting huge losses.

      But, so far, 2023 is turning out to be a turnaround story. ARKK is up nearly 20% since the turn of the year.

      Meanwhile, Wood has been loading up on the equities she sees as game-changers. With this in mind, we decided to track down two stocks she’s been snapping up in recent times. With help from the TipRanks database, we can also gauge general Street sentiment toward these names. Here are the details.
      …
      https://finance.yahoo.com/news/cathie-wood-gets-back-track-201317253.html

      1. Cathie Wood’s ARKK attracted $1.5B in 2022, while dropping 65%
        Indrajeet Giram·December 26, 2022
        Business

        Cathie Wood’s has been considered one of the most influential US businesswomen. Although the investment approaches of Cathie Wood’s has been going to losses since the fall of the cryptocurrency market in the year 2022. Still, she had she has been able to attract approximately $1.5B in the year 2022.

        These funds have dropped by approximately 65% this year after the effect of cryptocurrency and similar issues in the investment market.
        …
        https://techstory.in/cathie-woods-arkk-attracted-1-5b-in-2022-while-dropping-65/

        1. Wiki: “In 1981, Wood graduated summa cum laude from the University of Southern California, with a Bachelor of Science degree in finance and economics.”

          She’s no stranger to high interest rates.

      2. Martin Young
        Jan 24, 2023
        ARK Invest CEO sees potential crypto rebound amid whiffs of a Fed pivot
        Cathie Wood, head of the crypto and innovative tech investment firm, is confident that inflation will fall and that the Fed will pivot in 2023.
        ARK Invest CEO sees potential crypto rebound amid whiffs of a Fed pivot

        Collect this article as an NFT

        The chief executive from crypto and tech investment firm ARK Invest believes crypto assets will see a huge turnaround this year as inflation falls and the Fed pivots.

        In a company video blog on Jan. 23, ARK Invest CEO and chief investment officer Cathie Wood began with an overview of the macroeconomic outlook. She said there was all kind of signals pointing to lower inflation, which “suggests that the Fed should pivot soon.”
        …
        https://cointelegraph.com/news/ark-invest-ceo-eyes-crypto-turnaround-amid-whiffs-of-a-fed-pivot

    1. Tech
      DCG-owned crypto exchange Luno axes 35% of staff, citing market turbulence
      Published Wed, Jan 25 2023 8:55 AM EST
      Updated 3 Hours Ago
      Ryan Browne

      Key Points
      – London-based crypto exchange Luno informed employees of the redundancies at 12 p.m. GMT on Wednesday in a live-streamed town hall.
      – Luno has a total headcount of roughly 960, according to its LinkedIn profile, meaning that more than 330 jobs will be impacted.
      – The company, which has offices in Africa, southeast Asia and Europe, is part of the Digital Currency Group crypto conglomerate.
      …
      https://www.cnbc.com/2023/01/25/dcg-owned-crypto-exchange-luno-axes-35percent-of-staff.html

    2. PYMNTS Logo
      Circle Blames SEC for Collapse of $9B SPAC
      By PYMNTS January 25, 2023
      SEC

      Stablecoin company Circle says the SEC is to blame for its failure to go public.

      The company told the Financial Times (FT) in an interview published Wednesday (Jan. 25) that the $9 billion deal was called off last year not because of the rocky cryptocurrency market, but because the Securities and Exchange Commission (SEC) had not approved it.

      Reached for comment by PYMNTS, Circle objected to the characterization that it “blamed” the SEC for the end of this SPAC.

      “As stated in December, 2022, the deal simply termed out. [CEO] Jeremy Allaire further stated on Twitter that the ‘SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry,” a company spokesperson said.

      As PYMNTS has reported, Circle called off plans to go public through a special purpose acquisition company (SPAC) merger in December.
      …
      https://www.pymnts.com/cryptocurrency/2023/circle-blames-sec-for-collapse-of-9b-spac/

      1. Stablecoin company Circle

        I looked up the price history. Indeed, it is approaching “stability” at the axis (zero).

    3. Forbes
      Forbes Digital Assets
      Crypto Price Warning: ‘Global Financial Meltdown’ Could Be About To ‘Smoke’ Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana
      Billy Bambrough
      Senior Contributor
      I write about how bitcoin, crypto and blockchain can change the world.
      Jan 23, 2023, 08:15am EST
      …
      https://www.forbes.com/sites/billybambrough/2023/01/23/crypto-price-warning-global-financial-meltdown-could-be-about-to-crash-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-polygon-and-solana/?sh=3cce976364d6

  23. War pigs gonna pig:

    “The Biden administration announced Wednesday it will equip Ukraine with the mighty M1A1 Abrams tank, a key reversal in the West’s effort to arm Kyiv as it prepares for a fresh Russian offensive.

    The 31 M1A1 Abrams tanks, which amount to one Ukrainian tank battalion, will expand on the more than $26 billion the U.S. has committed to Kyiv’s fight since Russia invaded nearly a year ago.”

    https://www.cnbc.com/2023/01/25/ukraine-war-news-us-will-send-abrams-tanks.html

    Related article:

    “The Ukrainian government on Tuesday confirmed the resignation of multiple high ranking officials amid large-scale corruption allegations, in what’s being called the biggest mass resignation and graft scandal since the Russian invasion began.

    Some dozen officials have quit their posts after a huge political shake-up over allegations and probes into cases ranging from bribery, to mismanagement of aid funds for purchasing food, to embezzlement, to driving expensive cars while common people suffer under wartime conditions.”

    https://www.zerohedge.com/geopolitical/ukraine-rocked-corruption-scandal-wave-top-official-resignations-sports-cars-mansions

    Keep paying those federal income taxes, slaves.

    1. How quickly can Ukrainian forces be trained to operate and maintain those tanks? Or will that be done by “mercenaries”?

      Some dozen officials have quit their posts

      From what I have read, many are fleeing the country. Are they escaping corruption allegations or getting out of Dodge before Kiev falls?

      1. The answer to your 2nd question is almost certainly “yes”.

        the first question, not only training, but logistics, spare parts, maintenance, etc, etc, etc.

        It’s either target practice for the Russians or as you say “disavowed” entire battalions of americans.

      2. The revised and upgraded Abrams M1A2 is not available for export due to its digital weapons technology. The earlier M1A1 is the export version, which remains very costly to deploy.

        Tanks are too vulnerable these days, so I’m not sure why there’s so much excitement in the press.

        1. I’m not sure why there’s so much excitement in the press.

          Propaganda. Remember how “Saint Javelin” was going to bring the war to a quick end?

          1. The sky isn’t safe either.

            The days of pilots strafing grunts, and then strutting their schitt back at the chow hall are winding down.

    2. Tanks that do not yet exist. They’ll be placed on order.

      Be patient guys, the care package will be in the mail any day now.

    4. The 120mm ammunition system equips the MlE1 (Abrams) tank with a 120mm main armament. It consists of a family of kinetic energy (KE) rounds and a family of high explosive anti-tank (HEAT) rounds. The KE rounds use a high length over diameter ratio subcaliber projectile with a depleted uranium (DU) fin-stabilized rod as the penetrator element.”

      I read Russia will consider this a nuclear device and can justify using its own nuclear weapons !! Bluff or IDK ??

      2. “The 120mm ammunition…”

        The Abrams M1A1 has a standard 105-mm main weapon, whereas the restricted M1A2 has the 120-mm, digital controls, sensors, displays, etc., and the tank commander’s independent thermal viewer.

    5. The Owl Gore and Gretta crowd heads should be spinning like Linda Blair in the Exorsist over this.

      How many miles per gallon does an Abrams tank get?
      0.6 miles per gallon
      0.6 miles per gallon.Jan 5, 2022

        1. “6 gallons per mile sounds much better.”

          Yes it do!

          Gretta should be saying….

          How dare you!!!

          Line your pockets with unaccounted for billions as long as it takes $ at 6 gallons per mile.

  24. 𝗣𝗮𝗹𝗺 𝗛𝗮𝗿𝗯𝗼𝗿, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟲% 𝗬𝗢𝗬 𝗔𝘀 𝗧𝗵𝗲 𝗕𝗼𝘁𝘁𝗼𝗺 𝗗𝗿𝗼𝗽𝘀 𝗢𝘂𝘁 𝗢𝗳 𝗧𝗮𝗺𝗽𝗮 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁

    https://www.movoto.com/palm-harbor-fl/market-trends/

    𝘈𝘴 𝘢 𝘯𝘰𝘵𝘦𝘥 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘴𝘵𝘢𝘵𝘦𝘥, “𝘐𝘧 𝘺𝘰𝘶 𝘩𝘢𝘷𝘦 𝘵𝘰 𝘣𝘰𝘳𝘳𝘰𝘸 𝘧𝘰𝘳 15 𝘰𝘳 30 𝘺𝘦𝘢𝘳𝘴, 𝘺𝘰𝘶 𝘤𝘢𝘯’𝘵 𝘢𝘧𝘧𝘰𝘳𝘥 𝘪𝘵 𝘯𝘰𝘳 𝘪𝘴 𝘪𝘵 𝘢𝘧𝘧𝘰𝘳𝘥𝘢𝘣𝘭𝘦.”

    1. “𝘐𝘧 𝘺𝘰𝘶 𝘩𝘢𝘷𝘦 𝘵𝘰 𝘣𝘰𝘳𝘳𝘰𝘸 𝘧𝘰𝘳 15 𝘰𝘳 30 𝘺𝘦𝘢𝘳𝘴, 𝘺𝘰𝘶 𝘤𝘢𝘯’𝘵 𝘢𝘧𝘧𝘰𝘳𝘥 𝘪𝘵 𝘯𝘰𝘳 𝘪𝘴 𝘪𝘵 𝘢𝘧𝘧𝘰𝘳𝘥𝘢𝘣𝘭𝘦.”

      So true.

  25. The Constitution and the bill of rights for the individual was one of the greatest concepts that was delivered to humanity .

    Prior to this concept, humanity was limited by monarchy rule, dictorships , slavery, class systems and every conceivable abuse the power mongers could contrive to keep humans in their place.

    It’s absolutely shocking that you have this insurrection by these Entities that want to have a One World Order Dictorship ,in which all rights and freedoms are stripped and humanity goes backwards into some kind of prison system with forced limitations and deprivation that made up so much of history , before Individual rights became a concept.
    The Davos meetings confirm that these wacko tyrants of NWO and Great Reset
    can’t take free speech or dispute to their fraudulent narratives ..
    They spent decades infiltrating and corrupting Governments to collude in this take over. These fraudsters use fraud, fear, bribery, extortion, de-funding, threat of job loss , censorship, blackmailing , slander, false advertising, deplatforming , brainwashing etc as their weapons.

    Look at how the vaccine campaign was conducted, to get poison injected into as many arms as possible.

    A public / private alliance between them and Goverment to commit crimes against humanity.
    So, all we have is a clown show government , we have no representation, and rigged elections are the norm now.
    Our Government is declaring Christians and Republicans enemies of Country, while Davos terrorists announce they are taking over the World.
    Climate Change and Panademic medical tyranny as justification for denocide/genocide and withdraw of energy, food, etc. to assault human populations for ultimate enslavement by these masterminds of evil.
    It’s a given that the people of the world have to stop this bizarre Global takeover that is really the biggest threat that humanity has ever faced.
    You start with saying no, with willingness to take any consequence these masterminds attempt.

    1. A new Narrative is that immigrants are suddenly afraid to be in the US because of the recent spate of shootings.

      Oddly, none of them seem to be packing it in and going home. I also haven’t heard of a single caravan turning around because “It’s too dangerous in the US, let’s go back to Venezuela.”

      What I am reading about are Nuevos Americanos committing a lot of crimes, and being released without bail.

  26. More sound lending, crypto backed home loans

    https://www.coindesk.com/learn/crypto-mortgages-how-you-can-buy-a-house-using-a-crypto-backed-loan/

    German foreign minister states “But the most important and the crucial part is that we do it together and that we do not do the blame game in Europe, because we are fighting a war against Russia and not against each other.”

    I am guessing they will be playing this on Russian television
    24/7 and every Russian babushka from St Petersburg to Kamchatka will be sharpening her garden tools preparing for hand to hand combat.

    Ukraine is going to lose without NATO entering the ground war but if that happens it’s time to head for the bunkers.

  30. PigFace Swalwell is gettin’ brave and mouthy now that the GOP took over the house…… real mouthy.

  31. New Project Veritas video. Pfizer is doing gain of function research but calling it directed evolution.

    3. GloboHomo continues to move forward, yet the press tells us that the WEF is obsolete and irrelevant.

    1. Yahoo Finance
      Texas, Florida see biggest population gains as over 600,000 flee New York, California
      Dani Romero
      Wed, January 25, 2023 at 10:50 AM PST·3 min read

      A growing number of Americans packed up and moved south in 2022, while bailing out of New York and California.

      Texas saw the largest net population gain for the one-year period ended July 1, 2022, with more than 450,000 people moving to the state, according to a new report from analysts led by Rafe Jadrosich at Bank of America Global Research.

      The firm cited data from the U.S. Census Bureau data and U-Haul rates in building its report.

      Florida saw the second-largest net population gain over this period, as more than 400,000 people moved to the Sunshine State.

      In contrast, both California and New York saw net population drops north of 300,000 over that period.
      …
      https://news.yahoo.com/texas-florida-see-biggest-population-gains-as-over-600000-flee-new-york-california-185038289.html

      1. My parents are trying to convince me to move back to California. They told me I can get a really nice starter house in San Pedro or Long Beach. Just $700-$900k for a post-WW2 two or three bed one bath. What a steal! The weather is really nice there.

        When they tell me my property taxes will be low I just smile. They don’t seem to get their low 1990s prop 13 rates are subsidized by today’s buyers.

        2. a really nice starter house in San Pedro or Long Beach. Just $700-$900k for a post-WW2 two or three bed one bath

          Those areas weren’t that great in the mid-90s. I doubt they’ve gotten better.

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