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New Homeowners, Having Achieved Their Dream, Are Plagued By Shame And Fear Because They Bought Around The Market Peak

A report from Axios on Arizona. “A New York Post article reporting that Goldman Sachs has forecast a 2008-level housing crash in Phoenix sent ripples through the Valley’s real estate industry last week.The median Phoenix home sale price, which was $410,000 last month, has come down significantly since its May peak of $470,000, according to Redfin. The median home price in Phoenix increased almost 60% from $300,000 in March 2020 to its May 2022 peak. ‘The rate of increase has declined, but it doesn’t mean that the values are falling,’ Mark Stapp, executive director of the Master of Real Estate Development program at ASU, says.”

From Bloomberg. “Dan Noma, an Arizona real estate industry fixture, prospered in the boom times. His brokerage, Venture REI, made its name helping institutional buyers purchase rental properties. In December, Noma networked among the 2,000 people attending an annual real estate conference in Scottsdale. Single-family landlords, bankers and industry vendors gathered to discuss the state of the industry. The mood was subdued. Builders circulated lists of thousands of homes, signaling readiness to accept discounts on bulk deals. But, licking their wounds, the big investors weren’t biting. ‘They need to see prices comes down,’ Noma said.”

“Laurie Tayrien, a former schoolteacher, and her husband love the new market. In November the Tayriens paid $485,000 for what they call ‘their forever home.’ In June the seller, Opendoor, had paid $646,800. That’s a 25% loss in just five months. ‘They rode a wave, and it’s crashing on them,’ Laurie says. ‘It’s a corporation. I don’t feel bad for them.'”

From Westfair Online. “A trio of recently published data reports by leading moving companies has detailed a greater level of outbound migration than incoming arrivals for Connecticut and New York. Craig Oshrin, a broker with RE/MAX Heritage in Westport — who once owned a moving company — does not see a new wave of home sellers in Fairfield County who are looking to move out of state. ‘I’m seeing a market freeze, meaning there’s a lack of inventory all the way around,’ he said. ‘But I’m also seeing sellers getting nervous because those pandemic prices that they could get before are done.'”

The Gazette. “State demographers report Colorado’s population growth is coming to a screeching halt. Denver Realtor Sunny Banka said for the first time, she’s seeing people leave Colorado, mostly for Florida, to escape the imbalanced political climate. It is ‘something that I’m seeing in my own real estate career that I haven’t seen in the past 44 years, where we’ve had a kind of an exodus of clients selling their homes in Colorado and moving to other states,’ she told CBS. The report also quoted Krista Barker, who this year moved from Aurora to a development near Florida’s Daytona Beach.”

“She has tired of the ‘crime, homeless, political atmosphere. It was time to pack up. … I would walk every morning with my dog and every evening with my dog. Unfortunately, it got to a point in the area that I walked where homeless were setting up tents. You would run across syringes and bullet casings. You would hear gunshots in the middle of the night. … It was not safe anymore.'”

“To hear such talk of Colorado 20 years ago was nearly unthinkable. ‘They don’t allow panhandlers,’ said Barker of her new location near central Florida’s Atlantic coast. ‘They do not allow the homeless to set up tents. … It is just one of those situations where I feel comfortable. I feel safe.'”

Governing on California. “The mass layoffs announced in recent days, while certainly not all impacting San Francisco directly, aren’t a good sign for the city either. Tech companies make up nearly a third of the city’s private-sector payrolls. San Francisco already suffers an all-time record office vacancy rate of 27.6 percent. Meta has just put up 34 stories of office space — 435,000 square feet, enough space for 2,000 workers — for sublease. Even before the tech slowdown, San Francisco’s downtown was as empty as any city’s in the country.”

“The office recession is happening everywhere. Around the country, with rare exceptions such as Austin, Miami and Salt Lake City, downtowns are notably emptier in nearly every city. Retail and restaurant spending in Boston’s Financial District was down 20 to 25 percent last year, compared to 2019. The number of workers showing up downtown remains more than 40 percent below pre-pandemic levels in New York, Philadelphia and Washington. The number of workers showing up in Pittsburgh’s downtown is down by half. One Los Angeles office tower just went on sale asking for half its sales price back in 2015.”

“With wealthier people moving out, the Bay Area saw the country’s largest drop in household income between 2019 and 2021. For all the talk about turning downtown office towers into forests of condos, the demand isn’t there. The downtown condo market is the worst in the city. Housing prices in the city as a whole fell 13.3 percent last year, with at least one real estate forecast predicting San Francisco’s housing prices are set to decline the most in the country this year. Veritas, the largest landlord in the city, just defaulted on a $448 million loan.”

“On a recent Friday afternoon, attorney Joe Crawford was one of only two people spotted wearing a suit and tie on Montgomery Street over the course of more than an hour. He had rarely worked from home before the pandemic. Now, he rarely comes in. He had a deposition that day and had also come in the day before to attend a settlement conference. Prior to that, he hadn’t bothered coming downtown for a month. ‘You never really want to go into the office when it’s a ghost town,’ Crawford says.”

Multi-Housing News. “The self storage sector entered 2022 with no signs of winding down after a record-setting previous year. Investor interest and demand continued to be substantial. But the end of 2022 came with a notable cooldown, just like in other property sectors. Can the self storage niche hold on to its recession-proof reputation? Today, the bid-ask spread between buyers and sellers continues to widen. On one hand, buyers are pricing in increased uncertainty and more expensive financing, while sellers are still clinging to 6-months-ago pricing, noticed Michael Wachsman, director of acquisitions at Andover Properties—a company that has a portfolio of more than 12 million rentable square feet across more than 150 facilities in 18 states.”

“‘We expect many poorly capitalized investors will be less active buyers. Similarly, these investors may become forced sellers due to debt maturities or expensive interest rate cap requirements,’ he said.”

The Toronto Star in Canada. “In the heady days of February 2022, the GTA’s record high home values peaked. For the first time in history, detached houses in the City of Toronto were selling for more than $2 million on average — about $400,000, or 23 per cent more than just a year earlier. Borrowing money had never been cheaper. For two years, the Bank of Canada had held rates at an historic 0.25 per cent, fuelling the housing euphoria.”

“One year and eight interest rate hikes later, and the once fevered financial climate has turned frosty for many households. New homeowners, having achieved their dream, are plagued by shame and fear because they bought around the market peak that, in retrospect, seems like the worst possible time. Higher borrowing costs have also wiped out any advantage of fallen home prices for those looking to purchase.”

“The stress is showing in rising numbers of consumer insolvencies, said Laurie Campbell of Bromwich + Smith, a licenced insolvency trustee. Insolvencies were up 10 per cent annually at the end of November, the highest they have been since the start of the pandemic in March 2020.”

“First-time homebuyers have always been stressed but those who purchased around the market peak and chose a variable rate loan are likely feeling the most strain right now, said James Laird, co-CEO of Ratehub.ca. ‘We can’t fault them because at the time, our own central bank was telling us that rates are going to stay low for the foreseeable future and home prices are going to go nowhere but up. That was the common thinking,’ he said.”

“John Pasalis, head of real estate brokerage, Realosophy says social media has been unkind to people who are already stressed by the downturn in housing. It’s not uncommon for peak period buyers to be painted as stupid, greedy or the cause of the market correction. That’s particularly true of those who bought investment properties, he said.”

“‘These people are just families. They’re not sophisticated. They thought it would be a good investment because everyone says real estate’s a good investment. So they invested and now it’s weighing on their finances and they don’t know what to do. They can’t easily sell because now (the property) is worth less,’ he said.”

“The struggle many households are confronting now is also debt driven, says insolvency expert Campbell. In 1990, Canadians owed 90 cents for every dollar they earned. Now they owe about $1.84. People held onto their debt during the pandemic when there wasn’t much collections activity. Now, creditors want their money.”

From Domain News in Australia. “Sydney’s property market is in a groundbreaking fall, with $181,000 shaved off the median value of a house. Although the short-term data shows the market downturn is slowing, when measured over 12 months the New South Wales capital and Canberra recorded their steepest ever annual house price declines. House prices in Sydney have slipped backwards for three consecutive quarters and this has produced the deepest annual house price decrease in the city’s history, with the ACT in the same boat. House prices in Sydney (trickling down to a new median of $1,413,658) now sit 11.3 per cent below the peak of the cycle, which was reached in March last year.”

“On a national level, unit prices peaked earlier than houses over the pandemic and this is reflected in the new medians. The combined national median house price of $1,008,988 is $66,000 below the March 2022 peak and unit prices – at a national median of $596,771 – are $27,000 below the December 2021 price crescendo.”

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  2. ‘The median Phoenix home sale price, which was $410,000 last month, has come down significantly since its May peak of $470,000, according to Redfin. The median home price in Phoenix increased almost 60% from $300,000 in March 2020 to its May 2022 peak. ‘The rate of increase has declined, but it doesn’t mean that the values are falling’

    ASU: still a roll of dull pennys. Hello? Did people not see going up 60% in 2 years was bat-sh$t crazy? And this happened all over the world, often way more than 60%.

    1. The median home price in Phoenix increased almost 60% from $300,000 in March 2020

      $300,000 was already a massive bubble, then they went absolutely nuts with the money printer. WTF are these lunatics doing?

    2. In a closed-door negotiation last week over the fate of the Colorado River, representatives from California’s powerful water districts proposed modeling what the basin’s future would look like if some of the West’s biggest cities – including Phoenix and Las Vegas – were cut off from the river’s water supply, three people familiar with the talks told CNN.

      More than 5 million people in Arizona are served by Colorado River water, which accounts for 40% of Phoenix’s supply. Around 90% of Las Vegas’ water is from the river.

      1. Meanwhile the home builders have the “pedal to the metal” trying to complete projects before rates move higher.

  3. 𝗕𝗿𝗶𝘀𝘁𝗼𝗹, 𝗧𝗡 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟭% 𝗬𝗢𝗬 𝗔𝘀 𝗥𝘂𝗿𝗮𝗹 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗔𝗻𝗱 𝗟𝗮𝗻𝗱 𝗣𝗿𝗶𝗰𝗲𝘀 𝗣𝗹𝘂𝗺𝗺𝗲𝘁 𝗢𝗻 𝗦𝗼𝗮𝗿𝗶𝗻𝗴 𝗕𝗮𝗻𝗸𝗿𝘂𝗽𝘁𝗰𝘆 𝗙𝗶𝗹𝗶𝗻𝗴𝘀

    https://www.movoto.com/bristol-tn/market-trends/

    𝘈𝘴 𝘢 𝘮𝘢𝘫𝘰𝘳 𝘭𝘢𝘯𝘥 𝘣𝘳𝘰𝘬𝘦𝘳 𝘥𝘪𝘴𝘤𝘭𝘰𝘴𝘦𝘥, “𝘐𝘧 𝘺𝘰𝘶 𝘱𝘢𝘪𝘥 𝘮𝘰𝘳𝘦 𝘵𝘩𝘢𝘯 $500 𝘢𝘯 𝘢𝘤𝘳𝘦 𝘧𝘰𝘳 𝘭𝘢𝘯𝘥 𝘢𝘯𝘺𝘸𝘩𝘦𝘳𝘦, 𝘺𝘰𝘶 𝘨𝘰𝘵 𝘳𝘪𝘱𝘱𝘦𝘥 𝘰𝘧𝘧.”

  4. ‘The rate of increase has declined, but it doesn’t mean that the values are falling,’ Mark Stapp, executive director of the Master of Real Estate Development program at ASU, says.”

    The mental gymnastics these REIC dissemblers have to engage in to put out their blatant lies in the face of all the evidence to the contrary must be exhausting.

    1. “executive director of the Master of Real Estate Development”

      I guess we know what they learn on Day 1 at the Master of Real Estate Development program- How to be a Lion.

        1. Who is Yuval Harari?

          He wasn’t elected to govern anything, but he has lots of big ideas about depopulation via medical genocide.

        2. WEF WItch – Fix climate change by reducing the earth’s population by about 7 & a half billion people

          Good luck getting India and China to play that game.

        3. That’s Jane Goodall, a British primatologist famous for her study of chimpanzees. She, Dian Fossey (gorillas) and Birute Galdikas (orangutans) are known as the Trimates having studied under Louis Leakey.

          1. Louis Leakey

            Via Britannica: Born to British missionary parents, Louis Leakey was a Kenyan archaeologist and anthropologist, a member of the distinguished Leakey family of scholars and researchers, whose fossil discoveries in East Africa proved that human beings were far older than had previously been believed and that human evolution was centred in Africa, rather than in Asia, as earlier discoveries had suggested. Leakey was also noted for his controversial interpretations of these archaeological finds.

      2. Other than those for ed to get vaxxed for work, it was lunatic liberals lining up for ggese shots abd calling everyone else nuts — including this woman. So tell me if I care. I don’t.

        1. I likewise don’t have much sympathy for people who jumped on the othering of the unvaxxed. I now live in fear that one day my unvaxxed autistic son will be rounded up as an unclean and useless eater.

  6. ‘It’s not uncommon for peak period buyers to be painted as stupid, greedy or the cause of the market correction’

    Another good title: it was a hard decision.

    ‘These people are just families. They’re not sophisticated. They thought it would be a good investment because everyone says real estate’s a good investment. So they invested and now it’s weighing on their finances and they don’t know what to do. They can’t easily sell because now (the property) is worth less’

    That sounds like a country song John.

    via GIPHY

    2. A slight edit might improve the country song potential: “…and now the property is worthless.”

  7. In June the seller, Opendoor, had paid $646,800. That’s a 25% loss in just five months. ‘They rode a wave, and it’s crashing on them,’ Laurie says. ‘It’s a corporation. I don’t feel bad for them.’”

    And I won’t feel sorry for you, knife-catchers, when the same wave crashes down on y’all.

    1. “…Opendoor, had paid $646,800. That’s a 25% loss in just five months. ‘They rode a wave, and it’s crashing on them,…”

      Hey everybody, stop the tap dancing…

      Weren’t we told just a year or so ago by Opendoor that it was powered by a secret sauce of brilliantly designed [computer] algorithms?

      Memo to the brilliant Opendoor execs: Algorithms can’t replace common sense. Did you all [execs] cash out your golden parachutes that celebrated your brilliant management talent? It’s time to get shufflin’

  8. ‘They don’t allow panhandlers,’ said Barker of her new location near central Florida’s Atlantic coast. ‘They do not allow the homeless to set up tents. … It is just one of those situations where I feel comfortable. I feel safe’

    Not only that, they get free needles and help finding fentanyl! Let’ party!

    Wake up large sh$tholes. You already sux, but yer commie ‘leaders’ are ruining what’s left.

    1. “to escape the imbalanced political climate”

      Unless you live here, you have no idea how bad it is in Denver, which in case you forgot, voted almost 80% for pedophile groper Joe Biden in 2020.

      Denver is a sh*thole.

        1. There is talk of toughening up car theft laws in the Centennial State, with longer jail sentences. Of course, if the Soros DA’s refuse to prosecute, it won’t do any good.

        2. Westcliffe. It’s a mountain town that’s not a ski town. Not many jobs there, just cattle ranches.

          All of the metro Front Range is bad, but if I was going to move I’d probably move to Colorado Springs. They still have problems there but not as bad as Dumver, and a better political climate.

          The head of the RTD transit agency called Union Station a “lawless hellhole” but that applies to all of Denver, with its District Attorney Beth McCann who was purchased and installed by George Soros for a handful of shekels.

          1. “Westcliffe. It’s a mountain town that’s not a ski town. Not many jobs there, just cattle ranches.”

            You can find places like that in any state, including California and Washington.

            Colorado Springs will be liberal in fewer than 10 years. Statewide Biden won by 13 points in 2020. It’s over.

        3. Colorado Springs, it the new hot spot, growing fast which will bring all of Menver’s problems here, but we got a good 10yrs to enjoy it before it’s a complete schitt show.

        1. It’s sickening what these “progressives” are doing. They should be called “regressives.” There are some interesting comments from business owners and long time residents who point out exactly what the problem is.

          Catering to drug addicts and criminals at the expense of society is a joke. Somebody said something like “you wouldn’t tolerate this criminal, violent behavior inside your own house, so why are you tolerating it outside in your backyard?” Another pointed to political candidates and said “if they mention “social justice” you know what you are going to be getting – more of this.”

  9. ‘In 1990, Canadians owed 90 cents for every dollar they earned. Now they owe about $1.84. People held onto their debt during the pandemic when there wasn’t much collections activity’

    ‘Now, creditors want their money’

    You bashtards! BTW these private K-dn lenders are getting their a$$ kicked bigly.

        1. Study Finds
          Fried crickets
          Food News
          Insects for dinner? 58% can see a future where bugs replace beef
          January 24, 2023
          by Jocelyn Solis-Moreira

          BARCELONA, Spain — Most people would pass on an insect lollipop or cricket chips, but a new study suggests society will start rethinking these options when they consider the number of benefits insects bring. A team in Spain says edible insects are a sustainable source of protein with less of a carbon footprint than beef. With that in mind, their survey finds 58 percent of respondents agree bugs could become a legitimate meat alternative in the future.
          …
          The main reason for passing on insects is disgust. The poll finds 38 percent say it grosses them out, with another 15 percent saying it’s not a part of their culture to eat bugs. Nine percent had concerns about the safety of eating insects.

          Even when the study authors asked people to consider incorporating insects into their normal diet, many people rejected the idea. Only 16 percent would be open to the possibility. Dining in a restaurant offering insect dishes did not do much to sway the poll’s stance on insect consumption. Nearly three in four (73%) say they would not select this option.

          Despite consistent rejection and disgust over eating insects, scientists are hopeful people will become open-minded over time. In another survey, 50 percent of respondents believe having information on insects as a sustainable food source would encourage people to eat them.

          One major barrier to promoting insect food is how the dishes are prepared. Seven in 10 say they would have an easier time accepting a meal if it hid the insects’ natural shape. Only 10 percent believe insects would be more attractive to consumers if they held their natural appearance in the dish. The most popular way to eat insects appears to be having them mixed into flour, biscuits, and bars.
          …
          https://studyfinds.org/insects-dinner-bugs-replace-beef/

          1. When you take that 1st date out to an expensive restaurant [at her suggestion] and your server sports a few extra appendages, you might want to rethink your situation.

          2. As a first step they will slowly and quietly slip the bug protein into processed foods, like breakfast cereal or pasta.

            My UK relatives love these trends and are among the first to jump on the bandwagons. I expect to soon hear them yammering about how great it is to eat bugs.

  11. ‘We expect many poorly capitalized investors will be less active buyers. Similarly, these investors may become forced sellers due to debt maturities or expensive interest rate cap requirements’

    Recession proof!

  12. 𝗙𝗼𝘂𝗻𝘁𝗮𝗶𝗻 𝗛𝗶𝗹𝗹𝘀, 𝗔𝗭 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟬% 𝗬𝗢𝗬 𝗢𝗻 𝗦𝘂𝗿𝗴𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗔𝗻𝗱 𝗣𝗹𝘂𝗻𝗴𝗶𝗻𝗴 𝗗𝗲𝗺𝗮𝗻𝗱 𝗔𝗰𝗿𝗼𝘀𝘀 𝗣𝗵𝗼𝗲𝗻𝗶𝘅 𝗔𝗿𝗲𝗮

    https://www.movoto.com/fountain-hills-az/market-trends/

    𝘈𝘴 𝘢 𝘯𝘰𝘵𝘦𝘥 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘴𝘵𝘢𝘵𝘦𝘥, “𝘈 𝘩𝘰𝘶𝘴𝘪𝘯𝘨 ‘𝘳𝘦𝘤𝘰𝘷𝘦𝘳𝘺’ 𝘪𝘴 𝘧𝘢𝘭𝘭𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘵𝘰 𝘥𝘳𝘢𝘮𝘢𝘵𝘪𝘤𝘢𝘭𝘭𝘺 𝘭𝘰𝘸𝘦𝘳 𝘢𝘯𝘥 𝘮𝘰𝘳𝘦 𝘢𝘧𝘧𝘰𝘳𝘥𝘢𝘣𝘭𝘦 𝘭𝘦𝘷𝘦𝘭𝘴 𝘣𝘺 𝘥𝘦𝘧𝘪𝘯𝘪𝘵𝘪𝘰𝘯.”

  13. ‘We can’t fault them because at the time, our own central bank was telling us that rates are going to stay low for the foreseeable future and home prices are going to go nowhere but up. That was the common thinking’

    Same thing in Australia Jim, they’re fooked too cuz the central bank broke it off in their a$$! Happens every time.

    1. Imagine being so gullible that you believe everything the government tells you? Double boosted, money gone, voted for Creepy Joe- maybe it’s time to reevaluate one’s life decisions.

  16. “She has tired of the ‘crime, homeless, political atmosphere. It was time to pack up. … I would walk every morning with my dog and every evening with my dog. Unfortunately, it got to a point in the area that I walked where homeless were setting up tents. You would run across syringes and bullet casings. You would hear gunshots in the middle of the night. … It was not safe anymore.’”

    Lemme guess: this suburban matron makes no connection between her vote for Bolshevism & her community going to hell in a hand basket.

  17. ‘You never really want to go into the office when it’s a ghost town,’ Crawford says.”

    You really don’t want to run the gauntlet of Youth for Biden predators downtown, either. Especially in a suit & tie.

  18. ‘We can’t fault them because at the time, our own central bank was telling us that rates are going to stay low for the foreseeable future and home prices are going to go nowhere but up. That was the common thinking,’ he said.”

    Seeing the sheeple who trusted the central banks, the globalist media, and Canada’s globalist Quisling government get financially destroyed is going to be schadenfreude at its most sublime.

  19. The New York Post is a Murdoch owned publication, and it is pro war:

    “Ukraine has managed to survive Russia’s onslaught for nearly a year, but it’s facing a critical moment: Without more (and better) weapons delivered faster, the coming Russian offensive could do huge damage — and it won’t just be Ukraine that suffers.

    “The speed of supply has been and will be one of the key factors in this war,” President Volodymyr Zelensky warned Sunday. “We have to make time our weapon. We must speed up the events, speed up the supply” of “new necessary weaponry options.”

    https://nypost.com/2023/01/30/the-west-needs-to-heed-ukraines-now-or-never-plea-for-faster-military-aid/

    Nobody outside of the Beltway or the New York City news rooms supports this war.

    American taxpayers do not support this war.

    Russia is winning.

    1. “Lithuanian President Gitanas Nauseda has called on NATO to escalate its brinkmanship in Ukraine by supplying Western-made fighter jets and long-range missiles to Kiev. Moscow suggested that Nauseda had failed to consider the potential consequences.

      Lithuania, which operates no fighter jets of its own and relies on other NATO nations for air policing, has been one of the most vocal proponents of arming Ukraine.”

      https://www.rt.com/russia/570753-lithuania-president-red-lines/

      Most vocal? Easy to run your fat mouth like that when you expect somebody else to pay for it.

      Zelensky is a war criminal.

  20. “‘These people are just families. They’re not sophisticated. They thought it would be a good investment because everyone says real estate’s a good investment. So they invested and now it’s weighing on their finances and they don’t know what to do. They can’t easily sell because now (the property) is worth less,’ he said.”

    There’s a price to be paid for being a mindless sheep who gets corralled by the media & REIC dissemblers, and who votes for globalist Quislings. Seeing them financially destroyed won’t bother me one bit.

    1. “The U.S. Agency for International Development, which partners with Israel and Jordan…”

      Guess who actually makes it happen?

  22. “Laurie Tayrien, a former schoolteacher, and her husband love the new market. In November the Tayriens paid $485,000 for what they call ‘their forever home.’

    The poor donks…. the poor poor donks.

    When will the public learn that a house represents forever debt and depreciation? Depreciation eats you alive even in the best of cases.

    The poor donks…. the poor poor donks.

    Fort Collins, CO Housing Prices Crater 16% YOY As Appraisal Fraud Ravages Northern Colorado Housing Market

    https://www.movoto.com/fort-collins-co/market-trends/

    1. We have a very kind landlord, who not only covers repair, maintenance, depreciation, and yard care services out of our modest monthly rent, but also ate something like a $19,000 decrease in market value over the past month, according to Zillow. We are saving a large multiple (7X?) of our monthly payment amount due to renting instead of owning.

  23. Is growing evidence of persistent inflation making you feel jittery over the risk asset rally?

    1. The Financial Times
      Central banks
      Central banks set to lift interest rates to 15-year highs as investor jitters grow
      Concern that bond market rally underestimates growing evidence of persistent inflation
      Shoppers in New York
      Price growth is still well above central banks’ targets and core inflation is showing few signs of falling
      Harriet Clarfelt and Kate Duguid in New York and Valentina Romei in London January 29 2023

      Leading central banks are due to raise interest rates this week to the highest levels since the financial crisis, stoking anxiety among some investors that this month’s bond market rally underestimates evidence of persistent inflation.

      Bond prices have rapidly rebounded since the start of the year from last year’s historic sell-off, as markets bet that interest rate rises will slow and, in the case of the US Federal Reserve, even go into reverse. But some investors have doubts.

      “I think it’s just a matter of the market kind of waking up to what the macro environment really is, as opposed to what they hope it is,” said Monica Erickson, head of investment grade credit at DoubleLine Capital. “[It] is going to be super difficult again for the Fed to . . . get inflation down to that magical 2 per cent number without putting us into a recession.”
      …

      1. Central banks set to lift interest rates to 15-year highs as investor jitters grow

        Could have fooled me. Investors have run stock indices back up to near record highs.

      2. get inflation down to that magical 2 per cent number without putting us into a recession.”
        …

        Which is why bond prices have gone up

        1. So far Mr. Markets is behaving as though he believes the Fed is 100% committed to reining in inflation at its 2% target.

          If the Fed abandons its commitment, we may have to relive the high inflation 1970s, which eventually included longterm Treasury yields of 14% before rates settled down again.

      1. The Motley Fool
        This Metaverse Token’s 5% Decline Today Indicates Volatility Is Likely to Continue
        By Chris MacDonald – Jan 30, 2023 at 12:51PM

        Key Points

        – Digital real estate is a nascent but fast-growing space investors are looking at right now.

        – The impressive year-to-date move in The Sandbox has been driven by interest in metaverse projects and other key partnerships.

        – That said, today’s decline highlights the higher-volatility reality such investments provide over the near term.

        – The Sandbox is a key player in the blockchain-based metaverse space, which is growing increasingly volatile.

        What happened

        One of the best-performing tokens thus far in 2023, metaverse cryptocurrency The Sandbox (SAND -0.31%), has surged 95% since the beginning of the year. Although this token is down 5.1% over the past 24 hours as of 12:20 p.m. ET, investors who have stuck with this potential high-growth crypto have been well rewarded thus far.

        Significant interest among The Sandbox’s value as a digital real estate play has certainly provided plenty of upside momentum during risk-on rallies. Recent catalysts such as partnerships with The Sandbox and other Web3 development entities such as NFT Group have also contributed to positive sentiment around this token from growth investors.

        That said, it’s also clear that this is a high-growth space that continues to provide significant volatility, and should be treated as such by investors.

        So what

        When investors are looking for ways to play broader risk-on rallies, the more speculative the investment, the better. The Sandbox is one project providing exposure to not only the burgeoning and nebulous metaverse space, but also to the digital real estate sector, which many investors believe could see significant growth over time.

        There’s something to this thesis, with key brands continuing to push their online presence to lure in younger and more tech-savvy buyers. However, user adoption has not necessarily picked up as many expected, with The Sandbox’s active daily user metrics underperforming (to say the least) during last year’s decline.

        Of course, the time to buy assets with high growth potential is when they’re beaten down. And if the trend reverses, perhaps this year’s rally in The Sandbox and other metaverse and digital real estate tokens can continue.

        Now what

        I think the jury remains out on this front. The pandemic-related catalysts that drove at-home entertainment — for everything from non-fungible token (NFT) games, to streaming, to other online metaverse behemoths such as Roblox — have dissipated. Thus, an investment in The Sandbox is one I think has to be made with a very long-term time frame.
        …
        https://www.fool.com/investing/2023/01/30/this-metaverse-tokens-5-decline-today-indicates-vo/

        1. Maybe it’s my older age but I don’t get the whole Metaverse thing. So is everyone going to spend so much time with a visor strapped to their face that selling advertising in the Metaverse is going to make investors rich?

  26. “‘They rode a wave, and it’s crashing on them,’ Laurie says. ‘It’s a corporation. I don’t feel bad for them.’”

    Cockroach theory suggests there are many more stories to come of real estate investing companies that rode a wave, only to have it crash on them.

    https://m.youtube.com/watch?v=5Vwb3kPwGn4

    2. That teacher is a future candidate for sainthood, though his situation in this world seems futile. The kids he has to deal with seem borderline psychotic.

      And it’s always whitey’s fault, no matter who is involved.

      1. “And it’s always whitey’s fault, no matter who is involved.”

        You can listen to Jimi, but you can’t feel his pain!

  29. “John Pasalis, head of real estate brokerage, Realosophy says social media has been unkind to people who are already stressed by the downturn in housing. It’s not uncommon for peak period buyers to be painted as stupid, greedy or the cause of the market correction. That’s particularly true of those who bought investment properties, he said.”

    DIE, SPECULATOR, DIE

  30. Marxists gonna Marx:

    “Participants gathered in Murfreesboro, Tennessee for the Teens Against Gender Mutilation rally to demonstrate against sex change operations on minors.

    They assembled in downtown Murfreesboro in front of the city’s library on Saturday to hear from various speakers including Chloe Cole, a young woman who attempted to transition into a man but is now detransitioning.

    The event, which was hosted by the conservative organization Turning Point USA (TPUSA), was met with counter-demonstrators who shouted and used noise-making devices and megaphones in an attempt to drown out the speakers.”

    https://www.breitbart.com/politics/2023/01/30/video-pro-trans-protesters-disrupt-rally-against-child-sex-changes-tennessee/

    Under Marxism, children are the property of the state.

  32. Report: FBI Conducted Previously Undisclosed Search at Penn Biden Center in November

    ASHLEY OLIVER
    31 Jan 2023

    The FBI searched the Penn Biden Center in mid-November after President Joe Biden’s attorneys found documents with classified markings at the think tank earlier that month, according to a report published Tuesday by CBS.

    The search by the FBI was conducted without the use of a warrant and in coordination with Biden, but whether the FBI uncovered any classified documents or other relevant materials from the search remains unknown, per CBS.

    https://www.breitbart.com/politics/2023/01/31/report-fbi-conducted-previously-undisclosed-search-at-penn-biden-center-in-november/

        1. How many years ago was the first google self driving car? And yet, here we are and it still isn’t ready for prime time.

          I am also amused by all the fuss being made over ChatGPT. Yeah, it’s cool, just like how self driving cars are cool. But it’s also not ready for prime time, and who knows if it will ever be.

    1. “Anthony Lowe Jr., a 36-year-old father-of-two…”

      I have noticed something interesting about gun violence, e.g., the victims were always “just standing there,” or “minding my own business.”

      1. I reserve the hot sauce for when I get KFC takeout. I order two quarts of gravy and mix in a bottle of franks redhot.

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