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We Are In The Soup

A report from The New Orleans Advocate in Louisiana. “When Roxanna Campos and her husband put their 40-year-old Bucktown house on the market in January, they thought the three-bedroom brick Ranch would be a quick sell. As a local real estate agent, Campos had a front-row seat to the bidding wars and buying frenzy that pushed up home prices across the metro area by more than 25%, on average, since 2019. But it’s been two weeks since her listing, and despite positive signals at the open house for agents and brokers, Campos hasn’t gotten a single offer. ‘I would have thought we’d have multiple offers by now,’ said Campos, who is selling because of an upcoming move to Florida. ‘If we haven’t had any movement in the next week, we might have to rethink things.'”

“Sellers and their agents are also being creative about helping buyers shoulder the cost of higher interest rates. Broker Joyce Delery, who co-owns Engels and Völker New Orleans, said she has seen some sellers offer $10,000 to help ‘buy down’ interest rates. ‘We’re also seeing them be a little more realistic about their pricing,’ Delery said.”

The Crozet Gazette in Virginia. “The national real estate market has been anything but normal over the past few years. But mortgage money is no longer cheap. These factors started weighing on the market from the second quarter on, leading to dramatically lower sales in Crozet in 2022. Now we are stuck in limbo: mortgage costs have more than doubled, seriously crippling consumer ability to pay elevated prices. Meanwhile, builders don’t want to reduce prices and thus ‘devalue’ neighborhoods, and many current home owners can’t or don’t want to sell and potentially take on a much higher mortgage cost when they repurchase. How this will turn out only time will tell, but if Elon Musk is right, everyone who needs to or wants to sell may need to start cutting prices now.”

The Real Deal. “The Agency is the latest residential brokerage resorting to layoffs. The California-based firm confirmed to The Real Deal it had let go of 15 people, or about 4 percent of its staff. ‘We are not immune to the economic environment that all companies, especially real estate companies are facing right now,’ company CEO Mauricio Umansky said. ‘The Agency continues to make efforts to be fiscally responsible and is fundamentally committed to profitability and long-term, sustainable growth.'”

“The cuts place it in line with other residential players that have responded with layoffs after a historically strong 2021 gave way to a downturn stemming in large part from historically high mortgage rates.Compass, which laid off roughly 800 tech employees last year, did a third round of layoffs last month and put space in its global headquarters up for sublease. Anywhere, the conglomerate that owns brands like Corcoran, Coldwell Banker and Sotheby’s International Realty, has laid off roughly 11 percent of its staff since August, after a second round of layoffs in January. The market’s ripple effect set off waves in the proptech world, with giants Zillow and Redfin also cutting sizable chunks of their staff.”

D Magazine in Texas. “S2 Capital’s Scott Everett, who surpassed Blackstone as Dallas’ most active multifamily buyer in 2022, says he put a third of his portfolio on the market in July of that year and sold it by December. ‘We’re sitting in an excellent position right now with a clean balance sheet. I’d say today you’re going to have a tough time getting rid of anything that you haven’t owned for many years or aren’t willing to take a significant price cut on,’ he says.”

“Everett notes that some multifamily REITs are down by 25 percent in 2022. ‘There’s still a massive pipeline of multifamily deals under construction, and I don’t see any signs of developers not being able to complete those developments that are already financed,’ Everett says. ‘But I think rent growth has slowed a bit, and many people had to forecast aggressive numbers to get deals done. So, you’ll have a tough time during lease-up when those units come onto the market, and in obtaining financing on future deals and getting deals done next year as rent growth begins to cool.'”

Multi-Housing News. “Multifamily construction boomed last year. There are currently 943,000 apartments under construction, up 24.9 percent compared to a year ago (755,000). This is the highest count of apartments under construction since 1974, according to NAHB. Multifamily markets took a hit in the second half of 2022, said Selma Hepp, chief economist of CoreLogic. ‘2021 was a banner year for multifamily property sales,’ she added, ‘but since then we have seen a pull back. In the first three quarters of 2022, multifamily sales were down about 15 percent. The question is how much sales went down in the fourth quarter. By some accounts they were down in the four quarter year-over-year about 60 percent.'”

“‘Demand for homes (to buy or rent) has weakened considerably,’ said Hepp. Rents are slowing across the markets; however, rents in pandemic boomtown markets are now cooling the most rapidly. ‘Interestingly, mortgage rates has had a much worse impact—or been more evident—on the single family purchase market because mortgage rates have impacted affordability so much,’ said Hepp. ‘The impact on multifamily is a little bit more nuanced for a number of reasons. One is that folks now can’t afford homes, so they are staying in rental properties a little bit longer. The other thing is because the demand for single family homes has gone down so much, the folks that are going to sell their homes can now potentially be renting them—and this adds to the rental inventory.'”

The Seattle Times in Washington. “Despite serial predictions of an imminent Office Return, most remote workers still haven’t come back. Offices in downtown Seattle remain at around 40% of their pre-COVID worker occupancy, according to the Downtown Seattle Association. (In downtown Bellevue, offices are up to 65% full, based on estimates using cellphone data.) Lack of office workers hasn’t stopped new office construction across the region. Projects underway in Seattle and Bellevue will lift the cities’ combined inventory by 6.5 million square feet, or around 8%, by the end of 2024, according to Colliers.”

“But there are mounting questions over who, exactly, is going to work in all those new offices and when they’ll show up. ‘This is a new equilibrium,’ says Margaret O’Mara, a University of Washington historian who studies the tech sector and its influence on urban development. After years of rapid office expansion, ‘things are coming down to Earth and resetting.'”

“With vacancy rates so high, rent cuts are just around the corner, brokers say. Trevor Youngren, a senior director at Cushman is already getting calls from landlord brokers saying, ‘We have a lot of flexibility there, and you can tell us what we need to do to get the deal,’ he says. ‘That kind of narrative hasn’t happened in 10 plus years.'”

“But such responses sidestep larger questions about the office market. One is whether, or when, high vacancy rates will start to threaten landlords’ abilities to pay or refinance their construction debt or to flip the properties. Some industry insiders think that risk, which became an issue during the Great Recession, is likely to resurface. Debt issues aside, the office market still faces a more basic question: what’s the future of the office? Certainly, some of the decline in office leasing is driven by broader economic uncertainties and by tech executives ‘trying to signal to the market that the days of irrational exuberance are over and we’re slowing down or right-sizing,’ says the UW’s O’Mara.”

The Toronto Star in Canada. “Dozens of buyers who thought they were buying their dream homes in two Oakville housing projects early last year when the real estate market was still riding high, say they never expected home values would fall so low or that interest rates would rise so fast. Now their builder, Mattamy Homes, is selling the same kind of pre-construction houses in the same communities for as much as hundreds of thousands of dollars less — a move the purchasers say is undermining their already impossible financial situation.”

“They say they are facing financial devastation because their bank appraisals are coming up far short of the amount they agreed last year to pay for their homes, leaving a huge gap in the financing they will get when it comes time to close on their houses later this year. ‘We are in the soup,’ says Brampton lawyer Ajit Soroha, who, with his wife, purchased two homes for their family in Mattamy’s Preserve West development last February. The houses cost $2.46 million each and they have paid about $800,000 in deposits for the two.”

“Now Soroha is wondering about walking away from that money but, like other buyers, fears the company will sue him if he doesn’t live up to the agreement to purchase. ‘Mattamy is undercutting us. They are making it impossible for us to close the deal,’ he said. ‘We are in a desperate situation. We are prepared to lose what we have to lose but it will be a big, big financial devastation for most families in that community.'”

“Milton resident Ivalina Petrov said she bought a Preserve West house last March for $1.9 million with a view to more space for herself, her husband and their two young children. She said Mattamy is now selling the same house for $400,000 less. ‘I know that they have the right to sell to whoever they want and for as much money as they want. But offering the same house, three houses down the street for half a million less than I am buying and closing it at the same time — they’re putting me in risk. I’m their customer and they’re only benefiting the other customer,’ said Petrov.”

“She said Mattamy bought the land for the lower priced house at the same time as it purchased the land for her house. ‘How is this fair?’ she said.”

The Globe and Mail. “One by one, the myths of houses as magical financial assets are being blown apart. Correction-proof? Nope. A surefire wealth builder, even if you pay top dollar? Wince. A hedge against inflation? Uh, inflation is high and home prices are falling. Housing did have a fantastic run until it reached the peak of irrational overexuberance last February. House prices barely acknowledged the global financial crisis of 2008-09, then went ballistic during the pandemic. The average annual gain in national resale house prices from 2008 through 2022 was a pretty great 6.1 per cent, according to Canadian Real Estate Association data.”

“The average resale price in December, 2022, was $626,318, which is 23 per cent lower than the $816,720 reached last February. More downside seems likely, given that higher mortgage rates are offsetting the benefit of lower prices. It’s easier to save for a down payment amid falling prices but still expensive to carry a mortgage. One of the foundational myths of the housing boom was that mortgage rates would remain low indefinitely. Frankly, this was sound thinking right up until the pandemic began.”

“When prices kept pushing higher every month, it was easy to rationalize the financial discomfort of paying too much for a house. Soaring prices are proof you made a sound decision, right? Now we have a market in which house prices are falling in many cities while owners face higher payments upon renewal. If you came down to Earth from another planet and examined the financials of housing right now, you’d wonder why people bothered.”

News.co..au in Australia. “A top NSW judge is bracing for courtrooms in the Supreme Court to be clogged with home repossession cases as interest rates rise and homeowners fall behind repayments. On Wednesday night, NSW Chief Justice Andrew Bell issued the sobering warning in a grim sign of what’s to come for cash-strapped Aussies stuck in mortgage prisons. Justice Bell said the workload for fellow lawyers was set to increase to a ‘significant’ extent because repossession claims are set to explode.”

“‘We unfortunately anticipate a very significant growth of work in the possession list this year with the likely continued rise in interest rates likely to be productive of extreme mortgage stress,’ he said, per the Australian Financial Review. Just a few days before Justice Bell aired his concerns, new research also found things could be going to get worse, not better, for mortgage holders struggling amid the cost of living crisis. Based on historical interest rates in the past 33 years – the average rate has been 4.6 per cent – which is 1.5 per cent higher than the current cash rate of 3.1 per cent, the Canstar research found.”

“This could signal more rate pain on the way with the equivalent of six more 0.25 per cent rate rises meaning mortgage holders would be slugged with an extra $498 on monthly repayments for a $500,000 loan. That would mean a total of $1386 added to repayments since April 2022. Those homeowners with a $750,000 loan would see $2080 added to repayments after rates rose eight consecutive times alongside another six more hikes on top. For a $1 million loan, this would add up to $2773 extra in repayments if interest rates were to reach 4.6 per cent.”

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The Only Way Out Is Up

A weekend topic starting with the Star Tribune in Minnesota. "Why does Duluth have a…

This Post Has 61 Comments

  1. ‘These factors started weighing on the market from the second quarter on, leading to dramatically lower sales in Crozet in 2022. Now we are stuck in limbo: mortgage costs have more than doubled, seriously crippling consumer ability to pay elevated prices’

    Check out what these fools are paying in these sh$tholes and how much they went up.

  2. ‘I think rent growth has slowed a bit, and many people had to forecast aggressive numbers to get deals done’

    How do those proforma’s look now?

    1. I haven’t posted this chart in a while. Look at the available rentals in Kootenai County, ID. That vertical jump is not a mistake, one new complex in Post Falls dumped these on in one day. This is only what was completed, 3 more blocks finishing up. Off the top of my head I can think of about 10 more apartment projects nearing completion in the county. It should probably be fine, rents should hold…

      https://imgur.com/a/cNUCiAX

  3. ‘leaving a huge gap in the financing they will get when it comes time to close on their houses later this year. ‘We are in the soup,’ says Brampton lawyer Ajit Soroha, who, with his wife, purchased two homes for their family in Mattamy’s Preserve West development last February. The houses cost $2.46 million each and they have paid about $800,000 in deposits for the two’

    Ajit get’s it: you have to be in it to win it! They bought 2!!

    ‘Now Soroha is wondering about walking away from that money’

    Ajit, yer giving it away!

    ‘but, like other buyers, fears the company will sue him if he doesn’t live up to the agreement to purchase. ‘Mattamy is undercutting us. They are making it impossible for us to close the deal,’ he said. ‘We are in a desperate situation. We are prepared to lose what we have to lose’

    Acceptance? They are fooking him, and they can sue. Wa a wonderful investment!

    ‘but it will be a big, big financial devastation for most families in that community’

    Yer still bargaining Ajit.

    3. if prices had continued to go up, would they have allowed the builder to reopen negotiations because the prices had changed? Of course not.

      They gambled

      They lost.

      Pay up suckers.

  4. ‘I would have thought we’d have multiple offers by now,’ said Campos, who is selling because of an upcoming move to Florida. ‘If we haven’t had any movement in the next week, we might have to rethink things’

    Have you ever considered Mississippi Roxanne? It’s not far and you can probably put yer mattress on top of the Corolla.

    1. ” have multiple offers by now,”

      And over asking if I may add? People are delusional….Bowell and central bankers have ruined people’s sense of reality.

      1. “People are delusional….Bowell and central bankers have ruined people’s sense of reality.”

        I took my Ex Girlfriend’s Son aside and told him, “if you remember one thing, when contemplating a big-money purchase, always, always remove emotion from the decision-making process.”

        Greed+FOMO+Irrational Exhuberance=Disaster

    2. If Campos dropped her liet price to slightly below market value, she could attract multiple offers and sell within a week. Real estate is a highly liquid asset if you price it correctly.

      What is standing in her way?

    3. “Broker Joyce Delery, who co-owns Engels and Völker New Orleans, said she has seen some sellers offer $10,000 to help ‘buy down’ interest rates. ‘We’re also seeing them be a little more realistic about their pricing,’ Delery said.”

      It’s starting to sink in for me that the average joe schmoe has no clue about the implications of a doubling of mortgage rates for housing market valuations. It’s right there in chapter 1 of any undergraduate finance textbook, but I guess not that many people study finance. Like Barbie sez, ‘Math is hard.’

      Anyone who did take undegraduate finance can tell you that $10,000 is a drop in the bucket compared to the effect of a doubling of mortgage rates on valuations.

      1. undegraduate finance

        You don’t need a college course for that, or to understand that you’ll be paying RE taxes on that $10K for decades.

  5. “They say they are facing financial devastation because their bank appraisals are coming up far short of the amount they agreed last year to pay for their homes, leaving a huge gap in the financing they will get when it comes time to close on their houses later this year.

    Die, speculator scum.

  6. ‘We are in a desperate situation. We are prepared to lose what we have to lose but it will be a big, big financial devastation for most families in that community.’”

    These degenerate gamblers are getting exactly what they deserve. No f*cks given. They made housing unaffordable for the responsible & prudent, so now they can sit down at their “banquet of consequences.”

  7. ‘I know that they have the right to sell to whoever they want and for as much money as they want. But offering the same house, three houses down the street for half a million less than I am buying and closing it at the same time — they’re putting me in risk.

    Did you stamp yer little feet, Ivalina?

  8. I’m their customer and they’re only benefiting the other customer,’ said Petrov.”

    If it makes you feel better, Ms. Petrov, the knife-catchers will soon be underwater on their shack just like you.

    1. This is utter pointless. Let’s see who Maher votes and donate money to. He’s phony as $3 dollar bill.

      1. +1

        All he is trying to do is damage control for th Left, trying to keep the SS Looneytania from sinking on its own, and taking us all down with it.

  10. “She said Mattamy bought the land for the lower priced house at the same time as it purchased the land for her house. ‘How is this fair?’ she said.”

    It’s called “market forces,” Ivalina. And how is it “fair” that the prudent and responsible were priced out of affordable housing thanks to FBs like you who fueled the housing bubble?

  11. 𝗢𝗹𝗱𝘀𝗺𝗮𝗿, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟮% 𝗬𝗢𝗬 𝗔𝘀 𝗧𝗮𝗺𝗽𝗮 𝗔𝗿𝗲𝗮 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗗𝗲𝗺𝗮𝗻𝗱 𝗗𝗶𝘀𝗶𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝘀

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

    𝘈𝘴 𝘢 𝘯𝘰𝘵𝘦𝘥 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘴𝘢𝘪𝘥, “𝘐 𝘤𝘢𝘯 𝘢𝘴𝘬 $50𝘬 𝘧𝘰𝘳 𝘮𝘺 𝘳𝘶𝘯 𝘥𝘰𝘸𝘯 10 𝘺𝘦𝘢𝘳 𝘰𝘭𝘥 𝘊𝘩𝘦𝘷𝘺 𝘵𝘳𝘶𝘤𝘬 𝘣𝘶𝘵 𝘸𝘩𝘦𝘳𝘦 𝘪𝘴 𝘵𝘩𝘦 𝘣𝘶𝘺𝘦𝘳 𝘢𝘵 𝘵𝘩𝘢𝘵 𝘱𝘳𝘪𝘤𝘦? 𝘚𝘰 𝘪𝘵 𝘪𝘴 𝘸𝘪𝘵𝘩 𝘢𝘭𝘭 𝘥𝘦𝘱𝘳𝘦𝘤𝘪𝘢𝘵𝘪𝘯𝘨 𝘢𝘴𝘴𝘦𝘵 𝘭𝘪𝘬𝘦 𝘩𝘰𝘶𝘴𝘦𝘴 𝘢𝘯𝘥 𝘤𝘢𝘳𝘴.”

  12. A reader sent these in:

    I know I’d been warned, but I think Airbnb is over for me — a host is angry with us because we didn’t *vacuum*. mind you, we paid a $185 cleaning fee, stripped the beds, and took the trash to the local trash center

    https://twitter.com/__apf__/status/1621558947336572929

    Real Estate has to be the most manipulated ponzi scheme on earth.
    Fed buying mortgage backed securities to rates
    Fannie Freddie keeping foreclosures off market
    GSEs offering artificially low rates and terms
    One giant manipulation ponzi scheme

    https://twitter.com/GRomePow/status/1621907029345583104

    Two-thirds of Americans expect the housing market to crash in the next 3 years, per MarketWatch.

    https://twitter.com/unusual_whales/status/1621511574593888260

    Market was pricing in 2 rate cuts this year and inflation at 2% by June

    https://twitter.com/eliant_capital/status/1621890575489171458

    Turns out the Chinese “Spy” Balloon was only delivering a message…and then it got shot down.

    https://twitter.com/BP_Rising/status/1621976859108835329

    Lance Lambert

    #NEW @CoreLogicInc tells @FortuneMagazine that 391 major housing markets have “high” or “very high” odds of posting a year-over-year home price decline in November 2023. The January analysis examined 392 markets.

    https://twitter.com/NewsLambert/status/1621975176211578881

    So it begins, PPP fraud investigations

    https://twitter.com/GRomePow/status/1622035502714212353

    “This time will be different”

    https://twitter.com/SuburbanDrone/status/1622027874604617728

    Here we see OECD (wealthy nation) inflation-adjusted (real) home prices and consumer sentiment. Each time home prices roll over, sentiment implodes. We are to believe that this time it will rise creating the “soft landing”.

    https://twitter.com/SuburbanDrone/status/1622023930511851521

    #Sacramento flipper: “My margins were already low, so I’m having to short-sell some properties and need to start over with buying smaller projects. Getting caught in a declining market holding 40+ projects has put me in a horrible position.”

    #SanDiego flipper: “Acquired more properties than I could fix over the last 2 years. Hired staff to work through the backlog, then the market corrected sharply downward in Oct/Nov/Dec.”

    https://twitter.com/housing_alex/status/1620501444888793089

    Ben Rabidoux

    Canadians hate the idea of privatizing gains and socializing losses except when it’s their own ass on the line and they’re upside down on a preconstruction investment

    https://twitter.com/BenRabidoux/status/1621930626256355329

    TL;DR Canadians upset that they can’t get speculative upside of real estate, without unloading all downside onto developers or government.

    https://twitter.com/jesse_kleine/status/1621929172225634304

    Ben Rabidoux

    I can’t believe the Star is giving a platform to these chuckleheads. Markets go up and down. If you don’t want that risk, buy resale. Had prices surged (as I’m sure they expected), there would be no talk of returning those gains to the developer. 6/

    https://twitter.com/BenRabidoux/status/1621916712588165123

    1. Lots of interesting tweets in that house flipper link:

      #Austin flipper: “Austin has an overinflated housing market that is compounded by elevated interest rates. This has resulted in a downward spiral in qualified buyers. The fix and flip market is pretty much gone. Prices in most areas are down about -30% or more in recent months.”

      What’s the most flops one of these clowns gets stuck with? I’m going to guess 150.

      1. are there a lot of trades (residential housing) that are out of work right now?

        Surprisingly, i have not heard that.

    2. “Real Estate has to be the most manipulated ponzi scheme on earth.”

      I’d argue that with its wash trades and absence of any fundamental value, crypto is worse.

        1. As long as financial regulatory authorities continue to turn a blind eye to illegal activities in the cryptoverse, the HODLers should be just fine.

      2. Why Silvergate Capital Sank in January
        By Brett Schafer – Feb 6, 2023 at 12:31AM

        Key Points

        Silvergate Capital was a bank for the fraudulent cryptocurrency exchange FTX.

        It is rapidly losing customer deposits and is hemorrhaging money.
        Shares are down 80% in the last six months.
        …

    3. ‘Turns out the Chinese “Spy” Balloon was only delivering a message…and then it got shot down.’

      Realtors Are Liars

  15. “But it’s been two weeks since her listing, and despite positive signals at the open house for agents and brokers, Campos hasn’t gotten a single offer. ‘I would have thought we’d have multiple offers by now,’ said Campos, who is selling because of an upcoming move to Florida. ‘If we haven’t had any movement in the next week, we might have to rethink things.’”

    https://youtu.be/9oqL7QwNohM

    1. The Retreat of the Amateur Investors

      The great pandemic boom attracted rookie traders. Now, some are backing away, and the markets risk losing a key support.

      By Gunjan Banerji
      February 4, 2023

      Amateur trader Omar Ghias says he amassed roughly $1.5 million as stocks surged during the early part of the pandemic, gripped by a speculative fervor that cascaded across all markets.

      As his gains swelled, so did his spending on everything from sports betting and bars to luxury cars. He says he also borrowed heavily to amplify his positions.

      When the party ended, his fortune evaporated thanks to some wrong-way bets and his excessive spending. To support himself, he says he now works at a deli in Las Vegas that pays him roughly $14 an hour plus tips and sells area timeshares. He says he no longer has any money invested in the market.

      “I’m starting from zero,” said Mr. Ghias, who is 25.
      …
      https://www.wsj.com/articles/the-retreat-of-the-amateur-investors-11675486817?st=z8j9sk8oddo581h&reflink=desktopwebshare_permalink

  18. “People are delusional….Bowell and central bankers have ruined people’s sense of reality.”

    I took my Ex Girlfriend’s Son aside and told him, “if you remember one thing, when contemplating a big-money purchase, always, always remove emotion from the decision-making process.”

    Greed+FOMO+Irrational Exhuberance=Disaster

      1. Stock Market Today
        Dow Jones Futures Fall: Stock Market Rally Signals It’s No Bear Run; What To Do Now
        ED CARSON 09:59 PM ET 02/05/2023

        Dow Jones futures fell slightly Sunday night, along with S&P 500 futures and Nasdaq futures.

        The stock market rally had another big week, with the Nasdaq running higher amid major news from the latest Fed outlook to the jobs report to massive earnings from Apple (AAPL), Meta Platforms (META) and more.

        Don’t be surprised to see a market pullback after the big gains in recent weeks, with Tesla (TSLA) and Apple stock up strongly yet again. Friday may have been the start of a pullback, with Amazon.com (AMZN) plunging on its weak earnings and outlook. But with the uptrend showing more signs that it’s more than a bear market rally, investors can continue to gradually add exposure over time.
        …
        https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-signals-its-not-a-bear-run-what-to-do-now/

  20. 𝗚𝗮𝘀𝘁𝗼𝗻, 𝗦𝗖 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟳% 𝗬𝗢𝗬 𝗔𝘀 𝗥𝘂𝗿𝗮𝗹 𝗟𝗮𝗻𝗱 𝗔𝗻𝗱 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗚𝗲𝘁 𝗖𝗹𝗼𝗯𝗯𝗲𝗿𝗲𝗱

    https://www.movoto.com/gaston-sc/market-trends/

    𝘈𝘴 𝘢 𝘯𝘰𝘵𝘦𝘥 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘴𝘵𝘢𝘵𝘦𝘥, “𝘕𝘰𝘵𝘩𝘪𝘯𝘨 𝘢𝘤𝘤𝘦𝘭𝘦𝘳𝘢𝘵𝘦𝘴 𝘵𝘩𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘺 𝘢𝘯𝘥 𝘤𝘳𝘦𝘢𝘵𝘦𝘴 𝘫𝘰𝘣𝘴 𝘭𝘪𝘬𝘦 𝘧𝘢𝘭𝘭𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘵𝘰 𝘥𝘳𝘢𝘮𝘢𝘵𝘪𝘤𝘢𝘭𝘭𝘺 𝘭𝘰𝘸𝘦𝘳 𝘢𝘯𝘥 𝘮𝘰𝘳𝘦 𝘢𝘧𝘧𝘰𝘳𝘥𝘢𝘣𝘭𝘦 𝘭𝘦𝘷𝘦𝘭𝘴.

    1. Cryptocurrency
      Sam Bankman-Fried’s psychiatrist was hired at FTX to ‘coach’ and counsel employees, report says
      Aidan Pollard
      Feb 5, 2023, 12:36 PM
      FTX’s founder Sam Bankman-Fried standing in front of signs saying “FTX arena.”
      FTX CEO Sam Bankman-Fried attends a press conference at the FTX Arena in downtown Miami on June 4, 2021. Miami Herald/Getty Images

      – SBF’s personal psychiatrist was on staff at FTX, according to the Wall Street Journal.

      – Dr. George Lerner was hired to engage with employees as a “coach,” not a medical professional, the Journal reported.

      – One former employee blasted the doctor in a Twitter thread last December.
      …
      https://www.businessinsider.com/sam-bankman-fried-psychiatrist-hired-to-coach-ftx-employees-2023-2

  22. Angel Mom: Illegal Alien MS-13 Gang Member Was Freed into U.S. at Border Before Murdering, Raping My Daughter

    JOHN BINDER
    5 Feb 2023

    An illegal alien MS-13 gang member was released into the United States at the southern border by federal officials before allegedly murdering 20-year-old Kayla Marie Hamilton in July 2022, Angel Mom Tammy Nobles details.

    As Breitbart News reported last month, the Aberdeen Police Department arrested and charged a 17-year-old illegal alien MS-13 gang member from El Salvador with murder, accusing him of killing Hamilton in her residence in July 2022.

    https://www.breitbart.com/politics/2023/02/05/angel-mom-illegal-alien-ms-13-gang-member-was-freed-into-u-s-at-border-before-murdering-raping-my-daughter/

    1. The Financial Times
      Gold
      Gold buyers binge on biggest volumes for 55 years
      China and Russia have been large accumulators of the precious metal in 2022, analysts say
      Gold bars stamped with company signage at a gold and silver refinery in Nuh, India
      The last time this level of gold buying was seen — 1967 — marked a historical turning point for the global monetary system
      Harry Dempsey December 28 2022

      Central banks are scooping up gold at the fastest pace since 1967, with analysts pinning China and Russia as big buyers in an indication that some nations are keen to diversify their reserves away from the dollar.

      Data compiled the World Gold Council, an industry-funded group, has shown demand for the precious metal has outstripped any annual amount in the past 55 years. Last month’s estimates are also far larger than central banks’ official reported figures, sparking speculation in the industry over the identity of the buyers and their motivations.

      The flight of central banks to gold “would suggest the geopolitical backdrop is one of mistrust, doubt and uncertainty” after the US and its allies froze Russia’s dollar reserves, said Adrian Ash, head of research at BullionVault, a gold marketplace.

      The last time this level of buying was seen marked a historical turning point for the global monetary system. In 1967, European central banks bought massive volumes of gold from the US, leading to a run on the price and the collapse of the London Gold Pool of reserves. That hastened the eventual demise of the Bretton Woods System that tied the value of the US dollar to the precious metal.

      Last month the WCG estimated the world’s official financial institutions have bought 673 tonnes. And in the third quarter alone central banks bought almost 400 tonnes of gold, the largest three-month binge since quarterly records began in 2000.
      …

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