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That Feeding Frenzy We Had Before Is Gone

A report from Market Watch. “‘A few markets may see double-digit price drops, especially some of the more expensive parts of the country which have also seen weaker employment and higher instances of residents moving to other areas,’ said Lawrence Yun, chief economist of the National Association of Realtors.”

Yahoo Finance. “Some of the most popular pandemic boomtowns such as Phoenix and Seattle, plus perennially popular West Coast cities like San Jose and San Francisco, posted home price declines of more than 10% from their 2022 peaks, according to Black Knight Inc. That outpaced the average national decline of 5.3%, off their June 2022 peaks. San Francisco took the lead, with home prices there down 13% in December 2022 from their peak, Black Knight data showed. This was followed by San Jose ( down 12.7%), Seattle (down 11.3%), and Phoenix ( down 10.5%).”

“‘We’re finally seeing real price corrections,’ John Downs, senior vice president of Vellum Mortgage, told Yahoo Finance. ‘Home prices remain high, but they are better now and dropping. If you’re a first-time buyer in a market like Washington, D.C., you know the last three years truly have been crazy. But prices are finally easing.'”

The Idaho Statesman. “The median sales price of an Ada County home has dipped below $500,000 for the first time in a year and a half. ‘It’s not what we’d call a buyer’s market, but it’s more of a balanced market than we’ve seen in a really long time,’ said the new president of Boise Regional Realtors, Debbi Myers. ‘That feeding frenzy we had before is gone.’ The report said the median price of a single-family home in Ada County dropped to $487,495 in January, down nearly 10%, or $52,500 from January 2022. The report for Canyon County showed the median price fell there as well, to $395,445, down 6.4% year-over-year.”

“The median price of newly constructed Ada County homes was $494,990, a 16% decrease year-over-year. In Canyon County, the median was $415,450, a 10.7% decrease. The median price of existing Ada County homes was $479,800, a 6.8% decrease. In Canyon County, the median was $339,000, a 13.1% decrease.”

The Gazette. “Colorado Springs home prices increased in late 2022 at one of the slowest rates in the nation — a dramatic turnaround from recent years when the city regularly was near the top of the pack for price appreciation. The median price of homes that sold during the fourth quarter of 2022 in the Springs rose to $443,400, a miniscule 0.2% increase over the same period in 2021, according to the National Association of Realtors. ‘We’ve never seen it this flat like this before,’ Harry Salzman, a veteran real estate agent, said of prices. ‘Flat, zero appreciation is something new and different for this market.'”

The Sun Journal. “We have seen the median days on the market jump 133% from January of last year to January of this year in Craven County. With the feeding frenzy over, days on the market ticking up and prices leveling off, buyers have more leverage. The list-to-price ratio has dropped down below 98%. For a lot of 2021 and the first half of 2022, we were seeing a lot of sellers get more than they were asking for their homes. Now buyers are negotiating prices down and, in some cases, getting closing costs paid. Sellers are getting more anxious to sell in some cases.”

Fox 13 Memphis in Tennessee. “‘We’re seeing the prices come down,’ said Michelle Hayes Thomas, a broker. ‘We’re also seeing buyers have the ability to make offers that are more favorable to them as opposed to it being just a seller’s market.'”

Times of San Diego in California. “Sales of existing single-family homes in San Diego County fell nearly 20% in January as the 2023 real estate market got off to a slow start. The median sales price was $849,000 in January for single-family homes, down 3.5% from $880,000 a year ago. There were 886 homes sold in January, down 19.2% from 1,027 sales in December, and off 36.9% from the 1,404 sales a year ago in January, according to the association’s monthly data report.”

CBS Sacramento in California. “Dozens packed a community room in Fair Oaks to find out how Sacramento County will address the growing homeless problem in their community. The elected official hosting the meeting said the many issues stemming from the crisis occupy 90 percent of his job. Lee Grichuhin worries homeless encampments along a canal in the Gold River area are a public health concern. ‘It’s a cesspool, and I see dogs and kids playing in it down by the river end,’ he said.”

The Los Angeles Times on Oregon. “If you want to understand the schism that dominates the political and social landscape in this famously liberal city, a walk down Southeast Rhine Street might be a good place to start. Flora Gonzalez, who lives on the north side of the street, is distressed about conditions in the historically blue-collar neighborhood. The 40-year-old package handler for FedEx said that people have openly dealt drugs and urinated on the sidewalk outside her family’s duplex. They’ve dumped feces and used syringes in her manicured yard, played booming music at 3 a.m. and stripped stolen cars for parts. Shots have been fired behind her children’s bedroom. ‘We feel abandoned,’ Gonzalez said. ‘We pay our taxes and the police are not watching over our security.'”

“A backlash is underway. In November, voters passed a measure to overhaul city government and ousted the city’s most outspoken left-wing commissioner, who led a 2020 charge to cut police funds. But they are struggling to agree on how it can return to being the place many once viewed as a liberal utopia. John Toran, 47, the Black owner of a construction company who was born and raised in Portland, said he understood the bail fund was trying to counter malicious prosecution and inequality in the criminal justice system. But, he said, people felt less safe and the city had a duty to respond.”

“‘Progressive’ means something different now than when it did when I was growing up,’ the longtime Democrat said. ‘Now, when I think of progressive, I think of extremism.'”

Yahoo Finance Canada. “Nasma Ali, a broker and founder of One Group, agrees that getting into a bidding war is not in the best interest of a buyer, especially if they’re under pressure to find a property. The best way to avoid competition is to consider homes that don’t have professional staging or have poor photos in the listing, she says, and to ‘use your imagination to look beyond the furniture and funky wall colours. Chances are most buyers aren’t and the seller has been growing somewhat desperate.'”

The Globe and Mail in Canada. “206 Wildfield Cres., Mississauga. Asking price: $5,299,900 (August, 2022). Previous asking price: $5,999,900 (May, 2022). Selling price: $4,850,000 (October, 2022). This two-bedroom bungalow is an unconventional property, custom built six years ago on a 64- by 191-foot lot on the edge of a ravine by Lake Ontario, about 26 kilometres west of Toronto. In the space of 10 weeks, multiple potential buyers booked visits, but not a single one made an offer. The price was slashed by $700,000, generating interest from one buyer, but that sprout quickly withered. About two months later, the seller managed to negotiate another offer that topped out at $4.85-million. ‘We started to see a shift in the market with interest rates starting to go up back in March,’ said agent Ashleigh McCarthy.”

Money Control in India. “It’s been an unusual 6-8-month period as a tracker of Mumbai real estate. Normally, the entire ecosystem is hard-selling a narrative that ‘All is Well.’ However, in recent months I have found myself dealing with the exact opposite scenario from the ecosystem. ‘Who is really driving these sales numbers in 2022 because no one in my circuit is feeling this bonanza?’ enquired one mid-level developer. ‘Which lender is serving these home buyers in the last 6-9 months because they aren’t coming to me?’ one heavyweight lender asked me.”

The Sydney Morning Herald. “As many as one in five Australians with a mortgage could be unable to refinance because of rising interest rates and stringent home loan stress testing, economists warn. In a situation sometimes called a ‘mortgage prison,’ such borrowers cannot refinance to a cheaper loan because they don’t meet the new bank’s lending requirements. Negative equity can be a limiting factor, but tough stress-testing requirements are now more often trapping mortgagors.”

“Jarden chief economist Carlos Cacho in October modelled that 10 to 15 per cent of Australian mortgagors could be stuck in a loan with little prospect of refinancing. This week he said the problem had worsened. ‘Now that would likely be closer to 15 to 20 per cent,’ he said.”

“Red Maple Finance director Nariman Amalsadiwala said people who qualified for a home loan just a couple of years ago in some cases could no longer qualify for finance. ‘Imagine if you were tested at 5 per cent a year ago,’ he said. ‘That took away borrowing capacity for everyone. At that 8 per cent level, you don’t even have the income to service your existing mortgage.'”

“Amalsadiwala said the situation had left some of his clients who bought house and land packages in a difficult position. ‘I have clients who have booked land two years ago and now they don’t have the borrowing capacity to even buy the land, let alone build on it,’ he said. A Brisbane borrower would be at 14 per cent equity. However, RateCity director of research Sally Tindall said Brisbane’s price peak had been later, which the modelling did not reflect.”

“‘Someone who bought in Brisbane closer to the peak might be in a much worse position,’ she said. ‘The Brisbane market peak wasn’t until June ’22 and the drop since [then] has been significant, down 10.7 per cent, in a much shorter space of time.’

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This Post Has 70 Comments

  1. ‘Sales of existing single-family homes in San Diego County fell nearly 20% in January as the 2023 real estate market got off to a slow start. The median sales price was $849,000 in January for single-family homes, down 3.5% from $880,000 a year ago’

    Another sh$thole rolls over YOY.

    ‘There were 886 homes sold in January, down 19.2% from 1,027 sales in December, and off 36.9% from the 1,404 sales a year ago in January’

    This concerted ‘everything is red hotness!’ REIC BS is not bearing up in the numbers.

    1. A local relitter penned an article that asked whether there is a bubble in San Diego, accompanied by a Case-Shiller graph that clearly shows the answer is yes. He spent the entire article dispelling the bubble thesis as “scare tactics” and trying to convince readers that now is a good time to buy.

  2. ‘John Toran, 47, the Black owner of a construction company who was born and raised in Portland, said he understood the bail fund was trying to counter malicious prosecution and inequality in the criminal justice system. But, he said, people felt less safe and the city had a duty to respond’

    ‘Progressive’ means something different now than when it did when I was growing up,’ the longtime Democrat said. ‘Now, when I think of progressive, I think of extremism’

    John, you are clearly a far right knuckle dragging election denying anti-death injection stopped clock perma bear.

    1. ‘Progressive’ means something different now than when it did when I was growing up,’ the longtime Democrat said. ‘Now, when I think of progressive, I think of extremism’

      Progressives have always been totalitarian Bolshevik control freaks, John.

      1. “An activist who marched downtown in 2020, Simonis said the problem is not that Portland is too liberal, but that it is not liberal enough.”

        What was that insanity quote?

        1. the problem is not that Portland is too liberal, but that it is not liberal enough

          Because no one has ever tried true communism.

      2. “Fatal drug overdoses nearly doubled between 2019 and 2021 across Multnomah County. The fentanyl epidemic combined with the housing crisis, Mapps said, made for a “scary” situation.”

        You can check-out anytime you want, but you can never leave!

      3. “The vibe of the city was shifting. A mayor who began his first day in office biking to work was now accompanied by bodyguards.”

        Put that in your resume, Mayor Ted Wheeler!

  3. ‘It’s a cesspool, and I see dogs and kids playing in it down by the river end’

    OK kids, time to eat, wash yer hands!

  4. San Francisco took the lead, with home prices there down 13% in December 2022 from their peak, Black Knight data showed. This was followed by San Jose ( down 12.7%), Seattle (down 11.3%), and Phoenix ( down 10.5%).”

    Is that a lot?

  5. 𝗢𝗿𝗹𝗮𝗻𝗱𝗼, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟳% 𝗬𝗢𝗬 𝗔𝘀 𝗦𝗲𝗹𝗹𝗲𝗿𝘀 𝗦𝗹𝗮𝘀𝗵 𝗣𝗿𝗶𝗰𝗲𝘀 𝗗𝗼𝘂𝗯𝗹𝗲 𝗗𝗶𝗴𝗶𝘁𝘀 𝗔𝗰𝗿𝗼𝘀𝘀 𝗙𝗹𝗼𝗿𝗶𝗱𝗮

    https://www.movoto.com/fl/32801/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘍𝘭𝘰𝘳𝘪𝘥𝘢 𝘣𝘳𝘰𝘬𝘦𝘳 𝘭𝘢𝘮𝘦𝘯𝘵𝘦𝘥, “𝘞𝘦’𝘷𝘦 𝘣𝘦𝘦𝘯 𝘴𝘤𝘳𝘢𝘱𝘪𝘯𝘨 𝘵𝘩𝘦 𝘣𝘰𝘵𝘵𝘰𝘮 𝘰𝘧 𝘵𝘩𝘦 𝘣𝘢𝘳𝘳𝘦𝘭 𝘧𝘰𝘳 𝘺𝘦𝘢𝘳𝘴. 𝘕𝘰𝘸 𝘵𝘩𝘰𝘴𝘦 𝘴𝘢𝘮𝘦 𝘣𝘶𝘺𝘦𝘳𝘴 𝘢𝘳𝘦 𝘥𝘦𝘧𝘢𝘶𝘭𝘵𝘪𝘯𝘨 𝘪𝘯 𝘥𝘳𝘰𝘷𝘦𝘴.”

  6. ‘We’ve never seen it this flat like this before,’ Harry Salzman, a veteran real estate agent, said of prices. ‘Flat, zero appreciation is something new and different for this market.’”

    Harry is lying. Shack prices in CoS dropped from 2008 to 2011, and would’ve dropped a lot further if the Fed hadn’t juiced the market with trillions in QE.

  7. They’ve dumped feces and used syringes in her manicured yard, played booming music at 3 a.m. and stripped stolen cars for parts. Shots have been fired behind her children’s bedroom. ‘We feel abandoned,’ Gonzalez said. ‘We pay our taxes and the police are not watching over our security.’”

    I’m guessing Gonzalez is reaping what she voted for.

    1. I’m guessing Gonzalez is reaping what she voted for.

      The Communists always promise a utopia,where no one has to work and everyone is prosperous. And when the voters get a dystopia instead, they just can’t connect the dots. The ones who do understand, flee. But all too often they forget they are refugees and not missionaries.

    3. The glasses and hair tell me she voted for every elected official who supported vaccine mandates and vaccine passports.

      “They’re not sending their best”

  10. “‘Someone who bought in Brisbane closer to the peak might be in a much worse position,’ she said. ‘The Brisbane market peak wasn’t until June ’22 and the drop since [then] has been significant, down 10.7 per cent, in a much shorter space of time.’

    Die, speculator scum.

  11. A reader sent these in:

    I’m not stunned #Airbnbust

    https://twitter.com/texasrunnerDFW/status/1624447940029718530

    FED’S WALLER TO CRYPTO ASSET BUYERS: DONT BE SURPRISED IF THE VALUE FALLS TO ZERO, AND DON”T EXPECT TAXPAYERS TO COVER LOSSES.

    https://twitter.com/financialjuice/status/1624098894794698753

    So they revised November and December inflation numbers higher this morning… crooks

    https://twitter.com/eliant_capital/status/1624049709248614402

    For those not following. BLS quietly adjusted their Dec CPI this morning:
    – Dec CPI revised to +0.1 pct (prev -0.1 pct)
    – Dec CPI exfood/energy revised to +0.4 pct (prev +0.3 pct)
    U.S. CPI revisions reflect updated seasonal adjustment factors

    https://twitter.com/INArteCarloDoss/status/1624045110479450114

    People truly don’t understand how housing corrects. This is a cruise ship turning not a speedboat. This is a multi year event that is just starting . The ships been turned finally and it’s about to set course.

    https://twitter.com/ssun5555/status/1624240336930324480

    I live in Hawaii and can see a shift here with homes taking longer to sell and often see price reductions.

    https://twitter.com/RyanLevoy/status/1624126518732677125

    I’m a new home sales rep for a top 5 American Builder. New home sales reps are a small community, we all talk to each other- Builders are inflating the numbers – Keeping bad contracts from bad loans on the books to prevent showing cancellations –

    https://twitter.com/RaleighFam/status/1624115900931534848

    Those unqualified buyers won’t be able to close. So what we are seeing is all the new sales are worthless. But we have a gun to our head, that if we don’t hit our quota of 3 to 6 houses sold a month we will be laid off or terminated. So we have to write them, but they wont close!

    https://twitter.com/RaleighFam/status/1624119184933126163

    If the market has dropped 15% and you’re dropping your house price in $1000 increments, you’re a moron

    https://twitter.com/GRomePow/status/1624185861586964487

    People in the richest country in the world are being told to work 4 jobs and shack up with strangers, WHILE THE GOVERNMENT USES TAX DOLLARS FROM THOSE 4 JOBS TO SUPPORT HIGH HOUSING PRICES

    https://twitter.com/texasrunnerDFW/status/1624062113328005126

    The UK has both the worst performing economy in the G20 and the best performing stock market in the world 🤡 🌎

    https://twitter.com/WallStreetSilv/status/1624457374646796290

    Inventory up 211% YOY in Vegas with mortgage applications down 40% YOY and we’re suppose to believe things are turning bullish 😆

    https://twitter.com/NipseyHoussle/status/1624605181265551361

    I’m in South Florida, and this is exactly what is happening here. Hundreds of listing that look like this right now. STR -> LTR -> Listed at 2x -> price drop x 10. Spring / summer is going to be wild

    https://twitter.com/themichaelalt/status/1624519555870490626

    “When you have an 823, they let you do it. You can do anything.”

    https://twitter.com/NipseyHoussle/status/1624522198751891458

    I moved across the country with my girlfriend during COVID. We both worked remotely and bought a $850k three bedroom ranch in a mountain town. Both of our jobs laid us off. Zero jobs in this town. Remote jobs are not hiring. My gf is cheating on me and just left me with the house

    https://twitter.com/TrackInflation/status/1624410735609626625

    I’m a landlord. At one time I thought I would build a portfolio of rentals. I absolutely cannot stand it and can’t wait to sell and never do it again. No liquidity, high fees, and lots of headaches. Some people are cut out for it. I am absolutely not.

    https://twitter.com/MarkMcGrathCFP/status/1624092316024868864

    Debt Crisis looming…🥲

    https://twitter.com/WallStreetSilv/status/1624620401631408130

    This is exactly why you never want to leave Twitter. 😅

    https://twitter.com/AyeshaTariq/status/1624367218552176648

    Former comedian high on cocaine does press conference begging for dollars.

    https://twitter.com/Ben__Rickert/status/1624241085534064640

    The Kobeissi Letter

    Spy Balloons are a distraction from reality.
    Americans are dealing with:
    1. Inflation still near 40-year high
    2. Record $17 trillion in household debt
    3. Rising interest rates into a recession
    4. Record levels of uncertainty
    Geopolitical tensions are the last thing we need.

    https://twitter.com/KobeissiLetter/status/1624652645808975873

    1. A country song? No booze or dog – so perhaps not.

      I moved across the country with my girlfriend during COVID. We both worked remotely and bought a $850k three bedroom ranch in a mountain town. Both of our jobs laid us off. Zero jobs in this town. Remote jobs are not hiring. My gf is cheating on me and just left me with the house

      1. Chad might not have a house or a steady job, but he gives her the tingles.

        On the bright side, no messy divorce needed. Surrender the shack to the bank and start over.

  13. His name is Yoel Roth:

    “Even with the service’s extensive content management, Grindr may well be too lewd or too hook-up-oriented to be a safe and age-appropriate resource for teenagers; but the fact that people under 18 are on these services already indicates that we can’t readily dismiss these platforms out of hand as loci for queer youth culture. Rather than merely trying to absolve themselves of legal responsibility or, worse, trying to drive out teenagers entirely, service providers should instead focus on crafting safety strategies that can accommodate a wide variety of use cases for platforms like Grindr — including, possibly, their role in safely connecting queer young adults.”

    https://www.revolver.news/2022/12/the-gay-science-revolver-read-yoel-roths-300-page-grindr-dissertation-upenn-just-tried-to-yank-off-the-internet/

    Yoel Roth likes little boys.

    He is also fluent in Hebrew.

    The #Noticing will continue, Yoel Roth.

  14. Random quote from Gab for your Sunday enjoyment:

    “I know a guy who loves WW2 history. Well, he loves what he thinks is WW2 history. I asked him what he knew about the Weimar Republic, and he said nothing.

    It’s not uncommon but think about how weird it is. All the events that led TO WW2 are ignored. If you want to “never again” than wouldn’t that imply knowing what led to it in the first place?”

    Imagine if instead of watching the Super Bowl, millions of Americans spent the day discussing the social and moral conditions of Weimar America, and what could be done to end it?

  15. Panem et circenses. This has all happened before. A wise man once said there is nothing new under the sun. And the end result will be the same as before – decay and dissolution. So enjoy your Super Bowl while it lasts.

  19. WW2 The Call of Duty would be an excellent series to show in schools.

    Books would be good too but there is no gay sex so the administrators would disapprove.

      1. Think it will. There are so many sheepish immigrants in this country that RINO (Republic in name only) will continue to exist beyond ’35.

      2. 2035???????????????

        hahahahahahah

        Heck I”m not even planning for Christmas presents this year. (TBH i didn’t last year either but somehow that still happened)

        2. I said the end of the Republic, not the end of the world; though I also have my doubts about that too.

          The Republic could end with several states, maybe even a majority, seceding as the FedGov begins to teeter.

  20. 𝗕𝗲𝗻𝗱, 𝗢𝗥 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟱% 𝗬𝗢𝗬 𝗗𝗲𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗔𝗽𝗽𝗿𝗮𝗶𝘀𝗮𝗹𝘀 𝗕𝗹𝗮𝗻𝗸𝗲𝘁 𝗨𝗦 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁

    https://www.movoto.com/or/97708/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘣𝘳𝘰𝘬𝘦𝘳 𝘫𝘰𝘬𝘦𝘥, “𝘛𝘩𝘦𝘳𝘦 𝘪𝘴 𝘢 𝘨𝘳𝘰𝘸𝘪𝘯𝘨 𝘤𝘩𝘰𝘳𝘶𝘴 𝘰𝘧 𝘵𝘢𝘭𝘦𝘴 𝘰𝘧 𝘸𝘰𝘦 𝘧𝘳𝘰𝘮 𝘣𝘳𝘰𝘬𝘦 𝘴𝘦𝘭𝘭𝘦𝘳𝘴. 𝘐𝘵’𝘴 𝘲𝘶𝘪𝘵𝘦 𝘩𝘪𝘭𝘢𝘳𝘪𝘰𝘶𝘴 𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺.”

  21. “The median sales price was $849,000 in January for single-family homes, down 3.5% from $880,000 a year ago.”

    It seems like the price is down by over 10% from the May 2022 bubble peak. I wonder why they don’t report that?

    Looking forward to seeing the May 2022 year-on-year price change for San Diego…

  22. Harry Salzman, a veteran real estate agent, said of prices. ‘Flat, zero appreciation is something new and different for this market.’”

    Harry….. you talk like a man with a paper asshole. Houses depreciate. Always have, always will.

    Arlington, VA Housing Prices Crater 23% YOY As Bitter Borrowers Go Bankrupt On Rapidly Depreciating Houses

    https://www.movoto.com/va/22203/market-trends/

  23. The Federal Aviation Administration (FAA) restricted airspace over a portion of Lake Michigan on Sunday to “support Department of Defense activities” that temporarily closed down the area for commercial and civilian air traffic, which was lifted a short while later.

    The North American Aerospace Defense Command (NORAD) confirmed later that both it and the FAA “implemented a temporary flight restriction airspace over Lake Michigan at approximately 12 p.m. EST on Feb. 12, 2023.” That was done “to ensure the safety of air traffic in the area during NORAD operations,” it said, noting that the restriction has since been lifted.

    “The FAA briefly closed some airspace over Lake Michigan to support Department of Defense activities,” an FAA spokesperson told The Epoch Times on Sunday, without elaborating further. “The airspace has been reopened.”

    The FAA notice, which banned civilian air traffic from the area, was done for national defense reasons, according to a map monitoring FAA notices, the AFP news agency, Reuters, and Fox News. As of Sunday at around 1:15 p.m. ET, the FAA flight restriction appeared to have been lifted, according to the map.

    There were no public comments from the Department of Defense as of Sunday afternoon.

    The FAA has provided few details about why it set up the flight restriction, which encompassed a square area that encompassed a portion of Michigan’s Upper Peninsula, the northwestern part of the Lower Peninsula, and parts of Wisconsin.

    “Pilots who do not adhere to the following [procedure] may be intercepted, detained and interview by law enforcement or security personnel,” the FAA also said Sunday about the Lake Michigan restriction, adding that pilots who enter could face deadly force, according to Fox News.

    A number of large U.S. cities are located along Lake Michigan, including Chicago; Milwaukee; Gary, Indiana; and Green Bay, Wisconsin.

    The closure of the airspace follows the shootdown by U.S. aircraft of a Chinese spy balloon and two unidentified flying objects. The two unidentified objects were taken down over Alaska and northern Canada on Friday and Saturday, while officials have provided few details about them.

    Also Saturday, the FAA and the North American Aerospace Defense Command (NORAD) restricted a portion of Montana’s airspace after a “radar anomaly” was discovered. A U.S. military aircraft did not identify any object to correlate to what was spotted on radar, NORAD said.

    However, Rep. Matt Rosendale (R-Mont.) on Sunday wrote that it may not have been simply a radar issue.

    “I am in constant communication with NORCOM and they have just advised me that they have confidence there IS an object and it WAS NOT an anomaly. I am waiting now to receive visual confirmation. Our nation’s security is my priority,” Rosendale wrote on Twitter Sunday afternoon. He did not provide additional details.

    https://www.theepochtimes.com/faa-declares-national-defense-airspace-over-part-of-lake-michigan_5052147.html

    2. Social media posts suggest the incident was triggered by a small aircraft towing a banner which read “Realtors are liars.”

  24. ‘A few markets may see double-digit price drops, especially some of the more expensive parts of the country which have also seen weaker employment and higher instances of residents moving to other areas,’ said Lawrence Yun, chief economist of the National Association of Realtors’

    Are people moving out of this sh$thole Larry?

    ‘…and Phoenix ( down 10.5%)’

  25. ‘in October modelled that 10 to 15 per cent of Australian mortgagors could be stuck in a loan with little prospect of refinancing. This week he said the problem had worsened. ‘Now that would likely be closer to 15 to 20 per cent’

    ‘people who qualified for a home loan just a couple of years ago in some cases could no longer qualify for finance. ‘Imagine if you were tested at 5 per cent a year ago,’ he said. ‘That took away borrowing capacity for everyone. At that 8 per cent level, you don’t even have the income to service your existing mortgage’

    That’s some sound lending right there.

    1. A comment:

      ‘I see the millionaire Philip Lowe is now apologising, for being so heartless, too late mate you have done the damage to ordinary families time for you to fall on your sword and hand over to someone competent’

      1. When they say “damage to families,” are they talking about rate increases? Because that’s where my BS meter starts pinging. We’re getting major sob stories about how rate hikes are destroying families because shack prices are falling and their payments are increasing. Cry me a fookin’ river.

    1. Fox Business
      Cryptocurrency
      Published February 12, 2023 3:57pm EST
      Crypto firms back off Super Bowl commercials following FTX collapse
      Crypto firms have struggled following bankruptcy of FTX exchange
      By Eric Revell FOX Business

      Cryptocurrency firms are set to stay on the sidelines of this year’s Super Bowl – one year after they dominated the big game’s ad space – as the industry looks to rebound in the wake of the FTX collapse.

      Super Bowl ads are some of the most expensive airtime on TV, costing as much as $7 million for a 30-second commercial. Last year’s Super Bowl saw several of the crypto sector’s largest firms run ads during the game, which prompted some marketing experts to dub it the “Crypto Bowl.”

      This year’s Super Bowl will serve as a stark contrast as crypto companies have “zero representation,” according to Mark Evans, the executive vice president of ad sales for Fox Sports. The turnaround is somewhat reminiscent of the 2000 Super Bowl, when several dot-com companies ran ads but went broke within a year or two of appearing in the national spotlight.
      …
      https://www.foxbusiness.com/markets/crypto-firms-back-off-super-bowl-commercials-following-ftx-collapse

      1. “…as the industry looks to rebound in the wake of the FTX collapse.”

        What does the industry produce, aside from Ponzi returns?

        And why would anyone expect cryptocurrency to come back from the crypto bubble collapse, in the face of the Fed’s punchbowl removal campaign? Seems like wishful thinking…

  28. I saw this headline on a clickbait link:

    Why Do We Wake Around 3am and Dwell on Our Fears?

    I didn’t even know this was a thing.

  29. Is it clear at this point that the Fed’s rate hike campaign is over, and they are ready to pivot to reducing rates at any moment?

    1. The Financial Times
      US inflation
      Investors bet rates stay high for longer as Fed inflation message sinks in
      Market expectations are aligning with policymakers’ signals that there is no quick end to monetary tightening
      Tuesday’s inflation figures will test the Fed’s resolve with key evidence of whether the pace of price growth experienced by consumers is slowing
      James Politi in Washington and Kate Duguid in New York 12 hours ago

      Investors are betting on a longer period of higher interest rates as they begin to accept the message from US Federal Reserve officials that more time is needed to cool inflation in the face of a resilient labour market.

      Pricing in the futures market shows that investors expect rates to peak slightly above 5 per cent in July, with only one interest rate cut by year-end. As recently as last week, they had been expecting a peak of around 5 per cent in May, with two interest rate cuts by the end of 2023.

      The shift came after a blockbuster employment report which showed the labour market surged by half a million jobs in January.
      …

    2. Yahoo
      Dollar slumps to 9-month low on expectations of dovish Fed pivot
      February 1, 2023·2 min read
      By Ambar Warrick

      Investing.com– The dollar tumbled to a nine-month low against a basket of currencies on Thursday, even after the Federal Reserve reiterated its commitment to keep hiking interest rates, with markets betting that the ensuing economic headwinds will force the bank into cutting rates as soon as this year.

      The dollar index slumped 1% after the Fed decision on Wednesday to 101.08 points- its weakest level since April 2022. Dollar index futures traded even lower at 100.957 points.

      The central bank hiked rates by a smaller 25 basis points (bps), and noted recent progress made towards bringing down inflation. But Fed Chair Jerome Powell also said that inflation still remained elevated in the country, and that he was unsure over how much further the bank would need to hike rates in order to cool price pressures.

      But markets appeared to have taken this as a sign that the central bank was close towards reaching its peak interest rate during this hiking cycle, with expectations also increasing for a potential dovish pivot by the Fed in the second half of the year.

      While the central bank is still expected to hike rates by another 25 bps in March, markets are expecting the Fed to then announce a hold on further rate hikes.

      “With the economy losing momentum, the jobs market showing tentative signs of cooling and inflation on a downward path, we expect one final 25 bps hike in March,” analysts at ING wrote in a note.

      ING also noted that the Fed funds rate was finally above core PCE inflation- a “key metric” that the Fed had intended to achieve. The investment bank now sees inflation falling at a quicker rate in the coming months. The U.S. core PCE price index stood at 4.4% in December, while the Fed’s target rate is now at 4.75%.

      Traders in the interest rate swaps market appear to be pricing in the possibility of an at least 50 bps trimming in interest rates in the second half of the year, Bloomberg reported.

      “Recessionary forces will then make the case for rate cuts later in the year,” ING said, noting that economic growth, corporate funding and the jobs market is likely to slow much further by the second half of 2023.

      The potential for a dovish pivot weighed on the dollar. But the greenback was also pressured by strength in the euro and the British pound in anticipation of hawkish central bank meetings in the two countries.
      …
      https://finance.yahoo.com/news/dollar-slumps-9-month-low-193745924.html

    3. Stock Market Today
      Dow Jones Futures Fall As Market Rally Faces Tests; What To Do Now
      ED CARSON 10:15 PM ET 02/12/2023

      Dow Jones futures fell modestly Sunday night, along with S&P 500 futures and Nasdaq futures. The stock market rally had a down week after big gains over the prior five weeks. But the pullback has been normal so far.

      Will the uptrend rev higher, continue to pause, or sell off more seriously? Three big factors to watch in the coming week: the CPI inflation report, earnings and Tesla (TSLA).

      The CPI inflation report is on Tuesday morning, helping to set Fed rate hike expectations.
      …
      https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-market-rally-pullback-continues-inflation-report-tesla-data-loom/

  30. February 13, 2023 12:00 AM 4 hours ago
    Historic down year puts retirement plans on notice
    Rob Kozlowski
    Christopher Ailman
    Photo: Patrick T. Fallon/Bloomberg
    CalSTRS’ Christopher Ailman

    U.S. retirement plans could not escape historically negative equity and fixed-income markets during the year ended Sept. 30 and posted the highest-percentage asset losses in nearly half a century of Pensions & Investments’ annual surveys.

    In the year ended Sept. 30, the 1,000 largest U.S. retirement funds saw their assets plummet to $12.16 trillion, a record-setting 13.9% loss from a year earlier when the universe had reached an all-time high of $14.13 trillion.

    That previous high was the result of a banner year of spectacularly strong returns in public and private equity and other alternative investment strategies, along with higher contributions to defined benefit and defined contribution plans.

    The most recent year, however, represented nearly a direct opposite of the prior year’s euphoria, with every public equity and fixed- income asset class seeing significant losses. Perhaps most remarkably, defined contribution plan assets fell 14.5% to $4.73 trillion vs. the 13.6% decline of defined benefit plan assets to $7.43 trillion, a stark reversal of a decadeslong trend that has seen DC plans outpace DB growth in part due to 401(k)s emerging as the primary corporate retirement plan.
    …
    https://www.pionline.com/pi-1000-largest-retirement-plans/largest-us-retirement-plans-saw-record-losses-2022

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