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I Thought I Would Be Just Fine As Long As I Could Get A Loan

A report from the New York Post. “The nation’s housing slump dragged on into January as home sales fell for the 12th consecutive month to the slowest pace in more than a dozen years. The median home price is down around 13% since it peaked in June last year. ‘Inventory remains low, but buyers are beginning to have better negotiating power,’ said Lawrence Yun, the NAR’s chief economist. ‘Homes sitting on the market for more than 60 days can be purchased for around 10% less than the original list price.'”

Hawaii Business Magazine. “January statistics for Oʻahu’s residential real estate market paint a stark picture of a market in transition: Sales of single-family homes and condominiums dropped by more than 50% from January 2022 and median prices slid back too. The median price of a single-family home, which crossed the $1 million threshold in August 2021 and remained there through all of 2022, dropped last month to $970,000, while the median condo price dropped to $495,000, according to the Honolulu Board of Realtors.”

“The Pearl City-ʻAiea, where the median single-family home price of $850,000 in January 2023 was down 24% from January of last year. But the median price this January was still 12.4% higher than in January 2020. Areas with less fluctuation include the ʻEwa Plain, which includes ʻEwa Beach and Kapolei, where the median single-family home price in January was $810,000, a 12% decline from last year but up 20% from 2020. The median condo price for that region dropped 21% to $546,000 in January but was still up 6.8% from January 2020.”

“‘It’s no longer where every neighborhood, the next house that comes on is listed higher than the last sale,’ says Chad Takesue, COO of Honolulu real estate firm Locations. ‘That was occurring back in 2020, 2021. Now you have some neighborhoods where the next house that comes on is listed lower than the last sale, so sellers are starting to adjust down. The normal market is generally five to six months of remaining inventory. So we’re still in a seller’s market overall. It’s just that some neighborhoods are exhibiting different qualities.'”

Community Impact in Texas. “After several years of mostly consistent yearly increases, the median home sales price in the combined Round Rock, Pflugerville and Hutto market dropped in December 2022 in comparison to December 2021. In these three cities, home prices fell by more than 7% from December 2021 to December 2022. ‘The [COVID-19] pandemic [caused] the most unusual market I’ve ever seen,” said Rob Tiemann, who develops the Blackhawk master-planned community in Pflugerville. ‘Nobody has ever seen anything like it. Prices went up at unprecedented rates, and the interest rates were super low. Well, now interest rates are up.'”

The Wall Street Journal. “The number of big office landlords defaulting on their loans is on the rise. Five to 10 office towers each month join the list of properties at risk of defaulting because of low occupancy, expiring leases or maturing debt that would have to be refinanced at a higher rate, according to Manus Clancy, senior managing director with data firm Trepp Inc. ‘Commercial real-estate markets are currently in a recession,’ said Owen Thomas, chief executive of Boston Properties Inc., one of the country’s largest office building owners, on an earnings call earlier this month.”

“Loan officers are steering away from new mortgages backed by office buildings unless they are fully leased for long periods of time by creditworthy tenants. ‘It’s like you’re taking a career risk’ by making an office loan, said Clancy.”

Connecticut Public Radio. “It’s a great time to need office space in Greater Hartford-and a not so great time to own it. That’s according to a report from commercial real estate services firm CBRE, Inc. It says at the end of 2022, there was roughly 7-million square-feet of unrented office space in and around Hartford. That’s nearly a third of the region’s total available office space, and it represents a roughly 20% jump in vacancies since right before the pandemic started.”

“Metro Hartford Alliance CEO, David Griggs says he’s put together a team of local businessmen and politicians to consider solutions to the problem. Among solutions they’ve discussed are turning office buildings into multi-use spaces, turning them into strictly hotels and turning them into apartments or condos. ‘But we need to be careful with that too,’ Griggs said. ‘Because if we took that five million square feet that you mentioned and turned it all into residential, we’re going to ruin our residential real estate market in a heartbeat.'”

Hoodline in California. “Google’s ultra-ambitious Downtown West development in downtown San Jose is facing some obstacles that have thrown the long timeline for the housing and office project into reassessment mode. Although Google is not saying exactly why they are reevaluating the timing of the project, it most likely has to do with the company’s recent decision to slash jobs and reduce office space. Google has also hinted toward unloading office space as thousands of employees continue to work from home. The project near Diridon Station and SAP center, which was approved by San Jose in 2021, also includes 4,000 new housing units, 15 acres of outdoor space, and 500,000 square feet of retail space.”

“Fears over long delays are concerning because Google has acquired so many prime pieces of property for the Downtown West project that would inevitably sit empty and could be a magnet for blight. ‘We certainly don’t want to see acres of dormant construction sites for an extended time and hope the project will pick up shortly,’ Alex Stettinski, with the San Jose Downtown Association, told the Mercury News.”

The San Francisco Chronicle in California. “Key indicators in the San Francisco housing market hit historic markers in January, revealing a downturn the region hasn’t endured in more than a decade, reports show. January saw the highest average number of days on the market for both houses and condos since 2012, according to the most recent Compass housing report. While a home might have been snapped up in under 30 days in January 2020, spaces are currently languishing on the market for more than 45 days.”

“Overbidding is also no longer the norm. The percentage of home buyers paying over the list price was down to 31% last month, the lowest it’s been since 2012. That number was at 73% in April 2022. Redfin also reported a much slower January for the San Francisco market. Home prices were down 8.3% year-over-year, and just 208 homes sold in January, down from 317 in 2022. Median days on market have ticked up as well, up to 68 days for both houses and condos, according to Redfin data.”

From Muskoka 411. “Statistics released by the Canadian Real Estate Association show national home sales were down on a month-over-month basis in January 2023. The actual (not seasonally adjusted) number of transactions in January 2023 came in 37.1% below the second-best January ever in 2022. The January 2023 sales figure was the lowest for that month since 2009. The Aggregate Composite MLS® HPI now sits 15% below its peak level, reached in February 2022. Looking across the country, prices are down from peak levels by more than they are nationally in many parts of Ontario and some parts of B.C., and down by less elsewhere.”

“The actual (not seasonally adjusted) national average home price was $612,204 in January 2023, down 18.3% from the same month last year. The national average price is heavily influenced by sales in Greater Vancouver and the Greater Toronto Area, two of Canada’s most active and expensive housing markets.”

ABC News in Australia. “Dan Phillips bought a unit in Hobart’s outskirts last year, just as rates started to climb. ‘By the time I moved in, I’d had more letters about rate rises, than I’d had months living in the property, which was pretty confronting,’ he says. It has been a stressful time for many home owners, after nine consecutive interest rate rises. The National Debt Helpline has seen a 28 per cent jump in calls for help in January, compared to the same time last year.”

“While it’s tempting to ignore the situation, it’s better in the long run if you act early. Obviously, a good first step is to contact your lender and ask for the lowest possible rate, or to consider refinancing with another lender. Dan Phillips has also cut back all his expenses to afford his repayments. ‘I’ve got a pretty tidy little spreadsheet with a bit of budgeting on there. I’m always looking for specials and that kind of thing, cutting coupons,’ he explains.”

From Vietnam.net. “In July 2022, Nguyen Thanh Cuong, 34, completed the purchase of an apartment at Flora Fuji project developed by Nam Long Real Estate. The 65 sq m apartment with two bedrooms sold for VND2.5 billion. Cuong had to borrow money from relatives and many friends to buy the apartment, because his savings were not sufficient, and he could not access bank loans with high interest rates. ‘I earn VND15 million a month and it’ll take me 166 months, or 14 years, of no food and expenses, to buy an apartment,’ he explained.”

“Le Xuan Nghia, a member of the National Advisory Council for Financial and Monetary Policies, said according to the International Monetary Fund’s (IMF) standard formula four years ago, a Vietnamese needed 35 years to buy an apartment, but the figure has increased to 57 years.”

From Reuters. “A downturn in South Korea’s home prices is causing pain in the country’s unusual rent-free rental system that benefited landlords and tenants alike during a long surge in residential property prices. In the ‘jeonse’ scheme, tenants put up a deposit typically worth as much as 70 per cent of the home’s value, then live without paying rent for two years until the landlord returns the full amount. This was a win-win for residents and owners for years as home prices rose and interest rates were high: The loan tenants paid to raise their deposit was cheaper than rent and landlords got an interest-free loan to deploy as they pleased.”

“But median house prices have fallen 12 per cent and jeonse prices 7 per cent over the two years to January after surging 37 per cent and 24 per cent, respectively, over the preceding four years, according to Korea Real Estate Board data. Overextended landlords are failing to return deposits, hitting younger tenants especially hard and threatening to undermine trust in the system.”

“Yoo Ha-jin, 28, regrets not getting insurance for her jeonse deposit when she signed in March 2021. Her bankrupt landlord told her in December the property would be auctioned and she could expect to get around 45 per cent of her deposit back at most. That means she will owe at least 33 million won (US$25,000) for the loan she took out on her jeonse contract expiring next month. ‘I thought I would be just fine as long as I could get a jeonse deposit loan from the bank,’ Yoo told Reuters.”

“‘It is frustrating there is really no one to blame,’ said Yoo, the stranded jeonse tenant. ‘I just think maybe I could have avoided this kind of trouble, had I had enough money to purchase my own house.'”

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  3. ‘Fears over long delays are concerning because Google has acquired so many prime pieces of property for the Downtown West project that would inevitably sit empty and could be a magnet for blight. ‘We certainly don’t want to see acres of dormant construction sites for an extended time’

    How the mighty have fallen.

  4. 𝗕𝗿𝗼𝗼𝗺𝗳𝗶𝗲𝗹𝗱, 𝗖𝗢 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟯% 𝗬𝗢𝗬 𝗔𝘀 𝗗𝗼𝘂𝗯𝗹𝗲 𝗗𝗶𝗴𝗶𝘁 𝗣𝗿𝗶𝗰𝗲 𝗗𝗲𝗰𝗹𝗶𝗻𝗲𝘀 𝗕𝗹𝗮𝗻𝗸𝗲𝘁 𝗗𝗲𝗻𝘃𝗲𝗿 𝗔𝗿𝗲𝗮

    https://www.movoto.com/co/80021/market-trends/

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

    1. Ask yourself, what does The West “winning” even mean?

      To answer that, define what “liberal democracy” is. Liberal democracy means the subjugation, and ultimately, the extermination of Christianity in Tye West.

      Liberal democracy is state enforced homosexuality, which also includes state enforced homosexual pedophilia (see also: https://nypost.com/2023/01/20/couple-pimped-their-adopted-sons-out-to-pedophile-ring-report/ )

      Liberal democracy is the mass importation of non white populations, North African and Middle Eastern into Europe, and Latin American into the U.S.

      Liberal democracy is essentially, white genocide. And the primary actors perpetrating it, many of them have lighter complexions, but they are not ethnically European.

      Bonus fact just for your #Noticing enjoyment, where were the first slave markets in North America? They were in Newport, Rhode Island and Charleston, South Carolina.

      Who owned those slave markets?

      Jonathan Greenblatt prefers that you not ask, or answer, that last question. However, the #Noticing will continue…

      1. Russia winning means win for Russian oligarchs.
        Western winning means win for neocons.

        I hate neocons more, so I hope Russian oligarchs win this one.

        1. There will be no neocons in a future Christian Nationalist Homeland.

          Those three words terrify globalists more than anything: Christian Nationalist Homeland.

        2. Russia winning means win for Russian oligarchs.

          That is what Western Media wants you to believe. No other motivation for Russia may be considered or discussed.

      3. Liberal democracy is state enforced homosexuality, which also includes state enforced homosexual pedophilia

        I saw this described in another blog as “sodomite-fascism”. Witness how the rainbow flag is displayed everywhere in June, banners hanging from tall buildings and across downtown streets, much as how the swa stika was ubiquitous in Na zi Germany and its vassals.

        If history repeats itself, or at least rhymes, full blown WW3 should begin in a few years. Perhaps the Russian base in Crimea could be this wars Pearl Harbor When you see a mushroom cloud appear over your metro, you can thank globohomo.

        1. I feel sorry for some of you guys. I hope you find happiness!

          I also care about the children….but why don’t y’all want to talk about the preachers that rape kids on a regular basis that makes the news….same with teachers? Even some police officers. How about Christian mormans?

          2. Some of us here have transcended from a Normie / Blue Pill / Facebook tier of discussion (which our humble blog host gracefully allows).

            You can “feel sorry” all you want, but the part I don’t understand is that you served in the U.S. military only to have this country conquered from within by Marxists.

            Getting “black pilled” can be a bit depressing, and bleak, at times, but I’d rather continue seeking the truth, regardless of how painful it can be.

            Marxism is an existential threat, and nothing less. There can be no negotiation with Marxism, the only option is its complete and total destruction.

            The United States is the last (mostly) free country, if this place falls to Marxists, there’s nowhere left to go…

          3. The United States is the last (mostly) free country, if this place falls to Marxists, there’s nowhere left to go…

            +1

            My hope is for a national divorce before the lunatics finish annihilating the country. But the probability of that happen is low,

          4. Were you aware that 91% of the Catholic priests cases of molestation were same sex? So basically, the Catholic church has a homosexual problem.

          5. why don’t y’all want to talk about the preachers that rape kids

            Because that was illegal, the kids knew it wasn’t ok, and the perpetrator priests knew they were doing wrong. But now this new generation of groomers is trying to make raping kids seem normal, and even convince that kids that it’s ok to be trafficked and mutilated, so they can do it out in the open without consequences.

          6. So basically

            Sin is a problem, wherever. Not especially a newsflash. Not isolated to where you’re finger pointing.

    2. If Russia is winning, then why are they conscripting another half million soldiers? If Russia is winning, then why are they talking nukes? A real winner would have no need for either.

  6. ‘I’ve got a pretty tidy little spreadsheet with a bit of budgeting on there. I’m always looking for specials and that kind of thing, cutting coupons’

    Dan, the solution is staring you in the face. You gotta stop eating:

    ‘In July 2022, Nguyen Thanh Cuong, 34, completed the purchase of an apartment at Flora Fuji project developed by Nam Long Real Estate. The 65 sq m apartment with two bedrooms sold for VND2.5 billion. Cuong had to borrow money from relatives and many friends to buy the apartment, because his savings were not sufficient, and he could not access bank loans with high interest rates. ‘I earn VND15 million a month and it’ll take me 166 months, or 14 years, of no food and expenses, to buy an apartment’

    Now that’s some sound lending right there.

      1. The Vietnamese currency *is* the Dong, trading at 23,719 Dong/dollar today.
        57x salary, for a 670 sq ft apartment? And we thought 10x in California was bad.

  7. ‘The number of big office landlords defaulting on their loans is on the rise. Five to 10 office towers each month join the list of properties at risk of defaulting because of low occupancy, expiring leases or maturing debt that would have to be refinanced at a higher rate, according to Manus Clancy, senior managing director with data firm Trepp Inc. ‘Commercial real-estate markets are currently in a recession’

    Note that the wsj doesn’t even mention the biggest fook up: closing down cities. It’s easy to break things, not so easy to rebuild afterward. None of this needed to happen over a minor respiratory illness.

  8. ‘Her bankrupt landlord told her in December the property would be auctioned and she could expect to get around 45 per cent of her deposit back at most. That means she will owe at least 33 million won (US$25,000) for the loan she took out on her jeonse contract expiring next month. ‘I thought I would be just fine as long as I could get a jeonse deposit loan from the bank’

    In short, this was gambling on airboxes with borrowed money.

    1. “‘It is frustrating there is really no one to blame,’ said Yoo, the stranded jeonse tenant.
      May I respectfully disagree. I suspect that many people’s bad decisions, including yours, are to blame.

      1. The complete absence of any sense of personal accountability seems to be a hallmark of most FBs, especially those prone to emotion-based decision making.

    2. In short, this was gambling on airboxes with borrowed money.

      I know a woman in her early 60s who took out a massive loan in 2021 for a condo in Hawaii that was supposed to go on Airbnb and fund her retirement. Shortly thereafter, she was informed that short term rentals were banned. This is the same woman who lost her last house to foreclosure in 2008.

      2. She should probably learn the term “due diligence.”

        Despite it being an a group of islands, it does have internet and ample news sources. She could have done a simple Google search to know that the ban had been under consideration leading up to 2021.

  9. “Fears over long delays are concerning because Google has acquired so many prime pieces of property for the Downtown West project that would inevitably sit empty and could be a magnet for blight.”

    Might I suggest a new moniker?

    ‘San Francisco South’

  11. Putin: Destruction Of Family, Perversion, Mockery Of Children, And Pedophilia Are Declared The Norm

    https://www.bitchute.com/video/1VtRZ6386nFV/

    2 minutes.

    “Attempting to control mucosal respiratory viruses with systemically administered non-replicating vaccines has thus far been largely unsuccessful.” ~ Dr A Fauci (former director of NIAID), 2023, commenting on vaccines for Covid-19.

    https://brownstone.org/articles/dr-fauci-comes-clean-on-vaccines-and-respiratory-viruses/

    1. +1

      I enjoy the freedom of speech you allow us here, to discuss these and other things.

      And all of the globalists shall be Named.

    2. “Attempting to control mucosal respiratory viruses with systemically administered non-replicating vaccines has thus far been largely unsuccessful.” ~ Dr A Fauci

      And yet there are still jab mandates. How do these two things square? This is what happens when corporate globalists have overtaken the governments of the world. Why was the head of Pfizer at the WEF?

      1. “Why was the head of Pfizer at the WEF?”

        In case any of you forgot, Donald Rumsfeld, after serving in the Nixon and Ford administrations, was the CEO of Searle pharmaceuticals before joining the W. Bush administration as Secretary of Defense.

        #Naming
        #Noticing

  12. Did the Souper Bowl rally on Wall Street give way to a renewed plunge towards the inner depths of the CR8R?

    2. Forbes
      Money
      Investing
      Breaking
      ‘Damage Is Done’: Stock Market Likely Set For Another Plunge As Economic Warning Signs Abound, JPMorgan Cautions
      Jonathan Ponciano
      Forbes Staff
      Feb 21, 2023,11:23am EST
      Stocks Fall Sharply

      Despite growing hopes the U.S. may ultimately avoid an anxiously anticipated recession, JPMorgan economists are warning clients that a flurry of indicators are still flashing increasingly eerie warning signs—making it likely the economy and stocks may waver in the coming months, particularly since the effects of the Federal Reserve’s rate hikes could take years to ripple through markets.

      Key Facts

      “Signals are pointing to trouble ahead,” JPMorgan analysts led by Mislav Matejka wrote in a Monday note, positing a slew of warning signs that indicate the latest stock market rally should continue to fade before the end of March and that this quarter could “possibly” mark the stock market’s high for the year.

      For one, the yield curve has remained “heavily inverted”—an occurrence that has preceded every U.S. recession over the past 50 years—despite growing optimism the U.S. could skirt an economic downturn; the curve is the most inverted it’s been since the 1980s, and JPMorgan cautions, “We have never escaped a recession from this point.”

      Additionally, the U.S. money supply, which measures safe assets households and businesses can use to make payments, has fallen abruptly since March and is negative on a yearly basis for the first time since 2006, all while banks have started enforcing stricter lending standards—leading to a sharp decline in credit demand that’s been typical ahead of past recessions.

      “The damage is done, and the fallout is likely still ahead of us,” the analysts write, cautioning that the Fed’s aggressive interest rate hikes over the past year could take up to two years to ripple across the economy.

      Already, mortgage payments as a share of income have doubled from 13% to 26% and the savings rate has plummeted to almost zero, but Matejka notes the Fed is still expected to hike rates at least two more times this year, and stocks have never hit a cyclical low before the Fed has stopped hiking.
      …
      https://www.forbes.com/sites/jonathanponciano/2023/02/21/damage-is-done-stock-market-likely-set-for-another-plunge-as-economic-warning-signs-abound-jpmorgan-cautions/?sh=48fc3e186ffb

    3. Federal Reserve
      Fed’s James Bullard pushes for faster rate hikes, sees ‘good shot’ at beating inflation
      Published Wed, Feb 22 2023 7:59 AM EST
      Jeff Cox

      Key Points
      – St. Louis Fed President James Bullard told CNBC that a more aggressive interest rate hike now would give the FOMC a better chance to bring down inflation.
      – The central bank official also said he thinks “we have a good shot at beating inflation in 2023” without creating a recession.
      – Bullard advocates for a top rate of nearly 5.4%, about in line with market pricing.
      …
      https://www.cnbc.com/2023/02/22/feds-james-bullard-pushes-for-faster-rate-hikes-sees-good-shot-at-beating-inflation.html

      2. Laughable stuff. The difference between 25 and 50 basis points is like statistical noise when the fed funds rate is way below CPI. He is arguing that they are somehow going to bring down inflation with negative real rates. Impossible.

  13. ‘Homes sitting on the market for more than 60 days can be purchased for around 10% less than the original list price.’”

    Meh. I’m holding out for 60% less than the original list price.

  14. Whatever that the New York Times and Washington Post are supporting / promoting, you should oppose, by default.

    1. That would be a great $150K vacation home or retirement shack in a beach or mountain town. Oakland? No effing way. I wonder if the price includes window bars (installed *after* the sale, of course).

    1. Dr. Jill is partying with the V.P.’s husband.
      Trump is going to the train hazard site tomorrow .
      Putin said that the Western Leaders are ” crazy”. How do you say crazy in Russian?

      1. Putin said that the Western Leaders are ” crazy”

        I saw one speaking point in his speech that wasn’t quite true. He said that Priests in the West are being forced to perform gay weddings. Not sure which Priests he was talking about, but at least at this point no one is forcing Catholic or Orthodox Priests to perform such marriages.

        I think he might have been referring to the Church of England, which will now “bless” same sex unions. The thing about the Anglican Communion, neither Rome nor Byzantium recognize Lambeth’s claim to apostolic succession, meaning they don’t have a valid priesthood.

  19. A reader sent these in:

    The US housing market has dramatically slowed down with higher rates. Existing home sales keep on plunging, now down to 4 million.

    https://twitter.com/WallStreetSilv/status/1628062322991239172

    Home Price to Rent ratio is pretty good forecaster of recession, the recession hits a couple quarters after the peak. Looks like we peaked already. Expand the view to max on the graph and you’ll see where we are in relation to 2008. Hint: it’s worse 🚨

    https://twitter.com/WallStreetSilv/status/1627963842105061378

    Michael Burry: “consumers choose violence rather than cut back on spending in the face of inflation”
    1) Credit Card debt is now ~$986B
    2) The average American’s CC balance is ~$6000
    3) The CC APR is ~25%
    4) The Median Bank Acct balance is ~$5500
    Looks like #’s back him up

    https://twitter.com/burrytracker/status/1628103365250146304

    THE US ARE TO CUT MORTGAGE INSURANCE COSTS FOR LOWER-INCOME BUYERS – WSJ.

    https://twitter.com/financialjuice/status/1628118171012964352

    What happens to the US Dollar during a recession? Hmm…. oh I don’t know. The grey bars in the picture seem to suggest higher. Will this time be different? Perhaps, since we’re having something called “no landing” where the economy just floats like a pretty balloon!

    https://twitter.com/AyeshaTariq/status/1628098929760911360

    Retail has bought the “soft landing” narrative hook, line and sinker.

    https://twitter.com/NorthmanTrader/status/1628002851266887680

    Delinquencies in subprime auto loans accelerate in US

    https://twitter.com/AlessioUrban/status/1627999406992531459

    CarDealershipGuy

    Sales were on fire yesterday. Not seeing tax refund money yet but consumers spending in full force. This level of demand will push prices higher (at least temporarily)

    https://twitter.com/GuyDealership/status/1628019528897642499

    CPI 🤝 My arranged marriage Hotter than expected

    https://twitter.com/ParikPatelCFA/status/1625498211887767552

    It looks like Homebuilder stocks are finally breaking down. They are poised to move much lower and reflect the current weakness in the housing market. It is possible we see XHB down 10-15 percent over the next few weeks.

    https://twitter.com/GameofTrades_/status/1628065643877568516

    The collapse of the US housing market is certain. It was a 33% drop last time (2008). Could hit 50% this time. This is a precursor to a deep recession which will be compared with 1929. Click to expand 👇

    https://twitter.com/ChrisGreece48/status/1625165662250323969

    The housing market has never frozen this rapidly. Not even leading to 2007-2008. Blackstone, KKR & Co are limiting redemptions from their funds in an attempt to slow the bleeding. Unless mortgage rates come down quick, it’s not looking particularly good for house prices.

    https://twitter.com/MacroAlf/status/1624836986367270916

    FHA is the new sub-prime. I’m sure they’ll be super motivated to make payments on a home that is 200k underwater…

    https://twitter.com/BoomerSlayer7/status/1628198513669730304

    Aaron Layman

    Toll Brothers $TOL reports higher Q1 (quarter ending Jan 31st) income on deliveries that fell 5%. Home contracts in Q1 fell 50% year-over-year. Q1 cancellations rose from 4.8% to 14.3%

    https://twitter.com/dfwaaronlayman/status/1628158898803810305

    Home prices declining across the US, but no no no…no way mortgage delinquencies can rise. When you take out debt equal to several years’ income on an overpriced asset whose price is going down, I’m here to inform you, delinquencies show up. Homebuilder sentiment guides us.

    https://twitter.com/JeffWeniger/status/1628159181831258116

    1. Home Price to Rent ratio is pretty good forecaster of recession

      It looks like Home Price to Income ratio. 10x.

    2. CarDealershipGuy

      Sales were on fire yesterday.

      Instead of hunkering down and staying out of debt, suckers are loading up. Those who get laid off won’t know what hit them.

      1. I really don’t understand the complete lack of awareness of most people. Esp after the last 3 years. But no, it’s just business as usual “to the moon”. I don’t get it.

        I can’t imagine what those car payments are. (heard the AVG was approaching $800/month) that’s quite a monthly nut.

        1. heard the AVG was approaching $800/month

          I suppose that I’m in the demographic that supposed to have payments like that.

          Not gonna happen.

    3. The US housing market has dramatically slowed down with higher rates. Existing home sales keep on plunging, now down to 4 million.

      Think we’ll see mortgage rates over 10%? I saw a guy talking about 20%.

    4. I really enjoy reading this daily compilation of Financial Twitter, and the comments on them. Whoever is sending this to Ben, thank you.

  22. 𝗣𝗮𝗹𝗺 𝗛𝗮𝗿𝗯𝗼𝗿, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟲% 𝗬𝗢𝗬 𝗔𝘀 𝗦𝘂𝗿𝗴𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗔𝗻𝗱 𝗣𝗹𝘂𝗻𝗴𝗶𝗻𝗴 𝗗𝗲𝗺𝗮𝗻𝗱 𝗖𝗹𝗼𝗯𝗯𝗲𝗿𝘀 𝗙𝗹𝗼𝗿𝗶𝗱𝗮 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁

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

    𝘈𝘴 𝘰𝘯𝘦 𝘍𝘭𝘰𝘳𝘪𝘥𝘢 𝘣𝘳𝘰𝘬𝘦𝘳 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘕𝘰𝘣𝘰𝘥𝘺 𝘪𝘴 𝘣𝘶𝘺𝘪𝘯𝘨 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘥𝘳𝘰𝘱𝘱𝘪𝘯𝘨 𝘭𝘪𝘬𝘦 𝘢 𝘳𝘰𝘤𝘬.”

    1. Meta boss is planning fresh bloodbath of non-engineering staff

      So a lot of kidz with victims studies majors who were being paid six figures for doing nothing of value are going to get schooled.

      1. Per the Colorado Sun this week, the unemployment rate in construction in the state of Colorado is 1.2% the lowest in the country.

        We need some people to come and clean off all the demolition trash from these jobsites, because the skilled trades are all too busy running multiple jobsites.

        Nobody cares about your degree from Oberlin College, the shovel, the broom, and the trash buggy are right there. Use the service elevator, and the roll-off is out back.

        1. And wear long sleeves and utility gloves, those hands of yours look pretty soft, soyboi.

          There is a scene in Tolstoy’s Anna Karenina where one of the book’s main characters is dealing with some kind of bureaucrat in 19th century Tsarist Russia and he #Notices he is wearing these excessively large cuff links, that would be an impediment to performing any actual work.

          Tolstoy #Noticed.

    2. There’s a LOT of good information in this article:

      Lost $24 billion to the Metaverse spending.
      Zuck says 2023 will be the “year of efficiency.” In the 90s that was known as rightsizing.
      Lots of HR. legal, financial will be cut.
      Management layers will be “flattened,” with some management cut and more being demoted (and maybe encouraged to quit).
      A.I. will be used to increase productivity. [spy software?]
      Recent round of reviews — 10% poor performers.
      Big backlash against $11.99/mo Meta Verified.

      But most importantly, Facebook/Meta doubled their staff from 43000 to 86000 during the pandemic, so slashing even 10000 employees is still more staff than they had in 2019. So I don’t see this as some massive sign of a new Great Depression just yet.

    1. This #Narrative isn’t going away, globalists.

      You’re trying to live in places where you are not welcome.

      And this will not end well for you…

    2. Three Forks? Buddy of mine lives there and I get out there every coiuple of years for the past 3 decades. It’ll revert like it always does once this bubble bursts like they always do. The big log homes that people buy to get away from it all will go back vacant and then fire saled after a couple of winters. The non-methed out locals that have their act together will buy up some of the land. Lather, rinse, repeat.

      Me, I always get depressed seeing that great big emptyness. But that is just me.

  26. Exclusive: Donald Trump Delivers Truckloads of Water to East Palestine After Train Derailment

    ALANA MASTRANGELO
    22 Feb 2023

    EAST PALESTINE, Ohio — Former President Donald Trump visited East Palestine on Wednesday, where he delivered truckloads of bottled water following a train derailment earlier this month that left the small town in disarray.

    “Joe Biden/Pete Buttigieg stay away! The real President is here taking care of American Citizens. Make sure those Ukrainian pensions are take care of,” Rourke told Breitbart News.

    https://www.breitbart.com/politics/2023/02/22/exclusive-trump-delivers-truckloads-water-east-palestine-after-train-derailment/

  29. Putin invades at $100 per gallon oil and higher.

    Why does Joe finance Putin and Ukraine at the same time with our money?

  31. Children’s book series about ‘inspiring women’ to publish biography on transgender Rachel Levine

    A children’s book about Rachel Levine is described as the ‘perfect choice for kids who love learning’

    By Kendall Tietz | Fox News
    February 22, 2023 5:00pm EST

    A children’s “chapter book series about women who spoke up and rose up against the odds” and is targeted at kids ages 6 to 9 years old is set to release a book about Rachel Levine, the first openly transgender federal official confirmed by the U.S. Senate in 2021 who is now the new assistant secretary at the Department of Health and Human Services (HHS).

    https://www.foxnews.com/media/childrens-book-series-inspiring-women-publish-biography-transgender-rachel-levine

    1. His name is Richard.

      Richard Levine. And he fathered children before it was time to play dress up and insult and humiliate the voters of Pennsylvania, and now all of the United States.

      Every cell in your body is encoded with an XY chromosome and will be until the day that you die, Richard Levine.

      Trust The Science™

    2. Is it just me, or is all this propaganda backfiring? It’s kinda like what Chris Rock said: If you name a street Martin Luther King Boulevard, the local residents are “inspired” to commit violence. If you paint murals of real heroes like H. Tubman or G. W. Carver or F. Douglass, the local residents are “inspired” to smash and grab the local grocery store … and then complain about food deserts 😒. Disney has been making movies with Strong Female Characters for decades, and yet the girls are all either ultra-traditional, or purple-haired Karens, with no regular girls in between. Maybe the best thing to do is dispense with ALL of the messages and let kids figure it out themselves.

      1. let kids figure it out themselves.

        The best thing for a kid is to have a father and mother together that are steady as a rock.

        1. The best thing for a kid is to have a steadily employed father and a homemaker mother together that are steady as a rock.

          1. Not every woman is cut out to be a homemaker.

            And not every man is cut out to stand by his homemaker as she gets old.

          2. I tried to do both, and no matter where you are, you always feel you should be somewhere else. It was the beginning of my realization that we were being conned (along with my mother saying, oh great, so you have to do everything now.)

            My cousin the attorney told me she couldn’t get good help. I said, well, that’s your first mistake. If you want your kid growing up with the babysitter’s manner, personality, etc., do that. (Actually, I said if you want your kid to grow up like with the personality of a Jamaican woman, carry on.)

          4. Not every woman is cut out to be a homemaker.

            And not every man is cut out to stand by his homemaker as she gets old.

            True dat, sister! I learned that by the age of 10. An MRS degree was the last degree on my mind.

          5. “Not every woman is cut out to be a homemaker.”

            Then she shouldn’t start a family.

            “And not every man is cut out to stand by his homemaker as she gets old.”

            I’m taking about 12 or 13 years, the formative years.

            Mom really needs to be at home full time until first grade of K12 school begins, then move to part time employment until high school is completed and eventually full time once they’re off to college…or something similar. It’s a family plan, not destiny.

          7. Our two bonded tightly with mom likely due to breast feeding and constant attention. I did all of the grocery shopping from mom’s lists…still do these days. My kids knew I had a job because they watched me leave each morning, an established routine.

            Retired, I perform many of the daytime tasks such as making appointments, shopping, etc., and since it is below zero again this week I am driving my wife and daughter, both, to their respective jobs, and picking them up after work since we only have one car in the insulated and heated garage.

  33. How did you lose the shack?

    The normal market is generally five to six months of remaining inventory. So we’re still in a seller’s market overall. It’s just that some neighborhoods are exhibiting different qualities.

  34. On that “Fiery But Mostly Peaceful” night in Kenosha, Wisconsin, Kyle Rittenhouse helped stop Antifa terrorists from pushing a burning dumpster into the gas pumps at a gas station. He was later chased and assaulted, and responded in kind lawfully taking out two and a half communist terrorists.

    Kyle Rittenhouse is America’s Son.

  37. Holy sufferin chit have you guys seen the falling housing prices plastered all over twitter?

    Awwwsum

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