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Could This Burst The Housing Bubble?

This Post Has 11 Comments
  1. From the first 16 minute video:

    Something HUGE is Happening in the Kansas City Housing Market
    Moving to Kansas City
    Feb 24, 2023
    HUGE changes are coming to the Kansas City housing market as mortgage rates have skyrocketed over the past two weeks. Could this burst the housing bubble here in KC? The Kansas City market has seen some major shifts take place over the past 12 months. In this video Kyle breaks down the numbers that were released by the Kansas City Regional Association of Realtors and what it could mean for the spring market!

    The second 9 minute video:

    How Much Will Florida Housing Prices Fall?
    Life In Venice Florida
    Feb 23, 2023
    How Far Will Florida Housing Prices Fall? Let’s dive into the current state of the housing market in Florida and discuss the factors that could potentially lead to a decrease in housing prices in the coming months.

    We will start by taking a look at the current state of the real estate market in Florida and discuss the factors that have contributed to the recent surge in housing prices in the state. We will also explore the impact of the pandemic on the housing market.

    Next, we will examine the key factors that could lead to a potential decrease in housing prices in Florida. We will discuss the impact of rising interest rates, a slowdown in the economy, and an increase in housing inventory on the state’s housing market.

    We will also analyze the impact of external factors such as changes in migration patterns and the real estate market trends in other states on Florida’s housing market.

    The third 11:36 video:

    Breaking News: Massive Price Drops Utah’s Housing Market In Freefall – What You Need To Know
    Dinko The Realtor
    Feb 23, 2023
    Breaking News: Massive Price Drops Utah’s Housing Market In Freefall – What You Need To Know … Houses in Salt Lake City Utah are not selling!!! The Wasatch Front the entire Greater Salt Lake Area is one of the worst performing housing market in the nation right now!!! Prices have massively dropped, over 30% of the Pandemic Pricing Boom is already gone and inventory levels are almost 4 times what they were same month a year ago. All of this indicates that when the Spring Inventory floods the market prices are going to massively go down so don’t buy right now, be patient and get a much better deal as 2023 progresses. Builders are in trouble and there will be massive price cuts to come across the board.

    1. “…don’t buy right now, be patient and get a much better deal as 2023 progresses.”

      Better yet, keep your powder dry for the next four years and enjoy a historically low purchase price.

  2. Justin Trudeau is ruling out a public inquiry to examine China’s interference in Canada’s democracy and once again insisted that Beijing-directed influence activities did not affect the outcome of the 2019 and 2021 elections.

    On Nov. 7, Global News reported that Mr. Trudeau was told in a January briefing that the Chinese Toronto consulate had directed a clandestine transfer of funds to a network of at least 11 federal candidates running in the 2019 election, as well as many Beijing operatives who worked as their campaign staffers. Global News said $250,000 was allegedly sent through an Ontario MPP and a federal election candidate’s staff member.

    Mr. Trudeau has denied being briefed on the matter in January, and Ms. Thomas told a parliamentary committee in December “that we have not seen money going to 11 candidates, period.”

    Since The Globe’s revelations last Friday, Mr. Trudeau’s reactions have shifted. At first, he encouraged CSIS to hunt down the whistleblowers. Then, he said that there was no secret to what China was up to in the past two elections. He also accused the opposition parties of playing partisan politics and helping to undermine Canadians’ faith in the electoral process.

    “It is astonishing the Prime Minister would downplay interference by the [Chinese Communist Party] on the basis that it didn’t affect the overall outcome of the elections. The fact is what we have is a sophisticated campaign targeted to help the Liberals win and to defeat certain Conservative candidates and then-sitting members of Parliament who were defeated,” Mr. Cooper said.

    CSIS reports in 2021 said the Chinese state is targeting all levels of government from municipal to provincial to federal. They said China is targeting political staffers because “staffers control schedules and often act as gatekeepers” for MPs, “thereby placing them in positions where they can deceptively control and influence the activities of elected officials in ways that support [People’s Republic of China] interests.”

    A Feb. 18, 2020, CSIS intelligence report assessed that at least 11 candidates in the 2019 election were the target of foreign interference. It said the 11, along with 13 members of their staffs, had direct connections to a “known or suspected malign actor.” The report says these candidates had at least one direct connection to a person of interest in CSIS’s investigation of Chinese foreign interference.

    The report said the service’s understanding of China’s foreign-interference network in the GTA is based on more than a decade of observation. It said the network is centred on individuals within the Chinese consulate in Toronto, leaders of local community organizations, staff of targeted candidates and elected officials and political candidates themselves.

    CSIS warned that “absent real disincentives,” such as a foreign-agent registry or indictments of foreign-interference actors, China’s “foreign interference targeting Canada is expected to continue and increase over time.”

  3. CRE Prices Slide at a Rate Not Seen Since 2010|19 hours ago
    January was a bad month for commercial property prices, which fell “at an annual pace of decline not seen since late 2010 after the Global Financial Crisis,” according to an MSCI report. “The RCA CPPI National All-Property index dropped 4.

  4. The price cuts were bigger than the final price for this Gold Coast mansion
    Crain’s Chicago Business|16 hours ago
    By the time the house went under contract in December, the asking price had been cut to $4 million. Robertson’s clients bought the 10,000 square-foot house from a pair of personal injury attorneys, Joe Curcio and Tracy Robb-Curcio. The couple bought the …

  5. Carvana Debt Comes Due With Business ‘Firmly in Retreat’

    Carvana’s current strategy to conserve cash by reducing inventory “does not give us confidence in the long-term viability of the business model,” John Colantuoni, a Jefferies analyst with a hold rating on the shares, said in a note. “We anticipate views around a potential restructuring process will be the primary determinant of the stock price, with fundamentals as a distant secondary factor.”

    Analysts at JPMorgan Chase took an even harsher tone, removing their price target on Carvana shares to reflect “no equity value at the current level of debt.”

  6. One thing I’ve noticed in my years reporting on how power works inside the California Capitol is how much of it rests within families.

    Seats in the Legislature often pass from parent to child or from husband to wife. Five members of the fabled Calderon family of Los Angeles County — including three brothers, a son and current Assemblymember Lisa Calderon, the wife of a former assemblyman — have served in the Legislature. And a few years ago Assemblymember Blanca Rubio and state Sen. Susan Rubio made history as California’s first set of sister-lawmakers.

    So the story of Assemblymember Mia Bonta and her husband, Atty. Gen. Rob Bonta, is at once familiar and also jarring.

    Both Democrats from the Bay Area city of Alameda, Mia Bonta was elected in 2021 to fill the Assembly seat her husband had held after Rob Bonta was appointed attorney general. The pair have been in the news in recent weeks as reporters questioned whether it was ethical for Assemblymember Bonta to oversee taxpayer funding for the office of Atty. Gen. Bonta. Mia Bonta heads the Assembly budget panel focused on public safety, which had purview over the Department of Justice that is led by her husband.

    Political ethics experts raised concerns about the arrangement and editorial boards criticized legislative leaders for the apparent conflict of interest. Even Chuck Todd, moderator of NBC News’ “Meet the Press,” weighed in.

    “It’s a bad look and it’s only going to reinforce what happens when you have one-party rule,” he said after reporter Ashley Zavala of NBC’s Sacramento affiliate broke the story.

    Assemblymember Bonta eventually said she would recuse herself from decisions affecting the Department of Justice. Days later, the separation was made formal when the budget chairman moved oversight of the Department of Justice to a different subcommittee. The immediate conflict appears to have been resolved.

    Mia Bonta maintains that her position had been cleared by Assembly ethics officials and that she recused herself to support transparency and stop distractions.

    “I definitely note that it’s a thing that needs to be navigated carefully,” she told me.

    Still, a larger question lingers: Where should public officials who are family members draw the line between their shared interests and their separate responsibilities?

    In addition to the many family members who serve together in the Legislature, several state lawmakers have had spouses who work on policy issues that come before the Legislature or serve in local governments that receive state funding.

    “I don’t see those situations different from this particular situation,” Mia Bonta said.

    The Bontas call themselves partners in life and partners in service. They’ve shared a passion for social justice since they got together as freshmen at Yale. And they’ve used their respective offices to advance some of the same causes.

    Last year, Assemblymember Bonta wrote a bill to create a new office in the Department of Justice to research policies to curb gun violence. A few months after it stalled in the Legislature, she joined her husband as he announced his department would form the new office anyway, but that didn’t spark controversy.

    But before Mia Bonta was elected to the Assembly, I reported on a financial transaction involving the couple that several experts said was legal but unethical. As an Assembly member, Rob Bonta created a nonprofit foundation and solicited donations to it from companies that lobbied the Legislature. He then used the foundation’s money to make a payment to the nonprofit organization that employed his wife. (He described the $25,000 as a loan when I asked about it in 2020, though tax returns at the time didn’t reflect that.)

    It wasn’t the first time Rob Bonta had directed money to Mia Bonta’s employer. Over several years he donated money from his campaign funds to organizations where she worked, obtaining letters saying the groups would not use the funds for her salary because state law prohibits politicians from using campaign funds for personal benefit. He also asked interest groups to donate to nonprofits where she was employed. “We’re working on areas of shared passion,” he told me at the time.

    After my reporting, Rob Bonta stepped down from the board of his foundation and it established new rules prohibiting both members of the couple from making spending decisions and banning donations to organizations that employ either one of them. And California’s political watchdog agency approved a new rule requiring officials to report their ties to an organization when they ask donors to give money to a group that employs, or is controlled by, the official, their staff or their family members.

    “These are relationships with a potential for influence or self-dealing that the public would want to have disclosed,” says a staff report to the commission.

    Officials should not direct money to organizations that employ their family members because of the potential for their personal benefit, said Jessica Levinson, a professor at Loyola Law School and former president of the Los Angeles Ethics Commission.

    In other cases, she said, defining where to draw the line is not always obvious.

    “Whenever it comes to these potential conflict of interest cases or ethical issues, we’re all just worried that somebody in public office is making decisions to benefit their spouse or their kid or their friend, but not the rest of us,” she said. “At the very basic level, that’s the concern.”

  7. Another encampment burst into flames Friday morning near Interstate 5, adding to the 59 additional encampment fires recorded by the Seattle Fire Department (SFD) this month.

    “Let’s start at the premise of they’re breaking the law,” Rep. Andrew Barkis said on The Jason Rantz Show on AM 770 KTTH last week. “That seems to be the key point that we seem to forget here. They’re trespassing, they’re breaking the law. Let’s start there. And then we can wrap around every type of service under the sun to try to help the people, which we should.”

    “It is very clear that shelter, congregate shelter, any type of housing is what needs to be done to move the folks out of these encampments,” Barkis continued. “So you start one by one, and you do the job. WSDOT has made contact with 500 some odd camps. They’ve only cleaned up between seven and 10, or 11? In the same timeframe, hundreds more have formed.”

  8. Construction on Lendlease’s San Francisco tower has been paused
    The Business Journals|13 hours ago
    When Lendlease broke ground on its 47-story mixed-use tower in San Francisco’s Hub District last summer, it was not only the largest skyscraper to start construction since the start of the pandemic, but the only one.

    Wa happened to my shortage bay aryans?

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