A Lot Of These People Are Struggling Now Because They Couldn’t Really Afford It To Begin With
A report from the Denver Post in Colorado. “Metro Denver single-family home prices, after dancing between an annual loss and gain in January, crossed over to the dark side with both feet in February. The median price of a single-family home sold in metro Denver last month was $600,000, down 5.7% from the same month a year earlier, according to a monthly update from the Denver Metro Association of Realtors. ‘Buyers are watching rates closely and patiently waiting for new inventory to hit the market,’ said Libby Levinson-Kataz, head of the DMAR Market Trends Committee. ‘They are more discerning about home prices, less willing to compete and will only jump into a bidding war if the house is move-in ready and suits their needs.'”
The Dallas Morning News in Texas. “The Dallas Builders Association reported an upswing in homebuying in the first months of this year. Land investors and developers are having trouble making deals pencil out financially as the cost of buying and developing land soared. ‘There’s a lot of liquidity on the sidelines, so it is making it challenging to get deals financed,’ said Andrew Pieper, vice president of Dallas-based developer Hillwood Communities. ‘There’s land out there, but you’re gonna way overpay for it,’ said Adam Lingenfelter, president of luxury builder Lingenfelter Custom Homes. ‘We’ve got enough lots right now for the next two or three years. But beyond that, we’re really, really struggling to find lots.'”
From Arizona‘s Family. “Edward Aguirre says he should be pretty excited about his brand-new home that was recently built. But Edward says he’s more frustrated than excited. ‘I’m wondering if my house is the only one like this on my block or is every other house like this and nobody has said or done anything about it,’ he told On Your Side. The home builder claims the house is ready to move in, Edward says, but this new homebuyer says for the money he paid, there are too many things that need to be fixed before moving in. For example, he says his front window was installed crooked making it almost impossible to be opened or closed. On Your Side’s Gary Harper tried to open the window and realized what Edward was talking about. ‘Yea, this is really tough,’ Harper said as he tried to open and close the window. ‘That should not be that way.'”
“Cy Porter is a home inspector. He tells On Your Side that he finds more red flags in newly built homes than in older homes that are for sale. ‘In about 2021, we started to see the market had a huge decrease in workmanship,’ Cy said. One reason, he says, is that new homes are being built at lightning speed across the Valley, and he believes attention to small details diminishes greatly. Edward believes new homes like his are going up too fast without proper manpower and supervision. ‘How are they going to keep up with every single thing in every single house for all these houses,’ Edward said. ‘There’s no way they can.'”
WWNO in Louisiana. “The New Orleans City Council advanced a measure to limit short-term rentals to one per square block in residential neighborhoods at a special meeting on Thursday. In Tremé/Lafitte, there were 410 Airbnb listings as of December, and only 89 had city permits. Jane Place estimates that 10% of all housing units in the neighborhood are whole-home Airbnbs. Some short-term rental owners said they’re nervous about the possibility of losing extra income they say helps them cover rising housing costs if the council passes any kind of density restriction.”
“‘I’m very much against the block square – I think it’s an overreaction,’ said Amy Lewis, who runs an STR in Algiers Point that she said helps her make ends meet as a single parent. ‘People are going to be forced to sell their houses when these restrictions go into place.'”
The Real Deal on California. “Home prices in San Francisco are down more than anywhere else in the nation, according to a new report from Parcl Labs, which shows that the price per square foot dropped nearly a quarter in January compared to the metro’s April 2022 peak. San Jose was only slightly better: the price per square foot in the South Bay was down 20 percent from its May 2022 peak, according to the data company. In terms of dollars, a Compass report put the January median home price in San Francisco at $1.5 million, while the peak in early summer 2022 was just over $2 million. For Santa Clara County, which includes San Jose, another Compass report put the January median price at $1.5 million, compared to about $1.85 million during the peak last year. These numbers roughly confirm the Parcl Labs analysis, which does not include dollar amounts.”
“The data on San Francisco’s drop from peak prices matches similar Compass figures from January, but Parcl gives the decline a nationwide perspective. Its analysis found that while all markets are down, the national average is only 10 percent, with significantly bigger drops in the West Coast and in the Bay Area in particular. The Pacific region, which includes California, Oregon and Washington, is the worst performing section of the nation, with prices down nearly 15 percent from their 2022 highs. Condos lost more value — 16 percent compared to 13 percent for single-family homes in the area.”
The New York Post. “Mindy Kaling is about to take a hit on the sale of her downtown Manhattan loft. The two-bedroom, two-bathroom home at One Kenmare Square, at the crossroads of Soho and Nolita, hit the market for $2.75 million last September and is now in contract. Kaling bought the 210 Lafayette St. spread for $3.1 million in 2017. The contract price isn’t clear, but we hear it’s less than the purchase price.”
The Toronto Star in Canada. “Welcome to Milton, a hive of development activity that’s also arguably ground zero of Canada’s mortgage crisis. As interest rates have surged over the past year, with eight central bank rate hikes driving up mortgage costs and in many cases adding hundreds or even thousands of dollars to monthly bills, it’s already having a noticeable impact here in Milton — from a spike in food bank usage to investors off-loading properties to panic over approaching renewals.”
“These newer builds are one reason why Katherine Barnett, a Milton realtor, believes the town is so heavily mortgaged. ‘They could afford so much because their money was almost free,’ she said, referring to the historic low borrowing costs that fed the GTA housing frenzy of the past decade. The average household income here is $138,800 a year, with an average home price of $1.06 million in February 2023, according to the Toronto Regional Real Estate Board — down 24 per cent from last year.”
“What might have seemed safe in recent years is fast becoming a burden. Local mortgage agent Agnes Mocko, said she’s ‘definitely seeing a lot of people struggling to keep up with their mortgage payments’ especially those with variable rates, after eight rate hikes. ‘A lot of these people are struggling now because they couldn’t really afford it to begin with,’ Mocko said. Mocko is ‘slowly starting to see people get into sticky situations,’ including those with a variable mortgage, as well as people who might have locked into a low fixed rate in 2018/19 and are facing renewal this year or next.”
The Globe and Mail. “Twenty per cent of Canadian Imperial Bank of Commerce mortgage holders are seeing their loan balances grow, as rising interest rates make it harder for them to pay off their homes. New data from CIBC show that $52-billion worth of mortgages – the equivalent of 20 per cent of the bank’s $263-billion residential loan portfolio – were in a position where the borrower’s monthly payment was not high enough to cover even the interest portion of the loans. The bank has allowed these borrowers to stretch out the length of time it takes to pay off the loan, which is known as the amortization period. As well, borrowers are adding unpaid interest onto their original loan or principal.”
“The disclosure, contained in a footnote in CIBC’s recent quarterly financial results, is the first from a major bank outlining the amount of variable-rate loans where payments no longer cover interest costs. It shows the financial duress homeowners are under because of the jump in interest rates. It also highlights the growing risk borrowers face when it comes time to renew their mortgages and their amortization periods are required to shrink back to the lengths of time specified in the original contracts. Then, the borrower will face much higher monthly payments.”
“‘It’s absolutely a sign of stress to come. It’s just the stress isn’t here yet,’ said Mike Rizvanovic, financial services analyst with investment bank KBW. At least two other major lenders, Toronto-Dominion Bank and Bank of Montreal, offer similar products that allow mortgages to negatively amortize. However, TD and BMO did not provide any disclosure on the share of borrowers that have a negative amortization. ‘Higher mortgage rates have resulted in a greater portion of fixed-payment variable mortgages where the monthly mortgage payment does not cover interest and principal,’ said Nigel D’Souza, financial services analyst with Veritas Investment Research. ‘The full impact of higher mortgage rates will be reflected on renewal.'”
The Telegraph. “The beleaguered online estate agent Purplebricks has hung up a ‘for sale’ board after a share price rout that has sent its value plunging from a peak of £1bn to just £23m. The business – which said it has received several credible expressions of interest – is now facing a battle to find a buyer in a falling property market where competition for customers is only becoming more fierce. Even if a deal is struck, it will land massive losses on investors who bought into the company’s much-vaunted stock market listing on the promise it would upend the traditional estate agent hierarchy.”
“The company’s woes follow falling sales and a catalogue of costly blunders that have left its dream of transforming the property market in tatters. ‘It was a disruptive business but it had an overambitious business model,’ says David Reynolds, an analyst at Davy. ‘It expanded prematurely and its international operation was a failure.'”
Stuff New Zealand. “New Zealand’s rate of consents being issued for standalone houses fell by the largest amount in more than a decade in January, which may help to stabilise falling prices. Infometrics said it was a sign that residential builds were losing their popularity as the housing market cooled and rising interest rates made construction less affordable. ‘House prices are now more than 16% lower than their peak in November 2021, and with residential building cost inflation still running at 13% per annum, the attractiveness of constructing new dwellings is reducing significantly.'”
“Chief forecaster Gareth Kiernan said to maintain activity would probably require a significant increase in land available, because much of the building cost increases of recent years were unlikely to be reversed. ‘Developers will not commit to building a $600,000 home on a $400,000 section if market conditions dictate that they can only sell it for $800,000.'”
From Sky News. “Block after block, shell after shell of unfinished developments. This city is the worst affected place in a country with a major housing market plight. It has the potential to drag down the entire economy. On the city outskirts, the village of Da Wang Zhuang is a case study of sorts for just how cruel the Chinese housing boom can be. Not long ago it was almost entirely farmland and home to some 200 households.”
“But many people here did a deal with a developer – their land in exchange for new homes in the high rises that would stand where their farms had once been. They were told the building would take three years, but eight years later, with their old homes long gone, they are still waiting. There is a modest compound of temporary accommodation in the shadow of the unfinished blocks. Here the elderly and more vulnerable can live while they wait, but the younger and more able have to rent elsewhere. It’s in this compound we meet Wang Fang and her mother.”
“The space they have here is small – there is only space for the two grandparents and occasionally one of Wang Fang’s sons. It has mould growing all over the walls. It has rats, she says, and is significantly worse than what they gave up. To add to her difficulties, she also lost her job in the pandemic and was widowed three years ago. She is a single mother, struggling to find work, who now needs to care for both her children and her ailing parents.”
“‘We have no idea how many more years we have to wait,’ she says. ‘We just have to wait patiently. The developer does not have any money, the house cannot be built. Of course I’m anxious. If you rent a room you have to pay the rent, don’t you?'”
“Outside the village, there are remnants everywhere of people’s shattered lives. Construction on a major highway was started and it now literally stops midway through what was once the village. No one has cleared the vast amount of rubble around it. But cases like this are far from isolated in China. For years developers have over-leveraged themselves to satisfy a seemingly insatiable appetite for development. The industry had its worst year in recent memory, sales plunged and home prices fell for 16 months straight through to December.”
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You will own nothing.
‘I’m very much against the block square – I think it’s an overreaction,’ said Amy Lewis, who runs an STR in Algiers Point that she said helps her make ends meet as a single parent. ‘People are going to be forced to sell their houses when these restrictions go into place’
Did you know the guberment shack loan mafia is subsidizing these? How do they qualify with this arbitrary tourist crap revenue with no barrier to entry?
‘People are going to be forced to sell their houses when these restrictions go into place’
Yes, that’s the idea. Imagine what putting all those homes on the market does to the avg sale price in that area and how much more affordable it all becomes.
Also the remaining ones (with their permits) should be taxed at commercial rates and required to meet all the additional hotel taxes, zoning rules, commercial inspections, (sprinkler systems, fire alarms), etc.
+1
STR’s are an economic cancer.
Also the remaining ones (with their permits)
I am very much against giving special permits to a few people. Either ban them or don’t.
‘A lot of these people are struggling now because they couldn’t really afford it to begin with’
Now that’s some sound lending right there.
‘the equivalent of 20 per cent of the bank’s $263-billion residential loan portfolio – were in a position where the borrower’s monthly payment was not high enough to cover even the interest portion of the loans. The bank has allowed these borrowers to stretch out the length of time it takes to pay off the loan, which is known as the amortization period. As well, borrowers are adding unpaid interest onto their original loan or principal’
K-da’s bubble has already popped. Those stress tests and such were supposed to ensure this could never happened! So when the SHTF, they just drop all the ‘safe guards’ without hardly mentioning it.
Here’s what I’m wondering: so new payments are too high, eat less avocado sammies people! But how do they qualify with shack prices down 20-30%? They don’t talk about that. One would think if loan quality was really high, we’d be reading about FBs having to walk in a check for a few hundred thousand K-dn pesos to renew the loan. And that isn’t out there that I can find.
If so, they are piling more subprime on top of bad loans to keep the sh$tcart going. It is K-da after all, a deeply corrupt system.
Toronto-Dominion Bank and Bank of Montreal, offer similar products that allow mortgages to negatively amortize.
How could this “solution” ever seriously be considered, let alone implemented? Best just to rip the band aid off, get them out of the house and let them restart their life. Unless someone wins the lottery/gets an inheritance they ain’t paying that house off.
K-dn pundits will look you right in the face and say there’s so subprime there. They started ‘helping’ borrowers with negative am loans months ago. Why? It’s their whole economy.
“As well, borrowers are adding unpaid interest onto their original loan or principal.”
Do they teach this in business and finance courses?
‘In about 2021, we started to see the market had a huge decrease in workmanship,’ Cy said. One reason, he says, is that new homes are being built at lightning speed across the Valley, and he believes attention to small details diminishes greatly’
Now you’ve gone and offended the Guatemalans Cy.
‘Edward believes new homes like his are going up too fast without proper manpower and supervision. ‘How are they going to keep up with every single thing in every single house for all these houses,’ Edward said. ‘There’s no way they can’
Yer on to something Ed. Judging from repeated history, they intend to unplug the phone one day and yer on yer own! Good luck and tanks for all the fish!
‘I’m wondering if my house is the only one like this on my block or is every other house like this and nobody has said or done anything about it’
This is worth reading. No Ed, they didn’t single you out to fail to nail stuff down or put in 20 year windows that didn’t last 2 minutes. But it was cheaper than renting.
Family sues Airbnb after 19-month-old dies from fentanyl in Florida (3/4/2023):
“A devastated French family is suing Airbnb after their 19-month-old daughter died from a fentanyl overdose at a home they had rented while vacationing in Florida.
Lydie and Boris Lavenir had put their toddler, Enora, down for a nap after spending a lively morning playing with her four siblings at a lake house in lake house in Wellington in August 2021.
When Lydie walked into her daughter’s bedroom two hours later to wake her up, she was horrified to find Enora’s face blue, with foam streaming from her mouth, according to The Washington Post.
An autopsy revealed there was a lethal amount of fentanyl in Enora’s system. The Lavenirs, who are from the French Island of Guadeloupe in the Caribbean, had never even heard of the drug before”
Never heard of it? Welcome to Joe Biden’s America.
“It’s a mystery how the girl came into contact with the killer opioid — which can be fatal in the smallest of doses and has caused a national crisis.
No traces of fentanyl were ever found at the rental home, and investigators suspected that Enora’s parents could be responsible, the Lavenirs told the newspaper. But the couple tested negative for the drug, and no traces were found on any of their belongings, according to police reports.
The previous renters of the home admitted to throwing a party where there was cocaine present, but nothing that indicated those drugs killed Enora. Neighbors recalled that there was a party about two weeks before the family’s arrival, investigators said.
While police have not filed any criminal charges in the case, Enora’s family is suing Airbnb, the property owner, the rental manager and the previous renter who hosted the party. The suit claims fentanyl was ingested at the party, and the home was never properly cleaned up, the paper reported.”
https://nypost.com/2023/03/04/family-sues-airbnb-after-19-month-old-dies-from-fentanyl-at-florida-rental/
Running an unlicensed hotel has fatal consequences?
This is a story that Joe Biden would snicker at.
I am absolutely disgusted by stories like this.
‘Outside the village, there are remnants everywhere of people’s shattered lives. Construction on a major highway was started and it now literally stops midway through what was once the village. No one has cleared the vast amount of rubble around it. But cases like this are far from isolated in China. For years developers have over-leveraged themselves to satisfy a seemingly insatiable appetite for development. The industry had its worst year in recent memory, sales plunged and home prices fell for 16 months straight through to December’
Globalist scum media works 24/7 to rehabilitate CCP after each and every terrible scandal, environmental disaster, bank run, fooked gringos, grandmas picking up trash to survive (in the article). Oh and they helped the US make a virus in a lab and purposefully spread it around he world! Through it all, pooh bear never has a hair out of place, always has the best suits.
Chinese Virologist says Covid 19 was NOT an accident
https://www.bitchute.com/video/JgHVeNh2cS67/
3 minutes. This lady has been saying this all along. Let’s see, we gotta corona virus outbreak in Wuhan. What a coincidence, there’s a corona virus lab in Wuhan making it deadlier!
PETER HITCHENS: Now we know for sure that our leaders lost their heads over Covid
https://www.dailymail.co.uk/columnists/article-11821031/PETER-HITCHENS-know-sure-leaders-lost-heads-Covid.html
We are forced to wait until Tim Cook has established a reliable alternate supply chain. For now, we can’t handle the truth.
Let’s make Tim Cook ride ol’ Sparky just for the halibut, globalist scvm pig that he is….
5% growth target, baby…centrally planned, just like back in the good ole days of Soviet Russia.
The Financial Times
Chinese politics & policy
China sets 5% growth target to drive economic recovery
National People’s Congress opens with Xi Jinping planning sweeping changes to centralise power further
Li Keqiang, China’s premier, is shown on a video screen as he speaks to the National People’s Congress
Li Keqiang, China’s premier, addresses the National People’s Congress on Sunday
FT reporters 26 minutes ago
China will aim for an economic expansion of “around 5 per cent” for 2023, its lowest target for more than three decades, as President Xi Jinping seeks to restore pre-pandemic levels of growth and prepares to centralise power further in his own hands.
Announcing the target, which was below last year’s goal of 5.5 per cent, China’s outgoing premier Li Keqiang told the annual National People’s Congress — its rubber-stamp parliament — that the aim this year was to “prioritise economic stability”.
If achieved, the target would represent a recovery from growth of just 3 per cent in 2022 after numerous Chinese cities suffered extended lockdowns in an effort to prevent the spread of the Omicron coronavirus variant.
…
5% always sounds reasonable doesn’t it? People rarely consider that 5% leads to a doubling in approx. 14 years. If China was to maintain 5% for 14 years they would need to build more of everything than they have in their entire existence up to now.
This is of course not an exact science, economics never is, but the point is valid. Is 5% actually reasonable considering they already have too many ghost cities and are tearing some down? Stay tuned!
Don’t forget that their numbers are BS.
𝗟𝗮𝘀 𝗩𝗲𝗴𝗮𝘀, 𝗡𝗩 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟲% 𝗬𝗢𝗬 𝗔𝘀 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲 𝗖𝗼𝗹𝗹𝗮𝗽𝘀𝗲 𝗔𝗰𝗰𝗲𝗹𝗲𝗿𝗮𝘁𝗲𝘀
https://www.movoto.com/las-vegas-nv/market-trends/
𝘈𝘴 𝘰𝘯𝘦 𝘳𝘦𝘢𝘭 𝘦𝘴𝘵𝘢𝘵𝘦 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘏𝘰𝘶𝘴𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘤𝘳𝘢𝘵𝘦𝘳𝘪𝘯𝘨 𝘦𝘷𝘦𝘳𝘺𝘸𝘩𝘦𝘳𝘦. 𝘌𝘷𝘦𝘯 𝘪𝘯 𝘺𝘰𝘶𝘳 𝘵𝘰𝘸𝘯.”
A reader sent these in:
Fun Fact Friday: Net Worth Edition
Diane Feinstein (D) CA has served as a US Senator for 32 years & has an estimated net worth of $110M
Nancy Pelosi (D) CA has served as a US Representative for 37 years & has an estimated net worth of $130M
Their yearly salaries are ~$170K 🤨
https://twitter.com/PelosiTracker_/status/1631691016108650497
Change in real housing prices between 1975 and Q1 2022. A painful chart to look at for Aussies, Kiwi’s and Canadians. Particularly given that Aussie real wages are heading for 2008 levels.
https://twitter.com/AvidCommentator/status/1631843428047921161
As promised the latest charts on Aussie home equity withdrawals. As of Feb 37.3% of external refinancers are withdrawing equity. Vs 28.8% before rates started rising and 38.3% at the absolute peak in October.
https://twitter.com/AvidCommentator/status/1631555026228494336
60/40 is one thing but who on earth is still investing in non-profitable tech and similar trash in this environment? 👇 (BBG)
https://twitter.com/MichaelAArouet/status/1631206333260214272
Remember the subprime bubble? It was a walk in the park 👇 Chart
https://twitter.com/MichaelAArouet/status/1630973956898398208
Sweet memories
https://twitter.com/MichaelAArouet/status/1630551810048925700
Friendly reminder, stock market bottoms when rates go down not up 👇 But of course this time it’s different. (BofA)
https://twitter.com/MichaelAArouet/status/1630547082409910272
Rick Palacios Jr.
Interesting housing slide from Tricon Residential earnings today. Single-family rental supply slowly getting back to pre-pandemic levels, with a reason cited being would-be home sellers renting out homes due to higher mortgage rates. Supports our survey findings.
https://twitter.com/RickPalaciosJr/status/1631393738504421377
Our retirement system is based on an unsustainable Ponzi scheme. The Fed borrows from the future generation to pump the stock market so older generations can retire. How long do you think this scam will last before blowing up?
https://twitter.com/TheMaverickWS/status/1632088091728158720
Car Debt Is Piling Up as More Americans Owe Thousands More Than Vehicles Are Worth— why don’t people buy used cars with cash and learn how to fix them? Unbelievable how interest just destroys everything in its path.
https://twitter.com/DNull0000/status/1632041994389270533
60% of Americans make less than $60k.
82% of Americans make less than $100k.
92% of Americans make less than $150k.
Twitter is not real life.
https://twitter.com/ValueStockGeek/status/1631442969164144640
Why are young people still throwing money at 0DTE, vacations, crypto, STRs, quitting jobs, taking huge car loans? If any generation calls the Federal Reserve’s bluff, it will be Millennials or Gen Z. Many of us have nothing but debt. And that means we have nothing to lose
https://twitter.com/texasrunnerDFW/status/1632081180794269698
😲 Silvergate is now a ZERO but had > $US11 billion in assets. “A cryptocurrency is not a currency, not a commodity, and not a security. It is an investment in nothing” — Charlie Munger
https://twitter.com/CharlieMunger00/status/1631841554318114817
Remember when the us taxper gave independent real estate agents $20,000 in PPP welfare during the hottest housing market in history?
https://twitter.com/GRomePow/status/1632112056341262336
Well, the media is finally waking up. ‘The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability’: – MarketWatch
https://twitter.com/menlobear/status/1632034014814171145
The Kobeissi Letter
#WATCH: 3 weeks ago Fed Chair Powell was asked about interest rates.
He said, “If data comes in stronger and we need to raise rates more, we would.”
Since then:
– Dec/Nov CPI revised higher
– Jan CPI/PPI above expectations
– PCE inflation rising again
How can the Fed pivot?
https://twitter.com/KobeissiLetter/status/1632123217228832770
34,000 passengers a day ride across this bridge in Chicago
https://twitter.com/mcsquared34/status/1631768378007330817
CarDealershipGuy
you’re not depressed
you’re just paying $1,500/month for a car you drive 2 hours per week
https://twitter.com/GuyDealership/status/1632018311159349250
If the Fed wants to restore credibility, it shouldn’t allow insider traders to comment on policy. Other Fed insider traders were forced to resign/retire. Bostic was given a pass. It’s the @federalreserve
call to choose “diversity” over “integrity,” but credibility will be lost.
https://twitter.com/TheMaverickWS/status/1631812008420196355
File this one in the “what could possibly go wrong” folder
https://twitter.com/Ross__Hendricks/status/1631713949644201997
Aaron Layman
Only a matter of time before many hosts realize they too can be sacrificed at the altar of corporate greed.
https://twitter.com/dfwaaronlayman/status/1631832065791385600
SCOTUS says you need Congress to make this decision on student loans.
https://twitter.com/GRomePow/status/1632139203315384323
Diane Feinstein (D) CA has served as a US Senator for 32 years & has an estimated net worth of $110M
Nancy Pelosi (D) CA has served as a US Representative for 37 years & has an estimated net worth of $130M
Their yearly salaries are ~$170K
Execution is needed.
“The median price of a single-family home sold in metro Denver last month was $600,000, down 5.7% from the same month a year earlier, according to a monthly update from the Denver Metro Association of Realtors.”
Did the Denver relitters mention how far prices have fallen from their bubble peak in 2022? I assume more than 5.7% because…math.
Not a peep from St. Greta & the climate change mob.
https://finance.yahoo.com/news/1-china-underlines-key-role-033931925.html
what a colorful picturesque set of houses….
The project promises to wean Nunavut, including two gold mining sites, off heavily polluting diesel generators and to tap into the potential energy generation of northern Canada and the Arctic.
https://www.yahoo.com/news/indigenous-groups-lead-the-renewable-transition-in-northern-canada-142929031.html
If only the kinetic energy unleashed by the stamping of little feet from Canadian FBs could be harnessed – the power generated could light up every mine in Canada.
colorful picturesque set of houses….
Extremely high suicide rate though.
“Extremely high suicide rate though.”
Pamala Anderson doesn’t frolic on their beach.
the potential energy generation of northern Canada and the Arctic
Should work out great in the winter, when it’s dark for six months. Nothing needs to make sense when you plan on spending other people’s money.
“The New Orleans City Council advanced a measure to limit short-term rentals to one per square block in residential neighborhoods at a special meeting on Thursday.
That’s one too many. Die, speculator scum!
Russia Today — Ex-minister wanted to ‘frighten’ Britons into Covid compliance – leaked messages (3/5/2023):
“More than 100,000 text messages were leaked to the Sunday Telegraph newspaper. Among them is a purported exchange between Hancock and Cabinet Secretary Simon Case in which Case suggested in January 2021 that “fear” would be a “vital” factor in ensuring UK citizens’ compliance with Covid restrictions.
They also appear to show that Hancock discussed when to reveal information to the public about the discovery of a new strain of the virus in the hope of maximizing the impact of lockdown rules.
“Rather than doing too much forward signalling, we can roll pitch with the new strain,” a purported message from Case reads. Hancock reportedly responded: “We frighten the pants of (sic) everyone with the new strain.”
UK military spied on lockdown critics – media
Read more
UK military spied on lockdown critics – media
“When do we deploy the new variant,” Hancock apparently asks in a subsequent message.”
When do we deploy?
“The reported messages also revealed that Hancock and other government figures were concerned that London mayor, Sadiq Khan, may resist plans to impose a strict lockdown on the English capital. The mayor of Greater Manchester, Andy Burnham, had previously clashed with the government over its plans to introduce strict lockdown rules in the area.
Hancock has responded to the leaks saying that there is “absolutely no public interest case” for the “huge breach” of text messages, which he described as a “massive betrayal”.
“As we have seen, releasing them in this way gives a partial biased account to suit an anti-lockdown agenda,” Hancock said on Thursday.
https://www.rt.com/news/572494-uk-hancock-text-messages-covid/
“fear” would be a “vital” factor in ensuring UK citizens’ compliance with Covid restrictions”
From one lie to another.
“The undeserving maintain power by promoting hysteria.” — Frank Herbert, Dune
we can roll pitch
They are pros.
The UK relatives all obediently complied with their draconian lock downs
Russia Today, because Russia Today.
“The number of children afflicted by food poverty in the UK nearly doubled in January from a year ago, The Guardian has reported, citing a survey by the think tank Food Foundation.
According to the findings, 22% of households polled reported either skipping meals or not eating for a whole day last month. In January 2022, the figure stood at only 12%. The overall number of British children suffering from a lack of food has now reached almost 4 million, data showed.”
https://www.rt.com/business/572331-uk-child-food-poverty-soars/
4 million is that a lot?
“Rather than doing too much forward signalling, we can roll pitch with the new strain,” a purported message from Case reads. Hancock reportedly responded: “We frighten the pants of (sic) everyone with the new strain.”
Yep, executions are needed.
“…the price per square foot dropped nearly a quarter in January compared to the metro’s April 2022 peak. San Jose was only slightly better: the price per square foot in the South Bay was down 20 percent from its May 2022 peak, according to the data company. In terms of dollars, a Compass report put the January median home price in San Francisco at $1.5 million, while the peak in early summer 2022 was just over $2 million.”
Would Christopher Thornberg care to offer commentary on the Bay Area’s double-digit real estate price declines? I thought he said Bay Area housing prices always go up, but perhaps I misunderstood.
Climate Change
The Western Interior Seaway is gone, but not forgotten
Erin Blakemore
June 22, 2017
Some 100 million years ago, much of what is now North America was underwater. The body of water scientists call the Western Interior Seaway covered a swath of land that stretched over the entire Midwest. But its secrets have been preserved in countless fossils—and now, over 100,000 of these fossils are being digitized.
https://www.smithsonianmag.com/smart-news/scientists-are-putting-tens-thousands-sea-fossils-online-180963792/#:~:text=Some%20100%20million%20years%20ago,stretched%20over%20the%20entire%20Midwest.
Pinkerton: The Circle of Green — Big Money, Big Democrats, and Climate Change
JAMES P. PINKERTON
4 Mar 20231
The Green Fleecing of America
ou see, I was always puzzled as to why the greens—starting from the top with Joe Biden and his must-hire from the donor class, climate envoy John Kerry—have been so adamant about “de-carbonizing” the U.S. and yet have been so uninterested when the rest of the world keeps “carbonizing.” If someone wants to use a gas stove in the U.S., the greens are noisy in opposition, and yet when China builds a slew of new coal plants, they are silent. And, as some say, silence means consent.
According to a new study from the Centre for Research on Energy and Clean Air, China permitted 50 gigawatts of coal-fired electricity in 2022, up 50 percent from the year before. (A gigawatt is a billion watts, enough to power a few hundred thousand homes, depending on the weather.) And Semafor adds “all signs indicate that the surge will continue this year,” such that China will be building new coal plants, every two years, equivalent to existing U.S. capacity.
So what’s the Biden administration doing about this coaling up? Nothing! (Unless you count waiting a week before shooting down an intruding Chinese balloon as something.)
But seriously, why the silence? If, as Biden likes to say, “Climate change is literally an existential threat to our nation and to the world,” doesn’t that call for doing something drastic? And shouldn’t China be equally alarmed? Doesn’t Beijing follow the science?
Yet the Chinese communist regime has managed to stay calm, even as it engages in what Semafor calls a “frenzy” of coal-plant building. The Chinese communists say they’re going to deal with climate change, on their own timetable. In 2021, maximum leader Xi Jinping said to the United Nations, “China will strive to peak carbon dioxide emissions before 2030.” Got that? He said they “will strive.” As in, we’ll keep building more coal plants like crazy till 2030, and then we’ll “strive” to stop. You trust us, right? Now, no more questions.
And there’s still more zealotry from the greens, of course. We are supposed to get rid of our gas stoves, and our cars (even the electric ones) and adjust all our appliances. Again, why? So we can reduce our CO2 by a piddling amount while the Chinese are swamping the atmosphere with oodles more CO2? What’s up with that? What sense does that make?
Woke Is Not Broke If You Play It Right
Similarly, maybe the overall health of the economy is not important to these green high financiers.
Maybe what is important to them is the value of their own portfolios. That is, if their holdings consist of solar power, then they need to sell solar power, and that’s all there is to it. Is the world–all 190 or so countries–buying it? Maybe not. But the U.S. has a big market, and so does Europe. Obviously that’s good enough to make money. The green capitalists would like it all, sure. But if they can’t get it it all, they’ll take what they can get.
https://www.breitbart.com/environment/2023/03/04/pinkerton-the-circle-of-green-big-money-big-democrats-and-climate-change/
New data from CIBC show that $52-billion worth of mortgages – the equivalent of 20 per cent of the bank’s $263-billion residential loan portfolio – were in a position where the borrower’s monthly payment was not high enough to cover even the interest portion of the loans.
The real comedy gold starts when the underlying collateral on those loans goes into free-fall.
Will secession movements from those seeking to escape Democrat-Bolshevik malgovenance gain traction in 2023?
https://pjmedia.com/news-and-politics/robert-spencer/2023/03/05/conservatives-want-to-secede-from-oregon-and-leftists-are-enraged-n1675728
‘In about 2021, we started to see the market had a huge decrease in workmanship,’ Cy said. One reason, he says, is that new homes are being built at lightning speed across the Valley, and he believes attention to small details diminishes greatly’
Kind of like this place. https://www.youtube.com/watch?v=9Ez6fopu4UE&t=516s
Gotta love those 2×4 okie laminate columns! LOL
Rolling Stones — Miss Amanda Jones:
https://www.youtube.com/watch?v=QTmhm7rMr7Q
Rolling Stones — We Love You:
https://www.youtube.com/watch?v=uXl3RpV-iOo
Homes.com
$1,398,000
11011 Camino Abrojo
San Diego, CA 92127 | Camino Bernardo
Estimated payment $8,887/month
4 Beds
3 Baths
2,256 Sq Ft
1989 Built
“$8,887/month”
Really!?
I think I’d rather live on a boat, actually.
“$8,887/month”
For 2,256-sqft? But hey, no Segway scooter required.
Actually I drove by the house recently. Good thing it doesn’t snow here, because it is on a steep hill.
State task force boosts reparations figure to $360K for each black Californian
By Katherine Donlevy
March 4, 2023
A reparations task force in California has increased the amount of money it wants taxpayers to hand out in compensation for racial discrimination and enslavement.
After first proposing $220,000 payments last year, The California Reparations Task Force proposed at a meeting Friday that every black citizen in the state be given a $360,000 check.
The project could cost as much as $640 billion — but there was no word on how it would be funded in the cash-strapped state.
“If California can admit its sins and change the narrative, then there is a way forward for states and cities across the nation,” California Secretary of State Shirley Weber — who authored the bill creating the task force — said.
https://nypost.com/2023/03/04/californian-boosts-reparations-figure-to-360k-for-each-black-citizen/
Shirley Weber
I do wonder, if you offered these greedy folks a white slave each, would they accept? Personally, if I were them, freedom would be my proud reward.
All Putin and Xi have to do is lean back and wait. We will destroy ourselves
“If California can admit its sins and change the narrative, then there is a way forward for states and cities across the nation,”
California was a slave state!?
Who knew?
Might have been when Mexico owned it.
“…but there was no word on how it would be funded in the cash-strapped state.”
I’ll post a word on that. We went to a wedding over the weekend. Another family sat at our table. The dad, who sat by me, had a great life story, that included founding a company in California during the Reagan years. The most recent chapter was joining the 500,000 (700,000?) other Californians who left the state over the past couple of years. He opined that those who left tended to be from the small minority of Californians who pay most of the income taxes. Seems like Elon Musk, the world’s richest man, was among those who gave Governer Nuisance da meddle fanger and left. And everyone I know personally who split cashed out $1 million or more in home equity on the way out.
Given how much wealth has recently fled the state, it may be difficult for Democrat politicians to raise the cash to deliver a windfall to a politically favored racial minority group.
Gavin Newsom
Published February 21, 2023 5:00pm EST
Gavin Newsom predicted massive budget deficit for California. Reality was even worse, analysis finds
Despite California’s high taxes, legislature’s budget analyst expects state tax revenues to drop
By Aaron Kliegman | Fox News
Gavin Newsom’s policies are ‘driving middle-class Americans’ out of their homes: Terrell Video
Fox News contributor Leo Terrell criticizes California’s latest ban on gas-fueled fireplaces and heaters after announcing a ban on gas-fueled cars by 2035 earlier this year.
California’s budget deficit may be billions of dollars larger than the already big number predicted by Democrat Gov. Gavin Newsom, raising concerns about the Golden State’s fiscal future.
Last month, Newsom announced that California faces a projected budget deficit of $22.5 billion for the coming fiscal year. The figure represented a striking downturn from last year, when the state enjoyed a surplus of about $100 billion due to federal COVID relief and surging capital gains.
While the predicted year-to-year drop-off seemed large, it may not have been large enough.
The California Legislative Analyst’s Office (LAO), a government agency that analyzes the budget for the state legislature, estimates in a report published last week that Newsom’s forecast undershot the mark by about $7 billion, thanks to about $10 billion less in tax revenues than expected.
“In particular, using recent revenue collections and economic data, we estimate there is a two‑in‑three chance that state revenues will be lower than the governor’s budget estimates for 2022‑23 and 2023‑24,” writes Gabe Patek, the legislature’s budget analyst. “Our best estimate is that revenues for these two years will be roughly $10 billion lower — implying a larger budget problem by about $7 billion.”
Tax revenues are already much lower this year than the prior one. In January, California’s monthly tax revenue was about $14 billion lower than during the same month last year. Meanwhile, tax revenue in the current fiscal year, which started July, is about $23 billion lower than in the previous year, according to the Wall Street Journal.
…
https://www.foxnews.com/politics/gavin-newsom-predicted-massive-budget-deficit-california-reality-worse
Infowars.com
March 5th 2023, 4:24 pm
Polk County Sheriff Grady Judd dunked on a liberal reporter who asked how his department’s new gang task force can do more to “help gang members” rather than arrest them.
“It strikes me that the victim has a mother that cared about him, didn’t want him in that life anymore,” the reporter asked Judd during a press conference last Thursday detailing a gang-related murder case.
“We have this 19-year-old who’s young….how does the gang task force try to get young people, young kids, not to go into this life?”
Judd shut that line of questioning down, calling it a “bunch of hooey.”
“That soft and cuddly feeling, ‘we’re gonna hug a thug and if we give them another popsicle and an icy and a day out at the park they’re gonna be good…’ — Ya’ll need to wake up,” he said.
“These dudes are taking y’all for fools. These are hardcore gangsters, gang bangers. They’ll eat your ice cream on Saturday and shoot up their rivals on Saturday night — and smile at you in the meantime.”
“So at the end of the day, it all starts with parenting at home when they’re young and keeping them away from this lifestyle,” he continued. “But when we’re having these ‘neighborhood events’ for these 15, 16, 17 year old hard core gang bangers…they’re smiling at you in the daytime and going up and dressing like this at night (shows a teen in gang banger attire).”
“This kind of person, I’m not talking about everybody, this kind of person is paying no attention,” he added.
https://www.infowars.com/posts/florida-sheriff-schools-reporter-who-asks-how-new-gang-task-force-can-help-gang-members-instead-of-arresting-them/
Cryptocurrencies
FTX: the legend of Sam Bankman-Fried | FT Film
FTX, Sam Bankman-Fried’s cryptocurrency exchange, exploded onto the scene in just a few years. Endorsed by celebrities and accepted by the establishment, it attracted big-name investors and was valued at $32bn before it collapsed in a matter of days. Regulators fell for it, venture capitalists fell for it, celebrities fell for it – everyone fell for the legend of Sam
2 hours ago
Produced, directed and edited by Daniel Garrahan. Filmed by Petros Gioumpasis and Gregory Bobillot. Graphics by Russell Birkett
…
https://www.ft.com/video/f7a7fad1-f3ed-41ee-94a7-e1311989aa7e