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We’re In A Buyers’ Market, The Price Being Asked Becomes Irrelevant

A report from the Orange County Register in California. “Orange County’s more affordable housing has been hit harder by the home-price collapse coming off May 2022’s pandemic-fueled bubble. The countywide median selling price was $950,000 in January, according to CoreLogic. That’s off 10% from the $1.054 million peak set in May 2022 as prices surged 41% from February 2020. The bargain hunter’s favorite — the resale condo — had its median selling price fall 15% since May’s peak to $635,000 in January, after jumping 43% in the pandemic surge to the May 2022 peak. But for existing single-family homes, the median of $1.1 million in January is off only 8% from May 2022 after jumping 46% in the surge.”

“Look at the 20 ZIPs with the largest declines since May’s peak, noting that pricing at the neighborhood level can be volatile. No. 1 Newport Beach 92663: Off 45% to $1.7 million between May 2022 and January. That’s a reversal from a 30% gain in the pandemic boom, February 2020 to the May 2022 peak. No. 2 Santa Ana 92701: Off 45% to $405,000 since May vs. gains of 102% in the boom. No. 3 La Habra 90631: Off 43% to $709,500 since May vs. gains of 101% in the boom. No. 4 Laguna Woods 92637: Off 37% to $284,000 since May vs. gains of 19% in the boom. No. 5 Corona del Mar 92625: Off 32% to $3.18 million since May vs. gains of 40% in the boom. No. 6 Anaheim 92808: Off 30% to $712,500 since May vs. gains of 52% in the boom. No. 7 Irvine 92614: Off 29% to $813,000 since May vs. gains of 44% in the boom. No. 8 Tustin 92780: Off 26% to $686,250 since May vs. gains of 39% in the boom.”

“No. 9 Fullerton 92832: Off 21% to $620,000 since May vs. gains of 31% in the boom. No. 10 Orange 92867: Off 21% to $890,000 since May vs. gains of 42% in the boom. No. 11 Huntington Beach 92648: Off 20% to $1.15 million since May vs. gains of 35% in the boom. No. 12 Los Alamitos 90720: Off 20% to $1.25 million since May vs. gains of 61% in the boom. No. 13 Yorba Linda 92887: Off 20% to $1.06 million since May vs. gains of 58% in the boom. No. 14 Cypress 90630: Off 19% to $783,000 since May vs. gains of 28% in the boom. No. 15 Santa Ana 92705: Off 18% to $1.24 million since May vs. gains of 68% in the boom. No. 16 Huntington Beach 92649: Off 18% to $885,000 since May vs. gains of 25% in the boom. No. 17 Orange 92865: Off 18% to $770,500 since May vs. gains of 45% in the boom. No. 18 Rancho Santa Margarita 92688: Off 18% to $730,000 since May vs. gains of 32% in the boom. No. 19 Santa Ana 92707: Off 17% to $485,000 since May vs. gains of 14% in the boom. No. 20 Irvine 92603: Off 17% to $1.87 million since May vs. gains of 87% in the boom.”

Yahoo Finance. “The wealthy may be staying put in their McMansions, at least for now. In January, the median home price sold in luxury markets was at a 23% discount to listing, wider than November and December. Luxury homes priced above $2.5 million are at a new multi-year peak in terms of days on the market at 61 versus 37 in January 2022. One of most increasingly pressured luxury housing markets based on Jefferies’ research was Park City, Utah. The median price sold of a luxury home plunged 30% in January, marking the second straight monthly drop following a 6% decline in December.”

Market Watch. “The housing market rout is dragging certain million-dollar homes back to earth. Redfin said that certain million-dollar homes exited the category in January as prices dipped. And in some parts of the country, they’re falling even more. The report said that the ‘Bay Area, Seattle and New York are losing million-dollar homes fastest.'”

KTVZ in Oregon. “Bend’s median sales price slipped $25,000 to $660,000, down more than $100,000 from the peak $773,000 seen a year ago and the lowest figure since a $645,000 figure seen in the fall of 2021, Redmond’s Beacon Appraisal Group said. Redmond’s median sales price rose, meanwhile, for the first time in several months, up $20,000 to $440,000, still down about $100,000 from last summer’s peak figure of $542,000.”

Bisnow Dallas Fort Worth in Texas. “After months of speculation, CBRE finally came clean earlier Monday about its decision to forgo plans for its new HQ, the latest in a series of cost-cutting moves taken by major corporations hoping to claw their way out of a downturn. Profits and revenue at the nation’s largest brokerage firms took a big hit in the second half of last year, and CBRE was no exception. Losses sustained in 2022 and the growing costs of new builds prompted CBRE to reverse course on previously stated plans to invest millions into a 27-story global headquarters at the corner of McKinney and Maple avenues, just down the street from its current offices in Uptown Dallas. Instead, the company will move its C-suite into a 67K SF space by Klyde Warren Park.”

“Trimming real estate is a common lever to pull when looking to save money, as evidenced by the slew of publicly traded companies that have taken similar steps over the last few months, said King White, CEO of Dallas-based Site Selection Group. The company also expects to save $300M by laying off workers, a move which was ‘largely done’ by the beginning of this year, a company spokesperson told Bisnow in a previous interview. ‘They are probably under pressure, just like any other large corporation, to control costs, and real estate is one way to do it,’ White said. ‘It’s no different than what you’re seeing with Amazon delaying construction on their campus in Virginia.'”

The Dallas Morning News. “Interceramic Inc., the largest glazed floor tile manufacturer in North America, will close its United States operations this year. The Chihuahua, Mexico-based company reported in a filing with the Texas Workforce Commission that it will permanently close its Carrollton corporate office, Garland manufacturing site and showrooms across the state, resulting in nearly 400 job cuts across Texas.”

“By shutting down its U.S. operations, Interceramic is cutting 161 jobs at its Garland facility and 118 at its corporate office and distribution center in Carrollton at the end of the month. The firm’s showrooms across Austin, Fort Worth, Houston, Spring, Plano and San Antonio employed nearly 100 workers.”

The Real Deal. “Commercial real estate continued to take it on the chin last week, and brokerages are preparing for even rougher times ahead. CBRE, JLL, Colliers and Cushman & Wakefield, among others, are moving forward with cost-cutting measures, including layoffs, as property sales and leasing eat into their profits. Symbolic of the tough times, the iconic — but vacant — Flatiron Building is heading to auction scheduled by a New York state judge for March 22.”

“Sorgente Group, Jeffrey Gural’s GFP Real Estate and ABS Real Estate Partners, which owns 75 percent of the building at 175 Fifth Avenue, sued in 2021 to seek a partition sale after the owners said they could not see eye to eye with the 25 percent owner, Nathan Silverstein. The judge issued an order in January allowing the sale to go forward.It’s not the only high-rise potentially poised to hit auction. A subsidiary of M&T Bank asked a court to approve the foreclosure on 29 West 35th Street so it can sell the building at auction.”

“The Brooklyn office market looks equally bleak. While the vacancy rate held at about 21 percent in 2022, net absorption in the fourth quarter crashed from around 279,500 square feet in 2021, down to 950 square feet at the close of 2022 (though that’s a ignificant improvement from the third quarter). Meanwhile, in Queens, for the second time in three months, the Chetrit Group — squeezed by occupancy struggles and a floating rate loan made expensive by the Fed’s rate increases — fell behind on a $225 million loan covering 640 multifamily units in Jamaica. That mortgage comes due in July. In addition, Grant King is seeing his share of hard times, as Relevant Group, which he co-founded, lost the Tommie and Thompson hotels to mezzanine lenders through foreclosures.”

The Toronto Star in Canada. “Some Ontario cities’ home prices have declined by almost a staggering 30 per cent, nearly double Toronto’s price drop since the February 2022 peak, according to a report from Desjardins. Leading up to the February 2022 peak, in the pandemic, more people from the GTA wanted to move to bigger homes with greater access to the outdoors. That’s why prices in Windsor increased by 98 per cent, Oshawa prices increased by 87 per cent, London prices increased by almost 80 per cent, Hamilton increased by almost 75 per cent and St. Catharines increased by 77 per cent. Toronto prices increased by 47 per cent, according to the report.”

“But after the peak, prices in Windsor dropped by almost 26 per cent, Oshawa prices dropped by 26.5 per cent, London saw an almost 27 per cent drop, Hamilton dropped by 25 per cent, and St. Catharines saw an almost 30 per cent drop. In Toronto, the price drop was 17 per cent. New Toronto real estate board data released last week reinforces this trend. It showed that average home prices in King, Ont., fell by $1 million from the market peak last year, from $3.2 million to $2.1 million.”

The Globe and Mail in Canada. “14810 51 Ave., NW., No. 311, Edmonton. Asking price: $229,000 (December, 2022). Previous asking price: $249,900 (July, 2022) *under previous agent. Selling price: $221,000 (December, 2022). This two-bedroom-plus-den suite in a residential suburb near Fort Edmonton Park, went without an offer for roughly five months last year. A new team of agents was brought in and made some subtle changes, including new listing photography and a slimmed-down price tag. Over the next two weeks there were five showings and one visitor made an accepted offer at $8,000 under the asking price.”

“‘Condos are inherently very difficult to sell in Edmonton, the main reason being that there is a lot of new development, therefore you’re competing with brand new construction priced super competitively,’ agent Clare Packer said. ‘We’re seeing sales where someone bought a luxury condo downtown for $750,000 in 2018 and now its worth $400,000. That’s the standard.'”

Domain News in Australia. “Melbourne home sellers are being advised to adjust their price expectations, as buyers achieve the biggest discounts in nearly four years. Buyers enjoyed an average 6.7 per cent discount on Melbourne houses over the three months to January, Domain data show, the most since the September 2019 quarter.Tayne Akyalcin recently bought an apartment in South Yarra, a renovated one-bedroom in an old brick walk-up block. It was scheduled to go to auction, but his budget was below the bottom of the quoted price range – and his offer came with conditions. He was unwilling to budge, so he didn’t attend the auction.”

“‘I decided not to go to the auction because I wasn’t too sure what the sale price was going to be,’ he said. ‘sat on it and I got a call back later.’ It didn’t sell. Akyalcin found himself in a powerful position when it came time to negotiate with the vendor, and bought the house for the price he wanted with the conditions attached. Akyalcin had help buying from property services company Entourage Finance, whose director Antoinette Sagaria said the relatively few active buyers had created enviable market conditions for those in a position to purchase.”

“‘We’re in a buyers’ market. An informed buyer has a great deal of power,’ she said. ‘A price guide is exactly that … it’s a guide. If you know the market, the price being asked becomes irrelevant. If you know the market you can stand your ground.'”

From Vietnam.net. “According to the Ministry of Construction (MOC), products are mostly mid- and high-end, with nearly no affordable housing. The proportion of more affordable housing products dropped from 20 percent in 2019 to below 5 percent in 2022. The number of projects under execution is very small. In 2020, only 1 percent of total housing products were affordable, and there has been no such product since 2021. As of the end of December 31, 2022, the outstanding loans provided to the real estate sector had reached VND800 trillion.”

“Many real estate firms have downsized their staff. The number of workers at Dat Xanh dropped from 6,380 to 3,340 in Q4/2022. Meanwhile, Khai Hoan Land had to shut down branches and representative offices in Nha Trang and Can Tho. Prime Minister Pham Minh Chinh said that all subjects have to take initiative in solving problems. Real estate firms must be responsible for themselves and settle difficulties themselves. No one has to ‘rescue’ others.”

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This Post Has 73 Comments

  1. ‘We’re in a buyers’ market. An informed buyer has a great deal of power,’ she said. ‘A price guide is exactly that … it’s a guide. If you know the market, the price being asked becomes irrelevant. If you know the market you can stand your ground’

    That’s the spirit!

    1. It’s neither a buyer’s nor seller’s market here. I just saw two new listings with last year’s prices. And, there’s still no movement on price or otherwise on the 4 previously posted.

      1. Sellers appear to be ignoring interest rates and thinking low inventory will save their wishing price.

          1. Relitters shot themselves in the foot by fostering unrealistic expectations are interest rates settling back in the 5s. Sellers are clinging to their prices while buyers are waiting for prices and/or rates to fall. The urgency to buy isn’t there. The urgency to sell however will hasten.

  2. ‘Real estate firms must be responsible for themselves and settle difficulties themselves. No one has to ‘rescue’ others’

    Hand out the tough love Pham. It’s the only thing these chiselers understand.

  3. ‘Orange County’s more affordable housing has been hit harder by the home-price collapse coming off May 2022’s pandemic-fueled bubble’

    Thornberg:

    via GIPHY

  4. ‘ ‘They are probably under pressure, just like any other large corporation, to control costs, and real estate is one way to do it,’ White said. ‘It’s no different than what you’re seeing with Amazon delaying construction on their campus in Virginia’

    Eat yer crowz too taxpayer.

    via GIPHY

      1. lifetime of debt

        What other purpose could there have been to lower interest rates for some years to ridiculously low level and then jack them back up? Debt is always a trap, but the near zero interest was a Siren Song. If you don’t want slavery, do whatever is necessary to get out and stay out of debt.

  6. A reader sent these in:

    If the Fed cares about inflation so much, then why is the Fed balance sheet still near all time highs with interest rates double pre-pandemic. Because they are corrupt f*cking morons, that’s why. And no one in the media questions it.

    https://twitter.com/SuburbanDrone/status/1632805763130302473

    One last point to add, powells last speeches were completely contradicted by recent data, everything he said was wrong, I still can’t wrap my head around why he was so dovish his last speeches unless he thought the economy was turning soon but again, recent data negates that for now

    https://twitter.com/eliant_capital/status/1632894178450452480

    Here’s what’s shocking: people take on the streets for completely meaningless fabricated causes but shut up and sheep it up when 2 years of their lives are stolen for a global tyrannical rehearsal test…Go figure…How are people not marching to take down all these f*ckers?

    https://twitter.com/INArteCarloDoss/status/1632489514139525120

    What a change one month can make. JPOW 🚀

    https://twitter.com/MenthorQpro/status/1632487910233522181

    A new bombshell report came out today exposing Tether and Bitfinex for using falsified documents and shell companies to get bank accounts. This is the largest fraud and money laundering scheme in history. These shady players behind this are the only reason BTC held above $1K.

    https://twitter.com/WhaleWire/status/1631780183664459781

    Powell in his last meetings said we are in disinflation and inflation is going down fast. CPI, PCE & PPI all came in hotter along with economic data. Disinflation was transitory. The new narrative now is January data was transitory.

    https://twitter.com/eliant_capital/status/1632441528340627456

    The Kobeissi Letter

    The U.S. Now Has:
    1. Record $16.5 trillion in household debt
    2. Record $11.9 trillion in mortgages
    3. Record $1.6 trillion in auto loans
    4. Record $986 billion in credit card debt
    Total mortgage debt is now more than double the 2006 peak.
    Meanwhile, 36% of Americans have more credit card debt than savings with balances rising at the fastest pace since 1999.
    This is all while mortgage rates just hit 7.1% and credit card debt rates hit a record 24.9%.
    We are “fighting” inflation with debt.
    This can’t end well.

    https://twitter.com/KobeissiLetter/status/1632408557101432833

    The Kobeissi Letter

    This comes as interest rates in the U.S. have hit record highs. Credit card debt interest rates just hit 25% and mortgage rates are over 7%. Furthermore, the housing affordability index just broke below the 2008 low. Americans are now struggling to pay for basic necessities.

    https://twitter.com/KobeissiLetter/status/1632448290582151170

    Like Haldane says….BoE needs to be creative…🤡 Real rates are way too low across the curve and across the West.

    https://twitter.com/INArteCarloDoss/status/1632744887379542017

    Print trillions of dollars in less than 2 years and watch what happens

    https://twitter.com/texasrunnerDFW/status/1632817055069085701

    7 people pool resources to speculate on preconstruction condo in Toronto with intention of flipping before completion. Now cant sell due to falling prices. Need to close but require additional co-signors so want a mortgage for up to 10 people. Good lord what a gong show!

    https://twitter.com/BenRabidoux/status/1631334193887150080

    The Fed now has no choice but to push the US into a ‘hard landing’ recession to pull inflation down, strategist says

    https://twitter.com/judahrhodie/status/1632218339710730241

    For the first time since 2001, investors can make more money holding cash than a traditional stock-bond portfolio, per Business Insider.

    https://twitter.com/unusual_whales/status/1632783347117064192

    Never forget. December 14th 2008 episode of 60 Minutes. In case you’ve never seen what it looks like to see a housing bubble burst 💥

    https://twitter.com/StealthQE4/status/1632887137828831236

    Housing inventory increasing in tech-heavy cities

    https://twitter.com/buccocapital/status/1632935015225892871

    Yeah, but “you bought at the peak in Boise, have a 2.5% rate, and never get to move” = bless your heart

    https://twitter.com/ALROnHousing/status/1632898983805997056

    1. “shut up and sheep it up when 2 years of their lives are stolen for a global tyrannical rehearsal test”

      The only response to any future attempted lockdown, for any reason, must be mass violence.

      300+ million guns in the hands of U.S. civilians, the globalists have less power than they think they have…

    2. “If the Fed cares about inflation so much, then why is the Fed balance sheet still near all time highs with interest rates double pre-pandemic. Because they are corrupt f*cking morons, that’s why. And no one in the media questions it.”

      “Powell in his last meetings said we are in disinflation and inflation is going down fast. CPI, PCE & PPI all came in hotter along with economic data. Disinflation was transitory. The new narrative now is January data was transitory.“

      – I don’t think I could f*ck things up economically speaking more than the Fed if I tried. And yet they’re immune to the consequences of the carnage they’re causing. Unelected and unaccountable, but wielding immense power. Apparently outside the control of (do nothing) Congress.

      – There seems to be plenty of $ to renovate three Fed buildings though. Current estimates at $2.5B and (surprise) over budget.

      – Since housing and stonks are the eCONomy now, what’s going to be left after The Everything Bubble has completely deflated? Wrong answers only. For example: soft landing.

      – The Fed: Doing the most harm since 1913.

      1. Look at how much shacks and igloo clusters went up during CCP virus above. A swift crash was baked in the cake then and the central bankers knew it.

        1. “A swift crash was baked in the cake then and the central bankers knew it.”

          – Yes. The third (and biggest) bubble now since the dot com bubble. Any moron would have learned from the first one not to do it again. This wouldn’t be a repeat unless intentional, in my view. And yet no one says boo!

          3. “They knew.”

            …banks took the money the American people gave them, and they used it to pay themselves huge bonuses and lobby the Congress to kill big reform, and then they blamed immigrants and poor people.

      2. “the carnage they’re causing.”

        That happened years ago. Now they’re correcting it but you’re welcome to continue lending whatever money you have at 3% if you’d like. You’ll have lots of customers.

      3. “Powell in his last meetings said we are in disinflation and inflation is going down fast.”

        😱

        1. we are in disinflation

          Doublespeak. We are still in inflation (for those who know what that is). Disinflation is a word coined by lying politicians.

    3. “The Fed now has no choice but to push the US into a ‘hard landing’ recession to pull inflation down, strategist says”

      This is the captain…brace for impact!

    1. NY court workers fired for refusing COVID vax must be rehired with back pay as state board scraps mandate

      The objective was to get as many needles in as many arms as possible (got spike protein?). Mission accomplished.

      Now it’s time to move onto climate lockdowns. BTW, those will never end.

  9. “No. 1 Newport Beach 92663: Off 45% to $1.7 million between May 2022 and January. That’s a reversal from a 30% gain in the pandemic boom, February 2020 to the May 2022 peak.”

    What is the net effect of 30% up followed by 45% down?

    1.30*(1-0.45) – 1 = -28.5%.

    Unless the data or my math is wrong, Newport is down 28.5% from pre-pandemic prices (February 2020).

    Gulp…

    1. “…No. 1 Newport Beach 92663…”

      Have noticed in the Newport/Corona Del Mar/Irvine MLS a number of what I would classify as ‘Hail Mary’ asking prices.

      Have also recently received more than the usual number of phone mails from very anxious sounding REIConplex agents.

      IMO, this [local] market is barely balanced on a knife edge.

      If the next Fed meeting in a few weeks surprises, its going to be sliced salami all over.

    2. It showed that average home prices in King, Ont., fell by $1 million from the market peak last year, from $3.2 million to $2.1 million.” $1 Million?
      I know these are only Canadian pesos but this is still gonna leave a mark. (It’s $730 k IN Usd.)

      1. The mark for the seller may be something that requires a trip to the laundromat. Similar to what Dr. Biden must see.

    3. There were probably two sales in each respective month in that zip code. (I.e. yes sometimes the mix does affect the median price).

      I remember around 2009 I followed each zip code in LA County pretty closely. Some would be down 30% YOY, some were up 50+%. The ones up 50% were obviously due to very low sales numbers and different types of houses selling in 2009 vs 2008.

      1. Maybe, as this is down 32%.
        But the rest of the areas listed are down from 25% to almost 30%, so maybe not
        But after the peak, prices in Windsor dropped by almost 26 per cent, Oshawa prices dropped by 26.5 per cent, London saw an almost 27 per cent drop, Hamilton dropped by 25 per cent, and St. Catharines saw an almost 30 per cent drop

    4. Just listing the increase and decrease as flat percentages never does it justice. The graphs would have shown it clearly. All of the pandemic gains are totally wiped out for those 20 Orange County zip codes.

      And it’s still going down!

  10. Key word of this article is “despair”

    Never Trumpers rally in D.C., trying to find hope and a plan amid despair (3/6/2023):

    “The two-day confab at the luxury Conrad Hotel, billed as the Principles First Summit, was implicitly constructed as a counterweight to the MAGA-fied Conservative Political Action Conference. But the programming also served to underscore the often-bleak, occasionally hopeless, existence that comes with being a modern day anti-Trump Republican.

    Panels for the event included “Looking to 2024: Hope and Despair — but Mostly Despair” and “Can the GOP survive?”

    If it all felt a bit dark at times, it was a reflection of the mood of some headliners.

    “Trump is a cancer that’s now metastasized,” said former Rep. Barbara Comstock (R-Va.), shortly after wrapping the latter panel.

    The summit itself is just three years old. A decade ago, many of the speakers at this year’s gathering were some of the party’s rising stars and top thinkers. Adam Kinzinger. Bill Kristol. John Kasich.”

    Bill Kristol? There will never be enough Christian soldiers dying to “secure the realm” for Bill Kristol. Never. Enough.

    ““It turns out that once you let the toothpaste out of the tube, so to speak, demagoguery and bigotry and all that, some people like it. It’s hard to get it back.” Kristol said. “You can’t just give them a lecture.”

    A lecture? Bill Kristol is on the record advocating for the Great Replacement of white Americans.

    “Instead of MAGA hats and Trumpinator shirts, attendees wore navy blazers with American and Ukrainian flag pins affixed to the lapel. At least one Lincoln Project hat was spotted in the crowd.”

    https://www.politico.com/news/2023/03/06/never-trumpers-rally-dc-00085758

    America Last globalist war pigs? Check.

    N.A.M.B.L.A. Republican Lincoln Project? Check.

    “They’re not sending their best”

  11. Secede.

    “A Texas state lawmaker filed a bill on Monday that would set a referendum for voters to decide whether the state should explore the possibility of seceding from the United States.

    If the measure — known as the TEXIT Referendum Act — passes, a referendum on whether Texas “should reassert its status as an independent nation” would be scheduled for the next general election on Nov. 7, 2023. The bill would also require potential plans to be presented to the state legislature.

    “The Texas Constitution is clear that all political power resides in the people,” Rep. Bryan Slaton (R) wrote in a statement. “After decades of continuous abuse of our rights and liberties by the federal government, it is time to let the people of Texas make their voices heard.”

    https://thehill.com/homenews/state-watch/3886527-texas-lawmaker-files-texit-bill-to-spur-vote-on-exploring-secession-from-us/

    Secede.

    Let Clownifornia “muh world’s fifth largest economy” drown in their depravity and filth.

    And if Texas pulls this off, please annex Southern Colorado, we’ll be joining you to defeat Denver.

  15. If you live in Denver, you can expect ZERO police enforcement of any laws from the property taxes you are paying.

    Coloradans seeing shocking increases in property tax assessments (3/6/2023):

    “Matt Leprino, a spokesperson for the Colorado Association of Realtors said, “There are some people who are opening up some rather surprising tax bills right now.”

    The most recent assessments, he says, were made near the height of the market in 2022.

    “If you bought your house for say $500,000 in 2018 it was very realistic that that was a $700,000 house in 2022,” Leprino said.

    But as the market has slowed a bit, some homeowners are wondering if those assessments are still accurate, or if the value of their home has decreased since then.

    “I think you should look at it every single year. Consult your realtor and find out if it’s accurate or not,” Leprino said.

    https://kdvr.com/news/local/coloradans-seeing-shocking-increases-in-property-tax-assessments/

    1. 75 years old? Get back to work.

      Colorado Woman Came Out of Retirement to Cover Bills, Including Xcel Increases (3/7/2023):

      “Patricia Mills Sanchez is 75 years old. She went back to work about a year ago because she and her husband, who is a Vietnam veteran, needed extra money to cover their rising cost of living, including increased medical expenses and also rising property taxes and utility bills.

      “Everything’s going up, and our income is not,” Mills Sanchez says. “Since I got a job, it hasn’t been too bad. … We don’t qualify for any kind of help. We struggled to make sure we could make the gas and electric payment. Neither one of us wants to keep our thermostat set at 68 degrees, because we’re both cold all the time, so we keep our thermostat set at 70, and we know we’re going to have to pay the price for that.”

      Mills Sanchez retired from Lockheed Martin with a pension after a 45-year career in human resources. She and her husband used to be able to live off a combination of Social Security and pensions, but when that no longer paid the bills, she started a job search.

      https://www.westword.com/news/coming-out-of-retirement-to-cover-bills-including-increased-xcel-charges-16325389

      1. Poor at 75 might justify a take down of a politician thus securing a cot , 3 hots, and a sense of satisfaction.

      2. “She went back to work about a year ago because she and her husband, who is a Vietnam veteran, needed extra money to cover their rising cost of living, including increased medical expenses and also rising property taxes and utility bills.”

        I’d bet that they took out a HELOC, and bought a 4×4 truck, travelled, etc., and now they’re paying the piper.

        1. I too wondered about the expenses of a “retired” couple pulling down a significant income having to go back to work to turn their thermostat up 2 degrees.

  17. 𝗦𝗮𝗰𝗿𝗮𝗺𝗲𝗻𝘁𝗼, 𝗖𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟏𝟔% 𝗬𝗢𝗬 𝗢𝗻 𝗖𝗼𝗹𝗹𝗮𝗽𝘀𝗶𝗻𝗴 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗗𝗲𝗺𝗮𝗻𝗱

    https://www.movoto.com/sacramento-ca/market-trends/

    𝘈𝘴 𝘢 𝘯𝘰𝘵𝘦𝘥 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘢𝘥𝘷𝘪𝘴𝘦𝘥, “𝘎𝘦𝘵 𝘸𝘩𝘢𝘵𝘦𝘷𝘦𝘳 𝘺𝘰𝘶𝘳 𝘩𝘰𝘶𝘴𝘦 𝘸𝘪𝘭𝘭 𝘧𝘦𝘵𝘤𝘩 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘪𝘵’𝘴 𝘨𝘰𝘯𝘯𝘢 𝘧𝘦𝘵𝘤𝘩 𝘭𝘦𝘴𝘴 𝘭𝘢𝘵𝘦𝘳. 𝘈 𝘸𝘩𝘰𝘭𝘦 𝘭𝘰𝘵 𝘭𝘦𝘴𝘴.”

  18. Ex-Clinton Lawyer Killed by Severe Turbulence on Plane

    “I can’t remember the last fatality due to turbulence,” says top aviation official.

    By Jamie White | INFOWARS.COM Tuesday, March 07, 2023

    A top Washington lawyer who served under the Clinton and Obama administrations was killed on a plane that experienced severe turbulence as it flew over New England last week.

    Dana J. Hyde, 55, was one of five passengers on board the DC-bound aircraft from New Hampshire on Friday when it diverted to Bradley International Airport in Connecticut after encountering turbulence.

    Officials said Hyde was immediately transported to Saint Francis Medical Center in Hartford after the plane landed, where she was pronounced dead that evening.

    https://www.newswars.com/ex-clinton-lawyer-killed-by-severe-turbulence-on-plane/

  20. NYC: Deli patrons should remove masks as safety precaution

    Mar 6, 2023

    This comes in the aftermath of the shooting death of a 67-year-old bodega worker on the Upper East Side. CBS2’s Ali Bauman has the latest.

    https://youtu.be/xTU2J_G2M0M

    1. How’s that “Build Back Better” workin’ out for ya, SNAP recipients?
      Guess those job openings at MCDonalds might get filled.

  23. ‘‘We’re seeing sales where someone bought a luxury condo downtown for $750,000 in 2018 and now its worth $400,000. That’s the standard’

    That’s a lot of bubble years gone poof.

    1. The Financial Times
      US interest rates
      Jay Powell warns Fed is prepared to return to bigger interest rate rises
      High-stakes testimony before Senate committee comes as central bank struggles to cool US economy
      Fed chair Jay Powell’s testimony marks the first public remarks since data releases showed the central bank is still struggling to cool the US economy
      Colby Smith and James Politi in Washington 11 hours ago

      Jay Powell warned the US Federal Reserve is prepared to return to bigger interest rate rises to fight inflation at a congressional appearance on Tuesday.

      In his first public intervention since data releases showed the central bank struggling to cool the US economy despite a year-long campaign of monetary tightening, the Fed chair signalled his willingness to ratchet up rate increases to combat persistent price rises.

      Powell told the Senate banking committee that “the ultimate level of interest rates is likely to be higher than previously anticipated” and said recent economic data was “stronger than expected”.
      …

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