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Those People Who Saw The Extraordinary Capital Gains Were Thinking That They Might Miss Out On Growth, But Are Now Realising We’ve Come Back To A Normal Market

A report from the Mercury News in California. “‘Silicon Valley Bank’s collapse is good for real estate,’ said Chris Thornberg, an economist and founder of Beacon Economics. ‘I mean it. If it forces the Federal Reserve to truly sit on their hands and let inflation run, that will make interest rates come down, and that will be a relief for home real estate markets.’ Year over year, prices were still down a whopping 19% — the largest decline in the state — highlighting the dramatic slide in the Bay Area market. The median home price in Santa Clara County was $1.5 million in February, an 18% drop from $1.82 million last year and a 2% drop from the previous month.”

From Newsweek. “If there’s one city where the local housing market is likely to suffer the impact of the recent U.S. bank failures, that’s San Francisco. ‘The San Francisco market was already under stress, even before the collapse of SVB,’ Cris DeRitis, deputy chief economist at Moody’s Analytics, told Newsweek. ‘Prices were already coming down 10 percent from their peak from the last reading. So that was already the primary market that was experiencing declines.'”

My San Antonio in Texas. “It seemed that last year, even Austin’s outlying areas were growing impossibly inexpensive for the average homebuyer. The northern suburbs were particularly hot, including Round Rock and Pflugerville, as outlined in a MySA story from March. However, Austin’s median home sales price has dipped to $439,419, the lowest it has been in almost two years, according to new data from the Austin Board of Realtors. In Hays County, which encompasses towns like Buda, Kyle, Wimberley, and Dripping Springs, and which contains portions of the cities of Austin and San Marcos, home sales increased 3.8%, with the median price falling 13.1% to $380,000. Active listings jumped a staggering 448.8% to 1,136 listings, no doubt in large part to a massive increase in development in the area.”

“In Bastrop County, where we previously reported was becoming a hotspot for young creatives being priced out of Austin, home sales jumped 28.8% compared to 2022, while median price decreased 20% to $349,990. Bastrop County also saw a huge increase in active listings of almost 400%, again a likely cause of major homebuilding in towns like Elgin and Bastrop.”

From KSL TV. “The Utah Association of Realtors reports that after 129 months of price increases, January marked the first year-over-year decline in statewide home prices. And in February, prices dropped again. ‘Home prices are down,’ said Deanna Devey, the association’s director of communications. ‘That’s good because affordability has really been an issue for buyers.’ The median sales price in Utah was $464,000 in February, according to the realtor group’s monthly report. That’s a 7.6% decline from last February’s median sales price of $502,000. Utah home prices reached their peak of nearly $540,000 in May of 2022.”

The New York Post. “A grandiose, Gatsby-esque Long Island mansion — a mashup of Las Vegas kitsch and West Egg elegance — is for sale once again. The stately home, on 8 waterfront acres, has been on and off the market for the past eight years, according to the Real Deal. The $100 million asking price dropped to $85 million — and then $55 million. It now asks $45 million.”

My Northwest in Washington. “Small landlords throughout Seattle let their frustrations fly over a flurry of grievances they are facing during a meeting with a city council committee. ‘We feel very vulnerable to a bad situation in our home that there may be no resolution for,’ said MariLyn Yim, a property owner in District 6. ‘In addition to us encouraging people not to buy in Seattle, which I hate to say, but every small landlord we know in Seattle has an exit strategy to divest and leave the city.'”

From ABC 6. “As financial troubles delay and cancel construction projects across the state, economic experts say we’re spiraling towards an economic downturn. Projects like the revitalization of the Superman Building, Fane Tower, and Tidewater Landing have been halted or hindered by recent financial troubles. Len Lardaro, professor of economics at the University of Rhode Island, cites rising interest rates, increased inflation, and supply shortages. ‘We’re actually approaching or possibly entering into the earliest stages of a recession in Rhode Island,’ said Lardaro. ‘All of this just means that the world has changed from a year ago. So, it’s not clear that these projects are viable any longer.'”

The Real Deal. “The upcoming auction of a Connecticut office complex demonstrates the depths of despair being felt by some landlords in the commercial real estate sector. The Campus at Greenhill, located at 108 Leigus Road in Wallingford, is set to be auctioned at the beginning of April, the Hartford Business Journal reported. Bidding will commence April 3 on Ten-X, running through April 5. There’s plenty to like about the modern office building, completed in 2012. But the reality of the property is much harsher, in line with the general shift away from suburban office buildings in a post-pandemic world.”

“Health insurer Anthem Blue Cross Blue Shield signed on for more than 200,000 square feet two years before construction was even completed; it’s down to a meager 48,000 square feet. There are a few other tenants, but the building is 60 percent vacant. Before the pandemic even muddied the waters, the mortgage holder foreclosed on the property.”

The Globe and Mail. “Toxic Treasuries, spread across the thousands of banks that make up the nebulous U.S. financial system, could conceivably give rise to a cascade of turmoil that officials are unable to contain. ‘It was a blind spot,’ said Cristian Bravo Roman, Canada Research Chair in Banking and Insurance Analytics at Western University. While policy makers were aware of the stress that rising interest rates put on bank holdings, ‘they didn’t think there was a systemic risk threat arising from it,’ Prof. Bravo Roman said.”

“The real risk lies with small and medium-sized banks, of which there are a multitude. In 2021, there were 4,237 banks insured by the Federal Deposit Insurance Corp. ‘There are U.S. banks left and right that are at risk of bank runs,’ said Sébastien Mc Mahon, chief strategist at iA Investment Management. ‘When people get scared, that’s when you have animal spirits take over. And illiquidity is the thing that can kill you in 24 hours.'”

From Fortune. “Once the crisis is past, who will enforce discipline in the banking system? The likely candidates all seem to have disqualified themselves. It was probably foolish to think that uninsured depositors would be a prime source of discipline for misbehaving banks, particularly in a case like Silicon Vally Bank, where customers were effectively required to hold deposits at the bank in return for loans and services. But by promising to bail out all the failed banks’ depositors, regulators have taken depositor discipline almost entirely off the table. (I say ‘almost’ because regulators are still waffling on exactly who is covered by the deposit guarantee.)”

“We now know it was an error (if not an act of policy malpractice) to set $250 billion as the threshold for ‘systemically important’ banks. The failed banks fell below that level but were declared systemically important all the same. Even more disturbing is the revelation that regulators probably wouldn’t have caught the problem anyway. Why? Because their ‘stress tests’ didn’t deal with a rapidly rising interest rate scenario.”

“That last revelation is particularly disturbing. (You can read more about it in Shawn Tully’s excellent piece here.) We’ve known for over a decade that we were in a historically unprecedented era of low interest rates–and that a return to the norm would be likely, if not inevitable. So why would the Fed not ‘stress test’ banks for the effects of higher rates? The Wall Street Journal attempts to explain the failure this weekend here. But it still boggles the mind. Market failure is the best argument for imposing regulation. And regulatory failure is the best argument for imposing market discipline. But what happens when both fail? That’s the unanswered question.”

The Australian Financial Review. “While Australian bank stocks have so far been insulated from the global banking turmoil triggered by the sudden collapse of California-based Silicon Valley Bank earlier this month, that doesn’t mean bank executives are complacent. In particular, they’re focused on what are known in banking circles as the ‘2021 and 2022 vintage’ home loans. These are the pandemic-era home loans that were written when the banks, loaded up with super-cheap three-year loans provided by the Reserve Bank, were competing furiously to write fixed-rate home loans.”

“According to bankers, there are already some signs of mortgage stress starting to appear in south-west Sydney and western Melbourne. Especially given the precipitous decline in residential prices. According to CoreLogic figures, Sydney house and unit prices plunged 13.4 per cent in the year to the end of February, while Melbourne prices were down 9.6 per cent and Brisbane suffered a fall of 6.3 per cent.”

News Talk New Zealand. “Kath Duncan has never seen Ōmaha like this. ‘There are for sale signs up in almost every street,’ she says. ‘I’ve been coming to Ōmaha for years and years and I’ve never seen so many houses up for sale.’ Duncan has owned baches in the popular beach town, 75 kilometres north of Auckland, for most of the past 30 years. ‘At any one time, there were only two, maybe three, properties,’ she said of the search. Ōmaha homeowners prize their properties and rarely sell, given the town is on a tiny spit of land where new housing developments are difficult. ‘The attitude has always been, if you’re lucky enough to get in on a property, you hang on to it if you can.'”

“That’s what made the recent string of ‘for sale’ signs so surprising, Duncan said. She wonders whether rising interest rates are starting to bite, especially among those who bought in recent years after the Covid pandemic. House prices have been falling for more than 12 months and data by analysts at CoreLogic shows just how much the Coromandel – as one example of holiday hotspots – has been hit. The median house value in Whangamatā is now $1.3 million – or 4 per cent less than three months ago and 13 per cent down on this time last year. There are also fewer sales at the same time as more homes are being listed and are taking longer to sell.”

“CoreLogic’s data shows 109 homes were sold in Whangamatā in the 12 months to March this year, or half as many as the 218 sold in the 12 months to September 2021, which was close to the peak of the post-Covid booming market. There are also about six times more homes listed for sale now than 18 months ago in September 2021. CoreLogic’s data shows 109 homes were sold in Whangamatā in the 12 months to March this year, or half as many as the 218 sold in the 12 months to September 2021, which was close to the peak of the post-Covid booming market. There are also about six times more homes listed for sale now than 18 months ago in September 2021.”

“Long-time Ōmaha agent Di Balich has also noticed more homes coming up for sale in the town, but she says she isn’t aware of people being forced to sell because they can’t afford to pay their home loans. As people’s lives were changing again post-Covid, they were starting to sell, especially those who might have been holding on to houses throughout 2022 to see whether the downturn in the market had passed. ‘Those people who saw the extraordinary capital gains (in 2020 and 2021) didn’t want to sell because they were thinking that they might miss out on growth, but are now realising we’ve come back to a normal market,’ she said.”

“For Duncan, meanwhile, the number of houses being listed doesn’t look like just a post-Covid reaction but a more notable change. ‘I keep saying, ‘Oh my god, look there’s another one for sale, now another one,’ she said.”

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This Post Has 69 Comments

  1. ‘Even more disturbing is the revelation that regulators probably wouldn’t have caught the problem anyway. Why? Because their ‘stress tests’ didn’t deal with a rapidly rising interest rate scenario’

    ‘That last revelation is particularly disturbing…We’ve known for over a decade that we were in a historically unprecedented era of low interest rates–and that a return to the norm would be likely, if not inevitable. So why would the Fed not ‘stress test’ banks for the effects of higher rates? The Wall Street Journal attempts to explain the failure this weekend here. But it still boggles the mind’

    Not if they wanted to crash the system.

    1. they wanted to crash the system

      They set up the crash, or postponed it, when they pushed the cheap easy money.

      1. They will use bailouts to arrest the crash before it bottoms out and lock in price increases at whatever level they choose (Greenspan / Bernanke put, continued)…

  2. ‘The northern suburbs were particularly hot, including Round Rock and Pflugerville, as outlined in a MySA story from March. However, Austin’s median home sales price has dipped to $439,419, the lowest it has been in almost two years’

    So the CCP virus boom is completely gone and we’re working on 2000? These counties north and south of Austin are yuuge, and have been covered by shacks the last ten years. This is going to be a foreclosure disaster.

  4. from the Kobeski letter on Twitter:


    The FDIC said THEIR cost of Silicon Valley Bank’s failure is $20 billion.
    Funds are coming from the Deposit Insurance Fund.
    15% of the entire fund is being used.
    SVB is the most expensive bank failure in US history.
    We cannot afford this crisis spreading.

    And they say that there is no bailout. Bank depositors will have to pay more insurance to bail out the fund.

    1. But not to worry. Authorities are expanding support for regional banks. I am sure that it will not 1) increase taxpayer liabilities, 2) increase FDIC insurance costs on depositors, or 3) further tank MBS and Treasuries yield. /s

      🙁 this just keeps getting worse.

      Regional bank stocks were moving higher on Monday following a report from Bloomberg News that U.S. authorities were considering expanding government support for banks to provide additional liquidity. Shares of First Republic jumped 23% in premarket trading, while PacWest Bancorp rose about 9%, and Western Alliance
      gained 5%.

  5. Wait until traditional industries understand that they can force hotdesk’ing like Google if employees only want to come in 3 days a week. Look out for commercial office space built earlier than 2000.

    “Health insurer Anthem Blue Cross Blue Shield signed on for more than 200,000 square feet two years before construction was even completed; it’s down to a meager 48,000 square feet. There are a few other tenants, but the building is 60 percent vacant. Before the pandemic even muddied the waters, the mortgage holder foreclosed on the property.”

  7. Re-post of these stats from a recent Off Guardian article:

    “It is not just pharmaceutical companies that have profited from Covid, since the beginning of lockdown the wealthiest people have become significantly wealthier.

    In October 2020, Business Insider reported that “billionaires saw their net worth increase by half a trillion dollars” in just the first six months of the pandemic.

    By April 2021 Forbes was reporting that 40 new billionaires have been created “fighting the coronavirus”.

    That process has only accelerated.

    As of May 2022, the number of new billionaires created by the pandemic stood at 543. Or roughly one every 30 hours for the previous two years. That includes 40 new billionaires in the pharmaceutical sector alone.

    Meanwhile, the share of the world’s wealth held by billionaires has increased from 10% in 2019 to 14% in 2022, a greater increase than the previous 16 years combined.

    Altogether, the richest people in the world increased their collective wealth by over five trillion dollars in the past three years, all thanks to Covid.”

  8. Posting articles like this to DEMORALIZE United States taxpayers, you’re being robbed blind to pay for this phony war.

    Russia Today — US democracy ‘a facade’ – Russian security chief (3/27/2023):

    “The US is not really a democracy, nor does it seek to promote democracy in its relations with other nations, contrary to Washington’s claims, senior Russian security official Nikolay Patrushev has said. He made the remarks while commenting on the upcoming ‘Summit for Democracy’ hosted by the US government.

    Patrushev, who is the secretary of the Russian Security Council, described the US economy as “dependent on corruption and lobbying connections going to the White House and Capitol Hill.”

    Corporate interests have hijacked the levers of political power in the US and use the country’s international clout to pursue their own agenda, he said in an interview with Rossiyskaya Gazeta newspaper, to be published in full later today.

    Washington pursues the same approach in the international arena, where it claims to be the champion of democracy but disregards other nations’ sovereignty, Patrushev said. He believes that this “hypocrisy” will be on display at the Summit for Democracy, which will kick off this week in Washington.

    The event will be “a gathering to support a world order in which Washington wants to play the central role forever. Dissenters will be labeled ‘undemocratic states,’” he predicted. The US, which “appointed itself the dictator of the world, will harass the nations whose sovereignties and democracies were undermined,” by Washington.

    The reality is that “Washington has long been a leader in violating the sovereignty of other nations, in the number of wars and conflicts it has unleashed,” the security chief said. He called the nations that support this arrangement “vassals” that are constantly “humiliated” in their abusive relationships with the US.

    https://www.rt.com/russia/573658-patrushev-american-democracy-facade/

    It’s Monday morning. Time to go to work and generate federal income tax revenue to send it all to Ukraine, stupid peasants.

    You’ll never be anything more than cattle tax slaves to these globalists.

    And yes, Russia is winning.

  11. Do you worry the banking crisis may wallop your household finances with a credit crunch?

    1. Federal Reserve
      Published March 27, 2023 6:00am EDT
      Banking crisis threatens to ignite credit crunch for US households: What to know
      Recession risks rise amid fears of ‘credit crunch’
      By Megan Henney FOXBusiness
      Strategic Intelligence editor Jim Rickards discusses the Fed’s decision to raise rates by 25 basis points, arguing that policymakers are “determined” to get inflation under control.
      Fed is going to keep raising rates, Jim Rickards warns

      Strategic Intelligence editor Jim Rickards discusses the Fed’s decision to raise rates by 25 basis points, arguing that policymakers are “determined” to get inflation under control.

      The worst banking crisis since the Great Recession could severely tighten credit for U.S. households and businesses, taking a toll on economic growth.

      The turmoil that has engulfed the financial system following the stunning collapse of Silicon Valley Bank and Signature Bank has raised the prospect among economists that lending standards will become drastically more restrictive in coming months.

      “Tighter conditions can happen and occur outside the official tightening of the Fed funds rate. There are so many other variables,” Jeffrey Roach, chief economist at LPL Financial, told FOX Business. “A banking crisis, in essence, can tighten conditions… I think it’s fair to say that the current banking crisis could also be an equivalent to say, a 50-basis-point rate hike.”

      During a credit crunch, banks significantly raise their lending standards, making it difficult to acquire a loan. Borrowers may have to agree to more stringent terms like high interest rates as banks try to reduce the financial risk on their end. Fewer loans, in turn, would lead to less big-ticket spending by consumers and businesses.
      …
      https://www.foxbusiness.com/economy/banking-crisis-threatens-ignite-credit-crunch-us-households-what-know

  12. ‘I mean it. If it forces the Federal Reserve to truly sit on their hands and let inflation run, that will make interest rates come down, and that will be a relief for home real estate markets.’

    Did Chris miss the news of the Fed’s quarter point rate hike last week to continue with its campaign to bring inflation back down to 2%?

    1. Another problem with Chris’s prediction is that if inflation is running high and the Fed doesn’t raise interest rates, debt markets will do it for them. Lenders tend to not want to make loans where the interest payments don’t even cover inflation.

      2. Looking on the bright side, this won’t be Chris’s first failed prediction, as his prediction that Bay Area home prices would only go up has failed spectacularly.

      3. Lenders tend to not want to make loans where the interest payments don’t even cover inflation.

        I call BS on that assertion. Just look what they’ve been doing the last several years. And the loans were over 100% LTV, in some instances over 150% LTV.

  13. A reader sent these in:

    This is so rich. Rich guys whining about interest rate hikes. So, a pandemic makes you richer. Low interest rates for the past 20 years makes you wealthier. Your money makes you entitled. And when higher interest rates tackle your cash flow, you’re whining like spoiled Billionaires.

    https://twitter.com/kci2013/status/1639640637816356868

    Looks like Fed just released their financial statements yesterday. Unrealized losses were $550b as of 2022 year-end. Doesn’t impact the implementation of monetary policy.

    https://twitter.com/FedGuy12/status/1639768478008897536

    My mistake. That above is only the results for FRBNY. I have learned that even though FRBNY holds SOMA, other reserve banks are allocated a share on their statements. Here is the consolidated loss – $1t in losses.

    https://twitter.com/FedGuy12/status/1639812232367476739

    In other news…

    https://twitter.com/DiMartinoBooth/status/1639751733969821696

    This is what I want to see 90% of real estate agents and CRE brokers doing over the next 3-10 years

    https://twitter.com/GRomePow/status/1639671877462548480

    SBA..its own inspector general has estimated that at least 70,000 loans are potentially fraudulent. An unknown additional number of loans went to companies that didn’t need PPP funding to survive the pandemic.

    https://twitter.com/pavan_nagpal/status/1639676818805637120

    Sounds like this crypto scammer took money from the wrong people.

    https://twitter.com/lopp/status/1639667600543170566

    The dot plot terminal rate to end 2024 was revised up to 4.3% from 4.1%. Three 25bps cuts is what Fed officials currently anticipate
    Pivoteers & inflationistas know this glacial pace of easing won’t do squat
    Veteran mortgage guy “Fed has to get 30-yr fixed to 1.5% to stimulate”

    https://twitter.com/DiMartinoBooth/status/1639657914842447874

    Powell knows LEVEL of rates now irrelevant. He can pause. His sole aim: KEEPING rates high, which Fed officials have reiterated since blackout ended. As long as QT continues “in the background,” through remainder of 2023, Powell achieves his goal knowing odds stacked against him

    https://twitter.com/DiMartinoBooth/status/1639648946216632322

    When the road to el dorado turns into the road to perdition

    https://twitter.com/NipseyHoussle/status/1640014017488994305

    The $2 trillion venture capital industry could see portfolio markdowns of 25% to 30% — a “haircut” of possibly $500 billion — following the SVB debacle, according to Bloomberg Intelligence

    https://twitter.com/ttmygh/status/1639770755486584832

    “We hope it’s going to be a wake-up call to other banks and investors who hold similar securities,” said Nicholas Gunther, co-founder infimatech
    .
    https://twitter.com/NatMortgageNews/status/1639968611551916034

    Scott, your entire business model was built around ZIRP. You had no plan for work from home & the Fed raising rates. I own CRE. How come I – some rando on Twitter – saw this coming a mile away & locked in fixed rates for 10 years. In 2020.

    https://twitter.com/RJRCapital/status/1639638089436995586

    LOL! Banks had 12-18 months to prepare for this. If they chose to ignore the risk, maybe they weren’t really in the business of banking

    https://twitter.com/dfwaaronlayman/status/1639959663742517250

    I invite you in today with my clients’ blessings. We live in troubled times. History’s lessons are scorned. Those with the courage to make impossible choices are pilloried for sport. The sin of ZIRP & QE are presumed to be other-worldly ‘free lunch.’

    https://twitter.com/DiMartinoBooth/status/1638529712057118721

    “Bulk of maturing class B & C mall loans will likely default as access to capital gets harder & that was before banking troubles sent a shudder through markets. Regional & local lenders represented ~46% of financing for retail real estate in 2022 per @MSCI_Inc”

    https://twitter.com/DiMartinoBooth/status/1640025832981766144

    Here are 2 similar looking charts of long duration assets purchased in last few yrs. Owners believe if held to maturity, all losses will be recovered. If either liquidated today, owners experience a large loss on original principal. One is a US Treasury. The other is Bitcoin.

    https://twitter.com/SantiagoAuFund/status/1639999651658055681

    Good update on $FRC “Bankers are weighing going to the federal government for a handout: Capital in exchange for warrants that would be repaid at profit once the thing is sold. Yes, things could get pretty bad, so don’t trust the addicts trading stocks.”

    https://twitter.com/DiMartinoBooth/status/1640020341320826880

    Austin, TX has a whole load of new construction available in the $500k’s within a 20 minute drive from downtown/UT Austin campus. Austin’s housing market is going to correct hard. There’s just way too much supply within reasonable driving distance.

    https://twitter.com/akm515/status/1640132544497606664

    Some anecdotal evidence in my subdivision. New lots and homes sold like hotcakes 12 months ago and now 3 models in the same subdivision sit unsold for months.

    https://twitter.com/cryptooverforex/status/1640037799830204416

    Improved Federal reserve crisis solution chart.

    https://twitter.com/WallStreetSilv/status/1640127086047252480

    Justin Trudeau lecturing Canadians on having a financial budget … Meanwhile one of his four government funded mansions spend $8,000 per month on utilities … 🤡 🌎

    https://twitter.com/WallStreetSilv/status/1640096284986966019

    Attendees of Janet Yellen’s Friday Emergency FSOC Meeting. (Hint: Everything is not FINE)

    https://twitter.com/WallStreetSilv/status/1639825514880696324

    Residential property prices in Germany decline for the first time since 2010 … 🤨

    ECB President Christine Lagarde: “we are neither committed to raise further nor are we finished with hiking rates.” 🤷

    https://twitter.com/WallStreetSilv/status/1639662387740524545

    And all of this Organized by People and Organizations in less than 2 hours, that is not good…

    https://twitter.com/sentdefender/status/1640095914709729280

    There are only ~3,000 new vehicles in the *entire* United States priced under $20K right now 🙃

    https://twitter.com/GuyDealership/status/1640001857417277449

    Silicon Valley Bank and First Republic Bank. Both San Francisco area banks operating in an imploding real estate market. I am sure massive Tech layoffs will help the situation. We are looking at the locus of GLOBAL collapse.

    https://twitter.com/SuburbanDrone/status/1639808381308268550

    Over the next 5 years, more than $2.5 trillion in commercial real estate debt will mature. This is by far more than any 5 year period in history.
    Meanwhile, rates have more than doubled and commercial real estate is only 60-70% occupied. Refinancing these loans is going to be incredibly expensive and likely lead to the next major crisis. The worst part? 70% of commercial real estate loans are owned by small banks. Rapidly rising rates are teaching everyone a valuable lesson. There’s no such thing as “free” money.

    https://twitter.com/KobeissiLetter/status/1640100477537857538

    Since March 2020, We Have Seen:
    1. Largest pandemic in over 100 years
    2. Over $4 trillion in printed stimulus
    3. Interest rates lowered to 0% over night
    4. Interest rates rising at their fastest pace in history
    5. Inflation at its highest in 40+ years
    6. Closest we’ve been to WW3
    7. Oil prices go from negative to $100+ with record high gas prices
    8. Largest crypto bear market in history
    9. Record high credit card debt of $986 billion
    10. Most unaffordable housing market in history (less affordable than 2008)
    11. 2nd and 3rd largest bank collapses in US history
    If you started investing in 2020, you have seen more historic events than most people see in 20+ years.
    Volatility is the new normal.

    https://twitter.com/KobeissiLetter/status/1640062788419584002

    Nearly 15% of drivers who financed a new vehicle toward the end of 2022 are paying $1,000+ a month. What will this look like a year from now?

    https://twitter.com/GuyDealership/status/1639660659053821953

    #Germany faces travel chaos as airport, rail workers to strike on Monday. Verdi union seeking 10.5% raise for public sector staff. Major airports won’t operate Mon, long-distance & local trains operated by Deutsche Bahn will also come to a standstill.

    https://twitter.com/Schuldensuehner/status/1639915413856239618

    Small US banks see a record drop in deposits after SVB collapse. 25 largest banks saw deposits increase $67bn, while smaller banks experienced a $119bn deposit outflow. Top 25 is defined by 2022 reports, in which SVB & First Republic are in the 25 largest.

    https://twitter.com/Schuldensuehner/status/1639539366228885504

    Reminder, Thomas Jefferson said: Banks are more dangerous… than armies. If [Americans] ever allow private banks to control the issue of… currency, first by inflation, then by deflation, [they]… will deprive the people of all property until their children wake up homeless.

    https://twitter.com/unusual_whales/status/1639734147743731715

    So lets say U.S regional banks take a sizable hit on their multi-trillion dollar commercial real estate (CRE) exposure. What happens if investors in trillions worth of CRE funds managed by the likes of BlackRock & other big guns panic, all wanting to rush for the door at once?

    https://twitter.com/AvidCommentator/status/1639870123346661376

    It’s the “Bank Walk.” The headlines go to SVB, Signature Bank and others that caught a bank RUN, but the underlying story is the steady stream of people and companies getting around to moving money out of 0.01% deposits and into 4-5% money markets.

    https://twitter.com/JeffWeniger/status/1640166308607033344

    100 years ago. Sound familiar? Quotes before the decade long depression

    https://twitter.com/great_martis/status/1639325678658277377

    Deutsche Bank insurance against default explodes. Wont be long.

    https://twitter.com/great_martis/status/1639194511699251201

    One must be really nuts to buy property in Germany or Luxemburg right now 👇

    https://twitter.com/MichaelAArouet/status/1639572076682936322

    Despite current mortgage interests about twice as high as rents German housing prices have stabilized 👇 Germans have proven once again financial illiteracy buying property at current prices. (Goldman Sachs)

    https://twitter.com/MichaelAArouet/status/1639565458016804866

    1. Despite current mortgage interests about twice as high as rents German housing prices have stabilized 👇 Germans have proven once again financial illiteracy buying property at current prices. (Goldman Sachs)

      Per zildow prices in my nabe are still rising. 😂🤡

      1. A neighboring house just went up for sale. It was purchased exactly one year ago by a nice young couple, jogging enthusiasts. The 100 year old unremakable house went up for sale January last year after Grampa died and the kids moved Grandma somewhere else. Listed at $200K. Went pending once and fell through. Two months later the joggers offered $30K over ask and won. Now they’ve gone and have listed the house for $260K. They didn’t even say goodbye.

        Using a big city Realtor, not a local outfit. Must be sophisticated. I guess we’ll get someone even more sophisticated next.

    1. Protesters break through police barricades at rally outside Netanyahu’s house

      Does this mean Zelensky will be the next Israeli PM?

    2. “Protesters break through police barricades at rally outside Netanyahu’s house”

      What’s wrong with the country’s judiciary system?

    3. Nearly 15% of drivers who financed a new vehicle toward the end of 2022 are paying $1,000+ a month. What will this look like a year from now?

      Lots of low mileage repos?

      There are only ~3,000 new vehicles in the *entire* United States priced under $20K right now 🙃

      Isn’t the average price of a new car approaching $50K?

      They don’t want the masses to have cars.

    1. $1.825M for “limitless options and plenty of room to add on additional structures” and “wood like luxury vinyl flooring.”

    4. I lived in Poway for about a year , watch out for fires that town is up canyons in the rocks and brush . scary during fire season.

      2. Those kinds of fires can happen anywhere in west and southwest.

        Exhibit A: The Marshall fire, which mere hours destroyed 1000 homes in suburban Denver.

  18. video 4:54

    ‘I’ve Never Noticed Race More’: 15-Year-Old Student Eviscerates School’s Critical Race Theory Teachings

    by Adan Salazar
    March 27th 2023, 12:47 pm

    Footage being recirculated online shows the moment a brave 15-year-old high school student spoke out against his school board for promoting the Critical Race Theory agenda that’s caused him to become hyper-sensitive about race.

    In the viral video taken at a Minnesota Independent School District board meeting in June 2021, Rosemount High School student Brad Taylor accused school leaders of catering to students of other races while at the same time diminishing his own race.

    https://www.facebook.com/watch/?v=508646693777569

  19. Neice and her husband, Denver area, have been trying to purchase a home over the last month. They keep getting out bid. In fact, Homes I’m watching on Realtor are going above asking sometimes as much as $50K!! STILL this crap is going on. I’m baffled. Her realtor is family, so I don’t believe they are being lied to. With all the bad news something the eye cannot see is up. Corporate buyers doing this? I’m absolutely baffled.

  20. 𝗗𝗲𝗻𝘃𝗲𝗿, 𝗖𝗢 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟰% 𝗬𝗢𝗬 𝗢𝗻 𝗗𝗲𝗰𝗮𝗱𝗲𝘀 𝗢𝗳 𝗦𝘂𝗯𝗽𝗿𝗶𝗺𝗲 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗼𝘁

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

    𝘈𝘴 𝘰𝘯𝘦 𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘣𝘶𝘪𝘭𝘥𝘦𝘳 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥, “𝘐𝘧 𝘺𝘰𝘶 𝘱𝘢𝘪𝘥 𝘮𝘰𝘳𝘦 𝘵𝘩𝘢𝘯 𝘧𝘪𝘧𝘵𝘺-𝘥𝘰𝘭𝘭𝘢𝘳𝘴 𝘢 𝘴𝘲𝘶𝘢𝘳𝘦 𝘧𝘰𝘰𝘵 𝘧𝘰𝘳 𝘺𝘰𝘶𝘳 𝘩𝘰𝘶𝘴𝘦, 𝘺𝘰𝘶 𝘨𝘰𝘵 𝘳𝘰𝘣𝘣𝘦𝘥 𝘣𝘭𝘪𝘯𝘥.”

  22. Another deranged leftist loses their mind:

    Police have announced the shooter who killed six people in the Nashville school shooting was a transgender woman.

    The suspect, who has been identified as 28-year-old Audrey Elizabeth Hale, was killed by police at the scene at the Covenant School, Nashville, Tennessee, US.

    1. Because the shooter was a tranny this story will get BURIED.

      Check every Real Journalist news website tomorrow and this story won’t be there, because reasons.

      2. The New York Times:

        https://archive.is/Vidxx

        and Washington Post:

        https://archive.is/kmeyX

        do not identify the shooter as a tranny. The Guardian reluctantly does, but expect this to get erased soon:

        “The shooter was named as Audrey Elizabeth Hale, 28 and from Nashville.

        Drake said Hale was a former student at the school. He also said Hale identified as transgender.”

        https://www.theguardian.com/us-news/2023/mar/27/tennessee-nashville-school-shooting-covenant

        #RealJournalists

  24. Home prices are very high by historical standards, says Yale’s Robert Shiller
    CNBC Television
    Mar 27, 2023
    Robert Shiller, Yale University professor of economics and Case-Shiller Index co-founder, joins ‘Closing Bell: Overtime’ to discuss what will be the ripple effect on residential and commercial real estate as the borrowing cost rises.

    https://www.youtube.com/watch?v=Kb14fIoEqw8

    4:23.

    2. “…says Yale’s Robert Shiller…”

      This coward never commits to anything firmly. He has two kids, probably needed one of those QuickStudy 8.5 x 11 laminated instruction cards to perform the act. A few semesters at Pol Pot University would stiffen his spine enough to hold his chin up and pull back those shoulders.

  25. ‘Those people who saw the extraordinary capital gains (in 2020 and 2021) didn’t want to sell because they were thinking that they might miss out on growth, but are now realising we’ve come back to a normal market’

    The root of a bubble is greed.

    Ennio Morricone – the ecstasy of gold
    Dec 24, 2010
    Ennio Morricone conducting his own composition, “The Ecstasy of Gold” from the film, “The Good, the Bad and the Ugly”.

    https://www.youtube.com/watch?v=rKFpaCMRWgU

    3:45.

  26. Once the #Narrative has been fully scripted (this may take as long as 48 hours in this incident, so please stay tuned) it will end the same way it always does: confiscate all the guns, and EXTERMINATE WHITEY.

    Same sad, old, tired, stale sh*t every time.

  28. Americans To Accept Collapse of Dollar As Financial Crisis Accelerates

    by Jamie White
    March 27th 2023, 5:35 pm

    “Washington’s weaponizing of the dollar over the past decade has led many important countries to search for ways to make sure that they do not become the next Russia,” Zakaria said, adding that other countries are trying to avoid the SWIFT system and are seeking refuge in China’s yuan.

    CNN and Fox News are warning their audiences to brace for the removal of the dollar as the world reserve currency amid other nations shifting to alternative currencies.

    CNN’s “GPS” host Fareed Zakaria on Sunday claimed Biden’s weaponization of the dollar against Russia combined with America’s “bad geopolitical habits” is threatening to dethrone the U.S. from its world reserve status.

    Fareed Zakaria
    @FareedZakaria

    If the US dollar’s global supremacy erodes, America will face a reckoning like none before.

    My take:

    https://twitter.com/FareedZakaria/status/1640058728752840707?s=20

    2. If the US dollar’s global supremacy erodes, America will face a reckoning like none before.

      If people think sh!t is expensive now. On the plus side, since the free sh!t will end, so will the caravans.

    3. combined with America’s “bad geopolitical habits”

      Who knew that threatening and bullying other countries who just want to mind their own business could backfire on us?

      While the ChiComs are building highways, dams, railroads and power plants to gain influence in the third world, we shove drag queens, pride parades and non functional green energy down our vassals throats. Gee, I wonder who they will throw in with?

      I can’t wait for us to refuse to sell fertilizer to our vassals, to “save the world”. I’m sure Russia will be more than happy to provide it to them.

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