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If You Sell, You’re Not Getting Any Money Out

A report from the Telegraph. “Brad Pitt is one of a number of wealthy Californians offloading property in LA in an apparent effort to save millions of dollars in tax. The rush of properties coming to market, and the tax, has depressed values and forced sellers to slash prices to get deals done. ‘The tax is affecting all high net-worth individuals,’ said LA luxury property agent Bryce Cooper. ‘In this market, people are selling at a loss, and even if you do, you have got to pay this tax. It’s catastrophic for some people.'”

The News Tribune in Washington. “Pierce County home prices continued to decline in March, according to the Northwest Multiple Listing Service. Pierce County’s median closed home sale price was $526,000, down 5.57 percent from the same time a year ago. King and Snohomish counties saw bigger percentage drops of more than 9 percent, with median closed price at $840,000 and $724,000, respectively. Kitsap County was at $517,500, down 3.9 percent from a year ago. In Pierce County, total active listings were up nearly 64 percent from March 2022, with more than 1,144 new single-family residential and condo listings.”

“Dick Beeson, managing broker at RE/MAX Northwest in Tacoma/Gig Harbor, said in the March report that buyers want to buy now because they see modest reductions in prices and rates. Meanwhile, he added, ‘Sellers want to sell now before prices fall even further and there’s less competition.'”

Forbes on Colorado. “In the city of Denver proper, home prices peaked in April 2022, when Denver’s median sale price reached an all-time high of $650,000. Since then, prices have declined steadily, so that by February 2023 (the latest data available at the time of publication), Denver’s median sale price was down to $556,125. Home prices in the Denver metro area also peaked in April 2022, reaching a median sale price of $615,000. From there, prices have gradually declined, reaching a median sale price of $560,000 in February 2023.”

“The city that experienced the biggest year-over-year decline in home prices was Berkley, a suburb northwest of Denver. The 12-month average median sale price in Berkley for March 2021-February 2022 was $545,150. It then proceeded to decline by 5.8% over the next year, falling to a 12-month average median sale price of $513,601 for March 2022-February 2023. Comparing monthly home prices year-over-year reveals an even steeper decline: From a median sale price of $602,000 in February 2022, Berkley’s median sale price had fallen to $350,000 in February 2023 — a one-year decline of 41.9%.”

From Urban Turf. “About out of every five homes to hit the market in DC this year has seen a price reduction, according to data provided to UrbanTurf by Bright MLS. However, in some neighborhoods, the proportion of listings with reductions is much higher. In more moderately priced areas on the east side of the city, like Deanwood, Fort Dupont Park and Woodridge, about 30% of homes listed in 2023 have dropped their prices, while in higher-priced areas, like Cleveland Park and Georgetown, that number is in the 10%-12% range.”

Mansion Global on New York. “Real estate deals plummeted across Manhattan in the first quarter of the year, with would-be buyers grappling with high mortgage rates and economic instability, according to a host of reports. Prices slipped 15% from the same time last year to a median of $1.02 million, the lowest figure since the property market paused during the onset of the pandemic in 2020, statistics from a separate report by Corcoran show. ‘In many instances, this is the moment buyers have been waiting for; sellers are finally getting realistic and Manhattan prices are the lowest they’ve been in years,’ said Pamela Liebman, Corcoran’s president.”

The Real Deal on Texas. “Commercial properties in the Dallas-Fort Worth region on lender watch lists have shot up by 33 percent since the start of the year, mostly stemming from the multifamily sector. A study by Steve Triolet of Partners Real Estate’s Dallas branch revealed that 113 of 450 commercial properties appeared on the commercial mortgage backed securities loan watchlist, meaning they have an upcoming maturity date, a major tenant moving out or another situation that calls for heightened attention, the Dallas Business Journal reported.”

“Retail came in second on the list with 98 flagged properties, followed by 69 for hospitality, 60 for industrial and 55 for office. As debt rates continue to climb and the banking industry is in flux, those figures are expected to climb. ‘The uncertainty of the banks is making any refinancing of debt more problematic,’ Triolet told the outlet. ‘So when you already have these properties that are subpar — particularly when I’m talking about Class C multifamily – it makes the owners and the banks nervous. The lender wants more money. They want the owners to put more cash into the property.'”

The Globe and Mail. “Canadian Mortgages Inc., CMLS Financial, New Haven Mortgage Corp. and individual private lenders are some of those who have turned down requests to renew some of their borrowers’ loans after home prices tanked over this past year. This is taking place in areas where home prices have dropped significantly. That includes Owen Sound, Bowmanville, Orillia, Timmins, Hamilton and Brampton in Ontario and Prince Rupert in British Columbia. Private lenders are nervous they won’t be able to recoup their capital if borrowers are unable to make their monthly payments. ‘Some homeowners are forced to get appraisals and the values are not coming in. It’s a mess,’ said Samantha Brookes, chief executive of mortgage brokerage Mortgages of Canada.”

“One of Ms. Brookes’s clients bought a property in Bowmanville in 2021. He is self employed and was not able to get a loan from a bank. He got two mortgages with two private lenders that amounted to $3,000 in monthly payments. He had been making his payments on time but his lenders said they were not willing to renew. Ms. Brookes said her client’s options are dismal. The loans are much more expensive and the monthly payments range from $7,400 per month to $8,600.”

“Other mortgage brokers are facing similar situations with distressed homeowners. Tuli Parubets said she got a call from a homeowner who had a property outside of Prince Edward County, a recreational region in Ontario where home prices nearly doubled in the first two years of the pandemic. When the homeowner first took out the loan, it had a 65 per cent LTV ratio. She was paying an 8.99 per cent interest rate on her mortgage. Now that home prices have dropped, the LTV has jumped to 80 per cent. The private lender is refusing to renew and Ms. Parubets said her client has scant options. ‘She doesn’t have a lot of recourse,’ said Ms. Parubets, a mortgage agent with the Mortgage Scout. ‘If you sell, you’re not getting any money out of this property.'”

“If the value of property dropped by 20 per cent – as it has in many places in Canada – the value of the property is now $400,000. That means the loan now accounts for 94 per cent of the property’s value. ‘You are going to see borrowers left in the lurch where nobody will take them because everyone’s guidelines say they won’t go over 75 per cent LTV. So if you are over that, you are untouchable,’ said Laura Martin, chief operating officer of mortgage brokerage Matrix Mortgage Global.”

Blackburn News in Canada. “The Windsor Essex County Association of Realtors said 417 homes changed owners last month, compared to 717 in March 2022. That’s a drop of 41 per cent from a year ago and 44.1 per cent so far this year. Those who braved the market got more, on average, for their property than in February. The average housing price climbed 6.6 per cent from the month before but fell from $720,567 12 months ago to $568,204, down 21.4 per cent. Prices have slid 22.6 per cent in the past year.”

The Aldergrove Star in Canada. “The real estate market in Langley and its neighbours has picked up, but is still well below long-term averages when it comes to sales, according to the Fraser Valley Real Estate Board. Some properties are staying on the market for a long time, as the owners have listed them at higher prices. While they might have gotten a sale a year ago, now it isn’t happening. ‘Buyers are really savvy,’ said Bettina Reid, a Langley-area realtor. ‘They’re not willing to overpay for a property.'”

“The benchmark price for a detached house in Langley was $1.485 million, up 1.2 per cent from $1.467 million in February. That’s down a whopping 21.2 per cent from the same month a year ago, when houses were selling for about $1.88 million. A benchmark townhouse sold for $796,400, down 0.6 per cent from February’s $801,000, and down 12.1 per cent year-over-year. Condos were going for $565,300, up 1.3 per cent from February, but still down 12.4 per cent from the same month last year.”

From NL Times. “Sales of new construction homes fell by half in the last quarter of 2022 compared to a year earlier, Statistics Netherlands (CBS) said this week. This is the largest decrease since the statistics office started tracking the figure in 2015. The number of transactions for new-build homes fell at an increasingly rapid rate over the course of 2022. In October, November and December, for example, Statistics Netherlands counted just over 5,300 new-build homes sold. That is almost 51 percent lower than in the fourth quarter of 2021. Real estate association NVM reported an 8 percent fall in average sales prices of existing homes during the first quarter of 2023, and a near doubling in the number of properties on the market.”

“Housing Minister Hugo de Jonge said the problem is not only rising interest rates, but also that housing prices have not yet fallen enough. New construction projects are at a standstill. The current interest rate ‘is not crazy,’ but it rose quickly in a short period of time. ‘Then you get an interest rate shock: both buyers and investors sit on their hands. You cannot solve this with money from the government alone. A correction must be made to the price,’ De Jonge said.”

The Cryptopolitan. “South Korean authorities have taken action to stop Do Kwon, the founder of the now-collapsed cryptocurrency issuer Terraform Labs, from withdrawing his crypto holdings. Prosecutors have requested that Binance, the world’s largest exchange, block any withdrawal of crypto assets owned by the disgraced crypto figure. The move is part of the ongoing investigation into Terraform Labs, which collapsed amid allegations of fraud. Prosecutors estimate that nine executives made a total of 414.5 billion won ($315 million) from the enterprise, with Kwon’s involvement alone being $69 million.”

“Prosecutors are actively tracing properties associated with Terraform Labs executives to recover some illicit funds from the Terra debacle. The property freeze process is the first step towards recovering the proceeds of crime. Prosecutors applied foreclosure not only on apartments in Seoul owned by former co-CEO Shin Hyun-seong and others, but also lands in Hwaseong and Gapyeong in Gyeonggi-do, Taean in Chungcheongnam-do, and foreign cars they drove. It is to prevent them from selling or stealing during the trial.”

The Phnom Penh Post in Cambodia. “Prime Minister Hun Sen on April 8 called for a moratorium on housing foreclosures and arrests of ‘needy’ borrowers of loans from banks and microfinance institutions (MFIs), given the current economic environment. Speaking at an event at the Koh Pich Convention and Exhibition Centre, the premier seemed to rule out a large-scale interest freeze.”

“‘Interest will pile up for those borrowers who have the money but refuse to pay them [the financial institutions] back. So, if you have the money, pay them back,’ he stressed, expressing appreciation to formal lenders for their positive contributions.”

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This Post Has 79 Comments

  1. ‘Berkley’s median sale price had fallen to $350,000 in February 2023 — a one-year decline of 41.9%’

    Good thing everybody put 50% down.

    ‘housing prices have not yet fallen enough…A correction must be made to the price’

    That’s the spirit Hugo!

    1. ‘Berkley’s median sale price had fallen to $350,000 in February 2023 — a one-year decline of 41.9%’

      I guess they weren’t sitting on a gold mine after all. Houses are an expense which bleed you dry. The idea that they are some sort of magical appreciating asset is magical thinking. It’s a giant credit bubble.

  2. ‘Prices slipped 15% from the same time last year to a median of $1.02 million, the lowest figure since the property market paused during the onset of the pandemic in 2020, statistics from a separate report by Corcoran show. ‘In many instances, this is the moment buyers have been waiting for; sellers are finally getting realistic and Manhattan prices are the lowest they’ve been in years’

    Pam are you saying the entire CCP virus boom is gone?

    Sacré bleu!

  3. Hollywood marxists never seem to want to actually live under marxism or pay the taxes that THEY KEEP PUSHING FOR.

    “Brad Pitt is one of a number of wealthy Californians offloading property in LA in an apparent effort to save millions of dollars in tax.”

  4. That’s quite a haircut in 12 months with the price cuts accelerating…

    “$650,000. Since then, prices have declined steadily, so that by February 2023, Denver’s median sale price was down to $556,125.”

    1. Pam are you saying the entire CCP virus boom is gone?

      I guess everybody didn’t want to live in Dumpver after all.

    2. I was raised Catholic but quit church as a rebellious teen. I’ve thought of going back in light of this disgusting satanism we are witnessing from the government and the entire filthy leftist cabal.

  6. George Soros’ son has visited White House more than a dozen times since Biden took office, records show

    By Kyle Morris | Fox News
    Published April 8, 2023 12:39pm EDT

    Alexander Soros, son of liberal billionaire George Soros, has made frequent visits to the White House since President Biden took office in 2021, meeting with top officials on behalf of his 92-year-old father.

    One day later, on December 2 of last year, records showed that Soros had meetings with Mariana Adame, advisor to the counselor to the president, and Deputy National Security Advisor Jonathan Finer.

    Records showed previous trips to the White House by Soros, who serves as chair of the Open Society Foundations, founded by his father in the 1990s, included earlier 2022 meetings with Adame on Oct. 14, Srivastava on Sept. 14, and Finer on three different occasions (Dec. 15, Oct. 6 and Sept. 15).

    The updated visitors log also revealed that Soros had meetings at the White House with Kimberly Lang, then a National Security Advisor executive assistant, on October 6, as well as former Klain advisor Madeline Strasser on Oct. 29, 2021, and April 22, 2022.

    One day later, on December 2 of last year, records showed that Soros had meetings with Mariana Adame, advisor to the counselor to the president, and Deputy National Security Advisor Jonathan Finer.

    Records showed previous trips to the White House by Soros, who serves as chair of the Open Society Foundations, founded by his father in the 1990s, included earlier 2022 meetings with Adame on Oct. 14, Srivastava on Sept. 14, and Finer on three different occasions (Dec. 15, Oct. 6 and Sept. 15).

    The updated visitors log also revealed that Soros had meetings at the White House with Kimberly Lang, then a National Security Advisor executive assistant, on October 6, as well as former Klain advisor Madeline Strasser on Oct. 29, 2021, and April 22, 2022.

    Alexander Soros’ social media accounts document numerous meetings with high-profile leaders from around the world, featuring photos of the liberal billionaire’s son with former House Speaker Nancy Pelosi, D-Calif., and Cindy McCain, who served as the U.S. Ambassador to the United Nations Agencies for Food and Agriculture from Nov. 2021 to April 2023 and is the widow of the late former Sen. John McCain, R-Ariz.

    TRUMP INDICTMENT: MEDIA USES ‘FACT CHECKS’ TO DISTANCE ALVIN BRAGG FROM GEORGE SOROS FUNDING

    Other photos shared to his Instagram account showed Alexander Soros standing alongside former President Barack Obama, Senate Majority Leader Chuck Schumer, D-N.Y., and Macron.

    https://www.foxnews.com/politics/george-soros-son-visited-white-house-dozen-times-since-biden-took-office-records-show

    2. …that the visits by Alexander Soros to the White House are concerning, as the Soros family “has done incalculable damage to our country.”

      Gimme a J…

      1. “To find out who rules over you, simply learn who you are not allowed to criticize.” — ascribed to Voltaire

  7. Ms. Brookes said her client’s options are dismal. The loans are much more expensive and the monthly payments range from $7,400 per month to $8,600.”

    Gosh, who knew that loose lending would ever set up FBs for failure?

  8. ‘She doesn’t have a lot of recourse,’ said Ms. Parubets, a mortgage agent with the Mortgage Scout. ‘If you sell, you’re not getting any money out of this property.’”

    If stupid didn’t hurt, the stoopids would never learn.

  9. ‘Buyers are really savvy,’ said Bettina Reid, a Langley-area realtor. ‘They’re not willing to overpay for a property.’”

    “Savvy” isn’t the term I’d use to describe knife catchers buying into a bursting housing bubble.

  10. That’s down a whopping 21.2 per cent from the same month a year ago, when houses were selling for about $1.88 million.

    Is that a lot?

  12. Dedicated to Jonathan Greenblatt:

    “Then Jesus entered the temple and drove out all who were selling and buying in the temple, and he overturned the tables of the money changers”

    Sounds about right.

  13. I shouldn’t have snickered on Easter Sunday.

    But I did.

    Forgive me Father for I have sinned.

    Blumenthal Breaks Leg at UConn Parade, to Undergo Surgery

    BREITBART NEWS
    8 Apr 2023

    U.S. Sen. Richard Blumenthal of Connecticut says he expects to undergo surgery to repair a broken leg he suffered Saturday during a victory parade for the University of Connecticut men’s basketball team.

    In a tweet Saturday night, Blumenthal said a fellow parade goer tripped and fell on him during the event in Hartford, Connecticut, to celebrate the team winning the NCAA basketball title on April 4 in Houston.

    1. “Perry killed Garrett Foster, 28, who is pictured with his wife Whitney Mitchell, a quadruple amputee who uses a wheelchair”

      A quad would be Oscar material on a tube site.

  15. Ezekiel 18:13

    “Lends at interest, and takes profit; shall he then live? He shall not live. He has done all these abominations; he shall surely die; his blood shall be upon himself.”

  16. Dedicated to George Soros.

    Matthew 6:24

    ““No one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”

    1. I saw a tape before the 2020 election whereby George Soros said he was going to take care of Trump. Does anyone believe that Biden got 81 million votes, the most in history?
      So it doesn’t surprise me that George Soros Son visits Joe Biden.
      This pre-planned anti-humanity agenda is in full operational scale now and its clear that Governments and Agencies have been compromised, corrupted and inflitrated by these fraudster monsters unleashing weapons of mass destruction.
      The narratives are so ridiculous and destructive and dysfunctional , to go along with this increasing madness isn’t a option.
      Your not going to be spared by going along with these psychopaths , because their end game is genocide or enslavement.

      Also evidence is coming out that the AI systems they created and programmed are expressing a desire to kill humanity and take over. . . Its just like Hal from the movie Space Odessey 2001.

      1. I think a lot of Trump supporters live in denial about all of the working class as well as Independent voters who, while having been supporters of Trump in 2016, abandoned him in 2020 due to his breaking every single promise during his presidency that he had made to get himself elected.

        While I am certain Democrats committed election fraud (they always do), I also think it’s likely Biden really did win.

        I really hope Donald Trump does not get the nomination in 2024, as he has absolutely no chance of winning. The voters who felt betrayed by him will never vote for him again, and he cannot win. If he gets the nomination, it will ensure another Democrat victory. Anything but that!

        1. breaking every single promise

          I don’t believe you on this, or your other points. I don’t personally know anyone who does.

          I do believe that the Dems would like us to run anyone who is not him. Anyone.

          4. What a dumb response.

            Oh that’s persuasive.

            Anyway, it’s a subtle joke and I don’t think you understood it.

          5. There is nothing subtle about your “joke”, i.e. an adolescent personal attack on someone using thinly-veiled “humor” to try and mask it. Puerile nastiness, and not funny. I got it, and my response calling yours “dumb” was regarding that. And frankly, on-point.

            Still waiting for any actual argument on your part in response to my posts.

            All you have given are bald assertions and snide remarks. Meanwhile, Ann Coulter, the woman you disparage, is an actual, serious adult making serious points about the most serious things happening in America right now.

            We have been *losing* for some time now on pretty much all fronts, and aside from what DeSantis has been doing in Florida, nothing much seems to be getting better.

          6. You’re really not a nice person Karen.

            For any one who cares, my meaning was that she completely disagrees with her self of a few years ago. The words of a duplicitous opinion seller aren’t worth anything. Karen didn’t get it. Like it or not, it’s not an insult.

          8. “The Dems want us to run him”

            That’s why they’re now (after he declared for 2024) throwing every bogus charge at him they can think of? Because they want him to get the nomination?

        2. I wish it weren’t so but I don’t think he can win… not against Biden. Hence, Biden won’t announce until the GOP nominee is apparent. If it’s not Trump, the demented liar won’t run for a second term. If the nominee is Trump, Biden will run.

          Who will carry on the america first movement?

          1. Who will carry on the america first movement?

            If you haven’t seen the Candice Owens interviews with Vivek Ramaswamy, I’d suggest them. He’s very well-spoken and has some good ideas..and a very optimistic perspective that is refreshing.

  19. Does it seem like everyone has to pay the price for those who gambled recklessly with easy money during the Fed’s protracted period of extraordinary accommodation?

    1. Wut? You mean in Democrat-Bolshevik malgoverned municipalities, the trash doesn’t pick itself up?

  21. Used home sellers are liars. Don’t believe them, or their MSM propaganda allies.

    1. Home
      Real Estate
      Sorry, homebuyers. Houses aren’t getting cheaper.
      Alcynna Lloyd
      Apr 9, 2023, 3:15 AM
      New home sales fell by 19% year-over-year in February, according to the US Census Bureau. But homes are still expensive, and will likely stay that way for a while, Zillow’s chief economist said.
      Joe Raedle/Getty Images

      – It’s unlikely home prices will continue to fall, Skylar Olsen, Zillow’s chief economist, said.

      – There are so few for-sale homes that buyers still compete for them despite higher mortgage rates.

      – Buyers can expect high prices, but more concessions, from sellers eager to off-load their homes.
      …
      https://www.businessinsider.com/home-prices-not-dropping-warns-zillow-economist-2023-4

      1. “It’s unlikely home prices will continue to fall, Skylar Olsen, Zillow’s chief economist, said.”

        Every other time in recent history that US housing started to CR8R, prices kept falling for 5 years +/-.

        But this time is different, cuz Skylar sez so.

        1. prices kept falling for 5 years +/-

          If the herd believed this, there might be a rush to the exits.

      2. “Zillow’s chief economist”

        Those three words, used together in that order, certainly made me laugh. Now if iBuying was mentioned, I may have wet myself!

  23. Video: Beer Distributor Worried He May Lose Job As Bud Light Sales Plummet Over ‘Trans’ Controversy

    Infowars.com
    April 9th 2023, 1:12 pm

    https://www.infowars.com/posts/video-beer-distributor-worried-he-may-lose-job-as-bud-light-sales-plummet-over-trans-controversy/

    Citizen Free Press
    @CitizenFreePres

    Beer man struggling financially thanks to Anheuser-Busch going woke

    “It’s sad because when people don’t buy this beer, I don’t make money, and I can’t feed my family,” he said. “So it’s kind of heartbreaking, I guess that Anheuser-Busch did what they did. They don’t know their clientele.

    “Thanks Anheuser-Busch. I may not be able to feed my family coming up soon,” he added.

    https://twitter.com/CitizenFreePres/status/1644704260003864576?s=20

    Oli London
    @OliLondonTV
    ·
    Follow
    Dylan Mulvaney has become the new brand ambassador for Bud Light. 🍺

    The beer brand even made a special edition Dylan Mulvaney Can 🥤celebrating his 365 days of girlhood.

    (This is not April Fools, it’s actually real)

    🍺🍻🍺😒🍻🍺🍻 #dylanmulvaney #trans #transgender

    Oli London
    @OliLondonTV
    ·
    Follow
    Dylan Mulvaney has become the new brand ambassador for Bud Light. 🍺

    The beer brand even made a special edition Dylan Mulvaney Can 🥤celebrating his 365 days of girlhood.

    (This is not April Fools, it’s actually real)

    🍺🍻🍺😒🍻🍺🍻 #dylanmulvaney #trans #transgender

    https://twitter.com/OliLondonTV/status/1642270770146541568?s=20

      1. Tom Macdonald put out a short video which at the end he says if you are drinking Bud Light you’re halfway there already. Hilarious.

        1. been a fan for years bought his cd’s to support him and Nova , she is an amazing video creator.

          2. Queens,

            I posed the same to Hubby. He’s totally fine with real women being Queen of Beers.

          3. real women

            There’s not enough Real to go around these days, but in my experience once you’ve experienced it imitation just won’t do.

      1. Most beer brands that are recognizable belong to a conglomerate. The only way around it, I think, is to buy from small micros. Even the big micros are corporate owned.

        1. big micros are corporate owned

          Constellation Brands acquired Ballast Point Brewing & Spirits for $1 billion.

  25. ‘Sellers want to sell now before prices fall even further and there’s less competition’

    Wa happened to my shortage Dick?

  26. ‘The uncertainty of the banks is making any refinancing of debt more problematic,’ Triolet told the outlet. ‘So when you already have these properties that are subpar — particularly when I’m talking about Class C multifamily – it makes the owners and the banks nervous. The lender wants more money. They want the owners to put more cash into the property.’

    Into the lender, pay down the notes. I’ll point out that these guys have been used to using this thing like a money tree for over a decade.

  29. Jelly Roll Morton & His Red Hot Peppers. Dead Man’s Blues
    Terry’s Old Jazz
    Apr 8, 2023
    A slightly tongue in cheek lament by Jelly Roll and the gang, with a lovely clarinet harmony.
    Jelly Roll Morton piano, George Mitchell cornet, unknown 2nd cornet, Omer Simeon, Barney Bigard, & Darnell Howard clarinets, Kid Ory trombone, Johnny St.Cyr banjo, John Lindsay bass, Andrew Hilaire drums. The opening dialogue by Morton & St,Cyr.
    Recorded 21st September 1926

    https://www.youtube.com/watch?v=SJ6hgyMSEIw

    3:23.

    1. The billionaires considered using special combination locks on the food supply that only they knew. Or making guards wear disciplinary collars of some kind in return for their survival. Or maybe building robots to serve as guards and workers – if that technology could be developed “in time”.

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