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The Unlucky Few Who Suffer A Loss

A report from Yahoo Finance. “The stock of troubled San Francisco lender First Republic wobbled Monday after it announced it would stop paying dividends on its preferred stock and an analyst said the bank wouldn’t be able to find a buyer willing to take on its problems voluntarily. Wedbush Securities said in a note Monday that First Republic faces a ‘Hobson’s choice in which it essentially has no other choice than to move forward as a standalone company’ due to the amount of unrealized losses on its balance sheet. Even a sale at $0 a share is unlikely, Wedbush said, because any buyer would still essentially have to pay billions to absorb those losses. First Republic’s stock dropped more than 1% Monday before changing course. Over the past month, it has dropped roughly 85%.”

Loop North News in Illinois. “Mayor-elect Brandon Johnson’s proposal to more than triple the transfer tax – imposed on buyers of residential or commercial properties priced at $1 million or more – is not being well received by the Gold Coast, Lakeview, Lincoln Park, Old Town, and Streeterville real estate brokerage communities. In addition to the threat of a possible luxury tax looming over the market, values of million-dollar-plus properties already have dropped 10 to 30 percent, according to Jim Kinney, former president of Illinois REALTORS and a veteran Gold Coast broker. A seller of a two-bedroom condominium at the plush Ambassador West in the Gold Coast recently cut the asking price $625,000 from $1.875 million to $1.25 million, Kinney noted. ‘If luxury property values keep dropping, soon there will be no $1 million properties being sold, so the Mansion Tax threshold may have to be lowered,’ Kinney surmised.”

From Wealth Gang. “The fallout from tech layoffs extends beyond the employees themselves, weaving its way through the fabric of local communities. Housing markets, once bustling with tech professionals, may experience a decline in demand, resulting in dropping property values and rental rates. One Seattle-based tech worker in dire straights illustrated this ripple effect while seeking advice on how to pay their mortgage after being laid off. The post on tech job community board Team Blind, titled ‘Laid Off And Can’t Pay Mortgage,’ went viral.”

“Last year I bought a 1.5M home in the Queen Anne area in Seattle. My monthly payment is around 8500. The unexpected happened a few months ago and I was laid off my from job (sic) at Meta where I was a staff level engineer. I really need help because I depleted most of my cash in the down payment for my house and I can’t afford the monthly anymore without a job. I’ve applied to more than 50 companies and I’ve put out more than 500 applications but I can’t get an offer for the life of me. Next month will be the first month I won’t be able to make my mortgage payment and I’m terrified. I’ve thought about selling my house and moving in with friends but I’ve lost so much money in house value I can’t justify it. Please help me.”

NBC Bay Area in California. “In Oakland, a debate is heating up about how pandemic protections against eviction should come to a close. John Williams, an Oakland resident and landlord, said he lives in the same West Oakland property where he also has a tenant. ‘I still haven’t gotten five dollars from her,’ Williams said of his tenant, who he added has not paid him rent since the start of the pandemic. He said he received a foreclosure letter for his property on Friday. ‘I am losing money, I’ve lost value on the property, you know,’ Williams said, ‘Over the last year, nobody wants to buy a property with a tenant who doesn’t pay.'”

The New York Post. “Pete Davidson is willing to take quite a loss on his Staten Island condo after it idled on the market for months without an offer, The Post has learned. Davidson, 29, initially listed his two-bedroom riverfront condo of two years for $1.3 million in December. The former ‘Saturday Night Live’ fixture purchased the roughly 1,600-square-foot pad back in 2021 for $1.2 million — so the comedian was hoping to just break even if he was able to find a buyer at that price. But ‘The King of Staten Island’ star has now dropped the price to $1.1 million. ‘He has been doing well for himself in the last few years, a $100,000 loss is not too bad,’ the insider said.”

The West Elgin Chronicle in Canada. “The Brantford Regional Real Estate Association reports 176 homes sold last month, up from 138 in February 2022. The average cost for detached homes in Brantford and area has plummeted over the past year by 23 per cent, from $983,000 in March 2022 to $756,000. The quick succession of increases eroded buying power as borrowing costs rose and sent prices falling. With Canadian Real Estate Association data showing average prices have dropped 19 per cent from their February peak of $816,578 to $662,437 last month.”

I News on the UK. “Lou Valdini, 68 and living in Yorkshire, is one of thousands who bought into the buy-to-let dream, believing it would provide a steady monthly income and secure his retirement. For years, that dream was a reality. But after Conservative chancellor George Osborne announced he was axing higher tax relief in 2015 and would start to tax landlords’ income based on their revenue, things started to go wrong for buy-to-let. The change wiped out many landlords’ profit and thousands were forced to sell up.”

“He sold one property at a 20 per cent loss and is unable to sell the other because it is in negative equity, nor can he remortgage it. ‘With rates now so much higher, the mortgage has increased from £294 in March 2022 to £621 in March 2023. I’ve increased the rent but by only 7 per cent, which is way below what I need to break even,’ he says. ‘Consequently, I am subsidising my tenant.’ Lou’s nightmare experience is familiar to many private landlords across the UK.”

The Guardian. “Housing prices in some of Australia’s most affluent suburbs have had the biggest falls from pandemic peaks. Some high-end houses and apartments have lost more than a quarter of their value. Nationwide data shows that many of the same wealthy areas that enjoyed exuberant price runs in the years leading up to and the initial period of the pandemic have now retraced the most. The falls are most pronounced in Australia’s three most populous cities – Sydney, Melbourne and Brisbane – but also noticeable around the country, according to research compiled for Guardian Australia by CoreLogic.”

“And while the biggest declines in Sydney apartment prices were clustered in beachside suburbs, the suburbs with the largest house price declines are dotted across greater Sydney. City-edge suburbs Redfern and Newtown lost around one-quarter of their value from peaks hit in late 2021 and early 2022, but so did Killcare in the north and Taren Point to the south. In greater Melbourne, some coastal suburbs on the Mornington Peninsula recorded near 20% falls from peak pricing. The southern areas of Brisbane also experienced steep drops, with Fairfield seeing a decline of 33% from its recent high.”

“A series of rapid-fire interest rate hikes is also putting pressure on many mortgage holders, with a sizeable cohort at risk of becoming forced to sell in a scenario that would depress prices. Known as ‘mortgage prisoners,’ more than 15% of indebted homeowners can’t refinance because they no longer meet lending standards, Reserve Bank data shows. Many of these households are also stuck with loans at uncompetitive interest rates and may be in homes worth less than when they bought them, due to the recent price falls.”

From Asia One. “DK bought a resale one-bedder, both for a lower price and so that he could get rental income immediately. Unfortunately, Singapore’s rental market softened from 2013 onward. DK says that when he started renting, rates were just over $4 psf. But by May 2017 when he decided to sell, rates had fallen to $3.35 psf. He had also seen a slew of intensified cooling measures since then, and had finally accepted the measures were permanent** and would keep prices down. He felt compelled to sell. ‘But by the time I sold the ABSD rate had risen to 10 per cent, and by then TDSR was also introduced*. The shock factor of these measures was still fresh and recent in market memory.'”

“Reader KT and his partner owned a three-bedder in the Katong area, which they had bought in 2004. In August 2018, the couple decided to sell the unit, as KT would be working in Australia indefinitely. He says: ‘As you know, in August 2018, there were new cooling measures and higher ABSD. The painful part is that we’d found a realtor and started marketing our house, exactly three days before the cooling measure.'”

“In the end, KT sold at a ‘slight loss’ which he describes as being less than five per cent below valuation. Even so, he feels he got lucky as — over the next two months — the realtor was only able to secure two serious offers.  KT says the experience shattered his former illusions about the safety of the property market, as ‘no matter how safe property is, you can still end up being one of the unlucky few who suffers a loss.'”

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This Post Has 81 Comments

  1. ‘‘I still haven’t gotten five dollars from her,’ Williams said of his tenant, who he added has not paid him rent since the start of the pandemic. He said he received a foreclosure letter for his property on Friday. ‘I am losing money, I’ve lost value on the property, you know,’ Williams said, ‘Over the last year, nobody wants to buy a property with a tenant who doesn’t pay’

    A mortgage backed security is yielding less than inflation. People are and have been denied the ability to collect rent on shacks. How are these things AAA?

    2. How are these things AAA?

      Great question!

      How is any mortgage bond rated AAA if the government can can force the borrower-owner into quartering a nonpaying tenant? This story is a serious abuse of government power. Seems like an aspiring lawyer could nudge a 3rd Amendment review before the Supreme Court.

  2. ‘The average cost for detached homes in Brantford and area has plummeted over the past year by 23 per cent, from $983,000 in March 2022 to $756,000. The quick succession of increases eroded buying power as borrowing costs rose and sent prices falling. With Canadian Real Estate Association data showing average prices have dropped 19 per cent from their February peak’

    It’s still firmly a sellers market!

  3. ‘Next month will be the first month I won’t be able to make my mortgage payment and I’m terrified. I’ve thought about selling my house and moving in with friends but I’ve lost so much money in house value I can’t justify it. Please help me’

    Better get some boxes. People bail when they are underwater.

    1. “… I depleted most of my cash in the down payment ..”

      Well, this [former] engineer at Meta, managed to design himself into a corner. Nice going. What’s next on the drawing board?

      1. “Well, this [former] engineer at Meta…”

        Sorry to hear that; a recent development I suppose. Does the metaverse still have a chance in this decade?

  5. Things are getting scary. I am stunned that goverment backed agencies own more commercial debt than CMBS debt holders. The Fed and FHA has straight forward mandates and yet they loaded up on junk.

    Multifamily (apartment buildings, student housing, etc.) is by far the largest category. CRE debt outstanding by CRE category as percent of total CRE debt:

    Multifamily: 44.2%
    Office: 16.7%
    Retail: 9.4%
    Industrial (warehouses, etc.): 8.0%
    Lodging: 6.7%
    Healthcare (life sciences): 2.1%
    Other: 12.9%
    ….
    Banks held $1.73 trillion (38.4%) of the $4.5 trillion CRE mortgages of income producing properties. Investors and government entities held or guaranteed the remaining 61.6%, according to the Cohen & Steers analysis. In other words, $1.73 trillion in CRE debt is spread over 4,132 banks.

    Banks and thrifts: 38.4% ($1.73 trillion)
    Government-backed Agency, GSE, and MBS: 20.8%
    Life insurers: 14.7%
    CMBS, CDOs, and other ABS: 13.7%:
    Other: 12.5%

    1. “The Fed and FHA has straight forward mandates and yet they loaded up on junk.”

      It seems like the junk they loaded up on financed one of the most extreme real estate bubble price blowouts in history. It may be tough to walk this one back.

      It’s not rocket science that if you concentrate government guaranteed, low interest loans on a particular asset class, said asset class will soon become overvalued compared to fundamental considerations, like people needing to live somewhere where they can afford to pay the monthly.

  6. “Wedbush Securities said in a note Monday that First Republic faces a ‘Hobson’s choice in which it essentially has no other choice than to move forward as a standalone company’ due to the amount of unrealized losses on its balance sheet. Even a sale at $0 a share is unlikely, Wedbush said, because any buyer would still essentially have to pay billions to absorb those losses.”

    How is First Republic’s situation any different from that of myriad other financial institution that funded long term lending or long duration asset purchases out of short term borrowing (e.g. customer demand deposits)?

    Cockroach theory suggests there are alot more similar financial institutions in exactly the same predicament.

    “First Republic’s stock dropped more than 1% Monday before changing course. Over the past month, it has dropped roughly 85%.”

    This brings to mind how the air slowly leaked out of the subprime lending sector for quite a while beginning in early 2007. It was pretty obvious by the fall of 2008 that the entire sector had collapsed, but at least the CR8R formed in a gradual and orderly manner.

    1. Housing is so unaffordable banks lost money for each mortgage they financed last year, according to a new report.

      Independent mortgage banks and mortgage subsidiaries of chartered banks lost an average $301 per loan, the first negative profit recorded by the Mortgage Bankers Assocation in data going back to 2008.

      They attribute that largely to the increased cost of financing a loan and decreased housing demand.

      1. “…banks lost an average $301 per loan, the first negative profit recorded…”

        Negative profit?
        Sheesh, they are afraid to even utter the word “loss.”

  7. “Next month will be the first month I won’t be able to make my mortgage payment and I’m terrified”

    At least it was cheaper than renting.

    1. “…monthly payment is around $8500..”

      $8500 just for the mortgage payment is quite a chunk.

      And in holding costs such as property tax, insurance, maintenance, etc. and this former Meta engineer has cut himself out quite a chunk.

      Anyone want to calculate what his base salary at Meta must of been to support all of this and living costs? [no mention of a wife/kids/ex]

      Estimate it would have to be at least $300K.

      Fascinating what must go thru peoples minds when they paint themselves into these kind of corners.

      1. I look in there sometimes. 300K seems to be the poverty line there. I saw someone yesterday admitting they make that and don’t save any of it. Most seem to be too young to remember 2008, let alone 2001. Not sure how much is posturing and how much reflects how bubbly the industry has gotten.

        1. $300k is in the top 1% of income earners. If you can’t do smart financial things with your money at that income level, you’re a fvcking idiot.

          2. I wouldn’t say idiot, but profligate. Two nice vacations a year, 2 newer cars, a maxed out 401k, activities for the kids, a 1.5 million house is just a house in many upper middle class trendy areas. Then private schools, donations to democrat politicians and causes, eating out three or four times a week, a nice road bike, room and board furniture, some nice electronics equipment and taxes and there goes $300k a year. The stupid people are the movie stars and athletes and musicians that blow it all. Look at Johnny deep or Brad Pitt. They earned tens of millions and lost it all in vineyards and bad real estate investments and ex-wifes, etc.

        2. one 2001. Not sure how much is posturing and how much reflects how bubbly the industry has gotten

          Typically a big chunk (say 30%) of the compensation are RSU’s, which are awarded every year. That award can go to zero and the company can claim that no one’s salary was cut.

          2. I doubt he was pulling a 300k.

            One thing though, even if they lose 50% of their workforce all big tech companies will still be be properly staffed…even without considering a recession.

          3. “even if they lose 50% of their workforce all big tech companies will still be be properly staffed…even without considering a recession.”

            See also: government contracting. Which in case any of you forgot costs U.S. taxpayers $500,000,000,000+ (that’s half a trillion) a year. The money churn never ends, as long as All The Right People™ are getting theirs.

    2. The good news, if you want to call it that, is that he’ll soon be learning that paying your bills is only for suckers anyway.

  8. “KT says the experience shattered his former illusions about the safety of the property market, as ‘no matter how safe property is, you can still end up being one of the unlucky few who suffers a loss.’”

    It is often said that misery loves company, and KT will soon have lots of companions in loss.

  9. “‘If luxury property values keep dropping, soon there will be no $1 million properties being sold, so the Mansion Tax threshold may have to be lowered,’ Kinney surmised.”

    High inflation will help them avoid this predicament.

  10. First Republic’s stock dropped more than 1% Monday before changing course. Over the past month, it has dropped roughly 85%.”

    It was only Yellen Bux.

  11. U.S. taxpayers you are paying for this:

    “Weapons being sent to Ukraine by its Western backers often end up benefitting malicious actors across the globe, Moscow’s permanent representative to the UN, Vassily Nebenzia, said on Monday.

    Speaking at a UN Security Council meeting on risks associated with weapons exports, Moscow’s envoy claimed that while Western countries had been trying to promote “responsible behavior” over arms trafficking, the Ukraine conflict proved “how insincere their claims” on the matter actually were.

    Nebenzia recalled that Russia has “long been stressing that pumping up of the Kiev regime with weapons would bring those weapons in black markets and also in the hands of organized crime and terrorists.”

    https://www.rt.com/russia/574516-ukraine-west-weapons-spillover-criminals/

    1. Ukrainian EOD technicians who disarmed dud Russian munitions have reported finding numerous bombs and missiles inscribed with “Realtors are liars.”

  12. The average cost for detached homes in Brantford and area has plummeted over the past year by 23 per cent, from $983,000 in March 2022 to $756,000.

    Is that a lot?

    1. San Francisco Board of Supervisors member Matt Dorsey said on Twitter that he was “incredibly disappointed” by the closure.

      “Our neighborhood waited a long time for this supermarket, but we’re also well aware of problems they’ve experienced with drug-related retail theft, adjacent drug markets, and the many safety issues related to them,” Dorsey wrote.

      You reap what you sow. That said, I doubt that Dorsey really cares and the city won’t lift a finger to deal with the crime that forced woke Whole Paycheck to close the doors of its “flagship” store.

      1. Dorsey’s own life is little inconvenienced. He may have to drive half a mile more to spend the whole paycheck.

        The whole paycheck monikor is probably outdated. I think that was true 5 yrs ago….lately I find them to be rather competitive.

    1. exodus out of Democrat-Bolshevik malgoverned cities
      Unfortunately they are your new neighbors and voting for what they left.
      Crazy but that’s what my relatives do.
      “Chicago is a disaster, I am leaving. I’m Voting for Abrams.” WTF?

  16. “The former ‘Saturday Night Live’ fixture purchased the roughly 1,600-square-foot pad back in 2021 for $1.2 million — so the comedian was hoping to just break even if he was able to find a buyer at that price. But ‘The King of Staten Island’ star has now dropped the price to $1.1 million. ‘He has been doing well for himself in the last few years, a $100,000 loss is not too bad,’ the insider said.”

    Wouldn’t he have paid transaction costs, like a 6% commission, to purchase it (e.g. 6% of $1.2 million is $72,000). Plus with inflation running hot at around 6%, the value of $1.1 million is less now than when he bought it.

    But at least he may be able to get out before the market value falls even further. Or perhaps it already has…we won’t know until it sells.

    1. When I hear that name I think of the Brit actor who was one of the incarnations of Dr. Who, and Tristan in All Creatures Great And Small

    2. with inflation running hot at around 6%

      Actually I’m not seeing that. Just paid my last heating bill of the season and overall, heating was about half what it has been in recent years. Gasoline is so much cheaper than last spring, my cruising budget is way down. My insurance policies haven’t gone up at all. Food is up maybe a little, but divide that by 10 to get the impact on my overall expenses. More than offset by my substitution of lentil/ham soup for costly ribeye. Besides, Romaine and eggs are way down. Two important tells of that “inflation”. What I imagine I could get for rent on my shack, if I didn’t imagine I live here, is also down. Is there any bigger gauge of personal inflation?

      BTW, just kidding. I still buy the Ribeye, nice and thick. I’m racking up some impressive T-note returns.

      2. Around here Nat Gas is almost twice what it was last year, and we had a cold winter. People have been losing their minds ranting on NextDoor about their heating bills.

        It doesn’t do any good to point out that this is all Brandon’s fault, they won’t hear of it. As far as they are concerned, it’s the utility companies gouging customers. Again, it doesn’t do any good to point out that Xcel is a regulated utility and can’t raise rates at will. Oh, and some of these same people want fracking banned. As the saying goes, you can’t fix stupid.

        Gasoline hovered around $4 until the SunCor refinery came back online a few weeks ago. It’s about $3.30 now.

        Food? Depends on what you buy. Organic maple syrup seems to be the same price as before, but everything else seems to be 40-50% higher vs. 2-3 years ago. Not a hardship for me, but I’ll bet others are feeling it.

        1. Ours was the mildest winter in memory.

          Probably last year’s syrup. This year’s is just in progress.

          1. Probably last year’s syrup.

            I read somewhere that Canada has a Maple Syrup Reserve.

            Also, I know people who prefer the HFCS imitation syrup, they say that the real thing tastes awful. Oh well, more of the good stuff for me.

          2. more of the good stuff for me.

            ‘real’ maple syrup is one of those luxuries in life that are totally worth it, IMO.

      3. Go price a new couch or gas grill. Or a new mid-size suv. Or a 3 bedroom home in a decent school district where most kids read at grade level. Or the $800 I paid to get my stove fixed the other day. $400 for the part and $400 for the labor! Maybe I had a unique oven but even on Amazon the part was $300, and the home repair guy had it there in his van, so I paid the markup. Or try to order a pizza. Inflation is very real doesn’t seem to be slowing down other than a handful of consumer goods.

        1. $800 I paid to get my stove fixed

          Jeez, awful.

          Reminds me of a time we got our old small stove fixed prob about 20 years ago in NY. Mellow guy comes, obviously high on weed; he went to town on it and voilà, cookin’ (I’d say with gas, but it was electric) again. A very reasonable, even generously low charge.

          We thought it was so nice to see his satisfaction when the job was done – “Now that’s a nice old stove.” 😁

        2. $800 I paid to get my stove fixed

          Ouch!

          Smart Stove? My stove is the dial telephone version. A new replacement would be $499 at the Big Box.

    1. The Financial Times
      Global economic growth
      IMF warns of ‘hard landing’ for global economy if inflation persists
      Fund cautions that higher-for-longer interest rates could amplify financial risks
      The IMF logo
      The IMF’s new forecasts showed a 25% chance that the annual global growth rate could fall below 2% in 2023
      Chris Giles and Colby Smith in Washington 2 hours ago

      The IMF has warned of a “hard landing” for the global economy if persistently troublesome inflation keeps interest rates higher for longer and amplifies financial risks.

      Although the fund left its overall economic forecasts largely unchanged from January in its latest World Economic Outlook, published on Tuesday, it stressed that signs of resilience alongside lower global energy and food prices masked a darker reality.

      Pierre-Olivier Gourinchas, the IMF’s chief economist, said: “Below the surface . . . turbulence is building, and the situation is quite fragile.”

      “Inflation is much stickier than anticipated even a few months ago,” he said. “More worrisome is that the sharp [monetary] policy tightening of the past 12 months is starting to have serious side effects for the financial sector.”

      In its twice-yearly full forecasts published on Tuesday, the IMF said the turmoil in the UK government bond market last autumn and the US banking turbulence last month showed the “significant vulnerabilities [that] exist both among banks and non-bank financial institutions”.

      “Risks to the outlook are heavily skewed to the downside, with the chances of a hard landing having risen sharply,” the IMF said.
      …

      1. “IMF warns of ‘hard landing’ for global economy if inflation persists”

        The central bankers face quite a conundrum after a decade of Quantitative Easing, as the strong monetary medicine needed to contain inflation could cause a hard landing, and scaling back the medication regime could exacerbate persistent inflation.

        If this were a chess game, the well-meaning central bankers would be facing checkmate.

  19. In the Church of Bulls, I am a professed atheist.

    Try not to get caught in a bull trap.

    1. spewing ash in the air?
      Large volcanic activity can produce ash which blocks out the sun and lowers earth temperature. (see Krakatoa 1883)
      Maybe, if the explosions get large enough we will stop hearing about Global warming and go back to how it was in the late 1970’s and start hearing about Global Cooling again.

  21. “Mayor-elect Brandon Johnson’s proposal to more than triple the transfer tax – imposed on buyers of residential or commercial properties priced at $1 million or more – is not being well received…”

    Voting serfs and democracy don’t work well together for the gentry.

    1. I no longer live in Chicago but a nicer suburb bordering chicago, and the houses here sell faster than they can list them as every one flees the city. One negative is that the new residents bring their politics and flipped the local elections 100% progressive. These people destroy everything they touch.

    1. “Ms Ivery told officers she wanted to have a ‘larger conversation about how money works’ with staff”

      Sho-nuff Ms Ivery, money talks, bullschitt walks.

    2. “If I had a son, he’d look like Trayvon”

      Barack Hussein Obama

      “They’re not sending their best”

    1. Finance ·Housing
      National home prices just bottomed out, says real estate data juggernaut CoreLogic
      BY Lance Lambert
      April 11, 2023 at 9:01 AM MST

      Right out of the gate this year, it was clear that the U.S. housing market—which saw a historic decline in home sales in the second half of 2022—was no longer in free-fall mode. The market stabilized around January through a combination of improved buyer confidence, tight supply, and slight declines in home prices/mortgage rates doing just enough to improve affordability.

      Fast-forward to April, and it’s looking like the housing market hasn’t just stabilized—it might be returning to growth mode. At least that’s according to CoreLogic.

      After seven consecutive months of home price declines, the CoreLogic Home Price Index detected a 0.8% home price uptick in February.

      Case-Shiller, the gold standard for home price readings, won’t report its February reading until April 25. However, CoreLogic doesn’t feel obligated to wait for the Case-Shiller reading: The Irvine, Calif.–based real estate data firm is ready to call the national home price bottom.

      “U.S. home prices rose by 0.8% in February, double the month-over-month increase historically seen and indicating that prices in most markets have already bottomed out,” writes Selma Hepp, chief economist for CoreLogic. “But while housing market challenges remain, particularly in light of mortgage rate volatility and the ongoing banking turmoil, pent-up homebuyer demand is responding favorably to lower rates in many markets.”
      …
      https://fortune.com/2023/04/11/housing-market-national-home-prices-just-bottomed-says-corelogic/

      2. “U.S. home prices rose by 0.8% in February, double the month-over-month increase historically seen and indicating that prices in most markets have already bottomed out,”

        Used home salespeople propagandists universally quote the year-on-year price change figure UNLESS the one month change paints a prettier home price appreciation picture.

  24. Russia Today — US making ‘bioweapons components’ in Ukraine (4/11/2023):

    “The US is using Ukraine to manufacture components for biological weapons, the commander of Russia’s Nuclear, Biological and Chemical Defense Forces briefed the State Duma on Tuesday. Lieutenant General Igor Kirillov says the Russian military found ample evidence of this in Donetsk, Lugansk and Kherson.

    “We have no doubt that the US, under the guise of ensuring global biosecurity, conducted dual-use research, including the creation of biological weapons components, in close proximity to Russian borders,” Kirillov told lawmakers.

    He said the military has come to this conclusion after interviewing multiple eyewitnesses and going over some 2,000 pages of documentation found in Kherson Region and the Donetsk and Lugansk People’s Republics. The investigation also involved a parliamentary task force and federal law enforcement.

    Moscow raised concerns over a network of secretive US-funded laboratories in Ukraine in the early weeks of the conflict, and has frequently made public evidence about the program ever since. The US government confirmed the existence of the labs last March, but insisted they were neither illegal nor intended for a military purpose, despite the fact that much of their funding went through the Pentagon.”

    https://www.rt.com/russia/574555-ukraine-biolabs-weapons-military/

    April 18th is this year’s deadline to file your federal income taxes. Keep paying for all of this, tax slaves.

    You’re not going to vote your way out of this one…

        1. A lot of zombie firms are going to bite the dust.
          Yep, profitability is going to become key again and a lot of parties and “bennies” are going to disappear in an attempt to get to profitability and positive cash flow..

    2. Never heard of Milkrun, so I looked it up. It’s Australian. Home food delivery is a luxury, and Aussies are broke as a joke.

  29. Angel Husband: Illegal Alien ‘Could Have Saved My Wife’s Life,’ Instead Let Her Die in Burning Car

    JOHN BINDER
    10 Apr 2023

    Juan Leonardo Parra Altamirano, a 33-year-old illegal alien from Ecuador, was arrested and charged last week for allegedly causing a deadly crash that left 46-year-old Erpharo Gilbert — a legal immigrant from Haiti — burning to death in her vehicle.

    Angel Husband Jean Marie Coquillon says the illegal alien accused of killing his wife in a hit-and-run crash “could have saved” her life if he had stopped and helped her out of her burning vehicle.

    Instead of stopping, police allege Altamirano fled the scene. Altamirano’s attorneys claim he fled because he knew he was illegally in the United States and ran the risk of arrest and deportation as a result.

    Reports indicate that Altamirano recently arrived in the U.S., suggesting the illegal alien may have crossed the southern border — as millions have — sometime in the last year under President Joe Biden’s administration.

    Gilbert’s Honda Accord was again struck by a pickup truck in the midst of the crash and caught fire. Gilbert was trapped inside the vehicle and died at the scene. Eyewitnesses said Altamirano was seemingly drunk when he briefly stopped at the scene of the crash before allegedly fleeing.

    https://www.breitbart.com/politics/2023/04/10/angel-husband-illegal-alien-could-have-saved-wifes-life-instead-die-burning-car/

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