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Many Homes Advertise Just How Far Desperate Owners Are Willing To Go

A report from the Boston Globe in Massachusetts. “The median sales price of a single-family home in Greater Boston dropped nearly 8 percent year over year to $700,000 in February, according to the Greater Boston Association of Realtors. ‘People who saw their neighbors sell homes last spring for well over asking price with multiple offers to choose from have had a big wake-up call over the last ten months as the market has cooled,’ added Daryl Fairweather, Redfin’s chief economist. ‘By this point, savvy sellers have adjusted their expectations and learned that pricing their home correctly the day they list it is better than overpricing and having to lower it later on.'”

From Deseret News. “The median price of all home types sold in Salt Lake County, Utah’s most populous county along the Wasatch Front, fell below the half-million dollar mark in February, down to $494,500, a nearly 4% decrease from a year earlier, according to the Salt Lake Board of Realtors. The median price of a single-family home in Salt Lake County fell to $560,000 in February, down $90,000 from its peak in May 2022 when the median home sold for $650,000. That’s an almost 14% price decrease. Only 590 Salt Lake County homes sold in January, down 36% compared to 927 sales in January 2022. That marked the fewest number of homes sold in a single month since January 2011, when 571 homes were sold, according to the Salt Lake Board of Realtors. Multifamily homes saw the biggest percent decrease in sales for the month at a decline of 46%.”

The Real Deal on Texas. “Arbor Realty Trust has foreclosed on a quartet of low-income multifamily properties in Houston valued at $229 million. The portfolio includes Heights at Post Oak, Redford Apartments, Reserve at Westwood and Timber Ridge Apartments, all of which were purchased by Jay Gajavelli’s Applesway Investment between August 2021 and April 2022. Located within the city’s Outer Loop, the properties house a combined 3,200 apartment units.”

“Arbor initiated the foreclosure on March 13 after Applesway defaulted on its mortgage payments. The properties went to auction on April 4, but no bids were made, according to sources familiar with the foreclosure. Arbor initiated a credit bid, in which the lender can use the outstanding debt owed on a property as collateral for their bid at a foreclosure auction, for each property. Distress hit beyond foreclosures with sales of multifamily properties falling at their fastest rate since the 2008 mortgage crisis, following a period of massive transactions that peaked in 2021. Particularly, in the Sunbelt regions.”

Bisnow New York. “Sales volumes in New York City commercial real estate slowed across asset classes during the first quarter of this year. While defaults and discounts are on the rise, distress and forced sales will likely only show up during Q3 or even later as owners run out of equity in the face of refinancing deals, said Avison Young Tri-State Investment Sales Group Head James Nelson. ‘We are seeing some distress with sales, you do read about that happening,’ Nelson said, adding that the contagion is concentrated in the office sector but is also spreading to multifamily because of financing conditions. ‘It would not surprise me if we start seeing more of those forced sales, but I don’t think there’s going to be a meaningful impact in Q2 because a lot of buyers and sellers are still prolonging decision-making.'”

The Real Deal on California. “Build Inc. has surrendered a property approved for a 40-story apartment highrise in San Francisco’s Hub District to its lender. The San Francisco-based developer has filed a deed-in-foreclosure for its stalled One Oak project at 1500 Market Street and will hand it over to Seattle-based Washington Capital Management, the San Francisco Business Times reported. Build owed $44 million for the property at the edge of Civic Center, Mission and South of Market, according to the filing.”

“Its surrender marks the latest real estate casualty in a city where a third of the offices are vacant and rising interest rates, the coronavirus pandemic and soaring construction costs have hobbled housing development. Rents have fallen 15 percent since March 2020, according to CBRE. The One Oak project was approved in 2017 as a mixed-use, 304-unit tower containing 1,200-square-foot condominiums. At the time, the development was valued at $400 million. But Build couldn’t get investors to bankroll it as construction costs rose faster than home prices. In 2018, the firm tried to sell the site for an undisclosed price. Last summer, the developer turned toward building apartments instead.”

425 Business in Washington. “The median sales price of single-family homes and condominiums in King and Snohomish counties in March dropped 9.4% and 10.4%, respectively, from March 2022. Additionally, total active listings rose, while the number of pending and closed sales dropped, according to figures released last week by the Northwest Multiple Listing Service. The story was similar across the the 26-county region covered by NWMLS. On the Eastside of King County, the median sales price of single-family homes only was $1.4 million, down 17% from a year ago.”

“In Snohomish County, the median sales price of homes and condos combined was $680,000 last month. For homes only, the median was $724,000, down 9.5%. For condos only, the median was $495,000, down 10.8%. In the southeast county, where median sales prices are typically highest, the median for single-family homes was $995,950, down 23.3%.”

Mortgage News Daily. “Money, some say, makes the world go ‘round. Last week we all learned that net production income for independent mortgage bankers fell to a $301 loss (13 basis points) for all of 2022, according to the MBA, a series low for the index which began in 2008. Marina Walsh, CMB, MBA’s VP of Industry Analysis, sagely observed, ‘The stellar profits of the previous two years dissipated because of declining volume, lower revenues, and higher costs per loan (which hit $10,624 per loan).’ True: 1.5 closed loans a month per production employee stinks.”

Durham Region in Canada. “‘Right now, for buyers, we’re almost back to where we were in the crazy times just because inventory is so low and we’re seeing multiple bids everywhere, especially in the last month,’ explained Oshawa real estate agent Chris Vale. ‘For sellers, I think with the price decrease that happened over the last year, where we saw pockets of Durham down more than 25 per cent, people are feeling that they may have missed out on selling at the highest price and are waiting for the peaks to come back and just seeing how things play out in the economy.'”

From Market Watch. “The Chinese government has been engaged in a decade-long campaign to stave off a financial crisis triggered by excessive debt growth, an effort that has critically damaged its $10.7 trillion real-estate debt market and set the stage for a political showdown between local and central governments. At the heart of Beijing’s debt problems has been the growth of the so-called shadow banking sector, made up of firms that act like banks by issuing loans but that are not subject to the same regulations and supervision as traditional banks, according to a report issued Monday by the Center for Strategic and International Studies, a nonpartisan think tank.”

“Chinese housing developers began funding their operations through preconstruction sales of homes, shifting their borrowing from shadow banks to prospective homeowners. ‘This process also introduced some Ponzi-type elements of financing into China’s property sector, as the rush to raise money from presales was likely necessary because shadow banking loans were being called in,’ wrote Logan Wright, a China expert at Rhodium Group.”

From Asia One. “Would you pay US$90,000 (S$120,000) to buy virtual property in the metaverse? While it would likely be a resounding no from many of us, Taiwan-based Singaporean singer JJ Lin did just that in November 2021. He announced on Twitter that he had bought three virtual properties on Decentraland, a 3D world where users can buy virtual plots of land as non-fungible tokens (NFTs), which media reports claimed at the time cost him about US$30,000 each. It seems that the singer’s investment hasn’t panned out, leading to netizens on Weibo having a field day with the news and trending ‘JJ Lin’s virtual real estate devaluation of 91 per cent’ on the platform.”

“In response, the 42-year-old cheekily posted a photo of his seemingly empty wallet on Weibo yesterday (April 9) with the caption: ‘I heard many people have been wanting to help me with my financial management recently!’ According to Metaverse analysis platform WeMeta, the real estate price per square metre of land on Decentraland dropped from US$6,000 in 2021 to a measly US$5 in 2023. This means JJ’s Decentraland portfolio is worth less than US$8,100 in present time.”

The Spinoff in New Zealand. “Real estate agents seemed uncertain and no one wanted to talk figures. So I decided to ask this agent outright. Was this home going to go for around $1.1 million? Eventually the agent indicated owners’ expectations at the upcoming auction were north of $1.3 million. As my partner and I drove away, we shook our heads. It was very likely the owners weren’t going to get anywhere near that. That particular auction was passed in. No one bid – or at least, no one bid enough. That same real estate agent has been pestering me with pleading text and email spam to ‘present all offers now’. With a CV of $1.26 million, that house is still on the market. As lovely as it is, we’re not interested in anything at risk of flooding and neither, it seems, are many others. In February of last year, Homes.co.nz estimates this house was worth up to $1.64 million. Now, it’s dropped to its lowest estimate in three years: $990,000.”

“This is what buying a home in Auckland looks like right now. Buyers like us are tentative, nervous and scared. Sellers have unrealistic expectations built up from the buoyant market of 12-18 months ago, so their homes sit on the market, refusing to budge at the price the vendors hope for. Homes at clear risk of flooding don’t move unless cheeky offers are accepted. In St Lukes, at a three-bedroom home with a stunning deck, the agent told me they’d received two offers in the low $800,000s. The CV was $1,650,000. We later discovered it was smack bang in a flood zone.”

“Developers have run out of cash so buyers are no longer competing with them. The council valuations are meaningless. Many homes advertise just how far desperate owners are willing to go below the last council valuation provided in 2021, back when the market was booming. ‘Selling 300+ below CV,’ says one home listed in Te Atatū South. ‘CV $1.38m selling $300k below the CV price,’ says another in Mount Albert.”

“For others, things are even more desperate. Some real estate agents promote properties as being sold under duress. ‘Urgent Action needed – must be sold,’ says the listing for a four-bed, two-bath in Waterview. A six-bed in Grey Lynn has ‘got to go!’ Search Trade Me for ‘mortgagee sales’ and you’ll find more than 25 properties listed in Auckland. ‘A fantastic opportunity with huge upside!’ say the notes for one. Several are developments paused mid-construction. Photos for a North Shore property with three townhouses mid-build show the site was vacated with giant bags of pink insulation scattered across unfinished decks. A ladder has toppled over in the front yard and planks cover the driveway.”

“Nothing is selling at auction. Friends who put their own homes up for sale have taken them down eight weeks later, preferring instead to wait out winter and try again next spring. Where’s the bottom? No one knows, but the further things fall, the better it is for first-home buyers, the people affected most by those soaring prices two years ago. For those caught in the middle, everything feels uncertain. Except, of course, for the reliable ping of notifications from real estate agents hustling for a sale. As one billboard for an Auckland CBD firm warns: ‘The slower the market, the harder we work.'”

Related Posts

How Far Did Prices Drop?

https://www.youtube.com/watch?v=QlYaNBNr_V8 https://www.youtube.com/watch?v=piVG4lY_zss https://www.youtube.com/watch?v=HXm6w8ITWaI

This Post Has 57 Comments

  1. ‘Arbor initiated the foreclosure on March 13 after Applesway defaulted on its mortgage payments. The properties went to auction on April 4, but no bids were made’

    Behold, the Holy Grail of investing.

  3. ‘Last week we all learned that net production income for independent mortgage bankers fell to a $301 loss (13 basis points) for all of 2022, according to the MBA, a series low for the index which began in 2008…1.5 closed loans a month per production employee stinks’

    You could be making it up with volume.

      1. Sounds like more layoffs might be brewing.
        The data is from 2022. I suspect the layoffs are mostly behind us.
        In case anyone is interested this data comes from Banks and mortgage company that submit very detailed expense and revenue data to the MBA and pay a fee for attending the conference as well as receiving a book with all the competitor’s expense and revenue related information broken out for comparison. Now, competitor information is supposed to be anonymous but as you discuss the data at the conference you end up defending your numbers/data integrity which of course let’s everyone know which data is your company’s.
        These conferences are done by loan volume. For example, large mortgage companies like Wells and Chase will be in the same conference where as small credit unions will be at a totally different conference. Comparing Chasse’s results to a small Credit Union would add no value to anyone. Each company has expenses that it will characterize slightly different from another company but these expenses in total should be a good comparison. My real issue with the data is about allocation of Corporate, space and IT overhead. Therefore, I usually tried to ignore them when presenting data to management. This data was seriously reviewed at several of the banks I worked at and basically ignored an another. Each company is supposed to tie to their mortgage P&L.
        The MBA rolls up the data and that’s where headlines come from. My guess is that there were several companies that lost big bucks/loan but that several companies managed to squeak out a positive profitability number. I am sure management has been addressing these expenses since last May (June?) when the monthly financials were reported and a lot of the expense have already been cut.

        1. This data was seriously reviewed at several

          Fine and good for them to fine tune their overhead expenses, compare them to the lies of their peers and rearrange the deck furniture. It would be more interesting to know the condition of the assets, long term loans at below market interest rates.

          1. It would be more interesting to know the condition of the assets, long term loans at below market interest rates.
            The greater majority of all loans mortgage companies make (90+%?) are sold to Fannie/Freddie/VA/FHA rural housing. Mortgage companies do not, as a general rule, hold the mortgage loans they make, so by definition, they can’t be below market, Also, once a mortgage loan is locked for a sale to Fannie/Freddie/FHA a hedge is put against that loan so if rates go up or down the asset value should remain essentially constant. As far as interest rates, they will effect the Mortgage Servicing right value (MSRs) which may or may not be held by the mortgage company. MSRs require a lot of equity to be held against them so, by holding the actual MSR, it can become a question about the use of equity because as a general rule MSRs have a low ROE relative to some other uses for Equity,
            .Again,no one holds much in the way of actual mortgages anymore. Joke at one company was that the only Mortgage loans we would hold in our Portfolio were those of our biggest Commercial clients’ worthless son-in-laws whose loans were so crappy one would buy them. Mortgage companies for the most part learned their lessons from the 1980 issues of borrow short term vs invest long term, something SVB did not learn.

          2. they will effect the Mortgage Servicing right value (MSRs)
            Forgot to mention, MSRs are very volatile which might cause some banks, unless they have the ability to effectively hedge the MSR asset, to try and avoid having MSRs on their Balance Sheet.

  4. ‘The One Oak project was approved in 2017 as a mixed-use, 304-unit tower containing 1,200-square-foot condominiums. At the time, the development was valued at $400 million. But Build couldn’t get investors to bankroll it as construction costs rose faster than home prices. In 2018, the firm tried to sell the site for an undisclosed price. Last summer, the developer turned toward building apartments instead’

    Bay aryan airboxes started sinking like a turd in a well in 2015.

    1. “Build Inc. has surrendered a property approved for a 40-story apartment highrise in San Francisco’s Hub District to its lender.”

      Does the building permit persist and included with the foreclosure?

      1. Getting a building permit in San Francisco is a very costly and lengthy process. It would be a shame to see that wasted.

  5. ‘According to Metaverse analysis platform WeMeta, the real estate price per square metre of land on Decentraland dropped from US$6,000 in 2021 to a measly US$5 in 2023’

    Half off is unrealistic.

          1. It’s very similar to selling fantasy currency to suckers, when you think about it. And if some of the suckers who buy it are Congressmen, then all the better!

      2. “…$5 for make believe real estate…”

        Maybe $5 is for prime beachfront??

        (Asking for a friend)

  6. Multifamily homes saw the biggest percent decrease in sales for the month at a decline of 46%.”

    Is that a lot?

  7. Distress hit beyond foreclosures with sales of multifamily properties falling at their fastest rate since the 2008 mortgage crisis, following a period of massive transactions that peaked in 2021.

    Gosh, if Old Yellen hadn’t assured us our banking system was “strong” and “resilient,” Ida thunk we wuz seeing contagion spreading in real-time throughout the financial system.

  8. ‘We are seeing some distress with sales, you do read about that happening,’ Nelson said, adding that the contagion is concentrated in the office sector but is also spreading to multifamily because of financing conditions.

    Thank goodness there’s a contagion-proof firewall between multi-family and CRE, and residential real estate.

    Oh, wait….

  9. “‘Right now, for buyers, we’re almost back to where we were in the crazy times just because inventory is so low and we’re seeing multiple bids everywhere, especially in the last month,’ explained Oshawa real estate agent Chris Vale.

    Chris is a liar & a fantasist.

  12. “The median price of a single-family home in Salt Lake County fell to $560,000 in February, down $90,000 from its peak in May 2022 when the median home sold for $650,000.”

    That’s nine months elapsed…

    1-(560/650)^(12/9) = 18% annualized rate of price decline

    “That’s an almost 14% price decrease. Only 590 Salt Lake County homes sold in January, down 36% compared to 927 sales in January 2022. That marked the fewest number of homes sold in a single month since January 2011, when 571 homes were sold, according to the Salt Lake Board of Realtors.”

    Maybe they are waiting for the Fed to turn the Quantitatve Easing firehose back on and aim it at real estate, like in 2012? Don’t think it will happen, but who knows?

  13. The Spinoff in New Zealand. “Developers have run out of cash so buyers are no longer competing with them. The council valuations are meaningless. Many homes advertise just how far desperate owners are willing to go below the last council valuation provided in 2021, back when the market was booming. ‘Selling 300+ below CV,’ says one home listed in Te Atatū South. ‘CV $1.38m selling $300k below the CV price,’ says another in Mount Albert.”

    “For others, things are even more desperate. Some real estate agents promote properties as being sold under duress. ‘Urgent Action needed – must be sold,’ says the listing for a four-bed, two-bath in Waterview. A six-bed in Grey Lynn has ‘got to go!’ Search Trade Me for ‘mortgagee sales’ and you’ll find more than 25 properties listed in Auckland.”

    ——-

    – This is housing. In a sane world, not a central bank-driven clown world, it’s shelter; a place to live.

    – It’s a global pandemic, since central banks are global. Worse than the CCP virus.

    – NZ, AU, CA, US: All now have RE bubbles. Some bigger than others, but all asset bubbles always burst.

    – Enjoyed the boom? Now enjoy the bust.

    ——-

    The Turn of a Friendly Card (Part 1)
    Alan Parsons Project

    There are unsmiling faces and bright plastic chains
    And a wheel in perpetual motion
    And they follow the races and pay out the gains
    With no show of outward emotion

    And they think it will make their lives easier
    For God knows up till now it’s been hard

    But the game never ends when your whole world depends
    On the turn of a friendly card

    No the game never ends when your whole world depends
    On the turn of a friendly card

    There’s a sign in the desert that lies to the west
    Where you can’t tell the night from the sunrise

    And not all’s the king’s horse and all the king’s men
    Have prevented the fall of the unwise

    For they think it will make their lives easier
    And God knows it’s been hard

    But the game never ends when your whole world depends
    On the turn of a friendly card

    No the game never ends when your whole world depends
    On the turn of a friendly card”

  14. Most of my Bay Aryan colleagues are in complete denial over Clownifornia’s ongoing collapse. Just like the dog in the burning house meme, they insist everything is fine.

    Meanwhile, I get text messages from them saying that they are experiencing yet another power outage at home and are thus offline, which is common. The Santa Clara campus was offline for a whole week last summer. I expect an encore this summer and expect it will be worse.

    Clownifornia is fooked. And I wouldn’t be surprised if Gruesome Newsom is the Dem’s presidential candidate in 2024.

    1. Pedo Joe will resign, Greasy Gavin installed as VP, Heels Up resigns as president, then Newsom “wins” both 2024 and 2028.

      Permanent Democrat Supermajority.

      1. then Newsom “wins” both 2024 and 2028.
        I know I am preaching to the choir, but based on how F-Upped CA is who could vote for him?

        1. He doesn’t actual “votes” to win 2024 and 2028, he will be re-installed into the White House regardless.

        2. “who could vote for him?”

          Think of all the blue state refugees who continue to pull the D lever every election.

          He’s also good looking and is articulate. His spin doctors will be able to convince many moderates that all the bad sh!t in Clownifornia wasn’t his fault. And there is the ballot box stuffing machine.

          Newsom has already made DeSantis the focus of his attacks. He knows who his biggest threat is. He can’t run against DeSantis’ economic record, so he’s campaigning on DeSantis being a Neandertal who wants to shove women back into the kitchen.

          1. His spin doctors will be able to convince many moderates that all the bad sh!t in Clownifornia wasn’t his fault.

            Yep — they’ll say if only the Republicans got out of the way in California everything would be better. And idiots will nod in agreement.

          3. Think of all the blue state refugees who continue to pull the D lever every election.

            They begrudgingly leave due to high house prices and the general cost of living. Some bemoan their new adopted states, wishing for the days of yore.

    1. The Financial Times
      US inflation
      US inflation eased to lowest level in nearly two years in March
      Uptick in core CPI keeps pressure on Federal Reserve to push ahead with another rate rise in May
      People in a grocery in Rosemead, California
      The consumer price index for March rose by 5% year on year, according to Bureau of Labor Statistics data
      Colby Smith in Washington
      3 hours ago

      US inflation eased last month to its lowest level in nearly two years but an uptick in core prices could keep pressure on the Federal Reserve to press ahead with another interest rate increase in May.

      The consumer price index for March rose by 5 per cent year on year, according to data published by the Bureau of Labor Statistics on Wednesday.

      That marks a significant deceleration compared with the 6 per cent rate recorded in February and is the lowest reading since May 2021. On a monthly basis, consumer prices increased just 0.1 per cent, shy of economists’ forecasts.

      However, core CPI, a closely watched measure of underlying price pressures that strips out volatile energy and food costs, rose by 5.6 per cent year on year following a 0.4 per cent monthly jump, suggesting price pressures for some goods and services are still elevated.

      Stubbornly firm core inflation makes it clear that there is “still a lot of work to do” to get inflation back down to a more palatable level, said Stephen Stanley, chief US economist at Santander.
      …

    1. Warren Buffett tears into banks, trashes bitcoin, and warns inflation and recession can lead to big problems
      Theron Mohamed
      Apr 12, 2023, 7:48 AM
      warren buffett
      Warren Buffett.
      REUTERS/Mario Anzuoni

      – Warren Buffett slammed deceptive banks and trashed bitcoin in a rare TV interview.

      – The Berkshire Hathaway CEO warned inflation and recession are both serious risks to investors.

      – We live-blogged the conversation. Scroll down for more of Buffett’s comments.
      …
      https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-japan-trading-houses-inflation-recession-economy-2023-4

      1. Cut from the article:

        “..Something like bitcoin, it’s a gambling token,” Buffett says. “It doesn’t have any intrinsic value…”

        Basically the same thing the HBB and its readers have been saying for years.

    2. ‘I’ve seen people do stupid things all my life’: Warren Buffett doubles down on his long-held bitcoin and crypto views
      Published: April 12, 2023 at 11:38 a.m. ET
      By Anushree Dave
      In an interview with CNBC’s ‘Squawk Box,’ thye Berkshire Hathaway CEO compared bitcoin and crypto to gambling
      Warren Buffett shared thoughts Wednesday on cryptocurrencies.
      Paul Morigi/Getty Images/Fortune/Time Inc.

      ‘I’ve seen people do stupid things all my life.’
      — Warren Buffett, Berkshire Hathaway

      In an interview early Wednesday with CNBC’s “Squawk Box,” Warren Buffett again shared his thoughts on bitcoin (BTCUSD, +0.31%) and crypto more broadly, likening them to the gambling he has seen throughout his life.

      “I didn’t like chain letters when I was a kid. I thought, why in the world should I send along a chain letter?” said Buffett. “I’ve seen people do stupid things all my life. And I really, I empathize with that. I mean, people like to play the lottery. … People love the idea that they’re going to make more money tomorrow.”

      Though Buffett has expressed this view before, what was surprising about Wednesday’s interview is that he doubled down on it in the face of bitcoin’s recent rally.

      CNBC’s Andrew Ross Sorkin asked him when, exactly, bitcoin would become “not a thing.” Bitcoin has existed for 15 years, and was above $30,000 on Tuesday, its highest since June 2022. Some industry experts have looked at it as a safe haven when compared with other investing options.

      But Buffett compared crypto to witnessing people gambling when he was on his honeymoon in the 1950s in Las Vegas.

      “I looked at all these people, who had flown thousands of miles to do something that [was] unintelligent as fast as they could,” said Buffett. “They thought the dice were hot or something like that. And I thought, I’m going to get rich in this country, I mean, if that’s what people do. I can be smarter than that.”

      “It really drives them crazy if their next-door neighbor is making more money not knowing what they’re doing, and they’re just sitting there and their spouse is saying, ‘Why is that guy getting a second car, and why are we missing this whole thing?’ ” Buffett added. “The gambling instinct is so strong.”

      Bitcoin was trading at $30,217 on Wednesday morning, down 0.1% in the past 24 hours, according to CoinDesk data. The token is still far from its peak of $65,000 in November 2021.
      …
      https://www.marketwatch.com/story/ive-seen-people-do-stupid-things-all-my-life-warren-buffett-doubles-down-on-his-long-held-views-on-bitcoin-and-crypto-fe393424

  17. ‘For sellers, I think with the price decrease that happened over the last year, where we saw pockets of Durham down more than 25 per cent, people are feeling that they may have missed out on selling at the highest price…”

    You don’t say.

    1. “EPA Administrator Michael Regan touted the environmental benefits of its new emissions rule.”

      Has Michael ever performed an oil change?

  20. Ex-White House Aide: FBI Ignored Joe Biden’s Role in Ukraine Business Dealings

    WENDELL HUSEBØ
    12 Apr 2023

    The FBI has ignored President Joe Biden’s role in the family’s foreign influence-peddling “conspiracy” in Ukraine, according to former Obama White House stenographer Mike McCormick.

    McCormick, who told the New York Post he has relevant information implicating Joe Biden in the family’s business affairs in Ukraine, submitted a tip to the FBI in February.

    McCormick said he never heard back from the FBI — the same law enforcement agency which allegedly “shut down” the investigation into Hunter’s abandoned “Laptop from Hell.”

    “Joe Biden committed crimes in Ukraine in a conspiracy with [current national security adviser] Jake Sullivan,” McCormick told the Post. “I’m a witness to that happening.”

    According to McCormick, Biden’s former national security aide, Sullivan, told reporters on April 21, 2014, on Air Force Two as an anonymous “senior administration official” that the United States intended to help Ukraine’s natural gas industry.

    Unknown to the public at the time, Hunter Biden was already a board member of Burisma, a Ukrainian natural gas company. Hunter’s position on the board was not disclosed by the company until May 12, 2014, nearly a month after Sullivan’s statement to reporters.

    The US would specifically offer “technical assistance relating to a regulatory framework, and also the technology that would be required to extract unconventional gas resources; and Ukraine has meaningful reserves of unconventional gas according to the latest estimates,” McCormick recounted Sullivan’s statement to reporters on the flight.

    In December 2014, Congress approved a $50 million package for Ukraine’s energy sector, including the natural gas industry. The package was supported by the Obama administration. Joe Biden served as the “point person” on U.S. foreign policy toward Ukraine during the Obama administration.

    https://www.breitbart.com/politics/2023/04/12/ex-white-house-aide-fbi-ignored-joe-bidens-role-in-ukraine-business-dealings/

    1. How were Dems able to completely politicize and take control of the FBI and entire Justice Dept. while Republicans did nothing?

  21. https://twitter.com/BaldingsWorld/status/1646233756980609051?cxt=HHwWtoCw4ae4zNgtAAAA:

    People will laugh about this but actually [it] gets to the failure of government priorities in California:

    They cannot take care of the very basic functions of government like fixing potholes. They want to spend literally hundreds of billions on high speed rail but can’t fix potholes

    https://twitter.com/Schwarzenegger/status/1645886847342743552 (59s video):

    Today, after the whole neighborhood has been upset about this giant pothole that’s been screwing up cars and bicycles for weeks, I went out with my team and fixed it. I always say, let’s not complain, let’s do something about it. Here you go.

    1. i mean that’s really great and all that people got together and fixed the problem.

      But why exactly am I paying these huge taxes? (If i was stupid enough to live there). Also imagine how bad the crappy neighborhoods are

  23. The Bank of Canada Holds Rates: Signals Higher for Longer
    Mark Mitchell – Mortgage Broker London Ontario
    Apr 12, 2023

    The Bank of Canada held its pause on interest rates this morning, but signaled that inflation, and rates, could stay higher for longer. With the Canadian economy showing few signs of slowing the bank acknowledged that it might have a difficult time getting the inflation rate back to target until the end of 2024.

    https://www.youtube.com/watch?v=Qc2gDHGsI1I

    7:19.

  25. ‘It would not surprise me if we start seeing more of those forced sales, but I don’t think there’s going to be a meaningful impact in Q2 because a lot of buyers and sellers are still prolonging decision-making

    Denial <- Sellers you are here.

      1. I heard the real estate porcine beauticeans say that home prices have already bottomed out. Do these people have any idea of what would happen to home prices if there were a recession?

Comments are closed.