thehousingbubble@gmail.com
Blog

I See A Lot Of Panicking Happening, I’ve Seen People Lose Their Entire Life Savings

It’s Friday desk clearing time for this blogger. “The National Association of Realtors’ index of pending home sales fell 5.2% to a reading of 78.9 in March, according to data released on Thursday. On a yearly basis, pending transactions plunged by 23.2%. NAR predicts that newly constructed home sales will increase from last year by 4.5% in 2023 to 670,000 and increase by another 11.9% in 2024 to 750,000. ‘Sales of new homes are already matching 2019 pre-COVID activity and are expected to increase in 2023,’ said NAR Chief Economist Lawrence Yun, ‘largely due to plentiful inventory in this segment of the market.'”

“After years of leading the nation in home price growth, the Phoenix metro is now dipping into the red. If you drive, you’ll notice ‘for sale’ signs popping up across the Valley, but we know prices just aren’t as high as they used to be. It has now joined seven other metros across the country in the same boat including Denver, Las Vegas, Los Angeles, Portland, San Diego, San Francisco and Seattle. ‘The main reason why home prices are going down is because homes are staying on the market for longer, so that’s why sellers are lowering their prices to get people to buy,’ said Luis Cordova with Rounds Consulting Group.”

“Reno posted a record high median home sale price of $635,000 in June 2022 for an existing home, almost doubling the median price of $320,000 from January 2017, according to Sierra Nevada Realtors. The Reno median price has since fallen to $555,000 in March this year due to a rebalancing of the market from rising interest rates but remains unaffordable for many households in the city. Sparks reached a record high of $570,000 in May 2022. The median home sale price for Sparks in March this year was $502,500, according to Sierra Nevada Realtors. Las Vegas, meanwhile, reported a median home price of $425,000 in March, according to Las Vegas Realtors. Las Vegas’ median home sale price reached as high as $482,000 in May 2022.”

“After nearly three years of nonstop price increases, Maine’s housing market has been showing signs of stabilizing for several months. In five of Maine’s 16 counties, median sales prices declined between 2.5% and 10% during the first quarter of the year.”

“The year-over-year median price for a home on Long Island — excluding the Hamptons and North Fork — had not dropped in 10 years. Until last quarter. ‘This part is anecdotal, but in talking to the real estate community in the East End, the problem is a lot of the listings that are coming on are simply priced for early ’21, or early ’22. They’re not in sync with the current market,’ said Miller Samuel CEO Jonathan Miller.”

“The tallest high-rise in Texas has now been scaled back to 45 stories. Instead of soaring 80 stories — 1,035 feet tall — and having 450 apartment units, Wilson Capital, the Austin-based real estate firm developing the project, now envisions a building with 350 apartment homes in a 45-story tower. ‘Changing market conditions, notably rising construction costs and interest rates, have driven our firm to be very selective about which projects to move forward with and how to go about programming them,’ said Taylor Wilson, president of Wilson Capital. ‘Projects and designs that made sense in 2021-2022 do not necessarily work in the current environment.'”

“Residence hall occupancy on the CWU Ellensburg campus towards the end of the academic year is still below administration expectations. There were 2,054 students living in the residence halls in fall 2021 versus 2,143 in fall 2022, still 1,000 fewer residents than pre-COVID levels, which were around 3,000. CWU is still not at the expected occupancy that it had hoped to be, according to Joel Klucking, CWU chief financial officer. ‘We have lots of available vacancies in our residence halls,’ Klucking said. ‘It’s much healthier if we can get to that 90 to 95% occupied state.'”

“Panoramic Development has skidded into loan default for a proposed highrise to contain more than 1,000 homes in West Oakland. The San Francisco-based developer defaulted on a $6.25 million debt for CitySpaces at 500 Kirkham Street, the East Bay Times reported. The development was to include 1,032 apartments and 35,000 square feet of shops and restaurants, offices and a grocery store. Now the property faces loan delinquency, default and possible foreclosure.”

“For many real estate buyers who lined up to sip a cocktail and purchase a condo unit at a high-profile launch party, the euphoria is a distant memory. The dilemma confronting many of those buyers now is that their units – in projects nearing completion – are not worth what they agreed to pay at the time. Sahil Jaggi, broker with Re/Max Realtron Realty, recalls the heady days of project launches in Toronto in recent years. He believes many buyers are not sufficiently aware of the risks of buying a unit preconstruction.”

“‘A lot of people who purchased at premium prices were overly optimistic when the market was doing well,’ he says. ‘People are scared because the valuations have dropped. I see a lot of panicking happening.’ Mr. Jaggi recalls the sales centre frenzies which reached a crescendo in 2021. More than 30,000 units were sold in preconstruction that year. ‘They just stand in the line and buy. They don’t even know what floor plan they’re buying. If the market continues to go up forever, preconstruction is a great buy. But it’s so speculative. I’ve seen people lose their entire life savings.'”

“Lenders who provide financing to the developer for construction do typically require that they ensure buyers will have the ability to close. It’s no secret among industry insiders that the practices can be lax. Mr. Jaggi is more scathing than that. ‘It’s a joke. It’s a complete joke. People are getting these letters from their friends. Half of those preapproval letters are not authentic,’ he says.”

“Anna Wong, real estate agent at Strata.ca in Toronto, says the downturn in the broader real estate market has exposed the risks of betting too heavily on future prices. ‘This market actually teaches people a lesson on preconstruction,’ she says. ‘People, sadly, are being burned by it.’ In one case, the original buyer of a one-bedroom, 648-square-foot unit at 88 Queen Condos paid $810,000 a couple of years ago. The buyer tried to sell the contract in the assignment market for $909,000, then recently dropped the price to $860,000 after 86 days on the market. But Ms. Wong points out that a buyer can purchase a unit of a similar size in the resale market for about $700,000. ‘They push preconstruction out like crazy,’ Ms. Wong says. ‘There’s so much hype. It’s a great investment – only if the market is with you.'”

“The former chair of the Housing Agency, Conor Skehan, has warned that the State needs to be cautious of the risk of an ‘oversupply’ of housing. A runaway train in housing wrecked the Irish economy in 2008. e already have to watch out for the dangers for oversupply,’ he said. Mr Skehan said that when oversupply happens, ‘you can’t apply the brakes’ easily. ‘And then the house next door to you sells for €50,000 less than you’re expecting, suddenly your house is undervalued even though you’ve no intention of selling it and suddenly you’re in negative equity,’ he said.”

“The International Monetary Fund warned Friday of ‘disorderly’ house price corrections in Europe. ‘A housing market correction is already underway in some European countries, for instance, in the Czech Republic, Denmark, as well as in Sweden where house prices declined more than 6% in 2022,’ the Fund said.”

“Australia’s largest brick manufacturer has become the latest casualty in the nation’s construction industry crisis, with the company forced to close down a major plant in the country’s west. Concrete block and brick producer Brickworks revealed on Thursday its Western Australian subsidiary Austral has been running at a loss in recent years off the back of a reduction in building activity. As a result, the company has made the ‘difficult decision’ to shut down its last manufacturing centre in the state, located in Cardup about 46km southeast of Perth. ‘After careful deliberation, we have decided to mothball our Cardup factory to focus on the sale of excess stock,’ a statement read.”

“Prior to Porter Davis and Lloyd group going bust, a number of other construction companies packed up the tools in March. This included Queensland-based business National Construction Management Pty Ltd and NSW firm Allworks Building Pty Ltd. Ajit Constructions was also ordered into liquidation that month by the Supreme Court of NSW following an application by one of its trade creditors Boral Resources NSW. Meanwhile, a number of big-name groups including Probuild, Home Innovation Builders, Privium, Condev Construction and Pivotal Homes became insolvent in the past year.”

“All collapses have put a number of jobs at risk while leaving families in limbo as they desperately scramble to find another builder to finish their forever home.”

Related Posts
This Post Has 89 Comments

  1. ‘Sales of new homes are already matching 2019 pre-COVID activity and are expected to increase in 2023, largely due to plentiful inventory in this segment of the market’

    Wa happened to my shortage Larry?

  2. ‘Lenders who provide financing to the developer for construction do typically require that they ensure buyers will have the ability to close. It’s no secret among industry insiders that the practices can be lax. Mr. Jaggi is more scathing than that. ‘It’s a joke. It’s a complete joke. People are getting these letters from their friends. Half of those preapproval letters are not authentic’

    The real K-da.

  3. ‘Reno posted a record high median home sale price of $635,000 in June 2022 for an existing home, almost doubling the median price of $320,000 from January 2017, according to Sierra Nevada Realtors. The Reno median price has since fallen to $555,000 in March this year due to a rebalancing of the market from rising interest rates but remains unaffordable for many households in the city. Sparks reached a record high of $570,000 in May 2022. The median home sale price for Sparks in March this year was $502,500, according to Sierra Nevada Realtors. Las Vegas, meanwhile, reported a median home price of $425,000 in March, according to Las Vegas Realtors. Las Vegas’ median home sale price reached as high as $482,000 in May 2022’

    You really screwed up Jerry. These sh$tholes should be a third of that if not less.

      1. It’s not awesome, but there’s worse places to live. At least it cools off at night, unlike Vegas. But prices there are completely out of whack. They’re at least double what they should be currently.

        1. Yeah, greater Phoenix can hit 100 degrees at midnight, but you never see that in Tucson. It makes a big difference.

          2. Tucson has a significant cool off after sunset like most deserts. 15-20 degrees or more. It’s an old city, so many of the shacks and surrounding yards have more trees/green space. The new stuff they build in Tucson is just like Phoenix: garage mahals crammed onto tiny lots, maybe a strip of grass and some cacti. That’s usually outside of the city limits.

          3. In eastern Washington’s Columbia Basin we have a couple of weeks during peak summer where the evenings are in the low 90s, daytimes average around 108-degrees, but two years ago we managed 116-degrees! However, it’s smoke from forest fires that ruins summer.

          4. I used to fly into davis monthan afb years ago….then went back 2019…for some motorcycle riding and to go to Pima museum. I was surprised at the growth. I love the area though….wish I get out more often.

          5. Yeah, greater Phoenix can hit 100 degrees at midnight, but you never see that in Tucson. It makes a big difference.”

            Correct

        2. Hello Rnjc, Howdy Neighbor? Moved to Reno exactly three years ago at the beginning of the Scamdemic/Plandemic. Your take seems quite accurate. Prices about 2x what they should be, mostly driven up by Cali cockroaches fleeing the BayArea. Ironically I am one of those, although a longtime East coaster, driven west by my occupation. My relocation to Reno was set in motion months before the dreaded WuFlu release.
          –Geezer

      2. You couldn’t pay me to live in Reno. JFC

        Exactly. All it has is its proximity to Tahoe, but then why not just live at Tahoe?

        1. Why not Tahoe? Well, if you think Reno’s prices are ridiculous then just check out Tahoe. The commoners live down on the 395 corridor (Reno to Gardnerville).

    2. You really screwed up Jerry. These sh$tholes should be a third of that if not less.

      Exactly. The prices are so far detached from economic realities that even a 2/3 drop at today’s interest rates leaves them barely affordable.

      1. According to Realtor.com, a $635k house in Reno, assuming 20% down, would only cost a borrower a mere $4,000 per month for 30 years. Ouch.

        1. Ouch

          Is it even possible the RE tax is 3.66% (Nevada Redbook)?

          That would make it more like $5,500/mo, without depreciation.

          Numbers an order of magnitude smaller than that led me to live an alternative lifestyle.

      2. Exactly, about 1/3.
        Las Vegas
        2011, LL offers to sell us our rental for $150K, turned down as all estimates were around $100-110K, other reasons
        2023, comparable house, same block sold for $499K

        🤢

  4. ‘Projects and designs that made sense in 2021-2022 do not necessarily work in the current environment’

    That leaves you fooked Taylor.

  5. ‘its Western Australian subsidiary Austral has been running at a loss in recent years off the back of a reduction in building activity’

    Quotes about zombie companies living off CCP virus money in this article.

    1. The beauty of architecture and buildings before WWII. Even factories had a sense of style.

      Now we build prison like monstrosities totally devoid of any spark of the human spirit.

  8. If you drive, you’ll notice ‘for sale’ signs popping up across the Valley, but we know prices just aren’t as high as they used to be.

    “It’s just a gully.” — Every Phoenix realtor

  9. They don’t even know what floor plan they’re buying. If the market continues to go up forever, preconstruction is a great buy. But it’s so speculative. I’ve seen people lose their entire life savings.’”

    Die, speculator scum.

    1. Note to self:

      ‘If the market continues to go up forever, preconstruction is a great buy’

  11. ‘This market actually teaches people a lesson on preconstruction,’ she says. ‘People, sadly, are being burned by it.’

    Oh the tragedy, the pathos!

  13. ‘The main reason why home prices are going down is because homes are staying on the market for longer, so that’s why sellers are lowering their prices to get people to buy,’

    Oh I see…it has nothing to do with a doubling of mortgage interest rates squeezing potential buyers’ home purchase budget constraints then?

  14. The Motley Fool
    Why Bank of Marin Bancorp Stock Was Having Such a Lousy Week
    By Eric Volkman – Apr 28, 2023 at 9:51AM

    Key Points

    The Northern California lender missed the average earnings estimate in its latest reported quarter.
    Although it beat on revenue, investors are currently nervous about banks of its size.

    An earnings miss isn’t a great development for a small American bank at this nervous time.

    What happened

    Small California lender Bank of Marin (BMRC -0.61%) was surely wishing this week would come to a close. The company’s share price was down by more than 13% as of Friday before market open, according to data compiled by S&P Global Market Intelligence. A quarterly earnings miss and general investor wariness on regional and local banks were the key reasons for this decline.

    So what

    Bank of Marin’s no-good week kicked off Monday morning before market open with its first-quarter earnings release.

    For the period, revenue for the bank totaled just under $37.3 million, which was 12% higher year over year. However, net income slipped, dropping to a bit over $9.4 million ($0.59 per share) from the year-ago quarter’s nearly $10.5 million.

    This shook out to a mixed quarter for Bank of Marin. Its revenue topped the average analyst estimate of $34.5 million, but its bottom line fell below the collective $0.66 projection.

    A period of elevated interest rates was no friend of the bank. In its earnings release, it attributed the earnings dip to “higher interest expense reflecting higher market interest rates on a lagged basis.”
    …
    https://www.fool.com/investing/2023/04/28/why-bank-of-marin-bancorp-stock-was-having-such-a/

  15. 1) Pending, existing home sales:
    “The National Association of Realtors’ index of pending home sales fell 5.2% to a reading of 78.9 in March, according to data released on Thursday. On a yearly basis, pending transactions plunged by 23.2%.”

    2) New home sales:
    “NAR predicts that newly constructed home sales will increase from last year by 4.5% in 2023 to 670,000 and increase by another 11.9% in 2024 to 750,000. ‘Sales of new homes are already matching 2019 pre-COVID activity and are expected to increase in 2023,’ said NAR Chief Economist Lawrence Yun, ‘largely due to plentiful inventory in this segment of the market.’”

    – New home sales (NHS) is approx. 15% of total available market (TAM), with existing home sales (EHS) then at approx. 85% of TAM.
    – Since existing is a much larger market, it’s a better indicator of the overall market.
    – Builders are currently doing mortgage buy-downs to lower interest rates for buyers, rather than cutting prices. This is artificially boosting demand for new homes and boosting sales. Most buyers buy with a mortgage, even “cash” buyers. New home sales is only 15% of the market.
    – YoY data is essentially smoothed data, taking out the MoM fluctuations. YoY data shows actual trend in my view.
    – Pending home sales is a leading housing indicator, as showing contracts to buy existing homes, which leads closings by a month or two.
    – We’re likely to see a recession in ’23, with unemployment rising in a significant way by Summer/Fall of this year. These housing data are based on the current low unemployment rate.
    – Current 30 yr. fixed-rate mortgage = 6.67%. This is more than double rates from 2021, as rates shot up starting in Jan., ’22. Inflation or something.
    – What’s the true direction of the U.S. housing market then? Well, no one knows the future, but based on: a) unaffordable price, as many 1st time buyers are priced out, b) high mortgage interest rates, c) poor “it’s a good time to buy” consumer sentiment (U Mich.), d) a weakening economy, with likely rising unemployment soon, e) the current housing bubble 2.0 well past the peak (bubble deflating), f) asset bubbles always burst, g) demographics, h) housing is cyclical; not linear (to the moon!), i) etc., the direction is likely to be down going forward for several years. I guess we’ll just have to see what happens, but that’s my view. In other words, “it’s not always a good time to buy.”
    – Inventory is artificially low, due to massive investor buying over the past several years. There are many homes that are vacant or otherwise held of the market by investors expecting equity appreciation forever. Oops! This buying was in turn, artificially driven by artificially low rates and incentives from the government and the Fed. Those artificial incentives and low rates have mostly been removed now.

    1. low rates have mostly been removed now.

      In my opinion, rates are still low. That despite all the tears.

    2. – Correction: “…or otherwise held of[f] the market…”

      – Also, j) lots of housing construction ongoing… Builders gotta build. Malinvestment due to false economic signals from government and the Fed.

      https://fred.stlouisfed.org/graph/?g=QPZ7
      New Privately-Owned Housing Units Under Construction: Total Units (UNDCONTSA)
      Mar 2023: 1,674; Updated: Apr 18, 2023
      Units: Thousands of Units, Seasonally Adjusted (SA)
      Frequency: Monthly
      – So 1.674M units currently under construction. Is that a lot? 🙂
      – Economics 101 says that more supply is coming with weakening demand. What happens to price? This includes both purchase (SFH) and rents (MFH).
      – It’s hard for me to see the case for a strong housing market, esp. after 14 years of easy $ from government and the Fed now reversing to tight/hard $ policies. Let the reader decide. It’s always a good time to exercise those critical thinking skills!
      – The U.S. eCONomy: From asset bubble to asset bubble.

  16. U.S. energy secretary says it could take years to refill oil reserve

    By Timothy Gardner
    March 23, 2023

    WASHINGTON, March 23 (Reuters) – It could take years for the United States to refill the Strategic Petroleum Reserve, the energy secretary told lawmakers on Thursday, after sales directed by President Joe Biden last year pushed the stockpile to its lowest level since 1983.

    “This year, it will be difficult for us to take advantage of this low price,” Energy Secretary Jennifer Granholm told U.S. representatives in a congressional hearing. “But we will continue to look for that low price into the future because we intend to be able to save the taxpayer dollars.”

    https://www.reuters.com/business/energy/us-energy-secretary-says-it-could-take-years-refill-oil-reserve-2023-03-23/

    1. Biden’s SPR Drawdown Big Win For Beijing

      Dan Eberhart
      Jan 21, 2023

      Chinese-owned companies have lapped up oil from America’s emergency stockpile since the Biden administration decided to sell 180 million barrels last year to lower prices ahead of the midterm elections.

      The SPR, which has a capacity of around 700 million barrels, currently has about 372 million barrels stored in salt caverns along Texas and Louisiana Gulf Coasts. That’s down from 594 million barrels, or nearly 40 percent, from a year ago.

      https://www.forbes.com/sites/daneberhart/2023/01/21/bidens-spr-drawdown-big-win-for-beijing/

    2. “U.S. energy secretary says it could take years to refill oil reserve”

      “A politician thinks of the next election; a statesman thinks of the next generation.”  ~James Freeman Clarke, Sermon

  18. Ok so, ABC news ran a interview with RFK. The only problem is they edited out any comments he made about the vax or Covid,and they disclosed that they did.
    So, my point is isn’t this election interference?
    RFK is running for President ,yet they think they can censor and edit out any part of a interview or speech they don’t want heard.
    I was wondering how they were going to handle the RFK talking points.
    Censorship of a party running for President by editing out the beliefs of that party, like the public doesn’t have the right to know his position.
    This is the highest form of deception and obstruction of a contender for the White House to have free speech as to what their policies will be and why.
    And the DNC claims they aren’t going to have any presidential debates either….
    This is a statement on my part of Big Pharmacy advertisers obstructing free speech in a election process..
    This reminds me of what I have read about Nazi Germany when Hitler took free speech for one message of ……
    That Nazi Klaus one message of Schwab message of insanity..
    Now its unelected Globalists Corporations and Big Pharmacy under the WEF obstructing anything that gets in the way of the One World Order Innsurrection. C.CP , the UN ,Biden,,Deep State and others are colluding with this take .over agenda
    Censorship to obstruct any dispute to dispute a enemy narrative
    ..

    1. So, my point is isn’t this election interference?

      Well, they do want to re-elect Joetato, so this isn’t surprising. I wonder what their plan is if Brandin suddenly ends up going “Weekend at Bernie’s”? Pretend he isn’t dead? Have Kamala die of an unfortunate accident? Inaugurate Kamala as the new puppet in chief?

      1. Ha Ha. Maybe they will make a Joe Biden robot to run, because Joe is just as good as dead.
        Seriously, I have never seen anything like this.

        2. Seriously, I have never seen anything like this.

          Just wait until 2025 and after. I won’t make any predictions because whatever is considered “normal” by then is still unthinkable today.

      2. election interference?

        The only thing that is selection interference is anyone opposing the Corporation.

  19. Also, Paul Watson says that Tucker was benched for 18 months not fired. They don’t want him to influence a election. So, if this is true its another form of election interference by the Cartel.
    Recently Tucker had a special with Trump, and you just knew he would put on RKJ.
    Cable and main stream news so rigged, as elections become a joke. Not to mention arrest of Trump. .

      1. Your right redpilled.
        AOC calling Tucker and Fox Hate speech that should be banned is outragous.
        Hitler banned and burned books. Hitler banned free speech and shut down major newspapers. .Hitler enacted severe punishment if the Germans even listened to a foreign broadcast on the radio. .

        Hitler did this so he could be the only hate speech that was allowed while any oppositions censored. How do you think that Hitler rose to power…
        So censorship and denial of free speech is the evil that creates the hate that brainwashed Germans by Hitler tyrants speeches. Censorship of vital medical information by deception on Covid Is another example of the the evils of censorship . Im so pissed!

      1. Bankers prefer to go out for hookers and blow on Friday than on Monday. Monday is like meh!

          1. The day of the week matters for that?
            Closing Friday gives them the weekend to try and get Monday “back to normal” as possible. People will be working all weekend.
            If you watch i think you will see almost all bank closing happen on Friday.

    2. good thing they kept it alive long enough for all the big wigs and connected special people to get their money out.

    3. The Financial Times
      First Republic shares plunge again as survival plan fails to materialise
      California bank’s advisers have struggled to provide credible proposal to prevent receivership
      A pedestrian walks by a First Republic bank in San Francisco
      First Republic’s shares have fallen 97% since the start of the year
      Brooke Masters, Stephen Gandel and Colby Smith in New York yesterday

      Shares in First Republic plunged 49 per cent in after-hours trading on Friday as the embattled California bank prepared to end another week of turmoil without a long-term plan for its survival.

      First Republic and its advisers have been working on a private-sector solution that would keep the bank from being taken over by the Federal Deposit Insurance Corporation, according to people briefed on the matter.

      But they have thus far failed to craft a proposal that can win over both the big US banks and government officials.

      The bank’s shares were briefly halted for volatility as investors lost faith that what First Republic’s advisers call an “open bank” solution was about to materialise. If it falls into receivership, shareholders would almost certainly be wiped out. The shares had already fallen 43 per cent during normal trading hours on Friday.

      First Republic said in a statement it was “engaged in discussions with multiple parties about our strategic options while continuing to serve our clients.”

      The Biden administration is keen to avoid another FDIC takeover in the wake of Silicon Valley Bank’s March 10 collapse because of fears of contagion. It would also once again raise the politically thorny question of what to do about depositors with balances above the $250,000 threshold covered by deposit insurance.

      A First Republic resolution could also be problematic because its remaining uninsured deposits include $30bn that was pumped in by 11 of the largest US lenders in an earlier effort to stabilise it.
      …

  22. ‘The buyer tried to sell the contract in the assignment market for $909,000, then recently dropped the price to $860,000 after 86 days on the market. But Ms. Wong points out that a buyer can purchase a unit of a similar size in the resale market for about $700,000’

    The Ecstasy of Gold | Ennio Morricone Live | The Bands of HM Royal Marines

    https://www.youtube.com/watch?v=_wl95BTxUYA

    3 minutes.

    2. Apparently the renovator thought it would be a $4M house. In any case, the other half of the building is “only” a $1M house. All the houses in the neighborhood are $1M. This might work in Louisiana, but not in NY.

  24. In today’s edition of the Clown World times:

    Colorado to allow DACA recipients to work as armed police officers

    And the Centennial State isn’t the first to do this.

    So, we are allowing people who entered the country illegally and who are still not resident aliens to become police officers?

    Words fail me.

    1. Im sorry but these traitors are setting up forces that will be willing to kill Americans , just like they are bringing a bunch of Chinese across the US border, and God knows what else.
      That’s another situation Tucker was reporting on.

    1. “So this is an end run to get back in the pockets of those who spent thousands to mitigate their high energy costs with solar panels. ”

      correct 🤡🤡

    2. “The legislation, AB 205, was the ultimate product of the Assembly Budget Committee. It requires that the infrastructure charge be based on income level, with lower-income customers paying less than those earning more.”

      Marxism has taken hold in California.

  26. Just when I thought CA was the most F’d up state we get this

    Andrew Miller
    Fri, April 28, 2023 at 6:59 AM PDT

    Oregon Democrats have put forward a bill that would decriminalize camping despite calls for help from residents already exasperated by the homelessness crisis in the state.

    Oregon House Bill 3501, known as the Right to Rest Act, states that homeless individuals will have “a privacy interest and a reasonable expectation of privacy in any property belonging to the person, regardless of whether the property is located in a public space.”

    The bill also allows homeless individuals to sue for up to $1,000 if they are “harassed” or told to relocate.

  27. These are the kinds of hare-brained policies you get after decades of “wealth effect” economic policies by corrupt bankers and politicians which turned shelter into a luxury and took affordable rentals out of the marketplace.

    1. This was in response to cactus’ post above, about that ridiculous bill in Oregon. If it passes, lord help any OR property owners.

      1. I just hope they stay put, instead of leaving and becoming leftist missionaries in other states.

      2. “…regardless of whether the property is located in a public space…”

        I am beyond stunned.

        The way I read this, is private property fair game, or am I mis-interpreting?

        In any event, this [proposed] bill is beyond lunacy.

        1. They way things are going, it won’t be long until living in cartel controlled Mexico is safer.

  28. The Wall Street Journal
    Capital Account
    Banking Problems May Be Tip of Debt Iceberg
    ‘Shadow banks’ have grown rapidly and, like banks, are exposed to risk from higher interest rates
    By Greg Ip
    April 26, 2023 10:00 am ET
    You may also like
    Photo illustration: Madeline Marshall

    The biggest question facing the economy lately has been: How bad will the banking turmoil be? Though two U.S. banks failed a month ago, and a third is still struggling, emergency lending by the Federal Reserve seems to have prevented broader harm.

    The next question should be: Will it spread beyond the banks? That is because the collapse of Silicon Valley Bank a month ago, which touched off this bout of turmoil, was a symptom, not a cause, of broader forces at work in the financial system and the economy.
    …
    https://www.wsj.com/articles/banking-problems-may-be-tip-of-debt-iceberg-262b6d0e

    1. Yahoo
      Benzinga
      ‘An Anvil, Not A Shoe’: Elon Musk Warns Of A Crushing Blow To Commercial Real Estate — Here Are The Companies Set To Benefit From The Market Collapse
      Jing Pan
      Fri, April 28, 2023 at 12:37 PM PDT·4 min read

      From artificial intelligence to extraterrestrial life, Tesla Inc. CEO Elon Musk discussed a wide range of topics during his Fox News interview with Tucker Carlson. He also touched on commercial real estate — and the message is pretty dire.

      “We really haven’t seen the commercial real estate shoe drop. That’s more like an anvil, not a shoe,” Musk said. “So the stuff we’ve seen thus far actually hasn’t even – it’s only slightly real estate portfolio degradation. But that will become a very serious thing later this year, in my view.”
      …
      https://finance.yahoo.com/news/anvil-not-shoe-elon-musk-193744844.html

  30. A notorious recession indicator says that an economic downturn will begin this quarter, Bank of America says
    Jennifer Sor
    Apr 28, 2023, 7:57 AM PDT
    trader worried
    Don Emmert /AFP/GettyImages

    – A classic recession indicator is flashing signs that the long-awaited downturn is about to start.

    – BofA strategists pointed to two points in the yield curve that have inverted, moves typically followed by a recession.

    – “Yield curve says recession starts now; markets await confirmation from labor market,” the analysts wrote.
    …
    https://markets.businessinsider.com/news/bonds/recession-indicator-us-economy-inverted-yield-curve-rates-stocks-bofa-2023-4

    1. Brace for a recession by September, a 20% plunge in the S&P 500, and a painful credit crunch, top economist David Rosenberg says
      Theron Mohamed
      Apr 27, 2023, 8:06 AM PDT

      – David Rosenberg sees a near-term recession, a 20% hit to stocks, and a damaging credit crunch.

      – The economist panned the Fed for hiking interest rates and said they could hit zero again.
      …
      https://markets.businessinsider.com/news/stocks/stock-market-economic-outlook-recession-spx-banks-credit-crunch-rosenberg-2023-4

  31. Investor’s Business Daily
    11 Bank Stocks Tank Again — Fueling Financial Crisis Dumpster Fire
    MATT KRANTZ 08:00 AM ET 04/26/2023

    Just when you thought the S&P 500 banking crisis was over, tanking financial stocks remind investors the crisis still rages.

    Shares of 11 bank stocks in the SPDR S&P Bank ETF (KBE), including First Republic Bank (FRC), Atlantic Union Bankshares (AUB) and Northern Trust (NTRS), dropped 6% or much more on Tuesday, says an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith. First Republic alone plunged 47% — in one day — following its disclosure that its deposits from customers fell to $104 billion from $176 billion in the fourth quarter.

    That’s exactly the kind of scare bank investors don’t want to deal with now.
    …
    https://www.investors.com/etfs-and-funds/sectors/sp500-bank-stocks-tank-again-fueling-financial-crisis-dumpster-fire/

Comments are closed.