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The Numbers Tell The Story, And The Story Is A Horror Story

A report from The Hill. “Nationwide home prices saw their steepest annual decline in more than a decade last month —falling by nearly $18,000, according to a report released Monday. Redfin found the largest drops in prices were in expensive California markets and in pandemic-era boomtowns, such as Boise, Idaho, and Austin, Texas. Median sale prices in both cities fell by $80,000. Homes in Oakland, Calif., experienced the largest percentage dip in home prices, falling by 16.1 percent — down $174,500 from a year ago. Close to one-third of homes that sold in April were purchased above the final list price. Year-over-year sales fell by 23.2 percent, data from The National Association of Realtors showed. Total housing inventory increased by 7.2 percent month-on-month to 1.04 million units.”

Hawaii Real Estate Dreams. “The closed sales in Kona for April performed as expected. Inventory is shrinking! That means even less to consider if you are a buyer and as a seller it gives you some strength to negotiate if you have something a buyer likes. However, we are seeing sales close at less than asking probably 80% of the time, even if it is a small difference. Hawaii homeowners insurance rates are going through the roof in 2023. Aging roofs, costs to rebuild, the time it takes to rebuild have all added to these increases. Some as high as 37%! The shopping center anchored by Safeway has sold to a local commercial real estate company for $66 million, less than it was built for by some estimations.”

The Manteca Bulletin in California. “Homes in excess of $1.1 million continue to sell in the Manteca-Lathrop market despite a slowdown in overall sales — especially for existing homes. The sale of existing homes in Manteca during April numbered 38. That’s down 40 percent from the number of previously owned homes sold in April 2022. While the price of existing homes closing escrow were down as well, it was only a 6 percent drop going from the April 2022 median of $622,500 to $584,000 for last month.”

“The two of the three most expensive area tract homes — existing and new construction — that have accepted offers this month are in River Islands at Lathrop. A six bedroom, 6.5 bathroom home with 4,300 square feet on a 6,490 square foot lot in the 17000 block of Taft Drive in River Islands has a pending accepted offer of $1,299,999. That is $189,900 under the original listing price. There is a four bedroom, 3.5 bathroom home with 3,2854 square feet on a 7,521 square-foot lot in Oakwood Shores that is pending at $1,250,000. The existing home almost received the full asking price as the accepted offer is $40,000 under the list price.”

Boca News Now in Florida. “If you’re looking to sell your home in Palm Beach County, good luck. The real estate market is tanking, according to the Elliman Report prepared by Miller Samuel Real Estate Appraisers and Advisors. ‘Newly signed contracts fell month over month for the first time in five months, as new listings fell for the second time in three months,’ said the authors of the report.”

“The numbers tell the story, and the story is a horror story. When it comes to newly signed contracts comparing April of 2023 with April of 2022: homes valued at under $300,000 saw a 24-percent drop in the number of homes going under contract. For homes valued from $300k to $399k, the drop is 15-percent. For homes valued between $400k and $499k, there’s a 26-percent drop in newly signed contracts. For homes valued between $500k and $999k, the drop is 26-percent. For homes in the $1M to $2.99M range, the number of newly signed contracts comparing April of 2023 to April of 2022 is down eight percent. For homes valued between $3M and $4.99M, the drop is 48-percent.”

The Press of Atlantic City. “Oops, we did it again. The Atlantic City metropolitan area, which is essentially Atlantic County from the resort to Hammonton, leads the nation in foreclosures. Several factors have led the Atlantic City area to this undesirable lead, according to Rob Barber, CEO of ATTOM. They include a recent decrease in home values and home equity, as well as above-average unemployment and below-average household income. ‘For starters, the latest median household income in the Atlantic City metro area of about $66,400 is only about three-quarters of the $89,300 New Jersey figure, in a state with high home prices,’ Barber said.”

“The area’s unemployment rate has ranged from 5.2% to 5.9% in the first few months of 2023, about two to three points higher than the national and state rates, he said. ‘More notably, 4.7 percent of Atlantic County mortgage payers (one in 21) were seriously underwater on their loans in the first quarter of this year, owing at least 25 percent more than the estimated value of their homes, compared to 3 percent (one in 33) nationwide,’ Barber said.”

Bisnow New York. “The lender who backed the Williamsburg Hotel’s previous owners say it is still owed nearly $30M after the bankruptcy sale of the Brooklyn property, and it wants the court to force the borrowers to pay up. Benefit Street Partners loaned $68M to Tony Moskovits’ and Michael Lichtenstein’s company, Heritage Equity Partners, in 2017 with the hotel as collateral. The loan agreement came with a continuing guaranty of recourse obligations, also known as a ‘bad boy guaranty,’ which meant that the bankruptcy triggered a default in the loan, making it a full recourse loan guaranteed by Moskovits and Lichtenstein, BSP argued in a motion for summary judgment.”

“‘New York real estate and legal circles have since come to recognize Moskovits and Lichtenstein as grifters,’ the motion reads. ‘The Court need not plumb the depths of Moskovits’s and Lichtenstein’s financial depravities here. This is as straightforward a motion for summary judgment in lieu of complaint as can be.'”

From Reuters. “Canadian banks are expected to report a rise in bad debt provisions and highlight risks from commercial property loans when they report earnings this week, with the country’s No.2 bank TD in focus after its acquisition of First Horizon failed. ‘We believe that cracks in the foundation will become evident,’ Barclays analyst John Aiken said about bank earnings for the second quarter ending April 30. Empty offices in big cities have raised concerns among investors about banks’ commercial property loan exposure, since about 10% of the lending portfolio of the Big-6 banks is tied to commercial real estate. Occupancy rates hover in the 50% range as more companies opt for a hybrid work model. The Bank of Canada has also said it is increasingly worried about the ability of households to pay off their debts and is seeing signs of financial stress among some homebuyers.”

From Guelph Today. “The weather might be heating up, but housing prices have been cooling off year-over-year in Guelph. The Canadian Real Estate Association said the average sale price of housing in the Guelph district dropped 16.3 per cent year-over-year to $910,257.”

From Bloomberg. “London homes used to fly off the shelves even before they were built. Now the city has lost its crown as the hub for off-plan deals, as investors hunt for richer returns outside the capital. The proportion of new homes sold in advance in London dropped to 44% last year, tumbling from a peak of 71% in 2016, according to a report from broker Hamptons International. That’s largely due to an exodus of investors from the capital’s presale market, as their attention turns to higher-yielding regions like the northwest of England, where the share of off-plan sales is now higher than London.”

“The UK housing market is facing disruption as a double whammy of high-interest rates and a cost-of-living crisis threatens to weigh on property prices. David Miles, a senior economist at the Office for Budget Responsibility, last week said the end of the cheap-money era means the age of bumper UK house price growth may be over. ‘The fall in off-plan sales means housebuilders will find other ways of de-risking developments,’ said David Fell, a senior analyst at Hamptons. ‘This will probably mean bulk sales to build-to-rent operators.”

The South China Morning Post. “Another property consultancy has joined a growing chorus that believes lived-in home prices are destined to slide in Hong Kong as sales sputter after a recovery in the first quarter proved short-lived. Knight Frank on Monday predicted a 5 per cent drop amid high interest rates, a glut of new homes potentially hitting the market and a shrinking labour force. The forecast followed predictions of a decline from both JLL and Citi. ‘Coupled with the incomplete projects that have already applied for presale consent and have not been approved, the number adds up,’ said Martin Wong, Knight Frank’s Greater China head of research and consultancy. ‘Buyers will find new homes more attractive than lived-in homes. Developers are selling under pressure. Recently we have started to see price cuts by 3 to 5 per cent for new-home projects in the market. Turnover in the second-hand property market has been muted. Some homeowners have sharply reduced prices to sell.'”

“For example, Ma On Shan district saw only 51 lived-in housing deals in the first 22 days this month, down about 25 per cent month on month, according to Centaline. One owner at Mountain Shore lost HK$100,000 (US$12,779) selling a flat measuring 653 sq ft.”

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This Post Has 99 Comments

  1. ‘More notably, 4.7 percent of Atlantic County mortgage payers (one in 21) were seriously underwater on their loans in the first quarter of this year, owing at least 25 percent more than the estimated value of their homes, compared to 3 percent (one in 33) nationwide’

    This reminds me that go banking rates was putting out a city by city crater with seriously delinquent/vacant stats. They dropped it.

    2. Over a million to get stucco in Manteca is some sort of miracle of modern finance. Just wow.

      1. Manteca’s economy is agriculture based, so there is no possibility that local incomes can support $1M shack prices.

        2. Check a map. It’s only 69 miles from San Jose to Manteca. It’s only about 55 miles to Fremont. These are commuting distances that hundreds of thousands of Californians do everyday. Of course, it takes 2-4 hours one way to do these drives, but the reality is that the Central Valley is to the Bay Area as the Antelope Valley and Inland Empire are to L.A. and O.C.

          1. “Check a map.”

            I used to live in Mission San Jose for three years. You wouldn’t believe the traffic every morning on the 680 from Pleasanton, over the Mission Pass into Fremont.

          2. I don’t know how things are in these tech jobs, but a lot of jobs are saying “come into the office 2-3 time/wk.” Or even 4 times every two weeks. It’s not hard to see employees just getting a quick hotel for 3 nights, get their 4 days, and then be at home 10 days at a stretch. In that environment, drive-until-you-qualify is viable.

          3. Check a map.

            I did. I had no idea where Manteca was despite being a resident of this state for fortysomething years.

  2. The majority of people renting in Denver will never own a house in Denver. They will either have to rent forever, or leave Denver.

      1. Yup. Once it becomes unbearable to live there, you won’t have to worry about unloading a shack.

  3. “pandemic-era boomtowns”

    How is this concept actually taken seriously, by anybody?

    That a “respiratory virus” was a vehicle of alleged wealth creation is such a joke. Greatest FRAUD of my lifetime.

    1. Greatest FRAUD of my lifetime.

      Add Russiagate and the stolen 2020 election.

      1. Admittedly both frauds as well, but the consequences of the CCP Flu funny money printing spree is affecting the lives of hundreds of millions of people who CANNOT AFFORD TO LIVE.

        At least the WEF pigs all got theirs.

    2. Dr R. Butter died on May 18, 2023. At one point he had gone on CNN and warned people about taking the vaccine. CNN tried to make him out as a disinformation nut at the time. After the CNN interview, I think in about Jan of 2023, He made a tape claiming that he had been poisoned, after he ended up in emergency. He was released from hospital ,, but was still struggling with his health.Than he died suddenly on May 18, 2023.He once said in essence that he would rather take a bullet to his head than take one of those vaccines. .
      Of course CNN is reporting him as a anti-vaccine disinformation Dr who died .His Doctor friends think he was taken out….
      I think if a man makes a tape stating he was poisoned , and he’s a Doctor, , he ought to know .
      I saw a number of tapes from him .in the last 3 years , recently he had been working on how to treat the vaccine injured.
      These Doctors that were all part of the group saving lives by cheap meds, who were censored and banned think its a message that you could be next.

        1. OMG, I just found out he 40ish CNN interviewer who called Dr Buttar a nut on air, died six months later from the vaccine.
          The MSN isn’t going talk about that, they are just going to say a anti -vaxxer disinformation Dr died.

          1. Meanwhile, the unexpected death rate keeps rising, but don’t expect to hear about that in the evening news. It must be an interesting time to be an insurance company actuary. They have the numbers, but they sure aren’t talking about them, not any more. You have to wonder what sorts of threats have been made against them, as in “keep your mouth shut, or else”.

          2. Not to nitpick, but this was the first that I had heard of this, so I did some internet searching. Drew Griffin [Andrew Charles Griffin (October 21, 1962 – December 17, 2022)] interviewed Dr. Buttar on CNN on Oct 19, 2021. IMO, he did as would be expected of that dogpile CNN, and slandered the doctor to his face. Anyone interested could read the transcript on CNN to find the other co-conspirators in this plandemic.
            All of the news reports that I could find state Griffin’s CoD as “a long battle with cancer”. Regardless whether it was regular cancer, Quaxxine-induced turbo cancer, or some other Quaxxine side effect, Oct 2021 – Dec 2022 is a bit more than six months, 14 months in fact. Not quibbling here, appreciate the information. Just correcting for everyone’s benefit.

          3. “a long battle with cancer”

            IME, 5-YR survival rates are what’s cited. Draw your own conclusions.

    3. pandemic-era boomtowns

      People anticipating getting full-time w@h. They can get California pay in a less expensive state. Or so they think.

    1. you KNOW things are bad when the money men, such as our very own Mr. Banker, have the cook shop generics, such as Great Value Brand over Grey Poupon.

      PAY THOSE LOANS. ON TIME !!
      damn pukes

  5. And…it’s gone.

    Local wages can’t support these grifter housing prices. When the grifters leave, and they always do, the locals will have to pick up the pieces.

    “Redfin found the largest drops in prices were in expensive California markets and in pandemic-era boomtowns, such as Boise, Idaho, and Austin, Texas. Median sale prices in both cities fell by $80,000. Homes in Oakland, Calif., experienced the largest percentage dip in home prices, falling by 16.1 percent — down $174,500 from a year ago.”

    1. Homes in Oakland, Calif., experienced the largest percentage dip in home prices, falling by 16.1 percent — down $174,500 from a year ago.”

      Who in his right mind would choose to live in Oakland?

  6. CNBC — Money experts swear by this classic budgeting rule—but most Americans can’t afford it (5/23/2023):

    “even advice thought to be tried and true is worth revisiting, especially when financial conditions change. Take the classic 50-30-20 budgeting rule, which recommends that you allocate 50% of your taxable income to living expenses, such as housing and transportation; 20% to savings goals, such as investing for retirement and paying down debt; and 30% to everything else.

    Budgets are getting stretched these days, making the 50-30-20 rule harder to follow. Over the past two years, thanks to rampant inflation, the consumer price index, which measures the price growth in a basket of consumer goods, has bumped up by 13%. And with wages failing to keep up, it’s worth questioning whether a classic budgeting model still applies to the average American.”

    https://www.cnbc.com/2023/05/23/why-the-50-30-20-budgeting-rule-is-out-of-reach-for-most-americans.html

    Remember what everything cost back in 2019?

    1. “50% of your taxable income to living expenses… 20% to savings goals… 30% to everything else.”

      I don’t know of ANYone who does this, or ever did this. Must be the same people who say you need 80% of your income in retirement.

      2. I thought it was 25% to housing and 10% to savings.

        I guess I’ve just been having too much fun.

      3. I don’t know of ANYone who does this, or ever did this.

        I save like this. The trick has been to avoid lifestyle inflation as my salary climbed.

        1. “avoid lifestyle inflation”

          See also: half the electricians I know when they get promoted to foreman.

          First time in my life that I heard one on the phone trying to refi a truck loan. Why not just pay it off? Oh, wait, he can’t pay it off.

      4. I did it, for forty years. Seems to have worked. But it wasn’t easy, until I surrounded myself with like minded friends, and coworkers

        1. If you’ve been doing it for 40 years, then you likely bought your house pre-1985. House prices are just too high to have enough money left over for the 20% to savings.

          As for me, I can’t figure out if my mortgage counts as housing expenses, getting out of debt, or saving for retirement.

          1. I can’t figure out if my mortgage counts as housing expenses, getting out of debt, or saving for retirement.

            That’s why we love you so much!

  7. A reader sent these in:

    This is a quadruple bubble which is a first in history. Analysts and the cummentariat do not seem to understand that the speculative frenzies of the past are totally eclipsed by the current one. Gold was a bubble in the 70s, so were Japan and Asia in the 90s, dotcom in the 00, housing in 07…But they were a single bubble at a time…this is something else. It’s all of emerging technologies (ARKK as a proxy) which encompasses AI, housing, crypto and FAANG all at the same time…all together…most of unparalleled historic proportions…

    https://twitter.com/INArteCarloDoss/status/1660619268944191492

    Total insolvencies within Canada while well below pre-COVID trend are rising rapidly. As interest rate shock starts to feed through the Canadian Households expecting this to get much worse.

    https://twitter.com/deerpointmacro/status/1660332006968811526

    You can’t make this up:
    1. Median Mortgage Payment: $2,800
    2. Median Rent Price: $1,850
    It now costs nearly $1,000/month more to buy a house than to rent.
    Meanwhile, the average new car payment is now at $750/month.
    The average interest rate on a used car loan just hit a record 14%.
    All while credit card debt is set to cross $1 trillion for the first time ever with record interest rates of 25%.
    Basic necessities are becoming unaffordable for Americans.

    https://twitter.com/KobeissiLetter/status/1660769998846021632

    US Bank Deposits are down 5.6% from their peak last year, the largest drawdown we’ve seen since 1975.

    https://twitter.com/charliebilello/status/1660741470708551704

    There are only 4 major metro areas in the US where it’s currently cheaper to buy a home than to rent: Detroit, Philadelphia, Cleveland, and Houston. The typical home in San Jose, California costs 165% more to buy than to rent, the largest premium in the country.

    https://twitter.com/charliebilello/status/1660722195092348934

    Medically Assisted Suicide is now a solution to poverty in Canada. Doctors approving assisted suicide for people worried about becoming homeless.

    https://twitter.com/WallStreetSilv/status/1660849889691967488

    I’ve seen this episode. 🔥 Now they just package those up and sell them as a nice AAA batch of loans to a pension fund. 🤔

    https://twitter.com/WallStreetSilv/status/1660828836794097664

    The percentage of vehicles offered below MSRP is up 60% since December… 🤔

    https://twitter.com/GuyDealership/status/1660652339877871635

    Peak spring selling season 💀☠️. If it didn’t sell in April, it’s not selling this summer and it definitively isn’t selling once school starts. This is when the sellers start to panic.

    https://twitter.com/StealthQE4/status/1660866443494191104

    The 3-Month Treasury Bill yield has moved up to 5.40%, its highest level since January 2001. A year ago it was at 1.03% and two years ago it was at 0.01%.

    https://twitter.com/charliebilello/status/1660858748879925248

    ‘84% Of CMBS Office Loans Maturing Could Have Trouble Refinancing’

    https://twitter.com/waldadvisors/status/1660687688075456512

    The average 30-year fixed mortgage rate ticks up to 6.95%—that’s the highest reading since SVB failed.

    https://twitter.com/NewsLambert/status/1660684668600037376

    Musked! “My $120000 Model X became a paperweight yesterday.”
    Tesla suckers don’t do their research? Predicted reliability score of $TSLA Model X from Consumer Reports is a mediocre 2/5…

    https://twitter.com/Factschaser/status/1660724400021184543

    What’s sad near me is homes below $500k are still selling because that is likely the MAX a family can afford. They’re going to get wiped out.

    https://twitter.com/GRomePow/status/1660767335815471104

    I saved this one 4 u

    https://twitter.com/aremuhknee/status/1660765689580507137

    What does it mean that @blackstone
    is “in discussions with lenders on a $310 million mortgage backed by a struggling Chicago office tower” that they’ve already written down to ZERO. Why the chit chat?

    https://twitter.com/DiMartinoBooth/status/1660757585220317184

    1. “Basic necessities are becoming unaffordable for Americans”

      Remember what everything cost back in 2019?

      “Respiratory virus” what a FRAUD.

      1. The seeds of hyperinflation were planted in 2008, or 2001, 1971 (or even before). People have been screaming “recession” since 2018.

    2. Medically Assisted Suicide is now a solution to poverty in Canada. Doctors approving assisted suicide for people worried about becoming homeless.

      I bet Bill Gates is jacking off to this news.

        1. One thing I don’t understand: if population reduction was their goal why not let the covid19 pandemic do its thing? Is it because covid19 was not deadly, thus the vaccines were forced to cull the unsuspecting masses?
          IMHO, these so called geniuses believed that their approach was infallible and that they were doing good. Money hides sheer incompetence.

          1. their goal

            Your can’t easily know what people were thinking before a crime. There were many players with their own motivations. Just take what the result was and go from there.

            Judge a tree by its fruit. Matthew 7 paraphrase

    3. Medically assisted suicide in Canada because your broke??
      Does anybody have any doubts that the powers that be are depopulation ..
      nutcakes. ..
      Lets see, rig the deck to throw people into financial hardship, than try to get them to commit sucide
      Medically abuse children trying to get them to change their sex, OUTRAGOUS!

      1. personally i would want the option to end life on my term, if i become feeble have to pay someone to wipe my butt, maybe its time.

        I met Geoffrey Fieger a few times while at Court tv, and. the people that would be doing this would have very little time to live so why suffer?

        Give me enough time to clean up my affairs make sure all the incriminating evidence is trashed (lol) clothes to donate, make it easy on the next of kin.

        1. personally i would want the option to end life on my term,

          That’s how it will be sold to you: that you will be in charge. Then, they will pressure you: you are financial drain, your life isn’t worth living anymore, etc., just sign on the dotted line, it’s the right thing to do. Then you will be told your time is up and they will drag you kicking and screaming to be executed.

        2. Give me enough time to clean up my affairs make sure all the incriminating evidence is trashed (lol) clothes to donate, make it easy on the next of kin.

          This is the phony Hollywood version on how old people die. I’ve had to deal with the deaths of my parents and many relatives, and witnessed the decline in even more friends’ parents to say that there isn’t a “line in the sand” where a person goes from being a lucid and half-way normal person to needing skilled nursing care or be put in a dementia unit.

          People have this fairy tale image in their heads that people with cancer die like Debra Winger did in “Terms of Endearment”. The problem with these euthanasia laws is that it opens up a very slippery slope. And the person who has the least to say if they want to die is the person who is sick or stricken with disease or who suffers from dementia or some other form of mental deficiency.

          Face it, for most people in a modern society death is an inconvenience and they’d rather have someone else deal with the messy details. Grandpa has dementia? Just stick a needle in him, he won’t know the difference. It’s hard to even get the relatives to an old person’s funeral.

          I had several relatives in skilled nursing facilities before they died. And these facilities were the best in town. The sad thing I noticed is that even on weekends when it came time for dinner, almost nobody (kids, grandkids, etc) came to see their aging parent/relative or to help them eat their dinner. The residents would sit there in silence by themselves trying to eat. I can tell you that most of those residents didn’t want to die after dinner.

          But for their own kids and relatives, living was more of an inconvenience than anything else. I could easily see strangers or government officials write off the entire lot and have them put down. This is what the “slippery slope is”.

          By the time you become too old and incapacitated to enjoy life, you won’t even realize it, you won’t have the mental capacity to know that you need someone to help you go to the toilet or eat a meal. You’ll never see the end coming….

          1. ZZY, we all know who you are talking about, people who have virtually no life and usually aren’t even conscious most the time.People who have no quality of life whatsoever.
            But, they were mass murdering people who had a respiratory virus or pneumonia, and those people had life left, and they could of been cured..Thousands of people who were not anywhere near end of life stage in life.
            I think we all know the difference between a absolutely hopeless medical condition, verses people still having life left. Now the medical system cannot be trusted to draw proper lines, especially In light of perverse incentives . Its usually the decision of the family weather to withdrawn life extending measures if there is no hope left…..
            Im just saying the slippery slope has gone into a do you dare engage in a medical system..where you wont get out alive..

          2. Talking about Nursing homes, Here in the deep South ,the only ones worth going to, or even considering ,are the private pay ones , they are a dozen times better then Mediciad supported ones….. Better help, better food , better everything one can imagine , you’d be surprised how many people of all colors have pensions that will cover this….

      2. Medically assisted suicide in Canada because your broke??

        They claimed it would never come to this, and yet here were are. And how little time it took to get there. Soon it will be a “duty to die”, and bobble headed NPC’s will yammer about how they are saving the world as they sign on the dotted line at the suicide center.

        1. take trip to any nursing home most of the patients are on a holding pattern to die, It puts a tremendous strain on the family, my Grandmother was lucky she still had he facilities and became the hit of the home as she was the oldest person they ever had, and she found 2 others who spoke Hungarian, so the last 2 years she was quite happy. But the others so so sad…..she is in the guiness book of records at 112,

        2. , and bobble headed NPC’s will yammer about how they are saving the world as they sign on the dotted line at the suicide center.

          I am strangely ok with this.

        3. In Colorado,
          “…duty to die..”
          This is a socially engineered program to convince people of duty to die, you have to much carbon, your a useless eater etc.
          Everybody knows the difference between a person who has a terminal illness with two months to live, who has no quality of life, might be in extreme pain ,verses a healthy person who is just having some financial hurdles.
          But they are trying to eliminate disabled people, people who have a life.Who are they to say who is to live and who is to die.
          Lets face it, they want to murder perfectly healthy people also.
          Why don’t we eliminate Bill Gates because he has a pot belly and a ugly mug and he’s evil.
          This Cult are Darwinists. The old survivor of the fittest, but they measure the fittest by how much money they amassed by looting humanity and governments. Basic criminal parasite cockroaches.

        4. TV show/Peacock
          The Gentle Art of Swedish Death Cleaning

          Nothing to see here. Move along (and be quick about it.)

  8. You got to read the story in the wsj about smaller time investors in apt buildings that are getting hosed. And the hucksters (sorry syndicators) that preyed on them.


    Over the past four years, Gajavelli built his real-estate empire using funds from dozens of small investors who wanted a chance to earn a landlord’s riches without any of the work. He pitched double-your-money returns in ebullient, can-do talks at investor conferences and on YouTube videos.

    He described buying buildings with plans to upgrade units, raise rents and sell for a profit after as little as three years. The idea that everybody needs a place to live was the bedrock of Gajavelli’s pitch. “I never worry about [the] economy now,” Gajavelli told investors in a webinar presentation last year for his company, Applesway Investment Group. “Even if [the] economy goes down, still I make money.”
    …
    Syndicators generally invest little of their own money. They collect acquisition fees from investors that typically go from about 2% to as high as 5% of an apartment building’s purchase price. They also take management fees of 2% to 3% from the building’s gross income. Syndicators often profit even if the investment is a failure, which real-estate analysts say encourages excessive risk-taking at the expense of inexperienced investors.
    …
    Applesway was losing money because of higher mortgage costs, the result of much higher interest rates, the email said. Property taxes and insurance costs were up. And, as the company moved to raise rents, more tenants fell behind on their payments.

    In March, Gajavelli told investors no money was needed after all. In early April, he sent investors letters telling them the buildings had gone into foreclosure. “Few things are more painful than having to notify investors of a failed business,” he wrote in one letter.

    https://www.wsj.com/articles/a-housing-bust-comes-for-thousands-of-small-time-investors-3934beb3?mod=hp_lead_pos7

    1. All a big set up for a big fall. And unfortunately people allowed themselves to get set up by greed or stupidity, or whatever. Had only people rejected the ridicules prices and debt up to their eyeballs, they would of been spared.
      And the end game objective of the One World Order is they will own everything or control all resources, and turn humanity into enslaved serfs, or kill them.
      I don’t think they will be sucessful with their end game agenda, but that might be wishful thinking. Their goals are just to ridiculous to succeed in final analysis.

      1. The WEF won’t be successful, but they’ll kill a lot of sheeple and plenty of us as collateral damage

  9. A woman who suffered severe nerve damage after receiving a COVID-19 vaccination and four others with confirmed or suspected COVID-19 vaccine injuries launched a lawsuit against President Joe Biden and his administration on May 22.

    Top government officials violated the plaintiffs’ rights to free speech and peaceful assembly when they pressured Big Tech companies to crack down on people sharing their experience after receiving the COVID-19 vaccines, Brianne Dressen, the woman, and the other plaintiffs say.

    “Through threats, pressure, inducement, and coercion, Defendants now work in concert with social media companies to censor content the government deems ‘disinformation,’ ‘misinformation,’ and ‘malinformation’—a feat that the government could never lawfully accomplish alone,” the 124-page suit, filed in U.S. court in southern Texas, states.

    In addition to Biden, defendants include Rob Flaherty, a top adviser to Biden; White House press secretary Karine Jean-Pierre; the Department of Homeland Security; the Centers for Disease Control and Prevention (CDC); and Surgeon General Vivek Murthy.

    The CDC declined to comment. The other defendants did not respond to requests for comment, or could not be reached.

    Dressen hailed the lawsuit as a major development for those reporting to be suffering from vaccine injuries.

    “People injured by the COVID vaccines in the United States have not been able to file suit anywhere, under any circumstance,” she told The Epoch Times. “So this is a landmark case for Americans injured by the COVID vaccine.”

    COVID-19 vaccine manufacturers are largely immune from litigation in the United States due to the Public Readiness and Emergency Preparedness Act declaration entered by the Trump administration in early 2020. Most other vaccine manufacturers are also shielded from liability under the National Childhood Vaccine Injury Act.

    The five people who experienced serious problems following vaccination are joined by Ernest Ramirez, whose son died after receiving a COVID-19 vaccine. They’ve repeatedly been censored by platforms like Twitter and Instagram as they tried to share their stories.

    Ramirez, for instance, saw a GoFundMe that sought to raise funds for him to travel to Washington to share his son’s story taken down. GoFundMe claimed the account was removed for violating conduct the company prohibits. GoFundMe did not immediately respond to a request for comment.

    Another plaintiff, Nikki Holland, meanwhile, posted videos on TikTok regarding her experiences after being vaccinated, including the injuries she suffered. TikTok said the videos violated guidelines such as one against posting “violent and graphic content.”

    “When I really started to share and open up about things, I started to notice that a lot of stuff was being taken down and censored,” Holland told The Epoch Times. “That adds a whole new world of questioning to motive and what’s really going on because … why would you censor something you might need to look into to protect millions of others?”

    TikTok did not immediately return a query.

    The other plaintiffs are Shaun Barcavage, a former nurse who has been on disability leave since suffering medical problems after receiving Pfizer’s COVID-19 vaccine; Kristi Dobbs, a dental hygienist who suffered “debilitating medical injuries” after a shot of Pfizer’s vaccine; and Suzanna Newell, who is also on disability leave due to problems following vaccination.

    The right to peacefully assemble was also violated when Facebook and other big tech platforms disbanded groups where those with suspected or confirmed adverse reactions following vaccination gathered, according to the suit.

    One Facebook group called “A Wee Sprinkle of Hope” was shut down after a group member posted an infographic of symptoms people have experienced following COVID-19 vaccination and Dressen shared a link to a press conference at which she had shared about her symptoms.

    Facebook’s message to Dressen was that the group violated the company’s “Community Standards on misinformation that could cause physical harm.” Facebook did not immediately respond to a request for an explanation from the group.

    The removal of the groups robbed those suffering injuries after a COVID-19 vaccine of key gathering places for the exchange of information as they sought to figure out how to treat their often-debilitating conditions. Dressen said she is aware of multiple suicides as a result, because the censorship sparked feelings of helplessness amid the suffering.

    The deplatforming was “devastating, especially when you’re being censored and no one’s listening to you,” Holland said.

    Evidence unearthed in an ongoing case against the government, as well as internal Twitter documents, underpin the new case.

    Discovery in Missouri v. Biden litigation, lodged by the attorneys general of Missouri and Louisiana against the Biden administration, has revealed that officials pressured WhatsApp, Facebook, and other technology companies to censor users talking about problems following COVID-19 vaccination, including posts that accurately outlined the lack of evidence for COVID-19 vaccines among certain populations.

    The case has provided evidence that government officials “engaged in viewpoint discrimination,” with plaintiffs having “plausibly alleged … extensive and highly effective efforts by government officials to ‘silence or muffle the expression of disfavored viewpoints,” U.S. District Judge Terry Doughty, a Trump appointee overseeing the case, wrote in a ruling rejecting the government’s attempt to dismiss it.

    Other records, revealed in searches of internal Twitter files, have shown or appeared to show the government colluding with Twitter and outside groups, like Stanford University’s Virality Project, to censor content.

    Dressen was among those targeted by the project, which falsely claimed in a brief to partners that Dressen’s story “does not have a proven causal link to the vaccine.” Dressen was diagnosed with a vaccine injury by researchers at the U.S. National Institutes of Health after her participation in AstraZeneca’s COVID-19 vaccine trial.

    “It’s very evident that the federal government was involved in stifling free speech of Americans,” Dressen told The Epoch Times.

    “The government claims that it suppresses so-called misinformation for the sake of public safety and welfare. It is the government’s view that Americans cannot be trusted with their own minds and must be shielded at all costs from mis-, dis-, and malinformation—which is whatever the government deems it to be. Fortunately, the First Amendment says otherwise: the government may neither censor our clients nor induce others to do so,” Casey Norman, a lawyer with the New Civil Liberties Alliance, which is representing the plaintiffs, added in a statement.

    Plaintiffs are seeking a ruling that the defendants violated the U.S. Constitution’s First Amendment, an injunction enjoining Biden and the other defendants, as well as people acting in concert with them, from continuing. They are also hoping the suit results in the development of new rules.

    “I hope by and large that this helps put some reasonable regulations in place in the future,” Dressen said, “so this never happens again.”

    https://www.theepochtimes.com/covid-vaccine-injured-sue-biden-administration-over-censorship_5283032.html

    1. a feat that the government could never lawfully accomplish alone

      If it is illegal for the government to do a thing itself, it is illegal for it to use a private actor to do it for them.

      1. I can’t get my head around the fact that the Culprits who think they are immune to lawsuits, won’t be liable for false advertising , defective manufacturing , breach of contract with government to produce a safe and effective vaccine, obstruction of informed consent, advertising not matching trials they tried to hide, ,never testing for the jab stopping transmission, recommending jab to pregnant women when they never at all tested for pregnancy safety, on and on.
        And yes, they violated free speech and informed consent, and a bunch of other constitutional protections ,Mandating a expiermental vaccine….give me a break.,

        1. Mandating a experimental vaccine….give me a break

          We need to be very vigilant with assisted suicide. I expect that it will pop out of nowhere and maybe quickly legalized in places like California or New York

    2. Where is the ACLU? This is the greatest attack on freedom on speech and other civil rights in modern history. Why aren’t the trial lawyers jumping aboard this train? There should be thousands of medical malpractice cases filed by now. If this involved some other product or drug, there would be thousands of wrongful death lawsuits filed in every court across this country.

      The fact that nothing, essentially, is happening is the biggest crime and mystery.

      1. Why aren’t the trial lawyers jumping aboard this train?

        They can read the handwriting on the wall. To pursue such cases will be a career ending move.

        1. I’m just saying this for the record. You know, the way they say things on TV court dramas, “You honor I want to state for the record that my client is in fact a biological male/female/transgender”.

  10. “That’s largely due to an exodus of investors from the capital’s presale market, as their attention turns to higher-yielding regions like the northwest of England, where the share of off-plan sales is now higher-ups than London.”

    Yep, purchasing in a different region–that’s certain to be an effective remedy during a global housing bubble!

  12. ‘a recent decrease in home values and home equity, as well as above-average unemployment and below-average household income. ‘For starters, the latest median household income in the Atlantic City metro area of about $66,400 is only about three-quarters of the $89,300 New Jersey figure, in a state with high home prices’

    That’s true Rob, good points.

    ‘More notably, 4.7 percent of Atlantic County mortgage payers (one in 21) were seriously underwater on their loans in the first quarter of this year, owing at least 25 percent more than the estimated value of their homes, compared to 3 percent (one in 33) nationwide’

    3 percent nationwide is crater Rob.

  13. Oh God, I read today somewhere that Michelle Obama is going to run, hope its not true.
    Just tell me what makes her qualified to run. I don’t think she has ever held a public office.
    Does just being the wife of a ex president
    qualify you, or is it being a black female that makes you the best choice, or whoever they rig it for.
    Is Joe Biden going to announce at the last minute he decided not to run?
    IMHO, fat chance the people are going to get whoever the majority votes for, but I hope Im wrong…

      2. Not after people see the clip of “her” junk swinging in white pants while dancing on Ellen.

      3. If people can’t see by now that Obama and his wife are Marxist traitors ,and they are both part of the destruction of USA, than they will never see it.

        1. Obama and his wife are Marxist traitors ,and they are both part of the destruction of USA

          That too!

          1. But, if Michelle Obama is really a dude, still carrying his junk, it would be a absolute fraud to not disclose that she is a dude.
            Don’t you think the American people are entitled to know that Michelle is a mentally ill transgender dude, still carrying his junk?
            Maybe this explains why the big transgender push by Biden( “Transgenders are the soul of the nation”). Guys carrying their junk in female sports winning, but they are a girl because they identify with being one. . Absolutely nuts, but if Michelle is a dude, parading as a women, than people have to know what sex the dude is.
            Why? Because transgenders are mentally ill people , that are angry at the world, they have a high sucide rate , etc etc etc.
            The Obamas are outragous actors, no wonder they always wanted to connect with Hollywood..

          2. But, if Michelle Obama is really a dude

            strange there are no provable pregnancy pics of “her” or Wendy Williams…

          3. But, if Michelle Obama is really a dude, still carrying his junk, it would be a absolute fraud to not disclose that she is a dude.

            I haven’t paid any attention to this topic but I have seen lots of photos of Michelle Obama like everybody else. The one thing that is obvious from just a casual observation is that her/his hips are WIDE and, thus, her waist to hips ratio is relatively low. The ratio for men is much higher. There’s no way to change a person’s ratio in a meaningful way since the bones of males and females are stuck together in a different manner.

          4. Michelle’s a dude. There’s plenty of photographic before and after. Malia and Sasha are the biological children of Anita Blanchard and Martin Nesbitt. Genetics don’t lie.

      4. Like Hillary?

        If they ever held a british style paper ballot election in amerika, no demorat would ever win.

  15. Just think about this, people voting for Michelle, because we should finally have a Women hold that high office, and turns out to be a dude, still carrying his junk.

  16. “Close to one-third of homes that sold in April were purchased above the final list price.”

    That close to two-thirds of homes that sold in April were purchased below the final list price seems somewhat irrelevant, without information about the initial list price.

    What percent of homes sold below initial list price? 90%? 95%

    “Year-over-year sales fell by 23.2 percent, data from The National Association of Realtors showed.”

    Seems like alot.

    “Total housing inventory increased by 7.2 percent month-on-month to 1.04 million units.”

    Race to the exits noted.

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