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Your Investment Is Likely Underwater If You Bought Over The Past 12 Months

A report from the Review Journal in Nevada. “Las Vegas’ real estate investor boom appears to be over. Investor sales in metro Las Vegas plunged a dramatic 60 percent in the first quarter compared to a year earlier, according to Redfin. That was well above the 48.6 percent national average for metro areas. Approximately 28 percent of homes sold by investors in March in Las Vegas were sold at a loss, according to Redfin. Phoenix was the only metro region in the country with a higher rate.”

“The Sun Belt has been particularly hard hit by the drop in investor sales, as all but two of the 10 metro areas with the largest declines were located within that region. The largest first-quarter decline among the 40 metro areas Redfin analyzed was in Nassau County, N.Y., where investor home purchases fell 67.9 percent year over year.”

Mansion Global on Georgia. “It’s a heartbreaker of a home sale: Mariah Carey has sold her Atlanta-area home for $4.3 million, about $1.35 million less than she paid for the house at the height of the pandemic. The roughly 4-acre property is located in Sandy Springs, a suburb just outside of Atlanta’s Buckhead neighborhood. Carey, who bought it for $5.65 million in 2021, listed it for $6.5 million in September. It was last asking $4.995 million, according to Zillow. Shanna Bradley, who brokered both sides of the deal said the market has softened since Carey bought the house. ‘During Covid, a lot of people paid premiums for houses like this because of the privacy, the amenities and the acreage,’ she said. ‘It was just a different time.'”

The San Antonio Current. “As mortgage rates continue to rise, home values are declining across the nation, especially in boomtowns such as Austin. Texas’ capital city logged one of the nation’s most drastic drops in home value over the past year, according to a report published last week. On average, Austin homeowners experienced a 15.3% decline in the value of their homes between April 2022 and April of this year, equating to an average $85,000 loss, the report shows. That’s the second-worst drop in the nation. In other words, your investment is likely underwater if you bought a home in Austin over the past 12 months.”

“The decline in Austin home values outpaced national trends. Nationwide, home values slid by $18,000 on average since April 2022, according to report. Other than Austin, other pandemic boomtowns, including Boise and Salt Lake City, and pricey coastal hubs such as the San Francisco Bay, also reported significant drops in home value.”

The Dallas Morning News in Texas. “Office buildings — which have seen a slump in demand since the pandemic — have been particularly hard hit by tougher lending conditions. That’s bad news for the almost 19% of Dallas-Fort Worth office building loans that are coming due in the next two years. More than 50 million square feet of North Texas could be facing distress if owners are unable to find affordable new financing, according to Yardi Systems. ‘Loans coming due face a higher interest-rate environment than when they were originated, while lenders are underwriting at more conservative debt-service levels,’ according to Yardi Systems’ new eport. ‘Some properties will qualify for less proceeds than the existing debt, 20% to 30% in some cases, creating a capital gap that borrowers must fill. The market is bracing itself for a wave of distress.'”

“Some office building landlords have already handed properties over to lenders after they were unable to extend or refinance maturing debt. The problem is huge: More than $1 trillion in commercial property loans are set to expire nationwide through the end of 2025. Along with the more than 52 million square feet of office building loans that are maturing in North Texas, another 87.3 million square feet of industrial property debts in D-FW are coming due by the end of 2025, according to Yardi Systems’ estimates. ‘Investors believe the worst is yet to come,’ according to Yardi Systems. ‘More than half of private equity investors view properties as overvalued and expect value to drop further.'”

From Bisnow. “The fate of the millions of square feet of office space sitting empty in downtowns across the country has the capacity to shift the landscape of the overall economy and commercial real estate. That outcome is increasingly falling into the hands of distressed asset specialists, whose job it is to facilitate the least painful result for troubled properties. New York University professors estimate office property nationwide will lose a collective 49% of its value by 2029.”

“Specialists in distressed assets see ‘a reckoning‘ on the horizon. And buying, and financing, these assets won’t be easy, either. ‘An investor I was talking to tells me he feels the banks are pulling out, they’re starting to view commercial real estate like crypto, that it’s very risky,’ said Esther Reizes-Lowenbein, a New York-based equities connector and fund manager.”

From The Street. “For several weeks Elon Musk has been joining the voices of Cassandra, who foresee a real estate bubble bursting. ‘A lot of real estate isn’t so good any more,’ Charlie Munger, vice chairman of Berkshire Hathaway recently warned. ‘We have a lot of troubled office buildings, a lot of troubled shopping centers, a lot of troubled other properties. There’s a lot of agony out there.’ David Sacks, a tech-investor friend of Musk, pointed out on May 29, based on an article by Slate, that Los Angeles office towers ‘are selling for less than the amount of debt on them. This is true for [San Francisco,] too, and other big cities.'”

From Storeys. “For the first time in a year, home builder confidence has risen in Canada, but high interest rates and the rising cost of construction are keeping prospective buyers on the sidelines. According to homebuilders, most of the sales seen in Q1 2023 were due to ‘significant’ price cuts, as high construction costs and interest rates remained areas of concern for prospective buyers.”

The Gulf Times. “Market correction is seen across all rental sectors of Qatar’s property market, researcher ValuStrat said and noted rents continue to moderate in the country. In its first 2023 review of Qatar’s real estate market, ValuStrat noted that after witnessing sizeable rent growth last year, it has recorded ‘market correction’ in all rental sectors of the property market in the country. ValuStrat’s general manager (Qatar) Pawel Banach commented: ‘With the advent of 2023, we are observing a new phase of the real estate market in Qatar.  Qatar is undergoing a period of adjustment. In all the sectors, there was a substantial expansion in terms of supply last year. Post-FIFA World Cup Qatar 2022, we have observed a fall in demand. The increase in oversupply is contributing to pervasive market corrections.'”

Stuff New Zealand. Amazing Spaces NZ, a tiny house company based in Morrinsville, has gone into liquidation, leaving around 14 clients waiting for houses secured with deposits between $100,000 and $130,000. Liquidators say the total debt owing is expected to be in excess of $1 million. The company was founded by director Michael Christopher Goodall in 2019. Goodall is a director of the controlling company LKN Group, which is also in liquidation. Goodall says he takes the blame for the business collapse, and appointed the liquidators himself: ‘At the end of the day, I’ve got to own the problem. I’ve caused the problem. However it washes up, I am going to be paying this off for the rest of my life.'”

“‘It’s a very difficult market right now. It seems one [tiny home builder] a week is going under. But I am not a person to blame things – it is what it is. And it has been a big learning curve for me. I have had sleepless nights when you think of the hurt you’ve put on people that wasn’t meant to be. I am sitting here right now with less than $200 in my bank account. My family has lost their investments, and my partner, who also put her inheritance money into the business has lost that.'”

News.com.au in Australia. “Disgruntled tradies left out of pocket from the recent collapse of a construction firm have ripped out the equipment from one customer’s house to try to recoup their money. They also appear to have trashed the home and left it in an unsafe state, with the owner calling it a ‘death trap.’ John* is one of those unlucky customers, and claims that since the news broke of the firm’s demise, his home has been completely wrecked. The WA resident, who preferred to remain anonymous from fear of making his home more of a target, claims tradesmen removed the airconditioning units and scaffolding in his house.”

“‘Tradies have been taking out all the aircon equipment in lieu of payment from the builder,’ John told news.com.au. ‘The site’s been generally trashed,’ John continued. ‘The scaffolders weren’t getting paid so (they) came and took all that down, knocking over a custom brickwork wall and removing the safety barriers (which were) stopping anyone on site from potential falls from the top floor.’ They’ve ‘literally left it a death trap,’ he added.”

“Pictures supplied to news.com.au show that the balcony and wall are ruined, despite the fact they were completed in the building stage some time ago. It’s understood this damage was incurred when tradesmen removed the scaffolding in place for other parts of the house following the announcement Slatter Group had gone bust. Piles of bricks appear to have been pushed over out of spite while rubbish has been dumped in his yard as well.”

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This Post Has 90 Comments

  1. ‘Approximately 28 percent of homes sold by investors in March in Las Vegas were sold at a loss, according to Redfin. Phoenix was the only metro region in the country with a higher rate’

    If you believe the Arizona Republic, this is unpossible. I wonder if anyone has gone down to the courthouse to see if any foreclosures are piling up?

    1. It’s interesting watching how the process develops. The lag is too much for many to bear so they jump in anyway but it appears the bottom is going to drop out before long. The reckoning is definitely coming…

  2. ‘An investor I was talking to tells me he feels the banks are pulling out, they’re starting to view commercial real estate like crypto’

    DONG!

  3. ‘A lot of real estate isn’t so good any more…We have a lot of troubled office buildings, a lot of troubled shopping centers, a lot of troubled other properties. There’s a lot of agony out there’

    Charlie is a well known far right stopped clock anti-vax perma bear doom and gloomer conspiracy theorist.

  4. “Approximately 28 percent of homes sold by investors in March in Las Vegas were sold at a loss, according to Redfin. Phoenix was the only metro region in the country with a higher rate.”

    Those were the lucky ones, who got out before prices fell much deeper into the CR8R. In a race to the exit, the last ones to leave don’t make it.

    1. There’s going to be a lot of bleached investor bones by the side of the trail of broken dreams of effortless wealth as the Fed’s Everything Bubble bursts for real.

  5. “Between now and the end of June, your Ally Bank Interest Checking Account will be renamed to Spending Account. After all, the way you use money has evolved, so shouldn’t your account name reflect that?”

    I never write checks anyway, all electronic.

    1. The 35 and under set is having trouble with the whole checking concept. It’s causing too much confusion. ‘Spending account’ clears that up nicely.

      1. Most of them have never written a check. Granted, since most retailers won’t accept them anymore it isn’t surprising. I still use them with charities, to ensure they don’t pay any commissions to VISA on my donation.

    3. As long as the Biden / Obama donors made thier obscene profits off the original sale and there was plenty of fat to be ladeled off the top by the crime families who do it all for the children and it gets thrown on top of the American tax payer’s unpayable debt it’s all good.

    4. It was actually a Swedish rocket launcher that was sent to Ukraine. I’m sure there are American weapons out there too. I would bet at least half of the weapons ended up on the black market

      1. It would be poetic justice if some globalist’s Gulfstream was shot down with a black market weapon.

  7. RE: But I am not a person to blame things – it is what it is.

    And this is precisely the kind of attitude which the real culprits, i.e., the Central Bankers, who created the entire mess with their “policies” (translation: idiocies), count upon to escape accountability . .

  8. “The fate of the millions of square feet of office space sitting empty in downtowns across the country has the capacity to shift the landscape of the overall economy and commercial real estate.”

    Not much talk yet about insurance companies and their annuitants being impacted. An annuitant is a person who is entitled to receive benefits from an annuity. The payout benefits for an annuitant are based on the person’s life expectancy.

  9. A reader sent these in:

    investor sales down 49% YoY…”That outpaced a 41% drop in overall home purchases. Investors retreated as rising interest rates and falling home values shrank potential profits.”

    https://twitter.com/DiMartinoBooth/status/1663924081954111494

    Mark my words, when recession hits late 23 early 24 and student loan payments start to bite while economy shows more interest rates sensitivity, first thing both Dems and Reps will want to do is start putting more money into consumers ‘pockets. Child Tax credit will come with a qui pro quo of business tax credits to keep Reps happy. This is when they will signal to you that there is no way out of this.

    https://twitter.com/INArteCarloDoss/status/1664019903693701121

    Investor home purchases-49% YoY. What kind of society are we living in where this chart shoots higher, then shoots lower, then shoots higher, then shoots lower, in a non-stop cycle of clown world boom-and-bust? Time to defenestrate these central banks. This is ridiculous.

    https://twitter.com/JeffWeniger/status/1664012650781585409

    JUST IN: Total credit card debt in the US has officially crossed $1 trillion for the first time in history. This comes as average interest rates on credit card debt have hit a record high of 25%. The average American family now holds $10,000 in credit card debt, another record. Nearly 40% of Americans now have more credit card debt than savings. Americans continue to “fight” inflation with credit card debt.

    https://twitter.com/KobeissiLetter/status/1663888770154856448

    Whatever happened to that great China reopening story?

    https://twitter.com/NorthmanTrader/status/1663874121673981967

        2. If the Party will officially admit 20% it must be much, much higher.

          China proudly wanted to have more graduates than any country in the world. I’m not sure why, because that only increases expectations. Why go to uni so I can snap together smartphones? I could’ve done that when I finished grade 8.

      2. Obviously China is not immune but there are some really good youtube channels of people who do walking tours of the big cities there and it is hard not to feel a sense of awe at some of what they have accomplished in such a short time. At times it is almost embarrassing how little we have done in the same period. This dude has some great tours:

        https://www.youtube.com/watch?v=ul5rqQGaLQ4
        https://www.youtube.com/@JasonLivinginChina

        I highly recommend watching a few of his train tours, some of them go in depth where he rides the whole system and shows all of the stations etc. His mall tours and street walks are also really good. It might even shift your perspective a bit on China. Some of what they are doing is truly remarkable. Will it last? Time will tell…

        1. truly remarkable

          No disrespect to anyone having to live under the CCP, but their “miracle” is the biggest teetering smoldering corrupt pile of debt in the universe.

          1. Hard to argue your point but at least they have something to show for it. We also have a big smoldering pile of unproductive debt and it is hard to find many comparable investments. What have we built? CA can’t even build one bullet train line, meanwhile over 2,800 pairs of bullet trains run daily connecting over 550 cities in China and covering 33 of the country’s 34 provinces and the stations are really well designed. In the links I posted above he goes to one station that is an art museum. They tried to make them all different and decided hey lets make one an art museum. We couldn’t even seriously consider doing something like that, it would get destroyed. The reality is they are doing some really impressive projects that are not your typical CCP fare. Some of what they are accomplishing is really interesting. It will also be interesting to see how it all holds up.

          2. What have we built? CA can’t even build one bullet train line, meanwhile over 2,800 pairs of bullet trains run daily connecting over 550 cities in China and covering 33 of the country’s 34 provinces and the stations are really well designed.

            What have we built? Try the Interstate Highway system. And the biggest freight rail network in the world (if I remember correctly). Or what about our domestic airlines? You obviously don’t know anything about geography or transportation geography.

            Okay, lets say we built a High Speed Rail from L.A. to Chicago. How long would that trip take? Or L.A. to Denver? Or Houston to New York? HSR is not profitable or suitable for the USA in general because this country is too big. Simple as that.

            Look at the disaster here in California. They haven’t even designed the route and tunnels for the HSR from L.A. to San Francisco. They’re building the easy part and can’t even get that done. But even IF the system was operational now, how long would a trip from L.A. to S.F. take? Two hours? Three hours? Four? Realistic estimates are in the range of 3.5 to 4 hours. By the time you drove and parked at Union Station in L.A. and arrived in S.F., and then picked up a rental car, you could have driven the distance.

            And how are you going to get around L.A. or S.F. once you got off the train? Go rent a car??? The Calif. HSR is the biggest fraud and ripoff in history. It will never open and even if it did, nobody will ride it.

            China doesn’t have anything comparable to our Interstate Highway System. Or any of the other modes of transportation that this country has. It doesn’t even have public utilities for half of its population.

            I know LOTS of Chinese from China who now live in this country. The REAL China isn’t the one that the CCP shows everyone. That version of China is just a movie set.

          3. @zzy

            I’m not a CCP apologist, but I did live and work in the country. And I am fluent in Mandarin, so I wasn’t the type of foreigner who needs their hand held over there…

            Your comparison of trains from LA to Chicago is not comparable to what China has because China’s population is 80% centered on the eastern seaboard. A more apt comparison would be NYC to Boston, or Baltimore to Raleigh, etc. Lots of people take busses between cities like Boston to NYC daily. When I was younger and a student in an eastern seaboard school I took busses like that when I traveled. They were full, mostly with people too poor to afford an air ticket. Ditto in China — there are slow trains and busses for the poor and high speed rail for people with more money. The air planes in China are significantly more expensive than high speed rail; they are for the upper classes that earn salaries on par with western countries (there are tens of millions of people in that category BTW).

            The trains in China are impressive. They get you around easily. Sure, they build nonsense out west, like lines going from Guangzhou to Lanzhou, but the network works great. Further, there are stops all along the line, often in smaller areas where public transit is busses, taxis, and motorcycle taxis only. The long-run goal, like what happened in the western USA, is to build out those hinterland areas between urban cores with the assist from a rail line. You do correctly point out once you reach a destination in a large Chinese city like Hangzhou it is easier to get around than in LA, but pretending LA is a reasonable city for travel in 2023 is laughable. I read on this blog how people leave their house at 4am to get to work on time… Dysfunction is a word for that.

            China doesn’t have anything comparable to our Interstate Highway System.

            China has a fantastic inter-provincial road network. You can easily do a road trip throughout the country. No offense, but have you ever taken a road trip in China? The further west you go, the more difficult travel becomes, but that is because it is an unpopulated wasteland, like the Western USA.

            I guess my point is just because California is ran by idiot grifters who cannot do math does not mean China is the same. China has severe problems and distortions, but the sons of btches can build infrastructure. In America, we seemingly stopped trying in the 1960s.

            Another fun fact — Florida gets hit by a hurricane and the houses and buildings collapse. Xiamen gets hit by a hurricane and the worst thing to happen is a few windows break.

    2. “The average American family now holds $10,000 in credit card debt, another record.”

      Looks like our household is NOT your average family as I zero our credit card balances weekly…every Monday morning.

          3. Since I always try to shop local owned I ask for cash discount. When it’s not given I get my CC points.

          4. Do any retailers still accept checks?

            They do but it’s debited immediately so the deadbeats can’t float them.

      4. “I zero our credit card balances weekly”

        is there some benefit to that over paying in full monthly?

  10. ‘Shanna Bradley, who brokered both sides of the deal said the market has softened since Carey bought the house. ‘During Covid, a lot of people paid premiums for houses like this because of the privacy, the amenities and the acreage,’ she said. ‘It was just a different time’

    So Mariah takes a massive a$$ pounding cuz CCP virus? It was a different time. Remember that time when guberments killed thousands of people by closing hospitals to people who needed surgery? Good times.

    The ‘Unvaccinated Are Unclean’ Compilation
    We will forbear the impulse to retaliate, but we won’t forget this revolting mixture of atavism, lying, and cheap virtue signaling

    Dr. Peter A. McCullough, MD
    John Leake

    ‘During periods of peace and prosperity, when the prevailing social mood is positive, it’s often tough to know who is truly decent and reasonable. During times of stress and fear, people are far more inclined to show their true colors. Many get swept up in the emotions and groupthink of the frightened herd, thereby losing their capacity for critical thinking and principled action. Under such circumstances, if you insist on maintaining your individuality, you will likely be shocked to discover that even people whom you took to be old friends may join the herd in ostracizing you.’

    ‘2021 and early 2022 were just such a time for those of us who didn’t fervently embrace the crude dogma of the COVID-19 Vaccine Cult. The following video is a remarkable expression of how easily a modern, advanced civilization can embrace the most atavistic, tribalistic, and scapegoating passions.’

    ‘Especially revolting is how these expressions are enveloped in lies and cheap virtue signaling. We, the unvaccinated, will forbear the impulse to retaliate, but we won’t forget the pronouncements made in this compilation or the people who made them. Because we are wise, we will try to obey St. Paul’s injunction to suffer these fools gladly.’

    https://www.theepochtimes.com/health/the-unvaccinated-are-unclean-compilation_5300508.html

    Here’s the video:

    Covid Retrospective Series, Vol. 1
    Media: The Unvaccinated Are Scum

    https://twitter.com/tomselliott/status/1657021799652024324

    3:44.

    1. +1

      The censorship and lies of the past three years are beyond anything in my lifetime.

    2. The revenge is the Branch Covidian cultists took the jabs. When they figure out they were poisoned, many will seek revenge. Hopefully not against us.

      2. When they figure out

        Many already are, though they prefer to not talk about it and be on the receiving of “I told you so”

  12. “Investor home purchases-49% YoY. What kind of society are we living in where this chart shoots higher, then shoots lower, then shoots higher, then shoots lower, in a non-stop cycle of clown world boom-and-bust? Time to defenestrate these central banks. This is ridiculous.”

    – defenestrate – “to throw someone out the window or to remove or dismiss someone from a position of power or authority.”

    – I vote for the first definition. From the 60th floor. Give them time to think about how evil they are and how much carnage they have wrought. This would also effectively remove them from office.

    – “Drawn and quartered” also comes to mind.

    1. Yep, we kicked that one around yesterday. Gavin Newsom is a progressive; treat him accordingly.

  14. Personal. Looking for PT work in anticipation of rent hike six months from now. Just had Zoom interview with someone reading a script and so dull that he repeated a question I just answered. I wasn’t obsequious enough (or at all, really.) It took less than ten minutes to get the rejection email 🤣 Maybe I’ll be more inclined to suck up closer to the end of the lease.

    First time on Zoom. It was as awful as I thought it would be.

    1. So they won’t talk to you in person for a PT job interview now?

      Was this for retail?

      1. Not retail. Looking at the listings, it seems like many, many companies interview with Zoom.

        I think the main problem is me (I’m pretty burned out, going to have to figure out how to remedy that.) He read the script, I answered the very simple questions. He followed up with, “Do you want to add to that?” No (I was pleasant, but puzzled and looked it 🤷🏼‍♀️)

        “Can you give me an example of the most stressful job you’ve ever had?” When I said I had owned/operated a biz, 🙁 face. Interview kaput at that point, so I didn’t get to be asked if I were an animal, which one would I be. I would have lost it. I miss the old days, not as stupid as now.

        Not ‘umble enough, looked crappy on Zoom, they lied about being okay with retirees, or a combination. Maybe I’ll just go back to the temp agency I used for the couple of years before my mother got sick.

        1. if I were an animal

          Eagles are awesome!

          The Temp agency you already know sounds like a good option to have. At least after the first day, you won’t say you’re “retired”.

          There was a time I needed a job to feed the kids. Any job. I cut a lot of qualifications out of my resume.

          2. Yeah, probably.
            Don’t think questions like aren’t helpful at all in determining who’s right for a job. Old-fashioned. I interviewed, hired and fired a lot of people in 20+ years. Wouldn’t claim to have been the best at it, but I never asked them anything like that.

          3. The Temp agency you already know sounds like a good option to have.

            I agree. For lack of a better analogy, temping gives you and an employer a chance to date before making a commitment based on more than an awkward interview with stupid questions. If it’s not a fit, move on.

          4. That’s exactly the way I felt about temping.

            Stayed at one place for about two years, and after a while, they offered me a permanent position, but I saw the way they treated their regular employees, so I declined. The management was also getting a little nastier to me, too, as time went on, like I worked for them (not the agency), so nope.

            It’s hard to work for someone else after being the boss, but temp work makes it easier. If the atmosphere becomes foul, you move on. It’s also so weird to go from having a personal stake in things going well for a business to working with people who don’t care at all. E.g. something would break, and I’d say well, that can be fixed pretty easily. Naturally, as an owner, you learned to do a lot of fixing, since you didn’t want to spend on anything you could do/fix/install yourself.) The employees were like IDGAF, call someone.

            Had a fascinating conversation at that time with one of the mgrs there, wife a realtor, three houses with negative amortization loans (!) This was during the previous housing crash.

        2. Can you give me an example of the most stressful job you’ve ever had?

          The “behavioral interview”. I thought those had been put out to pasture.

  16. The Senate voted today to block the student loan free sh*t giveaway. Unelected Occupant in Chief threatening to veto.

    “It’s not going anywhere,” said higher education expert Mark Kantrowitz. “It’s basically a form of political posturing to appeal to their base.”

      1. In a 52-46 vote, the Senate passed a resolution disapproving of the Department of Education rule implementing Biden’s plan. The vote was successful thanks to Sens. Joe Manchin, D-W.Va., Jon Tester, D-Mont., and Kyrsten Sinema, I-Ariz., who voted with all 49 Republicans to scrap the loan bailout.

          1. The Communist in chief took another tumble today.

            Joe Biden takes hard fall at Air Force Academy commencement ceremony

            By Steven Nelson
            June 1, 2023

            President Biden fell on stage Thursday after congratulating graduating cadets at the Air Force Academy in Colorado — drawing gasps from the crowd as onlookers rushed to help the commander-in-chief to his feet.

            As the president got up, he pointed at a black sandbag on the stage, indicating that he had stumbled over the object.

            https://nypost.com/2023/06/01/joe-biden-takes-hard-fall-at-air-force-academy-commencement-ceremony/

          2. This video is better for quick repeat viewing and seeing the young Cadets behing him trying not to laugh whileBrandon tries to break into his I’m still a young man exit stage left jog before he is dropped like he was hit by a young Casous Clay.

            Jake Schneider
            @jacobkschneider
            ·
            BREAKING: Biden takes a big fall on stage just now at the U.S. Air Force Academy graduation

            https://twitter.com/jacobkschneider/status/1664343681321541636?s=20

          3. I was under the impression that the student loan forgiveness program required congressional approval. Or did congress already pass it?

  17. ‘According to homebuilders, most of the sales seen in Q1 2023 were due to ‘significant’ price cuts’

    Fook those dog-sledders from last year!

    ‘At the end of the day, I’ve got to own the problem. I’ve caused the problem. However it washes up, I am going to be paying this off for the rest of my life’

    ‘It’s a very difficult market right now. It seems one [tiny home builder] a week is going under. But I am not a person to blame things – it is what it is. And it has been a big learning curve for me. I have had sleepless nights when you think of the hurt you’ve put on people that wasn’t meant to be. I am sitting here right now with less than $200 in my bank account. My family has lost their investments, and my partner, who also put her inheritance money into the business has lost that’

    via GIPHY

    1. I am sitting here right now with less than $200 in my bank account.

      Yeah, I’m sure he doesn’t have any silver or gold coins hidden in paint cans in his garage, or wads of cash hidden in a chest of drawers.

      Interesting how Kiwis put those huge deposits on new construction. You’d think that maybe they would put them in an escrow account instead of handing it straight over to some fly by night builder.

      1. “Interesting how Kiwis put those huge deposits on new construction. You’d think that maybe they would put them in an escrow account instead of handing it straight over to some fly by night builder.”

        They must have signed up for the “special deal.”

  18. MS-13 Gang Members, Released into U.S. by Feds, Among Illegal Aliens Charged with 15-Year-Old Boy’s Murder

    JOHN BINDER
    1 Jun 2023

    MS-13 gang members, released into the United States by federal officials, are among five illegal aliens charged with murdering a 15-year-old boy in Frederick County, Maryland.

    As Breitbart News reported this week, 21-year-old illegal alien Alexis Alfredo Ayala Lopez, 23-year-old illegal alien Jose Roberto Ramos Lopez, 29-year-old illegal alien Ismael Lopez Lopez, 27-year-old illegal alien Elmer Bladimir Reyes Reyes, and 20-year-old illegal alien Ismael Ivan Rivera Canales have been arrested and charged with murdering Limber Lopez Funez, who went missing in February before his remains were found in Gambrill State Park in April.

    According to Frederick County Sheriff’s Office, which works closely with the Immigration and Customs Enforcement (ICE) agency through its 287(g) agreement, Ramos Lopez and Lopez Lopez are both validated members of the violent MS-13 gang, which often funnels its recruits through the federal government’s Unaccompanied Alien Children (UAC) pipeline.

    https://www.breitbart.com/politics/2023/06/01/ms-13-gang-members-released-into-u-s-by-feds-among-illegal-aliens-charged-with-15-year-old-boys-murder/

    2. My county in the Finger Lakes NY is under an official state of emergency. The mayor of NYC is bussing his unwanted illegals all over the place,

    2. Great tune!

      Haven’t heard that in years.

      “And I can’t sail my yacht
      He’s taken everything I got
      All I’ve got’s this sunny afternoon”

      🙂

  20. So our local library has a sign alerting the community that it will be closed for the Juneteenth holiday. Fine whatever. The flyer however prominently displays the Marxist fist in black. I asked the librarian if she knew they were displaying a Marxist/Communist symbol on their front door. She seemed confused. I told her as someone who’s had numerous family members fight for this county that the symbol was insulting and left it at that. I’m sure a swastika would meet more resistance despite claiming less lives.

    2. My dad risked life and limb to escape from Soviet ruled Hungary. Were he still alive he would be horrified to see what is happening in the West

    2. General thought from the people I associate with is why all this for such tiny fraction of the population and this sh#t is getting old.

      1. Because it’s not for that tiny fraction at all. It’s to tear down all your barriers. All of them.

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