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A Large Number Of Mortgage-Holders Will Now Be Facing Terrible Pain

It’s Friday desk clearing time for this blogger. “Owners with a mortgage lost a small amount of equity last quarter — an average of $5,400 per borrower — marking the first annual decline since 2012, according to CoreLogic. But home-equity changes varied widely across regions. Western states posted the biggest losses, led by Washington, California and Utah. In the San Francisco area, the typical homeowner experienced equity loss of $174,000 year-over-year. ‘While homeowners in some areas of the country who bought a property last spring have no equity as a result of price losses, forecasted home price appreciation over the next year should help many borrowers regain some of that lost equity,’ said Selma Hepp, CoreLogic’s chief economist.”

“Redfin found that the housing market overall is seeing fewer and fewer sales. But although inventory is severely limited, prices are continuing to decline year over year. The Redfin report said that prices in the four weeks ending May 28 were down 1.9% from a year earlier. The company reported in April that the median home price had decreased by $18,000 since April 2022. Some markets are seeing bigger price drops than average. Here are the five cities with the highest year-over-year price declines, according to Redfin: Austin, Texas (down 16.4% from May 2022). Oakland, California (-11.5%). Las Vegas, Nevada (-9.9%). San Francisco, California (-8.6%). Sacramento, California (-8.5%).”

“In the first quarter of this year, investor home purchases plummeted compared to the year prior. Data shows a 49% drop in investor purchases nationally, the largest drop on record. The annual drop in investor purchases in Phoenix is over 64%, the fourth largest drop in any real estate market led by Nassau County New York, Atlanta and Charlotte. One of the major explanations for the decline is simple economics. Redfin says as many as 31% of homes in Phoenix are being sold at a loss. Investors are buying homes at a median price of $400,000 but selling them for only $10,000 more. Which is not enough in most cases to recoup any associated expenses. The annual sales price of investment properties is also down 9%.”

“The Waco economy is not in recession, says Amarillo-based economist Karr Ingham, who prepares a monthly snapshot of local trends. That is not to say blemishes are not showing. The housing industry continues to flounder. First National Bank of Central Texas CEO Joe Barrow said his son, a builder, ‘has tradespeople calling him, looking for work. That used to not be the case. Those at the top level are staying busy. Those in the second or third tier, not so much.'”

“With mounting mortgage costs and tighter bank lending, the outlook for the commercial real estate market nationally is bad and getting worse. In the Dallas-Fort Worth area alone, almost $2 billion in commercial real estate debt is coming due by the end of next year, analysts estimate. Many borrowers could be hard-pressed to get new funding for those properties. ‘We’ve got the sharpest rise in interest rates in 40 years,’ said Richard Barkham, global chief economist for Dallas-based CBRE Group. “It’s pushed the cost of capital up in real estate and we’ve got a value drop taking place in all the sectors.'”

“Barkham told journalists this week that nationwide values of industrial buildings are down 16% and apartments’ worth has fallen by more than 20%. The greatest decline is in the beleaguered office building market where property values are sinking by more than a third.”

“Borrowers will soon wave the white flag on a sizable percentage of office buildings across the country, two major CEOs in the sector say. Of the $1.5T worth of office loans coming due in the next three years, a third will either be foreclosed on or returned as deeds in lieu of foreclosure, PGIM Real Estate  CEO David Hunt told CNBC on Wednesday. Cantor Fitzgerald CEO Howard Lutnick predicted in an interview with Bloomberg that 20% of the U.S. office market will ‘have the keys handed in.’ ‘Let’s face it, if rates go to 8% or 9% and your rents haven’t gone up like that, the math doesn’t work,’ Lutnick told CNBC. ‘Give the keys back to the bank.'”

“The Bank of Canada‘s interest rate hike of another quarter of a percentage point will dial up the financial pain felt by borrowers with variable-rate mortgages and some of those with fixed rates. Higher mortgage rates will also hurt real estate investors with variable mortgage rates, said Victor Tran, a mortgage and real estate expert. Especially among those who haven’t been able to cover their costs with rental income for months, ‘we will likely see some forced sales due to pressures from rising housing expenses,’ Mr. Tran said.”

“Many mortgage holders who’ve hit the trigger rate haven’t been asked to pay more so far, Desjardins economists noted in a recent report. Instead, a number of financial institutions have added any interest amounts not covered by the borrowers’ payments to the principal amount outstanding and extended their amortizations – the time it takes to fully pay off the mortgage. These borrowers, though, will face payment shock at renewal, when lenders reset amortizations back to the original schedule, experts warn.”

“Ankur Gupta pauses as he looks across the busy landscape in Melbourne’s fast-growing west. ‘This is the estate we were building our house in,’ he said, gesturing towards the rows of construction fencing and earthmoving equipment. Although construction was yet to begin, the 40-year-old IT worker had invested significantly with the major home builder before its disastrous collapse in March. He was only weeks away from signing a formal contract, and his $20,000 payment was also uninsured. ‘We thought there was a ray of hope and once a support package is already announced, I’m not sure the government is going to go back on its word to amend that package,’ he said. ‘It’s literally a hope gone. It’s quite difficult to fathom.'”

“Justin King, who had hoped his new build would comfortably house his growing children, said those rising costs combined with the lost money would force his family to compromise on their home. ‘I can’t walk away from $18,000. It doesn’t happen,’ he said. ‘It’s too much money under mortgage stress and everything else that’s going on. $18,000 is extra payments on the mortgage; it’s three holidays away; it’s $18,000 my kids shouldn’t have to go without.'”

“The decision by the Reserve Bank of Australia to raise the cash rate another 25 basis points to 4.1 per cent has dismayed many experts who now warn that a large number of mortgage-holders will now be facing ‘terrible pain.’ ‘I’m already meeting daily with people who now drive Ubers before work, do their regular job and then clean offices later in the evening just to be able to afford their mortgages in metropolitan Sydney,’ said property advisor Anna Porter. ‘Then, at weekends, they rent out their homes on Airbnb and go and stay with their families just to earn a little extra income. A lot of families are already really hurting, and now this will put them in terrible pain.'”

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This Post Has 98 Comments

  1. ‘I can’t walk away from $18,000. It doesn’t happen,’ he said. ‘It’s too much money under mortgage stress and everything else that’s going on. $18,000 is extra payments on the mortgage; it’s three holidays away; it’s $18,000 my kids shouldn’t have to go without’

    Denial <- Justin, you are here.

  2. ‘I’m already meeting daily with people who now drive Ubers before work, do their regular job and then clean offices later in the evening just to be able to afford their mortgages in metropolitan Sydney…Then, at weekends, they rent out their homes on Airbnb and go and stay with their families just to earn a little extra income’

    They’re going to have to stop eating Anna.

    2. * “They’re going to have to stop eating Anna.”

      they might end up at the same therapist

      1. Bugs and grass are plentiful.

        When are people going to wake up to what the central banks have done to us?

        1. “When are people going to wake up to what the central banks have done to us?”

          As long as the bible teaches them to bend over and take one for the team there will be no discovery.

    3. Then, at weekends, they rent out their homes on Airbnb and go and stay with their families just to earn a little extra income’

      An old friend of mine, who was a successful small business owner until drinking slowly took him down, is apparently doing this with his custom house. To be fair, it is a nice house that backs a large park with walking trails everywhere.

      He keeps it Airbnb ready, and then when he has bookings he leaves and stays with his girlfriend. He has moved all of his valuables into storage and lives out of a suitcase. He says he makes enough to where he does not have to work.

      This has been going on for 5 years. He will likely die from drinking – he has not quit despite doctors’ warnings – but the house has provided him a means for living the lifestyle he apparently wants. He has no mortgage. I have never asked him how much he earns, but the house is probably 3,500 square feet.

      1. “Living the lifestyle he apparently wants.”

        That’s one very lonely girlfriend, to tolerate such behavior for five years.

        1. She might have more than one BF. Drunkie BF might be the one who helps pay the bills.

        2. That’s one very lonely girlfriend, to tolerate such behavior for five years.

          I honestly don’t know much, if anything, about their relationship. Maybe she’s just like him.

  3. ‘homeowners in some areas of the country who bought a property last spring have no equity as a result of price losses’

    Selma is a well known far right stopped clock antivax putin puppet doom and gloom perma bear.

  4. Middle-income buyers face the most severe housing shortage

    Among the 100 largest metro areas in the United States, three Ohio metro areas — Youngstown, Akron and Toledo — have the most homes that are affordable for middle income home buyers.

    https://www.cnn.com/2023/06/08/homes/affordable-homes-nar/index.html

    I have a tip downsize your junk and live in 1 or 2 bedrooms less and tell your kids to play outside all day like our parents did…

      1. Previous coverage link in that article: 27 Cleveland children have been reported missing in past 2 weeks. Why?

        1. I suspect that these are not children being “kidnapped” by a non-custodial parent.

    2. Um, there are no small houses available for young families. They are owned by investors. Many are kept empty, or “updated” with a giant price tag. I cannot buy what is not available.

      1. I see that too, Pao. There is no “modest” house anymore. Houses are rented out, or they are renovated with minimalist Millenial gray and sold for a very hefty premium. At peak frenzy in my little neighborhood, little 3-bed ranches were selling for a half-mil. Even 2-bed condos are selling for $400K and a massive HOA fee.

  5. “…Let’s face it, if rates go to 8% or 9% and your rents haven’t gone up like that, the math doesn’t work,’ Lutnick told CNBC. ‘Give the keys back to the bank….”

    Wouldn’t be surprised one iota if stories start to appear in which the banks unload CRE at $1 a pop, simply to get it off the books.

    1. “Biden and The Fed are playing their own version of Johnny Horton’s “Sink The Bismarck!” This version is called “Sink The Economy!””

      More whiners crying because their QE and low rates are gone, so they want to try to force the FED to reverse course.

  7. The company reported in April that the median home price had decreased by $18,000 since April 2022.

    It was only Yellen Bux.

  8. Redfin says as many as 31% of homes in Phoenix are being sold at a loss. Investors are buying homes at a median price of $400,000 but selling them for only $10,000 more.

    Die, speculator scum.

    1. “Investors are buying homes at a median price of $400,000 but selling them for only $10,000 more.”

      Certainly there are transactions and holding costs over $10,000 on a $400,000 home purchase. It seems like these investors are shooting themselves in the foot.

      1. 2.5-3% to the buyers agent
        closing costs being paid by sellers now
        property taxes and insurance while sitting on the market
        interest expense
        utilities

        Looking at over $35K in carrying costs not including the sellers agent fees if it sits for a year

        1. “Looking at over $35K in carrying costs not including the sellers agent fees if it sits for a year”

          Ouch.

  9. “Western states posted the biggest losses, led by Washington, California and Utah.”

    It seems like a really bad time to own a home in Washington, California, or Utah.

    “In the San Francisco area, the typical homeowner experienced equity loss of $174,000 year-over-year.”

    Typical homeowner, eh? The typical San Francisco household makes $125,000 or so a year, based on median income statistics. Owning a home there is like paying an income tax rate of over 100%.

    https://www.census.gov/quickfacts/sanfranciscocitycalifornia

    1. ‘While homeowners in some areas of the country who bought a property last spring have no equity as a result of price losses, forecasted home price appreciation over the next year should help many borrowers regain some of that lost equity,’ said Selma Hepp, CoreLogic’s chief economist.”

      Maybe this time is different, but the last two US housing busts (1990-1996, 2006-2012) saw prices fall for over half a decade before prices bottomed out.

      And then there is the long-heralded recession that never arrives. If past experience is any guide, housing busts and recessions go hand in hand, and are mutually reinforcing. Did Selma’s forecast also predict there will be no recession?

      1. Shares rise, Treasury yields fall as US jobless claims surge
        By Marc Jones and Koh Gui Qing
        June 8, 2023 1:38 PM PDT
        Updated 17 hours ago
        Fearless Girl is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermid

        NEW YORK/LONDON, June 8 (Reuters) – World stocks rose on Thursday and Treasury yields edged lower as investors leaned toward bets that the U.S. Federal Reserve is likely to abstain from raising interest rates next week.

        This view was bolstered by Thursday’s data showing the number of Americans filing new claims for unemployment benefits surged to their highest in over 1-1/2 years.
        …
        “The ultimate question for risk markets is whether the Fed might follow up with a hike of their own next Wednesday or whether they’ll finally keep rates on hold after a relentless hiking pace,” said Stephen Innes, managing partner at SPI Asset Management.

        Judging by recent comments from the Fed’s leadership, Innes said the U.S. central bank has shown its preference for pausing rate hikes right now.

        The Treasury market seemed to agree, as yields tumbled on concerns that the spike in new U.S. jobless benefits claims suggested a potential recession could be on the horizon.

        The two-year Treasury yield, a barometer for where the market perceives future Fed policy, edged down to 4.5085%, while the yield on benchmark 10-year notes slid to 3.712%.

        The spread of the Treasury yield curve based on two- and 10-year notes was at -79.6 basis points. An inverted curve, with shorter-dated debt yielding more than longer-dated debt, is considered a harbinger of a recession.

        At the same time, some analysts warned against thinking that rate hikes are over.

        In an almost carbon copy of a surprise rate rise in Australia this week, Canada caught markets off guard on Wednesday by hiking interest rates to a 22-year high of 4.75% due to an overheating economy and stubbornly high inflation.
        …
        https://www.reuters.com/markets/global-markets-wrapup-1pix-2023-06-08/

      2. We will never have a recession again. It is a simple matter of definitions and altering language to fit needs.

        Besides, it is easy to increase the ‘government’ spending in the GDP equation to ensure perpetual growth.

        1. Besides, it is easy to increase the ‘government’ spending in the GDP equation to ensure perpetual growth.

          This is one of the ‘tricks’ most overlook…the more money the government moves around/re-allocates, GDP goes up. Even though it doesn’t actually produce anything

      3. Yahoo
        Fed: Economy ‘still strong enough’ to allow another rate hike
        Yahoo Finance
        Wed, June 7, 2023 at 12:24 PM PDT
        In this article:

        Fed officials could vote in favor of another interest rate hike at the June FOMC meeting, says CI Barrett Private Wealth CIO Amy Kong. Kong sits down with Yahoo Finance Live to explain her take on the Fed’s next move and how she is playing the AI wave.
        Video Transcript

        SEANA SMITH: All right, here with more on what to expect from the Fed next week and the market implications. We want to bring in Amy Kong, CI Barrett Private Wealth Chief Investment Officer.

        Amy, it’s good to see you here. So we just heard from Jen Schonberger that Fed officials are split. Those who have voiced their decision, many are on the side of the need to raise rates once again. Some are saying, it’s time to pause. What do you think makes the most sense to do now?

        AMY KONG: Hi, guys, thanks for having me. I think I wouldn’t be surprised if we saw another hike next– at the next FOMC meeting. We very much saw a very strong jobs report last week. And we also saw that the Bank of Australia as well as Canada both raised. And the idea is inflation is still high compared to the Fed’s target rate. And the economy is still strong enough, still provides us that flexibility to raise rates. There’s still strength in the jobs market, wage inflation, you name it.
        …
        https://finance.yahoo.com/video/fed-economy-still-strong-enough-192428893.html

        1. Fed: Economy ‘still strong enough’ to allow another rate hike

          Translation: Contrary to the official numbers, inflation is still raging and is worse than ever.

    2. It seems like a really bad time to own a home in Washington, California, or Utah.

      Soon to expand to everywhere else, too. Sales in the south have tanked , and we all know prices soon follow.
      All real estate is local, but temporary ultra-low rates that suckered in FOMO-herds were worldwide, and that pain-train is coming with 7% mortgage rates becoming the norm again.

  10. put Cleveland in that affordable housing group, the whole upstate Ohio area is cheap until you try and buy out in the country ,to get away from it all…

    1. I have two family members that each bought houses there for CASH, not as rentals or flips, but to live in.

      Another friend there bought a house for CASH for his two daughters (three years apart) to live in while attending college.

      1. Who are all of these cash buyers who can suddenly afford to buy at peak prices but were nowhere to be found when prices were lower?

        1. Probably got money from the CARES scam. Billions of dollars went to business owners that were not affected by the scamdemic. The partners at my firm all got at least $250K each from the PPP loan forgiveness. Cash for nothing for the top 3%.

  11. “Redfin found that the housing market overall is seeing fewer and fewer sales. But although inventory is severely limited, prices are continuing to decline year over year. The Redfin report said that prices in the four weeks ending May 28 were down 1.9% from a year earlier.”

    So much for the failed theory that the inventory shortage will protect homeowners from losses…

    “The company reported in April that the median home price had decreased by $18,000 since April 2022. Some markets are seeing bigger price drops than average. Here are the five cities with the highest year-over-year price declines, according to Redfin: Austin, Texas (down 16.4% from May 2022). Oakland, California (-11.5%). Las Vegas, Nevada (-9.9%). San Francisco, California (-8.6%). Sacramento, California (-8.5%).”

    Big ouch for Austin homeowners. Lots of posters here saw it coming from way back when. I even tried to warn a friend who bought there a couple of years ago, but the conviction of his bubble vision was impenetrable.

  13. Creepy old corpse like looking thief isn’t he.

    Biden dismisses ‘malarkey’ FBI tip claiming he played a role in Burisma bribe scheme: ‘Where’s the money?’

    By Steven Nelson and Josh Christenson
    June 8, 2023

    WASHINGTON — Congressional Republicans who read an FBI informant file accusing President Biden of a role in a $5 million bribery scheme said Thursday that it involved the Ukrainian company Burisma — but Biden tauntingly retorted, “Where’s the money?”

    https://nypost.com/2023/06/08/fbi-tip-says-burisma-bribed-bidens-prez-asks-wheres-the-money/

    2. Per Rep. Nancy Mace (R, SC-01), “dozens and dozens of shell companies.”

      1. “dozens and dozens of shell companies.”

        Whose cover up is aided by a compliant State-controlled MSM.

        1. Truly a banana republic, so prepare yourself for the inevitable collapse. Only help like-minded friends and family. The NPC and TDS crowd need to suffer so they will learn.

    3. Per Marjorie Taylor Greene speaking with Jack Posobiec earlier today about the 1023, the Ukrainian oligarch kept two pieces of evidence showing he paid both Hunter and Joe. The 1023 also references two more 1023s.

  14. Had dinner the other night with an ex-nurse, who now works for as a case worker for an insurance company. She remarked in amazement that there were so many young people with heart attacks and strokes. I coughed out “Vaccine”. She demanded to know how that was possible. I did my best to explain the blood clotting mechanism of the vax and the whole ACE2 receptor thing. I didn’t go to heavy into it as our other companion was vaxed and totally boosted. The ex-nurse had only taken one jab of the Johnson and Johnson so she could to concerts.

    1. She demanded to know how that was possible.

      Upton Sinclair expressed it best: If your salary depends on you not understanding something, then you won’t understand it.

      How was it possible? One word: “experimental”. I’m still amazed the billions around the globe willingly rolled up their sleeves for an unproven jab. I recall a video of some jab center in Europe where a man in convulsions was carted away into an ambulance. The people remained in line even after seeing that.

      1. The employer mandates, and the attempted “vaccine” passport will not be forgotten.

        Every vote, every article, every tweet supporting this is on the record, and all of these people have names.

      2. The sheeple were told it was safe and effective by the talking heads and the white labcoats. If it’s on TV it must be true. Why would they lie?

    2. Willful ignorance and denial. It is well documented how the lab-created spike proteins cause blot clots and the inflammation to the body’s organs as the immune system attacks the spike proteins and mRNA-altered cells. The jabs cause the cells to produce an uncontrolled amount of spike proteins. The spike proteins are cytotoxic per the peer-reviewed study from the Salk Institute in fall of 2020. The sleeve-rollers are causing their own bodies to poison themselves.

      1. J&J is not an mRNA vaccine. The clotting mechanism for J&J is well-known and preventable and has nothing to do with the spike protein.

          2. You act as if it’s the vector or spike protein rather than understanding that it’s the vector and spike protein.

        2. The spike protein is cytotoxic. Look up videos from Dr Sucharit Bakhdi. He warned about this scamdemic all the way back in March 2020 and warned about the jabs in fall 2020 before they came out.

          1. videos from Dr Sucharit Bakhdi

            I posted them. Oxide prefers to live in denial.

        3. Ironically, I saw the following posting on JMG’s Covid Blog
          https://ecosophia.dreamwidth.org/235880.html?thread=41480808#cmt41480808
          Date: 2023-06-09 01:35 am (UTC)
          From: (Anonymous)
          My 33 year old son is in the hospital tonight with AFib and Tachycardia that started late last night and got worse today. He has no other health problems but took the J&J shot in 2021 at about this time, so around 2 years ago. Any information or references folks have is very welcome. Also prayers. Thanks

          1. I have three jabbed in-laws who suddenly have heart issues: one with Afib, two have tachycardia. There is no family history of such maladies.

      1. Just blew your chances of get’n any.

        Not if they see value. I have a few hardcore anti-Trumpers after me. I have straight up told them their rhetoric is a turn-off and we are not compatible at all. Remarkably, they keep showing up in my texts, wanting to “go for a walk and have dinner.”

  15. Gateway Pundit has a piece discussing the alleged “wildfires” in Canada discussing how some of the fires in Quebec suspiciously all started at the same time, while being officially attributed to lightning.

    This is the path to “climate change” lockdowns. The AQI levels on the East Coast this week have been high enough that it wouldn’t surprise me if people will soon be required to observe a 24 hour indoor curfew “for health reasons” because we’re all in this together.

    Trudeau would burn his own country down if that’s what the WEF wanted.

    1. Something similar happened in Oregon last year. People wearing all black with their faces covered were seen starting fires and it was blamed on the climate.

    2. it wouldn’t surprise me if people will soon be required to observe a 24 hour indoor curfew “for health reasons”

      NY governor has already suggested staying inside or wearing a mask.

      1. Have you seen the pix from NYC? The advice to stay inside and/or wear a mask was legit this time.
        DC area is pretty cleaned out today. We’re still Code Orange but the smoke isn’t noticeable.

    4. This is the path to “climate change” lockdowns.

      They are chomping at the bit to get those rolled out. The scamdemic was the dress rehearsal. Pandemics run their course, even the bogus ones. The Climate Change(tm) is the gift that will keep on giving. Their plan for us:

      -15 minute, open air prisons, where you will need permission to leave your assigned area.
      -Rationing of food and energy.
      -Shoving frankenfood and bugs down our throats.

      I have relatives in Europe who are all onboard with this.

      1. It’s amazing how many people agree that farms should be shut down to fight climate change. It’s as if they really think that food grows on grocery store shelves. I have to wonder if their parents had any children that survived.

        1. It’s amazing how many people agree that farms should be shut down to fight climate change.

          And the consequences will be memory holed. People will starve to death in the 3rd world while the MSM will insist that no one is starving and those independent news reports of emaciated people are misinformation.

    5. This is the path to “climate change” lockdowns.

      Translation: Globalist billionaires board their private yachts and planes and go on 5 star vacations, and “teehee” to each other as the poor are forced into their Section 8 apartments. Let’s just get rid of these people once and for all.

  17. Nice interview with a couple of invaders who just crossed and “Thank God” had their applications approved in just 10 days so they could be on their way to Chicago to stay with family and find work.

    2:50

    Border Hawk
    @BorderHawkNews
    ·
    Border Hawk brings you this exclusive report from Brownsville, TX, where signs posted by city authorities in a variety of languages direct illegal migrants to La Plaza Parking Garage, which has been converted into a de facto welcome center for illegal migrants.

    Illegal border… Show more

    https://twitter.com/BorderHawkNews/status/1666513050440966160?s=20

  18. Don’t worry about the housing market folks….the incoming fake alien invasion will be far more important.

    And you thought covid was the end of the psy-ops……

    1. I think warmism is the next one, hence all the sudden forest fires, the demands that farms and powerplants be closed, 15 minute cities, etc. European airports are quietly reducing their capacity, forcing the permanent cancellation of flights. But yeah, there is a lot of UFO baloney in the MSM, same with AI.

  19. Economy
    Home foreclosures are rising nationwide, with Florida, California and Texas in the lead
    Adjusted for inflation, incomes for U.S. workers remain below their pre-pandemic highs as elevated costs for goods and services linger.
    Inhabited and abandoned homes are seen along Walbrook Avenue in West Baltimore, Md., on Nov. 9, 2022.
    Nathan Howard / Bloomberg via Getty Images file
    June 9, 2023, 5:06 AM PDT
    By Rob Wile

    As the cost of living in the U.S. continues to climb, foreclosures are also on the rise.

    May foreclosure-related filings, which include default notices, scheduled auctions and bank repossessions, were up 7% from April and up 14% from a year ago, to 35,196 properties, according to the real estate data group ATTOM.

    Lenders began the foreclosure process on 23,245 properties in May, up 4% from last month and up 5% from a year ago. States with the most foreclosure starts in May included Florida, where 2,901 foreclosures got underway, followed by California, with 2,451 foreclosures started, and Texas, where 2,286 properties fell into the foreclosure column.

    Illinois and New York foreclosure starts came in at 1,358 and 1,287, respectively.

    “The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur,” Rob Barber, ATTOM’s CEO, said in a statement. “This upward trajectory suggests the possibility of continued heightened activity, and with foreclosure completions seeing the largest monthly increase this year, we will continue to monitor the potential impacts this may have on the housing market.”
    …
    https://www.nbcnews.com/business/economy/home-foreclosures-rising-in-us-where-which-states-rcna88394

  20. From Jeff Clark, Former US DOJ Double Ass’t AG.

    https://twitter.com/JeffClarkUS/status/1667269899989798914?cxt=HHwWhMC-2f7IqqMuAAAA (emphasis added):

    I’ve read the entire indictment. And I disagree @mitchellvii.

    Let me explain something to everyone about how statutory interpretation works. (And it’s clearly a weak spot for Jack Smith, given his 9-nothing smack down in the Supreme Court on the honest services case against former VA Bob McDonnell and his failed prosecution against wealthy Dem trial lawyer and VP candidate John Edwards. As the Edwards case shows, Smith is particularly stymied by highly complex regulatory statutes.)

    Here, Smith is totally ignoring the Presidential Records Act — but it’s on the field and cannot be ignored. When multiple statutes apply, they often must be harmonized.

    One of the key principles of statutory interpretation is that the specific controls over the general. And the Presidential Records Act is the more specific statute given what the facts are at issue as alleged in the indictment. It controls here over the Espionage Act unless, perhaps, Smith could show that Donald Trump was acting as a spy giving national defense info to our Nation’s enemies. And of course, he can’t because Trump is so loyal to the US he sweats Americana on a hot day and on a cold day his soup is red, white, and blue.

    So ironically, like many of the Left’s plays are really a form of psychological projection, the Espionage Act (as to China, Romania, and Ukraine) perhaps is in the Biden family’s tarot card reading — their fortune telling. But DOJ under Biden cannot simply wish away Trump’s defenses.

    Sadly, the Leftist media in their breathless frenzy will not try to educate their viewers on how complex statutory construction works.

    And truth be told, most of the relevant viewers wouldn’t get it even if CNN tried. Because they have something akin to immunity to deep rational analysis. To logic. To the law.

    They are like paper people who can see in only two dimensions.

    1. If this is truly a matter of statutory interpretation and application, a jury trial won’t be necessary. Jury trials are for resolving matters of fact not law. Motions and appeals could take this to SCOTUS PDQ. dwr44?

      1. This is truly a low point in the history of this country. The Democrats, POTUS (past and present), DOJ, FBI ect have shredded the Constitution. Remember that saying about not becoming a “Banana Republic”? Well, we’re one now.

        I used to think that the internment of Japanese Americans in WWII was the worst violation of Civil Rights in modern history. Both of my parents and their families were caught up in that, although my dad never was in a camp. He went to war and fought in Italy and France.

        Well, given the wholesale violation of civil rights during the last three years and the completely corrupt and lawless persecution of President Trump, EO9066 wasn’t even a parking ticket in comparison to what’s going on right now.

        “1984” has arrived and the reality of events coming down the road could be far worse than anything Orwell could imagine.

        1. “1984” has arrived and the reality of events coming down the road could be far worse than anything Orwell could imagine.

          With a majority of the population in debt and barely hanging on there will be no revolt until it’s too late.

    2. None of these points will matter. A DC jury will convict Trump on any charge no matter how flimsy.

      1. It’s in Miami and these points do matter. Juries decide matters of fact. Judges decide matters of law.

  23. Check out this price history:

    4/28/2022
    Sold $930,000 +3.9% $487/sqft
    Source: CRMLS #V1-11180
    3/30/2022
    Pending sale $895,000 $469/sqft
    Source: CRMLS #V1-11180
    3/29/2022
    Listing removed —
    Source: CRMLS #V1-11180
    3/23/2022
    Listed for sale
    $895,000 +92.5% $469/sqft
    Source: CRMLS #V1-11180
    12/16/2014
    Sold $465,000 $244/sqft
    Source: Public Record

    1. Zestimate $915,900
      Last 30-day change
      – $12,755

      It’s off by $14,100 from the purchase price, according to Zillow.

      And $12,755/$14,100 = 90.5% of the drop in value was over the past month…ouch!

  24. The Fed has done enough economic damage regardless of its next move and a ‘self-inflicted’ recession looks imminent, yield-curve guru Campbell Harvey says
    Zinya Salfiti
    Jun 9, 2023, 5:47 AM PDT
    Campbell Harvey

    – The US economy is imminently facing a ‘self-inflicted’ recession, according to the developer of the yield-curve recession indicator.

    – Campbell Harvey said the Fed has done enough damage already with its interest-rate hikes, regardless of its next move.

    – He wrote in a Research Affiliates note that the chance of a hard landing scenario is increasing.
    …
    https://markets.businessinsider.com/news/stocks/hard-landing-us-economy-research-affiliates-campbell-harvey-yeild-curve-2023-6

    1. I recall late 2018 when rates crept up to, OMG 2%, and the stonk market had a bowel movement before it could reach the restroom.

    2. Campbell Harvey said the Fed has done enough damage already with its interest-rate hikes, regardless of its next move.

      But roaring inflation hasn’t done any damage. Where do these clowns come from, anyway?

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