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Sometimes I Wonder If The Juice Is Worth The Squeeze

A report from Yahoo Finance. “Rental landlords may have to brace for impact. ‘We’re going to deliver more supply than what we can realistically absorb,’ Carl Whitaker, director of research at RealPage told Yahoo Finance. The pressure will come during the second half of this year and into the next as more rental supply hits the market, reaching the highest level since the 1980s, according to RealPage. Most of those new buildings are mainly Class A apartments, Whitaker said. ‘We’re delivering all this new housing, which means more options for renters,’ Whitaker added.’The challenge, though, is that the new supply that delivers just inherently tends to be at the very top of the price spectrum.'”

The Star Telegram in Texas. “Spring and summer are typically the busiest months for the real estate market. But that’s not the case in 2023. Closed sales were down 1.4% from this time last year. On average, houses in Fort Worth spent 24 more days on the market in May than they did in 2022, according to the Greater Fort Worth Association of Realtors. In Fort Worth. the median home price in May was $340,000, a 1.1% increase from April but 7.4% down from a year ago. According to the National Association of Realtors, middle-income buyers can afford only 23% of listings in the current market; five years ago, this group could afford half.”

The Sun Sentinel. “Broward County could use taxpayer money to pay as much as $20 million in the upcoming year to encourage developers to build affordable housing. It’s among the latest multimillion-dollar initiatives in South Florida aimed at addressing the housing crisis. In Palm Beach County, voters have approved spending $200 million toward adding affordable housing. The money in Broward is considered the ‘gap financing’ and pays the difference between what the developer has to spend on construction and what they would be able to borrow. Without the subsidy, county leaders say the developments might otherwise never be built. It’s the go-to model for affordable housing nationally, county officials said.”

“‘It’s something we hear all the time, the cost of housing — from the people living here and employers trying to bring people here,’ said Palm Beach County Mayor Gregg Weiss. He said he hears from the frustrated business owners that they make job offers but the response is: ‘People say, ‘I just can’t afford to live here.’”

Axios on Colorado. “Nicole Pinto bought her Baker home late last year. She travels for work and decided to list her property on Airbnb to try to cover the cost of her mortgage. It’s a lot of work, and she hasn’t made enough to cover her mortgage yet. So far, she’s been able to cover about 2/3 of her monthly payment. ‘Sometimes I wonder if the juice is worth the squeeze,’ Pinto says. Because Denver is one of the hottest STR markets in the country, there’s a lot of competition. It takes time to gain bookings, Pinto says. Airbnb has some built-in tools for homeowners, but Pinto was handling most of it herself to start, including the cleaning.”

The Orange County Register in California. “The average U.S. homebuyer needs to spend almost 38% of his or her income on house payments based on June prices and mortgage rates, said Zillow Chief Economist Skylar Olsen. That’s up from 27.1% in December. In the L.A. region, the typical sale would eat up 84% of an average income, up from 61% at the end of December. Rising interest rates caused values to drop in all sectors of commercial real estate, CBRE Global Chief Economist Richard Barkham said. Industrial property values have fallen 16% in the last 1 ½ years, CBRE figure show. Retail is down 17%, apartments are down 22% and offices are down by 34%. Office vacancy rates are at a 30-year high, prompting Barkham to predict the office sector could take up to nine years to recover.”

Palo Alto Online in California. “June is National Homeownership Month, when Realtors promote the benefits of homeownership. ‘When more people own homes, everyone benefits,’ said Jim Hamilton, president of the Silicon Valley Association of Realtors. ‘Homeowners get involved in community activities such as volunteering and participating in community events. This gives them a sense of belonging more than someone who is renting.'”

“According to MLSListings, the median price for a single-family home in Santa Clara County reached $1.7 million in May 2023. In San Jose, the median sales price was $1.5 million. In Palo Alto, the May median sales price was $3.1 million. Based on the report, homebuyers in San Mateo and Santa Clara counties need a minimum qualifying income of more than $400,000 to purchase a median-priced home, Hamilton said.”

“In San Mateo County, 19% of homebuyers could afford to purchase a median-priced home in the first quarter of 2023, according to the California Association of Realtors. Homebuyers needed a minimum annual income of $458,400 to qualify for the purchase of the county’s median-price home of $1.85 million. Their monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be a whopping $11,460.”

The Daily Mail on California. “Today, San Francisco’s once bustling Union Square and downtown area is a shadow of its former self: rows of empty stores, sparse crowds even on peak weekend shopping days and nearby hotels – including a huge Hilton – unable to cover their mortgage payments. Edward Liu, 49, a local resident and hospital worker told DailyMail.com: ‘A lot of the stores are closing, a lot of hotels are shutting down. ‘You don’t get the numbers in downtown anymore because a lot of people are working from home. The homeless don’t make people want to stay for sure – it’s just not very appealing. They defecate, they urinate on the street. They do drugs on the street. The mayor isn’t doing anything and it’s been like this for a very long time.'”

“A security guard at another branch of Walgreens on Powell Street – home to San Francisco’s famous cable cars – had different explanation for the hollowing out of the city center. ‘Theft is constant. For my company, this is the busiest store in San Francisco. We used to have two guys here but now it’s one so a lot of the time, I’ll be dealing with one person and someone else will be taking things. I can’t get them all.’ As if to prove his point, a bearded homeless man caught stealing hours earlier attempted to enter the store. Told he couldn’t enter and blocked, he screamed: ‘Excuse you! I have every right to be here’ before swiping a brownie and an apple from a nearby counter and sprinting off.’ It was one of four attempted or successful thefts DailyMail.com witnessed at the pharmacy within a 15-minute period and as a result, everything from chocolate bars to a $4.99 bottle of cheap Moscato wine was either locked up or security tagged.”

The National Post. “Could a ‘doom loop’ be coming to a Canadian city near you? Many signs point to yes. While it may sound like a gravity-defying amusement park ride, a doom loop is a much more terrifying reality where rather than eluding gravity, a city plunges into a bottomless sinkhole of decline. Canadian cities from Vancouver to Toronto, and even Saint John, should take note as similar problems begin to plague their urban centres and exacerbate one another, forming the beginnings of their own doom loops. Like San Francisco, Canadian cities’ decline began with the hollowing out of their middle classes. As downtowns continue to divide sharply into extreme haves and have nots, the pace and intensity of this decline accelerates.”

“High real estate prices and a dearth of ‘missing middle’ housing has also chased middle-class families, young professionals and essential workers out of Canadian cities at ever-quickening rates. The surge in home prices over the last few years drove urban wealth gaps to unprecedented highs. The ones who remain find themselves squeezed to the limit. Just one disturbing statistic: 33 per cent of Daily Bread Food Bank users work full-time jobs.”

“While the destruction of the middle class in Canadian cities has become near impossible to ignore over the last several years, in reality, it’s been happening for well over a decade. The only question now is whether we can prevent a prolonged doom loop from taking hold. A disappearing middle class directly ties into almost every other crisis downtowns face. Obvious consequences include homelessness, drug abuse and crime. Brain drain and labour shortages in key sectors follow. These then spur broader economic decline, empty downtown cores and transit cuts. Repeat the cycle.”

The Independent. “There has been further gloom for homeowners and renters this week as the Bank of England is expected to raise interest rates for a thirteenth consecutive time on Thursday. With many homeowners confronting ‘the ice-cold reality of 2023 rates,’ how banks react will be crucial. Buying agent and property expert Henry Pryor told The Independent that he believes lenders ‘want to be seen to be helping’ their customers to avoid being seen as ‘villains’ following the financial crisis.”

“Lenders will fall over themselves to come up with ways not to repossess. ‘They will extend 25 year mortgages to 30 or 35 years. They will move borrowers over to interest only payments for say 5 years – anything to avoid once again becoming the villains of the piece as they were in 2009 after the global financial crash,’ he said. ‘Banks have only just been welcomed back into polite society having been bailed out of their mess. This time they want to be seen to be helping where necessary even if they will still make a profit on their assistance.'”

ABC News in Australia. “Interest rates have risen at the steepest rate ever, as the Reserve Bank hikes the cost of mortgages and lending to try to stomp down inflation. The cost of servicing a home loan is up 106 per cent in a year — more than double — and the impact is worst for those who are younger and have paid off less of their loan. Florist Marilyn Cini wants various options to be tried, because there’s one simple factor inflicting pain in her community of Aberfeldie in Melbourne’s north. ‘Interest rates. Interest rates. A lot of people have bought homes, they’ve got children, a lot of people have lost their jobs through COVID. It’s tough.'”

“Rocketing prices for supplies and power mean the sole trader can’t afford to hire staff. Her mortgage payments have doubled, so she’s in the same position as her customers — making difficult choices. ‘At the end of the week, you work out what you’ve made,’ she says. ‘Can you afford to buy a little bit extra, a little bit of luxuries, go out for dinner? Or do you pop it on the mortgage? Or do you put it aside for a rainy day? So everybody’s in the same boat.'”

From Reuters. “From cutting salaries and bonuses and asking staff not to wear expensive clothes and watches at work, to reining in travel and entertainment expenses, Chinese financial firms have jumped on an austerity drive as Beijing pushes to bridge the wealth gap. The steps come as authorities vow to clamp down on corruption in the country’s $57 trillion financial sector and as growth in the world’s second-largest economy weakens, with youth unemployment hitting a record high.”

“Staff at a large Chinese state-owned mutual fund and a mid-sized bank have instructed staff not to show off high-end lifestyles, said employees at the firms, declining to be named due to the sensitivity of the matter. The mutual fund has also asked staff to refrain from posting pictures of expensive meals, clothes or bags on social media, said an employee, to avoid attracting regulatory glare or public criticism. The mid-sized bank’s employees have been asked to not wear luxury brands or carry luxury bags at workplace, said a person at the lender, adding staff have also been told they can’t stay at five-star hotels when travelling for work.”

“‘At a time when economic growth momentum has been sluggish and the overall budget of the government is not growing as fast as before, how to distribute resources and benefits within the regime is a key political priority of the Party and most important driver behind the current austerity push,’ said Xin Sun, who teaches Chinese and East Asian business at King’s College London. ‘Inequality in China has reached a high level for a long time,’ Sun said, adding what the Party now does by cutting the benefits of ‘financial elites’ is aimed to quell inequality within the regime for political stability.”

From 48 Hills. “I don’t usually laugh when I read the front page of the Sunday New York Times. I get mad. I get depressed. All kinds of emotions on my Sunday morning. But it’s typically not high comedy. Then today there was this headline: Why It Seems Everything We Knew About the Global Economy Is No Longer True. Here’s the nut: ‘The economic conventions that policymakers had relied on since the Berlin Wall fell more than 30 years ago — the unfailing superiority of open markets, liberalized trade and maximum efficiency — look to be running off the rails.'”

“No, in fact, free-market economic globalization created vast economic inequality. It also, the Times notes, ‘Pushed down wages at home and undercut workers’ bargaining power, spurring anti-immigrant sentiments and strengthening hard-right populist leaders like Donald Trump in the United States, Viktor Orban in Hungary and Marine Le Pen in France. It was believed that a new world where goods, money and information crisscrossed the globe would essentially sweep away the old order of Cold War conflicts and undemocratic regimes.'”

“Excuse me? ‘It was believed?’ By whom? Well, among others, by The New York Times. And The Washington Post. And the Los Angeles Times. And every other major newspaper in the country. All of them cheered relentlessly for market-drive approaches, for what we now call the Neoliberal Agenda. Nobody at any of these news outlets, other than a very occasional opinion columnist, every questioned whether the massive changes brought on by late-stage global capitalism would be anything but positive.”

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This Post Has 94 Comments

  1. ‘free-market economic globalization created vast economic inequality’

    I realize this writer is probably a commie but he makes some good points and it’s worth reading. But globalist scum aren’t free market anything, it’s just free for them. If you don’t believe me, load up yer pickup with stuff drive down to Mexico and try to sell it.

    Globalism has failed, long ago. Getting rid of President Trump isn’t going to change that.

    1. Globalism hasn’t failed the .1%. Quite the contrary, as it’s enabled them to concentrate unprecedented wealth and power in their own corrupt and venal hands.

      1. Alright smarty pants, it’s failed in the stated goals of the globalist scum. We still have wars, we still have poverty and haves and have nots are further apart than ever.

        2. Alright smarty pants

          The last time I got called smarty pants was by Susan Reece in the 3rd grade. She then proceeded to kick my ass nine ways to Sunday. In my defense, she was a rather robust girl, and as inexplicable as it may seem to the HBB, I’d said something clever that sent her into a blind rage. I also don’t fight back very well when I’m laughing.

          2. ‘I don’t recall globalists advocating for ending wars and poverty’

            First, 99.9% of people don’t know what globalism is. Around 1984 I got my hands on a copy of the Trilateralist magazine. They carefully laid out what they were doing and why. Of course it had to include solving all the worlds problems by getting rid of nation-states. No need for wars if there’s no borders and only one guberment! You don’t remember being told that NAFTA would create a middle class in Mexico? We were told the same about China with the WTO. They were adamant that if we allowed jobs to go out of the US, poor people would no longer be poor and they’d buy our – software! Yes, they actually said that in the 90’s.

            It’s always a shifting goal used to convince lazy academics and working stiffs to accept the US as the ‘worlds economic engine’ (remember that one from 20 years ago?) with US consumers borrowing away, spending on off shore junk and we’ll print money to pay for it, as only we can! (American exceptionalism, cough). It’s quite Keynesian.

            And they always believed in de-population. Look at the UN.

    2. But globalist scum aren’t free market anything, it’s just free for them.

      How do we get rid of these scum? That’s what I want to know.

  2. ‘Homeowners get involved in community activities such as volunteering and participating in community events. This gives them a sense of belonging more than someone who is renting.’”

    Realtors are liars. Those “homeowners” don’t own their shacks until the last mortgage check clears. Currently in Colorado Springs, 30% of “homeowners” are underwater on their shacks. Tapped-out debt donkeys watching “their” houses shed thousands of FedBux value each month prolly won’t be “volunteering and participating in community events” except maybe hitting the local food bank for their next grub.

    1. This gives them a sense of belonging more than someone who is renting.

      Utter bullsh!t.

      1. It was probably true in, say, 1959. Nowadays, you’re lucky if your neighbors speak English. The only “community event” I’ve seen is people lined up for a bi-weekly pop-up food bank. And tbh it looks like people just see it and stop and get in line like they would for a garage sale, not because they really need the food.

        1. Nowadays, you’re lucky if your neighbors speak English.

          All of mine do.

          I’ve seen is people lined up for a bi-weekly pop-up food bank.

          I’ve never seen one.

        2. At least where I live, an upper middle class suburb of Chicago, everyone speaks English. People who live here are from here for the most part. It’s even kind of purple and there aren’t any of those left in Chicago. It’s a bit of a unicorn and could disappear at anytime. But nothing is permanent.

      2. I’ll happily forego my sense of belonging in order to avoid paying half our monthly household income on a mortgage rather than rent a comparable place for 20% of income.

        We also aren’t watching our home equity vanish as housing CR8Rs.

        1. The average Californian has been paying half or more of their income for housing for decades now. Personally, I have *never* paid as low as 20% for housing and I have lived all five decades of my life in California.

  3. Homebuyers needed a minimum annual income of $458,400 to qualify for the purchase of the county’s median-price home of $1.85 million.

    Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.

    1. Income of nearly half a million dollars to buy a median priced home. You will own nothing and you will be happy

      1. Just Howmuchamonth it and then everyday for the following 30 years try to convince yourself you didn’t get hoodwinked. 😉

  4. It was one of four attempted or successful thefts DailyMail.com witnessed at the pharmacy within a 15-minute period and as a result, everything from chocolate bars to a $4.99 bottle of cheap Moscato wine was either locked up or security tagged.”

    This is what societal breakdown looks like, and it’s happening by design.

    1. and it’s happening by design

      Hence why the mayors of the dystopias don’t seem too alarmed. Sure, they ask businesses to stay open, but won’t do anything to fix the city’s problems.

      1. Setting the stage for 15 minute prisons and everything will be delivered by big tech as long as your social credit score is high enough

    2. swiping a brownie and an apple

      Stealing food is, I dunno, mildly justifiable? Evidently they’re hungry. Unlike those youths gang-lifting a Gucci store or a carrying out a pile of jeans at Ross.

      1. The proceeds from selling hot Gucci items could buy a lot of groceries. Slippery slope as to what is justified.

    3. This is what societal breakdown looks like

      I stopped by the local Kohl’s today. I haven’t been there for a while. The store had two entrances, each with a bank of checkout stands. Today, one of the entrances was permanently shuttered and its check out lanes removed. Don’t know if this is a local thing, or nationwide. I’m gonna guess it’s nationwide.

      and it’s happening by design.

      Welcome to Joe Biden’s America.

    4. I used to think this, but that’s giving vibrancy too much credit. Mayors like SF London Breed and Chicago Brandon Johnson are just tribal. They’re degenerate spendthrifts who are gonna waste all their political capital letting black people, their people, steal stuff. Because they share the same color skin. It’s like 90 IQ leadership. Chicago’s mayor was sued for not paying credit cards and his water bill even through he make $175,000 a year. They’re just degenerates.

      1. The Financial Times
        an hour ago
        China cuts benchmark lending rates to boost economy
        Thomas Hale in Shanghai

        China on Tuesday cut key lending benchmarks as authorities pushed ahead with monetary easing in a bid to boost the economy.

        The one-year loan prime rate was lowered 10 basis points to 3.55 per cent, while the five-year equivalent was reduced to 4.2 per cent from 4.3 per cent.

        The move was widely expected after cuts last week to the country’s medium-term lending facility, which came alongside measures to ease funding costs for businesses.

        Six months after reopening from Covid restrictions, China’s economy is still beleaguered by a range of issues, from worsening trade activity to a weak property sector.
        …

      1. I would not be surprised to learn that FED members are trading in Bitcon. Imagine the conflict of interest there.

    2. I posted that clip of Hotez in March 2020 here on HBB before the jabs were released.

  8. Tony Kambeitz
    @Kambeitz9

    At 0730hrs on June 14, 2023, Twenty (20) Heavy Armed Agents From the IRS Criminal Investigation and Bureau of Alcohol Tobacco and Firearms Raided Highwood Creek Outfitters, a Gun Shop and Indoor Firing Range in Great Falls, MT.

    Tom VanHoose, the Store Owner was Served a Warrant that Specifically said they’re Looking for Financial Records.

    The Search Lasted More than Six (6) Hours. Ultimately, the IRS Agents Seized ALL the Stores ATF Form 4473’s, Which Everyone Fills-Out When They Purchase a Firearm. Form 4473 Contains No Financial Data in Them.

    Over a Year Ago, VanHoose Called Local Deputies to Report a Man with a Telephoto Lens Taking Pictures of the Store. Deputies Identified the Man as an FBI Agent.

    The ATF Deferred All Questions to the IRS.

    https://twitter.com/Kambeitz9/status/1670160585361707011?s=20

  9. A reader sent these in:

    Looks like we got ourselves a raging bull market….. in Food Banks!
    The Ohio Foodbanks says across the state, organizations served 32% more people in q1 of this year compared to the same quarter in 2022.
    “We are serving at higher levels now than we ever did during the pandemic

    https://twitter.com/GregCrennan/status/1668861777034067968

    Best way to escape the matrix

    https://twitter.com/WallStreetSilv/status/1670204680893345793

    We are going to the moon at 8% mortgage qualification rates. This time it’s different.
    Immigration – population
    Supply
    Rental shortage
    $1 minimum wage increase
    Lineups in St Catherine’s. Silicon Valley of the north.
    I am buying 5 pre-con condos for $2200 per sqft. Buy now or live in your moms basement.

    https://twitter.com/geoeconomic10/status/1670124576267796481

    The S&P 7, also known as $NVDA $AAPL $TSLA $MSFT $GOOGL $META and $AMZN, is now up roughly 60% YTD. Meanwhile, the remaining 493 companies in the S&P 500 are now up just 3% YTD. All together, the S&P 500 is up 15% YTD. These 7 tech stocks now represent ~30% of the entire S&P 500. The entire market is being held up by the AI trend.

    https://twitter.com/KobeissiLetter/status/1670098335410077699

    Fade the joke RE agent from Tampa but otherwise I concur that housing boom is waning here. My wife follows market very closely (MLS junkie) and agrees. Let’s face it – if you were going to move to FL or buy a holiday home you would have already done it

    https://twitter.com/judahrhodie/status/1670433455425953792

    Summing up the chances of Australia entering a recession in 4 charts

    TLDR:
    – 121% increase in owner occupier mortgage interest repayments
    – Collapse in real wages
    – Historically large amount of disposable income sucked out of the economy in record time

    https://twitter.com/AvidCommentator/status/1669690126115680256

    Just met a girl in the lift who is moving out … rent got put up by 17%/month. She couldn’t find anywhere else she could afford so she has to move back in with parents … The 3rd person I met this week who are grateful they have this option otherwise it would be cardboard box under the bridge ..

    https://twitter.com/MPX_Trader/status/1670259319282221057

    The tipping point for the Aussie economy is not when mortgage holders get driven to the wall, that’s already happened. Its when either higher rates or a deteriorating economy kill home equity withdrawals. If that growth engine goes, the consumer economy goes along with it.

    https://twitter.com/AvidCommentator/status/1669911937038299136

    In the latest ABS data NSW saw 31k residents leave to another state in net terms. If not for migration the NSW population would be roughly standing still. Half of those leaving were aged 18-40. High housing costs are driving some families out of Sydney.

    https://twitter.com/AvidCommentator/status/1669863481863208961

    🇺🇸 United States debt
    Government debt: $32 trillion
    Household debt: $17.1 trillion
    Mortgage debt: $12 trillion
    Auto loans: $1.6 trillion
    Credit card debt: $1 trillion

    https://twitter.com/WinfieldSmart/status/1670585841008164866

    Big commercial real estate downturn could sink 300+ banks: Report

    https://twitter.com/WinfieldSmart/status/1668671681278226459

    JAY POWELL NO EASING, MORE PAIN

    https://twitter.com/WinfieldSmart/status/1669067758435180591

    The G4 central banks’ balance sheet has barely reduced after the insane monetary expansion of 2020.

    https://twitter.com/dlacalle_IA/status/1670397445925224448

    Rents

    https://twitter.com/WinfieldSmart/status/1668928927799074816

    Baby Boomers are rich 💰

    https://twitter.com/WinfieldSmart/status/1669297646975033345

    Basically just $399,999 worth of fire wood, until you learn that it’s directly under the JFK 31R short final approach

    https://twitter.com/AirlineFlyer/status/1669414442889560067

    1. “The 3rd person I met this week who are grateful they have this option otherwise it would be cardboard box under the bridge …”

      This is a point in history when young adult kids with accommodative parents have a huge advantage. My siblings and I were in this group in the early 1980s, when we were establishing independence. Now my kids are in a similar situation.

      1. The 3rd person I met this week who are grateful they have this option otherwise it would be cardboard box under the bridge

        There are a lot of people driving shiny new cars and who eat frequently in restaurants who are just one layoff away from the cardboard box.

  10. ‘‘The economic conventions that policymakers had relied on since the Berlin Wall fell more than 30 years ago — the unfailing superiority of open markets, liberalized trade and maximum efficiency — look to be running off the rails’

    This isn’t true. The organization that preceded the CIA set up globalism after WW2. And when it came time to set up the financial details, they turned to Alan Greenspan and Paul Volcker. Central banks are entrenched in globalism.

    1. “Let me issue and control a nation’s money and I care not who writes the laws.”
      Mayer Amschel Rothschild

      And we did let them for the 3rd time! In 1913 by allowing the 3rd Central Bank (Federal Reserve) to take control. Andrew Jackson got rid of the 2nd one. Here’s what Thomas Jefferson said about allowing a private bank to issue and control out money.

      Quotation: “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…. I believe that banking institutions are more dangerous to our liberties than standing armies…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

      Why did Trump hang a portrait of Andrew Jackson behind his desk in the Oval Office? 🙂

      1. Trump pushed Jerome Powell to be even more “accommodative” with the Fed’s easy-money policies.

        1. And that’s where he lost my vote for his 2nd term. I didn’t vote for Brandon, I despise these Dems, I just didn’t vote for the first time in my life.

          On the campaign trail for his first term, he called Yellen’s stock market “a big, fat, ugly bubble.” I loved it and it’s a huge reason I voted for him – to get back to sane fiscal and monetary policies. Then he started celebrating the bubbles like a grand achievement almost daily, and hammered Powell to reverse the tightening and lower rates.

          It was really disappointing and I just couldn’t support that level of financial recklessness. It was made worse when he was calling for larger and larger stimulus checks to be sent out to everybody. I didn’t understand any of it.

          That being said, I am 100% in support of him to beat these phony charges they’re throwing at him to try to prevent him from running. I want the Biden Coup to implode.

          1. On the campaign trail for his first term, he called Yellen’s stock market “a big, fat, ugly bubble.” I loved it and it’s a huge reason I voted for him – to get back to sane fiscal and monetary policies.

            Same here. His performance in office did not match his economic nationalist rhetoric. That said, voting for him was a middle finger to the corrupt Establishment & worthless GOPe, and he spared us four years of Hillary Clinton trampling on the Constitution.

          2. and he spared us four years of Hillary Clinton trampling on the Constitution

            He was merely the lesser of two evils. Much less evil than the Hildebeast

          3. His performance in office did not match his economic nationalist rhetoric.

            Perhaps your expectations were too unrealistic. Why don’t you trying battling the administrative/deep state at every turn while trying to implement your policies once elected via an extremely broken election system. What other President had a special counsel investigation, two impeachments and a pandemic in 4 years?! Lest you forget we were energy independent in 2019. RFK Jr is the only other person willing to take on the administrative/deep state knowing full well he could end up like his father and uncle. BTW, I’m seeing and hearing more chatter about a Trump/RFK Jr ticket and that it would unite 2/3 of the country.

          4. Presidents have to consider getting re-elected in Years 1-4. Years 5-8 are when the gloves or masks come off. Why do you think they’re still so afraid of DJT and using lawfare?! Project 2025 is recruiting and laying the groundwork for a more Trump-friendly administration next go-around.

        2. Trump is a RE guy so his wealth depends on ZIRP. Every politician looks out for their best interest. It’s just that the democrats are more of a corrupt death cult. I didn’t really like Trump, but he was the better alternative. He even mentioned a US debt default and reset, which everyone knows will happen anyway.

          1. He even mentioned a US debt default and reset, which everyone knows will happen anyway.

            The massive inflationary tsunami unleashed by the Fed and Congress via monetary and fiscal policy is a gentlemen’s default, but a default nonetheless.

  11. “Trump pushed Jerome Powell to be even more “accommodative” with the Fed’s easy-money policies.”

    True. To help expedite the inevitable for one. Their system as come to an end. They have stolen all trillions from us they can with this Ponzi. Bring out the CBDC! 🙂

  12. Happy George Floyd Day!

    No more Uncle Ben’s rice, no more Aunt Jemima, no more Land ‘O Lakes girl. And when you’re burning down cities and robbing and looting, never mind the CCP Flu, because wacism is a greater public health threat than the Covid.

    1. Now the Soros Scum are tearing down all the statues & symbols of our American heritage, while the Pentagon is renaming all the bases named after Confederate generals. Orwell seems more prescient every day of this administration.

      “Every record has been destroyed or falsified, every book rewritten, every picture has been repainted, every statue and street building has been renamed, every date has been altered. And the process is continuing day by day and minute by minute. History has stopped. Nothing exists except an endless present in which the Party is always right.”

      ― George Orwell, 1984

    3. I still see uncle Ben’s rice and aunt jemima for sale. I know most whites pronounce it Ant Jemima…me included….lol

    4. people are scared to explain what happened in the 5 minutes before he was on the ground……..HINT he was in the back of a air conditioned police car on a very hot muggy night and escaped.

  13. “‘We’re going to deliver more supply than what we can realistically absorb,’ Carl Whitaker, director of research at RealPage told Yahoo Finance.”

    What he really means is that landlords may have to reduce asking rents by more than they prefer in order to attract tenants.

    ‘The pressure will come during the second half of this year and into the next as more rental supply hits the market, reaching the highest level since the 1980s, according to RealPage.”

    That’s excellent news for those hoping to see housing become affordable again.

  15. Snicker

    “the Dodgers were absolutely hammered by the Giants, 15-0, in the team’s worst home loss since the William McKinley administration”

    GWINN: Dodgers Swept, Suffer Worst Home Loss in 125 Years After Honoring Anti-Catholic Drag Queens

    DYLAN GWINN18 Jun 2023991
    2:15
    Not that this had anything to do with anything, but the Los Angeles Dodgers were humiliated by their archrival this weekend after deciding to host and honor a group of anti-Catholic drag queens at their Pride Night event on Friday.

    The weekend began as awfully as it ended for the Dodgers. On Friday, the team bestowed the “Community Heroes” award on the Sisters of Perpetual Indulgence, a group of drag queens who routinely mock the Catholic faith by performing grotesque sexual acts while using religious imagery, garb, and symbolism.

    https://www.breitbart.com/sports/2023/06/18/gwinn-dodgers-swept-suffer-worst-home-loss-in-125-years-after-honoring-anti-catholic-drag-queens/

    1. “the Dodgers were absolutely hammered by the Giants, 15-0, in the team’s worst home loss since the William McKinley administration”

      “Worst Home Loss in 125 Years After Honoring Anti-Catholic Drag Queens”

      It could have been worse they were playing the San Francisco Giants, they could have been playing the San Diego Padres. 🙂

      1. After Honoring Anti-Catholic Drag Queens

        I noticed that they “honored” them well over an hour before the game. From a picture I saw, the stands were still empty.

        The Dodgers had already removed the invitation to the drag queens, but suddenly reinstated it. I wouldn’t be surprised if the Dodgers’ owners were threatened, as in MLB would force them to sell the team if they did not comply.

  17. Canadian Homeowners have Up to 90 Year Mortgages: Bloomberg
    Mark Mitchell – Mortgage Broker London Ontario
    Jun 19, 2023

    With the Bank of Canada raising rates, some Canadian mortgage holders now have 90 year amortizations, according to an interview between Bloomberg and Victor Tran from ratesdotca.

    https://www.youtube.com/watch?v=xjmTzYX5B-E

    7:17.

    2. “Canadian Homeowners have Up to 90 Year Mortgages:”

      I remember freaking when I heard about 5 year auto loans.

    1. I am not a fan of partial bans on Airbnb. It just financially rewards the early birds even more. Ban ALL Airbnbs, or allow them.

      1. That’s kinda glossing over how this all came to be. There were plenty of zoning laws/precedent in place and had been for decades. These guys raised billion$, pushed illegally into neighborhoods and when called out, ran high dollar PR campaigns in the media with high dollar lawyers dog piling the legal system and brown envelopes all around. And they did it all over the world.

        1. I agree with you. But banning some and continuing to allow others is wrong on even more levels. It is picking winners and losers. It never should have come to exist in the first place.

  19. ‘We’re going to deliver more supply than what we can realistically absorb’…Most of those new buildings are mainly Class A apartments’

    That’s a real pickle Carl. They probably spent a lot on bocce ball courts and craft beer taps. And they had to be in the red hotness cities so the land was likely astronomically priced! What were the cap rates on these lux airboxes when-they became loan-owners Carl? 4.5%?

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      Real Estate
      These are the 10 most expensive metro areas in the U.S. for renters—4 of them are in California
      Published Mon, Jun 19 202311:00 AM EDT
      thumbnail
      Celia Fernandez
      @cfernan6
      Share
      Lawn Lovers ranked the most expensive metro areas for 2023.
      Lawn Lovers ranked the most expensive metro areas for 2023.
      Envato Elements

      The monthly cost to live in any major U.S. metropolis is only getting more and more expensive.

      Just in May, Americans saw rents grow by 4.8% to about $2,048 a month on average nationally, according to Zillow Observed Rent Index data.

      Lawn Love, a yard care business, ranked 2023′s most expensive metro area for renters. It compared 172 based on three categories: average rent prices, year-over-year rent charges, and the share of renters spending over 30% of their income on rent and utilities.

      Overall, the report found that if you’re looking to live on a coast, prepare to pay up. All of the top 10 most expensive metro areas for renters are near the shore.
      Top 10 most expensive metro areas for renters

      1. New York City, N.Y., Newark, Jersey City, N.J.
      2. Miami, Fort Lauderdale, Pompano Beach, Fla.
      3. Oxnard, Thousand Oaks, Ventura, Calif.
      4. San Diego, Chula Vista, Carlsbad, Calif.
      5. Urban Honolulu, Hawaii
      6. Los Angeles, Long Beach, Anaheim, Calif.
      7. Napa, Calif.
      8. Naples, Marco Island, Fla.
      9. Washington D.C., Arlington, Alexandria, Virg.
      10. Bridgeport, Stamford, Norwalk, Conn.

      The New York City tri-state area ranked as the most expensive on the list. It has one of the highest shares of cost-burdened renters who are paying over 30% of their income on expenses like rent and utilities.
      …
      https://www.cnbc.com/2023/06/19/most-expensive-areas-renters-lawn-love-report.html

      2. 3. Oxnard, Thousand Oaks, Ventura, Calif.

        This list is very misleading. Oxnard has a large barrio population of Hispanics–it’s where the poorest people of the area have lived for ages. There are some areas that are expensive–lots of new developments in Oxnard. Ventura is a wealthy beach community for the most part. It has always been affluent. Same goes for Thousand Oaks–a very well off community not unlike Irvine.

        Frankly, I think lists like this are useless since they rely on statistics and measuring instruments that are just made up, or are arbitrary.

          1. I had a friend who did her residency in Family Medicine at Ventura County Med Center, the County hospital of Ventura. There was one incident where a gang banger got shot and his buddies drove up to the emergency room entrance and just dropped the wounded guy off in the parking lot. They then drove off. Another incident involved a gang member who had been shot or stabbed (I can’t remember exactly) and it was an “all hands on deck” situation in the Emergency Dept. My friend wasn’t directly working on the patient (the trauma guys were), but she was helping out. Then a bunch of the patient’s buddies came into the room making all kinds of noise and demands. Things got very touchy–I think the police finally showed up and restored order.

            Oxnard has a prominent gang problem, it always has. It’s in no way comparable to Thousand Oaks or Ventura.

  22. Things to take off Bucket List.

    Scratch number 38

    38 – Take submersible to see Titanic.

    Titanic tourist submersible goes missing with search under way
    Published

    2 minutes ago

    A massive search and rescue operation is under way in the mid Atlantic after a tourist submarine went missing during a dive to Titanic’s wreck on Sunday.

    Contact with the small sub was lost about an hour and 45 minutes into its dive, the US Coast Guard said.

    Tour firm OceanGate said all options were being explored to rescue the five people onboard.

    Tickets cost $250,000 (£195,000) for an eight-day trip including dives to the wreck at a depth of 3,800m (12,500ft).

    https://www.bbc.com/news/world-us-canada-65953872

    1. It’s scary.

      I’ll stick to cheaper, safer options, like sea kayaking off the Channel Islands.

  26. Is it safe to assume that US mortgage rates are finally set to come back down to Earth?

    1. Bloomberg
      Markets
      Treasury Yields Rise as Global Bond Slide Extends Before Powell
      – Market gauge of rate expectations rises close to March high
      – Pendal’s Xie Patrick buying bond dips as hiking cycle near end
      By Garfield Reynolds
      June 19, 2023 at 6:16 PM PDT
      Updated on June 19, 2023 at 8:36 PM PDT

      Treasuries dropped in Asia as they reopened following a US long weekend, extending a global slide that began in the UK where investors grew concerned stubborn inflation will lead to more aggressive monetary tightening.

      US 10-year yields rose three basis points, after similar-maturity UK yields jumped eight basis points to their highest since September. Traders are betting the average central bank rate in developed markets will rise to 3.82% in a year, the highest forecast since early March. That means they have effectively priced out bets the financial-market stress that erupted with the collapse of Silicon Valley Bank will persuade policymakers to stop tightening.
      …

  27. Yesterday, Peter Zehan said: “…was under Barack Obama, and according to the story I’ve been given from folks in Washington in his first meeting with the Joint Chiefs, you know military, he walked into the room said I’m smarter than all of you, and I could do your jobs better than you…”

    If true…that’s really disrespectful. I would have stood up and quietly walked out of the room. +

    1. If true…that’s really disrespectful

      The best leaders I’ve encountered were generally very smart, but they were not arrogant and made sure to grow and utilize their resources (people) to best achieve objectives.

      But I’ve never worked with a community organizer. Maybe it’s different in that field.

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