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By Hanging On It Will Only Get Worse

It’s Friday desk clearing time for this blogger. “Jonathan Miller, CEO of real-estate consulting firm Miller Samuel said, ‘Naples saw a price boom [during Covid] that…benefited from the restructuring of Florida as a place to live full time.’ Median prices at the top 5% of the Naples market sat at $4.9 million at the end of May 2023 after hitting a market peak of $5.75 million at the end of February 2023. Sales volume at the top 5% has dropped recently as well, down 40% at the end of this May compared with the end of May 2022, according to Redfin. Timothy P. Savage, founding partner of Gulf Coast International Properties, called the slowdown, ‘a return to normalcy, to equilibrium, a return to rational buying behavior.’ He described Naples buyers today as acting with a lower ‘sense of urgency’ compared with even a year ago. ‘Before I would have five to 10 offers on a single showing, now it takes five to 10 showings to get an offer,’ he said.”

“Ownership premium has hit the highest level since the 2006 housing bubble, making it prohibitively expensive for many buyers, researchers said. San Francisco had a median estimated monthly mortgage payment of $10,892, compared with a median estimated monthly rent of $4,552. But they pointed to an upside for potential homebuyers: ‘They’re now seeing home prices come down faster than nearly anywhere else in the U.S.’ The analysis found that median sale prices in San Jose and Oakland fell some 10% year over year in March. That’s three times more than the nationwide decline.”

“The San Luis Obispo County housing market appears to be leveling out after an opening to 2023 that saw median home prices dip as low as $775,000, even as active listings grew. San Luis Obispo County’s median home price dipped 6.1% from May 2022 to $875,000. Median home prices in the county also fell $50,000 short of April’s median price of $925,000, the CAR report found. Neighboring Monterey County experienced a slight decline in median home price between April and May, CAR data showed, dropping from $953,000 to $902,000. Further south, median home price in Los Osos saw a notable decline from $1.05 million in April to $810,000 in May. Meanwhile in the South County, median home prices fell across much of the area. Month-over-month, median home prices in Grover Beach were cut nearly in half, plunging from $1.46 million in April to $752,000 in May.”

“Georgetown homes sat on the market longer and sold for less in May, compared to May 2022, a report by the Austin Board of Realtors shows. According to ABoR, the median price of Georgetown homes in May dropped to $405,000, compared to $495,000 in May 2022—marking an 18.2% decrease. Home sales declined slightly to 142 sales in May, compared to 155 home sales in May 2022. Meanwhile, as inventory has increased, the amount of time homes spent on the market swelled.”

“The real estate market in the Greater Toronto Area has turned a corner, gauges John Pasalis, president of Realosophy Realty. New listings have been outpacing sales in recent weeks and inventory is gradually increasing. Sellers who set a deadline for reviewing offers may spur intense competition or they may end up without bids. ‘The nicest homes are still getting 10 offers,’ he says. ‘What we’re seeing on the flip side is offer nights that are failing. Buyers are pulling back a little bit.'”

“Borrowers struggling to pay their mortgages should sell now before house prices fall, lenders have said. Earlier this month, the banking trade body UK Finance revealed mortgage repossessions had hit their highest level since the pandemic. But Mark Bogard, chief executive of the Family Building Society, said voluntarily selling homes instead could be the best option for some indebted borrowers. He said: ‘By hanging on it will only get worse. Sometimes, you just have to stop.’ Mr Bogard recalled one mortgage customer of Family BS who had, for the past two years, made use of various forbearance options to stave off a voluntary sale. During those two years, the borrower had built up over £100,000 in credit card debt. He said: ‘The regulator has since, with hindsight, said the borrower should have sold up two years ago and cleared the debt.'”

“Markets are on the alert to which sectors will buckle under the sharpest jump in interest rates in decades, with big rate moves this month in Britain and Norway a reminder that the tightening is not over. Sweden, where rates rose again on Thursday, is one to watch with most homeowners’ mortgages moving in lockstep with rates. London Business School economics professor Richard Portes said, euro zone housing markets appear to be ‘freezing up’ as transactions and prices fall. ‘You can expect worse in 2024 when the full effects of rate hikes come forth,’ he said. In Sweden, high debts, rising rates and a wilting economy has produced a toxic cocktail for commercial property. ‘There is no place to hide from these tighter financial conditions. Banks feel the pressure of every central bank,’ said Lombard Odier Investment Managers’ head of macro Florian Ielpo. Ielpo expects consumers will stop paying loan payments in the third and fourth quarters. ‘This will be the Achilles heel of the banking sector,’ he added.”

“A family-owned bricklaying business have opened up about the devastation caused after losing $100,000 from the collapse of three construction companies they worked for. Melbourne-based business Red Bluff Homes is the latest construction company to go into liquidation, leaving 21 projects uncompleted. Vicki Tanzen claimed her family-run bricklaying business has been left $35,000 out of pocket by Red Bluff Homes. It’s the third time in the last 12 months the family has been stung from the collapse of a building company and estimate they’ve lost $100,000 all up. ‘The company still had us out there working these f*cking jobs,’ Ms Tanzen told news.com.au.”

“Other affected clients took to social media seeking advice. ‘My builder (Red Bluff Homes) has just gone into liquidation this week. Yesterday my kitchen and bathrooms cabinetry was stolen out of my house, presumably by the tradies who had not been paid for their work,’ one man wrote. ‘I am just wondering if anyone had experienced the same thing and has any advice on what to do next. I am also worried about the remaining parts of the house.'”

“Masterton District Council appears unlikely to recover hundreds of thousands of dollars lost in a construction company collapse. The company – which made architecturally designed modular buildings called ‘pods’ for residential occupation and operated out of Hamilton and Christchurch premises – went into liquidation late last year, with estimated liabilities of about $5.3 million. The liquidators were appointed in December last year. They said the company was ‘clearly insolvent,’ with an estimated deficit at that stage approaching $5.3 million. The liquidators allege more than two million dollars taken as deposits from customers did not appear to have been spent for the purposes for which they were paid.”

“Prices of lived-in homes in Hong Kong fell in May for the first time this year, as looming interest rate increases cast a long shadow over a growing property oversupply that is being exacerbated by newly built flats coming onto the market. Last year, property prices fell 15 per cent because of the impact of the pandemic and a weak economy. Hong Kong’s private home market could be flooded with new supply up to 2025, according to the latest forecast from Our Hong Kong Foundation cited by Bloomberg Intelligence. An annual average of about 20,200 private residential units will be completed during 2023-25, with peak completion of about 20,900 units coming in 2025, the think tank said.”

“More sellers of lived-in homes made a loss in the first five months of the year, according to Centaline Property Agency, which tracks transactions in 117 major estates. More than 65 per cent of deals for houses bought between 2018 and 2022 suffered from losses, 10.9 percentage points higher compared with the second half of last year, the data showed.”

“Wanting to buy a home in this city of dreams is a common aspiration among many in the entertainment industry. Flora Saini, who was seen in ‘Stree’, is no exception. The actress invested around a crore in a property in Oshiwara and waited seven years for possession, which was scheduled for 2021. However, two years have passed since, and now all that she wants is her money back. She tells us, ‘My mom and I booked a property in a project in 2014. We paid around a crore in instalments and were promised possession in 2021. The property is nowhere near completion. The builder has to compensate investors if there is a delay in possession, which didn’t happen. Earlier, we would get updates regarding the work, but then those messages stopped eventually. The main builders went bankrupt and were subsequently arrested for fraud. The project was then taken over by another builder, who, too, doesn’t seem interested in completing the structure or refusing our money.'”

“Flora has registered a complaint with Maharashtra Real Estate Regulatory Authority and is hoping for her hard-earned money to be returned soon. She says, ‘The new builders asked us to stick to the plan and pay some more money. However, I am not interested in the property anymore, as we still haven’t been given a timeline for its completion. All I want is to be refunded along with interest. I tried to sort the issue amicably, but they kept dilly-dallying. I have registered a complaint with RERA. So many years have passed, and now we have no faith in them and want our money back. We were left with no choice but to take the legal route. Apart from feeling anxious about the money that’s stuck, I am also angry, as I could have invested it elsewhere where I would have got better returns.'”

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This Post Has 71 Comments

  1. ‘Before I would have five to 10 offers on a single showing, now it takes five to 10 showings to get an offer’

    The cracks are spreading in Florida, despite the media efforts.

    1. If it’s anything like last time the media will continue the BS fluff stories until the crash is obviously evident, and then overnight they’ll start writing stories with wording that makes it seem like they’ve been calling it all along.

  2. ‘It’s the third time in the last 12 months the family has been stung from the collapse of a building company and estimate they’ve lost $100,000 all up. ‘The company still had us out there working these f*cking jobs’

    They’ll do that in the foreclosure biz too Vickie.

    ‘My builder (Red Bluff Homes) has just gone into liquidation this week. Yesterday my kitchen and bathrooms cabinetry was stolen out of my house, presumably by the tradies who had not been paid for their work…I am just wondering if anyone had experienced the same thing and has any advice on what to do next’

    Head between yer knees, kiss yer a$$ goodbye, one man.

    1. “estimate they’ve lost $100,000 all up.”

      I would think a few liens would (eventually) take care of the problem. Assuming they have those in Australia.

    2. Pretty soon we might get back to the days of great bargains on Craigs list. Things like brand new H20 Heaters, stoves, disposals, sinks, and fixtures, to be had for 10 cents on the dollar.

    1. MACBETH If thou speak’st false,
      Upon the next tree shalt thou hang alive,
      Till famine cling thee: if thy speech be sooth,
      I care not if thou dost for me as much.
      I pull in resolution, and begin
      To doubt the equivocation of the fiend
      That lies like truth: ‘Fear not, till Birnam wood
      Do come to Dunsinane:’ and now a wood
      Comes toward Dunsinane. Arm, arm, and out!

    1. “The teens immediately began jumping up and down on vehicles, damaging rooftops and hoods and breaking windshields, before they fanned out to enter local businesses.”

      Remove fathers from the home and replace them with government, and this is what you get.

      1. Social media plays a big part in this. Teenagers + Snapchat/TikTok/etc. = trouble. That’s how these mobs form/word gets out. It’s also how kids can get booze/drugs delivered to them anywhere at any time.

      2. LOL at Grace, a Lakeview resident for the past three years, who is aghast at the wanton crime. But next election Grace will likely pull the D lever, again. 🙂

        1. I thought she was going to say “I’ve lived here for 25 years” or something. 3 years? Pfffffft. Sounds like a newbie COVID speculator.

    2. That vid clip of the cops trying to get them off the street into the sidewalk. [They] walk right past the officers with absolute disdain. I’m not sure where we will be in a year but I’m up for some cleansing.

  6. “Ownership premium has hit the highest level since the 2006 housing bubble, making it prohibitively expensive for many buyers, researchers said.”

    Back in 1996, it was cheaper to buy than to rent in the Bay Area, a situation completely reversed by 2006.

    “San Francisco had a median estimated monthly mortgage payment of $10,892, compared with a median estimated monthly rent of $4,552.”

    I wonder if it is cheaper to buy than to rent today, especially given the negative wealth effect of falling home prices?

    And who takes out a mortgage for over $10,000? It seems like people who can afford to buy at that price level would’t bother with borrowing money for a home purchase at near 7%.

    “But they pointed to an upside for potential homebuyers: ‘They’re now seeing home prices come down faster than nearly anywhere else in the U.S.’ The analysis found that median sale prices in San Jose and Oakland fell some 10% year over year in March. That’s three times more than the nationwide decline.”

    Try not to catch yourself a falling knife.

    1. Fox Business
      San Francisco
      Published June 29, 2023 9:30pm EDT
      San Francisco residents earning $100,000 considered ‘low income’
      A one-bedroom apartment in San Francisco goes for an average of $3,649
      By Adam Sabes
      FOXBusiness
      San Francisco’s laws made city a magnet for drugs dealers:
      Tom Wolf

      Recovering addict-turned-activist Tom Wolf discusses solutions to San Francisco’s drug and homelessness problems on ‘Varney & Co.’

      A government agency in California is classifying a $100,000 salary as a “low income” in San Francisco.

      According to a June 6 memorandum prepared by the California Department of Housing and Community Development, a single person making $104,400 is classified as “low income” in San Francisco County, as defined by Public Housing and Section 8 Income Limits.

      The government agency classifies a $65,250 salary for a single person as a “very low income” in San Francisco County, with the “moderate income” being $147,000.
      …
      https://www.foxbusiness.com/economy/san-francisco-residents-earning-100000-considered-low-income.amp

      1. Apparently a majority of San Francisco’s households earn well below ‘moderate income.’

  7. As the nation transitions (in many ways) from a Constitutional Republic to a Banana Republic, I’m updating my nom de plume accordingly…

    – Some would say that the U.S. economy is doing great; that “everything is awesome.”

    //

    – The stock market is up because “the economy is strong.” Might it rather be that the Fed is: a) deathly afraid of the collapsing of “The Everything Bubble,” aka “The Central Bank Bubble” (including stonks, housing, and corp. bonds), which they created via monetary policy along with Congress’ reckless fiscal policies, as funded by the Fed via debt monetization, and b) looking to support the financial markets up through Nov., ’24 in order to help our puppet leader win another term? Good luck with that. Stealth QE continues apace. The Fed is just lying about it. See: RRP, BTFP, TGA, and any number of other lending facilities, government agencies and GSEs (read bailouts, scams, and related obfuscations, etc.).

    //

    https://www.ft.com/content/6d14cad1-00f2-4d39-969f-c01ae1860d34
    Opinion Markets Insight
    The return of quantitative easing
    Stock to be boosted by increasing levels of global liquidity in markets
    Michael Howell | June 27 2023

    “Rising world stock markets appear to confirm that global liquidity — the pool of cash and credit shifting around financial markets — is once again expanding after skidding lower last year.”

    “So much then for central bank quantitative tightening, the much-mooted unwinding of the massive stimulus programmes to support markets and economies.”

    The integrity of banks and sovereign bond markets are sacrosanct in modern finance. Led by the US Federal Reserve, central banks have just injected substantial cash into money markets over recent months helping to bailout flaky banks. But in coming years they will probably have to bailout debt-burdened governments, too.”

    “In short, markets need ever more central bank liquidity for financial stability and governments will need it even more for fiscal stability. In a world of excessive debt, large central bank balance sheets are a necessity. So, forget QT, quantitative easing is coming back. The pool of global liquidity — which we estimate to be about $170tn — is not going to shrink significantly any time soon.”

    “The promised fall in the size of the US Fed’s balance sheet has been far from convincing. Falls in direct bond buying have been offset by other Fed liquidity-creating programmes such as short-term lending to commercial banks. A rundown of the Treasury General Account, the government’s cheque account at the Fed, and small withdrawals of deposits at the central bank have also contributed.”

    //

    https://thehill.com/opinion/white-house/4073321-the-bidenomics-smokescreen-wont-help-the-president/
    The Bidenomics smokescreen won’t help the president
    by Liz Peek, opinion contributor – 06/29/23 12:00 PM ET

    Joe Biden is hitting the campaign trail, talking up “Bidenomics.” What is that, you ask?

    “Bidenomics is the embrace of Big Government, Big Labor and Big Spending. No wonder Americans are on edge; we’ve learned those are not the best ingredients for healthy, productive growth. (See: Obama and the worst-ever recovery from a recession.)”

    “Here is the truth about the Biden economy: it is barely growing (real growth in the last quarter was 1.1 percent) despite massive federal stimulus. Trillions in spending have thrust our nation’s debt and deficits into the red zone and kicked off inflation, driving real wages lower for 26 consecutive months. Inflation hitting a 40-year high required one of the largest-ever increases in interest rates, which in turned caused three of the biggest bank failures in our nation’s history.”

    “In addition to huge spending, any number of Biden policies, including the intentional squashing of our fossil fuels industries, the “Buy American at any price” union favoritism and the crushing ramp-up in business regulations, have spurred inflation. That is the nut of Bidenomics. ”

    – There are numerous hallmarks of a banana republic, such as debt monetization, a large number of poors combined with a small elite ruling class, and a shrinking or non-existent middle class, political corruption on a grand scale, filing criminal charges against your political opponents, election fraud, high inflation due to excessive spending and money printing, etc. Rising stock markets for non-economic reasons, high and excessive national debt and deficits, etc. Socialism is all about power and control. There’s nothing altruistic or egalitarian involved. Just check out the conditions in Venezuela, Cuba, North Korea. A centrally planned, command and control economy never works out well for the citizenry. “Are we there yet?” I think so. Prove me wrong.

  9. “Month-over-month, median home prices in Grover Beach were cut nearly in half, plunging from $1.46 million in April to $752,000 in May.”

    Down 50% in one month?! What’s up with that?

    2. Ever been to Grover? It’s pretty low income folk. This is where most of the beach front restaurants and hotels along the central coast find their cheap staff. You know 7,8,15 under one roof types.

  10. STOP doing free work morons!

    It’s the third time in the last 12 months the family has been stung from the collapse of a building company and estimate they’ve lost $100,000 all up. ‘The company still had us out there working these f*cking jobs,’ Ms Tanzen told news.com.au.”

  11. New York City has an estimated 100,000 homeless, half of which are the alleged “migrants” streaming over our open border.

    The City is spending $8 million A DAY on this. It’s what they voted for.

  12. https://www.reuters.com/markets/us/us-pending-home-sales-fall-five-month-low-may-2023-06-29/
    US pending home sales fall to five-month low in May [they could have said “the lowest in 2023,” but that sounds too negative]
    Reuters
    June 29, 20238:06 AM MDT | Updated a day ago

    “WASHINGTON, June 29 (Reuters) – Contracts to buy U.S. previously owned homes fell more than expected in May, dropping to the lowest level in five months as a chronic shortage of houses on the market weighed on activity.”

    “The National Association of Realtors (NAR) said on Thursday that its Pending Home Sales Index, based on signed contracts, dropped 2.7% to 76.5 last month, the lowest level since December. Economists polled by Reuters had forecast pending sales, which become sales after a month or two, falling 0.5%.”

    Pending home sales tumbled 22.2% in May on a year-on-year basis.

    //

    – Sales leads price
    – New Home Sales (NHS), May, 2023: 763,000, SA (SAAR)
    – Existing Home Sales (EHS), May, 2023: 4,300,000, SA (SAAR)
    – NHS/EHS=17.7%
    – EHS is the majority of the market (82.3%).
    – PHS is considered a leading indicator for EHS.
    – NHS are killing it, because builders “get it” and are lowering effective new home prices by incentives and mortgage buy-downs, if not outright price cuts.
    – Existing home sales are stuck, in my view, because of, yes, “low inventory”: a) many/most bought at very low mortgage rates and would have a MUCH higher payment at current rates if they had to sell and buy now, b) prices haven’t yet come down a lot in most cases, so investors are holding on, hoping for rates to go back down (and prices go back up).
    – There are many investors that bought recently that may be forced to sell as: a) rents are dropping, b) STRs are getting banned, c) STR revenue is dropping bigly. In other words, it’s still all about cap. rates and cash flow. Fundamentals, ex. government interventions, which are going away now, still matter.
    – Sooner or later, existing homeowners that have to sell will “get the memo” and put their homes on the market. The market will then remind them that “prices are too darn high” and a more rapid price decline will occur, since EHS is the majority of the market (vs. NHS). Think about it a minute. Once new home prices drop below existing home prices, it’s “game over” for EHS. For example, who in their right mind would pay more for a used house vs. a new house? Same applies to new and used autos. Both of these are (normally) a depreciating asset with high carrying costs. Prices are going down for existing homeowners. Based on current interest rates and payments (P&I only), prices have to decline between 35-40% just to get to the same payments as with the (artificially) lower rates that are never coming back.
    – Maybe some day we’ll get back to housing being shelter instead of a speculative asset class, but not as long as the Fed is driving the economy via asset bubbles, IMHO.

    1. I think it’s possible for new autos to drop at or below used for a moment in time. And like housing, that too will signal game over. Actually, we’re already in “game over” phase. But at that point it’ll just be apparent to everyone else who has their head stuck up their a$$.

      1. My brother is an auto repo guy. Been doing it for 30 years or more. He has always been solo, on occasion he might have a helper that rides along. Lately he’s had to buy another truck and hire a guy to run it. Said he’s far more busy now than he ever was in 08.

  13. “The Supreme Court on Friday struck down President Joe Biden’s federal student loan forgiveness plan, denying tens of millions of Americans the chance to get up to $20,000 of their debt erased.

    The ruling, which matched expert predictions given the justices’ conservative majority, is a massive blow to borrowers who were promised loan forgiveness by the Biden administration last summer.”

    https://www.cnbc.com/2023/06/30/supreme-court-biden-student-loan-forgiveness-plan.html

    If you borrowed $80,000 to get a Masters degree in Obama Studies, consider eating less and picking up a few more shifts at Starbucks.

    1. The heading on a related article from HuffPaint:

      “The decision will force the 26 million Americans who applied for forgiveness to pay their loans in full.”

      Who forced you to take out those loans?

      1. “The decision will force the 26 million Americans who applied for forgiveness to pay their loans in full.”

        Then this is a day of Independence for those who paid and their descendants

        Yes, let the joyous news be spread Biden’s federal student loan Vote buying plan at last is dead!

    2. “If you borrowed $80,000 to get a Masters degree in Obama Studies, consider eating less and picking up a few more shifts at Starbucks”

      Not required. Biden and his cronies have 50 proposals on how to bypass the supreme courts and laws of the land. Something will stick.

    3. The has always been ways to eliminate student debt…if you went to a for profit school and were scammed like ITT and others most of it was forgiven, or if you work in public service 10 years, but then that is a sacrifice…..be a lawyer, social worker, art teacher, music teacher,or teach English and American History on an Indian reservation, not in NYC………

    4. She’s really smart too, bred from hunting cocker spaniels rather than the show dog variety. And much shorter hair too, doesn’t shed like our last one.

  15. Record High Mortgage Amortizations Territory: Q&A
    OwlMortgage
    Jun 30, 2023
    With the latest interest rank hike by the Bank of Canada the market is worried to see what will happen next. Join me while I discuss the mortgage amortizations which are nearing record levels and more! Enjoy these live viewer questions from episode 136 of The Wise Old Owl Show.

    https://www.youtube.com/watch?v=gzmyJER_X1g

    10:18.

    1. “Join me while I discuss the mortgage amortizations which are nearing record levels and more!”

      //

      “With all of the amortization extensions, we’re going to go into record territory.”

      “60, 70, 80 yrs. The Buzz Lightyear mortgage: “To infinity and beyond!”

      “Some of these mortgages are never going to be paid off.”

      – As per the WEF/Globalist plan: You will own nothing. You will eat bugs. Those will be some very cold bugs in the Great White North…

      – If never paying off mortgage due to extended amortizations, then that’s just renting. Welcome to neo-feudalism. Alternate universe: Heads on pikes.

      //

      https://www.youtube.com/watch?v=ZtYU87QNjPw
      Monty Python – Repressed Citizen
      2.4M views 11 years ago
      The Repressed Citizen skit from Monty Python and the Holy Grail.

  16. How did you lose yer shack mate?

    The regulator has since, with hindsight, said the borrower should have sold up two years ago and cleared the debt.

  18. ‘All I want is to be refunded along with interest. I tried to sort the issue amicably, but they kept dilly-dallying’

    Bargaining <- Flora you are here.

    1. ‘My mom and I booked a property in a project in 2014′

      Nine years and they are still bargaining in India.

  19. Our friend in Hawaii just sent this in:

    Been meaning to tell you that out here we are seeing a big change in housing, especially in long term rental listings. Just a few months ago on Zillow rentals in the geographic area I have selected on the West side of our island there were the lowest number of listings, maybe 7.

    It has been ramping strong lately, 20, 30, 50, then 60 and quickly through 70 a couple of days ago, and now 82. Many still absurd, sitting there, no takers.

    Rationally, we knew this would happen, but would think this will go much, much higher in terms of listings.

    I see some STVR’s in there, houses people had rented for crazy amounts for 6 months or a year, tenants gone, no takers now, sitting for weeks and months, lowering prices. We can’t remember anything like this in years and years.

    Interestingly, Craigslist totals are still somewhat dead, went from a low of 170 to 300 whole island, but still mostly junk there.

    Used houses for sale still listed at crazy prices, most not selling, sitting forever, DEAD.

  23. Ya’ll talking about real estate like it’s something horrible going on, yet I keep seeing loads of new houses being built and multiple offers. Everything’s fine if you’re not dirt poor.

    1. Sir, don’t ever swallow the red pill; it will ruin your blissful life.

      *The red pill and blue pill represent a choice between the willingness to learn a potentially unsettling or life-changing truth by taking the red pill or remaining in the contented experience of ordinary reality with the blue pill.

  24. Death Of U.S. Sovereignty: Biden Border Patrol Filmed Cutting Razor Wire Installed By Tx DPS, Aiding Illegals

    Disturbing footage shows a federal agent helping people enter America

    By Kelen McBreen | INFOWARS.COM Friday, June 30, 2023

    Footage posted to Twitter by Fox News reporter Bill Melugin Friday shows illegal immigrants near Eagle Pass, Texas entering the United States with the assistance of a U.S. Border Patrol agent who cut razor wire to help them break the law.

    https://www.newswars.com/death-of-u-s-sovereignty-biden-border-patrol-filmed-cutting-razor-wire-installed-by-tx-dps-aiding-illegals/

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