thehousingbubble@gmail.com
Blog

The Question That Everybody Wants An Answer To

A report from NBC Miami in Florida. “Two dozen properties in Coconut Grove are ensnarled in a legal dispute involving lenders, investors, a developer and dozens of people who put deposits down on the home of their dreams – only to find out last week that those properties may be instead sold or auctioned off to the highest bidder. ‘We don’t see an end to this road, at least not one that is positive for the buyers,’ said Alexandra Cardoso, who’s been waiting more than five years to take ownership of the Coconut Avenue townhome she contracted to buy for $1.55 million. ‘We’ve been waiting patiently and doing everything on our end the right way, so for us it’s like the good guy is getting screwed.'”

“Miami-Dade Circuit Judge Jennifer Bailey has appointed a receiver to take over their companies, dig into the books and piece together this saga of broken promises, vacant properties and empty bank accounts. The receiver who took over Send Enterprises reported finding two bank accounts – total balance: $269.29. ‘Which kind of leads me to the question that everybody wants an answer to,’ he told Bailey during a case management conference last week, ‘Where did the money go?'”

The Miami Herald in Florida. “Embattled real estate CEO Rishi Kapoor has agreed to step down as manager of Location Ventures, the firm at the center of multiple federal investigations, including an FBI inquiry into Kapoor’s $10,000-a-month consulting agreement with Miami Mayor Francis Suarez when Kapoor was seeking zoning approvals from the city. A spokesperson for the development company said Location Ventures has appointed former Miami-Dade Circuit Judge Alan Fine to oversee liquidation of company assets.”

“It has been a spectacular fall for a rising real estate star who befriended South Florida politicians and captured headlines for his planned luxury condos in Coral Gables and Fort Lauderdale, and projects in Miami and Miami Beach that offered ‘co-living,’ which is similar to dorm-style housing.”

The Real Deal. “Real estate crowdfunding platform CrowdStreet is coming under fire after tens of millions of investor dollars allegedly went missing from accounts connected to Nightingale Properties. The dramatic disclosure, made last week by a fiduciary for the retail investors, related to two Nightingale deals in Atlanta and Miami Beach for which Nightingale raised more than $60 million from over 800 investors. Both deals never closed, and entities connected to Nightingale CEO Elie Schwartz allegedly ‘misappropriated’ the funds, according to the fiduciary.”

“In June, Anna Phillips, who has a background in forensic accounting, was elected by the investors as a fiduciary and independent manager. On Friday, she revealed her findings to investors. ‘The bottom line is that the money that was raised by both entities has been misappropriated,’ said Phillips. ‘They literally have no idea what happened to all the money,’ said Adam Stein-Sapir, a distressed debt expert at Pioneer Funding Group, who is not involved with CrowdStreet or Nightingale.”

Boston 25 News in Massachusetts. “For the first time in years, Sarah Buckwalter is having a hard time renting out her property near Old Silver Beach in Falmouth. ‘It’s definitely been slower this year,’ Buckwalter said. ‘We used to be booked a year in advance. Now if you get anything, it’s last minute.’ Blake Decker manages more than 200 rental units and said he’s already slashed prices. ‘I can tell you internally, we’ve been reducing rates–in some cases dramatically–to try to get back in line with what the demand is,’ Decker said.”

Palo Alto Online in California. “June is typically known as one of the slower months for the real estate market due to various factors. This past June in Palo Alto, however, defied expectations as it saw an unprecedented surge in new listings, reaching the highest number in the past decade. Unsold homes, on average, have been on the market for 40 days. Pricing is a critical factor that influences the speed and outcome of a sale, but determining the right price is more of an art than a science. In a market with divided dynamics like the current one, even with significant bidding activity, prices may not reach fair value as buyers tend to be disciplined and opportunistic.”

The New York Post on California. “As commercial and residential vacancy rates continue to reach all-time highs in San Francisco, many big tech buildings have been left abandoned. But no one is rushing to buy. ‘Big companies are dumping space on the market with almost no takers,’ Craig Petersen from Kidder Mathews told the Real Deal.”

From Bloomberg. “A trip to the restaurant that sits atop the No. 1 Poultry office block in London’s financial district is a chance to experience firsthand the Tale of Two Cities that’s upending the commercial real-estate market. You can gaze out at a forest of new skyscrapers that developers hope will bring in big rents and even bigger prices. For the South Korean owners of the older WeWork-occupied building down below, the future looks far bleaker. Seoul’s Hana Alternative Asset Management is preparing to put the Poultry site back up for sale, people with knowledge of the process say. Its estimated worth is £125 million ($164 million), according to the same people — about a third less than Hana paid.”

“Its unhappy experience is far from unique. Prices for this type of property are plummeting around the world, from midtown Manhattan to Hong Kong and Paris. With real estate already reeling from the end of rock-bottom interest rates, a reckoning is coming for many landlords and debtholders. South Korea joins a line of nations whose funds made bad real-estate bets, from the Japanese in the early ’90s to the Irish just before the financial crisis. ‘The City of London’s history is of investors arriving and then leaving,’ says Michael Marx, ex-boss of landlord Development Securities PLC, ‘Some with fingers burnt and some to replace losses in their home market.'”

“Between 2017 and 2022, the investors snapped up more than 90 European properties for prices above €200 million each. Many were large blocks in the City of London and Paris’s La Defense. Values in both financial hubs have fallen more than 20% in the past year, according to broker Savills Plc. In Hong Kong, a unit of Korea’s Mirae Asset is cutting by 80-100% the value of a fund that provided more than $240m of mezzanine finance to the Goldin Financial Global Centre, according to local media. A Mirae spokesperson says it’s focused on recovering money. Several Chinese ventures have struggled too, including another Canary Wharf failure.”

The Sydney Morning Herald in Australia. “Strata levies paid by apartment owners are up by 15 to 20 per cent on average over the past year as the costs of insurance, utilities and repairs and maintenance outstrip even the rapid rise in general inflation. Apartment owners are facing an increase in strata fees on top of rises in mortgage repayments. Karen Stiles, executive director of the Owners Corporation Network, which represents residential strata owners, says increases of 20 per cent would have been typical for apartment owners over the past 12 months. ‘What we are seeing is levies rising and sometimes going up 70 per cent or more in the second year of new buildings as developers do set levies low to entice people to buy,’ Stiles says.”

“One owner of an apartment in Sydney told this masthead that she has paid a special levy of $40,000 to help fund remedial work for construction defects on her seven-year-old building. ‘We have sued the builder, who went broke, we have sued the developer and have received a percentage [of the costs],’ she says. Another, who owns an apartment in a large complex in inner Melbourne that is just over two decades old, says insurance costs started to ‘move dramatically about four years ago.'”

The Province. “Tiffany Verhagen moved from Victoria to Edmonton several years ago for a job in the oilsands. She and her husband, Jason, saved up and bought a home. But with a variable rate mortgage, they’ve been squeezed by the last 10 interest rate hikes by the Bank of Canada, the most recent hitting with a bang on Wednesday. A flood in her basement suite has also wiped out $2,100 a month in rental income and the 37-year-old also took out a $30,000 line of credit to pay for fertility treatments. Speaking from Fort McMurray where she works as a cook, Verhagen said she is expecting to return home to find a letter stating her mortgage payments have gone up again. The debt has become so unmanageable, Verhagen and her husband are facing foreclosure. ‘I haven’t been sleeping, that’s for sure,’ she said.”

“The latest interest rate hike has pushed more Canadians to the edge, forcing them to consolidate debt and consider consumer proposals to stave off bankruptcy, said insolvency trustee Chris Sinclair. Sinclair said he’s never seen such a scary financial picture for homeowners in his 14 years in the business. ‘It’s pretty heartbreaking,’ said Sinclair, who is based in the North Shore and works for Smythe Insolvency. Victoria-based mortgage broker Elizabeth Prins said clients who are on variable rate mortgages are struggling. ‘They’re drowning,’ she said. ‘I’ve been talking to clients who have had to use credit cards to buy groceries.'”

Related Posts
This Post Has 70 Comments

  1. ‘They’re drowning,’ she said. ‘I’ve been talking to clients who have had to use credit cards to buy groceries’

    Ah-HA! They are eating. If they want to be winnahs! they can’t eat too Beth.

  2. ‘We’ve been waiting patiently and doing everything on our end the right way, so for us it’s like the good guy is getting screwed’

    Welcome to south Florida Alex!

  3. ‘Between 2017 and 2022, the investors snapped up more than 90 European properties for prices above €200 million each. Many were large blocks in the City of London and Paris’s La Defense. Values in both financial hubs have fallen more than 20% in the past year, according to broker Savills Plc. In Hong Kong, a unit of Korea’s Mirae Asset is cutting by 80-100% the value of a fund that provided more than $240m of mezzanine finance’

    And what does the article say they were doing? Chasing yield – aka Jerry bucks looking for a way into money heaven.

  4. ‘We’ve been waiting patiently and doing everything on our end the right way, so for us it’s like the good guy is getting screwed.’”

    No, it’s more like the greedy, gullible housing speculators are getting screwed.

  5. ‘It has been a spectacular fall for a rising real estate star who befriended South Florida politicians and captured headlines for his planned luxury condos in Coral Gables and Fort Lauderdale, and projects in Miami and Miami Beach that offered ‘co-living,’ which is similar to dorm-style housing’

    The Herald piece predictably focuses on the corruption. But what about the hair-brained idea that people will pay mucho pesos to live with strangers?

    1. But what about the hair-brained idea that people will pay mucho pesos to live with strangers?

      Pshaw, Ben Jones, you non-paradigm-shifting naysayer. Marketing majors from esteemed community colleges assure me this idea is every bit as viable as luxury student housing.

      Oh, wait….

  6. ‘Which kind of leads me to the question that everybody wants an answer to,’ he told Bailey during a case management conference last week, ‘Where did the money go?’”

    That mystery will prolly never be solved, Coconut Ave. bagholders.

  7. Blake Decker manages more than 200 rental units and said he’s already slashed prices. ‘I can tell you internally, we’ve been reducing rates–in some cases dramatically–to try to get back in line with what the demand is,’ Decker said.”

    Die, speculator scum.

  8. In a market with divided dynamics like the current one, even with significant bidding activity, prices may not reach fair value as buyers tend to be disciplined and opportunistic.”

    News flash, REIC shills: “Fair value” is what a creditworthy buyer is willing to pay. Anyone buying into a bursting housing bubble isn’t “opportunistic” – they’re a few IQ points short of moron.

  9. RE: cutting by 80-100% the value of a fund

    And what happens when the value of anything gets cut by 100%? Can someone explain?

    1. Yes. That object becomes worthless.

      I also dispense romantic advice for those in need.

      1. “…I also dispense romantic advice for those in need….”

        Dear Francis

        I just met this super-hot women on one of those 900- numbers.

        She says not only will I become a multi-multi-millionaire if I follow her Real Estate advice, but I will be getting some “Friends with Benefits”

        What do you think? Should I send here that $10,000 gift card to ‘get the balls rolling’? What do you think?

        1. A friend of mine at the papermill bet $20 on the lottery every paycheck. I once told him I had a lottery with much better odds. If he gave me the 20 I’d put it in an envelope and when he felt due for a win, I’d give it all back to him.

          He never did catch on.

    2. “And what happens when the value of anything gets cut by 100%?”

      In other words that’s a write-off, nominal value of zero.

      1. It’s accounting. There’s a filing deadline and they throw it against the wall and see what sticks.

    1. “A motorcycle rider lost control and fell onto the road, ending up in a hospital with minor injuries. Vehicles crashed into other vehicles and concrete barriers.”

      Yuck. Imagine the responding EMTs?

    2. “The driver was charged with reckless driving, reckless endangerment and failing to secure a load.”

      I could say something but I’m not going to.

  11. The debt has become so unmanageable, Verhagen and her husband are facing foreclosure. ‘I haven’t been sleeping, that’s for sure,’ she said.”

    If stupid didn’t hurt, the stoopids would never learn, Tiff.

    1. There is little doubt that other world leaders know he is just a puppet. They don’t call it out because they are afraid of repercussions, which is why the “global south” (basically all the countries that are not part of the “West”) is looking to slowly and carefully distance themselves. But they have to tread carefully, or a carrier group could show up off their shore.

  13. A reader sent these in:

    Airbnb co-founder Joe Gebbia has off loaded just over $1B of stock since January. (Bloomberg) All us well- nothing to see here.

    https://twitter.com/livenlikeaking/status/1681350176521306127

    Starwood Defaults on $212.5 Million Atlanta Office Mortgage. Goldman Sachs originated the loan

    https://twitter.com/KonekoResearch/status/1681324436153159684

    Soft landing has now officially become a consensus, from one extreme to the other extreme, market likes to inflict the most pain on market participants, pain would be we are closer to a recession than most think as all the recessionists puke their calls and head over to soft landing & risk assets start to puke / markets lower & we start to see the risk off bonds up dollar up

    https://twitter.com/eliant_capital/status/1681266511204188160

    Nothing better then Kolanovic throwing in the towel as well

    https://twitter.com/eliant_capital/status/1681266796601409536

    When it comes to America’s financial health, you have to understand the difference b/t mean & median. The latter is much more representative, as the former gets distorted by the few with all the $

    https://twitter.com/menlobear/status/1681245016054992896

    Does anyone know what happens to Phoenix real estate prices next? If only we had a map…..

    https://twitter.com/GRomePow/status/1681525585586319361

    IF AND ONLY IF what lies in between “trash & trophies” starts to change hands will we BEGIN to see price discovery. Mark my words: THIS WILL EXTEND BEYOND CRE INTO BROADER CREDIT MARKETS.

    https://twitter.com/DiMartinoBooth/status/1681512476729384961

    Bought: June 2020 for $4.1 million
    Foreclosed: July 2023
    Initial equity: $820,000
    Total Profit: -$820,000 (more if you count my personal guarantee)
    Equity multiple: -1x
    IRR: -100%

    https://twitter.com/Molson_Hart/status/1681496077051088896

    Crying Barry bet get on TV again ASAP

    https://twitter.com/GRomePow/status/1681504450060648448

    “The Litigation Fallout Begins” 📍Scarborough, ON 🇨🇦 Buyers fail to close on their $1.6M purchase as bank appraisal falls short. Judge slaps them with $300k+ judgement ⚖️ as property sells for $1.3M.

    https://twitter.com/ShaziGoalie/status/1681351445520564238

    I’m an associate with SoftBank and we are very interested in leading your next round. Can you DM me?

    https://twitter.com/ChrisJBakke/status/1681498051746340866

    It’s called a “Cash-Out Refinance”. You get to pull out almost all of the equity you have in your property. The best part…*pause for effect*…all that equity you pulled out is tax free. When this strategy is used with a 1031 exchange, you can build generational wealth. You think your dad will want to invest?

    https://twitter.com/MultifamilyMad/status/1681404787894435841

    In less than a month, a lottery will decide which property owners in New Orleans will get a coveted license to operate a short-term rental. On Monday, city data revealed just how steep the competition is.

    https://twitter.com/SeidlerCorp/status/1681290737940299776

    and housing wealth is not really wealth, as often it doesn’t produce any income, unless it is sold at a profit. And that’s speculation. So a large portion of Cdn savings is tied up in real estate speculation. What if prices drop?

    https://twitter.com/hmacbe/status/1681388045856313346

    Private lenders are offering rates around 9-10% for a 1 year term. Anyone holding pre-cons that can’t close with a bank and are lucky enough to get a private lender to bail them out, will pay around 13-14% including fees/legals. Expensive option right now.

    https://twitter.com/Darinb75/status/1681320301639135234

    Just a friendly reminder, search for AirBnBs and see if they are registered with the city. If they’re not, file a complaint so they get a nice little fine. I’ve reported 2 and poof, no more AirBnBs

    https://twitter.com/GRomePow/status/1681396309364977664

    1. Growing up in California my parents never locked the front door, but we usually had one or two golden labs around too.

      1. “but we usually had one or two golden labs around too”

        IMHO and experience barking dogs are the best burglar deterrent and alarm.

  19. How many times and how many ways does the CRE crash have to be reported before it is widely acknowledged?

    2. Financial Times
      Blackstone Group LP
      Blackstone’s march to $1tn marred by trouble at flagship property fund
      Executives forced to reassure investors as buyout group approaches significant milestone
      Stephen Schwarzman, chief executive of Blackstone Group, during a television interview at the World Economic Forum in Davos in January
      Antoine Gara in New York yesterday

      Blackstone is on the cusp of surpassing $1tn in assets under management, a milestone that analysts predict will arrive as soon as Thursday when the private equity group reports second-quarter earnings.

      It should be a moment of unabashed celebration for the 38-year-old buyout firm, but it is one that risks being undermined by mounting pressures associated with amassing hundreds of billions of dollars in assets during an era of rock-bottom interest rates.

      Those pressures burst into the open late last year in an episode that caught co-founder Stephen Schwarzman and his heir apparent Jonathan Gray off guard after investors started to remove money from the New York investment group’s flagship $70bn property fund.

      What seemed at first like a minor issue affecting Asian investors feeling the pain of tighter monetary policy soon turned into a much bigger problem. The fund, Blackstone Real Estate Income Trust, or Breit, was forced to limit investor withdrawals to avoid a painful fire sale of assets to meet the flurry redemption requests.

      It was a rare instance of vulnerability for a firm that had seemed all but invincible after increasing its assets more than tenfold since the 2008 financial crisis, a breakneck expansion that turned it into a dominant fixture on Wall Street.

      “It has been a really challenging situation for Blackstone,” said KBW analyst Michael Brown. “We are operating in uncharted territory in terms of the tremendous growth that Breit delivered since inception and running into a wall.”
      …

    3. A lot of it is owned by pension funds, widely held mutual funds. As usual they will extend and pretend.

      They are just following the masters of the universe. For example BofA:


      The loss on Bank of America’s huge portfolio of debt securities widened by nearly $7 billion to $105.8 billion in the second quarter, according to supplemental data disclosed in conjunction with the bank’s earnings release Tuesday morning.

      The “held-to-maturity” debt portfolio where the losses are located totaled $614 billion at the end of the quarter, down from nearly $625 billion at the end of the March quarter.

  20. Deadly Fentanyl Variant, Fluorofentanyl, Found in San Francisco Overdoses

    JOEL B. POLLAK19 Jul 202324
    2:41
    A new strain of fentanyl called flurofentanyl has been found in dozens of overdose deaths studied by local officials in San Francisco.

    According to the Journal of Analytic Toxicology, fluorofentanyl began appearing in the U.S. in 2020. “Fluorofentanyl has three positional isomers (para-fluorofentanyl (p-FF), ortho-fluorofentanyl (o-FF) and meta-fluorofentanyl (m-FF)), with the most predominant isomer that has recently emerged in the USA being p-FF,” the journal reported last year.

    The San Francisco Chronicle reported Tuesday:

    A dangerous new strain of fentanyl — fluorofentanyl — was found in dozens of overdose deaths in San Francisco last year while a concerning new street drug called xylazine — commonly known as “tranq” — was present in more than a dozen cases, according to a new report from the medical examiner.

    Fluorofentanyl, which can range from half to five times as powerful as prescribed fentanyl, was found in 45 deaths, while xylazine, a veterinary tranquilizer not intended for human consumption, was identified in 15 cases. Different kinds of fentanyl were found in 12 cases. All tranq cases also contained fentanyl.

    https://www.breitbart.com/health/2023/07/19/deadly-fentanyl-variant-fluorofentanyl-found-in-san-francisco-overdoses/

    1. “That’s not my concern” — Mike Pence

      Chemicals made in China, then cooked up by the Mexican cartels, and shipped across our open southern border.

      Not my concern, because they care more about Israel’s border and Ukraine’s border than that of the country they allegedly represent.

    2. A new strain of fentanyl called flurofentanyl

      Strain? They make it sound like a viral mutation, something that happened by itself.

      I become more convinced every day that the objective is to get as many homeless to OD as possible, a way to cull the herd while pretending that there is nothing that can be done about it.

      While the new mayor of Denver has proclaimed a homeless state of emergency, I strongly suspect how he plans on dealing with it. And it doesn’t involve making shelter affordable.

  21. FBI agent on Hunter Biden case verifies IRS whistleblower claim, Comer says

    By Steven Nelson
    July 17, 2023 7:31pm

    “The agent confirmed key portions of the IRS whistleblowers’ testimony, including that both Secret Service headquarters and the Biden transition team were tipped off about the planned Hunter Biden interview. In fact, on the day of the Hunter Biden interview, federal agents were told to stand by and to not approach Hunter Biden — they had to wait for his call.”

    “As a result of the change in plans, IRS and FBI criminal investigators never got to interview Hunter Biden as part of the investigation,” the committee said.

    “The former FBI supervisory special agent told committee investigators he had never been told to wait outside to be contacted by the subject of an investigation. The agent’s testimony is sickening and reveals the lengths to which the DOJ is willing to go to cover up for the Bidens.”

    https://nypost.com/2023/07/17/fbi-agent-on-hunter-biden-case-verifies-irs-whistleblower-claim-comer/

    1. Merrick Brian Garland isn’t his real name, not his last name anyway.

      Somebody changed it at Ellis Island a few generations back, to make it sound more Anglo.

      You’re not fooling anybody…

    2. “As a result of the change in plans, IRS and FBI criminal investigators never got to interview Hunter Biden as part of the investigation,” the committee said.

      “No one fu*ks with a Biden!” —President Biden

        1. The Trump Train 🚂🇺🇸
          @The_Trump_Train
          WOW – Check out this video footage of Hunter Biden sniffing something near children during the 4th of July party at the White House.

          What other footage of Hunter Biden is the White House hiding from the American people?

          https://twitter.com/The_Trump_Train/status/1676672288723292175

          Check out Jill, who sees him taking a snort and eye rolls to let the senile corrupt pedophile know. FJB.

          1. “Check out Jill, who sees him taking a snort and eye rolls to let the senile corrupt pedophile know.”

            Yup, sure looks like Jill has seen and heard that sound before and we’re not even touching on Hunter’s cocaine eyes.

    3. I got from a source (sibling) of one of the people who runs the US biolabs in Ukraine that the labs were moved to Poland after the Russian invasion. This world is sick

  22. “Two dozen properties in Coconut Grove are ensnarled in a legal dispute involving lenders, investors, a developer and dozens of people who put deposits down on the home of their dreams”

    “We got no money, mama, but we can go
    We’ll split the difference, go to Coconut Grove”

    https://youtu.be/JvHgPE6Se_0

  23. “A flood in her basement suite has also wiped out $2,100 a month in rental income and the 37-year-old also took out a $30,000 line of credit to pay for fertility treatments. Speaking from Fort McMurray where she works as a cook, Verhagen said she is expecting to return home to find a letter stating her mortgage payments have gone up again.”

    A cook with a loan? Air tight lending standards they said!!

    1. “…and the 37-year-old also took out a $30,000 line of credit to pay for fertility treatments.”

      Wut happened to Canucks’ social health care?

      1. It’s a lie. The “free” healthcare only covers basics and only when the government deems that your life is worth saving using your own tax dollars.

    1. I’m sure that those who do get deployed would rather not have them present, as they would no doubt be a huge liability and possibly get the whole platoon killed.

  25. From Crain’s New York:

    Wall Street shrinks headcount by 21,000 as dealmaking and trading slump

    Related: Real estate woes drive billion-dollar hit for Goldman Sachs

    2. Bloomberg
      Markets
      Goldman Snaps Up China Property Debt as Others Back Away
      – Sees distress priced in as ‘significantly out of alignment’
      – Firm also adds China local currency debt in ‘risk off’ trade
      By Maria Elena Vizcaino
      November 8, 2021 at 5:00 PM EST
      This Article is for Subscribers Only

      Goldman Sachs Asset Management is buying one of the world’s most distressed assets — Chinese real estate debt — even as other investors shy away.

      The firm has been adding a “modest amount of risk” through high-yield bonds issued by China property developers and denominated in U.S. dollars, said Angus Bell, a member of Goldman’s portfolio-management team. The debt has sold off sharply over the past two months as China Evergrande Group, the world’s most indebted developer, moved closer to a potential default that could spread to the rest of the real estate sector.

      However, the market is overestimating the contagion risk, Bell said in an interview Friday. And that creates opportunities.

      “Ultimately, the property sector has been the key driver of Chinese growth over the past two decades,” he said. “It’s unlikely the government will tolerate the impact on growth that would come about if it were to allow such a large number of developers to fail. The breadth of distress that the market is now pricing, it’s starting to look significantly out of alignment with the true extent of distress.”

      A Bloomberg index of Chinese junk-rated dollar bonds has fallen 22% since the beginning of September while yields have soared, as the government reined in the property sector and a debt crisis at Evergrande deepened. Senior government officials have stressed that risks in the property market are controllable, and they’re loosening restrictions on home loans at some of the largest banks.
      …

      1. Earnings
        Chinese property developer Evergrande posts $81 billion loss over the past two years
        Published Tue, Jul 18 2023 2:54 AM EDT
        Updated Tue, Jul 18 2023 5:36 AM EDT
        Elliot Smith

        Key Points

        – Evergrande’s colossal debt pile in recent years has become the source of serious concern about China’s property sector.

        – Evergrande’s net losses for 2021 and 2022 were 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion), respectively.
        …
        https://www.cnbc.com/2023/07/18/chinas-evergrande-posts-81-billion-loss-over-the-past-two-years.html

  26. ‘The City of London’s history is of investors arriving and then leaving…Some with fingers burnt and some to replace losses in their home market’

    Mike is right about that.

  30. “Try That In A Small Town” now charting in the top five. And being heavily criticized by the usual kvetching hand wringers.

    It’s all so predictable and sad.

  32. I think I answered this article with my Wile E. Coyote post above.

    Breitbart Business Digest: This Old House Didn’t Start

    JOHN CARNEY
    19 Jul 2023

    Housing Startled

    The real estate recovery hit an air pocket in June.

    The Commerce Department said that housing starts fell eight percent in June compared with the prior month to a seasonally adjusted annualized rate of 1.43 million, a bit more than the expected decline. The prior month’s surge was revised down slightly to an annual pace of 1.559 million from the previous estimate of 1.63 million.

    Despite the decline in June, this report supports the idea that housing bottomed this spring. The six-month average in starts, for example, increased for both single-family and multi-family segments.

    The report, however, does suggest that the housing market is not in danger of overheating. Housing starts fell across the board, dropping the most in the Midwest. The Northeast saw a 2.1 percent decline, the South a 4.5 percent decline, and the West a 1.2 percent decline. The Midwest’s drop was 33.1 percent.

    https://www.breitbart.com/economy/2023/07/19/breitbart-business-digest-this-old-house-didnt-start/

  33. Dutch aucton anyone?

    Price and tax history
    Price history
    Date Event Price
    6/25/2023 Price change $1,545,000
    -3.1% $685/sqft
    Source: CRMLS #OC23095339
    5/31/2023 Listed for sale $1,595,000 $707/sqft
    Source: CRMLS #OC23095339
    7/6/2020
    Listing removed $3,700 $2/sqft
    Source: Owner
    6/9/2020
    Price change $3,700 -7.4% $2/sqft
    Source: Owner
    6/5/2020
    Listed for rent $3,995 +14.3% $2/sqft
    Source: Owner
    6/16/2018 Listing removed $3,495 $2/sqft
    Source: Owner
    6/4/2018 Listed for rent $3,495 $2/sqft

Comments are closed.