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The Fear Of Missing Out Has Now Been Wiped Out By The Fear Of Making A Mistake

A report from Mansion Global on New York. “Last week was a relatively sluggish one for Manhattan’s luxury housing market, according to Monday’s report from Olshan Realty. Sales volume, based on the most recent asking prices, took a notable dip, dropping from $246.96 million to $162.46 million, marking the first time since May that the weekly sales volume fell below $200 million. The next most expensive sale was a condo two blocks from the townhouse on Park Avenue. Initially listed last October for $12.95 million, its asking was reduced to $11.88 million, resulting in a significant loss for the seller who bought it for about $17.36 million in March 2014.”

Community Impact in Texas. “Home prices have dropped year over year across most of The Woodlands-area community, and the number of homes sold declined, according to data on seven area ZIP codes provided by The Brashear Group, Martha Turner Sotheby’s International Realty. The community’s average home price decreased from $390,395 in June 2021-May 2022 to $353,315 in June 2022-May 2023. The largest decrease was in ZIP code 77380, which saw a 24.9% decrease.”

South Side Weekly in Illinois. “With several hundred thousand units across Chicago, condos make up one of the city’s largest sources of affordable homeownership. But market trends of the last fifteen years have somewhat threatened their stability. After the housing market crashed, developers started eyeing condo buildings—some of them still struggling to rebuild their finances—as sources of new multifamily rental housing. Condo deconversions can be mutually beneficial for both parties, but that’s not always how it plays out on the ground. At the Silver Coast Citadel, and perhaps a handful of other condos throughout the city, resident-owners remain stuck between two market trends, beholden to the leadership of an investment company and locked out of the decision-making process.”

“In an April 18 letter to unit owners, the board wrote that it was working with an independent consultant to ‘prepare a reserve study…an in-depth analysis of the condition of all of our building’s common elements to help us anticipate and prioritize other major repair and replacement projects.’ ‘They’re trying to run us out of money,’ alleged the building owner who requested anonymity. ‘Everyone’s been pretty upset.”

The Advocate. “Anna Pollock still braces for the worst when she opens a closet. For nearly eight years, she and her family lived in a Lafayette Parish house contaminated with mold. The family moved out of the home two years ago and lives in Georgia now, but Pollock remains haunted by the experience. The Pollocks are among a growing list of Louisiana homeowners who allege houses built by D.R. Horton aren’t properly constructed to withstand Louisiana’s humidity. Many of those families are now suing the Texas-based construction company, with attorneys saying the nation’s leading homebuilder has erected defective homes along the Interstate 10 corridor from Slidell to Lake Charles.”

“Wes and Alicia Dixon saved up for years to buy their first house. When they moved into a split-level ranch house in the newly built Sugar Ridge subdivision in Youngsville, they envisioned it as their forever home. But their dream house quickly turned into a nightmare after the ventilation system malfunctioned and mold began forming throughout the residence, they say. They say they can’t sell the home because it’s in such poor condition. And the working-class family can’t afford to move into a new home while keeping up with its current mortgage. ‘It’s like we’re living in a molded prison,’ Wes said. ‘Financially, we just can’t get out.'”

The San Francisco Chronicle in California. “The San Francisco Board of Supervisors appears set to slash affordable housing requirements and lower or delay a slew of associated fees in an effort to resuscitate a residential development industry that has sunk into a deep torpor as the city scratches and claws its way out of post-pandemic economic doldrums. Against the backdrop of 1,100 out-of-work building trades members — and a skyline bereft of tower cranes — the Board of Supervisors Land Use and Transportation Committee Monday recommended that the percentage of affordable rental apartments developers are forced to include in their projects be cut.”

“Rudy Gonzalez, who heads up the city’s Building Trades Council, said the legislation would help unblock a roster of fully approved developments that ‘can’t bear the weight’ of the city’s famously high fees in an environment where interest rates are high and the city’s rents are 10% to 20% lower than what they were pre-pandemic. ‘We have to unlock the projects that were feasible in a different economy,’ he said.”

From Bisnow. “It’s traditional in lease negotiations for the owner of an office building to ask a prospective tenant to show proof that they are in good financial standing and can be expected to pay rent every month. But the public prognostications comparing office real estate to an ‘apocalypse’ and a ‘Category 5 hurricane’ haven’t escaped the companies in the market for office space, leading to an increasingly common role reversal: tenants asking landlords to open up their books and provide protection in case they go under. From New York to Atlanta, Miami to Los Angeles, across all types of building classes and lease lengths, more companies are forcing their potential landlords to reveal details about their financial backers and assure them of their ability to meet lease terms and hold onto buildings, industry players told Bisnow.”

“Brookfield, Blackstone and Related Cos. have all handed back properties to lenders, and defaults have been shooting up across the country. Last week, Starwood Capital Group defaulted on a $212.5M mortgage on Tower Place 100, a 614K SF, 29-story building in Atlanta — which sent a shockwave through the local market, said Jodi Selvey, a principal with Colliers in Georgia. ‘If they can go belly up, anyone can go belly up,’ Selvey said. ‘It scares you if you are trying to put a tenant in a space. … After the Starwood thing in Atlanta, you will see more questions.'”

From Blog TO. “Buyers are pulling away from Toronto’s real estate market, new home prices are on the decline, and experts are pinning the blame, at least in part, on continued interest rate hikes by the Bank of Canada. The Building Industry and Land Development Association (BILD) announced on Monday that the Greater Toronto Area (GTA) new home market experienced declining prices in June, while sales fell well below the ten-year average. A decline in sales — at least using long-term metrics — coupled with a spike in inventory (up to almost 16,400 units) has had what BILD describes as ‘a softening impact on prices.'”

“The benchmark price for new condo apartments shrank by 8.4 per cent year-over-year in June to $1,090,494, while the benchmark price for new single-family homes dropped by 6.9 per cent to $1,716,467 during the same period.”

Bloomberg on the UK. “About 40 minutes from the City of London financial district, a sign in the town of Laindon once promised that ‘Something amazing is taking place.’ Behind it lies the part-completed carcass of a shopping mall and housing project, where construction has stalled for two years. Work initially stopped to allow the developer, Swan Housing Association, seek new planning approvals. Further delays followed when the firm, which issued £250 million of bonds, ran into financial difficulties after writedowns on projects and breaches to asbestos and fire safety requirements at some of its properties.”

“Like many others, they’re now getting squeezed between higher construction costs and rising interest rates on one side and falling sales and pressure on asset values on the other. It’s a story playing out across the property market, from office blocks to retail sites to residential properties. Many housing associations ‘tried to become quasi private developers acquiring land and large development opportunities, some of this at the top of the market cycle and now not viable,’ said Mark Farmer, chief executive at construction consultancy Cast. To him, it’s reminiscent of the last economic cycle, when ‘over zealous development plans’ led to balance sheet problems for some.”

Domain News in Australia. “The Fear Of Missing Out (FOMO) that drove the property market to record heights during the pandemic has now been wiped out by the Fear Of Making a Mistake (FOMM) which is currently paralysing both buyers and sellers, according to experts. Anxious about the possibility of more interest rate hikes, worried by contradictory predictions on prices and nervous over the lack of supply, people are finding it hard to make momentous decisions about their homes.”

“‘I think in the last four or five weeks, we’ve really gone from FOMO to FOMM,’ said Welsey Bucello, an agent at Melbourne’s Nelson Alexander Brunswick. ‘People want to move, but while we’re getting record numbers of potential buyers coming through our properties, we’re then seeing very few bidders on auction day. For instance, we recently had 150 people go through a three-bedroom house at 242 Albion Street in Brunswick, but then only two bidders turned up. The week after, we had 100 people go through another house at 19 Ford Street but then when we were made an offer pre-auction, we took it and ran, as people are just too scared at the moment to bid, so we thought we should.'”

“It’s a trend that’s now being seen throughout Australia. In Sydney, buyers’ agent Dan Sofo, the founder of Unicorn Buyers Agents, said that the segment of the market comprising inexperienced buyers and vendors, particularly, has been beset by raging FOMM. ‘We’re finding a lot of people are just bewildered at the moment by what’s happening in the market,’ he said. ‘There are so many contradictory signals in the media about interest rates, inflation and whether or not we’re sliding into a recession, and people are confused and wary.'”

The Malaysia Sun. “Country Garden, one of China’s largest property developers, which has witnessed a sharp fall in the value of its shares and bonds, capped a turbulent week for the country’s struggling property sector. The company’s Hong Kong-listed shares dropped more than 5 percent and its bonds closed to record lows late last year, after it moved to refinance part of a 2019 loan agreement. Country Garden has thousands of projects in nearly 300 Chinese cities.”

“Raymond Cheng, head of China research at CGS-CIMB Securities, said the company’s issues was part of the broader problem with Beijing’s approach to the crisis. ‘If sales do not improve, people will worry about the repayment ability for developers like Country Garden, who have large exposure in smaller cities,’ Cheng said, as quoted by Reuters. ‘Country Garden is a top developer, in terms of sales. If it defaulted it would send a very bad signal to the market that the central government does not care about more developers going down and has no plan to bail it out,’ he added. Other high-profile China property firms currently struggling with debt are Dalian Wanda Group and state-backed Sino-Ocean, which have been hit by major ratings downgrades and seen sizable sell-offs this week.”

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This Post Has 115 Comments

  1. ‘The largest decrease was in ZIP code 77380, which saw a 24.9% decrease’

    This is near that giant sh$thole they call Houston. It’s a good thing everybody put 30% down!

    1. I grew up in Houston and it is a massive swampy shithole. It got even worse after the Katrina refugees and swarms of MS-13 flooded the border. Besides the 2-legged dangers, there’s venomous snakes, giant flying cockroaches, and mosquitos everywhere. It’s so humid during summer that you don’t need to drink water to stay hydrated. You breath it into your mouth and nose.

      1. The only place I’ve been more humid than Houston was Belize City. It’s seriously sh$tholie.

  2. ‘Against the backdrop of 1,100 out-of-work building trades members — and a skyline bereft of tower cranes’

    Wa happened to my worker shortage bay aryans?

    1. as the city scratches and claws its way out of post-pandemic economic doldrums

      Their “doldrums” have nothing to do with the virus.

  4. ‘If they can go belly up, anyone can go belly up’

    Yer missing one key detail Jodi. Brookfield, Blackstone, Related and Starwood have plenty of money. They walked away because they saw good money going after bad, which means yer fooked!

    1. Most of the losses are from their investors. These private equity parasites guys mostly collect the management fees and skim the profits with little skin in the game.

  5. The administration of the Unelected Occupant is now coming for your home’s water heater.

    No hot water for you, peasant!

  6. A reader sent these in:

    Direct from our sources regarding car repos.
    1. 1 out of 3 cars are 30+days late
    2. 1 out of 5 cars are 60+days late
    3. 1 out of 7 cars are 90+ days late.
    Repos per day are nearly 20,000 cars. Let that primary data settle in..as we head into the week of dealership earnings. Remember the “lag.”

    https://twitter.com/UnicusResearch/status/1683463750991347712

    Why did the Fed go insane with the MBS purchases? “I think they were saving somebody.” Spoiler Alert: It wasn’t you.

    https://twitter.com/RudyHavenstein/status/1669062298668011520

    Just a reminder that in just 2 months starting March 2020 the @federalreserve bought $500 BILLION of MBS. They had zero in 2008. This was (not that it matters) probably illegal, massively distorted housing, and they still own $2.7 trillion of this crap.

    https://twitter.com/RudyHavenstein/status/1585678110334369794

    Hot day in CRE news…“Cerberus Capital Management and Highgate missed two months of payments on a $415 million loan for 30 Courtyard by Marriott hotels, another sign of spreading trouble in commercial real estate.”

    https://twitter.com/DiMartinoBooth/status/1683534209674035216

    The housing situation is a mess. This is now an environment where you can have next door neighbors living in identical houses but the 2023 buyer has double the mortgage of the other person. This is bizarre and unsustainable.

    https://twitter.com/JeffWeniger/status/1683490032110260226

    Residential Construction 🏘️ Employment and output in the residential construction sector has cooled from a near-record 16% annualized growth rate to a mild contraction. The hard or soft landing question will largely come down to where this index goes from here. 1/4

    https://twitter.com/EPBResearch/status/1683509799042920448

    Got withdrawals? @blackstone $68B real estate trust agreed to sell Simply Self Storage to @PublicStorage for $2.2B as property vehicle grapples w/investor withdrawals & upheaval in commercial-property sector. (Apparent solution: Sell what’s liquid.)

    https://twitter.com/DiMartinoBooth/status/1683493292720156672

    Meltdown in US commercial and industrial (C&I) loan growth is staggering. Cumulative C&I lending is -1.0% since the start of 2023 (red). Median growth by this point in the year is +4.5% (black), while 2022 was up +9.3% by this point (blue). Big US investment slump is underway…

    https://twitter.com/RobinBrooksIIF/status/1683174432917823497

    Putting that decisive shrinkage into context… 😂

    https://twitter.com/dfwaaronlayman/status/1683465101590900736

    Less Chinese money for Western economies could reduce speculative behavior that helped drive up pre-pandemic real-estate prices in markets such as New York City. “They made everyone step up their game and bid more.”

    https://twitter.com/JChengWSJ/status/1683343669909422080

    This is STILL unrented. True value likely $3000/mo. If they would have just got off their high horse, they would be $21,000 up by now.

    https://twitter.com/GRomePow/status/1683625537636548609

    Lots of distressed houses in FL

    https://twitter.com/GRomePow/status/1683593513399881728

    That sucks but it could have been worse. You could have been throwing away your money on rent amirite ?

    https://twitter.com/NipseyHoussle/status/1683584056041062400

    Kitchen in an $800k house LOL

    https://twitter.com/GRomePow/status/1683585138549194753

    I’m not sure if you’re noticing, but Blackstone is unwinding some of their biggest deals. The sheep should absolutely keep buying 4% caps.

    https://twitter.com/ShlomoChopp/status/1673662992221708289

    1. Any thoughts on why Blackstone is unwinding some of its biggest real estate deals?

      1. Public Storage to Buy Simply Self Storage From BREIT for $2.2 Billion
        Portfolio includes 127 wholly-owned properties and 9 million net rentable square feet across 18 states
        Blackstone’s headquarters in New York City. Blackstone Real Estate Income Trust, known as BREIT, is a real-estate vehicle managed by a unit of private-equity firm.
        Photo: Michael Nagle/Bloomberg News
        By Colin Kellaher
        July 24, 2023 8:05 am ET | WSJ Pro
        …

      2. “(Apparent solution: Sell what’s liquid.)”

        1. Sell what’s liquid.
        2. Line pockets with “performance bonuses.”
        3. When no more liquid assets, short markets and then announce you’re fooked.
        4. Run to government for bailout.
        5. Politicians and regulators you previously bought agree.
        6. Sell what’s illiquid to Fed and taxpayers.
        7. Collect golden parachutes.
        8. Wait for tip-off of next QE campaign and bubble, then cover shorts and buy up distressed assets at fire-sale prices with proceeds from 1 and 6.
        9. Repeat.

  7. Wall Street’s bullshit machine is certainly coming up with some doozies these daze.

    1. Economy
      The US economy is in for rollercoaster inflation and could be headed for an ultra-rare ‘full employment recession,’ BlackRock says
      Jennifer Sor
      Jul 24, 2023, 11:11 AM PDT
      Low angle view of people at rollercoaster.
      Johner Images via Getty Images

      – The economy is in for rollercoaster inflation that could hurt corporate profits, BlackRock strategists said.

      -They pointed to conflicting inflation pressures in the US, with prices falling though wages are rising.

      – Markets are in a new regime of volatility that could bring on a “full employment recession,” they added.
      …
      https://www.businessinsider.com/us-economy-outlook-rollercoaster-inflation-full-employment-recession-stocks-blackrock-2023-7

    2. Yahoo
      Bloomberg
      Bond Traders Bet on ‘Nirvana’ in New Decoding of Yield Curve
      Liz Capo McCormick, Michael Mackenzie and Ye Xie
      Mon, July 24, 2023 at 8:11 AM PDT·5 min read
      Bond Traders Bet on ‘Nirvana’ in New Decoding of Yield Curve

      (Bloomberg) — Listen to Wall Street’s top economists and you’ll hear the same message again and again: The risk of a recession is fading fast. And yet, in the bond market, the traditional warning that a downturn is near — an inversion of the yield curve — keeps getting louder.

      Ed Yardeni, an economist who’s been covering the market since the 1970s, has an explanation.

      The yield curve, he posits, is signaling the slowdown in inflation that typically accompanies a recession but not the actual recession itself. He calls this the “Nirvana scenario” — all the gain (an end to nasty price increases for consumers) without much pain (a spike in unemployment or a major hit to the stock market). And that’s manifesting itself in the Treasury market the exact same way that a looming recession would: high yields on short-term debt and lower ones on longer bonds as traders anticipate the Federal Reserve will start cutting interest rates next year.

      “It’s conceivable that the interpretation of what the yield curve is saying here is that the Fed managed to succeed in bringing inflation down,” Yardeni, who runs Yardeni Research, said in an interview. “The economy has proven to be remarkably resilient and the Fed may not have to raise rates much higher.”
      …
      https://finance.yahoo.com/news/bond-traders-bet-nirvana-scenario-113000888.html

      1. I seem to remember Cramer, Kudlow, and company telling us about a “Goldilocks” scenario before the wheels came off last time. That must not have been sufficiently memory-holed yet so they went with “Nirvana” this time.

    1. There are plenty of west coast cities where prices have already dropped by over 10%, and this is just the warmup act.

    1. Markets
      CNBC TV
      Bonds
      Treasury yields climb as investors weigh interest rate decisions ahead
      Published Tue, Jul 25 2023 4:33 AM EDT
      Updated 2 Hours Ago
      Sarah Min
      Sophie Kiderlin

      U.S. Treasury yields were higher Tuesday as the Federal Reserve’s meeting is due to kick off and investors assessed the outlook for monetary policy decisions from central banks around the world.

      The 10-year Treasury yield
      was trading more than 4 basis points higher at 3.904%. The 2-year Treasury yield was also up more than 4 basis points at 4.887%.
      …
      https://www.cnbc.com/2023/07/25/us-treasury-yields-investors-weigh-interest-rate-decisions-ahead.html

    2. Home Mortgage
      Published July 24, 2023 6:38am EDT
      High mortgage rates will weigh on the housing market for years
      US property prices face 2.4% decline amid high mortgage rates
      By Megan Henney FOXBusiness
      ProChain President David Tawil explains why he predicts rate hikes are on the horizon and likely to stay high ‘for a number of years.’ video
      Fed rate hikes will eventually ‘crush’ housing, ‘interest rate-sensitive’ markets: David Tawil
      ProChain President David Tawil explains why he predicts rate hikes are on the horizon and likely to stay high ‘for a number of years.’

      The U.S. housing market faces a long recovery from the steep increase in mortgage rates over the past year, which brought an “abrupt end” to the real estate boom in the economy.

      That is according to a new forecast from Moody’s Analytics, which projected that property values in the U.S. face a 2.4% decline next year as mortgage rates continue to weigh on the real-estate market.

      “While maturing millennial households drive housing demand, the doubling of U.S. mortgage rates is causing notable retreats in certain markets, mainly in western states,” the analysis said.

      Mortgage rates spiked over the past year as the Federal Reserve waged an aggressive campaign to crush high inflation, approving 10 rate hikes in the span of 15 months. While the federal funds rate is not what consumers pay directly in mortgage, it affects borrowing costs for home equity lines of credit, auto loans and credit cards.
      …
      https://www.foxbusiness.com/economy/high-mortgage-rates-will-weigh-housing-market-years

      1. “US property prices face 2.4% decline amid high mortgage rates”

        LOL! The CR8R is deepening at a much higher rate than 2.4%. How on earth did they arrive at that mumber?

      2. US property prices face 2.4% decline amid high mortgage rates

        That’s off at least by a factor of 10.

        1. Exactly…and that’s only so far. The market has yet to price in lower valuations due to more than doubling of interest rates since 2022.

    1. Markets
      CNBC TV
      World Economy
      IMF raises global growth forecast despite China’s recovery ‘losing steam’
      Published Tue, Jul 25 2023 9:03 AM EDT
      Silvia Amaro

      Key Points

      – In the latest update to its World Economic Outlook, the IMF raised its 2023 global growth prediction by 0.2 percentage points to 3%, up from 2.8% at its April assessment.

      – The IMF kept is 2024 growth forecast unchanged at 3%.

      – The IMF highlighted concerns with tighter credit conditions, depleted household savings in the U.S. and a shallower-than-expected economic recovery in China from strict Covid-19 lockdowns.
      …
      https://www.cnbc.com/2023/07/25/imf-raises-global-growth-forecast-despite-chinas-recovery-losing-steam.html

    2. JPMorgan stays bearish on the stock market and warns that an AI bubble is brewing amid record concentration in mega-cap stocks
      Matthew Fox
      Jul 25, 2023, 6:35 AM PDT
      Stock Market Bubble
      Johannes Eisele/AFP via Getty Images

      – JPMorgan’s Marko Kolanovic is staying bearish on the stock market despite its strong rally.

      – He warned the hype around artificial intelligence is creating a new bubble.

      – These are three catalysts that Kolanovic expects will drive a sell-off in the stock market.
      …
      https://markets.businessinsider.com/news/stocks/stock-market-outlook-jpmorgan-bearish-ai-bubble-mega-cap-tech-2023-7

  11. “Fear Of Making a Mistake (FOMM) … is currently paralysing both buyers and sellers, according to experts.”

    I have one word to describe this situation:

    CR8R

  12. The Jab strikes again:

    Grammy-winning singer Tori Kelly was rushed to the hospital after collapsing and is being treated for blood clots, multiple media outlets reported Monday.

    How many “little people” are having issues like this, but whose names never make the news? Could the so called labor shortage be due to little people being too ill, or dead, to work?

    1. Gallup — American Public Opinion and Vaccination Requirements (9/3/2021):

      “Americans’ political identity is strongly related to their opinions about vaccine requirements, echoing similar partisan differences on such issues as vaccination hesitancy, mask requirements and the importance of COVID-19 as the nation’s top problem. Very large majorities of Democrats are in favor of each of the five vaccination requirements tested …

      The variation across these party/vaccination status groups is extreme. For example, 96% of vaccinated Democrats favor the requirement for proof of vaccination before flying on an airplane, compared with 12% of unvaccinated Republicans. Ninety-four percent of vaccinated Democrats favor the requirement for attendance at events, compared with 9% of unvaccinated Republicans.”

      https://news.gallup.com/poll/354506/update-american-public-opinion-vaccination-requirements.aspx

      100% safe and effective.

    2. Do we know if LeBron’s son got the vaccine? Breaking news that he collapsed during a workout this morning.

      2. I’m sure it’s a coincidence. After all, super fit 18 year olds have heart attacks all the time.

        1. While looking for cardiac arrest incidence rates by age, I learned 2 new acronyms: AMAB (assigned male at birth) and AFAB (assigned female at birth).

          3. AMAB (assigned male at birth) and AFAB (assigned female at birth).

            They make it sound like babies are randomly assigned their gender at birth, like if it was pulled out of a hat or by the roll of a die.

      3. LeBron James in September 2021: “After doing my research and things of that nature, I felt like it was best suited not only for me, but for my family and for my friends, and that’s why I decided to do it.”

        1. Yeah, because an experimental treatment for which all stats of adverse effects are memory holed is the proper course of action.

    3. Two weeks ago my very healthy 36 year old nephew suffered a hemorrhagic stroke. Very fortunate to have recovered without any long term damage. But it does make you…🤔

    4. Personally, and on a much less lethal note, I could swear that my hair loss super-accelerated after the jab. I’m now a head shaver. But I’ve talked to others who’ve noticed the same.

      1. The spike proteins are the toxin and the jabs cause your body to produce an uncontrolled amount in your blood and organs.

        NAC
        Nattokinase
        IVM

        1. The spike proteins are the toxin

          I just don’t see how the jabs were not an intentional bioweapon. The despots (I agree with Ben, they are not elite) want to cull the global herd.

  13. MarketWatch — Here’s how worried middle-income Americans are about inflation (7/24/2023):

    “Seventy-three percent of middle-class Americans said they were unable to save as much as a result of inflation, up from 67% in the first quarter.

    In a separate question, 68% said they have made “significant” cuts to their household spending to adjust for inflation, up from 60% in the first quarter.”

    https://www.marketwatch.com/story/heres-how-worried-middle-income-americans-are-about-inflation-7c178f33?mod=home-page

    68% is that a lot?

    Sounds like one of those “we’re all in this together” kind of things.

    1. I seriously doubt that most of the Sixpack families are capable of planning any further out than Friday or Saturday night, and their definition of saving is adding a little bit more than the required minimums on their credit card statements.

  14. as I now enter the final stage of renovating my crazy mother-in-law’s cat hoarder house, approaching 4 years, yep, FOUR YEARS, due to the COVID related scarcity of supplies at nearby Home Depot (AND the Ukies stripping said store shelves bare), I’ve noticed a return of tradies slowing down to look over my residence when obvious signs of construction are visible out front.

    2019-2020: often get unsolicited offers from passerbys for construction work.
    2020-2022: that stopped dead in it’s tracks as the tradesmen were in scarce supply & had plenty of work.
    2023: back to flyers/business cards in doors for windows, roofing, solar, etc.

    and the work trucks are once again slowing dowwnnnn & looking hard again as I finish a few areas.

    * this is in N. Sacramento suburb of Antelope, CA

      1. * “How many dumpsters did you fill? Or did your MIL not allow that? “

        the MIL had a moderate stroke so she went off for rehab & currently resides in a group care home. otherwise, there was no way/ no how she’d allow anyone in that house to renovate.
        in fact, no one had been inside for at least . . 15 years !?

        the reason for the background explanation leads to understanding that after 1 huge dumpster & 1 further service calls, it took 10 months to hand-sort EVERYTHING inthe residence for salvageable heirlooms.

        so, the finale answer would be:
        2 gigantic dumpster loads
        100+ (lost count eventually) truck loads

        crazy crazy Itellyawhat!

  15. Colorado Sun (7/25/2023):

    “The number of people who became homeless in metro Denver for the first time sharply rose to 3,996 people this year from 2,634 last year, a 51.7% increase, according to data from the annual point in time count led by the Metro Denver Homeless Initiative.

    The number of families who were homeless for the first time also significantly increased to 1,316 this year from 597 last year, a 120.4% increase, according to the data released Monday morning.

    The annual count, which quantifies homelessness in the seven-county metro Denver area, showed 9,065 people were homeless on Monday, Jan. 30, the night local volunteers, municipal and county leaders, outreach teams and people who were formerly homeless scattered across the metro Denver region to conduct the annual survey. That’s a 31.7% increase in homelessness compared with the survey’s findings in 2022, which counted 6,884 people.”

    https://coloradosun.com/2023/07/25/denver-homelessness-grew-2023-pit-count/

    1. That’s nothing! NYC currently has *officially* bused in 1% of their entire population to be homeless grifters who don’t even speak the language. I believe the real number is closer to 1.5-2% of their total population which they aren’t ready to admit to yet. This is in addition to the .5% of the population that was already homeless! We can easily make the case that 2% of NYC is homeless and grifting now. This does not include couch surfers and other vagrants, just the real unemployed with no where to go types. I would post all the numbers but it would get too long. It is all verifiable tho.

      In yesterday’s news, war is starting to break out between the domestic homeless and the imported homeless. I’m sure it will all be fine. These specific issues are also occurring in Denver and aren’t properly represented in your numbers above. We can add Chicago to this discussion as well. There is much ruin to go around.

  16. “…2023: back to flyers/business cards in doors for windows, roofing, solar, etc….”

    Pretty much ditto here in SoCal (Orange County, Newport).

    Appears that the free money [mostly HELOC] well is running dry.

    What’s amazing is how quickly the tide as turned.

    1. “Appears that the free money [mostly HELOC] well is running dry.”
      “What’s amazing is how quickly the tide as turned.”

      – In my view, the U.S. economy is in a transition phase. It’s definitely slowing down as the stimmy $ is being spent down. For example, rent, mortgage, student loan, eviction moratoria, have or are ending soon (student loans).
      – All the while the Fed is tightening the economic screws.
      – So, no surprise that credit issues tied to “free” $ from the Fed are now cropping up. Think about it: Stimulus = economic expansion; Tightening = economic contraction. That’s our “free market” economy today. Seem reasonable to me.
      – The MSM are running cover for the current admin. The sell-side is also cheerleading, since they only make $ by, well, selling stonks to the muppets. AI is just the latest FOMO trade.
      – Recall that this is the 3rd asset bubble in 20 odd years, and this is the biggest bubble of all. The bigger the boom, the bigger the bust. This is the inevitable outcome. The Fed didn’t prevent the dot com bubble or Housing Bubble 1.0. It’s not different this time, but worser. Think these two prior bubbles combined together along with a LOT more debt in the system. Humpty Dumpty.
      – The U.S. economy is now debt-driven; exponentially increasing debt is needed to keep the economy afloat. This is due to Government (including Fed) interventions via fiat currency and $ printing. Once the credit is withdrawn from the system, crash ensues. Those in power know this and are continuing the “extend and pretend” policies, but now running out of runway.

      “How did you go bankrupt?”
      Two ways. Gradually, then suddenly.” – Ernest Hemingway, The Sun Also Rises

      – The Government/Fed complex stimulated for 13 years since the GFC in 2008-2009. That’s the only option to prevent economic collapse. We’re now at the 3rd and final bubble. No more can-kicking possible in my view. Also, TPTB want another term for idiot Biden, so they’re trying to extend and pretend through Nov., 2024, which is a bridge too far in my view. The inevitable outcome can be delayed, but not prevented. Exactly when the SHTF is unknown, but this Fall is a good a guess as any.
      – Note that these are the rantings of a non-economist (but rational person). Do your own due diligence. Good luck out there. Everything is about a screwed-up economically as it can get. Mean reversion is waiting in the wings for the next act in my view.

        1. Also George Bush –
          “I had to abandon free market principles in order to save the free market system.”

          Translation: I had to socialize the losses to save my cronies.

          In a true free market system, the invisible hand of price discovery will prevent the system from needing saving. Bush is the reason I abandoned the Republican party and started voting Libertarian.

          1. He was just a patsy like the rest of them. Trump wouldn’t play along, so they got rid of him. Not saying he’s a saint, but he definitely pissed off TPTB

          2. Translation: I had to socialize the losses to save my cronies.

            Yep, Dubya represents cronyism.

      2. They have already showed their hand – they’re going to try to print it away. They will do everything in their power to try to stem an asset price crash. They will happily shaft the populace with inflation before they will accept huge losses to the portfolios of the ultra-wealthy.

        1. with inflation before they will accept huge losses to the portfolios of the ultra-wealthy.

          Ironically, if the value of the dollar is cut to keep the nominal price of assets up, the losses would still occur. Seems to me anyway.

          1. You are absolutely correct, however the intent is to inflate away the debts and prevent mass defaults and make the wealthy speculators whole on said obligations.

      3. Also, TPTB want another term for idiot Biden, so they’re trying to extend and pretend through Nov., 2024, which is a bridge too far in my view.

        More stimmies == more inflation. Doesn’t mean they won’t try, but when inflation goes crazy they won’t be able to deny it. They already can’t move those $75K trux.

      4. “definitely slowing down as the stimmy $ is being spent down.”

        I wonder if the IRS is gonna put some time into this PPP debacle? What I read is if the loan was improperly forgiven then the entire amount is taxable. But wait a minute…..if it was improperly forgiven shouldn’t they be on the hook for the entire amount? And what the heck is improperly forgiven? Shouldn’t that be called fraud? The whole stimi catastrophe to me is not not talked about enough. There should be an outcry of accountability and investigation, but you hear nothing. Something just don’t smell right.

        1. It was set up to be a cluster. They will only go after certain people. The rest was meant to be stolen by their cronies.

      5. Mean reversion is waiting in the wings

        Unlikely the train will be able to stop at that station.

      6. “…banana republican…”

        Nice Essay. Think you are fundamentally correct.

        Also might add to mix is the looming COLA increases for entitlements. (ie SSA).

        At what point does the debt load become unserviceable and the math simply doesn’t work anymore?

        1. “Also might add to mix is the looming COLA increases for entitlements. (ie SSA).”

          We have a few neighbors near us who are probably living off of nothing more than that SS check, which means oatmeal 3x day. Their cars are not moving anymore, lawn is dry and the weeds are never cut, fence is falling apart a little more each month, etc., and my guess is they’re on the subsidy energy plan, snap benefits, etc., anything they can get. Their property taxes are probably deferred too…until probate happens. Medicare likely supplies enough Zoloft to keep them pacified.

          1. looming COLA increases

            I don’t know how “looming” they are. I suspect they will go back to the official Core Urban Less Food and Energy CPI Lie.

            I expect most of us will have to dig deep in our resourcefulness in the coming years. Some preps might be helpful. I hate oatmeal.

            “We’ll all go together when we go.”

  17. It suddenly occurred to me that many of today’s “Real Estate Professionals” were just pimply kids entering puberty around 2008. It’s plausible that their parents lost their house, and now the kids are the newest generation of shills peddling over-priced shacks to the masses. I miss the days when people went to work at real jobs and made real products with their hands.

    1. “people went to work at real jobs and made real products with their hands”

      The majority of the allegedly college “educated” couldn’t make anything more complex than a latte.

  18. Selling a property in the UK, part of an estate sale. Valuation end of May 750K. Finally ready to go on the market, the solicitor said it needed to be reappraised because prices have softened. Just came back with a 725K appraisal. Same agent, not even 60 days. We’re just past that point on the rollercoaster where you don’t hear any more clicks and your stomach begins to rise in your belly.

  19. “The Fear Of Missing Out (FOMO) that drove the property market to record heights during the pandemic has now been wiped out by the Fear Of Making a Mistake (FOMM) which is currently paralysing both buyers and sellers, according to experts.”

    “the segment of the market comprising inexperienced buyers and vendors, particularly, has been beset by raging FOMM. ‘We’re finding a lot of people are just bewildered at the moment by what’s happening in the market,’ he said. ‘There are so many contradictory signals in the media about interest rates, inflation and whether or not we’re sliding into a recession, and people are confused and wary.'”

    I’d forgotten that spin from the last housing bust. Those buyers have just had their silly little heads filled with doom and gloom by those stopped clock permabears or else they’d get out their wallets again.

    Instead of FOMM, I prefer FOGMFFRO (Fear of Getting My F—ing Face Ripped Off) and FOGIBOIMA (you can probably guess that one).

  20. Homeowners Are Crying, Can’t Sell the House Even at Half Price. Resale Home Plummeted by 65%
    China Observer
    Premiered 65 minutes ago
    A young man’s dreams of homeownership turned into a nightmare as the value of his condo plummeted from 1.3 million yuan to a mere 700,000 yuan. After losing his job, he couldn’t keep up with mortgage payments and listed the unit for sale, but no buyers came forward. Now facing an offer of just 500,000 yuan, he’s stuck in a tough situation, unable to cover the remaining loan balance, down payment, and past repayments. This serves as a cautionary tale amid the challenging real estate market.
    We do not know which city the netizen lives in, but based on the housing prices mentioned, it seems to be in a second or third-tier city. The decline in housing prices in first-tier cities like Shanghai is an undeniable fact. Particularly, luxury home prices have experienced significant drops, some even plummeted up to 50%.
    The surrounding areas of Beijing have also seen a severe decline in housing prices, with some places experiencing a decline of up to 65%.
    Despite numerous claims on the internet from the public stating that their property prices have dropped by 20%, 30%, or even more than 50%, the official released housing market data doesn’t seem as dire.
    On July 15th, the National Bureau of Statistics of China announced the sales situation of the housing market in 70 major cities for the month of June. Among them, 38 cities saw a month-on-month decline in new housing prices, while 63 cities experienced a decline in resale housing prices. Looking at the resale housing market, the sales prices of pre-owned residential properties in first-tier cities decreased by 0.4% year-on-year. Second-tier and third-tier cities saw a year-on-year decrease of 2.4% and 3.4%, respectively. The four major first-tier cities all experienced a month-on-month decline in resale housing prices. Among them, Shanghai had the highest month-on-month decline in pre-owned residential prices at 1.2%.
    The data provided by the CCP officials often appears relatively positive because it is often manipulated and beautified.

    https://www.youtube.com/watch?v=d1B_4RChoSw

    20 minutes.

    1. “A young man’s dreams of homeownership turned into a nightmare as the value of his condo plummeted from 1.3 million yuan to a mere 700,000 yuan.”

      Substitute ‘dollars’ for ‘yuan’ to get a sense of the trouble in store for recent buyers in coastal California.

  21. ‘It’s like we’re living in a molded prison…Financially, we just can’t get out’

    Wes, are you overlooking the many benefits of being a loanowner? All those taxes you are paying can be deducted! As for the mold, just spray some kilz on it and then you can paint the walls any color you like. But never forget Wes, it’s still cheaper than renting. You can hold your moldy head high knowing yer not paying a landlords mortgage!

    1. I have built most of what I have on investing in real estate. But always with the knowledge that you can lose your a$$ and get wiped out by it. It amazes me how in every cycle so many buy into you can’t lose in real estate. Pathetically stupid. And nobody pencils anything. Like the fable that you need a home for a tax right off. Really? Not too hard to figure that one don’t pencil. Or the other the one that says renting is a always throwing your money away. Don’t have the time or the patience for the words to explain how idiotic that is. How about the ‘ol “you got to get on the property ladder, at any cost.” I guarantee we all have a friend in our circle that can tell us how painful that can be. So go ahead and buy that moldy POS! No way you can lose! 🙄

  22. ‘Country Garden is a top developer, in terms of sales. If it defaulted it would send a very bad signal to the market that the central government does not care about more developers going down and has no plan to bail it out’

    Pooh bear bailed all the other defaulters out Ray, what’s yer worry?

    Oh yeah, they’re dropping like flies.

  23. ROTTERDAM, N.Y. (NEWS10) — A number of people are scrambling to find a new place to stay after the Super 8 Motel on Carman Road in Rotterdam told everyone Tuesday morning they had to be out by Wednesday.

    Town Board member Joe Mastroianni said he had numerous calls and texts about the issue and went to the motel to gain more information. He spoke with the manager, who confirmed that they have a one-year agreement to house migrants.

    “We just had a planning board meeting here in Rotterdam earlier this evening and quite a few people showed up because they wanted to make their voices heard that they feel like we should do something,” Mastroianni said.

    Mastroianni said he shared the community’s frustrations to Schenectady County Manager Rory Fluman who issued the following statement:

    We were recently made aware that a local motel contracted with the City of New York to host a group of asylum seekers. Because immigration is governed by Federal Law, the County does not have jurisdiction in these matters. However, we are disappointed that the City of New York did not reach out to us directly to inform us of their plans.

    The County acknowledges that these individuals have certain rights under Federal Law and that business owners are free to operate in their best interest. We will continue to monitor the situation and provide additional information as it becomes available.

    https://www.news10.com/news/schenectady-county/rotterdam-motel-to-house-migrants-after-closing-to-current-residents/

    1. Replacement Theory is not a theory. It is all happening on purpose and by design.

      Hat tip to Jonathan Greenblatt, go seethe harder, you’re not fooling anybody…

    1. So much for the Spring Selling Season. Not sure it’s “drastic” relative to the knife in the heart interest rate increases, yet.

  25. Is your favorite cryptocurrency exchange using wash trading to inflate the value of your HODLings?

    1. The Wall Street Journal
      The Crypto CrisisFallout from FTX
      Layoffs, Bankruptcies
      Timeline
      A Doomed Empire
      SBF Interview
      Caroline Ellison
      Nishad Singh
      Bitcoin’s Future
      Cryptocurrency

      Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges
      Regulators and academics say some digital asset exchanges inflate trade volumes
      By Patricia Kowsmann and Caitlin Ostroff
      July 24, 2023 5:30 am ET
      The Securities and Exchange Commission is separately suing two major cryptocurrency platforms, Binance and Coinbase. WSJ’s Caitlin Ostroff breaks down the lawsuits and their potential impact on the crypto industry.
      Photo illustration: Adam Adada/Xingpei Shen

      When crypto company Binance launched its U.S. exchange in 2019, almost $70,000 of bitcoin changed hands in the first hour.
      …
      https://www.wsj.com/articles/some-binance-us-crypto-trading-was-a-mirage-the-sec-alleges-55a6e321

    2. Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
      SEC Accuses Binance.US of Artificially Inflating Trading Volumes
      Author: Qadir AK Jul 25, 2023 13:03
      Binance fires back sec

      Story Highlights

      – The SEC accuses Binance.US of wash trading, artificially inflating trading volumes in the crypto market.

      – A study suggests over 70% of crypto exchange volume could be due to wash trading.

      – Binance.US faces significant turmoil with plummeting market share and federal investigations.

      The U.S. Securities and Exchange Commission (SEC) has leveled serious accusations against Binance.US, the American branch of the renowned cryptocurrency exchange, Binance. The SEC claims that the exchange has been artificially inflating its trading volumes through the illegal practice of wash trading.
      …
      https://coinpedia.org/news/binance-us-faces-sec-accusations-of-artificially-boosting-crypto-trading-volumes/

    3. Crypto World
      Bitcoin falls sharply ahead of Fed meeting and as investors weigh Binance concerns
      Published Mon, Jul 24 2023 11:32 AM EDT
      Updated 5 Hours Ago
      Tanaya Macheel
      Standard Chartered predicts that bitcoin could fall to $5,000 in 2023 as part of their research on potential market surprises next year.

      The price of bitcoin fell sharply and suddenly to start the week as investors awaited a major Federal Reserve policy decision and digested concerns around Binance.

      Bitcoin was last lower by more than 3% at $29,121.60, according to Coin Metrics. Earlier, it sank as low as $28,995.02, its lowest level in more than a month.
      …
      https://www.cnbc.com/2023/07/24/bitcoin-falls-sharply-ahead-of-fed-meeting-and-as-investors-weigh-binance-concerns.html

    4. Dumb questions of the day:

      1) What will happen to cryptocurrency values of it turns out that 70% of the trades are fake, and those go away?

      2) If wash trades work well to prop up cryptocurrency prices, could they be comparably effective to artificially prop up the value of real estate HODLINGS?

      1. 3) Is Quantitative Easing a form of wash trading by central bankers to prop up the value of sovreign debt?

    5. Business
      How “wash trading” is perpetuating crypto fraud
      September 23, 20224:59 AM ET
      Heard on Morning Edition
      By Paddy Hirsch, Wailin Wong
      3-Minute Listen
      The enormous number of fake Bitcoin trades may be traced to an age-old practice used to manipulate markets. It’s called “wash trading.”

      STEVE INSKEEP, HOST:

      People obsessed with cryptocurrency got some news from a recent headline in Forbes, which said “More Than Half Of All Bitcoin Trades Are Fake.” Paddy Hirsch and Wailin Wong from NPR’s podcast The Indicator say the culprit may be an age-old practice used to manipulate markets.

      PADDY HIRSCH, BYLINE: There are a lot of ways that unscrupulous traders can generate this kind of fake volume. But one of the most prevalent is something called wash trading. This was a kind of a new term for us, not surprisingly, because wash trading has actually been banned on regulated market exchanges in the United States since 1936. But what is wash trading exactly? Kim Grauer is director of research at Chainalysis, which watches the crypto space.

      KIM GRAUER: Wash trading is a trading strategy in which the buyer and the seller is effectively on both sides of the trade, and a person will essentially sell themselves an asset to create the illusion that a particular asset is trading far more than it actually is.

      HIRSCH: For example, imagine you’re a writer who has self-published a novel. You really, really want to get your book out to a bestseller list because people who read novels often use bestseller lists as a guide to what they should buy next.

      WAILIN WONG, BYLINE: So to do this, you create a bunch of bogus accounts on Amazon. You allocate a bunch of money to each one, and you use those accounts to buy 100,000 of your e-books. Presto, your book goes to No. 1 on the bestseller list. And now people are interested.

      HIRSCH: And with a bit of luck, they also start buying, which is where you start to make money. But your original investment – that money that you spent to buy all those books from yourself – goes right back into your pocket. It is, as the phrase goes, a wash.
      …
      https://www.npr.org/2022/09/23/1124662811/how-wash-trading-is-perpetuating-crypto-fraud

  26. ‘In an April 18 letter to unit owners, the board wrote that it was working with an independent consultant to ‘prepare a reserve study…an in-depth analysis of the condition of all of our building’s common elements to help us anticipate and prioritize other major repair and replacement projects.’ ‘They’re trying to run us out of money,’ alleged the building owner who requested anonymity. ‘Everyone’s been pretty upset’

    I haven’t mentioned in a while that IMO airboxes are a partial off-shoot of the mania. And it’s seriously flawed as a housing model. Periodic fleecing like this are one reason why. There is enough time into this experiment to declare that HOA=commie run airboxes drop the ball all the time. How many tales of woe have there been? Just Florida alone shows these clowns can’t keep even half running well. The incentives are distorted by inherent conflicts of interests.

    1. The closest I’ve come to this is “owning” a dock at a yacht club. I never owned it. I paid yearly fees comparable to renting and also was at the mercy of the club board for the cost of every fantastic project they imagined.

  27. PacWest (PACW) agreed to combine with smaller rival Banc of California (BANC), an all-stock deal that would end the independence of a regional lender that came under intense scrutiny following the downfall of Silicon Valley Bank.

    The stock of Beverly Hills-based PacWest fell 27% Tuesday after news of the deal was reported by The Wall Street Journal, and the stock of Santa Ana-based Banc of California rose 11%.

    Private equity groups Warburg Pincus and Centerview helped arrange $400 million in new equity from investors as part of the deal and would own roughly 20% of the combined bank. The pact is expected to close in late 2023 or early 2024, if it receives approvals from shareholders and regulators.

    The union would create a $36 billion lender headquartered in Los Angeles under the Banc of California name, with more than 70 branches in California. It will be run by Banc of California CEO Jared Wolff and focus primarily on community banking in California markets.

    Both banks serve wealthier customers in California, and PacWest is the far bigger lender when measured by assets. It was the nation’s 49th-largest bank as of March 31 by that measure, while Banc of California was the 135th largest.

    https://finance.yahoo.com/news/pacwest-agrees-to-combine-with-banc-of-california-200124331.html

  28. Blues in F – Wes Montgomey 1965
    erwigfilms
    Jan 24, 2011

    This is just a free swinging blues with famous guitarist Wes Montgomery. He is accompanied by a group of young Dutch musicians, probably all still in their early twenties. Although unknown in the larger part of the world these are Pim Jacobs piano, his younger brother Ruud on bass and drummer Han Bennink. They can compete with the best in the larger part of that world.

    “Wes” Montgomery1923 – 1968) Montgomery is often considered the greatest of modern Jazz guitarists. Montgomery toured with Lionel Hampton early in his career, however the combined stress of touring and being away from family brought him back home to Indianaopolis. To support his family of eight, Montgomery worked in a factory from 7:00 am to 3:00 pm, then performed in local clubs from 9:00 pm to 2:00 am.
    Instead of using a guitar pick, Montgomery plucked the strings with the fleshy part of his thumb, using downstrokes for single notes and a combination of upstrokes and downstrokes for chords and octaves. This technique enabled him to get a mellow, expressive tone from his guitar. Wes had a corn on his thumb, which gave his sound that point. He would get one sound for the soft parts, and then that point by using the corn. That’s why no one will ever match Wes. And his thumb was double-jointed. He could bend it all the way back to touch his wrist, which he would do just to shock people.”
    He didn’t have a very long to live to enjoy his commercial success, he died of a heart attack at age 45 in 1968.

    https://www.youtube.com/watch?v=Dp_H9FYZy4E

    4:29.

    1. Shopping for a home? There’s a lot working against you right now
      By Anna Bahney, CNN
      Published 2:23 PM EDT, Tue July 25, 2023

      Washington, DC CNN —

      So many things are working against would-be home buyers this summer.

      The housing market remains stuck, with sales pushed lower by a lack of both affordability and inventory, recent credit tightening, higher interest rates and home prices firming up across the country after a brief correction last fall.

      For Nick Gaylord, the struggle to buy a home in Minneapolis has gone on so much longer than he expected. He has been looking at homes off and on for a year and a half and has lost out on bids he made on four homes.

      “I’ve been checking listings multiple times a day for months,” Gaylord told CNN. “If something comes up you have only a day or two before it’s gone. I’m showing up the day it goes on the market, making fully underwritten offers, sometimes 20% over [the asking price], and not getting the house.”
      …
      https://www.cnn.com/2023/07/25/homes/housing-affordability-home-prices-mortgages/index.html

      1. “…home prices firming up across the country after a brief correction last fall.”

        Maybe if the real estate pimps say that enough, it will erase those widely reported 10%+ losses.

  32. Now that a soft landing is in the bag and it is clear sailing for stocks, can the bears be safely ignored?

    1. Yahoo
      Business Insider
      A long-time market bear who called the 2000 and 2008 crashes warns the S&P 500 could plummet 64%, bursting a historic bubble
      Zahra Tayeb
      Tue, July 25, 2023 at 1:45 PM PDT·2 min read
      A long-time market bear who called the 2000 and 2008 crashes warns the S&P 500 could plummet 64%, bursting a historic bubble
      Traders 2008
      (Photo by Mario Tama/Getty Images)

      – Asset-bubble expert John Hussman has issued another dire warning: the S&P 500 could crash 64% from current levels.

      – The famously bearish investor said extreme equity valuations and “unfavourable market internals” will trigger the slide.

      – Such a slump will lead to the collapse of “the most extreme yield-seeking speculative bubble in U.S. history,” he said.

      John Hussman is doubling down on his dire outlook for US stocks, even after the market defied recession predictions to notch some impressive gains this year.
      …
      https://finance.yahoo.com/news/long-time-market-bear-called-204546163.html

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