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Up Shit Creek Without A Boat

A report from Realtor.com. “Basketball Hall of Famer Dikembe Mutombo just sold his condo in New York City. But after waiting much of the year for a buyer, he probably didn’t get quite the win he wanted. In February, the three-bedroom unit landed on the market for $4 million. Mutombo whittled the price down a couple of times in April before landing at $3,495,000. But the place ultimately sold for $3.2 million. It spells a significant loss for the iconic hoopster, who bought the Upper West Side residence in 2013 for $4,950,000.”

The New York Post. “In Los Angeles, a Bel-Air mansion at 10690 Somma Way has traded hands — raising eyebrows in the process. Dolcedo LLC, the investment group that owned the sprawling estate for the past five years, recently sold it for a $17 million. However, this sale marked a 24% drop from the $22.5 million the group shelled out for it in 2018. What makes this sale even more intriguing is the involvement of Purdue Pharma scion, David Sackler, in Dolcedo LLC, in which he has a non-controlling stake.”

The Real Deal on Texas. “MF1 Capital has filed to foreclose on a Houston property, after the owner, apartment syndicator Rockstar Capital, defaulted on a $51 million loan. Rockstar is in default on a loan tied to 8900 Lakes at 610 Drive in Houston, a complex called Aspire at 610, according to a notice of trustee’s sale. The foreclosure is scheduled for Sept. 5. MF1 Capital provided the $51 million loan in March 2022, according to the notice and data from Morningstar, a commercial real estate analytics firm. MF1 then packaged the loan into a collateralized loan obligation, allowing investors to buy an interest in the debt.”

“‘The only way to not default would be to continue to write personal checks that would total millions a year or to call capital from investors into a deal that has a loan situation that is unworkable,’ said Rockstar founder Robert Martinez, who calls himself ‘The Apartment Rockstar.'”

“Rockstar had purchased a rate cap, which limits how much an interest rate on a loan can rise, of 5.65 percent. However, given how much interest rates have risen over the last year, Rockstar has been paying 5.65 percent in interest since last September. ‘We unfortunately were not able to come to an agreement with our lender,’ Martinez said, stressing it was Rockstar’s ‘first ever lender issue.’ Rockstar Capital currently owns about 4,800 units across Texas. ‘We made multiple proposals to the lender, but they were not willing to make short-term accommodations to the interest payments for a deal to work,’ he said.”

The Toronto Star. “Toronto’s real estate market has come to a ‘grinding halt’ after the Bank of Canada’s recent rate hikes left buyers and sellers in the lurch — and conditions are unlikely ease up during the fall market. In Toronto, home prices dropped by almost $64,000 in July month over month, and there were fewer sales while new listings increased. It’s a trend, experts say, that will likely continue for the rest of the year. The uncertainty has put the real estate market in a ‘catatonic state,’ said Phil Soper, CEO of Royal LePage, which will remain ‘tepid.’ ‘There was some promising recovery in the spring but that came to a grinding halt,’ he said. ‘We now have fewer homes changing hands, fewer people looking, and fewer new builds.'”

“More inventory is expected in the condo market from investors, said Toronto mortgage broker Mary Sialtsis, as some investors are over-leveraged with multiple properties. ‘We’ll see some new listings coming from investors,’ she said. ‘We’ve already seen that in the market this summer and will continue to see it in the fall.'”

The National on the UK. “Landlords who plan to remortgage fixed-term loans face monthly payment increases of up to 80 per cent. New data from Dashly, which monitors more than £100 billion ($126 billion) of mortgages, shows that landlords in London renewing their mortgages this autumn and next spring will be an average £6,384 worse off each year. ‘London landlords are nearing crisis point,’ said Imran Khan, co-founder of lettings specialist PropertyLoop. ‘In my 20 years working in property, I’ve never seen such a precarious landscape. One recent example involved a landlord with a 100-property portfolio who had to hand back keys due to untenable mortgage payments.'”

ABC News in Australia. “These houses in Adelaide’s south may look abandoned, but in fact the group of 20 homes has never been lived in. The unfinished housing estate at O’Halloran Hill was left at a standstill following the collapse of Felmeri Homes in July. Further west, another homebuyer is in limbo after a separate builder went into liquidation. First home buyer Geoff Browne said he signed a contract for a townhouse at Plympton in December 2020 and the property was due to be completed a year later. But more than two years after he signed the contract, only the frames are up and work remains at a standstill after the builder went into liquidation last month.”

“‘This has turned into a nightmare,’ Mr Browne said. ‘It does leave us pretty much up shit creek without a boat.’ He said he had been struggling to pay bills and rent for somewhere to live while work remains at a standstill on his townhouse — and without a clear way forward to pay to finish it. ‘We’ve lost all our savings,’ he said.”

From AFP. “On the approach to Malaysia’s $100-billion island megaproject backed by Chinese investment, a collapsed bridge forces drivers to detour before they reach an artificial city emerging from palm oil trees where condos, roads and shops lay empty. Aimed at middle-class Chinese buyers, Forest City has weathered scant sales, Chinese currency controls, a pandemic shutdown and public anger at China’s growing influence in Malaysia. But its future is in doubt again because of the financial woes of Chinese property giant Country Garden.”

“‘I hope Country Garden can overcome their financial difficulties,’ said 29-year-old Zhao Bojian from Chinese province Henan, who bought one of 26,000 Forest City apartments for around $430,000 five years ago. ‘If nobody comes to Forest City, we cannot do business here.'”

“A three-hour drive from capital Kuala Lumpur, the city attracts visitors who want to catch a glimpse of the space-age towers or buy duty-free alcohol. ‘Everyone comes here for the liquor,’ said Singapore-based technician Denish Raj Ravindaran, 32. ‘I will not stay here, it is a ghost town. The road is dark and dangerous and there are no street lights.'”

From Sky News. “Everywhere you look there are unfinished infrastructure projects; empty apartments, half-constructed tunnels, huge projects where, it seems, the money just ran out. The mighty Chinese economy, that once delivered seemingly miraculous growth of some 10% plus a year, is slowing. Cracks, driven by structural weaknesses that were once easy to pave over, have started to appear. In Zunyi, one road in particular speaks volumes about the troubles now plaguing parts of the system. Snaking over parts of the city, the Funxin Expressway is a multilane highway that cost 4bn yuan to build, but sections now lie incomplete and abandoned. On one side, a handful of cars occasionally drive by, the other is completely empty save for a few locals who now use it to take a stroll or walk their dogs.”

“There is something almost eerie about walking along it – a sense that the area has been somewhat forgotten. A local woman, Mrs Chen, tells us the bridge has been like this for ten years. ‘A lot of land was taken, many people had to move away,’ she says. ‘Why has the construction just stopped?’ she asks, ‘This is a government fund, I think they didn’t use the money for anything. I think it’s been wasted.'”

“There are just a few residents who have hung on here, including Shi Chunli who has lived here for 40 years. She claims to have given the authorities her property in exchange for a new apartment elsewhere. ‘They said we would have a new apartment in three years’ she says, ‘it will be the fifth year this September, but everything is still the same.’ And she has a pretty clear idea as to why her life is in this limbo. ‘It’s mainly that there is no money. The state does not have any money left.'”

“There are projects like this across China, but there is a particularly high concentration in Guizhou province, where Zunyi is located. In fact, Guizhou province, one of the poorest in the country, is also the most indebted with its debt pile over 135% of its GDP. This rural province leaned heavily into the Chinese growth model that for so long delivered such remarkable numbers: huge borrowing, massive investment and vast building – regardless of whether the projects were needed.”

“Indeed, Guizhou has 11 airports, many quite close to each other, and nearly half of the world’s 100 tallest bridges, according to state media outlet Economic Daily. It is a model that has been replicated throughout the country. Investment has made up an average of 44% of China’s economy in recent years, for which experts say there is ‘no remotely comparable historical precedent.’ But while this model made sense when China was playing catch up, it has now become a major liability.”

“Months of zero-COVID rules that saw whole cities plunged into sudden extreme lockdowns destroyed thousands of businesses and vastly depleted family savings. The net result is that people just don’t have the money to spend, and what they do have they are reluctant to part with. These trends were clear in some of the smaller markets around Zunyi. ‘Business is bad now,’ one stall holder told us, ‘it’s getting worse year after year.’ And why? ‘The pandemic,’ she says, ‘the impact of the pandemic is too big.'”

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This Post Has 118 Comments

  1. Check out the photos on that highway in the Sky News article. I don’t think I’ve ever seen anything like it.

    ‘The only way to not default would be to continue to write personal checks that would total millions a year or to call capital from investors into a deal that has a loan situation that is unworkable,’ said Rockstar founder Robert Martinez, who calls himself ‘The Apartment Rockstar’

    So just like that Bob, yer giving it away.

  2. ‘This has turned into a nightmare,’ Mr Browne said. ‘It does leave us pretty much up shit creek without a boat.’ He said he had been struggling to pay bills and rent for somewhere to live while work remains at a standstill on his townhouse — and without a clear way forward to pay to finish it. ‘We’ve lost all our savings’

    So Geoff, what part Aus-lia is this Shit Creek located? Is it still red hotcakes or has it died in the arse?

  3. ‘The uncertainty has put the real estate market in a ‘catatonic state,’ said Phil Soper, CEO of Royal LePage, which will remain ‘tepid.’ ‘There was some promising recovery in the spring but that came to a grinding halt’

    I do love a grinding halt in the mornin’ Phil. Keep up the good work.

  5. So ‘Burning man’ is over , all those tweeky Clownafornians are heading back West to pick up their government grant checks or however they get their $$$…
    we’d really be better off to fence off that part of the West , have a one-way gate , call it the “Homeless” gate, to Portland ,and LA, i would LMAO…….

    1. Those freaks aren’t just from Clownifornia, they’re from all over the world. They need to shut that thing down for good.

        1. If they claim man-made global warming is destroying the earth, why are they traveling from all over the world to use drugs and trash up the desert?

          2. If they claim man-made global warming is destroying the earth,

            I have not and do not plan to attend, but how do you know everyone in attendance feels that way? I know some folks who have gone, and they are hardcore Libertarians who don’t buy into the anthropogenic climate theory.

          1. I didn’t think it was irrelevant. Wondered why you want to impose your will on people for doing things that don’t effect you, stoopid though they may be.

          3. I didn’t think it was irrelevant. Wondered why you want to impose your will on people for doing things that don’t effect you, stoopid though they may be.

            I think you meant “affect.” Anyway, you are not thinking logically, letting your emotions get in the way of common sense. Whether or not the mitigation/remediation of an illegal dumping ground/environmental disaster improves a single person’s life is totally irrelevant.

          4. No doubt. Your charitable attempt to clean up my spelling is acknowledged.

            If the bums don’t clean up after themselves, I doubt they would continue to get permits to have their party every year. Not illegal, not disaster.

          5. Not illegal, not disaster.

            Littering is ABSOLUTELY illegal. And the whole thing is a disaster. You are from New York. You have no freaking idea what is going on out here. Stick to what you know.

      2. 46&2 why? Show me where they hurt you? I don’t understand all the hate people have for some that’s not just like them.

        1. Are you a fan of illegal dump sites, clown boy? Because that’s essentially what is left after these druggies go back to the hole they emerged from.

        2. The debauchery AFFECTS us all. That fedrral funds drained into that crap place AFFECTS us all. Any more questions? I hate crap holes sucking others’ wealth.

      3. It’s estimated that Burning Man brings in at least 60 million to local economy, some estimates much higher. We love our hippies in Reno. Even pulling them out of the mud is making some folks a lot of money.

      4. For a libertarian-leaning message board, “shut it down” sounds a lot like government overreach. Yeah, I think it’s silly too, but they are paying for proper permits, and not getting gov assistance to attend. They likely have jobs and they use their summer vacation days to go. If they get stuck in the mud and pull themselves out by their bootstraps, all the more power to them. So there’s not much else to say.

        1. Well put. Just because you don’t agree with someone doesn’t mean they should cease to exist. To believe that is to accept a philosophy that is at the root of many atrocities. I have many a free-spirited hippy friends. I don’t agree with many of the things they stand for. But I choose to focus on the things we do agree upon.

        3. You have no clue of what you’re talking about. The environmental damage and waste from this event is mind-blowing.

      5. As Steve sailor opines, the event is mostly benign and didn’t collapse into anarchy or chaos because of the types of people involved. In todays world, an event that collapses and doesn’t result in mass shootings, anarchy and death is a good thing.

    2. You obviously don’t know much about burning man. It’s not cheap and people from all over go there…the ones I know are educated and make good money. It’s not everyone’s cup of tea but I do plan to make it one day. Some weirdos are more normal than you think and some that appear to have it together don’t.

      1. Fine, but they shouldn’t pretend to care about the environment when they’re destroying it with trash and taking private jets there

      2. It’s always funny when some turd from across the country starts talking about something he has no clue about.

      3. You obviously don’t know much about burning man. It’s not cheap and people from all over go there…the ones I know are educated and make good money.

        Attending a contrived event on a dry lake bed in the desert is simply a fashion statement. It’s like tattoos–people show off how unique, creative and hip they are by permanently defacing their bodies. Now everybody has tattoos, everybody is “unique”. The definition of “fashion” is that it is a temporary and changing thing.

        Attending Burning Man is just fashion, it makes the people who go look like lemmings or sheep. All the while they go around telling everyone else how “independent” and “different” they are from the ordinary folk.

        Never mind that the event ends up messing up nature and using up obscene amounts of energy and leaving tons of trash.

    3. Burning man’

      I’m by no means religious, by the whole Burning Man thing looks a Pagan ritual.

      1. https://youtu.be/6INIzHP3Q-o?si=PbX_BesjqQ1qf5mn

        What a truly pathetic sight. That place looks like a gigantic mud/dirt parking lot for a sale at WalMart! Who in the hell would want to pay good money to be parked like sardines next to RVs, tents and drug using strangers?????

        Death Valley in the summer would be preferable to this train wreck. How individualistic these sheep are, they are the epitome of independent thinkers.

    1. Southeast DC has been an open-air drug and gang hangout for the past 50 years. Dove and Tide are well-known currency for deals.

        1. Have you seen the price of Tide lately? You could probably score a nickel bag for a couple of pods. 😁

  7. Is our honeymoon with the electric vehicle finally over? A study found that one in five early adopters of EV cars and trucks are returning to gas-powered vehicles. As a result, used EV prices are freefalling. The Journal Nature published a study revealing that of the folks who were early adopters of EVs in California (between 2012 and 2018), 20% of PHEV drivers have returned to fully gas-powered vehicles and 18% of full EV drivers returned to gas-powered–with their subsequent vehicle purchase.

    One big demographic “defecting” back to internal combustion was renting their home, then moved to a new place with no Level 2 charger. This may or may not be related to the massive migration away from urban areas during the COVID-19 pandemic. A farm upstate seems idyllic, until you find there’s no place nearby to charge your Tesla.

    This makes twice as much sense when you consider that some of the drivers interviewed cited “dissatisfaction with the convenience of charging” as a reason to go back to gasoline vehicles.

    The researchers found some other factors. Households with fewer vehicles were likely to “discontinue” their EV ways. Again, this makes sense because if you have at least one vehicle capable of long, gas-powered road trips, commuting in an EV might be more appealing.

    There are two other factors that are a bit more mysterious. Any household that bought an EV and retained at least one less efficient vehicle was less likely to keep the EV. And women were more likely to try an EV and then return to internal combustion with their next vehicle than men.

    At least one early EV adopter is now arguing against them–for purely environmental reasons. Very publically. In an inflammatory op-ed, British actor and car enthusiast Rowan Atkinson announced he feels “duped” by automakers. The collector was a very early EV adopter before he learned how much their production damages the environment.

    We have previously reported that the lithium mining industry currently destroys the environment and violates human rights. Volvo recently revealed that the process of building an EV emits 70% more greenhouse gases than building a traditional ICE.

    Atkinson, who has appeared on Top Gear, is adamant about protecting the environment. He argues that we should have waited for other technologies–such as clean combustion or better battery chemistries–before buying lithium-ion EVs. In the meantime, he urges his friends with ICE vehicles to keep repairing and driving older cars as long as possible to reduce the environmental impact of building new cars.

    https://www.msn.com/en-us/autos/other/buyer-s-remorse-why-are-20-of-early-ev-adopters-now-defecting-to-internal-combustion/ar-AA1gdLUa

    BTW Atkinson is an electrical engineer with a masters in controls.

    1. Any household that bought an EV and retained at least one less efficient vehicle was less likely to keep the EV.

      That seems slanted.

      2. The issue isn’t efficiency, it’s range. I would rather have 500 inefficient miles than 250 efficient miles. That would also explain why women are returning to ICE cars. Women are more likely to get range anxiety. At least I would.

        1. range anxiety

          Is VERY real. My mother participated in the MINI-E pilot program. I only drove it once because the regenerative braking was too annoying.

          1. When I drove to Alaska in 2001 and got away from the cities, it was recommended in the Mile Post to fill up with gas every time you saw a place to do it.

    2. We have previously reported that the lithium mining industry currently destroys the environment and violates human rights. Volvo recently revealed that the process of building an EV emits 70% more greenhouse gases than building a traditional ICE.

      This fuggin’ scam can’t end soon enough. I’m tired of these billionaire globalist f*cks concocting false narratives while they engage in regulatory capture and steer the government towards their own personal financial interests.

  8. “Up Shit Creek Without A Boat“

    – Wait a minute. I was told that Real Estate was the path to riches? What’s with all the doom and gloom?

    – Maybe rather all of the boom times were due to cheap credit from gooberments and their lapdog Central Banks instead?

    – Real Estate looks like just another crowded trade. We all know how that works out. Even more so when it’s also a bubble.

    – Yes, the boom was due to cheap credit. The pandemic stimulus was just more of the same. For 12 years since the GFC, we had financial repression. Now because of the inevitable inflation, rates are rising. The Fed balance sheet hasn’t normalized even 10% yet, but liquidity is (slowly) being withdrawn nonetheless. They’ve trying to somehow (election fraud likely again) get another term for Brandon in my view. And yet Congress is still spending like drunken sailors. Good luck with that. Depression or Inflation. Choose your poison. This is a Morton’s fork; a dilemma. No good outcomes.

    – Free markets work and central planning fails, but we continue to have central planning shoved down our throats.

    – Same with EVs. Let the markets decide. Gooberments choosing winners and losers always ends in tears. And yet here we are…

    – Bidenomics (Brandonomics) is just such a malevolent system, and follows 2 terms of Obamanomics. Don’t expect good outcomes here, either in the U.S., or the rest of the world, because everyone drank the central planning Kool-aid. Free markets and limited government, I hardly knew ya!

    – You get the government you vote for, and good and hard.

    1. Should brandan Jump up and down and cry like a little baby because the federal reserve is raising rates.So if he even could get them to lower rates and turn the economy around and get the housing back on track would that make you happy?

      1. L f SC

        “…would that make you happy?”

        – (Mostly) free markets and limited government would be a step in the right direction. Kind of like as set up by Founding Fathers. No Fed. Federalism. Constitution, etc.
        – Central planning/Socialism sucks.
        – I don’t think you understand this. Few do…

        1. I’m happy all the time. I became a volunteer fireman at 16, I went in the military at 18, flew as a C130 postmaster for 7 years. I’ve been successful at business, I have a expensive home paid for, sports car, motorcycles all the toys paid for….I’ve worked for it. But to answer your no I would be very unhappy if they lower the rates because I’m getting around $1300 per month at discover bank on my money market.

          1. Yes. Lower rates hurt savers.
            Doesn’t anyone have knowledge of US Paul Volcker?
            He rapidly raised interest rates to extremes and halted inflation.
            7% is an historic average.
            Free money for years caused this mess.

      2. FFR doesn’t control the long bonds, so they can raise or lower all they want. They would need to buy up the 10 year and MBS’s to make a difference.

    2. ‘Up Shit Creek Without A Boat“ – Wait a minute. I was told that Real Estate was the path to riches? What’s with all the doom and gloom?’

      I know, it’s water front, wa can go wrong?

    1. Despite Country Garden’s last-gasp payment, China’s property sector remains in crisis: two-thirds of its developers with most offshore debt are defaulters
      Joseph Wilkins
      Sep 5, 2023, 3:45 AM PDT
      Chinese President Xi Jinping.
      Getty Images

      – One of China’s largest developers averted a debt default Monday after paying two coupons during the grace period.

      – But the property crisis is far from over – with Bloomberg data showing 34 of the top 50 developers as defaulters.

      – The remaining 16 firms face almost $1.5 billion of combined bond payments due September, per the data.
      …

    1. Yahoo
      Yahoo Finance
      Stocks edge lower amid China data gloom: Stock market news today
      Karen Friar and Josh Schafer
      Tue, September 5, 2023 at 7:20 AM PDT·1 min read
      In this article:

      Wall Street stocks inched down at Tuesday’s open as traders returning from a long weekend grappled with fresh data showing China’s economy is still struggling to recover.

      The S&P 500 (^GSPC) fell 0.1%, while the Dow Jones Industrial Average (^DJI) was broadly unchanged, both paring earlier deeper losses. The tech-heavy Nasdaq Composite (^IXIC) slid 0.4%, as climbing 10-year Treasury yields weighed on growth stocks.
      …
      https://finance.yahoo.com/news/stocks-edge-lower-amid-china-data-gloom-stock-market-news-today-104731326.html

    2. SOURCE / ECONOMY
      China’s US Treasury holdings in June hit a 14-year low
      By Global Times Published: Aug 16, 2023 11:57 AM Updated: Aug 16, 2023 11:53 AM
      A teller counts U.S. dollar bills at a bank in Qionghai, south China’s Hainan Province. Photo:Xinhua

      The Chinese mainland reduced its holdings of US Treasury bonds for a third consecutive month in June to $835.4 billion, dropping to a 14-year low, data from the US Treasury Department showed on Tuesday local time.

      China remains the second-largest holder of US Treasury bonds only after Japan, but it has kept levels under $1 trillion since April 2022. Holdings were cut from August 2022 to February 2023, with a slight pick-up in March of $20.3 billion, before falling again in April.

      China’s reduction is a long-term strategy and the US has helped cause this trend with its irresponsible policies, which will eventually backfire, experts said.

      China has been cutting its holdings amid bilateral tensions, aiming to reduce dependence on the US currency while diversifying its offshore assets, Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Wednesday.

      China will make further reductions but at a moderate pace to avoid market volatility, Xi said.
      …

    3. Thanks PB, but of course the wsj is there to support various financial institutions talking their books

      Given the endless bad news about China’s economy, the contrarian in me wants to be bullish.

      It’s true that debt, housing, local government and consumer demand are all a mess, and dire demographics raise the prospect of a Japanese-style economic disaster. But there are three things working in China’s favor as an investment destination: Stocks rarely have been this cheap compared with the U.S.; its entire weight in a global benchmark is smaller than Apple’s; and a weaker dollar might help.

      The basic case is that China is cheap. MSCI China, which includes Hong Kong stocks, trades at just 10.8 times the next 12 months’ earnings, about half the 20 times earnings of both the S&P 500 and MSCI USA. Even that hides the cheapness of much of the market, as Tencent Holdings makes up more than 12% of the index, and trades at 17.5 times forward earnings.

      https://www.wsj.com/finance/stocks/yes-there-is-a-bull-case-for-investing-in-china-718e21d3?mod=hp_lead_pos2

      1. China is the biggest smoldering rotten pile of debt in the history of the world.

        “Forward earnings” is a scam.

          1. Last year I went through a process of getting a bunch of bids for some CNC work from China. I got wondering last week if things are as bad as people are saying if they would start following up and contact me again. Last night one of them did. Hunger may be setting in…

      2. B, I’m not gonna say there’s never gonna be another opportunity to invest in china but the problem now is they have not even accepted that they’ve got a problem. And that’s a problem! I personally think they are in the second ending Of this wild game they’ve been playing

        1. Is China’s economy a ‘ticking time bomb’?
          Published 5 days ago
          A worker welds at a temperature control equipment manufacturing enterprise in Qingzhou Economic Development Zone, East China’s Shandong province.
          Image source, Getty Images
          Image caption,
          China’s post-Covid recovery has been slow
          By Nick Marsh
          Asia business correspondent

          The past six months has brought a stream of bad news for China’s economy: slow growth, record youth unemployment, low foreign investment, weak exports and currency, and a property sector in crisis.
          …
          https://www.bbc.com/news/business-66636403

        1. The Stock Market May Have Peaked in July. Here’s Why.
          Has the stock market peaked? The evidence doesn’t lie.
          28m ago · By Michael A. Gayed

          This has been a particularly interesting year for the stock market, with various indices experiencing significant gains, and others not moving much at all. For all the hype around the “new bull market,” a rising tide has not lifted all boats. Given historical trends, it is not entirely impossible to think that the peak for the year already happened in July for the S&P 500.
          …
          https://investorplace.com/2023/09/the-stock-market-may-have-peaked-in-july-heres-why/

  11. The Klaus Schwab, private party ” Stakeholder Governance ” One World Order/Great Reset entities in collusion with Governments have declared the intent to take over World.
    Klaus Schwab saying who controls the technology controls the World.
    A plan to have private party banks control your consumption and money with a social credit score. Private Parties telling you, you will eat bugs, own nothing, be chipped and under surveillance, forced vaccines, and everything else these powerful Entities plan for humans.
    All their narratives are pre-planned fraudulent ploys to force humans into compliance on their power grab.
    They have obviously captured governments and systems and are welding their One World Order / Great Reset, enslavement of the 99 % humans.
    They have some time line which goes alone with the United Nations 2030 sustainable earth agenda.
    They say that Co2 carbons is the culprit in a doomsday climate change threat, and they create bio weapon viruses that accidentally get released or faked.
    War has been declared on human populations, and these Entities represent the greatest threat to global populations that has ever been attempted. Government arent stopping them because governments are in collusion with them. They own the media and want to censor free speech and not have any dispute to.their mass brainwashing and disinformation.
    While their narratives are totally ridiculous and are designed to divide and conquer, extort and bribe to get compliance to their adgenda, their intentional murder, mayhem and damage is glaring.
    They spent decades being parasite looters of humans, and now they want to control all the marbles and enslave humans.
    They envision AI and Robot replacement and humans being drugged, useless , watching videos, but they probably plan to genocide populations as the real end game.
    They don’t care about democracy, or any power by the people, and they could care less about equity.
    Larry Fink, CEO of BlackRock recently said that people need to be controlled.
    Money should rule and get a world designed for them. Technology should be used to enslave humans, not in the service of humans.
    Im just flabbergasted over this anti-humanity criminal Cult that want to take over.

    1. They envision AI and Robot replacement

      I’ve read that some Millennials have expressed that they don’t want to have kids because they fear they won’t be able to earn a living when they grow up. I’ll bet seeing all the tent cities popping up doesn’t help either. I don’t think the homeless’ parents expected them to end up like that.

  12. “MF1 Capital has filed to foreclose on a Houston property, after the owner, apartment syndicator Rockstar Capital, defaulted on a $51 million loan.

    You would have to be a wanker of the highest order to invest with a firm called Rockstar Capital.

  13. In Toronto, home prices dropped by almost $64,000 in July month over month, and there were fewer sales while new listings increased.

    $64K Canadian pesos would’ve paid for a lot of rent.

  14. “‘I hope Country Garden can overcome their financial difficulties,’ said 29-year-old Zhao Bojian from Chinese province Henan, who bought one of 26,000 Forest City apartments for around $430,000 five years ago.

    Hope is not a strategy, Zhao.

  15. ‘We unfortunately were not able to come to an agreement with our lender,’ Martinez said, stressing it was Rockstar’s ‘first ever lender issue.’ Rockstar Capital currently owns about 4,800 units across Texas. ‘

    Die, speculator scum.

  16. “Months of zero-COVID rules that saw whole cities plunged into sudden extreme lockdowns destroyed thousands of businesses and vastly depleted family savings.

    Remember when Xi & the CCP were being feted by the globalists & their Quislings for their draconian lockdown measures? Now it’s time to count the cost of such totalitarian lunacy.

    1. The backlash against the ADL is trending on Twitter as the vast majority of posters are fed up with this so-faux “civil rights group” trying to censor and silence truth-tellers on social media.

      2. Speaking of the ADL…Are your kids being spied on by the ADL?

        https://frontline.news/post/gaming-giant-uses-ai-to-eavesdrop-on-players-for-toxicity

        Gaming giant uses AI to eavesdrop on players for ‘toxicity’

        “While the n-word is typically considered a vile slur, many players who identify as black or brown have reclaimed it and use it positively within their communities,” says ToxMod developer Modulate. “If someone says the n-word and clearly offends others in the chat, that will be rated much more severely than what appears to be reclaimed usage that is incorporated naturally into a conversation.”

        With assistance from the Anti-Defamation League (ADL), Modulate has programmed ToxMOd to recognize “white supremacists” and “alt-right extremists” which Modulate categorizes as “violent radicalization.”

        “Using research from groups like ADL, studies like the one conducted by NYU, current thought leadership, and conversations with folks in the gaming industry, we’ve developed the category to identify signals that have a high correlation with extremist movements, even if the language itself isn’t violent,” explains Modulate on its website. “(For example, “let’s take this to Discord” could be innocent, or it could be a recruiting tactic.).”

  20. Colorado,
    The young people are just responding to all the data being fed to them.
    In my youth it was jump under the desk because necular bombs are going to get you. Actually eventually you lose your fear of being blown up, but its in the psych somewhere probably affecting on some level.
    Younger generations are being told that there is a doomsday Climate Change, you will be dead in 8 years. So why would they plan on children . They would be hooked into government as their savior.
    This is a very sinister brainwashing of the younger generations. Add to that the rigged economic systems , unaffordable shelter, and why wouldn’t they acts as they are acting. They are brainwashed to think consumption and co2 emissions are a threat, capitalism is the enemy and Marxism is the answer. They are told the white race is the culprit, or the unvaccinated, or republicans, or guns, or free speech, or whatever.
    If they only knew who the enemy is and what their intentions are.

  22. ‘Rockstar Capital currently owns about 4,800 units across Texas. ‘We made multiple proposals to the lender, but they were not willing to make short-term accommodations to the interest payments for a deal to work’

    Couldn’t cover the interest.

  23. ‘In my 20 years working in property, I’ve never seen such a precarious landscape. One recent example involved a landlord with a 100-property portfolio who had to hand back keys due to untenable mortgage payments’

    Et tu Imran, just gave it away, 100 units?

  24. ‘This has turned into a nightmare,’ Mr Browne said. ‘It does leave us pretty much up shit creek without a boat.’ He said he had been struggling to pay bills and rent for somewhere to live while work remains at a standstill on his townhouse — and without a clear way forward to pay to finish it. ‘We’ve lost all our savings’

    via GIPHY

    1. creek without a boat

      Well Browne, you’re not thinking very clearly. It’s up the creek without a paddle.

  25. ‘She claims to have given the authorities her property in exchange for a new apartment elsewhere. ‘They said we would have a new apartment in three years’ she says, ‘it will be the fifth year this September, but everything is still the same.’ And she has a pretty clear idea as to why her life is in this limbo. ‘It’s mainly that there is no money. The state does not have any money left’

    Acceptance <- Shi you are here.

  26. Image files for Jeff.

    I drove over Kebler Pass eastbound from CO-133 south of McClure Pass and north of Paonia to Crested Butte for the first time last weekend. I don’t know what the name of this mountain is:

    https://ibb.co/VHF88p8

    Mt. Crested Butte seen on the descent into the town of Crested Butte, I have skied multiple times and mountain biked once on this mountain, it’s pretty nice:

    https://ibb.co/N7FQFnJ

  28. Is it safe to assume at this point that inflation is fully contained, and no further rate hikes are necessary?

    1. Financial Times
      Oil
      Oil hits $90 for first time in 2023 as Saudi Arabia and Russia extend cuts
      Prolonged reductions likely to raise tensions with White House
      Oil storage tanks in Saudi Arabia
      Saudi Arabia’s state media reported the kingdom would keep its 1mn b/d cut in place until the end of December © Simon Dawson/Bloomberg
      David Sheppard and Tom Wilson in London and Myles McCormick in Houston 4 hours ago

      Oil prices rose above $90 a barrel for the first time in 2023 on Tuesday as Saudi Arabia and Russia said they would extend their voluntary production and export cuts until the end of the year.

      Saudi Arabia, which leads the expanded Opec+ cartel with Russia, has cut an additional 1mn barrels a day from the global market since July, in what had been originally billed a temporary measure.

      But having already extended the cut until the end of September, Saudi Arabia’s state media reported the kingdom would keep its 1mn b/d reduction in place until the end of December, citing the ministry of energy.

      Russia has added its own voluntary export cuts in recent months, with deputy prime minister Alexander Novak adding on Tuesday that its 300,000 b/d export reduction would stay in place until the end of the year.

      The move, which threatens to reignite inflation concerns globally, is the latest effort by two of the world’s largest oil producers to boost prices despite much of the world grappling with higher energy costs.
      …

    2. Updated Tue, Sep 5 20234:39 PM EDT
      Dow closes nearly 200 points lower as rising oil prices drag down stocks: Live updates
      Samantha Subin
      Pia Singh

      Stocks fell on Tuesday to kick off the first trading day of a holiday-shortened week, weighed down by a jump in crude oil prices.

      The Dow Jones Industrial Average
      lost 195.74 points, or 0.56%, to finish at 34,641.97. The S&P 500 dropped 0.42% to close at 4,496.83. The Nasdaq Composite edged down 0.08% to settle at 14,020.95.

      Oil prices rose after Saudi Arabia and Russia extended voluntary supply cuts. West Texas Intermediate futures popped more than 1% and briefly traded above $87 per barrel, reaching their highest levels since November.

      The news lifted energy stocks, with the S&P 500 sector gaining 0.5%. Shares of Halliburton and Occidental Petroleum each added more than 2%, while EOG Resources rose 1.8%. The uptick in oil pressured airline and cruise stocks, with American Airlines, United Airlines, Delta Air Lines and Carnival shedding more than 2%.

      Treasury yields also popped, straining risk assets. The yield on the 10-year Treasury surged roughly 9 basis points to about 4.27%.

      “If you have oil prices moving up that could be inflationary,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. “That just makes the Fed’s job harder. There’s already a fine line between the Fed landing the soft landing that people are hoping for” and an economic slowdown.

      Another hard-hit area included small-and midcap stocks. The S&P Small Cap 600 sank nearly 3% for its worst day since February. The S&P Midcap 400 slumped about 2.3%, and the Russell 2000 fell 2.1%.
      …
      https://www.cnbc.com/2023/09/04/stock-market-today-live-updates.html

    3. Yes, and since it is contained, they should drop the rates to zero and start printing money as soon as possible.

  29. ‘More inventory is expected in the condo market from investors, said Toronto mortgage broker Mary Sialtsis, as some investors are over-leveraged with multiple properties. ‘We’ll see some new listings coming from investors,’ she said. ‘We’ve already seen that in the market this summer and will continue to see it in the fall’

    That’s the spirit Mary!

  35. Speaking of Shit Creek, how long from now will Wall Street’s darling homebuilders make a return visit to CR8Rville?

    1. Financial Times
      Updated 24 minutes ago
      Live news: Barratt profits drop as mortgage rates hit housing market
      Edited by
      William Langley and Gloria Li
      an hour ago
      Barratt profits drop as mortgage rates hit housing market
      Akila Quinio in London

      UK housebuilder Barratt posted a drop in annual profit and reduced its dividend as high mortgages rates hit customers’ ability to buy new homes.

      The group on Wednesday posted £705.1mn in pre-tax profit for the year to June 30, a nearly 10 per cent decline on the previous financial year.

      It also slashed its total ordinary dividend to 33.7 pence per share, a 8.7 per cent year on year decline.

      “Customers continue to face cost of living and mortgage affordability challenges, and new developments are increasingly constrained by an ineffective planning system,” said chief executive David Thomas.
      …

    1. 20 hours ago
      Treasury Yields Jump on Oil’s Gains, Helping Dollar to Strongest Level Since May
      By Jack Denton

      Treasury yields were moving higher amid global inflation worries—helping the dollar to its strongest level in months—as traders returned from the Labor Day long weekend.

      A rise in oil prices has reignited global inflationary concerns. West Texas Intermediate crude prices have climbed 7% in two weeks, and, while the U.S. oil benchmark was down 0.3% on Tuesday, it remains near its highest level since mid-November 2022.

      “The recent run-up in oil prices is already setting us up for some hotter August [consumer-price index inflation] prints, so any further gains there are going to be a fresh hurdle for central banks in their quest to get inflation back to target,” said Jim Reid, a strategist at Deutsche Bank. “That concern was evident among sovereign bonds, which sold off mainly thanks to higher inflation expectations.”

      Bond yields move inversely to prices, so a selloff in bonds pushed yields higher—a trend that began last Friday in the U.S. after a weaker-than-expected jobs report and resumed globally this week. The yield on the benchmark 10-year U.S. Treasury note rose above 4.23% on Tuesday, having sat below 4.1% before the jobs report and finishing last Friday at 4.18%.

      “Bond market players have started to push U.S. yields higher once again, enhancing the dollar’s interest rate advantage, while some disappointing business surveys from China pushed investors into the safety of the world’s reserve currency,” said Marios Hadjikyriacos, an analyst at broker XM.

      Indeed, the dollar is more attractive to global investors when Treasury yields rise, as traders move into the greenback. The U.S. Dollar Index advanced 0.4% to 104.65 on Tuesday, its highest level since May 31.
      …
      https://www.barrons.com/livecoverage/stock-market-today-090523/card/treasury-yields-jump-on-oil-s-gains-helping-dollar-to-strongest-level-since-may-5S9Ff9EB37OvT1UAXaIz

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