This House Was Everything To Us, We’ve Put All Our Money Into It
A report from the Jamaica Plain Gazette in Massachusetts. “‘Inventory is down across the Board,’ said BJ Ray of the Boston Home Team of Unlimited Southeby’s International Realty. ‘Specifically in JP, single-family listings and sales are down about 20% from last year. The condo inventory drop has been even more dramatic, with a reduction of 30% in the number of properties listed and closed sales. However, the drop in price and value haven’t been so dramatic. Single families are averaging about 10% less than this time last year and condo sale prices are down around 5%. Anecdotally, I can say that open house traffic is a lot quieter.'”
“As for the commercial real estate market, Andrew Maxfield of Maxfield and Company Real Estate noted, ‘With vacancies up, commercial real estate is struggling.’ Constance Cervone of Cervone, Deegan + Associates said that in her building on Boylston Street, there are three vacancies, which has never happened before.”
Scripps News on Colorado. “Fall has historically been the ideal time for buyers to get into the market, and this year is no exception, said Kelly Moye of The Kelly Moye Team at Compass Real Estate of Denver/Boulder. Why? Because the holidays are right around the corner and those sellers who haven’t sold yet start to get a bit nervous. Price reductions are prevalent as sellers try to sell before the winter. ‘This is a prime chance for buyers to negotiate a great deal on a house,’ Moye said.”
WKRN in Tennessee. “According to RE/MAX, Greater Nashville homes are sitting on the market longer – 33 days compared to 24 last year. And, inventory is up 15.1% over last year. ‘Open houses are popular again,’ said Jeff Checko, relocation director with the Ashton Real Estate Group of RE/MAX Advantage. ‘Interest rates have remained at or above 7% for several months. We’re starting to feel it in terms of people feeling anxious about making a move.’ Typically, new construction makes up 10% of inventory, but currently, nationally, it’s at 30%. For Checko, that means selling a new build will just take a little more creativity. ‘That’s the way it works. It’s like supply and demand. If people aren’t buying, the market’s going to respond. Banks and builders and sellers are going to do whatever it takes to motivate people.'”
“That means builders offering incentives such as buydowns. But he admits that the next few months will be very important. If interest rates remain above 7% much longer, we could see inventory pile up even higher. ‘Something has to give,’ Checko said. ‘And so hopefully it’s a healthy combination of prices coming back down to Earth a little bit, not where people get hurt. But rates coming back down too, so people can just move about the cabin.'”
The Bradenton Herald in Florida. “Manatee County’s single-family home supply increased by 12% to a 2.8-month supply, and condo supply increased by 83% to a 3.3-month supply. Manatee single-family homes went under contract within a median of 33 days, a 153.8% increase from last year. ‘We are not in the frenzy of the last couple of years,’ Lori Bollinger, a Lakewood Ranch-based Realtor with Michael Saunders & Company, said of the sluggish market. ‘Buyers are sitting on the fence with the higher interest rates to see how it goes.'”
The Ahwatukee Foothills News in Arizona. “Valley homebuyers may not realize it, but most of the Phoenix Metro region is tilting slightly in their favor. The Cromford Report shows that only three of the metro area’s 17 municipalities are considered buyers’ markets: Tempe, Paradise Valley and Cave Creek. ‘Overall the situation is deteriorating for sellers, though they still have the advantage in most locations,’ the Cromford Report said. ‘One exception is Queen Creek, which we would classify as balanced. The current trends in the market are lessening the negotiation advantage for sellers and probably making them just a little nervous.’ The Cromford Report said Valley housing data suggests the market ‘still has a long way to go before we arrive at a balanced market.’ But it added, ‘Each day it moves lower (and) strengthens the borrowing power of buyers.'”
The Tribune in California. “San Luis Obispo-based Realtor Graham Updegrove said the area’s housing market operated at a more ‘sustainable’ pace this summer than it did during the peak of the buying frenzy that followed the peak of the COVID-19 pandemic. Updegrove said the steady pace was has been driven largely by a decline in sales. ‘Since June, we’ve seen an uptick in the number of active listings on the market, and we’ve seen a pretty significant drop in the number of pending sales,’ Updegrove said. ‘I think there’s a potential that things are shifting, or just slowing down.’ Regionally, all five major regions recorded double-digit year-over-year sales declines in August, with sales in the Central Coast region falling 17.9%.”
“Santa Cruz County also saw its median home price drop, from $1.3 million in July to $1.2 million in August, a decline that brought prices 7.7% lower than those seen in August 2022. Any significant changes in median home price — such as Pismo Beach’s 31.9% year-over-year decline to $985,000, or Cambria’s 26.8% decline to $813,000 — were likely skewed by low sales that inflated the amount of year-over-year change, Updegrove said. Pismo Beach saw listings rise 76.9% year-over-year to 23 in August, while Cambria saw listings rise 78.6% to 25. Nearby, home prices fell 7.4% year-over-year in Paso Robles to $725,000. In South County, median home prices fell by 15.4% in Arroyo Grande to $965,000.”
The Real Deal. “Last week, Tides principals Sean Kia and Ryan Andrade said they’d executed ‘dozens’ of loan modifications across their distressed portfolio, workouts they characterized as ‘really, really good news.’ New terms extended maturity dates and cut interest rates, the sponsors detailed, a band-aid to stanch the bleeding and buy them time to boost revenues through renovations. On Friday, DBRS Morningstar released some not-so-good news. The ratings agency raised loss expectations for two of the amended loans. DBRS Morningstar now expects losses to be 1.5 times greater for securitized loans tied to Tides on Oakland Hills in Fort Worth, Texas, and Tides on Country Club in Mesa, Arizona, than those of the overall loan pool. The debt comprises a larger $1.3 billion pool of mortgages originated by MF1 Capital. Nearly half of the loans are watchlisted.”
“The investment may save the deal from default, but it also comes at a price. Preferred equity, often called rescue capital, is more expensive than senior debt and gives the lender a stake in the property. Kia countered that the differential isn’t so extreme given the rise in rates on its senior loan. The deal also adds another layer to the capital stack — Tides will now need to pay back its senior debt, then the preferred equity investment before it doles out returns to the limited partners who made the deal possible. If Tides can’t salvage the property by the time the debt matures, those investors could see nothing. Organic rent growth has plateaued and even declined in some of the markets where Tides holds assets, making post-renovation rent hikes the fulcrum of its strategy to increase revenue.”
From Bisnow. “With no sign that the Federal Reserve’s restrictively high interest rates are coming down anytime soon, the commercial real estate industry is still looking at ways to shake loose financing as lending is set to drop around 40% this year. One term gaining popularity is ‘dequity,’ an ambiguously defined mix between debt and equity that developers are increasingly using to fill holes in their capital stacks. The funding carries increased risk for borrowers — but not enough to discourage the commercial real estate sector from using it to plug a gap.”
“Circumstances create a ripe environment for dequity to step in, Georgette Chapman Phillips, dean of the College of Business at Lehigh University and author of a 2005 paper on dequity, told Bisnow. ‘What was worth $100 two years ago is worth 50 bucks now. What’s the loan-to-value ratio on that?’ she said. ‘Loans are underwater, people are walking away. It’s another reckoning moment.'”
From Global News. “Prospective buyers in Canada’s housing market have a range of choices when it comes to climbing the first rung on the property ladder. Mark Pedlar is a Realtor with Re/Max Bluewater Realty in Grand Bend, Ont., on the banks of Lake Huron. He says that now is a ‘better time’ to consider investing in a recreational property as demand dies down and buyers can take their time to find a property that suits their needs. ‘There’s lots of inventory, there’s less people out and about looking. It’s turned into more of a buyer’s market versus a seller’s market,’ he tells Global News.”
The Jersey Evening Post in the UK. “The first sign that Jersey’s once booming housing market had finally started to cool emerged last month when figures revealed the average cost of a home during the spring was £666,000 – down £20,000 against the same period in 2022. Perhaps the more interesting figure was that of ‘market activity’, which showed that the number of sales was down 42% on the same period in 2022. One Islander recently told the JEP that his property had been on the market for the last 12 months. ‘In the end we lowered the price below the recommended market price, but we were still unable to sell it due to mortgage-repayment costs being too high for potential buyers,’ he said. ‘I also found the standard of the majority of estate agents was shocking – they must have been so used to selling houses with ease over the past few years, that they have forgotten how to work to even a minimum standard.’”
“Another said that they lost thousands of pounds in fees when a buyer from whom they had accepted an offer pulled out – after failing to complete the sale of their own property. Estate agent and director at Broadlands, Harry Trower – who last month revealed that transactions had ‘fallen off a cliff’ – said the market remained ‘slow’. And Margaret Thompson, the chief executive of Thompson Estates, warned that vendors who bought their properties when prices peaked last year could ‘suffer a loss’ and urged them to be realistic when looking to sell.”
AFP on Germany. “Valeriy Shevchenko felt like he made the purchase of his lifetime when he beat a queue of prospective buyers to secure a two-bedroom apartment in one of Berlin’s most popular districts. Two years on, the 33-year-old’s housing dreams have come crashing down after the developer of his new home, Project Immobilien, went bankrupt. Hit by a sudden jump in interest rates and raw material costs, twice as many developers have filed for insolvency over the last year than the previous 12 months. Like hundreds of homeowners-to-be across the country, Shevchenko found construction of his new home suddenly halted, as workers cleared out of the site where the concrete skeleton of the building stands, with no windows.”
“‘From the middle of August, the construction was frozen. The cabinets for the workers here, the crane in the middle, everything moved away,’ said Shevchenko at the site, shellshocked by the setback. Many of the halted projects are also well advanced, pushing buyers into dire financial straits. In Berlin, investors of the Project Immobilien’s construction had already paid half of what is due. ‘I’m not a rich person. My money is the fruit of my labour,’ said Shevchenko, who had already paid up 250,000 euros ($266,100) for the apartment he bought for half a million euros.”
“With no insurance purchased by the building company or the future homeowners, there is no financial protection against the sudden bankruptcy. Their only hope now is to find someone else to take over the construction, or to finish it themselves. ‘I never thought that something like that could happen in Germany,’ said Marina Prakharchuk, 39, with tears in her eyes. The Belarusian had paid up 175,000 euros for her 45-metre square apartment. ‘All my savings are in there,’ said the employee of a logistics company.”
ABC News in Australia. “Tasha Jordan and her partner Ken Belbin engaged Golden Homes to build their family home at Turners Beach for $380,000. An occupancy permit was issued by a surveying practice but Ms Jordan had become concerned and wanted another opinion. A geotechnical investigation of the site paid for by Ms Jordan recently found her house had been built on highly reactive clay, making it more susceptible to movement. Last month, Golden Homes’ director Emmett Davidson told his clients the company was going into administration because Jarrod Stubbs — the licenced builder it had employed — had resigned.”
“Mr Davidson did not hold a building licence and had relied on Mr Stubbs’s to construct the homes. Ms Jordan said she could not find another builder to rectify the issues, with some even recommending the house be demolished. Ms Jordan and her teenage children are staying on couches at her parents’ home, while Mr Belbin lives with his mum. Their entire lives, including items for the new house, are stuck in a shipping container. ‘This house was everything to us. We’ve put all our money into it,’ she said. ‘To end up two years later with something this bad … we have been fighting for our lives.'”
“In a town nearby, another client of Golden Homes, Sarah, who did not want her last name published, is living illegally in a converted shed with her children. ‘We’re stuck in this tiny, cramped, little space with no end date in sight,’ she said. Her $390,000 home was nearing completion when Mr Stubbs sent her a text message in July explaining he had left the company. ‘I decided its best i [sic] step away from my role there [at Golden Homes] as its [sic] become in my best interest to do so…I believe your home is down to be finished asap im [sic] just not the best person to ask that anymore sorry,’ he wrote. Sarah’s house remains unfinished, and she too has discovered builders are unwilling to take on the liability of finishing another’s incomplete work.”
From Bloomberg. “Hong Kong is relaxing its mortgage rules for homes under construction, as the government takes more steps to support the city’s property market that has been weighed by high borrowing costs. While the move will hand more purchasing power to new home buyers, it will not boost the overall property market unless the government relaxes the stress test requirement, said Sammy Po, chief executive of the home division at Midland Realty. ‘Simply relaxing mortgages on unfinished properties is not targeting the problem,’ Mr Po said. He expects home values to drop 2 per cent to 3 per cent for the full year if the government does not roll out more measures. Expensive interest rates have deterred buyers in one of the world’s most expensive property markets, bringing down home prices down 17 per cent from their peak in 2021.”
South China Morning Post. “Soon after China decided to lift border controls in January, ending three years of zero-Covid measures, Stephen Yao embarked on a new mission. Representing more than 200 middle-class Chinese families with many in second-tier cities, the Guangdong-based property agent has been searching for buyers for the investment properties his clients bought in Southeast Asian countries before the pandemic. But amid a bumpy reopening recovery, a protracted property crisis at home and dwindling growth of household wealth, some have struggled with worsening financial conditions and had to scale back overseas investment.”
“‘A number of them can no longer afford the final payment for their property investment and desperately need cash to solve their domestic financial problems, such as business failures, lay-offs and mortgage loan defaults,’ Yao said. ‘Some no longer have the extra funds to continue holding these overseas properties. Many of the buyers were ordinary middle-class families from second-tier cities in China engaged in the tourism, export and services industries. Since the pandemic, their income has dropped significantly and the market value of domestic properties has also declined.'”
“Condos in Thailand, Vietnam, Malaysia and Japan all became popular investments. Demand prompted Chinese developers to build properties in Southeast Asia, tailor-made for affluent Chinese people eager to invest overseas or to embrace a different life abroad. But those projects are now under threat, faced with making losses. ‘It has less than 1 per cent of the 700,000 people that were planned for the Forest City community,’ said Patricia Li, one of a group of middle-class Chinese investors flocking to Malaysia to buy property. In 2017, Li invested in two apartments in Forest City, a development by Chinese property giant Country Garden in Johor, the southernmost state in Malaysia.”
“Forest City now looks more like a ghost town than the thriving residential and commercial district that was promised, with condos, roads and shops laying empty, according to Li. She said she felt quite depressed as the price of the apartments has fallen to 6,000 yuan per square metre now – down from 18,000 yuan. ‘There may be just a few thousand Chinese people living over there now. Many want to sell their houses. Unless he or she can find Chinese buyers, no one else would be interested, neither locals nor buyers of other countries, as the design and features are only suitable for the Chinese community,’ she said.”
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How about those Broncos?
‘Any significant changes in median home price — such as Pismo Beach’s 31.9% year-over-year decline to $985,000, or Cambria’s 26.8% decline to $813,000 — were likely skewed by low sales that inflated the amount of year-over-year change’
It’s the MIX!
Anecdotally, I can say that open house traffic is a lot quieter.’”
Looky-loos should not be confused with creditworthy buyers.
“A lot quieter” is way understated for our area. The open houses around us are crickets chirping and frogs croaking.
‘If Tides can’t salvage the property by the time the debt matures, those investors could see nothing’
Wa?
‘Organic rent growth has plateaued and even declined in some of the markets where Tides holds assets, making post-renovation rent hikes the fulcrum of its strategy to increase revenue’
Rents are sinking like turd in a well Kia. The RD didn’t mention it but this is that big apartment syndicator. 4000 units IIRC.
‘This is a prime chance for buyers to negotiate a great deal on a house,’ Moye said.”
Three things:
1. Realtors are liars
2. Realtors are liars
3. With interest rates closing in on 8% while Bidenomics ravages the productive economy, shack prices have a lot further to fall.
(WARNING! This post has absolutely nothing to do with housing.)
Senator Shocked By Classified Briefing On Ukraine: Warhawks Want Blank Check With No Victory In Sight
https://www.zerohedge.com/geopolitical/senator-shocked-classified-briefing-ukraine-warhawks-want-blank-check-no-victory-sight
Sen. Josh Hawley (R-MO), known for his efforts to force the Biden Administration to declassify information related to covid’s possible lab origins at Wuhan, exited a classified briefing this week on the situation in Ukraine and expressed a feeling of shock.
“If there is some path to victory in Ukraine, I didn’t hear it today. I also heard that there’s going to be no end to the funding requests…”
Hawley went on to indicate that Americans will be asked to spend hundreds of billions more dollars in the region with an indefinite blank check in place to protect “US standing” on the world stage. Zelensky asked Biden and Congress for another $24 billion during his latest visit, stating that if Ukraine doesn’t get the aid, they will lose the war. The information at hand suggests that Ukraine is going to lose the war anyway.
Hawley also revealed that the public is being lied to about the war footing in the region and that Ukraine is definitely ‘not winning.’ This information confirms what many Americans already suspected, with 55% of the public now in opposition to more aid according to recent polls.
The corporate media blitzkrieg bombarding the populace with tales of imminent Ukrainian victory against Russian forces has lost its momentum and reality is starting to set in. Though, this did not stop journalists from trying to insert their list of debunked talking points into the interview as they seemed to debate Hawley more than ask him questions.
These debate points have long been a part of the media’s narrative but none of them have held water so far. Assertions of an inevitable “domino effect” leading to a Russian invasion of Europe should Ukraine fall are reminiscent of the same false claims made during the Vietnam War. There is no evidence to indicate Russia has plans to attack Poland or any other NATO member, with Putin obviously aware of the danger of nuclear conflict. As Hawley points out, the warhawks can’t have it both ways – They can’t claim that arming Ukraine has led to the degradation of Russian forces “on the cheap”, and at the same time claim that Russia is strong enough to then overrun Europe should Ukraine lose.
Another disturbing takeaway from this argument is the notion that Ukrainian citizens need to be used as cost effective human shields to prevent a wider war between Russia and NATO. It is the same claim that Zelensky has been making for the past year in order to frighten the western populace into throwing billions more dollars into Ukrainian coffers – “$100 billion and hundreds of thousands of Ukrainian lives will buy you the deaths of hundreds of thousands of Russians. A proxy war is lot cheaper than engaging in a direct war with them…”
But why entertain a war with Russia at all? A false choice has been presented – Either Americans support a proxy war against Russia, or be forced to fight a direct war.
So far, there has been no quantifiable benefits for the western public. It is clear, however, that there are elements of the establishment that desire an ongoing conflict with Russia. The anti-Russian rhetoric began in 2016 well before the war in Ukraine. Propaganda surrounding Donald Trump and “Russiagate” has been thoroughly debunked. Most of the “evidence” presented to prove that the 2016 election was manipulated by Russia was in fact fabricated by groups under the watch of Democrat operatives and some Neo-cons. Of course, the aftermath of the propaganda convinced a large portion of the public (most of them on the political left) that Russia was a predator lurking at their door waiting to strike.
Hawley also notes that while public attentions have been directed at Russia, China is a much more viable threat and any effort to prevent them from invading Taiwan would at this stage be futile. The truth is, neither war is a winnable prospect for the US or NATO given the economic instability at play; a conflagration between East and West would be disastrous for both sides, but western populations have the furthest to fall. Clearly there are people within our government that see this as a good thing as they continue to press geopolitical tensions closer and closer to WWIII.
77% of military-age Murican males are unfit to serve due to obesity, being on meds for mental illness, etc. Ironic that while the globalists are deliberately emasculating and destroying the physical & mental health of these young guys, their AIPAC accomplices are going to need a never-ending supply of cannon fodder for neocon military misadventures.
Obesity can be dealt with at boot camp. Yeah, it will need to be longer than usual.
Boot camp isn’t going to do squat if they keep feeding seed oils and high-fructose corn syrup and (possibly) artificial sweeteners to the recruits six times a day. [I don’t know about Army food but I’m guessing it’s whatever is cheapest.]
Never have people been so fat so young, and I DON’T think it’s too many carbs, or the lack of exercise. We GenX were the original latchkey couch potatoes and we were never this fat this young. (A little chubby yes, but not land-whale territory.) We kids scarfed down candy and bread and didn’t get fat until age 40. No, it’s got to be something new. I’m guessing it’s the seed oils and fructose. These kids need real food and no snacking. That will get them in shape in 6 months.
FWIW, a nephew attended ISMC boot camp a few years ago. He definitely lost weight.
USMC
Many of these young recruits lack muscle mass, so they’re medically unfit to enter boot camp.
GenX (best gen) here too and yeah, nobody got fat until about turn of the century, then it just exploded. But we didn’t eat like these kids today eat.
We would get breakfast go off to school, get lunch, get home and then dinner. Kids today get breakfast, a snack for on the way to school a coffee/soda/desert drink mid morning, a lunch, then a snack once they get home, then dinner, then a watch TV snack. And everything (snacks, meals, etc) is like 90% processed goyslop. The ones that get fed real food made by SAHM are still skinny. Some of these 7th/8th graders are just huge. 200lbs or more, already. They are screwed.
It’s clearly something in the mostly processed food in addition to all the carbs. (oh, ti’s just coffee, “oh it’s 1000 calorie desert drink masquerading as coffee). The few that did drink coffee as kids drank black (or with some cream/sugar) like everyone else, not this desert that is today. And soda, we might get a couple a week, not 2 or 3 cans a day.
“And soda, we might get a couple a week, not 2 or 3 cans a day.”
My parents wouldn’t allow soda pop in the house, and we continued that tradition.
“90% processed goyslop.”
Just saying “processed” isn’t specific enough. The hams from a century ago were pretty processed, as was Wonder Bread. So, just WHAT and HOW is this processing, and how is it different from it was in the past? That’s why I think it’s high fructose corn syrup (since ~1977) and seed oils (since ~1980).
‘that Russia was a predator lurking at their door waiting to strike’
Russia’s GDP is about the same size as Spain or K-da.
Russia is winning.
Biggly.
So far, there has been no quantifiable benefits for the western public.
The war in Ukraine has generated huge profits for the military-industrial complex and its Republicrat duopoly shareholders, and massive kickbacks for the DNC & the Biden Crime Family. Therefore the “western public” be damned, the war will go on into perpetuity.
‘That’s the way it works. It’s like supply and demand. If people aren’t buying, the market’s going to respond.
Thank you for that, Captain Obvious.
‘Valeriy Shevchenko felt like he made the purchase of his lifetime when he beat a queue of prospective buyers to secure a two-bedroom apartment in one of Berlin’s most popular districts’
Yer a winnah! Valeriy, I can feel it.
‘Two years on, the 33-year-old’s housing dreams have come crashing down after the developer of his new home, Project Immobilien, went bankrupt…‘I’m not a rich person. My money is the fruit of my labour,’ said Shevchenko, who had already paid up 250,000 euros ($266,100) for the apartment he bought for half a million euros’
You got that part right.
I love how people in other countries pay up front hundreds of thousands for a box under construction and then lose it all when the builder folds. Do they not have escrow accounts at their banks?
And it appears that they don’t even get to keep land under the half-built house. I wonder if there are grounds for a lawsuit in there somewhere.
Not the US and no brave lawyers.
‘Forest City now looks more like a ghost town than the thriving residential and commercial district that was promised, with condos, roads and shops laying empty, according to Li. She said she felt quite depressed as the price of the apartments has fallen to 6,000 yuan per square metre now – down from 18,000 yuan. ‘There may be just a few thousand Chinese people living over there now. Many want to sell their houses. Unless he or she can find Chinese buyers, no one else would be interested, neither locals nor buyers of other countries, as the design and features are only suitable for the Chinese community’
‘Their entire lives, including items for the new house, are stuck in a shipping container. ‘This house was everything to us. We’ve put all our money into it,’ she said. ‘To end up two years later with something this bad … we have been fighting for our lives’
Pat, Tasha, it was cheaper than renting.
as the design and features are only suitable for the Chinese community
What does that even mean?
It means the bathroom is a hole in the floor, with a bucket of water for a shower
What does that even mean?
That was my thought.
It means the bathroom is a hole in the floor, with a bucket of water for a shower
Lots of countries worldwide, including China, use squatting toilets. They are easier to clean, use less water, and preferred for guests (the master bathroom in newer builds in the PRC are generally a sitting-toilet FWIW).
I was thinking it meant no utilities installed and no working elevator.
‘The current trends in the market are lessening the negotiation advantage for sellers and probably making them just a little nervous.’ The Cromford Report said Valley housing data suggests the market ‘still has a long way to go before we arrive at a balanced market.’ But it added, ‘Each day it moves lower (and) strengthens the borrowing power of buyers’
Wa happened to my red hotcakes Tina?
We will not have sound money, honest markets, or a future for our children as long as the criminal private banking cartel called the Federal Reserve controls our money issuance.
https://twitter.com/RudyHavenstein/status/1559687903487307777
Justice is coming, globalist scum.
https://www.politico.com/news/2023/09/24/anti-vaxxers-political-power-00116527
https://twitter.com/lawrie_dr/status/1704950896885404062 (1m9s video): In a stimulating conversation from Better Way Live in Bath, UK, with Dr Peter McCullough on 19th Sept we agreed that
“Dr Andrew Wakefield was right all along.”
“Dr Wakefield was right.”
One of the first medical Doctors that that started questioning vaccines years ago. The Dr. paid deadly in that the medical establishment went after him, and I think he was stripped of his medical license for even questioning vaccines. I think he went on to become a film producer on films about giving knowledge about the subject.
I predict, eventually the fraud of the profiteers of the vaccine industry, as well as the Climate Change narrative fraud will be exposed for the faulty science it is.
The extortion ,bribery, blackmail , brainwashing, threat of job loss, etc. , has corrupted and rigged Science, as it did economic systems, governments and you name it.
There is no coming back from the outright extensive crimes these fraudsters have committed with their quest to enslave and genocide global population with their fraudulent narratives, for a global power grab take over.
Being in control of media and the narrative isn’t going to stop the push back to their fraud and vicious crimes as they try to trick humanity into submission and compliance to their control grid enslavement of humans.
Not saying that their damage won’t be felt, but they arent going to get their end game vision of destruction of humans, and a Hal version of taking over the ship.
Covid vaccines have been the foot in the door for the more general anti-vaccine movement. And unfortunately, that door is open pretty wide now”
Clutch those pearls harder.
Those aren’t vaccines. It’s experimental gene therapy.
I wouldn’t be surprised if many of those “vaccine” vials contained nothing more than saline solution, so they could have their control groups. If you were unfortunate enough to get the real stuff and it harmed you, well, you have to break some eggs to make an omelette.
Danish study March 2023 revealed that 30% of Fie! Zir vials used in the EU were possibly placebo. I read somewhere recently that even placebo have adjuvants added, are not always simply normal saline. Who knows? We just have to trust “the experts” because they care deeply about us lab rats:
https://www.zerohedge.com/covid-19/some-pfizer-vaccine-batches-eu-were-placebos-say-scientists
Who knows?
Exactly, which is why I have sworn off vaccines of any kind. Who knows what is in them?
‘What was worth $100 two years ago is worth 50 bucks now. What’s the loan-to-value ratio on that?’ she said. ‘Loans are underwater, people are walking away. It’s another reckoning moment’
That’s the spirit Georgette!
Ever notice how all the globalist Quislings moved in lock-step when the sociopathic “elites” foisted the scamdemic on the population?
https://twitter.com/FinanceLancelot/status/1706215763332214874
Must watch at only 7m42s.
Some of the globalist Quislings (D) seem to be breaking ranks over the Biden regime’s importation of millions of Democrat-on-Arrival dependency voters and the vibrant cultural enrichment they are bringing to Democrat sanctuary cities.
https://nypost.com/2023/09/24/bully-pulpit-andrew-cuomo-defends-eric-adams-on-migrants/
I guess it’s one thing to give deplorables the finger and another to have your formally upscale neighborhood flooded with nuevos americanos.
On Friday, DBRS Morningstar released some not-so-good news. The ratings agency raised loss expectations for two of the amended loans.
This clip from “The Big Short” is instructive. Ratings agencies are incentivized to give the highest possible ratings for the toxic-waste loan portfolios under their review. Nothing has changed since 2008, because none of the villains of the piece ever faced actual consequences.
https://www.youtube.com/watch?v=9xZx1lf2tvs
‘What was worth $100 two years ago is worth 50 bucks now. What’s the loan-to-value ratio on that?’ she said. ‘Loans are underwater, people are walking away. It’s another reckoning moment.’”
Frens, lets please observe a moment of silence for all those dear departed Yellen Bux flying off to whatever afterlife awaits debauched fiat currencies.
Heads are EXPLODING at the Jeff Bezos Amazon Washington Post, as President Trump now leads Joe Biden nationally by 10 points (52%-42%) after having led by 6 points (49%-43%) in May! 🤯🤯🤯
How bad are they melting down? The Post sh$ts 💩 all over their own poll throughout the article and they don’t even mention the head-to-head ballot test until the 21st paragraph!!!
https://twitter.com/JasonMillerinDC/status/1705806343477551133
Wa happened to my 81 million voters Jeff?
But…but…Most Popular President Ever with 81 million votes!
Heads are EXPLODING
For example, https://twitter.com/larrysabato/status/1705943070049468577?s=46&t=88Og3Skw2Kg_rLsu9HS-sw: Ignore the Washington Post – ABC poll. It’s a ridiculous outlier (Trump up 10 over Biden—laughable). My question: How could you even publish a poll so absurd on its face? Will be a lingering embarrassment for you.
If history is any guide, the poll is off by at least 20%.
Some states are trying to use in sur ection to remove Trump from the ballot in 2024. If he’s off the ballot in even one state, he likely can’t win. What will he do then? Take it back to SCOTUS? They’ll be threatened again and like say “Well it’s too late now.” I’m not optimistic.
I’m not aware of any state trying to do that. A handful of lawyers is what I’ve read.
You’re right, it’s some citizens’ groups in Minnesota and Colorado. But we already know that any jury in those states, and many others, won’t bother with a fair trial.
10 pm to buy a dog??????
A. girl aged three and two adults were shot dead during an argument over an apparent dog sale in Florida, according to police.
Five people – including the toddler – had gone to the JTB luxury apartment complex at Southside, Jacksonville around 10pm on Saturday to meet with some people about the purchase of the pet.
https://www.standard.co.uk/news/world/girl-adults-shot-dead-jacksonville-florida-us-b1109094.html
I’d bet a paycheck the dog was most likely a Pit Bull, or failling that a severely inbred French Bulldog. The criminally inclined underclass loves those breeds.
Also, LOL @ Luxury Apartments. This is the future for all those high-end units built over the last decades, they become hives of criminality, full of people with housing vouchers, who in another life would have been stuck in the projects.
pit bull
ghetto
guess the participants.
These Amish-Mennonite transactions often go bad due to the underlying theological conflicts & poor impulse control.
Why is anyone talking about sending U.S. military forces into Mexico, when the real problem is the Brandon regime implementing its globalist string-pullers’ open borders policies?
https://www.dailymail.co.uk/news/article-12557325/America-special-forces-Mexico-border-cartels.html
Some want to invade Mexico in order to further streamline the caravans, which have been disrupted by Mexican railroads kicking them off freight trains and shipping them back to the Guatemala border.
From the article:
In addition to those calls for military action, there already thosands of national guardsmen at the border suppording border patrol agents.
Supporting border patrol agents? If that means helping waive through invaders at the border so they can join the Free sh!t Army, then I suppose so.
Dementia patients belong in eldercare facilities, not masquerading as our Dear Leader.
https://www.dailymail.co.uk/news/article-12557237/Biden-trolled-dumbfounded-observers-getting-LL-Cool-Js-wrong-calling-boy-correcting-mistake.html
I’m losing the plot on all these contradictory “Nazi” narratives.
https://twitter.com/ElijahSchaffer/status/1706299159190355971
losing the plot
You’re thinking too much.
A reader sent these in:
Im moving my family out of Sydney to FNQ due to affordability issues in Sydney. It was always crazy here, but the past three years have been beyond insane. Rent is out of control here, but prices 2 buy are unachievable. I know a lot of people my age (38) planning to leave too.
https://twitter.com/adrian22279156/status/1705105160597594144
Good Morning from #Germany where Chancellor Olaf Scholz tells homeowners they can cope w/4% rates: “Folks, in Western Germany 700,000 apartments were built in 1972. Do you know what the interest was back then? 9.5%!,” Scholz said at a campaign rally in Bavaria. German house prices dropped by 9.9% in Q2 YoY – steepest decline since time series began in 2000.
https://twitter.com/Schuldensuehner/status/1705908811230323198
Scholz is officially the worst Chancellor Germany ever had… the counterfactuals here are all too obvious to be stated…
https://twitter.com/INArteCarloDoss/status/1706033309803807048
UBS: Among major U.S. housing markets, Miami is the most detached market from underlying fundamentals. UBS Global Real Estate Bubble Index 🏡👇
https://twitter.com/NewsLambert/status/1705959069775778237
Churchill Loses Penn Plaza Building to Foreclosure
https://twitter.com/danjmcnamara/status/1705961626594168876
China’s property developer Aoyuan Group Ltd is down 70% 3883.HK
https://twitter.com/DonMiami3/status/1706129005366108444
China Evergrande down 24% as company says it is unable to issue new bonds
https://twitter.com/DonMiami3/status/1706122382652371127
I don’t think this Airbnb will sell soon.
https://twitter.com/NotoriousAirbnb/status/1706035108598460593
The typical worker takes home $3,308 per month after taxes and benefits, per CNBC. The median monthly rent in the U.S. was $2,029 as of June, according to Redfin. This is 61% of the median take-home pay.
https://twitter.com/unusual_whales/status/1705960530559590454
Jeremy Grantham on the Real Estate Bubble: He says it’s going to take time to see this play out like I have. Great stuff.
https://twitter.com/StealthQE4/status/1705647341284336073
If the @federalreserve wants to be the driver for the sharpest declines in household formation in US history, letting MBS roll off is a fine path. If they want to improve the trajectory of families in America, they must sell their MBS entirely to flush the excess in housing.
https://twitter.com/windgineering/status/1705656409767985160
I own a small mortgage co here in FL and co-owned a much larger mortgage bank in TX. The rate at which borrowers cannot qualify will result in A LOT of systemic friction and decreased prices as time marches on.
Supply is not nearly as short as many are being led to believe with record housing starts currently under construction it is a matter of time before they come to market.
You can crush supply and keep demand. You cannot crush demand and simply regain it however. Every borrower that gets rejected or finds a rental for less than a mortgage payment is a buyer that exits the purchase market for a long duration.
If demand is beaten down too far and supply increases you may potentially end up seeing an artificially created housing crisis where a glut in housing develops and prices drop in certain markets precipitously. The difference from 2008 is that there won’t be any buyers to eventually absorb it as long term yields continue to climb to record levels as bond buyers bow out due to irresponsible govt debt management and spending. This is issue is significantly more complex and dangerous than 2008.
https://twitter.com/joshmortgagesfl/status/1705387329152856511
The average homeowners insurance premium in Florida has more than tripled since 2019, moving from $1,988 to $6,000, per Charlie Bilello:
https://twitter.com/unusual_whales/status/1705195489015071083
Median house price in California compared to median income from 1984 to 2023. In 1984, the median house price in California was $115,000 and the median income was $29,000. In other words, the median home in California was ~3.9x the median income. Now, the median home in California is $850,000 and the median income is $81,000, or ~10.5x the median income. The recent move higher in home prices makes the 2008 decline look small, watch until the end. Home ownership has become a luxury.
https://twitter.com/KobeissiLetter/status/1705026171384090760
“The study says the rapid surge of short-term rentals in 2022 contributed to a 28% rise in rent costs. It is estimated that B.C. tenants bore an extra $2 billion in rent costs between 2016 and 2021 due to the vast expansion of short-term rentals”
https://twitter.com/mortimer_1/status/1704586848604209342
Seeing inventory start to spike again and price cuts increase
https://twitter.com/NipseyHoussle/status/1706136630937931901
A reporter asked Powell last week about the risks posed by higher oil prices, the auto strike, and a government shutdown. He responded by adding two more—student debt repayments and higher long-term rates. “There is a long list, and you hit some of them.”
https://twitter.com/NickTimiraos/status/1706117681772970478
If interest rates stay here for 24 months, there will be a 30-40% price correction on commercial real estate. In-place 8 cap deals with 40% expense ratio on tertiary storage. 6-7 cap on class A product. Multi will get crushed. 6-7 cap pricing on class A. Equity will be totally gone on a lot of deals acquired since 2020. A lot of forced sales. Not as bad as 2008, but a lot of variable debt coming due in the next 24 months that owners can’t cover or replace at new rates. Wild times coming!
https://twitter.com/sweatystartup/status/1705775445046644846
30 yr mortgage rates are officially above 8%. Here’s what it means.
18 months ago rates were 3%
Payments on a $500k loan:
@ 3% = $2,108
@ 8% = $3,677
Based on that here’s what banks will need to see in income
$2108 payment: $5855 mo/income
$3677 payment: $10,213 🤔
https://twitter.com/patrickbetdavid/status/1705591173069344923
I’m a retired millennial and I eat takeout food for EVERY MEAL. Here’s the thing though: ITS ALL FREE. Here’s how I do it: I walk into any major fast food place like Starbucks or Chipotle and just look at my phone casually, look at the pickup area, nod my head and grab one and walk out. That’s why I’m rich and retired.
https://twitter.com/ReaperCapital/status/1705622375650173173
Boomer after selling their house to some millennials for $3M while they purchased it for $13 and a pack of almonds in 1971.
https://twitter.com/CarlBMenger/status/1705524156412903922
America peaked in the 90s and the deceleration is only getting more rapid. There is no culture, there’s still ‘good people’ but this is shrinking, the country on the aggregate is morbidly unhealthy and addicted, zero sense of country or patriotism, real wages suck, housing impossibly unaffordable for anyone trying to buy, demographics imploding, birthrate plummeting, low educated/skilled male immigration last remaining population driver, 1% controls majority of wealth. It’s the #SouthAfrication
https://twitter.com/DonMiami3/status/1705395314130120857
An acquaintance bought too much house & went variable on their broker’s advice. Can’t afford it 2 years later, so they’re selling. Even at a loss, no interest. Realtor said to de-list because interest returns with fewer listings. Turning small losses into defaults 101.
https://twitter.com/StephenPunwasi/status/1705306678684455034
How messed up is Ontario real estate? This gov footnote says it all. The *AUDITOR GENERAL* found it cost prohibitive to pull all property records, so they skipped some. THE GOV CAN’T ACCESS ITS OWN PUBLIC RECORDS WITHOUT BARRIERS!!! 🙃🤣
https://twitter.com/StephenPunwasi/status/1705278335817797725
“This is issue is significantly more complex and dangerous than 2008.”
I think we’ve been saying this here for some time. The only thing that’s different this time is that it’s gonna be worse than ‘08.
Part of me says “bring it on and get it over with.” Another part of me is afraid that only the billionaires will survive the coming tsunami.
Another part of me is afraid that only the billionaires will survive the coming tsunami.
There’s a reason Larry Ellison built his compound on a private island. Whether or not his mercenaries will protect him when the SHTF remains to be seen.
Pre-Con Condo Trouble. 11 Units Ain’t Closing
Angry Mortgage Podcast
2 hours ago
Ron talks about a bit of a pre-construction condo tragedy that struck two buyers and will likely drive them to a Trustee. Before everyone jumps to the conclusion the Sky is Falling in the GTA Condo Market IT ISN’T but maybe things are getting stormy out there.
https://www.youtube.com/watch?v=1DcznkxLjbo
6:17.
One couple bought 11 non-existent airboxes.
“If interest rates remain above 7% much longer, we could see inventory pile up even higher. ‘Something has to give,’ Checko said.”
There’s no “If” here my friend.
Now that central bankers have universally declared victory in their War on Inflation, is it safe to pile back into risk assets like long-term Treasurys?
Financial Times
Markets Briefing Markets
US Treasuries sell off as investors fret over lengthy period of high rates
Long-term yields rise to fresh 16-year high and global stocks stumble
A montage of the US Treasury building and the logo of the Department of the Treasury
Daria Mosolova in London an hour ago
Long-term Treasury yields climbed to fresh multi-year highs and global stocks stumbled on Monday as investors worried about the prospect of a lengthy period of high US interest rates.
Yields on the benchmark 10-year US Treasuries rose 0.09 percentage points to 4.53 per cent, their highest level in 16 years, while yields on the 30-year note were up 0.12 percentage points to 4.65 per cent, their highest level since 2011.
In Europe the yield on the 10-year German Bund, the regional benchmark, rose 0.06 percentage points to 2.8 per cent, also its highest level since 2011. Bond yields rise as prices fall.
Global government debt has sold off in recent days despite a slew of central bank meetings that suggested the global cycle of interest rate rises is nearing its end. The US Federal Reserve last Wednesday kept interest rates on hold, but published projections showing a slower reduction in borrowing costs next year than markets had forecast.
Some officials have also left the door open to further rate increases. Chicago Fed president Austan Goolsbee said on Monday that above-target inflation posed a greater risk to the economy than tight policy.
“The key takeaway from all the [central bank] meetings was that it is still too soon to declare ‘mission accomplished’ on the inflation fight,” according to researchers from UBS Global Wealth Management. “Recent US economic resilience and higher oil prices have challenged fixed income markets and the expectation that rates have peaked.”
The dollar index, a measure of the greenback against six peer currencies, rose 0.4 per cent.
The nerves extended to stock markets, where Wall Street’s benchmark S&P 500 and the Nasdaq Composite lost 0.2 per cent. In Europe, the region-wide Stoxx Europe 600 fell 0.8 per cent and Germany’s Dax lost 1.2 per cent. Basic materials and consumer cyclical stocks led the decline in the region.
The downturn spread from China earlier on Monday, where declines in the once-dominant property sector dragged Hong Kong’s Hang Seng down 1.8 per cent and the CSI 300 down 0.7 per cent.
Asian markets were shaken by news that Chinese property giant Evergrande could not issue new debt owing to an investigation into its principal subsidiary, Hengda Real Estate Group. Its shares dropped more than a fifth and came two days after it warned that it was cancelling some creditor meetings to reassess terms for its restructuring.
The downturn reverberated across China’s faltering property market, with developer Longfor down 6.5 per cent, and Country Garden giving up 7.7 per cent. The Hang Seng Properties index lost 4.3 per cent in Hong Kong.
China’s property sector, which normally accounts for more than a quarter of activity in the world’s second-largest economy, has stumbled since the start of the year as consumer demand struggled to recover after three years of severe pandemic restrictions.
Concerns over China’s economy compounded already sour sentiment among traders, who digested the Fed’s recent guidance that interest rates would probably remain high next year, while the central bank worked to bring inflation back to its 2 per cent target.
…
Yahoo
Treasuries Extend Selloff, Pushing 10-Year Yield to 16-Year High
Michael Mackenzie
Mon, September 25, 2023 at 6:38 AM PDT·2 min read
In this article:
(Bloomberg) — US Treasuries extended their decline, driving 10- and 30-year yields to new multi-year highs, on expectations the Federal Reserve will hold interest rates high and the supply of new bonds will keep rising as the federal government contends with mounting deficits.
…
https://finance.yahoo.com/news/treasuries-extend-selloff-pushing-10-133825422.html
Got bear steepening?
“The recent selloff has fallen most heavily on longer-dated bonds, with shorter-term securities seeing smaller jumps in their yields. That’s reduced the scale of inversion in the yield curve, with 10-year yields now about 60 basis points below two-year ones, the narrowest gap since May.”
declared victory in their War on Inflation
I was at the supermarket the other day. Prices were noticeably up again.
Agree. So many things are now $6 or $7. Even pasta, which used to be consistently less than $1.50 for a box is now $2.89. The worst value, by far, is bags of corn chips and potato chips. $5/bag for (subsidized) corn and (subsidized) soybean oil? Get out.
That said, it’s not impossible to eat healthy, if you’re willing to cook meat. I just did some price-menu calculations. An overweight woman can eat real-food keto (1200 cal/day) for $200-$220/month and lose a ton of weight.
Girl, I gotz ta have my pork rinds!
yep, very noticeable. after being relatively stable all summer, noticeably up in the last month
Bonds
42-years ago this month 30-year Treasury yields hit 15%
4.62% today isn’t so bad in comparison
Adam Button
25/09/2023 | 07:24 GMT-7
US 30s hit 15 per cent
Just like today, long-term borrowing rates were grabbing headlines back in 1981.
On September 9, 1981 it wasn’t even front page news as US 30-year bond yields hit 15%. In fact, it wasn’t even front page business news as it was relegated to page 12 in Section D.
“Long-term Treasury bond yields rose briefly to 15 percent yesterday, but even that record yield for a 30-year bond backed by the United States Government was not enough to attract much investor buying.
This week the Government market enjoys a breather from last week’s frantic pace when there was a Treasury bill auction every day of the week. The lull will be temporary, however, because the Treasury is expected to announce this week plans to sell two-and four-year notes later this month.
”It’s a vicious circle,” one trader said, ”since the lack of investor demand deepens the gloom among the dealers, while dealers’ forecasts of higher rates in the future encourage investors to stay out of the market.”
An institutional salesman at another firm added, ”There are fewer and fewer participants in the market, and customers are tending to buy only at the time of Treasury auctions.” Unfortunately for those who have predicted lower interest rates, the volume of Treasury financing combined with that of corporations is said to be large enough to preclude a move to lower rates in the near future.”
…
https://www.forexlive.com/news/42-years-ago-this-month-30-year-treasury-yields-hit-15-20230925/
Evergrande Former CEO And CFO Arrested As Insolvent Property Giant Misses Payment On $550MM Onshore Bond
https://www.zerohedge.com/markets/evergrande-former-ceo-and-cfo-arrested-insolvent-property-giant-misses-payment-550mm
It has been another stormy day for China’s property sector which plunged 7%, erasing all gains since the Nov 2022 lows…
The real estate giant said late Sunday it couldn’t satisfy requirements of the China Securities Regulatory Commission and the National Development and Reform Commission to issue new notes. It cited an investigation of subsidiary Hengda Real Estate Group without elaborating. The unit said in August that CSRC had built a case against it relating to suspected information disclosure violations.
Commenting on the slide, Bloomberg said that Evergrande “is running out of time to get what would be one of the nation’s biggest-ever restructurings back on track, after setbacks in recent days that raise the risk of liquidation.”
The string of surprise developments include scrapping key creditor meetings at the last minute, saying it must revisit its restructuring plan, detention of money management unit staff and an inability to meet regulator qualifications to issue new bonds.
That last item is a major setback to its planned restructuring of at least $30 billion of offshore debt that would have creditors swap defaulted notes for new securities. Evergrande’s shares plunged as much as 25% Monday.
The latest sign of trouble (in what has been an endless barrage for the past two years) at Evergrande caused simmering worries about China’s deepening property crisis to flare. As noted above, a Bloomberg index of Chinese property stocks tumbled the most in nine months on Monday, taking its loss in valuation this year to $55 billion. China Aoyuan Group Ltd. slumped by a record after its shares resumed trading, and property investing firm China Oceanwide Holdings Ltd. faced court-ordered liquidation after a Bermuda court issued a winding-up order.
Things went from bad to worse, this morning when Evergrande’s onshore unit effectively redefaulted when it said it missed principal and interest payments of a 4b yuan ($550 million) onshore bond with a put option issued in 2020, according to a Shenzhen stock exchange filing. And while the company assured investors that it will “actively” negotiate with bond holders to reach solutions as soon as possible, it will hardly come as a comfort to the company’s other creditors or the property sector in general, which now has nothing but more pain to look forward to.
Two people who certainly have nothing to look forward to any more, are former Evergrande CEO, Xia Haijun, and Pan Darong, a former chief financial officer, both of whom were arrested by Chinese authorities, Caixin reported, without identifying sources.
Both were in charge of Evergrande’s financial operations and resigned in July last year for their alleged involvement in a bank deposit scandal, according to the report. Some more details from the report, which notes that as Evergrande’s financial trouble intensifies, pressure has been building for the developer to repay wealth management products sold by the subsidiary to retail investors while trying to complete housing projects across the country. The subsidiary said in an August statement that it had failed to make payments for the month, fueling public outcry.
While the reason for the investigation into Pan is unknown, some sources said it could be linked to his past work on overseeing repayments of the wealth management products.
More than 10 people working for the subsidiary, mainly managerial personnel, including General Manager Du Liang and Deputy General Manager Yao Bencai, have been arrested or detained by police for alleged illegal fundraising by the company.
The funds raised from selling wealth management products had likely been used by Evergrande for property development, the people said.
Xu Tenghe, Evergrande Chairman Xu Jiayin’s second son who also goes by Peter Xu, was the group executive in charge of overseeing the wealth management subsidiary in 2021, when its failure to repay investors led to protests, a person close to the company told Caixin.
In addition, Zhu Jialin, a former chairman of Evergrande Life Assurance Co. Ltd. who now works for Zhongrong Life Insurance Co. Ltd., was detained by authorities on Sept. 17, sources familiar with the issue said. There’s speculation among industry insiders that the probe is connected with Zhu’s Evergrande stint.
As a reminder, in July Evergrande reported a staggering loss of 105.9 billion yuan ($15.7 billion) for 2022, following a loss of 476 billion yuan the previous year. Its total liabilities reached nearly 2.6 trillion yuan at the end of 2021, before falling slightly to around 2.4 trillion yuan a year later.
Property taxes, because your property taxes are paying for this.
Newsom Signs Law Requiring Gender-Neutral Bathrooms in California K-12 Schools (9/25/2023):
“The new legislation, signed on Saturday, expands a state law that schools allow students to use bathrooms that align with their “gender identity.”
“The bill, which explicitly requires an additional gender-neutral option, was inspired by an attempt by Chino Valley Unified to restrict transgender students’ access to certain bathrooms and sports facilities,” the Los Angeles Times reports. “The law is part of a package of bills aiming to protect LGBTQ+ youths and comes amid proliferating culture wars in districts with conservative-controlled school boards, whose focus has become ‘parental rights’ and student gender identity.”
https://www.thegatewaypundit.com/2023/09/newsom-signs-law-requiring-gender-neutral-bathrooms-california/
Requiring this for students as young as 5 years old? California is a groomer state. Democrat Party is the groomer party.
California is a groomer state. Democrat Party is the groomer party.
It would be fascinating to see how future history books describe this.
“future history books”
Which will be written be a person who was conceived by a female parent and a male parent.
#Biology
future history books
Let’s hope it’s not in the final chapter on American history.
I know at least four people who run airbnb’s in Jamaica Plain AKA “J.P.” Some blame airbnb for J.P. becoming a hot spot for “investors”. Years ago J.P. was considered a funky, affordable Boston zip code that attracted artists/creatives and women who liked women (formerly called lesbians, now LGBTQIAXYZ). Today the main drag in “woke” J.P. would still be considered funky by current standards and its inhabitants “eclectic”. There are several regular beggars who hold court in front of CVS and the Goodwill on Centre St.
J.P. is now far from affordable, home to multi-millionaires who bought old victorians and multi-families on it’s windy, hilly streets way back when you could scoop up a triple decker for 80K. Many were condo-ized and per Zillow, recent 2 BR sales are between 800K – 1 million.
One person I know who rents a 2BR gets at least $2500 rent (no utilities). The airbnb in the same two family is often inhabited long term by traveling nurses who are making $hitload$ as healthcare was decimated by SARS-CoV-2 and mandated experimental injections.
It feels like 2005 in California right now. Areas that boomed during the housing bubble are rapidly expanding. Rents are crazy, housing prices are at new highs. And interest rates are up. It really looks like building could continue at a strong pace for a couple more years here.
Just wondering what people here are predicting in the coming years?
Personally, I would not be surprised if we saw another “pandemic” prior to the 2024 election, along with more stimulus. And even higher prices in housing. At least for awhile. I mean, there seems to be a Great Reset plan in the works, where we will own nothing. Which to me implies that a collapse of the current money system, as well as a big shake up that sweeps the majority of home owners and debtors off their feet, is something that is already being thought out.
I would argue more like ‘06, even late ‘06. There’s pockets of Cali still seemingly riding the wave. But like in today’s post, there’s declines everywhere in the Golden State, in some places steep declines. That’s very similar to ‘06. And by the time there’s any stimi rescue, which I doubt will happen, it’ll be far too late to turn the crash. It’s gonna be epic.
It seems Karen can’t tell the forest from the trees where she lives. SF boomed and is certainly not rapidly expanding. Oakland boomed and is not rapidly expanding. San Jose boomed and is not rapidly expanding. Sacramento boomed and now has 10k homeless and destitute lining the streets. San Diego can’t figure out where to hide all their homeless as busloads of invaders are dropped off at the trolley and some of their largest hotels are illegal invader repositories.
Two of the biggest CA bubble banks failed and were taken over by new management. Rates are pushing 8%. You are suffering from normalcy bias, Karen. The reality is the wheels are starting to come off all over CA. Fortunately for you, all of the diverse children are now able to use any bathroom they choose and that is what matters. I’m sure CA will be fine.
San Diego can’t figure out where to hide all their homeless as busloads of invaders are dropped off at the trolley and some of their largest hotels are illegal invader repositories.
It’s basically the same game plan as in the UK. The invaders keep coming, the gooberment not only lets them stay, it even houses them.
I suppose that the invaders could be stashed away in empty office buildings in downtown areas once they run out of hotel rooms. And when the great foreclosing gets into gear they could become your new next door neighbors!
The Camp of the Saints is happening before our very eyes.
‘the invaders could be stashed away in empty office buildings’
I read this morning they are talking about this is NYC.
Did you actually read my full post, IPFreely? I don’t understand why you are accusing me of not being able to see the forest for the trees. I believe the Great Reset will be forced on us through a currency collapse, so, short term, I’m not an optimist about the housing market at all. 2005 was not a good time to buy a house, but it was a time when there was still a lot of optimism. I am only saying what I am literally seeing when I drive around my area.
Your post sounded a bit like bubble cheerleading and we can’t have that around here. Then you asked for opinions. 😉
There is this discernible feeling amongst many that they’re hoping for more helicopter money and soon. And mainly for the reason of propping up their home values. What they fail to realize is the pain of losing their home would be far less excruciating than the consequences and the pain of the stimi bazooka being turned back on.
The problem is that far too many fondly remember the free money they got during the lockdowns, and they simply do not associate the reckless government spending with the inflation that is eating them alive. Far too many think that inflation is being caused by greedy businesses.
They miss the stimi bazooka.
caused by greedy businesses
In Canada the government is promoting this idea, blaming grocery prices on corporate profits. I looked into the profit thing and the margins are still 4%. The sales volume is way up. Might “carbon tax” on gasoline and a million immigrants have anything to do with sales volume increasing? Deficit government spending?
Far too many think that inflation is being caused by greedy businesses.
I disagree. I think most understand the “free money” (ain’t nothing free, Jack) caused the inflation, but like an addict they just want another hit no matter the consequences. They want their $2,400 tax free rolling in per month to pay for that new car, meme stocks and sh!tcoin.
And I would suggest getting the heck out of Cali to ride this out. But be forewarned that you’ll never want to go back. I temporarily got out of California 29 years ago. (Southern Cal to be exact…..and the worst part; Orange County)
Same here. I used to go back to visit every few years, but stopped five years ago, as it was just too depressing. But make no mistake, this is what the Left has planned for all the country. Blue Govs and Mayors can complain all they want about the “immigrants” overwhelming them, but the FedGov has no intention of closing the spigot.
“…and the worst part; Orange County…”
I have lived in the OC for 44+ years and grew up nearby.
Bottom line: OC is so different that it was even 10 years ago, let alone 20,30,40,50 years its like living on a different planet.
Prices [for everything] and congestion and homeless is out of control.
A true textbook example of Paradise Lost.
Just wait until the 30yr/fixed mortgage reaches 9% (which it will, maybe even higher), then this R/E economy will crumble like a $3 suitcase.
Hi Karen, been a while since I’ve seen you here. 😎
They might try to throw another pandemic party but I don’t think anyone will come. They would need a stronger pandemic this time — I’m talking Ebola in the streets-level pandemic. I don’t think the Fed can print any more stimulus at these interest rates; they can barely pay the interest on previous stimulus that was paid for by bonds that have since rolled over into higher interest rates.
Oxide, thanks for remembering me! It has been awhile since I regularly posted here.
Regarding another pandemic, I follow a lot of anti-vax stuff. I have several friends who also remained unvaxxed. But my husband, who I consider a blue pilled conservative, is vaccinated, and I still can’t talk to him about vax questioning things without him tensing up. My father in law, who was 2020 pro-Trump is fully jabbed. My older brother, who lives in the Bay Area with his long time girlfriend –they line up for every booster dutifully and keep pressuring my parents to keep up with their boosters, too. I have several friend and neighbors in my rural area who got it even though they didn’t trust it, because they want to miss out on vacations. The dominant mainstream narrative is still pro-vaccine. My old HMO, Kaiser just sent out an email promoting the updated covid jab for people 6 months and older. I am in an anti-vax bubble. But from what I can see, the pro-vax bubble is still larger than the anti-vax bubble… at least here in CA. I think for the most part, we can see people who live in very Progressive Woke urban areas still putting their faith in The Science.
the pro-vax bubble is still larger than the anti-vax bubble…
The last booster, the “bivalent” one, had only 17% participation across the US. I think vaccine exhaustion is overwhelming.
I didn’t like the mRNA stuff, and Albert Bourla gave me VERY bad vibes. So I chose the J&J vax, and a J&J booster 6 months later. I’m not unhappy with my choice. I didn’t like the mandates, but I figured that if it became absolutely necessary, someone could get legal with a single J&J. But now, COVID is mild enough that the vaccine is no longer needed except for the truly medically compromised.
the vaccine is no longer needed
Ironically, places that never had the “vaccine” had better outcomes than the places that did. Same goes for masks.
We have been basically promised another pandemic of some kind. If the next one is legitimately severe, rather than nurses doing TikTok dances severe, I think most people are primed to follow along.
I’m black pilled on this. As I see it, we have a fake Narrative forming that is leading the masses into the global “you will own nothing” Great Reset. And it’s driven by fake science and a fake sense of being a good person. Most people are falling in line.
I give you credit for holding fast amongst the sheep surrounding you.
“another “pandemic” prior to the 2024 election”
They’ve already cooked up the “election variant” in the lab, when they release it is just a matter of timing.
Karen, I remember you as a longtime lurker, occasional poster. I’m following the virus/vax stuff very closely….like obsessively for the last 3 years. I’m an R.N., for the record, not that it matters. I live one mile from Moderna headquarters with Pfizer’s gleaming high-rise close by, Biontech is lurking in my city in an undisclosed location. It appears “they” are failing with the latest booster campaign, witness the recent backlash against new CDC director M. Cohen on twitter (I don’t have an account but my friend who does sent me the angry comments…and notice I leave out the prestigious M.D. initials after her name as I have come to do with her predecessor Walensky).
I read last night about the “nipah” virus, an apparent outbreak in India. Ok, news to me.
Since the latest booster isn’t as popular as “they” had hoped – even Paul Offit, M.D. (famous pro-vax M.D. who created a custom vaccine for rotavirus – whatever that is) at age 72 has publicly declared he won’t take it and doesn’t recommend it…I agree with you that “they” may come up with a new plandemic to try to scare the be-jesus out of the populace yet again. Will “nipah” a zoonotic virus that spreads from animals to humans take hold or will ebola have to make a triumphant return? We – the pleebs or is it plebs – just don’t know. One things for sure, keep yer popcorn ready!
Just to clarify, I am the longtime lurker, occasional poster – it just didn’t come out right in typing. 😉
I too am a lonely hold-out in a veritable sea of terrified compliers here in big blue Pharma Central, good foot soldiers still marching with blue surgical masks on the street. I was permanently injured by a flu vaccine 10 years ago – plagued by neuropathy symptoms 24/7 in my dominant limb/hand – confirmed by eight M.D. opinions…and thus was shall we say, hesitant to undergo repeated injections with experimental modified mRNA. The way I was treated by my family like a leper by the “fully vaccinated” is something I am having a difficult time forgetting. One sibling proudly with 6-7 injections had shown himself to be an authoritarian tyrant screeching for “mandates” on social media.
I knew the so-called “vaccine” (which it is NOT) did not work as promised as I closely read all documents submitted to the FDA by the Big Three for EUA. I tried to warn my family as an experienced healthcare professional but they would not listen, fully propagandized/brainwashed by the avuncular Italian M.D with the strong NY accent on the TV. Despite no symptoms for 2+ years, I was marginalized and shunned.
And yeah I got “omicron” May 2022 from my fully V’d (since red-pilled with a bad case of shingles) man-friend and sailed through it, a mild flu. Same whacked sibling was shocked that I did not even call a doctor. Um, hello? We’ve had mutating respiratory viruses for millennia and umm…no, we do not all DIE. Now several relatives and friends with major adverse “vaccine” reactions, all but a few are in complete denial. One death from the shots that I am quite certain of and several other questionable deaths.
Sigh. Thanks for reading, my friend says I have PTSD from this issue and she is probably right!
terrified compliers
Which is what they are. They panicked at the beginning and tripped over each other to get jabbed, but many are finally understanding that the jab never really helped and was even harmful, so they have been passing on the boosters.
10-yr closes today at it’s highest yield in 15 years. Man I’m glad I got out of the mortgage biz a long time ago. We got to be about to break through 8%. I predict mid 8% by mid October. And no Hail Mary loan program is gonna save the day.
MarketWatch
Markets
The Tell
10-year Treasury yield can keep climbing from 16-year highs, says world’s largest asset manager
Last Updated: Sept. 25, 2023 at 4:01 p.m. ET
First Published: Sept. 25, 2023 at 12:03 p.m. ET
By Vivien Lou Chen
As the benchmark 10-year Treasury yield established a fresh 16-year high above 4.5% on Monday, BlackRock Inc., the world’s largest asset manager, weighed in with the view that it could go even higher.The in-house research arm of New York-based BlackRock BLK, which managed roughly $9.4 trillion in assets at the end of the second quarter, said financial markets are coming around to the view that rates will likely stay high and that a volatile macro regime is bringing “uncertainty over central bank policy and risks ahead.” Long-term government yields jumped across the Americas and Europe on Monday as investors absorbed a
…
It’s pretty interesting how much long-term Treasurys have CR8Red compared to stocks. Makes you wonder whether the stock market’s day of reckoning awaits…
Yahoo
Bloomberg
Long-Treasury ETF Plunges Record 48% as Market Meltdown Worsens
Vildana Hajric
Mon, September 25, 2023 at 10:45 AM PDT·3 min read
In this article:
(Bloomberg) — The largest long-dated bond ETF is suffering its biggest drawdown on record as the Federal Reserve’s higher-for-longer interest rates start to sting.
The $39 billion iShares 20+ Year Treasury Bond ETF (ticker TLT) has lost 48% from its 2020 all-time high and is trading at its lowest point since 2011, according to data compiled by Bloomberg. At the same time, IHS Markit Ltd. data show that bets against the fund have risen, with short interest as a percentage of its shares outstanding at its highest in about a month.
“It’s all about interest-rate expectations — inflation ignited a major move higher, and that along with a stronger-than-expected economy means rates continue to trend higher,” said Todd Sohn, ETF and technical strategist at Strategas Securities. “There’s also the possibility of further hikes, so that hurts anything with any duration on it.”
…
https://finance.yahoo.com/news/long-treasury-etf-plunges-record-174536025.html
Bear Steepening Raises Red Flags for Stock Market Investors
Alfonso Peccatiello | Sep 25, 2023 03:50AM ET
There is a rare and powerful trend occurring in bond markets.
History shows that if left unchecked, it can cause serious damage to equity markets and the economy.
Over the last 3 months, US bond markets have been in an aggressive and prolonged period of bear steepening of the yield curve.
…
Let’s Cover the Basics: What is a Bear Steepening of the Yield Curve and Why Does It Matter in the First Place?
Bear steepening happens when interest rates move higher but it’s long-dated yields that take the lead, hence shifting the entire curve higher but also steeper.
The chart above shows the 10-year market-implied path ahead for Fed Funds before and after bear steepening and the net change in the box below.
To understand it, think of 10-year yields like a strip of all future Fed Funds for the next 10 years discounted to today.
The reason why we didn’t see 10-year Treasury yields breaching 4% until recently is that the prevailing yield curve regime was bear flattening: the Fed would impose higher yields in years 1-2 of the chart above, but the market would discount damage to growth and inflation down the road and price materially lower Fed Funds from year 3-10 with convergence towards a ‘’neutral’’ of 3% over time.
That’s why higher terminal rates at 5%+ didn’t push 10-year yields higher than 4.00%.
But over the last 3 months, the music has changed with the bear steepening.
Recently instead markets priced in a mildly higher terminal rate at 5.45% and most importantly listened to the Fed’s message: no cuts anytime soon.
But while in the past that meant more cuts would be priced in immediately after, the bear steepening move implies that markets believe the economy can handle higher rates for much longer (red arrow).
In a nutshell according to markets not only Fed Funds at over 5% for quarters on end aren’t going to generate a recession, but actually, the economy will barely budge (?)
But Why is Bear Steepening Such a Rare and Dangerous Occurrence?
Bear steepening regimes cause long-dated yields to rise rapidly, and this has a large and rapid tightening effect on the real economy: 30-year mortgage rates and corporate borrowing rates rise rapidly across the curve, financing becomes even tougher and negative mark-to-market effects (see regional banks) are amplified.
The last part is particularly important: a 10 basis point rise in 30-year yields is about 10-12x more powerful than the same increase in 2-year yields from a mark-to-market perspective – this is because long-dated fixed income instruments have more duration and they are way more sensitive to changes in interest rates.
All business models that make large use of long-dated instruments and leverage are vulnerable if their risk management isn’t done properly: pension funds, insurance companies, shadow banking, real estate, and more.
The Key Point: Bear Steepening + Weakenining Economy = Damage
The key point to understand is that higher yields and bear steepening aren’t a problem per se: if the economy is running hot it’s actually healthy to have long-end rates reflect the increase in nominal growth.
That’s not the case today.
US Nominal Growth
The chart above shows the underlying trend in US nominal growth (blue, LHS) against the US Treasury 2-10 year yield curve slope (orange, RHS): notice how in 2021 the yield curve steepened reflecting rapidly accelerating growth from fiscal stimulus and reopenings. No problem at all there.
But now look at today: US nominal growth is falling and yet markets are staging a prolonged bear steepening.
As that’s not reflecting stronger growth, it has to be interpreted as a very late cycle attempt by bond markets to find out where the breaking point is – after all the Fed is preaching higher for longer so let’s go after it and see if it works.
Very similar macro regimes with below-trend growth but recessions failing to materialize and markets pushing a bear steepening regime as people become convinced that ‘’economies can handle higher rates’’ were seen in:
September to November 2000
May to June 2007
September to November 2018
In all three cases above rapid late-cycle bear steepening trends marked the end of the ‘’this time is different’’ experiment and ended up causing severe distress to economies (2001-2008) or markets (Q4 2018).
I don’t think this time will be different.
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https://m.investing.com/analysis/bear-steepening-raises-red-flags-for-stock-market-investors-200642111
Updated Tue, Sep 26 20236:07 AM EDT
Stock futures fall as Wall Street gets set to add to September’s losses: Live updates
Brian Evans
Traders on the floor of the NYSE, July 6, 2022.
Source: NYSE
Stock futures were lower Tuesday as September’s selling pressures took hold of Wall Street following gains seen in the previous session.
Futures tied to the Dow Jones Industrial Average slipped by 130 points, or 0.4%. S&P 500 futures dropped 0.5%, along with Nasdaq-100 futures.
Those moves would add to the market’s losses for the month. Entering Tuesday’s session, the Nasdaq Composite was down 5.4% in September, while the S&P 500 and Dow had lost 3.8% and 2.1%. Among the catalysts pushing stocks lower this month is the Federal Reserve warning that it sees fewer rate cuts next year. The news pushed the benchmark 10-year Treasury yield to levels not seen since 2007.
Investors this week are also grappling with negotiations in Washington, as lawmakers hope to avert a government shutdown that could take place as early as Oct. 1 if Congress doesn’t agree on a spending bill.
Upcoming seasonal market tumult could present a window for investors. Though October is known as the “jinx month” because of the 1929 and 1987 crashes, it also has a reputation as a “bear killer,” according to the “Stock Trader’s Almanac.”
“While October tends to be among the more volatile months of the year, it’s also the month where we usually see great buying opportunities, because it’s just before November and December, which are seasonally strong periods of the year for the markets,” said Mary Ann Bartels, chief investment strategist at Sanctuary Wealth.
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https://www.cnbc.com/2023/09/25/stock-market-today-live-updates.html
Financial Times
Markets Briefing Markets
Global stocks fall on concerns over extended high interest rates
US Treasury yields steady after hitting multiyear highs
Daria Mosolova in London
30 minutes ago
European and Asian stocks retreated on Tuesday, as investors adjusted to the prospect of interest rates staying higher for longer to tame global price growth.
Europe’s region-wide Stoxx Europe 600 fell 0.5 per cent, extending losses to a fourth successive trading session, while France’s Cac 40 declined 0.8 per cent and Germany’s Dax gave up 0.7 per cent.
In Asia, Hong Kong’s Hang Seng index dropped 1.5 per cent, China’s CSI 300 and Japan’s Topix both fell 0.6 per cent.
Government bond yields across the US and Europe steadied after hitting multiyear highs in the past week, as hawkish central bank officials indicated that borrowing costs would remain at elevated levels for longer than the market expected.
Yields on the benchmark 10-year US Treasury slipped 0.03 percentage points to 4.51 per cent, remaining near the post 2007-high they touched a day earlier. Yields on the 30-year note were down 0.03 percentage points at 4.63 per cent.
Yields on the 10-year German Bunds, a regional benchmark in Europe, slipped 0.01 percentage points to 2.78 per cent on Tuesday, remaining near their highest level since 2011.
“We have long thought that the equity market has been too aggressive in pricing in rate cuts and strong economic growth,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
“But an imminent end to rate hikes and the prospect of weaker growth as rates are kept higher for longer support our preference for fixed income.”
Contracts tracking Wall Street’s benchmark S&P 500 and those tracking the tech-heavy Nasdaq 100 lost 0.4 per cent ahead of the New York opening bell.
…
QUESTION THEIR LIES & THEY’LL CALL YOU A LIAR [2023-09-22] – TUCKER CARLSON
https://www.bitchute.com/video/RAChz92cNlrE/
6:42.
WTH!
12923 Corte Juana, Poway, CA 92064
Outstanding Family Home in Green Valley*Fabulous Location on 0.81 acre lot featuring a Beautiful Rose Garden, Numerous Trees and Foliage, Large Pool (NO heater), and near Total Privacy from Neighbors*Cul-De-Sac with empty lot next door (NOT part of this sale)*Interior is “1968” Thru and Thru…facelift needed*Very Large Rooms*Central Air Conditioning AND Whole House Fan*The Backyard Truly Has a Park-Like Feel to it!! *HUGE 3-Car Garage with Separate Laundry Room and Workshop Room. Tons of Cabinet and Overhead Storage*HIGHLY Desirable Poway Unified School District!!
9/22/2023 Sold $1,550,000 +24% $569/sqft
8/29/2023 Pending sale $1,250,000 $459/sqft
8/24/2023 Listed for sale $1,250,000 $459/sqft
The really long time readers here may remember a poster named Deb. She was a UHS in California that started posting here in 2005 IIRC. Things started to head down in a meaningful way in her area and she would share her inside info from the MLS etc, very helpful.
One day she popped up and said, hold on guys look at this, with an almost exact price detail like you posted. Of course there were some MLS websites, but out of date, you’d see it in a month maybe. So she posted the transactions in text here. It kept happening. And she looked closer, putting it all out there. The LA Times wrote me and asked to contact her, she agreed and it was the first of a series of articles she participated in. It was the beginning of a brief but soon to widen arrival of fraud. The shack was going back to the bank, fraudster thought, lets’ make a few hundred thousand and have a straw guy buy the shack for WAY over, even though it’s early crater city at the time. Straw guy might not care about sacrificing his credit, for example, would take out a loan and walk away in short order. They split the money and let the bank eat it.
The key: the appraiser hit the number in a steeply falling market!
So it a was a preliminary, brief one-of-a-kind moment in the fraud revelations that would expand wildly later. Another related thing that occurred right after that was stories of people knowing they were going to let the bank have it, and would buy another shack, maybe right across the street, and then default on the original loan. So they got the loan before their credit got wiped out, and bought a cheaper loan because prices were sinking like a turd in a well. Deb was cool, she checked out early and has posted once or twice in the many years since.
It’ll take a couple of weeks for me to see on the MLS if and how much a loan is on the property.
I don’t have a good handle on the prices in that area, but $1.5 mil sounds low compared to what you’ve been posting for us. But still, this looks like some kind of flipper/realtor shenanigans.
In all honesty the house itself appears to be in pretty good shape. It needs a good designer and about $40K of cosmetic work and $10K of landscaping, but with a little love it could be pretty nice.
“It needs a good designer and about $40K of cosmetic work and $10K of landscaping, but with a little love it could be pretty nice.”
In all honesty, this place needs $500k (labor and materials) to make it ready for another 40-yrs. For starters, it needs a new roof and updated insulation. Then the windows and siding need replacing along with an insulation modification as it likely doesn’t have any in the walls. An updated HVAC with all new duct work is next. Then those popcorn ceilings, the bathrooms, kitchen, etc., all need replacement. Heck, $500k might not be enough, hehe.
I don’t think oxide can imagine just how sh!tty the construction is on a California 1970s ranch home.
flipper/realtor shenanigans
I suspect so too. There’s been a surprising number of flips in this area. I’ll drive by in a week or two to see about renovations.
Agent got both sides of the deal.
“12923 Corte Juana, Poway, CA 92064”
Our spaniel, Ruby, would love to “hunt” in that yard.
I’m confident she’d find lots of critters.
Type in Zillow and the address all info comes up. On the address line.
I provided the Zillow link.
Good evening passengers, we’re experiencing some turbulence, but hopefully it’s a healthy combination of prices coming back down to Earth a little bit, not where people get hurt. But rates coming back down too, so people can just move about the cabin.
‘The Cromford Report shows that only three of the metro area’s 17 municipalities are considered buyers’ markets: Tempe, Paradise Valley and Cave Creek. ‘Overall the situation is deteriorating for sellers, though they still have the advantage in most locations,’ the Cromford Report said. ‘One exception is Queen Creek, which we would classify as balanced’
via GIPHY
‘In the end we lowered the price below the recommended market price, but we were still unable to sell it due to mortgage-repayment costs being too high for potential buyers,’ he said. ‘I also found the standard of the majority of estate agents was shocking – they must have been so used to selling houses with ease over the past few years, that they have forgotten how to work to even a minimum standard’
Yer right islander, it’s the UHS. HOLD YER GROUND!
‘I never thought that something like that could happen in Germany,’ said Marina Prakharchuk, 39, with tears in her eyes. The Belarusian had paid up 175,000 euros for her 45-metre square apartment. ‘All my savings are in there’
via GIPHY
“Hit by a sudden jump in interest rates and raw material costs, twice as many developers have filed for insolvency over the last year than during the previous 12 months.”
There are financial products known as “performance bonds.”
‘Unless he or she can find Chinese buyers, no one else would be interested, neither locals nor buyers of other countries, as the design and features are only suitable for the Chinese community’
Remember the days when if Chinese investors showed up it meant yer ship had sailed in?
Muddy Waters – Got My Mojo Workin’
Kenneth Sutherland
Jan 11, 2007
“Blues Masters” 1966 Canadian TV
https://www.youtube.com/watch?v=8hEYwk0bypY
4:31.
Chinese investors in scramble to dump overseas property as Xi’s economy goes into freefall
Investment intermediaries have warned that China’s property downfall has left residents unable to make final payments
https://www.express.co.uk/news/world/1816486/Xi-Jinping-China-economy-property-investors
Chinese investors in scramble to dump overseas property as Xi’s economy goes into freefall (Image: GETTY)
Chinese investors rattled by the country’s shaky financial situation have raced to offload foreign properties as their household wealth dwindles.
Hundreds of middle-class families who bought investment properties before the Covid pandemic in 2020 have mounted a frantic search for potential buyers following China’s bumpy reopening earlier this year.
The national government officially ended three years of COVID-19 measures in January 2023 but quickly found itself in the midst of a property crisis, the effects of which have rippled across the country.
The ripple has left wealthier Chinese residents unable to pay for their investments, with many having bought properties in Southeast Asia before the pandemic struck in 2020.
The economy has whittled down their household income, forcing them to cut back on spending as they attempt to weather China’s financial storm.
Speaking to the South China Morning Post, Stephen Yao, a Guangdong-based property agent, said affluent Chinese nationals have struggled to afford payments on homes that once would have given them attractive returns.
Mr Yao, who represents more than 200 families, said the mass selloffs were indicative of the wide-ranging effects on people’s incomes.
He said: “A number of them can no longer afford the final payment for their property investment and desperately need cash to solve their domestic financial problems, such as business failures, lay-offs and mortgage loan defaults.
“Some no longer have the extra funds to continue holding these overseas properties.”
Foreign investment from Chinese residents in Thailand, Vietnam, Malaysia and beyond have also left properties built by domestic companies in peril.
After seeing the investing trend in Southeast Asia, Chinese developers jumped at the opportunity to build properties in the area made to entice the middle classes readily recouping their money in foreign homes.
But these properties now lie vacant as the economy leaves people unable to invest, with the combined floor area of unsold homes currently at an estimated seven billion square feet, according to data from the National Bureau of Statistics (NBS).
The Wall Street Journal
Americans Finally Start to Feel the Sting From the Fed’s Rate Hikes
Those who need to borrow now are getting a lot less for their money
Daniel and Payton Waddell, who recently bought a home in St. Paul, Minn., are deferring other purchases because of their monthly mortgage payment.
By Rachel Louise EnsignFollow
| Photographs by Yasmin Yassin for The Wall Street Journal
Updated Sept. 26, 2023 12:17 am ET
Rising interest rates are hitting Americans’ finances.
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Dumver city hall is starting to panic over flood of migrants arriving.
Just wait until 10 buses arrive every day with say 300-400 “Nuevos Americanos”. That could be over 100,000 future doctors and astronauts.
https://www.msn.com/en-us/news/us/denver-mayor-mike-johnston-warns-migrant-counts-could-eclipse-previous-highs-as-texas-sends-more-buses/ar-AA1hlBpF#image=1
Here is another gem from the article:
$60,000 a year per illegal? With even just 10,000 illegals that’s $600M per year. And voters will need to approve any tax increases. Denver’s budget is current $4B.
“Texas Gov. Greg Abbott sent more than 10 buses…”
Despite being wheelchair bound he has some serious eggz!