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Buyers Now Understood There Was Little Room To Play The Residential Property Market As An Investment

It’s Friday desk clearing time for this blogger. “‘Buyers are using things like inspection negotiations and high insurance premiums to back out of deals,’ said Jacksonville Redfin Premier agent Heather Kruayai. ‘They’re holding a lot of the cards; today’s sellers need to concede on some details to close the deal.’ ‘The feeling for buyers right now is this: For the interest rate I’m paying, this home better be exactly what I want or the price better be negotiable,’ said Seattle Redfin Premier agent David Palmer.”

“The ‘Zoom boom‘ that ignited Napa’s pandemic-fueled housing market has cooled as inventory remains low and prices have leveled off. The number of Napa County homes sold in August 2023 compared to August 2022 dropped from 120 to 93, a 22% decline, according to the BAREIS multiple listing service. At the same time, the median sold price of a Napa County home declined 12%, from $957,000 one year ago to $840,000 this August. Ronda Gugenheim, with RE/MAX Gold Napa, has a listing in the $800,000 to $900,000 price range. She’s actually the homeowner, said the real estate agent, who recently relocated to Rio Vista. Gugenheim said she’s had two offers but they were low, and she declined to accept them. ‘Everyone wants a deal (but) we’re not desperate’ to sell, she said.”

“New data on the Austin housing market shows Austin tops the list of markets that favor renting over buying a home. According to Realtor.com’s August rental report, renting in Austin is less expensive than buying a starter home. It said the Austin housing market has cooled recently, with prices now about 2% below where they were in August 2022. But the modest price declines are nothing compared with the impact of higher mortgage rates on the average monthly payment. In Austin, the monthly cost of buying a starter home was almost $4,000 – more than 130% higher than the monthly rent of $1,600. The report said the monthly cost of purchasing a home rose by 9.2% from this time last year, but rents dropped a whopping 8%. It said the Austin housing market has cooled recently, with prices now about 2% below where they were in August 2022.”

“The federal government is likely to shut down over the weekend, as Congress appears deadlocked on a deal to extend the current budget, a move which creates uncertainty for federal employees that work in Madison. ‘As government workers, we’re not sitting on piles of cash we mostly live paycheck to paycheck like myself,’ said Jessica LaPointe, who has worked at the Social Security Administration office in Madison for more than a decade and who represents federal employees through their union. ‘Sixty percent of Americans live paycheck to paycheck, and federal workers are no different,’ she said. ‘It’s stressful. There’s a lot of pressure right now to really sit down and look at the finances to figure out what is on auto withdrawal in your bank account — to stopping things like your mortgage being auto withdrawn if there’s not enough funds to pay for that.'”

“Lenders and investors are playing a waiting game, and it’s anybody’s guess when time will be up. ‘That’s why so much money is sitting on the sidelines. Nobody wants to catch a falling knife,’ Red Oak Capital CEO Gary Bechtel said at Bisnow’s DMV Capital Markets event at the Westin City Center. In D.C., commercial real estate investment volume was $353M during the first half of 2023, less than a quarter of the average volume seen over the previous four years, according to Avison Young’s second-quarter office market report. Cortland Chief Investment Officer Mike Altman said taking it slow is the smart play. ‘Banks and lenders shouldn’t be financing new deals,’ he said. ‘This is a time to pause that part of our business.'”

“‘No one knows where the bottom is for D.C. office,’ Bernstein Management Corp. CEO Joshua Bernstein said. ‘I think we’re looking at sales that will go below $100 a foot. I think you’re looking at mid-block big buildings where there will be parks, and I don’t see uses for a lot of the particularly older office in D.C.'”

“A major Canadian office landlord says about 30 per cent of downtown Toronto’s buildings are obsolete and likens leasing office space in the city to playing a game of snakes and ladders. Michael Cooper, chief executive of Dream Office REIT, said the past few years have been challenging for landlords. ‘Probably 30 per cent of the space in downtown Toronto requires a ton of money, a lot of investment and it’s questionable if you put the investment in that the building will be worth enough to justify it,’ he said. ‘That’s what I mean by obsolete – when you put a lot of money in but you’re not actually going to increase the value.'”

“Investors have soured on office landlords. Dream’s units are trading at $10 per unit. That is about 76 per cent lower than in January, 2020. Dream is not the only office REIT that has lost significant value over the course of the pandemic. Allied, Slate Office and True North Commercial are also down about 70 per cent, with Slate Office near penny-stock status.”

“Home prices in Mississauga and Brampton remain quite high–the average home price in Mississauga was $1,057,232 in August, while that number hit $1,013,744 in Brampton–but a new report suggests that prospective buyers now have more houses to choose from. Housing supply in the Peel Region (which is comprised of Brampton, Mississauga and Caledon) actually improved quite a bit between January and August 2023, with detached housing listings growing 91.9 per cent and semi-detached and townhouse listings growing 182.6 per cent. ‘In Peel Region, Brampton and Mississauga both had active detached home listings double from January,’ the report reads, adding that similar activity was observed in the Durham region. ‘Compared to August 2022, 2021, and 2020, active detached home listings are up in almost every city, showing supply in the GTA is recovering to pre-pandemic levels.'”

“Interest rates in Thailand should not be raised because doing so would adversely affect the housing market where demand is weak, say analysts. In addition to boosting the tourism sector, the government should encourage tourists to visit more than one time by luring them via property purchases. Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the condo market this year was unfavourable due to weak demand among local buyers. ‘Unsold completed condos are a worrying issue,’ he said. ‘In the second quarter, remaining unsold units didn’t increase significantly but there will be an additional 4,000 units completed in the future.’ There were 32,618 unsold units under construction that would be completed in the next few years, up from 30,034 units in the first quarter, and 20,694 units that had not started construction, up from 15,565 units.”

“Speaking on RTHK‘s Hong Kong Today programme, Hannah Jeong, head of valuation and advisory services at Colliers said that a relaxation of mortgage rules in July hasn’t so far helped the property market in the face of high interest rates, as she urged developers to cut prices to clear thousands of unsold homes. ‘So if we look at one of the recent developments sold in the New Territories, in the first launch they were only able to sell 22 percent of their target number of units,’ Jeong told RTHK. ‘So I think the developers need to adjust the price more reasonably to clear these accumulated units, because unsold units are exceeding 20,000 as of now. This is an extremely high rate. It’s about 12 percent higher than December last year.'”

“She said many buyers were holding off on purchases in the expectation that prices will slump further. Jeong said she expects a further fall in prices of up to ten percent in the year ahead unless the government takes action to bolster the market, for example by withdrawing stamp duties introduced as a measure to cool the market in 2010. The measures had been very good for curbing speculative activity, Jeong said, but buyers now understood there was little room to play the residential property market as an investment, and were now looking into it as a way of saving.”

“‘When I think about it, I cry,’ says Mrs Guo about the home she had bought. ‘It’s hard, and I feel sorry for my son and myself.’ In 2021, just months before the Chinese property giant Evergrande showed the first signs of crisis, Guo Tianran (whose name has been changed on request) and her husband bought an apartment off-plan for their only child from the top-selling developer. The couple, nearing their 60s, had scrimped to afford the $30,000 (£24,500) down payment on the yet-to-be-built flat. They bit the bullet in pledging to use 75% of their income to pay for the mortgage. In Henan, the central Chinese province where they had bought the home, building work ground to a halt. ‘We saw the main frame being built, and suddenly we heard that Evergrande was falling. Then construction stopped last year,’ she says.”

“Mrs Guo says she and other Evergrande buyers aren’t sitting idly by either. They have formed three groups on WeChat, with nearly 500 members each. ‘We have organised ourselves to go to the government. With so many of us they can’t possibly ignore it,’ she said. She also told the BBC that she had been warned by local officials not to speak to the media, and fed promises that construction work at the Evergrande property where she bought a flat would resume soon. But a few members of her group check on the construction site every day. They’ve seen only a few workers and minimal progress. ‘Some of us have stopped paying the mortgage,’ Mrs Guo says. ‘If the bank pushes too hard, they will sleep in the lobby of the bank.'”

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This Post Has 132 Comments

  1. ‘She’s actually the homeowner, said the real estate agent, who recently relocated to Rio Vista. Gugenheim said she’s had two offers but they were low, and she declined to accept them. ‘Everyone wants a deal (but) we’re not desperate’ to sell’

    Hold yer ground Ronda, don’t screw up the comps!

    1. Gugenheim said she’s had two offers but they were low, and she declined to accept them.

      Today’s “lowball” offers are as good as it gets, Greedheads. Your Wile E. Coyote moment approacheth.

  2. ‘In Austin, the monthly cost of buying a starter home was almost $4,000 – more than 130% higher than the monthly rent of $1,600’

    And we recently heard loan owners were flooding the rental market.

    1. Not to mention builders flooding the rental market. Developers are becoming landlords. Rental prices will crater.

  3. ‘Dream’s units are trading at $10 per unit. That is about 76 per cent lower than in January, 2020. Dream is not the only office REIT that has lost significant value over the course of the pandemic. Allied, Slate Office and True North Commercial are also down about 70 per cent, with Slate Office near penny-stock status’

    That’s a mighty a$$ pounding you took there Dave. He also says they’re going to have to tear down a bunch of downtown.

  4. ‘Sixty percent of Americans live paycheck to paycheck, and federal workers are no different,’ she said. ‘It’s stressful. There’s a lot of pressure right now to really sit down and look at the finances to figure out what is on auto withdrawal in your bank account — to stopping things like your mortgage being auto withdrawn if there’s not enough funds to pay for that’

    Jessica, don’t you still have some checks? Are you still eating?

    1. figure out what is on auto withdrawal

      Don’t be silly. This is what your automatic line of credit is for. You haven’t already used that before the Clown Show pause, did you?

    2. what is on auto withdrawal in your bank account

      Allowing somebody permission to debit your bank account every month is absurd.

    3. “Paycheck to paycheck” is not very specific. For example, one news story profiled a couple making $300K who lived “paycheck to paycheck.” Well, turns that a bunch of $$ was auto-deducted for retirement and 429 savings so their finances were tight. That’s not p-to-p, that’s just cash flow.

      However, Fed workers should know this drill. I’ve already factored in one delayed paycheck and have a plan for 2-3 more. But I’m in a good position. Lots of Feds — and contractors — are not.

      1. You will have a vacation of undetermined time but you are a assured of eventual complete payment. Non-public employees almost never have that option.

  5. ‘Housing supply in the Peel Region (which is comprised of Brampton, Mississauga and Caledon) actually improved quite a bit between January and August 2023, with detached housing listings growing 91.9 per cent and semi-detached and townhouse listings growing 182.6 per cent. ‘In Peel Region, Brampton and Mississauga both had active detached home listings double from January,’ the report reads, adding that similar activity was observed in the Durham region. ‘Compared to August 2022, 2021, and 2020, active detached home listings are up in almost every city, showing supply in the GTA is recovering to pre-pandemic levels’

    Wa happened to my igloo shortage penguin feeders?

    1. ‘Every dollar the Fed creates out of thin air steals value from every honestly earned dollar in existence.’

      +1

      “Fiat money eventually always goes back to its intrinsic value – zero.” – Voltaire

      “When you destroy the money, you destroy the glue that holds society together.” – Tony Deden

      “So you think that [the love of] money is the root of all evil? […] Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?” – Ayn Rand, Atlas Shrugged

      – The Fed is the bank of evil.

      – As per the plan. You will own nothing. Welcome to neofeudalism.

      – The Fed is the arsonist in charge of the fire brigade.

      1. Money is made possible only by the men who produce. Is this what you consider evil?

        Sorry Ayn, the money is not evil, it’s the love of money.

        1. Spot on. Thank you for clarifying the Biblical principle found at 1 Timothy 6:10. The Bible never says money is evil. Ecclesiastes 7:12 states that money is a defense, or a protection, like wisdom is a protection. But the “love of money” is the root of evil. From it springs GREED, truly the root of all evil.

  7. At the same time, the median sold price of a Napa County home declined 12%, from $957,000 one year ago to $840,000 this August.

    Is that a lot?

  8. “‘The feeling for buyers right now is this: For the interest rate I’m paying, this home better be exactly what I want or the price better be negotiable,’ said Seattle Redfin Premier agent David Palmer.”

    With the 30-year mortgage rate about to cross the 8% Rubicon, I frankly have no clue how anyone who is neither super rich nor an investment company can afford to buy now. The residential real estate market is duly and truly forked.

    1. Yahoo
      Yahoo Finance
      Housing economist warns of 8% mortgage rates after home sales disappoint
      Gabriella Cruz-Martinez
      September 21, 2023·4 min read

      Homebuyers made fewer deals in August as rough housing conditions persisted. That may get even worse, one housing expert said.

      Sales of previously owned homes declined 0.7% in August from the month prior to an annualized rate of 4.04 million, the National Association of Realtors said Thursday. That underperformed the 0.7% increase and 4.10 million annualized rate that economists polled by Bloomberg predicted.

      The pace, which was down 15.3% from a year ago, is the third slowest of the current housing cycle, NAR chief economist Lawrence Yun said. Only the paces in January and December 2022 were slower.

      The data underscores the muting effect higher mortgage rates is having on both buyers and sellers, a scenario that could get tougher soon.

      “Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run,” Yun said in the a statement, before adding in the press call later that, “in the short run, it’s possible that mortgage rates may go up to 8%.”
      …
      https://finance.yahoo.com/news/housing-economist-warns-of-8-mortgage-rates-after-home-sales-disappoint-141850108.html

      1. “The pace, which was down 15.3% from a year ago, is the third slowest of the current housing cycle, NAR chief economist Lawrence Yun said. Only the paces in January and December 2022 were slower.”

        So much for the red hot summer sales season of 2023.

    1. I guess her constituents will have to find some other senators willing to sponsor their ghost written legislation.

  10. ‘In addition to boosting the tourism sector, the government should encourage tourists to visit more than one time by luring them via property purchases. Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the condo market this year was unfavourable due to weak demand among local buyers. ‘Unsold completed condos are a worrying issue’

    Thailand was another country that shot themselves in the fook with minor respiratory illness. I wouldn’t live there if you gave me an airbox.

    1. I’d say 90% of countries did the same or worse. The politicians and wealthy don’t care that the 99% suffered. Most of the 99% don’t care that they were lied to, bullied, and treated worse than prisoners

    1. https://twitter.com/mattgaetz/status/1707726278835450020?s=46&t=ECqdZL_9ZGFJGqr2dyJD8g:

      Last night’s vote marks a major moment in changing perceptions on how House Republicans view Ukraine.

      101 Republicans voted to send more money.

      117 Republicans voted against.

      Ukraine Funding has now lost “the majority of the majority” and cannot be brought up again on the floor per conference rule.

      Thank you Rep. Nehls for being on the right side.

      Thank you @mtgreenee for leading this fight wire-to-wire.

      1. Why San Francisco Mayor London Breed sounds a lot like far-right Rep. Matt Gaetz

        What does Matt Gaetz, the far-right Republican congressman staging a coup against his own party’s Speaker of the House, have in common with San Francisco Mayor London Breed? They both support drug testing for welfare recipients. At a press conference on Tuesday, Breed struck a similar note, admitting her proposal might be “a tad bit controversial.”

        “We need to make a significant change, and one of those changes is to require treatment for those suffering with substance use disorder when they are seeking to get support from the City and County of San Francisco,” she said.

        The Florida law that Gaetz backed was ultimately deemed unconstitutional by the 11th Circuit Court of Appeals on the grounds it violated the Fourth Amendment, in part because there is no evidence of “a more prevalent, unique, or different drug problem among [welfare] applicants than in the general population.” A similar law in Michigan was also struck down in 2003.

        “No more anything goes without accountability, no more handouts without accountability,” said Mayor Breed about the general assistance payments offered to low-income San Franciscans, including disabled people, recent immigrants and refugees. Gaetz referred to similar programs as “handouts to illegal aliens.”

        https://www.msn.com/en-us/news/us/why-san-francisco-mayor-london-breed-sounds-a-lot-like-far-right-rep-matt-gaetz/ar-AA1hpwHo

        1. staging a coup

          McCarthy made documented concessions to get that gavel. He’s being held to those. That’s not a coup.

      2. Ukraine Funding has now lost “the majority of the majority”

        Yet it passed. Should be enough to get another 50,000 dead bodies piled up, more or less.

        1. But now you know who supports it. It’s a level of transparency not seen with CRs and omnibus bills, which have been used since the 90s.

        2. “another 50,000 dead bodies piled up”

          The thought of that gives William Kristol a tingle in his trousers.

  12. “Mrs Guo says she and other Evergrande buyers aren’t sitting idly by either. They have formed three groups on WeChat, with nearly 500 members each. ‘We have organised ourselves to go to the government.

    The CCP cares deeply about your plight, Mrs. Guo, and will surely act in a just and fair manner, as all Communist totalitarian regimes are wont to do, to put things right.

      1. Cause too much ruckus in China and you will end up in a ditch with a bad case of lead poisoning. The CCP wants to sweep this under the rug and move on.

    2. “With so many of us they can’t possibly ignore it,’ she said. ”

      Oh, they won’t “ignore” you, but keep in mind that this is the country where you “make an appointment” for a liver or kidney transplant.

  13. ‘They bit the bullet in pledging to use 75% of their income to pay for the mortgage’

    Sound lending!

    ‘She also told the BBC that she had been warned by local officials not to speak to the media…‘Some of us have stopped paying the mortgage…If the bank pushes too hard, they will sleep in the lobby of the bank’

    Glancing at my watch, and considering this article came out over night, I’d guess you have a new home Guo, in prison.

  15. We keep hearing from the REIC-sponsored press corps how US housing prices continue to be red hot cakes, defying mortgage rates approaching 8%.

    How are housing prices holding up to higher-for-longer rates in other leading economies, by comparison?

    1. Property
      Germany sees property prices drop in 14 major cities
      The Local Germany –
      Published: 24 Aug, 2023 CET.
      Updated: Thu 24 Aug 2023 13:33 CET
      Germany sees property prices drop in 14 major cities

      Housing prices in the Bundesrepublik have been skyrocketing over the past few years. But a new analysis from real estate website Immowelt shows that now may be the right moment for prospective buyers.

      ​​Housing in Germany – especially in larger cities – is notorious for being both hard to obtain and hard to afford.

      However, the purchase prices for real estate have fallen in many cities around the Bundesrepublik, according to an analysis by real estate online platform Immowelt.

      According to the analysis, prices in all 14 cities surveyed are below their peak in 2022, but significant differences are still discernible.
      …
      https://www.thelocal.de/20230824/germany-sees-property-prices-drop-in-14-major-cities

    2. Financial Times
      Opinion Lex
      China property: accelerating meltdown threatens other markets
      Nervousness over the risk of contagion could spread into commodities
      Country Garden headquarters in Foshan, China
      The market fears a default by Country Garden, previously one of China’s safest large developers
      September 25 2023

      The floorboards are giving way underneath the Chinese property companies. On Monday, share prices throughout the sector fell by the most this year. Evergrande dropped 21 per cent after it scrapped key creditor meetings at the last minute.

      There is still risk of contagion both within China and beyond. That nervousness could spread into commodities. Iron ore prices fell more than 4 per cent on Monday. This comes when seasonal demand from China has historically been strong. China buys about 70 per cent of the world’s seaborne iron ore. Chinese developers have stopped restocking steel.

      Price volatility tells the story. Already the market fears a default by Country Garden. A dollar bond of Country Garden, previously one of the safest large developers, fell below 10 cents on the dollar. China Aoyuan Group’s stock price fell 73 per cent. A court-ordered liquidation of China Oceanwide looms after a Bermuda court issued a winding-up order
      …

    4. Asian Markets
      China’s property slump worsens, clouding recovery prospects
      By Liangping Gao and Ryan Woo
      September 14, 2023 8:18 PM PDT
      Updated 14 days ago
      Men stand near residential buildings in Beijing, China April 14, 2022. REUTERS/Tingshu Wang/File Photo

      Summary

      – New home prices fall at fastest pace in 10 months

      – Property investment, sales slump further

      – More big support measures needed – analysts
      …
      https://www.reuters.com/markets/asia/chinas-august-new-home-prices-fall-fastest-pace-10-months-2023-09-15/

    5. BusinessMarkets
      As China stocks slide and Evergrande teeters, trading sinks amid US$955 billion market wipeout in Hong Kong, Shanghai and Shenzhen

      – Traded volume in Hong Kong’s stock market slumped to a one-year low on September 20, or 38 per cent below the average in the first half

      – Some US$955 billion has been erased from stock capitalisation in Hong Kong, Shanghai and Shenzhen so far this year

      China stock market
      Jiaxing Li
      Published: 7:30am, 27 Sep, 2023

      Global investors have never been more risk-averse on Chinese stocks in over a year, as transactions in Hong Kong and mainland exchanges slumped. Yet, it may signal a turning point for long-suffering market bulls.

      Average trading volume in Hong Kong has shrunk to less than HK$94 billion (US$12 billion) per day this month, a level not seen since September last year. The Shenzhen and Shanghai exchanges processed a combined 723 billion yuan (US$97 billion) of transactions per day, the lowest since May 2020, according to Bloomberg data.

      Activity was lowest in the city this year on September 20 when HK$71.3 billion changed hands, a 38 per cent slump from the first six months this year. On the mainland, the low was 575 billion yuan on September 20, or 39 per cent off the pace in the January to June period.
      …
      https://www.scmp.com/business/markets/article/3235845/china-stocks-slide-trading-sinks-amid-us955-billion-market-wipeout-hong-kong-shanghai-and-shenzhen

      1. Where is AlbuquerqueDan when you need someone to offer a hooeful remark about China’s economic situation?

      2. “US$955 billion market wipeout in Hong Kong”

        Given that we are early in the game, it seems like this could eventually top
        $1 trillion = $1000 billion.

        Is that alot?

        1. No, that’s not a lot. $96 Trillion — the unfunded liabilities of Social Security and Medicare — that’s a lot.

      3. 84 million is that a lot?

        Everyone who voted for this is guilty of MEDICAL GENOCIDE. Worse than anything Josef Mengele ever did.

        1. All these Corporations that asserted a “OSHA” right to mandate vaccines or your fired, broke the law by asserting a right they didnt have against 80 million people.
          Edward Dowd, recently said that Corporations feel vulnerable to lawsuit over the assertion of right to mandate and fire employees, that was struck down by high court.
          If you violate the standing law by asserting you had a right that you didnt have under OSHA, arent you liable for the damage you caused? Extorting a penalty of job loss if a employee doesnt comply with a expiermental fake vaccine by asserting you had a right, when you didnt have that right, is violation of false assertion of a right under the law, and the damage from that assertion is a liability, or should be.
          First, the OSHA right to mandate had never been exercised before, in regards to mass vaccination with penalty of job loss, so it was a new assertion of rights by a Employer of 100 employees.
          Bottom line, they violated the law by assertion they had a right under OSHA , that they didnt have.
          If a criminal violates the law by assertion they had the right to violate that law, and its found they didnt have the right, that criminal is liable in spite of them thinking they had the right. Old saying, “ignorance of law” isn’t excused.
          Its clear that Big Corporations were exercising right to mandate vaccines, with penalty of job loss , based on rights never exercised before using inapplicable law under OSHA, that was struck down by High Court as not being applicable law. Government doesnt have the right to assert inapplicable laws either.
          Ongoing case also how the government acted in collusion with private party social media to violate free speech and censor dispute to vaccine narratives of “safe and effective”.
          This ridiculous assertion that these Entities had the right to defraud the public based on vaccine hesitation on known risks of the jab, is ridiculous.
          And the evidence shows that the vaccine industry has stonewalled vaccine risks being assessed by refusing for decades to do the long term tests that would confirm the damage and risk. The Public was under the illusion that vaccines had rigorous testing for short term as well as long term risks, which wasn’t so.
          Just like they never tested for Covid vaccines stopping transmission, they never tested for autism and other damage, yet they denied vaccine damage, by deliberately never doing the tests that would confirm their assertion of safe and effective only rare vaccine damage.
          Del Bigtree said that if the public knew the potential risks of vaccines, they would never take vaccines, so the Industry obstructed valid testing on the risks, so they could mass vaccinate.
          If you deliver damaging poisons, but refuse to test for those poisons, than your a con artist deceiving the public for profit.
          But nobody would take vaccines and its better they don’t know they are playing Russian Roulette is the position of the Vaccine Industry.
          The new technology fake Covid vaccines have cause unprecedented death and injury, they are covering up, but this has been a long term practice on many vaccines .
          Its for the greater good they assert . This massive aberration of Science as well as Climate Change emergency fraud is a pre-planned means to a One World Order dictorship, enslavement of humanity, where the greater good is a genocidal power grab for these powers that have unleashed their ridiculous fraudulent agenda to control all resources and humans.
          As everything breaks down so this enemy can usher in their pre-planned One World Order of “Stakeholder Governance” , its up to the people to stop it, because governments are in collusion on it, media is
          In collusion, WEF, Banks Rich Elites, and United Nations in collusion, and a number of other forces.

      4. Douglas L. Parker deserves the death penalty. He is a treasonous piece of trash. He tried to destroy the lives of almost 100 million people.

        3. Like my Uncle who was one of 13 that survived in his platoon in Vietnam. Toughest man I ever knew who did some of the craziest stuff you could imagine and he succumbed to the fear.

          He took the jab and within 6 months was diagnosed with turbo cancer of the Esophagus. Dead 5 weeks later. He wouldn’t let my cousin or I see him unless we had the jabs which we refused.

          Is the jab the cause of his death? Don’t know but the reports from Oncologists having seen a sharp rise in cases is telling.

          1. Is the jab the cause of his death?

            On an individual basis like this it is very hard to prove, especially with someone who is older. But as you point out, there is been a sharp increase in cancers. IIRC, overall aggregated deaths are higher now than they were during Covid. And we still don’t know what the long term effects of the jab will be.

            Ask people if they will fly on an experimental and unproven airliner and I think most will say no. But tens of millions rolled up their sleeves for an experimental treatment whose technology proved to be disastrous when tested on animals.

            Curiously. I have relatives who were jabbed but won’t be getting the next booster. All of them wound up getting Covid anyway, and many of them were hit hard. Yet they will insist that they made the right choice initially, because someone they knew of died of it, and therefore the choice wasn’t in “black and white”. I remind them that they panicked and then made a terrible choice.

  19. A senior executive at U.S. risk advisory firm Kroll has been barred from leaving the Chinese mainland, the Wall Street Journal reported on Friday.

    Hong Kong-based managing director Michael Chan is assisting an investigation into a case dating back a few years, the report said, citing people familiar with the matter, adding that neither Kroll nor Chan were the target of the investigation.

    Earlier this week, authorities in China also ordered a senior Nomura Holdings banker overseeing the firm’s investment banking operations there not to leave the mainland.

    https://finance.yahoo.com/news/china-blocks-executive-us-firm-091146367.html

      1. “…15% mortgage rates…”

        If we are lucky.

        Work for a Fortune 100 company.
        Never ever have seen so many worried insiders.

        Like the ending to “Oppenheimer” once you start the chain reaction, even God can’t stop it.

      1. “according to economists who publish papers about labor economics”

        According to people with soft, soft hands, the Parasite Class.

  21. “New data on the Austin housing market shows Austin tops the list of markets that favor renting over buying a home.”

    “According to Realtor.com’s August rental report, renting in Austin is less expensive than buying a starter home.”

    “In Austin, the monthly cost of buying a starter home was almost $4,000 – more than 130% higher than the monthly rent of $1,600.”

    – Don’t forget the good old buy vs. rent calculations. Right now in many metros, it’s no contest. Renting is often 50% cheaper than buying. Austin is an outlier and not in a good way. The bigger the boom, the bigger the bust.

    – Cheap $ from the malevolent Fed has completely screwed up the eCONomy for the average Joe, and yet the 1% made out like bandits during the pandemic. It’s almost as if this was by design or something.

    – For this kind of job performance in the private sector, Fed employees would be fired or laid off and the company would go BK. The Fed makes Enron look like the Salvation Army.

    – The Fed is unelected and unaccountable. They’re supposed to be accountable to Congress, who in turn is supposed to be accountable to U.S. citizens, but here we are.

  22. CNBC — Citigroup CEO Jane Fraser sees ‘cracks’ emerging among some consumers as savings dry up (9/29/2023):

    “We are paying attention to the lower FICO consumer, where there are cracks” forming, Fraser said, referring to the widely used credit-scoring system from Fair Isaac Corp. “I think some of the excess savings from the Covid years are getting close to depletion.”

    There are no savings left, that all got sucked into 50% food price inflation.

    “The U.S. government injected trillions of dollars into households and businesses during the pandemic to avert disaster, money that has helped keep the economy humming for longer than many forecasters expected.”

    The government did not avert disaster, it created the disaster.

    “At the same time, the Federal Reserve’s most aggressive interest rate hiking cycle in four decades has made credit card, mortgage and auto debt more expensive, and late payments and defaults have been climbing.

    When asked what other CEOs are telling her about the state of the economy, Fraser said that besides comments on artificial intelligence and labor tightness, corporate leaders have told her that demand is softening, she said.

    “Particularly [for] the bottom end of the consumer, that’s the one that we’re starting to see cracks, you’re seeing some shift in the buying patterns to lower categories in the spend,” Fraser said.

    https://www.cnbc.com/2023/09/29/citigroup-ceo-sees-cracks-emerging-among-consumers.html

    “This sucker could go down” — George W. Bush

    1. “There are no savings left, that all got sucked into 50% food price inflation.”

      …not to mention the 40% housing / rent price inflation for non-homeowners.

    2. “money that has helped keep the economy humming for longer than many forecasters expected.”

      This is what the “you’ve been saying there’s gonna be a bust for years now” crowd doesn’t get. Pandemic stimulus turned a massive bubble into a bubble so ginormous I don’t even think there’s a word for it.

  23. With NYC experiencing another historic flood, where are the buses from Texas going to unload?? How are the tent cities going to function?? Is there any money left for repairs to the city?? This is not good for the real estate market there, taxes will need to be raised again. Sad!

    1. Mayor Adams announced yesterday that the homeless vouchers would now be good anywhere in NY state and is encouraging all of the domestic homeless to ‘take advantage’ of it to get a lot more house for someone else’s money. The rest of the state is not sharing in his enthusiasm for the plan. I’m assuming the flood will hasten their exit to greener pastures to make room for more NYC invaders. Divine intervention? We live in interesting times…

      1. Oneida County has issued an emergency order that bars the acceptance of newly-expanded New York City rental housing vouchers without the authorization of County Executive Anthony Picente, his office announced Thursday.

        New York City Mayor Eric Adams announced earlier this week that city-funded housing vouchers for homeless New Yorkers could be used outside the five boroughs. It’s part of efforts to ease the homeless population in city shelters as officials are scrambling to make way for more asylum seekers.

        Picente’s order prohibits the acceptance of CityFHEPS rental or other voucher by any person, business or other entity by lease agreement or otherwise without his authorization. Before granting any authorization, Oneida County must first be given 30 days to provide an equivalent rental voucher to a client of its Department of Family & Community Services before seeking to accept a voucher from New York City. Violators of the order would face a Class B misdemeanor and a civil penalty of $2,000 per day.

          2. It sure seems like Oneida County wants nothing to do with the invaders. I’m sure other counties feel the same way and will be possibly also ban the NYC vouchers.

    2. How are the tent cities going to function??

      Function?

      Winter is coming, and these central and south Americans have never experienced that kind of cold. For most of them a freezing cold snap is when it gets down into the 60’s. And there won’t be hotel rooms for all of them. Perhaps they will be housed in vacant office space. That’ll be fun, boarding the elevator to your office floor, only to find you are sharing the building with the MS-13. That could be the final nudge to relocate the whole office to another state.

      And of course at some point the invaders will lose their freebies when the money runs out. There will be riots.

      1. “…That’ll be fun, boarding the elevator to your office floor, only to find you are sharing the building with the MS-13…”

        That sort of thing is already happening in 3rd Street Promenade parking structures in downtown Santa Monica (Ca).

        A recent news story is that a local businessman was as assaulted and beaten by local gang / homeless people in broad daylight because he was taking cell phone pictures of them sleeping / using drugs in the stairwells and was told (by the gangsters / homeless) to stop. [he didn’t]

  24. THE EXCHANGE
    Kelly Evans: If bond yields don’t start dropping….
    PUBLISHED THU, SEP 28 2023 10:56 AM EDT
    Kelly Evans
    Scott Mlyn | CNBC
    Another morning, another move higher in bond yields. The U.S. 10-year Treasury yield is now making moves towards 4.7%. The 20-year just hit 5%. These moves are not happening in response to better economic data. They are happening globally, and even in places where the economy is tanking.
    …
    https://www.cnbc.com/2023/09/28/kelly-evans-if-bond-yields-dont-start-dropping.html

    2. ‘Germany is actually a key example of what’s going on with surging yields globally. They put all their chips on an energy transition (and on Russian natural gas as a “bridge” fuel) that is now resulting in structurally higher energy costs and hollowing out their once-vaunted industrial base’

      A lot of globalist scum sacred cows getting slaughtered these days.

  25. It was chilly yesterday, so I wore my favorite sweater with extra long sleeves that cover the hands while taking Ruby (our dog) for a walk through the neighborhood using a full body harness and retractable leash. I am constantly switching hands as she tacks from left to right.

    Well, I didn’t get a good grip on the retractable leash while switching hands, and it fell to the street startling Ruby causing her to bolt, dragging the retractable reel behind her, it’s hard plastic shell scraping noisily on the asphalt. It’s a German made, strong spring, big dog reel, so it kept closing on her hitting her hind legs, which frightened her even more! She was yelping in total fear as she ran toward home, about a half mile away.

    When I caught up with her at home she had bolted under my son’s truck catching the retractable reel on a rear tire. Her hind quarters were soaking wet as she emptied her bladder on herself.

    1. That’s why the original Flexis came with a wrist loop, so that when you invariably drop the handle you still have control of your dog.

  26. The Dow got it up today, but couldn’t keep it up until it got it off.

    Next up: The red hot October stock sales season

    1. Updated Fri, Sep 29 2023 4:20 PM EDT
      Dow sheds more than 100 points Friday, S&P 500 and Nasdaq wrap worst month in 2023: Live updates
      Alex Harring
      Sarah Min
      Pia Singh
      Traders work on the floor of the New York Stock Exchange.
      NYSE

      The Dow Jones Industrial Average
      retreated on Friday as investors followed the latest news about a potential government shutdown and ended what has been a tough month for stocks.

      The blue-chip average lost 158.84 points, or 0.47% to finish at 33,507.50, led down by Travelers Companies. The S&P 500 dropped 0.27% to 4,288.05. The Nasdaq Composite traded up 0.14% to 13,219.32.

      The Dow and S&P 500 were higher earlier in the day, as traders cheered data showing inflation may be easing. At session highs, the Dow had climbed about 227 points, or 0.7%, while the S&P 500 added 0.8%. The Nasdaq Climbed had rallied 1.4% at its best point in the session.
      …
      https://www.cnbc.com/2023/09/28/stock-market-today-live-updates.html

  29. ‘The feeling for buyers right now is this: For the interest rate I’m paying, this home better be exactly what I want or the price better be negotiable’

    That’s the spirit buyers!

  30. Sen. Dianne Feinstein passed away, but will she cede her seat?

    Sen. Dianne Feinstein of California, trailblazer and champion of liberal priorities, dies at age 90

    BY MICHAEL R. BLOOD AND MARY CLARE JALONICK
    Updated 5:24 PM EDT, September 29, 2023

    https://apnews.com/article/dianne-feinstein-dead-c831f3228ac44faa9653234570bb8ce9

    Why Dianne Feinstein Shouldn’t Quit

    BY PHILIP ELLIOTT
    MAY 18, 2023 6:02 PM EDT

    There’s nothing Washington likes better than second-guessing, and the Feinstein situation was no different. The 89-year-old icon has made clear, at least for the moment, that she would ignore the merciless drumbeat of calls for her to cede the seat immediately to someone who can discharge the duties more consistently.

    https://time.com/6281088/dianne-feinstein-quit-supreme-court/

  31. ‘I think we’re looking at sales that will go below $100 a foot. I think you’re looking at mid-block big buildings where there will be parks, and I don’t see uses for a lot of the particularly older office in D.C’

    Parks? How do those 5% cap rates look now Josh?

  32. “Close The F***ing Border!” Staten Island Residents Display Banner Over Highway

    by Kelen McBreen
    September 29th 2023, 1:58 pm

    Viral News NYC
    @ViralNewsNYC

    Staten Island residents hang a sign over an overpass in Staten Island that says ” CLOSE THE F ING
    BORDER ”
    NYPD officers arrived shortly after and took the sign down .
    🎥 BY @JohnnyTabacco

    https://x.com/ViralNewsNYC/status/1707784125736783891?s=20

    https://www.infowars.com/posts/close-the-fing-border-staten-island-residents-display-banner-over-highway/

  34. Exploring The Surprising Dilemma: 75% Of Real Estate Listings Fail To Sell

    Mark Turcotte
    56 minutes ago

    Throughout this video, we analyze the current state of the housing market, discuss the challenges faced by sellers, and shed light on the various factors contributing to the high rate of unsuccessful real estate transactions. From ineffective marketing strategies and unrealistic pricing to lack of proper staging and limited buyer interest, we uncover the key reasons behind the struggle to sell homes. Not only do we highlight the issues at play, but we also share effective tips and strategies to help individuals enhance their chances of successfully selling their properties. We discuss the importance of competitive pricing, leveraging digital marketing tools, showcasing a property’s unique features, and working with experienced agents who understand the market dynamics. Whether you’re a homeowner looking to sell or a real estate professional seeking greater success, this video is packed with valuable insights. Don’t let your property become a statistic! Discover the best approaches to empower yourself within the real estate market, increase your chances of a successful sale, and avoid the common pitfalls that lead to listing failure. Thanks for tuning in to this eye-opening discussion on the challenges faced by real estate listings. Be sure to like this video, subscribe to our channel, and hit the notification bell to stay updated with all our latest content. If you have any questions or insights related to the topic, feel free to leave a comment below – we’d love to hear from you!

    Are you looking to sell or buy Barrie real estate. Understanding the correlation between price and days on the market may be crucial to your success. In this video, we discuss how many property sellers in Barrie are now associating price with how long their property has been listed for sale. This allows them to price their property competitively and attract more potential buyers. Selling your home can be a daunting task, but with proper strategies and insights, you can achieve your goals with ease. Our team of experienced real estate agents is dedicated to helping you succeed in your real estate endeavours, whether you’re buying a new home or selling your existing property. Our mission is to provide you with actionable tips and tricks that will help you navigate the complex Barrie real estate market confidently. Don’t let your property sit on the market for months on end.

    First, hire a professional real estate agent who knows the area well. They can help you price your home properly, market it effectively, and guide you through the negotiation and closing process.

    Next, make sure your home is in the best possible condition. Declutter, clean, and repair any visible damage. Consider staging your home with furniture and décor that showcase its best features.

    If you’re looking to buy or sell a property in the barrie area, this is the video for you!

    https://www.youtube.com/watch?v=GRev_n1tw8M

    31 minutes. DONG!

    2. Our mission is to provide you with actionable tips and tricks

      I know the area. It’s the gateway to nowhere. Might be a great place to sell shovels if there’s a gold rush, but there isn’t.

    2. Just bought gas at local Costco fot $5.899. Maybe this time is different, but it seems like past fuel price spikes have often turned out to have been leading indicators of incipient recessions.

      1. It’s only $3.89 here, so hurts to be where you are more. Oil at $100 aligned with collapse last go. Where is the tripping point now?

      2. but it seems like past fuel price spikes have often turned out to have been leading indicators of incipient recessions.
        I recall that happening the the early 80’s and the GFC as well.
        Oil has always been something I watch, although since i worked in the oil fields in the early 80’s,my opinion on the importance of the price of oil and the economy my be slightly biased.

      3. “Just bought gas at local Costco fot $5.899.”

        We’ve been at $5.76/gal for super in Washington state for over a year or two for some carbon scheme.

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