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People Who Were Hoping To Date The Rate And Marry The House Are Going To Lose Their House

A report from KTVB in Idaho. “Some homebuyers in our area are losing their homes, thanks to an unpredictable market and some bad advice. That advice, ‘Date the rate and marry the house.’ William and Ashley Kaiser are local realtors who are raising a red flag for homebuyers. ‘It’s a common saying that gets thrown around by many real estate professionals, ‘date the rate marry the house,’ and it is incredibly irresponsible,’ according to Ashley. Ashley says it’s dangerous to bank on future home values and mortgage rates, ‘Things have to be perfect in order for you to refinance. Your house has to be worth more than you owe. Your debt-to-income ratio has to be the same. Nothing has had to change in your financial situation.'”

“Rates were supposed to have dropped to five percent by now, and instead, they’re over seven-and-a-half! So, refinancing would only increase your house payment significantly. Also, home values have not gone up, they’ve gone down by seven to 15 percent. And if you owe more than your house is worth, you cannot refinance. So, Ashley says, people who were hoping to do that, are stuck, ‘Those are the people that are in trouble right now. We’re seeing a few short sales come up in our market, which has not been the case in quite some time.'”

“The Kaisers did some research on those short sales and found one person purchased their house for $100,000 more than they’re trying to short sale it for. It looks like they had an adjustable interest rate. Again, rates have spiked, so their payment spiked. And with their home value dropping, they cannot refinance. ‘So in turn, they are going to lose their house,’ Ashely said. So, where are homebuyers getting this bad advice? William says, it’s coming from real estate professionals who are feeling the pinch of a cold housing market, ‘If they’re in a tough position, where they need the business, they’re not going to do diligence on your behalf like they should. When your back is against the wall and people are hurting, they might make decisions that are not what they would make in a clear mind.'”

KVEO Brownsville in Texas. “Realtors said a lot has changed in the last two years. They said that in the middle of, and right after the pandemic, the housing market was booming. Olga Munoz from the Munoz Real Estate Group, part of Keller Williams LRGV explained the situation. ‘Houses were selling the day it was listed. There were bidding wars. No open houses at all. Houses were just selling way too quick,’ said Munoz. She said that’s not the reality today. She said the market had cooled, but hadn’t hit a slump.”

“Real estate agent Juan Munoz, also with the Munoz Real Estate Group, said changes in the market had caused sellers to change their behavior. He said prices are still higher than he normally saw in the RGV, but customers were adapting to the new reality of the real estate landscape. ‘Because interest rates are a little bit higher. Payments are a little bit higher. Now they have to offer a little bit more concessions, or they have to lower down the price a little bit,’ he said. When it came to re-financing, lenders said there was almost no market for that side of the business at this time.”

KUTV in Utah. “More buyers are backing out of buying a house. Experts say if buyers feel like they’re not getting a good deal, they’re walking away. ‘I saw it myself,’ Rick Anderton, a mortgage lender based in Lindon, told KUTV 2News in an interview. ‘I had a client back out last week who said that it’s just, the payment’s too high.’ According to Mortgage News Daily, interest rates for a 30-year loan are sitting at just under eight percent right now. Demand for mortgages is at its lowest level since the mid 1990s. ‘From two years ago, I’m totally surprised,’ Anderton said. ‘No one thought they would climb this much this fast.'”

WMFE in Florida. “With October being Financial Planning Month, a group of financial advisors have urged locals to start saving money to purchase a home, citing Orlando’s skyrocketing housing prices. Last week, the group specifically referenced Hispanic families, which make up over one-third of Orlando’s population. ‘Orlando home values are up more than 70% since the start of the pandemic,’ a message from Northwestern Mutual said. Felipe Andrés Navarrete, managing director of Northwestern Mutual-Lake Nona, said that, for most workers, the best chance at accumulating wealth for retirement lies in homeownership.”

“Navarrete said some of the best tips he can offer workers is to budget and save their money. For families who are spending 100% of their income, or might even be spending more than they bring in, Navarrete suggests, ‘make more money.’ While he said he understands this is ‘easier said than done,’ he said negotiating higher wages is one of the most powerful tools workers have. Only this way, he said, could saving for a downpayment become possible. ‘How do we change a metropolitan area that is growing in value but everyone is just getting paid the same?’ Navarrete said. ‘Everyone needs to start asking for more money for their hours’ worth.'”

The Lookout in California. “Fall is typically a busy time for the housing market, but it’s off to a slow start in Santa Cruz County, with home sales and prices weakening across parts of the region in September. Sales activity fell the most in pricier markets such as Santa Cruz and Aptos compared to August. ‘We’re seeing a little bit more of a lull than we’re probably used to, and rates going up a bit again didn’t help,’ said Santa Cruz County Association of Realtors President Jennifer Watson. ‘That causes people to fall into a fear mentality and many start to pull back.’ Buyers’ preference for smaller homes and fewer sales over asking price brought the Watsonville median sale price down significantly to $727,500 from $810,000 in August — about a 10% drop.”

The Real Deal California. “Neil Shekhter’s NMS Properties defaulted on a loan tied to three of the firm’s apartment complexes in West Los Angeles — and now the lender wants to sell the property through a receiver, according to a lawsuit filed late last month. Ladder Capital alleges an NMS-controlled entity defaulted on a $15 million loan last month, after breaching a number of covenants in the loan agreement, in a complaint filed with L.A. Superior Court. NMS has owned the properties, located at 1901 Overland Avenue, 10750 Missouri Avenue and 11665 Mayfield Avenue, since the early 2000s, according to property records. The firm bought the Overland and Missouri complexes for $3 million in 2004 and the Mayfield property for an undisclosed sum in 2006.”

“The New York-based REIT is asking the court to appoint a receiver to take over the properties and help collect rents. The receiver will also be tasked with marketing the complexes for sale. Ladder is preparing to foreclose on the properties, it said in the complaint, and hopes to sell them swiftly after taking them over. At the end of the second quarter, Ladder Capital reported about $89 million in non-accrual loans, meaning the borrower had stopped making payments, according to an SEC filing. In December, the REIT reported $53.8 million in non-accrual loans.”

Bisnow Boston in Massachusetts. “With interest rates showing no signs of declining in the near future and lenders tightening their grip by the week, many real estate firms aren’t able to finance new projects. Coming from ultra-low interest rates early in the pandemic, The Mount Vernon Co. founder Bruce Percelay said that as loans mature, borrowers are coming into a completely different environment, with rates double what they previously secured. For many, this realization will be costly when it comes time to refinance. ‘We all got hooked on cheap money,’ Percelay said at the event. ‘Cap rates were down because rates were down, and a lot of people are going to get caught because if you borrowed at 3%, your purchase price was predicated at 3%, and now you’re paying 6.5% or 7% and your loan rolls over, you’ve got a problem.'”

“As interest rates remain high and costs persist, Percelay said an adjustment in the market will come either in the form of rates coming down or owners handing the keys to lenders. He said that the next two years will provide opportunities for cash buyers and that these deals are already starting to happen. ‘The vultures are starting to gather, and there will be significant pain. And the people with cash and funds will be in a position to purchase assets,’ Percelay said. ‘For those people that have cash or funds that have not deployed, the next two years could provide real opportunity.’ Across office, industrial, apartments and retail, transaction volume dropped 70% year-over-year. ‘There aren’t going to be any deals,’ said Kendin Carr, vice president at Colliers. ‘It’s a massacre out there. The only upside I can see is we are not San Francisco.'”

Market Place. “Out of that $2 trillion government budget deficit that’s been popping eyes recently, some portion of it is due to the Federal Reserve. The Fed is actually losing money right now after a long stretch in which it was making money. This was the Fed’s strategy to help the economy, in the Great Financial Crisis and again during the pandemic, by going out and buying tons of bonds and mortgage-backed securities. Today, the Fed still owns trillions of dollars’ worth of those bonds and securities, which pay interest. Not a lot, but …’It’s now paying interest on reserves of 5.5% or so, so the interest expense is now greater than the interest income and the Fed has lost on the order of $100 billion since last fall,’ said Bill English, a professor at the Yale School of Management.”

“‘So compared to last year, we are more than $100 billion down,’ said Marc Goldwein with the Committee for a Responsible Federal Budget. Now, that only accounts for around 5% of the current deficit. ‘And it really is the Congress and president who should be held accountable for our level of borrowing,’ Goldwein said. It’s not the Fed’s job, he said, to be a golden goose for the Treasury.”

CTV News in Canada. “An Ontario woman is out of more than $100,000 after paying a contractor for her dream kitchen, which was never completed. ‘I’ve been in my house 20 years, and I never liked my kitchen and wanted something better, but I never should have trusted this guy,’ Toronto resident Mary Austin told CTV News. After she handed the last installment cheque – totalling nearly $20,000 – she said nobody returned to work. The new fridge, stove and dishwasher she bought have also been sitting unused in her hallway and living room since last year. ‘I gave him $107,000. I made a mistake, a big mistake, and it cost me so much money, and I borrowed money I have to pay interest on,’ said Austin. ‘I feel depressed. I feel cheated. I feel like a fool because I should not have trusted that guy.'”

High and Ham in the UK. “First-time buyers who bought apartments at 53 Agar Grove in Camden Town have been told by surveyors that their block is moving and may have to be demolished. The building – less than five years old – has been plagued by moving walls, collapsing ceilings and water leaks. Their homes have been valued at £0 and deemed ‘uninsurable.’ Their plight generated national headlines, prompting a visit from Michael Gove, Secretary of State for the Department of Levelling-Up, Housing and Communities (DLUHC). But months on, the buyers say there is no resolution in sight. Last week they hung a huge banner from their windows, reading: ‘Give us our money back Gove, deregulation defrauded us.'”

“It isn’t just the buyers who think this. During a recent episode of BBC1’s Rip Off Britain, Mr Gove called the residents’ situation ‘absolutely appalling’ and ‘unacceptable.’ Likening the ‘terrible’ building to ‘a set from Crossroads,’ he said: ‘You get more consumer protection when you buy a washing machine than when you buy your own home.'”

ABC News in Australia. “Best friends Pauline Duffy and Cobie van Dommele moved into a caravan to ‘save their pennies’ while their duplex was being built. The ladies, who are single and in their 70s, have now spent two years in cramped conditions after their builder collapsed before their home was finished. They are set up on a cane farm in northern New South Wales, next to a friend’s abandoned flood-damaged home. ‘We’re thankful for what we have but it does wear you down,’ Ms van Dommele said. Ms Duffy added: ‘But we really don’t know what’s ahead, it’s a horrible thought. I call it homelessness, that sums it up.'”

“When Stroud Homes Northern Rivers entered liquidation in May, a building inspector found dozens of defects in Ms Duffy and Ms van Dommele’s new home. Another customer Zoe Croft, who is a self-employed single parent, sold her family home in Sydney’s east to afford a $94,000 deposit. The build, in the seaside village of Lennox Head, was to be an investment until she could retire there. Glossy brochures assured Ms Croft she could ‘build with confidence that Stroud Homes Northern Rivers will take care of you’ and that her local franchise had won several industry awards. When Stroud Homes Northern Rivers went under, she said she lost every cent. ‘I’ve cried a lot of tears; it’s been emotionally quite devastating,’ she said. ‘I thought I’d done all my due diligence. I felt very foolish. There’s at least 12 of us that had no insurance.'”

From Bloomberg. “Hui Ka Yan has already lost his freedom. Now, China Evergrande Group’s founder is no longer a billionaire. Hui’s net worth has fallen to $979 million, according to the Bloomberg Billionaires Index, with shares of his debt-laden real estate firm trading at just HK$0.24 (3 cents) each. Shares of China Evergrande have dropped 86% since its trading resumption in late August. Once Asia’s second-richest man and worth $42 billion at his peak in 2017, Hui’s wealth has plummeted 98% since then, according to Bloomberg’s wealth index. The founder is now under police control, leaving his empire in limbo with no clear restructuring plan in sight. A further test later this month has the potential to almost wipe out his fortune. The world’s most indebted developer will face an Oct. 30 court hearing in Hong Kong over a petition to liquidate the firm.”

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This Post Has 121 Comments

  1. ‘Rates were supposed to have dropped to five percent by now, and instead, they’re over seven-and-a-half! So, refinancing would only increase your house payment significantly. Also, home values have not gone up, they’ve gone down by seven to 15 percent. And if you owe more than your house is worth, you cannot refinance. So, Ashley says, people who were hoping to do that, are stuck, ‘Those are the people that are in trouble right now. We’re seeing a few short sales come up in our market, which has not been the case in quite some time’

    ‘The Kaisers did some research on those short sales and found one person purchased their house for $100,000 more than they’re trying to short sale it for. It looks like they had an adjustable interest rate. Again, rates have spiked, so their payment spiked. And with their home value dropping, they cannot refinance. ‘So in turn, they are going to lose their house,’ Ashely said. So, where are homebuyers getting this bad advice? William says, it’s coming from real estate professionals’

    Oh dear Larry…

    1. Let’s correct the record.

      Rates were supposed to have dropped to five percent by now

      No, the NAR economist created a wishful expectation that was repeated ad nauseam.

      people who were hoping to do that

      People who were lied to.

      real estate professionals who are feeling the pinch of a cold housing market, ‘If they’re in a tough position, where they need the business, they’re not going to do diligence on your behalf like they should. When your back is against the wall and people are hurting, they might make decisions that are not what they would make in a clear mind.’”

      Desperation, self-preservation and greed.

      1. Rates were supposed to have dropped to five percent by now

        Date the rate?

        More like get stuck paying child support for the next 18 years.

        1. In a former life I had to deal with people who paid child support. That’s some 7th level of hell type shit for the bad stuff you did as punishment from your previous life. I don’t wish that on anybody.

      2. Relying on a realtor for economic advice and future rates? You deserve to lose your home. Even a trained economist can’t predict what rates will be in a few years. Realtors don’t even need a high school degree, do they?

        1. I agree, but you can look at things like historical norms and averages. And there ain’t no way a realtor is gonna show anyone that. If they did then what their client would see is that is what we experienced with low rates over the last few years was an anomaly. Based on historical averages, todays rate ain’t bad. And based on that if your gonna bet one way or the other then it becomes evident that odds are that dating the rate will get you date raped, as in a trip to Schlongville.

        2. True, but it’s also way past time these unindicted white-collar criminals were held accountable for their decades of lies, along with the bought-and-paid-for media who lent them the appearance of legitimacy.

    2. Well, they did write a hand-wringing, tear soaked letter to JP begging him to stop raising and start lowering. What they didn’t count on is him wiping his a$$ with it.

      1. Stop making payments and live there until the lender can foreclose. You’ll get free housing for a while and can save up a lot of money. If it’s as bad as 2008, you can get up to 2-3 years free.

        2. I knew some that got up to 4 years in Northern Nevada (Reno/Tahoe). And the banks were happy they stayed. An unoccupied house falls into disrepair faster. But it’s not a given either.

          1. I know someone who got about 10yrs without a payment, in NJ. But that probably had something to do with the deed xfer being robosigned, and him challenging it…

  2. ‘Realtors said a lot has changed in the last two years. They said that in the middle of, and right after the pandemic, the housing market was booming. Olga Munoz from the Munoz Real Estate Group, part of Keller Williams LRGV explained the situation. ‘Houses were selling the day it was listed. There were bidding wars. No open houses at all. Houses were just selling way too quick,’ said Munoz. She said that’s not the reality today’

    You know Jerry, these people have the lowest wages in north America.

  3. ‘Navarrete said some of the best tips he can offer workers is to budget and save their money. For families who are spending 100% of their income, or might even be spending more than they bring in, Navarrete suggests, ‘make more money’

    This is why you make the big bucks Felipe.

    1. “families who are spending 100% of their income”

      That’s over half the country right now.

      How much new money has been printed since CCP Flu started three and a half years ago? Must be one of those “we’re all in this together” kind of things, LOLZ.

      1. Since the U.S. is now financing two major wars, while being $33 trillion in debt with Brandon regime spending going parabolic, that means a new orgy of money-printing is in the cards. Got gold? Got silver? Got life’s essentials?

    2. ‘make more money’

      We all attempt to do that from time to time. One thing I never thought of as a strategy is:

      Everyone needs to start asking for more money

      1. “Please, sir, I want some more” — Oliver Twist, Charles Dickens

        Another World Economic Forum success story.

      2. Who woulda thunk?! Those McDonalds employees could be making $50 per hour if they’d just ask! Thank you for that amazing advice!! (dipsh*t!)

        1. Everyone needs to start asking for more money for their hours’ worth.

          Don’t tell that to the Fed, they don’t want employers to give raises.

        2. Those McDonalds employees could be making $50 per hour if they’d just ask!

          When enough low wage people vote with their feet, businesses have no choice but to raise rates.

          Where my parents live in California the nearby McDonald’s starts at like $20+ an hour. Some in my family complain that those are minimum wage jobs for kids, ignoring that 1) it is mostly middle-aged immigrants, not teens, that work there and 2) housing inflation has consequences.

          America is starting to have nominal prices similar to Hong Kong — that will be $25 for a simple no frills lunch please.

          1. have you priced a fast food “value” meal lately?

            It’s $11 to $15 for burger, fries, drink, from any of the crappy fast food joints. Not in new york city or San Fran (where it’s probably way more) but anywhere.

          2. It’s $11 to $15 for burger, fries, drink, from any of the crappy fast food joints.

            In Hong Kong, a McDonald’s meal is about $20 in local HK Dollars; in the PRC it’s about 25 RMB. So yeah, we are getting close.

            It’s also way more common in Hong Kong for average workers to earn around $10,000 HK Dollars per month. Earning that much American scratch is not easy.

          3. “It’s $11 to $15 for burger, fries, drink, from any of the crappy fast food joints.”

            Yep, closer to $15. I’ve been on the road lately, and supreme is roughly $6 per gallon too.

          4. $20 in local HK Dollars

            OK, that’s close to $2 US. I guess the raw materials aren’t actually expensive.

  4. ‘Neil Shekhter’s NMS Properties defaulted on a loan tied to three of the firm’s apartment complexes in West Los Angeles — and now the lender wants to sell the property through a receiver, according to a lawsuit filed late last month. Ladder Capital alleges an NMS-controlled entity defaulted on a $15 million loan last month, after breaching a number of covenants in the loan agreement, in a complaint filed with L.A. Superior Court. NMS has owned the properties, located at 1901 Overland Avenue, 10750 Missouri Avenue and 11665 Mayfield Avenue, since the early 2000s’

    How did you spend the cash out refi money Neil?

  5. ‘The vultures are starting to gather, and there will be significant pain. And the people with cash and funds will be in a position to purchase assets,’ Percelay said. ‘For those people that have cash or funds that have not deployed, the next two years could provide real opportunity’

    That’s the spirit Bruce!

    ‘It’s a massacre out there. The only upside I can see is we are not San Francisco’

    Everybody but SF can say that Kendin.

    2. https://fred.stlouisfed.org/series/WSHOMCB

      In the previous two episodes of the Fed trying to reduce its MBS balance sheet, it took 12-18 months for STHTF and for them to panic and reverse course. We are at the same time point now in the current balance sheet reduction campaign….and they still have 2.5 trillion dollars in MBS to go.

  6. ‘I gave him $107,000. I made a mistake, a big mistake, and it cost me so much money, and I borrowed money I have to pay interest on’

    107kK-dn pesos for a kitchen Mary? You only live once!

    ‘I feel depressed. I feel cheated. I feel like a fool’

    Acceptance <- Mary you are here.

    1. ‘I feel depressed. I feel cheated. I feel like a fool’

      If stupid didn’t hurt, fools would never learn, Mary.

    2. 107kK-dn pesos for a kitchen

      It is my observation that people never actually use those super duper designer kitchens for actually cooking.

      I’ve also noticed that people with dining rooms that look like the ones in the magazines never actually eat in them, nor do they have good china.

  7. ‘Give us our money back Gove, deregulation defrauded us’

    Well it wasa cheaper than renting first time buyers.

    ‘It isn’t just the buyers who think this. During a recent episode of BBC1’s Rip Off Britain’

    BBC has been rip off Britain for many years.

    ‘You get more consumer protection when you buy a washing machine than when you buy your own home’

    Says the guberment guy in charge.

    1. I never saw the point in trying to hedge against default on one piece of paper by buying another, unless you also have the requisite legal talent and political and regulatory connections to make sure they’ll be honored.

      I also thought buying Treasuries was nuts 20 years ago, to say nothing of now, with the likes of Yellen babbling “sure we can afford two wars.”

  9. ‘It’s a common saying that gets thrown around by many real estate professionals, ‘date the rate marry the house,’ and it is incredibly irresponsible,’ according to Ashley.

    I have zero sympathy left for stupid people who blindly trust in the REIC or the globalist scum media. Most of these zombified dolts are impervious to contrary opinions, so let them learn the hard way.

    1. The day after this stupidity surfaced I posted a video by a Phoenix mortgage lender who spelled out this exact scenario as why people were gonna get fooked. Rates went up, not down. Prices went down, not up. They are underwater with a short term debt and will have to write a check to refinance. Which they can’t afford and probably would rather walkaway. May you wear this crown of thorns with mucho pain Larry.

      1. The inflation unleashed by the $4.5 trillion in funny money the Fed pumped into the financial system during the scamdemic is manifesting as inflation at least 2X as high as what our fake, Soviet-style CPI data says it is. Anyone who thinks inflation or interest rates are going down to ~2% lacks a basic understanding of fiscal and monetary realities.

        1. The federal money printing inflationary bonanza will be offset slightly by the Powell Bux going to heaven as the consumer defaults on many of his credit obligations. It is already happening with credit card and car loans and soon mortgages and likely student loans too.

  10. So, where are homebuyers getting this bad advice? William says, it’s coming from real estate professionals who are feeling the pinch of a cold housing market, ‘If they’re in a tough position, where they need the business, they’re not going to do diligence on your behalf like they should.

    Realtors are liars. Marks who are stupid & gullible enough to believe that any UHS has their best interest at heart are sheep waiting to be fleeced.

  11. ‘Hui Ka Yan has already lost his freedom. Now, China Evergrande Group’s founder is no longer a billionaire. Hui’s net worth has fallen to $979 million, according to the Bloomberg Billionaires Index, with shares of his debt-laden real estate firm trading at just HK$0.24 (3 cents) each. Shares of China Evergrande have dropped 86% since its trading resumption in late August. Once Asia’s second-richest man and worth $42 billion at his peak in 2017, Hui’s wealth has plummeted 98% since then, according to Bloomberg’s wealth index. The founder is now under police control, leaving his empire in limbo with no clear restructuring plan in sight. A further test later this month has the potential to almost wipe out his fortune’

    Those wall street bond buying knife catchers get wiped out too. They call it junk for a reason boys.

  12. ‘Houses were selling the day it was listed. There were bidding wars. No open houses at all. Houses were just selling way too quick,’ said Munoz.

    Up next: globalist scum media will be filled with caterwauling FBs who bought into the mania and are now blaming everybody but themselves for their financial Waterloo.

  13. ‘From two years ago, I’m totally surprised,’ Anderton said. ‘No one thought they would climb this much this fast.’”

    “It’s hard to get a man to understand something, when his salary [or commission] depends on him not understanding it.” — Upton Sinclair

  14. This was the Fed’s strategy to help the economy, in the Great Financial Crisis and again during the pandemic, by going out and buying tons of bonds and mortgage-backed securities.

    I hope I live to see the day when “Zimbabwe Ben” Bernanke, Yellen the Felon, BlackRock Jay, & the rest of these gold collar criminals are standing in shackles & orange jumpsuits in front of an honest judge at post-collapse tribunals, awaiting summary justice appropriate to their debasement of the currency & financial warfare against the bottom 99%.

  15. CNBC (10/25/2023):

    “Largely due to high inflation and rising interest rates, 81% of adults said they did not contribute to their emergency savings this year, and 60% also said they feel behind when it comes to building a cash cushion, according to a new Bankrate report.

    “Rising prices and high household expenses have been the predominant impediments to boosting emergency savings,” said Greg McBride, Bankrate’s chief financial analyst.

    “When expenses increase faster than income, that puts households in a bind.”

    Up until now, most Americans have benefited from a few government-supplied safety nets, most notably the large injection of stimulus money, which left many households sitting on a stockpile of cash after 2020”

    https://www.cnbc.com/2023/10/25/only-19percent-of-americans-boosted-emergency-savings-in-2023-report-finds.html

    What’s the infection fatality rate of CCP Flu for working age adults with no co-morbidity factors?

    And we let them destroy the economy, destroy the lives and futures of hundreds of millions of U.S. citizens over this?

    At least all the right people got their millions and billions. You got a check for $1,400.

    1. which left many households sitting on a stockpile of cash after 2020

      I still wonder about this. How much was it really? A couple of $1400 checks? Sure, the unemployed got extra cash, but unless you moved into your parent’s basement I don’t think you saved much.

      1. Lucky Ducky getting an extra $600 a week was the most money many of those poors ever saw in their lives.

      3. The expanded child tax payouts monthly were a huge boon for the economy. I lived in Utah at the time; many households were getting well over a thousand extra bucks per month.

        I know one couple that took a well deserved trip to Florida. And Europe. They traveled a lot that year!

    2. Not enough is said about the over a trillion in PPP and ERC pandemic stimi fraudulently injected into the economy.

    3. Even more took out fake $20k ppp loans for non-existent home business. More than that, the EIDL loan scam, up to $500,000 w/o a security interest, only a personal guaranty, was completely insane. And the sba has basically said it doesn’t intend to pursue any of the 50%+ of defaulters, it was free government money.

  16. ‘Because interest rates are a little bit higher. Payments are a little bit higher. Now they have to offer a little bit more concessions, or they have to lower down the price a little bit,’

    A little bit? 😂 Gotta love these guys!

      1. Fuji apples are $1.69 a pound down from $1.99 a pound.

        Only a 70% increase from $0.99 a pound in 2019.

  19. “Rick Anderton, a mortgage lender based in Lindon, told KUTV 2News in an interview. ‘I had a client back out last week who said that it’s just, the payment’s too high.”

    When do you know you have a problem? When the borrower has to convince the lender that he/she doesn’t qualify. Complete sh!t show!

  20. Lowest Sales in History, Agents are Fleeing, 2023 Canadian Housing Market
    Jon Flynn Broker of Record, Flynn Real Estate Inc.
    17 hours ago

    MLS® sales per capita for 2023 is the lowest in recorded history, agents are struggling and many are leaving and looking for new jobs. Premiers from Ontario and BC are attempting to influence the bank of Canada in their most recent interest rate announcement while AirBnB owners are suffering huge losses due to new rules limiting their operation.

    https://www.youtube.com/watch?v=dKXSMTgn9oY

    10:34.

  21. Americans ran up $105 billion in credit card interest last year alone

    https://www.yahoo.com/finance/news/americans-ran-105-billion-credit-120202819.html

    In 2022, about one in 10 (9.9%) general purpose credit card accounts in the United States were in “persistent debt” — a difficult-to-escape situation where borrowers are charged more in interest and fees than they pay down in principal, according to a new Consumer Financial Protection Bureau report shared first with CNN.

    That’s up from 8.4% in 2021, a trend that the CFPB blames on shrinking paychecks (after adjusting for inflation) and rising borrowing costs.

    “People get into this situation they can’t get out of. The fees and interest keep people trapped there,” a CFPB official told CNN.

    Americans were hit with $105 billion in credit card interest last year alone, according to the CFPB’s biennial consumer credit card report. That includes $30.5 billion in the fourth quarter, the highest since at least 2015.

    Roughly one in three cardholders with the lowest credit scores — subprime and deep subprime — were in persistent debt last year, according to the CFPB. That’s up from around 25% in 2021 and approaching pre-Covid levels.

    CFPB officials expect the number of Americans stuck in this doom loop will go even higher in 2023.

    “The industry uses rewards to get you in. You think you’re going to pay everything off every month, but sometimes things don’t go as planned,” the CFPB official said. “If you start carrying a balance, you have to pay a hefty price.”

    Warning sign: Credit card late fees surge
    Credit cards are among the most expensive ways to borrow — especially these days.

    The Federal Reserve’s war on inflation, marked by aggressive interest rate hikes, has lifted credit card rates to record highs, according to Bankrate.com.

    Yet Americans have continued to rely on credit cards as they grapple with a high cost of living. US credit card balances surpassed $1 trillion during the second quarter of this year for the first time ever, according to the New York Fed.

    The CFPB said interest charges have grown since mid-2021 as Americans spent more on credit cards, balances grew and borrowing costs climbed.

    The CFPB report contained some warning signs suggesting that some consumers are facing financial pressure even as unemployment remains historically low.

    For instance, for the first time, quarterly late fees topped $4 billion during the fourth quarter of last year, according to the report.

    Annual late fees jumped by 28% in 2022 to $14.5 billion, returning to pre-Covid levels, the CFPB said.

    Americans with lower credit scores were hit the hardest by late fees.

    Even though consumers with deep subprime credit scores hold just 6% of card accounts, they generated 28% of all late fees last year, the CFPB said. (By contrast, consumers with the highest credit scores generated just 6% of late fee volume).

    Earlier this year, the CFPB unveiled a proposed rule that would cap credit card late fees at $8, down sharply from the 2022 average of $32.

    A significant number of Americans are only making the minimum payment on their credit card debt, a situation that can drastically increase the overall cost of borrowing and how long it takes to pay it all back.

    About 13% of general purpose credit card accounts and 17% of private label accounts paid only the minimum payment due each month in 2022, according to the CFPB report.

    Nearly one in three (31%) of subprime private label accounts make just the minimum payment. (There are no comparisons to previous years as this is the first time the CFPB tracked this metric).

    As signs of consumer stress emerge, the credit card industry continues to perform well financially.

    Credit card issuer profitability took a hit in 2020 during Covid but rebounded sharply in 2021 and last year remained at or above 2019 levels, the CFPB found. The report also warned of an “apparent lack of competition” on credit card rates.

    “Credit remains widely available and card issuers are profiting handsomely,” CFPB Director Rohit Chopra told CNN in a statement. “It’s critical that we inject more competition in this market so that Americans can switch their card balances to lower rates.”

    1. “It’s critical that we inject more competition in this market so that Americans can switch their card balances to lower rates.”

      Not the solution I would have thought of.

      1. “This sucker could go down”

        That’s what I think to myself every time I see Joe Biden about to climb or descend the stairs on Air Force One.

  22. “Some homebuyers in our area are losing their homes, thanks to an unpredictable market and some bad advice”

    What’s unpredictable about it? I have no pity for the fool who thinks that trees grow to the moon.

    1. It’s amazing how many folks have no clue the market is turning over, thanks in large part to misleading MSM reporting that constantly suggests rates will soon drop back to pandemic levels. It may take another 60 years or more to get back that low.

      1. Don’t get me started on the MSM mass deception. It is so much worse than last time how much effort is being put into hiding the truth. I know I’m preaching to the choir here, but it’s insane that most are anesthetized by it. I recently stayed at my sister-in-law’s, and she would have the Today Show playing every morning. It took everything I had to not throw a piece of her furniture at the flat screen. Complete fluff. And also the entire program is less about news and more about being an advertisement on what you can spend your money on next. Latest trends, what Taylor Swift is wearing, plastic smiles and sunshine and rainbows everywhere. People today do not want the truth. They love and embrace ignorance. And those who search for reality are labeled doom and gloomers. And they wonder why we have no empathy for these soon to be “victims”. Sorry…..my grumpy old man morning rant is over.

        1. And those who search for reality are labeled doom and gloomers.

          And after everything goes to Hades in a hand basket you get to hear ” how could you possibly have known this would happen?”

          1. Dude!!! Amen! I can’t tell you how hard it was not to b*tch slap everyone who asked me that question last time around. It was infuriating!

          2. Not to mention

            1. After the fact, suddenly everyone saw it coming.

            2. Permabulls claiming bears were somehow wrong because their predictions of the collapse weren’t correctly timed to the nanosecond. By this logic, jumping off a 50-story building won’t actually kill you unless those darn pessimists can say exactly when you’ll hit the pavement.

  23. How are Cathie Woods’ favorite stocks faring in the latest round of Wall Street blood letting?

    3. Higher for longer rates whack tech stocks on at least three levels:

      1) Since these companies tend to be heavily indebted, higher rates mean higher interest payments cutting into current earnings.

      2) Higher borrowing costs reduce future growth prospects, resulting in lower expected future earnings.

      3) A higher discount rate reduces the present value of expected future earnings.

      If you enjoyed the tech stock boom, good luck with the bust.

      1. good luck with the bust

        Looks like a classic double top might be in the works. There’s no way these companies are worth three times what they were ten years ago. They were overvalued then IMO.

      1. Financial Times
        Equities
        ‘Magnificent Seven’ tech stocks drive US equity domination to new highs
        Handful of companies propel all of this year’s gains in the MSCI All-Country World index
        Montage of tech companies’ logos
        Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla have been labelled the ‘magnificent seven’ stocks
        Nicholas Megaw in New York
        October 23 2023

        Seven large US tech companies have driven all of the gains in global stocks this year, pushing the US dominance of equity markets to new heights.

        The so-called “magnificent seven” — Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla — have been propping up the S&P 500 index of blue-chip US companies for most of the year because of investor excitement about the growth of artificial intelligence.

        The trend has become so extreme that it is dominating markets abroad. But for the seven companies, MSCI’s benchmark All-Country World index of almost 3,000 large and midsized companies would have declined in the year to date, according to Bloomberg data.
        …

      2. Stock Market Today
        Dow Jones Futures Fall: S&P 500, Nasdaq Tumble As Google Dives; Meta Reverses Lower
        ED CARSON 07:13 PM ET 10/25/2023

        Dow Jones futures edged lower after hours, while S&P 500 futures and Nasdaq futures fell. Meta Platforms (META) and ServiceNow (NOW) headlined earnings reports, with Amazon due Thursday night. Several key economic reports are on tap.
        …
        https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-sp-500-nasdaq-breaks-lows-google-dives-meta-rises-late-amazon-on-tap/

      3. MarketWatch
        Google’s stock sheds market cap the size of Nike in one of Wall Street’s five worst drops ever
        Published: Oct. 25, 2023 at 4:58 p.m. ET
        By Emily Bary
        Alphabet’s stock suffers worst daily selloff in more than three years
        Alphabet shed more market capitalization Wednesday than it had in any single day prior.
        alain jocard/Agence France-Presse/Getty Images

        Referenced Symbols

        GOOG
        -9.60%
        GOOGL
        -9.51%
        META
        -4.17%
        AMZN
        -5.58%
        AAPL
        -1.35%
        MSFT
        +3.07%

        The selloff in Alphabet Inc. shares Wednesday resulted in the fifth-largest one-day decline in market value for any U.S. company on record.

        Alphabet’s stock GOOG, -9.60% GOOGL, -9.51% fell 9.5% in Wednesday’s action, wiping out $166.64 billion in market value for the Google parent company, according to Dow Jones Market Data. The decline in market cap is the largest one-day loss for Alphabet on record, though Meta Platforms Inc. META, -4.17%, Amazon.com Inc. AMZN, -5.58%, Apple Inc. AAPL, -1.35% and Microsoft Corp. MSFT, +3.07% all suffered worse losses in the past.

        The company’s daily drop in valuation is more than the entire market capitalizations of each of Nike Inc. NKE, -1.56%, Advanced Micro Devices Inc. AMD, -5.52% and Walt Disney Co. DIS, -2.39%

        The 9.5% fall in Alphabet Class A shares Wednesday made for their worst single-day percentage decline since March 16, 2020, when they shed 11.6%.

        Read: Google earnings just crushed two big bullish hopes for Alphabet’s stock

        The decline also marked the worst post-earnings one-day percentage decline for the Class A shares since July 18, 2008, when they dropped 9.8%, according to Dow Jones Market Data.

        Alphabet late Tuesday beat overall revenue and earnings expectations, though the cloud-computing business underwhelmed and analysts left feeling less upbeat about the company’s margin potential going forward.

        “Expectations were high heading into GOOG results, and while the top-line delivered in the most important areas, we wouldn’t be surprised if investors rotate a bit into other mega cap tech names near-term,” Barclays analyst Ross Sandler wrote following Tuesday afternoon’s earnings report.
        …

    5. Yahoo Finance
      Fool.co.uk
      How I plan to navigate the 2024 stock market crash
      Matthew Dumigan
      25 October 2023 at 9:30 pm·3-min read
      Businesswoman analyses profitability of working company with digital virtual screen
      Image source: Getty Images

      The short-term direction of the stock market is almost impossible to predict. In fact, I don’t think it’s even helpful for investors to dwell too much on the question of whether the market will rally or crash next year.

      That being said, with a handful of top investors and analysts saying there’s a sell-off lurking around the corner, I’d be foolish if I failed to prepare for the worst-case scenario.

      With that in mind, here’s my plan for navigating a potential 2024 stock market crash.

      Building a resilient portfolio

      Almost every investor knows the significance of diversification. It involves spreading investments across different sectors and geographic regions. And in the case of a market crash, having a well-diversified investment portfolio can help cushion the impact of plummeting share prices.

      As such, I’m looking to buy stocks that tend to fare less poorly during market downturns. This likely means searching for companies in defensive sectors such as healthcare, utilities, and consumer goods.

      Even in market crashes caused by macroeconomic downturns, people will always need essential services and products. As a result, these sectors can be less susceptible to the wider market volatility. Be that as it may, it’s worth remembering that a stock market crash ultimately affects share prices across the board.
      …
      https://uk.finance.yahoo.com/news/plan-navigate-2024-stock-market-043000346.html

  24. MarketWatch
    30-year Treasury yield jumps back above 5% as selloff of long-dated government bond resumes
    Published: Oct. 25, 2023 at 9:48 a.m. ET
    By Vivien Lou Chen

    Investors and traders aggressively sold off the 30-year Treasury bond Wednesday morning, sending its yield up by as much as 8.3 basis points to an intraday high of 5.046%. Strategists said long-run factors like the supply of Treasurys and stubborn inflation were playing important roles in Wednesday’s selloff. The last time the 30-year rate ended the New York session above 5% was last Friday.

    Meanwhile, the 10-year rate also jumped around 5 basis points to around 4.89% as the selloff took hold in securities starting with the 3-year note.
    …

    1. Oct. 23, 2023
      Mortgage rates hit long-time highs as housing affordability drops
      With mortgage rates now topping 8%, buyers are continuing to be squeezed by the housing market and rising prices. Editor-in-Chief at Investopedia, Caleb Silver, explains new data showing how your dollar only goes half as far as it did at the end of 2020 when it comes to buying a home.
      …
      https://www.nbcnews.com/news/amp-video/mmvo196195909748

      1. “…your dollar only goes half as far as it did at the end of 2020 when it comes to buying a home.”

        Is it a big stretch to conclude that housing demand has CR8Red?

        Because the short-run supply curve is highly elastic, thanks to owners who don’t need to sell and won’t sell at a lower price than their subjective valuations, most of the initial market adjustment has landed on transactions volume.

        Eventually, if mortgage rates stay higher for longer than everyone expected, the long run supply curve may gradually steepen, as more owners encounter changing circumstances which force them to sell. If past experience is a guide to the present, it will take at least a half decade for equilibrium adjustment to play out.

    2. MarketWatch
      Bond vigilantes are back in charge as portfolio manager foresees 10-year Treasury yield of 5.5% to 5.75%
      Last Updated: Oct. 25, 2023 at 4:01 p.m. ET
      First Published: Oct. 25, 2023 at 1:35 p.m. ET
      By Vivien Lou Chen

      The bond vigilantes are back again.

      That group, defined as investors who protest U.S. fiscal policies by selling bonds, keeps demanding more term premium, or compensation, to hold government securities to maturity, according to Ben Emons, senior portfolio manager and head of fixed income for NewEdge Wealth LLC in New York. For now, that’s been overwhelming any buying interest from other investors searching for yield.

      Emons points out that the 10-year Treasury yield, which ended Wednesday at 4.952% or the second-highest level of this year amid a renewed selloff in U.S. government bonds, is moving rapidly toward its forward yield of 5.75%. That forward yield, as shown on Bloomberg, reflects where traders expect the 10-year yield to be five or 10 years from now, and “is not an unrealistic” level which could be reached in the near future, Emons said via phone.

      Treasury yields are simply returning to historically normal-looking levels, but the speed with which they’re getting there poses risks to financial markets and the U.S. economy. One reason is that corporations, used to borrowing at low rates in the past, would be forced to absorb higher interest rates when they refinance and trim costs elsewhere.

      Joseph Kalish, chief global macro strategist with Ned Davis Research in Sarasota, Fla., has identified a 10-year Treasury yield that rises above 5.25% as one risk that could lead to something breaking in the economy, financial markets or both because that level marks the “important double-top” reached in 2006-07 and the peak Federal Reserve policy rate of that cycle.

      Meanwhile, the term premium — or theoretical level that encapsulates all of the risks that investors want to be compensated for — just keeps rising, based on estimates from the New York Fed. That premium, which is hard to quantify, includes everything from the U.S. fiscal outlook and a potentially unending supply of Treasurys to inflation, stronger economic growth, and higher-for-longer rates. It’s jumped alongside the amount of Treasury bills being issued as a percentage of outstanding government debt, according to Emons.

      Wednesday’s selloff helped to reverse the impact of Monday’s session, when buying prevailed after a pair of big-name investors questioned the continued strength of the U.S. economy. Bill Gross, co-founder of fixed-income investing giant Pacific Investment Management Co., said the economy is likely to be heading for a recession by year-end, Pershing Square’s Bill Ackman said he has closed his bet against 30-year Treasury bonds and the “economy is slowing faster than recent data suggests.”

      “What we saw on Monday was a knee-jerk reaction to Ackman and Gross, it was a brief covering of shorts,” said Emons of NewEdge Wealth. “But that’s not enough to actually reverse the rise in rates based on strong economic data and more borrowing by Treasury. It would truly change if we had people in Congress say, ‘This is it, we will cut spending,’ but we are not there yet.”

      Wednesday’s resumed Treasurys selloff took place against a backdrop in which Washington is trying to bounce back from dysfunction. The Republican-led U.S. House of Representatives finally managed to elect a new speaker, Rep. Mike Johnson of Louisiana, on Wednesday after a chaotic three-week period in which it was without a leader.

      Rates on everything from 1-year Treasury bills through the 30-year bond went higher on Wednesday, led by advances in intermediate- and long-term yields. Meanwhile, all three major U.S. stock indexes DJIA SPX
      ended down, led by a 2.3% drop in the Nasdaq Composite.
      …

  26. Ok for all our medical friends here, whats your take?

    A troubling new study shows a link between a common fungus and Alzheimer’s disease. Scientists from the Baylor College of Medicine are revealing how the fungus Candida albicans enters the brain, triggers mechanisms that aid in its clearance, and generates toxic protein fragments known as amyloid beta (Ab)-like peptides — a key player in Alzheimer’s disease development.

    https://studyfinds.org/fungus-alzheimers-disease/

  27. (An article …)

    Javier Milei wants Argentina to swap the peso for the US dollar. Here’s what that could mean

    https://www.yahoo.com/finance/news/javier-milei-wants-argentina-swap-183559157.html

    (A snip from the article …)

    To dollarize its economy, Argentina would need to exchange all pesos held by its people and businesses for US dollars, and assign a dollar value to all of its assets and contracts.

    Such a move would effectively disband Argentina’s central bank, handing the reins of monetary policy — that is, the power to set interest rates and print more money — over to the US Federal Reserve. The Fed would continue to set the cost of borrowing based on the needs of the US economy, not Argentina’s.

    (Click on the link to read the rest.)

    1. Not a good idea. They could wind up like Greece with their euro denominated debt.

      And BTW, doesn’t “Argentina” mean “little money” in Italian or something?

        1. argentum — silver coin, and generally, money (Cassell’s Latin Dictionary)

          ina — Italian diminutive suffix

  28. 8-Year-Old Israeli ‘Poster Child’ for COVID Vaccines Dies of Sudden Cardiac Arrest

    By John-Michael Dumais
    10/24/23

    An 8-year-old Israeli boy featured in a video promoting the COVID-19 vaccine died suddenly last month from sudden cardiac arrest.

    Yonatan Moshe Erlichman, the son and grandson of prominent Israeli doctors, almost drowned in the bathtub after his heart stopped on the eve of Yom Kippur. Although paramedics were able to revive him, he died several days later on Sept. 28.

    In 2020, Erlichman appeared in a video with Shuski, described as a “friendly puppet ‘child,’” urging viewers to get the COVID-19 vaccine when it became available.

    Describing Erlichman as the “poster child” for Israel’s vaccine campaign, LifeSiteNews shared the government-sponsored video featuring the boy, released just prior to the introduction of the COVID-19 vaccines in Israel.

    https://childrenshealthdefense.org/defender/yonatan-moshe-erlichman-cardiac-death/

  30. ‘Best friends Pauline Duffy and Cobie van Dommele moved into a caravan to ‘save their pennies’ while their duplex was being built. The ladies, who are single and in their 70s, have now spent two years in cramped conditions after their builder collapsed before their home was finished. They are set up on a cane farm in northern New South Wales, next to a friend’s abandoned flood-damaged home’

    There’s a sit com in there somewhere.

  31. ‘Once Asia’s second-richest man and worth $42 billion at his peak in 2017, Hui’s wealth has plummeted 98% since then, according to Bloomberg’s wealth index. The founder is now under police control’

    In just six years.

  32. ‘So, where are homebuyers getting this bad advice? William says, it’s coming from real estate professionals who are feeling the pinch of a cold housing market, ‘If they’re in a tough position, where they need the business, they’re not going to do diligence on your behalf like they should. When your back is against the wall and people are hurting, they might make decisions that are not what they would make in a clear mind’

    Ashley, Ben Jones with the HBB. Was this lack of ethics and morality a result of the SHTF, or was it also present when the money flowed like wine?

  34. We’ve all seen the doom loop.

    But does anybody really talk about the: That Place Is So Nasty I Don’t Want To Go There Again?

    San Francisco (all of it), Los Angeles (most of it), downtown Denver (most, better off all of it). Feces on the sidewalk. Aggressive and menacing homeless. Places you just DON’T WANT TO GO anymore because of muh progressive and compassionate drug laws.

    Don’t spend your money in these places.

    Starve them of their tax revenue.

  35. (A statistic …)

    Seattle’s walking score is: 74.

    https://www.walkscore.com/WA/Seattle

    (A snip …)

    “Seattle is rapidly becoming a world-class walkable city.”

    (Lol.)

    “SoundTransit’s new light rail line connects the city and to the airport. People are relocating to Seattle for jobs at companies like Amazon, Microsoft, and Starbucks.”

    (But then there is this …)

    Masked thieves prowling streets near Seattle schools to mug students: police
    Students in Seattle are recounting how they were attacked by masked suspects stealing phones

    (There goes Seattle’s lofty “Walking Score”.)

    https://www.foxnews.com/us/masked-thieves-prowling-streets-near-seattle-schools-mug-students-police

    Masked suspects in Seattle are reportedly prowling the streets targeting high school students for their phones and other personal belongings, police reported.

    “They all grabbed me and threw me on the ground and just kind of started beating me up and hitting me in the back of the head. I was down in the fetal position kind of covering my face,” a Ballard High School sophomore told KIRO 7 of one incident earlier this month as he walked home from school.

    Seattle Police said in a news release Monday that investigators have linked four reported incidents where students near Ballard High School and Whitman Middle School were mugged. The schools are located about 1.5 miles from each other.

    “The suspects in these incidents were described as a group of 4-6 subjects. Most of the cases involve 3-6 Black males wearing ski masks or hoodies, but it was also reported an Asian male and Black female may have been involved in one of the incidents,” police said Monday.

    There may be more incidents connected to the string of robberies, as KIRO 7 spoke to parents and students who say there have been six different incidents.

    “This is the worst I’ve ever seen it. It’s happening in broad daylight,” a high school senior whose friend was mugged on Oct. 19 told KING 5. “He looked down at his phone and by the time he looked up, he was surrounded by five guys and eventually these guys told him, ‘Sit on the ground.’ They made him reset their phone, tell them their password and they took their AirPods, phones.”

    Police said some of the victims reported seeing a firearm when they were demanded to hand over their phones or other belongings. The suspects also appear to be teenagers, according to police, though that has not yet been confirmed.

    (Another snip …)

    Seattle Public Schools cut ties with the Seattle Police Department in 2020, when protests and riots spread across the nation demanding police departments be defunded following the death of George Floyd during an interaction with Minneapolis police.

    Following instances of violent crimes in the last two years, including a fatal shooting at a high school, the district’s school board passed the SPS Safety Initiative to review the safety of campuses and create “community action teams,” which include district leaders and police.

    (“Community action teams”: That’ll fix it.)

    The Seattle Police Department has lost at least 600 officers to retirements or resignations since 2020’s anti-police rhetoric, the police union told local media this summer. A briefing memo from the mayor’s office this month reported that the department has dropped to the lowest level of staffing since 1991, with just 937 police officers, despite efforts to recruit and retain officers.

  36. Did you decide to stand by and stand back while the bond market plunges ever deeper into the CR8R?

      1. Turns out that one billionaire investor talking his book can’t change the direction of a multi-trillion dollar market. Big shocker!

  37. Yahoo
    Moneywise
    You now need to be earning $115K to buy a typical US home — but most American households fall about $40K short. Here are 3 alternative ways to get into real estate
    Bethan Moorcraft
    Wed, October 25, 2023 at 3:30 AM PDT·5 min read
    You now need to be earning $115K to buy a typical US home — but most American households fall about $40K short. Here are 3 alternative ways to get into real estate
    The dream of homeownership is slipping further away for many American families thanks to a perfect storm of sky-high mortgage rates and rising home prices.

    Homebuyers today need an annual income of $114,627 to afford a median-priced U.S. home, according to Redfin analysis, which is up $15,285, or 15% from a year ago and is almost $40,000 more than what the typical household earns.
    …
    https://finance.yahoo.com/news/think-outside-box-now-earning-103000447.html

  38. KPBS
    Majority of San Diegans consider moving, citing housing crisis, living costs, survey says
    By Cody Dulaney
    Published October 25, 2023 at 3:21 PM PDT
    A person skates in front of new construction on 30th Street in San Diego’s North Park neighborhood, Nov. 29, 2022.
    Zoë Meyers

    Nearly two in three San Diegans are considering moving out of the county, with most saying it’s too expensive to live here.

    Those findings are part of a new survey that also found San Diegans have grown increasingly concerned about affordable housing, climate change, mental health and racial justice. The results came out just as the city of San Diego was ranked the most expensive place to live in the United States, according to U.S. News and World Report.

    “Many San Diegans are questioning if they can remain in San Diego County due to the lack (of) affordable housing, inflation and the related high cost of living,” the survey says.
    …
    https://www.kpbs.org/news/quality-of-life/2023/10/25/san-diego-affordable-housing-homelessness-climate-mental-health-justice

  39. The US is headed for recession, but a key difference from past downturns could make it milder, Apollo chief economist says
    Aruni Soni Oct 25, 2023, 2:52 PM ET
    Fed Chair Jerome Powell
    Federal Reserve Board Chairman Jerome Powell Alex Wong/Getty Images

    -The US economy is headed for a recession, but it’s likely to be milder than prior slumps, Apollo’s chief economist said.

    – That’s because any potential slowdown this time around would be “engineered” by the Fed, Torsten Sløk told CNBC.

    – When recession arrives, the Fed can undo the measures it took that initially slowed the economy, he added.
    …
    https://www.businessinsider.com/recession-outlook-us-economy-forecast-fed-rate-hikes-quantitative-tightening-2023-10

    1. “– That’s because any potential slowdown this time around would be “engineered” by the Fed, Torsten Sløk told CNBC.

      – When recession arrives, the Fed can undo the measures it took that initially slowed the economy, he added.”

      Did Powell say ‘higher for longer’ or ‘higher for shorter’? Can’t recall…

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