It’s Worrying, In The Future, How Are We Going To Sell It?
A report from Market Watch. “It’s an unwelcome blast from the past — home buyers are facing the most unaffordable housing market since the 1980s, according to a new report. ‘Affordability pressure is not coming from interest rates alone, though,’ said Andy Walden, vice president of enterprise research at ICE. ‘The last time affordability was this bad in the 80s, rates were in the double digits and the average home was about 3.5 times median income, in stark contrast to today’s price-to-income ratio of nearly 6-to-1.'”
The New Hampshire Union Leader. “Last month marked the fewest number of homes and condos sold on the Seacoast for an October in more than a decade. ‘I don’t think you can ignore that,’ said Rachel Eames, owner/broker at RE/MAX Capital Realty in Concord and RE/MAX Coastal Living in Newmarket. ‘The real estate market is shifting.’ Up until about two months ago, nearly every property she handled during the preceding four years got multiple offers. Lately, ‘we are on some properties, but not all properties,’ she said, noting some properties aren’t even getting a nibble.”
The Boston Globe in Massachusetts. “New housing construction, both in the city of Boston and across the region, has fallen considerably this year. The economics behind both residential and commercial buildings ‘are going to be under tremendous pressure in the next 18 to 24 months,’ said John Fish, chief executive of Suffolk Construction, the largest general contractor in New England. ‘It’s the first time in my career where the cost of construction is greater than the value created through construction.'”
The San Francisco Chronicle in California. “The sprawling piece of land billed as ‘the largest remaining undeveloped residential waterfront parcel in Marin County and possibly the entire San Francisco Bay Area’ just got yet another price cut. Reduced to a $12.9 million price tag last month, the more than 14 acres of vacant shoreline in Tiburon could be considered for sale at a 73% discount. The price for 2800 Paradise Drive ballooned to $47 million in 2017 and has shrunk at least seven times since, with the most recent list price of $12.9 million published in October 2023. Before that, it was reduced to $14.9 million in January 2023.”
The Seattle Times in Washington. “The number of pending single-family home sales in King County last month was down nearly 15% from a year ago, according to new data released Monday by the Northwest Multiple Listing Service. The drop illustrates that the chill in the market is more than a typical fall slowdown. Home sellers and buyers made 44% fewer deals in October than in the same month in 2019, before the pandemic and low interest rates fueled a frenzy in the local housing market. Pierce, Snohomish and Kitsap counties recorded a similar trend. ‘There is a lot of hesitation both on the buying and selling side,’ said Anna Morgan, a John L. Scott agent whose office is in Bellevue, though her clients span the Greater Seattle area. While some listings still draw bidding wars, ‘we have exited a market where decisions had to be made in a 24-hour period, you had to pay way over asking and waive contingencies to compete,’ Morgan said.”
The Wall Street Journal. “Cities hoping to convert emptying office buildings into apartments are running into financing issues, stagnating rental markets and other challenges that are bottling up their efforts. If developers manage to buy old office buildings for a low enough price, conversions are often still profitable, even with higher interest rates. But some major projects have hit the skids, and at least two are facing foreclosure. Developers of One Camelback, a 200,000-square-foot office building in central Phoenix, are trying to convert it into what would be one of the city’s most expensive rental-apartment properties. A website advertises $8,000-a-month apartments, with floor-to-ceiling windows and crystal-clear views of nearby mountains. But the developers, Sagamore Capital and partners defaulted on a loan of about $70 million. The project’s lender, Delphi Financial Group, has moved to foreclose.”
“In downtown Dallas, developer Wolfe Investments seeks to convert an 18-story, 1950s office tower into residential apartments, but has recently been fighting off foreclosure from its lender, Thistle Creek Partners, court records show. Wolfe and Thistle Creek recently entered into a forbearance agreement, according to court records, which would give the developer more time to pay off its debts.”
The Business of Homes. “If you have a realtor in your life, check in on them. Last week a landmark ruling in federal court threatened to upend the status quo for professionals in the real estate industry everywhere. ‘Make no mistake, this is a sea change,’ says Jonathan Miller, a New York–based real estate appraisal expert and industry consultant. ‘No one has their arms fully around it, but the assumption is that it will take a bite out of commissions especially,’ says Miller. The impact on overall housing prices, he says, is slightly foggier—mainly because the far bigger issue is low inventory due to higher mortgage rates. But, Miller says, ‘it probably means lower prices, with potential for deeper impact with a more liquid market.'”
CTV News in Canada. “October marked a record month with the number of new listings hitting the market in the London, Ont. region, as the market is beginning to turn in favour of buyers. According to the London and St. Thomas Association of Realtors (LSTAR), there were a total of 1,232 new listings in October — a record high. ‘Amid healthier inventory levels, modest sales, and a surge in new listings, it appears the local housing market is leaning in favour of homebuyers. The scales are tilting, offering buyers greater opportunities,’ said Adam Miller, 2023 LSTAR chair. ‘In this setting, local homebuyers find themselves with a wealth of choices and a little extra breathing room in their property search. However, some of them are opting to play the waiting game, keeping a close eye on interest rates and wondering if they’ve truly reached their peak or if they still have room to grow.'”
The Deep Dive in Canada. “Continuing the bewildering trend of under-construction homes in Toronto catching fire, a massive inferno ravaged 35 residences this past Sunday, laying waste to a valuable piece of firefighting equipment in its wake. The alarm was sounded at approximately 4 a.m. as firefighters raced to Simmons Street, located in the vicinity of Highway 27 and Rutherford Road in Vaughan, Greater Toronto Area. This is not the first time a pre-construction real estate project has burned down in Vaughan. In a similar incident that occurred in April, a devastating fire took place, resulting in the damage or destruction of at least 71 home units within a subdivision under construction. Vaughan Fire and Rescue confirmed that the incident affected 32 single homes, 21 townhomes, and 16 firebreak properties. A year ago, a massive fire erupted, engulfing numerous homes under construction in Hamilton. The incident occurred in a recently developed area by Losani Homes near the intersection of Rymal Road and Upper Red Hill Valley Parkway.”
The Chronicle Live in the UK. “A Northumberland homeowner has slammed a housing developer for leaving areas of a new estate ‘unfinished.’ Crystal and Tom Fletcher bought their Persimmon property on St. Nicholas Manor development, Cramlington, three years ago but since moving into the property say the estate has remained unfinished. Crystal said: ‘Right from the very start with snags, I’ve lived here for three years and still have work that hasn’t been finished. Is just hanging over us, it is an added stress, trying to chase them to get things done. We have still got our shower in the en-suite is rusty. It went rusty within two years and I reported it in June last year and they have said now they’ll fix it after saying the shower needs to be washed and dried after every use. It is just ridiculous. I don’t know what shower isn’t waterproof.'”
The Oldham Times in the UK. “Homeowners in a new development claim they have been left to deal with an ‘eyesore’ of ‘derelict wasteland’ that has attracted rats, fly-tipping and anti-social behaviour after a housing developer ‘abandoned’ the project. As many as 12 neighbours moved into new build properties on Brookdale Mews in Failsworth four years ago, under the impression that the rest of the development to build a further eight properties was in the works. Jessica and James Knowles were first-time buyers when they moved into the development in 2019, but described their experience as like a ‘nightmare.’ Ms Knowles was pregnant at the time with their third child and said they had high hopes the rest of the development would be built as they were one of the first families to move in on the street.”
“However, they’ve sat next to the derelict field ever since. Ms Knowles continued: ‘I’m annoyed and frustrated. Would we have bought this if we knew it was going to be left? No. It’s worrying. In the future, how are we going to sell it?'”
ABC News in Australia. “After keeping rates on hold for the past four meetings, the Reserve Bank has resumed hiking its cash rate target, with a quarter of a percentage point increase taking the benchmark interest rate to 4.35 per cent. The Reserve Bank’s governor Michele Bullock warned in her post-meeting statement that it may not be the last. Mozo’s Rachel Wastell said a survey of more than 2,000 people commissioned by the rate comparison website found 57 per cent would be under financial stress with a mortgage rate of 6 per cent or higher. ‘If the 25 basis point rate hike is passed on in full by all providers, this could take the average variable rate across all providers to 6.87 per cent, and the big four average variable rate to 7.46 per cent,’ she observed. ‘The data suggests that mortgage holders paying rates starting with six are already under stress, so if the banks hike rates by another quarter of a percentage point, this could push them over the edge.'”
From Bloomberg. “After letting two of the world’s biggest property developers plunge into default, Chinese authorities are attempting to save a third industry giant from following suit. China Vanke Co., the country’s second-largest builder by contracted sales, received an unusually strong show of support from officials in its hometown of Shenzhen on Monday — following a dollar-bond plunge that made Vanke Asia’s worst investment-grade performer last month. Its notes climbed as much as 4 cents Tuesday after some surged a record 12 cents a day earlier. Still, several of them remain at distressed levels of below 80 cents.”
“Founded by Wang Shi in 1984 when China’s economy was in the early stages of opening up, Vanke was the country’s largest property developer for years before more aggressive peers Country Garden Holdings Co. and China Evergrande Group topped it. After Wang cautioned in 2013 that China’s real estate sector faced the risk of a ‘bubble,’ Vanke made early efforts to diversify from property development.”
“While regulators are unwilling to see defaults expand to other property firms, be they privately-run or state-backed, the reality is there has been no significant improvement in property sales or financing channels, said Wang Chen. He is co-founder of The Belt&Road Origin (Beijing) Tech Co., a credit risk analysis provider. ‘If sales cannot improve,’ he said, ‘it is meaningless to talk about anything else.'”
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You will own nothing.
‘The last time affordability was this bad in the 80s, rates were in the double digits and the average home was about 3.5 times median income, in stark contrast to today’s price-to-income ratio of nearly 6-to-1’
It is different this time Andy. And that’s some sound lending right there!
“…today’s price-to-income ratio of nearly 6-to-1.’”
A little math suggests that with mortgage payments of 25% of income, it would take 24 years to pay off a home loan to buy a place priced at six times income.
That would be the case for a mortgage with a 0% interest rate. It might take slightly longer with an 8% loan, even if inflation resulted in regular raises.
6-to-1
San Diego stats as of 10/26/2023:
Home price-to-income ratio: 10.1
Median home price: $864,662
Median household income: $85,507
5-year change in median home price: +59.2%
Mortgage holders spending >30% of income on housing: 35.7%
‘If sales cannot improve,’ he said, ‘it is meaningless to talk about anything else’
You got over a million airboxes you sold and couldn’t finish Wang.
Property taxes.
I voted NO on Colorado Proposition HH because it is a badly written bill that will erode the Taxpayer Bill of Rights.
The communists controlling the state legislature want to kill TABOR via death by a thousand cuts.
Beginning to regret buying property in this state, Colorado is a lost cause…
I’m hoping we’ll see a revived Colorado successionist movement that will give those who don’t want to live under Denver’s Bolshevik malgoverance a brighter future and something approximating representation in state government.
Doesn’t HH see that Airbnb be treated like commercial properties much like hotels and increase their tax rates x4? Sounds like a novel idea to me.
That was something else, which depended on HH passing so that the legislature could pass a bill reclassifying STRs
It appears that HH is going down in flames.
It was a Trojan horse meant to weaken TABOR.
The state of amurica:
The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.
https://finance.yahoo.com/news/softbanks-wework-once-most-valuable-022657796.html
The video is so sad.
The terrifying reality of life on San Francisco’s drug-ravaged streets has been laid bare by one life-long resident who filmed her walk to work through scenes that have made the city an international symbol for squalor and despair.
https://www.dailymail.co.uk/news/article-12717937/San-Francisco-tenderloin-tiktok-worker-Freqmeek.html
“an international symbol for squalor and despair”
Joe Biden’s America.
“Some are hunched against the cold while others are too intoxicated to care as cars and buses try to steer a path through unconscious addicts sprawled across the road for hundreds of yards.”
This is Democrat Party.
See also: Los Angeles, Portland, Seattle, Austin, Denver, et cetera. This is what “compassionate, progressive” drug laws get.
“Vote blue no matter who” and you get tents, needles, and feces.
Democrat Party is the party of tents, needles, and feces.
The video is so sad.
Gotta love the double deck tour bus passing through too! LOL
The 2020 election was stolen.
New emails show DHS created Stanford ‘disinfo’ group that censored speech before 2020 election (11/6/2023):
“New emails show officials at the Department of Homeland Security created a Stanford University “disinformation” group that censored Americans’ speech before the 2020 election, according to a House Judiciary Committee report exclusively obtained by The Post.
The House panel’s 103-page staff interim report says never-before-seen emails and internal communications were obtained from the group, known as the Election Integrity Partnership (EIP), and show how it worked with DHS’ Cybersecurity and Infrastructure Security Agency (CISA) to flag, suppress and remove online speech in coordination with big tech companies.
“This pressure was largely directed in a way that benefitted one side of the political aisle: true information posted by Republicans and conservatives was labeled as ‘misinformation’ while false information posted by Democrats and liberals was largely unreported and untouched by the censors.”
The “misinformation” posts were made by public officials such as former President Donald Trump, Sen. Thom Tillis (R-NC), Rep. Thomas Massie (R-Ky.), media outlets such as Newsmax and The Babylon Bee and many conservative commentators.
The Judiciary report also found that while under the purview of CISA’s Countering Foreign Influence Task Force, the central focus of the feds’ effort was to “censor Americans engaged in core political speech in the lead up to the 2020 election.”
https://nypost.com/2023/11/06/news/new-emails-show-dhs-created-stanford-disinfo-group-that-censored-speech-before-2020-election/
You are living under an unelected, illegitimate occupation government.
Joe Biden is not, and will never be, the legitimately elected president of the United States.
There were 81 million ballots, there weren’t 81 million votes, because the 2020 election was stolen.
There were 81 million ballots, there weren’t 81 million votes, because the 2020 election was stolen.
Stolen, you say?!! Pray tell, citizen: who would orchestrate such a dastardly deed, and why? I mean, they would risk being found out by those hard-boiled investigative reporters as the MSM would turn over any stone to uncover evidence of voter fraud. And Shirley our DoJ and FBI, impartial upholders of the law, would be ruthless in investigating the perpetrators of systemic electoral fraud, given how that would undermine the public’s faith in Our Democracy. And those zealous defenders of our Constitutional Republic, our GOP representatives, would act vigorously to contest any illegitimate election outcome due to vast, systemic, blatant fraud conducted by the Democrats and their Deep State accomplices.
I slay me….
This is Extremely Dangerous to Our Democracy (1m36s):
https://m.youtube.com/watch?v=ZggCipbiHwE
The price for 2800 Paradise Drive ballooned to $47 million in 2017 and has shrunk at least seven times since, with the most recent list price of $12.9 million published in October 2023.
The SF Doom Loop premium means it has a lot further to fall.
The wall of lies is crumbling.
https://pjmedia.com/benbartee/2023/11/05/shock-poll-a-quarter-of-americans-say-they-know-someone-personally-killed-by-covid-jab-n4923653
Wow!
I know two people who almost snuffed it and were saved in the ER. Both fibrillated. One of them now has a built in defibrillator.
100% safe and effective.
“After letting two of the world’s biggest property developers plunge into default, Chinese authorities are attempting to save a third industry giant from following suit.”
Reminds me of when SBF tried to save crypto…
On some level, facing life imprisonment can’t be as bad as waking up next to Caroline Ellison.
“ . . waking up next to Caroline Ellison “
maybe a few people named “Lefty”
running around after they chewed their arm off the next morning!?
The very definition of hoe-flation
It seems like every week I learn of a new billion dollar Chinese developer going kaput, companies I’d never heard of before today.
Ukraine is not a democracy.
No elections now – Zelensky (11/6/2023):
“The time is not right for elections in Ukraine, President Vladimir Zelensky said on Monday. His comments come after months of pressure by the West to hold a parliamentary vote in the country.
The elections, which were supposed to be held this month, have been postponed indefinitely on account of martial law, which was instituted in February 2022. Ukrainian laws forbid voting or campaigning during the state of emergency.
“We must decide that now is the time of defense, the time of battle, on which the fate of the state and people depends,” Zelensky said in his daily address. “I believe that now is not the time for elections,” but for Ukraine to stay united, he added.
https://www.rt.com/russia/586713-zelensky-ukraine-not-time-elections/
“Stay united” = admission that Zelensky is a dictator.
He is also a war criminal, and you may have #Noticed that he is attempting to ban the Russian Orthodox church in his phony, illegitimate country.
Russia is winning, God wills it ✝️
“Our Democracy” = no elections until a hand-picked globalist puppet is the guaranteed outcome.
China Vanke, one of the oldest and largest real-estate companies in the country, is the latest Chinese developer to fall victim to a market selloff that has made investors worry about its liquidity. Prices of some of Vanke’s U.S. dollar bonds tumbled to distressed levels after rival Country Garden failed to pay its offshore debt in mid-October. Vanke’s Hong Kong-listed shares have also close to half their market value this year.
“It has become impossible for Vanke to rely on its own operations to pay off debt, so its only option was to get Shenzhen state money to show support and stabilize investor sentiment,” said Yao Yu, the founder of YY Rating, a Chinese credit research firm.
https://www.msn.com/en-us/money/realestate/bond-selloff-at-another-china-property-giant-spurs-authorities-to-action/ar-AA1jw9f4
Column written by Ron Paul (remember him?)
Antiwar — Don’t Worry, It’s Not Foreign Aid… It’s Corporate Welfare! (11/6/2023):
“Faced with growing American frustration over more than $100 billion spent on a failed proxy war in Ukraine, President Biden’s handlers have hit on a gimmick to convince us that this foreign aid is actually an investment in our own economy! In his recent television address, Biden explained that as we transfer more weapons to Ukraine we then will build new weapons at home to replace them. That, explained Biden, means more American jobs and a stronger American economy.
So “Project Ukraine” is not really about foreign welfare, but rather domestic corporate welfare for the military-industrial complex. Should that make us feel any better?
There is no denying that this nearly two-year Ukraine/Russia war has been a boon for the US weapons industry. Profits at the military-industrial complex are back to record highs after a brief slump during the Covid scare. And the money that goes to the weapons manufactures also saturates Washington, DC: a little of it goes to the think-tanks promoting war, another little bit goes to the political campaigns of candidates who promote war, and so on.”
https://original.antiwar.com/paul/2023/11/06/dont-worry-its-not-foreign-aid-its-corporate-welfare/
Nobody outside the Beltway supports Ukraine. Nobody.
“Nobody outside the Beltway supports Ukraine. Nobody.”
That kinda talk might just get you a visit from your friendly neighborhood IRS man, or um woman, or whatever they identify as this week.
IRS Accused of Revenge-Targeting Conservative Group That Exposed Biden Admin Nominees
By Tom Ozimek
11/6/2023
The Internal Revenue Service (IRS) has been accused of being politically weaponized by engaging in a “deliberate attempt to punish and suppress” a conservative watchdog whose activities led to some of President Joe Biden’s nominees to senior administrative roles withdrawing their candidacies.
The American Accountability Foundation (AAF), a non-profit organization dedicated to scrutinizing public leaders and institutions, is under scrutiny itself as the IRS examines its 501(c)(3) tax-exempt status, according to a letter from the IRS to the AAF obtained by The Epoch Times.
The IRS has requested extensive documents from AAF, including all external communications related to its activities.
AAF President Tom Jones believes this move by the IRS is a deliberate politically-motivated crackdown against the organization, in part as retaliation for the watchdog’s efforts to draw the public’s attention to the radicalism of some of President Biden’s administrative nominees that led their nominations to fail.
“This sudden request by the IRS is not random,” Mr. Jones said in a statement. The fact that the IRS is demanding records from the group that relate to current public elected officials is “clearly a sign that they are targeting our research and education activities,” he added.
“It’s a deliberate attempt to punish and suppress AAF’s activities. It is surely no coincidence that AAF—the very organization that exposed the weaponization of the IRS—is now the target of it,” Mr. Jones added.
Yer mistake was doing business in yer communist sh*thole
https://www.aol.com/news/elizabeth-hirschhorn-moves-brentwood-airbnb-110006496.html
You Get Nothing: Google Abandons Building 15,000 Homes In San Francisco
https://www.zerohedge.com/markets/you-get-nothing-google-abandons-building-15000-homes-san-francisco
The complete and total destruction of San Francisco and the surrounding area, consisting of streets overrun by drug addicts and corporations and retail establishments simply giving up on the city, is almost finished. Thanks, liberals!
The latest chapter in the once great city’s demise came this week when Google pulled out of a $15 billion investment in Santa Clara County that would have built 15,000 homes, according to Gizmodo.
The report notes that Google and Lendlease have jointly terminated their $15 billion deal, originally struck in 2019, to develop housing and commercial spaces in Sunnyvale, San Jose, and Mountain View, the latter being the home base for the tech giant.
The ‘Downtown West’ project in San Jose was set to feature 4,000 affordable housing units, sufficient office space for 20,000 workers, a 300-room hotel, and 10 parks. Instead, San Francisco now “gets nothing”.
Gizmodo wrote that in 2021 the San Jose City Council gave the green light for the Downtown West construction plans by Google and Lendlease, a project which, according to an active post on Google’s site, was shaped through close collaboration with the city and community members to support community building.
The project’s progress was halted in April during the demolition stage, leaving its future uncertain and potentially becoming a blight on the San Jose landscape at a time when economic injections are sorely needed.
Compounding the issue, the San Jose Spotlight has highlighted that opioid overdoses in San Jose have seen a threefold increase since 2018.
In a press release issued Friday, Lendlease said: “The decision to end these agreements followed a comprehensive review by Google of its real estate investments, and a determination by both organizations that the existing agreements are no longer mutually beneficial given current market conditions.”
Alexa Arena, Google’s Senior Director of Development, commented to Gizmodo: “We’ve been optimizing our real estate investments in the Bay Area, and part of that work is looking at a variety of options to move our development projects forward and deliver on our housing commitment.”
‘The next conversation will be the end of our marriage’: This couple paid off $130K in debt — only to be $50K in the hole six months later. Here’s why their problem isn’t actually money
https://www.yahoo.com/finance/news/next-conversation-end-marriage-couple-123000717.html
(Some snips …)
Sarah and Kevin are at a breaking point in their finances — and their relationship. Only six months after selling their home to pay off $130,000 in credit card debt, the couple had found themselves again $50,000 in the red.
Sarah wrote, “I’d love for Kevin and I to be able to talk about money without being scared that the next conversation will be the end of our marriage.” As for Kevin, he’d already told Sarah that if she keeps adding to their debt, he’ll ask for a divorce.
Sarah, 38, and Kevin, 42, earn a combined gross income of $230,000 per year but Sethi says they can’t escape their old habits.
Per Bloomberg, Italy’s Finance Police is seizing about $835 million from the home-sharing company Airbnb, $ABNB, after it allegedly failed to pay some taxes.
Elizabeth Hirschhorn moves out of Brentwood Airbnb after 570 rent-free days. She said she had a right to stay
https://www.yahoo.com/news/elizabeth-hirschhorn-moves-brentwood-airbnb-110006626.html
Elizabeth Hirschhorn, the Brentwood tenant who did not pay rent for her luxury Airbnb rental for 570 days, moved out of the unit on Friday.
The move was exactly one month after The Times chronicled Hirschhorn’s contentious tenancy, which began with a cordial stay on Airbnb and ended with her and Sascha Jovanovic, the landlord and property owner, suing each other.
“I’m a little overwhelmed, but I finally have my home back,” Jovanovic said. “I had such a peaceful weekend once she left.”
During her stay, which began in September 2021, Hirschhorn said that the lease was extended off Airbnb and that the unit was subject to the Rent Control Ordinance, so Jovanovic would have to evict her if he wanted her to leave. She also argued that she didn’t have to pay rent since Jovanovic never obtained an occupancy license for the guesthouse.
Jovanovic, who lives on the property, was at the home on Friday being interviewed for a documentary detailing the battle between him and Hirschhorn when he saw three men, who turned out to be movers, walk into the guesthouse.
He said he asked why they were there, and they didn’t clearly say why. He suspected she could be moving out but feared it also could be a home invasion, so he called the police.
The police arrived, and once all of Hirschhorn’s belongings were packed, they escorted her off the property, Jovanovic said.
Jovanovic and his attorney, Sebastian Rucci, knocked on the door to confirm she was gone and then entered the guesthouse and found it empty. Within an hour, a locksmith arrived and changed the locks.
As of now, it’s unclear whether Hirschhorn moved out permanently, or if she’s planning to return to the property.
Jovanovic and Rucci said they hadn’t heard anything from either Hirschhorn or her legal team, so they assumed she had moved out for good. On Saturday, Rucci emailed Hirschhorn’s attorney, Amanda Seward, to figure out the next steps regarding Jovanovic’s eviction lawsuit against Hirschhorn.
“My review of the case law is that once a tenant abandons the unit, the unlawful detainer is dismissed. If you wish, I can file the dismissal, or we can file a joint dismissal,” Rucci wrote.
Seward replied that they “may have jumped the gun,” according to the email exchange reviewed by The Times.
“Ms. Hirschhorn had discussed with me concern over the constant harassment and surveillance, and also the desire to get the things repaired that needed to be repaired. Subject to my discussions with Ms. Hirschhorn, please be advised that you have no authority to change the locks or to assume abandonment of the unit,” Seward wrote. “Further, you have violated the law by entering without permission and changing the locks.”
Neither Hirschhorn nor Seward immediately responded to a request for comment.
Rucci said he’s planning to drop the unlawful detainer lawsuit, assuming Hirschhorn has moved out for good. But he’ll still pursue damages in a separate lawsuit, since he claims Hirschhorn owes roughly $58,000 in unpaid rent. Hirschhorn said she owes nothing since Jovanovic never had a license to rent the unit, and her lawsuit accuses him of multiple forms of harassment and intimidation in attempts to get her to leave the place, which Jovanovic has denied.
Hirchhorn’s tenancy became a viral story in the days and weeks after The Times chronicled the saga. News vans posted up outside the home, and paparazzi followed Hirschhorn whenever she left.
“Drones were flying above my house every day. It was crazy,” Jovanovic said.
Now, he plans to address the mold damage in the unit, which was an issue during Hirschhorn’s stay that eventually soured their relationship. He also plans to get the necessary permits from the city, which was another issue; Jovanovic never obtained a license to rent the unit, and Hirschhorn argued in court that he wasn’t allowed to charge rent on a unit he didn’t have a license for.
After that, he plans to turn the space into a recreation room for his two adolescent children.
“We need to get the bad energy out and turn it back into a happy, family space,” he said.
“…Elizabeth Hirschhorn, the Brentwood tenant who did not pay rent for her luxury Airbnb rental for 570 days…”
But, but, the REIConplex will tell you purchasing an [overpriced] property and then listing it on Airbnb is the road to riches and a happy retirement with all that endless cash flowing in.
CNBC — Credit card balances spiked in the third quarter to a $1.08 trillion record. Here’s how we got here (11/7/2023):
“With most people feeling strained by higher prices — particularly for food, gas and housing — more cardholders are carrying debt from month to month or falling behind on payments, and a greater percentage of balances are going more than 180 days delinquent, according to a separate report from the Consumer Financial Protection Bureau.
Nearly one-tenth of credit card users find themselves in “persistent debt” where they are charged more in interest and fees each year than they pay toward the principal — a pattern that is increasingly difficult to break, the consumer watchdog said.”
https://www.cnbc.com/2023/11/07/credit-card-balances-jump-to-1point08-trillion-record-how-we-got-here.html
Food, gas and housing?
That’s the Joe Biden economy. How’s that Build Back Better working out for all of you?
Straight from the source.
Louder With Crowder — WE HAVE OBTAINED EXCLUSIVE ACCESS TO THE NASHVILLE COVENANT SHOOTER’S MANIFESTO (11/6/2023) warning, language:
https://www.louderwithcrowder.com/nashville-shooters-manifesto
Facebook has already banned sharing this. The communist mayor of Nashville is threatening legal action.
Why?
Because this was an anti white, anti Christian hate crime, that’s why.
Jonathan Greenblatt could not be reached for comment…
Related content from BitChute.
The Salty Cracker — Transgender Nashville Shooter Manifesto Leaked – Targeted “Little Crackers” (11/7/2023):
https://www.bitchute.com/video/aXRNQCI57WKK/
MarketWatch
Personal Finance
Real Estate
A record share of Americans say it’s a ‘bad time’ to buy a house, as frustration with the housing market simmers: Fannie Mae
Published: Nov. 7, 2023 at 9:37 a.m. ET
By Aarthi Swaminathan
Homeowners, on the other hand, are feeling pretty good about their situation with 63% believing it’s a ‘good time’ to sell a home, unchanged from the previous month.
A record share of consumers are frustrated by the U.S. housing market and consider the current moment a “bad time to buy,” according to a new survey.
The Fannie Mae Home Purchase Sentiment Index indicated that 85% of respondents surveyed believe it’s a “bad time” to buy a home, with most citing high home prices and high mortgage rates as the primary reasons. That’s up one percentage point from last month.
…
https://www.marketwatch.com/story/a-record-share-of-americans-say-its-a-bad-time-to-buy-a-house-as-frustration-with-the-housing-market-simmers-fannie-mae-8ea41d5a
JPMorgan says this stock market rally is not sustainable
Investing.com | Author Senad Karaahmetovic
Published Nov 06, 2023 08:17AM ET
JPMorgan says this stock market rally is not sustainable
JPMorgan strategists anticipate that the tradeoff between economic growth and policy challenges will persist, impacting sentiment towards stocks as the year draws to a close.
“We believe that equities will soon revert back to an unattractive risk-reward into year end,” the analysts wrote in a note to clients.
The factors contributing to this outlook include the expectation of sustained high interest rates, downward adjustments in earnings projections, potential erosion of pricing power, threats to profit margins, and a continued slowdown in revenue growth.
…
https://m.investing.com/news/stock-market-news/jpmorgan-says-this-stock-market-rally-is-not-sustainable-432SI-3223387
Welcome to the Bull Trap: Don’t Get Stuck Before the Stock Market Crashes
Stocks rallied last week but we are still in a bear market
1d ago · By Michael A. Gayed
…
https://investorplace.com/2023/11/welcome-to-the-bull-trap-dont-get-stuck-before-the-stock-market-crashes/
Russian Army Recruitment Ad
https://www.bitchute.com/video/t0UB6UOyi96k/
30 seconds.
+1 for posting BitChute links.
They are what YouTube could never be, with the sharing of actual uncensored information.
Shocking Reality: Innisfil Real Estate Sales Plunge By 33% In October
Mark Turcotte
29 minutes ago
Welcome to our channel! In this revealing video, we delve into the current state of Innisfil real estate sales and the shocking reality that unfolded in October. Brace yourself as we uncover a staggering 33% plunge in sales within this month. With our expert analysis, we explore the reasons behind this significant downturn and what it means for homebuyers, sellers, and the local market as a wh …
https://www.youtube.com/watch?v=77KrmeZj3Ms
15 minutes. It cracks me up how these two trash out of town UHS.
‘some properties aren’t even getting a nibble’
I think that’s a New Hampshire run for the hills.
‘It’s the first time in my career where the cost of construction is greater than the value created through construction’
It’s the land costs John. That ultimately where this bubble is. If land was cheap you would be a happy jay bird right now, even with these rates.
‘If developers manage to buy old office buildings for a low enough price, conversions are often still profitable, even with higher interest rates. But some major projects have hit the skids, and at least two are facing foreclosure’
This is a significant FUBAR. You have probably towers in default or worse, sold for a ‘low enough’ price. They try to convert to airboxes and they are already in default again apparently before even opening. Nice job guys!
‘Developers of One Camelback, a 200,000-square-foot office building in central Phoenix, are trying to convert it into what would be one of the city’s most expensive rental-apartment properties. A website advertises $8,000-a-month apartments, with floor-to-ceiling windows and crystal-clear views of nearby mountains. But the developers, Sagamore Capital and partners defaulted on a loan of about $70 million’
Everybody has a view of the mountains dummies. 8k a month, can any of this stuff be converted to apartments? It’s clear. We are under-demolished.
Power Of Sales Skyrocket In Toronto Real Estate – Nov 1
Team Sessa Real Estate
31 minutes ago
CANADA
Toronto Real Estate Market Report for the week of Oct 26 – Nov 1, 2023.
https://www.youtube.com/watch?v=BZrj6Pisvy0
19:29. FB story to start off.
‘In this setting, local homebuyers find themselves with a wealth of choices and a little extra breathing room in their property search. However, some of them are opting to play the waiting game, keeping a close eye on interest rates and wondering if they’ve truly reached their peak or if they still have room to grow’
That’s the spirit!
‘Right from the very start with snags, I’ve lived here for three years and still have work that hasn’t been finished. Is just hanging over us, it is an added stress, trying to chase them to get things done. We have still got our shower in the en-suite is rusty. It went rusty within two years and I reported it in June last year and they have said now they’ll fix it after saying the shower needs to be washed and dried after every use. It is just ridiculous. I don’t know what shower isn’t waterproof’
It’s just yours Crystal.
‘After Wang cautioned in 2013 that China’s real estate sector faced the risk of a ‘bubble,’ Vanke made early efforts to diversify from property development’
Even the guy who said bubble ten years ago gets fooked.
Are Desperate Buyer’s Burning Down Homes? 2023 Canadian Real Estate Market!
Jon Flynn Broker of Record, Flynn Real Estate Inc.
2 hours ago
I compile a list of fires from new home construction projects in Ontario to see there the data leads us to figure out why there has been such a significant increase this year. Of course then I bring you the October monthly statistics from most places in Canada, including Ontario, Alberta, BC, and Saskatchewan
https://www.youtube.com/watch?v=HSqjjgYusYs
12 minutes.
The welder is always scheduled on the windiest day of the week.
Got financial COVID?
Managing Money
Debt
‘The government’s not going to save them’: Suze Orman just warned of a looming financial ‘pandemic’ — says Americans have no one else to rely on. Here’s what she means and how to prepare
Take a shot of your own “financial vaccine.”
By Serah Louis
Nov. 06, 2023
3 min read
Suze Orman speaks vehemently on stage in front of a blue backdrop.
Michael Stewart / Getty Images
The U.S. may have avoided catapulting into a deep recession — as many economic pundits prophesied would happen — but climbing costs have still left plenty of Americans plagued with debt.
And finance personality Suze Orman is raising the alarm. On a recent episode of Who’s Talking to Chris Wallace? on Max, hosted by the eponymous CNN anchor, Orman said the country is now living through a financial “pandemic.”
Wallace mentions that credit card debt eclipsed the $1 trillion mark for the first time ever this year, household debt is at record highs and interest rates that folks pay on that debt are continuing to rise.
But if Americans are looking for someone to bail them out this time, Orman says they only have themselves to count on.
“The government’s not going to save them. The economy’s not going to save them. They’re gonna have to be their own financial vaccine, so to speak,” she continues.
…
https://finance.yahoo.com/news/governments-not-going-save-them-153000637.html
🤣😂🤣😂
It’s long but highly entertaining.
The Following Program: I WITNESSED Trump On The Stand- The TRUMPIEST Trump EVER!