The House Was A Huge Burden, We Needed To Sell No Matter What The Price
A report from the Star Advertiser. “A bill that seeks to give the counties the power to control short-term rentals — even phase them out— is moving in the state Legislature. Kristin Fagerback, who submitted testimony against SB 2919, said she lists a few rooms in her Big Island home for short-term rentals to help her and her mother make needs meet. ‘If you put these new policies into ruling you are helping the big billion-dollar non-Hawaiian hotel businesses get more money by tourists going to their big hotels instead of going to us small hosts — which we are just trying to scrape by to survive.'”
The News Press. “Hurricane Ian’s storm surge took less than 24 hours to flood homes and rip down walls, but some Southwest Florida homeowners have waited more than 10,000 hours for their homes to be livable again. Nine residents of Naples’ Vanderbilt Towers III, which stands just off the Gulf, have banded together to file an injunction against their homeowner’s association after their first-floor condos were gutted down to the studs and concrete, and then left exposed to the open air. They have remained so until January of 2024.”
“‘The whole first floor was wide open,’ said condo owner Nancy Penoyer. Penoyer is one of the nine first-floor condo owners suing the Vanderbilt III HOA. ‘You can walk condo-to-condo through the studs. The whole first floor is unlivable. I begged them to put up plywood just to close it in. They wouldn’t. They said it was too expensive.'”
The Crozet Gazette in Virginia. “At this time last year, we reported that the local and national real estate markets were ‘anything but normal.’ This year that perhaps changes to ‘welcome to the new normal.’ While sales rose, average selling price and construction costs softened slightly, a pleasant reprieve from their strong and steady advance since the start of Covid. The average price for a home across all categories dropped 5.5% to $567,000. There were 143 new construction sales during the year, up 22% over the prior year. The average sales price for all new construction homes was $588,000, down 13% in price due to the large number of less expensive townhomes that sold during the year. The price to build these new construction homes dropped 6% to $244/sqft.”
From Bloomberg. “Even in the crisp afternoon sunlight, the two-bedroom Manhattan apartment has a ghostly pallor, its cracked walls yellowing like an ancient black-and-white photograph. Paint chips are falling from the ceiling. A dead pigeon lies on the kitchen floor. Its landlord, Douglas Peterson, is making a stop on a dispiriting tour of a 21-unit building he bought in 2018 for $4.8 million. Peterson’s City Skyline Realty Inc. specializes in a subgenre of real estate investment: properties subject to the New York City rent-regulation system, the oldest and biggest program in America.”
“His bet on raising rents has gone disastrously bad, as it has for landlords across the city. Peterson—who’s bought more than 40 properties for $300 million over 20 years—is now in distress. He’s falling behind on his mortgages and scrambling to find money for repairs. In October, Fannie Mae, the government-backed home loan company, started foreclosure proceedings against a dozen of his properties, including the building on 164th Street. ‘My career is over,’ Peterson says. ‘Now it’s just a question of: What’s my legacy going to be? Is it going to be that I abandoned the ship when it was sinking, or that I stayed and fought?'”
The Star Tribune in Minnesota. “Plummeting commercial real estate values prompted by the shift to remote work are causing a trickle-down financial crunch on cities, schools, park districts and other public operations that depend on tax collections. The reason: more commercial property taxes are going unpaid than at any time since the Great Recession of 2008-09. Minneapolis, for example, typically collects around 99% of taxes levied. But by the third quarter of 2023, just 97.5% of taxes levied had been collected — leaving $11 million in unpaid taxes. ‘This is a big reality check,’ said Park Board President Meg Forney, who noted the revenue loss comes as the Park Board is working on major capital projects and in negotiations with union park workers looking for higher pay. ‘So heads up everybody, roll up your sleeves, because we have a big lift here.'”
“A deepening glut of office space is to blame. Office vacancies across the metro rose to a record 13.6% at the end of last year, according to a new report from Colliers. For most of the pandemic, downtown Minneapolis was the epicenter of the problem, but the financial pain is spreading, especially into the southern suburbs. At the end of last year, the office vacancy rate along the Interstate 494 corridor eclipsed downtown Minneapolis.”
The Bakersfield Californian. “A markdown of almost $2.3 million on 1,134 acres of farmland for sale southwest of Wasco is the latest sign of how acute the buyer’s market for ag property has become amid continuing water challenges, elevated interest rates and slumping commodity prices. After being listed for sale for about six months, the owners recently slashed the price by 11% in order to generate interest among potential buyers. Market observers say that price reduction — large because of the amount of land involved — is proportionally modest: Other local properties are being marked down as much as 30% lately, depending on their water situation.”
“Broker Mike Ming, who represents the property in question, said sellers who held firm last year are starting to accept the fact that valuations aren’t nearly as strong as they were even two years ago. ‘It’s not a panic yet,’ he said. ‘I would say it’s at the first stages of the capitulation.’ After peaking in 2015, largely on the strength of what were then high almond prices, ag property valuations have fallen precipitously in the last two years. Even the better positioned water districts have seen prices fall 10% or more relative to 2022 prices, noted Robb Stewart, a local farmland broker at Pearson Realty. But he said farmland with weaker districts, or properties not served by any district, have seen price drops of 20% to 30% in the last two years.”
The Globe and Mail in Canada. “A sprawling real estate investment enterprise in Northern Ontario run by a former child actor has filed for creditor protection as it struggles to pay off debts of $144-million, largely from hundreds of individual private lenders including some who used retirement funds. Court records show that Robert (Robby) Clark used a network of companies to build up a rapidly expanding real estate portfolio beginning in 2020. The enterprise owns 405 rental properties in Northern Ontario cities and towns such as Sudbury, Sault Ste. Marie and Timmins.”
“The enterprise’s financial troubles have tied up millions of dollars loaned by hundreds of private lenders. One private lender who spoke to The Globe and Mail said she feels misled and she wasn’t kept in the loop on the scale of the operation she was lending to. ‘At no time were we told that they are part of this conglomerate of all these companies. … We would never have done that,’ said Cathy Hugh, 57, a retired bank employee living near Ottawa. Ms. Hugh loaned $184,000 at 8-per-cent interest in 2022 to what she believed was a sole operator to purchase a single-family home in Sault Ste. Marie. ‘I only wanted to do individuals, I felt more protected because I could have gone in for a repossession.’ However, the stay of proceedings issued as part of the creditor protection process means lenders cannot turn to repossession, or power of sale, to recoup their money.”
“The report cites data from Canadian Real Estate Association that in December, Timmins had 285 active listings and only 39 sales, while Sault Ste. Marie had 125 sales on 425 active listings. Mr. Clark’s companies own 199 rental properties in Timmins. If they were all liquidated at once it would increase available inventory by 70 per cent, which in turn could both depress sale prices and cause the sales to take longer. The report estimates a ‘controlled’ sale process where 15 per cent of the properties were listed at a time would take 49 months to complete in Timmins, and 23 months in Sault Ste. Marie (where the companies own 152 properties).”
The Irish News. “UK businesses are facing the second-highest level of ‘deepening’ financial distress in Europe due to inflation and high interest rates. The Weil European Distress Index has shown failing profitability as the main driver for business distress across the continent. UK companies are experiencing the second-highest levels of financial distress in Europe, with German firms leading the way. Many companies have indicated they will have to reduce prices in a bid to maintain sales volumes. The European real estate sector is facing challenges such as high interest rates, falling valuations, elevated energy and construction costs, and increasingly expensive financing – cementing it as the ‘most distressed sector’ in the index.”
“Andrew Wilkinson, senior European restructuring partner and co-head of Weil’s London restructuring practice, said: ‘As the real estate sector takes the lead in distress within Europe, it’s clear that investment hesitancy and rising costs are symptoms of a larger economic malaise. High leverage poses a significant vulnerability in an unforgiving market, where companies confront rising costs against a backdrop of falling valuations.'”
From ABC News. “Major construction company St Hilliers has been placed into voluntary administration, halting work on 21 multimillion-dollar development projects around Australia. WLP Restructuring was appointed as voluntary administrator of seven entities within the Sydney-based St Hilliers group of companies on Sunday. The company’s major projects include several Department of Defence contracts, along with commercial developments in Newcastle, Sydney and on the New South Wales Central Coast. Peter Lawley from the Erina-Gosford Chamber of Commerce said the collapse was ‘potentially disastrous.'”
“‘The plans are well advanced, the concrete’s been poured and all sorts of things, so I can only imagine the administrators will be onto it straight away,’ Mr Lawley said. Mr Lawley said that with 100 per cent of the units already sold, he hoped work could resume soon.”
South China Morning Post. “Linda Chen, 28, sold her 70 square metre (753 sq ft) home in China’s eastern Hangzhou city for a discount of about 300,000 yuan (US$41,963) and moved into a rented unit of similar size with her husband in December, after paying around 9,000 yuan in monthly mortgage payments for years. Even after several rounds of mortgage ratio cuts introduced by the authorities last year, the couple still needed to pay more than 7,000 yuan per month, which triggered their decision to sell. ‘It was not an easy decision to make, but [the house] was a huge burden,’ she said. ‘I know we needed to sell no matter what the price.'”
“For now, the couple can bear the 4,000 yuan in rent they are paying for their new home. Chen is getting used to a new job with a lower salary after being laid off, and her husband is starting a business from scratch amid China’s depressed employment market. ‘Renting is more flexible and suitable for us. I won’t think about buying a home for at least the next five years.'”
“‘Many individual landlords, who dominate the market rather than institutional landlords, found it difficult to clinch deals for a while after putting their homes up for rent, and were forced to cut rents or else they would lose tenants,’ said Li Jianlin, research director in CRIC’s long-lease department. Also, they are being squeezed by cheaper rental homes backed by the government flowing into the market, Li added.”
From Barron‘s. “‘I’ve never seen people this pessimistic,’ said Beijing hair stylist Wu Ming, who trades Chinese stocks on his phone when traffic in his salon is slow. ‘During previous falls [in the market], there was always talk of buying the dip. No one is daring to say anything like that this time, to avoid looking like a fool.’ The pessimism Wu refers to applies to the Chinese and Hong Kong stock markets, which combined have seen nearly $6 trillion wiped away from their most recent peak three years ago.”
“A large proportion of Chinese citizens directly invest in its stock markets compared with the West, where professional institutional investors dominate, so there is much direct exposure to average citizens with little knowledge of the whims of the market. ‘Mom-and-pop investors are the backbone of trading in China’s domestic A-shares market, so the miserable performance of the last two years is probably pushing trading volumes to very low levels,’ said Doug Young, director of Hong Kong-based Bamboo Works, which analyzes listed Chinese companies. ‘A-shares’ refers to Chinese firms traded on the mainland bourses in Shanghai or Shenzhen.”
“The market fall is, of course, tied to the overall economy’s decline and absence of recovery since the pandemic. This, in turn, is tied to a ruinous decline in the long-troubled property sector, which makes up at least a quarter of China’s economy and is the main place where average Chinese invest their savings. ‘We’re probably seeing lots of such retail investors put their dwindling savings into bank accounts, of all places, as there really isn’t any other safe place to invest your money right now, considering the terrible real estate market,’ he told Barron’s from Hong Kong, which featured the worst-performing major market in the world last year.”
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You will own nothing.
‘His bet on raising rents has gone disastrously bad, as it has for landlords across the city. Peterson—who’s bought more than 40 properties for $300 million over 20 years—is now in distress. He’s falling behind on his mortgages and scrambling to find money for repairs. In October, Fannie Mae, the government-backed home loan company, started foreclosure proceedings against a dozen of his properties, including the building on 164th Street. ‘My career is over’
Here we seen fannie lending 300M pesos to a guy betting he could raise rents. Affordable housing? Loans based on rents that don’t exist: sound lending!
here is the deal on rent control, that ended in 1971. replaced y rent stabilization…..only those who are still alive or their kids who could inherit the apartment still exit. most of these old apartments are not undated, they still have maybe 60 amp circuits 15 amp glass fuses….so its easy to blow fuses. coffee maker + ac on same circuit….
Building prices are based on the rent roll, so these buildings are cheap, and the money is made when people die or move to florida or a nursing home and the kids don’t want the cheap apartment ( stupid kids its their best retirement plan) or live in NYC, then it can be upgraded get $2000 rent and be decontrolled….upping the buildings value.
The other way is to get the worst tenants and hope they move every year or two, then you had a 20% vacancy increase plus any renovations so the $560 month can become $2000 in a few years all legally.
You can’t make coffee and toast at the same time. The good old days!
Is upgrading to code a condition of being decontrolled? I hope so.
Yes. in order to upgrade the appliances too. 40/60 amp to 100. and if the cost to upgrade was $20,000. the LL could up the rent 1/40 or $500 a month forever. So i remember seeing $3000 viking stoves on a 6th floor walk up.
“…the money is made when people die or move to florida…”
Memorandum: The coin operated gum ball machines in the lobby need to be refilled with fentanyl laced Skiddles.
‘‘It’s not a panic yet,’ he said. ‘I would say it’s at the first stages of the capitulation.’ After peaking in 2015, largely on the strength of what were then high almond prices, ag property valuations have fallen precipitously in the last two years’
Oh boy this takes me back. I covered the almond mania in K-fna. It worked like this: land that had never grown almonds was suddenly snapped up cuz – it might grow almonds! It’s like many bubble elements, extrapolating imaginary returns based on nothing more than the hype of land prices in the frenzy. They never had enough water to pull this off.
Kristin Fagerback, who submitted testimony against SB 2919, said she lists a few rooms in her Big Island home for short-term rentals to help her and her mother make needs meet.
Die, speculator scum. Take in long-term tenants if you want to make ends meet, or sell “your” shack that you clearly can’t afford.
I dunno, wouldn’t STR has some value in tourist areas? All off Hawaii is a tourist area. She’s renting out rooms in her primary residence; so it’s not a house party investment. At worst, she could sell and some buyer could convert it to a true BnB hotel.
They sent out a nice lady living with her mother as the press bit. There’s something like 89k STR there. More than hotel rooms. IIRC 27% own 20 or more units. Her story is not typical.
Loathsome to turn any community of residences to short term rentals for any reason and in any capacity. This pity potty story leaves me feeling contempt. You and mommy get a job. Sell the shack or rent LONG TERM and drop the greed and self pity.
‘This is a big reality check,’ said Park Board President Meg Forney, who noted the revenue loss comes as the Park Board is working on major capital projects and in negotiations with union park workers looking for higher pay. ‘So heads up everybody, roll up your sleeves, because we have a big lift here’
Sounds like the bottom fell out Meg.
“‘The whole first floor was wide open,’ said condo owner Nancy Penoyer. Penoyer is one of the nine first-floor condo owners suing the Vanderbilt III HOA. ‘You can walk condo-to-condo through the studs.
Just think: if you were bitter renters, you could just pack up & move someplace else. Sucks to be you, Nancy.
Will China’s PBOC be the first central bank to lose control of its asset bubbles & Ponzi markets?
https://citizenwatchreport.com/chinas-stock-market-in-turmoil-nearly-30-of-stocks-halted-small-caps-limited-down-in-8-freefall/
‘My career is over,’ Peterson says. ‘Now it’s just a question of: What’s my legacy going to be?
Welp, Dougie, it could be that the sole point of your existence is to serve as a warning to others.
For most of the pandemic, downtown Minneapolis was the epicenter of the problem, but the financial pain is spreading, especially into the southern suburbs.
The globalist scum media must practice a journalistic omertà when it comes to mentioning the elephant in the room: the vibrant cultural enrichment accompanying the globalist imports flooding into what used to be one of the cleanest, safest cities in the country.
https://www.toddstarnes.com/campus/muslim-teens-wage-war-in-minnesota-high-school/
One private lender who spoke to The Globe and Mail said she feels misled and she wasn’t kept in the loop on the scale of the operation she was lending to. ‘At no time were we told that they are part of this conglomerate of all these companies. … We would never have done that,’ said Cathy Hugh, 57, a retired bank employee living near Ottawa.
I’m trying to summon some empathy for these housing speculator scum who get defrauded, but I’m not not feeling it. They made housing unaffordable for the prudent & responsible, and now it doesn’t bother me in the least to see the Cosmos giving them what they deserve.
plus getting an investment at 8% when rates are 0% (and mortgages 3%) totally passes the “everything is ok here” test.
Nope, they wanted great returns with no risk (and no study/investigation) and that simply doesn’t exist.
don’t feel sorry at all.
You gambled, you lost. suck it up and learn the lesson.
Her pity potty story is non disclosure and I am willing to assume she made some assumptions and did not read the fine print, or some other buyer error.
Just read some lad’s property of decades is now nearly worthless due to city easement through the middle of the property and structure. A simple play map or survey would have allocated this disastrous mistake. DUE DILIGENCE uncovers these nasty situations.
“Allocated” to prevented
Oh dear…more falling dominoes down under, and they’re getting bigger.
https://www.news.com.au/finance/business/other-industries/12m-in-losses-construction-giant-goes-bust/news-story/f663d838e2fe138e29364ce0ee40f4aa
“They added that during the assessment period, approximately 80 staff members will be retained while 22 have been made redundant.“
I hate it when redundant happens.
Mr Lawley said that with 100 per cent of the units already sold, he hoped work could resume soon.”
Hope is not a strategy, Peter.
“Linda Chen, 28, sold her 70 square metre (753 sq ft) home in China’s eastern Hangzhou city for a discount of about 300,000 yuan (US$41,963) and moved into a rented unit of similar size with her husband in December, after paying around 9,000 yuan in monthly mortgage payments for years.
But…but…muh generational wealth!
‘During previous falls [in the market], there was always talk of buying the dip. No one is daring to say anything like that this time, to avoid looking like a fool.’
And this, friends & neighbors, is what it looks like when FOMO turns to Fear of Getting Schlonged (FOGS).
The pessimism Wu refers to applies to the Chinese and Hong Kong stock markets, which combined have seen nearly $6 trillion wiped away from their most recent peak three years ago.”
Fake wealth created by fake money getting vaporized – the inevitable end result of Keynesian monetary fraud. Got silver? Got gold?
‘We’re probably seeing lots of such retail investors put their dwindling savings into bank accounts, of all places, as there really isn’t any other safe place to invest your money right now, considering the terrible real estate market,’ he told Barron’s from Hong Kong, which featured the worst-performing major market in the world last year.”
The nightmare scenario for the Fed & its bullion bank market manipulators with their naked shorting: 1.4B Chinese rediscovering the wisdom of their ancestors and exchanging their soon-to-be-worthless flat currency for physical precious metals in anticipation of the chaos that always follow when corrupt despotic rulers lose their “Mandate of Heaven.”
I hope these Chinese people learn what a tragic boating accident is before the CCP comes a’ confiscatin’.
* The Mandate of Heaven is a Chinese political ideology that was used in ancient and imperial China to legitimize the rule of the King or Emperor of China.
—wiki
Monday morning.
And that means it’s time to go generate some federal income taxes, cattle tax slaves.
Antiwar — Jake Sullivan Refuses To Rule Out US Airstrikes Inside Iran (2/2/2024):
“National Security Advisor Jake Sullivan on Sunday refused to rule out direct US airstrikes inside Iran while discussing the widespread bombing the US launched in Iraq and Syria on Friday.
Appearing on CNN’s “State of the Union,” Sullivan signaled the bombing campaign is not over, saying the US is planning “more actions.” When asked if the US has ruled out launching attacks on Iranian territory, he said, “Look, sitting on a national TV program, I’m not going to rule in and rule out any activity anywhere.”
https://news.antiwar.com/2024/02/04/jake-sullivan-refuses-to-rule-out-us-airstrikes-inside-iran/
Any activity anywhere?
Meanwhile, the Senate wants to give $60 billion to Ukraine, only $20 billion for the U.S. border, and allow 1,500 more illegals in EVERY DAY, forever.
If you feel like these people truly hate you, and hate America, you are correct, because under this illegitimate unelected regime, it’s America last.
1,500 illegals/day? I thought it was 5000.
Correct.
It’s 1.8 million a year.
I saw a meme the other day which reminds us that the invaders are getting far more taxpayer assistance than the Lahaina fire survivors did. Of course ethnic Hawaiians are only 10% of the Aloha state’s population, and what’s left of them will soon be replaced by Venezuelans.
All this assistance is losing them the African American vote too. The gangsta lawfare against Trump as well.
“All this assistance is losing them the African American vote too.”
That’s nacho cheese…that’s muh cheese!
– “Who you gonna believe, me or your lyin’ eyes?”
– The MSM is simply the propaganda arm of the Democrat party. Prove me wrong.
\\
https://pjmedia.com/vodkapundit/2024/02/05/january-jobs-data-actually-sucked-n4926132
Media Lies: Those January Jobs Gains Never Happened
STEPHEN GREEN | 8:30 AM ON FEBRUARY 05, 2024
With all those new jobs, why do Americans remain so glum about Bidenomics? Newsmax reported Sunday that “President Joe Biden hit yet another new low in his approval rating,” at eye-popping 37% according to the latest NBC News poll. Democrat pollster Jeff Horwitt of Hart Research Associates conducted the poll for NBC and called the results “damning” and described Biden’s as “a presidency in peril.”
Horwitt added, “On every measure compared to 2020, Biden has declined. Most damning, the belief that Biden is more likely to be up to the job — the chief tenet of the Biden candidacy — has evaporated.”
Ouch. But all those jobs, right?
Barone wrote, “The workweek, itself, contracted to 34.1 hours from 34.3 in December and 34.4 in November. This is the lowest number since March 2020 (the pandemic) and, before that, November 2008 (Great Recession).”
“Rosenberg Research calculated that, despite the job gains, total hours worked actually contracted.” [Emphasis added.] In fact, the Household Survey — “the one the media ignores,” as Barone put it — “showed up with a -31K headline jobs number, and a fall of -63K in full-time jobs.”
Worse, the labor participation rate remains down. Americans are working more part-time jobs because there are fewer full-time jobs to go around — a sizable fraction of last month’s jobs went to people taking on a second or third job.
So how did the BLS come up with 335,000 new jobs when the Household Survey showed a net loss of 31,000? For that, let’s go to Seeking Alpha:
The BLS also publishes the data behind their Birth/Death assumptions. January is always a big drop, but this was smaller than last year (-144k in Jan 2023 vs. -121k in Jan 2024). Birth/death specifically refers to assumptions made about new business being formed.
“Birth/Death assumptions” means just that. The BLS assumes that so many jobs were created or destroyed and (kind of) fixes the imaginary numbers when the real data come in. Now you know why jobs always seem to get revised downward. Seeking Alpha adds that “many believe the Household survey is a more accurate measure of employment when compared to the headline number.”
No kidding.
\\
– Also, the “absolutely awesome!” January jobs number – likely pulled out of someone’s backside – doesn’t jibe with the Challenger job cuts announcements in January either.
– “… lies, damn lies, and statistics.”
– Cadaver Joe was never duly elected. The 2020 election was stolen. Even D voters are slowly waking up and realizing how bad things are under his “presidency.”
– Critical thinking skills are in short supply in America today. Too many useful idiots, courtesy of our Communist .gov/.edu education (indoctrination) institutions.
In fact, the Household Survey — “the one the media ignores,” as Barone put it — “showed up with a -31K headline jobs number, and a fall of -63K in full-time jobs
That’s gonna get sent to the memory hole
Q: What Is a Full-time Job?
https://www.indeed.com/career-advice/finding-a-job/full-time-job
[A snip …]
The U.S. Department of Labor does not list an exact definition of full-time employment, generally leaving the details up to individual employers. The idea of a “9 to 5” generates a common understanding of a full-time job or “business hours,” with much of office and corporate culture keeping hours of Monday through Friday between the hours of 9:00 a.m. and 5:00 p.m., with some variation on the hours depending on the company’s culture and industry.
[“… does not list an exact definition of full-time employment, generally leaving the details up to individual employers.” So much for my search for a solid definition.]
[Another snip …]
As mentioned, when you earn a full-time position, you can also earn additional benefits in the form of health insurance (dental, vision, emergency care), life insurance and a 401(k) plan to save for retirement. Full-time workers typically also receive paid time off (PTO), along with holidays off and a set number of vacation days. In addition to these benefits, full-time workers might also receive perks such as gas cards, gym memberships, restaurant discounts, paid company trips and remote work opportunities.
[IOW a full time employee can be much more expensive to have on the payroll than a part time employee, hence the incentive for employers is to hire part timeers rather than full timers.]
[Whatever.]
Why do they have to call individual houses to see who started a new job? Surely they can scrape the W-4 data from the IRS. Or they can ask payroll companies how many new paychecks they’re sending out.
As for the second part, I know some small businesses that don’t use a “payroll company”.
Because then they couldn’t “adjust” the numbers.
Also 1000’s of union federal employees would be out of a job.
BTW there is the ADP numbers (the big payroll processing company) that comes out I think every month, maybe more often).
Another day in Denver:
Not one word in the article about closing the border, even though the city’s resources are exhausted.
Link below
Link to full article:
https://www.9news.com/article/news/local/about-800-migrant-families-to-leave-shelter/73-4785e263-3104-4876-9bc5-b089cb79a558
And I still think the invaders, especially the young men, will be weaponized before the elections.
“We have filled every single hotel room that we have available in the city and county of Denver,”
Good thing the George Floyd Bowl isn’t in Denver this year.
“Not one word in the article about closing the border”
When the media are the enemy of the American people, why would you expect any differently?
These people are VERMIN.
I’m sure this article is meant to gather sympathy for the invaders. Perhaps Dumver could have a ballot issue during the primary elections, asking to substantially raise the sales tax or something to pay to house the invaders. The problem with that is virtue signallers don’t actually like to pay for anything, so it would probably fail.
Meanwhile, Colo Springs city council has announced that they won’t spend one penny on invaders, which of course means anyone bused there will soon leave.
If you’re into termites, wood rot, mold, and rats – this could be your investment opportunity.
https://www.zillow.com/homedetails/7009-Overman-St-Bagdad-FL-32583/47881360_zpid/
Is that a flood plain? If not, it might be worth it to do some architectural salvage, level the whole thing, and build 4-5 narrow-lot affordable homes on the land. There is a similar development off Warren Road. Yeah, it would lose money, but at least people would have places to live.
Bagdad LOL
The cradle of humanity.
I saw an interesting headline. A new Charlie Brown special is being made about how the token black kid, Franklin, arrives in town.
From what I have heard, the Peanuts specials are not on Millennial’s or GenZ’s radar and that only Boomers and GenX still care anything about the franchise. I kind of doubt anyone will rush out to watch the new “special with a message”. My understanding is that it will only be available on Apple TV.
I can’t say I’ve ever heard of any of those specials, much less watched any of them.
Q. How do 3% mortgage rates resemble the Easter Bunny?
A. Both are figments of your imagination.
A 3% Mortgage Sounds Too Good to Be True. In Many Cases It Is.
High interest rates have created buzz around mortgage ‘assumptions,’ but buyers must wade through red tape
PHOTO ILLUSTRATION: EMIL LENDOF/THE WALL STREET JOURNAL, ISTOCK
By Ben Eisen and Nicole Friedman
Feb. 4, 2024 5:30 am ET
Millions of home buyers can avoid high interest rates by snapping up existing low-rate mortgages—in theory. Doing so in practice is filled with obstacles.
Loans backed by the Federal Housing Administration and the Department of Veterans Affairs have provisions allowing them to be transferred from home sellers to buyers, or “assumed.” In other words: Even in a world of 7% mortgage rates, a buyer can get a 3% mortgage if he or she takes someone else’s.
…
“In other words: Even in a world of 7% mortgage rates, a buyer can get a 3% mortgage if he or she takes someone else’s.”
Without having seen the rest of the article (paywall barrier, even though I have a paid dead tree subscription!), here’s the rub:
1) Any seller with an assumable 3% mortgage can increase his sale price to reflect the advantage of paying 3% versus the 6%-7% market rate.
2) Sellers who don’t understand this and price at a level that gives full advantage to the buyer might be like the proverbial $20 bill lying on the sidewalk: They get snapped up so quickly that you don’t even notice them until they are gone. Or like the Easter Bunny who I heard about as a child but never met.
Assumable mortgages? Those rarely exist
So do Easter Bunnies…
Oh dear
https://www.cnbc.com/2024/02/05/what-homeowners-need-to-know-as-insurers-leave-high-risk-climate-areas.html
So IIUC, they bought their place for $420k, they still owe $360k and they’re both retired. In other words, they’ll never own it; they’re just renting the mortgage money and paying the associated expenses. Like the Inca Empire before them their climate is changing, and they’re unable to “roll with it.”
House showed up today as a new listing locally (middle of nowhere midwest). I say to myself “self, this house looks familiar”
Dig into listing data:
April 2023 put on market for $350k
May 2023 lowered price to 325k
July 2023 lowered price to 299k
listing expires
Feb 2024 new realtor. $249k. (which is probably about right, certainly in the correct range) and the pictures are all of an empty house.
‘their first-floor condos were gutted down to the studs and concrete, and then left exposed to the open air. They have remained so until January of 2024…’The whole first floor was wide open,’ said condo owner Nancy Penoyer. Penoyer is one of the nine first-floor condo owners suing the Vanderbilt III HOA. ‘You can walk condo-to-condo through the studs. The whole first floor is unlivable. I begged them to put up plywood just to close it in. They wouldn’t. They said it was too expensive’
I’ve long made a point Nancy that if you look at a shack, it’s 98% air. Yer airbox is even worse. What you do have in the way of materials is deteriorating every day.
‘My career is over,’ Peterson says. ‘Now it’s just a question of: What’s my legacy going to be? Is it going to be that I abandoned the ship when it was sinking, or that I stayed and fought?’
You clearly have to double down Doug, it’s a slim chance but you can still be a winnah! Sell everything, borrow, steal, but what evah you do, don’t screw up the comps!
‘I would say it’s at the first stages of the capitulation.’ After peaking in 2015, largely on the strength of what were then high almond prices, ag property valuations have fallen precipitously in the last two years’
A couple of things about this. I was posting about that bubble in 2015. So now we see a report that this small bubble has popped. Sometimes these things take time and can’t be predicted time wise.
‘peaking in 2015, largely on the strength of what were then high almond prices’
For context, the 2014 peak in oil and the 2015 peak in other commodities was the result of the China pouring 100 years of concrete in 3 thing. Which came in response to – the housing bubble bursting!
via GIPHY
Doesn’t Eve have a sister?
‘she feels misled and she wasn’t kept in the loop on the scale of the operation she was lending to. ‘At no time were we told that they are part of this conglomerate of all these companies. … We would never have done that,’ said Cathy Hugh, 57, a retired bank employee living near Ottawa’
You did do that and that’s why yer fooked Cathy with a C.
‘Ms. Hugh loaned $184,000 at 8-per-cent interest in 2022 to what she believed was a sole operator to purchase a single-family home in Sault Ste. Marie. ‘I only wanted to do individuals, I felt more protected because I could have gone in for a repossession.’ However, the stay of proceedings issued as part of the creditor protection process means lenders cannot turn to repossession, or power of sale, to recoup their money’
Alright Cathy good luck on yer multi-year lawyer paying journey!
‘As the real estate sector takes the lead in distress within Europe, it’s clear that investment hesitancy and rising costs are symptoms of a larger economic malaise. High leverage poses a significant vulnerability in an unforgiving market, where companies confront rising costs against a backdrop of falling valuations’
The bubble is popping everywhere Andy, even Europistan.
‘Lawley from the Erina-Gosford Chamber of Commerce said the collapse was ‘potentially disastrous.’ …’The plans are well advanced, the concrete’s been poured and all sorts of things, so I can only imagine the administrators will be onto it straight away,’ Mr Lawley said. Mr Lawley said that with 100 per cent of the units already sold, he hoped work could resume soon’
They sold every single one Peter. Isn’t that fabulous and a great sign of demand greater than supply?
‘Many individual landlords, who dominate the market rather than institutional landlords, found it difficult to clinch deals for a while after putting their homes up for rent, and were forced to cut rents or else they would lose tenants,’ said Li Jianlin, research director in CRIC’s long-lease department. Also, they are being squeezed by cheaper rental homes backed by the government flowing into the market’
HBB to China: you have got to stop building shacks and airboxes.
If you’re waiting for this SWAT team to come save you you’re in deep shite.
k9_reaper
@k9_reaper
Chile 🇨🇱 fielded an all-women team at the UAE SWAT Challenge of 2024. Worth a watch. 😂👇
Feb 5, 2024
https://x.com/k9_reaper/status/1754478073590763525?s=20
For comparison, here’s Rwanda’s male SWAT task force:
Feb 5, 2024
https://x.com/Rwandapolice/status/1754626207323246782?s=20
X Post image file — Double Middle Finger Edition:
https://twitter.com/ericmmatheny/status/1754199997854232839
You are being replaced with THIS.
– But I thought replacement theory was a tinfoil hat conspiracy theory? It depends on where one gets their “news,” I guess.
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https://twitter.com/elonmusk/status/1753894000510341530
Elon Musk @elonmusk
A few other things you probably don’t know: illegals in America can get bank loans, mortgages, insurance, driver’s licenses, free healthcare (California & New York) and in-state college tuition.
What’s the point of being a citizen if an illegal gets all the benefits, but doesn’t pay taxes or do jury duty?
2:31 PM · Feb 3, 2024 · 32.8M Views
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https://twitter.com/elonmusk/status/1754382187963506924
Elon Musk @elonmusk
The long-term goal of the so-called “Border Security” bill is enabling illegals to vote!
It will do the total opposite of securing the border.
Quote
David Sacks @DavidSacks · 20h
The Inflation Reduction Act was actually a trillion dollar spending bill. The border security bill is actually a mass amnesty. Just assume bills do the opposite of what they say.
10:51 PM · Feb 4, 2024 · 14.9M Views
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https://twitter.com/elonmusk/status/1754479480167358852
Elon Musk @elonmusk
Many states automatically register anyone with a driver’s license to vote (no citizenship verification), ballots are then mailed out and “ballot harvesters” pick them up mail them in, making fraud traceability impossible
5:17 AM · Feb 5, 2024 · 1.2M Views
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“I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts.” – Abraham Lincoln
“This country, with its institutions, belongs to the people who inhabit it. Whenever they shall grow weary of the existing government, they can exercise their constitutional right of amending it, or exercise their revolutionary right to overthrow it.” – Abraham Lincoln
“Let every American, every lover of liberty, every well wisher to his posterity, swear by the blood of the Revolution, never to violate in the least particular, the laws of the country; and never to tolerate their violation by others.” – Abraham Lincoln
“We seek not to overthrow the constitution, but to overthrow those who would prevert it.” – Abraham Lincoln
“We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution.” – Abraham Lincoln
Nations do not die from invasion; they die from internal rottenness. – Abraham Lincoln
“America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.” – Abraham Lincoln
You can’t make this stuff up: “Beijing hair stylist Wu Ming, who trades Chinese stocks on his phone when traffic in his salon is slow” is modern China’s version of 1929’s shoe shine boy giving stock tips. There’s so much evidence China just bursted it’s bubble, like we did in 1929, with the final zero covid lockdowns putting the nails in the coffin. Remember that within a decade of 1929, Germany was invading Poland, and the world was engulfed in war. What surprises await the West in 2033?
Don’t fight the Fed!
Financial Times
Markets
Traders abandon hopes of March interest rate cut but keep betting against Federal Reserve
US central bank chair sees three reductions in 2024 while markets price in five
Jay Powell, chair of the Federal Reserve, speaks to media
Jay Powell, chair of the Federal Reserve, said lowering US interest rates in March was not the ‘base case’
Kate Duguid, Harriet Clarfelt and Nicholas Megaw in New York 55 minutes ago
The market’s stubborn hopes of a first cut to US interest rates in March were finally crushed over the past week by strong economic data and firm messaging from Jay Powell, chair of the Federal Reserve.
Beyond next month, however, traders have a different outlook for the Fed’s monetary policy than officials inside the US central bank. The divergence sets the stage for volatility and potential losses if the Fed sticks with its plans.
US interest rates have been perched at a 23-year high since the Fed undertook an aggressive campaign to rein in inflation. When and how fast it begins to lower them from their current level of 5.25 per cent to 5.5 per cent has been a fixation for investors across financial markets.
…