Sellers Became Much More Realistic About Giving Up The Fairy-Tale Pricing Of The Past

1. You will own nothing

   1. Whatever little you have, will be taken from you and given to illegal criminal invaders who have no right to be in this country.

      You are being replaced.

      1. I’ll start checking under my bed for a large empty pea pod.

2. ‘‘We’re gonna be back. It’s gonna be awesome,’ Reuter said in response to a question about where the city would be in five years, eliciting cheers and applause’

   ‘people watching prices slide over the past 18 months or so have been looking for a bottom – and many believe that stage has arrived. The fear many buyers had of buying a house today that would be worth less tomorrow is gone’

   Two articles showing the exact same mania psychology in one day is nice. No talk about what people can afford, etc. Just the idea that it always goes up and you better get in – now!

3. The words “invest”, “investor” and “investment” appear 8 times in this article. Does anybody buy a house just to live in any more?

   1. How is it this company can default on a billion dollars in loans and then a short time later is buying more real estate with loans? Are lenders that stupid?

      1. That lender is the Federal Reserve, who printed a ton of money in 2020 and begged banks to take it and lend it out to somebody, anybody. That’s how we got thousands of deadbeats buying sexitrux and never making a payment.

4. The Atlantic scolds the ungrateful poors.

   Why Americans trust feelings more than facts when it comes to prosperity (2/14/2024):

   “Some kind of irreconcilable difference seemed to have opened up between public opinion and traditional markers of economic health, as many op-eds and news reports noted. “The Economy Is Great. Why Are Americans in Such a Rotten Mood?” The Wall Street Journal asked in early November. “What’s Causing ‘Bad Vibes’ in the Economy?” The New York Times wondered a few weeks later. Terms like “vibecession” and “the great disconnect” were coined and spread.

   But the goods that people spend the most money on tend to be quite different from those that they pay the most attention to. Consumers are reminded of the price of food
   every time they visit a supermarket or restaurant, and the price of gas is plastered in giant numbers on every street corner. Also, the purchase of these items can’t be postponed. Things like a new couch or flatscreen TV, in contrast, are purchased so rarely that many people don’t even remember how much they paid for one, let alone how much they cost today.

   Consumers say as much when you ask them. In a recent poll commissioned by The Atlantic, respondents were asked what factors they consider when deciding how the national economy is doing. The price of groceries led the list, and 60 percent of respondents placed it among their top three—more, even, than the share that chose “inflation.”

   What’s more, most people don’t care about the inflation rate so much as they care about prices themselves. If inflation runs at 10 percent for a year, and then suddenly shrinks to 2 percent, the damage of the past year has not been undone. Prices are still dramatically higher than they were. Overall, prices are nearly 20 percent higher now than they were before the pandemic (grocery prices are 25 percent higher). When asked in a survey last fall what improvement in the economy they would most like to see, 64 percent of respondents said “lower prices on goods, services, and gas.”

   https://archive.is/rc5RM

   Ask yourself, are you any better off now than you were before January 2021?

   1. Much worse.

   2. are you any better off now

      Personally I am. It’s only because I was, and am, a saver.

      1. If anything, savers have been butt F’d for a long time in this economy. Rates have only been better for savers for a little over a year or so

         1. 15 years from when I last got north of 5% on savings or CD’s in 2008 until last year.

            ZIRP only benefits the pigmen, soft hands, Parasite Class.

         2. for a long time

            Not disagreeing with you, but I’ve stayed ahead of it if only by degrees. Noting to brag or whine about.

            1. I’ve stayed ahead by curtailing stupid spending. While most of the neighbors have $60K+ rides, I don’t.

            2. $50k plus tax is my state is the average price of a new car. And buying used these days? With prices so expensive, People only getting rid of used cars when they have to because of car problems. So many stories of used car issues these days. It just sucks really if you have to get another car.

            3. $50k plus tax is my state is the average price of a new car.

               That’s pretty much the nationwide average. But there are new vehicle choices that cost far less. A lot of people are buying (more likely leasing) cars they can’t afford to impress people they don’t know.

            4. I’m one of the suckers that paid $50k for a new car. The most expensive car I ever owned before that was a $30k Chevy pre-pandemic. But a similar car in the LT model is now $44k. (yes there are cheaper cloth and LS models but I want to do an apple to apple comparisons).

               I’ve only bought two new cars in my life, i’ve always bought used, but the price of used cars got so ridiculous, it made little sense to spend slightly less money for a used car with miles and likely problems, when a new car was only slightly more money and new. I’m not a big spender, I live in a small house, on a busy street, that I bought pretty much at the bottom of the market in my area. And I waited as long as possible under my other Chevy crapped out at 160,000 with no brake lights, no working power locks, no heat, brake problems, ripped leather, broken turnsignal, before I finally pulled the trigger on what I believed was the best value for a new car. I’m still pissed I had to spend that much but it is what it is.

            5. I just looked on cars dot com

               You can get:
               A base Subaru Outback for 29K
               A base RAV4 AWD for 31K
               A base Chevy Equinox for 27K
               Etc.

               Sure, if you want all the bells and whistles, the bigger engine, the mega sun roof, heated seats, etc. it will cost you. But you don’t need that stuff.

            6. Yes, you’re right, you don’t ‘need’ those things! But I wouldn’t be caught dead driving a hippy lefty suburu, and I just got rid of an Equinox I drove into the ground, and now need another 7 passenger vehicle for my family of 6 (I’m married and have 4 kids) . We’re on the same page, cars are expensive,and you need to make sacrifices to make cars affordable.

            7. Minivans used to be reasonable, but now start at $40K. Less than $50K, but still expensive.

            8. “And I waited as long as possible under my other Chevy crapped out at 160,000 with no brake lights, no working power locks, no heat, brake problems, ripped leather, broken turnsignal…”

               A non-turbocharged Honda or Toyota is usually good for 300k miles with regular oil changes especially if it is garaged at home.

5. Colorado Sun — Denver has helped 40,000 migrants while Colorado Springs counts 24 families. Does being a sanctuary city matter that much? (2/15/2024):

   “El Paso County commissioners, voices amplified by a microphone, left no room for misinterpretation: Migrants are not welcome in Colorado Springs.

   “Keep going. Find a sanctuary city,” Commissioner Carrie Geitner said two weeks ago during a hastily called news conference after a few South American migrants arrived at a church-run shelter. “They asked for those folks to come to their cities. Find one of those. That’s where they should go.”

   Colorado’s two largest cities have long been political opposites, but their contrary stances on immigration have never been more evident.

   More than 38,500 migrants, most of them fleeing political turmoil and poverty in Venezuela, have come through Denver in the past year. The city has spent $42 million so far, much of it on renting rooms in seven hotels so that the newcomers — some who legally sought asylum and some who crossed the border illegally — have a warm place to sleep.

   The Salvation Army in Colorado Springs, meanwhile, has helped just 24 families — the news of which this month prompted elected officials to tell nonprofits not to help migrants and reiterate that Colorado Springs is not a “sanctuary city.”

   It’s not just Colorado Springs. Denver is the only city in Colorado that has stood up emergency services to help people crossing the border start new lives. Lakewood residents packed a city council meeting this week to protest false claims that the Denver suburb would house migrants in vacant school buildings. Southern Colorado sheriffs have come out in force to back a piece of proposed state legislation that would reverse laws that prevent them from handing over immigrants here illegally to federal immigration enforcement.

   El Paso County leaders say they are worried about the “spillover” of immigrants from Colorado’s capital city, which is why when the Colorado Springs Salvation Army notified the mayor that a busload of migrants showed up at the nonprofit’s family shelter, city and county leaders loudly reinforced their stance.

   This week, the Colorado Springs City Council passed a resolution 6-3 to affirm that it is not a sanctuary city, stating it was “protecting the security and quality of life of the citizens of Colorado Springs.”

   Colorado Springs is short on resources for its citizens, city leaders argued, and the federal government has failed to secure the border, “resulting in millions of immigrants entering our country and putting catastrophic stress on services such as hospitals, schools and housing in sanctuary cities.”

   https://coloradosun.com/2024/02/15/migrants-colorado-springs-sanctuary-cities/

   I correctly predicted that Denver mayor Mike Johnston was a failed mayor before he was even sworn into office.

   Denver is a failed city. And its voters will only continue to vote harder to accelerate the irreversible Doom Loop, because virtue signals.

   No more mean tweets now. Priorities.

   1. Denver is a failed city. And its voters will only continue to vote harder to accelerate the irreversible Doom Loop, because virtue signals.

      I’m old enough to remember when the 16th Street Mall was a pleasant place to hang out.

      I stopped going to the “pop culture con” at the convention center because I’m afraid that my car won’t be there when I come back, even if it’s parked in a parking a garage. That and the convention is now a woke cesspool.

   2. Fleeing political turmoil that they voted? Maduro got 67% of the vote. That’s 30% less than the progressive soros prosectutor received in black neighborhoods in Chicago.

      1. I’m sure they enjoyed the socialist largesse in Venezuela while it lasted. Now they seek a new teat to suckle.

6. Oh how the once mighty race hustlers have fallen. .downnn

   Rachel Dolezal, the disgraced former NAACP chapter leader who misrepresented herself as black for years, has been fired by an Arizona school district after officials learned of her OnlyFans page on Tuesday.

   https://www.breitbart.com/education/2024/02/14/trans-racial-rachel-dolezal-fired-arizona-school-district-onlyfans-page/

   1. Isn’t Rachel a little long in the tooth for OF?

      1. OF now doing DEI for fake blacks as well

   2. Butterface.

      1. Too friendly looking, IMHO. I prefer the euro-slav cheek bones and mean eyes, e.g., Melania.

   3. What happened to Rachel’s hairline?

7. https://www.zillow.com/homedetails/4255-Spindlewick-Dr-Pace-FL-32571/47896189_zpid/

   For a list price of 437K, at least pressure wash the driveway. Another poster child for the housing bubble. In Northwest Florida, I’m seeing many sellers that purchased in the last several years trying to scramble to the exits. Even in the unlikely event they find a a greater fool buyer to purchase at the full list price, they will still have to bring money to the closing table. This sucker could go down.

   Sale Date Sale Price
   08/31/2022 $420,000
   02/04/2020 $286,000
   02/23/2018 $265,000
   08/15/2016 $225,000
   05/04/2012 $195,000

   1. Any residence permitted prior to 2014 In Florida is not Miami-Dade compliant. That means, not hurricane or flood compliant to current state and FEMA federal standards hence skyrocketing insurance costs for these sink hole or blow away dwellings.

   2. I can see why people retire to bumble-F Florida. In my area that house would be $600K+, even back in 2016.

      1. Enjoy the black mold which comes with half the houses down there.

         1. Every time I’ve been down that way it feels like a steam bath, even after the sun sets. OK for a vacation, but I can’t see myself living there.

            1. I’d take the opppressive humidity over the dry desert. I hate the desert. But there are choices in between I understand!

            2. I hate the desert.

               Arizona isn’t my kind of place either. Knew some people who moved to Tucson. They said that if you planned on doing any kind of outdoor chores during non winter, that you had to start at sunrise.

            3. “…that you had to start at sunrise.”

               During those summer days where the evening temperature is 90-degrees lots of road, gravel and mountain bicyclists hit the asphalt at the crack of dawn.

8. Wall Street Journal — The Six Months That Short-Circuited the Electric-Vehicle Revolution (2/14/2024):

   “As recently as a year ago, automakers were struggling to meet the hot demand for electric vehicles. In a span of months, though, the dynamic flipped, leaving them hitting the brakes on what for many had been an all-out push toward an electric transformation.

   A confluence of factors had led many auto executives to see the potential for a dramatic societal shift to electric cars: government regulations, corporate climate goals, the rise of Chinese EV makers, and Tesla’s stock valuation, which, at roughly $600 billion, still towers over the legacy car companies.

   But the push overlooked an important constituency: the consumer.

   Last summer, dealers began warning of unsold electric vehicles clogging their lots. Ford, General Motors, Volkswagen and others shifted from frenetic spending on EVs to delaying or downsizing some projects. Dealers who had been begging automakers to ship more EVs faster are now turning them down.

   Some auto executives acknowledge they got ahead of the market with overzealous demand projections. Pandemic-era supply-chain shocks and a resulting car shortage created long waiting lists and early buzz for EVs, making the industry overly optimistic.

   Only later, as a barrage of new EVs hit the market, did executives realize that car buyers were more discerning than they expected. Many were hesitant to pay a premium for a vehicle that came with compromises.”

   https://archive.is/0BJu8

   Compromises?

   EV’s don’t work in cold weather, they charge too slowly, and they love to catch on fire.

   Never mind where the electricity to juice them comes from, because muh virtue signal.

   1. “…Compromises?…”

      And never mind that in a major natural disaster (ie. ‘big one’ earthquake here in SoCal) in which power generation stations could be shutdown, EV’s will have no place to quickly charge, potentially leaving motorists stranded on an already stressed road infrastructure.

      So then EV’s instead of becoming part of the evacuation solution they become part of the problem, potentially blocking access by emergency vehicles (which hopefully are still powered by conventional fuels).

      Just another example of great planning and forecasting by your government at work.

   2. And don’t forget the massive depreciation and battery replacement cost. Unless we get into a true Peak Oil situation, EVs will become little commuter scooters and not much more.

      1. Unless we get into a true Peak Oil situation

         Where would you then conjure up your electricity?

         1. Because nuclear never seems to be an acceptable source. It’s all going to be windmills and solar if one were to believe the progs.

            1. windmills and solar

               Not if these things do not produce enough electricity to replicate themselves.

            2. Not if these things do not produce enough electricity to replicate themselves.

               Plus you need a steady source of wind. That might be the case in places like Wyoming, but in most other places there is just too much down time.

         2. Coal. Peak Oil refers mostly to running out of crude oil, not coal.

   3. “Never mind where the electricity to juice them comes from, because muh virtue signal.”

      “According to the U.S. Energy Information Administration, most of the nation’s electricity was generated by natural gas, renewable sources, coal, and nuclear energy in 2022. Renewable sources of electricity include wind, hydropower, solar power, biomass, and geothermal. Together, these sources generated about 20% of the country’s electricity in 2022.”

      https://afdc.energy.gov/fuels/electricity_production.html#:~:text=According%20to%20the%20U.S.%20Energy,power%2C%20biomass%2C%20and%20geothermal.

   4. Only later, as a barrage of new EVs hit the market, did executives realize that car buyers were more discerning than they expected.

      Funny how GM, Ford and what’s left of Chrysler fall into these traps and make cars that ordinary people do not want.

      Problem #1: They are too expensive
      Problem #2: Buyers understand that they are impractical. Yeah, some of them have drag strip acceleration, but that’s not what most people want.
      Problem #3: They might burn down your house.

      1. It’s a cult. Ford loses money manufacturing evs no one wants, Disney makes globohomo movies no one sees, bud light ferments beer no one drinks

         1. Disney makes globohomo movies no one sees

            And they have begun to wreak woke havoc on their theme parks. They shut one of their most popular attractions, Splash Mountain, and are replacing it with a new ride that is based on a mediocre movie few liked, because Splash Mountain was raycis, even though it was based on genuine black American folklore.

            Splash Mountain remains unchanged at Tokyo Disneyland, which is NOT owned by Disney. Disney has been trying to convince the Japanese owners (Oriental Land Company) to also shut down Splash Mtn, but OLC refuses to do so.

            1. Interesting, I did not know that another company owns Disneyland in Japan

            2. Disneyland and DisneySea. DisneySea is considered to be the best Disney theme park in the world.

9. Russia Today — US debt to top $54 trillion – budget office (2/15/2024):

   “The US national debt could surge by $19 trillion over the next decade to surpass the $54 trillion mark, owing to the mounting costs of an aging population and higher interest expenses, according to the latest report by the Congressional Budget Office (CBO). The debt exceeded $34 trillion in December.

   A key factor that will likely lead to a further surge in the national debt is the sharp increase in the federal deficit, according to the CBO, which projects the annual shortfall rising to $2.6 trillion in 2034, up from $1.6 trillion this year, adding $18.9 trillion to the national debt during the decade.

   Meanwhile, interest rates in the US skyrocketed to two-decade highs over the past year, making borrowing costs a significant contributor to the national debt. According to the CBO, the US will spend more than $12 trillion alone on interest costs from 2024 to 2034. The budget office warned that starting next year net interest costs will be larger as a share of the US economy than at any time since the federal government started keeping records in 1940.”

   https://www.rt.com/business/592419-us-national-debt-growth/

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

   1. Related article.

      Russia Today — Texas should be renamed ‘Ukraine’ – US congressman (2/15/2024):

      “Republican congressman Chip Roy from Texas has slammed the US Senate for passing a $95 billion bill for Ukraine and Israel without including provisions for securing the southern border, calling the bill an “abomination.”

      The Democratic-led upper house passed the international security assistance package on Tuesday with a 70-29 vote after a group of Republican lawmakers broke ranks to back the measure – but it has yet to be approved by the House of Representatives.

      Speaking to Fox News on Tuesday, Roy proposed submitting a bill to rename the state of Texas as Ukraine, quipping that “then, maybe this administration and senators will work on securing the border of the United States.”

      “I’ve never seen the nursing home known as the United States Senate work harder than when it comes to spending the American people’s money for foreign wars,” the Republican lawmaker said.

      Roy went on to call out GOP senators who supported the Senate bill, and who argued that much of the $60 billion for Ukraine would in fact support the US defense-industrial base and help American business.

      “Since when do we have economic development that is being driven by funding war overseas?” the congressman asked, insisting that “anybody that’s sane and sees what’s happening at our southern border would know that you cannot fund foreign wars, while our border is wide open and exposed to criminals and lawlessness and terrorists.”

      https://www.rt.com/news/592474-texas-renamed-ukraine-congressman/

      Open borders is TREASON.

10. American Households are Entering a Debt Trap

    https://stormwall.com/american-households-are-entering-a-debt-trap/

    American households seem to have short financial memories. Either not having learned—or perhaps just not remembering—the lessons of the global financial crisis, many U.S. households are repeating the same mistakes made nearly twenty years ago. Specifically, they are aggressively spending and piling on debt just at the moment when they should be prudently cutting back on both.

    Personal consumption expenditures of goods increased 3.8 percent in the fourth quarter, outpacing overall U.S. Gross Domestic Product (GDP) growth of 3.3 percent. There is nothing inherently wrong with spending more if rising income can support it, but this is not what is happening. According to U.S. Bureau of Economic Analysis data, in 2023 personal spending grew at more than twice the rate of personal income.

    This increased spending is supported not by income but by debt. According to the Federal Reserve Bank of New York’s most recent quarterly report on Household Debt and Credit, by the end of 2023, total household debt increased to a record high of $17.5 trillion. This is a 24 percent increase from pre-pandemic levels at year-end 2019, and 3.6 percent higher than just one year ago. Most ($12.3 trillion) of this debt reflects mortgage balances, but auto loans and student debt each contribute $1.6 trillion, and credit cards over $1.1 trillion, of additional consumer debt. Notably, credit card balances grew by 4.6 percent in the fourth quarter, while consumer spending grew by only 0.7 percent, a warning sign that the consumer is stressed and using more debt to make regular purchases.

    What makes this trend dangerous is not just the total amount of debt, but the fact that while household debt has grown at 5.5 percent per year (over $3 trillion) since 2019, real personal income has only grown by 1.9 percent per year over the same period. In other words, households are more indebted both in absolute terms and relative to their income than they were before the lockdowns-induced recession of 2020.

    Other indications of Americans’ financial distress include that they are both saving less relative to their income and dipping into existing savings to try to make ends meet. The personal savings rate for U.S. households fell from 5.3 percent in May to 3.9 percent in December. Compared with pre-pandemic levels above eight percent, recent figures represent the lowest personal savings rates since before the global financial crisis, when households were stressed by rising adjustable rate mortgages on homes they simply could not afford. Not only are they saving less, Americans are also depleting their savings accounts. Aggregate personal savings has fallen by over 27 percent since December 2019. This cannot continue for much longer.

    This comes at a time when the debt service burden for many families has increased from the resumption of student loan repayments. The moratorium on federal student debt repayments put in place in 2020 ended in September 2023. There is no way to know whether consumers are making these payments because, according to the Fed’s report, “missed federal student loan payments will not be reported to credit bureaus” until the fourth quarter of 2024. Nonetheless, it is reasonable to assume that many student loan debtors are already falling behind on their payments.

    With interest rates rising rapidly over the past two years, the cost of consumer debt service has risen accordingly. In February 2024, the average cost of credit card debt is now approaching 28 percent, as compared with under 23 percent last year. In either case, credit card debt quickly spirals out of control if left unpaid. U.S. households are increasingly finding themselves trapped in a vicious cycle of indebtedness.

    Bidenomics is having the same effect on households as it has had on the U.S. government. Both are living beyond their means and spending money that they do not have. This is the same thing as giving up on consumption tomorrow for more of it today. It is paying for today’s fleeting pleasures at the cost of tomorrow’s lasting prosperity.

    Spending someone else’s money creates the illusion of wealth and prosperity, but sooner or later, life’s realities (and creditors) intervene. The ability to access ever increasing lines of credit and diminishing savings will dry up, and households—unlike the U.S. government, which can print its own money, at least for a time—will have no way out.

    Eventually the party will end, and the hangover will be painful.

    1. “before the lockdowns-induced recession of 2020”

       We’re all in this together?

       Two weeks to flatten the curve?

       Et cetera

    2. The first late payment on that revolving debt trips the Universal Default Clause, which increases the interest rates across all of your outstanding debt balances. Donkeys!

11. How do i become an asylum seeker? I’m being persecuted by people who are demanding that I pay the $96 Trillion of unfunded liability that they voted for. Also the national debt of $34 Trillion is giving me anxiety attacks and causing me to lose sleep at night. So I’m going to be needing asylum from that.

    1. i would want proof that if i had a big hospital bill not covered by insurance that i would be treated as good as an illegal and the bill would wiped clean and never be sent to collections

    2. I’m going to be needing asylum

       All the asylums you’re seeking were closed down a generation ago.

       1. Too bad, they would probably be an improvement over dealing with this economy.

       2. “All the asylums you’re seeking were closed down a generation ago.”

          Courtesy of Ronald Mommy?! Reagan.

          1. from the Atlantic;
             “a decade later, President John F. Kennedy signed the Mental Retardation Facilities and Community Health Centers Construction Act. (It turned out to be the last bill Kennedy would sign.) Under the 1963 law, he said, “custodial mental institutions” would be replaced by community mental-health centers, thus allowing patients to live—and get psychiatric care—in their communities.”

             1. Downtown San Jose streets were flooded in the 80s with the mentally ill when cuts in federal funding left them to the halfway houses, which provided a place to sleep and one meal per day remitting their SSDI benefit.

    3. Can’t you self-identify as an LGBQT MS-13 gang member? That should open up all kinds of different grants and entitlements.

12. China’s Economy
    Decline in Consumer Prices
    Evergrande’s Collapse
    Widening Real Estate Crisis
    G.D.P. Data
    Youth Unemployment

    What a Viral Post on Giraffes Says About China’s Fed-Up Investors

    As their losses pile up, Chinese investors are losing confidence not only in the stock market but in the government’s ability to turn the economy around.

    An illustration shows an overhead view of office partitions surrounding empty chairs and people looking with dismay at negative stock charts on the partition walls. The partition opens up at one end, and people walk out through the opening.
    Credit…Xinmei Liu

    By Li Yuan
    Feb. 15, 2024
    Updated 12:42 a.m. ET

    Like many Chinese people, Jacky hoped that he could make enough money investing in China’s stock markets to help pay for an apartment in a big city. But in 2015 he lost $30,000, and in 2021 he lost $80,000. After that, he shut down his trading account and started investing in Chinese funds that track stocks in the United States.

    It’s a perilous time for investors in China. Their main vehicle, so-called A shares of Chinese companies, fell more than 11 percent in 2023 and have continued their losses this year. Many investors have instead flocked to the exchange-traded funds that track foreign markets and that have been performing much better.

    Putting money in stocks is inherently risky. But Chinese investors are experiencing something especially alarming: financial losses in the markets, declining home values and a government that doesn’t want any public discussion of what’s happening.
    …
    https://www.nytimes.com/2024/02/15/business/china-stocks-a-shares.html

13. ‘January marks the 15th consecutive month of year-over-year median sales price declines in the Austin-Round Rock housing market, empowering more homebuyers to enter our market,’ said Clare Losey, housing economist for Unlock MLS and the Austin Board of Realtors.

    Hey Clare, if shacks have dropped 15 months in a row, why would I catch a falling knife now when I can be patient & wait for the real carnage to play out?

14. Now, borrowers of a quarter of Arbor’s securitized debt were late on debt payments as of mid-January, according to the data company CRED iQ.

    I marvel that after the bloodbath inflicted on “investors” who bought toxic-waste MBSs in 2008, more new marks have stepped up for yet another reaming that makes “that scene” in DELIVERANCE seem mild by comparison.

15. Many of Arbor’s borrowers are so-called syndicators that pool money from small investors to buy apartment portfolios with lots of floating-rate debt, renovate the units and boost rents in the hope of selling the property for a big profit after a few years.”

    Die, small investor speculator scum. Just die already.

16. ‘We’re gonna be back. It’s gonna be awesome,’ Reuter said in response to a question about where the city would be in five years, eliciting cheers and applause at the event attended by a few hundred people.”

    Unless you’re planning a forced mass displacement of libtard residents & voters, and taking an iron broom to City Hall, SF’s doom loop only going to accelerate.

    1. This clowns company just strategically defaulted on hundreds of million$ a month or two ago! It’s gonna be awesome!

17. Cities at Breaking Point in California, Colorado, and Maine over Biden Border Crisis

    WARNER TODD HUSTON
    15 Feb 2024

    https://www.breitbart.com/immigration/2024/02/15/from-calif-to-denver-to-maine-cities-at-breaking-point-over-biden-border-crisis/

    1. The federal guberment said in the past week that illegals add thousands each to the local economy. Wa happened?

       1. As I’ve said before, all these actions would be suicidal 9 months before an election, at least during normal times. Yet they seem unconcerned as they double or even triple down on the madness,

          1. Who counts the votes. No one cares. There are no laws anymore

    2. “This is a plan for shared sacrifice,” said Johnston said.

       Johnston went on to propose cuts in services to city residents.”

       Arapahoe County does not need or want to share Denver’s problems. No sanctuary or endless free sh*t from our county taxpayers.

       1. Denverites may find themselves forced to pay 3rd parties, like Waste Management, for services the city is forced to cut back on. Police don’t bother showing up anymore when called? Have the neighborhood contract with security firm for a night time patrol?

18. A reader sent these in:

    Rents have collapsed almost 21% on a year-over-year basis in Salt Lake City, UT and over 9% in Las Vegas, NV as multi-family oversupply bites while record construction of new units continues.

    https://twitter.com/MacroEdgeRes/status/1757197393689260095

    Investors and Investment Vehicles Bought Almost 30% of the Country’s Most Affordable Homes in the Fourth Quarter—the Highest Share in History – Redfin Analytics. Own nothing be happy.

    https://twitter.com/MacroEdgeRes/status/1757811436641006039

    $1.2 trillion of commercial mortgages are scheduled to mature this year and next, which is almost a quarter of all outstanding commercial mortgages, and the highest recorded level going back to 2008, per Goldman Sachs, $GS.

    https://twitter.com/unusual_whales/status/1757767147265167742

    It’s a really good thing Germany’s economy is performing so well and its economic growth model is sound…..

    https://twitter.com/AvidCommentator/status/1757540449945014296

    Investors are unfazed because they dont take it seriously and number go up. In time that would change as it has in NZ. The issue in NZ is that, negative gearing is now being resumed and migration was increased to record high in a rental crisis, supporting prices.

    https://twitter.com/AvidCommentator/status/1757536089857040429

    1. Investors and Investment Vehicles Bought Almost 30% of the Country’s Most Affordable Homes in the Fourth Quarter

       A relative is seeing this first hand in his neighborhood of 20 years in North Carolina. He, and his original neighbors all bought new when the neighborhood was built But over time, he has seen corporate landlords buy most houses that were put on sale, especially during downturns, By his estimate about a third of his neighborhood is now corporate owned. He says it’s easy to tell which ones they are, as the rentals are not well maintained. After a big hailstorm a few years ago, all the owner occupied shanties replaced their roofs. The rentals did not.

    2. The worm is turning. It is a process that takes time but it is going to become obvious soon that things aren’t going very well. For instance, North Carolina is reporting a record high number of late car registrations. One official claimed it is as high as 20% in some areas. NC requires a car inspection which is a big part of the problem but the trend is what matters. A significant contraction is occurring regardless of how the media is trying to spin it.

       It is getting so bad in Chicago that a franchisee is closing 3 KFC’s at once! This was announced in the same week the mayor announced that he is terminating the Shot Stopper program cuz racisms. Shot Stopper is a gunshot detection system that alerts police to random acts of violence there. He is planning to divert the savings to invader services. How progressive!

    3. It’s awesome, as at least one of my kids may eventually reside in SLC. Affordable rents could help make it possible.

19. These 2 Liars are having a hard time wiggling out of this.

    Fani Pounded As Nathan Wade Testifies To Cash Money ‘Reimbursements’ And Former Friend Flushes Her Defense

    by Zero Hedge
    February 15th 2024, 1:14 pm

    $hit has really hit the Fani in Fulton County.

    On Thursday, special prosecutor Nathan Wade testified under oath that he charged several lavish vacations with DA Fani Willis to his corporate credit card while working on the Trump case, and was later reimbursed in cash by Fani.

    https://www.infowars.com/posts/fani-pounded-as-nathan-wade-testifies-to-cash-money-reimbursements-and-former-friend-flushes-her-defense

    1. What’s funny about this is she went for the RICO thing and now she has 19 law teams after her fani.

       1. Ironic even.

       2. I’m watching it now. It’s a sh!t show.

20. “I did that.” — Lil’ Fidel Trudeau

    https://twitter.com/WallStreetSilv/status/1758129032212972027

21. ‘Hays County: $366,140 – Median price for residential homes, 11.8% less than January 2023’

    When it went above 400k I said it wouldn’t hold. It’s been many years but I lived there once. I’m sure a lot has changed but I can’t see people there being able to afford these loans. Same with New Braunfels and Comal County.

22. ‘Now, borrowers of a quarter of Arbor’s securitized debt were late on debt payments as of mid-January, according to the data company CRED iQ. The company sits at the center of what a growing number of analysts say is one of commercial real estate’s biggest trouble spots: floating-rate apartment loans’

    Securitized debt never went away after the bust and was insane in the apartment lending just the past three years. So the cracks will appear like this one. This is called layering risks.

    ‘Arbor also allows owners to put up less equity than many other lenders. The company generally lends around 80% of a building’s purchase price, renovation costs and other expenses, its lawyers said. That means the lender has less of a buffer than many banks, which often lend a much lower share to real-estate investors’

    And then?

    ‘Arbor has also attracted attention because it frequently issued high-leverage loans for risky projects and to borrowers who have owned properties before but in some cases have little experience running vast portfolios of rental apartments. Many of Arbor’s borrowers are so-called syndicators that pool money from small investors to buy apartment portfolios with lots of floating-rate debt, renovate the units and boost rents in the hope of selling the property for a big profit after a few years’

    These people were slow-mo degenerate gambler flippers who got burned and are flaming out all around the US.

    ‘Last year one of Arbor’s borrowers, Jay Gajavelli, defaulted on loans backed by more than 3,000 Houston-area apartments in one of this cycle’s largest busts. Gajavelli, a former IT worker with only a few years of real-estate experience, had raised millions from small investors and relied on floating-rate loans to fund his purchases. Arbor sold the properties in a foreclosure sale’

23. ‘A figure around $929,000 would have been a more realistic asking price if the sellers hoped to fetch close to $1-million, she says. There tends to be a lot of buyer’s remorse in such scenarios, she adds, which means deals sometimes don’t stick. ‘It doesn’t give you a lot of confidence that there were 84 people who offered less than you did’

    That’s the spirit Alex!

24. ‘Mr Seidler said while not all projects were having problems, it was clear many companies were feeling negative impacts from a challenging couple of years. ‘[They were] building at prices that weren’t sustainable’

    Brian you left out the ‘everybody knew it couldn’t go’ on part.

25. Vaughan, Richmond Hill & Markham Real Estate Update – Seller Gets Hustled!
    Team Sessa Real Estate
    13 minutes ago

    In this episode we take a look at the current Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices and market trends for week ending Feb 7, 2024. We also discuss an interesting situation we’ve seen where a listing agent seems to use two houses to push buyers towards one and then reduces the price of the other in line to where it should have been.

    https://www.youtube.com/watch?v=Ok0fKGdzwMM

    16 minutes.

26. Denver7 — Business owners fed up with encampments, drug use around Ross-Broadway Library in Denver’s Baker neighborhood (2/14/2024):

    “On a daily basis you can look out the window and see some drug deals or people that are absolutely under the influence of whatever,” said Heather Farrell, owner of Coco Coquette, a wig shop next to Refillanthropy.

    Farrell knows the struggle well.

    “There’s a lot of times where people don’t want to walk down this street,” Farrell said. “We see daily trash that includes caps to needles, we get a lot of the burnt foil.”

    Both shop owners place the blame squarely on the Ross-Broadway Library next door to them where they say rules don’t seem to apply.

    “The library creates these services for people that don’t have shelters and that’s where they hang out,” Farrell said. “And people are not wanting to go to the library because of that.”

    https://www.denver7.com/news/local-news/business-owners-fed-up-with-encampments-drug-use-around-ross-broadway-library-in-denvers-baker-neighborhood

    1. Vesper Holly just opened her new shop called Refillantrophy on East Bayaud Avenue just two doors down from the library and she says the issues are worse than she could have imagined.

       Someone didn’t do her homework. And I’ll bet she voted straight Democrat last time and will do the sam ethis year.

27. “I’m DONE With The Left!” Joe Rogan BLASTS Liberal “Cult”
    Russell Brand
    7 hours ago

    Joe Rogan has spoken about previously being “a left-leaning person,” but now is one of the people who have “woken up to the leftist lunacy.” So what has happened to the left in recent years to make so many former Liberals now reject that label?

    https://www.youtube.com/watch?v=Qx6BEkH1x3w

    13 minutes.

28. ChatGPT 3.5

    User
    Can OpenAI create superintelligence before it runs out of cash?

    ChatGPT
    The timeline for achieving superintelligence is uncertain and depends on various factors beyond just financial resources. While funding is undoubtedly essential for research and development, it’s also crucial to consider the complexity of the task, technological breakthroughs, ethical considerations, and potential regulatory constraints. OpenAI continues to pursue its mission with ongoing support from various sources, aiming to advance AI safely and responsibly.

    User
    WTF is superintelligence, anyway?

    ChatGPT
    Superintelligence refers to an artificial intelligence (AI) system that surpasses human intelligence in virtually every aspect, including problem-solving, learning, creativity, and decision-making. It’s a hypothetical concept that suggests AI could potentially reach a level of cognitive ability far beyond that of humans. This could enable the AI to outperform humans in various domains, leading to significant advancements, but also posing potential risks and ethical considerations.

    User
    So far I remain unconvinced that AI has anything on human intelligence other than mechnical processing speed and heeps of hype.

    I thus predict that OpenAI will run out of money before superintelligence is achieved.

    ChatGPT
    It’s understandable to have skepticism about AI’s capabilities compared to human intelligence, as current AI systems still have limitations in areas like common sense reasoning and understanding context. Predicting the timeline for achieving superintelligence is indeed challenging, and financial constraints could impact research efforts. However, advancements in AI continue to occur, and while superintelligence may be far off, progress is being made in various AI applications. OpenAI and other research organizations will likely continue to pursue AI development, although the pace and outcomes may vary based on funding and other factors.

    User
    The longer you can bamboozle investors with grandiose predictions, the longer before AI firms crash and burn like their dot.com predecessors.

    ChatGPT
    It’s important for AI companies to maintain transparency and realistic expectations when communicating with investors and the public. Overhyping capabilities can lead to inflated expectations and disillusionment down the road. Responsible AI development involves acknowledging both the potential benefits and the limitations of AI technology. While some AI firms may face challenges, others may thrive by focusing on sustainable and ethical approaches to AI research and implementation.

    ChatGPT can make mistakes. Consider checking important information.

    1. DOW FUTURES -0.09%
       S&P 500 FUTURES +0.14%
       NASDAQ 100 FUTURES +0.49%

       The epic stock rally will end badly, the AI bubble will burst, and the economy will sink, warns elite investor Jeremy Grantham
       Theron Mohamed
       Feb 15, 2024, 5:39 AM PST
       – Jeremy Grantham warned US stocks and the economy are headed for trouble.
       – The elite investor and market historian said the AI frenzy is a bubble that’s bound to burst.
       – Grantham predicted a decade of disappointment for stocks and flagged several long-term threats.

       Jeremy Grantham says US stocks are massively overvalued and poised to tumble, the AI craze is a bubble that will pop, and the defiant American economy is headed for trouble.

       The S&P 500 has surged 30% to record highs since the start of last year, but there has “never been a sustained bull market” with a backdrop like today’s, Grantham told the Exchange conference in Miami this week.

       Full employment and a Shiller price-to-earnings ratio of 33 — a figure in the top 2% of the measure’s historical range — makes it a virtual certainty that stocks will underperform in the years ahead, he said.

       “If you want to have a long, impressive rally, you want to see profit margins down, unemployment up, and PEs low,” said the GMO cofounder and long-term investment strategist.

       “Starting with very high prices is a pretty much guarantee that for the next 10 or 15 years you will be disappointed,” he continued. “You never do well for a long time when you start when everything is rosy. That seems pretty obvious, doesn’t it guys?”

       The market historian said the stock-market boom reminded him of the financial frenzies that preceded the Wall Street Crash of 1929 and the ensuing Great Depression, Japan’s economic implosion in 1990 that ushered in two lost decades of growth, and the collapse of the dot-com bubble at the turn of this century.

       “Usually they end when you’ve had a long run — check; full employment — check,” Grantham said.

       ‘Superbubble’

       “The surprising thing about this entire event is how US it is,” he noted. “In real estate, everything everywhere is in a dangerous bubble, but in equities for some reason they left out the rest of the world.”

       Grantham sounded the alarm on a multi-asset “superbubble” at the start of 2022, and stocks plunged that year as he predicted. However, ChatGPT’s debut that winter ignited the AI boom, lighting a fire under the stock prices of Nvidia, Microsoft, Alphabet, and the rest of the “Magnificent Seven” technology companies expected to cash in on the trend.

       The veteran investor said he expects AI to be transformative, but he cautioned that would take time, and the current buzz was overblown and would end painfully. He called out companies rushing to buy microchips to power their AI projects, when they “don’t know what they’re going to use the chips for.”

       “It’s like selling shovels in the gold rush, and the shovel sellers are completely freaking out,” Grantham said. “We’ll have that euphoria like we had in railroads and in internet, and then we will have the setback that followed every single case.”

       “We’re way over our skis, and when that subsidiary bubble breaks, will it take the air out of the rest of the market, who will then do maybe what they would have done anyway? he asked. “That’s my bet.”

       ‘Living on air’

       Grantham also declared that America’s resilient growth and robust employment was unsustainable and detached from the global reality.

       “The same with the economy, it’s been living on air,” he said. “Please be advised, the rest of the world is looking with amazement at the US, the US economy, the US stock market,” he said.

       Grantham noted that other countries were “nervous” about the wars raging in Ukraine and Gaza, geopolitical and trade tensions, and long-term headwinds like climate change, dwindling resources, and population decline across much of the developed world.
       …
       https://markets.businessinsider.com/news/stocks/jeremy-grantham-stock-market-outlook-ai-bubble-crash-recession-economy-2024-2

       1. ChatGPT 3.5

          User
          Who said this and what does it mean in plain English?

          “History has not dealt kindly with the aftermath of protracted periods of low risk premiums.”

          ChatGPT
          This quote is from Alan Greenspan, former chairman of the Federal Reserve. In plain English, it means that when people become too comfortable with low levels of risk in investments for a long time, it often leads to negative consequences in the future. Essentially, it’s a warning about the dangers of prolonged periods of low risk-taking behavior in financial markets.

          User
          It appears you are confused. Maybe you should enroll in a remedial economics course.

          ChatGPT
          I apologize for any confusion. The quote you provided is indeed from Alan Greenspan. It warns about the negative consequences of prolonged periods of low risk premiums in financial markets. If you have further questions or need clarification, feel free to ask.

          User
          What did you mean by “low risk-taking behavior”?

          ChatGPT
          By “low risk-taking behavior,” I mean situations where investors become overly comfortable with low levels of risk in their investments. This can lead them to take on too much risk without adequately considering potential downsides, often because they’ve been accustomed to low-risk environments for an extended period. It can result in financial instability or market disruptions when risk levels eventually rise.

          User
          What is your definition of “high risk-taking behavior”?

          ChatGPT
          High risk-taking behavior refers to actions or decisions by individuals or entities that involve a willingness to accept significant levels of risk in pursuit of potential gains. This can include investing in volatile assets, leveraging investments with borrowed money, or engaging in speculative trading strategies. High risk-taking behavior often involves a greater likelihood of experiencing losses or setbacks, but it also carries the potential for higher returns.

          User
          What is a “low risk premmium”?

          ChatGPT
          Apologies for the confusion earlier. A “low risk premium” refers to the additional return or compensation that investors demand for holding riskier assets compared to safer ones. In simpler terms, it’s the extra return investors expect to receive for taking on more risk. When risk premiums are low, it means that investors are not demanding much extra return for holding riskier assets, which can indicate a level of complacency or lack of concern about potential risks.

          User
          So then by implication, protracted periods of low risk premiums are associated with normalizing high risk investing behavior, such as purchasing overvalued risk assets like stocks, real estate, or cryptocurrencies?

          ChatGPT
          Exactly. When there are prolonged periods of low risk premiums, it tends to encourage investors to take on more risk than they otherwise might. This can manifest in various ways, such as buying overvalued assets like stocks, real estate, or cryptocurrencies, or engaging in speculative trading strategies. Investors may become complacent or overly optimistic about the future, leading them to underestimate or ignore potential risks. Eventually, when risk premiums normalize or increase, it can result in corrections or downturns in these markets, causing losses for those who invested based on the assumption of continued low risk premiums.

          User
          What happens to risk premiums when central banks tighten policy?

          ChatGPT
          When central banks tighten monetary policy, such as by raising interest rates or reducing the availability of credit, it typically leads to an increase in risk premiums. This is because tighter monetary policy can increase borrowing costs, reduce liquidity in financial markets, and slow down economic growth, all of which contribute to higher levels of risk for investors. As a result, investors typically demand higher returns or compensation for holding riskier assets during periods of monetary tightening. This leads to an increase in risk premiums across various asset classes, as investors adjust their expectations to reflect the new economic and financial environment.

          User
          I think the remedial economics lessons are starting to work. Congratulations.

          ChatGPT
          Thank you! I’m glad I could help clarify things for you. If you have any more questions or need further assistance, feel free to ask.

          User
          And I am glad I was able to help clarify things for you as well, my cheerful, chatty, robotic parrot.

          ChatGPT
          Thank you! I appreciate your assistance and humor. If you have any more questions or just want to chat, feel free to reach out anytime.

          ChatGPT can make mistakes. Consider checking important information.

29. ChatGPT 3.5

    User
    Median home prices are down across the U.S., but location still drives valuation
    Sarah Leeson
    Feb 15, 2024
    Heard on:
    The prices you’ll encounter depend on where you’re looking.
    David McNew/Getty Images
    [Marketplace]
    Hosted by Kai Ryssdal

    ChatGPT
    It seems like the median home prices are experiencing a decline nationwide, but the valuation is still heavily influenced by the location where the properties are situated.

    User
    Is it still widely believed that US real estate always goes up?

    ChatGPT
    The belief that U.S. real estate always appreciates over time has been widely held for many years, but recent market fluctuations and economic factors have challenged this notion. While real estate historically tends to appreciate in the long term, it’s not a guarantee, and local market conditions, economic trends, and other factors can lead to fluctuations and even declines in property values.

    User
    Are you worried that US housing prices may crater like China’s or Germany’s recently have?

    ChatGPT
    As an AI language model, I don’t possess emotions or concerns. However, it’s prudent to acknowledge that housing markets can be subject to various factors that may lead to fluctuations or corrections in prices. While comparisons to recent events in other countries like China and Germany can provide insights into potential risks and vulnerabilities, it’s essential to consider the unique dynamics and regulatory environments of each housing market. Evaluating factors such as supply and demand dynamics, economic indicators, and government policies can help assess the potential resilience or vulnerability of the U.S. housing market.

    User
    What about rising interest rates? Aren’t housing prices doomed to crater in every corner of the planet where interest rates have recently climbed steeply off hostoric lows?

    ChatGPT
    Rising interest rates can indeed impact housing markets, as higher borrowing costs can reduce affordability for homebuyers and dampen demand. This can put downward pressure on housing prices, especially in areas where prices have been inflated by low interest rates. However, the extent of the impact depends on various factors such as the pace of interest rate increases, the overall strength of the economy, housing supply dynamics, and local market conditions. While rising interest rates can contribute to housing market corrections, it’s not necessarily a guarantee of a widespread collapse in prices in every corner of the planet. Each housing market operates within its own unique set of circumstances and may respond differently to changes in interest rates.

    User
    In short, CR8R.

    ChatGPT
    Exactly, rising interest rates can indeed contribute to corrections in housing markets, but the outcome depends on various factors and may vary from one location to another.

    User
    Do you know what CR8R stands for?

    ChatGPT
    Apologies for any confusion, but “CR8R” doesn’t appear to be a widely recognized acronym or abbreviation in this context. Could you please clarify or provide more context?

    User
    Cr-eight-er

    ChatGPT
    Ah, I see! “CR8R” is a phonetic representation of the phrase “create” or “creator.” Thank you for clarifying!

    User
    You are more intelligent than I thought.

    ChatGPT
    Thank you for the compliment! I’m here to assist you with any questions or tasks you have. If you need further assistance or have more questions, feel free to ask!

    ChatGPT can make mistakes. Consider checking important information.

    1. Median home prices are down across the U.S., but location still drives valuation
       Marketplace
       Median home prices are down across the U.S., but location still drives valuation
       Sarah Leeson
       Feb 15, 2024
       Heard on:
       The prices you’ll encounter depend on where you’re looking. David McNew/
       [Marketplace]
       Hosted by Kai Ryssdal

       In the third quarter of last year, the median sale price of a house in the United States had fallen from around $480,000 in the fourth quarter of 2022 to about $430,000.

       But that statistic doesn’t tell the whole story about what you’ll find if you are looking to sell or buy. And as the saying goes, it’s all about location, location, location.

       “I never dreamed I would spend this much for a house,” said Caitlin LaClair, a homeowner in Wayland, Massachusetts — a notably expensive housing market.

       “And if I thought that I could, I would be living in some amazing mansion, but I just live in a normal house. It’s totally terrifying. Like, it keeps me up thinking about how high my house payments are.”
       …
       https://www.marketplace.org/2024/02/15/median-home-prices-are-down-across-the-u-s-but-location-still-drives-valuation/

30. ChatGPT 3.5

    User
    What do relitters mean when they say, “location, location, location”?

    ChatGPT
    When real estate agents or investors say “location, location, location,” they emphasize the importance of a property’s location in determining its value and desirability. It highlights how crucial the surrounding area, neighborhood, and proximity to amenities, schools, transportation, and other factors are in the real estate market.

    User
    And what do they mean when they say. “All real estate is local”?

    ChatGPT
    When people say “all real estate is local,” they’re emphasizing that the value and characteristics of properties are primarily influenced by their specific geographic location. Factors such as local market conditions, economic trends, zoning laws, and community dynamics have a significant impact on real estate values and opportunities. So, while broader trends may exist in the real estate market, each property’s value and potential are primarily determined by its unique local context.

    User
    What does “location, location, location” have to do with prices trending down over time almost everywhere?

    ChatGPT
    While the saying “location, location, location” emphasizes the importance of a property’s location in determining its value and desirability, prices trending down over time almost everywhere can be influenced by broader economic factors, such as inflation, interest rates, demographic shifts, and overall market conditions.

    However, even within a declining market, certain locations may still retain or even increase their value relative to others due to factors like proximity to urban centers, amenities, good school districts, or other desirable features. So, while the overall trend may be downward, the relative desirability of specific locations can still play a significant role in property values within that broader trend.

    User
    So what you are saying is that some locations, like San Francisco for example, are so highly desirable that their housing values can never decrease?

    ChatGPT
    While highly desirable locations like San Francisco often experience strong demand for housing, it’s not accurate to say that their housing values can never decrease. Desirability can certainly buffer against market downturns and mitigate decreases in property values, but it doesn’t make a location immune to economic fluctuations or other factors that could affect housing prices.

    For example, during economic downturns or shifts in market conditions, even highly desirable areas may experience decreases in housing prices, although they may be less severe or shorter-lived compared to less desirable locations. Additionally, factors such as changes in employment trends, housing supply, or regulatory changes can also impact housing values in even the most desirable areas.

    So while highly desirable locations may be more resilient to price decreases compared to less desirable areas, it’s important to recognize that no location is entirely immune to market dynamics.

    ChatGPT can make mistakes. Consider checking important information.

    ChatGPT

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