A Lot More Listings Happening Than Sales Happening
A report from Newsweek. “A rising number of homes for sale in Florida are seeing sellers slashing prices in an attempt to offload their properties quickly, according to Zillow. Newsweek reported last week that, as of early on Monday, March 4, there were 47,335 homes listed on Zillow with a price reduction out of a total of 202,463 properties listed by agents on the real estate marketplace. The jump in the percentage of homes on sale with a price reduction is nearly as large as the increase in homes for sale in the past week in total. There were 204,222 properties listed for sale by agents and 8,857 listed by owners and others. ‘Some people may be cashing out,’ said Lawrence Yun, chief economist at the National Association of Realtors, adding that skyrocketing insurance premiums might also have played a role in pushing people to sell. ‘Property insurance readjustments—like any other added cost of ownership—will induce some additional sellers,’ he said. ‘Some retired homeowners on fixed income could be forced to sell.'”
The Stamford Advocate. “A short distance down the Greenwich shoreline from Connecticut’s record property sale last year, two adjacent waterfront estates are going head to head as the state’s most expensive listings heading into in the spring market of 2024. The owners of 545 Indian Field Road put the property back on the market on Friday for $49.5 million, after listing it last summer for just under $58 million. On Monday, the owner of a French manor house next door at 549 Indian Field Road trimmed $4 million from the asking price, dropping it to $43.5 million. As of Friday, the top sale to date this year is 6 Windrose Way in Greenwich, which fetched $14.8 million more than five years after being listed at $20.5 million. Greenwich has seen a number of price cuts of its higher end estates, including at 549 Indian Field Road, a French manor mansion that is now listed for $43.5 million. The seller cut the price by $4 million on Monday, as the listing approaches six months on the market.”
From Fox 26. “In the fourth quarter, 31.8% of single-family homes for sale were new construction, according to a Redfin report. ‘Newly built homes are selling quickly right now because builders are offering such good discounts,’ said Heather Mahmood-Corley, a Redfin Premier real estate agent in Phoenix. ‘I recently had a buyer who wasn’t interested in a new construction home, but the builder offered such a good rate—5.25%—that they couldn’t afford not to take it. Another one of my buyers got a $10,000 credit for closing costs from a builder.'”
A press release. “Neighborhood Ventures, one of the country’s largest real estate crowdfunding companies, announced today the launch of its Arizona Multifamily Opportunistic Fund. This special fund will allow accredited investors (and non-accredited investors in Arizona) to invest in Arizona multifamily commercial properties that Neighborhood Ventures estimates are selling at a distressed rate of 30% below intrinsic value. With this new special fund, Neighborhood Ventures hopes to purchase properties from owners who can’t refinance their debt, as well as from banks looking to unload properties they need to foreclose on. ‘After several years of rising interest rates, property owners suddenly find it challenging to keep their property finances afloat,’ said John Kobierowski, Neighborhood Ventures co-founder and Head of Real Estate.”
The Review Journal in Nevada. “Rent relief is here for some Las Vegas residents. During the pandemic, a wave of cheap money and government rebates flooded the market when the Federal Reserve bottomed out interest rates to stimulate the economy coming out of COVID lockdowns. This kicked off a multifamily building frenzy, said Jeffrey Swinger, executive vice president for multifamily investment sales at Colliers International in Las Vegas, which is now slowing. Tom Naseef, a commercial real estate agent with Naseef Commercial Services Group, agrees that a flood of apartment units hitting the market this year will put ‘downward pressure on rents.'”
The Bellingham Herald in Washington. “Rental homes and apartment listing prices in Bellingham decreased last month, although certain Bellingham neighborhoods have extremely different prices, according to rental housing data companies. Renthub also compared median rent prices by year. Compared with January 2023, January 2024’s median rent prices: Decreased by 9% in the 98226 ZIP code. Decreased by 20% the 98225 ZIP code.”
From Bisnow. “Commercial appraisers find their work at the center of one of the largest real estate stories of the moment: the fate of the office market. Their decisions of value will have enormous sway on when properties sell, how and when transaction volume restarts and even who controls key assets. Cushman & Wakefield Senior Director of Valuation and Advisory Trevor G. Chapman said he has seen some office values drop 70% from their last purchase price. ‘If you specialize in office, you’re probably very busy right now,’ Chapman said. ‘When loans get close to going into default and banks think that value might be under the actual mortgage amount, they require either quarterly or even monthly valuations just to keep track because they can’t lend any money if they’re underwater on their other loans.'”
The Real Deal. “In Chicago, a January deal involving an aging office building in the West Loop neighborhood has been the clearest sign of a bottom. The building was appraised at $38 million when it sold in 2012, coming out to over $160 per square foot. When it traded earlier this year, it went for just $4 million, less than $17 per square foot. The building is just 50 percent occupied. Weeks after the West Loop deal, Chicago-based R2 paid $60 million for 150 North Michigan Avenue, which traded for $121 million in 2017. Like in Chicago, the recent L.A. deals have all been at a 50 to 60 percent discount from what they last sold for. The price per square foot numbers have typically gone as low as $130 per square foot, though that price floor can vary greatly from one sub-market to the next.”
“Downtown L.A. has become a graveyard for Class A offices. In December, Shorenstein sold a Downtown L.A. tower to Carolwood for $147.8 million, or about $134 a square foot. Some industry insiders have cautioned buyers that towers in the neighborhood will never return to healthy occupancy levels, said TRD’s West Coast bureau chief Isabella Farr. Despite substantial price reductions, uncertainty prevails in San Francisco, as the market awaits more sales data to gauge its true bottom. In the meantime, investors have been hesitant to commit to the city.”
The Los Angeles Times. “California cities and counties might be on the hook for more than $300 million they spent placing thousands of homeless residents in hotels in the midst of the COVID-19 pandemic. At the time, local officials made the unprecedented move under the impression that the federal government would reimburse much of their cost for offering shelter, without time limits, to unhoused people at elevated risk of severe symptoms. But the Federal Emergency Management Agency says that they were mistaken and that the agency had only agreed to pay for hotel stays of up to 20 days. Now, concerned members of the California delegation want answers. A Monday letter by Rep. Robert Garcia (D-Long Beach), signed by 34 other Democratic members and one Republican — Rep. David Valadao (R-Hanford), asks FEMA Administrator Deanne Criswell to reconsider and reimburse cities that are already strapped for cash.”
“‘We’re talking about the single largest loss of life event that we’ve had to go through in over a generation,’ Garcia said. ‘This idea that we’re not going to, in this massive emergency, fully reimburse cities and counties for housing folks … is crazy. FEMA has a responsibility to fix this problem.'”
RENX in Canada. “The Greater Toronto Area (GTA) condominium market has softened considerably since April 2022, especially during the past six months. Bullpen Research & Consulting Inc. president and owner Ben Myers thinks the situation could worsen before it improves. ‘I think it’s going to be a pretty depressed year in terms of how many transactions ultimately occur,’ Myers told RENX. ‘I think the new condo market is going to be soft, if not even slower than last year. I’m seeing a lot more listings happening than sales happening,’ Myers observed. ‘There’s certainly a decent amount of listings coming on the market that are either not getting offers or not getting reasonable offers, so those sales are not happening.'”
CTV News in Canada. “No injuries were reported after a fire ripped through three homes in Richmond Hill overnight, York Regional Police say. The fire broke out at a house under construction on Duncan Road, near Bayview and 16th avenues, shortly before midnight. According to a platoon chief on scene, the fire quickly spread to adjacent homes, which were occupied at the time.”
Voxy in New Zealand. “The national average home value is now 0.6% higher than the same time last year and 13% below the market’s peak in late 2021. ‘This flattening trend is largely being driven by diminishing demand. In some areas, it appears that the increase in the number of new listings that came onto the market in late January and in February appears to have met market demand, cooling competition in places like Auckland in particular, and therefore flattening home value growth,’ QV operations manager James Wilson said. QV Hawke’s Bay manager Damian Hall commented: ‘It’s still very much a buyers’ market. According to local real estate agents, property investors have been active but mostly just looking at this stage. First-home buyers appear to be the most active locally, up to about the $650,000 mark,’ Mr Hall added.”
“‘These modest value level increases have come on the back of improved market sentiment,’ said QV Nelson/Marlborough manager Craig Russell. ‘However, we are continuing to operate in a low sales volume environment and the average number of days to sell remains high. There appears to be an oversupply of higher-valued properties for sale in the district, with a number of properties listed asking in excess of $2,000,000.'”
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You will own nothing.
You will own nothing
You will own nothing
‘skyrocketing insurance premiums might also have played a role in pushing people to sell. ‘Property insurance readjustments—like any other added cost of ownership—will induce some additional sellers,’ he said. ‘Some retired homeowners on fixed income could be forced to sell’
Gosh Larry, it’s a good thing they can always sell!
Grandma is gonna be moving on out
Which raises the question — where are these elderly folks on fixed incomes going to go? Are they just going rent to avoid the insurance? Move to neighboring states? Move in with dutiful daughter?
But can they?…
‘Some retired homeowners on fixed income could be forced to sell’
That’s really going out on a limb Larry considering most of the media that covers these things already has tales of woe from these FB’s. It’s been going on for a year or more now.
‘“California cities and counties might be on the hook for more than $300 million they spent placing thousands of homeless residents in hotels in the midst of the COVID-19 pandemic. At the time, local officials made the unprecedented move under the impression that the federal government would reimburse much of their cost for offering shelter, without time limits, to unhoused people at elevated risk of severe symptoms. But the Federal Emergency Management Agency says that they were mistaken and that the agency had only agreed to pay for hotel stays of up to 20 days’
This is one of the funniest things I’ve read recently.
Pay up CA. Enough is enough
‘“California cities and counties might be on the hook for more than $300 million they spent placing thousands of homeless residents in hotels in the midst of the COVID-19 pandemic.”
– That’s so typical of Socialists. They always run out of other people’s money to spend. This time they ran out early and didn’t know it. 🤡 🌎
“…under the impression that the federal government would reimburse much of their cost…”
Better clear that with Netanyahu, first.
And Zellyy
Reimburse while $43 trillion in debt.
Yeah, ok sure, why not.
…..$34 trillion
‘In Chicago, a January deal involving an aging office building in the West Loop neighborhood has been the clearest sign of a bottom. The building was appraised at $38 million when it sold in 2012, coming out to over $160 per square foot. When it traded earlier this year, it went for just $4 million, less than $17 per square foot’
I hear pickle-ball is popular. Flea market maybe?
‘Downtown L.A. has become a graveyard for Class A offices’
How the mighty have fallen.
‘Compared with January 2023, January 2024’s median rent prices: Decreased by 9% in the 98226 ZIP code. Decreased by 20% the 98225 ZIP code’
How do those 5% cap rates look now?
I’m wondering about those “guaranteed 5% annual rent increase rental-backed-securities” too. I remember those from ~2010..
“a wave of cheap money and government rebates flooded the market when the Federal Reserve bottomed out interest rates to stimulate the economy coming out of COVID lockdowns”
CCP Flu didn’t destroy the economy, government destroyed the economy.
An update on the North Carolina new shacks being foreclosed, behind a paywall:
https://www.bizjournals.com/charlotte/news/2024/03/11/verde-homes-raleigh-properties-auction-foreclosure.html
HuffPaint — Yes, Time Does Feel Different Since The Pandemic — And There’s A Reason Why (3/11/2024):
“The World Health Organization declared COVID-19 a pandemic now four years ago, on March 11, 2020. It feels like yesterday, last month and decades ago all at the same time.
Running out of toilet paper feels like a distant memory. Wiping down groceries, doing elbow bumps instead of handshakes and being unable to find Clorox wipes in any store — it’s unfathomable that it was really just a few years ago. (And, truly, I can’t even remember the other things we dealt with in 2020. It has all blurred together.)”
https://www.huffpost.com/entry/covid-19-pandemic-sense-time-warped_l_65e5e7b7e4b0f8905933790c
Let’s help you remember.
March 2020 coordinated propaganda of people dropping dead in the streets in Communist China.
April 2020 hospitals in the U.S. getting paid to murder patients with ventilators.
May 2020 George Floyd dies of a fentanyl overdose while in police custody.
Summer 2020 one hundred plus consecutive days of rioting, including an actual insurrection in Seattle with the declaration of an autonomous zone. Phony scientists assure that racism is a greater threat to health than CCP Flu to excuse the rioting, whilst Sturgis bike rally evil Drumpfer grandma killers.
October 2020 coordinated censorship of Biden crime family revelations.
November 2020 election is stolen.
January 2021 phony riots at the Capitol and thousands disappeared into Democrat Party gulag.
Spring 2021 phony vaccines start wave of mass death.
Summer 2021 phony vaccine mandates and passports.
Fall 2021 phony vaccine tyranny accelerates with promise of winter of sickness and death.
2022 and onward hyperinflation and debasement of the currency.
Greatest FRAUD of my lifetime.
‘it’s unfathomable that it was really just a few years ago. (And, truly, I can’t even remember the other things we dealt with in 2020. It has all blurred together.)’
How is a third of the population basically being hypnotized, and totally wrapped up in whatever the mainstream media and Dr. Fauci feeds them and whatever CNN tells them is true?
The other day I was reading the New York Times about Omicron and pediatrics and I saw this headline from an epidemiologist: How to Think About Omicron’s Risk for Children
It was blatantly saying this is how you should think, we’re going to tell you how to think. People have to get that in their heads. That’s the world we’re in right now.
What Mattias Desmet has shared with us is another [“a-ha” moment]. This comes from European intellectual inquiry into what the heck happened in Germany in the 1930s… How did that happen?
The answer is mass formation psychosis.
https://www.realclearpolitics.com/video/2022/01/02/dr_robert_malone_.html
we’re going to tell you how to think.
Ironically, once someone wakes up from a big con job, they see others.
In the Public Interest: The ‘death knell’ of progressive electoral politics in Santa Cruz?
By the time 4 p.m. rolls around Monday, most of the vote-by-mail ballots will be tallied and, likely, most of the local implications of the 2024 primary election will become clearer.
With more than 12,000 ballots to be tallied countywide, and still more coming in the mail up until Tuesday, some races remain within a mathematical possibility of flipping; however, Lookout has called two Santa Cruz City Council races and the other two have continued trending in the same political direction as the city’s races in 2022.
Santa Cruz is still blue, but the veneer of the deep blue, Bernie Sanders-backing city seems to be fading, at least on the local dais, where all of the leading candidates represent the moderate foils to their more progressive left opponents. The two called races belong to the incumbents: Shebreh Kalantari-Johnson defeated Joy Schendledecker for the District 3 city council seat, and Sonja Brunner overcame a challenge by Hector Marin to hold onto her seat in District 2. By Friday’s tallies, Gabriela Trigueiro held a steady lead over David Tannaci in District 1 and Susie O’Hara remained ahead of Joe Thompson in District 5.
One South County political operative and former elected official I spoke with on Friday wondered whether this primary rang “the death knell” for progressives countywide. The city of Santa Cruz’s progressives have taken loss after loss in electoral politics, watching as voters reject rent control and empty homes tax measures, recall progressive city councilmembers and say no to a deep blue slate of candidates over the past two elections.
As another local progressive voice said on a recent episode of KSQD’s “Talk of the Bay,” “I don’t know what the politics in this community are anymore.”
https://lookout.co/newsletter/in-the-public-interest-the-death-knell-of-progressive-electoral-politics-in-santa-cruz/
Back in the sixties and seventies, Santa Cruz used to be a safe haven from capitalism for the aromatic hippy movement that lived on SS disability, stealing anything not bolted to the ground and passing rubber checks. Then about 30-minutes away Silicon Valley happened, which drove the cost of living in foggy Santa Cruz well beyond the local population’s reach.
[People are stupid.]
“During the pandemic, a wave of cheap money and government rebates flooded the market when the Federal Reserve bottomed out interest rates to stimulate the economy coming out of COVID lockdowns.”
[Obviously this stimulus was temporary, nevertheless …]
“This kicked off a multifamily building frenzy, said Jeffrey Swinger, executive vice president for multifamily investment sales at Colliers International in Las Vegas, which is now slowing.”
[See? People are stupid.]
‘In push to attract residents downtown, DC is transforming offices into homes”
—————
https://wtop.com/dc/2024/03/in-push-to-attract-residents-downtown-dc-is-transforming-offices-into-homes/
“In the fall of 2019, the Peace Corps moved out of its Northwest D.C. headquarters. At the time, plans were underway to make the space at 20th and L streets a nice office space.
But as it became clear that the pandemic would change work and commuting patterns, those plans were changed to make it a residential complex…
… The project broke ground in 2022 and will include 163 residential units.
…The new apartment building is part of Bowser’s broader plan to add 15,000 residents downtown by 2028.
…Currently, 87% of downtown spaces are for commercial use, with the rest being used for residential complexes.
History has always proven that people want to live, work and play in cities,” Cohen said.
Asked how the apartment complex could be made more affordable for future residents, Bowser said the city has various programs available, but “every development is not going to have every program. And so we have to invest across a spectrum of programs in order to develop in the way that we want.”
———————
Translation — these are going to be ultra-luxe digs meant to attract the ideal young man per TikTok: “Six feet, six figures, six pack.”
Forget about “affordable.”
“Six feet, six figures, six pack.”
He has been hunted to extinction.
I’m happily taken. I can drink a six pack.
Did the higher-than-expected inflation print make you want to load up on stocks and bitcoin?
US inflation
US inflation rises to 3.2% in February
Unexpected increase set to be scrutinised by Fed as it weighs interest rate cuts
An Amazon Prime delivery person lifts packages while making a stop at an apartment building in Denver
The US central bank is expected to cut rates later this year from their current 23-year high of between 5.25% and 5.5%
Claire Jones in Washington and Harriet Clarfelt in New York an hour ago
US inflation increased unexpectedly to 3.2 per cent last month, in data set to be scrutinised by the US Federal Reserve as it decides when to reduce interest rates.
Economists polled by Bloomberg had expected the annual rise in consumer prices to remain unchanged from January’s rate of 3.1 per cent.
The consumer price index numbers are expected to play an important part in the Fed’s thinking next week when it is expected to keep rates at their 23-year high of between 5.25 and 5.5 per cent.
…
Yahoo Finance
Stock market today: US stocks march higher after CPI surprise
Alexandra Canal and Karen Friar
Updated Tue, Mar 12, 2024, 9:07 AM PDT
…
https://finance.yahoo.com/news/stock-market-today-us-stocks-march-higher-after-cpi-surprise-133436610.html
The Coins ·Bitcoin
Jamie Dimon doesn’t care if Bitcoin hit a record high, but will defend people’s right to buy it like he’ll defend your right to smoke a cigarette
BY Eleanor Pringle
March 12, 2024 at 4:26 AM PDT
JPMorgan Chase Chairman and CEO Jamie Dimon said the Bitcoin frenzy may be a sign of an unsteady market more widely.
SAUL LOEB—AFP via Getty Images
A Bitcoin frenzy has pushed the price of the cryptocurrency above $72,000 to a record high, but even that isn’t enough to convince JPMorgan Chase CEO Jamie Dimon of its value.
…
https://fortune.com/crypto/2024/03/12/jamie-dimon-bitcoin-record-illegal-use-defend-purchase-right/
S&P 500 Rally:
US Big-Tech Mania
Time to Buy?
A Challenge for Dip Buyers
How It Happened
Markets
Stock Market Is Ripe for a Correction, Ariel Investments’ Rogers Says
– Says AI rally is overdone, sees potential in small, mid-caps
– Top picks include Mohawk Industries, JLL and Royal Caribbean
By Norah Mulinda and Shruti Singh
March 12, 2024 at 8:26 AM PDT
The stock market is ripe for a correction with the Magnificent Seven-fueled rally significantly overdone, according to Ariel Investments’ founder John W. Rogers Jr., who correctly forecast the US avoiding a recession in 2023 and the market’s buoyant rally.
Relative to history, large-cap growth stocks like Nvidia Corp. are overpriced, with earnings expectations ahead of themselves, Rogers said in an interview in Bloomberg’s Chicago office. That said, he views the market’s recent surge to all-time highs on artificial intelligence-driven investor enthusiasm as reminiscent of the bursting of the internet bubble in 2000.
…
https://www.bloomberg.com/news/articles/2024-03-12/stock-market-ripe-for-correction-says-ariel-investments-rogers
Yahoo Finance
Business Insider
Fed policy isn’t very tight and the market is ‘at the foothills of bubbles,’ former Treasury Secretary Larry Summers says
Jennifer Sor
Mon, Mar 11, 2024, 4:36 PM PDT
2 min read
– Markets are edging closer to bubble territory, Larry Summers warned.
– The former Treasury Secretary warned Fed policy isn’t nearly as restrictive as markets think.
– That’s raising the odds of no rate cuts coming in 2024, summers said.
…
https://finance.yahoo.com/news/fed-policy-isnt-very-tight-233641616.html
‘Rich Dad Poor Dad’ Author Says: ‘Buy Bitcoin (BTC) Before Biggest Bubble in History Bursts’
Yuri Molchan
Bitcoiner and investor Kiyosaki predicts the biggest bubble bust in history approaching
News
Mon, 03/11/2024 – 09:37
Robert Kiyosaki, a vocal Bitcoin advocate well known as the author of the classic book on managing personal funds “Rich Dad Poor Dad” often predicts upcoming catastrophes in the financial markets. Today, taking to Twitter/X, he issued a similar prediction, urging his followers to begin buying Bitcoin.
“Biggest bubble bust in history” coming per Kiyosaki
Kiyosaki, who is believed to be a guru in the financial sphere by many, has published a tweet, in which he referred to the baby boomers’ generation, saying that the “biggest bubble in history” will wipe their wealth out. He believes this is due to “flimsy” 401k retirement schemes.
Giving no details of how he see it happening in the future, Kiyosaki only mentioned that the “stock market set to crash.” Another reason frequently mentioned by him in previous tweets is that the US government keeps printing “fake US dollars”, thus devaluating the US fiat currency.
…
https://u.today/rich-dad-poor-dad-author-says-buy-bitcoin-btc-before-biggest-bubble-in-history-bursts
Did the stock market gamblers shoot themselves in the fook by gobbling up shares when the Fed is worrying about stubornly high inflation?
U.S. Markets
Fed seen on hold until June, with rate-cut pace in focus
By Ann Saphir
March 12, 202410:49 AM PDTUpdated 9 hours ago
The Federal Reserve Building stands in Washington April 3, 2012.
REUTERS/Joshua Roberts/File Photo/File Photo Purchase Licensing Rights, opens new tab
March 12 (Reuters) – A second straight month of stronger-than-expected inflation has effectively shut the door on the possibility of a Federal Reserve interest-rate cut before June, and makes back-to-back reductions after that look increasingly less likely.
Gasoline and shelter prices drove the February consumer price index up 3.2%, an acceleration from January’s 3.1% increase. Underlying core inflation, excluding gas and food prices, slowed less than economists had forecast, and on a three-month and six-month basis actually gained traction.
Those continued price pressures will not change what Fed policymakers do next week, when they are universally expected to leave the policy rate in the 5.25%-5.5% range where it has been since last July.
But it means too little data might exist by their April 30-May 1 meeting to give them confidence that inflation is durably on a path toward the Fed’s 2% goal, analysts say. Even by June, there may be insufficient data to justify more than a couple of rate cuts all year.
Tuesday’s inflation report “is an ugly read that will do nothing to sooth nerves” at the Fed, wrote BMO economist Scott Anderson. “Clearly, restrictive monetary policy has not yet fully done its work and a patient and slightly hawkish Fed must remain in place for the monetary medicine to fully take effect.”
…
https://www.reuters.com/markets/us/traders-keep-bets-june-first-fed-rate-cut-after-inflation-data-2024-03-12/
A reader sent these in:
Bad for home builders – this should continue all year I think. In Phoenix listings are coming online quickly – good think is if you’re a real estate agent you can still take credit for “selling the house” 😂
https://twitter.com/_LongVol/status/1767140510643159493
Canada’s Superintendent of Financial Institutions has issued a regulatory notice to its financial institutions over rapidly increasing mortgage lending risks
https://twitter.com/MacroEdgeRes/status/1767204797503988049
Fidelity Investments has begun additional layoffs today, reportedly, exceeding the scope of initially announced cuts last week.
https://twitter.com/MacroEdgeRes/status/1767192883541450812
Lumen Technologies to reportedly lay off around 2,800 employees in April
https://twitter.com/MacroEdgeRes/status/1767192683175362977
The Body Shop has filed for Chapter 7 bankruptcy as of this evening, will liquidate all assets and eliminate 400 remaining jobs.
https://twitter.com/MacroEdgeRes/status/1767001697971261705
A positive for consumers:
New vehicles available below $30K are up a whopping *63%* from last year.
The result? Inventory rising and prices declining.
https://twitter.com/GuyDealership/status/1767005694522188065
Who’s going to be the first honest car manufacturer to stage these pictures at Wholefoods and the daycare line?
https://twitter.com/GuyDealership/status/1766862944522920393
People think you’re broke if you have a:
$10K 🚙
$1M net worth
But people think you’re rich if you have a:
$80K 🚗
$10K net worth
Funny how that works.
https://twitter.com/GuyDealership/status/1766448648315883844
Long term inflation expectations are projected to be higher than wage growth.
That means every year your buying power gets weaker. We are all becoming poorer, but the politicians hope it is only by 1% to 2% per year so you don’t notice it.
Inflation 4% and your salary increase was 2% … 🧐 every year it adds up over time.
https://twitter.com/WallStreetSilv/status/1767232271222723028
NY Fed: short-term inflation expectations remain stuck at 3.0% while medium- and long-term both jump, approaching 3% as well; no one believes the Fed’s 2.0% target – instead, they believe price increases will continue outpacing earning’s growth:
https://twitter.com/RealEJAntoni/status/1767211140054933541
🤡🌎 … former workspace leased by WeWork are now being setup as emergency shelters for illegal aliens.
https://twitter.com/WallStreetSilv/status/1767067936223883545
🚨 $BA whistleblower found deceased and this should terrify everyone. $BA and FAA got blood on their hands; and they’ve gotten away with murder and NO ONE CARES OR TAKES ACTION. It’s part of $BA, and airlines and FAA’s culture.
Here’s how we know that:
1. We recommended an airline 6 years ago as a short.
2. We filed FOIA with DOT, FAA and FBI. We were in a constant contact with whistleblowers, and ex employees of FAA.
Here’s what happened:
– One of the ex FAA employee was fired on the spot for suggesting to the airline that a maintenance must be done before an accident happens. A month later accident happened and passengers died. The FAA employee who suggested a fix during a quality inspection was fired (yes, we know this for a fact).
– Airlines (especially $BA) is notorious for sweeping the problem under the rug. The industry has high overhead and thin profit margins.
– $BA had literally gotten away with murder in every definition and FAA doesn’t care.
https://twitter.com/UnicusResearch/status/1767320154491265359
And FHA lending has more than doubled since 2009 – in 2009 it was 7.20% of outstanding mortgages. As of Q3 2023 it is 16.80%
https://twitter.com/m3_melody/status/1767283568655356392
Biden admin: we care about inflation!
Reality: drafts nearly 8 trillion dollar spending bill funded by inflation & money printing
Can’t make it up part 738
https://twitter.com/DonMiami3/status/1767257253181034986
“We project we will have 40% more homes on the market than a year ago.”-Altos Research
Into a void of no one who can afford them
https://twitter.com/GRomePow/status/1767268433132196129
Owning the average home in 2024 now requires an income of $106,000, according to Zillow.
Just 4 years ago, you needed just $59,000 in income to afford the average home.
That’s a $47,000, or 80%, increase in income from 2020 while wages are up just 23% over that time.
Currently, the median HOUSEHOLD income in the US is ~$75,000.
In other words, the median household income used to be 27% ABOVE the income needed to afford a home
Now, the median household income is 41% BELOW the income needed to afford a home.
Housing affordability is horrible at best.
https://twitter.com/KobeissiLetter/status/1766843215930384800
“A few years ago, Jamie Dimon said that the worst decision he ever made was not getting out of wholesale mortgage banking sooner. This week he said that mortgage lending has been JP Morgan Chase’s “most painful business ever.”
https://twitter.com/rcwhalen/status/1766923045728395686
90% of health plan members never reach their deductibles.
Not #healthcare
https://twitter.com/DutchRojas/status/1766872897388216592
Remember the Federal Reserve found RAMPANT mortgage fraud impacting TRILLIONS of dollars in real estate that defaults at a 75% higher rate than typical investment properties and then no one talked about it.
https://twitter.com/GRomePow/status/1741916757470949739
The first project approved in San Francisco to convert vacant commercial space into housing in the wake of the pandemic has defaulted.
https://twitter.com/MacroEdgeRes/status/1767327012543218129
ADP leadership reportedly notified of layoff to occur in June
https://twitter.com/MacroEdgeRes/status/1767316318028521931
Disney announces a $4.5 billion reduction on entertainment content spend
https://twitter.com/MacroEdgeRes/status/1767293447063445525
About 50% of parents with an adult child older than 18 provide them with $1,400 a month or more in financial support, posing a significant risk to middle class retirements, according to a February report from Savings .com
https://twitter.com/MacroEdgeRes/status/1767291361475076240
> 30% of parents report at least one adult child living with them 18-32, of that group – 61% of adult children still living at home don’t contribute to household expenses at all
https://twitter.com/MacroEdgeRes/status/1767291740883402844
Tyson Foods pork plant in Perry, Iowa closing, will affect approx 1,200 workers
https://twitter.com/MacroEdgeRes/status/1767274229978779851
Booming economy: In a February survey from Assurance IQ, 44 percent of Gen Z-ers (born 1997-2013) said they had skipped meals in order to pay their monthly bills
https://twitter.com/MacroEdgeRes/status/1767235191259415012
It’s laughable that the White House expects the US to be $45 trillion in debt by 2034, try 2026 *IF* we’re lucky, it’ll be next year if they stimulate out of recession
https://twitter.com/DonMiami3/status/1767245307971023041
Some of the enrollment/demographic charts out of California schools are absolutely crazy.
The demographics are collapsing.
https://twitter.com/DonMiami3/status/1767197205583028359
A point I have made repeatedly in last few months is the very narrow nature of current disinflationary trend.
I don’t think the jolt we saw in January CPI is likely to repeat (problem is, if it did, two consecutive months of +40 bp repricing higher in 1y inflation will amount to almost a full percentage point and certainly necessitate a policy reaction) but even if it doesn’t, Fed still has a problem that it’s trying to ignore.
The component distribution within core and super core is not following a broad disinflation trend. It’s following a volatile dispersed path. There are many statistical problems for the Fed: upward shift of the median, stickiness…
All in all risks remain biased to the upside on Core inflation vs consensus for February and it’s now safe to say that progress has ground to a halt. Core is stuck above 2.5%.
The little outlet that sets interest rates might need to address the elephant in the room.
https://twitter.com/INArteCarloDoss/status/1767235690687762789
#Bitcoin tops $72,000 for the first time as rally builds steam. The cryptocurrency has surged amid strong demand and ahead of its halving event in April. Bitcoin will ‘eat’ gold, MicroStrategy’s Michael Saylor says.
https://twitter.com/Schuldensuehner/status/1767197021797048356
OUCH! Americans spent >$1.1tn on interest payments alone last quarter. What’s more, in a major shift, nearly half of that spending was not on mortgages as higher rates from Fed are hitting on credit card or car loan debt. The “effective” rate on outstanding mortgage debt sits at just 3.8%, far below the 6.9% that new homebuyers are facing on avg for 30y fixed-rate mortgage BUT credit card rates have jumped from <15% on average in Feb2022 to nearly 21.5%.
https://twitter.com/Schuldensuehner/status/1766471324568850661
(Canada) Drop in sales and surge in new listings suggest too early to sound all clear’
One wonders if the Aussie market will follow.
https://twitter.com/AvidCommentator/status/1767315758156267705
Remember Australia is largely immune to all of this, because reasons…
https://twitter.com/AvidCommentator/status/1767168368082321792
One day economic hubris is going to come back to bite Australia in the ass.
But you know what, I think we have evolved to the point where until it starts effecting an absolutely huge amount of people, a lot of folks aren’t going to give a crap.
See rental crisis for precedent.
https://twitter.com/AvidCommentator/status/1767145986735169816
Some regions in Korea are starting to give free land or almost free housing to newly weds or families with young kids in a desperate attempt to stop the rapidly growing population decline
https://twitter.com/kimchipump/status/1766745540602298421
One man army
https://twitter.com/ClownWorld_/status/1766984094523781328
When someone writes they’re a social media influencer in their bio, this is what comes to mind. Influencing their own balls and nothing more.
https://twitter.com/SteveInmanUIC/status/1767262849812857164
All Taco Bell Locations In Oakland Announce Indefinite Closure Of All Dining Rooms Due To Series Of Robberies & Crime Surge
https://twitter.com/The_Real_Fly/status/1767265165886566648
Automotive Company Jaguar is on the verge of failure, per Car Dealership Guy, to likely stop all production by June
https://twitter.com/MacroEdgeRes/status/1767362317346308505
JPMorgan CEO: US Economy Is Doing Fine, Almost A Kind Of Boom Now
https://twitter.com/DeItaone/status/1767310539972092059
JPMorgan CEO:Fed Has To Be Data Dependent, I Would Wait Past June To Cut Rates
https://twitter.com/DeItaone/status/1767312405162258432
Another decline in temporary help services payrolls in February … drawdown continues to be consistent with prior recessions
https://twitter.com/LizAnnSonders/status/1767149887978705236
The amount of economic carnage in these posts… Ask yourself, are you any better off now than you were in January 2021?
Stolen elections have consequences.
“Some of the enrollment/demographic charts out of California schools are absolutely crazy.”
Weird, even the chart turns brown.
My teacher relative in North Carolina tells me that “immigrant” enrollment at her school has been booming and they don’t have enough ESL teachers, so a lot of kids are being dumped into regular classrooms.
ESL is a colossal failure. All it accomplishes is a further division of the American way of life. The U.S. military has proven that a secondary language can be learned in less than a year. We need to get back to one common language, not 50 plus languages and translators in every neighborhood and every store. Speaking in your own familiar language is okay at home, but not everyone speaks your language in every town across the land. The common language is English, from Main to California and from Washington to Florida and all points in-between.
As a multi-property owner, I have to use the children to translate the rental contract to the non-speaking parent. The parents are good people, but they are ill-prepared to advance in America and join into the Greatest melting pot on this planet. They are doing a great dis-service to themselves, their children and to this Great Nation we call America.
“The common language is English…”
This is certainly true in aviation where the world’s pilots are bilingual at a minimum.
Tyson Foods pork plant in Perry, Iowa closing, will affect approx 1,200 workers
That’s going to be a lot of immigrants (illegal or otherwise) getting dejobbed.
One man army
That’s in downtown Mexico City. The domed building in the background is the palace of fine arts (Palacio de Bellas Artes). This happened on “women’s day” last week as huge mobs of Mexican feminists blocked streets all over downtown.
All Taco Bell Locations In Oakland Announce Indefinite Closure Of All Dining Rooms Due To Series Of Robberies & Crime Surge
Another fine day in Orcland.
“Another fine day in Orcland.”
+1 👹
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.” – Charles Dickens, A Tale of Two Cities
Chinese Homebuyer’s 20-Year Savings Wasted as House Sells for Half Price, Stuck in Debt to the Bank
China Observer
6 hours ago
China’s real estate industry, a long-standing pillar of the economy, is facing a downturn. The past two years have seen property developers buckling under massive debts, leading to a decline in housing value. Prices have plummeted by half, prompting a surge of homeowners trying to sell. Despite repeated price reductions, potential buyers remain scarce. Significant price cuts are the only way for many to sell their properties, and even then, homeowners report feeling a deep sense of loss.
https://www.youtube.com/watch?v=eeGYCAGMvH4
15:51.
You are being replaced.
Biden Wants $13 Billion from Congress for Migrants and Sanctuary Cities (3/12/2024):
“President Joe Biden’s staffers are asking Congress for more than $13 billion in taxpayer funds to help move many more economic migrants into homes and workplaces in American communities.
Much of the money will be used to bail out the sanctuary cities that help displace Americans by welcoming migrants who serve as lower-wage workers, apartment-sharing renters, and taxpayer-aided consumers.
The 2025 funding is being requested by two pro-migration cabinet members — Secretary of State Antony Blinken and Alejandro Mayorkas, the Cuba-born head of the Department of Homeland Security.
Biden’s huge inflow of migrants has already delivered one illegal or legal migrant for every American born during his tenure.”
https://www.breitbart.com/economy/2024/03/12/biden-wants-13-billion-from-congress-for-migrants-and-sanctuary-cities/
Nothing to see here, folks. Just another Southern Poverty Law Center and Anti Defamation League sponsored Great Replacement.
Unrelated: why did medieval Europeans start minting gold and silver coins with ridged edges? LOLZ
President Joe Biden’s staffers are asking Congress for more than $13 billion in taxpayer funds to help move many more economic migrants into homes and workplaces in American communities
I wonder how many RINO’s will vote for this.
I guess you need to be careful who you blow the whistle on.
Boeing whistleblower John Barnett found dead
12 Mar 2024
A former Boeing employee who blew the whistle on alleged safety problems at the aircraft manufacturing giant has been found dead.
John Barnett, 62, died on Saturday from an apparent “self-inflicted” wound, a coroner in South Carolina in the United States said on Monday.
https://www.aljazeera.com/economy/2024/3/12/boeing-whistleblower-found-dead
The really gives me the confidence to park my keister in a 737MAX
“No one is more hated than he who speaks the truth.” —Plato
“Within this context, Wells Fargo’s decisions to debank Republican candidates and gun industry participants reveal a new troubling trend”
Wells Fargo Abruptly Terminating Customers’ Bank Accounts, Say Attorneys General in 16 States, Demanding Immediate Freeze on Lender’s Alleged Debanking Practices
Henry Kanapi
March 10, 2024
More than a dozen state attorneys general (AGs) are accusing banking titan Wells Fargo of abruptly terminating customers’ accounts without warning.
In a letter addressed to Wells Fargo CEO Charles Scharf, 16 Republican AGs across the country accuse the trillion-dollar lender of debanking customers in a political and discriminatory manner.
The AGs say Wells Fargo has started a new trend that looks at clients’ political views as a basis for retaining banking access.
“Within this context, Wells Fargo’s decisions to debank Republican candidates and gun industry participants reveal a new troubling trend…
Blanket prohibitions and policies against providing service to certain customers lead to the inevitable question – who is next? Which types of companies or people will Wells Fargo determine cannot be allowed as customers? Is this why Wells Fargo apparently closed the accounts of former Republican candidates Lauren Witzke and Pete D’Abrosca on the same day in 2021?”
https://dailyhodl.com/2024/03/10/wells-fargo-abruptly-terminating-customers-bank-accounts-say-attorneys-general-in-16-states-demanding-immediate-freeze-on-lenders-alleged-debanking-practices/
“Within this context, Wells Fargo’s decisions to debank Republican candidates and gun industry participants reveal a new troubling trend…”
George Orwell was right.
‘In the fourth quarter, 31.8% of single-family homes for sale were new construction, according to a Redfin report. ‘Newly built homes are selling quickly right now because builders are offering such good discounts,’ said Heather Mahmood-Corley, a Redfin Premier real estate agent in Phoenix. ‘I recently had a buyer who wasn’t interested in a new construction home, but the builder offered such a good rate—5.25%—that they couldn’t afford not to take it. Another one of my buyers got a $10,000 credit for closing costs from a builder’
31% is a really high number historically and it’s been this way for a good time. IIRC it’s usually half that. This is where the builders steal buyers cuz they can lower prices until they fold.
‘When loans get close to going into default and banks think that value might be under the actual mortgage amount, they require either quarterly or even monthly valuations just to keep track because they can’t lend any money if they’re underwater on their other loans’
I think what Trevor is saying is if loans go underwater, even if payments are current, the banks have their lending overall reduced.
‘No injuries were reported after a fire ripped through three homes in Richmond Hill overnight, York Regional Police say. The fire broke out at a house under construction on Duncan Road, near Bayview and 16th avenues, shortly before midnight. According to a platoon chief on scene, the fire quickly spread to adjacent homes, which were occupied at the time’
Again, eventually somebody is going to killed in one of these new build arson’s. I’ve never read of one being solved since this started in K-da.
‘‘It’s still very much a buyers’ market. According to local real estate agents, property investors have been active but mostly just looking at this stage. First-home buyers appear to be the most active locally, up to about the $650,000 mark’
The market needs knife catchers. First time buyers will do.
“First time buyers will do.”
Yup, that ring of smooth muscle will recover.
Massive Issue With Our Real Estate Market (Toronto Real Estate Market Update)
Team Sessa Real Estate
1 hour ago
In this episode we take a look at the current Toronto Real Estate detached home prices and market trends for week ending March 6, 2024. We also discuss one of the biggest issues that exists within our markets and that’s the buyer’s mentality towards buying and having to have a specific home, defying any logic.
https://www.youtube.com/watch?v=ESol7Vurc18
17:32.
Why the Left Wants Jacob Chansley Dead
Tucker Carlson
1 hour ago
They told us Jake Chansley, the QAnon Shaman, was a dangerous lunatic who deserved to be sent to prison, if not shot to death. Many believed it. But is he actually crazy? Judge for yourself.
https://www.youtube.com/watch?v=F4sF8PRN3GU
13:16.
Obviously not crazy.
Ben, I live in Vancouver, Canada and have been reading
Your website for a number of years. I find I get more worldly
Feedback from you and your contributors than any other site.
Again,many thanks!
Shame on you Lez Cheney
28:15 – 34:00 cued up
Evidence That Could Have Exonerated Trump Over Jan. 6 Was Suppressed
https://rumble.com/v4ioma9-evidence-that-could-have-exonerated-trump-over-jan.-6-was-suppressed.html?start=1696
I will post this again tomorrow.
Wall Street Apes
@WallStreetApes
South Carolina Rep Adam Morgan Blows The Whistle On Washington
– Dark Money Entities Are Created Targeting Those Who Vote Red
– Representatives Are Blatantly Being Encouraged To Ignore Their Voters
– Multi-billion International Corporations Come First
– Lobbyists Come First
-… Show more
https://x.com/WallStreetApes/status/1767510473761763725?s=20