thehousingbubble@gmail.com
Blog

I Thought I Had A Home, I Had Security, I Had A Plan For My Future, That Was All Ripped Away

It’s Friday desk clearing time for this blogger. “Mortgage rates again rose to nearly 7%, a key psychological threshold that threatens the housing revival that many had hoped for this year. Catherine Hicks purchased a three-bedroom home in St. Petersburg, Fla., in January, with a 7.1% mortgage rate. Hicks hoped she would be able to refinance the mortgage later this year, but recent headlines have made her worried that rates won’t go down anytime soon. ‘When you’re going into buying your first home, you never anticipate not having the option to refinance,’ the 23-year-old Hicks said. ‘It’s definitely discouraging at this point.'”

“Captain Sandy Yawn, known for her role on Bravo’s hit series ‘Below Deck,’ and her fiancée have listed their Denver-area home amid a tumultuous chapter in the couple’s life, The Post has exclusively learned. But just a month ago, they were left reeling after hopes for that dream home were shattered when the construction company they entrusted allegedly abandoned the project — despite having poured their life savings into it. Their builder, Spencer Calvert of Pineapple Construction, stands accused of duping them and many others. Out of 33 homes contracted with Calvert’s company, only 18 were completed, leaving 15 families in limbo. Yawn voiced her frustration: ‘As many people know, our builder, Spencer Calvert stole our money along with other homeowners. It is our hope that the state attorney of St. Johns County and the state of Florida stop this white-collar crime.'”

“The Farmington Valley developer accused of stealing money and failing to build homes in return, is facing new criminal charges. William Ferrigno is accused of taking hundreds of thousands of dollars from customers. With this latest criminal charge, the Department of Consumer Protection and Attorney General’s Office says Ferrigno signed a contract with a New York couple to build them a $1.1 million dollar home in Avon. The couple paid $260,000 for the land in Avon. DCP says Ferrigno never even owned the land. Beyond the criminal charges, Ferrigno faces 34 legal actions in civil court, including lawsuits from more than a a dozen families claiming he took their deposits and failed to build homes, companies that say he did not pay them for his work, and foreclosures. A development he built in Simsbury also sued him to take control back of their HOA and HOA finances.”

“News13 is looking into a Myrtle Beach pool company after receiving complaints from viewers that the company was collecting payments but not finishing the job. Cascade Custom Pools is accused of digging a hole, installing some utilities, plaster or concrete and then not returning for weeks or months — if ever. Its business license was suspended by the state as of April 3. ‘On December 8, we were served by an attorney,” Linda Moore said. ‘And we have a lien on our home for over $8,000. It’s $8,900.’ The Moores knew it was time to find someone else to finish the pool, because they had already paid Cascade $150,000. ‘I call it a pool Ponzi scheme, OK,’ Dennis Moore said. ‘They took the deposits, did minimal work and took that money to try and fix problems and take care of other projects.'”

“The Belliveau family took the same action when their level of issues reached a breaking point for them. ‘You wake up in the middle of the night thinking, ‘Where’s our money?’ Lydia Belliveau said.”

“For years, residents of the massive Ocean Towers luxury co-op complex in Santa Monica had worried that John Spahi was abusing the power he held as a member of the buildings’ homeowners association board. Residents didn’t grasp the scale of the alleged problems until last year — when a Los Angeles County grand jury handed down a 119-count indictment accusing both Spahis, now-former Ocean Towers Housing Corp. President Joseph Orlando and his wife, Dorothy, of grand theft, identity theft and money laundering. ‘They’ve sucked our blood for the past 25 years,’ said Adel Salawy, a longtime resident who has sued John multiple times and settled twice.”

“Owning and living in a townhouse has long been a peak status symbol in New York City. But, amid growing concerns about crime — a recent poll from Citizens Budget Commission found that just 37% of New Yorkers rated public safety in their neighborhood as excellent or good, down from 50% six years ago — the migrant crisis and squatters, that’s changing. Some wealthy Gothamites are now fearful of living in charming West Village brownstones or sprawling Upper East Side limestone mansions that cost tens of millions of dollars. Herman Weisberg, head a security consulting firm, said townhouse owners are a significant portion of his business. He was recently hired by an owner who was concerned about how his neighborhood had changed in recent years. ‘[They] lived on one of the most beautiful and idyllic townhouse streets in the Village. But it’s not so beautiful and idyllic anymore when you’ve got 10 guys passing around a crack pipe in front of your house, or passed out with a needle in their arm, ‘ he said.”

“Homeowners have spoken about the ‘trauma’ of being forced from their flats and made homeless after the discovery of collapse-risk concrete in their building. A group of around 50 residents across 30 flats on a housing estate in Tillicoultry, a small town in central Scotland, were evacuated after reinforced autoclaved aerated concrete (Raac) found in the roof was deemed unsafe. Lynsey McQuater bought her flat on the Tillicoultry estate more than two decades ago after some properties were sold off under the Right to Buy scheme. She is only two years away from paying off her mortgage. ‘I was absolutely distraught, in floods of tears when it happened’ she told i. ‘I thought I had a home, I had security, I had a plan for my future. That was all ripped away.'”

“She added: ‘There have been times where I’ve been crying constantly, because it’s just so upsetting. Even now, I can’t quite believe I don’t have my home anymore. I’m looking for answers and there aren’t any coming.’ Ms McQuater said: ‘I would be heartbroken to see [her home] demolished. It’s just so scary because I just don’t know if I will be able to buy elsewhere if they [the council] buy me out. We need to see people given a decent price if it comes to it. If they go for repairs, we shouldn’t have to pay for that. We need to make sure homeowners don’t lose money. If the government has to step in and help us, so be it,’ she added.”

“Jemima Macdonald and her family had only moved into their new home in the Wollongong suburb of Thirroul a fortnight before disaster struck. Jolted awake by the sound of neighbours banging on their doors, it was 5am on Saturday when they found floodwater pouring through their backyard and into their home. The family sought shelter at their cousin’s house nearby and returned an hour later to a scene of utter devastation – their home and yard completely submerged. ‘It was just devastating to see all of our stuff just ruined,’ Ms Macdonald said. ‘We don’t have flood insurance, my partner has just been made redundant. What are we going to do, how are we going to survive this?'”

Related Posts
This Post Has 114 Comments

  1. ‘They’ve sucked our blood for the past 25 years’

    Well it was cheaper than renting Adel.

  2. ‘As many people know, our builder, Spencer Calvert stole our money along with other homeowners. It is our hope that the state attorney of St. Johns County and the state of Florida stop this white-collar crime’

    That place is a remote sh$thole Sandy. Welcome to Florida!

      1. Build it yourself. Know enough people in the different trades to sub out what you can’t do, and do the rest yourself.

  3. ‘When you’re going into buying your first home, you never anticipate not having the option to refinance’

    Jerry broke it off in yer a$$ Catherine.

    1. Looks like someone bought into the whole “date the rate” con tactic. Sometimes a good schlonging is the only way to learn.

    2. ‘When you’re going into buying your first home, you never anticipate not having the option to refinance’

      Do people not realize that it is d@mn expensive to refinance.

      1. Do people not realize that it is d@mn expensive to refinance.

        My friendly, helpful realtor did not mention it could cost me money to refinance. He just said I could save money easy peazy because the Fed will cut rates.

        1. Realtors are liars, by comission and omission.

          Does no one do due diligence?

          My God, the idiocy is astounding.

      2. Back when I was originating it used to work out that even refinancing for a 2% rate drop took 6 to 10 years pay for itself when calculating in closing costs. But people don’t think that way anymore. It’s all payment, payment, payment.

        1. took 6 to 10 years pay for itself

          Loan size is the huge driver here. Saving 2% of a 150,000 loans takes a whole lot longer to be “profitable” than a 2% savings on a 600,000 loan.

      3. Especially at 8%. Rates are approaching levels not seen since when my wife and I bought our first home, over 30 years ago.

    2. Pure virtue signalling. He knows that NO ONE will open their doors.

      Wasn’t a Dumver official recorded telling invaders to move on, because there was nothing left in Dumver, and if they stayed they would suffer.

      1. I also saw an interview with a Venezuelan family in Dumver, which was subtitled. The man said that the going so far was a lot harder than he expected, that he expected it to be easy, but the reality was that it was hard. Translation: They were expecting to join the Free Sh!t Army, and it wasn’t happening. He complained about the lack of “work permits” and how they were impossible to obtain.

        I saw another clip about some Turkish guy saying that “life was impossible” in Turkey. He was crossing in San Diego, waiting for the Border Patrol to take him to San Diego and be released. His plan was to go to Los Angeles and make $6000 a month delivering Door Dash. He also claimed that he paid cartels to get him across the border. Interesting that he could save that much money when life in Turkey was impossible.

        1. I saw on MSM that terrorist were being released into the USA . I didn’t think MSM would spoil Biden’s reelection chances with this kind of news.

        2. Do the cartel coyotes demand cash up front for transport, or can you work off the debt? That’s why they need the work permits. Not to live off of, but to either pay cayotes or send money home.

    3. “Denver Mayor: ‘We Want to Be a Welcoming City’ for Migrants, That ‘Requires Shared Sacrifice’”

      “During a portion of an interview with CNBC that was recorded in February and aired on Thursday’s “Cities of Success,” Denver Mayor Mike Johnston responded to a question on if the city was too open to migrants and too generous by stating that “it’s a balance. We want to be a welcoming city” but doing that without federal help “requires shared sacrifice, it requires compromise. So, we are both making cuts to city budgets to meet this financial need, and we are making cuts to the amount of services we can provide to the migrants that arrive and to the number of folks that we can serve.”

      “And we also want to be able to provide high-quality public services to all the taxpayers. That’s also one of our values.”

      \\

      – Mike Johnston just said the quiet part out loud. He’s one of Ayn Rand’s (treasonous) Looters. Illegal immigrants (invaders) aren’t taxpayers, they’re takers; they’re Ayn Rand’s Moochers. In this case, the Looters are Commies (but I repeat myself) and the Moochers are Lenin’s Useful Idiots, furthering the cause of the Looters. Taxpayers are the enablers of this quiet coup, but most still don’t understand this (yet).

      \\

      “Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?” – Ayn Rand, Atlas Shrugged

      “From each according to his ability, to each according to his need.” – Karl Marx

      “Socialism is the same as Communism, only better English.” – George Bernard Shaw

      \\

      https://twitter.com/elonmusk/status/1753590787130994745
      Elon Musk @elonmusk

      Biden’s strategy is very simple:

      1. Get as many illegals in the country as possible.

      2. Legalize them to create a permanent majority – a one-party state.

      That is why they are encouraging so much illegal immigration. Simple, yet effective.

      6:26 PM · Feb 2, 2024 · 48.7M Views

      \\

      U.S. Constitution, 5th Amendment (excerpt):

      “No person be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.”

      \\

      – Next up…

      https://www.theburningplatform.com/2024/04/06/america-is-hurling-toward-a-full-blown-hot-civil-war/
      https://www.theburningplatform.com/

      America Is Hurtling Toward a Full Blown Hot Civil War

      Author Justin Smith
      Posted on April 6, 2024

      “It never ceases to amaze me at how little so many people in this country have done to train their minds to critically analyze information. They have eyes to see and ears to see, and yet, somehow the truth of any major issue still seems to evade them, or they simply refuse to recognize the truth with it standing right in front of them, slapping them in the face.”

      “In listening to many proponents of the Democratic Party Communist platform and agenda — Representative Alexandria Ocasio-Cortez, Senator Nancy Pelosi and Senator Chuck Schumer for three in particular — I cannot help but wonder when did the wards for the mentally ill release all the inmates. And so here we are in America, where the inmates of mental institutions, federal prisons, Illegal Aliens, drug dealers and sexual deviants and child predators are running the country and the Oval Office today.”

      “I have noted in several past articles, I do believe the “united States” is currently hurling down a path on a fast track to a full blown, hot civil war. What will emerge will either be a nation squashed under an iron-fisted communist government or a people united in freedom and liberty under a limited government, restrained from ever growing or overreaching as the current Federal System has allowed and the Biden regime has done, trampling on the entire Constitution and our Inalienable God-given Rights in the process.”

      “The heavy infiltration of Illegal Aliens from many foreign countries that are unfriendly or outright enemies of America is one more dynamic and issue of concern for all who love America, since they will certainly come down on the side which is trying to destroy America. No one should be oblivious to the fact that various “sleeper cells” of Hamas and Hezbollah have been in America for several decades now. Taken in conjunction with thousands of military aged Chinese men entering the country illegally the coming chaos will be Biblical in proportion to anything we have witnessed in all American history.”

      “Nineteenth century French economist and writer, Frederic Bastiat could have been speaking of America today and the situation She currently finds Herself, as he once stated:”

      “When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe.”

      1. FWIW, Johnson’s speech was in February, before Dumver ran out of money and began telling the invaders to go somewhere else. Now he’s asking Denverites to take invaders into their homes and feed them.

    1. Updated Fri, Apr 12 2024 8:05 AM EDT
      Stock futures slide as earnings season kicks off, JPMorgan Chase falls: Live updates
      Lisa Kailai Han
      Traders work on the floor of the New York Stock Exchange (NYSE) on April 10, 2024 in New York City. As new inflation data released today showed a continued rise, stocks fell across the board with the Dow falling over 400 points.
      Spencer Platt | Getty Images

      Stock futures fell on Friday as major U.S. banks kicked off the corporate earnings season.

      Dow Jones Industrial Average futures
      were down by 72 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures
      dipped 0.3% and 0.4%, respectively.

      JPMorgan Chase shares were down more than 2% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy.
      …
      https://www.cnbc.com/2024/04/11/stock-market-today-live-updates.html

      1. Dang. I was so hoping to get tons of free money by dabbling in trendy stocks on Robinhood.

    3. When the long-deferred financial reckoning day can no longer be forestalled by Yellen the Felon’s stealth QE or BlackRock Jay’s gusher of funny money “stimulus,” the wipeout of fictitious “wealth” from the Fed’s asset bubbles & Ponzi markets is going to be epic. Got gold? Got silver? Got lead & brass?

    4. Updated Fri, Apr 12 2024
      4:18 PM EDT
      Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt: Live updates
      Hakyung Kim
      Lisa Kailai Han
      Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 7, 2024. REUTERS/Brendan McDermid

      Stocks sold off Friday as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major bank shares also weighed on the market.

      The Dow Jones Industrial Average
      slid 475.84 points, or 1.24%, closing at 37,983.24. The S&P 500 tumbled 1.46% at 5,123.41. The Nasdaq Composite pulled back by 1.62% at 16,175.09.

      At one point in the trading session, the Dow was down by nearly 582 points, or 1.51%. The S&P 500 slid as much as 1.75%.

      Week to date, the broad market index dropped 1.56%, and the 30-stock Dow fell 2.37%. Meanwhile, the tech-heavy Nasdaq is 0.45% lower for the week.

      JPMorgan Chase shares declined more than 6% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy.
      …
      https://www.cnbc.com/2024/04/11/stock-market-today-live-updates.html

    1. Maybe the long nearly expired Silver Bugs will rise again…? a good way to lose a lot of serious money ,the past 30 Plus years, was to pay heed to the …”Hi Ho Silver ” ,fever…….

    2. Gold just dropped $60, right about the same time that the DOW and S&P and NASDAQ dropped. Maybe selling gold for margin calls?

      2. Gold has been up $350 in the last month and a half. Nothing goes straight up non stop. Gold will trend, then base/consolidate, as all stocks and financial instruments do.

    1. Markets
      Mortgage Rates Are Actually The Highest Since Mid November
      By: Matthew Graham
      Thu, Apr 11 2024, 4:14 PM

      Wednesday’s Consumer Price Index caused a brutally fast spike in mortgage rates. It wasn’t notable for taking us to exceptionally high levels (October 2023 was much higher), but it was one of the biggest single-day jumps. Either way, it easily took the average lender back to highest levels since November 2023.

      Today was very tame by comparison although rates moved just a bit higher. The average lender is at the weakest levels since November 20th, 2023. This reality is at odds with many of today’s mortgage rate headlines which mention 6.88% as this week’s rate. So what’s the true story?
      …
      https://www.mortgagenewsdaily.com/markets/mortgage-rates-04112024

    2. 1 day ago
      Weak Demand for $39 Billion Auction Sends 10-Year Treasury Yields Near 4.6%
      By Eric Wallerstein, Reporter

      Investors were reluctant to step up for the $39 billion auction of 10-year Treasury notes after a hotter-than-expected inflation report cast doubt on the likelihood of the Federal Reserve cutting rates this year.

      The weakest participation from investors since November 2022, according to BMO Capital Markets, forced Treasury dealers—mostly large U.S. banks—to absorb far more of the debt auction than usual. Yields extended their post-CPI climb as bonds sold off.
      …
      https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-04-10-2024/card/weak-demand-for-39-billion-auction-sends-10-year-treasury-yields-near-4-6–r8AceZe0tbAvG5TeRK1f

    4. Financial Times
      US Dollar
      Dollar notches up strongest week since 2022
      Currency’s strength compared with euro and sterling comes after outsize US inflation figures
      Montage of US $1 banknotes displayed next to a graph
      The US currency has strengthened by 1.5% against a six-currency basket this week, pushing the euro and sterling to their lowest levels since November
      Mary McDougall in London
      14 minutes ago

      The dollar has notched up its strongest weekly performance since 2022 after outsize US inflation figures caused ripples through world markets.

      The US currency has strengthened by 1.5 per cent against a basket of six currencies since Monday, its best weekly performance since September 2022, as traders reversed bets on early interest rate cuts by the Federal Reserve.

      The euro and sterling fell to their weakest levels against the dollar since November on Friday at $1.0646 and $1.2469, respectively, while the yen sank to ¥153.26 hitting a fresh 34-year low.
      …

    5. How are the rate daters making out nowadays?

      They’re expecting to date a supermodel (sub 3% mortgages), but instead are stuck with Lizzo.

    6. Yahoo Finance
      Bloomberg
      Highest Treasury Yields of Year Fail to Tempt Buyers to Auction
      Michael Mackenzie
      Thu, Apr 11, 2024, 11:20 AM PDT
      2 min read

      (Bloomberg) — Bond investors who were in the habit of treating every tick higher in Treasury yields as a buying opportunity are having second thoughts.

      A sale of 30-year bonds garnered lackluster demand Thursday despite offering one of the highest auction yields of the past decade. While the results were far better than for Wednesday’s 10-year note auction, they suggest investors are chastened by the past week’s punishing selloff.

      Several economic data releases including a robust employment report and sticky consumer price inflation for March have decimated expectations for Federal Reserve interest-rate cuts that would benefit the bond market, calling into question whether last year’s yield peaks can be exceeded.

      “The bond market is worried that three times makes a trend,” George Catrambone, head of fixed income at DWS Americas, said of the consumer price index readings, which were higher than anticipated for a third straight month.

      Further economic resiliency that delays Fed rate cuts is seen as paving the way for a re-test of October’s 10- and 30-year yield highs above 5%. The 4.5% level for 10-year yields — which ended last year under 4% — was anticipated to unleash a wave of buying that has yet to materialize. The 10-year rate has remained above the threshold since exceeding it on Wednesday.

      “The current fragility in the bond market is a little bit of an October redux,” when the prospect of indefinitely elevated Fed rates focused investor attention on other bond-market negatives such as growth in supply, Catrambone said.

      The 30-year bond was awarded at 4.671%, a basis points higher than its yield in pre-auction trading at 1 p.m. New York time, the bidding deadline, a sign that demand fell short of expectations. Wednesday’s 10-year note auction drew a yield more than three basis points higher than indicated.

      Stalling progress by inflation toward the Fed’s 2% target rate has caused a sea change in expectations for monetary policy since January, when six quarter-point cuts were expected this year. The two-year Treasury yield briefly topped 5% Thursday for the first time since November as traders expect only 40 basis points of Fed easing this year.

      Also Thursday, more Wall Street banks scrapped forecasts for additional rate cuts this year, with economists at Deutsche Bank AG and Bank of America Corp. calling for just one, in December.
      …
      https://finance.yahoo.com/news/highest-treasury-yields-fail-tempt-182043587.html

    1. All generations in China have some gold exposure.

      It is a normal gift for a wedding couple.

      Considering their banking system collapsed in the early 20th century and did not recover until the 1970s, it is easy to understand why.

        1. So what happens if the CCP criminalizes ownership of the precious? Or do you think they wouldn’t dare?

          Sure, people can hide it, like Americans did during the Great Depression. But how do you convert it into cash? You wouldn’t be able to go to a bank to trade it for cash, all the transactions would have to be private.

          1. They would absolutely dare to confiscate. I thought I read somewhere that the CCP actually encourages families to stack gold. I’m sure it’s because the CCP has every intention of confiscating it later, just like FDR did. And remember that citizens don’t have their own, ugh, defense devices. And they don’t seem to be big into boating.

  10. ‘When you’re going into buying your first home, you never anticipate not having the option to refinance,’ the 23-year-old Hicks said. ‘It’s definitely discouraging at this point.’”

    Hicks, you & your fellow stoopids are about to learn the consequences of blindly trusting in realtor Happy Talk and the REIC shills in the globalist scum media.

  12. Did you buy an expensive home in California, only to learn that it is uninsurable?

    I’m curious about the big corporate landlords: Do they self-insure?

    1. Local News
      State Farm reveals 50 San Diego zip codes where policies will be dropped
      Starting this summer, State Farm is dropping 30,000 homeowners insurance policies across California.
      Author: Shannon Handy
      Published: 5:24 PM PDT April 11, 2024
      Updated: 5:24 PM PDT April 11, 2024

      SAN DIEGO — State Farm is dropping 30,000 homeowners insurance policies in California starting this summer.

      Including homeowners living in 50 zip codes across San Diego County.

      “With what’s happened in our insurance market, these carriers are just not profitable in California,” said Matthew Clark with C3 Risk & Insurance Services.
      …
      https://www.cbs8.com/article/news/local/state-farm-will-drop-policies-in-these-zip-codes/509-6ddb4328-bf27-4ddc-8051-5d02a408ee6a

  14. The Washington Post is globalist scum media.

    Washington Post Editorial Board — The world is unprepared for the next pandemic. Here’s a start to fix that (4/11/2024):

    “Conservatives in the United States and elsewhere have expressed alarm that the agreement would create a global public health cop. At a February news conference, Rep. Brad Wenstrup (R-Ohio), chairman of the House Oversight subcommittee on the coronavirus pandemic, said, “The WHO wants to infringe upon our national sovereignty with their proposed ‘pandemic treaty.’” Republicans might continue to make the WHO a campaign-year bugaboo; as president, Donald Trump had pulled the United States out of the organization. These concerns are overwrought. The language in the agreement clearly affirms the “sovereign right of states” to pass their own legislation and control their own genetic and biological resources.”

    https://archive.ph/ScpCg

    It starts with the phony masks, and it ends with you being forcibly loaded into boxcars and taken to the camps and forced vaccination with deadly mRNA poison.

    1. It starts with the phony masks, and it ends with you being forcibly loaded into boxcars and taken to the camps and forced vaccination with deadly mRNA poison.

      In case anyone has forgotten!
      A new Rasmussen poll finds that a majority of likely Democratic voters favor taking strong action against Americans who are not vaccinated against COVID-19, including fines and home confinement.
      Forty-eight percent of Democrats also would give the green light to government fines or imprisonment for those who question the efficacy of the vaccine on social media or other public forums. Forty-five percent of Democrats gave a thumbs up to forcing the unvaccinated into temporary designated areas,

        1. I recall that there were predictions that we would see that ramp up around 2025. With the rise in turbo-cancers and the scourge of “died of suddenly” that seems plausible. Time will tell.

  16. Homelessness
    Backers of California homeless camp ban cite ‘successful’ San Diego law. But is it?
    Avatar photo by Marisa Kendall April 11, 2024
    The O Lot Safe Sleeping site at Balboa Park in San Diego on March 22, 2024. Photo by Kristian Carreon for CalMatters
    In summary

    A new bill would make it illegal for homeless residents to camp in certain places, such as near schools, throughout California. Its authors say such a ban has had great success in San Diego. But a closer look at that city paints a more nuanced picture.

    Politicians pushing to make homeless encampments illegal across wide swaths of California point to one city as proof it will work.

    “San Diego gets it,” Senate Republican Leader Brian Jones said during a recent press conference. “They are having great success so far with their ordinance, and we hope we can take that success across the state.”

    Jones’ proposal, Senate Bill 1011, is modeled after a controversial new San Diego ordinance that bans encampments near schools, shelters and transit hubs, in parks, and even, if shelter beds are available, on all public sidewalks.

    But how well is San Diego’s “Unsafe Camping Ordinance” really working?

    While encampments are much less noticeable in some areas — such as downtown, in the city’s main park, and around certain schools — they’re just as prevalent, if not more so, near freeways and along the banks of the San Diego River.

    The city’s homeless shelters are full, often with no beds for people who want to avoid a citation. There’s no evidence the city’s overall homeless population has decreased in the eight months since enforcement started.

    Still, Jones is banking on the fact that Californians are fed up with the state’s current approach. Despite Gov. Gavin Newsom’s administration spending an unprecedented $24 billion on housing and homelessness over the last five years, encampments are rampant throughout the state.
    …
    https://calmatters.org/housing/homelessness/2024/04/homeless-encampment-ban/

    1. ChatGPT 3.5

      User
      How many homeless people live in California?

      ChatGPT
      As of my last update, California has one of the highest homeless populations in the United States, with over 160,000 homeless individuals. However, these numbers can fluctuate due to various factors, so it’s essential to check for the most recent statistics for the most accurate information.

      User
      What is $24 billion divided by 160,000?

      ChatGPT
      To calculate that, you divide $24 billion by 160,000:

      $24,000,000,000 ÷ 160,000 = $150,000 per person.

      ChatGPT can make mistakes. Consider checking important information.

      ChatGPT

  18. So long as Barbara Corcoran’s prediction for ever-increasing US home prices holds up, the ‘houses before spouses’ real estate investing strategy should do great.

    Once prices start to CR8R, look out below!

    1. Lifestyle
      Published April 12, 2024 4:30am EDT
      Texas women say ‘houses before spouses’ after buying properties together; real estate expert weighs in
      The Austin, Texas, friends started a real estate company to help young adults buy their first home
      By Brittany Kasko FOXBusiness
      The cost of housing in America will continue going up: Barbara Corcoran

      In a wide-ranging interview on ‘Cavuto: Coast to Coast,’ The Corcoran Group founder and ‘Shark Tank’ star Barbara Corcoran addresses market trends and challenges in real estate.

      Two friends are taking on the challenge many young adults have faced — purchasing their first home — and attempting to squash the struggle.

      Kristina Modares and Stephanie Douglass are co-founders of Open House in Austin, Texas. They work to help people purchase their first home — with friends.

      The pair, who originally met through social media in 2016, said they started purchasing homes together years ago in an effort to make ends meet and build equity, they told SWNS.

      “People are shocked about buying with friends, but I think in the next five years it will be normal,” Modares predicted.

      Douglass said she started her career as an elementary school teacher. She purchased her first property, a $305,000 home in Austin, Texas, with a friend in 2018 after she was turned down for a loan.

      Two friends said they bought their first house together (not pictured) as an investment — and didn’t feel the need to wait until they had spouses to begin purchasing property. (iStock / iStock)

      Today, after renovating and renting out the property, she said she nets $2,000 a month from the rent.

      Modares purchased her first property, a $130,000 triplex in San Antonio, Texas, with a friend in 2017 after putting a 20% deposit down and splitting the rest equally.

      The pair then sold their property over a year ago for $200,000.
      …
      https://www.foxbusiness.com/lifestyle/texas-women-houses-spouses-buy-properties-together-real-estate-expert.amp

    2. Once America’s Hottest Housing Market, Austin Is Running in Reverse
      Home prices have fallen more than anywhere in the U.S.
      Well-paid tech workers relocating to Austin, Texas, helped drive the city’s housing boom.
      By Will Parker
      | Photographs by Tyler Dane Hansen for The Wall Street Journal
      March 18, 2024 5:30 am ET

      The Sunbelt city that came to symbolize the pandemic housing boom is now leading a national property cool-down.

      Home prices and apartment rents in Austin, Texas, have fallen more than anywhere else in the country, after a period of overbuilding and a slowdown in job and population growth.

      That marks a sharp reversal from previous years when Austin’s real-estate market was sizzling. The city attracted waves of remote workers on six-figure tech salaries. Others arrived after companies such as Tesla and Oracle moved offices there, taking advantage of lower taxes and less business regulation. Austin’s economy grew at nearly double the national rate, and it became the country’s 10th-largest city.

      Now, it is contending with a glut of luxury apartment buildings. Landlords are offering weeks of free rent and other concessions to fill empty units. More single-family homes are selling at a loss. Empty office space is also piling up downtown, and hundreds of Google employees who were meant to occupy an entire 35-story office tower built almost two years ago still have no move-in date.
      …
      https://www.wsj.com/economy/housing/once-americas-hottest-housing-market-austin-is-running-in-reverse-94226027

  19. Most people moving to San Diego are from these 5 cities, according to Redfin
    Rhea Caoile
    4 days ago

    SAN DIEGO (FOX 5/KUSI) — While San Diego County has been seeing more people leaving than moving into the region, there are still people interested in relocating and buying homes in the area.

    According to data from Redfin, homebuyers from Los Angeles showed the most interest in moving to San Diego out of people from any other large metropolitan area in the U.S.

    More than 11,000 people from Los Angeles searched for homes in San Diego between January and March. San Francisco was the second city on Redfin’s list with more than 2,600 homebuyers expressing interest in San Diego followed by Dallas with 1,122, New York City with 502 and Seattle with 494.
    …
    https://fox5sandiego.com/news/local-news/most-people-moving-to-san-diego-are-from-these-5-cities-according-to-redfin/amp/

  20. Number of residents that left San Diego County last year nearly doubled from previous
    Aerial view above Hillcrest neighborhood in San Diego, California. USA
    by: Anna Ashcraft
    Posted: Mar 26, 2024 / 02:02 PM PDT
    Updated: Mar 27, 2024 / 06:28 AM PDT

    SAN DIEGO (FOX 5/KUSI) — While more U.S. counties saw population growth than losses in 2023, San Diego County saw nearly double the amount of people leave than move in compared to the year prior, according to the U.S. Census Bureau.
    …
    Year-over-year, 60% (1,876) of U.S. counties gained population, an increase from the 52% (1,649) for the previous year, the census bureau reports.

    However, in San Diego County, the area did not follow nationwide trends — 30,745 more people left the region than moved into it in 2023, nearly double from 2022 which saw 15,956 more people leave than move in.
    …
    https://fox5sandiego.com/news/local-news/number-of-residents-that-left-san-diego-county-last-year-nearly-doubled-from-previous/?ipid=promo-link-block1

  21. Here’s how much income you need to buy a home in San Diego
    by: Rhea Caoile
    Posted: Mar 15, 2024 / 02:04 PM PDT
    Updated: Mar 15, 2024 / 03:09 PM PDT

    SAN DIEGO (FOX 5/KUSI) – There are seven metropolitan areas in the U.S. where a household must make at least $200,000 to comfortably afford buying a home, and San Diego is in the top four.

    According to a recent study by Zillow, people looking to buy a home in San Diego need to have an income of at least $273,613.

    A monthly mortgage payment in San Diego is approximately $5,757 with a 10% down payment.
    …
    https://fox5sandiego.com/news/local-news/heres-how-much-income-you-need-to-buy-a-home-in-san-diego/?ipid=promo-link-block1

    1. “A monthly mortgage payment in San Diego is approximately $5,757 with a 10% down payment.”

      That’s quite a bit more than rent on compable housing, plus the 10% down payment in the relitter scenario is a deception to make the monthly payment 10% smaller than reality.

      I don’t see how San Diego real estate investments pencil out at these prices, unless trees truly do grow to the sky.

    1. Business
      California just hiked minimum wage for fast food workers. Some restaurants are replacing them with kiosks
      By Parija Kavilanz, CNN
      Published 10:55 AM EDT, Thu April 11, 2024
      Mike Blake/Reuters
      An automated screen to select and order your food is shown at a McDonald’s restaurant in Del Mar, California as the state began a new wage law on April 1, 2024.
      New York CNN —

      California just raised the minimum wage for the state’s fast food sector workers by $4 to $20. As if on cue, it raised a familiar refrain that those workers would be replaced by technology, such as self-service kiosks.

      That’s likely to happen in some instances where business who haven’t yet done so will look to technology to help offset higher labor costs, industry experts said.

      But the reality is that automation in the services industry is already on a roll, and the restaurant industry has been embracing it for a while now, even in states where the minimum wage hasn’t increased.

      “There are two things in play. One, already in motion for a while is robotics and automation at the store level,” said Rob Dongoski, global lead for food and agribusiness at Kearney, a strategy and management consulting firm. Examples in what is known in the industry as the “quick service restaurant” space include auto-refill technology and automated frying machines.
      …

    2. U.S.
      Jobs
      California Unemployment Spikes
      Published Apr 11, 2024 at 12:08 PM EDT
      Updated Apr 11, 2024 at 4:35 PM EDT
      By Omar Mohammed
      Reporter, Economy & Finance

      California saw applications for unemployment benefits rise for the week ending March 30, according to the Department of Labor—a signal that the jobs market may become more challenging amid a rise in the state’s jobless rate.

      In the Golden State, the number of jobless claims increased by 2,147, the largest rise in the nation. Pennsylvania followed with 1,913 new claims, and Iowa with 1,383. Overall, for the week ending April 6, claims declined by 11,000 to 211,000, below what economist expected.

      The labor market in California has experienced bumps compared to the rest of the country. In February, its 5.3 percent unemployment rate was the highest in the country, the Bureau of Labor Statistics reported—increasing from January’s 5.2 percent. At the national level, the jobless rate was at 3.9 percent during the month.

      Job losses were particularly noticeable in the construction sector, which shed 9,600 jobs, the state’s employment department reported. It said the sector was affected by disruptions from multiple storms that hit the area throughout the month. Total nonfarm jobs hit almost 18 million in February, but they experienced a net loss of 3,400 roles from the previous month.

      Over the next few weeks, the state could see layoffs, particularly in the fast-food sector, where a $20 minimum wage went into effect on April 1. Some pizzerias have indicated that they may reduce their staff or pause recruiting to cut costs following the salary increase, The Wall Street Journal reported.
      …
      https://www.newsweek.com/california-unemployment-spikes-labor-department-says-1889356

  23. Buying votes with money stolen from taxpayers.

    KDVR (4/12/2024):

    “The Biden administration is canceling student loans for another 206,000 borrowers as part of a new repayment plan that offers a faster route to forgiveness.

    The Education Department announced the latest round of cancellations Friday in an update on the progress of its SAVE Plan. More people are becoming eligible for student loan cancellation as they hit 10 years of payments, a new finish line for some loans that’s a decade sooner than what borrowers faced in the past.”

    https://kdvr.com/news/biden-administration-announces-another-round-of-student-loan-cancellation/

    If you borrowed $80,000 to get a Masters Degree in Obama Studies, you probably belong in debtor’s prison, as you’ll never contribute anything of value to society.

    “They’re not sending their best”

    1. a Masters Degree in Obama Studies

      Much like the foreign invaders, few of them will find a job.

  24. 6 hours ago –
    Economy
    Exclusive: More renters worry ownership beyond their reach
    Brianna Crane
    Illustration of a woman sitting somberly atop an isolated square of grass
    Illustration: Natalie Peeples/Axios

    Nearly 40% of renters are worried they’ll never be able to buy a home, up from 27% last summer, per Redfin survey results about to be released.

    Why it matters: Affordability and optimism are hitting all-time lows.

    The big picture: Renting is cheaper than owning in many U.S. markets, but nearly one in four renters nationwide regularly struggle to make monthly payments, per Redfin.

    Out-of-reach home prices, difficulty saving for a down payment and high mortgage payments and interest rates are among the top reasons renters say they won’t become homeowners anytime soon.

    The intrigue: More renters want a slice of the American Dream. Roughly 14% of renters never wish to own a home, down from nearly 19% in Q2 2023, according to Redfin’s study.
    …
    https://www.axios.com/2024/04/12/rent-mortgage-housing-affordablity-report-redfin

  25. Warmists gonna warm.

    The Guardian (4/11/2024):

    “Amid rising global temperatures and a looming election against an opponent who has indicated he will gut his climate policies, Joe Biden’s administration is shoveling billions of dollars into efforts it hopes will spur enduring cuts to planet-heating emissions, no matter the occupant of the White House.

    In recent weeks, large tracts of funding has been announced by the administration to help overcome some of the thorniest and esoteric challenges the world faces in driving down carbon pollution, seeding the promise of everything from the advent of zero-emissions concrete to low-pollution food production, including mac and cheese and ice-cream, to driving the uptake of solar panels and electric stoves in low-income households.

    “We are seeing billions of dollars going into really tricky parts of the energy transition and if there’s momentum behind this we will be measuring the impacts many years in the future,” said Melissa Lott, a professor at Columbia University’s climate school. “I would expect these investments to have knock-on impacts well outside the US’s borders.”

    “The money from the IRA needs to get out of the door due to the urgency of the climate crisis but also the politics of this year and next year,” said Lott. “If money has been already committed, it’s gone. It’s very tough for a new administration to pull back funding once it has already committed.”

    https://www.theguardian.com/us-news/2024/apr/11/biden-climate-change-policy-election

    Inflation Reduction Act what a f*ing joke.

    $34+ trillion in national debt, the United States is a bankrupt empire in terminal decline.

  26. A reader sent these in:

    Mortgage rates spike +0.23 to 7.29% after inflation data is released …
    U.S. 10 Year Treasury jumps +0.141 to 4.507%
    Avg 30 yr fixed mortgage rates make another big move higher…
    Rates have to go higher to attract investors to the risk, unless the Fed starts printing $$$ to buy the debt.

    https://twitter.com/WallStreetSilv/status/1778283257185902971

    Friendly Reminder:
    If your income has not risen by at least 21% since Covid (2020), you are now poorer. And that is using the government’s own data. The real number is likely 30% plus.

    https://twitter.com/Geiger_Capital/status/1778056078711722490

    Inflation stopped going down 9 months ago.
    Everything else is noise.
    Powell f@cked up.
    If you simply avoid gas, food, shelter and other basic needs you will be fine.

    https://twitter.com/Geiger_Capital/status/1778049607592755672

    When you feel the pain of paying more for groceries, gas, housing, insurance, etc, etc, be sure to thank the authorities who flooded the system with over $11 Trillion in response to the pandemic…

    https://twitter.com/menlobear/status/1778056716770287791

    *FED’S BARKIN: DON’T SEE ANY SUGGESTIONS CRE IS SYSTEMIC RISK
    he doesn’t have bloomberg terminal to see this

    https://twitter.com/AlessioUrban/status/1778114030235791443

    Not QE. Just Jay buying Janet’s debt.

    https://twitter.com/NorthmanTrader/status/1778510466647519524

    “Go back to school” So… get your student loans “forgiven” by other taxpayers so you can go back to school, take out more loans, and someone else can pay those back too. My god. How did we get here.

    https://twitter.com/Geiger_Capital/status/1778581376545009717

    Michigan Public Schools will eliminate around 5,100 positions over the next school year cycle due to a large number of schools sitting half empty, poor budget planning, and a shrinking youth population.

    https://twitter.com/MacroEdgeRes/status/1778440202505036018

    Salem Schools in Oregon will eliminate 400 teachers and staff next month following huge budget shortfalls

    https://twitter.com/MacroEdgeRes/status/1778433331417243706

    ❖ CANADA TO ALLOW FIRST-TIME BUYERS 30-YR MORTGAGES ON NEW HOMES

    https://twitter.com/DeItaone/status/1778437019334475811

    Insane: 42% of spending in Mar was financed by new debt – and then Yellen scratches her head when Treasury auctions are horrendous, like today’s 10-year…

    https://twitter.com/RealEJAntoni/status/1778260198445989991

    Interest on the debt blew past defense spending months ago and has been the 3rd largest line item in the Treasury’s monthly statement for a while, behind only the Social Security Administration and the Dept. of Health and Human Services – but the interest is catching up…

    https://twitter.com/RealEJAntoni/status/1778251535069118593

    1. Insane: 42% of spending in Mar was financed by new debt – and then Yellen scratches her head when Treasury auctions are horrendous, like today’s 10-year…

      Buckle your inflation seat belts, folks! And don’t expect a raise this year, you’ll be lucky if you aren’t dejobbed.

      #FJB

    2. “Not QE. Just Jay buying Janet’s debt.”

      and

      “Insane: 42% of spending in Mar was financed by new debt – and then Yellen scratches her head when Treasury auctions are horrendous, like today’s 10-year…”

      and

      “Interest on the debt blew past defense spending months ago and has been the 3rd largest line item in the Treasury’s monthly statement for a while, behind only the Social Security Administration and the Dept. of Health and Human Services – but the interest is catching up…”

      \\

      – Debt financed with printed $ (debt monetization) has been tried before, and always ends in tears. Reference: John Law and the Mississippi Bubble, which led to the French Revolution.

      – Stagflation is the combination of high public debt and inflation, due to printed $ used to buy said debt, and is one of the worst forms of economic misery.

      – Bidenomics is the current incarnation of Big Government and Big Government spending, but’s been going on for a while now. The debt ball isn’t getting any smaller. The end game approacheth.

      \\

      “What has been will be again,
      what has been done will be done again;
      there is nothing new under the sun.” – Ecclesiastes 1:9

      “Insanity: doing the same thing over and over again and expecting different results.” – Albert Einstein (misattributed) – Narcotics Anonymous

      “Whoever controls the volume of money in our country is absolute master of all industry and commerce…when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” – James A. Garfield

      “The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.” – Ernest Hemingway

      “The only thing worse than inflation is nuclear war” – Charlie Munger

      “Inflation is a quiet but effective way for the government to transfer resources from the people to itself, without raising taxes.” – Thomas Sowell.

      “Inflation is a monetary phenomenon. It is made by or stopped by the central bank.” – Milton Friedman

      “The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.” – Ludwig von Mises

      “Nations are not ruined by one act of violence, but gradually and in an almost imperceptible manner by the depreciation of their circulating currency, through its excessive quantity.” – Nicolaus Copernicus

      “I don’t believe we shall ever have good money again before we take it out the hands of governments.” – Friedrich Hayek

  27. A net drain on taxpayers, breaking into the country illegally and expecting free “health care” for their mental illness.

    Colorado Sun — Immigrant rights groups allege abuse, harassment of transgender detainees at Aurora ICE facility (4/11/2024):

    “The complaint asks that transgender and nonbinary people facing immigration charges be supervised in the community while waiting for their court hearings, rather than be exposed to the dangers of incarceration.

    In 2020, a group of trans and nonbinary people detained at the Aurora facility filed a petition that said they could not receive therapy or treatment and that they faced significant delays in receiving medication to control their symptoms from HIV.”

    https://coloradosun.com/2024/04/11/aurora-contract-detention-facility/

    What do you bring to America? You bring A.I.D.S.

    That’s your contribution, and you expect taxpayers to pay for all of it.

    “They’re not sending their best”

  28. The Associated Press is globalist scum media.

    How immigrant workers in US have helped boost job growth and stave off a recession (4/12/2024):

    “How has the economy managed to prosper, adding hundreds of thousands of jobs, month after month, at a time when the Federal Reserve has aggressively raised interest rates to fight inflation — normally a recipe for a recession?

    Increasingly, the answer appears to be immigrants — whether living in the United States legally or not. The influx of foreign-born adults vastly raised the supply of available workers after a U.S. labor shortage had left many companies unable to fill jobs.

    More workers filling more jobs and spending more money has helped drive economic growth and create still-more job openings. The availability of immigrant workers eased the pressure on companies to sharply raise wages and to then pass on their higher labor costs to their customers via higher prices that feed inflation. Though U.S. inflation remains elevated, it has plummeted from its levels of two years ago.”

    https://apnews.com/article/immigration-jobs-economy-wages-gdp-trump-biden-fbd1f2ec89e84fdfaf81d005054edad0

    You are being replaced.

    And the people replacing you do not recognize the national sovereignty of the United States or its right to defend its own borders.

    They care nothing about the culture or history of this country, or the rule of law, because they view it as an economic zone, not a nation, and one in which its White, native citizens are a nuisance population that needs eliminated.

  29. Hicks hoped she would be able to refinance the mortgage later this year, but recent headlines have made her worried that rates won’t go down anytime soon.

    Gosh, a realtor told me in late February the Fed would lower rates by now and I could refinance. I guess rates will go lower in June or something?

    1. Financial Times
      Opinion Lex
      Jamie Dimon’s inflation worries look prescient. Now what?
      Perhaps it could be not just ‘higher for longer’ but ‘higher forever’
      JPMorgan Chase chief executive Jamie Dimon
      The underlying question to Jamie Dimon’s theory of extended above-target inflation is if failing to return to a 2% target rate is harmful
      Jamie Dimon: one, Jay Powell: nil.

      JPMorgan Chase chief executive Dimon’s annual letter to shareholders this week struck an ominous note, predicting that too much attention is paid to month-to-month oscillations in interest rates and inflation. Rather, the big picture mega-forces portend expensive money for an extended period of time. Perhaps could it be not just “higher for longer” but “higher forever”?

      On Wednesday, while only a monthly reading, the US reported a 3.5 per cent increase in consumer prices for the year to March. The figure was high enough to chill the idea of several Fed rate cuts that had been telegraphed by the central bank and assumed by financial investors.
      …

    2. Watch out for 8% mortgage rates
      This week’s CPI report is pushing interest rates higher just in time for the peak homebuying season.
      Charley Blaine
      Apr 11, 2024 12:43 AM EDT

      The Consumer Price Index report of April 10 showed that inflation, at least at the consumer level, is more stubborn than many investors and economists had hoped.

      The result was a nasty selloff in stocks as many on Wall Street and elsewhere realized that the Federal Reserve isn’t going to cut interest rates in the near future and maybe not in 2024.

      The selling hit just everyone nationally involved in real estate:

      – Homebuilders D.R. Horton (DHI) , off 6.4%. PulteGroup (PHM) , down 6%.

      – Home-improvement retailers Home Depot (HD) and Lowe’s (LOW) , each down 3%.

      – Online real-estate broker Zillow (Z) dropped 6%, and home-financial company Rocket Cos. (RKT) dropped 12.8%.

      – The iShares U.S. Home Construction ETF (ITB) slumped 4.7%. The ETF’s holdings include builders, building-supply companies and related companies.

      The CPI report also raised fears that mortgage rates would shoot up just as the annual home-buying season shifts into high gear.
      …
      https://www.thestreet.com/mortgages/watch-out-for-8-for-mortgage-rates

  30. Get ready for $10 gas, peasants.

    CNBC — U.S. crude oil breaks above $87 as Israel reportedly preparing for Iran attack this weekend (4/12/2024):

    “U.S. crude oil broke above $87 a barrel on Friday as futures rallied on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of Middle East tensions since the start of the Israel-Hamas war last October.

    Israel is preparing for a direct attack by Iran on southern or northern Israel as soon as Friday or Saturday, a person familiar with the matter told The Wall Street Journal. A person briefed by Iran’s leadership told the Journal that no final decision has been made, though plans for a strike are under discussion.

    People familiar with Western intelligence assessments told Bloomberg News that an attack by Iran, or its proxies, with drones and missiles against Israel could come as soon as the next 48 hours.”

    https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html

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

    1. I fille up today for $2.98. If typically refill the tank every 8 to 10 weeks. I expect to pay a lot more next time,, probably at least $4.

    2. People familiar with Western intelligence assessments told Bloomberg News that an attack by Iran, or its proxies, with drones and missiles against Israel could come as soon as the next 48 hours.

      I think israel is counting on this, so as to drag us into their war, with US boots on the ground. Did you hear that, DEI members of the US armed forces, you might be coming home in a body bag?”

  31. 23 and a 3 bedroom “first” home lets revisit her in a year or two for an update, but they never will
    ———
    When you’re going into buying your first home, you never anticipate not having the option to refinance,” the 23-year-old Hicks said. “It’s definitely discouraging at this point.”

  32. The Joe Biden Economy.

    The Hill (4/12/2024):

    “Almost 40 percent of renters do not believe they will ever own a home, a double-digit increase from last summer, when 27 percent of respondents said the same.

    Affordability is the biggest obstacle preventing renters from believing they could become homeowners.

    More than 1 in 4 renters, 44 percent, don’t believe they will be able to purchase a home due to affordability.

    Home prices have gone up by 40 percent since 2019, Redfin noted, a hike attributed to a national shortage of homes and an increase in purchases during the pandemic.”

    https://thehill.com/homenews/state-watch/4590011-more-renters-worry-theyll-never-be-able-to-buy-home-survey/

    40 percent because minor respiratory illness, got it. At least All The Right People got their billions. You got a check for $1,400 and 50% inflation.

    1. The Hidden Costs of Homeownership Are Skyrocketing
      Rising insurance premiums, property taxes and maintenance costs show little sign of abating
      Lori and Darren Gondry have seen their home insurance costs rise 63% in two years.
      Morgan Hornsby for The Wall Street Journal
      By Nicole Friedman
      April 10, 2024 9:00 pm ET

      Darren Gondry has owned his four-bedroom home near a golf course in Louisville, Ky., since 2004. He and his wife, Lori Gondry, paid off their primary mortgage in 2021.

      That hasn’t stopped other bills associated with homeownership from piling up. Their home insurance costs have risen 63% in two years. Their property taxes, utility costs and homeowners’ association fees have risen in recent years, too.

      “I was so sticker-shocked,” Gondry said of the mounting home-cost increases. “I fear they’re here to stay.”

      Homeownership affordability fell to its lowest level since the 1980s last year as mortgage rates reached a 23-year high and home prices set new records.

      Borrowing costs have eased somewhat this year, with the average rate for a 30-year home loan down about a percentage point since October. But other prices related to homeownership keep rising and show little sign of abating.

      Property taxes and home-maintenance costs are climbing in much of the country. Non-mortgage costs including property taxes, maintenance, utilities and insurance make up more than half of homeowners’ overall costs, according to a 2022 analysis by Fannie Mae
      economists.
      …
      https://www.wsj.com/economy/housing/housing-affordability-taxes-insurance-costs-rise-bca64df1

      1. “Non-mortgage costs including property taxes, maintenance, utilities and insurance make up more than half of homeowners’ overall costs, …”

        So if your mortgage payment is over $5000, which is typical according to an article posted above, you should plan on budgeting another $5000+ for ‘hidden’ costs of homeownership, for a total cost of homeownership over $10,000 a month or $120,000 a year. How many renters pay that much for their shelter costs?

        Hopefully for the owners, ever-high rates of housing price inflation will make their decision to buy seem smart in retrospect.

  35. Shanghai Landlords Desperate, Offload Homes That Can’t Sell Even With $10M Cuts
    China Observer
    4 hours ago

    In the wake of China’s economic sluggishness and the collapse of the real estate market, luxury home prices in first-tier cities have plummeted. The once unshakeable myth of upscale properties as a safe investment has been shattered. Years of savings for homeowners have turned to dust, leaving the populace lamenting these “woeful times.”

    https://www.youtube.com/watch?v=lRoO5tNO9xo

    19 minutes.

  36. ‘purchased a three-bedroom home in St. Petersburg, Fla., in January, with a 7.1% mortgage rate. Hicks hoped she would be able to refinance the mortgage later this year, but recent headlines have made her worried that rates won’t go down anytime soon. ‘When you’re going into buying your first home, you never anticipate not having the option to refinance’

    It’s been 3 months.

  37. Brampton Home Prices Trending Down! (Peel Region Real Estate Market Update)
    Team Sessa Real Estate
    1 hour ago MISSISSAUGA

    In this episode we take a look at the current Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate home prices and market trends for week ending April 3, 2024. We also discuss what’s currently happening in different parts of Peel where there’s some interest in some places, but very little interest in others.

    This video will focus specifically on Brampton, Mississauga, Ajax, Whitby, Pickering but be sure to SUBSCRIBE for more reports on other areas!

    Chapters:
    0:00 Introduction
    0:22 What Is Going On With Brampton And Mississauga?
    3:59 Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Update
    10:47 Our New Townhouse Listing!

    https://www.youtube.com/watch?v=lB4bQ1Wndj0

    12 minutes.

  38. ‘says Ferrigno signed a contract with a New York couple to build them a $1.1 million dollar home in Avon. The couple paid $260,000 for the land in Avon. DCP says Ferrigno never even owned the land’

    He seemed like such a nice man we didn’t think to look into it.

  40. ‘[They] lived on one of the most beautiful and idyllic townhouse streets in the Village. But it’s not so beautiful and idyllic anymore when you’ve got 10 guys passing around a crack pipe in front of your house, or passed out with a needle in their arm ‘

    Other than that, what’s the walk ability Herman?

  41. ‘I would be heartbroken to see [her home] demolished. It’s just so scary because I just don’t know if I will be able to buy elsewhere if they [the council] buy me out. We need to see people given a decent price if it comes to it. If they go for repairs, we shouldn’t have to pay for that. We need to make sure homeowners don’t lose money. If the government has to step in and help us, so be it’

    Bargaining <- Lynsey, you are here.

    1. We need to make sure homeowners don’t lose money. If the government has to step in and help us, so be it’

      Funny how “other people’s money,” AKA socialism, seems to always be the answer.

  42. ‘It was just devastating to see all of our stuff just ruined…We don’t have flood insurance, my partner has just been made redundant. What are we going to do, how are we going to survive this?’

    There’s a country song in there somewhere Jemima.

  43. We’ve Been Lied To, CPLie Doesn’t Add Up When it Comes to Housing!
    Jon Flynn Broker of Record, Flynn Real Estate Inc.
    18 minutes ago

    I go for a walk with my dog and walk through neighbourhoods from the 70’s, 80’s, 90’s, 2000’s, 2010s, and of course today. Prices should be way lower than they are. Enjoy the tour.

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

    5:35.

  44. Now that the facade of six Fed rate cuts in 2024 has reverted back to ‘higher for longer’ rates, what is left to bolster risk asset prices?

    1. Yahoo Finance
      TheStreet
      Veteran fund manager delivers blunt warning on stocks
      Dan Weil
      Sat, Apr 13, 2024, 4:03 AM PDT
      4 min read
      In this article:

      Stocks have soared over the past 12 months, with the S&P 500 climbing 24%, well above the average annual return of 10% over the last 40 years.

      Stocks received a strong boost starting last year from expectations that the Federal Reserve would execute multiple interest-rate cuts this year.

      With the economy expanding an annualized 3.4% in the fourth quarter, and inflation sticky at 3.5% year-on-year in March, the enthusiasm for rate cuts has dimmed.

      Interest-rate futures positions point to a 71% probability of two rate cuts or less, according to CME’s FedWatch Tool.

      Some prominent experts, such as Apollo Global Management economist Torsten Slok, anticipate no action from the Fed this year.

      Summers sees possible rate hike

      Harvard economist and former Treasury Secretary Larry Summers sees a 15% to 25% chance that the Fed will raise rates this year.
      …
      https://finance.yahoo.com/news/veteran-fund-manager-delivers-blunt-110300147.html

      1. Yahoo Personal Finance
        Mortgage rates today, April 13, 2024: Rates hover near 7%
        Laura Grace Tarpley·Lead Editor and Content Strategist, Mortgages
        Sat, Apr 13, 2024
        5 min read

        The average 30-year fixed mortgage rate is inching closer and closer to 7%, according to Freddie Mac. This is the third week in a row that the 30-year rate has gone up.

        Economists do expect rates to gradually decrease this year, though.
        …
        https://finance.yahoo.com/personal-finance/mortgage-rates-today-saturday-april-13-2024-100007428.html

Comments are closed.