The Inconvenient Experience Of Buying During A Market Peak And Closing During A Market Dip
A report from Barron‘s. “Places where prices have run up the most relative to historic norms are most vulnerable to setbacks, industry experts say. Florida, and Miami in particular, are cases in point. Frustration hangs over the housing market in the Miami area, says Riley Smith, an agent based in the city and president of the Riley Smith Group. Prices for new construction and land are strong, but the city’s condo market is seeing weakness, he says. Buyers, frustrated by high mortgage rates, ‘are really pumping the brakes,’ says Smith. ‘We’re seeing more deals fall apart because both sides feel like they’ve given so much to get there.'”
The Wall Street Journal. “In year three of the Federal Reserve’s high-rate policies, some home sellers and buyers are giving up waiting for the central bank to change course. With inflation still elevated, the Fed is in no rush to cut its own rates. Mortgage rates once again rose above 7% this week. Denver: Original Listing Price: $1,050,000. Number of Offers: 0. Carol Bhargava, 70, never planned to sell the dream house she had been improving for more than 40 years. Then, about four years ago, her husband, Girish, now 78, mentioned he had trouble making it up and down the 12 steps to the basement. They hoped he would improve, but last September they put the three-bedroom ranch on the market for about $1.05 million.”
“They relisted the house in February, cutting the price by about $150,000. After 25 individual showings, there were still no serious offers, Carol said. Reluctantly, they reduced the price again to $797,900. While waiting for a buyer, the Bhargavas bought a two-bedroom condo in a 55-plus community in Denver. The couple paid for the condo in cash. But they are counting on the sale of the house to cover some improvements to the unit, such as remodeling the two bathrooms and kitchen. They hope rates will come down and bring out serious buyers. ‘Hopefully buyers won’t keep waiting on the Fed,’ Carol said.”
From WTVR. “For most people, Hampton Roads and Northeastern North Carolina are beautiful places to call home. In 2023, WTKR reported several major insurance companies were leaving local customers without coverage. Fred Drummond of Virginia Beach was one of the thousands of residents dropped. Drummond’s home sits about three blocks from the Oceanfront, and he’s lived there since 1977. He says he was dropped by his insurance company last year despite being with them since the 1980s. ‘You feel very vulnerable because you suddenly realize that if you cannot get insurance, or if the insurance goes so high [that] you cannot afford it, then the mortgage company is going to call your loan due and it goes into foreclosure, you lose your house,’ he said. ‘So, there’s your life.’ Committed to following through on Drummond’s story, I wanted to see how he’s been doing since that July interview. ‘I called every insurance company you can imagine, and nobody was writing insurance,’ he said.”
TBR News Media in New York. “A significant shift is coming to Long Island’s real estate market, with the National Association of Realtors agreeing to a settlement that could alter how buyers and sellers pay their agents. Some industry experts warn this might not be a guaranteed benefit for buyers, especially for those applying for loans from the Federal Housing Administration or Veteran Affairs. ‘The problem is, if the buyer is going to pay the compensation to the agent, you’re not incorporating it into the property — as far as getting it from the proceeds of the sale — [and that] then is going to have an effect on FHA buyers and VA buyers and that’s extreme,’ John Fitzgerald of Realty Connect USA said.”
From Heavy. “While viewers and clients trust those personalities to deliver the best outcomes, records show that one of the network’s early home-flipping experts, Charles ‘Todd’ Hill of the 2014 series ‘Flip It to Win It,’ was scamming people before, during, and after he was on the network. On April 16, 2024, Hill was sentenced to four years in prison and ‘ordered to pay back close to $10 million for committing real estate and financial fraud against 11 victims,’ according to prosecutors in Santa Clara, California. Over the last decade, investigators have tracked Hill’s pattern of fraud, including a Ponzi scheme, according to the release, which said Hill was convicted in 2023 after ‘evidence showed that Hill spent the laundered money on a rented apartment in San Francisco, as well as hotels, vacations, and luxury cars.'”
“In what’s now become an eerily predictive exchange on the show’s trailer, Hill said, ‘I don’t want to go broke,’ and Kaufman heartily laughed, replying, ‘No, it’s inevitable. Just not for a while.'”
The Detroit News in Michigan. “Sterling Bancorp Inc. founder Scott Seligman has been hit with a $400,000 fine for allegedly pressuring bank employees to rush underwriting loans in a high-fraud risk residential mortgage program, according to the Office of the Comptroller of the Currency. He is also barred from the banking industry. According to a consent order released Thursday by the Office of the Comptroller of the Currency, Seligman was considered a ‘dominant influence’ at the Southfield-based bank where he issued directives to bank officers and employees, and ‘participated in the conduct of the affairs of the bank.’ Seligman and other insiders were accused of operating its residential loan program ‘without making a reasonable and good faith determination of applicants’ ability to repay the loan and did not ensure that documents used to verify applicants’ employment, income, and assets were obtained from third parties and were reasonably reliable,’ according to the order.”
“According to the court document, from 2011 through 2019, the bank offered an Advantage Loan Program, a low-document residential loan program. The program was the bank’s main residential loan product at the time. The program was considered a high risk for fraud, lending misconduct and money laundering so it required strong monitoring and controls, according to the order. An investigation found that the bank originated numerous ALP loans that had false or fraudulent loan applications. DOJ officials said the company made false statements relating to its 2017 initial public offering and in its 2018 and 2019 annual filings. The plea was related to the Advantage Loan Program. The bank originated at least $5 billion in loans through the program from 2011-19, according to the government. The fraud continued after the Sterling IPO resulting in a loss of nearly $70 million to the bank’s non-insider victim-shareholders, according to the DOJ.”
Bisnow on Pennsylvania. “Jobs for Philly construction workers could take a nosedive next year as a glut of residential projects wrap up and others get put on the shelf. Developers say construction starts are set for a hard crash after a rush to take advantage of the city’s former 10-year tax abatement program temporarily sent activity into the stratosphere. That means an industry that has historically been desperate for workers could find itself in the unfamiliar position of having to scale back employment. ‘It’s not even anticipating a downturn. The downturn’s already here,’ said Vince Jolly, founder and president of CVA Commercial Group. ‘I think construction workers, obviously, are going to get hit hard. Because once these jobs dry up, I mean, what else are they going to do?'”
“A building boom set to go bust will solve one issue — overbuilding that has led to too much supply and downward pressure on rents — and create another for the construction industry, The Riverwards Group Managing Partner Mo Rushdy said. ‘That glut of apartments will solve itself, let’s say, by May 2025,’ Rushdy said. ‘The real problem is, No. 1, jobs. We hear from our friend in the trade unions and from others that projects are going to dry up in terms of the residential industry and when it comes to new jobs coming from the pipeline of ’26 and ’27.’ Rushdy said jobs tomorrow depend on developers snagging permanent financing today. ‘I’ll tell you from experience, we’re not even seeking financing,’ Rushdy said.”
Real Deal Chicago in Illinois. “A Los Angeles investor has snapped up a distressed downtown office building at a fraction of what it last traded for, spotlighting a market that’s still grappling with the pandemic’s aftermath and broader challenges facing commercial real estate. Brog Properties paid $2.6 million for the 185,000-square-foot building at 216 West Jackson Boulevard via auction, with plans to aggressively pursue new deals with tenants and other measures to revitalize the mostly vacant property, CoStar reported. The price is about $14 per square foot. The last time the 10-story building changed hands was in 2013, when Marc Realty bought it for $22.3 million, or about $120 per square foot.”
“Marc Realty was sued over a year ago after allegedly defaulting on a $16.5 million loan tied to the property. Marc eventually surrendered the property via deed-in-lieu of foreclosure, leading Florida-based special servicer LNR Partners to take control of the site last summer. The building hit the auction block in February, and the sale was finalized this week.”
The Toronto Sun in Canada. “A GTA couple took occupancy of their pre-construction condo earlier this year and are waiting to close, but they aren’t living there yet. Instead, they’ve rented out their unit for a one-year term as they continue to live in their parent’s basement. Why? Because like many new condo purchasers in the city of Toronto, they find themselves in the ‘inconvenient experience’ of buying during a market peak and closing during a market dip, a scenario that forced them to get creative with financing, says mortgage broker and LowestRates.ca expert Leah Zlaktin.”
“‘They wanted to move in on occupancy but the finances didn’t add up,’ said Zlatkin, explaining that their property was appraised lower than expected upon completion, putting their mortgage approval in jeopardy. ‘I suggested they get a renter in right now … and work towards the closing cost and the ability to close while waiting for the property to get title,’ she added. ‘Many people who are buying a condo or something pre-build, might be buying their first home and using every last cent on their down payment,’ said Zlatkin, whose brokerage saw as many as 15 properties appraised at a lower price than anticipated in the first quarter of 2024. ‘If you appraise low, all of a sudden you need to come up with more money,’ she said.”
I News in the UK. “When Stacey Greenfield bought her home in April 2017 -a spacious two-bedroom flat in a new development in Borehamwood in Hertfordshire she didn’t imagine that, seven years later, she’d be asking her solicitor how she could get rid of it. ‘I was literally begging: please, can I just give this back?’ she says. ‘It sounds awful, but at this point I would happily give away the keys, even if I got no money back. That’s how bad it’s got.’ Stacey, now 33, had bought the property off-plan for £380,000 with her partner at the time. It was a home for the foreseeable future.”
“Stacey has been trying to sell the flat since lockdown, having broken up with her partner. But with the insurance premium soaring, fire defects unresolved and no date set for the repairs, lenders like Santander, HSBC and Virgin have refused mortgages on the property. Stacey is stuck in limbo, unable to move forward with her life – and growing increasingly desperate to sell her flat. ‘I’m literally stuck,’ she says. ‘We would like to move somewhere as a family, but we can’t do that. We’ve been having the same conversations for the last four years. We’re at breaking point. No one is listening; no one is helping. We want it to be taken seriously. We just want the works to start, or at least the contract signed,’ she adds. ‘We’re seven years on; our lives have changed. It’s been hell. Absolute hell.'”
From News.com.au. “The Block serial bidder Adrian Portelli is ‘rapt’ with a weekend auction that cost him more than $1m. Mr Portelli spent $4.3m buying in November last year buying 22 Charming Street, Hampton East, from The Block. But despite an Australian record 200 registered bidders for the five-bedroom house that had been listed with a $1 reserve, only nine parties actually made a bid and the home. It ultimately sold for $3.245m under the hammer, leading to a $1.055m loss, not including stamp duty, for the young rich lister known as ‘Lambo Guy.’ The auction opened with a $1 bid, which Ray White Sunbury director Aaron Hill said was something he didn’t normally see happen. ‘What the home sold for at The Block auction, the home was never worth that price,’ he said.”
The Telegraph. “In an eerie, unfinished village of pink and blue fairytale houses in Eastern China, billboards can be found advertising Evergrande’s once ambitious plans to build a tourism empire bigger than Disney. The derelict amusement park is among the 800 development projects and scores of vacant homes across China abandoned after the world’s most indebted property developer collapsed two years ago. According to an anonymous letter shared on Chinese social media platform WeChat last week, much of the blame lies with Evergrande’s former auditor: PwC. The open letter, which purports to have been signed by unnamed PwC partners, claimed the professional services firm ‘turned a blind eye’ while auditing Evergrande for more than a decade.”
“The letter accused Raymund Chao, chairman of PwC Asia Pacific and China, of being ultimately responsible for bringing the firm into the ‘hot pit’ of Evergrande, which filed for bankruptcy last year. Meanwhile, Evergrande’s liquidators are reportedly preparing for a potential professional negligence lawsuit against PwC to recoup compensation on behalf of creditors, the Financial Times reported. The collapse of Evergrande, which is regarded as a symbol of China’s real estate crisis, brings into question the role that auditors played in enabling China’s debt-fuelled property bubble.”
“Foreign-linked auditing and consulting firms over the past decade entered China to capitalise on the opportunities thrown up by the country’s booming property market. However, a combination of overbuilding, Covid restrictions and tighter government controls on debt that China’s property giants could carry on their balance sheets resulted in a wave of bankruptcies that has upended the world’s second largest economy. Big Four firms, including PwC, now stand accused of failing to spot the early signs.”
“George Magnus, economist and research associate at the University of Oxford China Centre, says: ‘In the upcycle in a long-standing property market appreciation, everybody becomes very optimistic. All sorts of behaviour is excused and allowed on the basis that if it makes you rich, it must be good.’
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Monday morning.
Keep paying those federal income taxes, cattle tax slaves.
‘In what’s now become an eerily predictive exchange on the show’s trailer, Hill said, ‘I don’t want to go broke,’ and Kaufman heartily laughed, replying, ‘No, it’s inevitable. Just not for a while’
I couldn’t find Kaufman’s first name in the article but he was apparently a co-host on the TV show with the ponzi guy.
‘Hopefully buyers won’t keep waiting on the Fed’
Jerry broke it off in yer a$$ Carol.
‘Seligman and other insiders were accused of operating its residential loan program ‘without making a reasonable and good faith determination of applicants’ ability to repay the loan and did not ensure that documents used to verify applicants’ employment, income, and assets were obtained from third parties and were reasonably reliable’
Senator running deer heap angry!
Fauxahontus bloviates for the cameras, while cashing her campaign checks from the malefactors behind such systemic financial fraud.
‘paid $2.6 million for the 185,000-square-foot building at 216 West Jackson Boulevard via auction, with plans to aggressively pursue new deals with tenants and other measures to revitalize the mostly vacant property, CoStar reported. The price is about $14 per square foot. The last time the 10-story building changed hands was in 2013, when Marc Realty bought it for $22.3 million, or about $120 per square foot’
90% off is unrealistic!
Tax breaks to hire local journalists approved in New York, a national first
https://www.politico.com/news/2024/04/21/new-york-journalism-tax-breaks-00153482
The decadeslong struggle of local media is getting a lifeline in New York.
The state budget, set to be finalized Saturday, includes the nation’s first payroll tax credit for local news organizations in a bid to encourage new hiring amid the ongoing struggles of journalism outlets to cover their communities.
Lawmakers and independent media companies praised the tax break, which will designate $30 million a year to the program, called the Local Journalism Sustainability Act.
“A thriving local news industry is vital to the health of our democracy,” bill sponsor Sen. Brad Hoylman-Sigal, a Manhattan Democrat, said in a statement. “It’s our responsibility to help ensure New Yorkers have access to independent and community-focused journalism.”
New York spends more than $8 billion a year on tax incentives and grants to attract and retain businesses in the high-tax state, and advocates of the measure have for years sought to extend the largesse to the newspaper and local TV industry.
The late addition to the $237 billion budget allows eligible outlets to receive a 50 percent refundable credit for the first $50,000 of a journalist’s salary, up to a total of $300,000 per outlet.
The money is largely focused on independently owned publications, but also can cover hiring journalists in print media outlets that “demonstrate a reduction in circulation or in the number of full-time equivalent employees of at least 20 percent over the previous five years.”
[Bla, bla, bla … now we get to this:]
The aid will be split between companies with 100 or fewer employees and larger ones.
[Larger ones = The New York Times.]
Local, independently owned news outlets this year started the Empire State Local News Coalition to build support for the idea, and they got the backing of powerful unions to help push it forward amid the closure of thousands of newspapers over the past decade across the nation.
Even with heavy subsidizes, the garbage legacy media is destined to end up on the ash heap of history, since instead of real news and real truth, they subject readers to globalist propaganda & DNC talking points.
you don’t hate journalists enough, you think you do, but you don’t.
“The media is the enemy of the American people” — DJT
‘industry experts warn this might not be a guaranteed benefit for buyers, especially for those applying for loans from the Federal Housing Administration or Veteran Affairs. ‘The problem is, if the buyer is going to pay the compensation to the agent, you’re not incorporating it into the property — as far as getting it from the proceeds of the sale — [and that] then is going to have an effect on FHA buyers and VA buyers and that’s extreme’
That’s cuz they got no money John and over 100% loans is the only way to be a winnah!
Feel-good story of the day.
https://www.dailymail.co.uk/news/article-13334881/Rep-Ilhan-Omars-daughter-Isra-Hirsi-homeless-anti-Israel.html
Oh, FFS. As if she really has no alternatives to sleeping on the street. There is no doubt she will be well cared for after being expelled.
Another “Oh dear!” moment in time.
https://www.news.com.au/finance/business/other-industries/monster-group-of-construction-companies-collapse-owing-more-than-80m/news-story/3586aa9e510f70717fadb0c63b56feb4
Justice is coming, COVID Communists.
https://twitter.com/newstart_2024/status/1782039523817320860
“Representative Chip Roy: “Over a 100 millions Americans were forced to take a vaccine with a veiled threat: “Your job or the jab.” Regardless of what progressive radical Democrats wanna claim these vaccines were not voluntary. The federal government mandated vaccines for military personnel, healthcare workers, government contractors and all businesses with more than a 100 workers. The Biden administration bragged that their mandates covered more than 2/3 of American workers. The government lied about its efficacy and effectiveness to make these mandates more palatable.”
1:50
illuminatibot
@iluminatibot
A Canadian woman, once mocked by her father as a conspiracy theorist, now finds herself taking care of him after he became a victim of Pfizer
Apr 21, 2024
https://x.com/iluminatibot/status/1782104159161844117
Rochelle Walensky. Now there’s someone who needs a late night dog walking encounter.
+1
Vigilante justice is the way ☠️
Congressmen Are “Terrified Of The Intel Agencies”; Tucker Carlson Warns They’ll Frame Them With “Kiddie Porn”
https://www.zerohedge.com/political/congressmen-are-terrified-intel-agencies-tucker-carlson-warns-theyll-frame-them-kiddie
Joe Rogan and Tucker Carlson sat down for a wide-ranging three-hours-plus discussion last week, touching on everything from UFOs, spirituality, and religion; from artificial intelligence costs and benefits to questioning ‘science’ consensus; and from government secrecy and lying to the threat to democracy driven by our domestic intelligence agencies.
[snip snip snip]
The former Fox News host exclaims his clear disdain for the manipulation and deceit he perceives at the highest levels of power.
“This is not self-government. You don’t run this country, we do. Shut up and obey,” says Carlson regarding what the reality of our government really is, adding that “what makes it particularly galling and hard to live with is when you call that system a democracy.”
Rogan and Carlson also touch upon the effects of technology and social media on personal interactions and societal norms. They discuss the negative impacts of constant connectivity, lamenting the loss of meaningful face-to-face interactions.
“When people lie and when people bullshit and gaslight, it’s more offensive now than it’s ever been before,” Rogan points out.
“The lies aren’t sophisticated. It’s something incredibly insulting and demeaning to tell me a lie when I know it’s a lie.”
And then the discussion gets ominously dark as the pair reflect on the re-authorization of the ‘spying on Americans’ bill (we note that the two gentlemen met before the bill was re-authorized).
‘Kiddie Porn’ blackmail fear…
Stunningly, Carlson tells Rogan that congressmen were “terrified” that intelligence agencies will frame them with “kiddie porn” if they openly opposed the “warrantless spying” bill.
Specifically, he says US lawmakers “told” him that they are “worried” about being punished by intel agencies if they oppose reauthorizing Section 702 of the Foreign Intelligence Surveillance Act (FISA).
“People don’t say that because they’re worried about being punished. They’re worried about someone putting kiddie porn on their computer. Members of Congress are terrified of the intel agencies. I’m not guessing at that. They’ve told me that — including people on the intel committee, including people who run the intel committee,” Carlson said.
“The people whose job it is to oversee and keep in line these enormous, secretive agencies whose budgets we can’t even know – their ‘black budgets’,” Carlson continued, raising his hands into air-quotes.
That it is “tyranny”, not democracy, for “unelected people who are not accountable to anyone making the biggest decisions”, Carlson raged, to force congressmen to support reauthorizing “warrantless spying” of American citizens because “they’re threatened.”
“They’re the parents, the agencies are the children. They’re afraid of the agencies. That’s not compatible with democracy.”
“It’s playing out in front of everyone, and no one cares and no one does anything about it,” Carlson said.
“I think the reason is because they’re threatened. And if you look at the committee chairman who allowed this shit to happen year after year, they’re all – and I don’t know, people say, ‘Oh, they’re compromised or being blackmailed,’ whatever. I don’t have evidence of that. But I know them. And they have all the things to hide. I know that for a fact.”
“It’s not a stretch of imagination to imagine that, you know, some committee chairman who’s allowing warrantless spying on Americans to continue, or whatever abuse they’re allowing… It’s not impossible to imagine that some guy with a drinking problem or a weird sex life — and that’s very common, very common up there — that’s why they’re doing it. Because they don’t want to be exposed,” Carlson added.
“I said to somebody, a very powerful person, the other day, in a conversation in my kitchen, an elected official – holds a really senior position…
But I was like, ‘All these people are controlled. They’ve all got weird s*x lives, and all these things they’re hiding, and they’re being blackmailed by the intel agencies.’
And he said, and I’m quoting, ‘I know.’ I was like, okay, so at this point, we’re just sort of admitting that’s real? Like, why do we allow that to continue?”
It appears that the US stock market has achieved a permanently high plateau in the face of higher-for-longer interest rates.
ETFs
‘Overdue’ pullback in US stocks to test dip-buyers’ resolve
By Lewis Krauskopf and Saqib Iqbal Ahmed
April 21, 2024 10:07 PM PDT
Updated 9 hours ago
Item 1 of 2 A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly/File Photo
NEW YORK, April 22 (Reuters) – The first sharp pullback for U.S. stocks in half a year is leaving investors wondering whether to buy the dip or hold out for more declines.
Following several turbulent weeks, the S&P 500 is down more than 5% from its March 28 closing high, its biggest retreat since October. Though they have been rare in recent months, such drops are not uncommon: The S&P 500 has experienced an average of three pullbacks of 5% or more every year since 1929, a Bank of America analysis showed.
Many market participants believe the factors that drove the S&P 500 to a 10% gain in the first quarter – including resilient economic growth and excitement over artificial intelligence – remain in place and will support stocks over the long term.
For the last week, however, sellers have had the upper hand. The S&P 500 fell for its sixth straight session on Friday, the longest such streak since October 2022.
While some investors are already buying on weakness, others are waiting for more clarity on the path of inflation, geopolitical tensions in the Middle East and the strength of corporate earnings before jumping in.
A pullback is “long overdue,” said King Lip, chief strategist at Baker Avenue Wealth Management. “I think it’s a garden variety correction at this point.”
Lip has started adding equity exposure for clients and plans to buy more if stocks slide further. Nevertheless, he believes the S&P 500 could fall by as much as 10% from its March 28 high.
History shows that strong starts to a year are often followed by sizable retreats, after which the stock market typically rights itself and continues higher.
The S&P 500 has seen an average maximum drawdown of 11% each time it has gained 10% or more in the first quarter, a study from Truist Advisor Services showed. The index has ended the year higher in 10 out of 11 such instances since 1950.
“We’re not surprised that there was a bit of a pullback,” said Sonu Varghese, global macro strategist at Carson Group, who has been using the recent weakness as an opportunity to increase positions in small-cap stocks.
“I think buyers will start stepping in,” he said.
Still, investors have grown cautious. Clients of BofA sold $800 million in U.S. equities in the latest week, the third straight week they were net sellers, the firm said last Tuesday.
Meanwhile, some volatility-sensitive funds that bought equities as markets marched higher have already started selling and could dump more stocks if markets grow more turbulent. Analysts at Nomura estimate such funds could dump around $45 billion worth of stocks if the S&P 500 averages daily moves of 1% over the next two weeks.
Investors are also watching the level of the Cboe Volatility Index. Though the index stands around a six-month high of 19, some volatility watchers believe it has not fully factored in the inflation worries and geopolitical rumblings that have spooked markets in recent weeks.
“With the current situation in the Middle East potentially escalating, I am surprised short term volatility isn’t higher,” said Seth Hickle, managing partner at Mindset Wealth Management.
“We have repositioned a small number of positions, but I am waiting to see how earnings look before making any big changes to our portfolios.”
…
https://www.reuters.com/markets/us/overdue-pullback-us-stocks-test-dip-buyers-resolve-2024-04-22/
“It appears that the US stock market has achieved a permanently high plateau in the face of higher-for-longer interest rates.”
WHOA! when an internet professor makes such a profound statement, it’s time to sell & hunker down. especially my shoe-shine stocks.
oh, wait a minute: I’m just the penniless hoi polloi. the bougie.
ain’t got nothing to sell. except plasma. guess that doesn’t make me quite a turnip . . . yet.
as you were, you pukes! (I miss Mr. Banker. will adjust my aim)
The best website documenting shrinkflation.
people have been complaining about the dollop of creme inside regular Oreos seems to have gotten much smaller. We can’t tell if that is the case with the regular size packages of Oreos, but this product that has been 14.3 ounces for years, just went down 13.29. And similarly, the regular size package of Double Stuf Oreos also decreased.
https://www.mouseprint.org/
A reader sent these in:
Post-GFC, following more than a decade of monetary bailout, when the Fed finally raised rates, markets went up not down.
Central banks had created a Minsky Super Cycle of unprecedented lethality.
https://twitter.com/SuburbanDrone/status/1782083460087390505
Tesla announces new sub $20,000 Tesla Model! A 1-year old $60,000 Tesla!
https://twitter.com/Eltoro8888/status/1782051810511081646
Tesla’s pricing policy reminds me of a carpet store.
https://twitter.com/Conan68305J/status/1781985432839897410
Of all the bananas charts – this one might take the whole tree.
https://twitter.com/DonMiami3/status/1782141036149514293
Watching universities (which are undoubtedly one of the biggest rackets in modern financial history) postpone their enrollment deposit deadlines due to falling enrollment is really par for the course in 2024.
https://twitter.com/DonMiami3/status/1782169375262310820
5 years ago:
https://twitter.com/NorthmanTrader/status/1782063852575764696
Layoffs under Swiss banking giant UBS’s cost-cutting program will take place in five waves this year starting in June, with around 30-35,000 employees affected in total
https://twitter.com/MacroEdgeRes/status/1782149745751855537
Looks like a desperate bubble coming to an end in Florida.
https://twitter.com/jvs_btc/status/1782118803448475909
Barrie’s Condo Crisis: Nearly Half Of Properties Sitting Empty
Mark Turcotte
1 hour ago
Discover the shocking truth about Barrie’s condo crisis in this eye-opening video. With nearly half of the listed properties sitting empty, the city is facing a serious vacancy issue. Stay tuned to learn more about why 48% of the condos in Barrie remain unoccupied and the impact this has on the real estate market. Don’t miss out on this important discussion about the current state of housing in Barrie.
https://www.youtube.com/watch?v=Gl_kzXUigNs
27:28.
Investors are getting out.
It’s not a seller’s market anymore.
After investors finish offloading their HODLings, it should look more like a buyer’s market. End users who need a 7%+ mortgage to make a purchase will not be able to pay 2022 prices, and aging Boomers who need to sell will have to learn to live with less than their wishing prices.
Ironically it is situated right between Shanty Bay and Utopia.
rooted.wings
@BrittRooted
📍Tierra Del Sol, Boulevard, San Diego, CA | 04/21/24
Shared with permission from
@CoryGoat
“At around 2000 today, approximately 150-200 illegal aliens entered the US via a cut border fence. The men who cut the fence wore black face masks and quickly pushed this large group of people into the United States. Probably 150-200 people > 60% military aged males. Pay attention.” – Cory
https://x.com/BrittRooted/status/1782295868877750491
You are being replaced.
Connect the dots, and learn what the people in the Joe Biden administration most eager to replace you have in common.
109 times, is that a lot?
7SealsOfTheEnd
@7SealsAtTheEnd
Which Major City Will Completely Collapse First – Los Angeles, Chicago Or New York City?
10:04 AM · Apr 22, 2024
https://x.com/7SealsAtTheEnd/status/1782410169084682715
Hard to say. All three have descended into near lawlessness, the productive are fleeing them, they are insolvent and are overrun with vibrancy.
Hard to say. All three have descended into near lawlessness, the productive are fleeing them, they are insolvent and are overrun with vibrancy.
When is the last time you visited one of those cities? Sincerely curious.
The picture at the top of this article says it all.
Biden’s Title IX Rules Force Schools to Use Transgender Pronouns
WARNER TODD HUSTON
22 Apr 2024
https://www.breitbart.com/education/2024/04/22/bidens-title-ix-rules-force-schools-use-transgender-pronouns/
It is breathtaking to witness our nation helplessly descend into utter insanity. How far away is the belief that waging a nuclear war with Russia and China is worth the cost?
“Western Liberal Democracy” as a concept or political platform has irrevocably failed.
No self respecting young man wants to fight and die to perpetuate the fraud and corruption and lies and tyranny.
You live in a bankrupt empire in terminal decline. Plan accordingly…
Home Truths
How the Suburbs Became a Trap
Neighborhoods that once promised prosperity now offer crumbling infrastructure, aged housing stock, and social animus.
Caitlin Zaloom
April 18, 2024
…
https://newrepublic.com/article/178152/suburbs-became-trap
Meh, a screed from a leftist rag trying to convince those still living in the urban dystopias that the suburbs are horrible and they shouldn’t flee.
6 Reasons Hamilton Home Sellers Are On Edge
Honest real estate talk 🇨🇦
4 hours ago
Hamilton real estate market this spring is flat just like most cities around Toronto. Home sales are down in Hamilton but on top of that new listings are up and months of inventory is also up. All this is leading to a slow real estate market in April. April and may are usually the busiest because of the spring real estate market in Hamilton.
However, this year that’s not the case. Prices are still ok and holding steady but the day to day signals show the market is changing to favor home buyers. Unless bank of Canada does something major I feel this trend will continue.
https://www.youtube.com/watch?v=XBRg2bJBYVg
7 minutes.
‘the city’s condo market is seeing weakness, he says. Buyers, frustrated by high mortgage rates, ‘are really pumping the brakes,’ says Smith. ‘We’re seeing more deals fall apart because both sides feel like they’ve given so much to get there’
They call it chasing the market down Riley.
‘You feel very vulnerable because you suddenly realize that if you cannot get insurance, or if the insurance goes so high [that] you cannot afford it, then the mortgage company is going to call your loan due and it goes into foreclosure, you lose your house,’ he said. ‘So, there’s your life.’ Committed to following through on Drummond’s story, I wanted to see how he’s been doing since that July interview. ‘I called every insurance company you can imagine, and nobody was writing insurance’
It’s still way cheaper than renting Fred, you sir are a winnah!
‘It’s not even anticipating a downturn. The downturn’s already here…I think construction workers, obviously, are going to get hit hard. Because once these jobs dry up, I mean, what else are they going to do?’
It’s a good thing they can always sell Vince.
‘‘That glut of apartments will solve itself, let’s say, by May 2025…The real problem is, No. 1, jobs. We hear from our friend in the trade unions and from others that projects are going to dry up in terms of the residential industry and when it comes to new jobs coming from the pipeline of ’26 and ’27.’ Rushdy said jobs tomorrow depend on developers snagging permanent financing today. ‘I’ll tell you from experience, we’re not even seeking financing’
It’s a good thing you guys were building affordable airboxes and not that unreasonable luxury stuff Mo.
Crane count in Denver along I-25 through downtown is noticably lower than a few months ago.
Buildings are topping out. There’s no new cranes coming in for new buildings.
‘They wanted to move in on occupancy but the finances didn’t add up,’ said Zlatkin, explaining that their property was appraised lower than expected upon completion, putting their mortgage approval in jeopardy. ‘I suggested they get a renter in right now … and work towards the closing cost and the ability to close while waiting for the property to get title,’ she added. ‘Many people who are buying a condo or something pre-build, might be buying their first home and using every last cent on their down payment,’ said Zlatkin, whose brokerage saw as many as 15 properties appraised at a lower price than anticipated in the first quarter of 2024. ‘If you appraise low, all of a sudden you need to come up with more money’
Leah also suggested getting a second job, but I suspect the real problem is they are eating expensive food. Probably more than once a day.
How do they rent the house when they do not own it yet?
‘she didn’t imagine that, seven years later, she’d be asking her solicitor how she could get rid of it. ‘I was literally begging: please, can I just give this back?’ she says. ‘It sounds awful, but at this point I would happily give away the keys, even if I got no money back’
Just like that Stacey, yer giving it away.
‘The Block serial bidder Adrian Portelli is ‘rapt’ with a weekend auction that cost him more than $1m…’What the home sold for at The Block auction, the home was never worth that price’
You got schlonged Adrian.
Breaking: Unredacted Docs Reveal Biden, Garland & Jack Smith Collusion in Trump Classified Documents Case
by Jamie White
April 22nd 2024, 6:05 pm
Unredacted documents released by Judge Aileen Cannon in former President Donald Trump’s “classified documents” case reveal the extent of collusion between the Biden administration, the DOJ, and special counsel Jack Smith to “concoct” the case.
The records also appear to confirm, contrary to media reporting, that Trump was telling the truth when he said his team was still negotiating chain of custody with the National Archives and Records Administration (NARA) when they suddenly lodged a criminal referral in Feb. 2022.
“Thanks to order by Judge Cannon, key evidence related to classified docs case is now unredacted,” reporter Julie Kelly posted on X Monday.
“On the left: What DOJ/Jack Smith wanted to conceal. On the right: Now we know why. More proof of collaboration btw Biden White House and NARA to concoct a case.”
Julie Kelly 🇺🇸
@julie_kelly2
NEW: Thanks to order by Judge Cannon, key evidence related to classified docs case is now unredacted.
On the left: What DOJ/Jack Smith wanted to conceal.
On the right: Now we know why. More proof of collaboration btw Biden White House and NARA to concoct a case.
3:06 PM · Apr 22, 2024
·
https://x.com/julie_kelly2/status/1782486128915857520
https://www.infowars.com/breaking-news/
“…contrary to media reporting…”
Yep, phuc the MSM.
“More proof of collaboration btw Biden White House and National Archives and Records Administration to concoct a case.”
The level of collusion and corruption is palpable.
‘The open letter, which purports to have been signed by unnamed PwC partners, claimed the professional services firm ‘turned a blind eye’ while auditing Evergrande for more than a decade…The letter accused Raymund Chao, chairman of PwC Asia Pacific and China, of being ultimately responsible for bringing the firm into the ‘hot pit’ of Evergrande, which filed for bankruptcy last year. Meanwhile, Evergrande’s liquidators are reportedly preparing for a potential professional negligence lawsuit against PwC to recoup compensation on behalf of creditors’
While yer getting the lawyers, don’t forget bloomberg falsely reported 3 times that this dumpster fire had made ‘last minute payments’ on bonds it had not. Just pulled it out of their a$$. Why would the globalist scum media do that?
The article about to post may not fit the official narrative very well.
Economy
Layoffs could spike as one labor-market indicator says a recession is already here, market forecaster says
Jennifer Sor
Apr 22, 2024, 11:54 AM ET
stock market crash
peshkov/Getty Images
– The US may already be in a recession, according to Danielle DiMartino Booth.
– A steady rise in the unemployment rate above cycle lows signals a recession, she said.
– Other forecasters have said the unemployment rate could reach 5% by year-end.
…
https://www.businessinsider.com/recession-outlook-layoffs-job-market-economy-unemployment-rate-hard-landing-2024-4
Work force participation.
Recession since 2008. Papered over with debt.
Also remember the guys living under a bridge are not counted as unemployed. They are “discouraged workers”.
‘Delayed’ Mass Layoffs Spell Bad News for US Economy—Analyst
Published Apr 22, 2024 at 11:13 AM EDT
Updated Apr 22, 2024 at 6:51 PM EDT
By Giulia Carbonaro
US News Reporter
A recent string of mass layoffs across the U.S. could be the sign that the country’s economy is finally sliding into the recession many feared would hit the nation last year, financial analyst Gary Shilling told Newsweek.
Last year, Shilling said, the U.S. economy avoided a recession primarily because the labor market ran stronger than the Federal Reserve expected. But now, the financial analyst is picking up on clues that the labor market is starting to weaken.
…
https://www.newsweek.com/delayed-mass-layoffs-spell-bad-news-us-economy-analyst-1892805
“A recent string of mass layoffs across the U.S. could be the sign that the country’s economy is finally sliding into the recession many feared would hit the nation last year…”
I’m betting on Powell to help sleepy Joe with stimulus checks to avert a recession during this election year. Remember W…
“Take your families and enjoy life, the way we want it to be enjoyed.” —Dubya