Sellers Hoping To Get The Same Price The Market Saw At Its Height May Be Chasing A Horizon That Never Comes
It’s Friday desk clearing time for this blogger. “A condominium association in Orlando is proposing a special assessment of up to $22,105 for each owner as part of an effort to fund its reserves as required by state law, and it would be due by the end of July. Residents of the Regency Gardens Condominiums learned of the proposal after receiving a letter in the mail. If the board of directors approves the special assessment at its May 15 meeting, owners like Osnose Orbisi will now be tasked with making up the roughly $17 million shortfall. ‘Right now, we’re all kind of scared and shocked, and we’re all just thinking, ‘Do we sell? Do we fight? Do we hold on?’ We’re trying to figure out what to do,’ he said.”
“Compared to last March, the median price of single-family homes in Sarasota County is only down by 2.5 percent, from $528,013 to $515,000. Among condos and townhomes in Sarasota County, the median price has dipped by almost 9 percent, from $423,245 last March to $385,775 a year later. In Manatee, the median price dropped by almost 3 percent. In good news for buyers, inventory is up across all home types and in both counties, giving them lots more options to choose from. ‘It’s a more favorable market for buyers now,’ says local realtor Kristina Bregu of Corcoran Dwellings. Bregu says sellers will have more luck if they price their property right at the beginning. ‘You’ll get momentum to start with,’ she says. ‘You have to be realistic now. If homes that cost less than yours aren’t moving, you probably have to drop the price.'”
“Real estate agents with Village Properties see Santa Barbara as a very active market right now. Realtor Jackie Walters of Village Properties sees buyers coming from all over the state as well as across the nation looking for homes in Santa Barbara. ‘Take a good look at the properties have been up for 30 or 60 days … those properties that have had price reductions,’ said Walters.”
“Dozens of Los Angeles residents tumbled out of buses in downtown Oakland on Monday afternoon. They’d driven up from Southern California to protest at the Oakland headquarters of a controversial solar and home-improvement lender. The homeowners and their family members, over 100 people total, are accusing the lender, Solar Mosaic, of teaming up with contractors to take advantage of them. Geraldin Alvara hired Viridi Construction in 2021 to convert a garage into an ADU at her family home in the Boyle Heights neighborhood of Los Angeles. The whole idea was to rent out the new ADU and pay off the loan with the income. But the project was not done. ‘I was going nuts, losing it,’ said Alvara. Now debt collectors are hassling the family weekly, posting embarrassing letters on their house. Alvara is getting rejected from credit cards. ‘My fear is we’re going to end up homeless,’ she said. ‘This house is our livelihood.'”
“Falmouth’s newly formed Short-Term Rental Working Group has kicked off its work of studying the impact that short-term rentals have had on the town’s overall housing landscape and consider possible ways to regulate these rentals. Martina Kahn, from the audience, said that although most short-term rental property owners in her neighborhood are respectful, she has had issues with one neighboring short-term rental property that often exceeds the home’s six-person occupancy limit.”
“‘They have up to eight times that amount, 48 people,’ she said. ‘Apparently, we have been told that nothing can be done by the town. I apologize to use this word in public but they have sex orgies at the house, they have stripper shows, they have bachelor and bachelorette parties; nobody cares. We are told to call the cops,’ she said.”
“New York Community Bancorp’s new leadership has a long road ahead as the beleaguered bank reevaluates its loan portfolio. In its first earnings report since an investor group infused the multifamily lender with $1B, NYCB revealed that it ended the quarter with $798M in nonperforming loans, almost double the $428M it had at the end of December. Multifamily loan losses across the country have spiked in the last year, with the rate of multifamily losses hitting 16% in 2023, up from around 5% in the prior two years, according to MSCI data. In a call with investors, NYCB CEO Joseph Otting said the bank has experienced the same. ‘The office market is pretty stressed,’ Otting said. ‘It was a couple of stressed office loans that got to the point where the investors chose to just come to us, and we had to take over the property.'”
“Troubled syndicator Kenny Wolfe has yet to lasso his first office-to-residential success. Meanwhile, the foreclosure filings keep rolling in. The Dallas-based Wolfe faces foreclosure on 41 Marietta Street, an Atlanta office building slated for residential redevelopment after he and frequent collaborator Bluelofts defaulted on a $20 million mortgage, the Atlanta Journal-Constitution reported. The auction is scheduled for May 7. The developer, who previously focused on multifamily deals, fielded a second foreclosure suit this month after he defaulted on the debt tied to an apartment building in the Cleveland suburbs this month. He has already lost a multifamily building at auction this year.”
“‘You and The Real Deal know better than most that every city’s real estate market and the banking/finance environment are changing rapidly. This has been challenging for every company in the real estate industry,’ said Wolfe Investments spokesperson Christine Groffie. Wolfe has already lost two office buildings to foreclosure this year, plus an apartment complex, and has been named in six foreclosure filings, all told. The two office-to-residential projects Wolfe has already lost include a project in Dallas and another in Fort Worth. The former at 211 North Ervay fetched $8 million — a mere $42 per square foot — at a foreclosure auction in February. Wolfe had planned to turn the building apartments before he defaulted on a $13.2 million loan from Thistle Creek Capital.”
“Greater Toronto Area REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board MLS System in April 2024 – down by five per cent compared to April 2023. New listings were up by 47.2 per cent over the same period. ‘Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April,’ said TRREB Chief Market Analyst Jason Mercer.”
“On Thursday, Windsor-Essex County Association of Realtors released its data for April 2024, which show slumping sales amid the spring surge of listings. ‘Apparently, the market is not crashing; so, buyers should come to the realization that you should not wait for it anymore,’ Maggie Chen, the president of WECAR told CTV News. She also has words of caution for sellers following the compilation of the latest data. Chen said sellers hoping to get the same price the market saw at its height in March 2022 may be chasing a horizon that never comes, which she says has set the stage for buyer-seller standoffs in the market. ‘I think the proportion is getting smaller,’ said Chen. ‘The sellers are getting a reality check. After almost two years of a waiting game, they’re starting to realize, ‘Okay, this is the market.'”
“Home owners have told the BBC they are living in fear of crippling bills after finding out a cheap version of concrete that could be at risk of collapse was used in their houses. Ashleigh Mitchell bought her home near Livingston in West Lothian in 2013. She lives there with her partner and small child. Ashleigh says she has been given estimates in the region of £40,000 for the whole house to be appropriately treated. ‘I’m devastated because this was meant to be our forever home,’ she says. ‘We’re in complete limbo. People are scared, people are terrified. They’re saying it’s dangerous, it could crumble, it could fall on us. The Scottish government need to step in and help homeowners.'”
“Another Craigshill resident, Karen Chappell, has been going to meetings with those residents like Ashleigh who are trying to press for more support. ‘I don’t feel particular well supported by the establishments around us that are supposed to be there to do so, there’s no information. We are scared, I’m scared about my house which I’ve poured all my savings into. It means a lot to me,’ Karen says”
“If you think investors and developers are confounded by China’s volatile property market, just ask home buyers and sellers. ‘I thought about selling our second home in 2022, but prices kept going down, so we decided to wait for a rebound. Some days I’m sure they’ll shoot up again; other days I wonder if we missed our chance for good,’ said Zhang Liwei, 61, who recently retired as a civil engineer in the western city of Chengdu. Zhang said he has a ‘modest’ pension for his retirement but that the housing investment had long been the family’s planned nest egg.”
“China’s real estate sector, which accounts for an estimated quarter of the country’s gross domestic product, is in its fourth year of deflation from a bubble that had sent prices soaring to stratospheric levels but is now draining the wealth from millions of homeowners and has crushed developers both large and small.”
“Meanwhile, lower-tier cities are hurting because of their outsize array of paid-for but unfinished units. ‘I’m one of the unlucky ones,’ said Wang Liyun, a 36-year-old white-collar worker in the third-tier city of Langfang. ‘I bought in early 2021, then prices began to fall. I’ll ride it out, and I have hope prices will swing back up. But I consider myself a smart financial person, so this will impact how I spend in other areas. This is the only rational reaction when your main source of investment falls.'”
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You will own nothing
It all belongs to Zelensky.
‘The whole idea was to rent out the new ADU and pay off the loan with the income. But the project was not done. ‘I was going nuts, losing it,’ said Alvara. Now debt collectors are hassling the family weekly, posting embarrassing letters on their house. Alvara is getting rejected from credit cards. ‘My fear is we’re going to end up homeless,’ she said. ‘This house is our livelihood’
You doubled down borrowing for a spec shack in yer backyard that doesn’t exist Geraldin, you are a winnah!
Florida is leading this downturn. Investors realizing it isn’t so easy to turn a profit.
‘Florida is leading this downturn’
So it isn’t different this time.
‘They have up to eight times that amount, 48 people,’ she said. ‘Apparently, we have been told that nothing can be done by the town. I apologize to use this word in public but they have sex orgies at the house, they have stripper shows, they have bachelor and bachelorette parties; nobody cares’
So a 48 person sex orgy next door Martina? Other than that how’s yer walk-ability?
Staying in a Utah AirBnB this weekend. Don’t think sex orgies are an issue there.
Alvara is getting rejected from credit cards. ‘My fear is we’re going to end up homeless,’ she said. ‘This house is our livelihood.’”
Houses are for living in, Geraldin. Now start packing yer boxes & GTFO.
‘Apparently, the market is not crashing; so, buyers should come to the realization that you should not wait for it anymore,’ Maggie Chen, the president of WECAR told CTV News.
Realtors are liars.
We are scared, I’m scared about my house which I’ve poured all my savings into. It means a lot to me,’ Karen says”
I would demand to speak to a manager, Karen.
‘I thought about selling our second home in 2022, but prices kept going down, so we decided to wait for a rebound.
Die, speculator scum.
But I consider myself a smart financial person, so this will impact how I spend in other areas. This is the only rational reaction when your main source of investment falls.’”
Someone want to break the news to this clown how schlonged he is?
Tucson joins the ever-growing Death Pool of Doom Loop cities.
https://www.foxbusiness.com/media/tucson-restaurant-owner-says-business-owners-punished-skyrocketing-homeless-crisis
He described how a popular 100-mile riverwalk known as “The Loop” near his businesses had changed from a family-friendly attraction into an open-air drug market because of homeless encampments.
So, I found the Santa Cruz riverwalk on Google Maps. Except, uh, there’s no river in the river.
I do not understand why anyone would live in a desert.
Anyone remember our Tucson bicycle bird, azslim?
Couldn’t happen to a finer, far-left city than Tuscon.
Gumball machines with fentanyl.
“Compared to last March, the median price of single-family homes in Sarasota County is only down by 2.5 percent,”
“In good news for buyers, inventory is up across all home types and in both counties, giving them lots more options to choose from. ‘It’s a more favorable market for buyers now,’ says local realtor Kristina Bregu of Corcoran Dwellings. Bregu says sellers will have more luck if they price their property right at the beginning. ‘You’ll get momentum to start with,’ she says. ‘You have to be realistic now. If homes that cost less than yours aren’t moving, you probably have to drop the price.’”
‘You have to be realistic now.’
\\
– Realtor says the quiet part out loud.
– In comparison to “then,” why didn’t sellers have to “be more realistic” during the free money pandemic years? Did .gov, including the Fed and GSEs kick off another massive housing bubble or something with free money and lax lending standards? Why does the Fed still own $2.5T in MBS, even though they have no authority to buy or own them? Is that a lot? Is this related to said housing bubble? What happens to mortgage rates is the Fed sells these MBS holdings outright?
– Is “being more realistic” just another way of saying (without saying) housing bubble (2.0) is now bursting, as they always do? 🤔
– I saw a recent statistic showing that inventory in FL is up over 50%.
– Inventory rises, sales volume declines, then prices decline. However, I’m told it’s different this time though…
A reader sent these in:
Tim Cook: I may be turning Apple into the next IBM but I can blow all of our cash to pop the share price to prices seen a month ago
https://twitter.com/DonMiami3/status/1786142507476140175
We have rebranded dropping home prices to price refreshments in Florida! LOL
https://twitter.com/DonMiami3/status/1786132892864684289
Historically – months inverted has been somewhat accurate as a forecasting tool for how long the recession would be (excluding 1980) – going back to 1969.
In just 5 days we will have achieved the 5th longest inversion, historically.
https://twitter.com/DonMiami3/status/1695502614639620531
Why should U.S. taxpayers be on the hook for loans to attend any of these institutions?
https://twitter.com/RudyHavenstein/status/1734264814946656274
The 12-month moving average CMBS loss severity stood at 61.01% in April – Trepp
https://twitter.com/RudyHavenstein/status/1786118135545991398
The collapse of Starbucks is insane:
Starbucks’ CEO went on LIVE TV attempting to revive the stock.
He says, “it was a very tough quarter due to pressures on customers, China, and challenges of the business in the Middle East also impacting us in other geographies.”
The worst part?
When he was asked why they did not preannounce such a horrible quarter he says, “we were working on action plans.”
As he was talking throughout the 10 minute interview, the stock went down another 5% in REAL TIME.
Starbucks stock, $SBUX, closed the day 16% lower and has erased ~$35 BILLION in value since its all time high.
How did Starbucks collapse so quickly?
https://twitter.com/KobeissiLetter/status/1785999694184714693
US job openings dropped in March to the lowest level in 3 years.
US available vacancies declined to 8.49 million from 8.81 million in February, hitting the lowest level since March 2021.
Job openings have been declining for the past 2 years since the March 2022 peak of 12 million vacancies.
Meanwhile, the quits rate has fallen to 2.1%, the lowest since August 2020.
This suggests that many currently employed individuals are either losing confidence and/or are more dependent on their jobs.
All eyes are on tomorrow’s jobs report.
https://twitter.com/KobeissiLetter/status/1786032022411980834
Hear me out:
They want yields lower. Treasury, Fed, US government and yes most people. It’s causing major stress in funding, housing, debt servicing.
Hence no accident coordinated action was announced this week.
Now look at the chart of the 2 year yield.
What’s it tell ya
https://twitter.com/NorthmanTrader/status/1786082854809518170
Still waiting for the great AI productivity miracle.
https://twitter.com/NorthmanTrader/status/1786024443191374087
Powell is tapering the runoff of Treasuries, but not MBS, which will continue declining at this same pace. Why? B/c he doesn’t serve the National Homebuilder Association. He serves Yellen. Oh, and excess proceeds from MBS holdings will now be used to buy even more Treasuries…
https://twitter.com/RealEJAntoni/status/1786154553282363823
Its the steepest quarterly decline in iPhone sales since the pandemic’s outset. +7%
https://twitter.com/kakashiii111/status/1786146538151911712
Mortgage rates have increased for the fifth week, with the 30 year fixed at 7.42%, per Mortgage News Daily.
https://twitter.com/unusual_whales/status/1786153189718573216
I have friends in the car business and they are telling me that car sales have come to a complete halt.
https://twitter.com/thetruthsucks12/status/1785804636869349405
If you had losses like these at your job, you’d be fired. Fortunately, these aren’t your losses – they’re the Fed’s…
https://twitter.com/RealEJAntoni/status/1786134382379516059
The Fed is not currently forecasting a recession. – Ben Bernanke, January 2008
https://twitter.com/JWAB1982/status/1786079572380823838
Auto insurance premiums are at all-time highs.
BUT my bet is that they will rise even further.
It’s not rocket science—It’s data:
Today, a record 14% of drivers do not have car insurance.
Un-frickin-insured.
Craziest part? That number is up nearly 30% since 2019 (!)
But that’s not all…
Another 15.7% of drivers do not carry enough insurance to cover damages and injuries in accidents they cause.
So, in total, roughly 3-4 drivers on the road are artificially inflating everyone else’s premiums because they don’t carry proper coverage (if any at all).
A crazy reality…
And one of the major reasons why auto insurance rates are up nearly 25% year-over-year.
https://twitter.com/GuyDealership/status/1785830179937427470
Montreal, Canada 🇨🇦
https://twitter.com/ClownWorld_/status/1786084310346522922
Portland’s employment dropped 1.5% in February, the steepest decline among the top 50 U.S. metro areas.
https://twitter.com/dedkatbouns/status/1786255868537008564
these guys are the biggest marks in history
https://twitter.com/crawf34/status/1786102215511331014
Apple has no tricks left. They can’t innovate, their product sales are tanking, they are blowing their cash on share buybacks.
https://twitter.com/FinanceLancelot/status/1786149731862798615
If builders have to offer to originate a mortgage at a rate 25% below market to sell a house, resulting in a 19% lower mortgage payment (P&I), what is the actual market value of the home?
https://twitter.com/TrishaFLsun/status/1786039882600583265
Ron Carson owns his own private jet. His company Carson Group Holdings, LLC took $4,000,000 in PPP
https://twitter.com/GRomePow/status/1644226074514186240
If you had invested $10,000 into Peloton $PTON at its peak in January 2021 and held to today you’d currently have … $174
https://twitter.com/StockMKTNewz/status/1786095395564872175
India is below replacement rate too? I hadn’t realized that.
https://twitter.com/MosesSternstein/status/1786187415260201297
Paul Krugman: “best economy ever” so shut the f* up all you ungrateful poors.
Paul Krugman cares not what or if you eat.
R u ready for the next crash?
R. Kiyosaki warns ‘the crash has begun’ and it is ‘a bad one’
Ana Zirojevic
Finance
May 3, 2024
…
https://finbold.com/r-kiyosaki-warns-the-crash-has-begun-and-it-is-a-bad-one/
Rich Dad has some great advice in this article. For instance:
‘#1 Don’t catch falling knives
According to Kiyosaki, patience is a virtue, and greediness is a flaw during a crash, even when there are bargains are dropping left and right, therefore he advises “just because prices are falling, do not get greedy,” and “wait until prices have bottomed and no one wants the asset you want.”’
Voice of San Diego
Morning Report: Another City Is Considering Ditching Housing First
by Voice of San Diego 7 hours ago
Vista on Dec. 28, 2023.
Photo by Ariana Drehsler
Vista could become the latest North County city to shift to a public-safety first approach to homelessness.
Our Tigist Layne reports that Vista Mayor John Franklin last week proposed that the City Council prioritize its shelter beds for Vista residents, crack down on criminal activity and dump the so-called housing first policy adopted by the state and federal governments. The proposal, which is expected to come to a future vote, closely matches a similar shift approved by the Escondido City Council earlier this year.
…
https://voiceofsandiego.org/2024/05/03/morning-report-another-city-is-considering-ditching-housing-first/
Looks like another investor decided to walk away. At least they installed the new tub before they gave up. No matter how much money someone throws at it, at the end of the day its still a 90 year old house in a small Alabama town.
https://www.zillow.com/homedetails/505-South-St-Greenville-AL-36037/96802102_zpid/
Oh man, this is a tougher decision. This one might be worth saving instead of just tearing it down. It’s got some character, the brick looks good, and those look like new windows. I guess if there’s some guy with southern roots, a well-paying job in nearby Montgomery, and a hundred grand to blow, he could make that into a real Southern showplace.
But it’s got no basement, and the neighborhood isn’t quite “stately” enough to justify making it a showplace. I can’t decide. I’d hate to let that place go.
the neighborhood isn’t quite “stately”
In my experience, it doesn’t matter there if a stately house is neighbor to a very modest house. It’s typical of older areas.
Is Wall Street praying for a recession?
Why Wall Street is so happy to see the job market slowing down
Matthew Fox
May 3, 2024, 8:42 AM MDT
stock traders nyse
AP Photo/Jason DeCrow
– Stocks soared Friday after a light April jobs report gave investors hope of a rate cut sooner than later.
– Expectations have been pushed out in recent weeks following a series of hot economic data.
– The US economy added 175,000 jobs last month, below expectations of 238,000.
…
https://markets.businessinsider.com/news/stocks/stock-market-today-light-april-jobs-report-bond-yields-tumbling-2024-5
Parasite capitalism.
Bonds
10-year Treasury yield briefly dives below 4.5% as unemployment rate rises to 3.9%
Published Fri, May 3 2024 4:08 AM EDT
Updated An Hour Ago
Samantha Subin
Sophie Kiderlin
U.S. Treasury yields dropped on Friday after April’s jobs report showed weaker-than-expected payrolls growth and an unexpected tick higher in the unemployment rate.
The yield on the 10-year Treasury
was off by 6 basis points to 4.51%.
The 2-year Treasury yield was last 7 basis points lower to 4.808%. Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.
U.S. payrolls expanded by just 175,000 last month, the Bureau of Labor Statistics said on Friday, short of the Dow Jones estimate from economists of 240,000. The unemployment rate rose to 3.9%, against an estimate that called for it to hold steady at 3.8%. Wage growth was also less than expected, the report showed.
The Federal Reserve earlier this week kept interest rates unchanged, in line with expectations. Policymakers noted that “it will not be appropriate to reduce the target range until [the Federal Open Market Committee] has gained greater confidence that inflation is moving sustainably toward 2 percent.”
However, Fed Chief Jerome Powell did acknowledge that a weakening labor market could cause the central bank to act, citing its dual mandate of stable prices and max employment.
“We’re also prepared to respond to an unexpected weakening in the labor market,” Powell said on Wednesday.
Uncertainty about how many rate cuts, if any, will take place this year and when they might begin has grown in recent weeks, with many investors now expecting fewer cuts and not until later in the year.
Friday’s weak labor report could allow the Federal Reserve to move sooner to cut rates.
“Powell said they were giving higher interest rates longer to work to bring inflation down closer to target, and now it looks like that was the right call,” said Chris Rupkey, chief economist at FWDBONDS. “Fed policymakers are keeping their fingers crossed that a soft patch in the labor market will lead to reduced price pressures in the second quarter.”
…
https://www.cnbc.com/2024/05/03/us-treasury-yields-ahead-of-april-jobs-report.html
Yahoo
Yahoo Finance Video
Fed policy decision: Could higher rates trigger a recession?
Seana Smith and Brad Smith
Wed, Mar 20, 2024
While markets are hanging on the words of the Federal Reserve ahead of officials’ interest rate decision on Wednesday, recession talks are beginning to reenter the conversation. Could the Fed’s monetary policy of holding rates higher for longer ultimately lead to a recession?
…
https://finance.yahoo.com/
Stocks’ bull run will end in a bubble or recession, says Bank of America strategist
George Glover
May 3, 2024, 7:03 AM MDT
Market bull money stocks
– Stocks are in a “late secular bull market,” BofA’s Michael Hartnett said in a Friday research note.
– That’ll end in either a bubble or a recession, he warned.
– Equities have sputtered recently, with investors fretting about stubborn inflation and slow growth.
…
https://markets.businessinsider.com/news/stocks/recession-outlook-stock-bull-market-bubble-stagflation-bank-of-america-2024-5
Got a few calls from piece workers this week, they’re…
https://youtu.be/dyCUf8GOzVM?si=nbLuxWlN2q1xWk2T
United States | The struggling state
California is gripped by economic problems, with no easy fix
Rising unemployment, a growing deficit and persistent outmigration are a painful trinity
Traffic on Hollywood Boulevard in Los Angeles, USA
A terrible place, really
Photograph: Philip Cheung/The New York Times/Redux/Eyevine
Mar 31st 2024|Sacramento
HOME TO MANY of America’s most progressive policies, from criminal justice to vehicle emissions, California serves a unique role as a punchbag for right-wing politicians. Every few years it becomes fashionable to declare that it is a failed state, or that the California dream is turning into a nightmare. This rhetoric is often overblown: in terms of pure economic heft California remains the most powerful American state. But for all its continuing prowess in innovation (not least in artificial intelligence), California again appears to be entering one of its periodic rough patches.
…
https://www.economist.com/united-states/2024/03/31/california-is-gripped-by-interlocking-economic-problems-with-no-easy-solution
2024 Barrie Home Prices Force Sellers To Drop
Mark Turcotte
9 hours ago
In this video, we explore the current real estate market in Barrie, where property sellers are facing the reality of dropping home prices in 2024. Learn more about the challenges they are experiencing and how this trend is affecting the housing market in Barrie. If you are considering selling your property, you won’t want to miss this insightful update on the changing landscape of home prices in the area. Stay informed and make the best decisions for your real estate investments in Barrie.
https://www.youtube.com/watch?v=JeD73ephjlo
26:38. K-da.
‘Do we sell? Do we fight? Do we hold on?’ We’re trying to figure out what to do’
Don’t screw up the comps Osnose!
‘Take a good look at the properties have been up for 30 or 60 days … those properties that have had price reductions’
That’s the spirit Jackie, chum those bottom feeders!
‘The office market is pretty stressed,’ Otting said. ‘It was a couple of stressed office loans that got to the point where the investors chose to just come to us, and we had to take over the property’
Buck up Joe, it is still sound lending.
‘The auction is scheduled for May 7. The developer, who previously focused on multifamily deals, fielded a second foreclosure suit this month after he defaulted on the debt tied to an apartment building in the Cleveland suburbs this month. He has already lost a multifamily building at auction this year’
‘You and The Real Deal know better than most that every city’s real estate market and the banking/finance environment are changing rapidly. This has been challenging for every company in the real estate industry’
Unless you follow these CRE sites you wouldn’t even know this was going on. This clown is juggling 6 foreclosures.
‘The sellers are getting a reality check. After almost two years of a waiting game, they’re starting to realize, ‘Okay, this is the market’
That may be Maggie, but yer own stats clearly say it’s a sellers market. And the stats you put out have said that for two years.
‘I thought about selling our second home in 2022, but prices kept going down, so we decided to wait for a rebound. Some days I’m sure they’ll shoot up again; other days I wonder if we missed our chance for good’
You were right in 2022 to not give it away Zhang. Yer gonna be rich beyond yer dreams, you’ll see.
New York Times and Washington Post are the enemy of the American people.
The Federalist — Poll: More Than 8 In 10 Americans Don’t Trust Corporate Media To Report Facts (5/2/2024):
“In a survey from the American Press Institute and The Associated Press-NORC Center for Public Affairs Research, a whopping 83 percent of respondents said they were concerned the media would “report inaccurate information or disinformation” in their 2024 election coverage.
Eighty-one percent said they are worried the media will report unverified information, and 77 percent said they feared the media would stick to the facts — but be dishonest in their framing, only covering things favorable to their preferred candidates or detrimental to their opponents.
The survey results corroborate the findings of another poll released by Gallup last fall, which revealed American trust in the media at a new low. According to Gallup, 39 percent of Americans rated their level of confidence in mass media at “none at all,” marking an all-time high since 1972 when the pollster first asked the question.”
https://thefederalist.com/2024/05/02/poll-more-than-8-in-10-americans-dont-trust-corporate-media-to-report-facts/
Real Journalists, the layoffs will only continue and accelerate.
Consider getting a real job.
Crisis Actor forgets script (1m26s):
https://www.bitchute.com/video/Cq3FPMCteY0g/
“They’re not sending their best”