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You Broke Us, We’re Broke

A report from 41 Kansas City. “Despite predictions of lower mortgage rates in 2024, that hasn’t happened yet. Realtor Susan Huff of Huff Realty has been selling homes for 30 years. She tells buyers to bite the bullet if they can, because competition is much lower right now than it was during the crazy 2021-2022 period. ‘If rates ever come down, hopefully in the next year or two, then they can just refinance,’ she said. Buyer Carolyn Marsh listened and decided to bid on a condo despite a 7% mortgage. ‘I knew we could refi if necessary,’ Marsh said, adding that she wasn’t worried about the interest rate.”

“Huff says buyers should look at higher rates as their friend since it has slowed down the competition. She says the bidding wars will return if rates fall to 5%. ‘When rates do drop, you’re going to see an influx of people like we did a couple of years ago,’ Huff said, ‘and people are going to try to outbid each other and prices are going to escalate even higher.'”

The Coeur d’Alene Press in Idaho. “According to the Coeur d’Alene Regional Realtors, several key indicators predict a strengthening real estate economy heading into summer. The housing market was quieter in the Silver Valley. The median price of a single-family home in the Shoshone County was $275,000, down 8.3% from one year ago. The number of residential listings, 76 on May 3, was up from 55 on the same date in 2023. Jared McFarland, a real estate agent with Century 21 Beutler and Associates, expects to see more sales and more inventory this year than last. ‘A seller who needs to sell can get their home sold if it is priced correctly, and a buyer who needs a house can find something that fits their needs and get it for asking price or just under,’ McFarland said.”

Arizona Family. “So far this year, home prices are on the rise. In March, the median sales price in the Phoenix metro was $445,000, according to the MLS, up $15,000 from January. Asher Cohen with BUYAZRE at Realty ONE Group added that ‘some sellers are just stubborn right now, but most of the time buyers are able to get into a property, they’re able to get seller concessions to help reduce that rate.’ Cohen said inventory has increased over the last few months. The most recent numbers from the MLS back that up. According to the latest report, there were 2,300 more homes on the market over a three-month span. If you’re hoping to buy in this current market, Cohen said ‘have your agent get seller concessions for you to reduce that rate and make sure that monthly payment is looking good for you.’ He also said to make sure you’re getting a home inspection and be sure to ‘make sure that your agent is getting those concessions, those repairs done as needed and don’t be afraid to ask.'”

The Review Journal in Nevada. “Former Las Vegas Raiders head coach Josh McDaniels has sold his Henderson home, Clark County records show. The home in the Anthem Country Club in Henderson sold for $4.8 million, with the sale recorded by the county on May 1. McDaniels bought the 6,705-square-foot, 5-bedroom home in 2022 for $4.95 million. Renovations were done to the pool area and the interior of the house while McDaniels owned it, said the listing agent, Lia Barfield of Local Living LV. The home was on the market for 11 days and was in escrow for less than 10 days, Barfield said.”

Los Angeles Daily News in California. “Reality TV star Todrick Hall has avoided foreclosure by selling his Sherman Oaks home for $4.95 million. Records show that the 8,000-square-foot house with five bedrooms and eight bathrooms closed on May 3 for 18% less than the latest asking price of just under $6 million, 11 days before the trustee sale. The deal comes nearly six months after the property hit the market in December at $8.5 million. Since then, the asking price dropped multiple times. County records show Hall, 39, paid $6.1 million for the house in May 2022. A notice of default was filed on May 17, 2023, according to Property Shark.”

The Real Deal on Texas. “A modern ranch and residential compound just took an $8 million price cut as demand for rural luxury softens. The 656-acre Whitehall Ranch is asking $34.8 million, the Houston Business Journal reported. That’s $53,000 per acre and the latest price adjustment for the property, about an hour’s drive northwest of Houston in Grimes County. In October 2020, the ranch was listed for $21.6 million by Hall and Hall and Robertson Real Estate, but it didn’t sell. Nan & Company, which launched a farm and ranch division last summer, relisted it late last year for $42.8 million. The owner wanted an aggressive price cut to get the ranch sold, said Nancy Almodovar, CEO of Nan and Co. ‘The seller just decided that he’s ready to move, and he’s ready to receive some offers,’ she said.”

“After interest in rural Texas land peaked at the height of the pandemic, demand has cooled since mid-2022, largely because of higher interest rates, Lynn Krebs, research economist at Texas A&M University’s Texas Real Estate Research Center told the outlet. Demand remained strong in the luxury ranch market until recently, Krebs said. ‘There’s just not as many interested buyers as there were before,’ he said. ‘I think a lot of market participants have looked at what’s happened over the last year in comparable sales, and they’re starting to see that the market is not moving like it had the two or three years prior.'”

WSB Atlanta. “HOA nightmares are one of the most frequent calls into the Channel 2 Action News investigative tipline. Channel 2 consumer investigator Justin Gray looked into how an HOA can take your house in Georgia. A big reason is attorney costs. Every email, every inquiry, every attempt to contest, fix, or even pay the overdue bill adds to the bill. By the time Juliet Graham finally sold her downtown Atlanta condo her HOA bill had reached $250,000. ‘You broke us. We’re broke,’ Graham said. Channel 2 Action News checked foreclosure records and found that just two metro Atlanta law firms that specialize in representing HOAs have filed 279 notices seeking damage and foreclosure notices in just the past three years. ‘I can’t imagine the mafia having been any worse than what my experience was with this,’ Graham said.”

“‘This is where I resodded the whole thing,’ said James McAdoo, a homeowner in South Fulton County. The only way he could stop his HOA from intercepting his paycheck was by filing for bankruptcy. ‘They garnished my wages,’ McAdoo said. He owes $36,000 and counting predominantly because of weeds in his front yard. They were garnishing $600 from his paycheck every two weeks until he started the bankruptcy process. ‘What way do you see out of this?’ Gray asked McAdoo. ‘Selling my home and just getting out of this neighborhood,’ McAdoo said.”

Kelowna Now in Canada. “‘After the lukewarm activity in March, it’s nice to see that the bustling spring market has arrived,’ said Kaytee Sharun, president of the 2,600-member Association of Interior Realtors. The benchmark selling price of a typical single-family home in April was $1,009,000, up from $986,600 in March. However, compared to the same month last year, both sales and prices were down slightly, with 2.6% and 3.6% drops, respectively. Generally, activity is restrained and some potential buyers and sellers are sitting on the fence waiting for mortgage interest rates to come down before they spring into action. The record-high benchmark for a single-family home was $1,131,800 in April 2022 as the market boomed post-COVID when interest rates were rock bottom.”

“The benchmark selling price of a typical townhouse also rose from $719,600 in March to $734,600 in April. The townhouse benchmark peaked at $829,000 in May 2022. When it comes to condominiums, the benchmark selling price of a typical unit last month was $508,200, up from $496,000 in March. It was April 2022 when the condo benchmark was highest at $557,700.”

Windsor Star in Canada. “The average monthly sales price rose $17,884 to $581,194, which is slightly higher than prices in April 2023. It’s also the highest average sales price since last June. Local listings jumped 30.6 per cent over March to 1082, which was also a 22.5 per cent increase over 12 months ago. Both buyers and sellers have come to realize the current market is the new reality, said Manor Realty general manager Rob Agnew. ‘The days of the undervalued Windsor home market are gone,’ he said. ‘We lived with that advantage for many years — that’s over. But I don’t think we’re going to see spikes up to the $720,000 average price seen in COVID either.'”

“‘The number of sales dropping eight per cent from last year is kind of alarming,’ said Windsor-Essex Country Association of Realtors president Maggie Chen. ‘The listing numbers are opening up a gap with buyers. Sellers are ready to sell again. Buyers are still a little hesitant.'”

The Independent in the UK. “When Edward and Hazel Short put their life savings into building their fantasy home on the coast, they hoped it would change their lives for the better and give their two children a fabulous childhood. Instead, more than 12 years later, the luxury house has been relisted for sale once again at knockdown price, the couple’s marriage is over and millionaire Mr Short is still paying off some of the money he borrowed for the ambitious building project. It was first listed for sale in February 2022 but despite rumours of celebrities including Harry Styles expressing interest – a buyer failed to emerge.”

“And now the five-bedroom home is back on the market again, listed by Savills on behalf of Joint Receivers at a knockdown price of £5.5m on Rightmove. Chesil Cliff House in Croyde, Devon, divides opinion locally to this day. ‘There’s no doubt what I put Hazel through was horrendous,’ said the former music industry sales executive. ‘There’s a lot of guilt about that. But there was no way out, once we started. If we didn’t finish we’d have been in big trouble. It was awful for the family because I pulled the stability rug from under them, without being able to give answers of how we were going to get out of it, other than that I had to carry on.'”

South China Morning Post. “People from mainland China are buying as many as eight out of 10 new homes in some recent sales in Hong Kong following the removal of property cooling measures in February, according to agents. It’s not surprising that we see a high number of mainland buyers coming to the market,’ said Raymond Cheng, managing director and head of China and Hong property at CGS International. ‘Before the government scrapped all the property cooling measures, mainland buyers, who would have wanted to buy a HK$10 million [US$1.28 million] flat had to shell out HK$13 million because of a HK$3 million extra tax. Now with home prices dropping by 25 per cent, the same property will only cost HK$7.5 million. That’s a more than 40 per cent savings.’ Cheng said that despite robust demand from mainland Chinese buyers, a housing glut is likely to keep home prices in check.”

From Bloomberg. “China’s cryptic hints at a plan to address its property market woes have buoyed investors. But economists want more details before buying into the recovery story. The ruling Communist Party last week hinted at interest-rate cuts and said it would research ways of dealing with unsold properties — a shift from past plans to build more social housing which threatened to add to oversupply problems. It’s the first time the Politburo signaled that reducing housing inventory and improving policies for new supply are a key focus, state media reported. Top leaders are addressing the issue now because there’s limited room for new home demand to grow given a shrinking population and slower rate of urbanization, said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc.”

“The statement ‘sparked hopes that the government may step in to acquire unsold homes such as via state-owned platforms, which would accelerate property destocking and benefit developers,’ Pang said by phone. The government last year announced plans to build more affordable housing for sale, in the hopes of reviving sentiment. Now policymakers instead seem to be focused on plans to address the oversupply problem.”

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This Post Has 56 Comments

  1. ‘avoided foreclosure by selling his Sherman Oaks home for $4.95 million. Records show that the 8,000-square-foot house with five bedrooms and eight bathrooms closed on May 3 for 18% less than the latest asking price of just under $6 million, 11 days before the trustee sale. The deal comes nearly six months after the property hit the market in December at $8.5 million. Since then, the asking price dropped multiple times. County records show Hall, 39, paid $6.1 million for the house in May 2022’

    That’s a mighty a$$ pounding Todrick.

  2. He owes $36,000 and counting predominantly because of weeds in his front yard. They were garnishing $600 from his paycheck every two weeks until he started the bankruptcy process. ‘What way do you see out of this?’ Gray asked McAdoo. ‘Selling my home and just getting out of this neighborhood,’ McAdoo said.”

    Clean up the weeds peasant.

    1. There’s some definite funky business going on with these HOAs. Why isn’t the burden of proof on the HOA? If HOA can’t prove willful wrongdoing, make the HOA pay the court costs of the owner. That would stop this pretty quick.

  3. ‘If rates ever come down, hopefully in the next year or two, then they can just refinance,’ she said. Realtors never mention that it costs money to refinance.

    1. and you can’t refinance if you are underwater (or even not enough equity) if prices have declined.

    2. Been hearing a lot of radio commercials telling listeners to buy now because when the rates go down people are going to “jump back in.”

      I’m talking about you, Tawnya, from Right Choice Mortgage…

      She also likes to bring up the median price in LA County has gone up 90% in the last decade. So if “you want to reap the rewards, you have to get in the game.”

      1. Most places have more than doubled just in the last 5 years. But have incomes more than doubled? Then I suggest that you just sit this one out and avoid the high risk of a schlonging you won’t soon forget. And that’s just one fundamental that you’d have to be blind to to be stupid enough to buy right now. Shall I continue?

  5. Unpaid rent, arrests, arson: Fed-up landlords fight back

    13 hours ago NewsDuration 16:28

    Small Ontario landlords are calling out bad tenants and what they say is a system that allows them to get away with it. CBC’s Ioanna Roumeliotis talks to fed-up property owners who say a broken Ontario Landlord and Tenant Board is pushing them to the edge and forcing them to find new ways to fight back.

    https://www.cbc.ca/player/play/video/9.4219875

      1. that was the famous but reclusive “Fat Bastard” fulfilling his own prophecy with a dramatic splat.
        I hear he jumped w/ a cat to test the “Dead Cat Bounce” theory.

        1. I hear he jumped w/ a cat to test the “Dead Cat Bounce” theory.

          Too funny! I just starting laughing.

    2. No witnesses besides the Realtor?

      Because I think I remember reading somewhere that Realtors are Liars.

    3. I wonder if they are going to reveal that going forward in the disclosures or that will get covered under the rug. (but but but realtors are so necessary………..)

  7. ‘I knew we could refi if necessary,’ Marsh said, adding that she wasn’t worried about the interest rate.”

    Complete financial ignorance at work.

    1. “Huff says buyers should look at higher rates as their friend since it has slowed down the competition. She says the bidding wars will return if rates fall to 5%. ‘When rates do drop, you’re going to see an influx of people like we did a couple of years ago,’ Huff said, ‘and people are going to try to outbid each other and prices are going to escalate even higher.’”

      And here’s your typical realtor taking advantage of financial ignorance and at the same time stoking that FOMO.

      1. ‘When rates do drop, you’re going to see an influx of people like we did a couple of years ago,’

        “The check’s in the mail.”
        “It’s the first time I did that”
        “You won’t get pregnant”

  8. “‘I knew we could refi if necessary,’ Marsh said, adding that she wasn’t worried about the interest rate.”

    The rate daters seem highly confident that we will soon get back to the lowest interest rates in the history of money lending.

      1. Reddit Shares Soar On First Post-IPO Q1 Results, Strong Q2 Guidance
        by Erica Kollmann, Benzinga Staff Writer
        May 7, 2024 4:30 PM | 1 min read | 1 Comment
        Zinger Key Points

        – Reddit reports quarterly losses of $8.19 per share which missed the analyst consensus estimate of losses $6.97 by 17.5%.

        – Quarterly revenue comes in at $242.963 million, beating the analyst consensus estimate of $212.830 million by 14.16%.

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        20-Year Pro Trader Reveals His “MoneyLine”

        Ditch your indicators and use the “MoneyLine”. A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here’s how he does it.

        Reddit, Inc.
        RDDT+17.4%
        Get Free Report

        reported its first-quarter financial results after the bell Tuesday. Here’s a look at the highlights.

        The Details: Reddit reported quarterly losses of $8.19 per share which missed the analyst consensus estimate of losses $6.97 by 17.5%.

        Quarterly sales clocked in at $242.963 million, beating the analyst consensus estimate of $212.83 million by 14.16%.

        The company reported record user traffic, with Daily Active Uniques (DAUq) increasing 37% to 82.7 million and Weekly Active Uniques (WAUq) increasing 40% year-over-year to 306.2 million.

        “It was a strong start to the year and a milestone quarter for Reddit and our communities as we debuted as a public company,” said Steve Huffman, co-founder and CEO of Reddit. “We see this as the beginning of a new chapter as we work towards building the next generation of Reddit.”

        Outlook: Reddit expects second-quarter revenue in the range of $240 million to $255 million, versus the $223.83 million analyst estimate, and adjusted EBITDA in the range of $0 to $15 million.

        Related News: Hims & Hers Health Reports Better-Than-Expected Q1 Results, Strong Guidance

        RDDT Price Action: According to Benzinga Pro, Reddit shares are up 16.80% after-hours at $57.70 at the time of publication Tuesday.

        Photo: Shutterstock
        Buy at this blue line for a shot at trading profitably
        …
        https://www.benzinga.com/news/earnings/24/05/38683061/reddit-shares-soar-on-first-post-ipo-q1-results-strong-q2-guidance

    2. Stocks are primed to tumble into a bear market as bullish investors have driven equities to 1929 extremes, famed fund manager says
      Jennifer Sor
      May 7, 2024, 9:59 AM PDT
      Trader NYSE
      Andrew Kelly/Reuters

      – The stock market looks poised to fall from its extreme heights, legendary investor John Hussman said.

      – Hussman said the stock market is mirroring the extremes leading up the 1929 crash.

      – A market crash as steep as 65% wouldn’t surprise him, he’s said previously.

      The stock market’s extreme bull run is about to come to an end, as overly optimistic investors have driven equities to the most extreme valuations in nearly a century, according to legendary investor John Hussman.

      The Hussman Investment Trust president sounded another bearish warning on stocks this week, pushing back against the strength in equities so far in 2024. The S&P 500 has broken a series of record highs this year, and has regained momentum in recent days after a lackluster month in April.

      But the rally has largely been driven by a “certain impatience and fear of missing out” among investors — and market internals are looking “unfavorable,” Hussman said in a note.

      His firm’s most trusted valuation measure for stocks, which is the ratio of nonfinancial market capitalization to corporate gross value-added, is showing that the S&P 500 is priced at its most extreme levels since 1929, right before the market collapsed 89% peak-to-trough.
      …
      https://markets.businessinsider.com/news/stocks/stock-market-crash-outlook-1929-bear-market-overvalued-john-hussman-2024-5

      1. A word to the wise from this long time bubble watcher:

        It is much easier to tell when an asset bubble is forming than to predict whennit will collapse.

    3. A lesser-known recession indicator with a perfect track record over the last 11 downturns just signaled that trouble is coming. Here’s when a recession could arrive — and why stocks are still safe for the time being.
      William Edwards May 7, 2024, 2:00 AM PDT
      Traders work on the floor of the New York Stock Exchange on October 20, 2023.
      Spencer Platt/Getty Images

      Popular recession indicators like the Treasury yield curve and The Conference Board’s Leading Economic Index have been signaling for over a year now that a downturn is ahead.

      Last week, a lesser-known gauge — with just as impressive a track record — joined their ranks in warning of trouble ahead for the US economy.

      With the release of April’s jobs data on Friday from the Bureau of Labor Statistics, Piper Sandler’s recession indicator of the three-month moving average of the year-over-year percentage change in unemployed persons crossed the 10% threshold that has been met in the last 11 downturns.
      …
      https://www.businessinsider.com/next-recession-indicator-unemployment-rate-labor-market-outlook-piper-sandler-2024-5

  10. You will eat the bugs.

    World Bank’s climate plan: Pricier red meat and dairy, cheaper chicken and veggies (5/7/2024):

    “Cows and milk are out, chicken and broccoli are in — if the World Bank has its way, that is.

    In a new paper, the international financial lender suggests repurposing the billions rich countries spend to boost CO2-rich products like red meat and dairy for more climate-friendly options like poultry, fruits and vegetables. It’s one of the most cost-effective ways to save the planet from climate change, the bank argues.

    The politically touchy recommendation — sure to make certain conservatives and European countries apoplectic — is one of several suggestions the World Bank offers to cut climate-harming pollution from the agricultural and food sectors, which are responsible for nearly a third of global greenhouse gas emissions.”

    https://www.politico.eu/article/world-bank-want-aid-chicken-veggies-not-red-meat-dairy/

    Globalist bureaucrat pigmen, their lifestyles won’t change, only yours will?

    Who elected these clown? Oh, right. Nobody did.

    1. Related article. Translation: more Americans now know climate change is communism.

      Fewer Americans see climate change as very serious problem (5/6/2024):

      “The Monmouth University poll, conducted on April 18-22 shows a 10-point decline in Americans who says climate change is a “very serious” problem, falling from 56 percent in September 2021 to 46 percent in April.

      The decline was less steep overall – with 66 percent describing climate change as a problem that’s either “very serious” or “somewhat serious.” That’s down from 2021, when 70 percent of respondents described the climate change problem as either “very serious” or “somewhat serious.”

      https://thehill.com/policy/energy-environment/4646749-fewer-americans-see-climate-change-as-very-serious-problem-survey/

      Warmists gonna warm.

    2. one of the most cost-effective ways to save the planet

      Let the planet swallow up central bankers.

  11. “… Former Las Vegas Raiders head coach Josh McDaniels … bought the … home in 2022 for $4.95 million. … … sold for $4.8 million, May 1 [2024].”

    I guess he thought he would be with the Raiders for more than two years? NFL players (and coaches) are notorious for relocating often, or having a short shelf life altogether. They should rent a nice place for $5K/mo and be done with it. They make enough salary to make up for any loss of equity from not buying. Not to mention all the mental energy going into renovations and maintenance, energy that should be spent on winning games.

    Then again, they all probably have thigh-gap spouses who want the vanity manse.

    1. “…probably have thigh-gap spouses…”

      You forgot the rms rule of 34″ or more inseam! 🙂

  13. Buyer Carolyn Marsh listened and decided to bid on a condo despite a 7% mortgage. ‘I knew we could refi if necessary,’ Marsh said, adding that she wasn’t worried about the interest rate.”

    Why do I feel that in two years we’ll be reading about how Marsha was duped by her relitter and she now dines on 9-Lives?

  14. ‘A seller who needs to sell can get their home sold if it is priced correctly, and a buyer who needs a house can find something that fits their needs and get it for asking price or just under’

    That’s not much spirit Jared, you should push the low-balls!

  15. ‘some sellers are just stubborn right now, but most of the time buyers are able to get into a property, they’re able to get seller concessions to help reduce that rate…have your agent get seller concessions for you to reduce that rate and make sure that monthly payment is looking good for you…make sure that your agent is getting those concessions, those repairs done as needed and don’t be afraid to ask’

    That’s the spirit Asher!

  16. ‘The 656-acre Whitehall Ranch is asking $34.8 million, the Houston Business Journal reported. That’s $53,000 per acre and the latest price adjustment for the property, about an hour’s drive northwest of Houston in Grimes County. In October 2020, the ranch was listed for $21.6 million by Hall and Hall and Robertson Real Estate, but it didn’t sell. Nan & Company, which launched a farm and ranch division last summer, relisted it late last year for $42.8 million. The owner wanted an aggressive price cut to get the ranch sold, said Nancy Almodovar, CEO of Nan and Co. ‘The seller just decided that he’s ready to move, and he’s ready to receive some offers’

    They probably paid 1 thousand pesos per acre. The price pre-minor respiratory illness would have been half that.

    ‘After interest in rural Texas land peaked at the height of the pandemic, demand has cooled since mid-2022, largely because of higher interest rates, Lynn Krebs, research economist at Texas A&M University’s Texas Real Estate Research Center told the outlet. Demand remained strong in the luxury ranch market until recently, Krebs said. ‘There’s just not as many interested buyers as there were before,’ he said. ‘I think a lot of market participants have looked at what’s happened over the last year in comparable sales, and they’re starting to see that the market is not moving like it had the two or three years prior’

    It’s amazing how much change happens with 5% interest rates Lynn.

  17. ‘You broke us. We’re broke…I can’t imagine the mafia having been any worse than what my experience was with this’

    The REIC and local guberments set up this HOA scam Juliet. We did fine without it for centuries and now you can’t get away from it. It’s a mania side effect.

  18. ‘The only way he could stop his HOA from intercepting his paycheck was by filing for bankruptcy. ‘They garnished my wages,’ McAdoo said. He owes $36,000 and counting predominantly because of weeds in his front yard. They were garnishing $600 from his paycheck every two weeks until he started the bankruptcy process. ‘What way do you see out of this?’ Gray asked McAdoo. ‘Selling my home and just getting out of this neighborhood’

    It was still cheaper than renting Jim.

  19. ‘There’s no doubt what I put Hazel through was horrendous,’ said the former music industry sales executive. ‘There’s a lot of guilt about that. But there was no way out, once we started. If we didn’t finish we’d have been in big trouble. It was awful for the family because I pulled the stability rug from under them, without being able to give answers of how we were going to get out of it, other than that I had to carry on’

    Ennio Morricone – the ecstasy of gold
    theItalyWiki

    Dec 24, 2010
    Ennio Morricone conducting his own composition, “The Ecstasy of Gold” from the film, “The Good, the Bad and the Ugly”.

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

    3:45.

    1. “Morricone”

      There’s a composer whose music will outlive those of us reading this.

  20. Don’t Count On The Bank Of Canada To Save You (Toronto Real Estate Market Update)
    Team Sessa Real Estate

    1 hour ago

    In this episode we take a look at the current Toronto Real Estate Market specifically the detached home prices and market trends for week ending May 1, 2024. We also discuss how some potential seller’s see a rate cut as their saving grace which will skyrocket their home price back up. The problem is when those needing to sell have this view and up on the wrong end of the market.

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

    18:42.

  21. ‘Before the government scrapped all the property cooling measures, mainland buyers, who would have wanted to buy a HK$10 million [US$1.28 million] flat had to shell out HK$13 million because of a HK$3 million extra tax. Now with home prices dropping by 25 per cent, the same property will only cost HK$7.5 million. That’s a more than 40 per cent savings’

    So the loan owners who bought at the peak are fooked Ray.

  22. ‘The ruling Communist Party last week hinted at interest-rate cuts and said it would research ways of dealing with unsold properties — a shift from past plans to build more social housing which threatened to add to oversupply problems. It’s the first time the Politburo signaled that reducing housing inventory…there’s limited room for new home demand to grow given a shrinking population and slower rate of urbanization’

    ‘The statement ‘sparked hopes that the government may step in to acquire unsold homes such as via state-owned platforms, which would accelerate property destocking and benefit developers’…The government last year announced plans to build more affordable housing for sale, in the hopes of reviving sentiment. Now policymakers instead seem to be focused on plans to address the oversupply problem’

    I’ve been saying they don’t need to finish anything, they’re under-demolished! Dan has been buried under a pile of crow feathers.

    via GIPHY

  24. Biden Economic’s Advisor Visibly Struggles to Answer Easy Question
    The Rubin Report

    3 hours ago

    Dave Rubin of “The Rubin Report” shares a DM clip of a clip from the documentary “Finding the Money” featuring Biden’s economic advisor Jared Bernstein being unable to explain the basics of government debt.

    https://www.youtube.com/watch?v=Ux-K2kakA70

    3:28.

    1. There must be a regression analysis somewhere that shows how when the debt-to-GDP ratio gets high enough, bad juju happens.

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