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What Really Affects Demand Is That People Expect House Prices To Fall, There Is No Investment Value And They Can’t Make Money

It’s Friday desk clearing time for this blogger. “Suze Orman uses her money to buy herself some nice things — like a condo in Florida right on the ocean. It’s an idyllic place to live. That is, until the personal finance celebrity recently received an insurance quote for this 2,100-square foot property. ‘I’m not paying $28,000 a year when the insurer will probably contest any claim I get anyway,’ Orman told DailyMail. ‘Are you kidding me?’ For a personal finance author, it’s hard to help people in this situation. ‘I never would have thought to advise homebuyers ‘oh you better make sure that you can afford a quadrupling of property insurance in the future,’ said Orman.”

“Activity in the North Texas homebuilding market is heating up, creating a system of winners and losers that could alter the ownership profile of residential developments for years to come. Private developers, sidelined by an all-but-frozen lending environment, are quickly losing market share as land for master-planned communities is gobbled up by publicly traded megabuilders. Large-scale builders often have access to cheaper debt, which means they pay less per lot. Many have also ramped up self-development activity, all of which translates to offering homes at a more competitive price point than smaller developers, Hillwood Communities Vice President Andrew Pieper said at the Bisnow event. ‘The builders are really driving prices down by doing a lot of self-development,’ he said. ‘That keeps us honest, and we’ve got to kind of meet them or make a strong case for our premium.'”

“Fort Worth’s office market may have just bottomed out. Pinnacle Bank Texas bought back the 40-story Burnett Plaza, Fort Worth’s tallest building, for $12.3 million at a recent foreclosure auction, just $12.30 per square foot and less than 1 percent of its previous sale price, the Dallas Business Journal reported. The previous owner, an affiliate of New York-based Opal Holdings, defaulted on a $13 million loan from Pinnacle, triggering foreclosure proceedings. The Opal affiliate bought the 1 million-square-foot Burnett Plaza, at 801 Cherry Street, for $137.5 million in 2021. Adding to Opal’s troubles, contractors have filed 10 mechanic’s liens totaling more than $1.6 million against the firm over the past year, alleging unpaid renovation work at the downtown site.”

“Two small San Jose office buildings perched on a prominent site have toppled into a loan delinquency — but the property owner has begun to scout for replacement financing. The default is fresh evidence that economic woes still hound the Bay Area office market. The office buildings, located on The Alameda near downtown San Jose, could be seized through foreclosure if the loan isn’t repaid or a restructuring of the financing isn’t accomplished. In a time of high interest rates, a growing number of owners of commercial real estate properties are choosing to yield control of the buildings to their lenders because it’s becoming tougher for building owners to land replacement financing.”

“A London company that brokered nearly 6,000 mortgages worth more than $2 billion in 2022 and its principal broker face potential fines of $110,000 following a two-year investigation by Ontario’s financial services regulator. The Financial Services Regulatory Authority of Ontario said Tuesday it has started enforcement action against Forest City Funding Inc. and William Handsaeme. The authority alleges the company gave ‘false or deceptive information and documents when dealing in mortgages. The company also is alleged to have acted ‘when it ought to have known that by acting it was being used by a borrower to facilitate dishonesty,’ the authority said in a notice of proposal dated Feb 9, 2024.”

“Forest City Funding brokered 5,739 mortgages in 2022 with a total value of approximately $2.37 billion and sponsored 48 full-time mortgage brokers and 297 full-time mortgage agents, the authority said. The regulator said it reviewed five transactions in which Forest City Funding arranged the first mortgage and a company called Solidity Group was the lender for the second mortgage. In all five cases, the terms of the first mortgage prohibited secondary financing, the authority said. Furthermore, the company also helped borrowers get second mortgages, the authority said. In four of the five transactions, the authority said, the second mortgage was used to pay back supposedly ‘gifted’ down payments, a contravention of the terms of the first mortgage commitments. ‘All of the first mortgage commitments contained a requirement that any funds provided for a down payment be gifted and not repayable,’ the authority said. ‘As (Forest City Funding) arranged both the first and second mortgages it was aware of the terms of the first mortgage.'”

“In one of the transactions, a Forest City Funding mortgage agent loaned the borrower’s parents $80,000, the authority said. ‘This $80,000 was then provided to the borrower, purportedly as a ‘gift,’ as reflected in the ‘gift letter’ (Forest City Funding) submitted to the lender,’ the authority said. ‘On the close of the second mortgage, the mortgage agent was re-paid this $80,000 from the proceeds of the mortgage.'”

“Traditionally, May represents the zenith of sales and prices in the Toronto-area real estate market. This year may be different. A brisk start to April lost some steam in the second half of the month as buyers remain steadfastly opposed to getting swept up in any mania. In early May, new listings are streaming onto the market, which in turn allows potential buyers to bide their time. Andre Kutyan, broker with Harvey Kalles Real Estate Ltd., says the pace seemed to change almost week-by-week in some neighbourhoods during April. The most noticeable shift came around the middle of April. ‘It’s like somebody poured cold water on the hot fire,’ he says.”

“Sales in the Greater Toronto Area dipped 5 per cent in April from the same month last year, according to the Toronto Regional Real Estate Board, while new listings shot up 47.2 per cent in the same period. Active listings soared 74.4 per cent last month compared with April, 2023.”

“Data analysis from Yopa, looked at house price changes from April 2023 through to April 2024 across 20 of London’s most famous neighbourhoods, from Mayfair to Primrose Hill, to see how the capital’s iconic locations are performing under recent market conditions. When it comes to 20 of the capital’s most famous neighbourhoods – the annual price decline is much starker. Across the 20 neighbourhoods analysed, the average house price has fallen by -7.4%, from £1.1 million to £1 million. Belgravia, an area of London situated between Chelsea and Westminster, in the past year, its housing market has struggled with local prices plummeting by -19.1%, down from £1.3 million in 2023 to less than £1.1 million today. Mayfair, an area of London that has inspired too many cultural touchstones to mention, has seen prices drop by -16.7% in the past year to settle at a current average of £1.5 million Knightsbridge isn’t faring much better, with annual drops of -16.5%, while Marylebone (-15.9%), Chelsea (-15.2%), and South Kensington (-11.5%) have all endured double digit drops.”

“CEO of Yopa, Verona Frankish, commented: ‘While these neighbourhoods may have been immortalised within the media, it hasn’t made them immune to a cooling property market and many have seen a sharp reduction in property values over the last year.'”

“More than one in two companies in Germany’s residential construction sector reported a lack of orders in April, according to a survey published on Friday, as Europe’s largest economy faces its worst real estate crisis in decades. ‘Housebuilders are looking for signs of hope, but there’s no end to the crisis in sight,’ said Klaus Wohlrabe, Ifo’s head of surveys. Expectations are therefore still far from optimistic: ‘The lack of orders is causing many companies to reduce their prices,’ said Wohlrabe. Order cancellations also continue to remain a problem, according to Ifo.”

“Buying a home? Soon you won’t have as much competition from drug dealers, corrupt officials and criminals with dirty money thanks to new laws and a boost to enforcement. For decades Australia has lagged the world in anti-money-laundering legislation, meaning real estate agents, lawyers, accountants and dealers in precious metals and stones didn’t have to report dodgy transactions or do ‘due diligence’ — checks — on customers. Attorney-General Mark Dreyfus says the reformed laws will work to stop dirty money.”

“‘Each year billions of dollars of illicit funds are generated from illegal activities such as drug trafficking, tax evasion, people smuggling, cybercrime, arms trafficking and other illegal and corrupt practices,’ he says. Financial crimes agency AUSTRAC will get $166.4 million in the upcoming federal budget to help educate the professions that fall under what are called ‘Tranche 2’ laws. Out of more than 200 countries, Australia has been alongside China, Haiti, Madagascar and the United States that have not regulated Tranche 2 entities.”

“By taking the lead among major cities in scrapping all restrictions on homebuying, Hangzhou, capital of East China’s Zhejiang province, and Xi’an of Shaanxi province have set the tone in terms of effecting measures that boost market confidence and help the market to stabilize, property experts said on Thursday. ‘Behind the easing policies are visible home price drops and withered transactions,’ said Li Yujia, chief researcher at the Guangdong Planning Institute’s residential policy research center. ‘All of the city’s 10 districts reported declines on their average trading prices of pre-owned homes in April, ranging from 2 percent to 21 percent,’ said Li, citing data from the Beike Research Institute in Hangzhou.”

“Two Chinese provincial capitals lifted all home purchase restrictions on Thursday to lure buyers and shore up their sagging real estate markets, raising the prospect of other megacities following suit. The initial reaction by analysts to the moves by Hangzhou and Xian was lacklustre. ‘Relaxing purchase restrictions has proven ineffective at reviving demand,’ said Joe Peissel, an economic analyst at Trivium China. ‘That’s because there are massive excess supplies of housing – both new builds and secondhand units – that weigh on prices and deter buyers from re-entering the market.'”

“‘Except for the biggest cities of Beijing and Shanghai, easing the purchase restrictions in other cities are only symbolic,’ said Zhang Dawei, analyst at Centaline Property Agency Ltd. ‘What really affects demand is that people expect house prices to fall, there is no investment value, and they can’t make money, so few would buy property whether or not there are purchase restrictions.'”

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This Post Has 61 Comments

  1. HBB warning to readers: reuters is globalist scum media that peddles conspiracy theories, election lies, and mis, mal and dis-information.

  2. ‘Pinnacle Bank Texas bought back the 40-story Burnett Plaza, Fort Worth’s tallest building, for $12.3 million at a recent foreclosure auction, just $12.30 per square foot and less than 1 percent of its previous sale price’

    Are we there yet?

    1. Seems like prices are bottoming out and buyers are snapping them up at fire sale prices with no attendant financially disruptive panic.

      Are we witnessing a modern banking miracle?

  3. like a condo in Florida right on the ocean. It’s an idyllic place to live. That is, until the personal finance celebrity recently received an insurance quote for this 2,100-square foot property. ‘I’m not paying $28,000 a year when the insurer will probably contest any claim I get anyway,’ Orman told DailyMail. ‘Are you kidding me?’ For a personal finance author, it’s hard to help people in this situation. ‘I never would have thought to advise homebuyers ‘oh you better make sure that you can afford a quadrupling of property insurance in the future,’ said Orman.”

    Florida is finished

    1. “…‘I’m not paying $28,000 a year when the insurer will probably contest any claim I get anyway,’ Orman told DailyMail….”

      Text message to Suze: The HBB and its readers have been repeatedly warning about the dangers of ever increasing R/E holding costs for well over a decade now. Why are you surprised?

  4. ‘The authority alleges the company gave ‘false or deceptive information and documents when dealing in mortgages. The company also is alleged to have acted ‘when it ought to have known that by acting it was being used by a borrower to facilitate dishonesty’

    Sound lending!

  5. ‘Out of more than 200 countries, Australia has been alongside China, Haiti, Madagascar and the United States that have not regulated Tranche 2 entities’

    Guberments set up and facilitate money laundering, especially the US federal guberment. They love the cartels, the human smuggling, the drugs. And have for decades. What more proof do you need than seas of people living in tents stoned out of their minds with poop smeared all over the place?

    1. “people living in tents stoned out of their minds with poop smeared all over the place”

      Is that a marketing slogan for the City of Denver?

      1. Denver wants to spend $500M to break downtown out of it’s doom loop.

        Good luck with that

        1. I thought that the money was to settle the migrants’ demands including gettting free food that they can cook their own way.

      2. Related article.

        Officials report weapons, human waste at Auraria protest encampment (5/9/2024):

        “There was no word Thursday on plans to clear the encampment, but options appear to be running thin. Campus officials say they are concerned about nonstudents and possible criminal activity, while students said they are not the ones causing the issues.

        Auraria Campus officials report hazards to public safety and cleanliness at the encampment, which has been a weeks-long protest against the Israel-Hamas conflict in Gaza.

        “A lot of it has been our patrols and our folks who have been monitoring the quad,” said Devra Ashby, with Auraria Higher Education Center.

        Campus officials said they had seen human waste around the encampment, but organizers blamed outside entities.

        “Some vandals had come and attacked our bathroom setup, and then there was some waste spilled,” said Khalid Hamu, of Students for a Democratic Society, which is behind the protests on the downtown Denver campus.”

        https://kdvr.com/news/local/officials-report-weapons-human-waste-at-auraria-protest-encampment/

        Outside entities?

  6. ‘‘The builders are really driving prices down by doing a lot of self-development’

    They are undercutting the used shack market in price and using easily borrowed money to buy down loans. It’s a pretty good racket until they run out of knife catchers.

  7. 28K to insure a condo..?.hmmm …Wonder if she’s had a claim or two, insururs hate that ,even if that’s their business…..

  8. Across the 20 neighbourhoods analysed, the average house price has fallen by -7.4%, from £1.1 million to £1 million.

    But…but…muh generational wealth!

  9. Precious metals prices are calling BS on the Fed’s jawboning about “fighting inflation.” These Keynesian fraudsters have one product: debt, and they are going to debase the U.S. dollar into worthlessness.

    https://www.kitco.com

    1. By not quite finishing the job of taking away the punchbowl, they have inadvertently convinced markets they don’t intend to finish the job.

  11. ‘I’m not paying $28,000 a year when the insurer will probably contest any claim I get anyway,’

    Insurance lesson:

    1) Fork over a fortune in premiums for years, and never make a claim.

    2) Experience the expensive misfortune the insurance was supposed to protect against.

    3) Discover your premiums that you thought were invested in providing for the claims you expected to be paid instead went towards paying a highly compensated attorney to explain why you don’t qualify for payment.

    Lesson learned: Invest your money for yourself, and F the insurance companies.

    1. This is true and it even applies to affinity companies like USAA. They won’t even throw you a bone when you are injured and bleeding out. It’s all a racket.

  13. “The builders are really driving prices down by doing a lot of self-development,’ he said. ‘That keeps us honest, and we’ve got to kind of meet them or make a strong case for our premium.’”

    Big builders hand out a large portion of the schlongings on the way down. “Hey phase 2, check out what we’re gonna do on phase 5. You think we cut prices on phase 4 but you ain’t seen nothing yet!”

    1. IIRC there were many similar stories out of China along the road down into the housing market CR8R.

  15. With headline indexes trending towards a permanently high plateau, would now be a good time to go bottom fishing in beaten down tech stocks?

    1. Cathie Wood goes bargain hunting in beat-down tech stocks
      Her flagship ETF has slumped 16% year to date.
      Dan Weil
      May 9, 2024 8:33 PM EDT

      When Cathie Wood, head of Ark Investment Management, sees one of her stocks go down, she often reacts by doubling down on the position.

      If you’re an experienced investor, you’ve likely heard of Wood. She may be the country’s most famous money manager after Warren Buffett.

      Wood (Mama Cathie to her acolytes) soared to acclaim after an amazing return of 153% in 2020 and lucid presentations of her investment philosophy in numerous media appearances.

      But her longer-term performance is less impressive. Wood’s flagship Ark Innovation ETF (ARKK) , with $6.5 billion in assets, produced annualized returns of 17% for the past 12 months, negative 26% for the past three years and negative 0.2% for five years.
      …
      https://www.thestreet.com/investing/stocks/cathie-wood-beaten-tech-stocks

      1. “She may be the country’s most famous money manager after Warren Buffett.”

        Good thing she is a female investing guru. A man with her track record of losses would be a laughing stock.

        1. Good thing she is a female investing guru. A man with her track record of losses would be a laughing stock.

          Well said, I saw a study recently that said she lost her investors more total dollars than anyone else. She is the “anti” Warren Buffett. What a joke.

    1. California
      Gavin Newsom is coming for your car, and he wants you to know it

      The talked-about presidential contender is carving out an underutilized lane: climate crusader.
      California Governor Gavin Newsom is shown at a podium with solar panels in the background on Thursday, April 25, 2024.

      Gov. Gavin Newsom touts California’s renewable energy storage capacity at a recent event in Winters, California. | Wes Venteicher/POLITICO

      By Wes Venteicher
      05/09/2024 05:00 AM EDT

      SACRAMENTO, California — Gov. Gavin Newsom is taking California’s climate story — with its big ambitions and political risks — on the road.

      The Democratic governor, Biden surrogate and potential presidential contender is pushing aggressive climate action in appearances from China to the Vatican, selling it as a winning issue beyond the borders of his deep-blue state.

      His pitch: The effects of climate change are upon us and the world — including California — ignores them at their peril.

      California is “meeting the moment head-on as the hots get hotter, the dries get drier, the wets get wetter, simultaneous droughts and rain bombs,” Newsom said last month in a Central Valley orchard outfitted with solar panels and batteries. “We have to address these issues with a ferocity that is required of us.”

      He’s heading to the Vatican next week to meet with Pope Francis and other leaders, where he’ll highlight what’s at stake with “global temperatures hurtling towards alarming new heights.” The trip comes after a swing through China last fall, where he touted California’s sharing of climate policy and technology.

      Newsom’s moves to promote electric vehicles and renewable energy while phasing out gas-powered cars, trying to recoup climate-related damages from oil giants and going after refiners’ profits have won strong support in California, but his efforts face a reliable line of attack from the industry and Republicans who say it’s all too expensive.

      He’s used to the criticism. A key part of his strategy has been to ascribe high gas prices and utility bills to corporate greed and gouging while beating back proposals that he believes go too far like Proposition 30, which would have raised taxes on the rich in 2022 to funnel money to electric vehicles.
      EPA chief says new EV rule will spur innovation, save money

      “He wants to make the claim when he runs for president that he’s fixing climate without raising taxes,” said RL Miller, a California-based Democratic National Committee member and founder of the Climate Hawks Vote PAC. (Newsom insists he’s not interested in being president.)

      The strategy is untested on a national level and in fossil fuel-rich swing states like Pennsylvania and New Mexico. Democrats in those places are already planning to go on the offensive with new Federal Trade Commission allegations that a Texas-based oil producer colluded with OPEC to raise prices.

      He leaned into his role as climate governor in 2020, one of the worst in a series of climate-aggravated wildfire years for the state, when residents were holed up during the Covid pandemic and skies turned orange with smoke amid a deep drought. Newsom was touring burned-down towns while headlines linked the devastation to oil drilling. Rolling blackouts hit the state’s grid in August of that year.
      …
      https://www.politico.com/news/2024/05/09/gavin-newsom-climate-message-california-00156954

      1. “Newsom’s moves to promote electric vehicles and renewable energy while phasing out gas-powered cars, trying to recoup climate-related damages from oil giants and going after refiners’ profits have won strong support in California, …”

        Not in my garage. It’s highly annoying to be flanked on all sides by white Teslas while sitting in traffic on your drive to work.

        Wouldn’t it be more politically expedient and cost effective to solve the traffic jam situation, which releases untold excess tons of carbon into the atmosphere daily, than force everyone to buy electric cars?

        1. Financial Times
          Electric vehicles
          Carmakers bet on hybrids as shift to EVs slows
          Nissan, Hyundai and Ford focus on tapping resurgent demand for so-called stop-gap vehicles
          Person charging hybrid car
          High interest rates and concern over EV charging points has prompted a rebound in sales of hybrid vehicles
          Mari Novik, Arjun Neil Alim, Kana Inagaki and Peter Campbell in London 4 hours ago

          Global carmakers are stepping up their investment in hybrid technologies as consumers’ growing wariness over fully electric vehicles forces the industry to rapidly shift gear, according to top executives.

          A combination of still high interest rates and concern over inadequate charging infrastructure has chilled buyers’ enthusiasm for fully electric cars, prompting a rebound in sales of hybrid vehicles that most of the industry had long regarded as nothing more than a stop-gap.

          Tapping the resurgent demand for hybrids was a priority, executives from General Motors, Nissan, Hyundai, Volkswagen and Ford told the Financial Times’ Future of the Car Summit this week.
          …

        2. Does California plan to chase away the oil companies like they did the home insurers?

          “Experience keeps a dear school, but fools will learn in no other.”

          – Benjamin Franklin

          1. Possible gas price gouging penalty in California faces uncertain future

            The hearing comes as the California Energy Commission moves forward with its work in determining if it should set a cap on oil refiner profits and establish a penalty for companies when they make too much money off of California drivers.
            KCRA
            Updated: 10:46 PM PDT May 7, 2024
            Ashley Zavala
            California Capitol Correspondent

            SACRAMENTO, Calif. —

            California lawmakers in the state Senate on Tuesday held an oversight hearing on the state’s new law that attempts to hold oil companies accountable for spiking gas prices.

            The hearing comes as the California Energy Commission moves forward with its work in determining if it should set a cap on oil refiner profits and establish a penalty for companies when they make too much money off of California drivers. The law was at the center of a special session Gov. Gavin Newsom called last year in response to high gas prices.
            …
            https://www.kcra.com/article/possible-gas-price-gouging-penalty-in-california-faces-uncertain-future/60723615

          2. Isn’t it interesting how poor victim state California is the only one subject to gas price gouging?

      2. “…a Texas-based oil producer colluded with OPEC to raise prices.”

        Did they collude to make them go way higher in California than elsewhere?

  17. What was once a more affordable way of living is now in jeopardy.
    Some mobile homeowners in Central Florida told News 6 that the amount they pay to rent their lots is increasing so much that it’s pricing them out of their homes and preventing them from selling them, too
    3 min

    https://www.youtube.com/watch?v=BFC1lq0hqJE

    1. “the amount they pay to rent their lots is increasing so much that it’s pricing them out of their homes and preventing them from selling them, too”

      I think someone here said… You will own nothing

  18. “Insurance Companies.”

    My CPA friend has horror stories involving Insurance Companies. Medical Insurance Companies stalling on payments, house insurance cancelling policy over stupid reasons, policies going up from car to house insurance.
    IMHO, the Insurance Companies are all part of the Mega Monopoly Corporations and WEF market forces that have been instrumental in the agenda of the One World Order.
    Health Insurance Companies pretty much control the kind of health care your going to get. My older friends dealing with health care system just have horror stories involving care they have been subjected to. 80% of Doctors work for Corporations that will fire them if they don’t comply with the dictates of the system.
    Its all leading to a World Health Organization global health dictorship .
    When you see guys like Bill Gates and the CEO of Plizer talking about how great MNRA technology is and its going to be used in everything , in spite of its abject failures, you know the med system has been captured.
    They announced they are taking that UK Covid shot off market. But , they aren’t taking this expiermental technology with all products off market , and they can just morph it into other products, with new names etc. Now CEO from Plizer announcing cancer therapy with the technology. The UK is in trials on their alleged cancer vaccines.
    Seriously, do you really think that this failed technology is going to conquer cancers by “cancer vaccines?”
    And the Climate Change narrative is all part of this pre planned attack on Civilization by these infiltrators that have highjacked systems and global Governments.
    The powers that be are doubling down on their power grab with the most ridiculous and absurd solutions to the Great Narratives of fraudulent solutions to their fraudulent narratives.
    Come on, zero co2 emissions by 2050, whereby all life emits co2 carbons. Biden on the verge of calling a Climate Change emergency in US .Bird flu getting ramped up as a potential Disease x of global concern.
    Its all a bunch of nonsense and fraud .

    1. try this….I want to be treated just like an illegal alien, let biden pay my hospital bill , and don’t call me again. I dont care about my credit score i don’t have a credit card and don’t need to buy anything i cant afford. I bought a new Mac mini M2 as. Christmas present and its great…..cash

      1. Exactly. Illegals get it all for “free.”
        Motto of the rich.
        Own nothing, control everything.
        Yeah, some put their, house, in a trust and rent from the trust at whatever amount they set. They are then “renters.”

    2. “Its all leading to a World Health Organization global health dictorship.” .

      49 Senators and 22 AGs Oppose WHO Takeover.

      https://anh-usa.org/49-senators-and-22-ags-oppose-who-takeover/

      Half of the Senate sent a letter to President Biden opposing the WHO’s proposed takeover of future pandemic policies.
      22 Attorneys General – the chief legal officers of 22 states—have also opposed the plan to give the WHO unconstitutional power over the American people.
      This is a clear indication that grassroots advocacy is working; to protect our freedoms, we need to keep hammering Congress with messages opposing the WHO’s authoritarian pandemic proposals.
      If they win, the WHO will have more power to tell you what to do during the next pandemic.
      Last week, almost half of the US Senate sent a strong letter to President Biden, urging his administration to oppose the changes to international law currently being negotiated that would substantially increase the power of the WHO during the next pandemic…which the WHO could declare unilaterally, and which authorities are already suggesting will be an avian flu pandemic. The letter has been timed just in advance of the forthcoming World Health Assembly later this month where amendments to the International Health Regulations (IHR) and the Pandemic ‘Treaty’ are expected to be ratified. As we’ve been reporting for some time, these changes give the WHO more power to declare public health emergencies, dictate public health responses, and suppress free speech by labeling it “misinformation.” We have to keep up the pressure to make sure none of that happens so that we can maintain both national and individual sovereignty.

      The letter was led by Senator Ron Johnson (R-WI) and calls on the Biden Administration to withdraw support for the Pandemic Treaty and the IHR amendments or, at the very least, to submit any treaty or agreement to the Senate for ratification—precisely what we have been calling for.

      And that’s not all. Twenty-two state attorneys general also sent a letter to President Biden voicing their concerns about handing the WHO so many new powers.

      We thank all our members who have been sending messages to Congress. These letters are a clear indication that our concerns are being heard and echoed by lawmakers. Without sustained action, we won’t succeed in stopping this assault on our freedoms, so let’s keep up the momentum!

      You can read our analysis of the most recent drafts of these documents here. While there are some small differences in the latest negotiating drafts, the main thrust remains the same. What the WHO is aiming for is a pandemic response in the future that is like a steroid-infused version of what we experienced after the COVID pandemic was announced in March 2020. The goal is more centralization of health policy decision-making, a move towards authoritarianism that will sideline the individual and their physicians in favor of a faceless bureaucracy that will have zero understanding of your health status, your resilience or sensitivities, your health needs, or your circumstances.

      Handing the WHO more power to handle the next pandemic is an absurdity given its record during the COVID pandemic, when evidence is increasingly showing that policies recommended by these health authorities (isolation, school closures, mask wearing, etc.) were disastrous for public health.

      The resistance to health authoritarianism is growing. Many of the most prominent voices for health freedom—including ANH founder and executive director Rob Verkerk, PhD—will be convening in Geneva at the same time as the World Health Assembly’s meeting. The Inspired Network’s Geneva Project will serve as a much-needed counter to the drug-centric, one-size-fits-all approach favored by health bureaucrats at the WHO.

    3. So many dog walkers. There must be some who’ve lost loved ones looking to even the score?

    1. The desert tourism thing is weird. There are numerous desert hotspots along the old route 66 that are becoming ghost towns with ruins scattered about. I can’t help but wonder how many of these new hotspots are going to suicide themselves. In the long run it is most likely a terrible investment.

  20. ‘The office buildings, located on The Alameda near downtown San Jose, could be seized through foreclosure if the loan isn’t repaid or a restructuring of the financing isn’t accomplished. In a time of high interest rates, a growing number of owners of commercial real estate properties are choosing to yield control of the buildings to their lenders because it’s becoming tougher for building owners to land replacement financing’

    They wouldn’t be doing this if they had enough skin in the game.

  21. OMG. Sam Rubin of channel 5 news in California, died after calling in sick to the station earlier today.
    64 years old. They haven’t said what he died of and we probably won’t find out.
    I was just saying to a friend the other day that a big well known anchor is probably going to died.WEIRD

  23. ‘All of the first mortgage commitments contained a requirement that any funds provided for a down payment be gifted and not repayable,’ the authority said. ‘As (Forest City Funding) arranged both the first and second mortgages it was aware of the terms of the first mortgage’

    They weren’t afraid of being caught.

  24. ‘When it comes to 20 of the capital’s most famous neighbourhoods – the annual price decline is much starker’

    This sh$thole has been sinking like a turd in a well since 2014. It was money laundering.

  25. ‘Europe’s largest economy faces its worst real estate crisis in decades. ‘Housebuilders are looking for signs of hope, but there’s no end to the crisis in sight…The lack of orders is causing many companies to reduce their prices’…Order cancellations also continue to remain a problem’

    Everything has kinda turned into sh$t out there Klaus.

  26. ‘Behind the easing policies are visible home price drops and withered transactions…All of the city’s 10 districts reported declines on their average trading prices of pre-owned homes in April, ranging from 2 percent to 21 percent’

    Behold, the supreme wisdom and command of forces market and not will once again win a huge victory for central planners everywhere!

  27. ‘Except for the biggest cities of Beijing and Shanghai, easing the purchase restrictions in other cities are only symbolic’

    They haven’t eased the restrictions in Beijing or Shanghai.

    ‘What really affects demand is that people expect house prices to fall, there is no investment value, and they can’t make money’

    That’s pretty much the definition of a late stage mania Zhang, thanks for playing this fine Friday.

  28. The Hidden Fraud Inflating Canada’s Housing Crisis
    OwlMortgage

    2 hours ago TORONTO

    HUGE Fine in the mortgage industry and after recent audits by regulators that exposed non-compliance, including instances where lenders misrepresented information, contributing to an inflated housing market. I explain how mortgage fraud contributes to rising real estate and housing costs in Canada, Especially in Toronto and Vancouver. Various financial institutions’ predictions on interest rates have evolved from 2022 to 2024, highlighting the discrepancies in their forecast compared to the bank of Canada’s actions. We touch upon the challenges faced by individuals seeking private mortgages due to temporary disruptions, the struggles of self-employed individuals trying to secure loans, and the vital importance of maintaining healthy credit scores. The City of Toronto’s $26 billion infrastructure shortfall, strategies for managing marital breakups involving property settlements, and the benefits of new savings accounts for first-time homebuyers are also on the agenda. Tune in for practical insights into the evolving real estate market, ways to navigate mortgage complexities, and strategies for achieving financial security

    00:00 Canada Market Update
    16:43 What are some situations where borrowers might consider opting for a private mortgage?
    19:31 Tips for improving credit scores and financial health to qualify for better mortgage terms?
    21:20 How do you assist self-employed individuals or freelancers in securing mortgage financing?
    23:15 What is the advantage of the first home savings account?

    https://www.youtube.com/watch?v=Rwd2rn32RjA

    26 minutes.

  31. Is subprime back? Or was it there all along, hidden in plain view under cover of historically low interest rates and ever rising asset prices?

    1. Markets
      Nonbank Mortgage Companies Pose Financial Stability Risks, FSOC Says

      – Report says risks may amplify shocks, undermine stability

      – FSOC releases first report on nonbank mortgage firms’ threats

      Janet Yellen, US treasury secretary
      Photographer: Go Nakamura/Bloomberg
      By Katanga Johnson and Paige Smith
      May 10, 2024 at 12:02 PM PDT
      Updated on May 10, 2024 at 1:32 PM PDT

      Nonbank mortgage companies, which increasingly dominate the sector, pose unique risks and vulnerabilities that can weaken financial stability, according to a new Financial Stability Oversight Council report.

      The FSOC on Friday released its first study of the threats introduced by nonbank mortgage firms, which have escaped the strong regulation reserved for traditional banks despite displacing them in the market. In 2022, nonbanks originated about two-thirds of mortgages and serviced most of them.
      …
      https://www.bloomberg.com/news/articles/2024-05-10/nonbank-mortgage-companies-pose-financial-stability-risks-yellen-says

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