Homes Are No Longer Being Appraised At Sky-High Prices
A report from Realtor.com. “Buyers might want to focus on the housing market breakthrough that’s been four years in the making. ‘Last week saw the highest number of homes for sale since August 2020, a significant milestone,’ says Realtor.com senior economic research analyst Hannah Jones in her latest analysis. ‘The recent strength in listing activity means buyers are seeing more homes for sale than they have seen in almost four years.'”
From Newsweek. “A recent report from Realtor.com using February data found that the cost of buying a starter home—which considers monthly mortgage payments—in every one of the country’s 50 largest metropolitan areas was $1,027 (60.1 percent) higher than renting an apartment in these same cities. A year earlier, in February 2023, buying a home was $865 (50.4 percent) higher than renting—which means that the convenience of renting over buying is increasing. In cities like Austin and Seattle, buying a starter home was more than twice as expensive as renting, while in Phoenix and Los Angeles it was nearly twice as much. In Austin, the median monthly rent payment in February was $1,530, while the monthly mortgage payment (including property taxes, insurance and HOA dues) was $3,695. That means that buying a starter home cost 141.5 percent more than renting one.”
Naples Daily News. “Though Florida’s median rent is $2,117, it’s actually decreasing the most yearly. The year-over-year change in Florida’s rent is -8.80% ― the most drastic in the country. Following Florida’s lead is Oregon with a -5.38% year-over-year change. In January, data showed the state’s rent decreased 9.21% year over year. Believe it or not, the rent in Naples is decreasing annually based on data from Rent.com. The annual change in rent for a one bedroom has decreased 9% and the cost for a two bedroom has decreased 2%.”
The New York Times. “Either by choice or by being priced out of the market, many people have decided that renting forever is their best — or only — option. ‘This is very much my life,’ said Berna Anat, who lives in the San Francisco Bay Area. ‘I don’t see homeowning in my future.’ When someone says she’s throwing away money on renting, she thinks of friends who have homes. ‘They’re like, ‘Oh, we can’t go on vacation for two years, because termites have eaten the foundation of our bathroom,’ or like, ‘Yeah, we actually can’t hang out this weekend because we are on our hands and knees tiling the grout of our decrepit sunroom,’ she said. ‘Forever renting is very much a movement. It’s a lifestyle.'”
The Mercury News in California. “Cranes are coming down in Oakland and across the Bay Area as developers contend with an unfortunate intersection of high interest rates and stagnant rents, which have made lenders wary of funding projects around the region. ‘The capital markets are incredibly constrained,’ said developer Andy Ball. ‘It’s basically shut down construction.’ The problem is that the costs to develop are increasing, but rent mostly hasn’t. As a result, the value of apartment buildings is going down. ‘The good news is, we’re delivering $500 million of apartments this year,’ said Drew Hudacek, chief investment officer of Sares Regis, a major developer in the region. ‘The bad news is, it’s costing us $750 million to develop them.'”
Business Insider on Texas. “With fewer prospective buyers in the market for homes, home prices are now declining in several cities across the US. The reason homes are getting a bit cheaper is because demand has slowed, real-estate agents in Austin and New Braunfels told Business Insider. Austin real-estate broker Nicole Marburger told Business Insider that the city’s real estate market is finally coming down to earth. As homes linger on the market, sellers are reducing their prices to draw buyers, she added. Marburger said she recently worked with a client who purchased a home initially listed for $1.25 million for just $850,000 — it even came with a concession, which is when a home seller offers a buyer additional incentives.”
“As homebuyers become more choosy, she said more sellers have to adjust their expectations. ‘Sellers who are holding out for peak market prices may unfortunately find that, unless their property truly stands out, today’s reality does not align with their aspirations,’ she said. New Braunfels is experiencing a similar shift in its housing market. Broker Mercy Boatright told Business Insider that New Braunfels’ homebuyers now have the upper hand. ‘It’s definitely a buyers’ market right now,’ Boatright said. ‘Prices are going back to the norm. Homes are no longer being appraised at sky-high prices.'”
“Boatright said that homes in New Braunfels with higher price tags are struggling to attract offers. Sellers who resist reducing their listing prices are learning their lesson, she added. ‘Homes aren’t selling unless the seller’s price goes down,’ Boatright said. On the other side of the closing table, Boatright said she encourages her buyer clients to consider submitting offers on homes even if they’re beyond their budget — a seemingly modest bid could still potentially secure a sale. ‘I’m like, ‘Hey, if it’s the house you want, let’s make an offer. I don’t care if it’s $30,000 off,’ she said. ‘We try it, and I’ve been getting them every time.'”
From Skift. “In 2021, Jennifer Meyer spent most of her life savings on a house she planned to list on Airbnb. The 3-bedroom, 1-bath ranch in Fairview Heights, Illinois, sits in a residential neighborhood that caters mostly to working families and retirees. Before buying, Meyer, a paralegal by training, says she did her due diligence. After closing on the property, Meyer, 39, quit her job with the state of Illinois, walked away from her pension, and started on renovations. Meyer was thrilled; her neighbors, not so much. After the city council met on the issue, Fairview Heights enacted an ordinance requiring a 30-day minimum stay for renters, essentially banning short-term rentals. ‘It really broke my heart, truly, when all of this happened,’ Meyer says. ‘I really love that house.'”
“Jennifer Meyer’s situation is far from unique. Short-term rental hosts and their neighbors are feuding at a resounding rate. A homeowner in Southern California, Mrs. F, who requested anonymity, is one such Airbnb neighbor. She told Skift that her community dramatically deteriorated after an influx of short-term rentals. When the house next door was sold, it was immediately turned into a short-term rental. In June 2023, there was the SWAT stand-off in her neighborhood involving an Airbnb host that left one man dead. ‘That was absolute insanity,’ she said. ‘Nothing like waking up to the sound of a flash bang. I myself don’t always feel as safe in my home as I used to.'”
“On host-centered message boards, it’s common to see posts asking for advice on neighbors who are allegedly trying to sabotage guest stays by causing bad reviews, repeatedly calling the police and lodging complaints every time a new car pulls into the driveway. One host in Florida, who asked to remain anonymous for fear of further neighbor retaliation, said the people who live behind her STR run their lawn mower next to a shared fence for hours at a time hoping to annoy her guests and cause a bad review. In a Facebook Group called the ‘Rants of Airbnb Neighbors,’ guerilla tactics are openly suggested. ‘Flood the place with lights, harbor bay wind chimes, bucket of chicken fat, fish guts will get rancid and may attract buzzards,’ one member writes. ‘You need the guest to feel unwelcome and leave bad reviews.'”
Domain News in Australia. “More family-friendly sized apartments in Melbourne’s inner suburbs are needed to open up the housing market for first home buyers and help keep growing families in their local communities, experts say. Less than 10 per cent of apartments sold across five of Melbourne’s inner local government areas have three bedrooms, Domain data for the 12 months to March has revealed. ‘We have a glut of one-bedroom apartments … these don’t generally meet the needs of most people who want to live in inner-city environments,’ said Professor of Housing and Social Policy at Swinburne University, Wendy Stone.”
From Reuters. “Shares of Chinese developers wobbled on Monday as investors fretted that China’s ‘historic’ steps to stabilise its crisis-hit property sector fell short of what is required to foster a sustainable turnaround in demand and confidence. Analysts compared the latest 300 billion relending facility to another 100 billion yuan facility introduced in January 2023 for eight pilot cities to purchase inventory for subsidized rental housing. So far, only around 2 billion yuan have been drawn down by January this year, official data showed, highlighting the lack of incentives and participations from the market.”
“Local governments, already some $9 trillion in debt, may be reluctant to expand their social housing projects which provide low returns, and banks would also be hesitant to lend to potentially loss-making businesses. Analysts said the central government’s decision to step in as a buyer marked an important step but noted that the size of financing on offer pales in comparison to the estimated trillions of yuan worth of housing inventory across the country.”
From Bloomberg. “China’s latest housing initiative is aimed at vacant properties, a major pain point in a crisis that’s dragged on for almost three years. But analysts say the package of measures is still too small to end the rout. The decline in China’s sales of new homes accelerated in recent months, with households increasingly preferring to buy in the secondary market. That’s pushed up the stock of unsold homes and empty land to the highest level in years, discouraging new construction and threatening more defaults by developers — including large state-owned firms.”
“‘Any game-changing housing easing measures (including those for housing destocking) would likely require significantly more funding than available thus far,’ Goldman Sachs Group Inc. economists led by Lisheng Wang wrote in a note, citing earlier research that getting outstanding housing inventory back to 2018 levels would require 7.7 trillion yuan.”
“Bloomberg Economics Says: ‘Assuming the purchases were made at a 30% discount to market prices, this would allow the government to buy close to 2% of the new homes for sale or in the construction pipeline. An intervention of this size is not big enough by itself to make a dent in housing supply, but could help lift confidence and stabilize the market … Implementation will not be easy. Fiscal resources are limited and misaligned objectives between the central and local governments could also get in the way.'”
This Post Has 54 Comments
Comments are closed.
HBB warning to readers: reuters, bloomberg and new york times are globalist scum media who peddle conspiracy theories, election lies and mis, mal and dis-informations.
‘The good news is, we’re delivering $500 million of apartments this year…The bad news is, it’s costing us $750 million to develop them’
That’s some red hotcakes right there Drew. Let’s see, prices sinking like a turd in a well, rents are half of a mortgage payment. It’s a no brainer!
I am not sure if folks have the background info, but would love to know what were the fastest growing costs.
Was it city/county development fees? Was it the cost of labor?
You will own nothing.
You will eat bugs and like them, or if you don’t like bugs, try our genetically modified re-cycled cardboard crackers.
May the odds always be in your favor.
‘Assuming the purchases were made at a 30% discount to market prices, this would allow the government to buy close to 2% of the new homes for sale or in the construction pipeline’
Boy the globalist scum media is a sad panda. They were really worked up: yer gonna see some real central planning now! Yeah, handing out 30% a$$ poundings is going to ‘stabilize the market.’
‘Homes are no longer being appraised at sky-high prices’
Senator running deer heap angry Mercy.
“Senator running deer heap angry…”
LMFAO!! —Jack Abramoff
“On host-centered message boards, it’s common to see posts asking for advice on neighbors who are allegedly trying to sabotage guest stays by causing bad reviews, repeatedly calling the police and lodging complaints every time a new car pulls into the driveway. One host in Florida, who asked to remain anonymous for fear of further neighbor retaliation, said the people who live behind her STR run their lawn mower next to a shared fence for hours at a time hoping to annoy her guests and cause a bad review. In a Facebook Group called the ‘Rants of Airbnb Neighbors,’ guerilla tactics are openly suggested. ‘Flood the place with lights, harbor bay wind chimes, bucket of chicken fat, fish guts will get rancid and may attract buzzards,’ one member writes. ‘You need the guest to feel unwelcome and leave bad reviews.’”
+1
Die, speculator sc*m.
‘Nothing like waking up to the sound of a flash bang. I myself don’t always feel as safe in my home as I used to’
Well, it was cheaper than renting Mrs. F.
‘Flood the place with lights, harbor bay wind chimes, bucket of chicken fat, fish guts will get rancid and may attract buzzards’
Other than that, how’s the walk-ability?
Renting forever……you say that like it’s a bad thing.
Francis Collins sings insipid song re: 6ft distancing but now testifies to House it had no evidence
Vinay Prasad MD MPH
May 19, 2024
Vinay Prasad, MD MPH; Physician & Professor
Hematologist/ Oncologist
Professor of Epidemiology, Biostatistics and Medicine
Author of 500+ Peer Reviewed papers, 2 Books, 2 Podcasts, 100+ op-eds.
https://www.youtube.com/watch?v=LCuv33oOGZQ
8 minutes.
I’m at a point in my life that I would rather have my nether regions exfoliated with a cheese grater than to work on house projects every weekend.
Home Depot appreciates your feedback!
The Federalist — Former NIH Director Admits Government Was Top Source Of Covid Misinformation (5/17/2024):
“Four years ago, U.S. state, local, and federal goverments pushed “social-distancing” policies separating Americans six feet away from other people everywhere they went. Now former National Institute of Health (NIH) Director Francis Collins has admitted no “science or evidence” ever backed these heavy-handed, comprehensive restrictions — another key proof the left’s war on so-called “disinformation” is so dangerous.
Collins admits the federal government lacked any scientific basis for this massive social policy it pushed on Americans, including by colluding with Big Tech to shut down public debate about Covid-19 responses. Such debate could have revealed that many Covid policies weren’t backed by good research. Instead, numerous federal officials pressed Google, Facebook, Twitter, and YouTube to shut down skepticism and contrary information it falsely labeled “misinformation” and “disinformation,” including articles from The Federalist.
This censorship effort effectively secured an information monopoly for federal agencies, including the CDC and NIH, to spread false information. As the lawsuit Murthy v. Missouri and other investigations later revealed, these government officials then used their information monopoly gained through accusing others of “misinformation” to spread actual misinformation, including that “social distancing” was scientifically proven necessary to “save lives.”
Former Harvard University vaccine expert Dr. Martin Kulldorff, Stanford University epidemiologist Dr. Jay Battacharya, and epidemiologist Dr. Sunetra Gupta of Oxford University issued The Great Barrington Declaration in 2020, an open letter criticizing prominent government approaches to the pandemic such as mass lockdowns. Instead of separating all Americans constantly, they recommended focusing protections on the limited people most at risk from a Covid-19 infection. Nearly 1 million health professionals across the world signed the letter in support. Facebook deleted the letter.
Podcast host Joe Rogan saw his interviews with Dr. Robert Malone and Dr. Peter McCullough on experimental Covid treatments such as hydroxychloroquine and Ivermectin stripped from YouTube. Malone, who patented technology key to the mRNA technology, was banned from Twitter in December 2021 after he questioned the mRNA injections’ potential side effects and risks.
Even then-President Donald Trump was a victim of Big Tech’s and Big Brother’s monopoly on Covid information. Twitter and Facebook removed Trump’s post in which he said schools should be reopened since children are “almost immune from this disease.”
Since Biden took office, his administration has badgered social media companies to censor “misinformation superspreaders” about the virus. Former White House Press Sec. Jen Psaki admitted in 2021 that the Democrat-run administration was working to stifle any speech that questioned vaccines and had pressured Facebook to suppress posts federal officials deemed to be Covid “misinformation.”
For example, Biden administration officials flagged posts critical of Covid injections to Facebook for removal. Biden claimed that without censoring posts expressing skepticism about the vaccines, Facebook and Big Tech were essentially “killing people.”
https://thefederalist.com/2024/05/17/former-nih-director-admits-government-was-top-source-of-covid-misinformation/
Greatest FRAUD of my lifetime.
Destroy the economy over an alleged virus which unless you’re a fat old with no self control over what you stuff into your mouth, has an infection fatality rate of 0.000000002%.
How’s that 50% inflation working out for you?
If this is the case why dont they just admit it we had all the morbidly obese people in town eat us out of house and home with the unlimited shrimp deal. Obese people are not going to eat low calorie protein rich shrimp unless it is heavily breaded….
https://www.yahoo.com/finance/news/seafood-chain-red-lobster-files-043844918.html
‘Forever renting is very much a movement. It’s a lifestyle.’
There is some comfort in leading a lifestyle trend by two decades.
And I’m grateful to our landlord for eating the costs of taxes, yard care, physical depreciation, insurance, HOA, and risk of capital loss in case market values eventually adjust to reflect higher-for-longer interest rates. Considering all of the costs and risks of ownership, it’s amazing our rent isn’t higher!
Thats what being a responsible tenant does, Dont clog the toilet or sink with paper towels or last night left overs, put a carpet remnant under the cat litter box , get a decent sized room air cleaner, vacuum weekly keep the place almost as good as the first day and i always got my deposit back.
Silver $31.75
Got fiat? LOLZ
RNC Research
@RNCResearch
BIDEN MIGRANT CRIME: An illegal alien living in Campbell County, Virginia, has been charged with raping a minor — the second time in three months that an illegal has been arrested in the county for a sex crime.
May 17, 2024
https://x.com/RNCResearch/status/1791526916731576712
End Wokeness
@EndWokeness
Jen Psaki and Rachel Maddow mock West Virginians for worrying about immigration despite their distance from the border.
Mar 5, 2024
https://x.com/EndWokeness/status/1765211456113373685
“They’re not sending their best”
Michael Tracey
@mtracey
“Queen of Darkness” Victoria Nuland is back, demanding that the US openly facilitate strikes by Ukraine on targets inside Russia — something the Biden Administration had previously insisted would never happen. A once-unfathomable escalation, which now barely raises an eyebrow
May 19, 2024
https://x.com/mtracey/status/1792291039778156675
“Greatest Fraud of my lifetime.”
Big Pharmacy has been rigging trials on vaccines, medications, anti depression drugs, and just about everything for a long time.
All these drugs and vaccines have side effects and never seem to cure anything.
The Covid vaccines were not fit for human consumption, and that MRNA technology is a failed technology.
They had no consistency in the Covid vaccines as the evidence shows different stuff in different shots.
It’s actually worse than I ever would of imagined.
Now its Ozempic , the new weight loss drug rage. Apparently it destroys lean body mass and will paralyze you stomach so you won’t desire food or liquids, and many other side effects.
They want to give this drug to children rather than putting them on good food and exercise. In the US this drug cost about a thousand dollars a month.
I remember fen-phen, the biggest weight loss debacle drug. They finally took it off the market but I had a couple friends that got heart valve damage from it.
Also, they are about to roll out alleged cancer vaccines, that use the failed MNRA Covid vaccine technology, that they don’t want to take off the market, but put it in everything.
Forget about being protected by Government agencies like FDA, because the FDA will approve anything these days.
And when you combine the Big Pharmacy vaccines and other medication frauds with the Climate Change zero policy co2 nonsense, you will own nothing and eat bugs, its just the biggest frauds in all our lifetimes.
It’s in the Book of Revelation, and it’s called the Mark of the Beast.
CNBC — 2024 may be the year you start paying with your face as biometrics hit tipping point (5/20/2024):
“Biometric payment options are becoming more common. Amazon introduced pay-by-palm technology in 2020, and while its cashier-less store experiment has faltered, it installed the tech in 500 of its Whole Foods stores last year. Mastercard, which is working with PopID, launched a pilot for face-based payments in Brazil back in 2022, and it was deemed a success — 76% of pilot participants said they would recommend the technology to a friend. Late last year, Mastercard said it was teaming with NEC to bring its Biometric Checkout Program to the Asia-Pacific region.
“Our focus on biometrics as a secure way to verify identity, replacing the password with the person, is at the heart of our efforts in this area,” said Dennis Gamiello, executive vice president of identity products and innovation at Mastercard. He added that based on positive feedback from the pilot and its research, the checkout technology will come to more new markets later this year.
As stores implement biometric technology for a variety of purposes, from payments to broader anti-theft systems, consumer blowback, and lawsuits, are rising. In March, an Illinois woman sued retailer Target for allegedly illegally collecting and storing her and other customers’ biometric data via facial recognition technology without their consent. Amazon and T-Mobile are also facing legal actions related to biometric technology.
In other countries, most notably China, biometric payment systems are comparatively mature, from visitors to McDonald’s in China being able to use facial recognition technology to pay for their orders, to systems offered by AliPay, which launched biometric payment as far back as 2015 and began testing the technology at KFC locations in China in 2018.”
https://www.cnbc.com/2024/05/20/this-may-be-the-year-you-pay-with-your-face-as-biometrics-hit-tipping-point.html
Citing communist China as a model to follow? CNBC are globalist scum media.
2024 may be the year you start paying with your face
In that case, I *will* start wearing a mask in stores.
Strictly speaking, your face, fingerprints, etc. are not the mark of the beast, as everyone has them. The mark will be something unique that will identify you as having thrown in with the antichrist.
“Either by choice or by being priced out of the market, many people have decided that renting forever is their best — or only — option. ‘This is very much my life,’ said Berna Anat, who lives in the San Francisco Bay Area. ‘I don’t see homeowning in my future.”
Not to worry Berna, you live in the San Francisco Bay Area so you still have a decent shot at being homeless.
Or dead.
CNBC — Are consumers pulling back on spending? It depends on which CEO you ask (5/20/2024):
“With higher prices and elevated interest rates stubbornly sticking around, Chipotle burrito bowls and European vacations are still on the table for many consumers. But Big Macs and kitchen remodels aren’t.
The takeaway? Consumers have become more selective about how and where they spend their dollars.
“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending,” McDonald’s CEO Chris Kempczinski said on the company’s conference call in late April.
For more than two years, consumers have dealt with sharply rising prices. This year, most companies expect that their pricing strategies will return to their pre-pandemic approaches, thanks to stabilizing commodity prices. But that doesn’t mean the actual prices seen on grocery store shelves or restaurant menus will fall, and shoppers are feeling that pinch.”
https://www.cnbc.com/2024/05/20/consumer-pullback-ceos.html
More selective?
Reminds me of the scene in Spinal Tap where the band attributed tanking sales on its recent album to its fans becoming more selective.
How’s that 50% inflation working out for all of you? Must be one of those “we’re all in this together” kind of things.
And a re-post from last week, NYT dead tree edition February 2021 — Inflation fears fall by wayside in Biden era:
https://ibb.co/pKNjG9P
“We know that they are lying, they know that they are lying, they even know that we know they are lying, we also know that they know we know they are lying too, they of course know that we certainly know they know we know they are lying too as well, but they are still lying. In our country, the lie has become not just moral category, but the pillar industry of this country.”
― Aleksandr Solzhenitsyn
“…Must be one of those “we’re all in this together” kind of things….”
Don’t Worry, Be Happy.
We should be able to ‘flatten the curve’ in just a couple of months.
Trust us.
Went to Chipotle this weekend after a long hiatus. Looked like a Tijuana taco stand in there. The help was miserable. Definitely short staffed. Dishes piled up and food all over the kitchen. Seriously, it was some third world stuff. My next hiatus will be even longer. Everything is going to crappola! This is but a symptom.
European vacations are still on the table for many consumers
Perhaps for the upper middle class. I just priced airfare this summer on Lufthansa from Dumver to Europe. Once you factor in seat selection, luggage, etc. it’s $2000 per person. Just to get there.
Ron Paul: The Vietnamization Of Ukraine – OpEd
May 20, 2024
By Ron Paul
As Ukraine’s defeat in the war moves closer, the neocons are desperate to draw the US further into the fight. Over the weekend, former US State Department official Victoria Nuland told ABC News that the US must help facilitate Ukrainian missile attacks deep inside Russian territory. The Biden Administration has to this point avoided involvement in such attacks, likely because Russian president Vladimir Putin has warned that Russia will strike any facility that supplies or facilitates strikes inside of Russia, wherever they may be.
It’s a clear warning from a nuclear power, but as Nuland and her fellow neocons see their Ukraine project failing, they demand escalation. This is just what they did in their previous disastrous projects like the Iraq War, the attacks on Syria and Libya, and the 20-year occupation of Afghanistan. For them the failure is never because it was a bad idea in the first place, but that not enough lives and resources were poured into that bad idea to create a good outcome.
But Russia is no Iraq nor is it Libya. This time they are playing with World War III and nuclear destruction and no one in DC seems concerned.
https://www.eurasiareview.com/20052024-ron-paul-the-vietnamization-of-ukraine-oped/
“they are playing with World War III and nuclear destruction and no one in DC seems concerned”
War pigs gonna pig.
Here, piggy piggy, daddy’s got a treat for you!
This time they are playing with World War III and nuclear destruction and no one in DC seems concerned.
The silver lining on the cloud is that the deep state would be vaporized.
That means that buying a starter home cost 141.5 percent more than renting one.”
Heckova job, Zimbabwe Ben Bernanke, Yellen the Felon, & BlackRock Jay.
‘Homes aren’t selling unless the seller’s price goes down,’ Boatright said.
Maybe sellers should think about writing letters to prospective buyers outlining why they think the buyers would love their home, you know, make them feel special.
‘Oh, we can’t go on vacation for two years, because termites have eaten the foundation of our bathroom,’ or like, ‘Yeah, we actually can’t hang out this weekend because we are on our hands and knees tiling the grout of our decrepit sunroom’
They will be the winnahs! Berna, you’ll see.
‘she encourages her buyer clients to consider submitting offers on homes even if they’re beyond their budget — a seemingly modest bid could still potentially secure a sale. ‘I’m like, ‘Hey, if it’s the house you want, let’s make an offer. I don’t care if it’s $30,000 off,’ she said. ‘We try it, and I’ve been getting them every time’
That’s the spirit Mercy!
‘We have a glut of one-bedroom apartments … these don’t generally meet the needs of most people who want to live in inner-city environments’
That may be Wendy, but it’s still a sellers market in Melbourne. A week and it’s gone.
‘Analysts compared the latest 300 billion relending facility to another 100 billion yuan facility introduced in January 2023 for eight pilot cities to purchase inventory for subsidized rental housing. So far, only around 2 billion yuan have been drawn down by January this year, official data showed, highlighting the lack of incentives and participations from the market…Local governments, already some $9 trillion in debt, may be reluctant to expand their social housing projects which provide low returns, and banks would also be hesitant to lend to potentially loss-making businesses. Analysts said the central government’s decision to step in as a buyer marked an important step but noted that the size of financing on offer pales in comparison to the estimated trillions of yuan worth of housing inventory across the country’
I think we can say the biggest loser this past week has been Xitler and his puny central planning strategy. I wonder how much money they really have and how much they intend to put on the table.
‘Flood the place with lights, harbor bay wind chimes, bucket of chicken fat, fish guts will get rancid and may attract buzzards,’ one member writes. ‘You need the guest to feel unwelcome and leave bad reviews.’”
Some folks are finally getting smart. I would suggest power washing your driveway at 3AM.
Many of the people that complain about lack of housing inventory are the same folks that choose to rent AirBNBs. Stop booking vacation rentals and there’ll soon be a flood of new inventory.
The escaped dissident still pursued decades on by China
11 May 2024
Gordon Corera,Security correspondent
https://www.bbc.com/news/articles/crgy7xypwj8o
a musical interlude. The Rolling Stones – Bob Dylan / Like A Rolling Stone – Allegiant Stadium Las Vegas NV – May 11 2024
https://www.youtube.com/watch?v=nxvgfpoOi2A
‘Fully Vaxxed’ CNN Correspondent Alice Stewart, 58, Dies Suddenly
by Adan Salazar
May 20th 2024, 12:54 pm
CNN political commentator Alice Stewart, who once bragged she was “fully vaccinated,” died unexpectedly over the weekend.
According to police in Virginia, Stewart’s body was found outside her home in her neighborhood on Saturday morning.
The nature of the medical emergency has not yet been disclosed, but Stewart, 58, was reportedly fit and healthy at the time of the incident.
Renowned cardiologist Dr. Peter McCullough responded to Stewart’s death Sunday demanding full transparency with her autopsy report, saying certain causes can be ruled out and that a medical examiner’s possible determination of “death by natural causes” would be unacceptable
MJTruthUltra
@MJTruthUltra
BREAKING: CNN Alice Stewart died Suddenly
She was found outdoors early this morning…
I’m sure it has nothing to do with that tweet.
May 18, 2024
https://x.com/MJTruthUltra/status/1791962127923638641
WATCH: Bubba Wallace Gets Booed, Cursed by NASCAR Fans
DYLAN GWINN
20 May 2024
They say time cures all ills. However, if the reception Bubba Wallace received at the track on Sunday is any indication, NASCAR fans are still plenty mad at Bubba Wallace.
In the summer of 2020, Bubba Wallace claimed someone left a noose in his garage in an apparent hate crime. The ensuing controversy brought even more angst and tension to an already angst and tension-filled summer. Anyway, a literal federal case was made out of Wallace’s claim, and 15 FBI agents who had far better things to do in the summer of the craziest year in recent human history concluded that the “noose” in Wallace’s garage was a pull rope to close the garage door.
Dustin Long
@dustinlong
#NASCAR … Crowd reaction to Bubba Wallace in drivers intros at North Wilkesboro
https://x.com/dustinlong/status/1792346371715965189
Have higher-for-longer interest rates finally taken the steam out of California housing price inflation?
HOUSING
Median home price for San Diegan homes went up $20,000 in just a month
Home prices locally have soared nearly 13% year over year
By City News Service
• Published May 20, 2024
• Updated on May 20, 2024 at 12:43 pm
Home sales in San Diego County and across the state rebounded last month, while the statewide median home price exceeded $900,000 for the first time ever, according to figures released Friday by the California Association of Realtors.
Unadjusted raw sales increased on a year-over-year basis, with the Central Coast rising the most from a year ago, and Southern California showing sales gains of 8.7% from April 2023.
Statewide, the median price recorded a new all-time high in April, jumping 11.4% from $811,510 in April 2023 to $904,210 in April 2024, exceeding the $900,000 benchmark for the first time in history, CAR determined.
In San Diego County, the median price for a single-family home was $1.04 million last month, a 2.7 % increase from $1.02 million in March and a 12.6% rise from $930,000 one year ago.
California’s median home price was 5.8% higher than March’s $854,490. The year-over-year gain was the 10th straight month of annual price increases for the Golden State. Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices in the coming months.
“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” CAR President Melanie Barker said. “Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price — the highest in nine months.”
All major regions in the state registered an annual increase in their median price from a year ago, according to CAR. The median price of an existing single-family home in Southern California jumped 12.1% year-over-year to $880,000, a 3.5% increase from last month.
…
https://www.nbcsandiego.com/news/local/median-home-price-for-san-diegan-homes-went-up-20000-in-just-a-month/3519212/
Dan Walters
California’s lagging economy hinders efforts to close state budget deficit | May 18, 2024
As Gov. Gavin Newsom and state legislators spend the next few weeks fashioning a state budget that’s plagued by a multibillion-dollar deficit, they can’t count on a booming economy to make their task easier.
California’s recovery from the devastating economic impacts of the COVID-19 pandemic has been sluggish at best, trailing what’s happening in the nation as a whole and in the state’s archrivals, such as Texas and Florida.
According to Employment Development Department data, there are 200,000 fewer Californians in the labor force – those employed or seeking employment – than there were in February 2020, just before the pandemic exploded. There are 500,000 fewer employed, and 200,000 more unemployed.
…
https://santamariatimes.com/opinion/columnists/dan-walters/california-s-lagging-economy-hinders-efforts-to-close-state-budget-deficit-dan-walters/article_7ca8c643-7919-56e9-baae-788a72ed8f44.html
With a weakening economy and a mass exodus of citizens to other states, it is hard to see the fundamental drivers of California housing price inflation.
But speculators gonna speculate…